Leases, Codification Topic 842

9 Months Ended

Nov. 24, 2023

Leases [Abstract]

Lessee, Operating Leases

LEASES

We have operating leases for corporate offices, sales offices, showrooms, manufacturing and distribution 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 operated) 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 during the three and nine months ended November 24, 2023 and November 25, 2022 are as follows:

	Three Months Ended				Nine Months Ended
	November 24, 2023		November 25, 2022		November 24, 2023		November 25, 2022
Operating lease cost	$	13.7	$	13.2	$	40.9	$	38.8
Sublease rental income	(0.5)		(0.6)		(1.5)		(1.7)
	$	13.2	$	12.6	$	39.4	$	37.1

Supplemental cash flow and other information related to leases during the three and nine months ended November 24, 2023 and November 25, 2022 is as follows:

	Three Months Ended				Nine Months Ended
	November 24, 2023		November 25, 2022		November 24, 2023		November 25, 2022
Cash flow information:
Operating cash flows used for operating leases	$	14.4	$	13.3	$	42.1	$	40.4
Leased assets obtained in exchange for new operating lease obligations	4.5		11.7		12.1		25.2

As of November 24, 2023 and February 24, 2023, the weighted-average remaining lease terms were 4.9 years and 5.3 years, respectively, and the weighted-average discount rates were 4.5% and 4.2%, respectively.

The following table summarizes the future minimum lease payments as of November 24, 2023:

Fiscal year ending in February	Amount (1)
2024	$	12.0
2025	52.4
2026	42.5
2027	34.3
2028	26.1
Thereafter	41.9
Total lease payments	209.2
Less: Interest	22.1
Present value of lease liabilities	$	187.1

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(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.