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Common Stock and Stock Plans (Tables) | 12 Months Ended
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Mar. 31, 2024
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, 2024 |  |  | March 31, 2023 |  |  | March 31, 2022 |
|  | (In thousands) |
Stock-based compensation expense before taxes |  | $ | 83,631 |  |  | $ | 82,112 |  |  | $ | 84,981 |
Related income tax benefits |  |  | (5,292 | ) |  |  | (17,238 | ) |  |  | (19,809 | )
Stock-based compensation expense, net of taxes |  | $ | 78,339 |  |  | $ | 64,874 |  |  | $ | 65,172 |
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 |  |  | Market-based Performance Stock Options |  |  | Employee Stock Purchase Plan |
|  | Fiscal Year 2024 |  |  | Fiscal Year 2023 |  |  | Fiscal Year 2022 |  |  | Fiscal Year 2024 |  |  | Fiscal Year 2023 |  |  | Fiscal Year 2022 |  |  | Fiscal Year 2024 |  |  | Fiscal Year 2023 |  |  | Fiscal Year 2022 |
Volatility |  |  | 54.2 | % |  |  | 46.4 | % |  |  | 49.5 | % |  |  | 56.4 | % |  |  | 49.9 | % |  |  | 42.5 | % |  |  | 66.6 | % |  |  | 60.5 | % |  |  | 42.1 | %
Risk-free interest rate |  |  | 4.2 | % |  |  | 3.4 | % |  |  | 0.4 | % |  |  | 4.4 | % |  |  | 3.8 | % |  |  | 1.2 | % |  |  | 5.3 | % |  |  | 3.4 | % |  |  | 0.1 | %
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 |  |  | 3.2 years |  |  | 4.6 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 2024 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, 2023 |  |  | 236,496 |  |  | $ | 62.53 |  |  |  |  |  |  |
Options granted |  |  | 58,000 |  |  |  | 31.00 |  |  |  |  |  |  |
Options expired |  |  | (69,914 | ) |  |  | 71.12 |  |  |  |  |  |  |
Options exercised |  |  | (2,633 | ) |  |  | 31.28 |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 221,949 |  |  | $ | 51.95 |  |  |  | 3.2 |  |  | $ | — |
Vested and exercisable at March 31, 2024 |  |  | 163,949 |  |  | $ | 59.36 |  |  |  | 2.4 |  |  | $ | — |
A summary of market-based performance stock option activity for fiscal year 2024 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, 2023 |  |  | 2,407,312 |  |  | $ | 48.06 |  |  |  |  |  |  |
Market-based performance options granted |  |  | 1,513,923 |  |  |  | 19.72 |  |  |  |  |  |  |
Market-based performance options canceled |  |  | (564,252 | ) |  |  | 71.83 |  |  |  |  |  |  |
Market-based performance options exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 3,356,983 |  |  | $ | 31.29 |  |  |  | 4.4 |  |  | $ | 2,568,780 |
Vested and exercisable at March 31, 2024 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
(1) Number of shares is based on the target number of options under each market-based performance stock option.
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for fiscal year 2024 is presented below:
|  | Number of Restricted Stock Units |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding at March 31, 2023 |  |  | 4,465,147 |  |  | $ | 43.00 |
Awarded |  |  | 1,451,667 |  |  |  | 29.21 |
Forfeited |  |  | (352,651 | ) |  |  | 40.89 |
Vested |  |  | (1,543,429 | ) |  |  | 45.86 |
Outstanding at March 31, 2024 |  |  | 4,020,734 |  |  | $ | 37.11 |
Vested and deferred at March 31, 2024 |  |  | 207,785 |  |  | $ | 51.71 |

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