Leases

12 Months Ended

Feb. 26, 2021

Commitments and Contingencies Disclosure [Abstract]

We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2031. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion.

As a result of the COVID-19 pandemic, the FASB staff issued a question and answer document (the "Staff Q&A") on the application of lease accounting guidance related to lease concessions provided as a result of the pandemic. The Staff Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842), as though enforceable rights and obligations for those concessions existed at the beginning of the contract (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). This interpretive guidance was issued in order to reduce the costs and complexities of applying lease modification accounting under Topic 842 to leases impacted by the effects of the pandemic. We have elected to apply the interpretive guidance provided in the Staff Q&A to rent deferrals and abatements received related to the pandemic. Accordingly, we have not remeasured the related right-of-use asset or lease liability for the affected leases. The lease concessions were not material for the twelve months ended February 26, 2021.

The components of lease expense are as follows:


	Year Ended
	February 26, 2021		February 28, 2020
Operating lease cost	$	51.8	$	51.9
Sublease rental income	(2.4)		(1.2)
	$	49.4	$	50.7

Supplemental cash flow and other information related to leases are as follows:


	Year Ended
	February 26, 2021			February 28, 2020
Cash flow information:
Operating cash flows used for operating leases	$	50.4		$	45.3
Leased assets obtained in exchange for new operating lease obligations	$	21.8		$	103.6
Other information:
Weighted-average remaining term	6.6 years			7.1 years
Weighted-average discount rate	3.8		%	4.0		%

The following table summarizes the future minimum lease payments as of February 26, 2021:


Fiscal year ending in February	Amount (1)
2022	$	52.0
2023	44.9
2024	39.6
2025	37.6
2026	30.1
Thereafter	71.7
Total lease payments	$	275.9
Less interest	32.6
Present value of lease liabilities	$	243.3

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(1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.