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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 27, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Equity Awards Activity | A summary of the equity awards available for future grants under the 2018 Plan is as follows:
Available for future grants as of December 31, 2019 | 3,484,960 |
Granted | (268,235) |
Cancellation and forfeitures | 986 |
Available for future grants as of June 27, 2020 | 3,217,711 |
Schedule of Compensation Expense and Related Income Tax benefit | The compensation expense from the Company’s share-based compensation plans and associated income tax benefit, excluding the effects of excess tax benefits or shortfalls, were included in the Consolidated Statements of Operations as follows (in millions):
| Three Months Ended |  |  |  | Six Months Ended |  |
Compensation costs and related income tax benefit | June 27, 2020 |  | June 29, 2019 |  | June 27, 2020 |  | June 29, 2019
Cost of sales | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |
Selling and marketing | 5 |  |  | 4 |  |  | 6 |  |  | 8 |
Research and development | 4 |  |  | 4 |  |  | 6 |  |  | 8 |
General and administration | 7 |  |  | 9 |  |  | 9 |  |  | 13 |
Total compensation expense | $ | 17 |  |  | $ | 18 |  |  | $ | 23 |  |  | $ | 31 |
Income tax benefit | $ | 2 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 5 |
Summary of SARs Activity | A summary of the Company’s SARs for the six months ended June 27, 2020 is as follows:
SARs |  | SARs |  | Weighted-Average Grant Date Exercise Price
Outstanding at beginning of period |  | 896,923 |  |  | $ | 89.05 |
Granted |  | 64,727 |  |  | 244.97 |
Exercised |  | (178,625) |  |  | 73.21 |
Forfeited |  | (8,954) |  |  | 89.57 |
Outstanding at end of period |  | 774,071 |  |  | $ | 105.70 |
Exercisable at end of period |  | 533,880 |  |  | $ | 77.28 |
Weighted-Average Assumptions Used for Grants of SARs | The following table shows the weighted-average assumptions used for grants of SARs, as well as the fair value of the grants based on those assumptions:
| June 27, 2020 |  | June 29, 2019
Expected dividend yield | 0% |  | 0%
Forfeiture rate | 8.00% |  | 8.20%
Volatility | 42.51% |  | 36.79%
Risk free interest rate | 0.24% |  | 2.28%
Expected weighted-average life | 4.00 |  | 4.02
Weighted-average grant date fair value of SARs granted (per underlying share) | $79.47 |  | $64.17
Schedule of Outstanding and Exercisable Options | The following table summarizes information about SARs outstanding as of June 27, 2020:
| Outstanding |  | Exercisable
Aggregate intrinsic value (in millions) | $ | 109 |  |  | $ | 90 |
Weighted-average remaining contractual life | 4.7 |  | 4.4
Summary of Restricted Stock Award Activity | A summary of the Company’s RSAs for the six months ended June 27, 2020 is as follows:
RSAs |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at beginning of period |  | 434,641 |  |  | $ | 151.52 |
Granted |  | 145,299 |  |  | 244.01
Released |  | (268,063) |  |  | 132.61
Forfeited |  | (6,697) |  |  | 159.57
Outstanding at end of period |  | 305,180 |  |  | $ | 211.69 |
Summary of Performance Share Award Activity | The fair value of each PSA granted includes assumptions around the Company’s performance goals. A summary of the Company’s PSAs for the six months ended June 27, 2020 is as follows:
PSAs |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at beginning of period |  | 170,749 |  |  | $ | 144.47 |
Granted |  | 98,174 |  |  | 239.44
Released |  | (129,344) |  |  | 159.76
Forfeited |  | (280) |  |  | 204.76
Outstanding at end of period |  | 139,299 |  |  | $ | 198.21 |

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