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Leases, Codification Topic 842 | 3 Months Ended
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May 27, 2022
Leases [Abstract] |
Lessee, Operating Leases | LEASES We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution facilities, vehicles and equipment that expire at various dates through 2035. 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. The components of lease expense for the three months ended May 27, 2022 and May 28, 2021 are as follows:
| Three Months Ended |  |  |  |  |  |  |
May 27, 2022 | May 28, 2021 |  |  |  |  |  |
Operating lease cost | $ | 12.1 |  |  | $ | 13.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sublease rental income | (0.6) |  |  | (0.4) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 11.5 |  |  | $ | 12.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Supplemental cash flow and other information related to leases for the three months ended May 27, 2022 and May 28, 2021 are as follows:
| Three Months Ended |  |  |
May 27, 2022 | May 28, 2021 |  |  |  |
Cash flow information: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows used for operating leases | $ | 13.5 |  |  | $ | 13.4 |  |  |  |  |  |  |  |  |  |
Leased assets obtained in exchange for new operating lease obligations | $ | 3.2 |  |  | $ | 1.6 |  |  |  |  |  |  |  |  |  |
Other information: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average remaining term | 5.8 years |  | 6.5 years |  |  |  |  |  |  |  |  |
Weighted-average discount rate | 3.6 | % |  | 3.8 | % |  |  |  |  |  |  |  |  |
The following table summarizes the future minimum lease payments as of May 27, 2022:
Fiscal year ending in February | Amount (1)
2023 | $ | 38.6 |  |
2024 | 46.3 |  |
2025 | 44.4 |  |
2026 | 33.4 |  |
2027 | 26.8 |  |
Thereafter | 49.4 |  |
Total lease payments | $ | 238.9 |  |
Less: Interest | 23.5 |  |
Present value of lease liabilities | $ | 215.4 |  |
_______________________________________ (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.

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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