Annual report pursuant to Section 13 and 15(d)

LEASES

v3.23.1
LEASES
 12 Months Ended
Apr. 01, 2023
Leases [Abstract]  
LEASES LEASES
The assets and liabilities related to operating and finance leases were as follows:
(In thousands) Location in Consolidated Balance Sheet March 2023 March 2022
Assets:
Operating lease assets Operating lease right-of-use assets $ 1,372,182  $ 1,247,056 
Finance lease assets Property, plant and equipment, net 12,417  13,334 
Total lease assets $ 1,384,599  $ 1,260,390 
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 332,222  $ 353,948 
Finance lease liabilities Current portion of long-term debt 951  1,051 
Noncurrent
Operating lease liabilities Operating lease liabilities 1,171,941  1,023,759 
Finance lease liabilities Long-term debt 16,287  17,238 
Total lease liabilities $ 1,521,401  $ 1,395,996 
The components of lease costs were as follows:
Year Ended March
(In thousands) 2023 2022 2021
Operating lease cost $ 418,716  $ 435,637  $ 454,324 
Finance lease cost – amortization of right-of-use assets 917  917  749 
Finance lease cost – interest on lease liabilities 486  513  462 
Short-term lease cost 22,154  17,602  8,586 
Variable lease cost 117,189  98,052  54,460 
Impairment —  4,279  9,177 
Gain recognized from sale-leaseback transaction (13,189) —  — 
Total lease cost $ 546,273  $ 557,000  $ 527,758 
Supplemental cash flow information related to leases was as follows:

 Year Ended March
(In thousands) 2023 2022 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases $ 428,443  $ 465,249  $ 425,975 
Operating cash flows – finance leases 486  513  552 
Financing cash flows – finance leases 1,050  1,023  1,112 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 545,856  205,811  636,613 
Finance leases —  —  — 
Lease terms and discount rates were as follows:
March 2023 March 2022 March 2021
Weighted average remaining lease term:
Operating leases 6.60 years 6.17 years 6.77 years
Finance leases 13.51 years 14.51 years 15.50 years
Weighted average discount rate:
Operating leases 2.61  % 1.78  % 1.80  %
Finance leases 2.71  % 2.71  % 2.71  %
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2023 were as follows:
(In thousands) Operating Leases Finance Leases Total
2024 $ 362,722  $ 1,408  $ 364,130 
2025 308,822  1,536  310,358 
2026 231,573  1,536  233,109 
2027 188,707  1,664  190,371 
2028 123,066  1,536  124,602 
Thereafter 360,215  12,931  373,146 
Total lease payments 1,575,105  20,611  1,595,716 
Less: present value adjustment 70,942  3,373  74,315 
Present value of lease liabilities $ 1,504,163  $ 17,238  $ 1,521,401 
The Company excluded approximately $73.7 million of leases (undiscounted basis) that have not yet commenced. These leases will commence in Fiscal 2024 with lease terms of 2 to 12 years.
LEASES LEASES
The assets and liabilities related to operating and finance leases were as follows:
(In thousands) Location in Consolidated Balance Sheet March 2023 March 2022
Assets:
Operating lease assets Operating lease right-of-use assets $ 1,372,182  $ 1,247,056 
Finance lease assets Property, plant and equipment, net 12,417  13,334 
Total lease assets $ 1,384,599  $ 1,260,390 
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 332,222  $ 353,948 
Finance lease liabilities Current portion of long-term debt 951  1,051 
Noncurrent
Operating lease liabilities Operating lease liabilities 1,171,941  1,023,759 
Finance lease liabilities Long-term debt 16,287  17,238 
Total lease liabilities $ 1,521,401  $ 1,395,996 
The components of lease costs were as follows:
Year Ended March
(In thousands) 2023 2022 2021
Operating lease cost $ 418,716  $ 435,637  $ 454,324 
Finance lease cost – amortization of right-of-use assets 917  917  749 
Finance lease cost – interest on lease liabilities 486  513  462 
Short-term lease cost 22,154  17,602  8,586 
Variable lease cost 117,189  98,052  54,460 
Impairment —  4,279  9,177 
Gain recognized from sale-leaseback transaction (13,189) —  — 
Total lease cost $ 546,273  $ 557,000  $ 527,758 
Supplemental cash flow information related to leases was as follows:

 Year Ended March
(In thousands) 2023 2022 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases $ 428,443  $ 465,249  $ 425,975 
Operating cash flows – finance leases 486  513  552 
Financing cash flows – finance leases 1,050  1,023  1,112 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 545,856  205,811  636,613 
Finance leases —  —  — 
Lease terms and discount rates were as follows:
March 2023 March 2022 March 2021
Weighted average remaining lease term:
Operating leases 6.60 years 6.17 years 6.77 years
Finance leases 13.51 years 14.51 years 15.50 years
Weighted average discount rate:
Operating leases 2.61  % 1.78  % 1.80  %
Finance leases 2.71  % 2.71  % 2.71  %
Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2023 were as follows:
(In thousands) Operating Leases Finance Leases Total
2024 $ 362,722  $ 1,408  $ 364,130 
2025 308,822  1,536  310,358 
2026 231,573  1,536  233,109 
2027 188,707  1,664  190,371 
2028 123,066  1,536  124,602 
Thereafter 360,215  12,931  373,146 
Total lease payments 1,575,105  20,611  1,595,716 
Less: present value adjustment 70,942  3,373  74,315 
Present value of lease liabilities $ 1,504,163  $ 17,238  $ 1,521,401 
The Company excluded approximately $73.7 million of leases (undiscounted basis) that have not yet commenced. These leases will commence in Fiscal 2024 with lease terms of 2 to 12 years.