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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 28, 2025
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 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

 

 

 

 

 

 

 

Stock options granted

 

 

51,430

 

 

 

438.71

 

 

 

 

 

 

 

Stock options forfeited or expired

 

 

(8,023

)

 

 

374.94

 

 

 

 

 

 

 

Stock options exercised

 

 

(77,415

)

 

 

242.76

 

 

 

 

 

 

 

Stock options at December 28, 2025

 

 

424,286

 

 

$

333.24

 

 

 

5.4

 

 

$

40,586

 

Exercisable at December 28, 2025

 

 

321,280

 

 

$

310.57

 

 

 

4.4

 

 

$

37,225

 

Stock Option Valuation Assumptions

The weighted average assumptions used in estimating the fair value of each stock option granted in 2025, 2024 and 2023 using the Black-Scholes option pricing method are presented in the following table:

 

 

 

2025

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.1

%

 

 

4.1

%

 

 

4.0

%

Expected life

 

5.25 years

 

 

5.25 years

 

 

5.25 years

 

Expected volatility

 

 

32.0

%

 

 

32.0

%

 

 

32.0

%

Expected dividend yield

 

 

1.6

%

 

 

1.4

%

 

 

1.6

%

Weighted average fair value per stock option

 

$

134.99

 

 

$

139.87

 

 

$

91.25

 

Resticted Stock and Performance Based Restricted Stock Activity Related to Equity Incentive Plans

Activity related to restricted stock units and performance-based restricted stock 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 $36.8 million, $36.6 million and $31.7 million in 2025, 2024 and 2023, respectively, related to these restricted stock units and performance-based restricted stock units. As of December 28, 2025, there was $42.0 million of total unrecognized compensation cost related to these restricted stock units and performance-based restricted stock units. The unrecognized compensation cost related to restricted stock units and performance-based restricted stock 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 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

 

Shares granted

 

 

82,669

 

 

 

450.71

 

Shares forfeited

 

 

(20,346

)

 

 

400.67

 

Shares vested

 

 

(79,668

)

 

 

370.75

 

Nonvested at December 28, 2025

 

 

227,573

 

 

$

404.05

 

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 2025, 2024 and 2023 that include a market condition using the Monte-Carlo simulation pricing method are presented in the following table:

 

 

 

2025

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.0

%

 

 

4.3

%

 

 

4.3

%

Expected life

 

2.81 years

 

 

2.81 years

 

 

2.80 years

 

Expected volatility

 

 

30.2

%

 

 

30.4

%

 

 

30.2

%

Weighted average fair value per performance-based restricted stock unit

 

$

478.88

 

 

$

479.39

 

 

$

306.19