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LEASES, OTHER COMMITMENTS, AND CONTINGENCIES
12 Months Ended
May 26, 2013
LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract]  
LEASES, OTHER COMMITMENTS, AND CONTINGENCIES

NOTE 15. LEASES, OTHER COMMITMENTS, AND CONTINGENCIES

 

An analysis of rent expense by type of property for operating leases follows:

  Fiscal Year
In Millions 2013 2012 2011
Warehouse space$ 82.8$ 72.6$ 63.4
Equipment  33.5  34.8  32.1
Other  71.6  68.1  56.9
Total rent expense$ 187.9$ 175.5$ 152.4

Some operating leases require payment of property taxes, insurance, and maintenance costs in addition to the rent payments. Contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant.

 

Noncancelable future lease commitments are:

In Millions Operating Leases Capital Leases
2014$ 93.4$ 1.8
2015  74.0  1.5
2016  61.1  0.7
2017  45.1  0.2
2018  49.6  -
After 2018  114.5  -
Total noncancelable future lease commitments$ 437.7$ 4.2
Less: interest    (0.2)
Present value of obligations under capital leases  $ 4.0

These future lease commitments will be partially offset by estimated future sublease receipts of approximately $8.3 million. Depreciation on capital leases is recorded as depreciation expense in our results of operations.

 

As of May 26, 2013, we have issued guarantees and comfort letters of $356.3 million for the debt and other obligations of consolidated subsidiaries, and guarantees and comfort letters of $258.7 million for the debt and other obligations of non-consolidated affiliates, mainly CPW. In addition, off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases, which totaled $437.7 million as of May 26, 2013.

 

Contingencies

We are party to various pending or threatened legal actions in the ordinary course of our business.  In our opinion, there were no claims or litigation pending as of May 26, 2013, that were reasonably likely to have a material adverse effect on our consolidated financial position or results of operations.