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Leases (Tables) | 12 Months Ended
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Mar. 27, 2021
Lessee Disclosure [Abstract] |
ROU Assets and Lease Liabilities | The following table summarizes ROU assets and lease liabilities recorded on the Company's consolidated balance sheet:
|  | March 27, 2021 |  | March 28, 2020 |  | Location Recorded on Balance Sheet
|  | (millions) |  |
Assets: |  |  |  |  |  |
Operating leases |  | $ | 1,239.5 |  |  | $ | 1,511.6 |  |  | Operating lease right-of-use assets
Finance leases |  | 331.6 |  |  | 166.4 |  |  | Property and equipment, net
Total lease assets |  | $ | 1,571.1 |  |  | $ | 1,678.0 |  |  |
Liabilities: |  |  |  |  |  |
Operating leases: |  |  |  |  |  |
Current portion |  | $ | 302.9 |  |  | $ | 288.4 |  |  | Current operating lease liabilities
Non-current portion |  | 1,294.5 |  |  | 1,568.3 |  |  | Long-term operating lease liabilities
Total operating lease liabilities |  | 1,597.4 |  |  | 1,856.7 |  |  |
Finance leases: |  |  |  |  |  |
Current portion |  | 19.7 |  |  | 9.8 |  |  | Accrued expenses and other current liabilities
Non-current portion |  | 370.5 |  |  | 189.4 |  |  | Other non-current liabilities
Total finance lease liabilities |  | 390.2 |  |  | 199.2 |  |  |
Total lease liabilities |  | $ | 1,987.6 |  |  | $ | 2,055.9 |  |  |
Lease Cost | The following table summarizes the composition of total lease cost during Fiscal 2021 and Fiscal 2020:
|  | Fiscal Years Ended |  |
|  | March 27, 2021 |  | March 28, 2020 |  | Location Recorded in Earnings
|  | (millions) |  |
Operating lease cost |  | $ | 323.5 |  |  | $ | 322.0 |  |  | (a)
Finance lease costs: |  |  |  |  |  |
Depreciation of leased assets |  | 20.5 |  |  | 18.1 |  |  | SG&A expenses
Accretion of lease liabilities |  | 9.7 |  |  | 8.1 |  |  | Interest expense
Variable lease cost |  | 224.7 |  |  | 298.0 |  |  | (b)
Short-term lease cost |  | 4.9 |  |  | 5.5 |  |  | SG&A expenses
Sublease income |  | (1.8) |  |  | (2.9) |  |  | Restructuring and other charges
Total lease cost |  | $ | 581.5 |  |  | $ | 648.8 |  |  |
(a)During Fiscal 2021, $3.4 million was included within cost of goods sold, $307.0 million was included within SG&A expenses, and $13.1 million was included within restructuring and other charges. During Fiscal 2020, $4.4 million was included within cost of goods sold, $307.3 million was included within SG&A expenses, and $10.3 million was included within restructuring and other charges. (b)During Fiscal 2021, $4.5 million was included within cost of goods sold and $220.2 million was included within SG&A expenses. During Fiscal 2020, $4.7 million was included within cost of goods sold, $290.3 million was included within SG&A expenses, and $3.0 million was included within restructuring and other charges.
Cash paid for amounts included in the measurement of lease liabilities | The following table summarizes certain cash flow information related to the Company's leases:
|  | Fiscal Year Ended
|  | March 27, 2021 |  | March 28, 2020
|  | (millions)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 360.6 |  |  | $ | 383.9 |
Operating cash flows from finance leases |  | 6.7 |  |  | 8.0 |
Financing cash flows from finance leases |  | 13.9 |  |  | 13.6 |
Lease Liability Maturity | The following table presents a maturity analysis summary of contractual cash payments for the Company's lease liabilities recorded on the consolidated balance sheet as of March 27, 2021:
|  | March 27, 2021
|  | Operating Leases |  | Finance Leases
|  | (millions)
Fiscal 2022 |  | $ | 332.7 |  |  | $ | 33.7 |
Fiscal 2023 |  | 303.5 |  |  | 35.2 |
Fiscal 2024 |  | 267.0 |  |  | 35.5 |
Fiscal 2025 |  | 212.2 |  |  | 35.9 |
Fiscal 2026 |  | 150.3 |  |  | 36.2 |
Fiscal 2027 and thereafter |  | 458.4 |  |  | 312.7 |
Total lease payments |  | 1,724.1 |  |  | 489.2 |
Less: interest |  | (126.7) |  |  | (99.0) |
Total lease liabilities |  | $ | 1,597.4 |  |  | $ | 390.2 |
Supplemental lease information | The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's operating and finance leases recorded on the consolidated balance sheet as of March 27, 2021:
|  | March 27, 2021 |  | March 28, 2020
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term (years) |  | 6.9 |  | 14.2 |  | 7.6 |  | 12.7
Weighted-average discount rate |  | 2.0 | % |  | 3.3 | % |  | 2.1 | % |  | 4.1 | %

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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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- References No definition available. + Details
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