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Stock-Based Compensation (Tables)

6 Months Ended

Jul. 01, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The components and classification of stock-based compensation expense were as follows (in thousands):

	Three Months Ended								Six Months Ended
	July 1, 2016				July 3, 2015				July 1, 2016				July 3, 2015
Stock options	$	585			$	663			$	1,194			$	1,282
Restricted stock and restricted stock units	1,542				1,746				3,768				3,380
401(k) Plan stock contribution	—				1,310				—				1,310
Total stock-based compensation expense	$	2,127			$	3,719			$	4,962			$	5,972
Cost of sales	$	150			$	1,094			$	347			$	1,354
Selling, general and administrative expenses	1,528				2,148				3,183				3,909
Research, development and engineering costs, net	116				477				293				709
Other operating expenses, net	333				—				1,139				—
Total stock-based compensation expense	$	2,127			$	3,719			$	4,962			$	5,972

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted average fair value and assumptions used to value options granted are as follows:

	Six Months Ended
	July 1, 2016				July 3, 2015
Weighted average fair value	$	9.41			$	12.18
Risk-free interest rate	1.58		%		1.55		%
Expected volatility	26		%		26		%
Expected life (in years)	5				5
Expected dividend yield	—		%		—		%

Schedule of Share-based Compensation, Stock Options Activity

The following table summarizes the Company’s stock option activity:

	Number of Stock Options			Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (In Years)		Aggregate Intrinsic Value (In Millions)
Outstanding at January 1, 2016	1,678,900			$	28.32
Granted	235,856			50.69
Exercised	(27,540	)		22.13
Forfeited or expired	(37,708	)		45.04
Adjustment due to Spin-off	—			(2.02		)
Outstanding at July 1, 2016	1,849,508			$	28.91			6.1		$	14.3
Exercisable at July 1, 2016	1,443,941			$	23.91			5.3		$	14.3

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The following table summarizes time-vested restricted stock and restricted stock unit activity:

	Time-Vested Activity			Weighted Average Fair Value
Nonvested at January 1, 2016	39,235			$	47.40
Granted	46,474			51.48
Vested	(11,422	)		51.21
Forfeited	(8,165	)		48.92
Nonvested at July 1, 2016	66,122			$	49.42

The following table summarizes performance-vested restricted stock unit activity:

	Performance- Vested Activity			Weighted Average Fair Value
Nonvested at January 1, 2016	577,825			$	25.11
Granted	156,730			31.59
Vested	(249,153	)		15.86
Forfeited	(68,237	)		32.33
Nonvested at July 1, 2016	417,165			$	31.87

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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-Section 50
-Paragraph 1
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
-Section F

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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