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Share Based Compensation (Tables) | 12 Months Ended
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Dec. 28, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Key assumptions in fair value determination | The ranges of key assumptions used in determining the fair value of options granted during fiscal 2024, 2023, and 2022, as well as a summary of the methodology applied to develop each assumption, are as follows:
| Fiscal Year
| 2024 |  | 2023 |  | 2022
Expected price volatility | 27.3% - 29.8% |  | 30.7% - 30.9% |  | 29.9% - 31.3%
Risk-free interest rate | 3.7% - 4.6% |  | 3.5% - 4.5% |  | 1.7% - 4.3%
Weighted average expected lives (in years) | 4.2 |  | 4.2 |  | 4.1
Forfeiture rate | 6.9 | % |  | 6.9 | % |  | 6.9 | %
Dividend yield | 2.0 | % |  | 1.7 | % |  | 1.6 | %
Key assumptions used in the Monte Carlo simulation for the performance shares with a TSR modifier granted during fiscal 2024 and during fiscal 2023 are presented below:
|  | Fiscal Year
Assumption |  | 2024 |  | 2023
Expected volatility |  | 28.32 | % |  | 32.13 | %
Risk-free interest rate |  | 4.06 | % |  | 3.70 | %
Compounded dividend yield |  | 1.95 | % |  | 1.69 | %
Summary of stock option activity | A summary of stock option activity is as follows:
Stock Option Activity |  | Options |  | Weighted Average Exercise Price |  | Weighted Average Fair Value |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 30, 2023 (a) |  | 5,074,385 |  |  | 26.13 |  |  |  |  | 5.0 |  | $ | 83,492 |
Granted |  | 682,070 |  |  | 46.78 |  |  | $ | 11.73 |  |  |  |  |
Exercised |  | (1,528,810) |  |  | 20.05 |  |  |  |  |  |  |
Canceled |  | (109,580) |  |  | 40.52 |  |  |  |  |  |  |
Outstanding at December 28, 2024 |  | 4,118,065 |  |  | $ | 31.43 |  |  |  |  | 6.0 |  | $ | 95,268 |
Exercisable at December 28, 2024 |  | 2,907,460 |  |  | $ | 25.25 |  |  |  |  | 5.0 |  | $ | 85,225 |
(a) All share and related dollar information has been adjusted to reflect the five-for-one Stock Split effective December 20, 2024 as discussed in Note 1.
Other information relative to option activity | Other information relative to options activity during fiscal 2024, 2023, and 2022 is as follows (in thousands):
| Fiscal Year
| 2024 |  | 2023 |  | 2022
Total fair value of stock options vested | $ | 6,837 |  |  | $ | 7,070 |  |  | $ | 7,783 |
Total intrinsic value of stock options exercised | $ | 46,629 |  |  | $ | 26,092 |  |  | $ | 25,024 |
Restricted stock units activity | A summary of restricted stock unit activity is presented below:
Restricted Stock Unit Activity |  | Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Restricted at December 30, 2023 (a) |  | 2,049,980 |  |  | $ | 39.38 |
Granted |  | 1,206,221 |  |  | 45.74 |
Vested |  | (978,395) |  |  | 37.09 |
Forfeited |  | (242,885) |  |  | 44.15 |
Restricted at December 28, 2024 |  | 2,034,921 |  |  | $ | 43.68 |
(a) All share and related dollar information has been adjusted to reflect the five-for-one Stock Split effective December 20, 2024 as discussed in Note 1.
Performance-based Share Unit Activity | A summary of performance-based restricted share unit activity is presented below:
Performance-Based Restricted Share Unit Activity |  |  |  |  | Performance-Based Restricted Share Units |  | Weighted Average Grant Date Fair Value
Restricted at December 30, 2023 (a) |  |  |  |  | 774,095 |  |  | $ | 38.43 |
Granted (b) |  |  |  |  | 286,975 |  |  | 47.11 |
Performance Adjustment (c) |  |  |  |  | 403,615 |  |  | 24.07 |
Vested |  |  |  |  | (672,735) |  |  | 24.07 |
Forfeited |  |  |  |  | (46,970) |  |  | 45.55 |
Restricted at December 28, 2024 |  |  |  |  | 744,980 |  |  | $ | 46.51 |
(a) All share and related dollar information has been adjusted to reflect the five-for-one Stock Split effective December 20, 2024 as discussed in Note 1. (b) Assumes 100% target level achievement of the relative performance targets. The actual number of shares that will be issued, which may be higher or lower than the target, will be determined by the level of achievement of the relative performance targets, inclusive of the TSR modifier. (c) Shares adjusted for performance-based restricted share unit awards settled during fiscal 2024 based on actual achievement of performance targets.
Other information relative to restricted unit activity | Other information relative to restricted stock unit activity during fiscal 2024, 2023, and 2022 is as follows (in thousands):
| Fiscal Year
| 2024 |  | 2023 |  | 2022
Total grant date fair value of restricted stock units vested and issued | $ | 36,292 |  |  | $ | 32,446 |  |  | $ | 26,031 |
Total intrinsic value of restricted stock units vested and issued | $ | 46,647 |  |  | $ | 53,112 |  |  | $ | 50,532 |
Other information relative to performance-based restricted share unit activity during fiscal 2024 is as follows (in thousands):
| Fiscal Year
| 2024 |  | 2023 |  | 2022
Total grant date fair value of performance-based restricted share units vested and issued | $ | 16,195 |  |  | $ | 9,498 |  |  | $ | 14,104 |
Total intrinsic value of performance-based restricted share units vested and issued | $ | 31,020 |  |  | $ | 23,155 |  |  | $ | 33,895 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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