XML 44 R30.htm IDEA: XBRL DOCUMENT v3.20.2
LEASES (Tables)
12 Months Ended
May 31, 2020
LEASES  
Schedule of components of total lease costs, net

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Year Ended May 31, 2020 (a)

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Operating

    

Finance

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Leases

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Leases

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Total

Operating lease costs

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$

29.7

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$

—

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$

29.7

Short-term and variable lease costs

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5.8

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—

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5.8

Sublease income

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(2.7)

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—

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(2.7)

Amortization of lease assets

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—

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3.2

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3.2

Interest on lease liabilities

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—

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0.6

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0.6

Total lease costs, net

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$

32.8

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$

3.8

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$

36.6

(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 for finance leases is included in “Interest expense, net,” in our Consolidated Statements of Earnings.

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Schedule of operating and finance leases, with terms greater than one year

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As of May 31, 2020

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Operating

    

Finance

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Leases

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Leases

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Total

Assets:

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Operating lease assets

 

$

167.0

 

$

—

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$

167.0

Property, plant and equipment, net (a)

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—

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11.3

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11.3

Total leased assets

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$

167.0

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$

11.3

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$

178.3

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Liabilities:

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Lease liabilities due within one year:

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Accrued liabilities

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$

28.4

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$

—

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$

28.4

Current portion of long-term debt and financing obligations

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—

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2.8

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2.8

Long-term lease liabilities:

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Other noncurrent liabilities

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144.6

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—

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144.6

Long-term debt and financing obligations, excluding current portion

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—

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10.5

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10.5

Total lease liabilities

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$

173.0

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$

13.3

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$

186.3

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(a)Finance leases are net of accumulated amortization of $12.2 million.

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

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Operating

    

Finance

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Leases

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Leases

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Total

2021

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$

32.7

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$

3.2

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$

35.9

2022

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29.1

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2.9

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32.0

2023

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21.8

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2.0

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23.8

2024

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20.8

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1.2

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22.0

2025

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18.8

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0.8

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19.6

Thereafter

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78.2

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5.7

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83.9

Total lease payments

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201.4

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15.8

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217.2

Less: Interest

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(28.4)

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(2.5)

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(30.9)

Present value of lease liabilities

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$

173.0

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$

13.3

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$

186.3

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Weighted-average remaining lease term (years)

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8.3

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9.3

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Weighted-average discount rate

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3.6%

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3.3%

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

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Operating

    

Finance

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Leases

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Leases

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Total

2021

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$

32.7

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$

3.2

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$

35.9

2022

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29.1

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2.9

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32.0

2023

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21.8

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2.0

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23.8

2024

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20.8

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1.2

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22.0

2025

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18.8

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0.8

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19.6

Thereafter

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78.2

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5.7

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83.9

Total lease payments

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201.4

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15.8

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217.2

Less: Interest

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(28.4)

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(2.5)

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(30.9)

Present value of lease liabilities

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$

173.0

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$

13.3

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$

186.3

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Weighted-average remaining lease term (years)

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8.3

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9.3

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Weighted-average discount rate

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3.6%

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3.3%

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

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Operating

    

Capital

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Leases

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Leases (a)

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Total

2020

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$

18.6

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$

7.5

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$

26.1

2021

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16.5

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7.2

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23.7

2022

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15.7

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7.2

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22.9

2023

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10.5

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6.4

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16.9

2024

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8.6

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5.9

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14.5

Thereafter

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26.6

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73.5

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100.1

Total lease payments

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$

96.5

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$

107.7

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$

204.2

Discount to present value

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(28.8)

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(28.8)

Total lease liability

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$

78.9

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$

175.4

Current portion of financing obligations

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(4.3)

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(4.3)

Long-term financing obligations, excluding current portion

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$

74.6

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$

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.

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

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Operating

    

Capital

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Leases

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Leases (a)

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Total

2020

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$

18.6

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$

7.5

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$

26.1

2021

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16.5

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7.2

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23.7

2022

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15.7

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7.2

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22.9

2023

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10.5

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6.4

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16.9

2024

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8.6

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5.9

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14.5

Thereafter

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26.6

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73.5

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100.1

Total lease payments

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$

96.5

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$

107.7

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$

204.2

Discount to present value

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(28.8)

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(28.8)

Total lease liability

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$

78.9

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$

175.4

Current portion of financing obligations

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(4.3)

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(4.3)

Long-term financing obligations, excluding current portion

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$

74.6

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$

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.

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Schedule of supplemental cash flow information related to leases

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Year Ended May 31, 2020

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Operating

    

Finance

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Leases

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Leases

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Total

Cash paid for amounts included in the measurement of lease liabilities:

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Cash used for operating activities

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$

26.8

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$

—

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$

26.8

Cash used for financing activities

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—

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2.6

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2.6

Noncash investing and financing activities:

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Assets obtained in exchange for new operating lease obligations

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41.4

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—

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41.4

Assets obtained in exchange for new finance lease obligations

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—

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2.2

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2.2

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