LEASES

12 Months Ended

Mar. 31, 2025

The Company has several commitments under operating leases for warehouses, buildings, and equipment. The Company also has a number of finance leases with an immaterial impact on its consolidated financial statements. Leases have remaining lease terms ranging from approximately 1 year to 19 years.

The components of lease cost recognized were as follow (in millions):


Lease cost	Fiscal Year Ended
	March 31, 2025		March 31, 2024



Operating lease cost	$	173	$	167

Amounts reported in the consolidated balance sheet as of the fiscal years ended March 31, 2025 and 2024 were (in millions, except weighted average lease term and discount rate):


	As of March 31, 2025			As of March 31, 2024
Operating Leases:
Operating lease right of use assets	$	562		$	601

Operating lease liabilities *	591			626










Weighted-average remaining lease term (In years)
Operating leases	6.0			6.3


Weighted-average discount rate
Operating leases	4.4		%	4.4		%

* Operating lease liabilities includes $135 million current lease liabilities and $456 million non-current lease liabilities.

Other information related to leases was as follow (in millions):


	Fiscal Year Ended
	March 31, 2025		March 31, 2024

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	168	$	160

Right‑of‑use assets obtained in exchange for lease liabilities
Operating Lease	$	106	$	134

Future lease payments under non-cancellable leases as of March 31, 2025 were as follows (in millions):


Fiscal Year Ended March 31,	Operating Leases
2026	$	158
2027	126
2028	106
2029	84
2030	62
Thereafter	134
Total undiscounted lease payments	670
Less: imputed interest	79
Total lease liabilities	$	591

Total rent expense amounted to $194 million, $188 million and $182 million in fiscal years 2025, 2024 and 2023, respectively.