LEASES

12 Months Ended

Mar. 31, 2024

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 remaining lease terms ranging from approximately 1 year to 20 years.

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

Lease cost	Fiscal Year Ended
	March 31, 2024		March 31, 2023
Operating lease cost	$	167	$	149

Amounts reported in the consolidated balance sheet as of the fiscal years ended March 31, 2024 and 2023 were (in millions, except weighted average lease term and discount rate):

	As of March 31, 2024			As of March 31, 2023
Operating Leases:
Operating lease right of use assets	$	601		$	605
Operating lease liabilities	626			628
Weighted-average remaining lease term (In years)
Operating leases	6.3			6.6
Weighted-average discount rate
Operating leases	4.4		%	4.3		%

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

	Fiscal Year Ended
	March 31, 2024		March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	160	$	149
Right‑of‑use assets obtained in exchange for lease liabilities
Operating Lease	$	134	$	119

Future lease payments under non-cancellable leases as of March 31, 2024 were as follows (in millions):

Fiscal Year Ended March 31,	Operating Leases
2025	$	160
2026	135
2027	104
2028	88
2029	69
Thereafter	157
Total undiscounted lease payments	713
Less: imputed interest	87
Total lease liabilities	$	626

Total rent expense amounted to $188 million, $182 million, and $178 million in fiscal years 2024, 2023 and 2022, respectively.