LEASES (Tables)
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12 Months Ended |
Apr. 03, 2021 |
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| Leases [Abstract] |
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| Assets and Liabilities Related to Operating and Finance Leases |
The assets and liabilities related to operating and finance leases were as follows:
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| (In thousands) |
Location in Consolidated Balance Sheet |
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March 2021 |
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March 2020 |
| Assets: |
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| Operating lease assets |
Operating lease right-of-use assets |
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$ |
1,474,434 |
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$ |
1,273,514 |
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| Finance lease assets |
Property, plant and equipment, net |
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14,250 |
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18,260 |
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| Total lease assets |
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$ |
1,488,684
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$ |
1,291,774
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| Liabilities: |
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| Current |
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| Operating lease liabilities |
Accrued liabilities |
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$ |
403,995 |
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$ |
352,578 |
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| Finance lease liabilities |
Current portion of long-term debt |
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1,023 |
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1,018 |
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| Noncurrent |
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| Operating lease liabilities |
Operating lease liabilities |
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1,236,461 |
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1,020,651 |
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| Finance lease liabilities |
Long-term debt |
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18,288 |
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22,755 |
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| Total lease liabilities |
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$ |
1,659,767
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$ |
1,397,002
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| Components of Lease Costs |
The components of lease costs were as follows:
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Year Ended March |
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| (In thousands) |
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2021 |
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2020 |
| Operating lease cost |
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$ |
454,324 |
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$ |
420,175 |
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| Finance lease cost – amortization of right-of-use assets |
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749 |
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3,700 |
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| Finance lease cost – interest on lease liabilities |
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462 |
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1,018 |
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| Short-term lease cost |
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8,586 |
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3,696 |
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| Variable lease cost |
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54,460 |
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109,935 |
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| Impairment |
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9,177 |
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10,728 |
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| Gain recognized from sale-leaseback transactions |
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— |
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(11,329) |
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| Total lease cost |
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$ |
527,758
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$ |
537,923
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Supplemental cash flow information related to leases was as follows:
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Year Ended March |
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| (In thousands) |
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2021 |
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2020 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows – operating leases |
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$ |
425,975 |
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$ |
391,344 |
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| Operating cash flows – finance leases |
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552 |
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1,018 |
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| Financing cash flows – finance leases |
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1,112 |
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4,890 |
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| Right-of-use assets obtained in exchange for lease liabilities: |
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Operating leases (a)
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636,613 |
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478,879 |
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| Finance leases |
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— |
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— |
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(a)The year ended March 2020 excludes amounts recorded upon adoption of ASC 842.
Lease terms and discount rates were as follows:
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March 2021 |
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March 2020 |
| Weighted average remaining lease term: |
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| Operating leases |
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6.77 years |
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5.23 years |
| Finance leases |
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15.50 years |
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16.51 years |
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| Weighted average discount rate: |
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| Operating leases |
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1.80 |
% |
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2.23 |
% |
| Finance leases |
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2.71 |
% |
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2.71 |
% |
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| Maturities of Operating Lease Liabilities |
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2021 were as follows:
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| (In thousands) |
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Operating Leases |
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Finance Leases |
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Total |
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| 2022 |
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$ |
434,867 |
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$ |
1,536 |
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$ |
436,403 |
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| 2023 |
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346,633 |
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1,536 |
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348,169 |
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| 2024 |
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244,885 |
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1,536 |
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246,421 |
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| 2025 |
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175,169 |
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1,536 |
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176,705 |
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| 2026 |
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119,169 |
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1,536 |
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120,705 |
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| Thereafter |
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425,820 |
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16,005 |
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441,825 |
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| Total lease payments |
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1,746,543
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23,685
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1,770,228
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| Less: present value adjustment |
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106,087 |
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4,374 |
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110,461 |
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| Present value of lease liabilities |
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$ |
1,640,456
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$ |
19,311
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$ |
1,659,767
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| Maturities of Financing Lease Liabilities |
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2021 were as follows:
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| (In thousands) |
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Operating Leases |
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Finance Leases |
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Total |
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| 2022 |
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$ |
434,867 |
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$ |
1,536 |
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$ |
436,403 |
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| 2023 |
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346,633 |
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1,536 |
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348,169 |
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| 2024 |
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244,885 |
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1,536 |
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246,421 |
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| 2025 |
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175,169 |
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1,536 |
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176,705 |
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| 2026 |
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119,169 |
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1,536 |
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120,705 |
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| Thereafter |
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425,820 |
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16,005 |
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441,825 |
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| Total lease payments |
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1,746,543
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23,685
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1,770,228
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| Less: present value adjustment |
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106,087 |
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4,374 |
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110,461 |
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| Present value of lease liabilities |
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$ |
1,640,456
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$ |
19,311
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$ |
1,659,767
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| Schedule of Rent Expense |
Rent expense recorded under ASC Topic 840, Leases, was included in the Consolidated Statement of Operations as follows:
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Year Ended March |
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2019 |
| Minimum rent expense |
$ |
349,173 |
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| Contingent rent expense |
34,209 |
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| Rent expense |
$ |
383,382
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