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Stock-Based Compensation Expense (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 2024:


	Shares (in thousands)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023	9,008	$	50.87
Granted	1,620	39.74
Exercised	(112)	23.52
Forfeited or expired	(397)	56.39
Outstanding as of June 30, 2024	10,119	$	49.17	6.10	$	35,881
Exercisable as of June 30, 2024	5,880	$	49.22	4.31	$	22,854
Options vested or expected to vest as of June 30, 2024 (1)	9,413	$	49.36	5.89	$	33,342

(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
	June 30, 2024		July 2, 2023		June 30, 2024		July 2, 2023
Risk-free rate	4.5	%	3.5	%	4.3	%	3.9	%
Expected dividend yield	0.67	%	0.56	%	0.75	%	0.59	%
Expected volatility	39	%	39	%	39	%	39	%
Expected term (in years)	4.7		5.9		4.7		4.9

Schedule of Nonvested Restricted Stock Units Activity

The following table summarizes the Company's RSUs activity for the six-month period ended June 30, 2024:


	Shares (in thousands)	Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2023	1,429	$	54.22
Granted	797	39.03
Vested	(375)	65.58
Forfeited or expired	(55)	49.86
Nonvested as of June 30, 2024	1,796	$	45.23

Schedule of Nonvested Performance-based Units Activity

The following table summarizes the Company's PRSUs activity for the six-month period ended June 30, 2024:


	Shares (in thousands)	Weighted-Average Grant Date Fair Value
Nonvested as of December 31, 2023	79	$	52.23
Granted	55	39.05
Vested	—	—
Forfeited or expired	—	—
Nonvested as of June 30, 2024	134	$	46.82

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
	June 30, 2024		July 2, 2023		June 30, 2024		July 2, 2023
Cost of revenue	$	413	$	441	$	1,018	$	1,062
Research, development, and engineering	3,540		3,308		7,929		9,198
Selling, general, and administrative	9,011		8,825		17,319		18,893
	$	12,964	$	12,574	$	26,266	$	29,153