Leases (Tables)

12 Months Ended

Mar. 27, 2021

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	%