STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Mar. 30, 2019 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Ìý
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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 Income, and stock-based compensation costs included in inventory in the Consolidated Balance Sheets, are as follows:
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Ìý |
Ìý |
Year Ended March |
Ìý |
Ìý |
Three Months
Ended March
(Transition Period)
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Ìý |
Year Ended December |
(In thousands) |
Ìý |
2019 |
Ìý |
Ìý |
2018 |
Ìý |
2017 |
Ìý |
2016 |
Stock-based compensation cost |
Ìý |
$ |
105,157 |
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Ìý |
Ìý |
$ |
25,440 |
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Ìý |
$ |
81,641 |
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Ìý |
$ |
67,762 |
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Income tax benefits |
Ìý |
23,650 |
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Ìý |
Ìý |
5,771 |
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Ìý |
26,697 |
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Ìý |
22,870 |
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Stock-based compensation costs included in inventory at period end |
Ìý |
3,165 |
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Ìý |
Ìý |
2,236 |
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Ìý |
1,938 |
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Ìý |
1,332 |
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Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted |
The grant date fair value of each option award is calculated using a lattice option-pricing valuation model, which incorporates a range of assumptions for inputs as follows:
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Ìý |
Ìý |
Year Ended March |
Ìý |
Ìý |
Three Months
Ended March
(Transition Period)
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Ìý |
Year Ended December |
Ìý |
Ìý |
2019 |
Ìý |
Ìý |
2018 |
Ìý |
2017 |
Ìý |
2016 |
Expected volatility |
Ìý |
22% to 29% |
Ìý |
Ìý |
24% to 29% |
Ìý |
23% to 30% |
Ìý |
21% to 29% |
Weighted average expected volatility |
Ìý |
25% |
Ìý |
Ìý |
25% |
Ìý |
24% |
Ìý |
24% |
Expected term (in years) |
Ìý |
6.1 to 7.5 |
Ìý |
Ìý |
6.1 to 7.6 |
Ìý |
6.3 to 7.7 |
Ìý |
6.3 to 7.6 |
Weighted average dividend yield |
Ìý |
2.6% |
Ìý |
Ìý |
2.9% |
Ìý |
2.8% |
Ìý |
2.2% |
Risk-free interest rate |
Ìý |
2.1% to 3.2% |
Ìý |
Ìý |
1.9% to 2.9% |
Ìý |
0.7% to 2.4% |
Ìý |
0.4% to 1.7% |
Weighted average fair value at date of grant |
Ìý |
$16.82 |
Ìý |
Ìý |
$15.34 |
Ìý |
$9.90 |
Ìý |
$12.08 |
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Stock Option Activity |
Stock option activity for the three-month period ended March 2018 and the year ended March 2019 is summarized as follows:
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Ìý |
Number of Shares |
Ìý |
Weighted Average Exercise Price |
Ìý |
Weighted Average Remaining Contractual TermÌý(Years) |
Ìý |
Aggregate Intrinsic Value
(InÌýthousands)
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Outstanding, December 2017 |
14,250,084 |
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Ìý |
$ |
52.03 |
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Ìý |
Ìý |
Ìý |
Ìý |
Granted |
1,843,749 |
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Ìý |
74.80 |
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Ìý |
Ìý |
Ìý |
Ìý |
Exercised |
(1,484,537 |
) |
Ìý |
38.94 |
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Ìý |
Ìý |
Ìý |
Ìý |
Forfeited/cancelled |
(117,782 |
) |
Ìý |
66.36 |
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Ìý |
Ìý |
Ìý |
Ìý |
Outstanding, March 2018 |
14,491,514 |
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Ìý |
56.15 |
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Ìý |
Ìý |
Ìý |
Ìý |
Granted |
101,197 |
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Ìý |
81.01 |
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Ìý |
Ìý |
Ìý |
Ìý |
Exercised |
(4,316,539 |
) |
Ìý |
46.86 |
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Ìý |
Ìý |
Ìý |
Ìý |
Forfeited/cancelled |
(365,962 |
) |
Ìý |
65.27 |
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Ìý |
Ìý |
Ìý |
Ìý |
Outstanding, March 2019 |
9,910,210 |
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Ìý |
$ |
60.11 |
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Ìý |
6.7 |
Ìý |
$ |
265,734 |
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Exercisable, March 2019 |
7,781,198 |
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Ìý |
$ |
58.60 |
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Ìý |
6.2 |
Ìý |
$ |
220,251 |
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RSU Activity |
RSU activity for the three-month period ended March 2018 and the year ended March 2019 is summarized as follows:
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Ìý |
Performance-based |
Ìý |
Nonperformance-based |
Ìý |
Number Outstanding |
Ìý |
Weighted Average
GrantÌýDate
Fair Value
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Ìý |
Number Outstanding |
Ìý |
Weighted Average
GrantÌýDate
Fair Value
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Outstanding, December 2017 |
1,504,551 |
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Ìý |
$ |
62.22 |
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Ìý |
335,093 |
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Ìý |
$ |
60.72 |
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Granted |
351,490 |
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Ìý |
74.80 |
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Ìý |
407,074 |
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Ìý |
74.80 |
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Issued as Common Stock |
(405,871 |
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Ìý |
75.33 |
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Ìý |
(34,964 |
) |
Ìý |
56.11 |
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Forfeited/cancelled |
(12,154 |
) |
Ìý |
63.64 |
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Ìý |
(10,780 |
) |
Ìý |
72.45 |
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Outstanding, March 2018 |
1,438,016 |
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Ìý |
61.58 |
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Ìý |
696,423 |
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Ìý |
69.00 |
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Granted |
19,099 |
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Ìý |
80.39 |
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Ìý |
82,799 |
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Ìý |
79.21 |
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Issued as Common Stock |
— |
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Ìý |
— |
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Ìý |
(58,165 |
) |
Ìý |
69.08 |
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Forfeited/cancelled |
(60,439 |
) |
Ìý |
65.20 |
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Ìý |
(56,224 |
) |
Ìý |
73.54 |
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Outstanding, March 2019 |
1,396,676 |
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Ìý |
$ |
61.68 |
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Ìý |
664,833 |
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Ìý |
$ |
69.88 |
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Vested, March 2019 |
859,332 |
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Ìý |
$ |
61.37 |
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Ìý |
69,139 |
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Ìý |
$ |
74.80 |
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Restricted Stock Activity |
Restricted stock activity for the three-month period ended March 2018 and the year ended March 2019 is summarized below:
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Ìý |
Nonvested Shares Outstanding |
Ìý |
Weighted Average GrantÌýDate Fair Value |
Nonvested shares, December 2017 |
684,963 |
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Ìý |
$ |
57.01 |
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Granted |
56,331 |
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Ìý |
74.70 |
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Dividend equivalents |
4,188 |
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Ìý |
74.40 |
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Vested |
(53,203 |
) |
Ìý |
57.90 |
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Forfeited |
(11,068 |
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Ìý |
68.25 |
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Nonvested shares, March 2018 |
681,211 |
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Ìý |
58.33 |
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Granted |
79,188 |
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Ìý |
79.99 |
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Dividend equivalents |
15,468 |
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Ìý |
82.02 |
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Vested |
(99,682 |
) |
Ìý |
67.41 |
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Forfeited |
(49,460 |
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Ìý |
62.76 |
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Nonvested shares, March 2019 |
626,725 |
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Ìý |
$ |
59.86 |
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