Fair Value Measurements (Tables)

3 Months Ended

Aug. 25, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables summarize the fair values of financial instruments measured at fair value on a recurring basis as of August 25, 2024 and May 26, 2024. 

Items Measured at Fair Value at August 25, 2024
(in millions)		Fair value of assets (liabilities)		Quoted prices in active market for identical assets (liabilities) (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivatives:
Commodities futures, swaps & options	(1)	$	(1.6)	$	—	$	(1.6)	$	—
Equity forwards	(2)	6.1		—		6.1		$	—
Interest rate swaps - fair value hedge	(3)	(37.2)		—		(37.2)		—
Interest rate swaps - cash flow hedge	(3)	(0.3)		—		(0.3)		—
Total		$	(33.0)	$	—	$	(33.0)	$	—

Items Measured at Fair Value at May 26, 2024
(in millions)		Fair value of assets (liabilities)		Quoted prices in active market for identical assets (liabilities) (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Derivatives:
Commodities futures, swaps & options	(1)	$	(0.6)	$	—	$	(0.6)	$	—
Equity forwards	(2)	(3.2)		—		(3.2)		—
Interest rate swaps - fair value hedge	(3)	(51.8)		—		(51.8)		—
Total		$	(55.6)	$	—	$	(55.6)	$	—

(1)The fair value of our commodities futures, swaps and options is based on closing market prices of the contracts, inclusive of the risk of nonperformance.

(2)The fair value of equity forwards is based on the closing market value of Darden stock, inclusive of the risk of nonperformance.

(3)The fair value of our interest rate swap agreements is based on current and expected market interest rates, inclusive of the risk of nonperformance.