Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

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STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Mar. 30, 2024
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) 2024 2023 2022
Stock-based compensation cost $ 67,332  $ 60,354  $ 91,358 
Income tax benefits 15,018  13,714  21,917 
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
2024 2023 2022
Expected volatility
33% to 54%
30% to 46%
28% to 41%
Weighted average expected volatility 42% 39% 36%
Expected term (in years)
5.9 to 7.8
6.0 to 7.8
6.1 to 7.9
Weighted average dividend yield 3.7% 2.9% 2.6%
Risk-free interest rate
3.80% to 5.50%
1.53% to 4.89%
0.04% to 1.81%
Weighted average fair value at date of grant $5.74 $13.46 $20.17
Schedule of Stock Option Activity
Stock option activity for the year ended March 2024 is summarized as follows:
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value
(In thousands)
Outstanding, March 2023 9,051,328  $ 62.42 
Granted 5,869,857  18.10 
Exercised —  — 
Forfeited/cancelled (1,886,645) 44.58 
Outstanding, March 2024 13,034,540  $ 45.04  6.9 $ 223 
Exercisable, March 2024 6,517,404  $ 64.57  4.8 $  
Schedule of RSU Activity
RSU activity for the year ended March 2024 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 2023 863,928  $ 69.92  1,578,040  $ 50.85 
Granted 709,338  18.29  3,586,940  17.09 
Issued as Common Stock (13,033) 70.86  (363,353) 59.41 
Forfeited/cancelled (b)
(427,911) 63.12  (496,331) 26.95 
Outstanding, March 2024 1,132,322  $ 40.14  4,305,296  $ 24.68 
Vested, March 2024 515,967  $ 58.63  338,605  $ 25.44 
(a)Reflects activity at target level of awards and has not been adjusted for performance and market conditions, except for awards issued during the period.
(b)Includes adjustment for performance and market conditions for awards issued during the period.
Schedule of Restricted Stock Activity
Restricted stock activity for the year ended March 2024 is summarized below:
Nonvested Shares Outstanding Weighted Average Grant Date Fair Value
Nonvested shares, March 2023 598,135  $ 67.17 
Granted —  — 
Dividend equivalents 8,696  18.41 
Vested (248,590) 78.06 
Forfeited (95,158) 37.78 
Nonvested shares, March 2024 263,083  $ 65.90