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]  
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 $ 73,247  $ 57,829  $ 40,040 
Income tax benefits 16,299  12,849  9,072 
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 Term (Years) Aggregate Intrinsic Value
(In thousands)
Outstanding, March 2024 13,034,540  $ 45.04 
Granted 6,580,674  13.30 
Exercised (174,882) 17.86 
Forfeited/cancelled (2,359,894) 47.14 
Outstanding, March 2025 17,080,438  $ 32.80  7.2 $ 17,174 
Exercisable, March 2025 7,584,683  $ 53.51  5.3 $ 102 
Schedule of RSU Activity
RSU and stock unit activity for the year ended March 2025 is summarized as follows:
  Performance-based Nonperformance-based
 
Number Outstanding (a)
Weighted Average
Grant Date
Fair Value
Number Outstanding Weighted Average
Grant Date
Fair Value
Outstanding, March 2024 1,132,322  $ 40.14  4,305,296  $ 24.68 
Granted 1,544,680  16.61  3,684,775  17.13 
Issued as Common Stock —  —  (980,773) 37.79 
Forfeited/cancelled (275,230) 86.13  (997,448) 19.91 
Outstanding, March 2025 2,401,772  $ 19.60  6,011,850  $ 18.70 
Vested, March 2025 840,579  $ 23.98  329,772  $ 20.58 
(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 Grant Date Fair Value
Nonvested shares, March 2024 263,083  $ 65.90 
Granted —  — 
Dividend equivalents 737  14.99 
Vested (214,363) 77.35 
Forfeited (37,844) 47.22 
Nonvested shares, March 2025 11,613  $ 71.43