LEASES (Tables)
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12 Months Ended |
Mar. 30, 2024 |
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| Leases [Abstract] |
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| Schedule of 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 2024 |
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March 2023 |
| Assets: |
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| Operating lease assets |
Operating lease right-of-use assets |
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$ |
1,330,361 |
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$ |
1,372,182 |
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| Finance lease assets |
Property, plant and equipment, net |
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11,500 |
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12,417 |
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| Total lease assets |
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$ |
1,341,861
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$ |
1,384,599
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| Liabilities: |
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| Current |
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| Operating lease liabilities |
Accrued liabilities |
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$ |
309,444 |
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$ |
332,222 |
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| Finance lease liabilities |
Current portion of long-term debt |
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981 |
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951 |
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| Noncurrent |
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| Operating lease liabilities |
Operating lease liabilities |
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1,156,858 |
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1,171,941 |
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| Finance lease liabilities |
Long-term debt |
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15,178 |
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16,287 |
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| Total lease liabilities |
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$ |
1,482,461
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$ |
1,521,401
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| Schedule of 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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2024 |
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2023 |
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2022 |
| Operating lease cost |
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$ |
426,602 |
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$ |
418,716 |
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$ |
435,637 |
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| Finance lease cost – amortization of right-of-use assets |
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917 |
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917 |
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917 |
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| Finance lease cost – interest on lease liabilities |
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457 |
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486 |
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513 |
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| Short-term lease cost |
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25,256 |
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22,154 |
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17,602 |
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| Variable lease cost |
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132,474 |
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117,189 |
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98,052 |
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| Impairment |
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12,958 |
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— |
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4,279 |
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| Gain recognized from sale-leaseback transaction |
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— |
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(13,189) |
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— |
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| Total lease cost |
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$ |
598,664
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$ |
546,273
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$ |
557,000
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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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2024 |
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2023 |
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2022 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows – operating leases |
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$ |
441,269 |
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$ |
428,443 |
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$ |
465,249 |
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| Operating cash flows – finance leases |
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457 |
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486 |
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513 |
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| Financing cash flows – finance leases |
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1,079 |
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1,050 |
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1,023 |
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| Right-of-use assets obtained in exchange for lease liabilities: |
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| Operating leases |
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361,959 |
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545,856 |
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205,811 |
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| Finance leases |
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— |
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— |
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— |
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Lease terms and discount rates were as follows:
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March 2024 |
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March 2023 |
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March 2022 |
| Weighted average remaining lease term: |
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| Operating leases |
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6.26 years |
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6.60 years |
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6.17 years |
| Finance leases |
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12.51 years |
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13.51 years |
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14.51 years |
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| Weighted average discount rate: |
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| Operating leases |
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3.29 |
% |
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2.61 |
% |
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1.78 |
% |
| Finance leases |
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2.71 |
% |
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2.71 |
% |
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2.71 |
% |
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| 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 2024 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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| 2025 |
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$ |
354,808 |
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$ |
1,408 |
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$ |
356,216 |
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| 2026 |
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312,351 |
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1,536 |
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313,887 |
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| 2027 |
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266,884 |
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1,664 |
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268,548 |
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| 2028 |
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190,088 |
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1,536 |
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191,624 |
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| 2029 |
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125,901 |
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1,408 |
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127,309 |
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| Thereafter |
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375,946 |
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11,523 |
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387,469 |
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| Total lease payments |
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1,625,978
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19,075
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1,645,053
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| Less: present value adjustment |
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159,676 |
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2,916 |
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162,592 |
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| Present value of lease liabilities |
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$ |
1,466,302
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$ |
16,159
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$ |
1,482,461
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| 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 2024 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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| 2025 |
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$ |
354,808 |
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$ |
1,408 |
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$ |
356,216 |
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| 2026 |
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312,351 |
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1,536 |
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313,887 |
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| 2027 |
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266,884 |
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1,664 |
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268,548 |
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| 2028 |
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190,088 |
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1,536 |
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191,624 |
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| 2029 |
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125,901 |
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1,408 |
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127,309 |
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| Thereafter |
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375,946 |
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11,523 |
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387,469 |
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| Total lease payments |
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1,625,978
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19,075
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1,645,053
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| Less: present value adjustment |
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159,676 |
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2,916 |
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162,592 |
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| Present value of lease liabilities |
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$ |
1,466,302
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$ |
16,159
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$ |
1,482,461
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