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Stock-Based Compensation (Tables) | 3 Months Ended
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Apr. 03, 2021
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 April 3, 2021 and March 28, 2020 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 |
|  | April 3, 2021 |  |  | March 28, 2020 |
Cost of sales |  | $ | 633 |  |  | $ | 570 |
Selling and administrative expenses |  |  | 6,420 |  |  |  | 7,373 |
Research and development expenses |  |  | 1,252 |  |  |  | 1,253 |
Total stock-based compensation |  | $ | 8,305 |  |  | $ | 9,196 |
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 April 3, 2021 and March 28, 2020 are as follows:
|  | Three Months Ended |
Options Issued and Significant Assumptions Used to Estimate Option Fair Values |  | April 3, 2021 |  |  | March 28, 2020 |
Options issued in thousands |  |  | 139 |  |  |  | 227 |
Risk-free interest rate |  |  | 0.8 | % |  |  | 1.4 | %
Expected life in years |  |  | 6 |  |  |  | 6 |
Expected volatility |  |  | 33.1 | % |  |  | 26.5 | %
Expected dividend s |  |  | — |  |  |  | — |
Stock Options Outstanding Roll Forward |
|  | Three Months Ended |
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant |  | April 3, 2021 |  |  | March 28, 2020 |
Exercise price |  | $ | 277.32 |  |  | $ | 216.08 |
Fair value |  | $ | 91.63 |  |  | $ | 61.70 |
Stock Options Outstanding by Exercise Price Range | The following table summarizes stock option activity for the plans for the three months ended April 3, 2021 (in thousands, except per share data):
|  | Number of Shares |  |  | Exercise Price per Share |  |  | Weighted-Average Exercise Price per Share |
Outstanding at December 31, 2020 |  |  | 1,067 |  |  | $ | 75.94 |  |  | to |  | $ | 238.52 |  |  | $ | 179.59 |
Granted |  |  | 139 |  |  | $ | 250.15 |  |  | to |  | $ | 280.80 |  |  | $ | 277.32 |
Exercised |  |  | (95 | ) |  | $ | 99.22 |  |  | to |  | $ | 238.52 |  |  | $ | 159.10 |
Canceled |  |  | (125 | ) |  | $ | 139.51 |  |  | to |  | $ | 224.37 |  |  | $ | 183.98 |
Outstanding at April 3, 2021 |  |  | 986 |  |  | $ | 75.94 |  |  | to |  | $ | 266.05 |  |  | $ | 194.77 |
Restricted Stock Units Unvested Roll Forward | The following table summarizes the unvested restricted stock unit award activity for the three months ended April 3, 2021 (in thousands, except per share data):
|  | Shares |  |  | Weighted-Average Grant Date Fair Value per Share |
Unvested at December 31, 2020 |  |  | 271 |  |  | $ | 202.00 |
Granted |  |  | 76 |  |  | $ | 279.66 |
Vested |  |  | (80 | ) |  | $ | 182.14 |
Forfeited |  |  | (3 | ) |  | $ | 210.35 |
Unvested at April 3, 2021 |  |  | 264 |  |  | $ | 230.28 |
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 three months ended April 3, 2021 and March 28, 2020 are as follows:
|  | Three Months Ended |
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values |  | April 3, 2021 |  |  | March 28, 2020 |
Performance stock units issued (in thousands) |  |  | 41 |  |  |  | 58 |
Risk-free interest rate |  |  | 0.2 | % |  |  | 1.3 | %
Expected life in years |  |  | 2.9 |  |  |  | 2.9 |
Expected volatility |  |  | 38.7 | % |  |  | 25.1 | %
Average volatility of peer companies |  |  | 34.7 | % |  |  | 26.1 | %
Correlation coefficient |  |  | 45.8 | % |  |  | 36.6 | %
Expected dividends |  |  | — |  |  |  | — |
Performance Stock Units Unvested Roll Forward | The following table summarizes the unvested performance stock unit award activity for the three months ended April 3, 2021 (in thousands, except per share data):
|  | Shares |  |  | Weighted-Average Fair Value per Share |
Unvested at December 31, 2020 |  |  | 95 |  |  | $ | 230.36 |
Granted |  |  | 41 |  |  | $ | 315.98 |
Vested |  |  | (5 | ) |  | $ | 242.94 |
Forfeited |  |  | (33 | ) |  | $ | 228.24 |
Unvested at April 3, 2021 |  |  | 98 |  |  | $ | 266.25 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + 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 -URI http://asc.fasb.org/extlink&oid=120381028&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=120381028&loc=d3e5070-113901 + Details
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