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v3.23.1

Leases (Tables) | 12 Months Ended
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Apr. 01, 2023
Lessee Disclosure [Abstract] |
ROU Assets and Lease Liabilities | The following table summarizes ROU assets and lease liabilities recorded on the consolidated balance sheet:
|  | April 1, 2023 |  | April 2, 2022 |  | Location Recorded on Balance Sheet
|  | (millions) |  |
Assets: |  |  |  |  |  |
Operating leases |  | $ | 1,134.0 |  |  | $ | 1,111.3 |  |  | Operating lease right-of-use assets
Finance leases |  | 271.7 |  |  | 299.4 |  |  | Property and equipment, net
Total lease assets |  | $ | 1,405.7 |  |  | $ | 1,410.7 |  |  |
Liabilities: |  |  |  |  |  |
Operating leases: |  |  |  |  |  |
Current portion |  | $ | 266.7 |  |  | $ | 262.0 |  |  | Current operating lease liabilities
Non-current portion |  | 1,141.1 |  |  | 1,132.2 |  |  | Long-term operating lease liabilities
Total operating lease liabilities |  | 1,407.8 |  |  | 1,394.2 |  |  |
Finance leases: |  |  |  |  |  |
Current portion |  | 20.3 |  |  | 19.8 |  |  | Accrued expenses and other current liabilities
Non-current portion |  | 315.3 |  |  | 341.6 |  |  | Long-term finance lease liabilities
Total finance lease liabilities |  | 335.6 |  |  | 361.4 |  |  |
Total lease liabilities |  | $ | 1,743.4 |  |  | $ | 1,755.6 |  |  |
Lease Cost | The following table summarizes the composition of total lease cost during the fiscal years presented:
|  | Fiscal Years Ended |  |
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021 |  | Location Recorded in Earnings
|  | (millions) |  |
Operating lease cost |  | $ | 294.3 |  |  | $ | 300.2 |  |  | $ | 323.5 |  |  | (a)
Finance lease costs: |  |  |  |  |  |  |  |
Depreciation of leased assets |  | 24.5 |  |  | 26.1 |  |  | 20.5 |  |  | (b)
Accretion of lease liabilities |  | 11.2 |  |  | 12.2 |  |  | 9.7 |  |  | Interest expense
Variable lease cost |  | 318.3 |  |  | 291.2 |  |  | 224.7 |  |  | (c)
Short-term lease cost |  | 2.8 |  |  | 3.6 |  |  | 4.9 |  |  | SG&A expenses
Sublease income |  | (8.2) |  |  | (6.7) |  |  | (1.8) |  |  | Restructuring and other charges, net
Total lease cost |  | $ | 642.9 |  |  | $ | 626.6 |  |  | $ | 581.5 |  |  |
(a)During Fiscal 2023, $3.1 million was included within cost of goods sold, $269.4 million was included within SG&A expenses, and $21.8 million was included within restructuring and other charges, net. 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. (b)During Fiscal 2023, $22.8 million was included within SG&A expenses and $1.7 million was included within restructuring and other charges, net. During Fiscal 2022 and Fiscal 2021, depreciation of leased assets were included within SG&A expenses. (c)During Fiscal 2023, $3.5 million was included within cost of goods sold, $307.8 million was included within SG&A expenses, and $7.0 million was included within restructuring and other charges, net. During Fiscal 2022, $4.6 million was included within cost of goods sold and $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.
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
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 342.7 |  |  | $ | 384.6 |  |  | $ | 360.6 |
Operating cash flows from finance leases |  | 11.2 |  |  | 12.3 |  |  | 6.7 |
Financing cash flows from finance leases |  | 21.9 |  |  | 23.1 |  |  | 13.9 |
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 April 1, 2023:
|  | April 1, 2023
|  | Operating Leases |  | Finance Leases
|  | (millions)
Fiscal 2024 |  | $ | 299.1 |  |  | $ | 33.0 |
Fiscal 2025 |  | 296.5 |  |  | 34.1 |
Fiscal 2026 |  | 219.4 |  |  | 34.4 |
Fiscal 2027 |  | 186.0 |  |  | 33.9 |
Fiscal 2028 |  | 150.2 |  |  | 31.7 |
Fiscal 2029 and thereafter |  | 386.9 |  |  | 242.6 |
Total lease payments |  | 1,538.1 |  |  | 409.7 |
Less: interest |  | (130.3) |  |  | (74.1) |
Total lease liabilities |  | $ | 1,407.8 |  |  | $ | 335.6 |
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:
|  | April 1, 2023 |  | April 2, 2022
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term (years) |  | 6.5 |  | 12.7 |  | 6.8 |  | 13.5
Weighted-average discount rate |  | 2.5 | % |  | 3.1 | % |  | 1.9 | % |  | 3.2 | %

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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