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Share-Based Awards (Tables) | 12 Months Ended
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Dec. 29, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Total Compensation Expense Related to Stock Options, Restricted Stock Units and Stock Performance Awards | Total compensation expense related to stock options, restricted stock units, including those awards made to non-employee members of its Board of Directors, and stock performance awards during 2024, 2023 and 2022 was $50.8 million, $71.9 million and $81.3 million, respectively, and was recorded as follows:
(In millions) | 2024 |  | 2023 |  | 2022
Product development | $ | 10.2 |  |  | $ | 7.0 |  |  | $ | 4.8 |
Selling, distribution and administration | 40.6 |  |  | 64.9 |  |  | 76.5 |
Total stock compensation expense before income taxes | 50.8 |  |  | 71.9 |  |  | 81.3 |
Income tax benefit | 7.2 |  |  | 9.2 |  |  | 9.0 |
Total stock compensation expense after income taxes | $ | 43.6 |  |  | $ | 62.7 |  |  | $ | 72.3 |
The following table represents total stock compensation expense, net of performance adjustments, by award type related to stock performance awards, restricted stock units, stock options and awards made to non-employee members of the Company’s Board of Directors:
(In millions) | 2024 |  | 2023 |  | 2022
Stock performance awards | $ | (6.4) |  |  | $ | 15.8 |  |  | $ | 9.6 |
Restricted stock units | 51.0 |  |  | 47.8 |  |  | 60.7 |
Stock options | 4.4 |  |  | 7.0 |  |  | 8.9 |
Non-employee awards | 1.8 |  |  | 1.3 |  |  | 2.1 |
Total stock compensation expense before income taxes | 50.8 |  |  | 71.9 |  |  | 81.3 |
Income tax benefit | 7.2 |  |  | 9.2 |  |  | 9.0 |
Total compensation expense after income taxes | $ | 43.6 |  |  | $ | 62.7 |  |  | $ | 72.3 |
Schedule of Stock Performance Awards | Information with respect to Stock Performance Awards is as follows:
(In millions, except per share data) | 2024 |  | 2023 |  | 2022
Outstanding at beginning of year | 1.0 |  |  | 0.8 |  |  | 0.7 |
Granted | 0.3 |  |  | 0.7 |  |  | 0.4 |
Forfeited | (0.3) |  |  | (0.2) |  |  | (0.1) |
Canceled | — |  |  | (0.1) |  |  | — |
Vested | (0.1) |  |  | (0.2) |  |  | (0.2) |
Outstanding at end of year | 0.9 |  |  | 1.0 |  |  | 0.8 |
Weighted average grant-date fair value: |  |  |  |  |
Granted | $ | 51.65 |  |  | $ | 56.00 |  |  | $ | 88.77 |
Forfeited | $ | 61.35 |  |  | $ | 74.06 |  |  | $ | 80.77 |
Canceled | $ | — |  |  | $ | 56.49 |  |  | $ | — |
Vested | $ | 96.07 |  |  | $ | 56.49 |  |  | $ | 86.90 |
Outstanding at end of year | $ | 61.07 |  |  | $ | 70.15 |  |  | $ | 78.15 |
Schedule of Restricted Stock Awards and Restricted Stock Units | Information with respect to the remaining Restricted Stock Awards and Restricted Stock Units for is as follows:
(In millions, except per share data) | 2024 |  | 2023 |  | 2022
Outstanding at beginning of year | 1.6 |  |  | 1.2 |  |  | 1.1 |
Granted | 1.8 |  |  | 1.2 |  |  | 0.7 |
Forfeited | (0.4) |  |  | (0.2) |  |  | (0.1) |
Vested | (0.6) |  |  | (0.6) |  |  | (0.5) |
Outstanding at end of year | 2.4 |  |  | 1.6 |  |  | 1.2 |
Weighted average grant-date fair value: |  |  |  |  |
Granted | $ | 53.18 |  |  | 56.80 |  |  | 86.41 |
Forfeited | $ | 59.90 |  |  | 74.22 |  |  | 91.18 |
Vested | $ | 70.13 |  |  | 90.32 |  |  | 91.33 |
Outstanding at end of year | $ | 56.04 |  |  | 66.08 |  |  | 88.85 |
Schedule of Stock Option Information | Information with respect to stock options is as follows:
(In millions, except per share data) | 2024 |  | 2023 |  | 2022
Outstanding at beginning of year | 2.3 |  |  | 1.8 |  |  | 2.9 |
Granted | — |  |  | 1.4 |  |  | 0.6 |
Exercised | (0.1) |  |  | — |  |  | (0.8) |
Expired or forfeited | (0.7) |  |  | (0.9) |  |  | (0.9) |
Outstanding at end of year | 1.5 |  |  | 2.3 |  |  | 1.8 |
Exercisable at end of year | 1.0 |  |  | 0.9 |  |  | 0.8 |
Weighted average exercise price: |  |  |  |  |
Granted | $ | — |  |  | $ | 55.92 |  |  | $ | 94.89 |
Exercised | $ | 55.78 |  |  | $ | — |  |  | $ | 85.60 |
Expired or forfeited | $ | 77.13 |  |  | $ | 81.22 |  |  | $ | 97.16 |
Outstanding at end of year | $ | 76.11 |  |  | $ | 75.24 |  |  | $ | 93.62 |
Exercisable at end of year | $ | 83.94 |  |  | $ | 93.96 |  |  | $ | 92.95 |
Schedule of Share-based Payment Award, Stock Option, 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 used for grants in the fiscal years 2024, 2023, and 2022:
|  |  | 2024 | 2023 | 2022
Risk-free interest rate |  |  | 4.46 | % | 4.44 | % | 1.79 | %
Expected dividend yield |  |  | 4.63 | % | 4.95 | % | 2.95 | %
Expected volatility |  |  | 33 | % | 38 | % | 37 | %
Expected option life |  |  | 3 years | 3 years | 4 years

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