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Share-Based Compensation | 3 Months Ended
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Jun. 28, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The 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 an Omnibus Incentive Plan effective as of December 1, 2011 and amended and restated as of May 20, 2015, June 25, 2020 and May 24, 2022 (the “Incentive Plan”). The Incentive Plan allows for grants of share options, restricted shares and RSUs and other equity awards, and authorizes a total issuance of up to 22,471,000 ordinary shares after amendments in August 2022. At June 28, 2025, there were 996,684 ordinary shares available for future grants of equity awards under the Incentive Plan. Option grants issued under the Incentive Plan generally expire seven years from the grant date. The following table summarizes the Company’s share-based compensation activity during the three months ended June 28, 2025:
| Options |  |  |  | Service-Based RSUs |  | Performance-Based RSUs
Outstanding/Unvested at March 29, 2025 | 180,481 |  |  |  |  | 2,992,161 |  |  | 162,954 |
Granted | — |  |  |  |  | 2,147,786 |  |  | — |
Exercised/Vested | — |  |  |  |  | (1,261,936) |  |  | — |
Canceled/Forfeited | (180,481) |  |  |  |  | (247,248) |  |  | — |
Outstanding/Unvested at June 28, 2025 | — |  |  |  |  | 3,630,763 |  |  | 162,954 |
The weighted average grant date fair value of service-based RSUs granted during the three months ended June 28, 2025 was $17.23. There were no performance-based RSUs granted during the three months ended June 28, 2025. The weighted average grant date fair value of service-based RSUs granted during the three months ended June 29, 2024 was $32.13. There were no performance-based RSUs granted during the three months ended June 29, 2024. Share-Based Compensation Expense The following table summarizes compensation expense attributable to share-based compensation for the three months ended June 28, 2025 and June 29, 2024 (in millions):
|  |  | Three Months Ended
|  |  |  |  | June 28, 2025 |  | June 29, 2024
Share-based compensation expense |  |  |  |  | $ | 14 |  |  | $ | 24 |
Tax benefit related to share-based compensation expense |  |  |  |  | $ | — |  |  | $ | 4 |
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 historical forfeiture rates. The estimated value of future forfeitures for equity awards as of June 28, 2025 is $6 million. There are no forfeitures for performance-based RSUs. See Note 17 in the Company’s Fiscal 2025 Annual Report on Form 10-K for additional information relating to the Company’s share-based compensation awards.

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