Annual report pursuant to Section 13 and 15(d)

LEASES

v3.22.1
LEASES
 12 Months Ended
Apr. 02, 2022
Leases [Abstract]  
LEASES LEASES
The assets and liabilities related to operating and finance leases were as follows:
(In thousands) Location in Consolidated Balance Sheet March 2022 March 2021
Assets:
Operating lease assets Operating lease right-of-use assets $ 1,247,056  $ 1,474,434 
Finance lease assets Property, plant and equipment, net 13,334  14,250 
Total lease assets $ 1,260,390  $ 1,488,684 
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 353,948  $ 403,995 
Finance lease liabilities Current portion of long-term debt 1,051  1,023 
Noncurrent
Operating lease liabilities Operating lease liabilities 1,023,759  1,236,461 
Finance lease liabilities Long-term debt 17,238  18,288 
Total lease liabilities $ 1,395,996  $ 1,659,767 
The components of lease costs were as follows:
Year Ended March
(In thousands) 2022 2021 2020
Operating lease cost $ 435,637  $ 454,324  $ 420,175 
Finance lease cost – amortization of right-of-use assets 917  749  3,700 
Finance lease cost – interest on lease liabilities 513  462  1,018 
Short-term lease cost 17,602  8,586  3,696 
Variable lease cost 98,052  54,460  109,935 
Impairment 4,279  9,177  10,728 
Gain recognized from sale-leaseback transactions —  —  (11,329)
Total lease cost $ 557,000  $ 527,758  $ 537,923 
Supplemental cash flow information related to leases was as follows:

 Year Ended March
(In thousands) 2022 2021 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases $ 465,249  $ 425,975  $ 391,344 
Operating cash flows – finance leases 513  552  1,018 
Financing cash flows – finance leases 1,023  1,112  4,890 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases (a)
205,811  636,613  478,879 
Finance leases —  —  — 
(a)The year ended March 2020 excludes amounts recorded upon adoption of ASC 842.
Lease terms and discount rates were as follows:
March 2022 March 2021 March 2020
Weighted average remaining lease term:
Operating leases 6.17 years 6.77 years 5.23 years
Finance leases 14.51 years 15.50 years 16.51 years
Weighted average discount rate:
Operating leases 1.78  % 1.80  % 2.23  %
Finance leases 2.71  % 2.71  % 2.71  %
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2022 were as follows:
(In thousands) Operating Leases Finance Leases Total
2023 $ 374,983  $ 1,536  $ 376,519 
2024 281,069  1,536  282,605 
2025 210,906  1,536  212,442 
2026 146,226  1,536  147,762 
2027 107,620  1,536  109,156 
Thereafter 344,289  14,467  358,756 
Total lease payments 1,465,093  22,147  1,487,240 
Less: present value adjustment 87,386  3,858  91,244 
Present value of lease liabilities $ 1,377,707  $ 18,289  $ 1,395,996 
The Company excluded approximately $18.3 million of leases (undiscounted basis) that have not yet commenced. These leases will commence in Fiscal 2023 with lease terms of 2 to 15 years.
LEASES LEASES
The assets and liabilities related to operating and finance leases were as follows:
(In thousands) Location in Consolidated Balance Sheet March 2022 March 2021
Assets:
Operating lease assets Operating lease right-of-use assets $ 1,247,056  $ 1,474,434 
Finance lease assets Property, plant and equipment, net 13,334  14,250 
Total lease assets $ 1,260,390  $ 1,488,684 
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 353,948  $ 403,995 
Finance lease liabilities Current portion of long-term debt 1,051  1,023 
Noncurrent
Operating lease liabilities Operating lease liabilities 1,023,759  1,236,461 
Finance lease liabilities Long-term debt 17,238  18,288 
Total lease liabilities $ 1,395,996  $ 1,659,767 
The components of lease costs were as follows:
Year Ended March
(In thousands) 2022 2021 2020
Operating lease cost $ 435,637  $ 454,324  $ 420,175 
Finance lease cost – amortization of right-of-use assets 917  749  3,700 
Finance lease cost – interest on lease liabilities 513  462  1,018 
Short-term lease cost 17,602  8,586  3,696 
Variable lease cost 98,052  54,460  109,935 
Impairment 4,279  9,177  10,728 
Gain recognized from sale-leaseback transactions —  —  (11,329)
Total lease cost $ 557,000  $ 527,758  $ 537,923 
Supplemental cash flow information related to leases was as follows:

 Year Ended March
(In thousands) 2022 2021 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases $ 465,249  $ 425,975  $ 391,344 
Operating cash flows – finance leases 513  552  1,018 
Financing cash flows – finance leases 1,023  1,112  4,890 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases (a)
205,811  636,613  478,879 
Finance leases —  —  — 
(a)The year ended March 2020 excludes amounts recorded upon adoption of ASC 842.
Lease terms and discount rates were as follows:
March 2022 March 2021 March 2020
Weighted average remaining lease term:
Operating leases 6.17 years 6.77 years 5.23 years
Finance leases 14.51 years 15.50 years 16.51 years
Weighted average discount rate:
Operating leases 1.78  % 1.80  % 2.23  %
Finance leases 2.71  % 2.71  % 2.71  %
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2022 were as follows:
(In thousands) Operating Leases Finance Leases Total
2023 $ 374,983  $ 1,536  $ 376,519 
2024 281,069  1,536  282,605 
2025 210,906  1,536  212,442 
2026 146,226  1,536  147,762 
2027 107,620  1,536  109,156 
Thereafter 344,289  14,467  358,756 
Total lease payments 1,465,093  22,147  1,487,240 
Less: present value adjustment 87,386  3,858  91,244 
Present value of lease liabilities $ 1,377,707  $ 18,289  $ 1,395,996 
The Company excluded approximately $18.3 million of leases (undiscounted basis) that have not yet commenced. These leases will commence in Fiscal 2023 with lease terms of 2 to 15 years.