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Stock-Based Compensation (Tables)

6 Months Ended

Jul. 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 and six months ended July 3, 2021 and June 27, 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								Six Months Ended
		July 3, 2021				June 27, 2020				July 3, 2021				June 27, 2020
Cost of sales		$	727			$	635			$	1,360			$	1,205
Selling and administrative expenses			5,274				7,352				11,694				14,725
Research and development expenses			1,290				939				2,542				2,192
Total stock-based compensation		$	7,291			$	8,926			$	15,596			$	18,122

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 six months ended July 3, 2021 and June 27, 2020 are as follows:

		Six Months Ended
Options Issued and Significant Assumptions Used to Estimate Option Fair Values		July 3, 2021				June 27, 2020
Options issued in thousands			159				227
Risk-free interest rate			0.8	%			1.4	%
Expected life in years			6				6
Expected volatility			32.5	%			26.5	%
Expected dividends			—				—

Stock Options Outstanding Roll Forward

		Six Months Ended
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		July 3, 2021				June 27, 2020
Exercise price		$	280.92			$	216.08
Fair value		$	91.42			$	61.70

Stock Options Outstanding by Exercise Price Range

The following table summarizes stock option activity for the plans for the six months ended July 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			159			$	250.15				to			$	346.56			$	280.92
Exercised			(230	)		$	99.22				to			$	238.52			$	168.39
Canceled			(228	)		$	139.51				to			$	224.37			$	194.59
Outstanding at July 3, 2021			768			$	75.94				to			$	346.56			$	199.21

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the six months ended July 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			88			$	282.94
Vested			(81	)		$	182.26
Forfeited			(14	)		$	220.23
Unvested at July 3, 2021			264			$	234.07

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 six months ended July 3, 2021 and June 27, 2020 are as follows:

		Six Months Ended
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		July 3, 2021				June 27, 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 six months ended July 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			(39	)		$	229.78
Unvested at July 3, 2021			92			$	268.08

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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.

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