v3.25.2
Leases
 12 Months Ended
May 25, 2025
Leases [Abstract]  
Leases
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
2025
2024
2023
Operating lease cost
$
145.7
$
128.9
$
127.6
Variable
 
lease cost
7.5
8.9
6.1
Short-term lease cost
32.6
32.2
30.0
Maturities of our operating and finance lease obligations by fiscal year are
 
as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
Operating Leases
Finance Leases
Fiscal 2026
$
134.0
$
-
Fiscal 2027
99.5
0.6
Fiscal 2028
78.7
0.4
Fiscal 2029
57.9
-
Fiscal 2030
31.6
-
After fiscal 2030
72.2
-
Total noncancelable
 
future lease obligations
$
473.9
$
1.0
Less: Interest
(55.8)
-
Present value of lease obligations
$
418.1
$
1.0
The
 
lease
 
payments
 
presented
 
in
 
the
 
table
 
above
 
exclude
 
$
82.5
 
million
 
of
 
minimum
 
lease
 
payments
 
for
 
operating
 
leases
 
we
 
have
committed to but have not yet commenced as of May 25, 2025.
 
The weighted-average remaining lease term and weighted-average
 
discount rate for our operating leases are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
May 25, 2025
May 26, 2024
Weighted-average
 
remaining lease term
5.0
years
5.4
years
Weighted-average
 
discount rate
4.9
%
4.9
%
In addition, we had $
25.1
 
million of right of use assets and $
19.3
 
million of related lease liabilities classified as held for sale as of May
25, 2025.
 
Supplemental operating cash
 
flow information and non
 
-cash activity related to our
 
operating leases, including those
 
classified as held-
for-sale, are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year
In Millions
2025
2024
Cash paid for amounts included in the measurement of lease liabilities
$
152.7
$
129.7
Right of use assets obtained in exchange for new lease liabilities
$
163.4
$
139.8