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Leases Leases (Tables) | 12 Months Ended
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May 30, 2020
Leases [Abstract] |
Summary of Lease Expense Components | The components of lease expense were as follows:
| Year Ended
(In millions) | May 30, 2020
Operating lease costs | $ | 51.3 |
Short-term lease costs | 2.6 |
Variable lease costs* | 8.2 |
Total | $ | 62.1 |
*Not included in the table above for the year ended May 30, 2020 are variable lease costs of $81.3 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 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) |
2021 | $ | 48.5 |
2022 | 44.8 |
2023 | 40.2 |
2024 | 34.5 |
2025 | 30.5 |
Thereafter | 71.9 |
Total lease payments* | 270.4 |
Less interest | 26.5 |
Present value of lease liabilities | $ | 243.9 |
*Lease payments exclude $30.6 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=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 + Details
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