LEASES (Tables)
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12 Months Ended |
Apr. 02, 2022 |
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| Leases [Abstract] |
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| Assets and Liabilities Related to Operating and Finance Leases |
The assets and liabilities related to operating and finance leases were as follows:
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| (In thousands) |
Location in Consolidated Balance Sheet |
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March 2022 |
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March 2021 |
| Assets: |
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| Operating lease assets |
Operating lease right-of-use assets |
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$ |
1,247,056 |
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$ |
1,474,434 |
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| Finance lease assets |
Property, plant and equipment, net |
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13,334 |
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14,250 |
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| Total lease assets |
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$ |
1,260,390
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$ |
1,488,684
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| Liabilities: |
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| Current |
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| Operating lease liabilities |
Accrued liabilities |
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$ |
353,948 |
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$ |
403,995 |
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| Finance lease liabilities |
Current portion of long-term debt |
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1,051 |
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1,023 |
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| Noncurrent |
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| Operating lease liabilities |
Operating lease liabilities |
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1,023,759 |
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1,236,461 |
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| Finance lease liabilities |
Long-term debt |
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17,238 |
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18,288 |
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| Total lease liabilities |
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$ |
1,395,996
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$ |
1,659,767
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| Components of Lease Costs |
The components of lease costs were as follows:
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Year Ended March |
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| (In thousands) |
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2022 |
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2021 |
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2020 |
| Operating lease cost |
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$ |
435,637 |
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$ |
454,324 |
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$ |
420,175 |
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| Finance lease cost – amortization of right-of-use assets |
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917 |
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749 |
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3,700 |
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| Finance lease cost – interest on lease liabilities |
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513 |
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462 |
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1,018 |
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| Short-term lease cost |
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17,602 |
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8,586 |
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3,696 |
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| Variable lease cost |
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98,052 |
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54,460 |
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109,935 |
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| Impairment |
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4,279 |
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9,177 |
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10,728 |
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| Gain recognized from sale-leaseback transactions |
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— |
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— |
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(11,329) |
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| Total lease cost |
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$ |
557,000
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$ |
527,758
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$ |
537,923
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Supplemental cash flow information related to leases was as follows:
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Year Ended March |
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| (In thousands) |
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2022 |
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2021 |
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2020 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows – operating leases |
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$ |
465,249 |
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$ |
425,975 |
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$ |
391,344 |
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| Operating cash flows – finance leases |
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513 |
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552 |
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1,018 |
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| Financing cash flows – finance leases |
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1,023 |
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1,112 |
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4,890 |
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| Right-of-use assets obtained in exchange for lease liabilities: |
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Operating leases (a)
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205,811 |
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636,613 |
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478,879 |
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| Finance leases |
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— |
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— |
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— |
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(a)The year ended March 2020 excludes amounts recorded upon adoption of ASC 842.
Lease terms and discount rates were as follows:
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March 2022 |
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March 2021 |
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March 2020 |
| Weighted average remaining lease term: |
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| Operating leases |
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6.17 years |
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6.77 years |
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5.23 years |
| Finance leases |
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14.51 years |
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15.50 years |
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16.51 years |
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| Weighted average discount rate: |
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| Operating leases |
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1.78 |
% |
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1.80 |
% |
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2.23 |
% |
| Finance leases |
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2.71 |
% |
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2.71 |
% |
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2.71 |
% |
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| Maturities of Operating Lease Liabilities |
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2022 were as follows:
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| (In thousands) |
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Operating Leases |
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Finance Leases |
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Total |
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| 2023 |
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$ |
374,983 |
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$ |
1,536 |
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$ |
376,519 |
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| 2024 |
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281,069 |
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1,536 |
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282,605 |
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| 2025 |
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210,906 |
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1,536 |
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212,442 |
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| 2026 |
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146,226 |
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1,536 |
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147,762 |
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| 2027 |
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107,620 |
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1,536 |
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109,156 |
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| Thereafter |
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344,289 |
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14,467 |
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358,756 |
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| Total lease payments |
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1,465,093
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22,147
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1,487,240
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| Less: present value adjustment |
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87,386 |
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3,858 |
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91,244 |
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| Present value of lease liabilities |
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$ |
1,377,707
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$ |
18,289
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$ |
1,395,996
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| Maturities of Financing Lease Liabilities |
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2022 were as follows:
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| (In thousands) |
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Operating Leases |
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Finance Leases |
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Total |
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| 2023 |
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$ |
374,983 |
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$ |
1,536 |
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$ |
376,519 |
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| 2024 |
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281,069 |
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1,536 |
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282,605 |
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| 2025 |
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210,906 |
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1,536 |
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212,442 |
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| 2026 |
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146,226 |
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1,536 |
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147,762 |
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| 2027 |
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107,620 |
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1,536 |
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109,156 |
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| Thereafter |
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344,289 |
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14,467 |
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358,756 |
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| Total lease payments |
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1,465,093
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22,147
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1,487,240
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| Less: present value adjustment |
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87,386 |
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3,858 |
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91,244 |
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| Present value of lease liabilities |
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$ |
1,377,707
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$ |
18,289
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$ |
1,395,996
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