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Stock-Based Compensation Expense (Tables)

6 Months Ended

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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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.

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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.

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