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Leases (Tables)
 9 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Components of Lease Expense and Supplemental Cash Flow Information Related to Leases
The components of lease expense were as follows:

Three Months EndedNine Months Ended
(in millions)December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Operating lease cost$117 $156 $371 $463 
Short-term lease cost 9 14 32 40 
Variable lease cost 17 17 50 40 
Sublease income(1)(10)(27)(32)
Total operating costs$142 $177 $426 $511 
The components of lease expense were as follows:

Three Months EndedNine Months Ended
(in millions)December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Amortization of right-of-use assets$85 $107 $271 $322 
Interest on lease liabilities6 10 22 35 
Total finance lease cost$91 $117 $293 $357 

The following table provides supplemental cash flow information related to the Company’s finance leases:

Nine Months Ended
(in millions)December 31, 2021December 31, 2020
Interest paid for finance lease liabilities – Operating cash flows
$22 $35 
Cash paid for amounts included in the measurement of finance lease obligations – financing cash flows
403 430 
Total cash paid in the measurement of finance lease obligations$425 $465 
Capital expenditures through finance lease obligations(1)
$180 $277 
    

(1) See Note 19 – ”Cash Flows” for further information on non-cash activities affecting cash flows.
Supplemental Balance Sheet Information Related to Leases
Cash payments made for variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and as such, are excluded from the supplemental cash flow information stated below.

Nine Months Ended
(in millions)December 31, 2021December 31, 2020
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows
$371 $463 
ROU assets obtained in exchange for operating lease liabilities(1)
$130 $449 
    

(1) Net of $792 million and $529 million in lease modifications and terminations during the first nine months of fiscal 2022 and 2021, respectively. See Note 19 – “Cash Flows” for further information on non-cash activities affecting cash flows.

The following table presents operating lease balances:

As of
(in millions)Balance Sheet Line ItemDecember 31, 2021March 31, 2021
ROU operating lease assetsOperating right-of-use assets, net$1,122 $1,366 
Operating lease liabilitiesCurrent operating lease liabilities$386 $418 
Operating lease liabilities Non-current operating lease liabilities805 1,038 
Total operating lease liabilities $1,191 $1,456 

The weighted-average operating lease term was 4.5 years and 4.9 years as of December 31, 2021 and March 31, 2021, respectively. The weighted-average operating lease discount rate was 3.3% and 3.8% as of December 31, 2021 and March 31, 2021, respectively.
The following table presents finance lease balances:
As of
(in millions)Balance Sheet Line ItemDecember 31, 2021March 31, 2021
ROU finance lease assetsProperty and Equipment, net $713 $834 
Finance lease Short-term debt and current maturities of long-term debt $304 $398 
Finance leaseLong-term debt, net of current maturities 367 496 
Total finance lease liabilities(1)
$671 $894 
    

(1) See Note 12 – “Debt” for further information on finance lease liabilities.
Maturities of Operating Lease Liabilities
The following maturity analysis presents expected undiscounted cash payments for operating leases as of December 31, 2021:

Fiscal Year
(in millions)
Remainder of 2022
2023
2024
2025
2026
Thereafter
Total
Operating lease payments
$112 $380 $282 $205 $118 $198 $1,295 
Less: imputed interest
(104)
Total operating lease liabilities
$1,191 
Maturities of Finance Lease Liabilities
The following maturity analysis presents expected undiscounted cash payments for finance leases as of December 31, 2021:

Fiscal Year
(in millions)
Remainder of 2022
2023
2024
2025
2026
Thereafter
Total
Finance lease payments
$87 $292 $180 $92 $38 $8 $697 
Less: imputed interest
(26)
Total finance lease liabilities
$671