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Equity Incentive Plans (Tables) | 12 Months Ended
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Jan. 01, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Stock Options Activity Related to Equity Incentive Plans | Stock option activity related to the 2004 Equity Incentive Plan is summarized as follows:
|  | Common Stock Options |
|  | Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Life |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (Years) |  |  | (In thousands) |
Stock options at December 29, 2019 |  |  | 1,546,411 |  |  | $ | 94.21 |  |  |  |  |  |  |
Stock options granted |  |  | 52,730 |  |  |  | 413.80 |  |  |  |  |  |  |
Stock options forfeited |  |  | (9,792 | ) |  |  | 268.94 |  |  |  |  |  |  |
Stock options exercised |  |  | (756,683 | ) |  |  | 40.93 |  |  |  |  |  |  |
Stock options at January 3, 2021 |  |  | 832,666 |  |  | $ | 160.82 |  |  |  |  |  |  |
Stock options granted |  |  | 42,742 |  |  |  | 367.79 |  |  |  |  |  |  |
Stock options forfeited |  |  | (11,990 | ) |  |  | 333.61 |  |  |  |  |  |  |
Stock options exercised |  |  | (199,301 | ) |  |  | 98.76 |  |  |  |  |  |  |
Stock options at January 2, 2022 |  |  | 664,117 |  |  | $ | 189.64 |  |  |  |  |  |  |
Stock options granted |  |  | 49,716 |  |  |  | 393.44 |  |  |  |  |  |  |
Stock options forfeited or expired |  |  | (8,712 | ) |  |  | 375.23 |  |  |  |  |  |  |
Stock options exercised |  |  | (32,979 | ) |  |  | 100.44 |  |  |  |  |  |  |
Stock options at January 1, 2023 |  |  | 672,142 |  |  | $ | 206.69 |  |  |  | 4.6 |  |  | $ | 99,869 |
Exercisable at January 1, 2023 |  |  | 584,860 |  |  | $ | 181.20 |  |  |  | 4.0 |  |  | $ | 99,098 |
Stock Option Valuation Assumptions | The weighted average assumptions used in estimating the fair value of each stock option granted in 2022, 2021 and 2020 using the Black-Scholes option pricing method are presented in the following table:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Risk-free interest rate |  |  | 2.0 | % |  |  | 1.0 | % |  |  | 0.3 | %
Expected life |  | 5.25 years |  |  | 5.25 years |  |  | 5.5 years |
Expected volatility |  |  | 31.0 | % |  |  | 30.0 | % |  |  | 30.0 | %
Expected dividend yield |  |  | 1.1 | % |  |  | 1.0 | % |  |  | 0.8 | %
Weighted average fair value per stock option |  | $ | 109.05 |  |  | $ | 93.46 |  |  | $ | 105.76 |
Resticted Stock and Performance Based Restricted Stock Activity Related to Equity Incentive Plans | Activity related to restricted stock awards and units and performance-based restricted stock awards and units awarded under the 2004 Equity Incentive Plan is summarized as follows in the table below. The unrecognized compensation cost related to restricted stock awards and units and performance-based restricted stock awards and units is expected to be recognized over a weighted average period of 2.1 years.
|  | Shares |  |  | Weighted Average Grant Date Fair Value (1) |
Nonvested at December 29, 2019 |  |  | 171,070 |  |  | $ | 251.29 |
Shares granted |  |  | 42,780 |  |  |  | 398.08 |
Shares forfeited |  |  | (8,345 | ) |  |  | 273.70 |
Shares vested |  |  | (58,743 | ) |  |  | 221.58 |
Nonvested at January 3, 2021 |  |  | 146,762 |  |  | $ | 304.69 |
Shares granted |  |  | 59,801 |  |  |  | 382.79 |
Shares forfeited |  |  | (12,924 | ) |  |  | 340.94 |
Shares vested |  |  | (48,378 | ) |  |  | 287.41 |
Nonvested at January 2, 2022 |  |  | 145,261 |  |  | $ | 339.37 |
Shares granted |  |  | 94,452 |  |  |  | 389.49 |
Shares forfeited |  |  | (18,563 | ) |  |  | 375.36 |
Shares vested |  |  | (75,506 | ) |  |  | 312.90 |
Nonvested at January 1, 2023 |  |  | 145,644 |  |  | $ | 381.00 |
Restricted Stock [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Stock Option Valuation Assumptions | The weighted average assumptions used in estimating the fair value of each performance-based restricted stock unit granted in 2022 and 2021 using the Monte-Carlo simulation pricing method are presented in the following table:
|  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 1.9 | % |  |  | 0.3 | %
Expected life |  | 2.81 years |  |  | 2.75 years |
Expected volatility |  |  | 33.2 | % |  |  | 33.9 | %
Weighted average fair value per performance-based restricted stock unit |  | $ | 396.87 |  |  | $ | 375.85 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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