Stock-based Compensation (Tables)

6 Months Ended

Jul. 01, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following assumptions apply to time-based options awarded during the twenty-six weeks ended July 1, 2023 and July 2, 2022:

	Twenty-Six Weeks Ended
	July 1, 2023	July 2, 2022
Expected volatility	35.4% to 35.7%	32.7% to 39.8%
Risk-free interest rate	3.4% to 4.2%	1.8% to 3.0%
Expected term (in years)	6.5	6.5
Weighted average fair value options per share	$6.01	$5.13

Share-Based Payment Arrangement, Option, Activity

The following table summarizes the activity related to time-based options as of July 1, 2023:

(in thousands, except per share and remaining term amounts)	Number of options	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding at December 31, 2022	6,976	$	4.99	7.66	$	60,299
Granted	933	13.96
Exercised	(186)	1.52
Forfeited or expired	(100)	12.99
Outstanding at July 1, 2023	7,623	6.07		7.47	57,206
Exercisable at July 1, 2023	3,291	2.42		6.49	35,806

Share-Based Payment Arrangement, Performance Shares, Activity

The following table summarizes the activity related to performance-based options as of July 1, 2023:

(in thousands, except per share and remaining term amounts)	Number of Options	Weighted average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding at December 31, 2022	7,948	$	2.05	7.02	$	90,339
Outstanding at July 1, 2023	7,948	2.05		6.52	89,319

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes the activity related to RSUs as of July 1, 2023:

(in thousands, except per share and remaining term amounts)	Number of Units	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	—	$	—
Granted	553	22.91
Unvested at July 1, 2023	553	22.91