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

3 Months Ended

Apr. 01, 2023

Share-Based Payment Arrangement [Abstract]

Schedule 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 three month periods ended April 1, 2023, and April 2, 2022, using the Black-Scholes valuation model:

									Three Months Ended
															April 1, 2023						April 2, 2022
Expected term of option (in years)															4.90						5.14
Expected volatility factor															23.99%						22.61%
Expected dividend yield															2.60%						2.68%
Risk-free interest rate															3.99%						2.00%

Schedule of Stock Option Activity

A summary of stock option activity as of and for the three months ended April 1, 2023, is presented below:

			Shares (in thousands)						Exercise Price Per Share*						Remaining Contractual Term* (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2022			2,349						$	163.07
Granted			241						249.26
Exercised			(220)						148.72
Forfeited or expired			(7)						203.98
Outstanding at April 1, 2023			2,363						173.08						5.8						$	175.0
Exercisable at April 1, 2023			1,839						158.34						4.8						162.8

* Weighted-average

Schedule of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested PSUs during the three months ended April 1, 2023, are as follows:

			Shares (in thousands)						Fair Value Price per Share*
Non-vested PSUs at December 31, 2022			199						$	196.51
Granted			58						249.26
Performance assumption change **			12						211.67
Vested			—						—
Cancellations and other			(2)						204.00
Non-vested PSUs at April 1, 2023			267						208.62

*			Weighted-average
**			Reflects the number of PSUs above target levels based on performance metrics.

Schedule of Non-vested Restricted Stock Units Activity

Changes to the company’s non-vested RSUs during the three months ended April 1, 2023, are as follows:

			Shares (in thousands)						Fair Value Price per Share*
Non-vested RSUs at December 31, 2022			58						$	200.16
Granted			26						249.26
Vested			—						—
Cancellations and other			(1)						203.64
Non-vested RSUs at April 1, 2023			83						215.54

* Weighted-average

Schedule 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 three months ended April 1, 2023, and April 2, 2022, using the Black-Scholes valuation model:

			Three Months Ended
			April 1, 2023						April 2, 2022
Expected term of stock-settled SARs (in years)			4.08						4.02
Expected volatility factor			24.68%						23.09%
Expected dividend yield			2.60%						2.68%
Risk-free interest rate			3.87%						1.96%

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three months ended April 1, 2023, and April 2, 2022, using the Black-Scholes valuation model:

			Three Months Ended
			April 1, 2023						April 2, 2022
Expected term of cash-settled SARs (in years)			3.96						3.88
Expected volatility factor			24.42%						23.09%
Expected dividend yield			2.62%						2.79%
Risk-free interest rate			3.60%						2.58%

Schedule of Changes in SARs

A summary of stock-settled SARs as of and for the three months ended April 1, 2023, are as follows:

			Stock-settled SARs (in thousands)						Exercise Price Per Share*						Remaining Contractual Term* (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2022			385						$	170.11
Granted			62						249.26
Exercised			(23)						153.93
Forfeited or expired			(37)						159.87
Outstanding at April 1, 2023			387						184.66						6.8						$	24.3
Exercisable at April 1, 2023			255						163.58						5.6						21.2

* Weighted-average

Changes to the company’s non-vested cash-settled SARs during the three months ended April 1, 2023, are as follows:

			Cash-settled SARs (in thousands)						Fair Value Price per Share*
Non-vested cash-settled SARs at December 31, 2022			2						$	53.24
Granted			1						48.85
Vested			(1)						72.11
Non-vested cash-settled SARs at April 1, 2023			2						54.52

* 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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