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Stock-based Compensation and Other Stock Plans (Tables) | 12 Months Ended
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Dec. 28, 2024
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 2024, 2023 and 2022, using the Black-Scholes valuation model:
|  | 2024 |  | 2023 |  | 2022
Expected term of stock option (in years) |  | 4.90 |  | 4.89 |  | 5.14
Expected volatility factor |  | 23.63% |  | 23.99% |  | 22.61%
Expected dividend yield |  | 2.76% |  | 2.60% |  | 2.68%
Risk-free interest rate |  | 4.30% |  | 3.99% |  | 2.00%
Summary of Stock Option Activity | A summary of stock option activity during 2024 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 |  | 1,916 |  |  | $ | 177.79 |  |  |  |  |
Granted |  | 233 |  |  | 269.01 |  |  |  |  |
Exercised |  | (442) |  |  | 171.34 |  |  |  |  |
Forfeited or expired |  | (37) |  |  | 245.98 |  |  |  |  |
Outstanding at end of year |  | 1,670 |  |  | 190.73 |  |  | 5.2 |  | $ | 255.2 |
Exercisable at end of year |  | 1,227 |  |  | 168.54 |  |  | 4.0 |  | 214.8 |
* Weighted-average |  |  |  |
Schedule of Changes in Non-Vested PSUs | Changes to the company’s non-vested PSUs in 2024 are as follows:
|  | Shares (in thousands) |  | Fair Value Price per Share*
Non-vested PSUs at beginning of year |  | 177 |  |  | $ | 226.81 |
Granted |  | 53 |  |  | 269.00 |
Performance assumption change** |  | (46) |  |  | 216.17 |
Vested |  | (63) |  |  | 211.67 |
Cancellations and other |  | (8) |  |  | 247.56 |
Non-vested PSUs at end of year |  | 113 |  |  | 257.95 |
* Weighted-average |  |  |  |
** Reflects the number of PSUs adjusted based on performance metrics. |
Schedule of Changes in Nonvested RSUs Activity | Changes to the company’s non-vested RSUs in 2024 are as follows:
|  | Shares (in thousands) |  | Fair Value Price per Share*
Non-vested RSUs at beginning of year |  | 80 |  |  | $ | 215.84 |
Granted |  | 24 |  |  | 269.00 |
Vested |  | (31) |  |  | 191.94 |
Cancellations and other |  | (3) |  |  | 251.93 |
Non-vested RSUs at end of year |  | 70 |  |  | 242.63 |
* 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 2024, 2023 and 2022, using the Black-Scholes valuation model:
|  | 2024 |  | 2023 |  | 2022
Expected term of stock-settled SARs (in years) |  | 4.20 |  | 4.08 |  | 4.02
Expected volatility factor |  | 23.80% |  | 24.68% |  | 23.09%
Expected dividend yield |  | 2.77% |  | 2.60% |  | 2.68%
Risk-free interest rate |  | 4.22% |  | 3.87% |  | 1.96%
The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during 2024, 2023 and 2022, using the Black-Scholes valuation model:
|  | 2024 |  | 2023 |  | 2022
Expected term of cash-settled SARs (in years) |  | 3.37 |  | 3.30 |  | 3.10
Expected volatility factor |  | 24.25% |  | 22.51% |  | 23.67%
Expected dividend yield |  | 2.49% |  | 2.58% |  | 2.84%
Risk-free interest rate |  | 4.36% |  | 4.01% |  | 4.22%
Schedule of Changes in SARs | Changes to the company’s stock-settled SARs in 2024 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 |  | 321 |  |  | $ | 189.93 |  |  |  |  |
Granted |  | 63 |  |  | 269.00 |  |  |  |  |
Exercised |  | (29) |  |  | 172.32 |  |  |  |  |
Forfeited or expired |  | (44) |  |  | 189.02 |  |  |  |  |
Outstanding at end of year |  | 311 |  |  | 207.64 |  |  | 6.3 |  | $ | 42.3 |
Exercisable at end of year |  | 186 |  |  | 177.36 |  |  | 4.9 |  | 30.8 |
* Weighted-average |  |  |  |
Changes to the company’s non-vested cash-settled SARs in 2024 are as follows:
|  | Cash-settled SARs (in thousands) |  | Fair Value Price per Share*
Non-vested cash-settled SARs at beginning of year |  | 2 |  |  | $ | 79.16 |
Granted |  | 1 |  |  | 100.82 |
Vested |  | (1) |  |  | 131.20 |
Non-vested cash-settled SARs at end of year |  | 2 |  |  | 108.41 |
* Weighted-average |  |  |  |

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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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