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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of 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
| 2023 |  | 2022 |  | 2021
| (in thousands)
Cost of revenue | $ | 15,052 |  |  | $ | 14,853 |  |  | $ | 13,087 |
Selling, general and administrative | 56,996 |  |  | 58,764 |  |  | 58,387 |
Stock-based compensation, before income taxes | 72,048 |  |  | 73,617 |  |  | 71,474 |
Provision for income taxes | (10,907) |  |  | (10,969) |  |  | (10,299) |
Stock-based compensation, net of income taxes | $ | 61,141 |  |  | $ | 62,648 |  |  | $ | 61,175 |
Schedule 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 31, 2022 | 882 |  |  | $ | 204.41 |  |  |  |  |
Options granted | 130 |  |  | $ | 194.27 |  |  |  |  |
Options exercised | (195) |  |  | $ | 130.91 |  |  |  |  |
Options canceled | (28) |  |  | $ | 259.63 |  |  |  |  |
Options outstanding as of December 30, 2023 | 789 |  |  | $ | 218.97 |  |  | 6.5 |  | $ | 28,935 |
Options exercisable as of December 30, 2023 | 408 |  |  | $ | 205.50 |  |  | 4.8 |  | $ | 20,521 |
Options expected to vest as of December 30, 2023 | 381 |  |  | $ | 233.37 |  |  | 8.3 |  | $ | 8,414 |
Schedule of 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
| 2023 |  | 2022 |  | 2021
Expected life (in years) | 6.0 |  | 6.0 |  | 6.0
Expected volatility | 36 | % |  | 33 | % |  | 32 | %
Risk-free interest rate | 3.8 | % |  | 2.7 | % |  | 1.0 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Schedule of Restricted Stock and Restricted Stock Unit Activity | The following table summarizes the restricted stock units activity for fiscal year 2023:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
December 31, 2022 | 364 |  |  | $ | 226.43 |
Granted | 265 |  |  | $ | 194.84 |
Vested | (134) |  |  | $ | 212.34 |
Canceled | (26) |  |  | $ | 231.70 |
December 30, 2023 | 469 |  |  | $ | 212.30 |
Schedule of 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
| 2023 |  | 2022 |  | 2021
| (shares in thousands)
PSUs granted | 146 |  |  | 134 |  |  | 64 |
Weighted average grant date fair value | $ | 204.40 |  |  | $ | 210.42 |  |  | $ | 407.76 |
Key assumptions: |  |  |  |  |
Expected volatility | 37 | % |  | 39 | % |  | 37 | %
Risk-free interest rate | 4.2 | % |  | 2.6 | % |  | 0.2 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Total shareholder return of 20-trading day average stock price on grant date | (9.8) | % |  | (32.7) | % |  | 39.9 | %

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