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Stock-based Compensation
 12 Months Ended
Apr. 01, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
Long-term Stock Incentive Plans
On August 1, 2019, the Company's shareholders approved the 2019 Long-Term Stock Incentive Plan (the "2019 Incentive Plan"), which replaced the Company's Amended and Restated 2010 Long-Term Stock Incentive Plan (the "2010 Incentive Plan"). The 2019 Incentive Plan provided for 1.2 million of new shares authorized for issuance to the participants, in addition to the approximately 3.0 million shares that remained available for issuance under the 2010 Incentive Plan as of August 1, 2019. In addition, any outstanding awards under the 2010 Incentive Plan or the Company's 1997 Long-Term Stock Incentive Plan (the "1997 Incentive Plan") that expire, are forfeited, or are surrendered to the Company in satisfaction of taxes, will become available for issuance under the 2019 Incentive Plan. The 2019 Incentive Plan became effective August 1, 2019 and no further grants will be made under the 2010 Incentive Plan. Outstanding awards issued prior to August 1, 2019 will continue to remain subject to the terms of the 2010 Incentive Plan or 1997 Incentive Plan, as applicable. As of April 1, 2023, 2.8 million shares remained available for future issuance under the Company's incentive plans.
Stock-based compensation awards that may be made under the 2019 Incentive Plan include, but are not limited to, (i) RSUs, (ii) restricted stock, and (iii) stock options. During the fiscal years presented, annual grants consisted entirely of RSUs. For RSUs granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, vesting continues post-retirement for all or a portion of the remaining unvested RSUs.
Impact on Results
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.
The Company issues its annual grants of stock-based compensation awards in the first half of each fiscal year. Due to the timing of the annual grants and other factors, including the timing and magnitude of forfeiture and performance goal achievement adjustments, as well as changes to the size and composition of the eligible employee population, stock-based compensation expense recognized during any given fiscal period is not indicative of the level of compensation expense expected to be incurred in future periods.
Service-based RSUs
Service-based RSUs granted to certain of the Company's senior executives and other employees, as well as non-employee directors, generally vest over a three-year period, subject to the employee's continuing employment (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed). The fair values of service-based RSUs are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested.
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, 20221,566 $87.07 
Granted668 92.07 
Vested(579)88.40 
Forfeited(70)95.58 
Nonvested at April 1, 20231,585 $88.32 
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 
Performance-based RSUs
The Company grants performance-based RSUs to its senior executives and other key employees. The fair values of performance-based RSUs are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue while outstanding and unvested. Performance-based RSUs generally vest (i) upon the completion of a three-year period of time (cliff vesting), subject to the employee's continuing employment (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed) and the Company's achievement of certain performance goals established at the beginning of the three-year performance period or (ii) ratably, over a three-year period of time (graded vesting), subject to the employee's continuing employment during the applicable vesting period (except for awards granted to retirement-eligible employees, or employees who become retirement-
eligible prior to the end of the awards' respective stated vesting periods, as previously discussed) and the achievement by the Company of certain performance goals in the initial year of the three-year vesting period.
For performance-based RSUs subject to cliff vesting, the number of shares that may be earned ranges between 0% (if the specified threshold performance level is not attained) and 200% (if performance meets or exceeds the maximum achievement level) of the awards originally granted. If actual performance exceeds the pre-established threshold, the number of shares earned is calculated based on the relative performance between specified levels of achievement.
No performance-based awards were granted during Fiscal 2021 as the Company elected to temporarily issue service-based RSUs in lieu of performance-based RSUs as a result of business disruptions and uncertainty created by the COVID-19 pandemic. Additionally, performance metrics of certain cliff-vesting performance-based RSUs granted during prior years were changed during Fiscal 2021 and their related payout ranges lowered, with no resulting incremental compensation cost.
Market-based RSUs
The Company grants cliff vesting RSU awards to its senior executives and other key employees, which, in addition to being subject to continuing employment requirements (except for awards granted to retirement-eligible employees, or employees who become retirement-eligible prior to the end of the awards' respective stated vesting periods, as previously discussed), are also subject to a market condition based on a TSR performance metric. The number of shares that vest upon the completion of a three-year period of time is determined by comparing the Company's TSR relative to that of a pre-established peer group over the related three-year performance period. Depending on the Company's level of achievement against its TSR performance goals, the number of shares that ultimately vest may range from 0% to 200% of the awards originally granted.
The Company estimates the fair value of its TSR awards on the date of grant using a Monte Carlo simulation, which models multiple stock price paths of the Company's Class A common stock and that of its peer group to evaluate and determine its ultimate expected relative TSR performance ranking. Compensation expense, net of estimated forfeitures, is recorded regardless of whether, and the extent to which, the market condition is ultimately satisfied. No such awards were granted during Fiscal 2021 as the Company elected to temporarily issue service-based RSUs in lieu of performance-based RSUs as a result of business disruptions and uncertainty created by the COVID-19 pandemic.
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 volatility49.9 %46.8 %N/A
Expected dividend yield3.0 %2.2 %N/A
Risk-free interest rate3.1 %0.4 %N/A
Weighted-average grant date fair value$124.62$146.46N/A
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, 2022542 $104.29 
Granted261 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, 2023469 $117.35 
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 
Stock Options
Stock options were previously granted to employees and non-employee directors with exercise prices equal to the fair market value of the Company's Class A common stock on the date of grant. Generally, options become exercisable ratably (graded-vesting schedule) over a three-year vesting period, subject to the employee's continuing employment. Stock options generally expire seven years from the date of grant. There were no stock options outstanding as of April 1, 2023 or April 2, 2022, nor were any stock options granted or exercised during any of the fiscal years presented.