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Stockholders' Equity (Tables)

9 Months Ended

Oct. 02, 2022

Equity [Abstract]

Share-based Payment Arrangement, Option, Activity

A summary of the status of stock option activity for the nine months ended October 2, 2022 is as follows:

(In millions, except price data)			Shares						Weighted-Average Exercise Price Per Share
Outstanding at January 2, 2022			0.7						$	62.71
Granted			0.2						100.45
Stock options assumed in the Combinations			1.2						96.10
Exercised			(0.1)						41.39
Outstanding at October 2, 2022			2.0						$	86.17

Schedule of Nonvested Share Activity

A summary of the status of RSU activity for the nine months ended October 2, 2022 is as follows:

(In millions, except price data)			Shares						Weighted-Average Grant Date Fair Value
Non-vested January 2, 2022			0.6						$	95.81
Granted			0.7						97.52
Vested			(0.2)						85.18
Forfeited			(0.1)						104.18
Non-vested at October 2, 2022			1.0						$	99.02

Compensation Expense Related to Stock-Based Compensation Plans

The expense related to the Company’s stock-based compensation plans included in the accompanying unaudited Consolidated Statements of Income was as follows:

			Three Months Ended												Nine Months Ended
(In millions)			October 2, 2022						October 3, 2021						October 2, 2022						October 3, 2021
Cost of sales			$	0.8					$	0.9					$	2.0					$	2.1
Research and development			1.3						1.4						3.8						3.3
Sales, marketing and administrative			7.2						4.7						20.5						13.3
Acquisition and integration costs			6.9						—						24.2						—
Total stock-based compensation expense			$	16.2					$	7.0					$	50.5					$	18.7

Estimated Fair Value of Each Stock Option Award

The estimated fair value of each stock option was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions for the option grants, including grants related to options assumed in the Combinations presented separately:

			Assumed on						Nine Months Ended
			May 27, 2022 (1)						October 2, 2022						October 3, 2021
Risk-free interest rate			2.28		%				1.99		%				0.48		%
Expected option life (in years)			1.78						4.89						4.99
Volatility rate			64		%				58		%				54		%
Dividend rate			0		%				0		%				0		%
Weighted-average grant date fair value			$40.57						$50.86						$106.55

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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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Tabular disclosure of the changes in outstanding nonvested shares.

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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 employee stock purchase plans, including, but not limited to: (a) expected term, (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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