Operating Leases

12 Months Ended

May 27, 2012

Operating Leases [Abstract]

OPERATING LEASES

17.  OPERATING LEASES

We lease certain facilities, land, and transportation equipment under agreements that expire at various dates. Rent expense under all operating leases from continuing operations was $133.8 million, $126.1 million, and $127.2 million in fiscal 2012, 2011, and 2010, respectively. Rent expense under operating leases from discontinued operations was $0.4 million and $3.2 million in fiscal 2011 and 2010, respectively. Fiscal 2012 had no rent expense under operating leases from discontinued operations.

A summary of non-cancellable operating lease commitments for fiscal years following May 27, 2012, was as follows:

2013	$	82.8
2014		72.6
2015		62.5
2016		52.4
2017		38.7
Later years		135.4
	$	444.4

During fiscal 2010, we completed the sale of approximately 17,600 acres of farmland to an unrelated buyer and immediately entered into an agreement with an affiliate of the buyer to lease back the farmland. At that time, we received proceeds of $75.0 million in cash, removed the land from our balance sheet, and recorded a deferred gain of $29.7 million (reflected primarily in noncurrent liabilities). The lease agreement has an initial term of ten years and two five-year renewal options. This lease is being accounted for as an operating lease and we are recognizing the deferred gain as a reduction of rent expense over the lease term.