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LEASES (Tables) | 12 Months Ended
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May 31, 2020
Leases [Abstract] |
Schedule of Operating and Finance Leases Reported in Balance Sheet | Leases reported in our Consolidated Balance Sheet as of May 31, 2020 were as follows:
|  | Operating Leases |
|  | Balance Sheet Location |  | May 31, 2020 |
ROU assets, net |  | Other assets |  | $ | 209.3 |
Lease liabilities (current) |  | Other accrued liabilities |  |  | 44.4 |
Lease liabilities (noncurrent) |  | Other noncurrent liabilities |  |  | 206.1 |
|  | Finance Leases |
|  | Balance Sheet Location |  | May 31, 2020 |
ROU assets, at cost |  | Property, plant and equipment |  | $ | 220.4 |
Less accumulated depreciation |  | Less accumulated depreciation |  |  | (53.6 | )
ROU assets, net |  | Property, plant and equipment, net |  |  | 166.8 |
Lease liabilities (current) |  | Current installments of long-term debt |  |  | 22.2 |
Lease liabilities (noncurrent) |  | Senior long-term debt, excluding current installments |  |  | 132.9 |
Components of Total Lease Cost | The components of total lease cost for fiscal 2020 were as follows:
Operating lease cost |  | $ | 63.7 |
Finance lease cost |  |  |  |
Depreciation of leased assets |  |  | 15.4 |
Interest on lease liabilities |  |  | 9.1 |
Short-term lease cost |  |  | 3.8 |
Total lease cost |  | $ | 92.0 |
Schedule of Weighted-Average Remaining Lease Terms and Weighted-Average Discount Rate for Leases | The weighted-average remaining lease terms and weighted-average discount rate for our leases as of May 31, 2020 were as follows:
|  |  | Operating Leases |  |  | Finance Leases |
Weighted-average remaining lease term (in years) |  |  |  | 8.5 |  |  |  | 8.0 |
Weighted-average discount rate |  |  |  | 3.61 | % |  |  | 5.29 | %
Schedule of Cash Flows Arising from Lease Transactions | Cash flows arising from lease transactions for fiscal 2020 were as follows:
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflows from operating leases |  | $ | 59.5 |
Operating cash outflows from finance leases |  |  | 9.2 |
Financing cash outflows from finance leases |  |  | 22.5 |
ROU assets obtained in exchange for new lease liabilities: |  |  |  |
Operating leases |  |  | 41.6 |
Finance leases |  |  | 12.2 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities by fiscal year as of May 31, 2020 were as follows:
| Operating Leases |  |  | Finance Leases |  |  | Total |
2021 | $ | 53.0 |  |  | $ | 30.3 |  |  | $ | 83.3 |
2022 |  | 42.1 |  |  |  | 27.7 |  |  |  | 69.8 |
2023 |  | 36.5 |  |  |  | 23.7 |  |  |  | 60.2 |
2024 |  | 28.0 |  |  |  | 19.7 |  |  |  | 47.7 |
2025 |  | 19.7 |  |  |  | 17.8 |  |  |  | 37.5 |
Later years |  | 118.6 |  |  |  | 75.5 |  |  |  | 194.1 |
Total lease payments |  | 297.9 |  |  |  | 194.7 |  |  |  | 492.6 |
Less: Imputed interest |  | (47.4 | ) |  |  | (39.6 | ) |  |  | (87.0 | )
Total lease liabilities | $ | 250.5 |  |  | $ | 155.1 |  |  | $ | 405.6 |
Summary of Non-Cancellable Operating Lease Commitments | A summary of non-cancelable operating lease commitments as of May 26, 2019 is as follows:
2020 |  | $ | 52.1 |
2021 |  |  | 48.4 |
2022 |  |  | 38.0 |
2023 |  |  | 34.1 |
2024 |  |  | 25.6 |
Later years |  |  | 114.4 |
|  | $ | 312.6 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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