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Equity Compensation (Tables)
 12 Months Ended
Mar. 30, 2024
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 27, 20214,025 
Shares added— 
Granted(1,679)
Forfeited271 
Balance, March 26, 20222,617 
Shares added2,090 
Granted(2,536)
Forfeited303 
Balance, March 25, 20232,474 
Shares added— 
Granted(1,813)
Forfeited317 
Balance, March 30, 2024978 
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
 202420232022
Cost of sales$1,403 $1,270 $1,024 
Research and development63,678 57,312 44,154 
Sales, general and administrative24,190 23,059 21,214 
Effect on pre-tax income89,271 81,641 66,392 
Income Tax Benefit(20,646)(15,184)(11,521)
Total stock-based compensation expense (net of taxes)68,625 66,457 54,871 
Stock-based compensation effects on basic earnings per share$1.26 $1.19 $0.96 
Stock-based compensation effects on diluted earnings per share1.22 1.16 0.93 
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 30, 2024March 25, 2023March 26, 2022
Expected stock price volatility
34.53% - 39.92%
35.18% - 46.50%
36.85% - 41.66%
Risk-free interest rate
3.99% - 4.11%
2.47% - 3.96%
0.82% - 1.62%
Expected term (in years)
3.85 - 4.07
4.04 - 4.33
4.22 - 4.39
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 27, 20211,059 $49.87 
Options granted88 87.52 
Options exercised(327)40.31 
Options forfeited— — 
Options expired— — 
Balance, March 26, 2022820 $57.75 
Options granted143 96.33 
Options exercised(225)45.10 
Options forfeited(18)71.14 
Options expired— — 
Balance, March 25, 2023720 $69.03 
Options granted132 92.69 
Options exercised(66)50.39 
Options forfeited— — 
Options expired— — 
Balance, March 30, 2024786 $74.56 
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 30, 2024 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 vest774 $74.26 6.60$15,226 
Exercisable494 $63.84 5.25$14,443 
Summary of Outstanding and Exercisable Options
The following table summarizes information regarding outstanding and exercisable options as of March 30, 2024 (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
$31.25 - $54.65
135 3.55$42.67 135 $42.67 
$55.72 - $68.56
215 4.6862.54 215 62.54 
$78.00 - $82.81
127 7.4479.36 78 78.94 
$88.00 - $88.00
81 7.9288.00 40 88.00 
$93.24 - $93.24
125 9.8693.24 — — 
$102.37 - $102.37
103 8.86102.37 26 102.37 
786 6.64$74.56 494 $63.84 
Summary of Restricted Stock and Restricted Stock Units Activity A summary of the activity for RSUs in fiscal year 2024, 2023, and 2022 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
March 27, 20212,613 $60.31 
Granted1,079 81.61 
Vested(935)43.96 
Forfeited(181)70.60 
March 26, 20222,576 $74.45 
Granted1,574 75.97 
Vested(877)70.02 
Forfeited(183)75.58 
March 25, 20233,090 $76.42 
Granted1,099 71.12 
Vested(879)73.54 
Forfeited(211)75.70 
March 30, 20243,099 $75.41 
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 30, 2024, is as follows (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest2,923 $75.55 1.50
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 30,
2024		March 25,
2023		March 26,
2022
Expected stock price volatility
34.53%
35.18% - 46.50%
41.66 %
Risk-free interest rate
4.12%
2.67% - 3.92%
1.46 %
Expected term (in years)3.003.003.00
Schedule of Market Stock Units Activity A summary of the activity for MSUs in fiscal year 2024, 2023, and 2022 is presented below (in thousands, except per share amounts):
 
SharesWeighted
Average
Fair Value
March 27, 2021133 $73.29 
Granted28 109.18 
Vested(30)50.11 
Forfeited(46)38.70 
March 26, 202285 $95.75 
Granted38 135.87 
Vested(10)87.43 
Forfeited(24)94.80 
March 25, 202389 $113.83 
Granted35 141.48 
Vested(9)83.96 
Forfeited(14)83.96 
March 30, 2024101 $130.46 
Summary of Outstanding MSUs Expected to Vest Additional information with regard to outstanding MSUs that are expected to vest as of March 30, 2024 is as follows (in thousands, except year and per share amounts):
 
SharesWeighted
Average
Fair Value		Weighted Average
Remaining Contractual
Term (years)
Expected to vest94 $130.04 1.89