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Stock-Based Compensation (Tables)

3 Months Ended

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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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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