XML 37 R20.htm IDEA: XBRL DOCUMENT 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 SheetMarch 2022March 2021
Assets:
Operating lease assetsOperating lease right-of-use assets$1,247,056 $1,474,434 
Finance lease assetsProperty, plant and equipment, net13,334 14,250 
Total lease assets$1,260,390 $1,488,684 
Liabilities:
Current
Operating lease liabilitiesAccrued liabilities$353,948 $403,995 
Finance lease liabilitiesCurrent portion of long-term debt1,051 1,023 
Noncurrent
Operating lease liabilitiesOperating lease liabilities1,023,759 1,236,461 
Finance lease liabilitiesLong-term debt17,238 18,288 
Total lease liabilities$1,395,996 $1,659,767 
The components of lease costs were as follows:
Year Ended March
(In thousands)202220212020
Operating lease cost$435,637 $454,324 $420,175 
Finance lease cost – amortization of right-of-use assets917 749 3,700 
Finance lease cost – interest on lease liabilities513 462 1,018 
Short-term lease cost17,602 8,586 3,696 
Variable lease cost98,052 54,460 109,935 
Impairment4,279 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)202220212020
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 leases513 552 1,018 
Financing cash flows – finance leases1,023 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 2022March 2021March 2020
Weighted average remaining lease term:
Operating leases6.17 years6.77 years5.23 years
Finance leases14.51 years15.50 years16.51 years
Weighted average discount rate:
Operating leases1.78 %1.80 %2.23 %
Finance leases2.71 %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 LeasesFinance LeasesTotal
2023$374,983 $1,536 $376,519 
2024281,069 1,536 282,605 
2025210,906 1,536 212,442 
2026146,226 1,536 147,762 
2027107,620 1,536 109,156 
Thereafter344,289 14,467 358,756 
Total lease payments1,465,093 22,147 1,487,240 
Less: present value adjustment87,386 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 SheetMarch 2022March 2021
Assets:
Operating lease assetsOperating lease right-of-use assets$1,247,056 $1,474,434 
Finance lease assetsProperty, plant and equipment, net13,334 14,250 
Total lease assets$1,260,390 $1,488,684 
Liabilities:
Current
Operating lease liabilitiesAccrued liabilities$353,948 $403,995 
Finance lease liabilitiesCurrent portion of long-term debt1,051 1,023 
Noncurrent
Operating lease liabilitiesOperating lease liabilities1,023,759 1,236,461 
Finance lease liabilitiesLong-term debt17,238 18,288 
Total lease liabilities$1,395,996 $1,659,767 
The components of lease costs were as follows:
Year Ended March
(In thousands)202220212020
Operating lease cost$435,637 $454,324 $420,175 
Finance lease cost – amortization of right-of-use assets917 749 3,700 
Finance lease cost – interest on lease liabilities513 462 1,018 
Short-term lease cost17,602 8,586 3,696 
Variable lease cost98,052 54,460 109,935 
Impairment4,279 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)202220212020
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 leases513 552 1,018 
Financing cash flows – finance leases1,023 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 2022March 2021March 2020
Weighted average remaining lease term:
Operating leases6.17 years6.77 years5.23 years
Finance leases14.51 years15.50 years16.51 years
Weighted average discount rate:
Operating leases1.78 %1.80 %2.23 %
Finance leases2.71 %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 LeasesFinance LeasesTotal
2023$374,983 $1,536 $376,519 
2024281,069 1,536 282,605 
2025210,906 1,536 212,442 
2026146,226 1,536 147,762 
2027107,620 1,536 109,156 
Thereafter344,289 14,467 358,756 
Total lease payments1,465,093 22,147 1,487,240 
Less: present value adjustment87,386 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.