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Leases | 9 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases The Company has operating and finance leases for data centers, corporate offices, retail stores and certain equipment. Its leases have remaining lease terms of one to 12 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within one to three years. The components of lease expense were as follows:
|  | Three Months Ended |  | Nine Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Operating lease cost |  | $ | 156 |  |  | $ | 166 |  |  | $ | 463 |  |  | $ | 506 |
Short-term lease cost |  | 14 |  |  | 17 |  |  | 40 |  |  | 41 |
Variable lease cost |  | 17 |  |  | 9 |  |  | 40 |  |  | 35 |
Sublease income |  | (10) |  |  | (9) |  |  | (32) |  |  | (28) |
Total operating costs |  | $ | 177 |  |  | $ | 183 |  |  | $ | 511 |  |  | $ | 554 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 107 |  |  | $ | 90 |  |  | $ | 322 |  |  | $ | 339 |
Interest on lease liabilities |  | 10 |  |  | 16 |  |  | 35 |  |  | 50 |
Total finance lease cost |  | $ | 117 |  |  | $ | 106 |  |  | $ | 357 |  |  | $ | 389 |
Cash payments made from variable lease costs and short-term leases are not included in the measurement of operating and finance lease liabilities, and as such, are excluded from the supplemental cash flow information stated below. In addition, for the supplemental non-cash information on operating and finance leases, please refer to Note 19 - "Cash Flows." Supplemental cash flow information related to leases was as follows:
|  | Nine Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019
Cash paid for amounts included in the measurement of: |  |  |  |
Operating cash flows used in operating leases |  | $ | 463 |  |  | $ | 506 |
Operating cash flows used in finance leases |  | $ | 35 |  |  | $ | 50 |
Financing cash flows used in finance leases |  | $ | 430 |  |  | $ | 436 |
Supplemental balance sheet information related to leases was as follows:
|  |  |  | As of
(in millions) |  | Balance Sheet Line Item |  | December 31, 2020 |  | March 31, 2020
Assets: |  |  |  |  |  |
ROU operating lease assets |  | Operating right-of-use assets, net |  | $ | 1,459 |  |  | $ | 1,428 |
ROU finance lease assets |  | Property and Equipment, net |  | 971 |  |  | 1,220 |
Total |  |  |  | $ | 2,430 |  |  | $ | 2,648 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease |  | Current operating lease liabilities |  | $ | 450 |  |  | $ | 482 |
Finance lease |  | Short-term debt and current maturities of long-term debt |  | 431 |  |  | 444 |
Total |  |  |  | $ | 881 |  |  | $ | 926 |
Non-current |  |  |  |  |  |
Operating lease |  | Non-current operating lease liabilities |  | $ | 1,113 |  |  | $ | 1,063 |
Finance lease |  | Long-term debt, net of current maturities |  | 545 |  |  | 602 |
Total |  |  |  | $ | 1,658 |  |  | $ | 1,665 |
The following table provides information on the weighted average remaining lease term and weighted average discount rate for operating and finance leases:
|  | As of
|  | December 31, 2020 |  | March 31, 2020
Weighted Average remaining lease term: |  | Years
Operating leases |  | 4.8 |  | 4.8
Finance leases |  | 2.7 |  | 2.7
Weighted average remaining discount rate: |  | Rate
Operating leases |  | 4.0 | % |  | 4.0 | %
Finance leases |  | 3.8 | % |  | 6.4 | %
The following maturity analysis presents expected undiscounted cash payments for operating and finance leases on an annual basis as of December 31, 2020:
Fiscal year |  | Operating Leases |  |
(in millions) |  | Real Estate |  | Equipment |  | Finance Leases
Remainder of 2021 |  | $ | 117 |  |  | $ | 15 |  |  | $ | 128 |
2022 |  | 412 |  |  | 42 |  |  | 419 |
2023 |  | 337 |  |  | 24 |  |  | 275 |
2024 |  | 262 |  |  | 11 |  |  | 139 |
2025 |  | 192 |  |  | 5 |  |  | 48 |
Thereafter |  | 297 |  |  | 3 |  |  | 6 |
Total lease payments |  | 1,617 |  |  | 100 |  |  | 1,015 |
Less: imputed interest |  | (151) |  |  | (3) |  |  | (39) |
Total payments |  | $ | 1,466 |  |  | $ | 97 |  |  | $ | 976 |
