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v3.25.1

LEASES | 12 Months Ended
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Mar. 29, 2025
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 2025 |  |  | March 2024
Assets: |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  |  | $ | 1,262,319 |  |  |  | $ | 1,255,074 |
Finance lease assets | Property, plant and equipment, net |  |  | 10,584 |  |  |  | 11,500 |
Total lease assets |  |  |  | $ | 1,272,903 |  |  |  | $ | 1,266,574 |
Liabilities: |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Operating lease liabilities | Accrued liabilities |  |  | $ | 308,741 |  |  |  | $ | 295,035 |
Finance lease liabilities | Current portion of long-term debt |  |  | 1,011 |  |  |  | 981 |
Noncurrent |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  |  | 1,079,182 |  |  |  | 1,087,304 |
Finance lease liabilities | Long-term debt |  |  | 14,039 |  |  |  | 15,178 |
Total lease liabilities |  |  |  | $ | 1,402,973 |  |  |  | $ | 1,398,498 |
The components of lease costs were as follows:
|  | Year Ended March
(In thousands) |  | 2025 |  |  | 2024 |  | 2023
Operating lease cost |  | $ | 403,734 |  |  |  | $ | 410,427 |  |  | $ | 404,041 |
Finance lease cost – amortization of right-of-use assets |  | 917 |  |  |  | 917 |  |  | 917 |
Finance lease cost – interest on lease liabilities |  | 428 |  |  |  | 457 |  |  | 486 |
Short-term lease cost |  | 19,014 |  |  |  | 25,227 |  |  | 22,126 |
Variable lease cost |  | 135,721 |  |  |  | 132,453 |  |  | 117,189 |
Impairment |  | — |  |  |  | 12,958 |  |  | — |
Gain recognized from sale-leaseback transaction |  | (17,434) |  |  |  | — |  |  | (13,189) |
Total lease cost |  | $ | 542,380 |  |  |  | $ | 582,439 |  |  | $ | 531,570 |
Supplemental cash flow information related to leases was as follows:
|  | Year Ended March
(In thousands) |  | 2025 |  |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows – operating leases |  | $ | 420,156 |  |  |  | $ | 424,646 |  |  | $ | 413,139 |
Operating cash flows – finance leases |  | 428 |  |  |  | 457 |  |  | 486 |
Financing cash flows – finance leases |  | 1,109 |  |  |  | 1,079 |  |  | 1,050 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |
Operating leases |  | 374,707 |  |  |  | 337,980 |  |  | 539,042 |
Finance leases |  | — |  |  |  | — |  |  | — |
Lease terms and discount rates were as follows:
|  | March 2025 |  |  | March 2024 |  | March 2023
Weighted average remaining lease term: |  |  |  |  |  |  |
Operating leases |  | 6.01 years |  |  | 6.20 years |  | 6.61 years
Finance leases |  | 11.51 years |  |  | 12.51 years |  | 13.51 years
Weighted average discount rate: |  |  |  |  |  |  |
Operating leases |  | 3.72 | % |  |  | 3.34 | % |  | 2.66 | %
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 2025 were as follows:
(In thousands) |  | Operating Leases |  | Finance Leases |  | Total |
2026 |  | $ | 351,372 |  |  | $ | 1,408 |  |  | $ | 352,780 |  |
2027 |  | 330,398 |  |  | 1,664 |  |  | 332,062 |  |
2028 |  | 238,244 |  |  | 1,536 |  |  | 239,780 |  |
2029 |  | 168,331 |  |  | 1,408 |  |  | 169,739 |  |
2030 |  | 122,382 |  |  | 1,536 |  |  | 123,918 |  |
Thereafter |  | 334,103 |  |  | 9,986 |  |  | 344,089 |  |
Total lease payments |  | 1,544,830 |  |  | 17,538 |  |  | 1,562,368 |  |
Less: present value adjustment |  | 156,907 |  |  | 2,488 |  |  | 159,395 |  |
Present value of lease liabilities |  | $ | 1,387,923 |  |  | $ | 15,050 |  |  | $ | 1,402,973 |  |
The Company excluded approximate ly $130.2 million of l eases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2026 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 2025 |  |  | March 2024
