The following table presents supplemental balance sheet information related to leases (in millions):


	Balance Sheet Location	March 30, 2024		April 1, 2023
Assets
Operating leases	Operating lease right-of-use assets	$	1,438	$	1,330

Liabilities
Current:
Operating leases	Short-term portion of operating lease liabilities	$	400	$	429
Non-current:
Operating leases	Long-term portion of operating lease liabilities	$	1,452	$	1,348

The components of net lease costs for the fiscal year ended March 30, 2024 and April 1, 2023 were as follows (in millions):


	Consolidated Statement of Operations and Comprehensive (Loss) Income Location	March 30, 2024		April 1, 2023
Operating lease cost	Selling, general and administrative expenses	$	402	$	405
Variable lease cost (1)	Selling, general and administrative expenses	201		170
Short-term lease cost	Selling, general and administrative expenses	3		8
Sublease income	Selling, general and administrative expenses	(7)		(9)

Total lease cost, net		$	599	$	574

(1)The Company elected to account for rent concessions negotiated in connection with COVID-19 as if it were contemplated as part of the existing contract and these concessions are recorded as variable lease expense. For the fiscal year ended March 30, 2024, there were no rent concessions due to COVID-19. For the fiscal year ended April 1, 2023, rent concessions due to COVID-19 were $14 million.

The following table presents the Company’s supplemental cash flow information related to leases (in millions):


	March 30, 2024		April 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	516	$	501
Non-cash transactions:
Lease assets obtained in exchange for new lease liabilities	528		344
Rent concessions due to COVID-19	—		14

The following tables summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s operating lease right-of-use assets and lease liabilities recorded on the balance sheets as of March 30, 2024 and April 1, 2023:


	March 30, 2024		April 1, 2023
Operating leases:
Weighted average remaining lease term (years)	6.6		5.9
Weighted average discount rate	4.3	%	3.3	%

At March 30, 2024, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):


	March 30, 2024
Fiscal 2025	$	464
Fiscal 2026	372
Fiscal 2027	291
Fiscal 2028	243
Fiscal 2029	190
Thereafter	600
Total lease payments	2,160
Less: interest	(308)
Total lease liabilities	$	1,852

At March 30, 2024, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):


	March 30, 2024
Fiscal 2025	$	10
Fiscal 2026	8
Fiscal 2027	7
Fiscal 2028	7
Fiscal 2029	3
Thereafter	5
Total sublease income	$	40

Additionally, the Company had approximately $55 million and $139 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of March 30, 2024 and April 1, 2023, respectively.

See Note 3 for additional information on the Company’s accounting policies related to leases.