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Leases (Tables)
 12 Months Ended
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)20222021
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 liabilities1,366 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 debt185 206 
Total finance lease liabilities$210 $228 
Weighted-average remaining lease term (Years) (4)
Operating leases6.97.8
Finance leases8.810.1
Weighted-average discount rate (4)
Operating leases2.47 %2.53 %
Finance leases2.50 %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)202220212020
Short-term lease cost$43 $32 $29 
Operating lease cost431 465 459 
Finance lease cost:
Amortization of right-of-use assets33 23 14 
Interest on lease liabilities5 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 $599 
(1)     These amounts include payments for maintenance, taxes, payments affected by the consumer price index, and other similar metrics and payments contingent on usage.
(2)    These amounts were primarily recorded in “Selling, distribution, general, and administrative expenses” in the Consolidated Statements of Operations.
Supplemental cash flow information related to leases was as follows:
Years Ended March 31,
(In millions)202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(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 leases32 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 LeasesFinance LeasesTotal
2023$328 $29 $357 
2024310 29 339 
2025268 27 295 
2026223 25 248 
2027180 24 204 
Thereafter506 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 LeasesFinance LeasesTotal
2023$328 $29 $357 
2024310 29 339 
2025268 27 295 
2026223 25 248 
2027180 24 204 
Thereafter506 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.