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Leases (Tables) | 3 Months Ended
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Aug. 31, 2019
Leases [Abstract] |
Summary of Lease Expense Components | The components of lease expense are as follows:
(In millions) |
Operating lease costs | $ | 12.7 |
Short-term lease costs | 0.6 |
Variable lease costs* | 2.2 |
Total | $ | 15.5 |
*Not included in the table above are variable lease costs of $21.9 million for raw material purchases under certain supply arrangements that the Company has determined to meet the definition of a lease.
Summary of Future Estimated Minimum Lease Payments | The following table summarizes future minimum rental payments required under operating leases that have non-cancelable lease terms as of June 1, 2019, prior to the adoption of ASC 842:
(In millions) |
2020 | $ | 51.7 |
2021 | 46.8 |
2022 | 42.9 |
2023 | 39.0 |
2024 | 33.5 |
Thereafter | 101.9 |
Total | $ | 315.8 |
The undiscounted annual future minimum lease payments related to the Company's right-of-use assets are summarized by fiscal year in the following table:
(In millions) |
2020 | $ | 36.0 |
2021 | 44.8 |
2022 | 42.0 |
2023 | 38.0 |
2024 | 32.3 |
Thereafter | 100.9 |
Total lease payments* | 294.0 |
Less interest | 31.3 |
Present value of lease liabilities | $ | 262.7 |
*Lease payments exclude $26.6 million of legally binding minimum lease payments for leases signed but not yet commenced, primarily related to a new Chicago showroom expected to open in fiscal 2021.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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