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Stock-based Compensation and Other Stock Plans (Tables)

12 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model, Stock Options

The following weighted-average assumptions were used in calculating the fair value of stock options granted during 2023, 2022 and 2021, using the Black-Scholes valuation model: 

						2023						2022						2021
Expected term of stock option (in years)						4.89						5.14						5.33
Expected volatility factor						23.99%						22.61%						21.80%
Expected dividend yield						2.60%						2.68%						2.59%
Risk-free interest rate						3.99%						2.00%						0.67%

Summary of Stock Option Activity

A summary of stock option activity during 2023 is presented below: 

						Shares (in thousands)						Exercise  Price per  Share*						Remaining Contractual    Term* (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at beginning of year						2,349						$	163.07
Granted						241						249.28
Exercised						(652)						149.89
Forfeited or expired						(22)						218.12
Outstanding at end of year						1,916						177.79						5.3						$	212.8
Exercisable at end of year						1,407						160.77						4.2						180.2

* Weighted-average

Schedule of Changes in Non-Vested PSUs

Changes to the company’s non-vested PSUs in 2023 are as follows:

						Shares (in thousands)						Fair Value Price per Share*
Non-vested PSUs at beginning of year						199						$	196.51
Granted						58						249.26
Performance assumption change **						61						220.42
Vested						(137)						189.89
Cancellations and other						(4)						215.56
Non-vested PSUs at end of year						177						226.81

* Weighted-average

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

Schedule of Changes in Nonvested RSUs Activity

Changes to the company’s non-vested RSUs in 2023 are as follows:

						Shares (in thousands)						Fair Value Price per Share*
Non-vested RSUs at beginning of year						58						$	200.16
Granted						26						249.26
Vested						(2)						196.64
Cancellations and other						(2)						215.96
Non-vested RSUs at end of year						80						215.84

* Weighted-average

Schedule of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model, SAR's

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during 2023, 2022 and 2021, using the Black-Scholes valuation model:

						2023						2022						2021
Expected term of stock-settled SARs (in years)						4.08						4.02						3.94
Expected volatility factor						24.68%						23.09%						22.50%
Expected dividend yield						2.60%						2.68%						2.59%
Risk-free interest rate						3.87%						1.96%						0.19%

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during 2023, 2022 and 2021, using the Black-Scholes valuation model:

						2023						2022						2021
Expected term of cash-settled SARs (in years)						3.30						3.10						3.09
Expected volatility factor						22.51%						23.67%						22.49%
Expected dividend yield						2.58%						2.84%						2.64%
Risk-free interest rate						4.01%						4.22%						0.97%

Schedule of Changes in SARs

Changes to the company’s stock-settled SARs in 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 beginning of year						385						$	170.11
Granted						62						249.26
Exercised						(50)						152.69
Forfeited or expired						(76)						162.15
Outstanding at end of year						321						189.93						6.5						$	31.8
Exercisable at end of year						189						165.34						5.1						23.4

* Weighted-average

Changes to the company’s non-vested cash-settled SARs in 2023 are as follows:

						Cash-settled SARs (in thousands)						Fair Value  Price per  Share*
Non-vested cash-settled SARs at beginning of year						2						$	53.24
Granted						1						66.83
Vested						(1)						107.13
Non-vested cash-settled SARs at end of year						2						79.16

* Weighted-average

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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