Leases (Tables)

9 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Lease Expense and Supplemental Cash Flow Information Related to Leases

The components of lease expense were as follows:

	Three Months Ended				Nine Months Ended
(in millions)	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Operating lease cost	$	156	$	166	$	463	$	506
Short-term lease cost	14		17		40		41
Variable lease cost	17		9		40		35
Sublease income	(10)		(9)		(32)		(28)
Total operating costs	$	177	$	183	$	511	$	554
Finance lease cost:
Amortization of right-of-use assets	$	107	$	90	$	322	$	339
Interest on lease liabilities	10		16		35		50
Total finance lease cost	$	117	$	106	$	357	$	389

Supplemental Balance Sheet Information Related to Leases

Cash payments made from variable lease costs and short-term leases are not included in the measurement of operating and finance lease liabilities, and as such, are excluded from the supplemental cash flow information stated below. In addition, for the supplemental non-cash information on operating and finance leases, please refer to Note 19 - "Cash Flows."

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended
(in millions)	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of:
Operating cash flows used in operating leases	$	463	$	506
Operating cash flows used in finance leases	$	35	$	50
Financing cash flows used in finance leases	$	430	$	436

Supplemental balance sheet information related to leases was as follows:

		As of
(in millions)	Balance Sheet Line Item	December 31, 2020		March 31, 2020
Assets:
ROU operating lease assets	Operating right-of-use assets, net	$	1,459	$	1,428
ROU finance lease assets	Property and Equipment, net	971		1,220
Total		$	2,430	$	2,648
Liabilities:
Current
Operating lease	Current operating lease liabilities	$	450	$	482
Finance lease	Short-term debt and current maturities of long-term debt	431		444
Total		$	881	$	926
Non-current
Operating lease	Non-current operating lease liabilities	$	1,113	$	1,063
Finance lease	Long-term debt, net of current maturities	545		602
Total		$	1,658	$	1,665

The following table provides information on the weighted average remaining lease term and weighted average discount rate for operating and finance leases:

	As of
	December 31, 2020		March 31, 2020
Weighted Average remaining lease term:	Years
Operating leases	4.8		4.8
Finance leases	2.7		2.7
Weighted average remaining discount rate:	Rate
Operating leases	4.0	%	4.0	%
Finance leases	3.8	%	6.4	%

Maturities of Lease Liabilities

The following maturity analysis presents expected undiscounted cash payments for operating and finance leases on an annual basis as of December 31, 2020:

Fiscal year	Operating Leases
(in millions)	Real Estate		Equipment		Finance Leases
Remainder of 2021	$	117	$	15	$	128
2022	412		42		419
2023	337		24		275
2024	262		11		139
2025	192		5		48
Thereafter	297		3		6
Total lease payments	1,617		100		1,015
Less: imputed interest	(151)		(3)		(39)
Total payments	$	1,466	$	97	$	976

Maturities of Lease Liabilities

The following maturity analysis presents expected undiscounted cash payments for operating and finance leases on an annual basis as of December 31, 2020:

Fiscal year	Operating Leases
(in millions)	Real Estate		Equipment		Finance Leases
Remainder of 2021	$	117	$	15	$	128
2022	412		42		419
2023	337		24		275
2024	262		11		139
2025	192		5		48
Thereafter	297		3		6
Total lease payments	1,617		100		1,015
Less: imputed interest	(151)		(3)		(39)
Total payments	$	1,466	$	97	$	976