Leases

12 Months Ended

May 31, 2025

The Company has leases for retail stores, showrooms, manufacturing facilities, warehouses and vehicles, which expire at various dates through 2042. Certain lease agreements include contingent rental payments based on per unit usage over a contractual amount and others include rental payments adjusted periodically for inflationary indexes.

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


	Year Ended		Year Ended
(In millions)	May 31, 2025		June 1, 2024
Operating lease costs	$	90.7	$	94.1
Short-term lease costs	5.2		7.1
Variable lease costs	16.7		15.9
Total	$	112.6	$	117.1

The Company has financing lease agreements that expire in fiscal 2026 to fiscal 2030. The leases have initial lease terms that range from 3 to 6 years with some containing renewal options.

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)
2026	$	88.0
2027	95.4
2028	88.0
2029	78.6
2030	67.8
Thereafter	179.7
Total lease payments*	$	597.5
Less interest	112.1
Present value of lease liabilities	$	485.4

*Lease payments exclude $49.1 million of legally binding minimum lease payments for leases signed but not yet commenced.

Supplemental cash flow and other lease information as of and for periods indicated, includes (dollars in millions):


	Year Ended			Year Ended
	May 31, 2025			June 1, 2024
Weighted-average remaining lease term (in years)
Operating leases	6.6			6.6
Finance Leases	3.8			4.6
Weighted-average discount rate
Operating leases	3.6		%	2.7		%
Finance Leases	3.3		%	3.2		%

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	148.5		$	99.4
Operating cash flows from finance leases	0.1			0.1
Financing cash flows from finance leases	0.3			0.3
ROU assets obtained in exchange for new operating lease liabilities
Operating leases	$	124.3		$	48.1
Finance leases	—			1.0