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Leases (Tables)

12 Months Ended

May 29, 2021

Leases [Abstract]

Summary of Lease Expense Components

The Company's lease costs recognized in the Consolidated Statement of Income consist of the following:

			Year Ended			Year Ended
(In millions)			May 29, 2021			May 30, 2020
Operating lease costs			$	50.3		$	51.3
Short-term lease costs			3.2			2.6
Variable lease costs*			8.3			8.2
Total			$	61.8		$	62.1

*Not included in the table above for the year ended May 29, 2021 are variable lease costs of approximately $84.5 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)
2022			$	42.3
2023			42.4
2024			39.1
2025			36.3
2026			28.6
Thereafter			72.1
Total lease payments*			260.8
Less interest			25.2
Present value of lease liabilities			$	235.6

*Lease payments exclude $20.9 million of legally binding minimum lease payments for leases signed but not yet commenced, primarily related to a new DWR corporate office in Stamford, CT expected to be occupied in fiscal 2022.

X

- 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=123408670&loc=SL77918686-209980

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X

- References

No definition available.

+ Details

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X

- 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=123408670&loc=SL77918701-209980

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