Leases (Notes)

9 Months Ended

Nov. 26, 2021

Lessee, Lease, Description [Line Items]

Leases of Lessee Disclosure [Text Block]

LEASES

We have operating leases for corporate offices, sales offices, showrooms, manufacturing facilities, vehicles and equipment that expire at various dates through 2035. Certain lease agreements include contingent rental payments based on per unit usage over contractual levels (e.g., miles driven or machine hours used) and others include rental payments adjusted periodically for inflationary indexes. Additionally, some leases include options to renew or terminate the leases which can be exercised at our discretion.

The components of lease expense are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Operating lease cost	$	13.2	$	12.8	$	39.5	$	38.8
Sublease rental income	(0.5)		(0.7)		(1.4)		(1.6)
	$	12.7	$	12.1	$	38.1	$	37.2

Supplemental cash flow and other information related to leases are as follows:

	Three Months Ended				Nine Months Ended
	November 26, 2021		November 27, 2020		November 26, 2021		November 27, 2020
Cash flow information:
Operating cash flows used for operating leases	$	13.6	$	12.6	$	40.4	$	37.3
Leased assets obtained in exchange for new operating lease obligations	$	17.0	$	0.7	$	34.3	$	2.6

	November 26, 2021		November 27, 2020
Other information:
Weighted-average remaining term	6.2 years		6.7 years
Weighted-average discount rate	3.6	%	4.0	%

The following table summarizes the future minimum lease payments as of November 26, 2021:

Fiscal year ending in February	Amount (1)
2022	$	13.1
2023	50.2
2024	45.8
2025	43.2
2026	34.2
Thereafter	81.3
Total lease payments	$	267.8
Less: Interest	28.3
Present value of lease liabilities	$	239.5

_______________________________________

(1)Lease payments include options to extend lease terms that are reasonably certain of being exercised. The payments exclude legally binding minimum lease payments for leases signed but not yet commenced.