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Annual report pursuant to Section 13 and 15(d)

LEASES

v3.23.1
LEASES
 12 Months Ended
Apr. 01, 2023
Leases [Abstract] Ìý
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 $ 1,372,182Ìý $ 1,247,056Ìý
Finance lease assets Property, plant and equipment, net 12,417Ìý 13,334Ìý
Total lease assets $ 1,384,599Ìý $ 1,260,390Ìý
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 332,222Ìý $ 353,948Ìý
Finance lease liabilities Current portion of long-term debt 951Ìý 1,051Ìý
Noncurrent
Operating lease liabilities Operating lease liabilities 1,171,941Ìý 1,023,759Ìý
Finance lease liabilities Long-term debt 16,287Ìý 17,238Ìý
Total lease liabilities $ 1,521,401Ìý $ 1,395,996Ìý
The components of lease costs were as follows:
Year Ended March
(In thousands) 2023 2022 2021
Operating lease cost $ 418,716Ìý $ 435,637Ìý $ 454,324Ìý
Finance lease cost – amortization of right-of-use assets 917Ìý 917Ìý 749Ìý
Finance lease cost – interest on lease liabilities 486Ìý 513Ìý 462Ìý
Short-term lease cost 22,154Ìý 17,602Ìý 8,586Ìý
Variable lease cost 117,189Ìý 98,052Ìý 54,460Ìý
Impairment —Ìý 4,279Ìý 9,177Ìý
Gain recognized from sale-leaseback transaction (13,189) —Ìý —Ìý
Total lease cost $ 546,273Ìý $ 557,000Ìý $ 527,758Ìý
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 $ 428,443Ìý $ 465,249Ìý $ 425,975Ìý
Operating cash flows – finance leases 486Ìý 513Ìý 552Ìý
Financing cash flows – finance leases 1,050Ìý 1,023Ìý 1,112Ìý
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 545,856Ìý 205,811Ìý 636,613Ìý
Finance leases —Ìý —Ìý —Ìý
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 2.61Ìý % 1.78Ìý % 1.80Ìý %
Finance leases 2.71Ìý % 2.71Ìý % 2.71Ìý %
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 $ 362,722Ìý $ 1,408Ìý $ 364,130Ìý
2025 308,822Ìý 1,536Ìý 310,358Ìý
2026 231,573Ìý 1,536Ìý 233,109Ìý
2027 188,707Ìý 1,664Ìý 190,371Ìý
2028 123,066Ìý 1,536Ìý 124,602Ìý
Thereafter 360,215Ìý 12,931Ìý 373,146Ìý
Total lease payments 1,575,105Ìý 20,611Ìý 1,595,716Ìý
Less: present value adjustment 70,942Ìý 3,373Ìý 74,315Ìý
Present value of lease liabilities $ 1,504,163Ìý $ 17,238Ìý $ 1,521,401Ìý
The Company excluded approximatelyÌý$73.7ÌýmillionÌýof leases (undiscounted basis) that have not yet commenced. These leases will commence in Fiscal 2024 with lease terms ofÌý2ÌýtoÌý12 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 $ 1,372,182Ìý $ 1,247,056Ìý
Finance lease assets Property, plant and equipment, net 12,417Ìý 13,334Ìý
Total lease assets $ 1,384,599Ìý $ 1,260,390Ìý
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 332,222Ìý $ 353,948Ìý
Finance lease liabilities Current portion of long-term debt 951Ìý 1,051Ìý
Noncurrent
Operating lease liabilities Operating lease liabilities 1,171,941Ìý 1,023,759Ìý
Finance lease liabilities Long-term debt 16,287Ìý 17,238Ìý
Total lease liabilities $ 1,521,401Ìý $ 1,395,996Ìý
The components of lease costs were as follows:
Year Ended March
(In thousands) 2023 2022 2021
Operating lease cost $ 418,716Ìý $ 435,637Ìý $ 454,324Ìý
Finance lease cost – amortization of right-of-use assets 917Ìý 917Ìý 749Ìý
Finance lease cost – interest on lease liabilities 486Ìý 513Ìý 462Ìý
Short-term lease cost 22,154Ìý 17,602Ìý 8,586Ìý
Variable lease cost 117,189Ìý 98,052Ìý 54,460Ìý
Impairment —Ìý 4,279Ìý 9,177Ìý
Gain recognized from sale-leaseback transaction (13,189) —Ìý —Ìý
Total lease cost $ 546,273Ìý $ 557,000Ìý $ 527,758Ìý
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 $ 428,443Ìý $ 465,249Ìý $ 425,975Ìý
Operating cash flows – finance leases 486Ìý 513Ìý 552Ìý
Financing cash flows – finance leases 1,050Ìý 1,023Ìý 1,112Ìý
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 545,856Ìý 205,811Ìý 636,613Ìý
Finance leases —Ìý —Ìý —Ìý
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 2.61Ìý % 1.78Ìý % 1.80Ìý %
Finance leases 2.71Ìý % 2.71Ìý % 2.71Ìý %
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 $ 362,722Ìý $ 1,408Ìý $ 364,130Ìý
2025 308,822Ìý 1,536Ìý 310,358Ìý
2026 231,573Ìý 1,536Ìý 233,109Ìý
2027 188,707Ìý 1,664Ìý 190,371Ìý
2028 123,066Ìý 1,536Ìý 124,602Ìý
Thereafter 360,215Ìý 12,931Ìý 373,146Ìý
Total lease payments 1,575,105Ìý 20,611Ìý 1,595,716Ìý
Less: present value adjustment 70,942Ìý 3,373Ìý 74,315Ìý
Present value of lease liabilities $ 1,504,163Ìý $ 17,238Ìý $ 1,521,401Ìý
The Company excluded approximatelyÌý$73.7ÌýmillionÌýof leases (undiscounted basis) that have not yet commenced. These leases will commence in Fiscal 2024 with lease terms ofÌý2ÌýtoÌý12 years.