LEASES

12 Months Ended

Mar. 31, 2023

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 remaining lease terms ranging from approximately 1 year to 17 years.

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


Lease cost	Fiscal Year Ended
	March 31, 2023		March 31, 2022



Operating lease cost	$	151	$	156

Amounts reported in the consolidated balance sheet as of the fiscal years ended March 31, 2023 and 2022 were (in millions, except weighted average lease term and discount rate):


	As of March 31, 2023			As of March 31, 2022
Operating Leases:
Operating lease right of use assets	$	608		$	637

Operating lease liabilities	632			683










Weighted-average remaining lease term (In years)
Operating leases	6.6			7.1


Weighted-average discount rate
Operating leases	4.2		%	3.6		%

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


	Fiscal Year Ended
	March 31, 2023		March 31, 2022

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	151	$	158

Right‑of‑use assets obtained in exchange for lease liabilities
Operating Lease	$	119	$	78

Future lease payments under non-cancellable leases as of March 31, 2023 were as follows (in millions):


Fiscal Year Ended March 31,	Operating Leases
2024	$	150
2025	130
2026	104
2027	86
2028	74
Thereafter	178
Total undiscounted lease payments	722
Less: imputed interest	90
Total lease liabilities	$	632

Total rent expense amounted to $185 million, $180 million, and $180 million in fiscal years 2023, 2022 and 2021, respectively.