Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.2
Leases (Tables)
3 Months Ended
May 31, 2019
Leases [Abstract]  
Summary of lease right-of-use assets and liabilities
A summary of lease right-of-use assets and liabilities are as follows:
 
Balance Sheet Classification
 
May 31,
2019
(in millions)
 
 
 
Assets
 
 
 
Operating lease
Other assets
 
$
575.3

Finance lease
Property, plant, and equipment
 
30.3

Total right-of-use assets
 
 
$
605.6

 
 
 
 
Liabilities
 
 
 
Current:
 
 
 
Operating lease
Other accrued expenses and liabilities
 
$
75.6

Finance lease
Current maturities of long-term debt
 
11.8

Non-Current:
 
 
 
Operating lease
Deferred income taxes and other liabilities
 
527.0

Finance lease
Long-term debt, less current maturities
 
13.0

Total lease liabilities
 
 
$
627.4


Lease cost components
The components of total lease cost are as follows:


 
For the Three Months Ended
May 31, 2019
(in millions)
 
 
Operating lease cost
 
$
23.4

Finance lease cost:
 
 
Amortization of right-of-use assets
 
2.8

Interest on lease liabilities
 
0.2

Short-term lease cost
 
3.2

Variable lease cost
 
42.6

Total lease cost
 
$
72.2


Operating lease maturities
As of May 31, 2019, minimum payments due for lease liabilities for the remaining nine months of fiscal 2020 and for each of the five succeeding fiscal years and thereafter are as follows:
 
Operating Leases
 
Finance Leases
(in millions)
 
 
 
2020
$
74.5

 
$
9.6

2021
93.7

 
9.4

2022
81.0

 
5.1

2023
69.4

 
1.6

2024
63.0

 

2025
53.2

 

Thereafter
310.5

 

Total lease payments
745.3

 
25.7

Less: Interest
(142.7
)
 
(0.9
)
Total lease liabilities
$
602.6

 
$
24.8


Finance lease maturities
As of May 31, 2019, minimum payments due for lease liabilities for the remaining nine months of fiscal 2020 and for each of the five succeeding fiscal years and thereafter are as follows:
 
Operating Leases
 
Finance Leases
(in millions)
 
 
 
2020
$
74.5

 
$
9.6

2021
93.7

 
9.4

2022
81.0

 
5.1

2023
69.4

 
1.6

2024
63.0

 

2025
53.2

 

Thereafter
310.5

 

Total lease payments
745.3

 
25.7

Less: Interest
(142.7
)
 
(0.9
)
Total lease liabilities
$
602.6

 
$
24.8


Future payments of noncancelable operating lease
As of February 28, 2019, future payments were expected to be as follows:
 
Operating Leases
(in millions)
 
2020
$
59.0

2021
58.2

2022
51.1

2023
47.9

2024
41.2

Thereafter
302.1

Total lease payments
$
559.5

(1) For leases with terms in excess of 12 months at inception.
Supplemental cash flow information
Supplemental information
 
For the Three Months Ended
May 31, 2019
(in millions)
 
 
Cash paid for amounts included in the measurement of lease liabilities:
 
 
Operating cash flows from operating leases
 
$
22.5

Operating cash flows from finance leases
 
$
0.2

Financing cash flows from finance leases
 
$
3.6

 
 
 
Right-of-use assets obtained in exchange for new lease liabilities:
 
 
Operating leases
 
$
8.0

Finance leases
 
$

 
 
 
Weighted-average remaining lease term:
 
 
Operating leases
 
12.0 years

Finance leases
 
3.4 years

 
 
 
Weighted-average discount rate:
 
 
Operating leases
 
3.7
%
Finance leases
 
2.7
%