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Share-Based Awards (Tables)

9 Months Ended

Sep. 29, 2023

Share-Based Payment Arrangement, Additional Disclosure [Abstract]

Options Activity and Outstanding

Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices):

			Option Shares						Weighted Average Exercise Price						Options Exercisable						Weighted Average Exercise Price
Outstanding, December 30, 2022			10,265						$	44.40					7,793						$	37.22
Granted			1,114						71.45
Exercised			(1,191)						30.89
Canceled			(82)						66.15
Outstanding, September 29, 2023			10,106						$	48.79					7,439						$	41.10

Options Fair Value Inputs

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and results:

			Nine Months Ended
			September 29, 2023						September 30, 2022
Expected life in years			6.7						7.3
Interest rate			4.0		%				1.9		%
Volatility			26.3		%				25.5		%
Dividend yield			1.3		%				1.2		%
Weighted average fair value per share			$	21.76					$	19.06

ESPP Fair Value Inputs

The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option pricing model with the following assumptions and results:

			Nine Months Ended
			September 29, 2023						September 30, 2022
Expected life in years			1.0						1.0
Interest rate			5.1		%				0.9		%
Volatility			26.4		%				20.5		%
Dividend yield			1.4		%				1.2		%
Weighted average fair value per share			$	18.04					$	16.01

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

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-Name Accounting Standards Codification
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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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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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