Leases (Tables)

12 Months Ended

Mar. 31, 2021

Supplemental balance sheet information related to leases was as follows:



	March 31,
(In millions, except lease term and discount rate)	2021			2020
Operating leases
Operating lease right-of-use assets	$	2,100		$	1,886

Current portion of operating lease liabilities	$	390		$	354
Long-term operating lease liabilities	1,867			1,660
Total operating lease liabilities	$	2,257		$	2,014

Finance leases
Property, plant and equipment, net	$	237		$	180

Current portion of long-term debt	$	22		$	15
Long-term debt	206			151
Total finance lease liabilities	$	228		$	166

Weighted-average remaining lease term (Years)
Operating leases	7.8			7.7
Finance leases	10.1			12.1

Weighted-average discount rate
Operating leases	2.53		%	3.03		%
Finance leases	2.71		%	2.86		%

Components of lease costs and supplemental cash flow information

The components of lease cost were as follows:


	Years Ended March 31,
(In millions)	2021		2020
Short-term lease cost	$	32	$	29
Operating lease cost	465		459

Finance lease cost:
Amortization of right-of-use assets	23		14
Interest on lease liabilities	6		5
Total finance lease cost	29		19

Variable lease cost (1)	125		125
Sublease income	(36)		(33)
Total lease cost (2)	$	615	$	599

(1) These amounts include payments for maintenance, taxes, payments affected by the consumer price index, and other similar metrics and payments contingent on usage.

(2) These amounts were primarily recorded in “Selling, distribution, general, and administrative expenses” in the Consolidated Statements of Operations.

Supplemental cash flow information related to leases was as follows:


	Years Ended March 31,
(In millions)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(362)	$	(377)
Operating cash flows from finance leases	(4)		(3)
Financing cash flows from finance leases	(31)		(18)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases (1)	$	321	$	2,378
Finance leases	75		166

(1) The amount for the year ended March 31, 2020 includes the transition adjustment of $2.1 billion for operating lease right-of-use assets recorded as of April 1, 2019 upon adoption of the amended leasing guidance included in ASU 2016-02, Leases.

Maturities of lease liabilities

Maturities of lease liabilities as of March 31, 2021 were as follows:



(In millions)	Operating Leases		Finance Leases		Total
2022	$	433	$	28	$	461
2023	401		28		429
2024	332		27		359
2025	283		25		308
2026	233		24		257
Thereafter	823		130		953
Total lease payments (1)	2,505		262		2,767
Less imputed interest	(248)		(34)		(282)
Present value of lease liabilities	$	2,257	$	228	$	2,485

(1)Total lease payments are not reduced by minimum sublease income of $202 million which are due under future noncancellable subleases.

Maturities of lease liabilities

Maturities of lease liabilities as of March 31, 2021 were as follows:



(In millions)	Operating Leases		Finance Leases		Total
2022	$	433	$	28	$	461
2023	401		28		429
2024	332		27		359
2025	283		25		308
2026	233		24		257
Thereafter	823		130		953
Total lease payments (1)	2,505		262		2,767
Less imputed interest	(248)		(34)		(282)
Present value of lease liabilities	$	2,257	$	228	$	2,485

(1)Total lease payments are not reduced by minimum sublease income of $202 million which are due under future noncancellable subleases.