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Leases | 6 Months Ended
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Nov. 27, 2021
Leases [Abstract] |
Leases | Leases The components of lease expense are provided in the table below:
| Three Months Ended |  | Six Months Ended
(In millions) | November 27, 2021 |  | November 28, 2020 |  | November 27, 2021 |  | November 28, 2020
Operating lease costs | $ | 23.1 |  |  | $ | 12.4 |  |  | $ | 41.1 |  |  | $ | 23.4 |
Short-term lease costs | 2.9 |  |  | 0.7 |  |  | 4.4 |  |  | 1.5 |
Variable lease costs* | 2.4 |  |  | 2.0 |  |  | 4.9 |  |  | 3.6 |
Total | $ | 28.4 |  |  | $ | 15.1 |  |  | $ | 50.4 |  |  | $ | 28.5 |
*Not included in the table above for the three and six months ended November 27, 2021 are variable lease costs of $25.0 million and $45.7 million, respectively, for raw material purchases under certain supply arrangements that the Company has determined meet the definition of a lease. This compares to purchases of $21.6 million and $38.6 million for the three and six months ended November 28, 2020, respectively. At November 27, 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 | $ | 89.2 |
2023 | 83.8 |
2024 | 74.3 |
2025 | 64.8 |
2026 | 50.5 |
Thereafter | 148.8 |
Total lease payments* | $ | 511.4 |
Less interest | 46.0 |
Present value of lease liabilities | $ | 465.4 |
*Lease payments exclude $14.6 million of legally binding minimum lease payments for leases signed but not yet commenced. At November 27, 2021, the weighted average remaining lease term and weighted average discount rate for operating leases were 7.3 years and 2.4%, 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 27, 2021 |  | November 28, 2020 |  | November 27, 2021 |  | November 28, 2020
Operating cash flows used in operating leases | $ | 17.0 |  |  | $ | 11.6 |  |  | $ | 33.7 |  |  | $ | 22.6 |
Right-of-use assets obtained in exchange for new liabilities | $ | 5.9 |  |  | $ | 36.9 |  |  | $ | 25.9 |  |  | $ | 49.2 |

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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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