LEASES

12 Months Ended

Mar. 31, 2022

Leases [Abstract]

LEASES

LEASESThe 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 lease terms ranging from 1 year to 18 years.

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

Lease cost	Fiscal Year Ended
	March 31, 2022		March 31, 2021
Operating lease cost	$	156	$	152

Amounts reported in the consolidated balance sheet as of the periods ended March 31, 2022 and 2021 were (in millions, except weighted average lease term and discount rate):

	As of March 31, 2022			As of March 31, 2021
Operating Leases:
Operating lease right of use assets	$	637		$	642
Operating lease liabilities	683			690
Weighted-average remaining lease term (In years)
Operating leases	7.1			7.5
Weighted-average discount rate
Operating leases	3.6		%	3.9		%

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

	Fiscal Year Ended
	March 31, 2022		March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	158	$	152
Right‑of‑use assets obtained in exchange for lease liabilities
Operating Lease	$	78	$	159

Future lease payments under non-cancellable leases as of March 31, 2022 are as follows (in millions):

Fiscal Year Ended March 31,	Operating Leases
2023	$	151
2024	128
2025	107
2026	84
2027	72
Thereafter	229
Total undiscounted lease payments	771
Less: imputed interest	88
Total lease liabilities	$	683

Total rent expense amounted to $180.3 million, $179.8 million, and $186.9 million in fiscal years 2022, 2021 and 2020, respectively.