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Leases

12 Months Ended

Mar. 29, 2025

Lessee Disclosure [Abstract]

Leases, Operating

Leases

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

						March 29, 2025						March 30, 2024						Location Recorded on Balance Sheet
						(millions)
Assets:
Operating leases						$	1,013.1					$	1,014.6					Operating lease right-of-use assets
Finance leases						198.3						218.2						Property and equipment, net
Total lease assets						$	1,211.4					$	1,232.8
Liabilities:
Operating leases:
Current portion						$	225.4					$	245.5					Current operating lease liabilities
Non-current portion						1,044.7						1,014.0						Long-term operating lease liabilities
Total operating lease liabilities						1,270.1						1,259.5
Finance leases:
Current portion						20.6						19.2						Accrued expenses and other current liabilities
Non-current portion						234.8						256.1						Long-term finance lease liabilities
Total finance lease liabilities						255.4						275.3
Total lease liabilities						$	1,525.5					$	1,534.8

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

						Fiscal Years Ended
						March 29, 2025						March 30, 2024						April 1, 2023						Location Recorded in Earnings
						(millions)
Operating lease cost						$	292.5					$	295.0					$	294.3					(a)
Finance lease costs:
Depreciation of leased assets						23.1						24.0						24.5						(b)
Accretion of lease liabilities						7.7						9.1						11.2						Interest expense
Variable lease cost						371.4						340.7						318.3						(c)
Short-term lease cost						1.8						2.6						2.8						SG&A expenses
Sublease income						(7.4)						(6.5)						(8.2)						Restructuring and other charges, net
Total lease cost						$	689.1					$	664.9					$	642.9

(a)During Fiscal 2025, $3.4 million was included within cost of goods sold, $279.2 million was included within SG&A expenses, and $9.9 million was included within restructuring and other charges, net. 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.

(b)During Fiscal 2025, $20.2 million was included within SG&A expenses and $2.9 million was included within restructuring and other charges, net. 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.

(c)During Fiscal 2025, $4.7 million was included within cost of goods sold, $360.6 million was included within SG&A expenses, and $6.1 million was included within restructuring and other charges, net. 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.

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

						Fiscal Years Ended
						March 29, 2025						March 30, 2024						April 1, 2023
						(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	355.1					$	368.3					$	342.7
Operating cash flows from finance leases						7.7						9.1						11.2
Financing cash flows from finance leases						22.0						21.3						21.9

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 29, 2025:

						March 29, 2025
						Operating Leases						Finance Leases
						(millions)
Fiscal 2026						$	265.4					$	28.2
Fiscal 2027						241.7						29.7
Fiscal 2028						188.0						29.1
Fiscal 2029						163.0						22.1
Fiscal 2030						117.6						22.3
Fiscal 2031 and thereafter						517.4						166.8
Total lease payments						1,493.1						298.2
Less: interest						(223.0)						(42.8)
Total lease liabilities						$	1,270.1					$	255.4

Additionally, the Company has $90.0 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 2025 and, therefore, are not recorded on the consolidated balance sheet as of March 29, 2025.

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 29, 2025												March 30, 2024
						Operating Leases						Finance Leases						Operating Leases						Finance Leases
Weighted-average remaining lease term (years)						7.7						11.1						7.6						11.9
Weighted-average discount rate						3.6		%				2.8		%				3.3		%				2.9		%

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 29, 2025						March 30, 2024						Location Recorded on Balance Sheet
						(millions)
Assets:
Operating leases						$	1,013.1					$	1,014.6					Operating lease right-of-use assets
Finance leases						198.3						218.2						Property and equipment, net
Total lease assets						$	1,211.4					$	1,232.8
Liabilities:
Operating leases:
Current portion						$	225.4					$	245.5					Current operating lease liabilities
Non-current portion						1,044.7						1,014.0						Long-term operating lease liabilities
Total operating lease liabilities						1,270.1						1,259.5
Finance leases:
Current portion						20.6						19.2						Accrued expenses and other current liabilities
Non-current portion						234.8						256.1						Long-term finance lease liabilities
Total finance lease liabilities						255.4						275.3
Total lease liabilities						$	1,525.5					$	1,534.8

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

						Fiscal Years Ended
						March 29, 2025						March 30, 2024						April 1, 2023						Location Recorded in Earnings
						(millions)
Operating lease cost						$	292.5					$	295.0					$	294.3					(a)
Finance lease costs:
Depreciation of leased assets						23.1						24.0						24.5						(b)
Accretion of lease liabilities						7.7						9.1						11.2						Interest expense
Variable lease cost						371.4						340.7						318.3						(c)
Short-term lease cost						1.8						2.6						2.8						SG&A expenses
Sublease income						(7.4)						(6.5)						(8.2)						Restructuring and other charges, net
Total lease cost						$	689.1					$	664.9					$	642.9

(a)During Fiscal 2025, $3.4 million was included within cost of goods sold, $279.2 million was included within SG&A expenses, and $9.9 million was included within restructuring and other charges, net. 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.

(b)During Fiscal 2025, $20.2 million was included within SG&A expenses and $2.9 million was included within restructuring and other charges, net. 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.

(c)During Fiscal 2025, $4.7 million was included within cost of goods sold, $360.6 million was included within SG&A expenses, and $6.1 million was included within restructuring and other charges, net. 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.

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

						Fiscal Years Ended
						March 29, 2025						March 30, 2024						April 1, 2023
						(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	355.1					$	368.3					$	342.7
Operating cash flows from finance leases						7.7						9.1						11.2
Financing cash flows from finance leases						22.0						21.3						21.9

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 29, 2025:

						March 29, 2025
						Operating Leases						Finance Leases
						(millions)
Fiscal 2026						$	265.4					$	28.2
Fiscal 2027						241.7						29.7
Fiscal 2028						188.0						29.1
Fiscal 2029						163.0						22.1
Fiscal 2030						117.6						22.3
Fiscal 2031 and thereafter						517.4						166.8
Total lease payments						1,493.1						298.2
Less: interest						(223.0)						(42.8)
Total lease liabilities						$	1,270.1					$	255.4

Additionally, the Company has $90.0 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 2025 and, therefore, are not recorded on the consolidated balance sheet as of March 29, 2025.

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 29, 2025												March 30, 2024
						Operating Leases						Finance Leases						Operating Leases						Finance Leases
Weighted-average remaining lease term (years)						7.7						11.1						7.6						11.9
Weighted-average discount rate						3.6		%				2.8		%				3.3		%				2.9		%

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

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- 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

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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

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