Common Stock and Stock Plans (Tables)
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12 Months Ended |
Mar. 31, 2026 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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| Summary of Stock-based Compensation Expense |
Total stock-based compensation expense recognized in accordance with ASC 718 was as follows:
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Fiscal Years Ended |
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March 31, 2026 |
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March 31, 2025 |
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March 31, 2024 |
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(In thousands) |
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Stock-based compensation expense before taxes |
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$ |
81,070 |
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$ |
80,385 |
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$ |
83,631 |
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Related income tax benefits |
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(3,055 |
) |
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(2,181 |
) |
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(5,292 |
) |
Stock-based compensation expense, net of taxes |
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$ |
78,015 |
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$ |
78,204 |
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$ |
78,339 |
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| Summary of PSU, Employee Stock Options and Employee Stock Purchase Plan Weighted Average Assumptions |
The weighted average assumptions (annualized percentages) used in the Black-Scholes model and Monte Carlo simulation were as follows:
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Stock Options |
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PSOs |
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Employee Stock Purchase Plan |
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Fiscal Year
2026 |
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Fiscal Year
2025 |
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Fiscal Year
2024 |
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Fiscal Year
2026 |
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Fiscal Year
2025 |
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Fiscal Year
2024 |
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Fiscal Year
2026 |
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Fiscal Year
2025 |
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Fiscal Year
2024 |
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Volatility |
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68.3 |
% |
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64.5 |
% |
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54.2 |
% |
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— |
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— |
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56.4 |
% |
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81.3 |
% |
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97.3 |
% |
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66.6 |
% |
Risk-free interest rate |
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4.0 |
% |
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3.5 |
% |
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4.2 |
% |
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— |
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— |
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4.4 |
% |
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4.0 |
% |
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4.6 |
% |
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5.3 |
% |
Dividend yield |
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0.0 |
% |
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0.0 |
% |
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0.0 |
% |
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— |
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— |
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0.0 |
% |
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0.0 |
% |
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0.0 |
% |
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0.0 |
% |
Expected life |
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5.0 years |
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5.0 years |
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5.0 years |
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— |
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— |
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4.6 years |
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0.5 years |
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0.5 years |
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0.5 years |
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| Summary of Stock Option Activity and TSR Performance Stock Option Activity |
A summary of stock option activity for fiscal year 2026 is presented below:
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Number of
Shares |
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Weighted
Average
Exercise Price
per Share |
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Weighted Average
Remaining
Contractual
Term in Years |
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Aggregate
Intrinsic
Value
(In thousands) |
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Outstanding at March 31, 2025 |
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188,718 |
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$ |
42.02 |
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Granted |
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18,000 |
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9.69 |
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Expired |
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(73,773 |
) |
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48.98 |
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Exercised |
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(8,384 |
) |
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27.14 |
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Outstanding at March 31, 2026 |
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124,561 |
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$ |
34.22 |
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2.6 |
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$ |
1,952 |
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Vested and exercisable at March 31, 2026 |
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106,561 |
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$ |
38.37 |
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2.1 |
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$ |
1,302 |
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A summary of PSO activity for fiscal year 2026 is presented below:
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Number of
Shares (1) |
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Weighted
Average
Exercise Price
per Share |
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Weighted Average
Remaining
Contractual
Term in Years |
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Aggregate
Intrinsic
Value
(In thousands) |
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Outstanding at March 31, 2025 |
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2,563,005 |
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$ |
30.50 |
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Granted |
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— |
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— |
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Performance adjustment |
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(512,507 |
) |
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53.43 |
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Forfeited |
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(378,300 |
) |
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21.27 |
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Exercised |
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(134,872 |
) |
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15.96 |
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Outstanding at March 31, 2026 |
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1,537,326 |
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$ |
26.40 |
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2.8 |
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$ |
30,244 |
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Vested and exercisable at March 31, 2026 |
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355,038 |
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$ |
21.69 |
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1.6 |
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$ |
8,975 |
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(1)Number of PSOs granted is presented based on the target number of PSOs granted. Outstanding shares are adjusted when the final market condition has been achieved.
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| Summary of Restricted Stock Unit Activity |
A summary of RSU activity for fiscal year 2026 is presented below:
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Number of
Shares |
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Weighted
Average Grant
Date Fair Value
per Share |
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Outstanding at March 31, 2025 |
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5,758,553 |
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$ |
24.05 |
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Awarded |
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5,378,977 |
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27.49 |
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Forfeited |
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(631,443 |
) |
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22.15 |
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Vested |
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(2,314,111 |
) |
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26.60 |
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Outstanding at March 31, 2026 |
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8,191,976 |
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$ |
25.73 |
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Vested and deferred at March 31, 2026 |
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219,687 |
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$ |
50.13 |
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| Summary of PSU Activity |
A summary of PSU activity for fiscal year 2026 is presented below:
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Number of
Shares (1) |
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Weighted
Average Grant
Date Fair Value
per Share |
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Outstanding at March 31, 2025 |
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609,738 |
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$ |
18.13 |
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Awarded |
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308,460 |
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33.04 |
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Performance adjustment |
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156,620 |
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|
16.09 |
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Forfeited |
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(215,171 |
) |
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18.45 |
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Vested |
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(185,306 |
) |
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16.09 |
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Outstanding at March 31, 2026 |
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674,341 |
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$ |
24.94 |
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(1)Number of shares awarded is presented based on the target number of PSUs granted. Outstanding shares are adjusted when the final performance and/or market condition has been achieved.
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| Market Condition Performance Stock Units [Member] |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of PSU, Employee Stock Options and Employee Stock Purchase Plan Weighted Average Assumptions |
The weighted average assumptions (annualized percentages) used in the Monte Carlo simulation for market condition PSUs were as follows:
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PSUs |
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Fiscal Year 2026 |
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|
Fiscal Year 2025 |
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Volatility |
|
|
82.7 |
% |
|
|
64.7 |
% |
Risk-free interest rate |
|
|
3.7 |
% |
|
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4.3 |
% |
Dividend yield |
|
|
0.0 |
% |
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0.0 |
% |
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