STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Mar. 30, 2019 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Total Stock-Based Compensation Cost and Associated Income Tax Benefits Related to Stock-Based Compensation Arrangements Recognized and Stock-Based Compensation Costs Included in Inventory |
Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Income, and stock-based compensation costs included in inventory in the Consolidated Balance Sheets, are as follows:
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Year Ended March |
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Three Months
Ended March
(Transition Period)
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Year Ended December |
(In thousands) |
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2019 |
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2018 |
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2017 |
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2016 |
Stock-based compensation cost |
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$ |
105,157 |
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$ |
25,440 |
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$ |
81,641 |
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$ |
67,762 |
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Income tax benefits |
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23,650 |
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5,771 |
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26,697 |
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22,870 |
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Stock-based compensation costs included in inventory at period end |
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3,165 |
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2,236 |
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1,938 |
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1,332 |
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| Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted |
The grant date fair value of each option award is calculated using a lattice option-pricing valuation model, which incorporates a range of assumptions for inputs as follows:
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Year Ended March |
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Three Months
Ended March
(Transition Period)
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Year Ended December |
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2019 |
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2018 |
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2017 |
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2016 |
Expected volatility |
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22% to 29% |
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24% to 29% |
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23% to 30% |
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21% to 29% |
Weighted average expected volatility |
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25% |
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25% |
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24% |
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24% |
Expected term (in years) |
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6.1 to 7.5 |
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6.1 to 7.6 |
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6.3 to 7.7 |
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6.3 to 7.6 |
Weighted average dividend yield |
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2.6% |
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2.9% |
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2.8% |
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2.2% |
Risk-free interest rate |
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2.1% to 3.2% |
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1.9% to 2.9% |
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0.7% to 2.4% |
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0.4% to 1.7% |
Weighted average fair value at date of grant |
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$16.82 |
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$15.34 |
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$9.90 |
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$12.08 |
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| Stock Option Activity |
Stock option activity for the three-month period ended March 2018 and the year ended March 2019 is summarized as follows:
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Number of Shares |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term (Years) |
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Aggregate Intrinsic Value
(In thousands)
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Outstanding, December 2017 |
14,250,084 |
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$ |
52.03 |
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Granted |
1,843,749 |
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74.80 |
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Exercised |
(1,484,537 |
) |
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38.94 |
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Forfeited/cancelled |
(117,782 |
) |
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66.36 |
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Outstanding, March 2018 |
14,491,514 |
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56.15 |
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Granted |
101,197 |
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81.01 |
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Exercised |
(4,316,539 |
) |
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46.86 |
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Forfeited/cancelled |
(365,962 |
) |
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65.27 |
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Outstanding, March 2019 |
9,910,210 |
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$ |
60.11 |
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6.7 |
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$ |
265,734 |
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Exercisable, March 2019 |
7,781,198 |
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$ |
58.60 |
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6.2 |
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$ |
220,251 |
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| RSU Activity |
RSU activity for the three-month period ended March 2018 and the year ended March 2019 is summarized as follows:
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Performance-based |
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Nonperformance-based |
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Number Outstanding |
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Weighted Average
Grant Date
Fair Value
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Number Outstanding |
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Weighted Average
Grant Date
Fair Value
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Outstanding, December 2017 |
1,504,551 |
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$ |
62.22 |
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335,093 |
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$ |
60.72 |
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Granted |
351,490 |
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74.80 |
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407,074 |
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74.80 |
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Issued as Common Stock |
(405,871 |
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75.33 |
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(34,964 |
) |
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56.11 |
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Forfeited/cancelled |
(12,154 |
) |
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63.64 |
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(10,780 |
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72.45 |
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Outstanding, March 2018 |
1,438,016 |
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61.58 |
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696,423 |
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69.00 |
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Granted |
19,099 |
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80.39 |
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82,799 |
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79.21 |
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Issued as Common Stock |
— |
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— |
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(58,165 |
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69.08 |
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Forfeited/cancelled |
(60,439 |
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65.20 |
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(56,224 |
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73.54 |
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Outstanding, March 2019 |
1,396,676 |
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$ |
61.68 |
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664,833 |
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$ |
69.88 |
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Vested, March 2019 |
859,332 |
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$ |
61.37 |
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69,139 |
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$ |
74.80 |
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| Restricted Stock Activity |
Restricted stock activity for the three-month period ended March 2018 and the year ended March 2019 is summarized below:
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Nonvested Shares Outstanding |
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Weighted Average Grant Date Fair Value |
Nonvested shares, December 2017 |
684,963 |
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$ |
57.01 |
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Granted |
56,331 |
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74.70 |
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Dividend equivalents |
4,188 |
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|
74.40 |
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Vested |
(53,203 |
) |
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57.90 |
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Forfeited |
(11,068 |
) |
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68.25 |
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Nonvested shares, March 2018 |
681,211 |
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58.33 |
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Granted |
79,188 |
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79.99 |
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Dividend equivalents |
15,468 |
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82.02 |
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Vested |
(99,682 |
) |
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67.41 |
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Forfeited |
(49,460 |
) |
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62.76 |
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Nonvested shares, March 2019 |
626,725 |
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$ |
59.86 |
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