Share Based Compensation Plans (Tables)

9 Months Ended

Oct. 02, 2022

Share-based Payment Arrangement [Abstract]

Stock Appreciation Rights Award Activity

Nine Months Ended October 2, 2022	Stock Appreciation Rights	Aggregate Intrinsic Value (in thousands)		Weighted Average Exercise Price		Average Remaining Contractual Life (Years)
Outstanding, beginning of period	158,725	$	7,324	$	71.81	7.5
Granted	33,803			88.43
Exercised	(4,580)	169		56.51
Cancelled and forfeited	(3,743)			96.15
Outstanding, end of period	184,205	$	1,246	$	74.75	7.3
Exercisable, end of period	124,842	$	1,220	$	66.14	6.5

Schedule of Share-Based Compensation, Stock Appreciation Rights, Valuation Assumptions

The weighted average grant date assumptions used for the SARs granted were as follows for the periods indicated:

	2022 Grants
SAR value (model conclusion)	$	26.52
Risk-free rate	2.0		%
Expected dividend yield	0.0		%
Expected volatility	26.5		%
Expected term (years)	6.0

Restricted Stock Units Award Activity

Nine Months Ended October 2, 2022	Total Restricted Stock Units Outstanding	Weighted Average Grant Date Fair Value
Outstanding, beginning of period	442,106	$	87.24
Granted	420,781	88.57
Performance adjustment (1)	25,234	57.19
Delivered	(187,613)	77.98
Withheld to cover (2)	(34,755)
Forfeited	(41,095)	95.12
Outstanding, end of period	624,658	$	91.83

___________

(1) Performance-based RSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%. Certain awards are settled with payouts ranging from zero to 200% of the target award value depending on achievement. The performance adjustment represents the difference in shares ultimately awarded due to performance attainment above or below target.

(2) A portion of the vested RSUs delivered were net shares settled to cover statutory requirements for income and other employment taxes. We remit the equivalent cash to the appropriate taxing authorities. These net share settlements had the effect of share repurchases by us as we reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.