Equity Incentive Plans (Tables)

12 Months Ended

Dec. 29, 2024

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 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
Stock options granted		46,098			443.90
Stock options forfeited or expired		(3,728	)		348.25
Stock options exercised		(270,424	)		133.21
Stock options at December 29, 2024		458,294		$	306.85		5.6	$	56,919
Exercisable at December 29, 2024		334,194		$	285.84		4.5	$	48,051

Stock Option Valuation Assumptions

The weighted average assumptions used in estimating the fair value of each stock option granted in 2024, 2023 and 2022 using the Black-Scholes option pricing method are presented in the following table:

	2024			2023			2022
Risk-free interest rate		4.1	%		4.0	%		2.0	%
Expected life	5.25 years			5.25 years			5.25 years
Expected volatility		32.0	%		32.0	%		31.0	%
Expected dividend yield		1.4	%		1.6	%		1.1	%
Weighted average fair value per stock option	$	139.87		$	91.25		$	109.05

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 Company recorded total non-cash equity-based compensation expense of $36.6 million, $31.7 million and $24.5 million in 2024, 2023 and 2022, respectively, related to these restricted stock awards and units and performance-based restricted stock awards and units. Certain prior period disclosure amounts have been reclassified to conform to the current presentation. As of December 29, 2024, there was $49.2 million of total unrecognized compensation cost related to these restricted stock awards and units and performance-based restricted stock awards and units. 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 2.0 years.

	Shares			Weighted Average Grant Date Fair Value
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
Shares granted		85,264			453.64
Shares forfeited		(15,216	)		362.18
Shares vested		(74,265	)		356.22
Nonvested at December 29, 2024		244,918		$	373.58

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 2024, 2023 and 2022 that include a market condition using the Monte-Carlo simulation pricing method are presented in the following table:

	2024			2023			2022
Risk-free interest rate		4.3	%		4.3	%		1.9	%
Expected life	2.81 years			2.80 years			2.81 years
Expected volatility		30.4	%		30.2	%		33.2	%
Weighted average fair value per performance-based restricted stock unit	$	479.39		$	306.19		$	396.87