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

9 Months Ended

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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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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