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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 29, 2019

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

Schedule of Stock-Based Compensation Expense

The consolidated statements of operations for the three and six months ended June 29, 2019 and June 30, 2018 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):

		Three Months Ended								Six Months Ended
		June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
Cost of sales		$	567			$	603			$	1,142			$	1,208
Selling and administrative expenses			7,402				7,639				15,527				16,123
Research and development expenses			1,345				837				2,586				1,640
Total stock-based compensation		$	9,314			$	9,079			$	19,255			$	18,971

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 the six months ended June 29, 2019 and June 30, 2018 are as follows:

		Six Months Ended
Options Issued and Significant Assumptions Used to Estimate Option Fair Values		June 29, 2019				June 30, 2018
Options issued in thousands			139				140
Risk-free interest rate			2.5	%			2.7	%
Expected life in years			5				6
Expected volatility			24.3	%			23.2	%
Expected dividends			—				—

		Six Months Ended
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		June 29, 2019				June 30, 2018
Exercise price		$	231.30			$	205.97
Fair value		$	61.85			$	58.26

Stock Options Outstanding Roll Forward

The following table summarizes stock option activity for the plans for the six months ended June 29, 2019 (in thousands, except per share data):

		Number of Shares				Exercise Price per Share										Weighted-Average Exercise Price per Share
Outstanding at December 31, 2018			1,790			$	38.09			to		$	208.47			$	142.47
Granted			139			$	183.41			to		$	238.52			$	231.30
Exercised			(239	)		$	38.09			to		$	208.47			$	110.07
Canceled			(56	)		$	113.36			to		$	194.26			$	153.14
Outstanding at June 29, 2019			1,634			$	61.63			to		$	238.52			$	154.40

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the six months ended June 29, 2019 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2018			304			$	153.31
Granted			83			$	236.28
Vested			(103	)		$	138.61
Forfeited			(15	)		$	167.10
Unvested at June 29, 2019			269			$	183.77

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 six months ended June 29, 2019 and June 30, 2018 are as follows: 

		Six Months Ended
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		June 29, 2019				June 30, 2018
Performance stock units issued (in thousands)			13				16
Risk-free interest rate			2.4	%			2.0	%
Expected life in years			2.8				2.8
Expected volatility			23.5	%			23.4	%
Average volatility of peer companies			26.2	%			25.8	%
Correlation coefficient			34.2	%			37.2	%
Expected dividends			—				—

Performance Stock Units Unvested Roll Forward

The following table summarizes the unvested performance stock unit award activity for the six months ended June 29, 2019 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2018			100			$	212.34
Granted			13			$	372.68
Forfeited			(6	)		$	208.58
Unvested at June 29, 2019			107			$	232.79

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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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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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