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Leases | 12 Months Ended
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Mar. 27, 2021
Leases [Abstract] |
Leases | Leases The following table presents the Company’s supplemental balance sheets information related to leases (in millions):
|  | Balance Sheet Location |  | March 27, 2021 |  | March 28, 2020
Assets |  |  |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 1,504 |  |  | $ | 1,625 |
Liabilities |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating leases |  | Short-term portion of operating lease liabilities |  | $ | 447 |  |  | $ | 430 |
Non-current: |  |  |  |  |  |
Operating leases |  | Long-term portion of operating lease liabilities |  | $ | 1,657 |  |  | $ | 1,758 |
The components of net lease costs for the fiscal year ended March 27, 2021 and March 28, 2020 were as follows (in millions):
|  | Consolidated Statement of Operations and Comprehensive (Loss) Income Location |  | March 27, 2021 |  | March 28, 2020
Operating lease cost |  | Selling, general and administrative expenses |  | $ | 432 |  |  | $ | 449 |
Variable lease cost (1) |  | Selling, general and administrative expenses |  | 69 |  |  | 155 |
Short-term lease cost |  | Selling, general and administrative expenses |  | 15 |  |  | 18 |
Sublease income |  | Selling, general and administrative expenses |  | (6) |  |  | (6) |
Total lease cost |  |  |  | $ | 510 |  |  | $ | 616 |
(1)The Company elected to account for rent concessions negotiated in connection with COVID-19 as if it were contemplated as part of the existing contract and these concessions are recorded as variable lease expense. As of the fiscal year ended March 27, 2021, rent concessions due to COVID-19 were $52 million. There is an immaterial impact from these concessions for the fiscal year ended March 28, 2020. The following table presents the Company’s supplemental cash flow information related to leases (in millions):
|  |  |  | March 27, 2021 |  | March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows used in operating leases |  | $ | 488 |  |  | $ | 495 |
Non-cash transactions: |  |  |  |
Lease assets obtained in exchange for new lease liabilities |  | 348 |  |  | 428 |
Rent concessions due to COVID-19 |  | 52 |  |  | — |
The following tables summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s operating lease right-of-use assets and lease liabilities recorded on the balance sheets as of March 27, 2021 and March 28, 2020:
|  |  |  | March 27, 2021 |  | March 28, 2020
Operating leases: |  |  |  |
Weighted average remaining lease term (years) |  | 6.2 |  | 6.6
Weighted average discount rate |  | 3.1 | % |  | 2.9 | %
At March 27, 2021, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):
|  |  |  | March 27, 2021
Fiscal 2022 |  |  |  | $ | 502 |
Fiscal 2023 |  |  |  | 437 |
Fiscal 2024 |  |  |  | 370 |
Fiscal 2025 |  |  |  | 291 |
Fiscal 2026 |  |  |  | 221 |
Thereafter |  |  |  | 493 |
Total lease payments |  |  |  | 2,314 |
Less: interest |  |  |  | (210) |
Total lease liabilities |  |  |  | $ | 2,104 |
At March 27, 2021, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):
|  |  |  | March 27, 2021
Fiscal 2022 |  |  |  | $ | 5 |
Fiscal 2023 |  |  |  | 5 |
Fiscal 2024 |  |  |  | 4 |
Fiscal 2025 |  |  |  | 4 |
Fiscal 2026 |  |  |  | 3 |
Thereafter |  |  |  | 8 |
Total sublease income |  |  |  | $ | 29 |
Additionally, the Company had approximately $23 million and $13 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of March 27, 2021 and March 28, 2020, respectively. See Note 2 for additional information on the Company's accounting policies related to leases.

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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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