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Stock-Based Compensation Expense (Tables) | 3 Months Ended
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Apr. 03, 2022
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the three-month period ended April 3, 2022:
| Shares (in thousands) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2021 | 7,610 |  |  | $ | 49.38 |  |  |  |  |
Granted | 1,003 |  |  | 64.43 |  |  |  |  |
Exercised | (98) |  |  | 47.19 |  |  |  |  |
Forfeited or expired | (86) |  |  | 62.79 |  |  |  |  |
Outstanding as of April 3, 2022 | 8,429 |  |  | $ | 51.06 |  |  | 6.73 |  | $ | 233,406 |
Exercisable as of April 3, 2022 | 4,332 |  |  | $ | 43.39 |  |  | 5.56 |  | $ | 151,220 |
Options vested or expected to vest as of April 3, 2022 (1) | 7,901 |  |  | $ | 50.34 |  |  | 6.62 |  | $ | 224,117 |
(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 |  |
| April 3, 2022 |  | April 4, 2021 |  |  |  |
Risk-free rate | 1.9 | % |  | 1.3 | % |  |  |  |
Expected dividend yield | 0.40 | % |  | 0.27 | % |  |  |  |
Expected volatility | 37 | % |  | 39 | % |  |  |  |
Expected term (in years) | 5.2 |  | 5.7 |  |  |  |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company's RSUs activity for the three-month period ended April 3, 2022:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2021 | 823 |  |  | $ | 65.26 |
Granted | 466 |  |  | 63.96 |
Vested | (54) |  |  | 87.29 |
Forfeited or expired | (18) |  |  | 66.10 |
Nonvested as of April 3, 2022 | 1,217 |  |  | $ | 63.78 |
Schedule of Nonvested Performance-based Units Activity | The following table summarizes the Company's PRSUs activity for the three-month period ended April 3, 2022:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2021 | — |  |  | $ | — |
Granted | 33 |  |  | 62.49 |
Vested | — |  |  | — |
Forfeited or expired | — |  |  | — |
Nonvested as of April 3, 2022 | 33 |  |  | $ | 62.49 |
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 |  |
| April 3, 2022 |  | April 4, 2021 |  |  |  |
Cost of revenue | $ | 563 |  |  | $ | 248 |  |  |  |  |
Research, development, and engineering | 4,448 |  |  | 4,003 |  |  |  |  |
Selling, general, and administrative | 10,045 |  |  | 7,758 |  |  |  |  |
| $ | 15,056 |  |  | $ | 12,009 |  |  |  |  |

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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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