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Stock-Based Compensation Expense (Tables) | 3 Months Ended
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Apr. 02, 2023
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 2, 2023:
| Shares (in thousands) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022 | 8,467 |  |  | $ | 51.56 |  |  |  |  |
Granted | 1,228 |  |  | 47.21 |  |  |  |  |
Exercised | (140) |  |  | 28.36 |  |  |  |  |
Forfeited or expired | (247) |  |  | 58.05 |  |  |  |  |
Outstanding as of April 2, 2023 | 9,308 |  |  | $ | 51.16 |  |  | 6.53 |  | $ | 37,312 |
Exercisable as of April 2, 2023 | 5,433 |  |  | $ | 47.45 |  |  | 5.12 |  | $ | 33,531 |
Options vested or expected to vest as of April 2, 2023 (1) | 8,735 |  |  | $ | 50.90 |  |  | 6.37 |  | $ | 36,643 |
(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 2, 2023 |  | April 3, 2022 |  |  |  |
Risk-free rate | 4.0 | % |  | 1.9 | % |  |  |  |
Expected dividend yield | 0.59 | % |  | 0.40 | % |  |  |  |
Expected volatility | 39 | % |  | 37 | % |  |  |  |
Expected term (in years) | 4.3 |  | 5.2 |  |  |  |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the Company's RSUs activity for the three-month period ended April 2, 2023:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2022 | 1,269 |  |  | $ | 61.74 |
Granted | 635 |  |  | 46.61 |
Vested | (453) |  |  | 59.11 |
Forfeited or expired | (32) |  |  | 66.98 |
Nonvested as of April 2, 2023 | 1,419 |  |  | $ | 55.69 |
Schedule of Nonvested Performance-based Units Activity | The following table summarizes the Company's PRSUs activity for the three-month period ended April 2, 2023:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2022 | 33 |  |  | $ | 62.49 |
Granted | 46 |  |  | 44.86 |
Vested | — |  |  | — |
Forfeited or expired | — |  |  | — |
Nonvested as of April 2, 2023 | 79 |  |  | $ | 52.23 |
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 2, 2023 |  | April 3, 2022 |  |  |  |
Cost of revenue | $ | 621 |  |  | $ | 563 |  |  |  |  |
Research, development, and engineering | 5,890 |  |  | 4,448 |  |  |  |  |
Selling, general, and administrative | 10,068 |  |  | 10,045 |  |  |  |  |
| $ | 16,579 |  |  | $ | 15,056 |  |  |  |  |

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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