v3.26.3
Employee Awards
9 Months Ended
Sep. 26, 2026
Share-Based Payment Arrangement [Abstract]  
Employee Awards Employee Awards
Prior to our initial public offering (the “IPO”), we issued time-vested and performance-vested cash awards to certain employees. The time-vested cash awards vest over a time period of three years, and the performance-vested cash awards vest upon the achievement of a certain performance target measured after a time period of three years. The performance condition for the cash awards for grants to management is based on earnings growth. Cumulative compensation expense for cash awards is recognized as a liability. Each cash award has a fixed fair value of $1.00. We recognize these compensation costs, net of an estimated forfeiture rate, over the requisite service period of the award, which is the vesting term of the outstanding cash award. We estimate the forfeiture rate based on our historical experience.
In connection with our IPO, our board of directors adopted, and our stockholders approved, the 2024 Stock Incentive Plan (the “2024 Plan”) as more fully described in Note 2, “Significant Accounting Policies” to the Consolidated Financial Statements included in our Annual Report. Subsequent to the IPO, we began granting time-vesting restricted stock units that vest over a time period of three years, and the performance-vesting restricted stock units that vest upon the achievement of certain performance targets measured after a time period of three years. The fair value of each award is determined based on the closing stock price at the date of grant, reduced by the present value of estimated dividends over the vesting period. We recognize the compensation costs over the requisite service period of the award, which is the vesting term of the outstanding award, and we account for forfeitures as they occur.
Cash-based awards
Activity related to the cash awards is as follows:
Number of Cash Awards
Non-vested at December 27, 202540,268,772 
Vested(16,691,468)
Forfeited(7,316,587)
Non-vested at September 26, 202616,260,717 

Thirteen Weeks EndedThirty-Nine Weeks Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Compensation expense - cash awards$1,830 $3,925 $4,628 $13,893 
Related income tax benefit$458 $981 $1,157 $3,473 
As of September 26, 2026, the unrecognized compensation costs related to the cash awards were $5,204. We expect these costs to be recognized over a remaining weighted-average period of approximately 0.7 years.
Stock-based awards
Activity related to the time-vesting restricted stock units granted under the 2024 Plan was as follows:
Number of AwardsWeighted-Average Grant Date Fair Value
Non-vested at December 27, 20252,090,308 $20.03 
Granted1,295,678 27.39 
Vested(455,926)19.03 
Forfeited(181,790)20.93 
Non-vested at September 26, 20262,748,270 $23.61 

Thirteen Weeks EndedThirty-Nine Weeks Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Compensation expense$5,606 $4,048 $24,434 $11,637 
Related income tax benefit$882 $541 $4,208 $1,809 
As of September 26, 2026, the unrecognized compensation costs related to the time-vesting restricted stock units were $40,370. We expect these costs to be recognized over a remaining weighted-average period of approximately 1.3 years.
Activity related to the performance-vesting restricted stock units granted under the 2024 Plan was as follows:
Number of AwardsWeighted-Average Grant Date Fair Value
Non-vested at December 27, 20253,666,980 $17.93 
Granted1,185,630 26.97 
Forfeited(355,362)18.14 
Non-vested at September 26, 20264,497,248 $20.30 

Thirteen Weeks EndedThirty-Nine Weeks Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Compensation expense$4,375 $1,970 $9,758 $3,470 
Related income tax benefit$563 $178 $1,135 $374 
As of September 26, 2026, the unrecognized compensation costs related to the performance-vesting restricted stock units were $38,901. We expect these costs to be recognized over a remaining weighted-average period of approximately 2.1 years. We have not recognized any compensation costs related to the performance-vesting restricted stock units issued in connection with the IPO as the performance condition depends on the occurrence of a qualifying event, which is not deemed probable until it occurs.