Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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, 2022	8,467	$	51.56
Granted	1,541	46.33
Exercised	(330)	33.64
Forfeited or expired	(670)	57.65
Outstanding as of December 31, 2023	9,008	$	50.87	5.92	$	17,164
Exercisable as of December 31, 2023	5,207	$	47.78	4.42	$	16,212
Options vested or expected to vest as of   December 31, 2023 (1)	8,548	$	50.79	5.78	$	16,896

(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 $11,104,000 in 2023, $12,267,000 in 2022, and $63,860,000 in 2021. In connection with these exercises, the tax benefit (expense) realized by the Company was $(4,691,000) in 2023, $2,548,000 in 2022, and $46,529,000 in 2021.

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,
	2023		2022		2021
Risk-free rate	4.0	%	2.2	%	1.3	%
Expected dividend yield	0.61	%	0.44	%	0.27	%
Expected volatility	39	%	37	%	39	%
Expected term (in years)	5.0		5.5		6.0

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, 2022	1,269	$	61.74
Granted	791	46.14
Vested	(521)	59.22
Forfeited or expired	(110)	59.20
Nonvested as of December 31, 2023	1,429	$	54.22

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, 2022	33	$	62.49
Granted	46	44.86
Vested	—	—
Forfeited or expired	—	—
Nonvested as of December 31, 2023	79	$	52.23

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,
	2023		2022		2021
Cost of revenue	$	1,979	$	2,016	$	1,345
Research, development, and engineering	16,480		17,693		13,535
Selling, general, and administrative	36,309		34,796		28,894
	$	54,768	$	54,505	$	43,774