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Leases

12 Months Ended

Mar. 29, 2025

Leases [Abstract]

Leases

Leases

The following table presents supplemental balance sheet information related to leases (in millions):

						Balance Sheet Location						March 29, 2025						March 30, 2024
Assets
Operating leases						Operating lease right-of-use assets						$	1,213					$	1,438
Liabilities
Current:
Operating leases						Short-term portion of operating lease liabilities						$	350					$	400
Non-current:
Operating leases						Long-term portion of operating lease liabilities						$	1,253					$	1,452

The components of net lease costs for the fiscal year ended March 29, 2025 and March 30, 2024 were as follows (in millions):

						Consolidated Statement of Operations and Comprehensive (Loss) Income Location						March 29, 2025						March 30, 2024
Operating lease cost						Selling, general and administrative expenses						$	399					$	402
Variable lease cost						Selling, general and administrative expenses						183						201
Short-term lease cost						Selling, general and administrative expenses						4						3
Sublease income						Selling, general and administrative expenses						(8)						(7)
Total lease cost, net												$	578					$	599

The following table presents the Company’s supplemental cash flow information related to leases (in millions):

												March 29, 2025						March 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases												$	494					$	516
Non-cash transactions:
Lease assets obtained in exchange for new lease liabilities												231						528

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 29, 2025 and March 30, 2024:

												March 29, 2025						March 30, 2024
Operating leases:
Weighted average remaining lease term (years)												6.4						6.6
Weighted average discount rate												4.6		%				4.3		%

At March 29, 2025, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):

												March 29, 2025
Fiscal 2026												$	420
Fiscal 2027												322
Fiscal 2028												266
Fiscal 2029												209
Fiscal 2030												164
Thereafter												501
Total lease payments												1,882
Less: interest												(279)
Total lease liabilities												$	1,603

At March 29, 2025, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):

												March 29, 2025
Fiscal 2026												$	6
Fiscal 2027												5
Fiscal 2028												3
Fiscal 2029												1
Fiscal 2030												1
Thereafter												1
Total sublease income												$	17

Additionally, the Company had approximately $25 million and $55 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of March 29, 2025 and March 30, 2024, respectively.

See Note 3 for additional information on the Company’s accounting policies related to leases.

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- References

No definition available.

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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

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