Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES

v3.25.1
LEASES
 12 Months Ended
Mar. 29, 2025
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 2025 March 2024
Assets:
Operating lease assets Operating lease right-of-use assets $ 1,262,319  $ 1,255,074 
Finance lease assets Property, plant and equipment, net 10,584  11,500 
Total lease assets $ 1,272,903  $ 1,266,574 
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 308,741  $ 295,035 
Finance lease liabilities Current portion of long-term debt 1,011  981 
Noncurrent
Operating lease liabilities Operating lease liabilities 1,079,182  1,087,304 
Finance lease liabilities Long-term debt 14,039  15,178 
Total lease liabilities $ 1,402,973  $ 1,398,498 
The components of lease costs were as follows:
Year Ended March
(In thousands) 2025 2024 2023
Operating lease cost $ 403,734  $ 410,427  $ 404,041 
Finance lease cost – amortization of right-of-use assets 917  917  917 
Finance lease cost – interest on lease liabilities 428  457  486 
Short-term lease cost 19,014  25,227  22,126 
Variable lease cost 135,721  132,453  117,189 
Impairment —  12,958  — 
Gain recognized from sale-leaseback transaction (17,434) —  (13,189)
Total lease cost $ 542,380  $ 582,439  $ 531,570 
Supplemental cash flow information related to leases was as follows:

 Year Ended March
(In thousands) 2025 2024 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases $ 420,156  $ 424,646  $ 413,139 
Operating cash flows – finance leases 428  457  486 
Financing cash flows – finance leases 1,109  1,079  1,050 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 374,707  337,980  539,042 
Finance leases —  —  — 
Lease terms and discount rates were as follows:
March 2025 March 2024 March 2023
Weighted average remaining lease term:
Operating leases 6.01 years 6.20 years 6.61 years
Finance leases 11.51 years 12.51 years 13.51 years
Weighted average discount rate:
Operating leases 3.72  % 3.34  % 2.66  %
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 2025 were as follows:
(In thousands) Operating Leases Finance Leases Total
2026 $ 351,372  $ 1,408  $ 352,780 
2027 330,398  1,664  332,062 
2028 238,244  1,536  239,780 
2029 168,331  1,408  169,739 
2030 122,382  1,536  123,918 
Thereafter 334,103  9,986  344,089 
Total lease payments 1,544,830  17,538  1,562,368 
Less: present value adjustment 156,907  2,488  159,395 
Present value of lease liabilities $ 1,387,923  $ 15,050  $ 1,402,973 
The Company excluded approximately $130.2 million of leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2026 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 2025 March 2024
Assets:
Operating lease assets Operating lease right-of-use assets $ 1,262,319  $ 1,255,074 
Finance lease assets Property, plant and equipment, net 10,584  11,500 
Total lease assets $ 1,272,903  $ 1,266,574 
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 308,741  $ 295,035 
Finance lease liabilities Current portion of long-term debt 1,011  981 
Noncurrent
Operating lease liabilities Operating lease liabilities 1,079,182  1,087,304 
Finance lease liabilities Long-term debt 14,039  15,178 
Total lease liabilities $ 1,402,973  $ 1,398,498 
The components of lease costs were as follows:
Year Ended March
(In thousands) 2025 2024 2023
Operating lease cost $ 403,734  $ 410,427  $ 404,041 
Finance lease cost – amortization of right-of-use assets 917  917  917 
Finance lease cost – interest on lease liabilities 428  457  486 
Short-term lease cost 19,014  25,227  22,126 
Variable lease cost 135,721  132,453  117,189 
Impairment —  12,958  — 
Gain recognized from sale-leaseback transaction (17,434) —  (13,189)
Total lease cost $ 542,380  $ 582,439  $ 531,570 
Supplemental cash flow information related to leases was as follows:

 Year Ended March
(In thousands) 2025 2024 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases $ 420,156  $ 424,646  $ 413,139 
Operating cash flows – finance leases 428  457  486 
Financing cash flows – finance leases 1,109  1,079  1,050 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 374,707  337,980  539,042 
Finance leases —  —  — 
Lease terms and discount rates were as follows:
March 2025 March 2024 March 2023
Weighted average remaining lease term:
Operating leases 6.01 years 6.20 years 6.61 years
Finance leases 11.51 years 12.51 years 13.51 years
Weighted average discount rate:
Operating leases 3.72  % 3.34  % 2.66  %
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 2025 were as follows:
(In thousands) Operating Leases Finance Leases Total
2026 $ 351,372  $ 1,408  $ 352,780 
2027 330,398  1,664  332,062 
2028 238,244  1,536  239,780 
2029 168,331  1,408  169,739 
2030 122,382  1,536  123,918 
Thereafter 334,103  9,986  344,089 
Total lease payments 1,544,830  17,538  1,562,368 
Less: present value adjustment 156,907  2,488  159,395 
Present value of lease liabilities $ 1,387,923  $ 15,050  $ 1,402,973 
The Company excluded approximately $130.2 million of leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2026 with lease terms of 2 to 15 years.