Share-based Arrangements (Tables)

6 Months Ended

Jul. 02, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Option Activity

Stock option activity was as follows:

	For the Three Months Ended			For the Six Months Ended
	July 2, 2021			July 2, 2021
	Options	Weighted - average exercise price		Options	Weighted - average exercise price
Options outstanding at beginning of period	766,520	$	55.11	772,625	$	54.87
Granted	—	$	—	4,990	$	55.85
Exercised	(3,804)	$	42.86	(14,899)	$	39.79
Forfeited or expired	(1,780)	$	64.48	(1,780)	$	64.48
Options outstanding at July 2, 2021	760,936	$	55.15	760,936	$	55.15

Fair Value Assumptions

The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The following table indicates the weighted-average assumptions used in estimating fair value:

	For the Six Months Ended
	July 2, 2021		July 3, 2020
Expected option term (years)	4.9		4.9
Expected volatility	35.7	%	20.2	%
Risk-free interest rate	0.5	%	1.4	%
Expected dividend yield	1.6	%	1.3	%
Per share fair value of options granted	$14.89		$10.74

Restricted Stock Award and Restricted Stock Unit Activity

Restricted stock award and restricted stock unit activity were as follows:

	For the Three Months Ended			For the Six Months Ended
	July 2, 2021			July 2, 2021
	Restricted  Stock	Weighted- average grant date fair value		Restricted  Stock	Weighted- average grant date fair value
Restricted Stock outstanding at beginning of period	150,338	$	53.97	109,514	$	53.66
Granted	16,681	$	52.46	83,656	$	55.20
Vested	(21,088)	$	53.47	(47,239)	$	55.81
Forfeited or expired	(2,227)	$	58.29	(2,227)	$	58.29
Restricted Stock outstanding at July 2, 2021	143,704	$	53.77	143,704	$	53.77

Share-based Payment Arrangement, Performance Shares, Activity

Performance stock unit activity was as follows:

	For the Three Months Ended			For the Six Months Ended
	July 2, 2021			July 2, 2021
	Performance Stock	Weighted- average grant date fair value		Performance Stock	Weighted- average grant date fair value
Performance Stock outstanding at beginning of period	82,460	$	70.17	—	$	—
Granted(1)	—	$	—	82,460	$	70.17
Vested	—	$	—	—	$	—
Forfeited or expired	(1,960)	$	70.16	(1,960)	$	70.16
Performance Stock outstanding at July 2, 2021	80,500	$	70.17	80,500	$	70.17

(1) The PSUs granted in the first quarter of 2021 assumed a 100% achievement level.

Schedule of Share-based Payment Awards, Performance Shares, Valuation Assumptions

The following table indicates the weighted-average assumptions used in estimating fair value:

	For the Six Months Ended
	July 2, 2021
Expected term (years)	2.9
Expected volatility	41.3		%
Risk-free interest rate	0.2		%
Expected dividend yield	1.4		%
Per share fair value of performance stock granted	$	84.49