XML 39 R23.htm IDEA: XBRL DOCUMENT
v3.22.1

Leases | 12 Months Ended
--- | ---
Apr. 02, 2022
Lessee Disclosure [Abstract] |
Leases | Leases The following table summarizes ROU assets and lease liabilities recorded on the consolidated balance sheet:
|  | April 2, 2022 |  | March 27, 2021 |  | Location Recorded on Balance Sheet
|  | (millions) |  |
Assets: |  |  |  |  |  |
Operating leases |  | $ | 1,111.3 |  |  | $ | 1,239.5 |  |  | Operating lease right-of-use assets
Finance leases |  | 299.4 |  |  | 331.6 |  |  | Property and equipment, net
Total lease assets |  | $ | 1,410.7 |  |  | $ | 1,571.1 |  |  |
Liabilities: |  |  |  |  |  |
Operating leases: |  |  |  |  |  |
Current portion |  | $ | 262.0 |  |  | $ | 302.9 |  |  | Current operating lease liabilities
Non-current portion |  | 1,132.2 |  |  | 1,294.5 |  |  | Long-term operating lease liabilities
Total operating lease liabilities |  | 1,394.2 |  |  | 1,597.4 |  |  |
Finance leases: |  |  |  |  |  |
Current portion |  | 19.8 |  |  | 19.7 |  |  | Accrued expenses and other current liabilities
Non-current portion |  | 341.6 |  |  | 370.5 |  |  | Long-term finance lease liabilities
Total finance lease liabilities |  | 361.4 |  |  | 390.2 |  |  |
Total lease liabilities |  | $ | 1,755.6 |  |  | $ | 1,987.6 |  |  |
The following table summarizes the composition of total lease cost during the fiscal periods presented:
|  | Fiscal Years Ended |  |
|  | April 2, 2022 |  | March 27, 2021 |  | March 28, 2020 |  | Location Recorded in Earnings
|  | (millions) |  |
Operating lease cost |  | $ | 300.2 |  |  | $ | 323.5 |  |  | $ | 322.0 |  |  | (a)
Finance lease costs: |  |  |  |  |  |  |  |
Depreciation of leased assets |  | 26.1 |  |  | 20.5 |  |  | 18.1 |  |  | SG&A expenses
Accretion of lease liabilities |  | 12.2 |  |  | 9.7 |  |  | 8.1 |  |  | Interest expense
Variable lease cost |  | 291.2 |  |  | 224.7 |  |  | 298.0 |  |  | (b)
Short-term lease cost |  | 3.6 |  |  | 4.9 |  |  | 5.5 |  |  | SG&A expenses
Sublease income |  | (6.7) |  |  | (1.8) |  |  | (2.9) |  |  | Restructuring and other charges, net
Total lease cost |  | $ | 626.6 |  |  | $ | 581.5 |  |  | $ | 648.8 |  |  |
(a)During Fiscal 2022, $3.3 million was included within cost of goods sold, $276.2 million was included within SG&A expenses, and $20.7 million was included within restructuring and other charges, net. 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, net. 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, net. (b)During Fiscal 2022, $4.6 million was included within cost of goods sold, $288.6 million was included within SG&A expenses, and a benefit of $2.0 million was included within restructuring and other charges, net. 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, net. The following table summarizes certain cash flow information related to the Company's leases:
|  | Fiscal Year Ended
|  | April 2, 2022 |  | March 27, 2021 |  | March 28, 2020
|  | (millions)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 384.6 |  |  | $ | 360.6 |  |  | $ | 383.9 |
Operating cash flows from finance leases |  | 12.3 |  |  | 6.7 |  |  | 8.0 |
Financing cash flows from finance leases |  | 23.1 |  |  | 13.9 |  |  | 13.6 |
See Note 21 for supplemental non-cash information related to ROU assets recorded in connection with the recognition of new lease liabilities. 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 April 2, 2022:
|  | April 2, 2022
|  | Operating Leases |  | Finance Leases
|  | (millions)
Fiscal 2023 |  | $ | 286.1 |  |  | $ | 32.5 |
Fiscal 2024 |  | 276.6 |  |  | 34.3 |
Fiscal 2025 |  | 230.7 |  |  | 34.8 |
Fiscal 2026 |  | 162.9 |  |  | 35.1 |
Fiscal 2027 |  | 141.4 |  |  | 34.6 |
Fiscal 2028 and thereafter |  | 396.5 |  |  | 276.1 |
Total lease payments |  | 1,494.2 |  |  | 447.4 |
Less: interest |  | (100.0) |  |  | (86.0) |
Total lease liabilities |  | $ | 1,394.2 |  |  | $ | 361.4 |
Additionally, the Company has $23.9 million of future payment obligations relating to executed lease agreements for which the related lease terms had not yet commenced as of the end of Fiscal 2022, and, therefore, are not recorded on the consolidated balance sheet as of April 2, 2022. 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:
|  | April 2, 2022 |  | March 27, 2021
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term (years) |  | 6.8 |  | 13.5 |  | 6.9 |  | 14.2
Weighted-average discount rate |  | 1.9 | % |  | 3.2 | % |  | 2.0 | % |  | 3.3 | %
See Note 3 for discussion of the Company's accounting policies related to leases.
