Leases (Tables)

12 Months Ended

Mar. 31, 2020

Leases, Operating [Abstract]

Supplemental balance sheet information

Supplemental balance sheet information related to leases was as follows:

(In millions, except lease term and discount rate)	March 31, 2020
Operating leases
Operating Lease Right-of-Use Assets	$	1,886
Current portion of operating lease liabilities	$	354
Long-Term Operating Lease Liabilities	1,660
Total operating lease liabilities	$	2,014
Finance Leases
Property, Plant and Equipment, net	$	180
Current portion of long-term debt	$	15
Long-Term Debt	151
Total finance lease liabilities	$	166
Weighted Average Remaining Lease Term (Years)
Operating leases	7.7
Finance leases	12.1
Weighted Average Discount Rate
Operating leases	3.03		%
Finance leases	2.86		%

Components of lease costs and supplemental cash flow information

The components of lease cost were as follows:

(In millions)	Year Ended March 31, 2020
Short-term lease cost	$	29
Operating lease cost	459
Finance lease cost:
Amortization of right-of-use assets	14
Interest on lease liabilities	5
Total finance lease cost	19
Variable lease cost (1)	125
Sublease income	(33		)
Total lease cost (2)	$	599

(1) These amounts include payments for maintenance, taxes, payments affected by the consumer price index and other similar metrics and payments contingent on usage.

(2)

These amounts were primarily recorded in operating expenses in the consolidated statement of operations.

Supplemental cash flow information related to leases was as follows:

(In millions)	Year Ended March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(377	)
Operating cash flows from finance leases	(3		)
Financing cash flows from finance leases	(18		)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases (1)	$	2,378
Finance leases	166

(1) These amounts include the transition adjustment for the adoption of the amended leasing guidance discussed in Financial Note 1, “Significant Accounting Policies.”

Maturities of lease liabilities

Maturities of lease liabilities as of March 31, 2020 were as follows:

(In millions)	Operating Leases			Finance Leases			Total
2021	$	398		$	19		$	417
2022	371			19			390
2023	310			18			328
2024	252			17			269
2025	213			16			229
Thereafter	730			110			840
Total lease payments (1)	2,274			199			2,473
Less imputed interest	(260		)	(33		)	(293		)
Present value of lease liabilities	$	2,014		$	166		$	2,180

(1)

Total lease payments have not been reduced by minimum sublease income of $178 million due under future noncancelable subleases.

Maturities of lease liabilities

Maturities of lease liabilities as of March 31, 2020 were as follows:

(In millions)	Operating Leases			Finance Leases			Total
2021	$	398		$	19		$	417
2022	371			19			390
2023	310			18			328
2024	252			17			269
2025	213			16			229
Thereafter	730			110			840
Total lease payments (1)	2,274			199			2,473
Less imputed interest	(260		)	(33		)	(293		)
Present value of lease liabilities	$	2,014		$	166		$	2,180

(1)

Total lease payments have not been reduced by minimum sublease income of $178 million due under future noncancelable subleases.

Schedule of future minimum rental payments for operating leases

As previously disclosed in the Company’s 2019 Annual Report and under the previous lease accounting, the minimum lease payments required under operating leases were as follows as of March 31, 2019:

(In millions)	Noncancelable Operating Leases
2020	$	454
2021	397
2022	343
2023	290
2024	236
Thereafter	936
Total minimum lease payments (1) (2)	$	2,656

(1) Amount includes future minimum lease payments for the sale-leaseback transaction of $49 million.

(2)

Total minimum lease payments have not been reduced by minimum sublease income of $133 million due under future noncancelable subleases.