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Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.23.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Apr. 01, 2023
Share-Based Payment Arrangement [Abstract] Ìý
Schedule of 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) 2023 2022 2021
Stock-based compensation cost $ 60,354Ìý $ 91,358Ìý $ 70,823Ìý
Income tax benefits 13,714Ìý 21,917Ìý 17,373Ìý
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
2023 2022 2021
Expected volatility
30% to 46%
28% to 41%
28% to 48%
Weighted average expected volatility 39% 36% 37%
Expected term (in years)
6.0 to 7.8
6.1 to 7.9
6.2 to 8.0
Weighted average dividend yield 2.9% 2.6% 2.4%
Risk-free interest rate
1.53% to 4.89%
0.04% to 1.81%
0.07% to 1.11%
Weighted average fair value at date of grant $13.46 $20.17 $15.81
Schedule of Stock Option Activity
Stock option activity for the year ended March 2023 is summarized as follows:
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual TermÌý(Years) Aggregate Intrinsic Value
(InÌýthousands)
Outstanding, March 2022 8,047,657Ìý $ 66.04Ìý
Granted 2,478,515Ìý 45.10Ìý
Exercised (53,567) 42.57Ìý
Forfeited/cancelled (1,421,277) 53.48Ìý
Outstanding, March 2023 9,051,328Ìý $ 62.42Ìý 6.2 $ —Ìý
Exercisable, March 2023 5,973,499Ìý $ 66.08Ìý 5.0 $ —Ìý
Schedule of RSU Activity
RSU activity for the year ended March 2023 is summarized as follows:
Ìý Performance-based Nonperformance-based
Ìý
Number Outstanding (a)
Weighted Average
GrantÌýDate
Fair Value
Number Outstanding Weighted Average
GrantÌýDate
Fair Value
Outstanding, March 2022 912,963Ìý $ 80.75Ìý 901,956Ìý $ 71.42Ìý
Granted 364,192Ìý 45.23Ìý 1,103,228Ìý 38.31Ìý
Issued as Common Stock (248,203) 84.27Ìý (207,011) 64.42Ìý
Forfeited/cancelled (165,024) 53.78Ìý (220,133) 59.46Ìý
Outstanding, March 2023 863,928Ìý $ 69.92Ìý 1,578,040Ìý $ 50.85Ìý
Vested, March 2023 551,338Ìý $ 72.68Ìý 112,197Ìý $ 67.09Ìý
(a)Reflects activity at target level of awards and has not been adjusted for performance and market conditions.
Schedule of Restricted Stock Activity
Restricted stock activity for the year ended March 2023 is summarized below:
Nonvested Shares Outstanding Weighted Average GrantÌýDate Fair Value
Nonvested shares, March 2022 854,410Ìý $ 79.43Ìý
Granted 125,981Ìý 35.72Ìý
Dividend equivalents 15,587Ìý 30.52Ìý
Vested (377,702) 82.99Ìý
Forfeited (20,141) 65.30Ìý
Nonvested shares, March 2023 598,135Ìý $ 67.17Ìý