Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.20.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 28, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Total Stock-Based Compensation Cost and Associated Income Tax Benefits Related to Stock-Based Compensation Arrangements Recognized and Stock-Based Compensation Costs Included in Inventory
 
Year Ended December
 
 
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
 
2017
Stock-based compensation cost
 
$
23,844

 
 
$
14,894

 
$
13,021

Income tax benefits
 
5,011

 
 
3,692

 
4,844


Schedule of Assumption Used and Resulting Weighted Average Fair Value of Stock Option Granted
 
 
2019
 
 
2018
 
2017
Expected volatility
 
25% to 27%
 
 
22% to 29
 
23% to 30
Weighted average expected volatility
 
26%
 
 
25%
 
24%
Expected term (in years)
 
6.1 to 7.5
 
 
6.1 to 7.6
 
6.3 to 7.7
Weighted average dividend yield
 
2.5%
 
 
2.9%
 
2.8%
Risk-free interest rate
 
2.5% to 2.8%
 
 
1.9% to 3.2
 
0.7% to 2.4
Weighted average fair value at date of grant
 
$18.13
 
 
$15.40
 
$9.90

Stock Option Activity
The following table presents stock option activity from the Separation date to December 2019:
 
Number of Shares
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Term (Years)
 
Aggregate Intrinsic Value
(In thousands)
 
 
 
 
 
 
 
 
 
 
Converted Awards at May 23, 2019
1,835,236

 
25.77

 
6.4
 
$
30,682

 
Exercised
(113,548
)
 
19.66

 
 
 
 
 
Forfeited/cancelled
(5,666
)
 
29.56

 
 
 
 
 
Outstanding at December 2019
1,716,022

 
26.16

 
6.6
 
$
28,016

 
Exercisable at December 2019
1,085,556

 
25.71

 
6.0
 
$
18,218

 

RSU Activity
The following table presents RSU and PRSU activity from the Separation date to December 2019:
 
Performance-based
 
Nonperformance-based
 
 
Number Outstanding
 
Weighted Average
Grant Date
Fair Value
 
Number Outstanding
 
Weighted Average
Grant Date
Fair Value
 
 
 
 
 
 
 
 
 
 
Converted Awards at May 23, 2019
82,542

 
31.00

 
240,111

 
30.26

 
Granted
422,359

 
32.27

 
378,645

 
32.52

 
Dividend equivalents

 

 
17,407

 
31.48

 
Issued as Common Stock

 

 
(4,691
)
 
25.00

 
Forfeited/canceled
(604
)
 
31.00

 
(4,596
)
 
29.04

 
Outstanding at December 2019
504,297

 
32.06

 
626,876

 
31.71

 
Vested at December 2019

 

 
45,034

 
34.11

 

Restricted Stock Activity
The following table presents RSA activity from the Separation date to December 2019:
 
Nonvested Shares Outstanding
 
Weighted Average Grant Date Fair Value
 
 
 
 
 
 
Converted Awards at May 23, 2019
273,531

 
25.11

 
Dividend equivalents
5,702

 
25.15

 
Vested
(85,082
)
 
25.02

 
Nonvested shares at December 2019
194,151

 
25.15