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Stock-based Compensation and Other Stock Plans - (Tables) | 6 Months Ended
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Jun. 29, 2024
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 month period ended July 1, 2023, and the six month periods ended June 29, 2024, and July 1, 2023, using the Black-Scholes valuation model; no stock options were granted during the three month period ended June 29, 2024:
| Three Months Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Expected term of stock option (in years) | N/A |  | 3.80 |  | 4.90 |  | 4.89
Expected volatility factor | N/A |  | 24.52% |  | 23.63% |  | 23.99%
Expected dividend yield | N/A |  | 2.48% |  | 2.76% |  | 2.60%
Risk-free interest rate | N/A |  | 3.63% |  | 4.30% |  | 3.99%
N/A: Not applicable |  |  |  |  |  |  |
Schedule of Stock Option Activity | Below is a summary of stock option activity as of and for the six months ended June 29, 2024:
| Shares (in thousands) |  | Exercise Price Per Share* |  | Remaining Contractual Term* (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at December 30, 2023 | 1,916 |  |  | $ | 177.79 |  |  |  |  |
Granted | 233 |  |  | 269.01 |  |  |  |  |
Exercised | (206) |  |  | 170.74 |  |  |  |  |
Forfeited or expired | (26) |  |  | 243.37 |  |  |  |  |
Outstanding at June 29, 2024 | 1,917 |  |  | 188.75 |  |  | 5.5 |  | $ | 141.0 |
Exercisable at June 29, 2024 | 1,464 |  |  | 169.08 |  |  | 4.4 |  | 135.1 |
* | Weighted-average |  |  |  |  |  |  |
Schedule of Changes in Non-Vested Performance Awards | Changes to the company’s non-vested PSUs during the six months ended June 29, 2024, are as follows:
| Shares (in thousands) |  | Fair Value Price per Share*
Non-vested PSUs at December 30, 2023 | 177 |  |  | $ | 226.81 |
Granted | 53 |  |  | 269.00 |
Performance assumption change ** | (15) |  |  | 211.67 |
Vested | — |  |  | — |
Cancellations and other | (6) |  |  | 251.12 |
Non-vested PSUs at June 29, 2024 | 209 |  |  | 237.92 |
* | Weighted-average |
** | Reflects the number of PSUs adjusted 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 June 29, 2024, are as follows:
| Shares (in thousands) |  | Fair Value Price per Share*
Non-vested RSUs at December 30, 2023 | 80 |  |  | $ | 215.84 |
Granted | 24 |  |  | 269.00 |
Vested | (29) |  |  | 189.89 |
Cancellations and other | (2) |  |  | 250.50 |
Non-vested RSUs at June 29, 2024 | 73 |  |  | 242.27 |
* | 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 June 29, 2024, and July 1, 2023, using the Black-Scholes valuation model:
| Six Months Ended
| June 29, 2024 |  | July 1, 2023
Expected term of stock-settled SARs (in years) | 4.20 |  | 4.08
Expected volatility factor | 23.80% |  | 24.68%
Expected dividend yield | 2.77% |  | 2.60%
Risk-free interest rate | 4.22% |  | 3.87%
The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six months ended June 29, 2024, and July 1, 2023, using the Black-Scholes valuation model:
| Six Months Ended
| June 29, 2024 |  | July 1, 2023
Expected term of cash-settled SARs (in years) | 3.88 |  | 3.80
Expected volatility factor | 23.54% |  | 24.06%
Expected dividend yield | 2.85% |  | 2.25%
Risk-free interest rate | 4.52% |  | 4.49%
Schedule of Changes in SARs | Below is a summary of stock-settled SARs as of and for the six months ended June 29, 2024:
| Stock-settled SARs (in thousands) |  | Exercise Price Per Share* |  | Remaining Contractual Term* (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at December 30, 2023 | 321 |  |  | $ | 189.93 |  |  |  |  |
Granted | 63 |  |  | 269.00 |  |  |  |  |
Exercised | (11) |  |  | 160.40 |  |  |  |  |
Forfeited or expired | (20) |  |  | 186.61 |  |  |  |  |
Outstanding at June 29, 2024 | 353 |  |  | 205.08 |  |  | 6.7 |  | $ | 20.4 |
Exercisable at June 29, 2024 | 228 |  |  | 178.99 |  |  | 5.5 |  | 18.8 |
* | Weighted-average |
Changes to the company’s non-vested cash-settled SARs during the six months ended June 29, 2024, are as follows:
| Cash-settled SARs (in thousands) |  | Fair Value Price per Share*
Non-vested cash-settled SARs at December 30, 2023 | 2 |  |  | $ | 79.16 |
Granted | 1 |  |  | 46.37 |
Vested | (1) |  |  | 62.37 |
Non-vested cash-settled SARs at June 29, 2024 | 2 |  |  | 50.07 |
* | 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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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