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Equity Compensation (Tables) | 12 Months Ended
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Mar. 29, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Summary of Activity in Total Stock Available for Grant | The following table summarizes the activity in total shares available for grant (in thousands):
| Shares
| Available for
| Grant
Balance, March 26, 2022 | 2,617 |
Shares added | 2,090 |
Granted | (2,536) |
Forfeited | 303 |
Balance, March 25, 2023 | 2,474 |
Shares added | — |
Granted | (1,813) |
Forfeited | 317 |
Balance, March 30, 2024 | 978 |
Shares added | 2,670 |
Granted | (1,322) |
Forfeited | 214 |
Balance, March 29, 2025 | 2,540 |
Summary of Effect of Stock-Based Compensation | The following table summarizes the effects of stock-based compensation on cost of goods sold, research and development, sales, general and administrative, pre-tax income, and net income after taxes for shares granted under the Plan (in thousands, except per share amounts):
|  | Fiscal Year
|  | 2025 |  | 2024 |  | 2023
Cost of sales |  | $ | 1,332 |  |  | $ | 1,403 |  |  | $ | 1,270 |
Research and development |  | 59,184 |  |  | 63,678 |  |  | 57,312 |
Sales, general and administrative |  | 23,630 |  |  | 24,190 |  |  | 23,059 |
Effect on pre-tax income |  | 84,146 |  |  | 89,271 |  |  | 81,641 |
Income Tax Benefit |  | (19,152) |  |  | (20,646) |  |  | (15,184) |
Total stock-based compensation expense (net of taxes) |  | 64,994 |  |  | 68,625 |  |  | 66,457 |
Stock-based compensation effects on basic earnings per share |  | $ | 1.22 |  |  | $ | 1.26 |  |  | $ | 1.19 |
Stock-based compensation effects on diluted earnings per share |  | 1.18 |  |  | 1.22 |  |  | 1.16 |
Schedule of Fair Value of Stock Option Grants | We estimate the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions:
|  | March 29, 2025 |  | March 30, 2024 |  | March 25, 2023
Expected stock price volatility |  | 35.70% |  | 34.53% - 39.92% |  | 35.18% - 46.50%
Risk-free interest rate |  | 4.33% |  | 3.99% - 4.11% |  | 2.47% - 3.96%
Expected term (in years) |  | 3.73 |  | 3.85 - 4.07 |  | 4.04 - 4.33
Schedule of Stock Option Activity | Additional information with respect to stock option activity is as follows (in thousands, except per share amounts):
|  | Outstanding Options
|  | Number |  | Weighted Average Exercise Price
Balance, March 26, 2022 |  | 820 |  |  | $ | 57.75 |
Options granted |  | 143 |  |  | 96.33 |
Options exercised |  | (225) |  |  | 45.10 |
Options forfeited |  | (18) |  |  | 71.14 |
Options expired |  | — |  |  | — |
Balance, March 25, 2023 |  | 720 |  |  | $ | 69.03 |
Options granted |  | 132 |  |  | 92.69 |
Options exercised |  | (66) |  |  | 50.39 |
Options forfeited |  | — |  |  | — |
Options expired |  | — |  |  | — |
Balance, March 30, 2024 |  | 786 |  |  | $ | 74.56 |
Options granted |  | 4 |  |  | 129.24 |
Options exercised |  | (257) |  |  | 59.93 |
Options forfeited |  | (29) |  |  | 91.26 |
Options expired |  | — |  |  | — |
Balance, March 29, 2025 |  | 504 |  |  | $ | 81.53 |
Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable | Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 29, 2025 is as follows (in thousands, except years and per share amounts):
|  | Number of Options |  | Weighted Average Exercise price |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Vested and expected to vest |  | 495 |  |  | $ | 81.27 |  |  | 6.63 |  | $ | 9,404 |
Exercisable |  | 337 |  |  | $ | 74.72 |  |  | 5.87 |  | $ | 8,497 |
Summary of Outstanding and Exercisable Options | The following table summarizes information regarding outstanding and exercisable options as of March 29, 2025 (in thousands, except per share amounts):
|  | Options Outstanding |  | Options Exercisable
|  |  |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise |  | Number |  | Weighted Average
