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Leases

12 Months Ended

Apr. 02, 2021

We lease certain of our facilities, equipment, and data center co-locations under operating leases that expire on various dates through fiscal 2028. Our leases generally have terms that range from 1 year to 10 years for our facilities, 1 year to 6 years for equipment, and 1 year to 6 years for data center co-locations. Some of our leases contain renewal options, escalation clauses, rent concessions, and leasehold improvement incentives.

The following summarizes our lease costs for fiscal 2021 and 2020:


	Year Ended
(In millions)	April 2, 2021		April 3, 2020
Operating lease costs	$	17	$	34
Short-term lease costs	4		8
Variable lease costs	6		21
Total lease costs	$	27	$	63

Rent expense under operating leases prior to our adoption of Topic 842 was $58 million for fiscal 2019.

Other information related to our operating leases as of April 2, 2021 was as follows:


	Year Ended
	April 2, 2021		April 3, 2020
Weighted-average remaining lease term	4.4 years		4.5 years
Weighted-average discount rate	4.07	%	4.05	%

See Note 7 for cash flow information related to our operating leases.

As of April 2, 2021, the maturities of our lease liabilities by fiscal year are as follows:


(In millions)
2022	$	29
2023	22
2024	19
2025	14
2026	7
Thereafter	9
Total lease payments	100
Less: Imputed interest	(8)
Present value of lease liabilities	$	92