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Stock-Based Compensation Expense (Tables) | 6 Months Ended
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Jul. 03, 2022
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 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 | 1,030 |  |  | 64.02 |  |  |  |  |
Exercised | (133) |  |  | 44.66 |  |  |  |  |
Forfeited or expired | (118) |  |  | 59.53 |  |  |  |  |
Outstanding as of July 3, 2022 | 8,389 |  |  | $ | 51.11 |  |  | 6.47 |  | $ | 26,951 |
Exercisable as of July 3, 2022 | 4,347 |  |  | $ | 43.46 |  |  | 5.30 |  | $ | 26,615 |
Options vested or expected to vest as of July 3, 2022 (1) | 7,927 |  |  | $ | 50.45 |  |  | 6.36 |  | $ | 26,938 |
(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 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
Risk-free rate | 1.9 | % |  | 1.5 | % |  | 1.9 | % |  | 1.3 | %
Expected dividend yield | 0.53 | % |  | 0.31 | % |  | 0.40 | % |  | 0.27 | %
Expected volatility | 37 | % |  | 39 | % |  | 37 | % |  | 39 | %
Expected term (in years) | 6.1 |  | 7.1 |  | 5.2 |  | 5.8
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company's RSUs activity for the six-month period ended July 3, 2022:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2021 | 823 |  |  | $ | 65.26 |
Granted | 481 |  |  | 63.37 |
Vested | (74) |  |  | 81.31 |
Forfeited or expired | (36) |  |  | 66.56 |
Nonvested as of July 3, 2022 | 1,194 |  |  | $ | 63.47 |
Schedule of Nonvested Performance-based Units Activity | The following table summarizes the Company's PRSUs activity for the six-month period ended July 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 July 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 |  | Six-months Ended
| July 3, 2022 |  | July 4, 2021 |  | July 3, 2022 |  | July 4, 2021
Cost of revenue | $ | 482 |  |  | $ | 351 |  |  | $ | 1,045 |  |  | $ | 599 |
Research, development, and engineering | 3,851 |  |  | 3,064 |  |  | 8,299 |  |  | 7,067 |
Selling, general, and administrative | 8,664 |  |  | 7,315 |  |  | 18,709 |  |  | 15,073 |
| $ | 12,997 |  |  | $ | 10,730 |  |  | $ | 28,053 |  |  | $ | 22,739 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + 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 (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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