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Stock-Based Compensation (Tables)
12 Months Ended
Jan. 01, 2022
Stock-Based Compensation  
Summary of assumptions used to estimate fair values for ESPP

The fair values estimated from the Black-Scholes option-pricing model for ESPP shares granted were calculated using the following assumptions:

Year Ended

 

January 1,

January 2,

December 28,

Employee Stock Purchase Plan

    

2022

    

2021

    

2019

Expected volatility

42

%  

67

%  

37

%

Risk-free interest rate %

0.05

%  

0.15

%  

1.6

%

Expected term (in months)

9

9

9

Dividend yield

Summary of assumptions used to estimate fair values for MSUs

The fair values estimated from the Monte Carlo simulation for MSUs were calculated using the following assumptions:

Year Ended

 

January 2,

December 28,

MSUs

    

2021

    

2019

 

Expected volatility

 

36

%  

31

%

Risk-free interest rate %

 

1.3

%  

2.4

%

Expected term (in years)

 

2.9

2.9

Dividend yield

 

Summary of stock-based compensation activity, options

A summary of stock-based compensation activity with respect to fiscal 2021 follows:

Weighted-

Weighted-Average

Aggregate

Average

Remaining

Intrinsic

Shares

Exercise

Contractual Term

Value

Stock Options

    

(000s)

    

Price

    

(In Years)

    

(000s)

Outstanding at January 2, 2021

 

127

$

39.16

 

5.11

$

11,232

Outstanding at January 1, 2022

 

118

$

38.80

 

4.12

$

19,825

Vested at January 1, 2022 and expected to vest

 

118

$

38.80

 

4.12

$

19,825

Exercisable at January 1, 2022

 

118

$

38.80

 

4.12

$

19,825

Summary of stock-based compensation activity, RSAs and RSUs

    

Weighted-

Weighted-Average

Aggregate

Average

Remaining

Intrinsic

Shares

Grant Date

Vesting Term

Value

RSAs and RSUs

    

(000s)

    

Fair Value

    

(In Years)

    

(000s)

Outstanding at January 2, 2021

 

1,106

$

97.07

Granted

 

452

$

135.28

Vested or issued

 

(502)

$

95.04

Cancelled or forfeited

 

(225)

$

108.61

Outstanding at January 1, 2022

 

831

$

115.72

 

1.11

$

171,476

Outstanding at January 1, 2022 and expected to vest

 

770

$

115.10

 

1.11

$

159,028

Summary of stock-based compensation activity, PSUs and MSUs

Weighted-

    

Weighted-Average

Aggregate

Average

Remaining

Intrinsic

Shares

Grant Date

Vesting Term

Value

PSUs and MSUs

    

(000s)

    

Fair Value

    

(In Years)

    

(000s)

Outstanding at January 2, 2021

 

233

 

$

79.80

Granted

 

117

$

145.11

Earned or issued

 

(37)

$

97.19

Cancelled or forfeited

 

(67)

$

89.45

Outstanding at January 1, 2022

 

246

$

105.58

 

1.44

 

$

50,792

Outstanding at January 1, 2022 and expected to vest

 

224

 

$

102.01

 

1.44

 

$

46,297

Summary of weighted average fair value at the date of grant

The following summarizes the Company’s weighted average fair value at the date of grant:

Year Ended

January 1,

January 2,

December 28,

    

2022

    

2021

    

2019

Per grant of RSAs and RSUs

$

135.28

    

$

100.27

    

$

89.35

Per grant of PSUs and MSUs

$

145.11

    

$

98.58

    

$

85.79

Summary of stock-based payment and stock option values

The following summarizes the Company’s stock-based payment and stock option values (in thousands):

Year Ended

January 1,

January 2,

December 28,

    

2022

    

2021

    

2019

Intrinsic value of stock options exercised

$

986

$

558

$

Intrinsic value of RSUs that vested

$

76,654

$

48,534

$

57,693

Grant date fair value of RSUs that vested

$

47,726

$

37,477

$

40,434

Intrinsic value of PSUs and MSUs that vested

$

5,231

$

8,545

$

3,649

Grant date fair value of PSUs and MSUs that vested

$

3,562

$

6,302

$

1,461

Schedule of stock-based compensation costs recognized in the Condensed Consolidated Statements of Income

The following table presents details of stock-based compensation costs recognized in the Consolidated Statements of Income (in thousands):

Year Ended

January 1,

January 2,

December 28,

    

2022

    

2021

    

2019

Cost of revenues

$

964

$

970

$

790

Research and development

 

24,986

 

23,359

 

19,996

Selling, general and administrative

 

30,892

 

25,125

 

23,548

 

56,842

 

49,454

 

44,334

Income tax benefit

 

(954)

 

(3,694)

 

(2,584)

Share-based compensation – continuing operations

55,888

45,760

41,750

Share-based compensation – discontinued operations, net

(2,007)

10,715

10,574

Total

$

53,881

$

56,475

$

52,324

Summary of shares reserved of common stock for future issuance

As of January 1, 2022, the Company had reserved shares of common stock for future issuance as follows (in thousands):

2009 Stock Incentive Plan

    

2,946

2009 Employee Stock Purchase Plan

 

1,254

Total shares reserved

 

4,200