Share-Based Compensation (Tables)

12 Months Ended

Dec. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes stock option activity during 2024:

	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Outstanding at December 31, 2023	10,490	$	19.55
Granted	1,846	16.72
Exercised	(2,072)	16.47
Forfeited and/or expired	(1,131)	21.64
Outstanding at December 29, 2024	9,133	$	19.42	4.74	$	4,438
Vested or expected to vest at December 29, 2024	9,045	$	19.43	4.70	$	4,438
Exercisable at December 29, 2024	6,525	$	19.93	3.34	$	4,438

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

The weighted average grant date fair value of stock options was determined using the following assumptions:

	2024		2023		2022
Risk-free interest rate	3.62	%	4.31	%	3.00	%
Expected option life in years	5.25		5.01		4.75
Expected volatility	36.25	%	36.79	%	37.82	%
Expected dividend yield	5.99	%	4.64	%	2.34	%

Schedule of Non-vested Restricted Stock Units Activity

The following table summarizes activity of Restricted Shares during 2024:

	Number of Restricted Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2023	1,372	$	20.42
Granted	1,174	17.49
Vested	(710)	19.32
Forfeited	(122)	21.55
Non-vested at December 29, 2024	1,714	$	18.81

Schedule of Share-based Payment Award, Performance Share Awards, Valuation Assumptions

The input variables are noted in the table below:

	2024		2023		2022
Risk-free interest rate	4.38	%	4.31	%	1.71	%
Expected life in years	3.00		3.00		3.00
Expected volatility	29.60	%	34.95	%	52.33	%
Expected dividend yield (a)	0.00	%	0.00	%	0.00	%

_______________

(a)The Monte Carlo method assumes a reinvestment of dividends.

Schedule of Non-vested Performance-based Units Activity

The following table summarizes activity of performance shares at Target during 2024:

	Performance Condition Awards			Market Condition Awards
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2023	608	$	21.66	494	$	26.68
Granted	277	18.00		402	19.85
Dividend equivalent units issued (a)	33	—		37	—
Vested (b)	(213)	20.21		—	—
Forfeited	(118)	21.97		(284)	24.35
Non-vested at December 29, 2024	587	$	20.32	649	$	23.27

_______________

(a)Dividend equivalent units are issued in lieu of cash dividends for non-vested performance shares. There is no weighted average fair value associated with dividend equivalent units.

(b)Performance condition awards exclude the vesting of an additional 45 shares, which resulted from the performance of the awards exceeding Target.

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total share-based compensation and the related income tax benefit recognized in the Company’s consolidated statements of operations were as follows:

	Year Ended
	2024		2023		2022
Stock options	$	4,829	$	7,687	$	9,072
Restricted shares	13,857		9,503		7,106
Performance shares:
Performance condition awards	480		2,524		4,431
Market condition awards	3,853		4,033		3,929
Share-based compensation	23,019		23,747		24,538
Less: Income tax benefit	(3,300)		(3,207)		(3,043)
Share-based compensation, net of income tax benefit	$	19,719	$	20,540	$	21,495