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Stock-based Compensation and Other Stock Plans (Tables)

9 Months Ended

Sep. 28, 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 nine month periods ended September 28, 2024, and September 30, 2023, using the Black-Scholes valuation model; no stock options were granted during the three month periods ended September 28, 2024, and September 30, 2023:

									Nine Months Ended
															September 28, 2024						September 30, 2023
Expected term of stock option (in years)															4.90						4.89
Expected volatility factor															23.63%						23.99%
Expected dividend yield															2.76%						2.60%
Risk-free interest rate															4.30%						3.99%

Schedule of Stock Option Activity

Below is a summary of stock option activity as of and for the nine months ended September 28, 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			(268)						167.84
Forfeited or expired			(33)						245.05
Outstanding at September 28, 2024			1,848						189.56						5.3						$	182.9
Exercisable at September 28, 2024			1,401						169.56						4.3						166.7

* Weighted-average

Schedule of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested PSUs during the nine months ended September 28, 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 **			(32)						211.67
Vested			—						—
Cancellations and other			(8)						247.56
Non-vested PSUs at September 28, 2024			190						240.18

*			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 nine months ended September 28, 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)						190.48
Cancellations and other			(3)						251.93
Non-vested RSUs at September 28, 2024			72						242.19

* 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 month periods ended September 28, 2024, and September 30, 2023, using the Black-Scholes valuation model; no stock-settled SARs were granted during the three month periods ended September 28, 2024, and September 30, 2023:

			Nine Months Ended
			September 28, 2024						September 30, 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 nine month periods ended September 28, 2024, and September 30, 2023, using the Black-Scholes valuation model; no cash-settled SARs were granted during the three month periods ended September 28, 2024, and September 30, 2023:

			Nine Months Ended
			September 28, 2024						September 30, 2023
Expected term of cash-settled SARs (in years)			3.65						3.54
Expected volatility factor			23.53%						23.97%
Expected dividend yield			2.58%						2.54%
Risk-free interest rate			3.49%						4.80%

Schedule of Changes in SARs

Below is a summary of stock-settled SARs as of and for the nine months ended September 28, 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			(14)						159.83
Forfeited or expired			(22)						183.63
Outstanding at September 28, 2024			348						205.76						6.5						$	28.8
Exercisable at September 28, 2024			222						179.41						5.3						24.2

* Weighted-average

Changes to the company’s non-vested cash-settled SARs during the nine months ended September 28, 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						58.40
Vested			(1)						81.39
Non-vested cash-settled SARs at September 28, 2024			2						63.90

* Weighted-average

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

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