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Stock-Based Compensation Expense (Tables)

9 Months Ended

Oct. 01, 2023

Share-Based Payment Arrangement [Abstract]

The following table summarizes the Company’s stock option activity for the nine-month period ended October 1, 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	1,395	47.49
Exercised	(325)	33.87
Forfeited or expired	(562)	57.71
Outstanding as of October 1, 2023	8,975	$	51.19	6.13	$	17,396
Exercisable as of October 1, 2023	5,182	$	47.67	4.67	$	17,378
Options vested or expected to vest as of October 1, 2023 (1)	8,493	$	51.01	5.98	$	17,396

(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				Nine-months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Risk-free rate	4.1	%	2.7	%	4.0	%	2.1	%
Expected dividend yield	0.57	%	0.54	%	0.59	%	0.44	%
Expected volatility	39	%	37	%	39	%	37	%
Expected term (in years)	5.9		6.4		4.9		5.5

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes the Company's RSUs activity for the nine-month period ended October 1, 2023:


	Shares (in thousands)	Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2022	1,269	$	61.74
Granted	748	46.78
Vested	(500)	59.43
Forfeited or expired	(86)	60.65
Nonvested as of October 1, 2023	1,431	$	54.79

Schedule of Nonvested Performance-based Units Activity

The following table summarizes the Company's PRSUs activity for the nine-month period ended October 1, 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 October 1, 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				Nine-months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Cost of revenue	$	435	$	468	$	1,497	$	1,513
Research, development, and engineering	3,459		4,209		12,657		12,508
Selling, general, and administrative	8,471		8,689		27,364		27,398
	$	12,365	$	13,366	$	41,518	$	41,419