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Stock-Based Compensation (Tables)

9 Months Ended

Oct. 01, 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												Nine Months Ended
			October 1, 2021						October 2, 2020						October 1, 2021						October 2, 2020
Stock options			$	—					$	10					$	—					$	33
RSUs			3,282						2,977						12,235						6,196
Total stock-based compensation expense			$	3,282					$	2,987					$	12,235					$	6,229
Cost of sales			$	649					$	530					$	2,586					$	1,214
Selling, general and administrative			2,177						2,319						8,747						4,608
Research, development and engineering			302						138						748						407
Other operating expenses			154						—						154						—
Total stock-based compensation expense			$	3,282					$	2,987					$	12,235					$	6,229

Schedule of Share-based Compensation, Stock Options Activity

The following table summarizes the Company’s stock option activity for the nine month period ended October 1, 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			(27,002)						22.01
Outstanding and exercisable at October 1, 2021			254,871						$	37.53					4.3						$	13.9

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:

			Nine Months Ended
			October 1, 2021						October 2, 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 nine month period ended October 1, 2021:

			Time-Vested Activity						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020			207,923						$	75.38
Granted			190,143						82.20
Vested			(90,740)						66.97
Forfeited			(15,912)						79.59
Nonvested at October 1, 2021			291,414						$	82.22

The following table summarizes PRSU activity for the nine month period ended October 1, 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			(69,333)						51.16
Nonvested at October 1, 2021			203,521						$	91.97

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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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