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Leases (Tables)
 12 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Supplemental Balance Sheet Information
Supplemental balance sheet information related to leases was as follows:
March 31,
(In millions, except lease term and discount rate)20242023
Operating leases (1)
Operating lease right-of-use assets $1,729 $1,635 
Current portion of operating lease liabilities$295 $299 
Long-term operating lease liabilities1,466 1,402 
Total operating lease liabilities $1,761 $1,701 
Finance leases
Property, plant, and equipment, net$165 $180 
Current portion of long-term debt$30 $29 
Long-term debt163 173 
Total finance lease liabilities$193 $202 
Weighted-average remaining lease term (years)
Operating leases7.06.9
Finance leases7.07.8
Weighted-average discount rate
Operating leases3.62 %3.03 %
Finance leases2.98 %2.66 %
(1)As discussed in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net,” in fiscal 2022, the Company rationalized its office space, including certain property leases in North America, and in fiscal 2023, management approved further changes to its real estate footprint as part of a broader set of initiatives. Where the Company ceased using office space, it exited the portion of the facility no longer used and repurposed other office locations which resulted in changes to certain lease agreements. These initiatives did not have a material financial impact to the Company’s operating lease ROU assets and liabilities.
Components of Lease Costs and Supplemental Cash Flow Information
The components of lease cost were as follows:
Years Ended March 31,
(In millions)202420232022
Short-term lease cost$14 $20 $43 
Operating lease cost418 384 431 
Finance lease cost:
Amortization of right-of-use assets25 24 33 
Interest on lease liabilities5 6 5 
Total finance lease cost 30 30 38 
Variable lease cost (1)
131 128 127 
Sublease income(35)(33)(41)
Total lease cost (2)
$558 $529 $598 
(1)    These amounts include payments for maintenance, taxes, payments affected by the consumer price index, and other similar metrics and payments contingent on usage.
(2)    These amounts were primarily recorded in “Selling, distribution, general, and administrative expenses” in the Consolidated Statements of Operations.
Supplemental cash flow information related to leases was as follows:
Years Ended March 31,
(In millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(339)$(338)$(356)
Operating cash flows from finance leases(1)(1)— 
Financing cash flows from finance leases(47)(29)(31)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$391 $462 $286 
Finance leases21 17 32 
Maturities of Operating Lease Liabilities
Maturities of lease liabilities as of March 31, 2024 were as follows:
(In millions)Operating LeasesFinance LeasesTotal
Fiscal 2025$359 $33 $392 
Fiscal 2026341 33 374 
Fiscal 2027293 32 325 
Fiscal 2028241 29 270 
Fiscal 2029195 27 222 
Thereafter595 63 658 
Total lease payments (1)
2,024 217 2,241 
Less imputed interest(263)(24)(287)
Present value of lease liabilities$1,761 $193 $1,954 
(1)Total lease payments are not reduced by future minimum sublease income of $166 million, which is due under noncancellable subleases.
Maturities of Finance Lease Liabilities
Maturities of lease liabilities as of March 31, 2024 were as follows:
(In millions)Operating LeasesFinance LeasesTotal
Fiscal 2025$359 $33 $392 
Fiscal 2026341 33 374 
Fiscal 2027293 32 325 
Fiscal 2028241 29 270 
Fiscal 2029195 27 222 
Thereafter595 63 658 
Total lease payments (1)
2,024 217 2,241 
Less imputed interest(263)(24)(287)
Present value of lease liabilities$1,761 $193 $1,954 
(1)Total lease payments are not reduced by future minimum sublease income of $166 million, which is due under noncancellable subleases.