Stock-Based Compensation (Tables)

12 Months Ended

Dec. 28, 2024

Payout Determined from Total Shareholder Return Shares

The Company TSR compared to the Peer Group TSR will determine the payout as set forth below (the “TSR Modifier”):

Percentile	Payout as % of Target
90th		200	%
70th		150	%
50th		100	%
30th		50	%
Below 30th		0	%

Schedule of ROIC Shares Earned Based on Ranges of Target

The ROIC Shares can be earned based on the ranges of target as defined below:

Difference of ROIC minus WACC	2024 Award
Less than 150 basis points	0%
150 basis points	50%
300 basis points	100%
450+ basis points	150%
Difference of ROIC minus WACC	2023 and 2022 Award
Less than 175 basis points	0%
175 basis points	50%
375 basis points	100%
475+ basis points	125%

Performance-Contingent Restricted Stock Awards

The table below presents the TSR Modifier share adjustment, ROIC Modifier share adjustment, accumulated dividends on vested shares, and the tax windfall/shortfall at vesting of the performance-contingent restricted stock awards (amounts in thousands except for share data):

Award granted	Fiscal year vested	TSR Modifier increase shares		ROIC Modifier increase shares		Dividends at vesting (thousands)		Tax benefit		Fair value at vesting
2021	2024		92,775		83,835	$	2,173	$	286	$	19,419
2020	2023		151,513		78,893	$	2,154	$	1,424	$	24,652
2019	2022		109,729		74,154	$	1,843	$	2,196	$	22,143

Performance-Contingent Restricted Stock Activity

A summary of the status of all of the company’s nonvested shares for performance-contingent restricted stock (including the TSR Shares and the ROIC Shares) for Fiscal 2024, 2023, and 2022 is set forth below (amounts in thousands, except price data):

	Fiscal 2024					Fiscal 2023					Fiscal 2022
	Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value
Balance at beginning of year		2,017		$	27.70		2,009		$	25.83		1,972		$	22.89
Initial grant		544		$	24.29		824		$	29.37		706		$	29.41
Vested		(846	)	$	24.40		(868	)	$	23.51		(778	)	$	20.25
Grant increase for achieving the ROIC modifier		84		$	22.51		79		$	29.37		74		$	29.41
Grant increase for achieving the TSR    modifier		93		$	26.07		152		$	29.37		110		$	29.41
Forfeitures		(57	)	$	27.94		(179	)	$	27.80		(75	)	$	25.48
Balance at end of year		1,835		$	27.85		2,017		$	27.70		2,009		$	25.83

Time-Based Restricted Stock Units Awards

The following TBRSU Shares have been granted under the Omnibus Plan and have service periods remaining (amounts in thousands, except price data):

Grant Date	Shares Granted		Vesting Date	Fair Value per Share
1/2/2022		205	Equally over 3 years	$	27.47
1/1/2023		220	Equally over 3 years	$	28.74
2/27/2023		11	1/5/2024	$	28.33
9/1/2023		54	Equally over 3 years	$	23.04
9/17/2023		10	Equally over 3 years	$	22.90
12/31/2023		818	Equally over 3 years	$	22.51
2/16/2024		7	Equally over 3 years	$	22.42
7/14/2024		23	Equally over 3 years	$	21.92

Time-Based Restricted Stock Units Activity

The TBRSU Shares activity for Fiscal 2024, 2023 and 2022 is set forth below (amounts in thousands, except price data):

	Fiscal 2024					Fiscal 2023					Fiscal 2022
	Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value
Nonvested shares at beginning of year		473		$	26.67		462		$	24.62		492		$	21.87
Granted		848		$	22.51		295		$	27.47		205		$	27.47
Vested		(255	)	$	25.75		(251	)	$	23.78		(215	)	$	21.03
Forfeitures		(79	)	$	24.07		(33	)	$	26.87		(20	)	$	24.39
Nonvested shares at end of year		987		$	23.56		473		$	26.67		462		$	24.62

