INCENTIVE COMPENSATION (Tables)

12 Months Ended

Dec. 26, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Awards

The following awards were outstanding during 2021:

Benefit Plan	Award Type	Grant Date	Grant Date Fair Value per Award	Vesting Condition	Vesting Date	Intended Settlement Method	Milestone Date Fair Value per Award	Awards Granted	Performance Target Achievement Award Adjustment	Awards Forfeited to Date
2009 LTIP	RSU	3/1/2018	$24.93	Service	(a)	Stock	NA	163,764	—	(51,491)
2009 LTIP	RSU	3/1/2018	$24.93	Performance/Service	(b)	Stock	NA	217,253	(53,376)	(83,527)
2009 LTIP	RSU	3/1/2018	$24.93	Performance/Service	(c)	Cash	$27.55	66,272	(17,863)	(15,235)
2009 LTIP	RSU	5/10/2018	$21.54	Service	(d)	Stock	NA	8,358	—	—
2009 LTIP	RSU	1/7/2019	$16.47	Performance/Service	(e)	Stock	NA	414,620	39,620	(198,103)
2009 LTIP	RSU	1/7/2019	$16.47	Performance/Service	(f)	Cash	$27.55	109,654	13,705	—
2009 LTIP	RSU	5/24/2019	$27.86	Service	(d)	Stock	NA	11,170	—	—
2019 LTIP	RSU	1/8/2020	$30.94	Performance/Service	(g)	Stock	NA	195,149	115,676	(66,930)
2019 LTIP	RSU	1/8/2020	$30.94	Performance/Service	(h)	Cash	$27.55	121,310	71,573	—
2019 LTIP	RSU	4/29/2020	$22.01	Service	(d)	Stock	NA	13,630	—	—
2019 LTIP	RSU	1/8/2021	$19.73	Service	(i)	Stock	NA	95,000	—	—
2019 LTIP	RSU	1/8/2021	$19.73	Service	(j)	Cash	$27.55	50,000	—	—
2019 LTIP	RSU	1/8/2021	$19.73	Performance/Service	(k)	Stock	NA	300,000	—	—
2019 LTIP	RSU	1/8/2021	$19.73	Performance/Service	(l)	Cash	$27.55	100,000	—	—
2019 LTIP	RSU	2/10/2021	$22.96	Performance/Service	(m)	Stock	NA	307,986	—	(35,558)
2019 LTIP	RSU	2/10/2021	$22.96	Performance/Service	(n)	Cash	$27.55	208,117	—	—
2019 LTIP	RSU	3/15/2021	$25.45	Performance/Service	(o)	Stock	NA	27,350	—	—
2019 LTIP	RSU	4/28/2021	$24.69	Service	(d)	Stock	NA	14,586	—	—
2019 LTIP	RSU	5/3/2021	$23.81	Service	(p)	Stock	NA	31,500	—	—
2019 LTIP	RSU	8/16/2021	$27.46	Performance/Service	(q)	Stock	NA	5,470	—	—

(a)    The restricted stock units vest in ratable tranches on December 31, 2018, December 31, 2019 and December 31, 2020. Compensation cost related to these units totals $2.8 million based on a closing stock price for the Company’s common stock of $24.93 per share on March 1, 2018. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(b)    The restricted stock units vested or will vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Performance target achievement was 65%. Expected compensation cost related to these units totals $2.1 million based on a closing stock price for the Company’s common stock of $24.93 per share on March 1, 2018. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(c)    The restricted stock units vested or will vest in ratable tranches on December 31, 2019, December 31, 2020 and December 31, 2021. Performance target achievement was 65%. Expected compensation cost related to these units totals $0.9 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(d)    These restricted stock units were granted to the non-employees who currently serve on the Company’s Board of Directors. Each participating director’s units will vest upon his or her departure from the Company’s Board of Directors. Compensation cost was recognized in profit/loss upon the grant date.

