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Leases

12 Months Ended

May 30, 2021

Lessee Disclosure [Abstract]

Leases, Commitments, and Other Contingencies

NOTE 7. LEASES

Our lease portfolio primarily consists of operating lease arrangements for certain warehouse and distribution space, office space, retail shops, production facilities, rail cars, production and distribution equipment, automobiles, and office equipment. Our lease costs associated with finance leases and sale-leaseback transactions and our lease income associated with lessor and sublease arrangements are not material to our Consolidated Financial Statements.

Components of our lease cost are as follows:

	Fiscal Year
In Millions		2021		2020
Operating lease cost	$	132.7	$	133.5
Variable lease cost		21.8		14.4
Short-term lease cost		15.4		23.3

Rent expense under all operating leases from continuing operations was $184.9 million in fiscal 2019.

Maturities of our operating and finance lease obligations by fiscal year are as follows:

In Millions		Operating Leases		Finance Leases
Fiscal 2022	$	123.3	$	0.7
Fiscal 2023		103.5		0.7
Fiscal 2024		80.9		0.4
Fiscal 2025		50.2		-
Fiscal 2026		32.6		-
After fiscal 2026		36.7		-
Total noncancelable future lease obligations	$	427.2	$	1.8
Less: Interest		(32.8)		-
Present value of lease obligations	$	394.4	$	1.8

The lease payments presented in the table above exclude $87.8 million of minimum lease payments for operating leases we have committed to but have not yet commenced as of May 30, 2021.

The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows:

	May 30, 2021		May 31, 2020
Weighted-average remaining lease term	4.5	years	4.6	years
Weighted-average discount rate	3.7	%	4.1	%

Supplemental operating cash flow information and non-cash activity related to our operating leases are as follows:

	Fiscal Year
In Millions		2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	132.0	$	131.0
Right of use assets obtained in exchange for new lease liabilities	$	120.2	$	46.3

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- References

No definition available.

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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

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