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LEASES | 12 Months Ended
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May 31, 2024
Leases [Abstract] |
LEASES |
NOTE 17 — 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 years ended May 31, 2024, 2023 and 2022, lease expense primarily consisted of operating lease costs of $618 million, $585 million and $593 million, respectively, as well as $433 million, $403 million and $366 million, respectively, primarily related to variable lease costs. As of and for the fiscal years ended May 31, 2024 and 2023 and 2022, 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, 2024(1)
Fiscal 2025 | $ | 572 |
Fiscal 2026 | 554 |
Fiscal 2027 | 485 |
Fiscal 2028 | 403 |
Fiscal 2029 | 362 |
Thereafter | 991 |
Total undiscounted future cash flows related to lease payments | $ | 3,367 |
Less interest | 324 |
Present value of lease liabilities | $ | 3,043 |
(1)Excludes $614 million as of May 31, 2024, 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,
| 2024 | 2023
Weighted-average remaining lease term (in years) | 6.9 | 7.5
Weighted-average discount rate | 2.9 | % | 2.5 | %
The following table includes supplemental cash and non-cash information related to operating leases:
| YEAR ENDED MAY 31,
(Dollars in millions) | 2024 | 2023 | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 613 |  | $ | 575 |  | $ | 589 |
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ | 458 |  | $ | 602 |  | $ | 537 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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