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Stock-Based Compensation Plans | 8 Months Ended
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May 12, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Note 6—Stock-Based Compensation The 2019 Incentive Plan authorized the issuance of up to a maximum of 15,885,000 RSUs. To preserve the value of outstanding awards, the number of RSUs that may be granted under this Plan is subject to adjustments from changes in capital structure. The Company issues new shares of common stock upon vesting of RSUs. Shares for vested RSUs are generally delivered to participants annually, net of shares withheld for taxes. As required by the 2019 Incentive Plan, in conjunction with the 2024 special dividend, the number of shares subject to outstanding RSUs was increased on the dividend record date to preserve their value. They were adjusted by multiplying the number of outstanding shares by a factor of 1.018, representing the ratio of the Nasdaq closing price of $674.62 on December 26, 2023, which was the last trading day immediately prior to the ex-dividend date, to the Nasdaq opening price of $662.70 on the ex-dividend date, December 27, 2023. The outstanding RSUs increased by approximately 52,000. The adjustment did not result in additional stock-based compensation expense, as the fair value of the awards did not change. As further required by the 2019 Incentive Plan, the maximum number of shares issuable under the plan was proportionally adjusted, which resulted in an additional 128,000 RSU shares available to be granted. Summary of Restricted Stock Unit Activity At May 12, 2024, 7,255,000 shares were available to be granted as RSUs, and the following awards, adjusted for the effects of the special dividend, were outstanding: •2,665,000 time-based RSUs, which vest upon continued employment over specified periods and accelerate upon achievement of a long-service term; •70,000 performance-based RSUs granted to executive officers of the Company, for which the performance targets have been met. The awards vest upon continued employment over specified periods of time and upon achievement of a long-service term; and •95,000 performance-based RSUs granted to executive officers of the Company, subject to achievement of performance targets for 2024, as determined by the Compensation Committee of the Board of Directors after the end of the fiscal year. These awards are included in the table below. The Company recognized compensation expense for these awards in the third quarter of 2024, as it is currently deemed probable that the targets will be achieved. The following table summarizes RSU transactions during the first thirty-six weeks of 2024:
| Number of Units (in 000s) |  | Weighted-Average Grant Date Fair Value
Outstanding at September 3, 2023 | 3,045 |  |  | $ | 405.63 |
Granted | 1,677 |  |  | 547.26 |
Vested and delivered | (1,887) |  |  | 431.68 |
Forfeited | (57) |  |  | 456.30 |
Special dividend | 52 |  |  | N/A
Outstanding at May 12, 2024 | 2,830 |  |  | $ | 463.09 |
The remaining unrecognized compensation cost related to RSUs unvested at May 12, 2024, was $990, and the weighted-average period over which this cost will be recognized is 1.7 years. Summary of Stock-Based Compensation The following table summarizes stock-based compensation expense and the related tax benefits:
| 12 Weeks Ended |  | 36 Weeks Ended
| May 12, 2024 |  | May 7, 2023 |  | May 12, 2024 |  | May 7, 2023
Stock-based compensation expense | $ | 106 |  |  | $ | 94 |  |  | $ | 686 |  |  | $ | 643 |
Less recognized income tax benefits | 24 |  |  | 21 |  |  | 144 |  |  | 134 |
Stock-based compensation expense, net | $ | 82 |  |  | $ | 73 |  |  | $ | 542 |  |  | $ | 509 |

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