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CAPITAL STOCK (Tables) | 12 Months Ended
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Mar. 31, 2018
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) | 2018 |  | 2017 |  | 2016
Selling, general and administrative expenses | $9,960 |  | $6,894 |  | $5,183
Research and development | 2,114 |  |  | 1,549 |  |  | 1,060 |
Cost of goods sold | 951 |  |  | 707 |  |  | 706 |
| $13,025 |  | $9,150 |  | $6,949
Schedule of Summary of Stock Option Activity | A summary of stock option activity for the fiscal year ended March 31, 2018 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 1, 2017 | 2,038,795 |  |  | $ | 35.51 |  |  | 3.88 |  | $ | 10,963 |
Granted | 368,507 |  |  | 41.96 |  |  |  |  |  |
Exercised | (1,027,727 | ) |  | 36.64 |  |  |  |  |  |
Forfeited/Canceled | (182,137 | ) |  | 34.51 |  |  |  |  |  |
Outstanding at March 31, 2018 | 1,197,438 |  |  | $ | 36.68 |  |  | 4.71 |  | $ | 43,685 |
Exercisable at March 31, 2018 | 429,084 |  |  | $ | 36.24 |  |  | 2.92 |  | $ | 15,843 |
Vested or expected to vest at March 31, 2018 | 1,066,789 |  |  | $ | 36.55 |  |  | 4.57 |  | $ | 39,051 |
Schedule of Assumptions Utilized for Estimating Fair Value of Option Grants | The assumptions utilized for option grants during the periods presented are as follows:
| 2018 |  | 2017 |  | 2016
Volatility | 24.2 | % |  | 24.0 | % |  | 22.8 | %
Expected life (years) | 4.8 |  |  | 4.9 |  |  | 4.9 |
Risk-free interest rate | 1.7 | % |  | 1.2 | % |  | 1.4 | %
Dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Fair value per option | $ | 10.25 |  |  | $ | 7.61 |  |  | $ | 7.40 |
Schedule of Assumptions Used, Other than Options | The weighted average rates used to determine the net periodic benefit costs and projected benefit obligations were as follows:
| 2018 |  | 2017 |  | 2016
Discount rate | 1.07 | % |  | 0.76 | % |  | 0.72 | %
Rate of increased salary levels | 1.73 | % |  | 1.43 | % |  | 1.58 | %
Expected long-term rate of return on assets | 0.90 | % |  | 1.10 | % |  | 1.20 | %
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:
| 2018 |  | 2017 |  | 2016
Volatility | 22.6 | % |  | 31.3 | % |  | 21.1 | %
Expected life (months) | 6 |  |  | 6 |  |  | 6 |
Risk-free interest rate | 1.2 | % |  | 0.5 | % |  | 0.2 | %
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:
| 2018 |  | 2017 |  | 2016
Grant-date fair value per RSU | $ | 41.87 |  |  | $ | 32.61 |  |  | $ | 33.19 |
Fair value of RSUs vested | $ | 33.03 |  |  | $ | 34.98 |  |  | $ | 36.07 |
The assumptions used in the Monte Carlo model for PSUs granted during each year were as follows:
| 2018 |  | 2017 |  | 2016
Expected stock price volatility | 26.11 | % |  | 26.39 | % |  | 22.27 | %
Peer group stock price volatility | 34.13 | % |  | 33.86 | % |  | 31.95 | %
Correlation of returns | 49.51 | % |  | 51.17 | % |  | 26.27 | %
Schedule of Summary of Restricted Stock Units Activity | A summary of RSU activity for the fiscal year ended March 31, 2018 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at April 1, 2017 | 341,641 |  |  | $ | 33.16 |
Granted | 269,905 |  |  | 41.87 |
Vested | (133,906 | ) |  | 33.03 |
Forfeited | (59,926 | ) |  | 34.58 |
Unvested at March 31, 2018 | 417,714 |  |  | $ | 38.95 |
Schedule of Performance Share Unit awards | A summary of PSU activity for the fiscal year ended March 31, 2018 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at April 1, 2017 | 284,625 |  |  | $ | 33.66 |
Granted | 179,616 |  |  | 46.49 |
Vested | (13,212 | ) |  | 35.09 |
Forfeited | (62,922 | ) |  | 33.16 |
Unvested at March 31, 2018 | 388,107 |  |  | $ | 39.63 |

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