LEASES AND OTHER COMMITMENTS

12 Months Ended

May 29, 2011

Notes To Consolidated Financial Statements

Leases And Other Commitments

NOTE 15. LEASES AND OTHER COMMITMENTS

An analysis of rent expense by type of property for operating leases follows:

		Fiscal Year
In Millions		2011		2010		2009
Warehouse space	$	63.4	$	55.7	$	51.4
Equipment		32.1		30.6		39.1
Other		56.9		51.6		49.5
Total rent expense	$	152.4	$	137.9	$	140.0

Some operating leases require payment of property taxes, insurance, and maintenance costs in addition to the rent payments. Contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant.

Noncancelable future lease commitments are:

In Millions		Operating Leases		Capital Leases
2012	$	74.4	$	2.2
2013		52.5		1.8
2014		36.4		0.9
2015		26.1		0.5
2016		22.6		0.3
After 2016		49.4		0.2
Total noncancelable future lease commitments	$	261.4	$	5.9
Less: interest				(0.4)
Present value of obligations under capital leases			$	5.5

These future lease commitments will be partially offset by estimated future sublease receipts of approximately $13 million. Depreciation on capital leases is recorded as depreciation expense in our results of operations.

As of May 29, 2011, we have issued guarantees and comfort letters of $591.2 million for the debt and other obligations of consolidated subsidiaries, and guarantees and comfort letters of $340.6 million for the debt and other obligations of non-consolidated affiliates, mainly CPW. In addition, off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases, which totaled $261.4 million as of May 29, 2011.