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Leases | 6 Months Ended
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Nov. 28, 2020
Leases [Abstract] |
Leases | Leases The components of lease expense are provided in the table below:
| Three Months Ended |  | Six Months Ended
(In millions) | November 28, 2020 |  | November 30, 2019 |  | November 28, 2020 |  | November 30, 2019
Operating lease costs | $ | 12.4 |  |  | $ | 12.6 |  |  | $ | 23.4 |  |  | $ | 25.4 |
Short-term lease costs | 0.7 |  |  | 0.7 |  |  | 1.5 |  |  | 1.2 |
Variable lease costs* | 2.0 |  |  | 2.2 |  |  | 3.6 |  |  | 4.4 |
Total | $ | 15.1 |  |  | $ | 15.5 |  |  | $ | 28.5 |  |  | $ | 31.0 |
*Not included in the table above for the three and six months ended November 28, 2020 are variable lease costs of $21.6 million and $38.6 million, respectively, for raw material purchases under certain supply arrangements that the Company has determined to meet the definition of a lease. This compares to purchases of $23.8 million and $45.7 million for the three and six months ended November 30, 2019, respectively. During the fourth quarter of fiscal 2020, the Company determined it was more likely than not that the fair value of certain right-of-use assets were below their carrying values and assessed these assets for impairment. As result of this assessment the Company recorded an impairment of $19.3 million in the Consolidated Statements of Comprehensive Income in the fourth quarter of fiscal 2020 which is the primary driver of lower operating lease cost in the three and six months ended November 28, 2020 compared to the prior year. At November 28, 2020, the Company had no financing leases. 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 | $ | 25.7 |
2022 | 49.4 |
2023 | 46.5 |
2024 | 41.6 |
2025 | 37.2 |
Thereafter | 103.2 |
Total lease payments* | $ | 303.6 |
Less interest | 30.6 |
Present value of lease liabilities | $ | 273.0 |
*Lease payments exclude $21.3 million of legally binding minimum lease payments for leases signed but not yet commenced. The long-term portion of the lease liabilities included in the amounts above is $205.7 million and the remainder of the lease liabilities are included in "Other accrued liabilities" in the Condensed Consolidated Balance Sheets. At November 28, 2020, the weighted average remaining lease term and weighted average discount rate for operating leases were 7 years and 2.8%, respectively. Supplemental cash flow and other information related to leases are provided in the table below:
| Three Months Ended |  | Six Months Ended
(In millions) | November 28, 2020 |  | November 30, 2019 |  | November 28, 2020 |  | November 30, 2019
Operating cash flows used for operating leases | $ | 11.6 |  |  | $ | 13.3 |  |  | $ | 22.6 |  |  | $ | 25.8 |
Right-of-use assets obtained in exchange for new liabilities | $ | 36.9 |  |  | $ | 4.0 |  |  | $ | 49.2 |  |  | $ | 8.6 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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