Leases (Tables)

9 Months Ended

Nov. 27, 2021

Leases [Abstract]

Schedule of Lease Cost

The components of total lease cost for the three and nine months ended November 27, 2021 and November 28, 2020, were as follows:

(in thousands)	Statement of Operations Location	Three Months Ended				Nine Months Ended
		November 27, 2021		November 28, 2020		November 27, 2021		November 28, 2020
Operating lease cost	Cost of sales and SG&A	$	105,230	$	152,402	$	332,952	$	442,120
Finance lease cost:
Depreciation of property	SG&A	—		642		—		1,938
Interest on lease liabilities	Interest expense, net	—		2,234		—		6,692
Variable lease cost	Cost of sales and SG&A	40,753		50,060		112,270		149,755
Sublease income	SG&A	(9,929)		(1,852)		(34,735)		(2,408)
Total lease cost		$	136,054	$	203,486	$	410,487	$	598,097

Assets and Liabilities Related to Operating Leases

As of November 27, 2021 and February 27, 2021, assets and liabilities related to the Company’s leases were as follows:

(in thousands)	Consolidated Balance Sheet Location	November 27, 2021		February 27, 2021
Assets
Operating leases	Operating lease assets	$	1,603,536	$	1,587,101
Total lease assets		$	1,603,536	$	1,587,101
Liabilities
Current:
Operating leases	Current operating lease liabilities	$	347,721	$	360,061
Noncurrent:
Operating leases	Operating lease liabilities	1,532,873		1,509,767
Total lease liabilities		$	1,880,594	$	1,869,828

Schedule of Lease Liabilities, Operating

As of November 27, 2021, the Company’s lease liabilities mature as follows:

(in thousands)	Operating Leases
Fiscal Year:
Remainder of 2021	$	108,467
2022	440,898
2023	377,833
2024	323,075
2025	261,771
2026	191,406
Thereafter	598,862
Total lease payments	$	2,302,312
Less imputed interest	(421,718)
Present value of lease liabilities	$	1,880,594

Schedule of Other Lease Information

The Company’s lease terms and discount rates were as follows:

	November 27, 2021		February 27, 2021
Weighted-average remaining lease term (in years)
Operating leases	6.9		6.8
Weighted-average discount rate
Operating leases	6.0	%	6.4	%

Other information with respect to the Company’s leases is as follows:

(in thousands)	Nine Months Ended
	November 27, 2021		November 28, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	340,314	431,679
Operating cash flows for finance leases	—		7,875
Operating lease assets obtained in exchange for new operating lease liabilities	293,824		236,222