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Leases, Codification Topic 842 | 3 Months Ended
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May 24, 2024
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 operated) 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 during the three months ended May 24, 2024 and May 26, 2023 are as follows:
| Three Months Ended |  |  |  |  |
May 24, 2024 | May 26, 2023 |  |  |  |
Operating lease cost | $ | 12.6 |  |  | $ | 13.6 |  |  |  |  |  |  |  |  |
Sublease rental income | (1.2) |  |  | (0.5) |  |  |  |  |  |  |  |  |
| $ | 11.4 |  |  | $ | 13.1 |  |  |  |  |  |  |  |  |
Supplemental cash flow and other information related to leases during the three months ended May 24, 2024 and May 26, 2023 is as follows:
| Three Months Ended |  |  |
May 24, 2024 | May 26, 2023 |  |  |  |
Cash flow information: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows used for operating leases | $ | 14.1 |  |  | $ | 14.1 |  |  |  |  |  |  |  |  |  |
Leased assets obtained in exchange for new operating lease obligations | 13.4 |  |  | 5.0 |  |  |  |  |  |  |  |  |  |
As of May 24, 2024 and February 23, 2024, the weighted-average remaining lease terms were 4.6 years and 4.8 years, respectively, and the weighted-average discount rates were 5.2% and 4.8%, respectively. The following table summarizes the future minimum lease payments as of May 24, 2024:
Fiscal year ending in February | Amount (1)
2025 | $ | 36.9 |  |
2026 | 44.1 |  |
2027 | 35.4 |  |
2028 | 26.4 |  |
2029 | 17.8 |  |
Thereafter | 25.5 |  |
Total lease payments | 186.1 |  |
Less: Interest | (21.6) |  |
Present value of lease liabilities | $ | 164.5 |  |
_______________________________________ (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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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