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Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.24.1.1.u2
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Mar. 30, 2024
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) 2024 2023 2022
Stock-based compensation cost $ 67,332Ìý $ 60,354Ìý $ 91,358Ìý
Income tax benefits 15,018Ìý 13,714Ìý 21,917Ìý
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
2024 2023 2022
Expected volatility
33% to 54%
30% to 46%
28% to 41%
Weighted average expected volatility 42% 39% 36%
Expected term (in years)
5.9 to 7.8
6.0 to 7.8
6.1 to 7.9
Weighted average dividend yield 3.7% 2.9% 2.6%
Risk-free interest rate
3.80% to 5.50%
1.53% to 4.89%
0.04% to 1.81%
Weighted average fair value at date of grant $5.74 $13.46 $20.17
Schedule of Stock Option Activity
Stock option activity for the year ended March 2024 is summarized as follows:
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual TermÌý(Years) Aggregate Intrinsic Value
(InÌýthousands)
Outstanding, March 2023 9,051,328Ìý $ 62.42Ìý
Granted 5,869,857Ìý 18.10Ìý
Exercised —Ìý —Ìý
Forfeited/cancelled (1,886,645) 44.58Ìý
Outstanding, March 2024 13,034,540Ìý $ 45.04Ìý 6.9 $ 223Ìý
Exercisable, March 2024 6,517,404Ìý $ 64.57Ìý 4.8 $ —Ìý
Schedule of RSU Activity
RSU activity for the year ended March 2024 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 2023 863,928Ìý $ 69.92Ìý 1,578,040Ìý $ 50.85Ìý
Granted 709,338Ìý 18.29Ìý 3,586,940Ìý 17.09Ìý
Issued as Common Stock (13,033) 70.86Ìý (363,353) 59.41Ìý
Forfeited/cancelled (b)
(427,911) 63.12Ìý (496,331) 26.95Ìý
Outstanding, March 2024 1,132,322Ìý $ 40.14Ìý 4,305,296Ìý $ 24.68Ìý
Vested, March 2024 515,967Ìý $ 58.63Ìý 338,605Ìý $ 25.44Ìý
(a)Reflects activity at target level of awards and has not been adjusted for performance and market conditions, except for awards issued during the period.
(b)Includes adjustment for performance and market conditions for awards issued during the period.
Schedule of Restricted Stock Activity
Restricted stock activity for the year ended March 2024 is summarized below:
Nonvested Shares Outstanding Weighted Average GrantÌýDate Fair Value
Nonvested shares, March 2023 598,135Ìý $ 67.17Ìý
Granted —Ìý —Ìý
Dividend equivalents 8,696Ìý 18.41Ìý
Vested (248,590) 78.06Ìý
Forfeited (95,158) 37.78Ìý
Nonvested shares, March 2024 263,083Ìý $ 65.90Ìý