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Share-Based Compensation | 6 Months Ended
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Jun. 28, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Share-Based Compensation | Share-Based Compensation We maintain various compensation plans for officers, other employees, and non-employee members of our Board of Directors. On June 2, 2022, our shareholders approved and ratified the 2022 Omnibus Share Incentive Plan (the “2022 Plan”). The 2022 Plan allows us to grant equity-based compensation awards including restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options, and restricted stock awards. The 2022 Plan replaces and supersedes the 2014 Omnibus Share Incentive Plan (the “Prior Plan”). No awards can be granted under the Prior Plan upon adoption of the 2022 Plan. Under the 2022 Plan, the Board of Directors is authorized to award up to (i) 2,800,000 ordinary shares plus (ii) any ordinary shares remaining available for future awards under the Prior Plan at the time of adoption (of which there were approximately 241,263) plus (iii) any ordinary shares with respect to awards and Prior Plan awards that are forfeited, canceled, expire unexercised, or are settled in cash following adoption of the 2022 Plan. Share-based compensation expense related to RSUs and PSUs is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and was comprised in the relevant period as follows (U.S. dollars in millions):
| Quarter ended |  | Six months ended
| June 28, 2024 |  | June 30, 2023 |  | June 28, 2024 |  | June 30, 2023
RSUs/PSUs | $ | 2.2 |  |  | $ | 2.9 |  |  | $ | 2.8 |  |  | $ | 5.1 |
Restricted Stock Units and Performance Stock Units The following table lists the RSUs and PSUs awarded under the 2022 Plan during the six months ended June 28, 2024 and June 30, 2023:
Date of Award | Type of award |  | Units awarded |  | Price per share
For the six months ended June 28, 2024
May 8, 2024 | PSU |  | 5,048 |  | $ | 24.13 |
May 7, 2024 | RSU |  | 43,134 |  | 24.34 |
April 1, 2024 | PSU |  | 7,394 |  | $ | 25.45 |
March 1, 2024 | PSU |  | 285,460 |  | $ | 24.37 |
February 19, 2024 | RSU |  | 1,313 |  | $ | 23.77 |
For the six months ended June 30, 2023
May 4, 2023 | RSU |  | 39,662 |  | $ | 26.51 |
March 2, 2023 (1) | PSU |  | 91,997 |  | 32.13 |
March 2, 2023 | RSU |  | 215,627 |  | 32.13 |
(1) The 2023 PSUs were forfeited during the six months ended June 28, 2024 as a result of not meeting the performance metric. Under the 2022 Plan and Prior Plan, each RSU/PSU represents a contingent right to receive one of our ordinary shares. The PSUs are subject to meeting minimum performance criteria set by the Compensation Committee of our Board of Directors. The actual number of shares the recipient receives is determined based on the results achieved versus performance goals. Those performance goals are based on exceeding a measure of our earnings. Depending on the results achieved, the actual number of shares that an award recipient receives at the end of the period may range from 0% to 100% of the award units granted, or as it relates to the 2024 and 2023 PSU awards granted to our Chairman and Chief Executive Officer, 0% to 125% of the award units granted. Provided such criteria are met, the PSUs granted during 2024, 2023 and prior to 2022 vest in three equal annual installments on each of the next three anniversary dates. PSUs granted during 2022 vest in three equal installments in 1) June and July 2023, 2) March 2024, and 3) March 2025. All PSU vesting is contingent on the recipient's continued employment with us. Expense for RSUs is recognized on a straight-line basis over the requisite service period for the entire award. RSUs granted in 2023 and 2021 vest annually in three equal installments over a three-year service period while RSUs granted prior to 2021 vested 20% on the grant date, with 20% vesting on each of the next four anniversaries. RSUs granted in 2022 vest in three equal installments in June 2023, March 2024 and March 2025. RSUs granted to our Board of Directors generally vest after a one-year period. The fair market value for RSUs and PSUs is based on the closing price of our stock on the grant date. We recognize expenses related to RSUs and PSUs based on the fair market value, as determined on the grant date, ratably over the vesting period, provided the performance condition, if any, is probable. Forfeitures are recognized as they occur. RSUs and PSUs do not have the voting rights of ordinary shares, and the shares underlying the RSUs and PSUs are not considered issued and outstanding. However, shares underlying RSUs/PSUs are included in the calculation of diluted earnings per share to the extent the performance criteria are met, if any. Each of our outstanding RSUs and PSUs are eligible to earn Dividend Equivalent Units (“DEUs”) equal to the cash dividend paid to ordinary shareholders. DEUs are subject to the same performance and/or service conditions as the underlying RSUs and PSUs and are forfeitable.

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