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Share-Based Awards, Purchase Plans and Compensation Cost (Tables) | 12 Months Ended
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Dec. 27, 2024
Share-Based Payment Arrangement [Abstract] |
Options on Common Shares Granted and Outstanding | Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices):
| Option Shares |  | Weighted Average Exercise Price |  | Options Exercisable |  | Weighted Average Exercise Price
Outstanding, December 31, 2021 | 9,575 |  |  | $ | 39.31 |  |  | 7,296 |  |  | $ | 33.75 |
Granted | 1,381 |  |  | 71.03 |  |  |  |  |
Exercised | (645) |  |  | 25.58 |  |  |  |  |
Canceled | (46) |  |  | 49.42 |  |  |  |  |
Outstanding, December 30, 2022 | 10,265 |  |  | 44.40 |  |  | 7,793 |  |  | 37.22 |
Granted | 1,114 |  |  | 71.45 |  |  |  |  |
Exercised | (1,354) |  |  | 30.77 |  |  |  |  |
Canceled | (121) |  |  | 62.75 |  |  |  |  |
Outstanding, December 29, 2023 | 9,904 |  |  | 49.09 |  |  | 7,274 |  |  | 41.46 |
Granted | 925 |  |  | 89.23 |  |  |  |  |
Exercised | (1,535) |  |  | 32.10 |  |  |  |  |
Canceled | (155) |  |  | 76.03 |  |  |  |  |
Outstanding, December 27, 2024 | 9,139 |  |  | $ | 55.60 |  |  | 6,582 |  |  | $ | 47.16 |
Options Outstanding and Exercisable | The following table summarizes information for options outstanding and exercisable at December 27, 2024 (in thousands, except exercise prices and contractual term amounts):
|  | Options Outstanding |  | Options Exercisable
Range of Prices |  | Options Outstanding |  | Weighted Average Remaining Contractual Term in Years |  | Weighted Average Exercise Price |  | Options Exercisable |  | Weighted Average Exercise Price
$ 20-40 |  | 2,007 |  |  | 1.6 |  | $ | 28.05 |  |  | 2,007 |  |  | $ | 28.05 |
$ 40-60 |  | 3,267 |  |  | 4.3 |  | 48.93 |  |  | 3,267 |  |  | 48.93 |
$ 60-80 |  | 2,988 |  |  | 7.4 |  | 71.50 |  |  | 1,294 |  |  | 71.87 |
$ 80-100 |  | 877 |  |  | 9.2 |  | 89.24 |  |  | 14 |  |  | 89.77 |
$ 20-100 |  | 9,139 |  |  | 5.2 |  | $ | 55.60 |  |  | 6,582 |  |  | $ | 47.16 |
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block] | Information related to options exercised as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Cash received | $ | 49,566 |  |  | $ | 40,708 |  |  | $ | 15,739 |
Aggregate intrinsic value | 84,328 |  |  | 61,624 |  |  | 28,193 |
Tax benefit realized | 17,675 |  |  | 12,605 |  |  | 6,020 |
Share Based Payment Award Stock Options Authorized | Shares authorized for issuance under the stock option and purchase plans are shown below (in thousands):
| Total Shares Authorized |  | Available for Future Issuance as of December 27, 2024
Stock Incentive Plan (2019) | 15,000 |  |  | 9,095 |
Employee Stock Purchase Plan (2006) | 21,000 |  |  | 11,110 |
Total | 36,000 |  |  | 20,205 |
Share-based compensation cost | The Company recognized share-based compensation cost as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Share-based compensation | $ | 31,892 |  |  | $ | 30,229 |  |  | $ | 24,695 |
Tax benefit | 3,295 |  |  | 3,177 |  |  | 2,319 |
Share-based compensation, net of tax | $ | 28,597 |  |  | $ | 27,052 |  |  | $ | 22,376 |
Options - Valuation Assumptions | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions and results:
| 2024 |  | 2023 |  | 2022
Expected life in years | 6.6 |  | 6.7 |  | 6.4
Interest rate | 4.2 | % |  | 4.0 | % |  | 2.7 | %
Volatility | 26.3 | % |  | 26.3 | % |  | 26.2 | %
Dividend yield | 1.1 | % |  | 1.3 | % |  | 1.2 | %
Weighted average fair value per share | $ | 28.03 |  |  | $ | 21.76 |  |  | $ | 19.10 |
Employee Stock Purchase Plan - Valuation Assumptions | The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option-pricing model with the following assumptions and results:
| 2024 |  | 2023 |  | 2022
Expected life in years | 1.0 |  | 1.0 |  | 1.0
Interest rate | 4.9 | % |  | 5.1 | % |  | 0.9 | %
Volatility | 24.2 | % |  | 26.4 | % |  | 20.5 | %
Dividend yield | 1.1 | % |  | 1.4 | % |  | 1.2 | %
Weighted average fair value per share | $ | 23.16 |  |  | $ | 18.04 |  |  | $ | 16.01 |

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