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Annual report [Section 13 and 15(d), not S-K Item 405]

STOCK-BASED COMPENSATION (Tables)

v3.25.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Mar. 29, 2025
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, on a continuing operations basis, are as follows:
Year Ended March
(In thousands) 2025 2024 2023
Stock-based compensation cost $ 73,247Ìý $ 57,829Ìý $ 40,040Ìý
Income tax benefits 16,299Ìý 12,849Ìý 9,072Ìý
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
2025 2024 2023
Expected volatility
37% to 53%
33% to 54%
30% to 46%
Weighted average expected volatility 47% 42% 39%
Expected term (in years)
5.5 to 7.3
5.9 to 7.8
6.0 to 7.8
Weighted average dividend yield 2.2% 3.7% 2.9%
Risk-free interest rate
3.80% to 5.43%
3.80% to 5.50%
1.53% to 4.89%
Weighted average fair value at date of grant $5.31 $5.74 $13.46
Schedule of Stock Option Activity
Stock option activity for the year ended March 2025 is summarized as follows:
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual TermÌý(Years) Aggregate Intrinsic Value
(InÌýthousands)
Outstanding, March 2024 13,034,540Ìý $ 45.04Ìý
Granted 6,580,674Ìý 13.30Ìý
Exercised (174,882) 17.86Ìý
Forfeited/cancelled (2,359,894) 47.14Ìý
Outstanding, March 2025 17,080,438Ìý $ 32.80Ìý 7.2 $ 17,174Ìý
Exercisable, March 2025 7,584,683Ìý $ 53.51Ìý 5.3 $ 102Ìý
Schedule of RSU Activity
RSU and stock unit activity for the year ended March 2025 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 2024 1,132,322Ìý $ 40.14Ìý 4,305,296Ìý $ 24.68Ìý
Granted 1,544,680Ìý 16.61Ìý 3,684,775Ìý 17.13Ìý
Issued as Common Stock —Ìý —Ìý (980,773) 37.79Ìý
Forfeited/cancelled (275,230) 86.13Ìý (997,448) 19.91Ìý
Outstanding, March 2025 2,401,772Ìý $ 19.60Ìý 6,011,850Ìý $ 18.70Ìý
Vested, March 2025 840,579Ìý $ 23.98Ìý 329,772Ìý $ 20.58Ìý
(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.
Schedule of Restricted Stock Activity
Restricted stock activity for the year ended March 2025 is summarized below:
Nonvested Shares Outstanding Weighted Average GrantÌýDate Fair Value
Nonvested shares, March 2024 263,083Ìý $ 65.90Ìý
Granted —Ìý —Ìý
Dividend equivalents 737Ìý 14.99Ìý
Vested (214,363) 77.35Ìý
Forfeited (37,844) 47.22Ìý
Nonvested shares, March 2025 11,613Ìý $ 71.43Ìý