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Share-Based Compensation (Tables)

3 Months Ended

Mar. 30, 2024

Share-Based Payment Arrangement [Abstract]

Compensation Expense Included in Net Income

Compensation expense included in net income for our share-based compensation plan is as follows:

			Three Months Ended
(In millions)			March 30, 2024			April 1, 2023
Compensation expense			$	77		$	45
Income tax benefit			(19)			(11)
Total compensation expense included in net income			$	58		$	34

Weighted-Average Fair Value of Stock Options and Assumptions Used in Option-Pricing Model

The assumptions used in our option-pricing model for these grants and the weighted-average fair value for these options are as follows:

			March 1, 2024			March 1, 2023
Fair value of options at grant date			$	27.69		$	23.83
Dividend yield			0.1%			0.1%
Expected volatility			27.2%			29.4%
Risk-free interest rate			4.3%			4.2%
Expected term (in years)			4.8			4.8

Stock Option Activity

The stock option activity during the first quarter of 2024 is provided below:

(Options in thousands)			Number of Options			Weighted- Average Exercise Price
Outstanding at December 30, 2023			7,515			$	54.25
Granted			956			88.68
Exercised			(1,425)			(44.98)
Forfeited or expired			(8)			(71.23)
Outstanding at March 30, 2024			7,038			$	60.78
Exercisable at March 30, 2024			5,001			$	53.19

Restricted Stock Units Activity

The activity for restricted stock units payable in both stock and cash during the first quarter of 2024 is provided below:

			Units Payable in Stock									Units Payable in Cash
(Shares/Units in thousands)			Number of Shares			Weighted- Average Grant Date Fair Value						Number of Units			Weighted- Average Grant Date Fair Value
Outstanding at December 30, 2023, nonvested			396			$	61.73					810			$	63.06
Granted			94			88.68						219			88.70
Vested			(165)			(52.40)						(367)			(52.26)
Forfeited			—			—						(7)			(66.64)
Outstanding at March 30, 2024, nonvested			325			$	74.29					655			$	77.66

Fair Value of Awards Vested and Cash Paid During Respective Periods

The fair value of the restricted stock unit awards that vested and/or amounts paid under these awards is as follows:

			Three Months Ended
(In millions)			March 30, 2024			April 1, 2023
Fair value of awards vested			$	41		$	44
Cash paid			33			34

Performance Share Units Activity

The activity for our performance share units during the first quarter of 2024 is as follows:

(Units in thousands)			Number of Units			Weighted- Average Grant Date Fair Value
Outstanding at December 30, 2023, nonvested			366			$	72.23
Granted			194			88.68
Outstanding at March 30, 2024, nonvested			560			$	77.92

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- Definition

The total fair value of equity-based awards other than options for which the grantee gained the right during the reporting period, by satisfying service or performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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