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Stock-Based Compensation (Tables)

9 Months Ended

Oct. 02, 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 nine months ended October 2, 2021 and September 26, 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								Nine Months Ended
		October 2, 2021				September 26, 2020				October 2, 2021				September 26, 2020
Cost of sales		$	468			$	645			$	1,828			$	1,850
Selling and administrative expenses			4,116				7,747				15,810				22,472
Research and development expenses			1,769				1,201				4,311				3,393
Total stock-based compensation		$	6,353			$	9,593			$	21,949			$	27,715

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 October 2, 2021 and September 26, 2020 are as follows:

		Nine Months Ended
Options Issued and Significant Assumptions Used to Estimate Option Fair Values		October 2, 2021				September 26, 2020
Options issued in thousands			160				267
Risk-free interest rate			0.8	%			1.2	%
Expected life in years			6				6
Expected volatility			32.4	%			27.8	%
Expected dividends			—				—

Stock Options Outstanding Roll Forward

		Nine Months Ended
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		October 2, 2021				September 26, 2020
Exercise price		$	281.23			$	215.12
Fair value		$	91.46			$	62.93

Stock Options Outstanding by Exercise Price Range

The following table summarizes stock option activity for the plans for the nine months ended October 2, 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			160			$	250.15 to $  371.64			$	281.23
Exercised			(275	)		$	99.22 to $  238.52			$	167.89
Canceled			(251	)		$	139.51 to $  280.80			$	197.05
Outstanding at October 2, 2021			701			$	75.94 to $  371.64			$	200.84

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the nine months ended October 2, 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			$	283.10
Vested			(86	)		$	183.94
Forfeited			(22	)		$	221.64
Unvested at October 2, 2021			251			$	234.90

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 October 2, 2021 and September 26, 2020 are as follows:

		Nine Months Ended
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		October 2, 2021				September 26, 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 nine months ended October 2, 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			(44	)		$	199.22
Unvested at October 2, 2021			87			$	285.73

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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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