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LEASES (Tables) | 12 Months Ended
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May 30, 2021
Leases [Abstract] |
Schedule of Operating and Finance Leases Reported in Balance Sheet | Leases reported in our Consolidated Balance Sheet were as follows:
|  | Operating Leases |
|  | Balance Sheet Location |  | May 30, 2021 |  |  | May 31, 2020 |
ROU assets, net |  | Other assets |  | $ | 188.5 |  |  | $ | 209.3 |
Lease liabilities (current) |  | Other accrued liabilities |  |  | 36.6 |  |  |  | 44.4 |
Lease liabilities (noncurrent) |  | Other noncurrent liabilities |  |  | 188.3 |  |  |  | 206.1 |
|  | Finance Leases |
|  | Balance Sheet Location |  | May 30, 2021 |  |  | May 31, 2020 |
ROU assets, at cost |  | Property, plant and equipment |  | $ | 217.6 |  |  | $ | 220.4 |
Less accumulated depreciation |  | Less accumulated depreciation |  |  | (60.2 | ) |  |  | (53.6 | )
ROU assets, net |  | Property, plant and equipment, net |  |  | 157.4 |  |  |  | 166.8 |
Lease liabilities (current) |  | Current installments of long-term debt |  |  | 23.1 |  |  |  | 22.2 |
Lease liabilities (noncurrent) |  | Senior long-term debt, excluding current installments |  |  | 116.0 |  |  |  | 132.9 |
Components of Total Lease Cost | The components of total lease cost were as follows:
|  |  | 2021 |  |  | 2020 |
Operating lease cost |  |  | $ | 51.0 |  |  | $ | 63.7 |
Finance lease cost |  |  |  |  |  |  |  |  |
Depreciation of leased assets |  |  |  | 19.0 |  |  |  | 15.4 |
Interest on lease liabilities |  |  |  | 8.2 |  |  |  | 9.1 |
Short-term lease cost |  |  |  | 5.1 |  |  |  | 3.8 |
Total lease cost |  |  | $ | 83.3 |  |  | $ | 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 30, 2021 and May 31, 2020 were as follows:
| Operating Leases |  |  | Finance Leases |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Weighted-average remaining lease term (in years) |  | 8.1 |  |  |  | 8.5 |  |  |  | 7.7 |  |  |  | 8.0 |
Weighted-average discount rate |  | 3.51 | % |  |  | 3.61 | % |  |  | 4.95 | % |  |  | 5.29 | %
Schedule of Cash Flows Arising from Lease Transactions | Cash flows arising from lease transactions were as follows:
|  |  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 56.0 |  |  | $ | 59.5 |
Operating cash outflows from finance leases |  |  | 8.3 |  |  |  | 9.2 |
Financing cash outflows from finance leases |  |  | 24.3 |  |  |  | 22.5 |
ROU assets obtained in exchange for new lease liabilities: |  |  |  |  |  |  |  |  |
Operating leases |  |  | 21.1 |  |  |  | 41.6 |
Finance leases |  |  | 26.1 |  |  |  | 12.2 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities by fiscal year as of May 30, 2021 were as follows:
| Operating Leases |  |  | Finance Leases |  |  | Total |
2022 | $ | 46.5 |  |  | $ | 28.5 |  |  | $ | 75.0 |
2023 |  | 41.2 |  |  |  | 25.3 |  |  |  | 66.5 |
2024 |  | 32.4 |  |  |  | 20.4 |  |  |  | 52.8 |
2025 |  | 24.4 |  |  |  | 18.3 |  |  |  | 42.7 |
2026 |  | 20.9 |  |  |  | 15.0 |  |  |  | 35.9 |
Later years |  | 102.8 |  |  |  | 63.9 |  |  |  | 166.7 |
Total lease payments |  | 268.2 |  |  |  | 171.4 |  |  |  | 439.6 |
Less: Imputed interest |  | (43.3 | ) |  |  | (32.3 | ) |  |  | (75.6 | )
Total lease liabilities | $ | 224.9 |  |  | $ | 139.1 |  |  | $ | 364.0 |

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