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Leases | 12 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Leases The Company has operating and finance leases for data centers, corporate offices and certain equipment. Our leases have remaining lease terms of one to 10 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. Operating Leases The components of operating lease expense were as follows:
|  | For the Fiscal Year Ended
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Operating lease cost |  | $ | 309 |  |  | $ | 353 |  |  | $ | 404 |
Short-term lease cost |  | 26 |  |  | 28 |  |  | 35 |
Variable lease cost |  | 52 |  |  | 61 |  |  | 73 |
Sublease income |  | (17) |  |  | (19) |  |  | (18) |
Total operating costs |  | $ | 370 |  |  | $ | 423 |  |  | $ | 494 |
Cash payments made for variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and as such, are excluded from the supplemental cash flow information stated below.
|  | For the Fiscal Year Ended
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows |  | $ | 309 |  |  | $ | 353 |  |  | $ | 404 |
ROU assets obtained in exchange for operating lease liabilities(1) |  | $ | 241 |  |  | $ | 175 |  |  | $ | 227 |
(1) There were $703 million, $880 million, and $1,142 million in modifications and terminations in fiscal 2025, 2024, and 2023, respectively. See Note 17 – "Cash Flows” for further information on non-cash activities affecting cash flows. The following table presents operating lease balances:
|  |  |  | As of
(in millions) |  | Balance Sheet Line Item |  | March 31, 2025 |  | March 31, 2024
ROU operating lease assets |  | Operating right-of-use assets, net |  | $ | 635 |  |  | $ | 731 |
Operating lease liabilities |  | Current operating lease liabilities |  | $ | 227 |  |  | $ | 282 |
Operating lease liabilities |  | Non-current operating lease liabilities |  | 444 |  |  | 497 |
Total operating lease liabilities |  |  |  | $ | 671 |  |  | $ | 779 |
The weighted-average operating lease term was 3.8 years and 3.9 years as of March 31, 2025 and March 31, 2024, respectively. The weighted-average operating lease discount rate was 4.9% and 4.6% as of March 31, 2025 and March 31, 2024, respectively. The following maturity analysis presents expected undiscounted cash payments for operating leases as of March 31, 2025:
|  | Fiscal Year |  |
(in millions) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Operating lease payments |  | $ | 251 |  |  | $ | 176 |  |  | $ | 146 |  |  | $ | 95 |  |  | $ | 34 |  |  | $ | 32 |  |  | $ | 734 |
Less: imputed interest |  |  |  |  |  |  |  |  |  |  |  |  |  | (63) |
Total operating lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 671 |
Finance Leases The components of finance lease expense were as follows:
|  | For the Fiscal Year Ended
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 81 |  |  | $ | 137 |  |  | $ | 218 |
Interest on lease liabilities |  | 14 |  |  | 15 |  |  | 17 |
Total finance lease cost |  | $ | 95 |  |  | $ | 152 |  |  | $ | 235 |
The following table provides supplemental cash flow information related to the Company’s finance leases:
|  | For the Fiscal Year Ended
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Interest paid for finance lease liabilities – Operating cash flows |  | $ | 14 |  |  | $ | 15 |  |  | $ | 17 |
Cash paid for amounts included in the measurement of finance lease obligations – financing cash flows |  | 200 |  |  | 240 |  |  | 315 |
Total cash paid in the measurement of finance lease obligations |  | $ | 214 |  |  | $ | 255 |  |  | $ | 332 |
Capital expenditures through finance lease obligations(1) |  | $ | 24 |  |  | $ | 105 |  |  | $ | 102 |
(1) See Note 17 – ”Cash Flows” for further information on non-cash activities affecting cash flows. The following table presents finance lease balances:
|  |  |  | As of
(in millions) |  | Balance Sheet Line Item |  | March 31, 2025 |  | March 31, 2024
ROU finance lease assets |  | Property and Equipment, net |  | $ | 145 |  |  | $ | 264 |
Finance lease |  | Short-term debt and current maturities of long-term debt |  | $ | 123 |  |  | $ | 178 |
Finance lease |  | Long-term debt, net of current maturities |  | 155 |  |  | 242 |
Total finance lease liabilities(1) |  |  |  | $ | 278 |  |  | $ | 420 |
(1) See Note 10 – “Debt” for further information on finance lease liabilities. The weighted-average finance lease term was 2.7 years and 2.9 years as of March 31, 2025 and March 31, 2024, respectively. The weighted-average finance lease discount rate was 5.6% and 4.3% as of March 31, 2025 and March 31, 2024, respectively. The following maturity analysis presents expected undiscounted cash payments for finance leases as of March 31, 2025:
|  | Fiscal Year |  |
(in millions) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Finance lease payments |  | $ | 135 |  |  | $ | 92 |  |  | $ | 51 |  |  | $ | 19 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 301 |
Less: imputed interest |  |  |  |  |  |  |  |  |  |  |  |  |  | (23) |
Total finance lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 278 |
Leases | Leases The Company has operating and finance leases for data centers, corporate offices and certain equipment. Our leases have remaining lease terms of one to 10 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. Operating Leases The components of operating lease expense were as follows:
|  | For the Fiscal Year Ended
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Operating lease cost |  | $ | 309 |  |  | $ | 353 |  |  | $ | 404 |
Short-term lease cost |  | 26 |  |  | 28 |  |  | 35 |
Variable lease cost |  | 52 |  |  | 61 |  |  | 73 |
Sublease income |  | (17) |  |  | (19) |  |  | (18) |
Total operating costs |  | $ | 370 |  |  | $ | 423 |  |  | $ | 494 |
Cash payments made for variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and as such, are excluded from the supplemental cash flow information stated below.
