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Employee Stock Compensation and Savings Plans | 12 Months Ended
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Dec. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Employee Stock Compensation and Savings Plans | 10. Employee Stock Compensation and Savings Plans Stock Compensation The various Company stock compensation plans are summarized below. For all stock compensation plans, the Company’s policy is to issue treasury shares for option/stock appreciation right (SAR) exercises, restricted stock unit (RSU) releases, and employee stock purchase plan (ESPP) purchases. 2011 Non-employee Directors’ Equity Incentive Plan In June 2011, the shareholders adopted an equity incentive plan for non-employee directors (the “2011 Directors Plan”) providing for grants of stock options, SARs, RSUs and/or performance shares, pursuant to which up to 122,592 shares were made available for issuance. In June 2023, the shareholders approved an increase to the number of shares authorized to 150,000. The term of each award cannot exceed ten years. Awards are subject to a minimum one-year vesting period. In 2023, 2022, and 2021, there were 6,004, 6,008, and 4,180 RSUs granted under this plan, respectively. At December 30, 2023, approximately 33,400 shares were available for future issuance under the 2011 Directors Plan. 2005 Equity Incentive Plan In June 2005, the shareholders adopted an equity incentive plan (the “2005 Plan”) providing for grants of incentive and nonqualified stock options, SARs, RSUs and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 10,000,000 common shares were made available for issuance. In 2013, the shareholders approved an increase of an additional 3,000,000 shares to the 2005 Plan, making the total shares authorized under the plan 13,000,000. Option and SAR grants vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. RSUs vest evenly over a period of three years. In addition to time-based vesting requirements, the vesting of certain RSU grants is also contingent upon the Company’s achievement of certain financial performance goals. During 2023, 2022, and 2021, there were 1,047,934, 1,185,707, and 866,614 RSUs granted under the 2005 Plan, respectively. No stock options or SARs were granted under the 2005 Plan in 2023, 2022, or 2021. At December 30, 2023, approximately 1,171,977 shares were available for future issuance under the 2005 Plan. 2000 Equity Incentive Plan In October 2000, the shareholders adopted an equity incentive plan (the “2000 Plan”) providing for grants of incentive and nonqualified stock options, SARs, restricted shares and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 7,000,000 common shares were made available for issuance. The stock options and SARs vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if no t exercised. The Company did not grant any stock awards from the 2000 Plan in 2023, 2022, or 2021. In February 2023, the Board of Directors approved the termination of the 2000 Plan, which was effective immediately. Stock Compensation Activity A summary of the Company’s stock compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, and the 2000 Plan for the years ended December 30, 2023, December 31, 2022, and December 25, 2021 is provided below:
|  | Stock Options and SARs |
|  | Weighted-Average Exercise Price |  |  | Number of Shares |
|  |  |  |  | (In Thousands) |
Outstanding at December 26, 2020 |  | $ | 52.44 |  |  |  | 13 |
Granted |  |  |  |  |  | — |
Exercised |  | $ | 52.44 |  |  |  | (13 | )
Forfeited/Expired |  |  |  |  |  | — |
Outstanding at December 25, 2021 |  |  |  |  |  | — |
Granted |  |  |  |  |  | — |
Exercised |  |  |  |  |  | — |
Forfeited/Expired |  |  |  |  |  | — |
Outstanding at December 31, 2022 |  |  |  |  |  | — |
Granted |  |  |  |  |  | — |
Exercised |  |  |  |  |  | — |
Forfeited/Expired |  |  |  |  |  | — |
Outstanding at December 30, 2023 |  |  |  |  |  | — |
Exercisable at December 30, 2023 |  |  |  |  |  | — |
Expected to vest after December 30, 2023 |  |  |  |  |  | — |
|  | Restricted Stock Units |
|  | Weighted-Average Grant Date Fair Value |  |  | Number of Shares |
|  |  |  |  | (In Thousands) |
Outstanding at December 26, 2020 |  | $ | 86.98 |  |  |  | 1,582 |
Granted |  | $ | 116.40 |  |  |  | 871 |
Released/Vested |  | $ | 80.12 |  |  |  | (884 | )
Cancelled |  | $ | 95.79 |  |  |  | (56 | )
Outstanding at December 25, 2021 |  | $ | 107.60 |  |  |  | 1,513 |
Granted |  | $ | 98.39 |  |  |  | 1,192 |
Released/Vested |  | $ | 102.80 |  |  |  | (805 | )
Cancelled |  | $ | 111.12 |  |  |  | (63 | )
Outstanding at December 31, 2022 |  | $ | 103.61 |  |  |  | 1,837 |
Granted |  | $ | 105.47 |  |  |  | 1,054 |
Released/Vested |  | $ | 103.61 |  |  |  | (749 | )
Cancelled |  | $ | 106.09 |  |  |  | (456 | )
Outstanding at December 30, 2023 |  | $ | 104.10 |  |  |  | 1,686 |
The weighted-average remaining contract life of restricted stock units at December 30, 2023 was 1.36 years. The total fair value of awards vested during 2023, 2022, and 2021, was $77,626, $82,734, and $70,796, respectively. The aggregate intrinsic values of options and SARs exercised during 2023, 2022, and 2021 were $0, $0, and $1,040, respectively. The aggregate intrinsic value of RSUs outstanding at December 30, 2023 was $216,667. The aggregate intrinsic values of RSUs released during 2023, 2022, and 2021 were $96,301, $74,278, and $118,825, respectively. Aggregate intrinsic value of options and SARs represents the applicable number of awards multiplied by the positive difference between the exercise price and the Company’s closing share price on the last trading day of the relevant fiscal period. Aggregate intrinsic value of RSUs represents the applicable number of awards multiplied by the Company’s closing share price on the last trading day of the relevant fiscal period. The Company’s closing share price was $128.54 on December 30, 2023 (based on the closing share price on December 29, 2023). As of December 30, 2023, there was $133,648 of total unrecognized compensation cost related to unvested stock-based compensation awards granted to employees under the stock compensation plans. That cost is expected to be recognized over the remaining vesting period. Employee Stock Purchase Plan The shareholders have adopted an ESPP. Up to 10,000,000 common shares have been reserved for the ESPP. Shares are offered to employees at a price equal to the lesser of 85% of the fair market value of the Company's shares on the date of purchase or 85% of the fair market value on the first day of the ESPP period. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. During 2023, 2022, and 2021, there were 524,774, 687,370, and 385,211 shares purchased under the plan for a total purchase price of $43,905, $62,154, and $34,936, respectively. During 2023, 2022, and 2021, the purchases were issued from treasury shares. At December 30, 2023, approximately 2,262,760 shares were available for future issuance under the ESPP. Savings Plans Certain subsidiaries of the Company sponsor various defined contribution employee retirement plans. GII and the Company’s other U.S.-based subsidiaries sponsor a plan under which their employees may contribute up to 50% of their annual compensation subject to Internal Revenue Code maximum limitations and to which the subsidiaries contribute a specified percentage of each participant’s annual compensation up to certain limits as defined in the retirement plan. During the years ended December 30, 2023, December 31, 2022, and December 25, 2021, expense related to this and other defined contribution plans of $84,609, $80,435, and $71,262, respectively, was recorded within the Company’s consolidated statements of income. Certain of the Company’s non-U.S. subsidiaries sponsor or participate in local defined benefit pension plans. The obligations, contributions, and associated expense of such plans for the years ended December 30, 2023, December 31, 2022, and December 25, 2021 were not material.

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