(e)    The restricted stock units vested or will vest in ratable tranches on December 31, 2020, December 31, 2021 and December 31, 2022. Performance target achievement was 112.5%. Expected compensation cost related to these units totals $4.9 million based on a closing stock price for the Company’s common stock of $16.47 per share on January 7, 2019. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(f)    The restricted stock units vest in ratable tranches on December 31, 2020, December 31, 2021 and December 31, 2022. Performance target achievement was 112.5%. Expected compensation cost related to these units totals $3.5 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(g)    The restricted stock units will vest in ratable tranches on December 31, 2021, December 31, 2022 and December 31, 2023. Performance target achievement was 159%. Expected compensation cost related to these units totals $2.7 million based on a closing stock price for the Company’s common stock of $30.94 per share on January 8, 2020. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(h)    The restricted stock units will vest in ratable tranches on December 31, 2021, December 31, 2022 and December 31, 2023. Performance target achievement was 159%. Expected compensation cost related to these units totals $5.5 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(i)    The restricted stock units will vest in ratable tranches on July 1, 2022, July 1, 2023 and July 1, 2024. Expected compensation cost related to these units totals $1.9 million based on a closing stock price for the Company’s common stock of $19.73 per share on January 8, 2020. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(j)    The restricted stock units will vest in ratable tranches on July 1, 2022, July 1, 2023 and July 1, 2024. Expected compensation cost related to these units totals $1.4 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(k)    If performance conditions related to the Company’s 2021-2023 cash flows are satisfied, the restricted stock units will vest in ratable tranches on July 1, 2024, July 1, 2025 and July 1, 2026. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $5.9 million based on a closing stock price for the Company’s common stock of $19.73 per share on January 8, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(l)    If performance conditions related to the Company’s 2021-2023 cash flows are satisfied, the restricted stock units will vest in ratable tranches on July 1, 2024, July 1, 2025 and July 1, 2026. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $2.9 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(m)    If performance conditions related to the Company’s 2021 operating results are satisfied, the restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $7.1 million based on a closing stock price for the Company’s common stock of $22.96 per share on February 10, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(n)    If performance conditions related to the Company’s 2021 operating results are satisfied, the restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $7.1 million based on a closing stock price for the Company’s common stock of $27.55 per share on December 26, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(o)    If performance conditions related to the Company’s 2021 operating results are satisfied, the restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $0.7 million based on a closing stock price for the Company’s common stock of $25.45 per share on March 15, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

(p)    The restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Expected compensation cost related to these units totals $0.8 million based on a closing stock price for the Company’s common stock of $23.81 per share on May 3, 2021. Compensation cost will be amortized to profit/loss over the remaining vesting period.

(q)    If performance conditions related to the Company’s 2021 operating results are satisfied, the restricted stock units will vest in ratable tranches on December 31, 2022, December 31, 2023 and December 31, 2024. Assuming we achieve 100% target performance, expected compensation cost related to these units totals $0.2 million based on a closing stock price for the Company’s common stock of $27.46 per share on August 16, 2021. Compensation cost will be amortized to profit/loss upon satisfaction of the performance conditions over the remaining vesting period.

Schedule of Compensation Cost and Income Tax Benefit

Compensation costs and the income tax benefit recognized for our stock-based compensation arrangements are included below:

	2021		2020		2019
	(In thousands)
Equity-based awards compensation cost:
Cost of sales	$	3,209	$	838	$	461
Selling, general and administrative expense	7,420		1,938		9,671
Total cost	10,629		2,776		10,132
Income tax benefit	2,587		676		2,466
Net cost	$	8,042	$	2,100	$	7,666
Liability-based awards compensation cost:
Selling, general and administrative expense	$	7,715	$	1,081	$	671
Income tax benefit	1,878		263		163
Net cost	$	5,837	$	818	$	508

Schedule of RSU Activity

The Company’s RSU activity is included below:

	2021			2020			2019
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Equity-based RSUs:
Outstanding at beginning of year	584	$	22.12	926	$	24.04	1,069	$	22.97
Transferred to liability-based awards	(8)	23.53		(200)	26.91		(36)	24.67
Granted	817	21.58		249	28.14		843	22.01
Vested	(153)	19.48		(66)	24.93		(723)	22.08
Forfeited	(686)	23.44		(325)	25.95		(227)	21.51
Outstanding at end of year	554	$	20.40	584	$	22.12	926	$	24.04

	2021			2020			2019
	Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)		Number	Weighted Average Milestone Date Fair Value(a)
	(In thousands, except weighted average fair values)
Liability-based RSUs:
Outstanding at beginning of year	267	$	19.35	143	$	32.97	—	$	—
Transferred from equity-based awards	8	23.53		200	26.91		36	14.77
Granted	358	21.61		135	29.47		110	16.47
Vested	(59)	20.10		(211)	16.04		(3)	26.86
Forfeited	—	—		—	—		—	—
Outstanding at end of year	574	$	27.55	267	$	19.35	143	$	32.97

(a)    The milestone date fair value is either the closing price of the Company’s common stock on the grant date for equity-based awards or the closing price of a share of the Company’s common stock on the respective milestone date for cash-based liability-based awards (i.e., grant date, vesting date, forfeiture date or financial reporting date).