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CAPITAL STOCK (Tables)

12 Months Ended

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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