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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense
The table below summarizes the share-based compensation expense for the fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022. Share-based compensation expense is recorded in SG&A expenses in the Consolidated Statements of Operations. As referenced below: (i) “Performance-based RSUs” represent restricted share units with performance-based vesting, (ii) “Time-based RSUs” represent restricted share units with time-based vesting, (iii) “Stock options” represent non-qualified stock options, (iv) “Director share awards” represent common shares issued in consideration of the annual Board retainer fee to non-management members of our Board, and (v) the “ESPP” represents the Primo Water Corporation Employee Share Purchase Plan, under which common shares are issued to eligible employees at a discount through payroll deductions.
For the Fiscal Year Ended
(in millions of U.S. dollars)December 30, 2023December 31, 2022January 1, 2022
Stock options$0.2 $0.8 $3.0 
Performance-based RSUs9.3 6.5 7.4 
Time-based RSUs3.9 8.4 5.5 
Director share awards1.3 1.2 1.3 
ESPP0.2 0.3 0.3 
Total 1
$14.9 $17.2 $17.5 
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1     Includes $0.8 million, $0.8 million, and $2.0 million of share-based compensation expense from our discontinued operations, which is included in Net income (loss) from discontinued operations, net of income taxes on the Consolidated Statements of Operations for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively.
Schedule of Unrecognized Share-based Compensation Expense
As of December 30, 2023, the unrecognized share-based compensation expense and the weighted-average number of years over which we expect it to be recognized were as follows:
(in millions of U.S. dollars, except years)Unrecognized share-based compensation expense as of December 30, 2023Weighted-average years expected to recognize compensation
Performance-based RSUs$11.9 2.4 years
Time-based RSUs4.3 2.0 years
Total$16.2 
Schedule of Stock Option Assumptions
The grant date fair value of stock options granted during the fiscal year ended January 1, 2022 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:
For the Fiscal Year Ended
January 1, 2022
Risk-free interest rate1.2 %
Average expected life (years)6.0
Expected volatility35.9 %
Expected dividend yield1.4 %
Schedule of Stock Option Activity
The following table summarizes the activity for stock options:
Number of Stock options (in thousands)Weighted-average exercise priceWeighted-average contractual term (years)Aggregate intrinsic value (in thousands)
Outstanding as of January 2, 20217,270 $13.07 6.5$20,659.3 
Granted18 17.79 
Exercised(2,382)10.32 17,439.4 
Forfeited or expired(51)13.62 
Outstanding as of January 1, 20224,855 $14.42 6.0$15,588.1 
Exercised(126)10.65 729.9 
Forfeited or expired(205)14.51 
Outstanding as of December 31, 20224,524 $14.52 5.2$6,482.0 
Exercised(364)13.48 771.5 
Forfeited or expired(479)16.89 
Outstanding as of December 30, 20233,681 $14.31 4.5$4,502.4 
Exercisable as of December 30, 20233,677 $14.31 4.5$4,502.4 
Vested or expected to vest as of December 30, 20233,681 $14.31 4.5$4,502.4 
Schedule of Share-Based Payment Award, Valuation Assumptions
The grant date fair value of the 2024 Performance Awards was estimated at the grant date using the Monte-Carlo simulation model with the following weighted-average assumptions:
For the Fiscal Year Ended
December 30, 2023
Risk-free interest rate4.3 %
Average expected life (years)3.07
Expected volatility28.5 %
Beginning TSR price$14.67
Schedule of Performance-based RSU and Time-Based RSU Activity
Number of Performance-based RSUs (in thousands)Weighted-average grant date fair valueNumber of Time-based RSUs (in thousands)Weighted-average grant date fair value
Balance as of January 2, 20211,185 $15.27 548 $14.75 
Awarded484 17.06 665 16.50 
Awarded in connection with modification119 17.46 — — 
Issued(467)17.46 (266)14.59 
Forfeited(75)15.02 (62)14.88 
Balance as of January 1, 20221,246 $15.65 885 $16.10 
Awarded529 15.20 413 15.10 
Awarded in connection with modification44 14.61 — — 
Issued(319)14.61 (420)15.74 
Forfeited(49)16.10 (29)16.42 
Outstanding as of December 31, 20221,451 $15.65 849 $15.78 
Awarded440 18.46 231 14.72 
Awarded in connection with modification228 13.88 — — 
Issued(515)13.88 (460)15.54 
Forfeited(101)16.26 (76)15.52 
Outstanding as of December 30, 20231,503 $16.61 544 $15.29 
Vested or expected to vest as of December 30, 20231,865 $16.55 544 $15.29