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Equity Incentive Plans (Tables) | 12 Months Ended
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Dec. 29, 2024
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 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 |  |  |  |  |  |  |
Stock options granted |  |  | 104,711 |  |  |  | 300.16 |  |  |  |  |  |  |
Stock options forfeited or expired |  |  | (11,973 | ) |  |  | 351.89 |  |  |  |  |  |  |
Stock options exercised |  |  | (78,532 | ) |  |  | 110.22 |  |  |  |  |  |  |
Stock options at December 31, 2023 |  |  | 686,348 |  |  | $ | 229.45 |  |  |  |  |  |  |
Stock options granted |  |  | 46,098 |  |  |  | 443.90 |  |  |  |  |  |  |
Stock options forfeited or expired |  |  | (3,728 | ) |  |  | 348.25 |  |  |  |  |  |  |
Stock options exercised |  |  | (270,424 | ) |  |  | 133.21 |  |  |  |  |  |  |
Stock options at December 29, 2024 |  |  | 458,294 |  |  | $ | 306.85 |  |  |  | 5.6 |  |  | $ | 56,919 |
Exercisable at December 29, 2024 |  |  | 334,194 |  |  | $ | 285.84 |  |  |  | 4.5 |  |  | $ | 48,051 |
Stock Option Valuation Assumptions | The weighted average assumptions used in estimating the fair value of each stock option granted in 2024, 2023 and 2022 using the Black-Scholes option pricing method are presented in the following table:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 4.1 | % |  |  | 4.0 | % |  |  | 2.0 | %
Expected life |  | 5.25 years |  |  | 5.25 years |  |  | 5.25 years |
Expected volatility |  |  | 32.0 | % |  |  | 32.0 | % |  |  | 31.0 | %
Expected dividend yield |  |  | 1.4 | % |  |  | 1.6 | % |  |  | 1.1 | %
Weighted average fair value per stock option |  | $ | 139.87 |  |  | $ | 91.25 |  |  | $ | 109.05 |
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 Company recorded total non-cash equity-based compensation expense of $36.6 million, $31.7 million and $24.5 million in 2024, 2023 and 2022, respectively, related to these restricted stock awards and units and performance-based restricted stock awards and units. Certain prior period disclosure amounts have been reclassified to conform to the current presentation. As of December 29, 2024, there was $49.2 million of total unrecognized compensation cost related to these restricted stock awards and units and performance-based restricted stock awards and units. 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 2.0 years.
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
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 |
Shares granted |  |  | 167,515 |  |  |  | 315.51 |
Shares forfeited |  |  | (9,799 | ) |  |  | 354.44 |
Shares vested |  |  | (54,225 | ) |  |  | 368.41 |
Nonvested at December 31, 2023 |  |  | 249,135 |  |  | $ | 341.86 |
Shares granted |  |  | 85,264 |  |  |  | 453.64 |
Shares forfeited |  |  | (15,216 | ) |  |  | 362.18 |
Shares vested |  |  | (74,265 | ) |  |  | 356.22 |
Nonvested at December 29, 2024 |  |  | 244,918 |  |  | $ | 373.58 |
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 the performance-based restricted stock units granted in 2024, 2023 and 2022 that include a market condition using the Monte-Carlo simulation pricing method are presented in the following table:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 4.3 | % |  |  | 4.3 | % |  |  | 1.9 | %
Expected life |  | 2.81 years |  |  | 2.80 years |  |  | 2.81 years |
Expected volatility |  |  | 30.4 | % |  |  | 30.2 | % |  |  | 33.2 | %
Weighted average fair value per performance-based restricted stock unit |  | $ | 479.39 |  |  | $ | 306.19 |  |  | $ | 396.87 |

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