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v3.22.1

LEASES | 12 Months Ended
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Apr. 02, 2022
Leases [Abstract] |
LEASES | 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 |
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 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 |  |
The Company excluded approximately $18.3 million of leases (undiscounted basis) that have not yet commenced. These leases will commence in Fiscal 2023 with lease terms of 2 to 15 years.
LEASES | 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 |
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 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 |  |
The Company excluded approximately $18.3 million of leases (undiscounted basis) that have not yet commenced. These leases will commence in Fiscal 2023 with lease terms of 2 to 15 years.

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