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v3.26.1

Leases | 12 Months Ended
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Mar. 31, 2026
Leases [Abstract] |
Leases | Leases Lessee Supplemental balance sheet information related to leases was as follows:
| March 31, |
(In millions, except lease term and discount rate) | 2026 |  | 2025 |
Operating leases |  |  |  |
Operating lease right-of-use assets | $ | 2,058 |  |  | $ | 1,782 |  |
Current portion of operating lease liabilities | $ | 287 |  |  | $ | 258 |  |
Long-term operating lease liabilities | 1,801 |  |  | 1,478 |  |
Total operating lease liabilities | $ | 2,088 |  |  | $ | 1,736 |  |
Finance leases |  |  |  |
Property, plant, and equipment, net | $ | 137 |  |  | $ | 177 |  |
Current portion of long-term debt | $ | 37 |  |  | $ | 32 |  |
Long-term debt | 152 |  |  | 163 |  |
Total finance lease liabilities | $ | 189 |  |  | $ | 195 |  |
Weighted-average remaining lease term (years) |  |  |  |
Operating leases | 8.0 |  | 8.0 |
Finance leases | 5.5 |  | 6.3 |
Weighted-average discount rate |  |  |  |
Operating leases | 4.17 | % |  | 4.11 | % |
Finance leases | 3.45 | % |  | 3.27 | % |
The components of lease cost were as follows:
| Years Ended March 31,
(In millions) | 2026 |  | 2025 |  | 2024
Short-term lease cost | $ | 8 |  |  | $ | 8 |  |  | $ | 14 |
Operating lease cost | 433 |  |  | 418 |  |  | 418 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 31 |  |  | 30 |  |  | 25 |
Interest on lease liabilities | 7 |  |  | 7 |  |  | 5 |
Total finance lease cost | 38 |  |  | 37 |  |  | 30 |
Variable lease cost (1) | 147 |  |  | 139 |  |  | 131 |
Sublease income | (44) |  |  | (36) |  |  | (35) |
Total lease cost (2) | $ | 582 |  |  | $ | 566 |  |  | $ | 558 |
(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) | 2026 |  | 2025 |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases | $ | (270) |  |  | $ | (404) |  |  | $ | (339) |  |
Operating cash flows from finance leases | — |  |  | — |  |  | (1) |  |
Financing cash flows from finance leases | (36) |  |  | (39) |  |  | (47) |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases | $ | 699 |  | (1) | $ | 599 |  |  | $ | 391 |  |
Finance leases | 34 |  |  | 18 |  |  | 21 |  |
(1)Increase in fiscal 2026 due to addition of leases from the Core Ventures and PRISM Vision acquisitions, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures.” Maturities of lease liabilities as of March 31, 2026 were as follows:
(In millions) | Operating Leases |  | Finance Leases |  | Total
Fiscal 2027 | $ | 364 |  |  | $ | 41 |  |  | $ | 405 |
Fiscal 2028 | 352 |  |  | 42 |  |  | 394 |
Fiscal 2029 | 315 |  |  | 39 |  |  | 354 |
Fiscal 2030 | 286 |  |  | 30 |  |  | 316 |
Fiscal 2031 | 244 |  |  | 24 |  |  | 268 |
Thereafter | 916 |  |  | 32 |  |  | 948 |
Total lease payments (1) | 2,477 |  |  | 208 |  |  | 2,685 |
Less imputed interest | (389) |  |  | (19) |  |  | (408) |
Present value of lease liabilities | $ | 2,088 |  |  | $ | 189 |  |  | $ | 2,277 |
(1)Total lease payments are not reduced by future minimum sublease income of $219 million, which is due under noncancellable subleases. As of March 31, 2026, the Company entered into additional leases primarily for facilities that have not yet commenced with future lease payments of $46 million that are not reflected in the table above. These operating leases will commence in calendar year 2026 with noncancellable lease terms of three to 10 years. Lessor The Company leases certain owned equipment, classified as direct financing or sales-type leases, to physician practices. As of March 31, 2026 and 2025, the total lease receivable was $503 million and $419 million, respectively, with a weighted-average remaining lease term of approximately eight years. Interest income from these leases was not material for the years ended March 31, 2026, 2025, and 2024.
