v3.26.1
Stockholder's Equity
 6 Months Ended
Jul. 05, 2026
Equity [Abstract]  
Stockholder's Equity Stockholders' Equity
Stock Repurchase Program
In March 2022, the Company's Board of Directors (the "Board") authorized a program providing for the repurchase of up to $500,000,000 of the Company's common stock (the "Program"). Under the Program, in addition to repurchases made in prior periods, the Company repurchased 3,047,000 shares at a total cost of $102,233,000 during the six-month period ended June 29, 2025 and 2,501,000 shares at a total cost of $105,231,000 during the six-month period ended July 5, 2026, leaving a remaining balance of $9,789,000 as of July 5, 2026. On February 11, 2026, the Board authorized the repurchase of up to an additional $500,000,000 of the Company's common stock upon completion of the Program. The Company may repurchase shares under these programs in future periods depending on a variety of factors, including, among other things, the impact of dilution from employee stock awards, stock price, share availability, and cash requirements. The Company is authorized to make repurchases of its common stock through open market purchases, pursuant to Rule 10b5-1 trading plans, or in privately negotiated transactions.
Stock-Based Compensation Expense
The Company’s stock-based awards that result in compensation expense consist of stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs").
The following table summarizes the number of stock-based awards granted by the Company and the weighted-average grant-date fair value per unit for the three-month and six-month periods ended July 5, 2026 and June 29, 2025:
Three-months EndedSix-months Ended
July 5, 2026June 29, 2025July 5, 2026June 29, 2025
Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in
 thousands)		Weighted-
Average
Grant-Date Fair Value		Stock-Based Awards Granted
(in 
thousands)		Weighted-
Average
Grant-Date Fair Value
Stock options— $— 279 $10.75 326 $22.13 1,639 $12.05 
Restricted stock units14 $66.35 11 $28.51 759 $56.54 1,259 $32.31 
Performance restricted stock units— $— — $— 71 $56.13 184 $32.14 
14 290 1,156 3,082 
During the first quarters of 2026 and 2025, the Company granted PRSUs that vest upon the achievement of (1) a service condition of three years of continuous employment and (2) a performance condition established by the Compensation Committee of the Board as of the grant date. The number of shares earned could range between 0% and 120% based on achievement of the performance condition, which includes certain financial targets. The fair value of these PRSUs is calculated based on the observable market price of the Company's stock on the grant date less the present value of expected future dividends. Compensation expense for these PRSUs is recognized based on the probable outcome of the performance condition with a cumulative catch-up adjustment for prior periods in the period that the probable outcome changes.
The Company stratifies its employee population into two groups: one consisting of senior management and members of the Board, and another consisting of all other employees. The Company currently applies an estimated annual forfeiture rate of 12% to all stock-based awards for senior management and members of the Board and a rate of 13% for all other employees. Each year during the first quarter, the Company revises its forfeiture rate based on updated estimates of employee turnover. Credits of $1,576,000 and $4,789,000 were recorded in 2026 and 2025, respectively, to true-up previously recorded compensation expense for this forfeiture rate revision. Additionally, in the first quarter of 2026, the Company revised its forfeiture rate applied specifically to stock-based awards for its former chief executive officer to 100% due to his retirement from the Board effective March 2, 2026, resulting in credits of $5,031,000.
As of July 5, 2026, total unrecognized compensation expense, net of estimated forfeitures, related to non-vested equity awards, including stock options, RSUs, and PRSUs, was $58,768,000, which is expected to be recognized over a weighted-average period of 1.6 years.
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 EndedSix-months Ended
July 5, 2026June 29, 2025July 5, 2026June 29, 2025
Cost of revenue$592 $537 $1,517 $1,205 
Research, development, and engineering3,388 $3,443 $8,482 $8,139 
Selling, general, and administrative7,232 $8,314 $13,146 $12,889 
Total stock-based compensation expense$11,212 $12,294 $23,145 $22,233 
No compensation expense was capitalized as of July 5, 2026 or December 31, 2025.