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Common Stock and Stock Plans (Tables) | 12 Months Ended
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Mar. 31, 2020
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, 2020 |  |  | March 31, 2019 |  |  | March 31, 2018 |
|  | (In thousands) |
Stock-based compensation expense before taxes |  | $ | 86,553 |  |  | $ | 79,599 |  |  | $ | 68,545 |
Related income tax benefits |  |  | (20,388 | ) |  |  | (18,824 | ) |  |  | (16,278 | )
Stock-based compensation expense, net of taxes |  | $ | 66,165 |  |  | $ | 60,775 |  |  | $ | 52,267 |
Summary of Employee Stock Options and Employee Stock Purchase Plan Weighted Average Assumptions | 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 2020 |  |  | Fiscal Year 2019 |  |  | Fiscal Year 2018 |  |  | Fiscal Year 2020 |  |  | Fiscal Year 2019 |  |  | Fiscal Year 2018 |  |  | Fiscal Year 2020 |  |  | Fiscal Year 2019 |  |  | Fiscal Year 2018 |
Volatility |  |  | 27.9 | % |  |  | 27.9 | % |  |  | 30.4 | % |  |  | 27.7 | % |  |  | 28.2 | % |  |  | 27.5 | % |  |  | 24.6 | % |  |  | 32.8 | % |  |  | 22.0 | %
Risk-free interest rate |  |  | 1.3 | % |  |  | 2.8 | % |  |  | 1.9 | % |  |  | 1.7 | % |  |  | 2.8 | % |  |  | 1.9 | % |  |  | 1.8 | % |  |  | 2.4 | % |  |  | 1.3 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life |  | 5.0 years |  |  | 5.0 years |  |  | 5.4 years |  |  | 5.0 years |  |  | 5.0 years |  |  | 5.0 years |  |  | 0.5 years |  |  | 0.5 years |  |  | 0.5 years |
Summary of Employee Stock Option Activity and TSR Performance Stock Option Activity | A summary of stock option activity for fiscal year 2020 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, 2019 |  |  | 1,531,500 |  |  | $ | 64.87 |  |  |  |  |  |  |  |  |
Options granted |  |  | 39,000 |  |  |  | 74.64 |  |  |  |  |  |  |  |  |
Options canceled |  |  | (5,000 | ) |  |  | 77.47 |  |  |  |  |  |  |  |  |
Options exercised |  |  | (340,267 | ) |  |  | 61.89 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2020 |  |  | 1,225,233 |  |  | $ | 65.96 |  |  |  | 1.91 |  |  | $ | — |
Vested and exercisable at March 31, 2020 |  |  | 1,076,983 |  |  | $ | 65.30 |  |  |  | 1.71 |  |  | $ | — |
A summary of TSR performance stock option activity for fiscal year 2020 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, 2019 |  |  | 1,027,500 |  |  | $ | 71.34 |  |  |  |  |  |  |  |  |
TSR performance options granted |  |  | 603,306 |  |  |  | 71.83 |  |  |  |  |  |  |  |  |
TSR performance options canceled |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
TSR performance options exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2020 |  |  | 1,630,806 |  |  | $ | 71.52 |  |  |  | 4.70 |  |  | $ | — |
Vested and exercisable at March 31, 2020 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
(1) | Number of shares is based on the target number of options under each TSR performance stock option.
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for fiscal year 2020 is presented below:
|  | Number of Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding at March 31, 2019 |  |  | 2,904,242 |  |  | $ | 67.99 |
Awarded |  |  | 1,284,684 |  |  |  | 71.59 |
Forfeited |  |  | (93,092 | ) |  |  | 70.26 |
Vested |  |  | (1,075,526 | ) |  |  | 68.27 |
Outstanding at March 31, 2020 |  |  | 3,020,308 |  |  | $ | 69.35 |
Vested and deferred at March 31, 2020 |  |  | 182,334 |  |  | $ | 44.53 |

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