XML 98 R46.htm IDEA: XBRL DOCUMENT v3.20.1
Stock-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Fair Value of Options Granted The fair value of each option granted under the Plan was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions:
Years Ended
March 31, 2020March 31, 2019March 31, 2018
Expected option term (in years)6.56.56.5
Expected volatility factor29 %30 %31 %
Weighted-average risk free interest rate2.27 %2.85 %1.99 %
Expected dividend rate0.0 %0.0 %0.0 %
Schedule of Stock Options Activity A summary of stock option activity during fiscal 2020, 2019 and 2018 is as follows:
Years Ended
March 31, 2020March 31, 2019March 31, 2018
SharesWeighted Avg. Exercise PriceSharesWeighted Avg. Exercise PriceSharesWeighted Avg. Exercise Price
Number of shares under options:
Outstanding at beginning of period7,843,911  $20.49  8,117,947  $19.50  7,770,670  $18.73  
Granted154,934  27.50  564,666  28.88  1,176,205  23.17  
Exercised (1)(2,398,363) 16.65  (642,953) 14.21  (543,443) 14.89  
Canceled/Forfeited(87,326) 25.69  (195,749) 23.95  (285,485) 22.55  
Outstanding at end of period (2)5,513,156  $22.28  7,843,911  $20.49  8,117,947  $19.50  
Exercisable at end of period (3)4,739,921  $21.61  5,833,565  $19.42  4,810,737  $17.93  
______________________
(1)The total intrinsic value of options exercised during fiscal 2020, 2019 and 2018 was $35.1 million, $9.9 million and $6.4 million, respectively.
(2)The weighted average remaining contractual life of options outstanding was 5.4 years at March 31, 2020, 5.5 years at March 31, 2019 and 6.1 years at March 31, 2018. The aggregate intrinsic value of options outstanding at March 31, 2020 was $10.7 million.
(3)The weighted average remaining contractual life of options exercisable was 4.9 years at March 31, 2020, 4.6 years at March 31, 2019 and 4.7 years at March 31, 2018. The aggregate intrinsic value of options exercisable at March 31, 2020 was $10.7 million.
SharesWeighted Avg. Exercise Price
Nonvested options at beginning of period2,010,346  $23.61  
Granted154,934  27.50  
Vested(1,330,544) 22.31  
Canceled/Forfeited(61,501) 26.42  
Nonvested options at end of period773,235  $26.41  
Schedule of Restricted Stock Units Activity A summary of RSU activity during fiscal 2020, 2019 and 2018 is as follows:
Years Ended
March 31, 2020March 31, 2019March 31, 2018
UnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair Value
Nonvested RSUs at beginning of period417,347  $25.94  368,182  $21.55  322,142  $20.59  
Granted422,707  27.52  300,119  28.87  250,013  23.19  
Vested(253,831) 24.90  (149,531) 24.30  (150,784) 21.92  
Canceled/Forfeited(40,948) 27.29  (101,423) 21.10  (53,189) 22.41  
Nonvested RSUs at end of period545,275  $27.54  417,347  $25.94  368,182  $21.55  
Schedule of Nonvested Performance-based Units Activity A summary of PSU activity during fiscal 2020, 2019 and 2018 is as follows:
Years Ended
March 31, 2020March 31, 2019March 31, 2018
UnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair Value
Nonvested PSUs at beginning of period351,104  $27.76  453,001  $25.53  259,930  $24.74  
Granted324,619  27.50  183,069  28.91  193,071  26.58  
Vested(169,748) 23.13  (217,319) 23.89  —  —  
Canceled/Forfeited(25,789) 26.99  (67,647) 28.37  —  —  
Nonvested PSUs at end of period480,186  $28.01  351,104  $27.76  453,001  $25.53  
Schedule of Weighted-Average Assumptions Used, Performance Stock Units The following weighted-average assumptions were used in the Monte Carlo simulation model, which were based on historical data and standard industry valuation practices and methodology:
Years Ended
March 31, 2018
Expected volatility factor31 %
Weighted-average risk-free interest rate1.45 %
Expected dividend rate0.0 %
PSU fair value per share$31.25
The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages:
 Pension BenefitsOther Postretirement Benefits
 March 31, 2020March 31, 2019March 31, 2018March 31, 2020March 31, 2019March 31, 2018
Benefit Obligations:
Discount rate3.1 %3.7 %3.7 %3.3 %3.9 %4.0 %
Rate of compensation increase3.0 %2.9 %2.9 %n/an/an/a
Net Periodic Benefit Cost:
Discount rate3.7 %3.7 %3.9 %3.9 %4.0 %4.0 %
Rate of compensation increase2.9 %2.9 %3.0 %n/an/an/a
Expected return on plan assets4.9 %5.1 %5.3 %n/an/an/a