LEASES

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

LEASES

The Company has several commitments under operating leases for warehouses, buildings, and equipment. The Company also has a minimal number of finance leases with an immaterial impact on its consolidated financial statements. Leases have initial lease terms ranging from 1 year to 23 years.

The components of lease cost recognized under ASC 842 were as follow (in millions): 

Lease cost	Year Ended
	March 31, 2021		March 31, 2020
Operating lease cost	$	152	$	163

Amounts reported in the consolidated balance sheet as of the periods ended March 31, 2021 and 2020 were (in millions, except weighted average lease term and discount rate):

	As of March 31, 2021			As of March 31, 2020
Operating Leases:
Operating lease right of use assets	$	642		$	605
Operating lease liabilities	$	690		$	643
Weighted-average remaining lease term (In years)
Operating leases	7.5			7.9
Weighted-average discount rate
Operating leases	3.9		%	4.1		%

Other information related to leases was as follow (in millions):

	Year Ended
	March 31, 2021		March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	152	$	150
Right‑of‑use assets obtained in exchange for lease liabilities
Operating Lease	$	159	$	99

During the fiscal year ended March 31, 2020 the Company sold and leased back certain properties and received cash proceeds of $69.6 million and recorded a deferred gain of $32.7 million. As a result of adopting ASC 842 as of April 1, 2019, the Company recognized the deferred gain to prior year retained earnings. No properties were sold and leased back by the Company during the fiscal year ended March 31, 2021.

Future lease payments under non-cancellable leases as of March 31, 2021 are as follows (in millions):

Fiscal Year Ended March 31,	Operating Leases
2022	$	147
2023	130
2024	110
2025	87
2026	70
Thereafter	256
Total undiscounted lease payments	800
Less: imputed interest	110
Total lease liabilities	$	690

Total rent expense amounted to $179.8 million, $186.9 million, and $176.8 million in fiscal years 2021, 2020 and 2019, respectively.