LEASES (Tables)

12 Months Ended

Apr. 01, 2023

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 2023		March 2022
Assets:
Operating lease assets	Operating lease right-of-use assets	$	1,372,182	$	1,247,056
Finance lease assets	Property, plant and equipment, net	12,417		13,334
Total lease assets		$	1,384,599	$	1,260,390
Liabilities:
Current
Operating lease liabilities	Accrued liabilities	$	332,222	$	353,948
Finance lease liabilities	Current portion of long-term debt	951		1,051
Noncurrent
Operating lease liabilities	Operating lease liabilities	1,171,941		1,023,759
Finance lease liabilities	Long-term debt	16,287		17,238
Total lease liabilities		$	1,521,401	$	1,395,996

Schedule of Components of Lease Costs

The components of lease costs were as follows:

	Year Ended March
(In thousands)	2023		2022		2021
Operating lease cost	$	418,716	$	435,637	$	454,324
Finance lease cost – amortization of right-of-use assets	917		917		749
Finance lease cost – interest on lease liabilities	486		513		462
Short-term lease cost	22,154		17,602		8,586
Variable lease cost	117,189		98,052		54,460
Impairment	—		4,279		9,177
Gain recognized from sale-leaseback transaction	(13,189)		—		—
Total lease cost	$	546,273	$	557,000	$	527,758

Supplemental cash flow information related to leases was as follows:

	Year Ended March
(In thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases	$	428,443	$	465,249	$	425,975
Operating cash flows – finance leases	486		513		552
Financing cash flows – finance leases	1,050		1,023		1,112
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	545,856		205,811		636,613
Finance leases	—		—		—

Lease terms and discount rates were as follows:

	March 2023		March 2022		March 2021
Weighted average remaining lease term:
Operating leases	6.60 years		6.17 years		6.77 years
Finance leases	13.51 years		14.51 years		15.50 years
Weighted average discount rate:
Operating leases	2.61	%	1.78	%	1.80	%
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 2023 were as follows:

(In thousands)	Operating Leases		Finance Leases		Total
2024	$	362,722	$	1,408	$	364,130
2025	308,822		1,536		310,358
2026	231,573		1,536		233,109
2027	188,707		1,664		190,371
2028	123,066		1,536		124,602
Thereafter	360,215		12,931		373,146
Total lease payments	1,575,105		20,611		1,595,716
Less: present value adjustment	70,942		3,373		74,315
Present value of lease liabilities	$	1,504,163	$	17,238	$	1,521,401

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 2023 were as follows:

(In thousands)	Operating Leases		Finance Leases		Total
2024	$	362,722	$	1,408	$	364,130
2025	308,822		1,536		310,358
2026	231,573		1,536		233,109
2027	188,707		1,664		190,371
2028	123,066		1,536		124,602
Thereafter	360,215		12,931		373,146
Total lease payments	1,575,105		20,611		1,595,716
Less: present value adjustment	70,942		3,373		74,315
Present value of lease liabilities	$	1,504,163	$	17,238	$	1,521,401