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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 26, 2020
Share-based Payment Arrangement [Abstract] |
Financial Statement Line Items in Which Stock-based Compensation is Reflected | The following table provides stock-based compensation by the financial statement line item in which it is reflected:
| Fiscal Year
| 2020 |  | 2019 |  | 2018
| (in thousands)
Cost of revenue | $ | 10,636 |  |  | $ | 9,038 |  |  | $ | 6,285 |
Selling, general and administrative | 45,705 |  |  | 48,233 |  |  | 41,061 |
Stock-based compensation, before income taxes | 56,341 |  |  | 57,271 |  |  | 47,346 |
Provision for income taxes | (8,130) |  |  | (9,465) |  |  | (9,188) |
Stock-based compensation, net of income taxes | $ | 48,211 |  |  | $ | 47,806 |  |  | $ | 38,158 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Company’s stock-based compensation plans:
| Number of shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
| (in thousands) |  |  |  | (in years) |  | (in thousands)
Options outstanding as of December 28, 2019 | 1,507 |  |  | $ | 105.19 |  |  |  |  |
Options granted | 292 |  |  | $ | 178.79 |  |  |  |  |
Options exercised | (533) |  |  | $ | 87.45 |  |  |  |  |
Options canceled | (50) |  |  | $ | 134.02 |  |  |  |  |
Options outstanding as of December 26, 2020 | 1,216 |  |  | $ | 129.34 |  |  | 3.8 |  | $ | 148,795 |
Options exercisable as of December 26, 2020 | 308 |  |  | $ | 98.34 |  |  | 1.5 |  | $ | 47,163 |
Options expected to vest as of December 26, 2020 | 908 |  |  | $ | 139.84 |  |  | 4.6 |  | $ | 101,632 |
Weighted-average Assumptions | The fair value of stock options granted was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:
| Fiscal Year
| 2020 |  | 2019 |  | 2018
Expected life (in years) | 6.0 |  | 3.6 |  | 3.7
Expected volatility | 30 | % |  | 27 | % |  | 25 | %
Risk-free interest rate | 0.4 | % |  | 2.4 | % |  | 2.4 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Summary of Restricted Stock and Restricted Stock Unit Activity | The following table summarizes the restricted stock units activity for fiscal year 2020:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
December 28, 2019 | 496 |  |  | $ | 116.07 |
Granted | 178 |  |  | $ | 182.10 |
Vested | (187) |  |  | $ | 106.94 |
Canceled | (21) |  |  | $ | 136.15 |
December 26, 2020 | 466 |  |  | $ | 144.03 |
Information about PSUs and Related Weighted-Average Assumptions | The Company utilizes a Monte Carlo simulation valuation model to value these awards. Information pertaining to the Company’s PSUs and the related estimated weighted-average assumptions used to calculate their fair value were as follows:
| Fiscal Year
| 2020 |  | 2019 |  | 2018
| (shares in thousands)
PSUs granted | 98 |  |  | 160 |  |  | 200 |
Weighted average grant date fair value | $ | 209.67 |  |  | $ | 164.47 |  |  | $ | 117.89 |
Key assumptions: |  |  |  |  |
Expected volatility | 35 | % |  | 25 | % |  | 26 | %
Risk-free interest rate | 0.2 | % |  | 2.4 | % |  | 2.4 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Total shareholder return of 20-trading day average stock price on grant date | 21.7 | % |  | 17.7 | % |  | 2.9 | %

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