| LEASES |
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 2025 |
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|
March 2024 |
| Assets: |
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|
|
| Operating lease assets |
Operating lease right-of-use assets |
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|
$ |
1,262,319Ìý |
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|
|
$ |
1,255,074Ìý |
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| Finance lease assets |
Property, plant and equipment, net |
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|
10,584Ìý |
|
|
|
11,500Ìý |
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| Total lease assets |
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|
|
$ |
1,272,903Ìý
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|
|
|
$ |
1,266,574Ìý
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|
|
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|
|
|
| Liabilities: |
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|
|
|
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| Current |
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|
|
|
|
|
|
| Operating lease liabilities |
Accrued liabilities |
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|
$ |
308,741Ìý |
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|
|
$ |
295,035Ìý |
|
| Finance lease liabilities |
Current portion of long-term debt |
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|
1,011Ìý |
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|
|
981Ìý |
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| Noncurrent |
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|
|
|
|
| Operating lease liabilities |
Operating lease liabilities |
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|
1,079,182Ìý |
|
|
|
1,087,304Ìý |
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| Finance lease liabilities |
Long-term debt |
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|
14,039Ìý |
|
|
|
15,178Ìý |
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| Total lease liabilities |
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|
|
$ |
1,402,973Ìý
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|
|
|
$ |
1,398,498Ìý
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|
The components of lease costs were as follows:
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Year Ended March |
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| (In thousands) |
|
2025 |
|
|
2024 |
|
2023 |
| Operating lease cost |
|
$ |
403,734Ìý |
|
|
|
$ |
410,427Ìý |
|
|
$ |
404,041Ìý |
|
| Finance lease cost – amortization of right-of-use assets |
|
917Ìý |
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|
|
917Ìý |
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|
917Ìý |
|
| Finance lease cost – interest on lease liabilities |
|
428Ìý |
|
|
|
457Ìý |
|
|
486Ìý |
|
| Short-term lease cost |
|
19,014Ìý |
|
|
|
25,227Ìý |
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|
22,126Ìý |
|
| Variable lease cost |
|
135,721Ìý |
|
|
|
132,453Ìý |
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|
117,189Ìý |
|
| Impairment |
|
—Ìý |
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|
|
12,958Ìý |
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|
—Ìý |
|
| Gain recognized from sale-leaseback transaction |
|
(17,434) |
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|
—Ìý |
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|
(13,189) |
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| Total lease cost |
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$ |
542,380Ìý
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$ |
582,439Ìý
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|
$ |
531,570Ìý
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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) |
|
2025 |
|
|
2024 |
|
2023 |
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
| Operating cash flows – operating leases |
|
$ |
420,156Ìý |
|
|
|
$ |
424,646Ìý |
|
|
$ |
413,139Ìý |
|
| Operating cash flows – finance leases |
|
428Ìý |
|
|
|
457Ìý |
|
|
486Ìý |
|
| Financing cash flows – finance leases |
|
1,109Ìý |
|
|
|
1,079Ìý |
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|
1,050Ìý |
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| Right-of-use assets obtained in exchange for lease liabilities: |
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|
|
|
|
|
| Operating leases |
|
374,707Ìý |
|
|
|
337,980Ìý |
|
|
539,042Ìý |
|
| Finance leases |
|
—Ìý |
|
|
|
—Ìý |
|
|
—Ìý |
|
Lease terms and discount rates were as follows:
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March 2025 |
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|
March 2024 |
|
March 2023 |
| Weighted average remaining lease term: |
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| Operating leases |
|
6.01 years |
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|
6.20 years |
|
6.61 years |
| Finance leases |
|
11.51 years |
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|
12.51 years |
|
13.51 years |
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| Weighted average discount rate: |
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| Operating leases |
|
3.72Ìý |
% |
|
|
3.34Ìý |
% |
|
2.66Ìý |
% |
| 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 2025 were as follows:
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| (In thousands) |
|
Operating Leases |
|
Finance Leases |
|
Total |
|
| 2026 |
|
$ |
351,372Ìý |
|
|
$ |
1,408Ìý |
|
|
$ |
352,780Ìý |
|
|
| 2027 |
|
330,398Ìý |
|
|
1,664Ìý |
|
|
332,062Ìý |
|
|
| 2028 |
|
238,244Ìý |
|
|
1,536Ìý |
|
|
239,780Ìý |
|
|
| 2029 |
|
168,331Ìý |
|
|
1,408Ìý |
|
|
169,739Ìý |
|
|
| 2030 |
|
122,382Ìý |
|
|
1,536Ìý |
|
|
123,918Ìý |
|
|
| Thereafter |
|
334,103Ìý |
|
|
9,986Ìý |
|
|
344,089Ìý |
|
|
| Total lease payments |
|
1,544,830Ìý
|
|
|
17,538Ìý
|
|
|
1,562,368Ìý
|
|
|
| Less: present value adjustment |
|
156,907Ìý |
|
|
2,488Ìý |
|
|
159,395Ìý |
|
|
| Present value of lease liabilities |
|
$ |
1,387,923Ìý
|
|
|
$ |
15,050Ìý
|
|
|
$ |
1,402,973Ìý
|
|
|
The Company excluded approximatelyÌý$130.2ÌýmillionÌýof leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2026 with lease terms ofÌý2ÌýtoÌý15 years.
