v3.26.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 12 Months Ended
May 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
We designate commodity contracts, equity forward contracts, and foreign exchange forward contracts as cash flow hedging instruments. Our interest rate swap agreements are designated as fair value hedges of the related debt. During fiscal 2026, we entered into equity forward contracts to hedge the risk of changes in future cash flows associated with recognized, employee-directed investments in our common stock within the non-qualified deferred compensation plan. We did not elect hedge accounting with the expectation that changes in the fair value of the equity forward contracts would offset changes in the fair value of our common stock investments in the non-qualified deferred compensation plan. Refer to Note 1 for further details on the derivative instruments and hedging activities accounting policy.
Fair Values
(in millions)Notional ValuesAssets (Liabilities) (1)
May 31, 2026May 31, 2026May 25, 2025
Equity forwards
   Designated (0.1 million shares)
$24.4 $1.1 $(0.8)
   Not designated (0.4 million shares)
58.7 3.1 (2.2)
Total equity forwards$4.2 $(3.0)
Commodity contracts (Designated)$0.9 $— $(0.9)
Interest rate related (Designated)300.0 (36.0)(40.0)
Foreign exchange forwards (Designated)— $— $(0.2)
Total derivative contracts$(31.8)$(44.1)
(1)Derivative assets and liabilities are included in receivables, net, and other current liabilities, as applicable, on our consolidated balance sheets.
The fair value of any derivative instruments, individually and in the aggregate, including equity forward, commodity, or interest rate contracts, did not have a material impact on our consolidated balance sheets for fiscal 2026 and 2025. Designated and undesignated equity forwards extend through July 2029, and commodity contracts extend through November 2026.

For derivative instruments designated as cash flow hedges, the amount of gains and losses recognized in AOCI and the amounts of gains and losses reclassified from AOCI into earnings in fiscal 2026, 2025, and 2024 were not material, individually or in the aggregate, to AOCI, earnings, or the consolidated statements of earnings line items in which such amounts were recorded, including general and administrative expenses, food and beverage costs, restaurant expenses, interest, net and impairments, and disposal of assets, net. For derivative instruments designated as fair value hedges, the amount of gains and losses recognized in earnings on the derivative instruments and the related hedged items in fiscal 2026, 2025, and 2024 were not material, individually or in the aggregate, to earnings or the consolidated statements of earnings line items in which such amounts were recorded, including interest, net, or the carrying amounts of the hedged assets and liabilities presented in our consolidated balance sheets. For derivative instruments not designated as hedging instruments, the amount of gains and losses recognized in earnings in fiscal 2026, 2025, and 2024 were not material, individually or in the aggregate, to earnings or to consolidated statements of earnings line items in which such amounts are recorded, including food and beverage costs, restaurant expenses, and general and administrative expenses.

For derivative instruments designated as cash flow hedges as of May 31, 2026, although the amounts ultimately realized in earnings will be dependent on the fair value of the contracts at their settlement dates, net gains expected to be reclassified from AOCI to earnings over the next 12 months, based on the maturity of equity forward and commodity contracts are not expected to be material to AOCI, earnings, or the consolidated statements of earnings line items in which such amounts are expected to be recorded, including general and administrative expenses, food and beverage costs, restaurant expenses, and interest, net.