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Stock-based Compensation and Other Stock Plans (Tables)

12 Months Ended

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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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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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.

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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.

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