XML 34 R20.htm IDEA: XBRL DOCUMENT v3.22.1
Incentive Stock Plans
 3 Months Ended
Mar. 26, 2022
Share-based Payment Arrangement [Abstract]  
Incentive Stock Plans Incentive Stock Plans
The Company’s total stock-based compensation for the three months ended March 26, 2022 and March 27, 2021 was expense of $2 million and a benefit of $1 million, respectively.
The Company made new grants of restricted stock units and performance-based stock units to certain employees during the first three months of 2022. The 2022 restricted stock unit awards cliff vest after three years. The 2022 performance-based stock unit awards measure total shareholder return (“TSR”) on an absolute basis and relative to peers. Participants can earn between 0 and 250 percent of the target award. Performance below the threshold for the absolute TSR would result in a zero payout for the TSR metric. There is a performance-based stock award and cash unit stock award that will be measured using the same objectives but paid and accounted for separately. As required by Accounting Standards Codification 718, Compensation-Stock Compensation, the portion of the award to be settled in cash is classified as a liability and remeasured to fair value at the end of each reporting period until settlement.
In March 2022, the performance-based share units granted in 2019 vested without meeting the performance thresholds, resulting in no stock units being awarded and no shares of common stock issued.
The following table summarizes the activity on the Company’s incentive stock awards for the three months ended March 26, 2022:
Stock OptionsRestricted Stock UnitsPerformance-Based Stock Units
OptionsWeighted Average Exercise PriceAwardsWeighted Average Grant Date Fair ValueAwardsWeighted Average Grant Date Fair Value
Outstanding at January 1, 2022111,124 $39.47 927,556 $8.72 1,459,716 $6.51 
Granted— — 869,791 5.88 1,146,202 8.51 
Forfeited— — (750)10.70 (815,443)6.74 
Exercised or settled— — (185,197)13.42 — — 
Expired or cancelled(31,004)38.16 — — — — 
Outstanding at March 26, 202280,120 $39.94 1,611,400 $6.64 1,790,475 $7.68