Leases | Leases Lessee Supplemental balance sheet information related to leases was as follows:
| March 31, |
(In millions, except lease term and discount rate) | 2026 |  | 2025 |
Operating leases |  |  |  |
Operating lease right-of-use assets | $ | 2,058 |  |  | $ | 1,782 |  |
Current portion of operating lease liabilities | $ | 287 |  |  | $ | 258 |  |
Long-term operating lease liabilities | 1,801 |  |  | 1,478 |  |
Total operating lease liabilities | $ | 2,088 |  |  | $ | 1,736 |  |
Finance leases |  |  |  |
Property, plant, and equipment, net | $ | 137 |  |  | $ | 177 |  |
Current portion of long-term debt | $ | 37 |  |  | $ | 32 |  |
Long-term debt | 152 |  |  | 163 |  |
Total finance lease liabilities | $ | 189 |  |  | $ | 195 |  |
Weighted-average remaining lease term (years) |  |  |  |
Operating leases | 8.0 |  | 8.0 |
Finance leases | 5.5 |  | 6.3 |
Weighted-average discount rate |  |  |  |
Operating leases | 4.17 | % |  | 4.11 | % |
Finance leases | 3.45 | % |  | 3.27 | % |
The components of lease cost were as follows:
| Years Ended March 31,
(In millions) | 2026 |  | 2025 |  | 2024
Short-term lease cost | $ | 8 |  |  | $ | 8 |  |  | $ | 14 |
Operating lease cost | 433 |  |  | 418 |  |  | 418 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 31 |  |  | 30 |  |  | 25 |
Interest on lease liabilities | 7 |  |  | 7 |  |  | 5 |
Total finance lease cost | 38 |  |  | 37 |  |  | 30 |
Variable lease cost (1) | 147 |  |  | 139 |  |  | 131 |
Sublease income | (44) |  |  | (36) |  |  | (35) |
Total lease cost (2) | $ | 582 |  |  | $ | 566 |  |  | $ | 558 |
(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) | 2026 |  | 2025 |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases | $ | (270) |  |  | $ | (404) |  |  | $ | (339) |  |
Operating cash flows from finance leases | — |  |  | — |  |  | (1) |  |
Financing cash flows from finance leases | (36) |  |  | (39) |  |  | (47) |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases | $ | 699 |  | (1) | $ | 599 |  |  | $ | 391 |  |
Finance leases | 34 |  |  | 18 |  |  | 21 |  |
(1)Increase in fiscal 2026 due to addition of leases from the Core Ventures and PRISM Vision acquisitions, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures.” Maturities of lease liabilities as of March 31, 2026 were as follows:
(In millions) | Operating Leases |  | Finance Leases |  | Total
Fiscal 2027 | $ | 364 |  |  | $ | 41 |  |  | $ | 405 |
Fiscal 2028 | 352 |  |  | 42 |  |  | 394 |
Fiscal 2029 | 315 |  |  | 39 |  |  | 354 |
Fiscal 2030 | 286 |  |  | 30 |  |  | 316 |
Fiscal 2031 | 244 |  |  | 24 |  |  | 268 |
Thereafter | 916 |  |  | 32 |  |  | 948 |
Total lease payments (1) | 2,477 |  |  | 208 |  |  | 2,685 |
Less imputed interest | (389) |  |  | (19) |  |  | (408) |
Present value of lease liabilities | $ | 2,088 |  |  | $ | 189 |  |  | $ | 2,277 |
(1)Total lease payments are not reduced by future minimum sublease income of $219 million, which is due under noncancellable subleases. As of March 31, 2026, the Company entered into additional leases primarily for facilities that have not yet commenced with future lease payments of $46 million that are not reflected in the table above. These operating leases will commence in calendar year 2026 with noncancellable lease terms of three to 10 years. Lessor The Company leases certain owned equipment, classified as direct financing or sales-type leases, to physician practices. As of March 31, 2026 and 2025, the total lease receivable was $503 million and $419 million, respectively, with a weighted-average remaining lease term of approximately eight years. Interest income from these leases was not material for the years ended March 31, 2026, 2025, and 2024.
