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STOCK COMPENSATION PLANS (Tables)
 6 Months Ended
Jul. 02, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Compensation Costs For the periods presented, compensation expense for all types of stock-based compensation programs and the related income tax benefit recognized were as follows:
Three Months EndedSix Months Ended
July 2, 2023July 3, 2022July 2, 2023July 3, 2022
Pre-tax compensation expense
$16,848 $17,224 $35,840 $32,561 
Related income tax benefit1,978 3,684 6,308 6,935 
Schedule of Activity Relating to the Grants of Stock Options A summary of activity relating to grants of stock options for the period ended July 2, 2023 is as follows:
Stock OptionsSharesWeighted-Average
Exercise Price (per share)		Weighted-Average Remaining
Contractual Term		Aggregate Intrinsic Value
Outstanding at beginning of year976,634 $104.363.8 years
Granted5,215 $240.90
Exercised(216,977)$102.93
Outstanding as of July 2, 2023
764,872 $105.693.7 years$110,146 
Options exercisable as of July 2, 2023
738,817 $103.283.6 years$108,179 
Schedule of Fair Value Estimated on the Grant Date and the Weighted Average Assumptions The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:
Six Months Ended
July 2, 2023July 3, 2022
Dividend yields
1.7 %1.9 %
Expected volatility20.9 %21.1 %
Risk-free interest rates
4.1 %1.9 %
Expected term in years6.36.3
Schedule of Activity Relating to Grants of PSUs and RSUs
A summary of activity relating to grants of PSUs and RSUs for the period ended July 2, 2023 is as follows:
Performance Stock Units and Restricted Stock Units
Number of unitsWeighted-average grant date fair value for equity awards (per unit)
Outstanding at beginning of year
1,141,679 $181.91
Granted
286,363 $249.97
Performance assumption change (1)
90,139 $303.24
Vested
(418,071)$172.11
Forfeited
(15,070)$203.38
Outstanding as of July 2, 2023
1,085,040 $213.43
(1)Reflects the net number of PSUs above and below target levels based on the performance metrics.
Schedule of Information Pertaining to Fair Value of PSUs and RSUs Granted for Potential Future Distribution The following table sets forth information about the fair value of the PSUs and RSUs granted for potential future distribution to employees and non-employee directors. In addition, the table provides assumptions used to determine the fair value of the market-based total shareholder return component using the Monte Carlo simulation model on the date of grant.
Six Months Ended
July 2, 2023July 3, 2022
Units granted
286,363294,729
Weighted-average fair value at date of grant
$249.97$210.80
Monte Carlo simulation assumptions:
Estimated values$118.90$100.41
Dividend yields1.7 %1.8 %
Expected volatility19.2 %25.3 %