Shareholder's Equity and Equity-based Compensation (Tables)

9 Months Ended

Sep. 28, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Profit Interest Units Activity

A summary of the PIU activity under the PIUs Plan is presented in the table below (units in millions):

	Class A-1 Units		Class B-1 Units			Class B-2 Units			Class B-3 Units
Nonvested as of December 30, 2023		—		0.5			30.8			23.2
Granted				—			—			—
Vested				(0.1	)		—			—
Forfeited				—			(0.1	)		(0.2	)
Nonvested as of September 28, 2024		—		0.4			30.7			23.0
Vested as of September 28, 2024		7.5		30.3			—			—

Weighted average grant date fair value per unit is as follows:

	Class A-1 Units		Class B-1 Units		Class B-2 Units		Class B-3 Units
Nonvested as of December 30, 2023	$	—	$	0.43	$	0.35	$	0.29
Granted				—		—		—
Vested				0.23		—		—
Forfeited				—		0.43		0.40
Nonvested as of September 28, 2024	$	—	$	0.45	$	0.35	$	0.29
Vested as of September 28, 2024	$	0.72	$	0.38	$	—	$	—

Summary of the Stock Option Activity

A summary of the stock option activity under the 2022 Plan, the weighted average exercise price per option, and the weighted average grant date fair value per option is presented in the table below:

	Number of Stock Options (in millions) (1)		Weighted Average Exercise Price (1)		Weighted Average Grant Date Fair Value (1)		Weighted Average Remaining Contractual Term (years) (1)		Aggregate Intrinsic Value (in millions) (1)
Outstanding as of December 30, 2023		1.7	$	21.14	$	9.68
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Expired		—		—		—
Outstanding as of September 28, 2024		1.7	$	21.14	$	9.68		7.46	$	6.5
Exercisable as of September 28, 2024		1.1	$	21.13	$	9.70		7.51	$	4.2

(1)The equity-based compensation awards disclosures have been retrospectively adjusted to reflect the Common Stock Conversion. Refer to Note 1, Organization and Summary of Significant Accounting Policies, and Note 18, Subsequent Events, for further information.

Summary of RSU Activity

A summary of the RSU activity under the 2022 Plan and the weighted average grant date fair value per unit is presented in the table below (RSUs in millions):

	Cash-Settled
	Number of RSUs -  Liability- Classified (1)			Weighted Average Grant Date Fair Value (1)
Nonvested as of December 30, 2023		0.5		$	21.13
Granted		—			—
Vested		(0.2	)		21.24
Forfeited		—			—
Nonvested as of September 28, 2024		0.3		$	21.05

(1)The equity-based compensation awards disclosures have been retrospectively adjusted to reflect the Common Stock Conversion. Refer to Note 1, Organization and Summary of Significant Accounting Policies, and Note 18, Subsequent Events, for further information.

Monte Carlo Simulation Model

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary Of Valuation Assumptions

The assumptions that impacted the Monte Carlo Simulation model related to the March 2024 modification to the PIUs Plan are as follows:

Equity value (in millions)	$2,041.0
Risk free interest rate	5.14%
Expected dividend yield	0.00%
Expected term	0.75 year
Expected volatility	30%

Black-Scholes Model

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary Of Valuation Assumptions

The assumptions that impacted the Black-Scholes model for stock options are as follows:

	Nine Months Ended
	September 28, 2024	September 30, 2023
Stock price (1)	$21.78 - $25.04	$24.12 - $29.15
Risk-free interest rate	3.55% - 4.40%	3.56% - 4.60%
Expected dividend yield	0.00%	0.00%
Expected term	3.51 - 4.13 years	4.51 - 5.13 years
Expected volatility	40% - 45%	40% - 45%

(1)The equity-based compensation awards disclosures have been retrospectively adjusted to reflect the Common Stock Conversion. Refer to Note 1, Organization and Summary of Significant Accounting Policies, and Note 18, Subsequent Events, for further information.