Stock-based Compensation (Tables)

12 Months Ended

Dec. 30, 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 fiscal year 2023, 2022 and 2021 under the Black-Scholes-Merton option pricing model: 

	Fiscal Year
	2023	2022	2021
Expected volatility	35.4% to 35.7%	32.7% to 39.8%	31.3% to 36.2%
Risk-free interest rate	3.4% to 4.2%	1.8% to 3.6%	0.5% to 0.6%
Expected term (in years)	6.5	6.5	6.5

The following assumptions were used to remeasure the fair value of performance-based options resulting from the October 2022 and May 2023 modifications under the Black-Scholes-Merton option pricing model:

	Fiscal Year
	2023	2022
Expected volatility	35.5%	35.1%
Risk-free interest rate	3.5%	3.8%
Expected term (in years)	6.5	6.5

The following assumptions were used to remeasure the fair value of performance-based options resulting from the July 2023 modifications under the Monte Carlo simulation:

	Fiscal Year
	2023
Expected volatility	35.0%
Risk-free interest rate	3.55% to 3.74%
Expected term (in years)	3.1 to 6.6

Share-Based Payment Arrangement, Option, Activity

The following table summarizes activity related to time-based options: 

(in thousands, except per share amounts and remaining term)	Number of options	Weighted average exercise price per share		Weighted average remaining contractual term (in years)	Aggregate intrinsic value
Outstanding at December 31, 2022	6,976	$	4.99	7.66	$	60,229
Granted	933	13.96
Exercised	(186)	1.52
Forfeited or expired	(193)	13.00
Outstanding at December 30, 2023	7,530	5.99		6.93	85,774
Exercisable at December 30, 2023	4,063	3.04		6.16	58,280

Share-Based Payment Arrangement, Performance Shares, Activity

The following table summarizes activity related to performance-based options: 

(in thousands, except per share amounts and remaining term)	Number of options	Weighted average exercise price per share		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 December 30, 2023	7,948	2.05		5.78	121,750
Exercisable at December 30, 2023	1,987	2.05		5.78	30,438

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes activity related to RSUs as of December 30, 2023:

(in thousands, except per share amounts)	Number of units	Weighted average grant-date fair value per share
Unvested at December 31, 2022	—	$	—
Granted	562	22.82
Forfeited or expired	(15)	22.91
Unvested at December 30, 2023	547	22.81