Stock-Based Compensation (Tables)
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12 Months Ended |
Mar. 31, 2019 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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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, 2019 | | March 31, 2018 | | March 31, 2017 | Expected option term (in years) | 6.5 |
| | 6.5 |
| | 6.5 |
| Expected volatility factor | 30 | % | | 31 | % | | 29 | % | Weighted-average risk free interest rate | 2.85 | % | | 1.99 | % | | 1.58 | % | Expected dividend rate | 0.0 | % | | 0.0 | % | | 0.0 | % |
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Schedule of Stock Options Activity |
A summary of stock option activity during fiscal 2019, 2018 and 2017 is as follows: | | | | | | | | | | | | | | | | | | | | | | | Years Ended | | March 31, 2019 | | March 31, 2018 | | March 31, 2017 | | Shares | | Weighted Avg. Exercise Price | | Shares | | Weighted Avg. Exercise Price | | Shares | | Weighted Avg. Exercise Price | Number of shares under options: | | | | | | | | | | | | Outstanding at beginning of period | 8,117,947 |
| | $ | 19.50 |
| | 7,770,670 |
| | $ | 18.73 |
| | 7,854,685 |
| | $ | 15.10 |
| Granted | 564,666 |
| | 28.88 |
| | 1,176,205 |
| | 23.17 |
| | 2,602,014 |
| | 19.72 |
| Exercised (1) | (642,953 | ) | | 14.21 |
| | (543,443 | ) | | 14.89 |
| | (2,116,571 | ) | | 5.18 |
| Canceled/Forfeited | (195,749 | ) | | 23.95 |
| | (285,485 | ) | | 22.55 |
| | (569,458 | ) | | 23.34 |
| Outstanding at end of period (2) | 7,843,911 |
| | $ | 20.49 |
| | 8,117,947 |
| | $ | 19.50 |
| | 7,770,670 |
| | $ | 18.73 |
| Exercisable at end of period (3) | 5,833,565 |
| | $ | 19.42 |
| | 4,810,737 |
| | $ | 17.93 |
| | 3,221,622 |
| | $ | 15.25 |
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______________________ | | (1) | The total intrinsic value of options exercised during fiscal 2019, 2018 and 2017 was $9.9 million, $6.4 million and $29.1 million, respectively. |
| | (2) | The weighted average remaining contractual life of options outstanding was 5.5 years at March 31, 2019, 6.1 years at March 31, 2018 and 6.6 years at March 31, 2017. The aggregate intrinsic value of options outstanding at March 31, 2019 was $41.2 million. |
| | (3) | The weighted average remaining contractual life of options exercisable was 4.6 years at March 31, 2019, 4.7 years at March 31, 2018 and 4.6 years at March 31, 2017. The aggregate intrinsic value of options exercisable at March 31, 2019 was $36.0 million. |
| | | | | | | | | Shares | | Weighted Avg. Exercise Price | Nonvested options at beginning of period | 3,307,210 |
| | $ | 21.77 |
| Granted | 564,666 |
| | 28.88 |
| Vested | (1,706,123 | ) | | 21.78 |
| Canceled/Forfeited | (155,407 | ) | | 23.71 |
| Nonvested options at end of period | 2,010,346 |
| | $ | 23.61 |
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Schedule of Restricted Stock Units Activity |
A summary of RSU activity during fiscal 2019, 2018, and 2017 is as follows: | | | | | | | | | | | | | | | | | | | | | | | Years Ended | | March 31, 2019 | | March 31, 2018 | | March 31, 2017 | | Units | | Weighted Avg. Grant Date Fair Value | | Units | | Weighted Avg. Grant Date Fair Value | | Units | | Weighted Avg. Grant Date Fair Value | Nonvested RSUs at beginning of period | 368,182 |
| | $ | 21.55 |
| | 322,142 |
| | $ | 20.59 |
| | 125,307 |
| | $ | 24.67 |
| Granted | 300,119 |
| | 28.87 |
| | 250,013 |
| | 23.19 |
| | 279,445 |
| | 19.53 |
| Vested | (149,531 | ) | | 24.30 |
| | (150,784 | ) | | 21.92 |
| | (48,207 | ) | | 24.01 |
| Canceled/Forfeited | (101,423 | ) | | 21.10 |
| | (53,189 | ) | | 22.41 |
| | (34,403 | ) | | 22.00 |
| Nonvested RSUs at end of period | 417,347 |
| | $ | 25.94 |
| | 368,182 |
| | $ | 21.55 |
| | 322,142 |
| | $ | 20.59 |
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Schedule of Nonvested Performance-based Units Activity |
A summary of PSU activity during fiscal 2019, 2018, and 2017 is as follows: | | | | | | | | | | | | | | | | | | | | | | | Years Ended | | March 31, 2019 | | March 31, 2018 | | March 31, 2017 | | Units | | Weighted Avg. Grant Date Fair Value | | Units | | Weighted Avg. Grant Date Fair Value | | Units | | Weighted Avg. Grant Date Fair Value | Nonvested PSUs at beginning of period | 453,001 |
| | $ | 25.53 |
| | 259,930 |
| | $ | 24.74 |
| | 49,136 |
| | $ | 28.57 |
| Granted | 183,069 |
| | 28.91 |
| | 193,071 |
| | 26.58 |
| | 219,266 |
| | 23.95 |
| Vested | (217,319 | ) | | 23.89 |
| | — |
| | — |
| | — |
| | — |
| Canceled/Forfeited | (67,647 | ) | | 28.37 |
| | — |
| | — |
| | (8,472 | ) | | 25.90 |
| Nonvested PSUs at end of period | 351,104 |
| | $ | 27.76 |
| | 453,001 |
| | $ | 25.53 |
| | 259,930 |
| | $ | 24.74 |
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Schedule of Weighted-Average Assumptions Used, Performance Stock Units |
| | | | | | | | Years Ended | | March 31, 2018 | | March 31, 2017 | Expected volatility factor | 31 | % | | 30 | % | Weighted-average risk-free interest rate | 1.45 | % | | 0.86 | % | Expected dividend rate | 0.0 | % | | 0.0 | % | PSU fair value per share | $31.25 | | $27.67 |
The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages: | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | March 31, 2019 | | March 31, 2018 | | March 31, 2017 | | March 31, 2019 | | March 31, 2018 | | March 31, 2017 | Benefit Obligations: | | | | | | | | | | | | Discount rate | 3.7 | % | | 3.7 | % | | 3.9 | % | | 3.9 | % | | 4.0 | % | | 4.0 | % | Rate of compensation increase | 2.9 | % | | 2.9 | % | | 3.0 | % | | n/a |
| | n/a |
| | n/a |
| Net Periodic Benefit Cost: | | | | | | | | | | | | Discount rate | 3.7 | % | | 3.9 | % | | 3.8 | % | | 4.0 | % | | 4.0 | % | | 3.9 | % | Rate of compensation increase | 2.9 | % | | 3.0 | % | | 3.0 | % | | n/a |
| | n/a |
| | n/a |
| Expected return on plan assets | 5.1 | % | | 5.3 | % | | 5.3 | % | | n/a |
| | n/a |
| | n/a |
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