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Stock-Based Compensation (Tables)

6 Months Ended

Jul. 01, 2022

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												Six Months Ended
			July 1, 2022						July 2, 2021						July 1, 2022						July 2, 2021
RSUs and PRSUs			$	5,956					$	4,249					$	10,951					$	8,953
Total stock-based compensation expense			$	5,956					$	4,249					$	10,951					$	8,953
Cost of sales			$	837					$	823					$	1,606					$	1,937
Selling, general and administrative			4,308						3,215						7,853						6,570
Research, development and engineering			338						211						663						446
Restructuring and other charges			473						—						829						—
Total stock-based compensation expense			$	5,956					$	4,249					$	10,951					$	8,953

Schedule of Share-based Compensation, Stock Options Activity

The following table summarizes the Company’s stock option activity for the six month period ended July 1, 2022:

			Number of Stock Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (In Years)						Aggregate Intrinsic Value (In Millions)
Outstanding at December 31, 2021			247,640						$	38.03
No activity			—						—
Outstanding and exercisable at July 1, 2022			247,640						$	38.03					3.6						$	8.4

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

The following table summarizes time-vested RSU activity for the six month period ended July 1, 2022:

			Time-Vested Activity						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021			248,131						$	81.14
Granted			179,242						78.85
Vested			(81,171)						79.60
Forfeited			(10,997)						79.35
Nonvested at July 1, 2022			335,205						$	80.35

The following table summarizes PRSU activity for the six month period ended July 1, 2022:

			Performance- Vested Activity						Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021			198,869						$	92.07
Granted			131,393						90.84
Forfeited			(51,375)						99.62
Nonvested at July 1, 2022			278,887						$	90.10

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

The weighted average fair value and assumptions used to value the PRSU awards granted with market-based performance conditions are as follows:

			Six Months Ended
			July 1, 2022						July 2, 2021
Weighted average fair value			$	97.58					$	85.16
Risk-free interest rate			1.58		%				0.19		%
Expected volatility			42		%				41		%
Expected life (in years)			3.9						3.0
Expected dividend yield			—		%				—		%

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- References

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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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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