Annual report pursuant to Section 13 and 15(d)

LEASES

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LEASES
 12 Months Ended
Mar. 30, 2024
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 2024 March 2023
Assets:
Operating lease assets Operating lease right-of-use assets $ 1,330,361  $ 1,372,182 
Finance lease assets Property, plant and equipment, net 11,500  12,417 
Total lease assets $ 1,341,861  $ 1,384,599 
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 309,444  $ 332,222 
Finance lease liabilities Current portion of long-term debt 981  951 
Noncurrent
Operating lease liabilities Operating lease liabilities 1,156,858  1,171,941 
Finance lease liabilities Long-term debt 15,178  16,287 
Total lease liabilities $ 1,482,461  $ 1,521,401 
The components of lease costs were as follows:
Year Ended March
(In thousands) 2024 2023 2022
Operating lease cost $ 426,602  $ 418,716  $ 435,637 
Finance lease cost – amortization of right-of-use assets 917  917  917 
Finance lease cost – interest on lease liabilities 457  486  513 
Short-term lease cost 25,256  22,154  17,602 
Variable lease cost 132,474  117,189  98,052 
Impairment 12,958  —  4,279 
Gain recognized from sale-leaseback transaction —  (13,189) — 
Total lease cost $ 598,664  $ 546,273  $ 557,000 
Supplemental cash flow information related to leases was as follows:

 Year Ended March
(In thousands) 2024 2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases $ 441,269  $ 428,443  $ 465,249 
Operating cash flows – finance leases 457  486  513 
Financing cash flows – finance leases 1,079  1,050  1,023 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 361,959  545,856  205,811 
Finance leases —  —  — 
Lease terms and discount rates were as follows:
March 2024 March 2023 March 2022
Weighted average remaining lease term:
Operating leases 6.26 years 6.60 years 6.17 years
Finance leases 12.51 years 13.51 years 14.51 years
Weighted average discount rate:
Operating leases 3.29  % 2.61  % 1.78  %
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 2024 were as follows:
(In thousands) Operating Leases Finance Leases Total
2025 $ 354,808  $ 1,408  $ 356,216 
2026 312,351  1,536  313,887 
2027 266,884  1,664  268,548 
2028 190,088  1,536  191,624 
2029 125,901  1,408  127,309 
Thereafter 375,946  11,523  387,469 
Total lease payments 1,625,978  19,075  1,645,053 
Less: present value adjustment 159,676  2,916  162,592 
Present value of lease liabilities $ 1,466,302  $ 16,159  $ 1,482,461 
The Company excluded approximately $82.3 million of leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2025 with lease terms of 1 to 15 years.
LEASES LEASES
The assets and liabilities related to operating and finance leases were as follows:
(In thousands) Location in Consolidated Balance Sheet March 2024 March 2023
Assets:
Operating lease assets Operating lease right-of-use assets $ 1,330,361  $ 1,372,182 
Finance lease assets Property, plant and equipment, net 11,500  12,417 
Total lease assets $ 1,341,861  $ 1,384,599 
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 309,444  $ 332,222 
Finance lease liabilities Current portion of long-term debt 981  951 
Noncurrent
Operating lease liabilities Operating lease liabilities 1,156,858  1,171,941 
Finance lease liabilities Long-term debt 15,178  16,287 
Total lease liabilities $ 1,482,461  $ 1,521,401 
The components of lease costs were as follows:
Year Ended March
(In thousands) 2024 2023 2022
Operating lease cost $ 426,602  $ 418,716  $ 435,637 
Finance lease cost – amortization of right-of-use assets 917  917  917 
Finance lease cost – interest on lease liabilities 457  486  513 
Short-term lease cost 25,256  22,154  17,602 
Variable lease cost 132,474  117,189  98,052 
Impairment 12,958  —  4,279 
Gain recognized from sale-leaseback transaction —  (13,189) — 
Total lease cost $ 598,664  $ 546,273  $ 557,000 
Supplemental cash flow information related to leases was as follows:

 Year Ended March
(In thousands) 2024 2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases $ 441,269  $ 428,443  $ 465,249 
Operating cash flows – finance leases 457  486  513 
Financing cash flows – finance leases 1,079  1,050  1,023 
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 361,959  545,856  205,811 
Finance leases —  —  — 
Lease terms and discount rates were as follows:
March 2024 March 2023 March 2022
Weighted average remaining lease term:
Operating leases 6.26 years 6.60 years 6.17 years
Finance leases 12.51 years 13.51 years 14.51 years
Weighted average discount rate:
Operating leases 3.29  % 2.61  % 1.78  %
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 2024 were as follows:
(In thousands) Operating Leases Finance Leases Total
2025 $ 354,808  $ 1,408  $ 356,216 
2026 312,351  1,536  313,887 
2027 266,884  1,664  268,548 
2028 190,088  1,536  191,624 
2029 125,901  1,408  127,309 
Thereafter 375,946  11,523  387,469 
Total lease payments 1,625,978  19,075  1,645,053 
Less: present value adjustment 159,676  2,916  162,592 
Present value of lease liabilities $ 1,466,302  $ 16,159  $ 1,482,461 
The Company excluded approximately $82.3 million of leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2025 with lease terms of 1 to 15 years.