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Leases | 12 Months Ended
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May 31, 2021
Leases [Abstract] |
Leases |
NOTE 19 — LEASES
Lease expense is recognized in Cost of sales or Operating overhead expense within the Consolidated Statements of Income, based on the underlying nature of the leased asset. For the fiscal year ended May 31, 2021, lease expense primarily consisted of operating lease costs of $589 million, along with $347 million primarily related to variable lease costs, which includes an immaterial amount of short-term lease costs. For the fiscal year ended May 31, 2020, lease expense primarily consisted of operating lease costs of $569 million, along with $337 million primarily related to variable lease costs, which includes an immaterial amount of short-term lease costs. Prior to the adoption of Topic 842, and in accordance with ASC Topic 840 - Leases, rent expense, excluding executory costs, was $829 million for the fiscal year ended May 31, 2019. As of and for the fiscal years ended May 31, 2021 and 2020, finance leases were not a material component of the Company's lease portfolio. The undiscounted cash flows for future maturities of the Company’s operating lease liabilities and the reconciliation to the Operating lease liabilities recognized in the Company’s Consolidated Balance Sheets are as follows:
(Dollars in millions) | AS OF MAY 31, 2021(1)
Fiscal 2022 | $ | 534 |
Fiscal 2023 | 530 |
Fiscal 2024 | 490 |
Fiscal 2025 | 437 |
Fiscal 2026 | 357 |
Thereafter | 1,397 |
Total undiscounted future cash flows related to lease payments | $ | 3,745 |
Less: Interest | 347 |
Present value of lease liabilities | $ | 3,398 |
(1)Excludes $78 million as of May 31, 2021, of future operating lease payments for lease agreements signed but not yet commenced. The following table includes supplemental information used to calculate the present value of Operating lease liabilities:
| AS OF MAY 31,
| 2021 | 2020
Weighted-average remaining lease term (in years) | 8.3 | 8.7
Weighted-average discount rate | 2.3 | % | 2.4 | %
The following table includes supplemental cash and non-cash information related to operating leases:
| YEAR ENDED MAY 31,
(Dollars in millions) | 2021 |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases | $ | 583 |  |  | $ | 532 |  |
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ | 489 |  |  | $ | 705 |  | (1)
(1)Excludes the amount initially capitalized in conjunction with the adoption of Topic 842.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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