LEASES (Tables)

3 Months Ended

Aug. 25, 2019

LEASES

Schedule of leases

Thirteen Weeks EndedAs of August 25, 2019Thirteen Weeks Ended

Schedule of maturities of lease liabilities for operating leases - ASC 842

	Operating		Finance
	Leases		Leases		Total
2020 (remainder of year)	$	24.8	$	2.5	$	27.3
2021		23.4		2.9		26.3
2022		25.1		2.5		27.6
2023		17.8		1.6		19.4
2024		17.6		1.0		18.6
2025		15.9		0.9		16.8
Thereafter		73.6		5.6		79.2
Total lease payments		198.2		17.0		215.2
Less: Interest (a)		(34.8)		(3.0)		(37.8)
Present value of lease liabilities	$	163.4	$	14.0	$	177.4
Weighted-average remaining lease term (years):		8.5		8.7
Weighted-average discount rate:		3.9%		3.9%

(a) Since the implicit rate is not readily determinable for most of our leases, we use an incremental borrowing rate to determine the initial present value of lease payments. We use a collateralized rate and apply the rate based on the currency of the lease, which is updated quarterly for the measurement of new lease liabilities.

Schedule of maturities of lease liabilities for finance leases - ASC 842

	Operating		Finance
	Leases		Leases		Total
2020 (remainder of year)	$	24.8	$	2.5	$	27.3
2021		23.4		2.9		26.3
2022		25.1		2.5		27.6
2023		17.8		1.6		19.4
2024		17.6		1.0		18.6
2025		15.9		0.9		16.8
Thereafter		73.6		5.6		79.2
Total lease payments		198.2		17.0		215.2
Less: Interest (a)		(34.8)		(3.0)		(37.8)
Present value of lease liabilities	$	163.4	$	14.0	$	177.4
Weighted-average remaining lease term (years):		8.5		8.7
Weighted-average discount rate:		3.9%		3.9%

(a) Since the implicit rate is not readily determinable for most of our leases, we use an incremental borrowing rate to determine the initial present value of lease payments. We use a collateralized rate and apply the rate based on the currency of the lease, which is updated quarterly for the measurement of new lease liabilities.

Schedule of maturities of lease liabilities for operating leases - ASC 840

	Operating		Capital
	Leases		Leases (a)		Total
2020	$	18.6	$	7.5	$	26.1
2021		16.5		7.2		23.7
2022		15.7		7.2		22.9
2023		10.5		6.4		16.9
2024		8.6		5.9		14.5
Thereafter		26.6		73.5		100.1
Total lease payments	$	96.5	$	107.7	$	204.2
Discount to present value				(28.8)		(28.8)
Total lease liability			$	78.9	$	175.4
Current portion of financing obligations				(4.3)		(4.3)
Long-term financing obligations, excluding current portion			$	74.6	$	171.1

(a) Includes unamortized portion of a deferred gain related to a sale leaseback that was eliminated from the Consolidated Balance Sheet as part of the cumulative effect transition adjustment at adoption of ASC 842. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information.

Schedule of maturities of lease liabilities for finance leases - ASC 840

	Operating		Capital
	Leases		Leases (a)		Total
2020	$	18.6	$	7.5	$	26.1
2021		16.5		7.2		23.7
2022		15.7		7.2		22.9
2023		10.5		6.4		16.9
2024		8.6		5.9		14.5
Thereafter		26.6		73.5		100.1
Total lease payments	$	96.5	$	107.7	$	204.2
Discount to present value				(28.8)		(28.8)
Total lease liability			$	78.9	$	175.4
Current portion of financing obligations				(4.3)		(4.3)
Long-term financing obligations, excluding current portion			$	74.6	$	171.1

(a) Includes unamortized portion of a deferred gain related to a sale leaseback that was eliminated from the Consolidated Balance Sheet as part of the cumulative effect transition adjustment at adoption of ASC 842. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information.