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Equity Compensation (Tables)
 12 Months Ended
Mar. 27, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Activity in Total Stock Available for Grant
The following table summarizes the activity in total shares available for grant (in thousands):
 
 Shares
 Available for
 Grant
Balance, March 31, 20183,065 
Shares added2,509 
Granted(2,371)
Forfeited120 
Balance, March 30, 20193,323 
Shares added248 
Granted(1,686)
Forfeited210 
Balance, March 28, 20202,095 
Shares added3,223 
Granted(1,491)
Forfeited198 
Balance, March 27, 20214,025 
Summary of Effect of Stock-Based Compensation
The following table summarizes the effects of stock-based compensation on cost of goods sold, research and development, sales, general and administrative, pre-tax income, and net income after taxes for shares granted under the Plan (in thousands, except per share amounts):
 
 Fiscal Year
 202120202019
Cost of sales$900 $908 $877 
Research and development37,483 33,859 29,115 
Sales, general and administrative18,379 18,990 19,697 
Effect on pre-tax income56,762 53,757 49,689 
Income Tax Benefit(9,558)(9,336)(5,748)
Total stock-based compensation expense (net of taxes)47,204 44,421 43,941 
Stock-based compensation effects on basic earnings per share$0.81 $0.76 $0.73 
Stock-based compensation effects on diluted earnings per share0.79 0.73 0.71 
Schedule of Fair Value of Stock Option Grants
We estimate the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model using a dividend yield of zero and the following additional assumptions:
 
March 27, 2021March 28, 2020March 30, 2019
Expected stock price volatility
43.85% - 43.99%
37.17% - 41.61%
38.00% - 38.14%
Risk-free interest rate
0.35% - 0.72%
1.54% - 2.29%
2.57% - 2.94%
Expected term (in years)
4.32 - 4.43
3.81 - 4.55
3.12 - 3.73
Schedule of Stock Option Activity
Additional information with respect to stock option activity is as follows (in thousands, except per share amounts):
 
 Outstanding Options
NumberWeighted
Average
Exercise Price
Balance, March 31, 20181,740 $31.91 
Options granted280 40.41 
Options exercised(108)15.03 
Options forfeited(38)49.62 
Options expired(9)55.01 
Balance, March 30, 20191,865 $33.68 
Options granted169 66.93 
Options exercised(780)23.90 
Options forfeited(27)50.75 
Options expired(11)55.03 
Balance, March 28, 20201,216 $44.01 
Options granted96 77.23 
Options exercised(236)30.26 
Options forfeited(17)56.27 
Options expired— — 
Balance, March 27, 20211,059 $49.87 
Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable
Additional information with regards to outstanding options that are vesting, expected to vest, or exercisable as of March 27, 2021 is as follows (in thousands, except years and per share amounts):
 
Number of
Options		Weighted
Average
Exercise price		Weighted Average
Remaining Contractual
Term (years)		Aggregate
Intrinsic Value
Vested and expected to vest1,048 $49.68 6.22$34,926 
Exercisable737 $44.91 5.27$28,062 
Summary of Outstanding and Exercisable Options
The following table summarizes information regarding outstanding and exercisable options as of March 27, 2021 (in thousands, except per share amounts):
 
 Options OutstandingOptions Exercisable
Weighted Average
Remaining
Contractual Life		Weighted
Average Exercise		NumberWeighted
Average
Range of Exercise PricesNumber(years)PriceExercisableExercise Price
$15.31 - $38.15
177 4.51$30.06 162 $29.36 
$38.34 - $38.99
183 3.0438.81 169 38.85 
$41.49 - $54.65
308 6.7247.51 234 49.39 
$55.72 - $68.43
156 6.7256.35 123 55.72 
$68.56 - $68.56
148 8.6168.56 49 68.56 
$78.00 - $78.00
88 9.9378.00 — — 
1,060 6.25$49.87 737 $44.91 
Summary of Restricted Stock and Restricted Stock Units Activity A summary of the activity for RSUs in fiscal year 2021, 2020, and 2019 is presented below (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value
March 31, 20182,769 $45.70 
Granted1,416 40.57 
Vested(1,176)33.65 
Forfeited(175)48.15 
March 30, 20192,834 $47.99 
Granted1,014 66.76 
Vested(897)51.20 
Forfeited(271)50.82 
March 28, 20202,680 $53.74 
Granted945 71.44 
Vested(881)52.97 
Forfeited(131)55.36 
March 27, 20212,613 $60.31 
Summary of Restricted Stock Units Vesting or Expected to Vest Additional information with regards to outstanding RSUs that are expected to vest as of March 27, 2021, is as follows (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest2,460 $59.95 1.54
Summary of Monte Carlo Simulation Assumptions for Market Stock Units
The fair values estimated from the Monte Carlo simulation were calculated using a dividend yield of zero and the following additional assumptions:
 
 Fiscal Years Ended
March 27,
2021		March 28,
2020		March 30,
2019
Expected stock price volatility43.85 %
37.17% - 41.61%
38.00% - 38.14%
Risk-free interest rate0.29 %
1.59% - 2.28%
2.62% - 3.01%
Expected term (in years)3.003.003.00
Schedule of Market Stock Units Activity A summary of the activity for MSUs in fiscal year 2021, 2020, and 2019 is presented below (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value
March 31, 2018199 $56.16 
Granted68 53.13 
Vested— — 
Forfeited(101)43.41 
March 30, 2019166 $62.77 
Granted45 95.89 
Vested— — 
Forfeited(58)73.25 
March 28, 2020153 $68.71 
Granted28 83.96 
Vested— — 
Forfeited(48)64.92 
March 27, 2021133 $73.29 
Summary of Outstanding MSUs Expected to Vest Additional information with regard to outstanding MSUs that are expected to vest as of March 27, 2021 is as follows (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest126 $72.71 1.29