Leases (Tables)

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Components of Lease Expense and Supplemental Cash Flow Information Related to Leases

The components of operating lease expense were as follows:

	For the Fiscal Year Ended
(in millions)	March 31, 2024		March 31, 2023		March 31, 2022
Operating lease cost	$	353	$	404	$	484
Short-term lease cost	28		35		40
Variable lease cost	61		73		73
Sublease income	(19)		(18)		(32)
Total operating costs	$	423	$	494	$	565

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, 2024		March 31, 2023		March 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities – operating cash flows	$	353	$	404	$	484
ROU assets obtained in exchange for operating lease liabilities(1)	$	175	$	227	$	279

(1) There were $880 million, $1,142 million, and $1,085 million in modifications and terminations in fiscal 2024, 2023, and 2022, respectively. See Note 17 – "Cash Flows” for further information on non-cash activities affecting cash flows.

The components of finance lease expense were as follows:

	For the Fiscal Year Ended
(in millions)	March 31, 2024		March 31, 2023		March 31, 2022
Finance lease cost:
Amortization of right-of-use assets	$	137	$	218	$	346
Interest on lease liabilities	15		17		27
Total finance lease cost	$	152	$	235	$	373

The following table provides supplemental cash flow information related to the Company’s finance leases:

	For the Fiscal Year Ended
(in millions)	March 31, 2024		March 31, 2023		March 31, 2022
Interest paid for finance lease liabilities – Operating cash flows	$	15	$	17	$	27
Cash paid for amounts included in the measurement of finance lease obligations – financing cash flows	240		315		501
Total cash paid in the measurement of finance lease obligations	$	255	$	332	$	528
Capital expenditures through finance lease obligations(1)	$	105	$	102	$	233

(1) See Note 17 – ”Cash Flows” for further information on non-cash activities affecting cash flows.

Supplemental Balance Sheet Information Related to Leases

The following table presents operating lease balances:

		As of
(in millions)	Balance Sheet Line Item	March 31, 2024		March 31, 2023
ROU operating lease assets	Operating right-of-use assets, net	$	731	$	909
Operating lease liabilities	Current operating lease liabilities	$	282	$	317
Operating lease liabilities	Non-current operating lease liabilities	497		648
Total operating lease liabilities		$	779	$	965

The following table presents finance lease balances:

		As of
(in millions)	Balance Sheet Line Item	March 31, 2024		March 31, 2023
ROU finance lease assets	Property and Equipment, net	$	264	$	424
Finance lease	Short-term debt and current maturities of long-term debt	$	178	$	215
Finance lease	Long-term debt, net of current maturities	242		287
Total finance lease liabilities(1)		$	420	$	502

(1) See Note 10 – “Debt” for further information on finance lease liabilities.

Maturities of Lease Liabilities

The following maturity analysis presents expected undiscounted cash payments for operating leases as of March 31, 2024:

	Fiscal Year
(in millions)	2025		2026		2027		2028		2029		Thereafter		Total
Operating lease payments	$	305	$	208	$	127	$	102	$	62	$	51	$	855
Less: imputed interest													(76)
Total operating lease liabilities													$	779

Maturities of Lease Liabilities

The following maturity analysis presents expected undiscounted cash payments for finance leases as of March 31, 2024:

	Fiscal Year
(in millions)	2025		2026		2027		2028		2029		Thereafter		Total
Finance lease payments	$	187	$	128	$	81	$	38	$	12	$	—	$	446
Less: imputed interest													(26)
Total finance lease liabilities													$	420