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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | Stock-based compensation expense was as follows:
(In millions) |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |
Restricted stock units |  | $ | 22.1 |  |  |  | $ | 16.6 |  |  |  | $ | 17.8 |
Stock option awards |  |  | 5.3 |  |  |  |  | 6.6 |  |  |  |  | 5.3 |
Performance awards |  |  | 6.1 |  |  |  |  | 15.6 |  |  |  |  | 20.7 |
Director awards |  |  | 1.7 |  |  |  |  | 1.3 |  |  |  |  | 1.3 |
Total pre-tax expense |  |  | 35.2 |  |  |  |  | 40.1 |  |  |  |  | 45.1 |
Tax benefit |  |  | 7.9 |  |  |  |  | 9.2 |  |  |  |  | 7.9 |
Total after tax expense |  | $ | 27.3 |  |  |  | $ | 30.9 |  |  |  | $ | 37.2 |
RSU Activity | A summary of activity with respect to RSUs outstanding under the Plans for the year ended December 30, 2023 was as follows:
|  | Number of Restricted Stock Units |  |  | Weighted-Average Grant-Date Fair Value |
Non-vested at December 31, 2022 |  |  | 1,178,326 |  |  | $ | 69.65 |
Granted |  |  | 281,945 |  |  | $ | 62.98 |
Vested |  |  | (558,999 | ) |  | $ | 64.32 |
Forfeited |  |  | (53,343 | ) |  | $ | 70.06 |
Non-vested at December 30, 2023 |  |  | 847,929 |  |  | $ | 70.93 |
Black-Scholes Option Pricing Model Assumptions used to Estimate Fair Value of Options | The fair value of Fortune Brands options was estimated at the date of grant using a Black-Scholes option pricing model with the assumptions shown in the following table:
|  |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |
Current expected dividend yield |  |  |  | 1.5 | % |  |  |  | 1.2 | % |  |  |  | 1.2 | %
Expected volatility |  |  |  | 34.8 | % |  |  |  | 34.8 | % |  |  |  | 35.1 | %
Risk-free interest rate |  |  |  | 4.2 | % |  |  |  | 2.3 | % |  |  |  | 0.6 | %
Expected term |  |  | 5.4 years |  |  |  | 5.2 years |  |  |  | 5.2 years |
Stock Option Activity | A summary of Fortune Brands stock option activity related to Fortune Brands and former employees of Fortune Brands, Inc., the Company from which we spun off from in 2011, for the year ended December 30, 2023 was as follows:
|  | Options |  |  | Weighted- Average Exercise Price |
Outstanding at December 31, 2022 |  |  | 2,326,427 |  |  | $ | 56.84 |
Granted |  |  | 303,319 |  |  | $ | 60.79 |
Exercised |  |  | (376,785 | ) |  | $ | 47.90 |
Expired/forfeited |  |  | (48,932 | ) |  | $ | 67.23 |
Outstanding at December 30, 2023 |  |  | 2,204,029 |  |  | $ | 58.68 |
Options Outstanding and Exercisable | Options outstanding and exercisable at December 30, 2023 were as follows:
|  | Options Outstanding (a) |  |  | Options Exercisable (b) |
Range Of Exercise Prices |  | Options Outstanding |  |  | Weighted- Average Remaining Contractual Life |  |  | Weighted- Average Exercise Price |  |  | Options Exercisable |  |  | Weighted- Average Exercise Price |
$20.00 to $100.00 |  |  | 2,204,029 |  |  |  | 5.90 |  |  | $ | 58.68 |  |  |  | 1,647,550 |  |  | $ | 56.50 |
(a) At December 30, 2023, the aggregate intrinsic value of options outstanding was $38.7 million. (b) At December 30, 2023, the weighted-average remaining contractual life of options exercisable was 4.9 years and the aggregate intrinsic value of options exercisable was $32.5 million.
Summarizes Information of Performance Share Awards | The following table summarizes information about PSAs as of December 30, 2023, as well as activity during the fiscal year then ended. The number of performance share awards granted are shown below at the target award amounts:
|  | Number of Performance Share Awards |  |  | Weighted-Average Grant-Date Fair Value |
Non-vested at December 31, 2022 |  |  | 20,572 |  |  | $ | 75.59 |
Granted |  |  | 207,193 |  |  | $ | 61.79 |
Vested |  |  | (4,709 | ) |  | $ | 60.86 |
Forfeited |  |  | (12,252 | ) |  | $ | 66.32 |
Non-vested at December 30, 2023 |  |  | 210,804 |  |  | $ | 62.89 |

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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding performance-based awards that are fully vested and expected to vest. Includes, but is not limited to, unvested awards for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -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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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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