LEASES, OTHER COMMITMENTS, AND CONTINGENCIES

12 Months Ended

May 29, 2016

LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract]

LEASES, OTHER COMMITMENTS, AND CONTINGENCIES

NOTE 15. LEASES, OTHER COMMITMENTS, AND CONTINGENCIES

The Company’s leases are generally for warehouse space and equipment. Rent expense under all operating leases from continuing operations was $189.1 million, $193.5 million, and $189.0 million in fiscal 2016, 2015, and 2014, respectively.

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		OperatingLeases		CapitalLeases
2017	$	107.9	$	0.9
2018		83.5		0.7
2019		67.2		0.6
2020		49.6		0.3
2021		39.6		0.1
After 2021		49.8		0.1
Total noncancelable future lease commitments	$	397.6	$	2.7
Less: interest				(0.2)
Present value of obligations under capital leases			$	2.5

These future lease commitments will be partially offset by estimated future sublease receipts of approximately $1 million. Depreciation on capital leases is recorded as depreciation expense in our results of operations.

As of May 29, 2016, we have issued guarantees and comfort letters of $383.2 million for the debt and other obligations of consolidated subsidiaries, and guarantees and comfort letters of $239.1 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 $397.6 million as of May 29, 2016.