Leases | Leases The following table summarizes ROU assets and lease liabilities recorded on the consolidated balance sheet:
|  | April 2, 2022 |  | March 27, 2021 |  | Location Recorded on Balance Sheet
|  | (millions) |  |
Assets: |  |  |  |  |  |
Operating leases |  | $ | 1,111.3 |  |  | $ | 1,239.5 |  |  | Operating lease right-of-use assets
Finance leases |  | 299.4 |  |  | 331.6 |  |  | Property and equipment, net
Total lease assets |  | $ | 1,410.7 |  |  | $ | 1,571.1 |  |  |
Liabilities: |  |  |  |  |  |
Operating leases: |  |  |  |  |  |
Current portion |  | $ | 262.0 |  |  | $ | 302.9 |  |  | Current operating lease liabilities
Non-current portion |  | 1,132.2 |  |  | 1,294.5 |  |  | Long-term operating lease liabilities
Total operating lease liabilities |  | 1,394.2 |  |  | 1,597.4 |  |  |
Finance leases: |  |  |  |  |  |
Current portion |  | 19.8 |  |  | 19.7 |  |  | Accrued expenses and other current liabilities
Non-current portion |  | 341.6 |  |  | 370.5 |  |  | Long-term finance lease liabilities
Total finance lease liabilities |  | 361.4 |  |  | 390.2 |  |  |
Total lease liabilities |  | $ | 1,755.6 |  |  | $ | 1,987.6 |  |  |
The following table summarizes the composition of total lease cost during the fiscal periods presented:
|  | Fiscal Years Ended |  |
|  | April 2, 2022 |  | March 27, 2021 |  | March 28, 2020 |  | Location Recorded in Earnings
|  | (millions) |  |
Operating lease cost |  | $ | 300.2 |  |  | $ | 323.5 |  |  | $ | 322.0 |  |  | (a)
Finance lease costs: |  |  |  |  |  |  |  |
Depreciation of leased assets |  | 26.1 |  |  | 20.5 |  |  | 18.1 |  |  | SG&A expenses
Accretion of lease liabilities |  | 12.2 |  |  | 9.7 |  |  | 8.1 |  |  | Interest expense
Variable lease cost |  | 291.2 |  |  | 224.7 |  |  | 298.0 |  |  | (b)
Short-term lease cost |  | 3.6 |  |  | 4.9 |  |  | 5.5 |  |  | SG&A expenses
Sublease income |  | (6.7) |  |  | (1.8) |  |  | (2.9) |  |  | Restructuring and other charges, net
Total lease cost |  | $ | 626.6 |  |  | $ | 581.5 |  |  | $ | 648.8 |  |  |
(a)During Fiscal 2022, $3.3 million was included within cost of goods sold, $276.2 million was included within SG&A expenses, and $20.7 million was included within restructuring and other charges, net. 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, net. 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, net. (b)During Fiscal 2022, $4.6 million was included within cost of goods sold, $288.6 million was included within SG&A expenses, and a benefit of $2.0 million was included within restructuring and other charges, net. 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, net. The following table summarizes certain cash flow information related to the Company's leases:
|  | Fiscal Year Ended
|  | April 2, 2022 |  | March 27, 2021 |  | March 28, 2020
|  | (millions)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 384.6 |  |  | $ | 360.6 |  |  | $ | 383.9 |
Operating cash flows from finance leases |  | 12.3 |  |  | 6.7 |  |  | 8.0 |
Financing cash flows from finance leases |  | 23.1 |  |  | 13.9 |  |  | 13.6 |
See Note 21 for supplemental non-cash information related to ROU assets recorded in connection with the recognition of new lease liabilities. 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 April 2, 2022:
|  | April 2, 2022
|  | Operating Leases |  | Finance Leases
|  | (millions)
Fiscal 2023 |  | $ | 286.1 |  |  | $ | 32.5 |
Fiscal 2024 |  | 276.6 |  |  | 34.3 |
Fiscal 2025 |  | 230.7 |  |  | 34.8 |
Fiscal 2026 |  | 162.9 |  |  | 35.1 |
Fiscal 2027 |  | 141.4 |  |  | 34.6 |
Fiscal 2028 and thereafter |  | 396.5 |  |  | 276.1 |
Total lease payments |  | 1,494.2 |  |  | 447.4 |
Less: interest |  | (100.0) |  |  | (86.0) |
Total lease liabilities |  | $ | 1,394.2 |  |  | $ | 361.4 |
Additionally, the Company has $23.9 million of future payment obligations relating to executed lease agreements for which the related lease terms had not yet commenced as of the end of Fiscal 2022, and, therefore, are not recorded on the consolidated balance sheet as of April 2, 2022. 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:
|  | April 2, 2022 |  | March 27, 2021
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term (years) |  | 6.8 |  | 13.5 |  | 6.9 |  | 14.2
Weighted-average discount rate |  | 1.9 | % |  | 3.2 | % |  | 2.0 | % |  | 3.3 | %
See Note 3 for discussion of the Company's accounting policies related to leases.

X
- References No definition available. + Details
Name: | us-gaap_LesseeDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration