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Stockholders' Equity
 12 Months Ended
May 31, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY

Equity Offering
On April 23, 2020, we issued 9,000,000 shares of Darden Common Stock, without par value in a public offering pursuant to the provisions of an underwriting agreement among Darden and Goldman Sachs & Co. LLC and BofA Securities, Inc., as representatives of the several underwriters. Cash proceeds of $505.1 million, net of underwriting discounts and direct transaction costs, were recorded to common stock.
Share Repurchase Program
All of the shares purchased during the fiscal year ended May 31, 2020 were purchased as part of our repurchase program authorized by our Board of Directors. On September 18, 2019, our Board of Directors authorized a share repurchase program under which we may repurchase up to $500.0 million of our outstanding common stock. This repurchase program does not have an expiration and replaced the previously existing share repurchase authorization.
Share Retirements
As of May 31, 2020, of the 196.2 million cumulative shares repurchased under the current and previous authorizations, 184.9 million shares were retired and restored to authorized but unissued shares of common stock. We expect that all shares of common stock acquired in the future will also be retired and restored to authorized but unissued shares of common stock.
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss), net of tax, are as follows:
(in millions)
Foreign Currency Translation Adjustment
 
Unrealized Gains (Losses) on Derivatives
 
Benefit Plan Funding Position
 
Accumulated Other Comprehensive Income (Loss)
Balances at May 27, 2018
$
(1.6
)
 
$
3.4

 
$
(87.0
)
 
$
(85.2
)
Gain (loss)
0.6

 
11.0

 
(24.8
)
 
(13.2
)
Reclassification realized in net earnings
—

 
(5.4
)
 
5.6

 
0.2

Balances at May 26, 2019
$
(1.0
)

$
9.0


$
(106.2
)
 
$
(98.2
)
Gain (loss)
5.5

 
(18.3
)
 
(16.6
)
 
(29.4
)
Reclassification realized in net earnings
—

 
0.7

 
109.3

 
110.0

Balances at May 31, 2020
$
4.5

 
$
(8.6
)
 
$
(13.5
)
 
$
(17.6
)


The following table presents the amounts and line items in our consolidated statements of earnings where other adjustments reclassified from AOCI into net earnings were recorded:
 
 
 
Fiscal Year Ended
(in millions)
AOCI Components
Location of Gain (Loss) Recognized in Earnings
 
May 31,
2020
 
May 26,
2019
Derivatives
 
 
 
 
 
Commodity contracts
(1)
 
$
(2.3
)
 
$
0.7

Equity contracts
(2)
 
1.0

 
4.9

Interest rate contracts
(3)
 
(0.1
)
 
(0.1
)
 
Total before tax
 
$
(1.4
)
 
$
5.5

 
Tax benefit (expense)
 
0.7

 
(0.1
)
 
Net of tax
 
$
(0.7
)
 
$
5.4

Benefit plan funding position
 
 
 
 
 
Pension/postretirement plans
 
 
 
 
 
Actuarial losses
(4)
 
$
(148.9
)
 
$
(2.5
)
Total - pension/postretirement plans
 
 
$
(148.9
)
 
$
(2.5
)
Recognized net actuarial gain - other plans
(5)
 
3.3

 
3.3

 
Total before tax
 
$
(145.6
)
 
$
0.8

 
Tax benefit (expense)
 
36.3

 
(6.4
)
 
Net of tax
 
$
(109.3
)
 
$
(5.6
)
(1)
Primarily included in food and beverage costs and restaurant expenses. See Note 7 for additional details.
(2)
For fiscal 2020, included in general and administrative expenses. For fiscal 2019, included in restaurant labor costs and general and administrative expenses. See Note 7 for additional details.
(3)
Included in interest, net, on our consolidated statements of earnings.
(4)
Included in the computation of net periodic benefit costs - pension and postretirement plans, which is a component of other (income) expense, net, restaurant labor expenses and general and administrative expenses. See Note 13 for additional details.
(5)
Included in the computation of net periodic benefit costs - other plans, which is a component of general and administrative expenses.