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CAPITAL STOCK (Tables) | 12 Months Ended
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Apr. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of Stock-Based Compensation Cost | Compensation cost related to stock-based transactions is recognized in the consolidated financial statements based on fair value. The total amount of stock-based compensation expense, which is recorded on a straight line basis, was as follows:
(In thousands) | 2017 |  | 2016 |  | 2015
Selling, general and administrative expenses | $6,894 |  | $5,183 |  | $11,251
Research and development | 1,549 |  |  | 1,060 |  |  | 1,706 |
Cost of goods sold | 707 |  |  | 706 |  |  | 1,138 |
| $9,150 |  | $6,949 |  | $14,095
Schedule of Summary of Stock Option Activity | A summary of stock option activity for the fiscal year ended April 1, 2017 is as follows:
| Options Outstanding (shares) |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Life (years) |  | Aggregate Intrinsic Value ($000’s)
Outstanding at April 2, 2016 | 2,951,183 |  |  | $ | 33.59 |  |  | 3.34 |  | $ | 9,684 |
Granted | 501,127 |  |  | 32.47 |  |  |  |  |  |
Exercised | (1,083,824 | ) |  | 28.79 |  |  |  |  |  |
Forfeited/Canceled | (329,691 | ) |  | 35.95 |  |  |  |  |  |
Outstanding at April 1, 2017 | 2,038,795 |  |  | $ | 35.51 |  |  | 3.88 |  | $ | 10,963 |
Exercisable at April 1, 2017 | 1,284,592 |  |  | $ | 37.04 |  |  | 2.66 |  | $ | 5,129 |
Vested or expected to vest at April 1, 2017 | 1,906,548 |  |  | $ | 35.69 |  |  | 4.24 |  | $ | 9,937 |
Schedule of Assumptions Utilized for Estimating Fair Value of Option Grants | The assumptions utilized for option grants during the periods presented are as follows:
| 2017 |  | 2016 |  | 2015
Volatility | 24.0 | % |  | 22.8 | % |  | 22.5 | %
Expected life (years) | 4.9 |  |  | 4.9 |  |  | 4.9 |
Risk-free interest rate | 1.2 | % |  | 1.4 | % |  | 1.5 | %
Dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Fair value per option | $ | 7.61 |  |  | $ | 7.40 |  |  | $ | 7.91 |
Schedule of Assumptions Used, Other than Options | The assumptions used in the Monte Carlo model for PSUs granted during each year were as follows:
| 2017 |  | 2016 |  | 2015
Expected stock price volatility | 26.39 | % |  | 22.27 | % |  | 20.08 | %
Peer group stock price volatility | 33.86 | % |  | 31.95 | % |  | 31.52 | %
Correlation of returns | 51.17 | % |  | 26.27 | % |  | 30.52 | %
The fair values of shares purchased under the Employee Stock Purchase Plan are estimated using the Black-Scholes single option-pricing model with the following weighted average assumptions:
| 2017 |  | 2016 |  | 2015
Volatility | 31.3 | % |  | 21.1 | % |  | 23.7 | %
Expected life (months) | 6 |  |  | 6 |  |  | 6 |
Risk-free interest rate | — | % |  | 0.2 | % |  | 0.1 | %
Dividend Yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
The weighted-average grant-date fair value of RSUs granted and total fair value of RSUs vested were as follows:
(In thousands, except per share data) | 2017 |  | 2016 |  | 2015
Grant-date fair value per RSU | $ | 32.61 |  |  | $ | 33.19 |  |  | $ | 34.89 |
Fair value of RSUs vested | $ | 34.98 |  |  | $ | 36.07 |  |  | $ | 36.62 |
The weighted average rates used to determine the net periodic benefit costs and projected benefit obligations were as follows:
| 2017 |  | 2016 |  | 2015
Discount rate | 0.76 | % |  | 0.72 | % |  | 0.93 | %
Rate of increased salary levels | 1.43 | % |  | 1.58 | % |  | 1.65 | %
Expected long-term rate of return on assets | 1.10 | % |  | 1.20 | % |  | 1.68 | %
Schedule of Summary of Restricted Stock Units Activity | The fair market value of RSUs is determined based on the market value of the Company’s shares on the date of grant. A summary of RSU activity for the fiscal year ended April 1, 2017 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at April 2, 2016 | 380,871 |  |  | $ | 34.33 |
Granted | 212,105 |  |  | 32.61 |
Vested | (150,113 | ) |  | 34.98 |
Forfeited | (101,222 | ) |  | 33.70 |
Unvested at April 1, 2017 | 341,641 |  |  | $ | 33.16 |
Schedule of Performance Share Unit awards | A summary of PSU activity for the fiscal year ended April 1, 2017 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at April 2, 2016 | 102,336 |  |  | $ | 31.38 |
Granted | 228,884 |  |  | 34.07 |
Vested | — |  |  | — |
Forfeited | (46,595 | ) |  | 30.68 |
Unvested at April 1, 2017 | 284,625 |  |  | $ | 33.66 |
Schedule of Market Stock Units Award Activity | A summary of MSU activity for the fiscal year ended April 1, 2017 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at April 2, 2016 | 152,968 |  |  | $ | 24.84 |
Granted | — |  |  | — |
Vested | (116,550 | ) |  | — |
Forfeited | (36,418 | ) |  | 13.42 |
Unvested at April 1, 2017 | — |  |  | $ | — |

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