Leases

12 Months Ended

Feb. 28, 2025

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 are as follows:


	Year Ended
	February 28, 2025		February 23, 2024		February 24, 2023
Operating lease cost	$	50.4	$	53.9	$	51.9
Sublease rental income	(5.1)		(2.4)		(2.2)
	$	45.3	$	51.5	$	49.7

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


	Year Ended
	February 28, 2025		February 23, 2024		February 24, 2023
Cash flow information:
Operating cash flows used for operating leases	$	53.3	$	55.8	$	53.1
Leased assets obtained in exchange for new operating lease obligations	$	36.8	$	20.9	$	39.1

As of February 28, 2025 and February 23, 2024, the weighted-average remaining lease terms were 4.4 years and 4.8 years, respectively, and the weighted-average discount rates were 5.3% and 4.8%, respectively.

The following table summarizes the future minimum lease payments as of February 28, 2025:


Fiscal Year Ending in February	Amount (1)
2026	$	46.7
2027	41.1
2028	31.8
2029	22.1
2030	17.7
Thereafter	13.6
Total lease payments	173.0
Less: Interest	(19.4)
Present value of lease liabilities	$	153.6

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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.