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Stock-based Compensation and Other Stock Plans - (Tables) | 9 Months Ended
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Oct. 01, 2022
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 nine month periods ended October 1, 2022, and October 2, 2021, using the Black-Scholes valuation model:
|  |  | Nine Months Ended
|  |  |  |  | October 1, 2022 |  | October 2, 2021
Expected term of option (in years) |  |  |  |  | 5.14 |  | 5.33
Expected volatility factor |  |  |  |  | 22.61% |  | 21.80%
Expected dividend yield |  |  |  |  | 2.68% |  | 2.59%
Risk-free interest rate |  |  |  |  | 2.00% |  | 0.67%
Summary of Stock Option Activity | A summary of stock option activity as of and for the nine months ended October 1, 2022, is presented below:
| Shares (in thousands) |  | Exercise Price Per Share* |  | Remaining Contractual Term* (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2022 | 2,432 |  |  | $ | 151.32 |  |  |  |  |
Granted | 289 |  |  | 211.41 |  |  |  |  |
Exercised | (232) |  |  | 122.21 |  |  |  |  |
Forfeited or expired | (16) |  |  | 183.40 |  |  |  |  |
Outstanding at October 1, 2022 | 2,473 |  |  | 160.86 |  |  | 5.6 |  | $ | 103.1 |
Exercisable at October 1, 2022 | 1,840 |  |  | 150.18 |  |  | 4.6 |  | 94.2 |
* | Weighted-average |
Summary of Changes in Non-Vested Performance Awards | Changes to the company’s non-vested PSUs and RSUs during the nine months ended October 1, 2022, are as follows:
| Shares (in thousands) |  | Fair Value Price per Share*
Non-vested PSUs and RSUs at January 1, 2022 | 215 |  |  | $ | 180.29 |
Granted | 111 |  |  | 206.58 |
Vested | — |  |  | — |
Cancellations and other | (6) |  |  | 192.40 |
Non-vested PSUs and RSUs at October 1, 2022 | 320 |  |  | 189.21 |
* | 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 nine months ended October 1, 2022, and October 2, 2021, using the Black-Scholes valuation model:
| Nine Months Ended
| October 1, 2022 |  | October 2, 2021
Expected term of stock-settled SARs (in years) | 4.02 |  | 3.94
Expected volatility factor | 23.09% |  | 22.50%
Expected dividend yield | 2.68% |  | 2.59%
Risk-free interest rate | 1.96% |  | 0.19%
The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the nine months ended October 1, 2022, and October 2, 2021, using the Black-Scholes valuation model:
| Nine Months Ended
| October 1, 2022 |  | October 2, 2021
Expected term of cash-settled SARs (in years) | 3.37 |  | 3.34
Expected volatility factor | 23.78% |  | 22.49%
Expected dividend yield | 2.82% |  | 2.35%
Risk-free interest rate | 4.25% |  | 0.49%
Summary of Changes in SARs | A summary of stock-settled SARs as of and for the nine months ended October 1, 2022, 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 1, 2022 | 397 |  |  | $ | 160.09 |  |  |  |  |
Granted | 75 |  |  | 211.67 |  |  |  |  |
Exercised | (16) |  |  | 146.18 |  |  |  |  |
Forfeited or expired | (49) |  |  | 164.83 |  |  |  |  |
Outstanding at October 1, 2022 | 407 |  |  | 169.54 |  |  | 6.5 |  | $ | 13.7 |
Exercisable at October 1, 2022 | 260 |  |  | 155.68 |  |  | 5.2 |  | 11.9 |
* | Weighted-average |
Changes to the company’s non-vested cash-settled SARs during the nine months ended October 1, 2022, are as follows:
| Cash-settled SARs (in thousands) |  | Fair Value Price per Share*
Non-vested cash-settled SARs at January 1, 2022 | 2 |  |  | $ | 47.13 |
Granted | 1 |  |  | 31.48 |
Vested | (1) |  |  | 45.78 |
Non-vested cash-settled SARs at October 1, 2022 | 2 |  |  | 36.45 |
* | Weighted-average |

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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