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v3.24.1.1.u2

Stock-based Compensation (Tables) | 12 Months Ended
--- | ---
Mar. 30, 2024
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
|  | March 30, 2024 |  | April 1, 2023 |  | April 2, 2022
|  | (millions)
Compensation expense(a) |  | $ | 99.5 |  |  | $ | 75.5 |  |  | $ | 81.7 |
Income tax benefit |  | (14.8) |  |  | (12.6) |  |  | (13.0) |
(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 2024 is as follows:
|  | Service- based RSUs
|  | Number of Shares |  | Weighted-Average Grant Date Fair Value
|  | (thousands) |  |
Nonvested at April 1, 2023 |  | 1,585 |  |  | $ | 88.32 |
Granted |  | 549 |  |  | 115.55 |
Vested |  | (997) |  |  | 82.10 |
Forfeited |  | (83) |  |  | 102.34 |
Nonvested at March 30, 2024 |  | 1,054 |  |  | $ | 107.27 |
Additional information pertaining to the restricted stock and restricted stock unit activity |
|  | Service- based RSUs
Total unrecognized compensation expense at March 30, 2024 (millions) |  | $ | 37.1 |
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
|  | March 30, 2024 |  | April 1, 2023 |  | April 2, 2022
Service-based RSUs: |  |  |  |  |  |
Weighted-average grant date fair value of awards granted |  | $ | 115.55 |  |  | $ | 92.07 |  |  | $ | 117.33 |
Total fair value of awards vested (millions) |  | $ | 119.0 |  |  | $ | 56.7 |  |  | $ | 79.5 |
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
|  | March 30, 2024 |  | April 1, 2023 |  | April 2, 2022
Expected volatility |  | 38.4 | % |  | 49.9 | % |  | 46.8 | %
Expected dividend yield |  | 2.5 | % |  | 3.0 | % |  | 2.2 | %
Risk-free interest rate |  | 4.6 | % |  | 3.1 | % |  | 0.4 | %
Weighted-average grant date fair value |  | $ | 147.19 |  | $ | 124.62 |  | $ | 146.46
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 2024 is as follows:
|  | Performance-based RSUs
|  | Number of Shares |  | Weighted-Average Grant Date Fair Value
|  | (thousands) |  |
Nonvested at April 1, 2023 |  | 469 |  |  | $ | 117.35 |
Granted |  | 217 |  |  | 129.38 |
Change due to performance and/or market condition achievement |  | — |  |  | — |
Vested |  | — |  |  | — |
Forfeited |  | (4) |  |  | 117.33 |
Nonvested at March 30, 2024 |  | 682 |  |  | $ | 121.18 |
Additional information pertaining to the restricted stock and restricted stock unit activity |
|  | Performance-based RSUs
Total unrecognized compensation expense at March 30, 2024 (millions) |  | $ | 31.3 |
Weighted-average period expected to be recognized over (years) |  | 1.5
Additional information pertaining to performance-based RSU activity including TSR awards is as follows:
|  | Fiscal Years Ended
|  | March 30, 2024 |  | April 1, 2023 |  | April 2, 2022
Performance-based RSUs: |  |  |  |  |  |
Weighted-average grant date fair value of awards granted |  | $ | 129.38 |  |  | $ | 106.58 |  |  | $ | 129.56 |
Total fair value of awards vested (millions) |  | $ | — |  |  | $ | 26.8 |  |  | $ | 27.6 |

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