±«ÓãÖ±²¥

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] 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 Operations are as follows:
Year Ended March
(In thousands) 2021 2020 2019
Stock-based compensation cost $ 70,823Ìý $ 68,205Ìý $ 84,285Ìý
Income tax benefits 17,373Ìý 15,460Ìý 18,570Ìý
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 TermÌý(Years) Aggregate Intrinsic Value
(InÌýthousands)
Outstanding, March 2020 7,921,002Ìý $ 61.93Ìý
Granted 1,694,113Ìý 55.87Ìý
Exercised (1,634,665) 51.93Ìý
Forfeited/cancelled (167,733) 68.76Ìý
Outstanding, March 2021 7,812,717Ìý $ 62.56Ìý 6.6 $ 139,117Ìý
Exercisable, March 2021 5,250,352Ìý $ 60.84Ìý 5.5 $ 100,414Ìý
RSU Activity
RSU activity for the year ended March 2021 is summarized as follows:
Ìý Performance-based Nonperformance-based
Ìý Number Outstanding Weighted Average
GrantÌýDate
Fair Value
Number Outstanding Weighted Average
GrantÌýDate
Fair Value
Outstanding, March 2020 1,140,251Ìý $ 63.51Ìý 535,978Ìý $ 70.50Ìý
Granted 399,316Ìý 70.88Ìý 495,567Ìý 63.99Ìý
Issued as Common Stock (553,710) 49.87Ìý (189,569) 61.53Ìý
Forfeited/cancelled (15,388) 74.27Ìý (73,557) 66.83Ìý
Outstanding, March 2021 970,469Ìý $ 74.16Ìý 768,419Ìý $ 68.86Ìý
Vested, March 2021 652,199Ìý $ 73.17Ìý 72,753Ìý $ 73.33Ìý
Restricted Stock Activity
Restricted stock activity for the year ended March 2021 is summarized below:
Nonvested Shares Outstanding Weighted Average GrantÌýDate Fair Value
Nonvested shares, March 2020 542,832Ìý $ 59.30Ìý
Granted 1,039,728Ìý 82.76Ìý
Dividend equivalents 13,009Ìý 72.07Ìý
Vested (369,936) 56.14Ìý
Forfeited (305,161) 83.49Ìý
Nonvested shares, March 2021 920,472Ìý $ 79.23Ìý