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Stock-Based Compensation (Tables)

3 Months Ended

Apr. 02, 2021

Share-based Payment Arrangement [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
															April 2, 2021						April 3, 2020
Stock options															$	—					$	13
RSUs															4,704						1,725
Total stock-based compensation expense															$	4,704					$	1,738
Cost of sales															$	1,114					$	454
Selling, general and administrative															3,355						1,136
Research, development and engineering															235						148
Total stock-based compensation expense															$	4,704					$	1,738

Schedule of Share-based Compensation, Stock Options Activity

The following table summarizes the Company’s stock option activity for the three month period ended April 2, 2021:

			Number of Stock Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (In Years)						Aggregate Intrinsic Value (In Millions)
Outstanding at December 31, 2020			281,873						$	36.05
Exercised			(4,229)						27.32
Outstanding and exercisable at April 2, 2021			277,644						$	36.18					4.5						$	15.4

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

The weighted average fair value and assumptions used to value the TSR portion of the PRSUs granted are as follows:

			Three Months Ended
			April 2, 2021						April 3, 2020
Weighted average fair value			$	85.16					$	107.42
Risk-free interest rate			0.19		%				1.53		%
Expected volatility			41		%				30		%
Expected life (in years)			3.0						2.9
Expected dividend yield			—		%				—		%

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

The following table summarizes time-vested RSU activity for the three month period ended April 2, 2021:

			Time-Vested Activity						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020			207,923						$	75.38
Granted			146,247						79.09
Vested			(59,143)						63.94
Forfeited			(2,327)						80.24
Nonvested at April 2, 2021			292,700						$	79.51

The following table summarizes PRSU activity for the three month period ended April 2, 2021:

			Performance- Vested Activity						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020			219,391						$	72.33
Granted			92,345						85.16
Vested			(38,882)						37.75
Forfeited			(65,941)						49.00
Nonvested at April 2, 2021			206,913						$	91.98

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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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