Leases

3 Months Ended

Aug. 28, 2021

The components of lease expense are provided in the table below:


	Three Months Ended
(In millions)	August 28, 2021		August 29, 2020
Operating lease costs	$	17.9	$	11.0
Short-term lease costs	1.6		0.8
Variable lease costs*	2.5		1.6
Total	$	22.0	$	13.4

*Not included in the table above for the three months ended August 28, 2021 and August 29, 2020 are variable lease costs of $20.7 million and $16.9 million, respectively, for raw material purchases under certain supply arrangements that the Company has determined meet the definition of a lease.

At August 28, 2021, 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)
2022	$	88.5
2023	83.5
2024	74.3
2025	65.8
2026	50.3
Thereafter	153.8
Total lease payments*	$	516.2
Less interest	38.8
Present value of lease liabilities	$	477.4

*Lease payments exclude $3.9 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 $376.2 million and the remainder of the lease liabilities are included in "Other accrued liabilities" in the Condensed Consolidated Balance Sheets.

At August 28, 2021, the weighted average remaining lease term and weighted average discount rate for operating leases were 7 years and 2.4%, respectively.

Supplemental cash flow and other information related to leases are provided in the table below:


	Three Months Ended
(In millions)	August 28, 2021		August 29, 2020
Operating cash flows used for operating leases	$	16.7	$	11.1
Right-of-use assets obtained in exchange for new liabilities	$	20.0	$	11.4