STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Apr. 02, 2022

Share-based Payment Arrangement [Abstract]

Total Stock-Based Compensation Cost and Associated Income Tax Benefits

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)	2022		2021		2020
Stock-based compensation cost	$	91,358	$	70,823	$	68,205
Income tax benefits	21,917		17,373		15,460

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
	2022	2021	2020
Expected volatility	28% to 41%	28% to 48%	24% to 27%
Weighted average expected volatility	36%	37%	25%
Expected term (in years)	6.1 to 7.9	6.2 to 8.0	6.1 to 7.6
Weighted average dividend yield	2.6%	2.4%	2.5%
Risk-free interest rate	0.04% to 1.81%	0.07% to 1.11%	1.41% to 2.39%
Weighted average fair value at date of grant	$20.17	$15.81	$17.19

Stock Option Activity

Stock option activity for the year ended March 2022 is summarized as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding, March 2021	7,812,717	$	62.56
Granted	1,515,963	77.67
Exercised	(899,710)	52.76
Forfeited/cancelled	(381,313)	72.28
Outstanding, March 2022	8,047,657	$	66.04	6.3	$	12,446
Exercisable, March 2022	5,266,586	$	63.37	5.2	$	11,685

RSU Activity

RSU activity for the year ended March 2022 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 2021	970,469	$	74.16	768,419	$	68.86
Granted	325,058	89.65		490,351	75.29
Issued as Common Stock	(317,021)	69.77		(248,258)	71.31
Forfeited/cancelled/modifications	(65,543)	80.37		(108,556)	71.07
Outstanding, March 2022	912,963	$	80.75	901,956	$	71.42
Vested, March 2022	588,247	$	80.88	112,534	$	67.76

Restricted Stock Activity

Restricted stock activity for the year ended March 2022 is summarized below:

	Nonvested Shares Outstanding	Weighted Average Grant Date Fair Value
Nonvested shares, March 2021	920,472	$	79.23
Granted	31,214	77.78
Dividend equivalents	8,407	63.76
Vested	(67,151)	74.14
Forfeited	(38,532)	79.11
Nonvested shares, March 2022	854,410	$	79.43