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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 28, 2020
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 28, 2020 and March 30, 2019 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 |
|  | March 28, 2020 |  |  | March 30, 2019 |
Cost of sales |  | $ | 570 |  |  | $ | 575 |
Selling and administrative expenses |  |  | 7,373 |  |  |  | 8,125 |
Research and development expenses |  |  | 1,253 |  |  |  | 1,241 |
Total stock-based compensation |  | $ | 9,196 |  |  | $ | 9,941 |
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 three months ended March 28, 2020 and March 30, 2019 are as follows:
|  | Three Months Ended |
Options Issued and Significant Assumptions Used to Estimate Option Fair Values |  | March 28, 2020 |  |  | March 30, 2019 |
Options issued in thousands |  |  | 227 |  |  |  | 136 |
Risk-free interest rate |  |  | 1.4 | % |  |  | 2.5 | %
Expected life in years |  |  | 6 |  |  |  | 5 |
Expected volatility |  |  | 26.5 | % |  |  | 24.2 | %
Expected dividends |  |  | — |  |  |  | — |
|  | Three Months Ended |
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant |  | March 28, 2020 |  |  | March 30, 2019 |
Exercise price |  | $ | 216.08 |  |  | $ | 232.08 |
Fair value |  | $ | 61.70 |  |  | $ | 61.97 |
Stock Options Outstanding Roll Forward | The following table summarizes stock option activity for the plans for the three months ended March 28, 2020 (in thousands, except per share data):
|  | Number of Shares |  |  | Exercise Price per Share |  |  | Weighted-Average Exercise Price per Share |
Outstanding at December 31, 2019 |  |  | 1,455 |  |  | $ | 61.63 to $238.52 |  |  | $ | 158.61 |
Granted |  |  | 227 |  |  | $ | 203.37 to $ 235.06 |  |  | $ | 216.08 |
Exercised |  |  | (81 | ) |  | $ | 61.63 to $208.47 |  |  | $ | 125.76 |
Canceled |  |  | (55 | ) |  | $ | 128.93 to $ 208.47 |  |  | $ | 170.12 |
Outstanding at March 28, 2020 |  |  | 1,546 |  |  | $ | 99.47 to $ 215.62 |  |  | $ | 168.25 |
Restricted Stock Units Unvested Roll Forward | The following table summarizes the unvested restricted stock unit award activity for the three months ended March 28, 2020 (in thousands, except per share data):
|  | Shares |  |  | Weighted-Average Grant Date Fair Value per Share |
Unvested at December 31, 2019 |  |  | 260 |  |  | $ | 184.70 |
Granted |  |  | 105 |  |  | $ | 206.73 |
Vested |  |  | (85 | ) |  | $ | 161.44 |
Forfeited |  |  | (11 | ) |  | $ | 185.65 |
Unvested at March 28, 2020 |  |  | 269 |  |  | $ | 200.61 |
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 28, 2020 and March 30, 2019 are as follows:
|  | Three Months Ended |
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values |  | March 28, 2020 |  |  | March 30, 2019 |
Performance stock units issued (in thousands) |  |  | 58 |  |  |  | 12 |
Risk-free interest rate |  |  | 1.3 | % |  |  | 2.4 | %
Expected life in years |  |  | 2.9 |  |  |  | 2.8 |
Expected volatility |  |  | 25.1 | % |  |  | 23.5 | %
Average volatility of peer companies |  |  | 26.1 | % |  |  | 26.2 | %
Correlation coefficient |  |  | 36.6 | % |  |  | 34.2 | %
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 28, 2020 (in thousands, except per share data):
|  | Shares |  |  | Weighted-Average Fair Value per Share |
Unvested at December 31, 2019 |  |  | 105 |  |  | $ | 233.11 |
Granted |  |  | 58 |  |  | $ | 190.45 |
Vested |  |  | (37 | ) |  | $ | 184.51 |
Forfeited |  |  | (3 | ) |  | $ | 281.39 |
Unvested at March 28, 2020 |  |  | 123 |  |  | $ | 226.44 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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