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Stock-Based Compensation Expense (Tables) | 9 Months Ended
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Oct. 02, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the nine-month period ended October 2, 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 | 1,399 |  |  | 59.79 |  |  |  |  |
Exercised | (158) |  |  | 41.83 |  |  |  |  |
Forfeited or expired | (170) |  |  | 58.01 |  |  |  |  |
Outstanding as of October 2, 2022 | 8,681 |  |  | $ | 51.03 |  |  | 6.40 |  | $ | 22,376 |
Exercisable as of October 2, 2022 | 4,335 |  |  | $ | 43.54 |  |  | 5.08 |  | $ | 22,334 |
Options vested or expected to vest as of October 2, 2022 (1) | 8,189 |  |  | $ | 50.48 |  |  | 6.27 |  | $ | 22,375 |
(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 |  | Nine-months Ended
| October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Risk-free rate | 2.7 | % |  | 1.4 | % |  | 2.1 | % |  | 1.3 | %
Expected dividend yield | 0.54 | % |  | 0.28 | % |  | 0.44 | % |  | 0.27 | %
Expected volatility | 37 | % |  | 39 | % |  | 37 | % |  | 39 | %
Expected term (in years) | 6.4 |  | 7.1 |  | 5.5 |  | 6.0
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company's RSUs activity for the nine-month period ended October 2, 2022:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2021 | 823 |  |  | $ | 65.26 |
Granted | 691 |  |  | 58.44 |
Vested | (141) |  |  | 65.33 |
Forfeited or expired | (61) |  |  | 65.18 |
Nonvested as of October 2, 2022 | 1,312 |  |  | $ | 61.67 |
Schedule of Nonvested Performance-based Units Activity | The following table summarizes the Company's PRSUs activity for the nine-month period ended October 2, 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 October 2, 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 |  | Nine-months Ended
| October 2, 2022 |  | October 3, 2021 |  | October 2, 2022 |  | October 3, 2021
Cost of revenue | $ | 468 |  |  | $ | 366 |  |  | $ | 1,513 |  |  | $ | 965 |
Research, development, and engineering | 4,209 |  |  | 3,091 |  |  | 12,508 |  |  | 10,158 |
Selling, general, and administrative | 8,689 |  |  | 7,157 |  |  | 27,398 |  |  | 22,230 |
| $ | 13,366 |  |  | $ | 10,614 |  |  | $ | 41,419 |  |  | $ | 33,353 |

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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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