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Share-Based Awards (Tables) | 3 Months Ended
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Mar. 29, 2024
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 29, 2023 | 9,904 |  |  | $ | 49.09 |  |  | 7,274 |  |  | $ | 41.46 |
Granted | 918 |  |  | 89.30 |  |  |  |  |
Exercised | (900) |  |  | 28.58 |  |  |  |  |
Canceled | (20) |  |  | 72.29 |  |  |  |  |
Outstanding, March 29, 2024 | 9,902 |  |  | $ | 54.64 |  |  | 7,096 |  |  | $ | 45.85 |
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:
| Three Months Ended
| March 29, 2024 |  | March 31, 2023
Expected life in years | 6.6 |  | 6.7
Interest rate | 4.2 | % |  | 4.0 | %
Volatility | 26.3 | % |  | 26.3 | %
Dividend yield | 1.1 | % |  | 1.3 | %
Weighted average fair value per share | $ | 28.05 |  |  | $ | 21.74 |
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:
| Three Months Ended
| March 29, 2024 |  | March 31, 2023
Expected life in years | 1.0 |  | 1.0
Interest rate | 4.9 | % |  | 5.1 | %
Volatility | 24.2 | % |  | 26.4 | %
Dividend yield | 1.1 | % |  | 1.4 | %
Weighted average fair value per share | $ | 23.16 |  |  | $ | 18.04 |

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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