Leases (Tables)

12 Months Ended

Mar. 28, 2020

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases

The following table presents the Company’s supplemental balance sheet information related to leases (in millions):

	Balance Sheet Location	March 28, 2020
Assets
Operating leases	Operating lease right-of-use assets	$	1,625
Liabilities
Current:
Operating leases	Short-term portion of operating lease liabilities	$	430
Non-current:
Operating leases	Long-term portion of operating lease liabilities	$	1,758

Schedule of Net Lease Costs and Supplemental Cash Flow Information

The components of net lease costs for the fiscal year ended March 28, 2020 were as follows (in millions):

	Statement of Operations and Comprehensive Income Location	March 28, 2020
Operating lease cost	Selling, general and administrative expenses	$	449
Short-term lease cost	Selling, general and administrative expenses	18
Variable lease cost (1)	Selling, general and administrative expenses	155
Sublease income	Selling, general and administrative expenses	(6)
Total lease cost		$	616

⁽¹⁾The Company elected to account for rent concessions negotiated in connection with COVID-19 as if it were contemplated as part of the existing contract and these concessions are recorded as variable lease expense. There is an immaterial impact from these concession for the fiscal year ended March 28, 2020.

The following table presents the Company’s supplemental cash flow information related to leases (in millions):

	March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	495
Non-cash transactions:
Lease assets obtained in exchange for new lease liabilities	$	428

The following tables summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s operating lease right-of-use assets and lease liabilities recorded on the balance sheet as of March 28, 2020:

	March 28, 2020
Operating leases:
Weighted average remaining lease term (years)	6.6
Weighted average discount rate	2.9	%

Schedule of Contractually Guaranteed Minimum Fees

At March 28, 2020, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):

	March 28, 2020
Fiscal 2021	$	489
Fiscal 2022	432
Fiscal 2023	369
Fiscal 2024	312
Fiscal 2025	239
Thereafter	566
Total lease payments	2,407
Less: interest	(219)
Total lease liabilities	$	2,188

At March 28, 2020, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):

	March 28, 2020
Fiscal 2021	$	6
Fiscal 2022	5
Fiscal 2023	5
Fiscal 2024	4
Fiscal 2025	4
Thereafter	12
Total sublease income	$	36