STOCK-BASED COMPENSATION |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | Ìý | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Incentive Equity Awards Granted
During the three months ended June 2022, ±«ÓãÖ±²¥ granted stock options to employees and nonemployee members of ±«ÓãÖ±²¥'s Board of Directors to purchase 2,360,068 shares of its Common Stock at an exercise price of $45.34 per share. The exercise price of each option granted was equal to the fair market value of ±«ÓãÖ±²¥ Common Stock on the date of grant. Employee stock options vest in equal annual installments over three years. Stock options granted to nonemployee members of ±«ÓãÖ±²¥'s Board of Directors vest upon grant and become exercisable one year from the date of grant. All options have ten-year terms.
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:
During the three months ended June 2022, ±«ÓãÖ±²¥ granted 340,571 performance-based restricted stock units ("RSUs") to employees that enable them to receive shares of ±«ÓãÖ±²¥ Common Stock at the end of a three-year performance cycle. The fair market value of ±«ÓãÖ±²¥ Common Stock at the date the units were granted was $45.34 per share. Each performance-based RSU has a potential final payout ranging from zero to two shares of ±«ÓãÖ±²¥ Common Stock. The number of shares earned by participants, if any, is based on achievement of three-year financial targets set by the Talent and Compensation Committee of the Board of Directors. Shares will be issued to participants in the year following the conclusion of the three-year performance period. The financial targets include 50% weighting based on ±«ÓãÖ±²¥'s revenue growth and 50% weighting based on ±«ÓãÖ±²¥'s gross margin performance over the three-year period compared to financial targets. Additionally, the actual number of shares earned may be adjusted upward or downward by 25% of the target award, based on how ±«ÓãÖ±²¥'s total shareholder return ("TSR") over the three-year period compares to the TSR for companies included in the Standard & Poor's 500 Consumer Discretionary Index. The grant date fair value of the TSR-based adjustment related to the performance-based RSU grants was determined using a Monte Carlo simulation technique that incorporates option-pricing model inputs, and was $3.46 per share. |
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