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LEASES (Tables) | 12 Months Ended
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Apr. 02, 2022
Leases [Abstract] |
Assets and Liabilities Related to Operating and Finance Leases | The assets and liabilities related to operating and finance leases were as follows:
(In thousands) | Location in Consolidated Balance Sheet |  |  | March 2022 |  |  | March 2021
Assets: |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  |  | $ | 1,247,056 |  |  |  | $ | 1,474,434 |
Finance lease assets | Property, plant and equipment, net |  |  | 13,334 |  |  |  | 14,250 |
Total lease assets |  |  |  | $ | 1,260,390 |  |  |  | $ | 1,488,684 |
Liabilities: |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Operating lease liabilities | Accrued liabilities |  |  | $ | 353,948 |  |  |  | $ | 403,995 |
Finance lease liabilities | Current portion of long-term debt |  |  | 1,051 |  |  |  | 1,023 |
Noncurrent |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  |  | 1,023,759 |  |  |  | 1,236,461 |
Finance lease liabilities | Long-term debt |  |  | 17,238 |  |  |  | 18,288 |
Total lease liabilities |  |  |  | $ | 1,395,996 |  |  |  | $ | 1,659,767 |
Components of Lease Costs | The components of lease costs were as follows:
|  | Year Ended March
(In thousands) |  | 2022 |  |  | 2021 |  | 2020
Operating lease cost |  | $ | 435,637 |  |  |  | $ | 454,324 |  |  | $ | 420,175 |
Finance lease cost – amortization of right-of-use assets |  | 917 |  |  |  | 749 |  |  | 3,700 |
Finance lease cost – interest on lease liabilities |  | 513 |  |  |  | 462 |  |  | 1,018 |
Short-term lease cost |  | 17,602 |  |  |  | 8,586 |  |  | 3,696 |
Variable lease cost |  | 98,052 |  |  |  | 54,460 |  |  | 109,935 |
Impairment |  | 4,279 |  |  |  | 9,177 |  |  | 10,728 |
Gain recognized from sale-leaseback transactions |  | — |  |  |  | — |  |  | (11,329) |
Total lease cost |  | $ | 557,000 |  |  |  | $ | 527,758 |  |  | $ | 537,923 |
Supplemental cash flow information related to leases was as follows:
|  | Year Ended March
(In thousands) |  | 2022 |  |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows – operating leases |  | $ | 465,249 |  |  |  | $ | 425,975 |  |  | $ | 391,344 |
Operating cash flows – finance leases |  | 513 |  |  |  | 552 |  |  | 1,018 |
Financing cash flows – finance leases |  | 1,023 |  |  |  | 1,112 |  |  | 4,890 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |
Operating leases (a) |  | 205,811 |  |  |  | 636,613 |  |  | 478,879 |
Finance leases |  | — |  |  |  | — |  |  | — |
(a)The year end ed March 2020 excludes amounts recorded upon adoption of ASC 842. Lease terms and discount rates were as follows:
|  | March 2022 |  |  | March 2021 |  | March 2020
Weighted average remaining lease term: |  |  |  |  |  |  |
Operating leases |  | 6.17 years |  |  | 6.77 years |  | 5.23 years
Finance leases |  | 14.51 years |  |  | 15.50 years |  | 16.51 years
Weighted average discount rate: |  |  |  |  |  |  |
Operating leases |  | 1.78 | % |  |  | 1.80 | % |  | 2.23 | %
Finance leases |  | 2.71 | % |  |  | 2.71 | % |  | 2.71 | %
Maturities of Operating Lease Liabilities | Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2022 were as follows:
(In thousands) |  | Operating Leases |  | Finance Leases |  | Total |
2023 |  | $ | 374,983 |  |  | $ | 1,536 |  |  | $ | 376,519 |  |
2024 |  | 281,069 |  |  | 1,536 |  |  | 282,605 |  |
2025 |  | 210,906 |  |  | 1,536 |  |  | 212,442 |  |
2026 |  | 146,226 |  |  | 1,536 |  |  | 147,762 |  |
2027 |  | 107,620 |  |  | 1,536 |  |  | 109,156 |  |
Thereafter |  | 344,289 |  |  | 14,467 |  |  | 358,756 |  |
Total lease payments |  | 1,465,093 |  |  | 22,147 |  |  | 1,487,240 |  |
Less: present value adjustment |  | 87,386 |  |  | 3,858 |  |  | 91,244 |  |
Present value of lease liabilities |  | $ | 1,377,707 |  |  | $ | 18,289 |  |  | $ | 1,395,996 |  |
Maturities of Financing Lease Liabilities | Maturities of operating and finance lease liabilities for the next five fiscal years and thereafter as of March 2022 were as follows:
(In thousands) |  | Operating Leases |  | Finance Leases |  | Total |
2023 |  | $ | 374,983 |  |  | $ | 1,536 |  |  | $ | 376,519 |  |
2024 |  | 281,069 |  |  | 1,536 |  |  | 282,605 |  |
2025 |  | 210,906 |  |  | 1,536 |  |  | 212,442 |  |
2026 |  | 146,226 |  |  | 1,536 |  |  | 147,762 |  |
2027 |  | 107,620 |  |  | 1,536 |  |  | 109,156 |  |
Thereafter |  | 344,289 |  |  | 14,467 |  |  | 358,756 |  |
Total lease payments |  | 1,465,093 |  |  | 22,147 |  |  | 1,487,240 |  |
Less: present value adjustment |  | 87,386 |  |  | 3,858 |  |  | 91,244 |  |
Present value of lease liabilities |  | $ | 1,377,707 |  |  | $ | 18,289 |  |  | $ | 1,395,996 |  |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance 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=123408670&loc=SL77918701-209980 + Details
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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=123408670&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=123408670&loc=SL77918701-209980 + Details
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