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Leases (Tables) | 12 Months Ended
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Mar. 31, 2020
Leases, Operating [Abstract] |
Supplemental balance sheet information | Supplemental balance sheet information related to leases was as follows:
(In millions, except lease term and discount rate) | March 31, 2020
Operating leases |
Operating Lease Right-of-Use Assets | $ | 1,886 |
Current portion of operating lease liabilities | $ | 354 |
Long-Term Operating Lease Liabilities | 1,660 |
Total operating lease liabilities | $ | 2,014 |
Finance Leases |
Property, Plant and Equipment, net | $ | 180 |
Current portion of long-term debt | $ | 15 |
Long-Term Debt | 151 |
Total finance lease liabilities | $ | 166 |
Weighted Average Remaining Lease Term (Years) |
Operating leases | 7.7 |
Finance leases | 12.1 |
Weighted Average Discount Rate |
Operating leases | 3.03 | %
Finance leases | 2.86 | %
Components of lease costs and supplemental cash flow information | The components of lease cost were as follows:
(In millions) | Year Ended March 31, 2020
Short-term lease cost | $ | 29 |
Operating lease cost | 459 |
Finance lease cost: |
Amortization of right-of-use assets | 14 |
Interest on lease liabilities | 5 |
Total finance lease cost | 19 |
Variable lease cost (1) | 125 |
Sublease income | (33 | )
Total lease cost (2) | $ | 599 |
(1) | These amounts include payments for maintenance, taxes, payments affected by the consumer price index and other similar metrics and payments contingent on usage.
(2) These amounts were primarily recorded in operating expenses in the consolidated statement of operations. Supplemental cash flow information related to leases was as follows:
(In millions) | Year Ended March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $ | (377 | )
Operating cash flows from finance leases | (3 | )
Financing cash flows from finance leases | (18 | )
Right-of-use assets obtained in exchange for lease obligations: |
Operating leases (1) | $ | 2,378 |
Finance leases | 166 |
(1) These amounts include the transition adjustment for the adoption of the amended leasing guidance discussed in Financial Note 1, “Significant Accounting Policies.”
Maturities of lease liabilities | Maturities of lease liabilities as of March 31, 2020 were as follows:
(In millions) | Operating Leases |  | Finance Leases |  | Total
2021 | $ | 398 |  |  | $ | 19 |  |  | $ | 417 |
2022 | 371 |  |  | 19 |  |  | 390 |
2023 | 310 |  |  | 18 |  |  | 328 |
2024 | 252 |  |  | 17 |  |  | 269 |
2025 | 213 |  |  | 16 |  |  | 229 |
Thereafter | 730 |  |  | 110 |  |  | 840 |
Total lease payments (1) | 2,274 |  |  | 199 |  |  | 2,473 |
Less imputed interest | (260 | ) |  | (33 | ) |  | (293 | )
Present value of lease liabilities | $ | 2,014 |  |  | $ | 166 |  |  | $ | 2,180 |
(1) Total lease payments have not been reduced by minimum sublease income of $178 million due under future noncancelable subleases.
Maturities of lease liabilities | Maturities of lease liabilities as of March 31, 2020 were as follows:
(In millions) | Operating Leases |  | Finance Leases |  | Total
2021 | $ | 398 |  |  | $ | 19 |  |  | $ | 417 |
2022 | 371 |  |  | 19 |  |  | 390 |
2023 | 310 |  |  | 18 |  |  | 328 |
2024 | 252 |  |  | 17 |  |  | 269 |
2025 | 213 |  |  | 16 |  |  | 229 |
Thereafter | 730 |  |  | 110 |  |  | 840 |
Total lease payments (1) | 2,274 |  |  | 199 |  |  | 2,473 |
Less imputed interest | (260 | ) |  | (33 | ) |  | (293 | )
Present value of lease liabilities | $ | 2,014 |  |  | $ | 166 |  |  | $ | 2,180 |
(1) Total lease payments have not been reduced by minimum sublease income of $178 million due under future noncancelable subleases.
Schedule of future minimum rental payments for operating leases | As previously disclosed in the Company’s 2019 Annual Report and under the previous lease accounting, the minimum lease payments required under operating leases were as follows as of March 31, 2019:
(In millions) | Noncancelable Operating Leases
2020 | $ | 454 |
2021 | 397 |
2022 | 343 |
2023 | 290 |
2024 | 236 |
Thereafter | 936 |
Total minimum lease payments (1) (2) | $ | 2,656 |
(1) | Amount includes future minimum lease payments for the sale-leaseback transaction of $49 million.
(2) Total minimum lease payments have not been reduced by minimum sublease income of $133 million due under future noncancelable subleases.

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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