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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-Based Compensation Expense

The consolidated statements of operations for the three months ended March 31, 2018 and April 1, 2017 include the following stock-based compensation expense related to stock option awards, restricted stock awards, restricted stock unit awards, performance stock unit awards and the employee stock purchase plan (in thousands):

		March 31, 2018				April 1, 2017
Cost of sales		$	605			$	738
Selling and administrative expenses			8,483				7,188
Research and development expenses			804				729
Total stock-based compensation		$	9,892			$	8,655

Relevant Data Used to Determine the Value of Stock Options Granted During the Period

The relevant data used to determine the value of the stock options granted during March 31, 2018 and April 1, 2017 are as follows:

		Three Months Ended
Options Issued and Significant Assumptions Used to Estimate Option Fair Values		March 31, 2018				April 1, 2017
Options issued in thousands			133				207
Risk-free interest rate			2.7	%			2.2	%
Expected life in years			6				6
Expected volatility			0.232				0.232
Expected dividends			—				—

		Three Months Ended
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		March 31, 2018				April 1, 2017
Exercise price		$	206.66			$	149.74
Fair value		$	58.38			$	40.39

Stock Options Outstanding Roll Forward

The following table summarizes stock option activity for the plans for the three months ended March 31, 2018 (in thousands, except per share data):

		Number of Shares				Exercise Price per Share				Weighted-Average Exercise Price per Share
Outstanding at December 31, 2017			2,039			$	38.09 to $194.26			$	124.41
Granted			133			$	195.69 to $208.47			$	206.66
Exercised			(222	)		$	38.09 to $154.33			$	102.43
Canceled			(44	)		$	98.21 to $128.93			$	119.62
Outstanding at March 31, 2018			1,906			$	38.09 to $208.47			$	132.82

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the three months ended March 31, 2018 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2017			374			$	124.81
Granted			87			$	208.47
Vested			(115	)		$	117.42
Forfeited			(6	)		$	117.26
Unvested at March 31, 2018			340			$	148.85

Relevant Data Used to Determine the Value of Performance Shares

The relevant data used to determine the value of the performance stock units granted during the three months ended March 31, 2018 and April 1, 2017 are as follows:

		Three Months Ended
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		March 31, 2018				April 1, 2017
Performance stock units issued (in thousands)			15				20
Risk-free interest rate			2.0	%			1.5	%
Expected life in years			2.9				3.0
Expected volatility			0.180				0.232
Average volatility of peer companies			0.258				0.261
Correlation Coefficient			0.374				0.385
Expected dividends			—				—

Performance Stock Units Unvested Roll Forward

The following table summarizes the unvested performance stock unit award activity for the three months ended March 31, 2018 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2017			64			$	196.29
Granted			15			$	267.64
Forfeited			(3	)		$	181.83
Unvested at March 31, 2018			76			$	210.94

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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