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Stock Plans (Tables)
6 Months Ended
Jul. 04, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Total Compensation Recognized Related to Outstanding Equity Awards
The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three and six months ended July 4, 2021 and July 5, 2020:
 Three Months Ended
 July 4,
2021
July 5,
2020
 (In thousands)
Cost of revenue$692 $253 
Research and development expenses366 316 
Selling, general and administrative expenses6,146 9,034 
Total stock-based compensation expense$7,204 $9,603 
The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $4.1 million and $2.2 million for the three and six months ended July 4, 2021 and July 5, 2020, respectively. Stock-based compensation costs capitalized as part of inventory were $0.5 million and $0.3 million as of July 4, 2021 and July 5, 2020, respectively.
Weighted-Average Assumptions Used in the Black-Scholes Option Pricing Model The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows:
 Three and Six Months Ended
 July 4,
2021
July 5,
2020
Risk-free interest rate0.6 %0.9 %
Expected dividend yield0.2 %0.3 %
Expected term5 years5 years
Expected stock volatility27.3 %23.8 %
Summary of Stock Option Activity
The following table summarizes stock option activity for the six months ended July 4, 2021:
Number
of
Shares
Weighted-
Average Exercise
Price
Weighted-Average
Remaining
Contractual 
Term
Total
Intrinsic
Value
 (In thousands) (In years)(In millions)
Outstanding at January 3, 2021961 $74.40 
Granted162 134.53 
Exercised(96)53.98 
Forfeited(7)88.54 
Outstanding at July 4, 20211,020 $85.78 4.3$46.2 
Exercisable at July 4, 2021640 $72.63 3.2$36.7 
Summary of Restricted Stock Award Activity The following table summarizes restricted stock award activity for the six months ended July 4, 2021:
Number of
Shares
Weighted-
Average
Grant-
Date Fair
Value
 (In thousands) 
Nonvested at January 3, 2021296 $85.67 
Granted102 129.27 
Vested(102)83.16 
Forfeited(5)86.90 
Nonvested at July 4, 2021291 $101.83