Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 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 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
Stock options granted		104,711			300.16
Stock options forfeited or expired		(11,973	)		351.89
Stock options exercised		(78,532	)		110.22
Stock options at December 31, 2023		686,348		$	229.45		4.6	$	125,516
Exercisable at December 31, 2023		543,728		$	203.70		3.5	$	113,439

Stock Option Valuation Assumptions

The weighted average assumptions used in estimating the fair value of each stock option granted in 2023, 2022 and 2021 using the Black-Scholes option pricing method are presented in the following table:

	2023			2022			2021
Risk-free interest rate		4.0	%		2.0	%		1.0	%
Expected life	5.25 years			5.25 years			5.25 years
Expected volatility		32.0	%		31.0	%		30.0	%
Expected dividend yield		1.6	%		1.1	%		1.0	%
Weighted average fair value per stock option	$	91.25		$	109.05		$	93.46

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 2.3 years.

	Shares			Weighted Average Grant Date Fair Value
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
Shares granted		167,515			315.51
Shares forfeited		(9,799	)		354.44
Shares vested		(54,225	)		368.41
Nonvested at December 31, 2023		249,135		$	341.86

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 the performance-based restricted stock units granted in 2023, 2022 and 2021 that include a market condition using the Monte-Carlo simulation pricing method are presented in the following table:

	2023			2022			2021
Risk-free interest rate		4.3	%		1.9	%		0.3	%
Expected life	2.80 years			2.81 years			2.75 years
Expected volatility		30.2	%		33.2	%		33.9	%
Weighted average fair value per performance-based restricted stock unit	$	306.19		$	396.87		$	375.85