DARDEN RESTAURANTS INC Fair Value Disclosure
| 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 & options | (1) | $ | (0.9) | $ | — | $ | (0.9) | $ | — | ||||||||||||||||||||
| Equity forwards | (2) | (3.0) | — | (3.0) | — | ||||||||||||||||||||||||
| Interest rate swaps | (3) | (40.0) | — | (40.0) | — | ||||||||||||||||||||||||
| Foreign exchange forwards | (4) | (0.2) | (0.2) | ||||||||||||||||||||||||||
| Total | $ | (44.1) | $ | — | $ | (44.1) | $ | — | |||||||||||||||||||||
| 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 | (3) | (51.8) | — | (51.8) | — | ||||||||||||||||||||||||
| Total | $ | (55.6) | $ | — | $ | (55.6) | $ | — | |||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jul 18, 2025 | Showing above |
| 2024 | Jul 19, 2024 | |
| 2023 | Jul 21, 2023 | |
| 2022 | Jul 22, 2022 | |
| 2021 | Jul 23, 2021 | |
| 2020 | Jul 24, 2020 | |
| 2019 | Jul 19, 2019 | |
| 2018 | Jul 20, 2018 | |
| 2017 | Jul 21, 2017 | |
| 2016 | Jul 25, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.