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Leases
 12 Months Ended
May 31, 2022
Leases [Abstract]  
Leases LEASES
The following table summarizes right-of-use assets and lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2022 and May 31, 2021:

May 31, 2022May 31, 2021Location within Consolidated Balance Sheet
Operating leases$81.9 $78.6 Operating lease right-of-use assets, net
Finance leases8.1 10.2 Property, plant and equipment, net
Total lease assets$90.0 $88.8 
Operating leases :
Current portion$20.8 $25.0 Current portion of operating lease liabilities
Non-current portion69.8 67.4 Long-term operating lease liabilities
Total operating lease liabilities$90.6 $92.4 
Finance leases :
Current portion$2.3 $2.2 Other accrued expenses
Non-current portion6.7 8.8 Other noncurrent liabilities
Total finance lease liabilities$9.0 $11.0 
Total lease liabilities$99.6 $103.4 

In fiscal 2021, the Company recognized a pretax impairment charge of $9.6 related to operating lease right-of-use assets in connection with its plan to cease use of certain leased office space in New York City and consolidate into its company-owned New York headquarters building and its plan to permanently close 13 of its 54 book fair warehouses in the U.S. as part of a branch consolidation project. Refer to Note 4, "Asset Write Down", for further discussion regarding the impairment.

The following table summarizes the lease expense activity for the fiscal years ended May 31:
Location within Consolidated Statements of Operations
202220212020
Operating lease expense$25.9 $28.3 $28.6 Selling, general and administrative expenses
Finance lease costs :
Depreciation of leased assets2.2 2.3 2.1 Depreciation and amortization
Accretion of lease liabilities0.4 0.4 0.4 Interest expense
Total lease expense$28.5 $31.0 $31.1 

The following table summarizes certain cash flows information related to the Company's leases for the fiscal years ended May 31:
202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$31.4 $27.4 $25.4 
Operating cash flows from finance leases0.4 0.4 0.4 
Financing cash flows from finance leases2.3 2.3 2.0 
The following table provides the maturities of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2022:

Operating LeasesFinance Leases
Fiscal 2023$23.8 $2.6 
Fiscal 202421.2 2.4 
Fiscal 202515.5 1.6 
Fiscal 20269.5 1.2 
Fiscal 20277.6 1.1 
Thereafter28.3 1.0 
Total lease payments$105.9 $9.9 
Less: interest(15.3)(0.9)
Total lease liabilities$90.6 $9.0 

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's leases recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2022 and May 31, 2021:

20222021
Weighted-average remaining lease term (years):
Operating Leases6.35.8
Finance Leases4.95.6
Weighted-average discount rate:
Operating Leases4.3 %4.6 %
Finance Leases4.0 %4.0 %
Leases LEASES
The following table summarizes right-of-use assets and lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2022 and May 31, 2021:

May 31, 2022May 31, 2021Location within Consolidated Balance Sheet
Operating leases$81.9 $78.6 Operating lease right-of-use assets, net
Finance leases8.1 10.2 Property, plant and equipment, net
Total lease assets$90.0 $88.8 
Operating leases :
Current portion$20.8 $25.0 Current portion of operating lease liabilities
Non-current portion69.8 67.4 Long-term operating lease liabilities
Total operating lease liabilities$90.6 $92.4 
Finance leases :
Current portion$2.3 $2.2 Other accrued expenses
Non-current portion6.7 8.8 Other noncurrent liabilities
Total finance lease liabilities$9.0 $11.0 
Total lease liabilities$99.6 $103.4 

In fiscal 2021, the Company recognized a pretax impairment charge of $9.6 related to operating lease right-of-use assets in connection with its plan to cease use of certain leased office space in New York City and consolidate into its company-owned New York headquarters building and its plan to permanently close 13 of its 54 book fair warehouses in the U.S. as part of a branch consolidation project. Refer to Note 4, "Asset Write Down", for further discussion regarding the impairment.

The following table summarizes the lease expense activity for the fiscal years ended May 31:
Location within Consolidated Statements of Operations
202220212020
Operating lease expense$25.9 $28.3 $28.6 Selling, general and administrative expenses
Finance lease costs :
Depreciation of leased assets2.2 2.3 2.1 Depreciation and amortization
Accretion of lease liabilities0.4 0.4 0.4 Interest expense
Total lease expense$28.5 $31.0 $31.1 

The following table summarizes certain cash flows information related to the Company's leases for the fiscal years ended May 31:
202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$31.4 $27.4 $25.4 
Operating cash flows from finance leases0.4 0.4 0.4 
Financing cash flows from finance leases2.3 2.3 2.0 
The following table provides the maturities of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2022:

Operating LeasesFinance Leases
Fiscal 2023$23.8 $2.6 
Fiscal 202421.2 2.4 
Fiscal 202515.5 1.6 
Fiscal 20269.5 1.2 
Fiscal 20277.6 1.1 
Thereafter28.3 1.0 
Total lease payments$105.9 $9.9 
Less: interest(15.3)(0.9)
Total lease liabilities$90.6 $9.0 

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's leases recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2022 and May 31, 2021:

20222021
Weighted-average remaining lease term (years):
Operating Leases6.35.8
Finance Leases4.95.6
Weighted-average discount rate:
Operating Leases4.3 %4.6 %
Finance Leases4.0 %4.0 %