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Stock-Based Compensation | 3 Months Ended
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Jun. 28, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Avast equity awards In connection with our acquisition of Avast, we assumed the outstanding equity awards under two of Avast’s equity incentive plans (the Avast Holding B.V. 2014 Share Option Plan and the Rules of the Avast plc Long Term Incentive Plan (collectively, the Avast Plans)), which consisted of 4 million unvested RSUs. The assumed RSUs generally retain the terms and conditions under which they were originally granted. We intend to grant all additional shares that remain available for issuance under the Avast Plans. Upon vesting, these assumed RSUs and any additional shares granted will settle into shares of our common stock. The following table sets forth the stock-based compensation expense recognized for our equity incentive plans:
| Three Months Ended |  |
(In millions) | June 28, 2024 |  | June 30, 2023 |  |  |  |
Cost of revenues | $ | 1 |  |  | $ | 1 |  |  |  |  |
Sales and marketing | 9 |  |  | 9 |  |  |  |  |
Research and development | 9 |  |  | 11 |  |  |  |  |
General and administrative | 12 |  |  | 16 |  |  |  |  |
Total stock-based compensation expense | $ | 31 |  |  | $ | 37 |  |  |  |  |
Income tax benefit for stock-based compensation expense | $ | (4) |  |  | $ | (5) |  |  |  |  |
As of June 28, 2024, the total unrecognized stock-based compensation expense related to our unvested stock-based awards was $270 million, which will be recognized over an estimated weighted-average amortization period of 2.2 years. The following table summarizes additional information related to our stock-based awards:
| Three Months Ended |
(In millions, except per grant data) | June 28, 2024 |  | June 30, 2023 |
Restricted stock units (RSUs): |  |  |  |
Weighted-average fair value per award granted | $ | 23.47 |  |  | $ | 17.24 |  |
Awards granted | 5 |  |  | 5 |  |
Total fair value of awards released | $ | 56 |  |  | $ | 35 |  |
Outstanding and unvested | 10 |  |  | 11 |  |
Performance-based restricted stock units (PRUs): |  |  |  |
Weighted-average fair value per award granted | $ | 32.44 |  |  | $ | 22.79 |  |
Awards granted | 1 |  |  | 2 |  |
Total fair value of awards released | $ | 24 |  |  | $ | 19 |  |
Outstanding and unvested at target payout | 5 |  |  | 6 |  |
Dividend equivalent rights (DERs) Our RSUs and PRUs, except for the 4 million assumed RSUs under the Avast Plans, contain DERs that entitle the recipient of an award to receive cash dividend payments when the associated award is released. The amount of DERs equals to the cumulated dividends on the issued number of common stock that would have been payable since the date the associated award was granted. As of June 28, 2024 and March 29, 2024, current dividends payable related to DER was $3 million and $4 million, respectively, recorded as part of Other current liabilities in the Condensed Consolidated Balance Sheets, and long-term dividends payable related to DER was $2 million and $4 million, respectively, recorded as part of Other long-term liabilities in the Condensed Consolidated Balance Sheets.

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