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STOCK COMPENSATION PLANS (Tables) | 9 Months Ended
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Oct. 01, 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 Ended |  | Nine Months Ended
|  | October 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022
Pre-tax compensation expense |  | $ | 20,511 |  |  | $ | 18,079 |  |  | $ | 56,351 |  |  | $ | 50,640 |
Related income tax benefit |  | 4,173 |  |  | 2,990 |  |  | 10,481 |  |  | 9,925 |
Schedule of Activity Relating to the Grants of Stock Options | A summary of activity relating to grants of stock options for the period ended October 1, 2023 is as follows:
Stock Options | Shares | Weighted-Average Exercise Price (per share) | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value
Outstanding at beginning of year | 976,634 |  | $104.36 | 3.8 years |
Granted | 5,215 |  | $240.90 |  |
Exercised | (238,117) |  | $103.17 |  |
Outstanding as of October 1, 2023 | 743,732 |  | $105.70 | 3.5 years | $ | 70,417 |
Options exercisable as of October 1, 2023 | 717,677 |  | $103.21 | 3.3 years | $ | 69,525 |
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:
|  | Nine Months Ended
|  | October 1, 2023 |  | October 2, 2022
Dividend yields |  | 1.7 | % |  | 1.9 | %
Expected volatility |  | 20.9 | % |  | 21.1 | %
Risk-free interest rates |  | 4.1 | % |  | 1.9 | %
Expected term in years |  | 6.3 |  | 6.3
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 October 1, 2023 is as follows:
Performance Stock Units and Restricted Stock Units |  | Number of units |  | Weighted-average grant date fair value for equity awards (per unit)
Outstanding at beginning of year |  | 1,141,679 |  |  | $181.91
Granted |  | 293,256 |  |  | $249.46
Performance assumption change (1) |  | 43,898 |  |  | $224.47
Vested |  | (429,751) |  |  | $172.42
Forfeited |  | (21,345) |  |  | $204.92
Outstanding as of October 1, 2023 |  | 1,027,737 |  |  | $206.49
(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.
|  | Nine Months Ended
|  | October 1, 2023 |  | October 2, 2022
Units granted |  | 293,256 |  | 305,109
Weighted-average fair value at date of grant |  | $ | 249.46 |  | $ | 211.29
Monte Carlo simulation assumptions: |  |  |  |
Estimated values |  | $ | 118.90 |  | $ | 100.41
Dividend yields |  | 1.7 | % |  | 1.8 | %
Expected volatility |  | 19.2 | % |  | 25.3 | %

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -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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