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Share-Based Compensation | 12 Months Ended
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Apr. 02, 2022
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 April 2, 2022, 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 April 2, 2022, there were 4,062,239 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 grant date, and those issued under the Incentive Plan generally expire seven years from the grant date. See Note 20 for additional information. 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 2022, and information about options outstanding at April 2, 2022:
| Number of Options |  | Weighted Average Exercise price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at March 27, 2021 | 1,150,260 |  |  | $ | 63.42 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | (408,638) |  |  | $ | 41.48 |  |  |  |  |
Canceled/forfeited | (386,174) |  |  | $ | 92.05 |  |  |  |  |
Outstanding at April 2, 2022 | 355,448 |  |  | $ | 57.54 |  |  | 2.00 |  | $ | 1 |
Vested or expected to vest at April 2, 2022 | 355,448 |  |  | $ | 57.54 |  |  | 2.00 |  |
Vested and exercisable at April 2, 2022 | 308,494 |  |  | $ | 56.02 |  |  | 1.82 |  | $ | 1 |
There were 46,954 unvested options and 308,494 vested options outstanding at April 2, 2022. The total intrinsic value of options exercised during Fiscal 2022 and Fiscal 2021 was $7 million and $10 million, respectively. The cash received from options exercised during Fiscal 2022 and Fiscal 2021 was $17 million and $3 million, respectively. As of April 2, 2022, the remaining unrecognized share-based compensation expense for unvested share options was less than $1 million, which is expected to be recognized over the related weighted-average period of approximately 0.2 years. There were no options granted during Fiscal 2022, Fiscal 2021 or Fiscal 2020. Restricted Awards The Company grants RSUs at the fair market value on the grant date. 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 2022:
| 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 27, 2021 | 4,895,517 |  |  | $ | 29.91 |  |  | 581,659 |  |  | $ | 49.17 |
Granted | 1,729,215 |  |  | $ | 55.27 |  |  | — |  |  | $ | — |
Change due to performance conditions, net | — |  |  | $ | — |  |  | 26,109 |  |  | $ | 7.82 |
Vested | (2,327,165) |  |  | $ | 33.58 |  |  | (347,561) |  |  | $ | 56.49 |
Canceled/forfeited | (469,867) |  |  | $ | 33.85 |  |  | (50,015) |  |  | $ | 39.36 |
Unvested at April 2, 2022 | 3,827,700 |  |  | $ | 38.65 |  |  | 210,192 |  |  | $ | 34.25 |
The total fair value of service-based RSUs vested during Fiscal 2022, Fiscal 2021 and Fiscal 2020 was $78 million, $56 million and $56 million, respectively. The total fair value of performance-based RSUs vested during Fiscal 2022, Fiscal 2021 and Fiscal 2020 was $18 million, $6 million and $3 million, respectively. As of April 2, 2022, the remaining unrecognized share-based compensation expense for unvested service-based and performance-based RSU grants was $77 million and $1 million, respectively, which is expected to be recognized over the related weighted-average periods of approximately 1.9 years and 1.3 years, respectively. Share-Based Compensation Expense The following table summarizes compensation expense attributable to share-based compensation for Fiscal 2022, Fiscal 2021 and Fiscal 2020 (in millions):
| Fiscal Years Ended
| April 2, 2022 |  | March 27, 2021 |  | March 28, 2020
Share-based compensation expense | $ | 85 |  |  | $ | 70 |  |  | $ | 70 |
Tax benefits related to share-based compensation expense | $ | 14 |  |  | $ | 12 |  |  | $ | 7 |
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 April 2, 2022 is $25 million.

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