LEASES, OTHER COMMITMENTS, AND CONTINGENCIES

12 Months Ended

May 28, 2017

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 $188.1millionin fiscal 2017, $189.1 million in fiscal 2016, and $193.5 million in fiscal 2015.

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
Fiscal 2018	$	118.8	$	0.4
Fiscal 2019		101.7		0.4
Fiscal 2020		80.7		0.2
Fiscal 2021		60.7		0.1
Fiscal 2022		49.7		-
After fiscal 2022		89.1		0.1
Total noncancelable future lease commitments	$	500.7	$	1.2
Less: interest				(0.1)
Present value of obligations under capital leases			$	1.1

Depreciation on capital leases is recorded as depreciation expense in our results of operations.

As of May 28, 2017, we have issued guarantees and comfort letters of $504.7 million for the debt and other obligations of consolidated subsidiaries, and guarantees and comfort letters of $165.3 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 $500.7million as of May 28, 2017.