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Stock-based Compensation and Other Stock Plans - (Tables)

6 Months Ended

Jul. 03, 2021

Share-based Payment Arrangement [Abstract]

Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model

The following weighted-average assumptions were used in calculating the fair value of stock options granted during the six months ended July 3, 2021, and June 27, 2020, using the Black-Scholes valuation model:

			Six Months Ended
			July 3, 2021						June 27, 2020
Expected term of option (in years)			5.33						5.53
Expected volatility factor			21.80%						21.67%
Expected dividend yield			2.59%						2.78%
Risk-free interest rate			0.67%						1.50%

Summary of Stock Option Activity

A summary of stock option activity as of and for the six months ended July 3, 2021, is presented below:

			Shares (in thousands)						Exercise Price Per Share*						Remaining Contractual Term* (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at January 2, 2021			3,120						$	142.47
Granted			333						189.91
Exercised			(877)						144.66
Forfeited or expired			(23)						168.73
Outstanding at July 3, 2021			2,553						147.67						6.0						$	194.6
Exercisable at July 3, 2021			1,790						138.09						4.8						153.6

* Weighted-average

Summary of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested PSUs and RSUs during the six months ended July 3, 2021, are as follows:

			Shares (in thousands)						Fair Value Price per Share*
Non-vested performance awards at January 2, 2021			76						$	155.61
Granted			127						187.12
Vested			—						—
Cancellations and other			(3)						181.51
Non-vested performance awards at July 3, 2021			200						175.18

* Weighted-average

Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the six months ended July 3, 2021, and June 27, 2020, using the Black-Scholes valuation model:

			Six Months Ended
			July 3, 2021						June 27, 2020
Expected term of stock-settled SARs (in years)			3.94						3.75
Expected volatility factor			22.50%						22.50%
Expected dividend yield			2.59%						2.78%
Risk-free interest rate			0.19%						1.42%

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six months ended July 3, 2021, and June 27, 2020, using the Black-Scholes valuation model:

			Six Months Ended
			July 3, 2021						June 27, 2020
Expected term of cash-settled SARs (in years)			3.59						3.43
Expected volatility factor			22.49%						32.04%
Expected dividend yield			2.20%						3.23%
Risk-free interest rate			0.45%						0.19%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the six months ended July 3, 2021, are as follows:

			Stock-settled SARs (in thousands)						Exercise Price Per Share*						Remaining Contractual Term* (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at January 2, 2021			502						$	151.59
Granted			83						189.89
Exercised			(48)						144.52
Forfeited or expired			(136)						152.26
Outstanding at July 3, 2021			401						160.06						7.2						$	25.6
Exercisable at July 3, 2021			230						151.12						5.8						16.7

* Weighted-average

Changes to the company’s non-vested cash-settled SARs during the six months ended July 3, 2021, are as follows:

			Cash-settled SARs (in thousands)						Fair Value Price per Share*
Non-vested cash-settled SARs at January 2, 2021			2						$	36.99
Granted			1						44.24
Vested			(1)						62.80
Non-vested cash-settled SARs at July 3, 2021			2						54.36

* Weighted-average

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Share-based compensation arrangement by share-based payment award, fair value assumptions.

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year.

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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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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.

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