LEASES (Tables)

12 Months Ended

May 31, 2020

LEASES

Schedule of components of total lease costs, net

	Year Ended May 31, 2020 (a)
	Operating		Finance
	Leases		Leases		Total
Operating lease costs	$	29.7	$	—	$	29.7
Short-term and variable lease costs		5.8		—		5.8
Sublease income		(2.7)		—		(2.7)
Amortization of lease assets		—		3.2		3.2
Interest on lease liabilities		—		0.6		0.6
Total lease costs, net	$	32.8	$	3.8	$	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.

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

	As of May 31, 2020
	Operating		Finance
	Leases		Leases		Total
Assets:
Operating lease assets	$	167.0	$	—	$	167.0
Property, plant and equipment, net (a)		—		11.3		11.3
Total leased assets	$	167.0	$	11.3	$	178.3
Liabilities:
Lease liabilities due within one year:
Accrued liabilities	$	28.4	$	—	$	28.4
Current portion of long-term debt and financing obligations		—		2.8		2.8
Long-term lease liabilities:
Other noncurrent liabilities		144.6		—		144.6
Long-term debt and financing obligations, excluding current portion		—		10.5		10.5
Total lease liabilities	$	173.0	$	13.3	$	186.3

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

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

	Operating		Finance
	Leases		Leases		Total
2021	$	32.7	$	3.2	$	35.9
2022		29.1		2.9		32.0
2023		21.8		2.0		23.8
2024		20.8		1.2		22.0
2025		18.8		0.8		19.6
Thereafter		78.2		5.7		83.9
Total lease payments		201.4		15.8		217.2
Less: Interest		(28.4)		(2.5)		(30.9)
Present value of lease liabilities	$	173.0	$	13.3	$	186.3
Weighted-average remaining lease term (years)		8.3		9.3
Weighted-average discount rate		3.6%		3.3%

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

	Operating		Finance
	Leases		Leases		Total
2021	$	32.7	$	3.2	$	35.9
2022		29.1		2.9		32.0
2023		21.8		2.0		23.8
2024		20.8		1.2		22.0
2025		18.8		0.8		19.6
Thereafter		78.2		5.7		83.9
Total lease payments		201.4		15.8		217.2
Less: Interest		(28.4)		(2.5)		(30.9)
Present value of lease liabilities	$	173.0	$	13.3	$	186.3
Weighted-average remaining lease term (years)		8.3		9.3
Weighted-average discount rate		3.6%		3.3%

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

Schedule of supplemental cash flow information related to leases

	Year Ended May 31, 2020
	Operating		Finance
	Leases		Leases		Total
Cash paid for amounts included in the measurement of lease liabilities:
Cash used for operating activities	$	26.8	$	—	$	26.8
Cash used for financing activities		—		2.6		2.6
Noncash investing and financing activities:
Assets obtained in exchange for new operating lease obligations		41.4		—		41.4
Assets obtained in exchange for new finance lease obligations		—		2.2		2.2