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Share-Based Compensation | 12 Months Ended
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Mar. 27, 2021
Share-based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based CompensationThe Company grants equity awards to certain employees and directors of the Company at the discretion of the Company’s Compensation and Talent Committee. The Company has two equity plans which includes one stock option plan adopted in Fiscal 2008 (as amended and restated, the “2008 Plan”), and an Omnibus Incentive Plan adopted in the third fiscal quarter of Fiscal 2012 and amended and restated with shareholder approval in May 2015 and again in June 2020 (the “Incentive Plan”). The 2008 Plan only provided for grants of share options and was authorized to issue up to 23,980,823 ordinary shares. As of March 27, 2021, there were no shares available to grant equity awards under the 2008 Plan. The Incentive Plan allows for grants of share options, restricted shares and restricted stock units ("RSUs"), and other equity awards, and authorizes a total issuance of up to 18,846,000 ordinary shares. At March 27, 2021, there were 4,998,829 ordinary shares available for future grants of equity awards under the Incentive Plan. Option grants issued from the 2008 Plan generally expire ten years from the date of the grant, and those issued under the Incentive Plan generally expire seven years from the date of the grant. Share Options Share options are generally exercisable at the fair market value on the date of grant and vest on a pro-rata basis over a four year service period. The following table summarizes the share options activity during Fiscal 2021, and information about options outstanding at March 27, 2021:
| Number of Options |  | Weighted Average Exercise price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at March 28, 2020 | 2,071,096 |  |  | $ | 50.66 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | (446,564) |  |  | $ | 6.06 |  |  |  |  |
Canceled/forfeited | (474,272) |  |  | $ | 61.73 |  |  |  |  |
Outstanding at March 27, 2021 | 1,150,260 |  |  | $ | 63.42 |  |  | 1.67 |  | $ | 4 |
Vested or expected to vest at March 27, 2021 | 1,150,260 |  |  | $ | 63.42 |  |  | 1.67 |  |
Vested and exercisable at March 27, 2021 | 1,014,945 |  |  | $ | 64.01 |  |  | 1.37 |  | $ | 4 |
There were 135,315 unvested options and 1,014,945 vested options outstanding at March 27, 2021. The total intrinsic value of options exercised during Fiscal 2021 was $10 million and immaterial during Fiscal 2020. The cash received from options exercised during Fiscal 2021 was $3 million and immaterial during Fiscal 2020. As of March 27, 2021, the remaining unrecognized share-based compensation expense for unvested share options was $1 million, which is expected to be recognized over the related weighted-average period of approximately 1.05 years. There were no options granted during Fiscal 2021 or Fiscal 2020. The weighted average grant date fair value for options granted during Fiscal 2019 was $24.49. The following table represents assumptions used to estimate the fair value of options for the fiscal year ended March 30, 2019:
|  |  |  |  |  | March 30, 2019
Expected dividend yield |  |  |  |  |  | 0.0 | %
Volatility factor |  |  |  |  |  | 36.9 | %
Weighted average risk-free interest rate |  |  |  |  |  | 2.8 | %
Expected life of option |  |  |  |  |  | 4.85 years
Restricted Awards The Company grants RSUs at the fair market value on the date of the grant. The expense related to RSUs is based on the closing market price of the Company’s shares on the date of grant and is recognized ratably over the vesting period, net of expected forfeitures. The Company grants two types of RSUs: time-based RSUs and performance-based RSUs. Time-based RSUs generally vest in full on the first anniversary of the date of grant for our independent directors, or in equal increments on each of the third or fourth anniversaries of the date of grant (unless the employee is retirement-eligible). Performance-based RSUs generally vest in full on the second or third anniversary of the date of grant, subject to the employee’s continued employment during the vesting period and only if certain pre-established cumulative performance targets are met. Expense related to performance-based RSUs is recognized ratably over the performance period, net of forfeitures, based on the probability of attainment of the related performance targets. The potential number of shares that may be earned ranges from 0%, if the minimum level of performance is not attained, to 150%, if the level of performance is at or above the predetermined maximum achievement level. The following table summarizes the RSU activity during Fiscal 2021:
| Service-based |  | Performance-based
| Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Unvested at March 28, 2020 | 4,311,683 |  |  | $ | 40.34 |  |  | 772,172 |  |  | $ | 49.13 |
Granted | 2,349,594 |  |  | $ | 19.21 |  |  | 12,318 |  |  | $ | 39.43 |
Change due to performance conditions | — |  |  | $ | — |  |  | 43,661 |  |  | $ | 57.70 |
Vested | (1,354,285) |  |  | $ | 41.46 |  |  | (102,078) |  |  | $ | 34.68 |
Canceled/forfeited | (411,475) |  |  | $ | 40.18 |  |  | (144,414) |  |  | $ | 61.07 |
Unvested at March 27, 2021 | 4,895,517 |  |  | $ | 29.91 |  |  | 581,659 |  |  | $ | 49.17 |
The total fair value of service-based RSUs vested during Fiscal 2021, Fiscal 2020 and Fiscal 2019 was $56 million, $56 million and $47 million, respectively. The total fair value of performance-based RSUs vested during Fiscal 2021, Fiscal 2020 and Fiscal 2019 was $6 million, $3 million and $7 million, respectively. As of March 27, 2021, the remaining unrecognized share-based compensation expense for unvested service-based and performance-based RSU grants was $86 million and $4 million, respectively, which is expected to be recognized over the related weighted-average periods of approximately 2.32 years and 1.15 years, respectively. There were no restricted shares vested during Fiscal 2021 or Fiscal 2020. The total fair value of restricted shares vested was $4 million during Fiscal 2019. Share-Based Compensation Expense The following table summarizes compensation expense attributable to share-based compensation for Fiscal 2021, Fiscal 2020 and Fiscal 2019 (in millions):
| Fiscal Years Ended
| March 27, 2021 |  | March 28, 2020 |  | March 30, 2019
Share-based compensation expense | $ | 70 |  |  | $ | 70 |  |  | $ | 60 |
Tax benefits related to share-based compensation expense | $ | 12 |  |  | $ | 7 |  |  | $ | 11 |
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on its historical forfeiture rates. The estimated value of future forfeitures for equity awards as of March 27, 2021 is $13 million.

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