STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Apr. 03, 2021

Share-based Payment Arrangement [Abstract]

Total Stock-Based Compensation Cost and Associated Income Tax Benefits Related to Stock-Based Compensation Arrangements Recognized and Stock-Based Compensation Costs Included in Inventory

Total stock-based compensation cost and the associated income tax benefits recognized in the Consolidated Statements of Operations are as follows:

	Year Ended March
(In thousands)	2021		2020		2019
Stock-based compensation cost	$	70,823	$	68,205	$	84,285
Income tax benefits	17,373		15,460		18,570

Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted

The grant date fair value of each option award was calculated using a lattice option-pricing valuation model, which incorporated a range of assumptions for inputs as follows:

	Year Ended March
	2021	2020	2019
Expected volatility	28% to 48%	24% to 27%	22% to 29%
Weighted average expected volatility	37%	25%	25%
Expected term (in years)	6.2 to 8.0	6.1 to 7.6	6.1 to 7.5
Weighted average dividend yield	2.4%	2.5%	2.6%
Risk-free interest rate	0.1% to 1.1%	1.4% to 2.4%	2.1% to 3.2%
Weighted average fair value at date of grant	$15.81	$17.19	$16.82

Stock Option Activity

Stock option activity for the year ended March 2021 is summarized as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding, March 2020	7,921,002	$	61.93
Granted	1,694,113	55.87
Exercised	(1,634,665)	51.93
Forfeited/cancelled	(167,733)	68.76
Outstanding, March 2021	7,812,717	$	62.56	6.6	$	139,117
Exercisable, March 2021	5,250,352	$	60.84	5.5	$	100,414

RSU Activity

RSU activity for the year ended March 2021 is summarized as follows:

	Performance-based			Nonperformance-based
	Number Outstanding	Weighted Average Grant Date Fair Value		Number Outstanding	Weighted Average Grant Date Fair Value
Outstanding, March 2020	1,140,251	$	63.51	535,978	$	70.50
Granted	399,316	70.88		495,567	63.99
Issued as Common Stock	(553,710)	49.87		(189,569)	61.53
Forfeited/cancelled	(15,388)	74.27		(73,557)	66.83
Outstanding, March 2021	970,469	$	74.16	768,419	$	68.86
Vested, March 2021	652,199	$	73.17	72,753	$	73.33

Restricted Stock Activity

Restricted stock activity for the year ended March 2021 is summarized below:

	Nonvested Shares Outstanding	Weighted Average Grant Date Fair Value
Nonvested shares, March 2020	542,832	$	59.30
Granted	1,039,728	82.76
Dividend equivalents	13,009	72.07
Vested	(369,936)	56.14
Forfeited	(305,161)	83.49
Nonvested shares, March 2021	920,472	$	79.23