|  | For the Fiscal Year Ended
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows |  | $ | 309 |  |  | $ | 353 |  |  | $ | 404 |
ROU assets obtained in exchange for operating lease liabilities(1) |  | $ | 241 |  |  | $ | 175 |  |  | $ | 227 |
(1) There were $703 million, $880 million, and $1,142 million in modifications and terminations in fiscal 2025, 2024, and 2023, respectively. See Note 17 – "Cash Flows” for further information on non-cash activities affecting cash flows. The following table presents operating lease balances:
|  |  |  | As of
(in millions) |  | Balance Sheet Line Item |  | March 31, 2025 |  | March 31, 2024
ROU operating lease assets |  | Operating right-of-use assets, net |  | $ | 635 |  |  | $ | 731 |
Operating lease liabilities |  | Current operating lease liabilities |  | $ | 227 |  |  | $ | 282 |
Operating lease liabilities |  | Non-current operating lease liabilities |  | 444 |  |  | 497 |
Total operating lease liabilities |  |  |  | $ | 671 |  |  | $ | 779 |
The weighted-average operating lease term was 3.8 years and 3.9 years as of March 31, 2025 and March 31, 2024, respectively. The weighted-average operating lease discount rate was 4.9% and 4.6% as of March 31, 2025 and March 31, 2024, respectively. The following maturity analysis presents expected undiscounted cash payments for operating leases as of March 31, 2025:
|  | Fiscal Year |  |
(in millions) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Operating lease payments |  | $ | 251 |  |  | $ | 176 |  |  | $ | 146 |  |  | $ | 95 |  |  | $ | 34 |  |  | $ | 32 |  |  | $ | 734 |
Less: imputed interest |  |  |  |  |  |  |  |  |  |  |  |  |  | (63) |
Total operating lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 671 |
Finance Leases The components of finance lease expense were as follows:
|  | For the Fiscal Year Ended
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 81 |  |  | $ | 137 |  |  | $ | 218 |
Interest on lease liabilities |  | 14 |  |  | 15 |  |  | 17 |
Total finance lease cost |  | $ | 95 |  |  | $ | 152 |  |  | $ | 235 |
The following table provides supplemental cash flow information related to the Company’s finance leases:
|  | For the Fiscal Year Ended
(in millions) |  | March 31, 2025 |  | March 31, 2024 |  | March 31, 2023
Interest paid for finance lease liabilities – Operating cash flows |  | $ | 14 |  |  | $ | 15 |  |  | $ | 17 |
Cash paid for amounts included in the measurement of finance lease obligations – financing cash flows |  | 200 |  |  | 240 |  |  | 315 |
Total cash paid in the measurement of finance lease obligations |  | $ | 214 |  |  | $ | 255 |  |  | $ | 332 |
Capital expenditures through finance lease obligations(1) |  | $ | 24 |  |  | $ | 105 |  |  | $ | 102 |
(1) See Note 17 – ”Cash Flows” for further information on non-cash activities affecting cash flows. The following table presents finance lease balances:
|  |  |  | As of
(in millions) |  | Balance Sheet Line Item |  | March 31, 2025 |  | March 31, 2024
ROU finance lease assets |  | Property and Equipment, net |  | $ | 145 |  |  | $ | 264 |
Finance lease |  | Short-term debt and current maturities of long-term debt |  | $ | 123 |  |  | $ | 178 |
Finance lease |  | Long-term debt, net of current maturities |  | 155 |  |  | 242 |
Total finance lease liabilities(1) |  |  |  | $ | 278 |  |  | $ | 420 |
(1) See Note 10 – “Debt” for further information on finance lease liabilities. The weighted-average finance lease term was 2.7 years and 2.9 years as of March 31, 2025 and March 31, 2024, respectively. The weighted-average finance lease discount rate was 5.6% and 4.3% as of March 31, 2025 and March 31, 2024, respectively. The following maturity analysis presents expected undiscounted cash payments for finance leases as of March 31, 2025:
|  | Fiscal Year |  |
(in millions) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Finance lease payments |  | $ | 135 |  |  | $ | 92 |  |  | $ | 51 |  |  | $ | 19 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 301 |
Less: imputed interest |  |  |  |  |  |  |  |  |  |  |  |  |  | (23) |
Total finance lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 278 |

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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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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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