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Stock-Based Compensation (Tables)
6 Months Ended
Apr. 03, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and Shares Purchased
The fair values of shares purchased under the Employee Stock Purchase Plan ("ESPP") for the three and six months ended April 3, 2021 and April 4, 2020, respectively, were estimated using the following weighted-average assumptions:
Employee Stock Purchase Plan
Three Months EndedSix Months Ended
April 3, 2021April 4, 2020April 3, 2021April 4, 2020
Expected life in years0.50.50.50.5
Volatility43.4 %46.7 %48.6 %46.9 %
Risk-free interest rate0.11 %1.55 %0.11 %1.70 %
Expected dividend yield %— % %— %
Weighted average fair value per share$33.07 $44.61 $34.92 $44.08 
Schedule of Weighted Average Assumptions of Performance Units
The weighted average fair value for the performance units granted for the six months ended April 3, 2021 and April 4, 2020 was determined using a Monte Carlo simulation model incorporating the following weighted average assumptions:
Six Months Ended
April 3, 2021April 4, 2020
Risk-free interest rate0.19 %1.60 %
Volatility51.7 %47.2 %
Weighted average fair value per share$119.54 $190.86 
Schedule of Stock-Based Compensation Expense
The following table shows total stock-based compensation expense and related tax benefits included in the condensed consolidated statements of operations for the three and six months ended April 3, 2021 and April 4, 2020 (in thousands):
Three Months EndedSix Months Ended
April 3, 2021April 4, 2020April 3, 2021April 4, 2020
Cost of sales$1,989 $1,011 $4,261 $2,193 
Research and development1,030 894 2,229 1,455 
Selling, general and administrative6,073 6,993 14,787 13,042 
Income tax benefit(1,346)(1,006)(2,918)(1,862)
$7,746 $7,892 $18,359 $14,828 
Schedule of Restricted Stock Award and Restricted Stock Unit Activity
The following table summarizes the activity of our time-based and performance-based restricted stock units for the first six months of fiscal 2021 (in thousands, except per share amounts):
Time Based Restricted Stock UnitsPerformance Based Restricted Stock Units
Number of
Shares
Weighted
Average
Grant Date
Fair Value
Number of
Shares
Weighted
Average
Grant Date
Fair Value
Nonvested stock at October 3, 2020419 $144.87 136 $177.54 
Granted284 132.28 64 119.43 
Vested (1)
(214)145.92 (12)118.45 
Forfeited(7)137.63 (30)315.05 
Nonvested stock at April 3, 2021482 $137.09 158 $131.90 
(1) Service-based restricted stock units vested during the fiscal year. Performance-based restricted stock units included at 100% of target goal. Under the terms of the market based awards, the recipient may earn between 0% and 200% of the award. Under the terms of the performance based awards based on free cash flow targets, the recipient may earn between 0% and 100% of the award.