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Stock-Based Compensation (Tables) | 12 Months Ended
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Jan. 01, 2022
Share-based Payment Arrangement [Abstract] |
Schedule of Compensation Costs | Compensation cost charged against operations for the Plans and the 2017 MSPP described in "Note 10. Accumulated Other Comprehensive Income (Loss) and Shareholders' Equity" in the Notes to Consolidated Financial Statements was as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Compensation cost | $ | 12,881 |  |  | $ | 7,827 |  |  | $ | 6,830 |
The total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for share-based compensation arrangements was as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Income tax benefit | $ | 3,076 |  |  | $ | 1,925 |  |  | $ | 1,545 |
The following table details deferred compensation, which is a combination of cash and stock, and the affected line item in the Consolidated Balance Sheets where deferred compensation is presented (in thousands):
| January 1, 2022 |  | January 2, 2021
Current maturities of other long-term obligations | $ | 1,496 |  |  | $ | 1,490 |
Other long-term liabilities | 9,033 |  |  | 8,649 |
Total deferred compensation | $ | 10,529 |  |  | $ | 10,139 |
Total fair-market value of deferred compensation | $ | 8,079 |  |  | $ | 7,207 |
Schedule of Share-based Compensation, Restricted Stock Units Activity | The following table summarizes the changes in RSUs:
| Number of Shares |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 29, 2018 | 45,724 |  |  | $ | 36.49 |
Granted | 10,000 |  |  | 36.05 |
Vested | (24,823) |  |  | 33.30 |
Forfeited | (9,289) |  |  | 40.22 |
Nonvested as of December 28, 2019 | 21,612 |  |  | $ | 38.41 |
Granted | 173,766 |  |  | 36.78 |
Vested | (6,968) |  |  | 40.77 |
Forfeited | (5,930) |  |  | 37.50 |
Nonvested as of January 2, 2021 | 182,480 |  |  | $ | 36.80 |
Granted | 430,109 |  |  | 37.02 |
Vested | (62,989) |  |  | 37.09 |
Forfeited | (4,541) |  |  | 32.90 |
Nonvested as of January 1, 2022 | 545,059 |  |  | $ | 36.98 |
The total value of shares vested was as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Value of shares vested | $ | 2,336 |  |  | $ | 284 |  |  | $ | 827 |
Share-based Payment Arrangement, Performance Shares, Activity | The following table summarizes the changes in PSUs:
| Number of Shares |  | Weighted-Average Grant Date Fair Value
Nonvested as of December 28, 2019 | — |  |  | $ | — |
Granted | 157,266 |  |  | 37.64 |
Forfeited | (9,440) |  |  | 38.08 |
Nonvested as of January 2, 2021 | 147,826 |  |  | $ | 37.62 |
Granted | 163,650 |  |  | 36.99 |
Forfeited | (2,036) |  |  | 37.61 |
Nonvested as of January 1, 2022 | 309,440 |  |  | $ | 37.29 |
Schedule of Valuation Assumptions | Stock-based compensation expense related to stock options was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions by grant year:
|  |  |  |  | 2019
Expected term |  |  |  |  | 5 years
Expected volatility (weighted-average) |  |  |  |  | 33.86 | %
Expected dividend yield (weighted-average) |  |  |  |  | 2.98 | %
Risk-free interest rate (weighted-average) |  |  |  |  | 2.52 | %
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the changes in outstanding stock options:
| Number of Shares |  | Weighted Average Exercise Price
Outstanding as of December 29, 2018 | 3,627,005 |  |  | $ | 36.89 |
Granted | 637,763 |  |  | 39.64 |
Exercised | (921,900) |  |  | 30.29 |
Forfeited or Expired | (120,143) |  |  | 39.29 |
Outstanding as of December 28, 2019 | 3,222,725 |  |  | $ | 39.24 |
Exercised | (188,734) |  |  | 29.24 |
Forfeited or Expired | (27,813) |  |  | 42.38 |
Outstanding as of January 2, 2021 | 3,006,178 |  |  | $ | 39.84 |
Exercised | (814,639) |  |  | 35.04 |
Forfeited or Expired | (832) |  |  | 39.77 |
Outstanding as of January 1, 2022 | 2,190,707 |  |  | $ | 41.62 |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the Corporation’s non-vested stock options and changes during the year are presented below:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Non-vested as of January 2, 2021 | 1,195,317 |  |  | $ | 10.62 |
Vested | (238,046) |  |  | 13.97 |
Forfeited | (832) |  |  | 9.88 |
Non-vested as of January 1, 2022 | 956,439 |  |  | $ | 9.79 |
Stock Option Vested or Expected to Vest and are Exercisable | Information about stock options expected to vest or currently exercisable is as follows:
| January 1, 2022
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Exercisable Period (years) |  | Aggregate Intrinsic Value ($000s)
Expected to vest | 932,399 |  |  | $ | 39.18 |  |  | 6.7 |  | $ | 2,676 |
Exercisable | 1,234,268 |  |  | $ | 43.50 |  |  | 4.2 |  | $ | 3,510 |
Schedule of Share-based Compensation Arrangement Other Information | Other information for the last three years is as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Total fair value of options vested | $ | 3,326 |  |  | $ | 3,608 |  |  | $ | 11,470 |
Total intrinsic value of options exercised | $ | 5,433 |  |  | $ | 1,527 |  |  | $ | 5,981 |
Cash received from exercise of stock options | $ | 28,549 |  |  | $ | 5,519 |  |  | $ | 27,926 |
Tax benefit realized from exercise of stock options | $ | 1,000 |  |  | $ | 376 |  |  | $ | 1,353 |
Weighted-average grant-date fair value of options granted | $ | — |  |  | $ | — |  |  | $ | 9.84 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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