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Share-Based Awards, Purchase Plans and Compensation Cost (Tables)

12 Months Ended

Dec. 29, 2023

Share-Based Payment Arrangement [Abstract]

Options on Common Shares Granted 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 26, 2020			10,208						$	35.02					6,553						$	28.02
Granted			843						72.22
Exercised			(1,309)						24.91
Canceled			(167)						55.59
Outstanding, December 31, 2021			9,575						39.31						7,296						33.75
Granted			1,381						71.03
Exercised			(645)						25.58
Canceled			(46)						49.42
Outstanding, December 30, 2022			10,265						44.40						7,793						37.22
Granted			1,114						71.45
Exercised			(1,354)						30.77
Canceled			(121)						62.75
Outstanding, December 29, 2023			9,904						$	49.09					7,274						$	41.46

Options Outstanding and Exercisable

The following table summarizes information for options outstanding and exercisable at December 29, 2023 (in thousands, except exercise prices and contractual term amounts):

						Options Outstanding																		Options Exercisable
Range of   Prices						Options Outstanding						Weighted Average Remaining Contractual Term in Years						Weighted Average Exercise Price						Options Exercisable						Weighted Average Exercise Price
$ 20-35						3,107						3.2						$	26.85					3,107						$	26.85
$ 35-50						2,392						5.8						44.75						2,365						44.75
$ 50-65						1,231						7.1						55.96						1,084						55.92
$ 65-80						3,174						9.4						71.48						718						71.94
$ 20-80						9,904						6.3						$	49.09					7,274						$	41.46

Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block]

Information related to options exercised follows (in thousands):

			2023						2022						2021
Cash received			$	40,708					$	15,739					$	32,610
Aggregate intrinsic value			61,624						28,193						65,319
Tax benefit realized			12,605						6,020						13,329

Share Based Payment Award Stock Options Authorized

Shares authorized for issuance under the stock option and purchase plans are shown below (in thousands):

			Total Shares Authorized						Available for Future Issuance as of December 29, 2023
Stock Incentive Plan (2019)			10,000						4,743
Employee Stock Purchase Plan (2006)			21,000						11,423
Total			31,000						16,166

Share-based compensation cost

The Company recognized share-based compensation cost as follows (in thousands):

			2023						2022						2021
Share-based compensation			$	30,229					$	24,695					$	24,931
Tax benefit			3,177						2,319						1,705
Share-based compensation, net of tax			$	27,052					$	22,376					$	23,226

Options - Valuation Assumptions

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:

			2023						2022						2021
Expected life in years			6.7						6.4						7.5
Interest rate			4.0		%				2.7		%				0.9		%
Volatility			26.3		%				26.2		%				25.2		%
Dividend yield			1.3		%				1.2		%				1.0		%
Weighted average fair value per share			$	21.76					$	19.10					$	17.87

Employee Stock Purchase Plan - Valuation Assumptions

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:

			2023						2022						2021
Expected life in years			1.0						1.0						1.0
Interest rate			5.1		%				0.9		%				0.1		%
Volatility			26.4		%				20.5		%				40.1		%
Dividend yield			1.4		%				1.2		%				1.1		%
Weighted average fair value per share			$	18.04					$	16.01					$	21.50

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