XML 49 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Tables)
 3 Months Ended
Aug. 28, 2021
Leases [Abstract]  
Summary of Lease Expense Components
The components of lease expense are provided in the table below:
Three Months Ended
(In millions)August 28, 2021August 29, 2020
Operating lease costs$17.9 $11.0 
Short-term lease costs1.6 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.
Supplemental cash flow and other information related to leases are provided in the table below:
Three Months Ended
(In millions)August 28, 2021August 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 
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$88.5 
202383.5 
202474.3 
202565.8 
202650.3 
Thereafter153.8 
Total lease payments*$516.2 
Less interest38.8 
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.