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Leases (Tables) | 12 Months Ended
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Mar. 31, 2022
Leases, Operating [Abstract] |
Supplemental balance sheet information | Supplemental balance sheet information related to leases was as follows:
| March 31, |
(In millions, except lease term and discount rate) | 2022 |  | 2021 |
Operating leases (1) |  |  |  |
Operating lease right-of-use assets (2) | $ | 1,548 |  |  | $ | 2,100 |  |
Current portion of operating lease liabilities | $ | 297 |  |  | $ | 390 |  |
Long-term operating lease liabilities | 1,366 |  |  | 1,867 |  |
Total operating lease liabilities (3) | $ | 1,663 |  |  | $ | 2,257 |  |
Finance leases |  |  |  |
Property, plant and equipment, net | $ | 206 |  |  | $ | 237 |  |
Current portion of long-term debt | $ | 25 |  |  | $ | 22 |  |
Long-term debt | 185 |  |  | 206 |  |
Total finance lease liabilities | $ | 210 |  |  | $ | 228 |  |
Weighted-average remaining lease term (Years) (4) |  |  |  |
Operating leases | 6.9 |  | 7.8 |
Finance leases | 8.8 |  | 10.1 |
Weighted-average discount rate (4) |  |  |  |
Operating leases | 2.47 | % |  | 2.53 | % |
Finance leases | 2.50 | % |  | 2.71 | % |
(1)As discussed in Financial Note 3, “Restructuring, Impairment, and Related Charges, Net,” the Company rationalized its office space, including certain property leases, in North America during 2022. Where the Company ceased using office space, it exited the portion of the facility no longer used and repurposed other office locations which resulted in changes to certain lease agreements. This initiative did not have a material financial impact to the Company’s operating lease ROU assets and liabilities. (2)Excludes operating lease right-of-use assets of approximately $494 million as of March 31, 2022 related to the European divestiture activities discussed in more detail in Financial Note 2, “Held for Sale.” These amounts were included under the caption “Assets held for sale” in the Consolidated Balance Sheet as of March 31, 2022. Amortization of these assets ceased upon classification as held for sale. (3)Excludes current and long-term operating lease liabilities of approximately $83 million and $442 million, respectively, as of March 31, 2022 related to the European divestiture activities discussed in more detail in Financial Note 2, “Held for Sale.” These amounts were included under the caption “Liabilities held for sale” in the Consolidated Balance Sheet as of March 31, 2022. (4)Lease terms and discount rates as of March 31, 2022 exclude leases classified as held for sale in the Consolidated Balance Sheet related to the European divestiture activities discussed in more detail in Financial Note 2, “Held for Sale.”
Components of lease costs and supplemental cash flow information | The components of lease cost were as follows:
| Years Ended March 31,
(In millions) | 2022 |  | 2021 |  | 2020
Short-term lease cost | $ | 43 |  |  | $ | 32 |  |  | $ | 29 |
Operating lease cost | 431 |  |  | 465 |  |  | 459 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 33 |  |  | 23 |  |  | 14 |
Interest on lease liabilities | 5 |  |  | 6 |  |  | 5 |
Total finance lease cost | 38 |  |  | 29 |  |  | 19 |
Variable lease cost (1) | 127 |  |  | 125 |  |  | 125 |
Sublease income | (41) |  |  | (36) |  |  | (33) |
Total lease cost (2) | $ | 598 |  |  | $ | 615 |  |  | $ | 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 “Selling, distribution, general, and administrative expenses” in the Consolidated Statements of Operations. Supplemental cash flow information related to leases was as follows:
| Years Ended March 31, |
(In millions) | 2022 |  | 2021 |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases | $ | (356) |  |  | $ | (362) |  |  | $ | (377) |  |
Operating cash flows from finance leases | — |  |  | (4) |  |  | (3) |  |
Financing cash flows from finance leases | (31) |  |  | (31) |  |  | (18) |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases (1) | $ | 286 |  |  | $ | 321 |  |  | $ | 2,378 |  |
Finance leases | 32 |  |  | 75 |  |  | 166 |  |
(1) The amount for the year ended March 31, 2020 includes the transition adjustment of $2.1 billion for operating lease right-of-use assets recorded as of April 1, 2019 upon adoption of the amended leasing guidance included in ASU 2016-02, Leases.
Maturities of lease liabilities | Maturities of lease liabilities as of March 31, 2022 were as follows:
(In millions) | Operating Leases |  | Finance Leases |  | Total
2023 | $ | 328 |  |  | $ | 29 |  |  | $ | 357 |
2024 | 310 |  |  | 29 |  |  | 339 |
2025 | 268 |  |  | 27 |  |  | 295 |
2026 | 223 |  |  | 25 |  |  | 248 |
2027 | 180 |  |  | 24 |  |  | 204 |
Thereafter | 506 |  |  | 103 |  |  | 609 |
Total lease payments (1) | 1,815 |  |  | 237 |  |  | 2,052 |
Less imputed interest | (152) |  |  | (27) |  |  | (179) |
Present value of lease liabilities | $ | 1,663 |  |  | $ | 210 |  |  | $ | 1,873 |
(1)Total lease payments are not reduced by minimum sublease income of $201 million which are due under future noncancellable subleases.
Maturities of lease liabilities | Maturities of lease liabilities as of March 31, 2022 were as follows:
(In millions) | Operating Leases |  | Finance Leases |  | Total
2023 | $ | 328 |  |  | $ | 29 |  |  | $ | 357 |
2024 | 310 |  |  | 29 |  |  | 339 |
2025 | 268 |  |  | 27 |  |  | 295 |
2026 | 223 |  |  | 25 |  |  | 248 |
2027 | 180 |  |  | 24 |  |  | 204 |
Thereafter | 506 |  |  | 103 |  |  | 609 |
Total lease payments (1) | 1,815 |  |  | 237 |  |  | 2,052 |
Less imputed interest | (152) |  |  | (27) |  |  | (179) |
Present value of lease liabilities | $ | 1,663 |  |  | $ | 210 |  |  | $ | 1,873 |
(1)Total lease payments are not reduced by minimum sublease income of $201 million which are due under future noncancellable 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=123408670&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=123408670&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=123408670&loc=SL77918701-209980 + Details
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