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Stock-Based Compensation Expense (Tables)

6 Months Ended

Jul. 02, 2023

Share-Based Payment Arrangement [Abstract]

The following table summarizes the Company’s stock option activity for the six-month period ended July 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	1,266	47.28
Exercised	(299)	33.87
Forfeited or expired	(515)	58.22
Outstanding as of July 2, 2023	8,919	$	51.16	6.31	$	70,411
Exercisable as of July 2, 2023	5,213	$	47.62	4.90	$	52,631
Options vested or expected to vest as of July 2, 2023 (1)	8,416	$	50.95	6.17	$	67,670

(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				Six-months Ended
	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022
Risk-free rate	3.5	%	1.9	%	3.9	%	1.9	%
Expected dividend yield	0.56	%	0.53	%	0.59	%	0.40	%
Expected volatility	39	%	37	%	39	%	37	%
Expected term (in years)	5.9		6.1		4.9		5.2

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes the Company's RSUs activity for the six-month period ended July 2, 2023:


	Shares (in thousands)	Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2022	1,269	$	61.74
Granted	663	46.86
Vested	(482)	59.40
Forfeited or expired	(65)	61.52
Nonvested as of July 2, 2023	1,385	$	55.44

Schedule of Nonvested Performance-based Units Activity

The following table summarizes the Company's PRSUs activity for the six-month period ended July 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 July 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				Six-months Ended
	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022
Cost of revenue	$	441	$	482	$	1,062	$	1,045
Research, development, and engineering	3,308		3,851		9,198		8,299
Selling, general, and administrative	8,825		8,664		18,893		18,709
	$	12,574	$	12,997	$	29,153	$	28,053