LEASES (Tables)
|
12 Months Ended |
Apr. 01, 2023 |
Leases [Abstract] |
|
Schedule of Assets and Liabilities Related to Operating and Finance 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
|
|
|
Schedule of Components of Lease Costs |
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 |
% |
|
Schedule of Maturities of Operating Lease Liabilities |
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
|
|
|
|
Schedule of Maturities of Financing Lease Liabilities |
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
|
|
|
|