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Common Stock, Stock Option Plans and Stock Compensation Agreements (Tables)

12 Months Ended

Jan. 01, 2023

Share-Based Payment Arrangement [Abstract]

Schedule Valuation Assumptions

The average fair value of options granted was $23.23, $20.86 and $16.42, in fiscal years 2022, 2021 and 2020, respectively. The fair value was estimated based on the weighted average assumptions of:

			2022						2021						2020
Risk-free rate			1.98		%				0.83		%				1.47		%
Expected volatility			18.00		%				18.59		%				15.33		%
Expected life (in years)			7.0						7.0						7.0
Expected dividend yield			2.70		%				2.50		%				2.60		%

Summary of Stock Option Activity

A summary of option activity under the Plan as of January 1, 2023, January 2, 2022 and January 3, 2021, and changes during the years ending on those dates is presented below:

(Shares in Thousands)						Outstanding Shares						Weighted Average Exercise Price						Aggregate Intrinsic Value (Dollars in Millions)
Shares at December 29, 2019						111,637						$	105.63					$	4,478
Options granted						20,723						151.41
Options exercised						(16,275)						86.05
Options canceled/forfeited						(1,835)						137.62
Shares at January 3, 2021						114,250						116.22						4,703
Options granted						18,525						164.62
Options exercised						(13,248)						97.48
Options canceled/forfeited						(2,166)						149.75
Shares at January 2, 2022						117,361						125.36						5,364
Options granted						19,809						165.89
Options exercised						(16,310)						100.15
Options canceled/forfeited						(2,188)						160.56
Shares at January 1, 2023						118,672						$	134.95					$	4,949

Summary of Options Outstanding

The following table summarizes stock options outstanding and exercisable at January 1, 2023:

(Shares in Thousands)						Outstanding																		Exercisable
Exercise Price Range						Options						Average Life(1)						Weighted Average Exercise Price						Options						Weighted Average Exercise Price
$72.54-$100.48						17,221						1.5						$93.07						17,221						$93.07
$101.87-$115.67						22,039						3.6						$108.78						22,039						$108.78
$129.51-$141.06						24,870						5.7						$130.88						24,228						$130.85
$151.41-$164.62						35,465						7.6						$157.75						150						$156.21
$164.63-$165.89						19,077						9.1						$165.89						23						$165.89
						118,672						5.8						$134.95						63,661						$113.06

(1) Average contractual life remaining in years.

Summary of Restricted Share Units

A summary of the restricted share units and performance share units activity under the Plans as of January 1, 2023 is presented below:

(Shares in Thousands)						Outstanding Restricted Share Units						Outstanding Performance Share Units
Shares at January 2, 2022						14,122						2,312
Granted						5,154						753
Issued						(4,866)						(637)
Canceled/forfeited/adjusted						(794)						(71)
Shares at January 1, 2023						13,616						2,357

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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