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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity:
| Shares (in thousands) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019 | 12,899 |  |  | $ | 37.95 |  |  |  |  |
Granted | 1,245 |  |  | 54.68 |  |  |  |  |
Exercised | (4,565) |  |  | 27.54 |  |  |  |  |
Forfeited or expired | (609) |  |  | 50.28 |  |  |  |  |
Outstanding as of December 31, 2020 | 8,970 |  |  | $ | 44.73 |  |  | 7.11 |  | $ | 318,873 |
Exercisable as of December 31, 2020 | 3,135 |  |  | $ | 33.79 |  |  | 5.60 |  | $ | 145,735 |
Options vested or expected to vest as of December 31, 2020 (1) | 8,235 |  |  | $ | 44.08 |  |  | 7.01 |  | $ | 298,118 |
(1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. Options expected to vest are calculated by applying an estimated forfeiture rate to the unvested options.
Weighted-Average Assumptions Used in Estimating Fair Values of Stock Options Granted | The fair values of stock options granted in each period presented were estimated using the following weighted-average assumptions:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Risk-free rate | 1.4 | % |  | 2.7 | % |  | 2.9 | %
Expected dividend yield | 0.41 | % |  | 0.39 | % |  | 0.35 | %
Expected volatility | 37 | % |  | 37 | % |  | 39 | %
Expected term (in years) | 6.0 |  | 5.3 |  | 5.4
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following tables summarizes the Company's RSU activity:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2019 | 150 |  |  | $ | 48.63 |
Granted | 446 |  |  | 52.09 |
Vested | — |  |  | — |
Forfeited or expired | (42) |  |  | 50.61 |
Nonvested as of December 31, 2020 | 554 |  |  | $ | 51.27 |
Stock-Based Compensation Expense | The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Cost of revenue | $ | 1,365 |  |  | $ | 1,504 |  |  | $ | 2,447 |
Research, development, and engineering | 13,387 |  |  | 15,748 |  |  | 14,578 |
Selling, general, and administrative | 27,909 |  |  | 28,337 |  |  | 24,065 |
| $ | 42,661 |  |  | $ | 45,589 |  |  | $ | 41,090 |

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