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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity:
| 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 | 1,541 |  |  | 46.33 |  |  |  |  |
Exercised | (330) |  |  | 33.64 |  |  |  |  |
Forfeited or expired | (670) |  |  | 57.65 |  |  |  |  |
Outstanding as of December 31, 2023 | 9,008 |  |  | $ | 50.87 |  |  | 5.92 |  | $ | 17,164 |
Exercisable as of December 31, 2023 | 5,207 |  |  | $ | 47.78 |  |  | 4.42 |  | $ | 16,212 |
Options vested or expected to vest as of December 31, 2023 (1) | 8,548 |  |  | $ | 50.79 |  |  | 5.78 |  | $ | 16,896 |
(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. The total cash received as a result of stock option exercises was $11,104,000 in 2023, $12,267,000 in 2022, and $63,860,000 in 2021. In connection with these exercises, the tax benefit (expense) realized by the Company was $(4,691,000) in 2023, $2,548,000 in 2022, and $46,529,000 in 2021.
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:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Risk-free rate | 4.0 | % |  | 2.2 | % |  | 1.3 | %
Expected dividend yield | 0.61 | % |  | 0.44 | % |  | 0.27 | %
Expected volatility | 39 | % |  | 37 | % |  | 39 | %
Expected term (in years) | 5.0 |  | 5.5 |  | 6.0
Nonvested Restricted Stock Shares Activity | The following table summarizes the Company's RSUs activity:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2022 | 1,269 |  |  | $ | 61.74 |
Granted | 791 |  |  | 46.14 |
Vested | (521) |  |  | 59.22 |
Forfeited or expired | (110) |  |  | 59.20 |
Nonvested as of December 31, 2023 | 1,429 |  |  | $ | 54.22 |
Schedule of Performance Restricted Stock Units | Performance Restricted Stock Units (PRSUs) The following table summarizes the Company's PRSUs activity:
| 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 December 31, 2023 | 79 |  |  | $ | 52.23 |
Stock-Based Compensation Expense | The following table presents the stock-based compensation expense by caption for each period presented on the Consolidated Statements of Operations (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cost of revenue | $ | 1,979 |  |  | $ | 2,016 |  |  | $ | 1,345 |
Research, development, and engineering | 16,480 |  |  | 17,693 |  |  | 13,535 |
Selling, general, and administrative | 36,309 |  |  | 34,796 |  |  | 28,894 |
| $ | 54,768 |  |  | $ | 54,505 |  |  | $ | 43,774 |

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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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