LEASES (Tables)
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12 Months Ended |
Mar. 29, 2025 |
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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 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 |
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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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| Liabilities: |
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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 |
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| 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 |
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1,087,304Ìý |
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| Finance lease liabilities |
Long-term debt |
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14,039Ìý |
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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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| 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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2025 |
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2024 |
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2023 |
| Operating lease cost |
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$ |
403,734Ìý |
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$ |
410,427Ìý |
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$ |
404,041Ìý |
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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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917Ìý |
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| Finance lease cost – interest on lease liabilities |
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428Ìý |
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457Ìý |
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486Ìý |
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| Short-term lease cost |
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19,014Ìý |
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25,227Ìý |
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22,126Ìý |
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| Variable lease cost |
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135,721Ìý |
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132,453Ìý |
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117,189Ìý |
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| Impairment |
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—Ìý |
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12,958Ìý |
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—Ìý |
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| Gain recognized from sale-leaseback transaction |
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(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) |
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2025 |
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2024 |
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2023 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows – operating leases |
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$ |
420,156Ìý |
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$ |
424,646Ìý |
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$ |
413,139Ìý |
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| Operating cash flows – finance leases |
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428Ìý |
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457Ìý |
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486Ìý |
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| Financing cash flows – finance leases |
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1,109Ìý |
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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 |
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374,707Ìý |
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337,980Ìý |
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539,042Ìý |
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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 2025 |
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March 2024 |
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March 2023 |
| Weighted average remaining lease term: |
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| Operating leases |
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6.01 years |
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6.20 years |
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6.61 years |
| Finance leases |
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11.51 years |
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12.51 years |
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13.51 years |
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| Weighted average discount rate: |
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| Operating leases |
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3.72Ìý |
% |
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3.34Ìý |
% |
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2.66Ìý |
% |
| 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 2025 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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| 2026 |
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$ |
351,372Ìý |
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$ |
1,408Ìý |
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$ |
352,780Ìý |
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| 2027 |
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330,398Ìý |
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1,664Ìý |
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332,062Ìý |
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| 2028 |
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238,244Ìý |
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1,536Ìý |
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239,780Ìý |
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| 2029 |
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168,331Ìý |
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1,408Ìý |
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169,739Ìý |
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| 2030 |
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122,382Ìý |
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1,536Ìý |
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123,918Ìý |
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| Thereafter |
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334,103Ìý |
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9,986Ìý |
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344,089Ìý |
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| Total lease payments |
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1,544,830Ìý
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17,538Ìý
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1,562,368Ìý
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| Less: present value adjustment |
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156,907Ìý |
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2,488Ìý |
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159,395Ìý |
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| Present value of lease liabilities |
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$ |
1,387,923Ìý
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$ |
15,050Ìý
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$ |
1,402,973Ìý
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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 2025 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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| 2026 |
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$ |
351,372Ìý |
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$ |
1,408Ìý |
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$ |
352,780Ìý |
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| 2027 |
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330,398Ìý |
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1,664Ìý |
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332,062Ìý |
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| 2028 |
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238,244Ìý |
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1,536Ìý |
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239,780Ìý |
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| 2029 |
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168,331Ìý |
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1,408Ìý |
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169,739Ìý |
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| 2030 |
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122,382Ìý |
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1,536Ìý |
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123,918Ìý |
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| Thereafter |
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334,103Ìý |
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9,986Ìý |
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344,089Ìý |
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| Total lease payments |
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1,544,830Ìý
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17,538Ìý
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1,562,368Ìý
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| Less: present value adjustment |
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156,907Ìý |
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2,488Ìý |
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159,395Ìý |
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| Present value of lease liabilities |
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$ |
1,387,923Ìý
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$ |
15,050Ìý
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$ |
1,402,973Ìý
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