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Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Apr. 02, 2022
Share-based Payment Arrangement [Abstract] Ìý
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) 2022 2021 2020
Stock-based compensation cost $ 91,358Ìý $ 70,823Ìý $ 68,205Ìý
Income tax benefits 21,917Ìý 17,373Ìý 15,460Ìý
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
2022 2021 2020
Expected volatility
28% to 41%
28% to 48%
24% to 27%
Weighted average expected volatility 36% 37% 25%
Expected term (in years)
6.1 to 7.9
6.2 to 8.0
6.1 to 7.6
Weighted average dividend yield 2.6% 2.4% 2.5%
Risk-free interest rate
0.04% to 1.81%
0.07% to 1.11%
1.41% to 2.39%
Weighted average fair value at date of grant $20.17 $15.81 $17.19
Stock Option Activity
Stock option activity for the year ended March 2022 is summarized as follows:
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual TermÌý(Years) Aggregate Intrinsic Value
(InÌýthousands)
Outstanding, March 2021 7,812,717Ìý $ 62.56Ìý
Granted 1,515,963Ìý 77.67Ìý
Exercised (899,710) 52.76Ìý
Forfeited/cancelled (381,313) 72.28Ìý
Outstanding, March 2022 8,047,657Ìý $ 66.04Ìý 6.3 $ 12,446Ìý
Exercisable, March 2022 5,266,586Ìý $ 63.37Ìý 5.2 $ 11,685Ìý
RSU Activity
RSU activity for the year ended March 2022 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 2021 970,469Ìý $ 74.16Ìý 768,419Ìý $ 68.86Ìý
Granted 325,058Ìý 89.65Ìý 490,351Ìý 75.29Ìý
Issued as Common Stock (317,021) 69.77Ìý (248,258) 71.31Ìý
Forfeited/cancelled/modifications (65,543) 80.37Ìý (108,556) 71.07Ìý
Outstanding, March 2022 912,963Ìý $ 80.75Ìý 901,956Ìý $ 71.42Ìý
Vested, March 2022 588,247Ìý $ 80.88Ìý 112,534Ìý $ 67.76Ìý
Restricted Stock Activity
Restricted stock activity for the year ended March 2022 is summarized below:
Nonvested Shares Outstanding Weighted Average GrantÌýDate Fair Value
Nonvested shares, March 2021 920,472Ìý $ 79.23Ìý
Granted 31,214Ìý 77.78Ìý
Dividend equivalents 8,407Ìý 63.76Ìý
Vested (67,151) 74.14Ìý
Forfeited (38,532) 79.11Ìý
Nonvested shares, March 2022 854,410Ìý $ 79.43Ìý