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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Apr. 02, 2022
Share-based Payment Arrangement [Abstract] |
Total Stock-Based Compensation Cost and Associated Income Tax Benefits | Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Operations are as follows:
|  | Year Ended March
(In thousands) |  | 2022 |  |  | 2021 |  | 2020
Stock-based compensation cost |  | $ | 91,358 |  |  |  | $ | 70,823 |  |  | $ | 68,205 |
Income tax benefits |  | 21,917 |  |  |  | 17,373 |  |  | 15,460 |
Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted | The grant date fair value of each option award was calculated using a lattice option-pricing valuation model, which incorporated a range of assumptions for inputs as follows:
|  | Year Ended March
|  | 2022 |  |  | 2021 |  | 2020
Expected volatility |  | 28% to 41% |  |  | 28% to 48% |  | 24% to 27%
Weighted average expected volatility |  | 36% |  |  | 37% |  | 25%
Expected term (in years) |  | 6.1 to 7.9 |  |  | 6.2 to 8.0 |  | 6.1 to 7.6
Weighted average dividend yield |  | 2.6% |  |  | 2.4% |  | 2.5%
Risk-free interest rate |  | 0.04% to 1.81% |  |  | 0.07% to 1.11% |  | 1.41% to 2.39%
Weighted average fair value at date of grant |  | $20.17 |  |  | $15.81 |  | $17.19
Stock Option Activity | Stock option activity for the year ended March 2022 is summarized as follows:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (In thousands)
Outstanding, March 2021 | 7,812,717 |  |  | $ | 62.56 |  |  |  |  |
Granted | 1,515,963 |  |  | 77.67 |  |  |  |  |
Exercised | (899,710) |  |  | 52.76 |  |  |  |  |
Forfeited/cancelled | (381,313) |  |  | 72.28 |  |  |  |  |
Outstanding, March 2022 | 8,047,657 |  |  | $ | 66.04 |  |  | 6.3 |  | $ | 12,446 |
Exercisable, March 2022 | 5,266,586 |  |  | $ | 63.37 |  |  | 5.2 |  | $ | 11,685 |
RSU Activity | RSU activity for the year ended March 2022 is summarized as follows:
| Performance-based |  | Nonperformance-based
| Number Outstanding |  | Weighted Average Grant Date Fair Value |  | Number Outstanding |  | Weighted Average Grant Date Fair Value
Outstanding, March 2021 | 970,469 |  |  | $ | 74.16 |  |  | 768,419 |  |  | $ | 68.86 |
Granted | 325,058 |  |  | 89.65 |  |  | 490,351 |  |  | 75.29 |
Issued as Common Stock | (317,021) |  |  | 69.77 |  |  | (248,258) |  |  | 71.31 |
Forfeited/cancelled/modifications | (65,543) |  |  | 80.37 |  |  | (108,556) |  |  | 71.07 |
Outstanding, March 2022 | 912,963 |  |  | $ | 80.75 |  |  | 901,956 |  |  | $ | 71.42 |
Vested, March 2022 | 588,247 |  |  | $ | 80.88 |  |  | 112,534 |  |  | $ | 67.76 |
Restricted Stock Activity | Restricted stock activity for the year ended March 2022 is summarized below:
| Nonvested Shares Outstanding |  | Weighted Average Grant Date Fair Value
Nonvested shares, March 2021 | 920,472 |  |  | $ | 79.23 |
Granted | 31,214 |  |  | 77.78 |
Dividend equivalents | 8,407 |  |  | 63.76 |
Vested | (67,151) |  |  | 74.14 |
Forfeited | (38,532) |  |  | 79.11 |
Nonvested shares, March 2022 | 854,410 |  |  | $ | 79.43 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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