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v3.23.1

Stock-based Compensation (Tables) | 12 Months Ended
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Apr. 01, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of the total compensation expense and the associated income tax benefits recognized related to stock-based compensation arrangements | A summary of total stock-based compensation expense and the related income tax benefits recognized is as follows:
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
|  | (millions)
Compensation expense(a) |  | $ | 75.5 |  |  | $ | 81.7 |  |  | $ | 72.7 |
Income tax benefit |  | (12.6) |  |  | (13.0) |  |  | (12.4) |
(a)Fiscal 2022 includes $2.0 million of accelerated stock-based compensation expense recorded within restructuring and other charges, net in the consolidated statements of operations (see Note 9). All other stock-based compensation expense was recorded within SG&A expenses.
Restricted stock and service-based restricted stock units [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of restricted stock and restricted stock unit activity | A summary of service-based RSU activity during Fiscal 2023 is as follows:
|  | Service- based RSUs
|  | Number of Shares |  | Weighted-Average Grant Date Fair Value
|  | (thousands) |  |
Nonvested at April 2, 2022 |  | 1,566 |  |  | $ | 87.07 |
Granted |  | 668 |  |  | 92.07 |
Vested |  | (579) |  |  | 88.40 |
Forfeited |  | (70) |  |  | 95.58 |
Nonvested at April 1, 2023 |  | 1,585 |  |  | $ | 88.32 |
Additional information pertaining to the restricted stock and restricted stock unit activity |
|  | Service- based RSUs
Total unrecognized compensation expense at April 1, 2023 (millions) |  | $ | 41.2 |
Weighted-average period expected to be recognized over (years) |  | 1.2
Additional information pertaining to service-based RSU activity is as follows:
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
Service-based RSUs: |  |  |  |  |  |
Weighted-average grant date fair value of awards granted |  | $ | 92.07 |  |  | $ | 117.33 |  |  | $ | 64.55 |
Total fair value of awards vested (millions) |  | $ | 56.7 |  |  | $ | 79.5 |  |  | $ | 33.4 |
Market-based restricted stock units [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Share Based Payment Award with Market Condition Valuation Assumptions [Table Text Block] | The assumptions used to estimate the fair value of TSR awards granted were as follows:
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
Expected volatility |  | 49.9 | % |  | 46.8 | % |  | N/A
Expected dividend yield |  | 3.0 | % |  | 2.2 | % |  | N/A
Risk-free interest rate |  | 3.1 | % |  | 0.4 | % |  | N/A
Weighted-average grant date fair value |  | $ | 124.62 |  | $ | 146.46 |  | N/A
Performance-based restricted stock units [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of restricted stock and restricted stock unit activity | A summary of performance-based RSU activity including TSR awards during Fiscal 2023 is as follows:
|  | Performance-based RSUs
|  | Number of Shares |  | Weighted-Average Grant Date Fair Value
|  | (thousands) |  |
Nonvested at April 2, 2022 |  | 542 |  |  | $ | 104.29 |
Granted |  | 261 |  |  | 106.58 |
Change due to performance and/or market condition achievement |  | (58) |  |  | 88.03 |
Vested |  | (269) |  |  | 86.94 |
Forfeited |  | (7) |  |  | 120.14 |
Nonvested at April 1, 2023 |  | 469 |  |  | $ | 117.35 |
Additional information pertaining to the restricted stock and restricted stock unit activity |
|  | Performance-based RSUs
Total unrecognized compensation expense at April 1, 2023 (millions) |  | $ | 25.8 |
Weighted-average period expected to be recognized over (years) |  | 1.6
Additional information pertaining to performance-based RSU activity including TSR awards is as follows:
|  | Fiscal Years Ended
|  | April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
Performance-based RSUs: |  |  |  |  |  |
Weighted-average grant date fair value of awards granted |  | $ | 106.58 |  |  | $ | 129.56 |  |  | N/A
Total fair value of awards vested (millions) |  | $ | 26.8 |  |  | $ | 27.6 |  |  | $ | 55.0 |

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