Shareholders' Equity (Tables)

12 Months Ended

Jan. 01, 2022

Stockholders' Equity Note [Abstract]

Schedule of share-based compensation activity

The table below presents share-based compensation activity for the fiscal years ended 2021, 2020 and 2019 (in millions):

	2021	2020	2019
Total Intrinsic Value of Share-Based Incentive Awards Exercised	$11.3	$6.7	$11.7
Cash Received from Stock Option Exercises	2.6	0.2	0.1
Income Tax Benefit from the Exercise of Stock Options	2.7	—	—
Total Fair Value of Share-Based Incentive Awards Vested	4.5	2.1	5.4

Assumptions used in Valuation for Options, SAR's, and Performance Share Units

The weighted average assumptions used in the Company's Black-Scholes valuation related to grants for options and SARs were as follows:

	2021	2020	2019
Per Share Weighted Average Fair Value of Grants	$25.97	$21.23	$20.84
Risk-Free Interest Rate	0.7%	1.5%	2.4%
Expected Life (Years)	4.2	7.0	7.0
Expected Volatility	34.1%	25.2%	25.0%
Expected Dividend Yield	0.9%	1.4%	1.5%

The assumptions used in the Company's Monte Carlo simulation related to grants for performance share units were as follows:

	January 1, 2022	January 2, 2021	December 28, 2019
Risk-free interest rate	0.2%	1.4%	2.3%
Expected life (years)	3.0	3.0	3.0
Expected volatility	37.0%	24.0%	25.0%
Expected dividend yield	0.9%	1.4%	1.5%

Share-based Incentive Plan Grant Activity (Options and SAR's)

Following is a summary of share-based incentive plan activity (options and SARs) for fiscal 2021:

Number of Shares Under Options and SARs	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding as of January 2, 2021	577,509	$	79.35
Granted(1)	438,682	86.52
Exercised	(149,055)	73.48
Forfeited	(51,180)	92.07
Expired	(4,050)	72.29
Outstanding as of January 1, 2022	811,906	$	81.50	6.9	$	72.0
Exercisable as of January 1, 2022	402,807	$	64.90	5.4	$	42.4

(1) Includes 298,640 options previously granted to employees of the Rexnord PMC business.

RSA Award Activity

Following is the summary of RSAs activity for fiscal 2021:

	Shares	Weighted Average Fair Value at Grant Date		Weighted Average Remaining Contractual Term (years)
Unvested RSAs as of January 2, 2021	16,280	$	70.05	0.3
Granted	9,018	144.73
Vested	(16,280)	70.05
Unvested RSAs as of January 1, 2022	9,018	$	144.73	0.5

RSU Award Activity

Following is the summary of RSUs activity for fiscal 2021:

	Shares	Weighted Average Fair Value at Grant Date		Weighted Average Remaining Contractual Term (years)
Unvested RSUs as of January 2, 2021	164,398	$	81.16	1.7
Granted (2)	186,522	143.44
Vested	(104,817)	101.68
Forfeited	(25,205)	119.87
Unvested RSUs as of January 1, 2022	220,898	$	119.59	1.8

(2) Includes 126,461 RSUs previously granted to employees of the Rexnord PMC business.

PSU Award Activity

Following is the summary of PSUs activity for fiscal 2021:

	Shares	Weighted Average Fair Value at Grant Date		Weighted Average Remaining Contractual Term (years)
Unvested PSUs as of January 2, 2021	87,522	$	97.59	1.8
Granted	37,715	120.19
Vested	(10,891)	91.65
Forfeited	(14,479)	87.15
Unvested PSUs as of January 1, 2022	99,867	$	108.28	1.6