We lease various real estate, including certain operating facilities, warehouses, office space, and land. We also lease material handling equipment, vehicles, and certain other equipment. Our leases have remaining lease terms of one to 21 years. Leases having a lease term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized as costs are incurred.

Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from these leases. Effective May 27, 2019, operating lease assets and liabilities are recognized at the commencement date of the lease based on the present value of the lease payments over the lease term. Our leases may include options to extend or terminate these leases. These options to extend are included in the lease term when it is reasonably certain that we will exercise that option. Some leases have variable payments, however, because they are not based on an index or rate, they are not included in lease assets and liabilities. Variable payments for leases of land and buildings primarily relate to common area maintenance, insurance, taxes, and utilities. Variable payments for equipment, vehicles, and leases within supply agreements primarily relate to usage, repairs, and maintenance.

The components of total lease costs, net of an insignificant amount of sublease income, consisted of the following (dollars in millions):

(a)	Supply-chain-related lease costs are included in “Cost of sales” and the remainder is recorded in “Selling, general, and administrative expenses.” Interest on lease liabilities is included in “Interest expense, net,” in our Consolidated Statements of Earnings.

Operating and finance leases, with terms greater than one year, were as follows (dollars in millions):


	As of November 24, 2019
	Operating		Finance
	Leases		Leases		Total
Assets:
Operating lease assets	$	162.9	$	—	$	162.9
Property, plant and equipment, net (a)		—		12.6		12.6
Total leased assets	$	162.9	$	12.6	$	175.5

Liabilities:
Lease liabilities due within one year:
Accrued liabilities	$	23.5	$	—	$	23.5
Current portion of long-term debt and financing obligations		—		2.4		2.4
Long-term lease liabilities:
Other noncurrent liabilities		141.3		—		141.3
Long-term debt and financing obligations, excluding current portion		—		12.1		12.1
Total lease liabilities	$	164.8	$	14.5	$	179.3

(a)	Finance leases are net of accumulated amortization of $11.3 million.

The maturities of our lease liabilities for operating and finance leases at November 24, 2019, were as follows (dollars in millions):


	Operating		Finance
	Leases		Leases		Total
2020 (remainder of year)	$	14.5	$	1.8	$	16.3
2021		29.6		3.1		32.7
2022		25.7		2.8		28.5
2023		18.2		1.9		20.1
2024		17.8		1.1		18.9
2025		15.9		0.9		16.8
Thereafter		73.7		5.8		79.5
Total lease payments		195.4		17.4		212.8
Less: Interest (a)		(30.6)		(2.9)		(33.5)
Present value of lease liabilities	$	164.8	$	14.5	$	179.3

Weighted-average remaining lease term (years):		8.4		9.5
Weighted-average discount rate:		3.9%		3.3%

(a)

As 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.

At May 26, 2019, minimum lease payments under non-cancellable leases with lease terms in excess of one year, and accounted for under the previous lease accounting standard, were as follows (dollars in millions):


	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 adjustment at adoption of ASC 842. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, for more information.

Supplemental cash flow information related to leases was as follows (dollars in millions):


	Twenty-Six Weeks Ended November 24, 2019
	Operating		Finance
	Leases		Leases		Total
Cash paid for amounts included in the measurement of lease liabilities:
Cash used for operating activities	$	11.1	$	—	$	11.1
Cash used for financing activities		—		1.0		1.0
Noncash investing and financing activities:
Asset obtained in exchange for new operating lease obligations		20.2		—		20.2
Assets obtained in exchange for new finance lease obligations		—		1.9		1.9