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CAPITAL STOCK (Tables) | 12 Months Ended
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Mar. 30, 2024
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) | 2024 |  | 2023 |  | 2022
Selling, general and administrative expenses | $23,662 |  | $21,903 |  | $20,694
Research and development | 3,106 |  |  | 2,364 |  |  | 2,537 |
Cost of goods sold | 1,564 |  |  | 1,316 |  |  | 1,128 |
| $28,332 |  | $25,583 |  | $24,359
Schedule of Summary of Stock Option Activity | A summary of stock option activity for the fiscal year ended March 30, 2024 is as follows:
| Options Outstanding |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Life (years) |  | Aggregate Intrinsic Value ($000’s)
Outstanding at April 1, 2023 | 1,150,194 |  |  | $ | 64.21 |  |  | 3.55 |  | $ | 27,481 |
Granted | 179,696 |  |  | 89.09 |  |  |  |  |
Exercised | (234,913) |  |  | 32.65 |  |  |  |  |
Forfeited/Canceled | (27,973) |  |  | 83.46 |  |  |  |  |
Outstanding at March 30, 2024 | 1,067,004 |  |  | $ | 74.86 |  |  | 3.68 |  | $ | 16,820 |
Exercisable at March 30, 2024 | 561,037 |  |  | $ | 77.88 |  |  | 2.36 |  | $ | 8,555 |
Vested or expected to vest at March 30, 2024 | 983,780 |  |  | $ | 74.98 |  |  | 3.59 |  | $ | 15,663 |
Schedule of Assumptions Utilized for Estimating Fair Value of Option Grants | The assumptions utilized for option grants during the periods presented are as follows:
| 2024 |  | 2023 |  | 2022
Volatility | 45.3 | % |  | 45.0 | % |  | 41.9 | %
Expected life (years) | 5.1 |  | 5.0 |  | 4.9
Risk-free interest rate | 3.5 | % |  | 2.9 | % |  | 0.8 | %
Dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Grant-date fair value per Option | $ | 39.46 |  | $ | 24.86 |  | $ | 20.97
Schedule of Summary of Restricted Stock Units Activity | A summary of RSU activity for the fiscal year ended March 30, 2024 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at April 1, 2023 | 381,308 |  |  | $ | 63.94 |
Granted | 141,031 |  |  | 89.21 |
Vested | (166,193) |  |  | 67.14 |
Forfeited | (18,138) |  |  | 71.45 |
Unvested at March 30, 2024 | 338,008 |  |  | $ | 72.52 |
The weighted-average grant-date fair value of RSUs granted and total fair value of RSUs vested are as follows:
| 2024 |  | 2023 |  | 2022
Grant-date fair value per RSU | $ | 89.21 |  |  | $ | 59.36 |  |  | $ | 56.96 |
Fair value of RSUs vested | $ | 67.14 |  |  | $ | 70.24 |  |  | $ | 79.60 |
Schedule of Performance Share Unit awards | A summary of PSU activity for the fiscal year ended March 30, 2024 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at April 1, 2023 | 323,987 |  |  | $ | 87.35 |
Granted(1) | 54,558 |  |  | 128.83 |
Forfeited | (8,745) |  |  | 88.20 |
Unvested at March 30, 2024 | 369,800 |  |  | $ | 94.26 |
(1) Includes the adjustment of 59,091 shares for awards granted in fiscal 2021, based on actual relative total shareholder return of 0%
Schedule of Share-based Payment Award, Equity Other Than Options, Valuation Assumptions | The assumptions used in the Monte Carlo model for PSUs granted during each fiscal year were as follows:
| 2024 |  | 2023 |  | 2022
Expected stock price volatility | 48.20 | % |  | 52.22 | % |  | 49.23 | %
Peer group stock price volatility | 40.29 | % |  | 47.43 | % |  | 45.75 | %
Correlation of returns | 59.93 | % |  | 65.45 | % |  | 65.06 | %
The weighted-average grant-date fair value of PSUs granted is as follows:
| 2024 |  | 2023 |  | 2022
Grant-date fair value per PSU | $ | 128.83 |  |  | $ | 84.96 |  |  | $ | 72.52 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | 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:
| 2024 |  | 2023 |  | 2022
Volatility | 28.6 | % |  | 44.9 | % |  | 55.6 | %
Expected life (months) | 6 |  | 6 |  | 6
Risk-free interest rate | 5.4 | % |  | 2.9 | % |  | 0.1 | %
Dividend Yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %

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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding performance-based awards that are fully vested and expected to vest. Includes, but is not limited to, unvested awards for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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