Operating Leases

12 Months Ended

May 31, 2014

Note R – Operating Leases

We lease certain property and equipment from third parties under non-cancelable operating lease agreements. Rent expense under operating leases was $14,677,000, $13,831,000 and $14,433,000 in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. Future minimum lease payments for non-cancelable operating leases having an initial or remaining term in excess of one year at May 31, 2014, were as follows:


(in thousands)
2015	$	9,091
2016		7,804
2017		6,668
2018		5,878
2019		4,957
Thereafter		6,793

Total	$	41,191

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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