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Common Stock and Stock Plans (Tables) | 12 Months Ended
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Mar. 31, 2018
Equity [Abstract] |
Summary of Stock-based Compensation Expense | Total stock-based compensation expense recognized in accordance with the authoritative guidance for share-based payments was as follows:
|  | Fiscal Years Ended |
|  | March 31, 2018 |  |  | March 31, 2017 |  |  | March 31, 2016 |
|  | (In thousands) |
Stock-based compensation expense before taxes |  | $ | 68,545 |  |  | $ | 55,775 |  |  | $ | 47,510 |
Related income tax benefits |  |  | (16,278 | ) |  |  | (21,057 | ) |  |  | (18,089 | )
Stock-based compensation expense, net of taxes |  | $ | 52,267 |  |  | $ | 34,718 |  |  | $ | 29,421 |
Summary of Employee Stock Options and Employee Stock Purchase Plan Weighted Average Assumptions | The weighted average estimated fair value of TSR performance stock options granted during fiscal year 2018 was $32.04 per share, using the Monte Carlo simulation. The weighted average estimated fair value of employee stock options granted and employee stock purchase plan shares issued during fiscal year 2018 was $19.86 and $15.09 per share, respectively, during fiscal year 2017 was $23.62 and $16.27 per share, respectively, and during fiscal year 2016 was $20.35 and $13.37 per share, respectively, using the Black-Scholes model. The weighted average assumptions (annualized percentages) used in the Black-Scholes model and Monte Carlo simulation were as follows:
|  | Employee Stock Options |  |  | TSR Performance Stock Options |  |  | Employee Stock Purchase Plan |
|  | Fiscal Year 2018 |  |  | Fiscal Year 2017 |  |  | Fiscal Year 2016 |  |  | Fiscal Year 2018 * |  |  | Fiscal Year 2018 |  |  | Fiscal Year 2017 |  |  | Fiscal Year 2016 |
Volatility |  |  | 30.4 | % |  |  | 33.4 | % |  |  | 32.9 | % |  |  | 27.5 | % |  |  | 22.0 | % |  |  | 31.1 | % |  |  | 24.6 | %
Risk-free interest rate |  |  | 1.9 | % |  |  | 1.7 | % |  |  | 1.7 | % |  |  | 1.9 | % |  |  | 1.3 | % |  |  | 0.5 | % |  |  | 0.3 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life |  | 5.4 years |  |  | 5.5 years |  |  | 5.5 years |  |  | 5.0 years |  |  | 0.5 years |  |  | 0.5 years |  |  | 0.5 years |
* | The Company began granting TSR performance stock options to executive officers in the third quarter of fiscal year 2018.
Summary of Employee Stock Option Activity and TSR Performance Stock Option Activity | A summary of employee stock option activity for fiscal year 2018 is presented below:
|  | Number of Shares |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Remaining Contractual Term in Years |  |  | Aggregate Intrinsic Value (In thousands) |
Outstanding at March 31, 2017 |  |  | 2,004,262 |  |  | $ | 58.99 |  |  |  |  |  |  |  |  |
Options granted |  |  | 53,000 |  |  |  | 63.59 |  |  |  |  |  |  |  |  |
Options canceled |  |  | (3,750 | ) |  |  | 65.86 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (287,012 | ) |  |  | 46.59 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2018 |  |  | 1,766,500 |  |  | $ | 61.13 |  |  |  | 3.05 |  |  | $ | 10,279 |
Vested and exercisable at March 31, 2018 |  |  | 1,111,625 |  |  | $ | 58.14 |  |  |  | 2.40 |  |  | $ | 9,185 |
A summary of TSR performance stock option activity for fiscal year 2018 is presented below:
|  | Number of Shares (1) |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Remaining Contractual Term in Years |  |  | Aggregate Intrinsic Value (In thousands) |
Outstanding at March 31, 2017 (2) |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
TSR performance options granted |  |  | 497,500 |  |  |  | 73.77 |  |  |  |  |  |  |  |  |
TSR performance options canceled |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
TSR performance options exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2018 |  |  | 497,500 |  |  | $ | 73.77 |  |  |  | 5.63 |  |  | $ | — |
Vested and exercisable at March 31, 2018 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
| (1) | Number of shares is based on the target number of options under each TSR performance stock option.
| (2) | The Company began granting TSR performance stock options to executive officers in the third quarter of fiscal year 2018.
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for fiscal year 2018 is presented below:
|  | Number of Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding at March 31, 2017 |  |  | 2,679,354 |  |  | $ | 64.47 |
Awarded |  |  | 1,166,362 |  |  |  | 72.89 |
Forfeited |  |  | (86,746 | ) |  |  | 67.73 |
Released |  |  | (896,776 | ) |  |  | 64.98 |
Outstanding at March 31, 2018 |  |  | 2,862,194 |  |  | $ | 67.64 |
Vested and deferred at March 31, 2018 |  |  | 159,460 |  |  | $ | 40.58 |

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