Deferred and Restricted Stock Activity

The deferred and restricted stock activity for Fiscal 2024, 2023, and 2022 is set forth below (amounts in thousands, except price data):

	Fiscal 2024					Fiscal 2023					Fiscal 2022
	Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value		Number of Shares			Weighted Average Fair Value
Nonvested shares at beginning of year		68		$	26.26		62		$	27.37		67		$	24.00
Granted		77		$	23.38		68		$	26.26		62		$	27.37
Vested		(66	)	$	25.70		(62	)	$	27.37		(67	)	$	24.00
Nonvested shares at end of year		79		$	23.52		68		$	26.26		62		$	27.37
Vested and deferred shares at end of year (1)		218					214					212

(1)The vested and deferred shares at the end of the year include 58,772 shares, 71,237 shares, and 82,779 shares granted and deferred under the EPIP for Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively.

The vested and deferred shares at the end of the year include 159,335 shares, 142,582 shares, and 128,978 shares granted and deferred under the Omnibus Plan for Fiscal 2024, Fiscal 2023, and Fiscal 2022, respectively.

Summary of Company's Stock Based Compensation Expense

The following table summarizes the company’s stock-based compensation expense, which was primarily recognized in selling, distribution, and administrative expense, for Fiscal 2024, 2023, and 2022 (amounts in thousands):

	Fiscal 2024		Fiscal 2023		Fiscal 2022
Performance-contingent restricted stock awards	$	18,076	$	19,654	$	18,943
TBRSU shares		9,871		6,381		5,184
Deferred stock awards		1,796		910		1,695
Total stock-based compensation expense	$	29,743	$	26,945	$	25,822

Performance-Contingent Total Shareholder Return Shares

Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards

The following performance-contingent TSR Shares have been granted under the Omnibus Plan and have service period remaining (amounts in thousands, except price data):

Grant Date	Shares Granted		Vesting Date	Fair Value per Share
1/2/2022		331	3/1/2025	$	31.97
4/24/2022		16	3/1/2025	$	27.38
7/17/2022		3	3/1/2025	$	27.06
10/9/2022		3	3/1/2025	$	24.55
1/1/2023		338	3/1/2026	$	33.52
4/23/2023		9	3/1/2026	$	26.11
9/1/2023		25	3/1/2026	$	23.04
10/8/2023		40	3/1/2026	$	21.43
12/31/2023		272	2/28/2027	$	26.07

Return On Invested Capital

Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards

The following performance-contingent ROIC Shares have been granted under the Omnibus Plan and have service period remaining (amounts in thousands, except price data):

Grant Date	Shares Granted		Vesting Date	Fair Value per Share
1/2/2022		331	3/1/2025	$	27.47
4/24/2022		16	3/1/2025	$	27.38
7/17/2022		3	3/1/2025	$	27.06
10/9/2022		3	3/1/2025	$	24.55
1/1/2023		338	3/1/2026	$	28.74
4/23/2023		9	3/1/2026	$	26.11
9/1/2023		25	3/1/2026	$	23.04
10/8/2023		40	3/1/2026	$	21.43
12/31/2023		272	2/28/2027	$	22.51

Total Shareholders Return

Payout Percentage of Vested Total Shareholder Return Shares

The table below presents the payout percentage for vested TSR awards:

Award	Fiscal year vested	Payout (%)
2021 award	Fiscal 2024	128%
2020 award	Fiscal 2023	148%
2019 award	Fiscal 2022	137%

Performance Contingent Return On Invested Capital Shares

Payout Percentage of Vested Total Shareholder Return Shares

The table below presents the payout percentage for vested ROIC awards:

Award	Fiscal year vested	Payout (%)
2021 award	Fiscal 2024	125%
2020 award	Fiscal 2023	125%
2019 award	Fiscal 2022	125%