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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
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, 2024 | 9,543 |  |  | $ | 49.40 |  |  |  |  |
Granted | 1,669 |  |  | 32.38 |  |  |  |  |
Exercised | (265) |  |  | 24.36 |  |  |  |  |
Forfeited or expired | (557) |  |  | 48.57 |  |  |  |  |
Outstanding as of December 31, 2025 | 10,390 |  |  | $ | 47.35 |  |  | 5.45 |  | $ | 9,725 |
Exercisable as of December 31, 2025 | 6,007 |  |  | $ | 51.47 |  |  | 3.55 |  | $ | 3,531 |
Options vested or expected to vest as of December 31, 2025 (1) | 9,551 |  |  | $ | 48.17 |  |  | 5.18 |  | $ | 7,949 |
(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 $6,432,000 in 2025, $6,011,000 in 2024, and $11,104,000 in 2023. In connection with these exercises, the tax benefit (expense) realized by the Company was $1,802,000 in 2025, $(4,021,000) in 2024, and $(4,691,000) in 2023.
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,
| 2025 |  | 2024 |  | 2023
Risk-free rate | 4.3 | % |  | 4.3 | % |  | 4.0 | %
Expected dividend yield | 0.99 | % |  | 0.76 | % |  | 0.61 | %
Expected volatility | 39 | % |  | 39 | % |  | 39 | %
Expected term (in years) | 5.1 |  | 4.7 |  | 5.0
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, 2024 | 1,690 |  |  | $ | 44.75 |
Granted | 1,320 |  |  | 32.80 |
Vested | (731) |  |  | 49.18 |
Forfeited or expired | (163) |  |  | 37.58 |
Nonvested as of December 31, 2025 | 2,116 |  |  | $ | 36.32 |
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, 2024 | 134 |  |  | $ | 46.82 |
Granted | 184 |  |  | 32.14 |
Vested | — |  |  | — |
Forfeited or expired | (33) |  |  | 62.49 |
Nonvested as of December 31, 2025 | 285 |  |  | $ | 35.53 |
During 2025, the Company granted PRSUs that vest upon the achievement of (1) a service condition of three years of continuous employment and (2) a performance condition established by the Compensation Committee of the Board as of the grant date. The number of shares earned could range between 0% and 120% based on achievement of the performance condition, which includes certain financial targets over the three year measurement period. The fair value of these PRSUs is calculated based on the observable market price of the Company's stock on the grant date less the present value of expected future dividends. Compensation expense for these PRSUs is recognized based on the probable outcome of the performance condition with a cumulative catch-up adjustment for prior periods in the period that the probable outcome changes. During 2023 and 2024, the Company granted PRSUs that vest upon the satisfaction of service and market conditions stipulated in the award grant. The fair value of these awards was determined using a Monte Carlo simulation model to estimate the probability of meeting those conditions.
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,
| 2025 |  | 2024 |  | 2023
Cost of revenue | $ | 2,216 |  |  | $ | 1,966 |  |  | $ | 1,979 |
Research, development, and engineering | 15,336 |  |  | 14,628 |  |  | 16,480 |
Selling, general, and administrative | 30,965 |  |  | 35,849 |  |  | 36,309 |
| $ | 48,517 |  |  | $ | 52,443 |  |  | $ | 54,768 |

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