Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.21.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Apr. 03, 2021
Share-based Payment Arrangement [Abstract]  
Total Stock-Based Compensation Cost and Associated Income Tax Benefits Related to Stock-Based Compensation Arrangements Recognized and Stock-Based Compensation Costs Included in Inventory
Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Operations are as follows:
Year Ended March
(In thousands) 2021 2020 2019
Stock-based compensation cost $ 70,823  $ 68,205  $ 84,285 
Income tax benefits 17,373  15,460  18,570 
Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted
The grant date fair value of each option award was calculated using a lattice option-pricing valuation model, which incorporated a range of assumptions for inputs as follows:
Year Ended March
2021 2020 2019
Expected volatility
28% to 48%
24% to 27%
22% to 29%
Weighted average expected volatility 37% 25% 25%
Expected term (in years)
6.2 to 8.0
6.1 to 7.6
6.1 to 7.5
Weighted average dividend yield 2.4% 2.5% 2.6%
Risk-free interest rate
0.1% to 1.1%
1.4% to 2.4%
2.1% to 3.2%
Weighted average fair value at date of grant $15.81 $17.19 $16.82
Stock Option Activity
Stock option activity for the year ended March 2021 is summarized as follows:
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value
(In thousands)
Outstanding, March 2020 7,921,002  $ 61.93 
Granted 1,694,113  55.87 
Exercised (1,634,665) 51.93 
Forfeited/cancelled (167,733) 68.76 
Outstanding, March 2021 7,812,717  $ 62.56  6.6 $ 139,117 
Exercisable, March 2021 5,250,352  $ 60.84  5.5 $ 100,414 
RSU Activity
RSU activity for the year ended March 2021 is summarized as follows:
  Performance-based Nonperformance-based
  Number Outstanding Weighted Average
Grant Date
Fair Value		 Number Outstanding Weighted Average
Grant Date
Fair Value
Outstanding, March 2020 1,140,251  $ 63.51  535,978  $ 70.50 
Granted 399,316  70.88  495,567  63.99 
Issued as Common Stock (553,710) 49.87  (189,569) 61.53 
Forfeited/cancelled (15,388) 74.27  (73,557) 66.83 
Outstanding, March 2021 970,469  $ 74.16  768,419  $ 68.86 
Vested, March 2021 652,199  $ 73.17  72,753  $ 73.33 
Restricted Stock Activity
Restricted stock activity for the year ended March 2021 is summarized below:
Nonvested Shares Outstanding Weighted Average Grant Date Fair Value
Nonvested shares, March 2020 542,832  $ 59.30 
Granted 1,039,728  82.76 
Dividend equivalents 13,009  72.07 
Vested (369,936) 56.14 
Forfeited (305,161) 83.49 
Nonvested shares, March 2021 920,472  $ 79.23