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Stock-based Compensation and Other Stock Plans (Tables)

6 Months Ended

Jun. 28, 2025

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 six month periods ended June 28, 2025, and June 29, 2024, using the Black-Scholes valuation model:

									Six Months Ended
															June 28, 2025						June 29, 2024
Expected term of stock option (in years)															4.57						4.90
Expected volatility factor															23.86%						23.63%
Expected dividend yield															2.52%						2.76%
Risk-free interest rate															4.36%						4.30%

Schedule of Stock Option Activity

Below is a summary of stock option activity as of and for the six months ended June 28, 2025:

			Shares (in thousands)						Exercise Price Per Share*						Remaining Contractual Term* (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at December 28, 2024			1,670						$	190.73
Granted			202						339.73
Exercised			(153)						170.63
Forfeited or expired			(14)						276.77
Outstanding at June 28, 2025			1,705						209.48						5.4						$	178.9
Exercisable at June 28, 2025			1,299						181.06						4.3						168.9

* Weighted-average

Schedule of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested PSUs during the six months ended June 28, 2025, are as follows:

			Shares (in thousands)						Fair Value Price per Share*
Non-vested PSUs at December 28, 2024			113						$	257.95
Granted			41						339.73
Performance assumption change **			(26)						254.75
Vested			—						—
Cancellations and other			(1)						262.45
Non-vested PSUs at June 28, 2025			127						285.20

*			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 28, 2025, are as follows:

			Shares (in thousands)						Fair Value Price per Share*
Non-vested RSUs at December 28, 2024			70						$	242.63
Granted			18						339.73
Vested			(24)						212.05
Cancellations and other			—						—
Non-vested RSUs at June 28, 2025			64						282.12

* 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 month periods ended June 28, 2025, and June 29, 2024, using the Black-Scholes valuation model:

			Six Months Ended
			June 28, 2025						June 29, 2024
Expected term of stock-settled SARs (in years)			4.11						4.20
Expected volatility factor			23.79%						23.80%
Expected dividend yield			2.52%						2.77%
Risk-free interest rate			4.39%						4.22%

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six month periods ended June 28, 2025, and June 29, 2024, using the Black-Scholes valuation model:

			Six Months Ended
			June 28, 2025						June 29, 2024
Expected term of cash-settled SARs (in years)			3.78						3.88
Expected volatility factor			24.67%						23.54%
Expected dividend yield			2.75%						2.85%
Risk-free interest rate			3.83%						4.52%

Schedule of Changes in SARs

Below is a summary of stock-settled SARs as of and for the six months ended June 28, 2025:

			Stock-settled SARs (in thousands)						Exercise Price Per Share*						Remaining Contractual Term* (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at December 28, 2024			311						$	207.64
Granted			60						339.73
Exercised			(14)						179.80
Forfeited or expired			(25)						223.01
Outstanding at June 28, 2025			332						231.59						6.5						$	28.1
Exercisable at June 28, 2025			216						194.16						5.2						25.3

* Weighted-average

Changes to the company’s non-vested cash-settled SARs during the six months ended June 28, 2025, are as follows:

			Cash-settled SARs (in thousands)						Fair Value Price per Share*
Non-vested cash-settled SARs at December 28, 2024			2						$	108.41
Granted			1						47.85
Vested			(1)						81.69
Non-vested cash-settled SARs at June 28, 2025			2						59.67

* Weighted-average

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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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