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

6 Months Ended

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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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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