LEASES (Tables)
|
12 Months Ended |
Mar. 29, 2025 |
|---|
| Leases [Abstract] |
|
| Schedule of Assets and Liabilities Related to Operating and Finance 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
|
|
|
| Schedule of Components of Lease Costs |
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 |
% |
|
| Schedule of Maturities of Operating Lease Liabilities |
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
|
|
|
|
| Schedule of Maturities of Financing Lease Liabilities |
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
|
|
|
|