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.