Assets: |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  |  | $ | 1,262,319 |  |  |  | $ | 1,255,074 |
Finance lease assets | Property, plant and equipment, net |  |  | 10,584 |  |  |  | 11,500 |
Total lease assets |  |  |  | $ | 1,272,903 |  |  |  | $ | 1,266,574 |
Liabilities: |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Operating lease liabilities | Accrued liabilities |  |  | $ | 308,741 |  |  |  | $ | 295,035 |
Finance lease liabilities | Current portion of long-term debt |  |  | 1,011 |  |  |  | 981 |
Noncurrent |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  |  | 1,079,182 |  |  |  | 1,087,304 |
Finance lease liabilities | Long-term debt |  |  | 14,039 |  |  |  | 15,178 |
Total lease liabilities |  |  |  | $ | 1,402,973 |  |  |  | $ | 1,398,498 |
The components of lease costs were as follows:
|  | Year Ended March
(In thousands) |  | 2025 |  |  | 2024 |  | 2023
Operating lease cost |  | $ | 403,734 |  |  |  | $ | 410,427 |  |  | $ | 404,041 |
Finance lease cost – amortization of right-of-use assets |  | 917 |  |  |  | 917 |  |  | 917 |
Finance lease cost – interest on lease liabilities |  | 428 |  |  |  | 457 |  |  | 486 |
Short-term lease cost |  | 19,014 |  |  |  | 25,227 |  |  | 22,126 |
Variable lease cost |  | 135,721 |  |  |  | 132,453 |  |  | 117,189 |
Impairment |  | — |  |  |  | 12,958 |  |  | — |
Gain recognized from sale-leaseback transaction |  | (17,434) |  |  |  | — |  |  | (13,189) |
Total lease cost |  | $ | 542,380 |  |  |  | $ | 582,439 |  |  | $ | 531,570 |
Supplemental cash flow information related to leases was as follows:
|  | Year Ended March
(In thousands) |  | 2025 |  |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows – operating leases |  | $ | 420,156 |  |  |  | $ | 424,646 |  |  | $ | 413,139 |
Operating cash flows – finance leases |  | 428 |  |  |  | 457 |  |  | 486 |
Financing cash flows – finance leases |  | 1,109 |  |  |  | 1,079 |  |  | 1,050 |
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |
Operating leases |  | 374,707 |  |  |  | 337,980 |  |  | 539,042 |
Finance leases |  | — |  |  |  | — |  |  | — |
Lease terms and discount rates were as follows:
|  | March 2025 |  |  | March 2024 |  | March 2023
Weighted average remaining lease term: |  |  |  |  |  |  |
Operating leases |  | 6.01 years |  |  | 6.20 years |  | 6.61 years
Finance leases |  | 11.51 years |  |  | 12.51 years |  | 13.51 years
Weighted average discount rate: |  |  |  |  |  |  |
Operating leases |  | 3.72 | % |  |  | 3.34 | % |  | 2.66 | %
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 2025 were as follows:
(In thousands) |  | Operating Leases |  | Finance Leases |  | Total |
2026 |  | $ | 351,372 |  |  | $ | 1,408 |  |  | $ | 352,780 |  |
2027 |  | 330,398 |  |  | 1,664 |  |  | 332,062 |  |
2028 |  | 238,244 |  |  | 1,536 |  |  | 239,780 |  |
2029 |  | 168,331 |  |  | 1,408 |  |  | 169,739 |  |
2030 |  | 122,382 |  |  | 1,536 |  |  | 123,918 |  |
Thereafter |  | 334,103 |  |  | 9,986 |  |  | 344,089 |  |
Total lease payments |  | 1,544,830 |  |  | 17,538 |  |  | 1,562,368 |  |
Less: present value adjustment |  | 156,907 |  |  | 2,488 |  |  | 159,395 |  |
Present value of lease liabilities |  | $ | 1,387,923 |  |  | $ | 15,050 |  |  | $ | 1,402,973 |  |
The Company excluded approximate ly $130.2 million of l eases (undiscounted basis) that have not yet commenced. These leases will commence primarily in Fiscal 2026 with lease terms of 2 to 15 years.

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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 + Details
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