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Leases (Tables)

9 Months Ended

Dec. 31, 2019

Supplemental balance sheet information related to leases was as follows:



(In millions, except lease term and discount rate)	December 31, 2019
Operating leases
Operating Lease Right-of-Use Assets	$	2,013

Current portion of operating lease liabilities	$	365
Long-Term Operating Lease Liabilities	1,780
Total operating lease liabilities	$	2,145

Finance Leases
Property, Plant and Equipment, net	$	166

Current portion of long-term debt	$	13
Long-Term Debt	150
Total finance lease liabilities	$	163

Weighted Average Remaining Lease Term (Years)
Operating leases	8.1
Finance leases	11.5

Weighted Average Discount Rate
Operating leases	3.02		%
Finance leases	3.05		%

Components of Lease Cost and Supplemental Cash Flow Information

The components of lease cost were as follows:



(In millions)	Three Months Ended December 31, 2019			Nine Months Ended December 31, 2019
Short-term lease cost	$	7		$	22
Operating lease cost	117			345

Finance lease cost:
Amortization of right-of-use assets	4			9
Interest on lease liabilities	1			3
Total finance lease cost	5			12

Variable lease cost ⁽¹⁾	31			93
Sublease income	(10		)	(24		)
Total lease cost ⁽²⁾	$	150		$	448


(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 within operating expenses in the condensed consolidated statement of operations.

Supplemental cash flow information related to leases was as follows:



(In millions)	Nine Months Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(287	)
Operating cash flows from finance leases	(3		)
Financing cash flows from finance leases	(17		)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases ⁽¹⁾	$	2,366
Finance leases	163

(1) These amounts include the transition adjustment for the adoption of the amended leasing guidance discussed in Financial Note 1, “Significant Accounting Policies.”

Maturity of Lease Liabilities

Maturities of lease liabilities as of December 31, 2019 were as follows:



(In millions)	Operating Leases			Finance Leases			Total
The remainder of 2020	$	99		$	2		$	101
2021	428			18			446
2022	372			18			390
2023	311			17			328
2024	255			16			271
Thereafter	969			125			1,094
Total lease payments ⁽¹⁾	2,434			196			2,630
Less imputed interest	(289		)	(33		)	(322		)
Present value of lease liabilities	$	2,145		$	163		$	2,308

(1)

Total lease payments have not been reduced by minimum sublease income of $185 million due under future noncancelable subleases.

Maturity of Lease Liabilities

Maturities of lease liabilities as of December 31, 2019 were as follows:



(In millions)	Operating Leases			Finance Leases			Total
The remainder of 2020	$	99		$	2		$	101
2021	428			18			446
2022	372			18			390
2023	311			17			328
2024	255			16			271
Thereafter	969			125			1,094
Total lease payments ⁽¹⁾	2,434			196			2,630
Less imputed interest	(289		)	(33		)	(322		)
Present value of lease liabilities	$	2,145		$	163		$	2,308

(1)

Total lease payments have not been reduced by minimum sublease income of $185 million due under future noncancelable subleases.

Schedule of Future Minimum Rental Payments under 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.