Stock-Based Compensation (Tables)

12 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

Compensation cost charged against operations for the Plans and the 2017 MSPP described in "Note 10. Accumulated Other Comprehensive Income (Loss) and Shareholders’ Equity" was as follows:


	2023		2022		2021
Compensation cost	$	16.5	$	9.0	$	12.9

The total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for share-based compensation arrangements was as follows:


	2023		2022		2021
Income tax benefit	$	4.2	$	2.0	$	3.1

The following table details deferred compensation and the affected line item in the Consolidated Balance Sheets where deferred compensation is presented:


	December 30, 2023		December 31, 2022
Current maturities of other long-term obligations	$	0.3	$	0.5
Other long-term liabilities	2.1		6.6
Total deferred compensation	$	2.4	$	7.0

Schedule of Share-based Compensation, Restricted Stock Units Activity

The following table summarizes the changes in RSUs (shares in thousands, per share amounts in dollars):


	Number of Shares	Weighted-Average Grant Date Fair Value
Nonvested as of January 2, 2021	182	$	36.80
Granted	430	37.02
Vested	(63)	37.09
Forfeited	(5)	32.90
Nonvested as of January 1, 2022	545	$	36.98
Granted	164	43.05
Vested	(141)	36.99
Forfeited	(32)	37.75
Nonvested as of December 31, 2022	535	$	38.79
Granted	246	31.44
Assumed	228	*
Vested	(259)	34.71
Forfeited	(39)	35.05
Nonvested as of December 30, 2023	713	$	33.99

*RSUs assumed in 2023 in the above table are replacement awards issued to Kimball International employees in June 2023, and have no weighted-average grant date fair value due to being granted prior to the Corporation’s acquisition of Kimball International. The total fair value of RSUs assumed at acquisition date is $6.1 million, with approximately 48 percent of the fair value attributed to service provided by Kimball International employees prior to the acquisition by the Corporation and thus is accounted for as purchase consideration. See "Note 4. Acquisitions and Divestitures" for further information.

The total value of shares vested was as follows:


	2023		2022		2021
Value of shares vested	$	9.0	$	5.2	$	2.3

Schedule of Share-based Payment Arrangement, Performance Shares, Activity

The following table summarizes the changes in PSUs (shares in thousands, per share amounts in dollars):


	Number of Shares	Weighted-Average Grant Date Fair Value
Nonvested as of January 2, 2021	148	$	37.62
Granted	164	36.99

Forfeited	(2)	37.61
Nonvested as of January 1, 2022	309	$	37.29
Granted	143	43.67

Forfeited	(24)	39.60
Nonvested as of December 31, 2022	428	$	39.29
Granted	200	31.50
Expired	(142)	37.60

Forfeited	(32)	38.38
Nonvested as of December 30, 2023	455	$	36.45

Schedule of Valuation Assumptions

Stock-based compensation expense related to stock options was estimated on the date of grant using the Black-Scholes option-pricing model with various assumptions. Expected volatilities were based on historical volatility as the Corporation does not expect that future volatility over the expected term of the options is likely to differ from the past. The Corporation used a calculation method based on the historical daily frequency for a period of time equal to the expected term. The Corporation used the current dividend yield as there are no plans to substantially increase or decrease its dividends. The Corporation used historical exercise experience to determine the expected term. The risk-free interest rate was selected based on yields from treasury securities as published by the Federal Reserve equal to the expected term of the options. The amount of stock-based compensation expense recognized during a period is also based on the portion of the stock options that are ultimately expected to vest. The Corporation estimates pre-vesting forfeitures at the time of grant by analyzing historical data and revises those estimates in subsequent periods if actual forfeitures differ from those estimates.

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes the changes in outstanding stock options (shares in thousands, per share amounts in dollars):


	Number of Shares	Weighted Average Exercise Price
Outstanding as of January 2, 2021	3,006	$	39.84

Exercised	(815)	35.04
Forfeited or Expired	(1)	39.77
Outstanding as of January 1, 2022	2,191	$	41.62

Exercised	(64)	33.35
Forfeited or Expired	(8)	42.65
Outstanding as of December 31, 2022	2,119	$	41.86

Exercised	(225)	36.06
Forfeited or Expired	(32)	35.75

Outstanding as of December 30, 2023	1,862	$	42.67

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Corporation’s non-vested stock options and changes during the year are presented below (shares in thousands, per share amounts in dollars):


	Number of Shares	Weighted Average Grant-Date Fair Value
Nonvested as of December 31, 2022	469	$	9.87

Vested	(461)	9.87
Forfeited	(8)	9.88
Nonvested as of December 30, 2023	—	$	—

Schedule of Stock Option Vested or Expected to Vest and are Exercisable

Information about stock options currently exercisable is as follows (shares in thousands, per share amounts in dollars):


	December 30, 2023
	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Exercisable Period (years)	Aggregate Intrinsic Value

Exercisable	1,862	$	42.67	3.5	$	3.9

Schedule of Share-based Compensation Arrangement Other Information

Other information for the last three years is as follows:


	2023		2022		2021
Total fair value of options vested	$	4.6	$	4.7	$	3.3
Total intrinsic value of options exercised	$	0.8	$	0.5	$	5.4
Cash received from exercise of stock options	$	8.1	$	2.1	$	28.5
Tax benefit realized from exercise of stock options	$	0.2	$	0.1	$	1.0