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Stock-Based Compensation (Tables)

3 Months Ended

Apr. 02, 2022

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 2, 2022 and April 3, 2021 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 2, 2022				April 3, 2021
Cost of sales		$	1,027			$	633
Selling and administrative expenses			8,169				6,420
Research and development expenses			1,737				1,252
Total stock-based compensation		$	10,933			$	8,305

Summary of 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 2, 2022 and April 3, 2021 are as follows:

		Three Months Ended
Options Issued and Significant Assumptions Used to Estimate Option Fair Values		April 2, 2022				April 3, 2021
Options issued in thousands			127				139
Risk-free interest rate			1.9	%			0.8	%
Expected life in years			6				6
Expected volatility			30.9	%			33.1	%
Expected dividends			—				—

Summary of Stock Options Outstanding Roll Forward

		Three Months Ended
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		April 2, 2022				April 3, 2021
Exercise price		$	321.91			$	277.32
Fair value		$	107.76			$	91.63

Summary of Stock Options Outstanding by Exercise Price Range

The following table summarizes stock option activity for the plans for the three months ended April 2, 2022 (in thousands, except per share data):

		Number of Shares				Exercise Price per Share				Weighted-Average Exercise Price per Share
Outstanding at December 31, 2021			691			$	88.71 to $371.64			$	202.24
Granted			127			$	314.98 to $364.59			$	321.91
Exercised			(69	)		$	88.71 to $279.90			$	160.49
Canceled			(6	)		$	203.37 to $279.90			$	235.95
Outstanding at April 2, 2022			743			$	88.71 to $371.64			$	226.30

Summary of Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the three months ended April 2, 2022 (in thousands, except per share data):

		Shares				Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2021			245			$	234.97
Granted			94			$	323.65
Vested			(68	)		$	217.21
Forfeited			(3	)		$	228.76
Unvested at April 2, 2022			268			$	270.65

Summary of 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 2, 2022 and April 3, 2021 are as follows:

		Three Months Ended
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		April 2, 2022				April 3, 2021
Performance stock units issued (in thousands)			40				41
Risk-free interest rate			1.6	%			0.2	%
Expected life in years			2.9				2.9
Expected volatility			25.4	%			38.7	%
Average volatility of peer companies			34.5	%			34.7	%
Correlation coefficient			43.0	%			45.8	%
Expected dividends			—				—

Summary of Performance Stock Units Unvested Roll Forward

The following table summarizes the unvested performance stock unit award activity for the three months ended April 2, 2022 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2021			87			$	285.73
Granted			40			$	325.12
Vested			(24	)		$	308.71
Forfeited			11			$	396.67
Unvested at April 2, 2022			114			$	305.42

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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 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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