Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.23.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Apr. 01, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Stock-Based Compensation Cost and Associated Income Tax Benefits
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) 2023 2022 2021
Stock-based compensation cost $ 60,354  $ 91,358  $ 70,823 
Income tax benefits 13,714  21,917  17,373 
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
2023 2022 2021
Expected volatility
30% to 46%
28% to 41%
28% to 48%
Weighted average expected volatility 39% 36% 37%
Expected term (in years)
6.0 to 7.8
6.1 to 7.9
6.2 to 8.0
Weighted average dividend yield 2.9% 2.6% 2.4%
Risk-free interest rate
1.53% to 4.89%
0.04% to 1.81%
0.07% to 1.11%
Weighted average fair value at date of grant $13.46 $20.17 $15.81
Schedule of Stock Option Activity
Stock option activity for the year ended March 2023 is summarized as follows:
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value
(In thousands)
Outstanding, March 2022 8,047,657  $ 66.04 
Granted 2,478,515  45.10 
Exercised (53,567) 42.57 
Forfeited/cancelled (1,421,277) 53.48 
Outstanding, March 2023 9,051,328  $ 62.42  6.2 $ — 
Exercisable, March 2023 5,973,499  $ 66.08  5.0 $ — 
Schedule of RSU Activity
RSU activity for the year ended March 2023 is summarized as follows:
  Performance-based Nonperformance-based
 
Number Outstanding (a)
Weighted Average
Grant Date
Fair Value		 Number Outstanding Weighted Average
Grant Date
Fair Value
Outstanding, March 2022 912,963  $ 80.75  901,956  $ 71.42 
Granted 364,192  45.23  1,103,228  38.31 
Issued as Common Stock (248,203) 84.27  (207,011) 64.42 
Forfeited/cancelled (165,024) 53.78  (220,133) 59.46 
Outstanding, March 2023 863,928  $ 69.92  1,578,040  $ 50.85 
Vested, March 2023 551,338  $ 72.68  112,197  $ 67.09 
(a)Reflects activity at target level of awards and has not been adjusted for performance and market conditions.
Schedule of Restricted Stock Activity
Restricted stock activity for the year ended March 2023 is summarized below:
Nonvested Shares Outstanding Weighted Average Grant Date Fair Value
Nonvested shares, March 2022 854,410  $ 79.43 
Granted 125,981  35.72 
Dividend equivalents 15,587  30.52 
Vested (377,702) 82.99 
Forfeited (20,141) 65.30 
Nonvested shares, March 2023 598,135  $ 67.17