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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 26, 2020

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

Schedule of Stock-Based Compensation Expense

		Three Months Ended								Nine Months Ended
		September 26, 2020				September 28, 2019				September 26, 2020				September 28, 2019
Cost of sales		$	645			$	531			$	1,850			$	1,673
Selling and administrative expenses			7,747				7,766				22,472				23,293
Research and development expenses			1,201				1,365				3,393				3,951
Total stock-based compensation		$	9,593			$	9,662			$	27,715			$	28,917

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 26, 2020 and September 28, 2019 are as follows:

		Nine Months Ended
Options Issued and Significant Assumptions Used to Estimate Option Fair Values		September 26, 2020				September 28, 2019
Options issued in thousands			267				139
Risk-free interest rate			1.2	%			2.5	%
Expected life in years			6				5
Expected volatility			27.8	%			24.3	%
Expected dividends			—				—

Stock Options Outstanding Roll Forward

		Nine Months Ended
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		September 26, 2020				September 28, 2019
Exercise price		$	215.12			$	231.30
Fair value		$	62.93			$	61.85

Stock Options Outstanding by Exercise Price Range

The following table summarizes stock option activity for the plans for the nine months ended September 26, 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			267			$	188.63				to			$	235.06			$	215.12
Exercised			(184	)		$	61.63				to			$	208.47			$	124.58
Canceled			(150	)		$	128.93				to			$	238.52			$	176.27
Outstanding at September 26, 2020			1,388			$	75.94				to			$	238.52			$	172.08

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the nine months ended September 26, 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			119			$	206.99
Vested			(87	)		$	162.12
Forfeited			(18	)		$	187.90
Unvested at September 26, 2020			274			$	201.34

Restricted stock units are generally granted annually in February and vest in equal annual installments over a five-year period.

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 26, 2020 and September 28, 2019 are as follows:

		Nine Months Ended
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		September 26, 2020				September 28, 2019
Performance stock units issued (in thousands)			58				13
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 nine months ended September 26, 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			(36	)		$	184.51
Forfeited			(25	)		$	231.35
Unvested at September 26, 2020			102			$	226.44

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