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Stock-Based Compensation Expense (Tables) | 6 Months Ended
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Jul. 04, 2021
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the six-month period ended July 4, 2021:
| Shares (in thousands) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020 | 8,970 |  |  | $ | 44.73 |  |  |  |  |
Granted | 469 |  |  | 89.19 |  |  |  |  |
Exercised | (1,167) |  |  | 38.51 |  |  |  |  |
Forfeited or expired | (171) |  |  | 50.95 |  |  |  |  |
Outstanding as of July 4, 2021 | 8,101 |  |  | $ | 48.07 |  |  | 6.91 |  | $ | 298,370 |
Exercisable as of July 4, 2021 | 3,652 |  |  | $ | 38.46 |  |  | 5.72 |  | $ | 168,497 |
Options vested or expected to vest as of July 4, 2021 (1) | 7,474 |  |  | $ | 47.27 |  |  | 6.81 |  | $ | 281,063 |
(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:
| Three-months Ended |  | Six-months Ended
| July 4, 2021 |  | June 28, 2020 |  | July 4, 2021 |  | June 28, 2020
Risk-free rate | 1.5 | % |  | 1.6 | % |  | 1.3 | % |  | 1.6 | %
Expected dividend yield | 0.31 | % |  | 0.43 | % |  | 0.27 | % |  | 0.43 | %
Expected volatility | 39 | % |  | 37 | % |  | 39 | % |  | 37 | %
Expected term (in years) | 7.1 |  | 6.0 |  | 5.8 |  | 6.0
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company's RSUs activity for the six-month period ended July 4, 2021:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2020 | 554 |  |  | $ | 51.27 |
Granted | 296 |  |  | 87.46 |
Vested | (15) |  |  | 56.61 |
Forfeited or expired | (27) |  |  | 54.60 |
Nonvested as of July 4, 2021 | 808 |  |  | $ | 64.31 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
| Three-months Ended |  | Six-months Ended
| July 4, 2021 |  | June 28, 2020 |  | July 4, 2021 |  | June 28, 2020
Cost of revenue | $ | 351 |  |  | $ | 363 |  |  | $ | 599 |  |  | $ | 717 |
Research, development, and engineering | 3,064 |  |  | 2,401 |  |  | 7,067 |  |  | 7,767 |
Selling, general, and administrative | 7,315 |  |  | 5,254 |  |  | 15,073 |  |  | 14,324 |
| $ | 10,730 |  |  | $ | 8,018 |  |  | $ | 22,739 |  |  | $ | 22,808 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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