Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Apr. 02, 2022
Share-based Payment Arrangement [Abstract]  
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) 2022 2021 2020
Stock-based compensation cost $ 91,358  $ 70,823  $ 68,205 
Income tax benefits 21,917  17,373  15,460 
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
2022 2021 2020
Expected volatility
28% to 41%
28% to 48%
24% to 27%
Weighted average expected volatility 36% 37% 25%
Expected term (in years)
6.1 to 7.9
6.2 to 8.0
6.1 to 7.6
Weighted average dividend yield 2.6% 2.4% 2.5%
Risk-free interest rate
0.04% to 1.81%
0.07% to 1.11%
1.41% to 2.39%
Weighted average fair value at date of grant $20.17 $15.81 $17.19
Stock Option Activity
Stock option activity for the year ended March 2022 is summarized as follows:
Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value
(In thousands)
Outstanding, March 2021 7,812,717  $ 62.56 
Granted 1,515,963  77.67 
Exercised (899,710) 52.76 
Forfeited/cancelled (381,313) 72.28 
Outstanding, March 2022 8,047,657  $ 66.04  6.3 $ 12,446 
Exercisable, March 2022 5,266,586  $ 63.37  5.2 $ 11,685 
RSU Activity
RSU activity for the year ended March 2022 is summarized as follows:
  Performance-based Nonperformance-based
  Number Outstanding Weighted Average
Grant Date
Fair Value		 Number Outstanding Weighted Average
Grant Date
Fair Value
Outstanding, March 2021 970,469  $ 74.16  768,419  $ 68.86 
Granted 325,058  89.65  490,351  75.29 
Issued as Common Stock (317,021) 69.77  (248,258) 71.31 
Forfeited/cancelled/modifications (65,543) 80.37  (108,556) 71.07 
Outstanding, March 2022 912,963  $ 80.75  901,956  $ 71.42 
Vested, March 2022 588,247  $ 80.88  112,534  $ 67.76 
Restricted Stock Activity
Restricted stock activity for the year ended March 2022 is summarized below:
Nonvested Shares Outstanding Weighted Average Grant Date Fair Value
Nonvested shares, March 2021 920,472  $ 79.23 
Granted 31,214  77.78 
Dividend equivalents 8,407  63.76 
Vested (67,151) 74.14 
Forfeited (38,532) 79.11 
Nonvested shares, March 2022 854,410  $ 79.43