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Leases (Tables)

3 Months Ended

Aug. 31, 2019

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.