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LEASES (Tables) | 9 Months Ended
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Dec. 28, 2019
Leases [Abstract] |
Assets and Liabilities | The assets and liabilities related to operating and finance leases were as follows:
(In thousands) | Location in Consolidated Balance Sheet |  |  | December 2019 |
Assets: |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  |  | $ | 1,298,631 |  |
Finance lease assets | Property, plant and equipment |  |  | 22,499 |  |
Total lease assets |  |  |  | $ | 1,321,130 |  |
Liabilities: |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities | Accrued liabilities |  |  | $ | 312,704 |  |
Finance lease liabilities | Current portion of long-term debt |  |  | 4,677 |  |
Noncurrent |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  |  | 1,052,854 |  |
Finance lease liabilities | Long-term debt |  |  | 24,959 |  |
Total lease liabilities |  |  |  | $ | 1,395,194 |  |
Components of Lease Expense | The components of lease costs were as follows:
(In thousands) |  | Three Months Ended December 2019 |  | Nine Months Ended December 2019 |
Operating lease cost |  | $ | 105,510 |  |  | $ | 315,938 |  |
Finance lease cost – amortization of right-of-use assets |  | 970 |  |  | 3,002 |  |
Finance lease cost – interest on lease liabilities |  | 253 |  |  | 807 |  |
Short-term lease cost |  | 672 |  |  | 1,937 |  |
Variable lease cost |  | 31,707 |  |  | 89,693 |  |
Impairment |  | 3,035 |  |  | 3,035 |  |
Gain recognized from sale-leaseback transactions |  | — |  |  | (11,329 | ) |
Total lease cost |  | $ | 142,147 |  |  | $ | 403,083 |  |
Supplemental cash flow information related to leases was as follows:
(In thousands) |  | Nine Months Ended December 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows – operating leases |  | $ | 320,589 |  |
Operating cash flows – finance leases |  | 807 |  |
Financing cash flows – finance leases |  | 3,967 |  |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |
Operating leases (a) |  | 358,159 |  |
Finance leases |  | — |  |
(a) | Excludes amounts recorded upon adoption of ASC 842.
Lease terms and discount rates were as follows:
|  | December 2019 |
Weighted average remaining lease term: |  |  |
Operating leases |  | 5.54 years |  |
Finance leases |  | 13.64 years |  |
Weighted average discount rate: |  |  |
Operating leases |  | 2.43 | % |
Finance leases |  | 3.12 | % |
Maturities of Operating Lease Liabilities | Maturities of operating and finance lease liabilities for the next five fiscal years (including the remainder of Fiscal 2020) and thereafter as of December 2019 were as follows:
(In thousands) |  | Operating Leases |  | Finance Leases |  | Total |
Remainder of 2020 |  | $ | 42,116 |  |  | $ | 1,006 |  |  | $ | 43,122 |  |
2021 |  | 417,892 |  |  | 6,532 |  |  | 424,424 |  |
2022 |  | 300,452 |  |  | 1,910 |  |  | 302,362 |  |
2023 |  | 223,579 |  |  | 1,626 |  |  | 225,205 |  |
2024 |  | 146,783 |  |  | 1,550 |  |  | 148,333 |  |
Thereafter |  | 334,070 |  |  | 23,495 |  |  | 357,565 |  |
Total lease payments |  | 1,464,892 |  |  | 36,119 |  |  | 1,501,011 |  |
Less: present value adjustment |  | 99,334 |  |  | 6,483 |  |  | 105,817 |  |
Present value of lease liabilities |  | $ | 1,365,558 |  |  | $ | 29,636 |  |  | $ | 1,395,194 |  |
The Company excluded approximately $295.0 million of leases (undiscounted basis) that have not yet commenced. These leases will commence beginning in Fiscal 2020 with lease terms of 2 to 15 years.
Maturities of Financing Lease Liabilities | Maturities of operating and finance lease liabilities for the next five fiscal years (including the remainder of Fiscal 2020) and thereafter as of December 2019 were as follows:
(In thousands) |  | Operating Leases |  | Finance Leases |  | Total |
Remainder of 2020 |  | $ | 42,116 |  |  | $ | 1,006 |  |  | $ | 43,122 |  |
2021 |  | 417,892 |  |  | 6,532 |  |  | 424,424 |  |
2022 |  | 300,452 |  |  | 1,910 |  |  | 302,362 |  |
2023 |  | 223,579 |  |  | 1,626 |  |  | 225,205 |  |
2024 |  | 146,783 |  |  | 1,550 |  |  | 148,333 |  |
Thereafter |  | 334,070 |  |  | 23,495 |  |  | 357,565 |  |
Total lease payments |  | 1,464,892 |  |  | 36,119 |  |  | 1,501,011 |  |
Less: present value adjustment |  | 99,334 |  |  | 6,483 |  |  | 105,817 |  |
Present value of lease liabilities |  | $ | 1,365,558 |  |  | $ | 29,636 |  |  | $ | 1,395,194 |  |
Schedule of Future Minimum, Operating Leases | Future minimum lease payments under operating leases with noncancelable lease terms in excess of one year from continuing operations as of March 2019, prior to the adoption of ASC 842, were as follows:
(In thousands) |  | Operating Leases
2020 |  | $ | 320,224 |
2021 |  | 287,829 |
2022 |  | 212,918 |
2023 |  | 154,920 |
2024 |  | 100,789 |
Thereafter |  | 251,228 |
Total lease payments |  | $ | 1,327,908 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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