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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 28, 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 nine months ended September 28, 2019 and September 29, 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								Nine Months Ended
		September 28, 2019				September 29, 2018				September 28, 2019				September 29, 2018
Cost of sales		$	531			$	488			$	1,673			$	1,696
Selling and administrative expenses			7,766				6,731				23,293				22,855
Research and development expenses			1,365				1,994				3,951				3,633
Total stock-based compensation		$	9,662			$	9,213			$	28,917			$	28,184

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 nine months ended September 28, 2019 and September 29, 2018 are as follows:

		Nine Months Ended
Options Issued and Significant Assumptions Used to Estimate Option Fair Values		September 28, 2019				September 29, 2018
Options issued in thousands			139				147
Risk-free interest rate			2.5	%			2.7	%
Expected life in years			5				6
Expected volatility			24.3	%			23.2	%
Expected dividends			—				—
		Nine Months Ended
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		September 28, 2019				September 29, 2018
Exercise price		$	231.30			$	205.37
Fair value		$	61.85			$	57.99

Stock Options Outstanding Roll Forward

The following table summarizes stock option activity for the plans for the nine months ended September 28, 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			(256	)		$	38.09			to			$	208.47				$	111.11
Canceled			(74	)		$	113.36			to			$	238.52				$	159.17
Outstanding at September 28, 2019			1,599			$	38.09			to			$	238.52				$	154.44

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the nine months ended September 28, 2019 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2018			304			$	153.31
Granted			84			$	235.95
Vested			(104	)		$	138.95
Forfeited			(23	)		$	168.73
Unvested at September 28, 2019			261			$	184.27

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 nine months ended September 28, 2019 and September 29, 2018 are as follows:

		Nine Months Ended
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair  Values		September 28,  2019				September 29,  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 nine months ended September 28, 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			(7	)		$	196.87
Unvested at September 28, 2019			106			$	233.03

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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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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