Leases (Tables)

12 Months Ended

Apr. 01, 2023

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	%