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Stock-based Compensation (Tables) | 6 Months Ended
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Sep. 28, 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 during the three-month and six-month periods ended September 28, 2024 and September 30, 2023 is as follows:
|  | Three Months Ended |  | Six Months Ended
|  | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
|  | (millions)
Stock-based compensation expense |  | $ | 35.7 |  | (a) | $ | 29.3 |  |  | $ | 60.0 |  | (a) | $ | 50.7 |
Income tax benefit |  | (4.8) |  |  | (4.7) |  |  | (8.0) |  |  | (8.0) |
(a)Includes $2.0 million of stock-based compensation expense recorded in connection with an employment separation agreement within restructuring and other charges, net in the consolidated statements of operations during the second quarter of Fiscal 2025 (see Note 7). All other stock-based compensation expense was recorded within SG&A expenses.
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 [Table] | The assumptions used to estimate the fair value of TSR awards granted during the six-month periods ended September 28, 2024 and September 30, 2023 were as follows:
|  | Six Months Ended |  |
|  | September 28, 2024 |  | September 30, 2023 |  |
Expected volatility |  | 36.7 | % |  | 38.4 | % |  |
Expected dividend yield |  | 2.0 | % |  | 2.5 | % |  |
Risk-free interest rate |  | 3.9 | % |  | 4.6 | % |  |
Service Based Restricted Stock Units [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of restricted stock unit activity | A summary of service-based RSU activity during the six months ended September 28, 2024 is as follows:
|  | Number of Service-based RSUs
|  | (thousands)
Unvested at March 30, 2024 |  | 1,054 |
Granted |  | 423 |
Vested |  | (498) |
Forfeited |  | (32) |
Unvested at September 28, 2024 |  | 947 |
Performance shares, including TSR awards |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of restricted stock unit activity | A summary of performance-based RSU activity including TSR awards during the six months ended September 28, 2024 is as follows:
|  | Number of Performance-based RSUs
|  | (thousands)
Unvested at March 30, 2024 |  | 682 |
Granted |  | 173 |
Change due to performance and/or market condition achievement |  | 72 |
Vested |  | (281) |
Forfeited |  | (9) |
Unvested at September 28, 2024 |  | 637 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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