LEASES

12 Months Ended

May 31, 2020

Lessee Disclosure [Abstract]

Leases, Commitments, and Other Contingencies

NOTE 7. LEASES

Our lease portfolio primarily consists of operating lease arrangements for certain warehouse and distribution space, office space, retail shops, production facilities, rail cars, production and distribution equipment, automobiles, and office equipment. Our lease costs associated with finance leases and sale-leaseback transactions and our lease income associated with lessor and sublease arrangements are not material to our Consolidated Financial Statements.

Components of our lease cost are as follows:

		Fiscal Year
In Millions		2020
Operating lease cost	$	133.5
Variable lease cost		14.4
Short-term lease cost		23.3

Rent expense under all operating leases from continuing operations was $184.9 million in fiscal 2019 and $189.4 million in fiscal 2018.

Maturities of our operating and finance lease obligations by fiscal year are as follows:

In Millions		Operating Leases		Finance Leases
Fiscal 2021	$	115.4	$	0.1
Fiscal 2022		97.6		0.1
Fiscal 2023		73.9		-
Fiscal 2024		56.8		-
Fiscal 2025		35.1		-
After fiscal 2025		33.7		-
Total noncancelable future lease obligations	$	412.5	$	0.2
Less: Interest		(33.5)		-
Present value of lease obligations	$	379.0	$	0.2

The lease payments presented in the table above exclude $46.2 million of minimum lease payments for operating leases we have committed to but have not yet commenced as of May 31, 2020.

Noncancelable future operating lease commitments as of May 26, 2019, were as follows:

In Millions
Fiscal 2020	$	120.0
Fiscal 2021		101.7
Fiscal 2022		85.0
Fiscal 2023		63.8
Fiscal 2024		49.1
After fiscal 2024		63.0
Total noncancelable future lease commitments	$	482.6

The weighted-average remaining lease term and weighted-average discount rate for our operating leases are as follows:

	May 31, 2020
Weighted-average remaining lease term	4.6	years
Weighted-average discount rate	4.1	%

Supplemental operating cash flow information and non-cash activity related to our operating leases are as follows:

		Fiscal Year
In Millions		2020
Cash paid for amounts included in the measurement of lease liabilities	$	131.0
Right of use assets obtained in exchange for new lease liabilities	$	46.3