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Common stock, stock option plans and stock compensation agreements (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule Valuation Assumptions | The average fair value of options granted was $27.85, $23.23 and $20.86, in fiscal years 2023, 2022 and 2021, respectively. The fair value was estimated based on the weighted average assumptions of:
| 2023 |  | 2022 |  | 2021
Risk-free rate | 3.74 | % |  | 1.98 | % |  | 0.83 | %
Expected volatility | 17.69 | % |  | 18.00 | % |  | 18.59 | %
Expected life (in years) | 7.0 |  | 7.0 |  | 7.0
Expected dividend yield | 2.90 | % |  | 2.70 | % |  | 2.50 | %
Summary of Stock Option Activity | A summary of option activity under the Plan as of December 31, 2023, is presented below:
(Shares in Thousands) |  | Outstanding Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value (Dollars in Millions)
Shares at January 1, 2023 |  | 118,672 |  | $134.95 |  | $4,949
Options granted |  | 16,320 |  | 162.75 |  |
Options exercised |  | (12,386) |  | 109.48 |  |
Options canceled/forfeited* |  | (10,368) |  | 155.62 |  |
Shares at December 31, 2023 |  | 112,238 |  | $139.88 |  | $2,239
Summary of Options Outstanding | The following table summarizes stock options outstanding and exercisable at December 31, 2023:
(Shares in Thousands) |  | Outstanding |  | Exercisable
Exercise Price Range |  | Options |  | Average Life(1) |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
$90.44 - $101.87 |  | 20,774 |  | 1.4 |  | $99.21 |  | 20,774 |  | $99.21
$115.67 - $129.51 |  | 19,368 |  | 3.6 |  | 122.49 |  | 19,368 |  | 122.49
$131.94 - $151.41 |  | 27,391 |  | 5.6 |  | 142.84 |  | 26,676 |  | 142.61
$162.70 - $162.75 |  | 13,928 |  | 9.1 |  | 162.75 |  | 6 |  | 162.75
$164.62 - $165.89 |  | 30,777 |  | 7.6 |  | 165.29 |  | 174 |  | 165.12
|  | 112,238 |  | 5.5 |  | $139.88 |  | 66,998 |  | $123.39
(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 December 31, 2023 is presented below:
(Shares in Thousands) |  | Outstanding Restricted Share Units |  | Outstanding Performance Share Units
Shares at January 1, 2023 |  | 13,616 |  | 2,357
Granted |  | 5,910 |  | 828
Issued |  | (4,329) |  | (785)
Canceled/forfeited/adjusted* |  | (2,259) |  | (363)
Shares at December 31, 2023 |  | 12,938 |  | 2,037
*includes 1,421 shares of restricted share units and 264 shares of performance share units cancelled as a result of the conversion of Johnson & Johnson restricted share units and performance share units held by Kenvue employees into Kenvue restricted share units

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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