Leases (Tables)

12 Months Ended

Mar. 27, 2021

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

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

	Balance Sheet Location	March 27, 2021		March 28, 2020
Assets
Operating leases	Operating lease right-of-use assets	$	1,504	$	1,625
Liabilities
Current:
Operating leases	Short-term portion of operating lease liabilities	$	447	$	430
Non-current:
Operating leases	Long-term portion of operating lease liabilities	$	1,657	$	1,758

Schedule of Net Lease Costs and Supplemental Cash Flow Information

The components of net lease costs for the fiscal year ended March 27, 2021 and March 28, 2020 were as follows (in millions):

	Consolidated Statement of Operations and Comprehensive (Loss) Income Location	March 27, 2021		March 28, 2020
Operating lease cost	Selling, general and administrative expenses	$	432	$	449
Variable lease cost (1)	Selling, general and administrative expenses	69		155
Short-term lease cost	Selling, general and administrative expenses	15		18
Sublease income	Selling, general and administrative expenses	(6)		(6)
Total lease cost		$	510	$	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. As of the fiscal year ended March 27, 2021, rent concessions due to COVID-19 were $52 million. There is an immaterial impact from these concessions 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 27, 2021		March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	488	$	495
Non-cash transactions:
Lease assets obtained in exchange for new lease liabilities	348		428
Rent concessions due to COVID-19	52		—

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 sheets as of March 27, 2021 and March 28, 2020:

	March 27, 2021		March 28, 2020
Operating leases:
Weighted average remaining lease term (years)	6.2		6.6
Weighted average discount rate	3.1	%	2.9	%

Schedule of Contractually Guaranteed Minimum Fees

At March 27, 2021, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):

	March 27, 2021
Fiscal 2022	$	502
Fiscal 2023	437
Fiscal 2024	370
Fiscal 2025	291
Fiscal 2026	221
Thereafter	493
Total lease payments	2,314
Less: interest	(210)
Total lease liabilities	$	2,104

At March 27, 2021, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):

	March 27, 2021
Fiscal 2022	$	5
Fiscal 2023	5
Fiscal 2024	4
Fiscal 2025	4
Fiscal 2026	3
Thereafter	8
Total sublease income	$	29