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Leases
 12 Months Ended
May 29, 2022
Lessee Disclosure [Abstract]  
Leases, Commitments, and Other Contingencies
NOTE 7. LEASES
Our lease portfolio primarily
 
consists of operating lease
 
arrangements for certain
 
warehouse and distribution space,
 
office space, retail
shops,
 
production
 
facilities,
 
rail
 
cars,
 
production
 
and
 
distribution
 
equipment,
 
automobiles,
 
and
 
office
 
equipment.
 
Our
 
lease
 
costs
associated with finance
 
leases and
 
sale-leaseback transactions
 
and our
 
lease income associated
 
with lessor and
 
sublease arrangements
are not material to our Consolidated Financial Statements.
Components of our lease cost are as follows:
Fiscal Year
In Millions
2022
2021
Operating lease cost
$
129.7
$
132.7
Variable
 
lease cost
8.5
21.8
Short-term lease cost
29.1
23.4
Rent expense under all operating leases from continuing operations was $
171.2
 
million in fiscal 2020.
 
Maturities of our operating and finance lease obligations by fiscal year are
 
as follows:
In Millions
Operating Leases
Finance Leases
Fiscal 2023
$
117.8
$
0.8
Fiscal 2024
93.6
0.4
Fiscal 2025
64.4
-
Fiscal 2026
45.2
-
Fiscal 2027
24.1
-
After fiscal 2027
40.7
-
Total noncancelable
 
future lease obligations
$
385.8
$
1.2
Less: Interest
(30.8)
-
Present value of lease obligations
$
355.0
$
1.2
The
 
lease
 
payments
 
presented
 
in
 
the
 
table
 
above
 
exclude
 
$
135.1
 
million
 
of
 
minimum
 
lease
 
payments
 
for
 
operating
 
leases
 
we
 
have
committed to but have not yet commenced as of May 29, 2022.
 
The weighted-average remaining lease term and weighted-average
 
discount rate for our operating leases are as follows:
May 29, 2022
May 30, 2021
Weighted-average
 
remaining lease term
4.5
years
4.5
years
Weighted-average
 
discount rate
3.8
%
3.7
%
Supplemental operating cash flow information and non-cash activity related
 
to our operating leases are as follows:
Fiscal Year
In Millions
2022
2021
Cash paid for amounts included in the measurement of lease liabilities
$
128.7
$
132.0
Right of use assets obtained in exchange for new lease liabilities
$
84.6
$
120.2