Share repurchase program, authorized amount

  
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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| Items Measured at Fair Value at May 30, 2021 |
| (in millions) |  |  | Fair Valueof Assets(Liabilities) |  | Quoted Prices in Active Market for Identical Assets (Liabilities) (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | SignificantUnobservable Inputs    (Level 3)     |
| Derivatives: |  |  |  |  |  |  |  |  |  |
| Commodities futures, swaps & options | (1) |  | $ | 0.1  |  |  | $ | —  |  |  | $ | 0.1  |  |  | $ | —  |  |
| Equity forwards | (2) |  | 2.9  |  |  | —  |  |  | 2.9  |  |  | —  |  |
| Interest rate swaps | (3) |  | (0.2) |  |  | —  |  |  | (0.2) |  |  | —  |  |
| Total |  |  | $ | 2.8  |  |  | $ | —  |  |  | $ | 2.8  |  |  | $ | —  |  |

(1)The fair value of our commodities futures, swaps and options is based on closing market prices of the 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.  
The carrying value and fair value of long-term debt, as of May 29, 2022, was $901.0 million and $896.9 million, respectively. The carrying value and fair value of long-term debt as of May 30, 2021, was $929.8 million and $1.06 billion, respectively. The fair value of long-term debt, which is 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 generally determined based on third-party market appraisals which includes market data for similar assets. As of May 29, 2022 and May 30, 2021, 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 May 29, 2022, long-lived assets held and used with a carrying amount of $4.9 million, primarily related to one underperforming restaurant, were determined to have a fair value of $0.9 million resulting in an impairment charge of $4.0 million. As of May 30, 2021, long-lived assets held and used with a carrying amount of $5.6 million, primarily related to four underperforming restaurants, were determined to have a fair value of $0.6 million resulting in an impairment charge of $5.0 million.  
NOTE 9 - STOCKHOLDERS’ EQUITY   
Share Repurchase ProgramAll of the shares purchased during the fiscal year ended May 29, 2022 were purchased as part of our repurchase program authorized by our Board of Directors. On June 22, 2022, our Board of Directors authorized a share repurchase program under which we may repurchase up to $1.0 billion of our outstanding common stock. This repurchase program does not have an expiration and replaces the existing share repurchase authorization. Share RetirementsAs of May 29, 2022, of the 204.2 million cumulative shares repurchased under the current and previous authorizations, 192.8 million shares were retired and restored to authorized but unissued shares of common stock and there are no remaining treasury shares. 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.  
  
  
  
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