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RETIREMENT PLANS | 12 Months Ended
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May 25, 2025
Retirement Benefits [Abstract] |
RETIREMENT PLANS | RETIREMENT PLANS Defined Benefit Plan and Postretirement Benefit Plan We sponsor an unfunded non-contributory postretirement benefit plan that provides health care benefits to certain eligible salaried retirees as a subsidy credit to a health care reimbursement account. This benefit is not impacted by future changes in health care cost trend rates. As of May 25, 2025 and May 26, 2024, the benefit obligation was $10.8 million and $12.3 million, respectively. We fund on a pay-as-you go basis with approximately $1.2 million in annual fundings. We also sponsor a supplemental defined benefit pension plan, which is an unfunded nonqualified plan separate from our terminated primary pension plan which was settled in fiscal 2020. The supplemental plan is frozen and therefore no longer accruing benefits for participants. As of May 25, 2025 and May 26, 2024, the benefit obligation was approximately $3 million and we fund on a pay-as-you-go basis with $0.4 million funded annually. Defined Contribution Plan We have a defined contribution (401(k)) plan (Darden Savings Plan) covering most employees age 18 and older. We match contributions for participants with at least one year of service up to 6 percent of compensation, based on our performance. The match ranges from a minimum of $0.25 to $1.20 for each dollar contributed by the participant. The Darden Savings Plan also provides for a profit sharing contribution for eligible participants equal to 1.5 percent of the participant’s compensation. Expense recognized in fiscal 2025, 2024 and 2023 was $35.5 million, $45.6 million and $37.7 million, respectively. Employees classified as “highly compensated” under the IRC are not eligible to participate in the Darden Savings Plan. Instead, highly compensated employees are eligible to participate in a separate non-qualified deferred compensation (FlexComp) plan. The FlexComp plan allows eligible employees to defer the payment of part of their annual salary and all or part of their annual bonus and provides for awards that approximate the matching contributions that participants would have received had they been eligible to participate in the Darden Savings Plan, as well as an additional retirement contribution amount. Amounts payable to highly compensated employees under the FlexComp plan totaled $301.9 million and $274.8 million at May 25, 2025 and May 26, 2024, respectively. These amounts are included in other current liabilities on our accompanying consolidated balance sheets.

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