v3.26.1
LEASES
 12 Months Ended
May 31, 2026
Leases [Abstract]  
LEASES LEASES
We lease various real estate, including certain operating facilities, warehouses, office space, and land. We also lease material handling equipment, vehicles, and certain other equipment. Our leases have remaining lease terms of one to 21 years.
The components of total lease costs, net, consisted of the following:
For the Fiscal Year Ended May (a)
(in millions)202620252024
Operating lease costs (b)$40.4 $36.2 $38.5 
Short-term and variable lease costs14.9 13.5 15.6 
Sublease income(5.0)(4.3)(4.7)
Finance lease costs:
Amortization of lease assets1.2 1.3 1.4 
Interest on lease obligations0.2 0.3 0.3 
Total lease costs, net$51.7 $47.0 $51.1 
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(a)Supply-chain-related lease costs are included in “Cost of sales,” and the remainder is recorded in “Selling, general and administrative expenses,” in our Consolidated Statements of Earnings. Interest on finance lease obligations is included in “Interest expense, net,” in our Consolidated Statements of Earnings.
(b)Operating lease costs include farm lease expense and raw storage expense that are capitalized to inventory and subsequently expensed as part of our cost of sales calculations on a periodic basis.
Operating and finance leases, with initial terms greater than one year, were as follows:
(in millions)ClassificationMay 31, 2026May 25, 2025
Assets:
Operating lease assetsOperating lease assets$111.6 $113.2 
Finance lease assetsProperty, plant and equipment, net (a)1.5 2.7 
Total leased assets$113.1 $115.9 
Liabilities:
Lease obligations due within one year:
Operating lease obligationsAccrued liabilities$27.7 $23.9 
Finance lease obligationsCurrent portion of long-term debt and financing obligations0.7 1.3 
Long-term lease obligations:
Operating lease obligationsOther noncurrent liabilities94.2 98.9 
Finance lease obligationsLong-term debt and financing obligations, excluding current portion3.3 3.9 
Total lease obligations$125.9 $128.0 
Weighted-average remaining lease term - finance leases11.0 years10.5 years
Weighted-average remaining lease term - operating leases5.3 years6.0 years
Weighted-average discount rate - finance leases3.5 %3.6 %
Weighted-average discount rate - operating leases5.0 %5.4 %
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(a)Finance leases are net of accumulated amortization of $10.7 million and $9.5 million at May 31, 2026 and May 25, 2025, respectively.
The maturities of our lease obligations for operating and finance leases at May 31, 2026 for the next five fiscal years and thereafter are as follows:
(in millions, except for lease term and discount rate amounts)Operating
Leases		Finance
Leases		Total
202731.5 0.9 $32.4 
202828.0 0.3 28.3 
202924.2 0.3 24.5 
203022.5 0.3 22.8 
203118.9 0.3 19.2 
Thereafter14.0 2.8 16.8 
Total lease payments139.1 4.9 144.0 
Less: Interest(17.2)(0.9)(18.1)
Present value of lease obligations$121.9 $4.0 $125.9 
Supplemental cash flow information related to leases was as follows:
For the Fiscal Years Ended May
(in millions)202620252024
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows for operating leases$24.9 $27.5 $29.8 
Financing cash flows for finance leases1.1 0.4 0.5 
Non-cash investing and financing activities:
Operating lease assets obtained in exchange for lease liabilities21.2 1.0 7.6 
Operating lease assets reduced for reductions to lease liabilities(1.9)(1.1)(0.6)
Finance lease assets obtained in exchange for lease liabilities— 0.5 0.4 
LEASES LEASES
We lease various real estate, including certain operating facilities, warehouses, office space, and land. We also lease material handling equipment, vehicles, and certain other equipment. Our leases have remaining lease terms of one to 21 years.
The components of total lease costs, net, consisted of the following:
For the Fiscal Year Ended May (a)
(in millions)202620252024
Operating lease costs (b)$40.4 $36.2 $38.5 
Short-term and variable lease costs14.9 13.5 15.6 
Sublease income(5.0)(4.3)(4.7)
Finance lease costs:
Amortization of lease assets1.2 1.3 1.4 
Interest on lease obligations0.2 0.3 0.3 
Total lease costs, net$51.7 $47.0 $51.1 
_____________________________________________________
(a)Supply-chain-related lease costs are included in “Cost of sales,” and the remainder is recorded in “Selling, general and administrative expenses,” in our Consolidated Statements of Earnings. Interest on finance lease obligations is included in “Interest expense, net,” in our Consolidated Statements of Earnings.
(b)Operating lease costs include farm lease expense and raw storage expense that are capitalized to inventory and subsequently expensed as part of our cost of sales calculations on a periodic basis.
Operating and finance leases, with initial terms greater than one year, were as follows:
(in millions)ClassificationMay 31, 2026May 25, 2025
Assets:
Operating lease assetsOperating lease assets$111.6 $113.2 
Finance lease assetsProperty, plant and equipment, net (a)1.5 2.7 
Total leased assets$113.1 $115.9 
Liabilities:
Lease obligations due within one year:
Operating lease obligationsAccrued liabilities$27.7 $23.9 
Finance lease obligationsCurrent portion of long-term debt and financing obligations0.7 1.3 
Long-term lease obligations:
Operating lease obligationsOther noncurrent liabilities94.2 98.9 
Finance lease obligationsLong-term debt and financing obligations, excluding current portion3.3 3.9 
Total lease obligations$125.9 $128.0 
Weighted-average remaining lease term - finance leases11.0 years10.5 years
Weighted-average remaining lease term - operating leases5.3 years6.0 years
Weighted-average discount rate - finance leases3.5 %3.6 %
Weighted-average discount rate - operating leases5.0 %5.4 %
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(a)Finance leases are net of accumulated amortization of $10.7 million and $9.5 million at May 31, 2026 and May 25, 2025, respectively.
The maturities of our lease obligations for operating and finance leases at May 31, 2026 for the next five fiscal years and thereafter are as follows:
(in millions, except for lease term and discount rate amounts)Operating
Leases		Finance
Leases		Total
202731.5 0.9 $32.4 
202828.0 0.3 28.3 
202924.2 0.3 24.5 
203022.5 0.3 22.8 
203118.9 0.3 19.2 
Thereafter14.0 2.8 16.8 
Total lease payments139.1 4.9 144.0 
Less: Interest(17.2)(0.9)(18.1)
Present value of lease obligations$121.9 $4.0 $125.9 
Supplemental cash flow information related to leases was as follows:
For the Fiscal Years Ended May
(in millions)202620252024
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows for operating leases$24.9 $27.5 $29.8 
Financing cash flows for finance leases1.1 0.4 0.5 
Non-cash investing and financing activities:
Operating lease assets obtained in exchange for lease liabilities21.2 1.0 7.6 
Operating lease assets reduced for reductions to lease liabilities(1.9)(1.1)(0.6)
Finance lease assets obtained in exchange for lease liabilities— 0.5 0.4