Range of Exercise Prices |  | Number |  | (years) |  | Price |  | Exercisable |  | Exercise Price
$31.25 - $68.43 |  | 88 |  |  | 3.32 |  | $ | 44.27 |  |  | 88 |  |  | $ | 44.27 |
$68.56 - $78.00 |  | 95 |  |  | 5.44 |  | 74.51 |  |  | 95 |  |  | 74.51 |
$79.16 - $88.00 |  | 111 |  |  | 7.00 |  | 85.69 |  |  | 80 |  |  | 85.76 |
$93.24 |  | 113 |  |  | 8.87 |  | 93.24 |  |  | 28 |  |  | 93.24 |
$102.37 |  | 93 |  |  | 7.86 |  | 102.37 |  |  | 46 |  |  | 102.37 |
$129.24 |  | 4 |  |  | 9.33 |  | 129.24 |  |  | — |  |  | — |
|  | 504 |  |  | 6.66 |  | $ | 81.53 |  |  | 337 |  |  | $ | 74.72 |
Summary of Restricted Stock and Restricted Stock Units Activity | A summary of the activity for RSUs in fiscal year 2025, 2024, and 2023 is presented below (in thousands, except per share amounts):
|  | Shares |  | Weighted Average Fair Value
March 26, 2022 |  | 2,576 |  |  | $ | 74.45 |
Granted |  | 1,574 |  |  | 75.97 |
Vested |  | (877) |  |  | 70.02 |
Forfeited |  | (183) |  |  | 75.58 |
March 25, 2023 |  | 3,090 |  |  | $ | 76.42 |
Granted |  | 1,099 |  |  | 71.12 |
Vested |  | (879) |  |  | 73.54 |
Forfeited |  | (211) |  |  | 75.70 |
March 30, 2024 |  | 3,099 |  |  | $ | 75.41 |
Granted |  | 711 |  |  | 105.87 |
Vested |  | (1,163) |  |  | 81.45 |
Forfeited |  | (115) |  |  | 78.41 |
March 29, 2025 |  | 2,532 |  |  | $ | 81.04 |
Summary of Restricted Stock Units Vesting or Expected to Vest | Additional information with regards to outstanding RSUs that are expected to vest as of March 29, 2025, is as follows (in thousands, except year and per share amounts):
|  | Shares |  | Weighted Average Fair Value |  | Weighted Average Remaining Contractual Term (years)
Expected to vest |  | 2,396 |  |  | $ | 80.75 |  |  | 1.43
Summary of Monte Carlo Simulation Assumptions for Market Stock Units | The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions:
|  | Fiscal Years Ended
|  | March 29, 2025 |  | March 30, 2024 |  | March 25, 2023
Expected stock price volatility |  | 39.34% - 41.61% |  | 34.53% |  | 35.18% - 46.50%
Risk-free interest rate |  | 3.97% - 4.15% |  | 4.12% |  | 2.67% - 3.92%
Expected term (in years) |  | 3.00 |  | 3.00 |  | 3.00
Schedule of MSU and PSU Activity | A summary of the activity for MSUs in fiscal year 2025, 2024, and 2023 is presented below (in thousands, except per share amounts):
|  | Shares |  | Weighted Average Fair Value
March 26, 2022 |  | 85 |  |  | $ | 95.75 |
Granted |  | 38 |  |  | 135.87 |
Vested |  | (10) |  |  | 87.43 |
Forfeited |  | (24) |  |  | 94.80 |
March 25, 2023 |  | 89 |  |  | $ | 113.83 |
Granted |  | 35 |  |  | 141.48 |
Vested |  | (9) |  |  | 83.96 |
Forfeited |  | (14) |  |  | 83.96 |
March 30, 2024 |  | 101 |  |  | $ | 130.46 |
Granted |  | 59 |  |  | 151.80 |
Vested |  | (47) |  |  | 109.18 |
Forfeited |  | (9) |  |  | 128.36 |
March 29, 2025 |  | 104 |  |  | $ | 152.23 |
A summary of the activity for PSUs in fiscal year 2025 is presented below (in thousands, except per share amounts):
|  | Shares |  | Weighted Average Fair Value
March 30, 2024 |  | — |  |  | $ | — |
Granted |  | 109 |  |  | 104.41 |
Vested |  | — |  |  | — |
Forfeited |  | — |  |  | — |
March 29, 2025 |  | 109 |  |  | $ | 104.41 |
Summary of Outstanding MSUs and PSUs Expected to Vest | Additional information with regard to outstanding MSUs that are expected to vest as of March 29, 2025 is as follows (in thousands, except year and per share amounts):
|  | Shares |  | Weighted Average Fair Value |  | Weighted Average Remaining Contractual Term (years)
Expected to vest |  | 97 |  |  | $ | 151.73 |  |  | 1.89
Additional information with regard to outstanding PSUs that are expected to vest as of March 29, 2025 is as follows (in thousands, except year and per share amounts):
|  | Shares |  | Weighted Average Fair Value |  | Weighted Average Remaining Contractual Term (years)
Expected to vest |  | 100 |  |  | $ | 104.41 |  |  | 2.14

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