LEASES, OTHER COMMITMENTS, AND CONTINGENCIES

12 Months Ended

May 27, 2018

LEASES, OTHER COMMITMENTS, AND CONTINGENCIES [Abstract]

LEASES, OTHER COMMITMENTS, AND CONTINGENCIES

NOTE 15. LEASES, OTHER COMMITMENTS, AND CONTINGENCIES

Our leases are generally for warehouse space and equipment. Rent expense under all operating leases from continuing operations was $189.4millionin fiscal 2018, $188.1 million in fiscal 2017, and $189.1 million in fiscal 2016.

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 2019	$	137.4	$	0.3
Fiscal 2020		115.7		0.2
Fiscal 2021		92.3		-
Fiscal 2022		70.9		-
Fiscal 2023		51.8		-
After fiscal 2023		91.2		-
Total noncancelable future lease commitments	$	559.3	$	0.5
Less: interest				(0.2)
Present value of obligations under capital leases			$	0.3

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

As of May 27, 2018, we have issued guarantees and comfort letters of $540.8 million for the debt and other obligations of consolidated subsidiaries, and guarantees and comfort letters of $167.3 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 $559.3million as of May 27, 2018.