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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2020 | 8,970 |  |  | $ | 44.73 |  |  |  |  |
Granted | 564 |  |  | 88.62 |  |  |  |  |
Exercised | (1,694) |  |  | 37.70 |  |  |  |  |
Forfeited or expired | (230) |  |  | 50.34 |  |  |  |  |
Outstanding as of December 31, 2021 | 7,610 |  |  | $ | 49.38 |  |  | 6.57 |  | $ | 222,053 |
Exercisable as of December 31, 2021 | 3,442 |  |  | $ | 39.87 |  |  | 5.45 |  | $ | 130,448 |
Options vested or expected to vest as of December 31, 2021 (1) | 7,134 |  |  | $ | 48.66 |  |  | 6.49 |  | $ | 212,746 |
(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,
| 2021 |  | 2020 |  | 2019
Risk-free rate | 1.3 | % |  | 1.4 | % |  | 2.7 | %
Expected dividend yield | 0.27 | % |  | 0.41 | % |  | 0.39 | %
Expected volatility | 39 | % |  | 37 | % |  | 37 | %
Expected term (in years) | 6.0 |  | 6.0 |  | 5.3
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, 2020 | 554 |  |  | $ | 51.27 |
Granted | 335 |  |  | 87.03 |
Vested | (16) |  |  | 57.31 |
Forfeited or expired | (50) |  |  | 58.47 |
Nonvested as of December 31, 2021 | 823 |  |  | $ | 65.26 |
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,
| 2021 |  | 2020 |  | 2019
Cost of revenue | $ | 1,345 |  |  | $ | 1,365 |  |  | $ | 1,504 |
Research, development, and engineering | 13,535 |  |  | 13,387 |  |  | 15,748 |
Selling, general, and administrative | 28,894 |  |  | 27,909 |  |  | 28,337 |
| $ | 43,774 |  |  | $ | 42,661 |  |  | $ | 45,589 |

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