v3.26.1
Fair Value Measurements
 9 Months Ended
Feb. 22, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair values of cash equivalents, receivables, net, accounts payable and short-term debt approximate their carrying amounts due to their short duration or market based interest rates.
The following tables summarize the fair values of financial instruments measured at fair value on a recurring basis as of February 22, 2026 and May 25, 2025. 
Items Measured at Fair Value at February 22, 2026
(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 and options(1)$(0.1)$— $(0.1)$— 
Equity forwards(2)(0.7)— (0.7)— 
Interest rate swaps - fair value hedge(3)(31.1)— (31.1)— 
Total$(31.9)$— $(31.9)$— 
 
Items Measured at Fair Value at May 25, 2025
(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 and options(1)$(0.9)$— $(0.9)$— 
Equity forwards(2)(3.0)— (3.0)— 
Interest rate swaps - fair value hedge(3)(40.0)— (40.0)— 
Foreign exchange forwards(4)(0.2)— (0.2)— 
Total$(44.1)$— $(44.1)$— 

(1)The fair value of our commodities futures, swaps and options is based on closing market prices of commodity 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.
(4)The fair value of our foreign exchange forwards is based on closing forward exchange market prices, inclusive of the risk of nonperformance.
The carrying value and fair value of long-term debt as of February 22, 2026, was $2.14 billion and $2.20 billion, respectively. The carrying value and fair value of long-term debt as of May 25, 2025 was $2.13 billion. The fair value of long-term debt, classified as Level 2 in the fair value hierarchy, is determined based on market prices or, if market prices are not available, the present value of the underlying cash flows discounted at our incremental borrowing rates.
The fair value of non-financial assets measured at fair value on a non-recurring basis, classified as Level 2 in the fair value hierarchy, is determined based on third-party market appraisals. As of February 22, 2026 and May 25, 2025, adjustments to the fair values of non-financial assets measured at fair value on a non-recurring basis, classified as Level 2, were not material.
The fair value of non-financial assets measured at fair value on a non-recurring basis, classified as Level 3 in the fair value hierarchy, is determined based on appraisals, sales prices of comparable assets, or estimates of discounted future cash flows. As of February 22, 2026, adjustments to the fair values of non-financial assets, classified as Level 3, were $19.1 million, which resulted in an ending fair value of zero. As of May 25, 2025, the fair value of non-financial assets, specifically right-of-use assets, classified as Level 3, were determined to be $8.0 million. See Note 7 for a