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CAPITAL STOCK (Tables) | 12 Months Ended
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Apr. 03, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Cost | Compensation cost related to share-based transactions is recognized in the consolidated financial statements based on fair value. The total amount of share-based compensation expense, which is recorded on a straight line basis, is as follows:
(In thousands) | 2021 |  | 2020 |  | 2019
Selling, general and administrative expenses | $22,888 |  | $18,022 |  | $12,878
Research and development | 1,874 |  |  | 1,210 |  |  | 2,972 |
Cost of goods sold | 754 |  |  | 1,222 |  |  | 1,338 |
| $25,516 |  | $20,454 |  | $17,188
Schedule of Summary of Stock Option Activity | A summary of stock option activity for the fiscal year ended April 3, 2021 is as follows:
| Options Outstanding |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Life (years) |  | Aggregate Intrinsic Value ($000’s)
Outstanding at March 28, 2020 | 918,988 |  |  | $ | 60.43 |  |  | 4.30 |  | $ | 37,471 |
Granted | 205,846 |  |  | 103.36 |  |  |  |  |
Exercised | (128,302) |  |  | 48.76 |  |  |  |  |
Forfeited/Canceled | (35,845) |  |  | 81.66 |  |  |  |  |
Outstanding at April 3, 2021 | 960,687 |  |  | $ | 70.29 |  |  | 4.04 |  | $ | 40,179 |
Exercisable at April 3, 2021 | 472,527 |  |  | $ | 47.74 |  |  | 2.94 |  | $ | 30,402 |
Vested or expected to vest at April 3, 2021 | 893,212 |  |  | $ | 68.08 |  |  | 3.42 |  | $ | 39,325 |
Schedule of Assumptions Utilized for Estimating Fair Value of Option Grants | The assumptions utilized for option grants during the periods presented are as follows:
| 2021 |  | 2020 |  | 2019
Volatility | 33.5 | % |  | 28.2 | % |  | 26.1 | %
Expected life (years) | 4.9 |  | 4.9 |  | 4.9
Risk-free interest rate | 0.4 | % |  | 2.5 | % |  | 2.8 | %
Dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Grant-date fair value per Option | $ | 30.53 |  | $ | 28.25 |  | $ | 26.67
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:
| 2021 |  | 2020 |  | 2019
Discount rate | 0.58 | % |  | 0.82 | % |  | 0.97 | %
Rate of increased salary levels | 1.64 | % |  | 1.74 | % |  | 1.78 | %
Expected long-term rate of return on assets | 0.42 | % |  | 0.31 | % |  | 0.75 | %
The weighted-average grant-date fair value of RSUs granted and total fair value of RSUs vested are as follows:
| 2021 |  | 2020 |  | 2019
Grant-date fair value per RSU | $ | 102.19 |  |  | $ | 102.32 |  |  | $ | 94.55 |
Fair value of RSUs vested | $ | 66.87 |  |  | $ | 54.58 |  |  | $ | 40.04 |
The assumptions used in the Monte Carlo model for PSUs granted during each fiscal year were as follows:
| 2021 |  | 2020 |  | 2019
Expected stock price volatility | 36.79 | % |  | 28.64 | % |  | 27.07 | %
Peer group stock price volatility | 42.31 | % |  | 29.77 | % |  | 34.98 | %
Correlation of returns | 65.12 | % |  | 50.30 | % |  | 47.57 | %
The weighted-average grant-date fair value of PSUs granted and total fair value of PSUs vested are as follows:
| 2021 |  | 2020 |  | 2019
Grant-date fair value per PSU | $ | 123.92 |  |  | $ | 146.93 |  |  | $ | 115.64 |
Fair value of PSUs vested | $ | 47.43 |  |  | $ | 34.78 |  |  | $ | 29.20 |
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:
| 2021 |  | 2020 |  | 2019
Volatility | 49.8 | % |  | 34.7 | % |  | 30.0 | %
Expected life (months) | 6 |  | 6 |  | 6
Risk-free interest rate | 0.1 | % |  | 2.0 | % |  | 2.3 | %
Dividend Yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Schedule of Summary of Restricted Stock Units Activity | A summary of RSU activity for the fiscal year ended April 3, 2021 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at March 28, 2020 | 268,217 |  |  | $ | 75.34 |
Granted | 116,296 |  |  | 102.19 |
Vested | (119,692) |  |  | 66.87 |
Forfeited | (16,358) |  |  | 85.08 |
Unvested at April 3, 2021 | 248,463 |  |  | $ | 91.25 |
Schedule of Performance Share Unit awards | A summary of PSU activity for the fiscal year ended April 3, 2021 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at March 28, 2020 | 293,111 |  |  | $ | 95.17 |
Granted(1) | 216,668 |  |  | 123.92 |
Vested(2) | (254,340) |  |  | 47.43 |
Forfeited | (14,548) |  |  | 121.76 |
Unvested at April 3, 2021 | 240,891 |  |  | $ | 129.24 |
(1) Includes 127,170 shares issued for awards vested during fiscal 2021 based on achievement of performance metrics. (2) Includes the vesting of 254,340 shares that were earned for awards granted in fiscal 2018 for various performance periods ending during fiscal 2021, based on actual relative total shareholder return of 200%.

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