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LEASES
 12 Months Ended
Apr. 03, 2021
Leases [Abstract]  
LEASES LEASES
The assets and liabilities related to operating and finance leases were as follows:
(In thousands)Location in Consolidated Balance SheetMarch 2021March 2020
Assets:
Operating lease assetsOperating lease right-of-use assets$1,474,434 $1,273,514 
Finance lease assetsProperty, plant and equipment, net14,250 18,260 
Total lease assets$1,488,684 $1,291,774 
Liabilities:
Current
Operating lease liabilitiesAccrued liabilities$403,995 $352,578 
Finance lease liabilitiesCurrent portion of long-term debt1,023 1,018 
Noncurrent
Operating lease liabilitiesOperating lease liabilities1,236,461 1,020,651 
Finance lease liabilitiesLong-term debt18,288 22,755 
Total lease liabilities$1,659,767 $1,397,002 
The components of lease costs were as follows:
Year Ended March
(In thousands)20212020
Operating lease cost$454,324 $420,175 
Finance lease cost – amortization of right-of-use assets749 3,700 
Finance lease cost – interest on lease liabilities462 1,018 
Short-term lease cost8,586 3,696 
Variable lease cost54,460 109,935 
Impairment9,177 10,728 
Gain recognized from sale-leaseback transactions— (11,329)
Total lease cost$527,758 $537,923 
Supplemental cash flow information related to leases was as follows:

Year Ended March
(In thousands)20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases$425,975 $391,344 
Operating cash flows – finance leases552 1,018 
Financing cash flows – finance leases1,112 4,890 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases (a)
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 2021March 2020
Weighted average remaining lease term:
Operating leases6.77 years5.23 years
Finance leases15.50 years16.51 years
Weighted average discount rate:
Operating leases1.80 %2.23 %
Finance leases2.71 %2.71 %
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2021 were as follows:
(In thousands)Operating LeasesFinance LeasesTotal
2022$434,867 $1,536 $436,403 
2023346,633 1,536 348,169 
2024244,885 1,536 246,421 
2025175,169 1,536 176,705 
2026119,169 1,536 120,705 
Thereafter425,820 16,005 441,825 
Total lease payments1,746,543 23,685 1,770,228 
Less: present value adjustment106,087 4,374 110,461 
Present value of lease liabilities$1,640,456 $19,311 $1,659,767 
The Company excluded approximately $23.1 million of leases (undiscounted basis) that have not yet commenced, relating primarily to distribution centers. These leases will commence beginning in Fiscal 2022 with lease terms of 2 to 10 years.
Rent expense recorded under ASC Topic 840, Leases, was included in the Consolidated Statement of Operations as follows:
Year Ended March
(In thousands)2019
Minimum rent expense$349,173 
Contingent rent expense34,209 
Rent expense$383,382 
LEASES LEASES
The assets and liabilities related to operating and finance leases were as follows:
(In thousands)Location in Consolidated Balance SheetMarch 2021March 2020
Assets:
Operating lease assetsOperating lease right-of-use assets$1,474,434 $1,273,514 
Finance lease assetsProperty, plant and equipment, net14,250 18,260 
Total lease assets$1,488,684 $1,291,774 
Liabilities:
Current
Operating lease liabilitiesAccrued liabilities$403,995 $352,578 
Finance lease liabilitiesCurrent portion of long-term debt1,023 1,018 
Noncurrent
Operating lease liabilitiesOperating lease liabilities1,236,461 1,020,651 
Finance lease liabilitiesLong-term debt18,288 22,755 
Total lease liabilities$1,659,767 $1,397,002 
The components of lease costs were as follows:
Year Ended March
(In thousands)20212020
Operating lease cost$454,324 $420,175 
Finance lease cost – amortization of right-of-use assets749 3,700 
Finance lease cost – interest on lease liabilities462 1,018 
Short-term lease cost8,586 3,696 
Variable lease cost54,460 109,935 
Impairment9,177 10,728 
Gain recognized from sale-leaseback transactions— (11,329)
Total lease cost$527,758 $537,923 
Supplemental cash flow information related to leases was as follows:

Year Ended March
(In thousands)20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases$425,975 $391,344 
Operating cash flows – finance leases552 1,018 
Financing cash flows – finance leases1,112 4,890 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases (a)
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 2021March 2020
Weighted average remaining lease term:
Operating leases6.77 years5.23 years
Finance leases15.50 years16.51 years
Weighted average discount rate:
Operating leases1.80 %2.23 %
Finance leases2.71 %2.71 %
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2021 were as follows:
(In thousands)Operating LeasesFinance LeasesTotal
2022$434,867 $1,536 $436,403 
2023346,633 1,536 348,169 
2024244,885 1,536 246,421 
2025175,169 1,536 176,705 
2026119,169 1,536 120,705 
Thereafter425,820 16,005 441,825 
Total lease payments1,746,543 23,685 1,770,228 
Less: present value adjustment106,087 4,374 110,461 
Present value of lease liabilities$1,640,456 $19,311 $1,659,767 
The Company excluded approximately $23.1 million of leases (undiscounted basis) that have not yet commenced, relating primarily to distribution centers. These leases will commence beginning in Fiscal 2022 with lease terms of 2 to 10 years.
Rent expense recorded under ASC Topic 840, Leases, was included in the Consolidated Statement of Operations as follows:
Year Ended March
(In thousands)2019
Minimum rent expense$349,173 
Contingent rent expense34,209 
Rent expense$383,382