XML 42 R22.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2

Leases

12 Months Ended

Mar. 30, 2024

Lessee Disclosure [Abstract]

Leases, Operating

Leases

The following table summarizes ROU assets and lease liabilities recorded on the consolidated balance sheets:

						March 30, 2024						April 1, 2023						Location Recorded on Balance Sheet
						(millions)
Assets:
Operating leases						$	1,014.6					$	1,134.0					Operating lease right-of-use assets
Finance leases						218.2						271.7						Property and equipment, net
Total lease assets						$	1,232.8					$	1,405.7
Liabilities:
Operating leases:
Current portion						$	245.5					$	266.7					Current operating lease liabilities
Non-current portion						1,014.0						1,141.1						Long-term operating lease liabilities
Total operating lease liabilities						1,259.5						1,407.8
Finance leases:
Current portion						19.2						20.3						Accrued expenses and other current liabilities
Non-current portion						256.1						315.3						Long-term finance lease liabilities
Total finance lease liabilities						275.3						335.6
Total lease liabilities						$	1,534.8					$	1,743.4

The following table summarizes the composition of total lease cost during the fiscal years presented:

						Fiscal Years Ended
						March 30, 2024						April 1, 2023						April 2, 2022						Location Recorded in Earnings
						(millions)
Operating lease cost						$	295.0					$	294.3					$	300.2					(a)
Finance lease costs:
Depreciation of leased assets						24.0						24.5						26.1						(b)
Accretion of lease liabilities						9.1						11.2						12.2						Interest expense
Variable lease cost						340.7						318.3						291.2						(c)
Short-term lease cost						2.6						2.8						3.6						SG&A expenses
Sublease income						(6.5)						(8.2)						(6.7)						Restructuring and other charges, net
Total lease cost						$	664.9					$	642.9					$	626.6

(a)During Fiscal 2024, $3.1 million was included within cost of goods sold, $278.1 million was included within SG&A expenses, and $13.8 million was included within restructuring and other charges, net. 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.

(b)During Fiscal 2024, $20.9 million was included within SG&A expenses and $3.1 million was included within restructuring and other charges, net. 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, all depreciation of leased assets was included within SG&A expenses.

(c)During Fiscal 2024, $4.7 million was included within cost of goods sold, $332.7 million was included within SG&A expenses, and $3.3 million was included within restructuring and other charges, net. 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.

The following table summarizes certain cash flow information related to the Company's leases:

						Fiscal Years Ended
						March 30, 2024						April 1, 2023						April 2, 2022
						(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	368.3					$	342.7					$	384.6
Operating cash flows from finance leases						9.1						11.2						12.3
Financing cash flows from finance leases						21.3						21.9						23.1

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 March 30, 2024:

						March 30, 2024
						Operating Leases						Finance Leases
						(millions)
Fiscal 2025						$	279.0					$	27.3
Fiscal 2026						254.1						29.8
Fiscal 2027						161.1						29.1
Fiscal 2028						150.7						28.6
Fiscal 2029						131.0						21.9
Fiscal 2030 and thereafter						485.2						188.9
Total lease payments						1,461.1						325.6
Less: interest						(201.6)						(50.3)
Total lease liabilities						$	1,259.5					$	275.3

Additionally, the Company has $147.1 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 2024 and, therefore, are not recorded on the consolidated balance sheet as of March 30, 2024.

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 sheets:

						March 30, 2024												April 1, 2023
						Operating Leases						Finance Leases						Operating Leases						Finance Leases
Weighted-average remaining lease term (years)						7.6						11.9						6.5						12.7
Weighted-average discount rate						3.3		%				2.9		%				2.5		%				3.1		%

See Note 3 for discussion of the Company's accounting policies related to leases.

Leases, Finance

Leases

The following table summarizes ROU assets and lease liabilities recorded on the consolidated balance sheets:

						March 30, 2024						April 1, 2023						Location Recorded on Balance Sheet
						(millions)
Assets:
Operating leases						$	1,014.6					$	1,134.0					Operating lease right-of-use assets
Finance leases						218.2						271.7						Property and equipment, net
Total lease assets						$	1,232.8					$	1,405.7
Liabilities:
Operating leases:
Current portion						$	245.5					$	266.7					Current operating lease liabilities
Non-current portion						1,014.0						1,141.1						Long-term operating lease liabilities
Total operating lease liabilities						1,259.5						1,407.8
Finance leases:
Current portion						19.2						20.3						Accrued expenses and other current liabilities
Non-current portion						256.1						315.3						Long-term finance lease liabilities
Total finance lease liabilities						275.3						335.6
Total lease liabilities						$	1,534.8					$	1,743.4

The following table summarizes the composition of total lease cost during the fiscal years presented:

						Fiscal Years Ended
						March 30, 2024						April 1, 2023						April 2, 2022						Location Recorded in Earnings
						(millions)
Operating lease cost						$	295.0					$	294.3					$	300.2					(a)
Finance lease costs:
Depreciation of leased assets						24.0						24.5						26.1						(b)
Accretion of lease liabilities						9.1						11.2						12.2						Interest expense
Variable lease cost						340.7						318.3						291.2						(c)
Short-term lease cost						2.6						2.8						3.6						SG&A expenses
Sublease income						(6.5)						(8.2)						(6.7)						Restructuring and other charges, net
Total lease cost						$	664.9					$	642.9					$	626.6

(a)During Fiscal 2024, $3.1 million was included within cost of goods sold, $278.1 million was included within SG&A expenses, and $13.8 million was included within restructuring and other charges, net. 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.

(b)During Fiscal 2024, $20.9 million was included within SG&A expenses and $3.1 million was included within restructuring and other charges, net. 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, all depreciation of leased assets was included within SG&A expenses.

(c)During Fiscal 2024, $4.7 million was included within cost of goods sold, $332.7 million was included within SG&A expenses, and $3.3 million was included within restructuring and other charges, net. 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.

The following table summarizes certain cash flow information related to the Company's leases:

						Fiscal Years Ended
						March 30, 2024						April 1, 2023						April 2, 2022
						(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	368.3					$	342.7					$	384.6
Operating cash flows from finance leases						9.1						11.2						12.3
Financing cash flows from finance leases						21.3						21.9						23.1

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 March 30, 2024:

						March 30, 2024
						Operating Leases						Finance Leases
						(millions)
Fiscal 2025						$	279.0					$	27.3
Fiscal 2026						254.1						29.8
Fiscal 2027						161.1						29.1
Fiscal 2028						150.7						28.6
Fiscal 2029						131.0						21.9
Fiscal 2030 and thereafter						485.2						188.9
Total lease payments						1,461.1						325.6
Less: interest						(201.6)						(50.3)
Total lease liabilities						$	1,259.5					$	275.3

Additionally, the Company has $147.1 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 2024 and, therefore, are not recorded on the consolidated balance sheet as of March 30, 2024.

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 sheets:

						March 30, 2024												April 1, 2023
						Operating Leases						Finance Leases						Operating Leases						Finance Leases
Weighted-average remaining lease term (years)						7.6						11.9						6.5						12.7
Weighted-average discount rate						3.3		%				2.9		%				2.5		%				3.1		%

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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

+ 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

+ Details

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration