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Stock-based Compensation and Other Stock Plans - (Tables) | 6 Months Ended
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Jul. 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 the three and six month periods ended July 1, 2023, and July 2, 2022, using the Black-Scholes valuation model:
| Three Months Ended |  | Six Months Ended
| July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Expected term of option (in years) | 3.80 |  | 3.74 |  | 4.89 |  | 5.14
Expected volatility factor | 24.52% |  | 23.12% |  | 23.99% |  | 22.61%
Expected dividend yield | 2.48% |  | 2.73% |  | 2.60% |  | 2.68%
Risk-free interest rate | 3.63% |  | 2.73% |  | 3.99% |  | 2.00%
Schedule of Stock Option Activity | A summary of stock option activity as of and for the six months ended July 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 |  |  | 249.28 |  |  |  |  |
Exercised | (450) |  |  | 152.60 |  |  |  |  |
Forfeited or expired | (18) |  |  | 215.97 |  |  |  |  |
Outstanding at July 1, 2023 | 2,122 |  |  | 174.65 |  |  | 5.6 |  | $ | 240.9 |
Exercisable at July 1, 2023 | 1,609 |  |  | 158.64 |  |  | 4.5 |  | 208.4 |
* | Weighted-average |
Schedule of Changes in Non-Vested Performance Awards | Changes to the company’s non-vested PSUs during the six months ended July 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 ** | 14 |  |  | 211.67 |
Vested | — |  |  | — |
Cancellations and other | (4) |  |  | 215.56 |
Non-vested PSUs at July 1, 2023 | 267 |  |  | 208.54 |
* | 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 six months ended July 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 | (2) |  |  | 215.96 |
Non-vested RSUs at July 1, 2023 | 82 |  |  | 215.39 |
* | 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 six months ended July 1, 2023, and July 2, 2022, using the Black-Scholes valuation model:
| Six Months Ended
| July 1, 2023 |  | July 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 six months ended July 1, 2023, and July 2, 2022, using the Black-Scholes valuation model:
| Six Months Ended
| July 1, 2023 |  | July 2, 2022
Expected term of cash-settled SARs (in years) | 3.80 |  | 3.58
Expected volatility factor | 24.06% |  | 23.68%
Expected dividend yield | 2.25% |  | 2.87%
Risk-free interest rate | 4.49% |  | 2.85%
Schedule of Changes in SARs | A summary of stock-settled SARs as of and for the six months ended July 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 | (46) |  |  | 151.92 |  |  |  |  |
Forfeited or expired | (71) |  |  | 161.41 |  |  |  |  |
Outstanding at July 1, 2023 | 330 |  |  | 189.32 |  |  | 6.9 |  | $ | 32.6 |
Exercisable at July 1, 2023 | 199 |  |  | 165.46 |  |  | 5.6 |  | 24.4 |
* | Weighted-average |
Changes to the company’s non-vested cash-settled SARs during the six months ended July 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 |  |  | 76.12 |
Vested | (1) |  |  | 110.38 |
Non-vested cash-settled SARs at July 1, 2023 | 2 |  |  | 86.09 |
* | 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(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 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -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 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -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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