Equity Incentive Plans (Tables)

12 Months Ended

Jan. 01, 2023

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 December 29, 2019		1,546,411		$	94.21
Stock options granted		52,730			413.80
Stock options forfeited		(9,792	)		268.94
Stock options exercised		(756,683	)		40.93
Stock options at January 3, 2021		832,666		$	160.82
Stock options granted		42,742			367.79
Stock options forfeited		(11,990	)		333.61
Stock options exercised		(199,301	)		98.76
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		4.6	$	99,869
Exercisable at January 1, 2023		584,860		$	181.20		4.0	$	99,098

Stock Option Valuation Assumptions

The weighted average assumptions used in estimating the fair value of each stock option granted in 2022, 2021 and 2020 using the Black-Scholes option pricing method are presented in the following table:

	2022			2021			2020
Risk-free interest rate		2.0	%		1.0	%		0.3	%
Expected life	5.25 years			5.25 years			5.5 years
Expected volatility		31.0	%		30.0	%		30.0	%
Expected dividend yield		1.1	%		1.0	%		0.8	%
Weighted average fair value per stock option	$	109.05		$	93.46		$	105.76

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 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 2.1 years.

	Shares			Weighted Average Grant Date Fair Value (1)
Nonvested at December 29, 2019		171,070		$	251.29
Shares granted		42,780			398.08
Shares forfeited		(8,345	)		273.70
Shares vested		(58,743	)		221.58
Nonvested at January 3, 2021		146,762		$	304.69
Shares granted		59,801			382.79
Shares forfeited		(12,924	)		340.94
Shares vested		(48,378	)		287.41
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

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 each performance-based restricted stock unit granted in 2022 and 2021 using the Monte-Carlo simulation pricing method are presented in the following table:

	2022			2021
Risk-free interest rate		1.9	%		0.3	%
Expected life	2.81 years			2.75 years
Expected volatility		33.2	%		33.9	%
Weighted average fair value per performance-based restricted stock unit	$	396.87		$	375.85