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Leases (Tables)
 3 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Components of Lease Expense and Supplemental Cash Flow Information Related to Leases
The components of operating lease expense were as follows:

(in millions)Three Months Ended June 30, 2022Three Months Ended June 30, 2021
Operating lease cost$106 $130 
Short-term lease cost 8 11 
Variable lease cost 22 18 
Sublease income(4)(9)
Total operating costs$132 $150 
The components of finance lease expense were as follows:

(in millions)Three Months Ended June 30, 2022Three Months Ended June 30, 2021
Amortization of right-of-use assets$61 $87 
Interest on lease liabilities5 9 
Total finance lease cost$66 $96 

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

(in millions)Three Months Ended June 30, 2022Three Months Ended June 30, 2021
Interest paid for finance lease liabilities – Operating cash flows
$5 $9 
Cash paid for amounts included in the measurement of finance lease obligations – financing cash flows
96 170 
Total cash paid in the measurement of finance lease obligations$101 $179 
Capital expenditures through finance lease obligations(1)
$26 $71 
    

(1) See Note 17 – ”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.

(in millions)Three Months Ended June 30, 2022Three Months Ended June 30, 2021
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows
$106 $130 
ROU assets obtained in exchange for operating lease liabilities(1)
$55 $52 
    

(1) Net of $338 million and $242 million in lease modifications and terminations for the three months ended June 30, 2022 and June 30, 2021, respectively. See Note 17 – “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 ItemJune 30, 2022March 31, 2022
ROU operating lease assetsOperating right-of-use assets, net$1,025 $1,133 
Operating lease liabilitiesCurrent operating lease liabilities$346 $388 
Operating lease liabilities Non-current operating lease liabilities742 815 
Total operating lease liabilities $1,088 $1,203 

The weighted-average operating lease term was 4.2 years and 4.4 years as of June 30, 2022 and March 31, 2022, respectively. The weighted-average operating lease discount rate was 3.4% and 3.3% as of June 30, 2022 and March 31, 2022, respectively.
The following table presents finance lease balances:

As of
(in millions)Balance Sheet Line ItemJune 30, 2022March 31, 2022
ROU finance lease assetsProperty and Equipment, net $534 $602 
Finance lease Short-term debt and current maturities of long-term debt $267 $289 
Finance leaseLong-term debt, net of current maturities 321 354 
Total finance lease liabilities(1)
$588 $643 
    

(1) See Note 10 – “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 June 30, 2022:

Fiscal Year
(in millions)
Remainder of 2023
2024202520262027
Thereafter
Total
Operating lease payments
$286 $304 $232 $141 $68 $150 $1,181 
Less: imputed interest
(93)
Total operating lease liabilities
$1,088 
Maturities of Finance Lease Liabilities
The following maturity analysis presents expected undiscounted cash payments for finance leases as of June 30, 2022:

Fiscal Year
(in millions)
Remainder of 2023
2024202520262027
Thereafter
Total
Finance lease payments
$217 $196 $116 $58 $26 $1 $614 
Less: imputed interest
(26)
Total finance lease liabilities
$588