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Annual report pursuant to Section 13 and 15(d)

LEASES

v3.24.1.1.u2
LEASES
 12 Months Ended
Mar. 30, 2024
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 2024 March 2023
Assets:
Operating lease assets Operating lease right-of-use assets $ 1,330,361Ìý $ 1,372,182Ìý
Finance lease assets Property, plant and equipment, net 11,500Ìý 12,417Ìý
Total lease assets $ 1,341,861Ìý $ 1,384,599Ìý
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 309,444Ìý $ 332,222Ìý
Finance lease liabilities Current portion of long-term debt 981Ìý 951Ìý
Noncurrent
Operating lease liabilities Operating lease liabilities 1,156,858Ìý 1,171,941Ìý
Finance lease liabilities Long-term debt 15,178Ìý 16,287Ìý
Total lease liabilities $ 1,482,461Ìý $ 1,521,401Ìý
The components of lease costs were as follows:
Year Ended March
(In thousands) 2024 2023 2022
Operating lease cost $ 426,602Ìý $ 418,716Ìý $ 435,637Ìý
Finance lease cost – amortization of right-of-use assets 917Ìý 917Ìý 917Ìý
Finance lease cost – interest on lease liabilities 457Ìý 486Ìý 513Ìý
Short-term lease cost 25,256Ìý 22,154Ìý 17,602Ìý
Variable lease cost 132,474Ìý 117,189Ìý 98,052Ìý
Impairment 12,958Ìý —Ìý 4,279Ìý
Gain recognized from sale-leaseback transaction —Ìý (13,189) —Ìý
Total lease cost $ 598,664Ìý $ 546,273Ìý $ 557,000Ìý
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 $ 441,269Ìý $ 428,443Ìý $ 465,249Ìý
Operating cash flows – finance leases 457Ìý 486Ìý 513Ìý
Financing cash flows – finance leases 1,079Ìý 1,050Ìý 1,023Ìý
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 361,959Ìý 545,856Ìý 205,811Ìý
Finance leases —Ìý —Ìý —Ìý
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 3.29Ìý % 2.61Ìý % 1.78Ìý %
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 2024 were as follows:
(In thousands) Operating Leases Finance Leases Total
2025 $ 354,808Ìý $ 1,408Ìý $ 356,216Ìý
2026 312,351Ìý 1,536Ìý 313,887Ìý
2027 266,884Ìý 1,664Ìý 268,548Ìý
2028 190,088Ìý 1,536Ìý 191,624Ìý
2029 125,901Ìý 1,408Ìý 127,309Ìý
Thereafter 375,946Ìý 11,523Ìý 387,469Ìý
Total lease payments 1,625,978Ìý 19,075Ìý 1,645,053Ìý
Less: present value adjustment 159,676Ìý 2,916Ìý 162,592Ìý
Present value of lease liabilities $ 1,466,302Ìý $ 16,159Ìý $ 1,482,461Ìý
The Company excluded approximatelyÌý$82.3ÌýmillionÌýof leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2025 with lease terms ofÌý1ÌýtoÌý15 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 $ 1,330,361Ìý $ 1,372,182Ìý
Finance lease assets Property, plant and equipment, net 11,500Ìý 12,417Ìý
Total lease assets $ 1,341,861Ìý $ 1,384,599Ìý
Liabilities:
Current
Operating lease liabilities Accrued liabilities $ 309,444Ìý $ 332,222Ìý
Finance lease liabilities Current portion of long-term debt 981Ìý 951Ìý
Noncurrent
Operating lease liabilities Operating lease liabilities 1,156,858Ìý 1,171,941Ìý
Finance lease liabilities Long-term debt 15,178Ìý 16,287Ìý
Total lease liabilities $ 1,482,461Ìý $ 1,521,401Ìý
The components of lease costs were as follows:
Year Ended March
(In thousands) 2024 2023 2022
Operating lease cost $ 426,602Ìý $ 418,716Ìý $ 435,637Ìý
Finance lease cost – amortization of right-of-use assets 917Ìý 917Ìý 917Ìý
Finance lease cost – interest on lease liabilities 457Ìý 486Ìý 513Ìý
Short-term lease cost 25,256Ìý 22,154Ìý 17,602Ìý
Variable lease cost 132,474Ìý 117,189Ìý 98,052Ìý
Impairment 12,958Ìý —Ìý 4,279Ìý
Gain recognized from sale-leaseback transaction —Ìý (13,189) —Ìý
Total lease cost $ 598,664Ìý $ 546,273Ìý $ 557,000Ìý
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 $ 441,269Ìý $ 428,443Ìý $ 465,249Ìý
Operating cash flows – finance leases 457Ìý 486Ìý 513Ìý
Financing cash flows – finance leases 1,079Ìý 1,050Ìý 1,023Ìý
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases 361,959Ìý 545,856Ìý 205,811Ìý
Finance leases —Ìý —Ìý —Ìý
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 3.29Ìý % 2.61Ìý % 1.78Ìý %
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 2024 were as follows:
(In thousands) Operating Leases Finance Leases Total
2025 $ 354,808Ìý $ 1,408Ìý $ 356,216Ìý
2026 312,351Ìý 1,536Ìý 313,887Ìý
2027 266,884Ìý 1,664Ìý 268,548Ìý
2028 190,088Ìý 1,536Ìý 191,624Ìý
2029 125,901Ìý 1,408Ìý 127,309Ìý
Thereafter 375,946Ìý 11,523Ìý 387,469Ìý
Total lease payments 1,625,978Ìý 19,075Ìý 1,645,053Ìý
Less: present value adjustment 159,676Ìý 2,916Ìý 162,592Ìý
Present value of lease liabilities $ 1,466,302Ìý $ 16,159Ìý $ 1,482,461Ìý
The Company excluded approximatelyÌý$82.3ÌýmillionÌýof leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2025 with lease terms ofÌý1ÌýtoÌý15 years.