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Stock-Based Compensation (Tables) | 12 Months Ended
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Jan. 03, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation and Related Tax Benefits Recognized Under all Plans | Stock-based compensation and related tax benefits recognized under all plans were as follows:
|  | Year Ended
(in millions) |  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Total stock-based compensation expense |  | $ | 85 |  |  | $ | 77 |  |  | $ | 73 |
Tax benefits recognized from stock-based compensation |  | 17 |  |  | 17 |  |  | 16 |
Schedule of Weighted Average Grant-Date Fair Value and Assumptions Used | The weighted average grant-date fair value and assumptions used to determine fair value of stock options granted for the periods presented were as follows:
|  | Year Ended
|  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Weighted average grant-date fair value |  | $ | 35.45 |  |  | $ | 25.21 |  | $ | 24.67
Expected term (in years) |  | 4.5 |  | 4.7 |  | 4.7
Expected volatility |  | 28.7 | % |  | 28.6 | % |  | 29.5 | %
Risk-free interest rate |  | 4.1 | % |  | 4.0 | % |  | 1.6 | %
Dividend yield |  | 1.3 | % |  | 1.4 | % |  | 1.6 | %
The Monte Carlo simulation assumptions used for the periods presented were as follows:
|  | Year Ended
|  | January 3, 2025 |  | December 29, 2023 |  | December 30, 2022
Expected volatility |  | 24.86 | % |  | 26.35 | % |  | 33.18 | %
Risk free rate of return |  | 4.20 | % |  | 4.33 | % |  | 1.61 | %
Weighted average grant date stock price |  | $ | 130.15 |  |  | $ | 93.90 |  |  | $ | 107.67 |
Schedule of Stock Option Activity | Stock option activity for each of the periods presented was as follows:
|  | Shares of stock under stock options |  | Weighted average exercise price |  | Weighted average remaining contractual term |  | Aggregate intrinsic value
|  | (in millions) |  |  |  | (in years) |  | (in millions)
Outstanding at December 31, 2021 |  | 2.1 |  |  | $ | 65.18 |  |  | 3.5 |  | $ | 54 |
Options granted |  | 0.3 |  |  | 105.01 |  |  |  |  |
Options forfeited or expired |  | — |  |  | 92.10 |  |  |  |  |
Options exercised |  | (0.6) |  |  | 39.26 |  |  |  |  | 41 |
Outstanding at December 30, 2022 |  | 1.8 |  |  | $ | 81.45 |  |  | 3.9 |  | $ | 42 |
Options granted |  | 0.3 |  |  | 92.71 |  |  |  |  |
Options forfeited or expired |  | — |  |  | 95.05 |  |  |  |  |
Options exercised |  | (0.2) |  |  | 53.78 |  |  |  |  | 9 |
Outstanding at December 29, 2023 |  | 1.9 |  |  | $ | 86.22 |  |  | 3.7 |  | $ | 41 |
Options granted |  | 0.2 |  |  | 130.81 |  |  |  |  |
Options forfeited or expired |  | (0.1) |  |  | 106.09 |  |  |  |  |
Options exercised |  | (0.8) |  |  | 80.93 |  |  |  |  | 43 |
Outstanding at January 3, 2025 |  | 1.2 |  |  | $ | 97.53 |  |  | 3.9 |  | $ | 58 |
Exercisable at January 3, 2025 |  | 0.6 |  |  | $ | 86.05 |  |  | 2.7 |  | $ | 36 |
Vested and expected to vest in the future as of January 3, 2025 |  | 1.2 |  |  | $ | 97.34 |  |  | 3.9 |  | $ | 58 |
Schedule of Restricted Stock Units and Awards Activity | Restricted stock units and awards activity for each of the periods presented was as follows:
(in millions) |  | Shares of stock under stock awards |  | Weighted average grant- date fair value
Unvested stock awards at December 31, 2021 |  | 1.4 |  |  | $ | 88.89 |
Awards granted |  | 0.5 |  |  | 104.78 |
Awards forfeited |  | (0.1) |  |  | 99.38 |
Awards vested |  | (0.5) |  |  | 74.20 |
Unvested stock awards at December 30, 2022 |  | 1.3 |  |  | $ | 98.52 |
Awards granted |  | 0.6 |  |  | 95.82 |
Awards forfeited |  | (0.1) |  |  | 97.18 |
Awards vested |  | (0.4) |  |  | 97.65 |
Unvested stock awards at December 29, 2023 |  | 1.4 |  |  | $ | 97.71 |
Awards granted |  | 0.5 |  |  | 133.06 |
Awards forfeited |  | (0.1) |  |  | 107.67 |
Awards vested |  | (0.6) |  |  | 94.94 |
Unvested stock awards at January 3, 2025 |  | 1.2 |  |  | $ | 111.43 |
Schedule of Performance-Based Stock Award Activity | Performance-based stock award activity for each of the periods presented was as follows:
(in millions) |  | Expected number of shares of stock to be issued under performance-based stock awards |  | Weighted average grant- date fair value
Unvested at December 31, 2021 |  | 0.5 |  |  | $ | 88.72 |
Awards granted |  | 0.2 |  |  | 114.98 |
Awards forfeited |  | — |  |  | 103.06 |
Awards vested |  | (0.2) |  |  | 67.79 |
Unvested at December 30, 2022 |  | 0.5 |  |  | $ | 106.70 |
Awards granted |  | 0.2 |  |  | 99.34 |
Awards forfeited |  | — |  |  | 104.90 |
Awards vested |  | (0.1) |  |  | 116.37 |
Unvested at December 29, 2023 |  | 0.6 |  |  | $ | 102.22 |
Awards granted |  | 0.1 |  |  | 176.69 |
Awards forfeited |  | (0.1) |  |  | 117.15 |
Awards vested |  | (0.2) |  |  | 88.81 |
Unvested at January 3, 2025 |  | 0.4 |  |  | $ | 123.89 |

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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 number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -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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- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -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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