Leases | Leases The Company has operating and finance leases for data centers, corporate offices, retail stores and certain equipment. Its leases have remaining lease terms of one to 12 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within one to three years. The components of lease expense were as follows:
|  | Three Months Ended |  | Nine Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Operating lease cost |  | $ | 156 |  |  | $ | 166 |  |  | $ | 463 |  |  | $ | 506 |
Short-term lease cost |  | 14 |  |  | 17 |  |  | 40 |  |  | 41 |
Variable lease cost |  | 17 |  |  | 9 |  |  | 40 |  |  | 35 |
Sublease income |  | (10) |  |  | (9) |  |  | (32) |  |  | (28) |
Total operating costs |  | $ | 177 |  |  | $ | 183 |  |  | $ | 511 |  |  | $ | 554 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 107 |  |  | $ | 90 |  |  | $ | 322 |  |  | $ | 339 |
Interest on lease liabilities |  | 10 |  |  | 16 |  |  | 35 |  |  | 50 |
Total finance lease cost |  | $ | 117 |  |  | $ | 106 |  |  | $ | 357 |  |  | $ | 389 |
Cash payments made from variable lease costs and short-term leases are not included in the measurement of operating and finance lease liabilities, and as such, are excluded from the supplemental cash flow information stated below. In addition, for the supplemental non-cash information on operating and finance leases, please refer to Note 19 - "Cash Flows." Supplemental cash flow information related to leases was as follows:
|  | Nine Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019
Cash paid for amounts included in the measurement of: |  |  |  |
Operating cash flows used in operating leases |  | $ | 463 |  |  | $ | 506 |
Operating cash flows used in finance leases |  | $ | 35 |  |  | $ | 50 |
Financing cash flows used in finance leases |  | $ | 430 |  |  | $ | 436 |
Supplemental balance sheet information related to leases was as follows:
|  |  |  | As of
(in millions) |  | Balance Sheet Line Item |  | December 31, 2020 |  | March 31, 2020
Assets: |  |  |  |  |  |
ROU operating lease assets |  | Operating right-of-use assets, net |  | $ | 1,459 |  |  | $ | 1,428 |
ROU finance lease assets |  | Property and Equipment, net |  | 971 |  |  | 1,220 |
Total |  |  |  | $ | 2,430 |  |  | $ | 2,648 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease |  | Current operating lease liabilities |  | $ | 450 |  |  | $ | 482 |
Finance lease |  | Short-term debt and current maturities of long-term debt |  | 431 |  |  | 444 |
Total |  |  |  | $ | 881 |  |  | $ | 926 |
Non-current |  |  |  |  |  |
Operating lease |  | Non-current operating lease liabilities |  | $ | 1,113 |  |  | $ | 1,063 |
Finance lease |  | Long-term debt, net of current maturities |  | 545 |  |  | 602 |
Total |  |  |  | $ | 1,658 |  |  | $ | 1,665 |
The following table provides information on the weighted average remaining lease term and weighted average discount rate for operating and finance leases:
|  | As of
|  | December 31, 2020 |  | March 31, 2020
Weighted Average remaining lease term: |  | Years
Operating leases |  | 4.8 |  | 4.8
Finance leases |  | 2.7 |  | 2.7
Weighted average remaining discount rate: |  | Rate
Operating leases |  | 4.0 | % |  | 4.0 | %
Finance leases |  | 3.8 | % |  | 6.4 | %
The following maturity analysis presents expected undiscounted cash payments for operating and finance leases on an annual basis as of December 31, 2020:
Fiscal year |  | Operating Leases |  |
(in millions) |  | Real Estate |  | Equipment |  | Finance Leases
Remainder of 2021 |  | $ | 117 |  |  | $ | 15 |  |  | $ | 128 |
2022 |  | 412 |  |  | 42 |  |  | 419 |
2023 |  | 337 |  |  | 24 |  |  | 275 |
2024 |  | 262 |  |  | 11 |  |  | 139 |
2025 |  | 192 |  |  | 5 |  |  | 48 |
Thereafter |  | 297 |  |  | 3 |  |  | 6 |
Total lease payments |  | 1,617 |  |  | 100 |  |  | 1,015 |
Less: imputed interest |  | (151) |  |  | (3) |  |  | (39) |
Total payments |  | $ | 1,466 |  |  | $ | 97 |  |  | $ | 976 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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