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Share-Based Compensation (Tables)
 12 Months Ended
Jan. 27, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of allocation of stock-based compensation
The following table summarizes pre-tax share-based compensation included in the Statements of Income for fiscal years 2019, 2018, and 2017: 
 
Fiscal Year Ended
(in thousands)
January 27, 2019
 
January 28, 2018
 
January 29, 2017
Revenue offset (Warrant)
$
21,501

 
$
16,219

 
$
5,396

Cost of sales
1,639

 
1,477

 
1,591

Selling, general and administrative
41,581

 
22,423

 
18,019

Product development and engineering
9,138

 
7,817

 
5,822

Share-based compensation
$
73,859

 
$
47,936

 
$
30,828

Net change in share-based compensation capitalized into inventory
$
—

 
$
(414
)
 
$
38
Summary of fair value assumptions
The following table summarizes the assumptions used in the Black-Scholes model to determine the fair value of stock options granted in fiscal years 2019, 2018, and 2017:
 
Fiscal Year Ended
 
January 27, 2019
 
January 28, 2018
 
January 29, 2017
Expected lives, in years
4.5
 
4.2
 
4.1 - 4.5
Estimated volatility
32.2%
 
31.7%
 
31% - 32%
Dividend yield
—
 
—
 
—
Risk-free interest rate
2.55% - 2.68%
 
1.68%
 
1.04% - 1.51%
Weighted average fair value on grant date
$14.53
 
$10.70
 
$5.71
Summary of the activity for stock option awards
The following table summarizes the activity for stock options for fiscal years 2019:
(in thousands, except for per share amounts)
Number
of
Shares
 
Weighted
Average
Exercise
Price
(per share)
 
Aggregate
Intrinsic
Value (1)
 
Number of
Shares
Exercisable
 
Weighted
Average
Contractual
Term (years)
Balance at January 28, 2018
1,345

 
$
26.17

 
$
13,953

 
807
 
 
Options granted
147

 
47.99

 
 
 
 
 
 
Options exercised
(595
)
 
27.36

 
12,280

 
 
 
 
Options cancelled/forfeited
(20
)
 
26.15

 
 
 
 
 
 
Balance at January 27, 2019
877

 
$
29.03

 
$
18,226

 
472
 
 
Exercisable at January 27, 2019
472

 
$
24.37

 
$
11,991

 
 
 
2.3
Vested and expected to vest after January 27, 2019
877

 
$
29.03

 
$
18,226

 
 
 
3.4
Summary of unvested stock option awards
The following table summarizes information regarding unvested stock option awards at January 27, 2019:
(in thousands, except for per share amounts)
Number
of
Shares
 
Weighted Average
Exercise Price
(per share)
 
Weighted Average
Grant Date
Fair Value
(per share)
Balance at January 28, 2018
534

 
$
25.50

  
$
7.10

Options granted
147

 
47.99

  
14.53

Options vested
(261
)
 
24.28

  
6.86

Options forfeited
(20
)
 
26.15

  
7.30

Balance at January 27, 2019
400

 
$
34.52

  
$
10.07
Summary of the activity for performance unit awards
The following table summarizes the activity for performance-based restricted stock units for fiscal years 2019 and 2018:
 
 
 
Subject to
Share Settlement
 
Subject to
Cash Settlement
 
Weighted 
Average
Grant Date
(in thousands, except for per share amounts)
Total
Units
 
Units
 
Units
 
Recorded
Liability
 
Fair Value
(per share)
Balance at January 28, 2018
363

 
255

 
108

 
$
6,468

 
$
26.58

Performance units granted
287

 
244

 
43

 
 
 
32.93

Performance units vested
(431
)
 
(286
)
 
(145
)
 
—

 
25.83

Performance units cancelled/forfeited
(16
)
 
(10
)
 
(6
)
 
 
 
20.28

Change in liability
 
 
—

 
 
 
2,845

 
 
Balance at January 27, 2019
203

 
203

 
—

 
$
9,313

 
$
37.51
Summary of fair value assumptions - performance unit awards
The following tables summarize the assumptions used in the Monte Carlo simulation model to determine the fair value of restricted stock units granted in fiscal year 2015 for both Tranche 1 and Tranche 2.
 
January 25, 2015
 
Tranche 1
 
Tranche 2
Expected life, in years
1.6
 
2.1
Estimated volatility
34%
 
34%
Dividend yield
—%
 
—%
Risk-free interest rate
1.5%
 
1.5%
Weighted average fair value on grant date
$17.26
 
$14.88
Summary of activity for market performance units
The following table summarizes the activity for the market performance restricted stock units for the fiscal year ended January 27, 2019:
(in thousands, except for per share amounts)
Total Units
 
Weighted Average
Grant Date
Fair Value
(per share)
Balance at January 28, 2018
154

 
$
14.88

Market performance units granted
—

 
—

Market performance units vested
(154
)
 
14.88

Market performance units cancelled/forfeited
—

 
—

Balance at January 27, 2019
—

 
$
—
Summary of stock unit grants
The Company grants restricted stock units to employees which are expected to be settled with shares of the Company's common stock. The grant date for these awards is equal to the measurement date. These awards are valued as of the measurement date and recognized as an expense over the requisite vesting period (typically 4 years).
(in thousands, except for per share amounts)
Restricted Stock Units, Stock Grants, and Stock Units
 
Performance Shares (1)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Units granted
998

 
983

 
1,228

  
287

 
216

 
231

Weighted-average grant date fair value
$
45.36

 
$
36.96

 
$
22.12

  
$
32.93

 
$
39.55

 
$
17.51

(1) Restricted stock units granted includes awards that will be cash settled of 146,827 units in fiscal year 2019, 0 units in fiscal year 2018, and 115,500 units in fiscal year 2017.
Summary of the status of non-vested restricted stock unit awards and changes during the year
The following table is a summary of the status of non-vested restricted stock unit awards as of January 27, 2019, and changes during the year.
 
Restricted Stock Units, Stock Grants, and Stock Units
Performance Shares 
(in thousands, except for per share amounts)
Shares
 
Weighted Average
Grant Date
Fair Value
(per share)
 
Shares
 
Weighted Average
Grant Date
Fair Value
(per share)
Nonvested at January 28, 2018
2,175

 
$
28.42

 
363

 
$
26.58

Granted
998

 
45.36

 
287

 
32.93

Vested
(848
)
 
26.45

 
(431
)
 
25.83

Forfeited
(121
)
 
32.56

 
(16
)
 
20.28

Nonvested at January 27, 2019
2,204

 
$
36.62

 
203

 
$
37.51