Leases | Leases Lessee Supplemental balance sheet information related to leases was as follows:
| March 31, |
(In millions, except lease term and discount rate) | 2026 |  | 2025 |
Operating leases |  |  |  |
Operating lease right-of-use assets | $ | 2,058 |  |  | $ | 1,782 |  |
Current portion of operating lease liabilities | $ | 287 |  |  | $ | 258 |  |
Long-term operating lease liabilities | 1,801 |  |  | 1,478 |  |
Total operating lease liabilities | $ | 2,088 |  |  | $ | 1,736 |  |
Finance leases |  |  |  |
Property, plant, and equipment, net | $ | 137 |  |  | $ | 177 |  |
Current portion of long-term debt | $ | 37 |  |  | $ | 32 |  |
Long-term debt | 152 |  |  | 163 |  |
Total finance lease liabilities | $ | 189 |  |  | $ | 195 |  |
Weighted-average remaining lease term (years) |  |  |  |
Operating leases | 8.0 |  | 8.0 |
Finance leases | 5.5 |  | 6.3 |
Weighted-average discount rate |  |  |  |
Operating leases | 4.17 | % |  | 4.11 | % |
Finance leases | 3.45 | % |  | 3.27 | % |
The components of lease cost were as follows:
| Years Ended March 31,
(In millions) | 2026 |  | 2025 |  | 2024
Short-term lease cost | $ | 8 |  |  | $ | 8 |  |  | $ | 14 |
Operating lease cost | 433 |  |  | 418 |  |  | 418 |
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 31 |  |  | 30 |  |  | 25 |
Interest on lease liabilities | 7 |  |  | 7 |  |  | 5 |
Total finance lease cost | 38 |  |  | 37 |  |  | 30 |
Variable lease cost (1) | 147 |  |  | 139 |  |  | 131 |
Sublease income | (44) |  |  | (36) |  |  | (35) |
Total lease cost (2) | $ | 582 |  |  | $ | 566 |  |  | $ | 558 |
(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) | 2026 |  | 2025 |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases | $ | (270) |  |  | $ | (404) |  |  | $ | (339) |  |
Operating cash flows from finance leases | — |  |  | — |  |  | (1) |  |
Financing cash flows from finance leases | (36) |  |  | (39) |  |  | (47) |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases | $ | 699 |  | (1) | $ | 599 |  |  | $ | 391 |  |
Finance leases | 34 |  |  | 18 |  |  | 21 |  |
(1)Increase in fiscal 2026 due to addition of leases from the Core Ventures and PRISM Vision acquisitions, as discussed in more detail in Financial Note 2, “Business Acquisitions and Divestitures.” Maturities of lease liabilities as of March 31, 2026 were as follows:
(In millions) | Operating Leases |  | Finance Leases |  | Total
Fiscal 2027 | $ | 364 |  |  | $ | 41 |  |  | $ | 405 |
Fiscal 2028 | 352 |  |  | 42 |  |  | 394 |
Fiscal 2029 | 315 |  |  | 39 |  |  | 354 |
Fiscal 2030 | 286 |  |  | 30 |  |  | 316 |
Fiscal 2031 | 244 |  |  | 24 |  |  | 268 |
Thereafter | 916 |  |  | 32 |  |  | 948 |
Total lease payments (1) | 2,477 |  |  | 208 |  |  | 2,685 |
Less imputed interest | (389) |  |  | (19) |  |  | (408) |
Present value of lease liabilities | $ | 2,088 |  |  | $ | 189 |  |  | $ | 2,277 |
(1)Total lease payments are not reduced by future minimum sublease income of $219 million, which is due under noncancellable subleases. As of March 31, 2026, the Company entered into additional leases primarily for facilities that have not yet commenced with future lease payments of $46 million that are not reflected in the table above. These operating leases will commence in calendar year 2026 with noncancellable lease terms of three to 10 years. Lessor The Company leases certain owned equipment, classified as direct financing or sales-type leases, to physician practices. As of March 31, 2026 and 2025, the total lease receivable was $503 million and $419 million, respectively, with a weighted-average remaining lease term of approximately eight years. Interest income from these leases was not material for the years ended March 31, 2026, 2025, and 2024.

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