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

9 Months Ended

Sep. 30, 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 nine month periods ended September 30, 2023, and October 1, 2022, using the Black-Scholes valuation model:

									Nine Months Ended
															September 30, 2023						October 1, 2022
Expected term of option (in years)															4.89						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

Below is a summary of stock option activity as of and for the nine months ended September 30, 2023:

			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			(524)						150.06
Forfeited or expired			(22)						218.12
Outstanding at September 30, 2023			2,044						175.99						5.4						$	161.7
Exercisable at September 30, 2023			1,535						159.80						4.4						146.3

* Weighted-average

Schedule of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested PSUs during the nine months ended September 30, 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 **			30						211.67
Vested			—						—
Cancellations and other			(4)						215.56
Non-vested PSUs at September 30, 2023			283						208.71

*			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 nine months ended September 30, 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			(1)						196.44
Cancellations and other			(2)						215.96
Non-vested RSUs at September 30, 2023			81						215.66

* 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 nine months ended September 30, 2023, and October 1, 2022, using the Black-Scholes valuation model:

			Nine Months Ended
			September 30, 2023						October 1, 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 nine months ended September 30, 2023, and October 1, 2022, using the Black-Scholes valuation model:

			Nine Months Ended
			September 30, 2023						October 1, 2022
Expected term of cash-settled SARs (in years)			3.54						3.37
Expected volatility factor			23.97%						23.78%
Expected dividend yield			2.54%						2.82%
Risk-free interest rate			4.80%						4.25%

Schedule of Changes in SARs

Below is a summary of stock-settled SARs as of and for the nine months ended September 30, 2023:

			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			(47)						152.40
Forfeited or expired			(73)						161.76
Outstanding at September 30, 2023			327						189.52						6.7						$	21.4
Exercisable at September 30, 2023			195						165.35						5.4						17.5

* Weighted-average

Changes to the company’s non-vested cash-settled SARs during the nine months ended September 30, 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						51.86
Vested			(1)						79.48
Non-vested cash-settled SARs at September 30, 2023			2						59.29

* 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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