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Common Stock and Stock Plans (Tables) | 12 Months Ended
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Mar. 31, 2022
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, 2022 |  |  | March 31, 2021 |  |  | March 31, 2020 |
|  | (In thousands) |
Stock-based compensation expense before taxes |  | $ | 86,808 |  |  | $ | 84,879 |  |  | $ | 86,553 |
Related income tax benefits |  |  | (20,228 | ) |  |  | (19,485 | ) |  |  | (20,388 | )
Stock-based compensation expense, net of taxes |  | $ | 66,580 |  |  | $ | 65,394 |  |  | $ | 66,165 |
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:
|  | Stock Options |  |  | TSR Performance Stock Options |  |  | Employee Stock Purchase Plan |
|  | Fiscal Year 2022 |  |  | Fiscal Year 2021 |  |  | Fiscal Year 2020 |  |  | Fiscal Year 2022 |  |  | Fiscal Year 2021 |  |  | Fiscal Year 2020 |  |  | Fiscal Year 2022 |  |  | Fiscal Year 2021 |  |  | Fiscal Year 2020 |
Volatility |  |  | 49.5 | % |  |  | 39.1 | % |  |  | 27.9 | % |  |  | 42.5 | % |  |  | 39.8 | % |  |  | 27.7 | % |  |  | 42.1 | % |  |  | 64.8 | % |  |  | 24.6 | %
Risk-free interest rate |  |  | 0.4 | % |  |  | 0.2 | % |  |  | 1.3 | % |  |  | 1.2 | % |  |  | 0.4 | % |  |  | 1.7 | % |  |  | 0.1 | % |  |  | 0.1 | % |  |  | 1.8 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life |  | 3.2 years |  |  | 5.0 years |  |  | 5.0 years |  |  | 5.0 years |  |  | 5.0 years |  |  | 5.0 years |  |  | 0.5 years |  |  | 0.5 years |  |  | 0.5 years |
Summary of Stock Option Activity and TSR Performance Stock Option Activity | A summary of stock option activity for fiscal year 2022 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, 2021 |  |  | 956,733 |  |  | $ | 65.18 |  |  |  |  |  |  |
Options granted |  |  | 99,222 |  |  |  | 79.41 |  |  |  |  |  |  |
Options expired |  |  | (388,119 | ) |  |  | 62.61 |  |  |  |  |  |  |
Options exercised |  |  | (27,107 | ) |  |  | 56.33 |  |  |  |  |  |  |
Outstanding at March 31, 2022 |  |  | 640,729 |  |  | $ | 69.32 |  |  |  | 1.6 |  |  | $ | 483 |
Vested and exercisable at March 31, 2022 |  |  | 598,994 |  |  | $ | 70.58 |  |  |  | 1.3 |  |  | $ | 431 |
A summary of TSR performance stock option activity for fiscal year 2022 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, 2021 |  |  | 2,415,459 |  |  | $ | 59.87 |  |  |  |  |  |  |
TSR performance options granted |  |  | 599,292 |  |  |  | 53.43 |  |  |  |  |  |  |
TSR performance options canceled |  |  | (578,764 | ) |  |  | 70.50 |  |  |  |  |  |  |
TSR performance options exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding at March 31, 2022 |  |  | 2,435,987 |  |  | $ | 55.76 |  |  |  | 4.2 |  |  | $ | 9,690 |
Vested and exercisable at March 31, 2022 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
(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 2022 is presented below:
|  | Number of Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding at March 31, 2021 |  |  | 3,431,561 |  |  | $ | 53.44 |
Awarded |  |  | 2,080,700 |  |  |  | 52.85 |
Forfeited |  |  | (217,024 | ) |  |  | 52.93 |
Vested |  |  | (1,274,311 | ) |  |  | 58.65 |
Outstanding at March 31, 2022 |  |  | 4,020,926 |  |  | $ | 51.51 |
Vested and deferred at March 31, 2022 |  |  | 194,641 |  |  | $ | 48.96 |

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