|
| LEASES |
LEASES The assets and liabilities related to operating and finance leases were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
Location in Consolidated Balance Sheet |
|
|
March 2025 |
|
|
March 2024 |
| Assets: |
|
|
|
|
|
|
|
| Operating lease assets |
Operating lease right-of-use assets |
|
|
$ |
1,262,319Ìý |
|
|
|
$ |
1,255,074Ìý |
|
| Finance lease assets |
Property, plant and equipment, net |
|
|
10,584Ìý |
|
|
|
11,500Ìý |
|
| Total lease assets |
|
|
|
$ |
1,272,903Ìý
|
|
|
|
$ |
1,266,574Ìý
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
|
| Operating lease liabilities |
Accrued liabilities |
|
|
$ |
308,741Ìý |
|
|
|
$ |
295,035Ìý |
|
| Finance lease liabilities |
Current portion of long-term debt |
|
|
1,011Ìý |
|
|
|
981Ìý |
|
| Noncurrent |
|
|
|
|
|
|
|
| Operating lease liabilities |
Operating lease liabilities |
|
|
1,079,182Ìý |
|
|
|
1,087,304Ìý |
|
| Finance lease liabilities |
Long-term debt |
|
|
14,039Ìý |
|
|
|
15,178Ìý |
|
| Total lease liabilities |
|
|
|
$ |
1,402,973Ìý
|
|
|
|
$ |
1,398,498Ìý
|
|
The components of lease costs were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March |
|
|
|
|
|
|
|
|
| (In thousands) |
|
2025 |
|
|
2024 |
|
2023 |
| Operating lease cost |
|
$ |
403,734Ìý |
|
|
|
$ |
410,427Ìý |
|
|
$ |
404,041Ìý |
|
| Finance lease cost – amortization of right-of-use assets |
|
917Ìý |
|
|
|
917Ìý |
|
|
917Ìý |
|
| Finance lease cost – interest on lease liabilities |
|
428Ìý |
|
|
|
457Ìý |
|
|
486Ìý |
|
| Short-term lease cost |
|
19,014Ìý |
|
|
|
25,227Ìý |
|
|
22,126Ìý |
|
| Variable lease cost |
|
135,721Ìý |
|
|
|
132,453Ìý |
|
|
117,189Ìý |
|
| Impairment |
|
—Ìý |
|
|
|
12,958Ìý |
|
|
—Ìý |
|
| Gain recognized from sale-leaseback transaction |
|
(17,434) |
|
|
|
—Ìý |
|
|
(13,189) |
|
| Total lease cost |
|
$ |
542,380Ìý
|
|
|
|
$ |
582,439Ìý
|
|
|
$ |
531,570Ìý
|
|
Supplemental cash flow information related to leases was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended March |
|
|
|
|
|
|
|
|
| (In thousands) |
|
2025 |
|
|
2024 |
|
2023 |
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
| Operating cash flows – operating leases |
|
$ |
420,156Ìý |
|
|
|
$ |
424,646Ìý |
|
|
$ |
413,139Ìý |
|
| Operating cash flows – finance leases |
|
428Ìý |
|
|
|
457Ìý |
|
|
486Ìý |
|
| Financing cash flows – finance leases |
|
1,109Ìý |
|
|
|
1,079Ìý |
|
|
1,050Ìý |
|
| Right-of-use assets obtained in exchange for lease liabilities: |
|
|
|
|
|
|
|
| Operating leases |
|
374,707Ìý |
|
|
|
337,980Ìý |
|
|
539,042Ìý |
|
| Finance leases |
|
—Ìý |
|
|
|
—Ìý |
|
|
—Ìý |
|
Lease terms and discount rates were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 2025 |
|
|
March 2024 |
|
March 2023 |
| Weighted average remaining lease term: |
|
|
|
|
|
|
|
| Operating leases |
|
6.01 years |
|
|
6.20 years |
|
6.61 years |
| Finance leases |
|
11.51 years |
|
|
12.51 years |
|
13.51 years |
|
|
|
|
|
|
|
|
| Weighted average discount rate: |
|
|
|
|
|
|
|
| Operating leases |
|
3.72Ìý |
% |
|
|
3.34Ìý |
% |
|
2.66Ìý |
% |
| 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 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
|
Operating Leases |
|
Finance Leases |
|
Total |
|
| 2026 |
|
$ |
351,372Ìý |
|
|
$ |
1,408Ìý |
|
|
$ |
352,780Ìý |
|
|
| 2027 |
|
330,398Ìý |
|
|
1,664Ìý |
|
|
332,062Ìý |
|
|
| 2028 |
|
238,244Ìý |
|
|
1,536Ìý |
|
|
239,780Ìý |
|
|
| 2029 |
|
168,331Ìý |
|
|
1,408Ìý |
|
|
169,739Ìý |
|
|
| 2030 |
|
122,382Ìý |
|
|
1,536Ìý |
|
|
123,918Ìý |
|
|
| Thereafter |
|
334,103Ìý |
|
|
9,986Ìý |
|
|
344,089Ìý |
|
|
| Total lease payments |
|
1,544,830Ìý
|
|
|
17,538Ìý
|
|
|
1,562,368Ìý
|
|
|
| Less: present value adjustment |
|
156,907Ìý |
|
|
2,488Ìý |
|
|
159,395Ìý |
|
|
| Present value of lease liabilities |
|
$ |
1,387,923Ìý
|
|
|
$ |
15,050Ìý
|
|
|
$ |
1,402,973Ìý
|
|
|
The Company excluded approximatelyÌý$130.2ÌýmillionÌýof leases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2026 with lease terms ofÌý2ÌýtoÌý15 years.
|