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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 28, 2024
Stock-Based Compensation [Abstract] |
Summary of Recognized Stock-based Compensation Expense | The following table summarizes stock-based compensation expense recognized:
| Fiscal quarters ended |  | Nine fiscal months ended |
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023 |
Restricted stock units ("RSUs") |  | $ | 5,635 |  |  | $ | 5,528 |  |  | $ | 14,810 |  |  |  | 11,503 |
Phantom stock units |  |  | - |  |  |  | - |  |  |  | 118 |  |  |  | 107 |
Total |  | $ | 5,635 |  |  | $ | 5,528 |  |  | $ | 14,928 |  |  |  | 11,610 |
Summary of Unrecognized Compensation Cost and Weighted Average Remaining Amortization Periods | The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at September 28, 2024 (amortization periods in years):
| Unrecognized Compensation Cost |  | Weighted Average Remaining Amortization Periods |
Restricted stock units |  | $ | 31,130 |  |  |  | 2.2 |
Phantom stock units |  |  | - |  |  |  | n/a |
Total |  | $ | 31,130 |  |  |  |  |
RSU Activity | RSU activity under the Company's stock incentive programs as of September 28, 2024 and changes during the nine fiscal months then ended are presented below (number of RSUs in thousands):
|  | Number of RSUs |  |  | Weighted Average Grant-date Fair Value per Unit |
Outstanding: |  |  |  |  |  |
January 1, 2024 |  |  | 1,717 |  |  | $ | 23.03 |
Granted* |  |  | 1,641 |  |  |  | 20.47 |
Vested** |  |  | (587 | ) |  |  | 23.05 |
Cancelled or forfeited |  |  | (125 | ) |  |  | 23.18 |
Outstanding at September 28, 2024 |  |  | 2,646 |  |  | $ | 21.43 |
Expected to vest at September 28, 2024 |  |  | 1,900 |  |  |  |  |
* Employees in certain countries are granted equity-linked awards that will be settled in cash and are accounted for as liability awards. The liability awards are not material. The number of RSUs granted excludes these awards. ** The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.
RSUs with Performance-Based Vesting Criteria | RSUs with performance-based and market-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
Vesting Date |  | Expected to Vest |  |  | Not Expected to Vest |  |  | Total |
January 1, 2025 |  |  | 168 |  |  |  | - |  |  |  | 168 |
January 1, 2026 |  |  | - |  |  |  | 167 |  |  |  | 167 |
January 1, 2027 |  |  | - |  |  |  | 579 |  |  |  | 579 |
March 1, 2029 |  |  | 175 |  |  |  | - |  |  |  | 175 |
Phantom Stock Unit Activity Under the Phantom Stock Plan | Phantom stock unit activity as of September 28, 2024 and changes during the nine fiscal months then ended are presented below (number of phantom stock units in thousands):
|  | Number of units |  | Grant-date Fair Value per Unit |
Outstanding: |  |  |  |  |
January 1, 2024 |  |  | 120 |  |  |
Granted |  |  | 5 |  |  | $ | 23.51 |
Dividend equivalents issued |  |  | 2 |  |  |  |  |
Outstanding at September 28, 2024 |  |  | 127 |  |  |  |  |

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