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STOCK COMPENSATION PLANS (Tables)
 9 Months Ended
Oct. 03, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Compensation Costs For the periods presented, compensation expense for all types of stock-based compensation programs and the related income tax benefit recognized were as follows:
Three Months EndedNine Months Ended
October 3, 2021September 27, 2020October 3, 2021September 27, 2020
Pre-tax compensation expense
$18,527 $12,407 $51,009 $37,897 
Related income tax benefit2,791 2,723 10,814 7,617 
Schedule of Activity Relating to the Grants of Stock Options A summary of activity relating to grants of stock options for the period ended October 3, 2021 is as follows:
Stock OptionsSharesWeighted-Average
Exercise Price (per share)		Weighted-Average Remaining
Contractual Term		Aggregate Intrinsic Value
Outstanding at beginning of the period
1,839,811 $99.724.8 years
Granted32,155 $147.98
Exercised
(420,520)$96.03
Forfeited(3,009)$102.58
Outstanding as of October 3, 2021
1,448,437 $101.854.5 years$99,836 
Options exercisable as of October 3, 2021
1,264,140 $100.374.2 years$89,006 
Schedule of Fair Value Estimated on the Grant Date and the Weighted Average Assumptions The fair value was estimated on the date of grant using a Black-Scholes option-pricing model and the following weighted-average assumptions:
Nine Months Ended
October 3, 2021September 27, 2020
Dividend yields
2.2 %2.1 %
Expected volatility21.8 %17.5 %
Risk-free interest rates
1.0 %1.3 %
Expected term in years6.36.7
Schedule of Activity Relating to Grants of PSUs and RSUs
A summary of activity relating to grants of PSUs and RSUs for the period ended October 3, 2021 is as follows:
Performance Stock Units and Restricted Stock Units
Number of unitsWeighted-average grant date fair value for equity awards (per unit)
Outstanding at beginning of year
1,053,332 $135.11
Granted
392,419 $153.97
Performance assumption change (1)
215,725 $147.96
Vested
(331,454)$116.59
Forfeited
(44,899)$148.39
Outstanding as of October 3, 2021
1,285,123 $146.64
(1)Reflects the net number of PSUs above and below target levels based on the performance metrics.
Schedule of Information Pertaining to Fair Value of PSUs and RSUs Granted for Potential Future Distribution The following table sets forth information about the fair value of the PSUs and RSUs granted for potential future distribution to employees and non-employee directors. In addition, the table provides assumptions used to determine the fair value of the market-based total shareholder return component using the Monte Carlo simulation model on the date of grant.
Nine Months Ended
October 3, 2021September 27, 2020
Units granted
392,419340,526
Weighted-average fair value at date of grant
$153.97$162.08
Monte Carlo simulation assumptions:
Estimated values$66.44$80.08
Dividend yields2.2 %2.0 %
Expected volatility26.4 %17.3 %