As of August 31, 2021 , the lease liabilities amount to 940 million euro, including 763 million euro of non-current lease liabilities and 176 million euro of current lease liabilities. The change in lease liabilities during Fiscal 2021 breaks down as follows:
| (in millions of euro) | FISCAL 2021 | FISCAL 2020 |
|---|---|---|
| Lease liabilities as of September 1 | Lease liabilities as of September 1FISCAL 20211,357 | Lease liabilities as of September 1FISCAL 20201,490 |
| Increase/(Decrease)(1) | Increase/(Decrease) (1)FISCAL 2021(94) |
Increase/(Decrease) (1)FISCAL 2020167 |
| Repayment of the principal | Repayment of the principal FISCAL 2021(242) |
Repayment of the principal FISCAL 2020(260) |
| Translation adjustments | Translation adjustments FISCAL 20217 |
Translation adjustments FISCAL 2020(41) |
| Change in scope of consolidation | Change in scope of consolidation FISCAL 2021(9) |
Change in scope of consolidation FISCAL 2020— |
| Other movements(2) | Other movements (2)FISCAL 2021(78) |
Other movements (2)FISCAL 2020— |
| LEASE LIABILITIES AS OF AUGUST 31 | LEASE LIABILITIES AS OF AUGUST 31FISCAL 2021939 | LEASE LIABILITIES AS OF AUGUST 31FISCAL 20201,357 |
(1) Impact of new leases entered into, rent indexation, contractual modifications, as well as changes in assessment of the likelihood that renewal and termination options will be exercised. During the Fiscal 2021, some significant contracts were terminated early.
(2) Mostly due to the reclassification of assets held for sale (see note 3.2 "Disposed or held for sale activities").
Lease liabilities maturity breaks down as follows :
| (in millions of euro) | FISCAL 2021 | FISCAL 2020 |
|---|---|---|
| < 1 year | < 1 year FISCAL 2021176 |
< 1 year FISCAL 2020 231 |
| 1 to 3 years | 1 to 3 years FISCAL 2021227 |
1 to 3 years FISCAL 2020 308 |
| 3 to 5 years | 3 to 5 years FISCAL 2021171 |
3 to 5 years FISCAL 2020 239 |
| > 5 years | > 5 years FISCAL 2021366 |
> 5 years FISCAL 2020 579 |
| LEASE LIABILITIES CARRYING VALUE | LEASE LIABILITIES CARRYING VALUEFISCAL 2021939 | LEASE LIABILITIES CARRYING VALUE FISCAL 2020 1,357 |
A right-of-use asset is recognized for each lease contract (except for those covered by the exemptions), as a counterpart of the lease liability. This right-of-use asset is measured as the initial amount of the lease liability (assessed as specified above) plus, where applicable, the initial direct costs incurred in obtaining the contract (fees and administrative costs), the advance lease payments made to the lessor and the estimated costs to be incurred in restoring the underlying asset to the condition required by the terms and conditions of the contract.
The right-of-use asset is depreciated on a straight-line basis over the lease term used to measure the lease liability and, when necessary, is subject to impairment tests according to the same rules as those used for intangible assets and property, plant and equipment. The carrying amount is subsequently adjusted to reflect the change in the lease liability arising from amendments to the lease provisions and other remeasurement events (see above).
