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Stock-Based Compensation (Tables)
 12 Months Ended
Mar. 31, 2014
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]  
Stock-Based Compensation Expense Recognized
The Company recognizes stock-based compensation expense for its equity incentive plan and Employee Stock Purchase Plan. The following table summarizes stock-based compensation expense recognized by the Company in each of the years in the three-year period ended March 31, 2014.

 
Years Ended March 31,
(In thousands)
2014
 
2013
 
2012
Stock-based compensation expense related to:
 
 
 
 
 
Equity Incentive Plan
$
24,892

 
$
22,969

 
$
21,721

Employee Stock Purchase Plan - options to purchase stock
4,069

 
4,084

 
3,887

 
28,961

 
27,053

 
25,608

Tax benefit
(10,392
)
 
(9,338
)
 
(8,760
)
Stock-based compensation expense, net of tax
$
18,569

 
$
17,715

 
$
16,848
Stock Option Grant Assumptions
The following assumptions were used by the Company in valuing the stock options grants issued in each fiscal year:
Stock Option Grant Assumptions
 
Fiscal 2014
 
Fiscal 2013
 
Fiscal 2012
Expected volatility
40.5
%
 
40.1
%
 
41.1
%
Expected dividend yield
1.95
%
 
1.83
%
 
1.73
%
Expected term
5.6 years

 
5.7 years

 
5.7 years

Risk-free interest rate
1.0
%
 
0.9
%
 
1.9
%
Summary of Stock Option Activity
The following table summarizes the stock option activity during the three years ended March 31, 2014:

 
Number of Stock Options
 
Weighted-Average
Exercise Price
 
Aggregate Intrinsic Value (In thousands)
Outstanding at March 31, 2011
6,885,586

 
$
41.11

 
 
Granted
995,038

 
$
66.39

 
 
Exercised
(1,253,672
)
 
$
29.27

 
 
Forfeited
(42,470
)
 
$
57.35

 
 
Outstanding at March 31, 2012
6,584,482

 
$
47.08

 
$
275,849

Granted
966,300

 
$
91.52

 
 
Exercised
(2,423,265
)
 
$
36.67

 
 
Forfeited
(75,501
)
 
$
67.86

 
 
Outstanding at March 31, 2013
5,052,016

 
$
60.26

 
$
196,527

Granted
959,700

 
$
102.96

 
 
Exercised
(817,016
)
 
$
47.38

 
 
Forfeited
(90,276
)
 
$
85.04

 
 
Outstanding at March 31, 2014
5,104,424

 
$
69.91

 
$
186,816

Vested or expected to vest at March 31, 2014
5,092,587

 
$
69.83

 
$
186,794

Exercisable at March 31, 2014
2,934,768

 
$
56.15

 
$
147,781
ESPP - Purchase Option Assumptions
The following assumptions were used by the Company in valuing the employees’ option to purchase shares of common stock under the ESPP:
ESPP - Purchase Option Assumptions
 
Fiscal 2014
 
Fiscal 2013
 
Fiscal 2012
Expected volatility
19.5
%
 
23.2
%
 
24.7
%
Expected dividend yield
1.96
%
 
2.19
%
 
2.38
%
Expected term
3 to 9 months

 
3 to 6 months

 
3 to 6 months

Risk-free interest rate
0.1
%
 
0.1
%
 
0.1
%
ESPP - Purchase Option Activity
The following table summarizes the activity of the ESPP during the three years ended March 31, 2014:

 
Number of Purchase Options
 
Weighted-Average
Exercise Price
 
Aggregate Intrinsic Value (In thousands)
Outstanding at March 31, 2011
66,828

 
$
51.03

 
 
Granted
295,327

 
$
53.95

 
 
Exercised
(282,947
)
 
$
53.92

 
 
Outstanding at March 31, 2012
79,208

 
$
51.61

 
$
2,959

Granted
244,122

 
$
70.74

 
 
Exercised
(261,193
)
 
$
65.42

 
 
Outstanding at March 31, 2013
62,137

 
$
68.74

 
$
1,890

Granted
211,093

 
$
82.88

 
 
Exercised
(218,109
)
 
$
79.38

 
 
Outstanding at March 31, 2014
55,121

 
$
80.77

 
$
1,419