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