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Stock-Based Compensation (Tables)
3 Months Ended
Apr. 03, 2020
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 3,
2020
 
March 29,
2019
Stock options
$
13

 
$
101

RSUs
1,725

 
2,612

Total stock-based compensation expense
$
1,738

 
$
2,713

 
 
 
 
Cost of sales
$
454

 
$
317

Selling, general and administrative expenses
1,136

 
2,330

Research, development and engineering costs
148

 
66

Total stock-based compensation expense
$
1,738

 
$
2,713


Schedule of Share-based Compensation, Stock Options Activity
The following table summarizes the Company’s stock option activity:
 
Number of
Stock
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life
(In Years)
 
Aggregate
Intrinsic
Value
(In Millions)
Outstanding at December 31, 2019
384,013

 
$
34.96

 
 
 
 
Exercised
(58,658
)
 
37.60

 
 
 
 
Outstanding at April 3, 2020
325,355

 
$
34.48

 
5.0
 
$
5.7

Exercisable at April 3, 2020
322,805

 
$
34.40

 
5.0
 
$
5.6


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 3,
2020
 
March 29,
2019
Weighted average fair value
$
107.42

 
$
123.34

Risk-free interest rate
1.53
%
 
2.49
%
Expected volatility
30
%
 
40
%
Expected life (in years)
2.9

 
2.8

Expected dividend yield
%
 
%

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes time-vested RSU activity:
 
Time-Vested
Activity
 
Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2019
205,223

 
$
64.75

Granted
107,030

 
85.58

Vested
(64,334
)
 
54.89

Forfeited
(7,524
)
 
70.37

Nonvested at April 3, 2020
240,395

 
$
76.49

The following table summarizes PRSU activity:
 
Performance-
Vested
Activity
 
Weighted
Average
Grant Date Fair Value
Nonvested at December 31, 2019
191,592

 
$
56.30

Granted
66,690

 
95.15

Vested
(35,363
)
 
31.17

Forfeited
(4,106
)
 
51.54

Nonvested at April 3, 2020
218,813

 
$
72.29