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STOCK COMPENSATION PLANS (Tables)
 6 Months Ended
Jul. 03, 2022
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 EndedSix Months Ended
July 3, 2022July 4, 2021July 3, 2022July 4, 2021
Pre-tax compensation expense
$17,224 $16,826 $32,561 $32,482 
Related income tax benefit3,684 4,500 6,935 8,023 
Schedule of Activity Relating to the Grants of Stock Options A summary of activity relating to grants of stock options for the period ended July 3, 2022 is as follows:
Stock OptionsSharesWeighted-Average
Exercise Price (per share)		Weighted-Average Remaining
Contractual Term		Aggregate Intrinsic Value
Outstanding at beginning of the period1,332,956 $102.784.4 years
Granted4,025 $202.03
Exercised(225,811)$97.25
Forfeited(3,858)$102.97
Expired(1,873)$103.07
Outstanding as of July 3, 2022
1,105,439 $104.264.1 years$129,044 
Options exercisable as of July 3, 2022
1,067,113 $102.534.0 years$126,416 
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:
Six Months Ended
July 3, 2022July 4, 2021
Dividend yields
1.9 %2.2 %
Expected volatility21.1 %21.8 %
Risk-free interest rates
1.9 %1.0 %
Expected term in years6.36.3
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 July 3, 2022 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
1,303,521 $146.96
Granted
294,729 $210.80
Performance assumption change (1)
61,517 $283.27
Vested
(492,589)$129.59
Forfeited
(17,106)$154.43
Outstanding as of July 3, 2022
1,150,072 $181.14
(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.
Six Months Ended
July 3, 2022July 4, 2021
Units granted
294,729382,841
Weighted-average fair value at date of grant
$210.80$153.39
Monte Carlo simulation assumptions:
Estimated values$100.41$66.44
Dividend yields1.8 %2.2 %
Expected volatility25.3 %26.4 %