Noncancelable lease commitments, operating leases

  
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)The weighted-average remaining lease terms and discount rates as of May 29, 2022 and May 30, 2021 are as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  | May 29, 2022 |  | May 30, 2021 |
| Weighted-Average Remaining Lease Term (Years) |  |  |  |  |
|    Operating leases |  | 15.4 |  | 16.2 |
|    Finance leases |  | 22.6 |  | 21.8 |
| Weighted-Average Discount Rate (1) |  |  |  |  |
|    Operating leases |  | 4.2  | % |  | 4.2  | % |
|    Finance leases |  | 3.9  | % |  | 4.4  | % |

(1)We cannot determine the interest rate implicit in our leases. Therefore, the discount rate represents our incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to our corporate credit rating for a secured or collateralized instrument.  
The annual maturities of our lease liabilities as of May 29, 2022 are as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |
| Fiscal Year |  | Operating Leases |  | Finance Leases |
| 2023 |  | 373.0 |  | 60.7 |
| 2024 |  | 375.4  |  |  | 63.4 |
| 2025 |  | 380.0  |  |  | 63.9 |
| 2026 |  | 381.7  |  |  | 65.2 |
| 2027 |  | 384.5  |  |  | 66.4 |
| Thereafter |  | 3,653.0  |  |  | 1,290.2  |  |
| Total future lease commitments (1) |  | $ | 5,547.6  |  |  | $ | 1,609.8  |  |
| Less imputed interest |  | (1,606.0) |  |  | (574.6) |  |
| Present value of lease liabilities (2) |  | $ | 3,941.6  |  |  | $ | 1,035.2  |  |

(1)Of the $5,547.6 million of total future operating lease commitments and $1,609.8 million of total future finance lease commitments, $2,483.9 million and $603.2 million, respectively, are non-cancelable.(2)Excludes approximately $200.9 million of net present value of lease payments related to 49 real estate leases signed, but not yet commenced. 66
