Stock-Based Compensation (Tables)

9 Months Ended

Oct. 02, 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				Nine Months Ended
	October 2, 2020		September 27, 2019		October 2, 2020		September 27, 2019
Stock options	$	10	$	101	$	33	$	304
RSUs	2,977		1,360		6,196		6,590
Total stock-based compensation expense	$	2,987	$	1,461	$	6,229	$	6,894
Cost of sales	$	530	$	168	$	1,214	$	766
Selling, general and administrative expenses	2,319		1,155		4,608		5,819
Research, development and engineering costs	138		69		407		193
Other operating expenses	—		69		—		116
Total stock-based compensation expense	$	2,987	$	1,461	$	6,229	$	6,894

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 2, 2020:

	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	(95,923)	32.56
Outstanding at October 2, 2020	288,090	$	35.76	4.9	$	6.3
Exercisable at October 2, 2020	285,540	$	35.68	4.9	$	6.3

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 2, 2020			September 27, 2019
Weighted average fair value	$	107.27		$	117.03
Risk-free interest rate	1.29		%	2.46		%
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 for the nine month period ended October 2, 2020:

	Time-Vested Activity	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2019	205,223	$	64.75
Granted	143,122	83.94
Vested	(83,469)	59.60
Forfeited	(12,343)	75.28
Nonvested at October 2, 2020	252,533	$	76.81

The following table summarizes PRSU activity for the nine month period ended October 2, 2020:

	Performance- Vested Activity	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2019	191,592	$	56.30
Granted	67,268	95.06
Vested	(35,363)	31.17
Forfeited	(4,106)	51.54
Nonvested at October 2, 2020	219,391	$	72.33