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Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.19.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Mar. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Ìý
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:
Ìý
Ìý
Year Ended March
Ìý
Ìý
Three Months
Ended March
(Transition Period)
Ìý
Year Ended December
(In thousands)
Ìý
2019
Ìý
Ìý
2018
Ìý
2017
Ìý
2016
Stock-based compensation cost
Ìý
$
105,157

Ìý
Ìý
$
25,440

Ìý
$
81,641

Ìý
$
67,762

Income tax benefits
Ìý
23,650

Ìý
Ìý
5,771

Ìý
26,697

Ìý
22,870

Stock-based compensation costs included in inventory at period end
Ìý
3,165

Ìý
Ìý
2,236

Ìý
1,938

Ìý
1,332

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:
Ìý
Ìý
Year Ended March
Ìý
Ìý
Three Months
Ended March
(Transition Period)
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
Stock Option Activity
Stock option activity for the three-month period ended March 2018 and the year ended March 2019 is summarized as follows:
Ìý
Number of Shares
Ìý
Weighted Average Exercise Price
Ìý
Weighted Average Remaining Contractual TermÌý(Years)
Ìý
Aggregate Intrinsic Value
(InÌýthousands)
Outstanding, December 2017
14,250,084

Ìý
$
52.03

Ìý
Ìý
Ìý
Ìý
Granted
1,843,749

Ìý
74.80

Ìý
Ìý
Ìý
Ìý
Exercised
(1,484,537
)
Ìý
38.94

Ìý
Ìý
Ìý
Ìý
Forfeited/cancelled
(117,782
)
Ìý
66.36

Ìý
Ìý
Ìý
Ìý
Outstanding, March 2018
14,491,514

Ìý
56.15

Ìý
Ìý
Ìý
Ìý
Granted
101,197

Ìý
81.01

Ìý
Ìý
Ìý
Ìý
Exercised
(4,316,539
)
Ìý
46.86

Ìý
Ìý
Ìý
Ìý
Forfeited/cancelled
(365,962
)
Ìý
65.27

Ìý
Ìý
Ìý
Ìý
Outstanding, March 2019
9,910,210

Ìý
$
60.11

Ìý
6.7
Ìý
$
265,734

Exercisable, March 2019
7,781,198

Ìý
$
58.60

Ìý
6.2
Ìý
$
220,251

RSU Activity
RSU activity for the three-month period ended March 2018 and the year ended March 2019 is summarized as follows:
Ìý
Performance-based
Ìý
Nonperformance-based
Ìý
Number Outstanding
Ìý
Weighted Average
GrantÌýDate
Fair Value
Ìý
Number Outstanding
Ìý
Weighted Average
GrantÌýDate
Fair Value
Outstanding, December 2017
1,504,551

Ìý
$
62.22

Ìý
335,093

Ìý
$
60.72

Granted
351,490

Ìý
74.80

Ìý
407,074

Ìý
74.80

Issued as Common Stock
(405,871
)
Ìý
75.33

Ìý
(34,964
)
Ìý
56.11

Forfeited/cancelled
(12,154
)
Ìý
63.64

Ìý
(10,780
)
Ìý
72.45

Outstanding, March 2018
1,438,016

Ìý
61.58

Ìý
696,423

Ìý
69.00

Granted
19,099

Ìý
80.39

Ìý
82,799

Ìý
79.21

Issued as Common Stock
—

Ìý
—

Ìý
(58,165
)
Ìý
69.08

Forfeited/cancelled
(60,439
)
Ìý
65.20

Ìý
(56,224
)
Ìý
73.54

Outstanding, March 2019
1,396,676

Ìý
$
61.68

Ìý
664,833

Ìý
$
69.88

Vested, March 2019
859,332

Ìý
$
61.37

Ìý
69,139

Ìý
$
74.80

Restricted Stock Activity
Restricted stock activity for the three-month period ended March 2018 and the year ended March 2019 is summarized below:
Ìý
Nonvested Shares Outstanding
Ìý
Weighted Average GrantÌýDate Fair Value
Nonvested shares, December 2017
684,963

Ìý
$
57.01

Granted
56,331

Ìý
74.70

Dividend equivalents
4,188

Ìý
74.40

Vested
(53,203
)
Ìý
57.90

Forfeited
(11,068
)
Ìý
68.25

Nonvested shares, March 2018
681,211

Ìý
58.33

Granted
79,188

Ìý
79.99

Dividend equivalents
15,468

Ìý
82.02

Vested
(99,682
)
Ìý
67.41

Forfeited
(49,460
)
Ìý
62.76

Nonvested shares, March 2019
626,725

Ìý
$
59.86