STOCK COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2024

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 Ended
	March 31, 2024		April 2, 2023
Pre-tax compensation expense	$	5,986	$	18,992
Related income tax benefit	1,221		4,330

Schedule of Activity Relating to the Grants of Stock Options

A summary of activity relating to grants of stock options for the period ended March 31, 2024 is as follows:

Stock Options	Shares	Weighted-Average Exercise Price (per share)	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at beginning of year	726,701	$105.67	3.3 years
Granted	2,455	$192.49
Exercised	(43,892)	$99.88
Outstanding as of March 31, 2024	685,264	$106.35	3.1 years	$	60,678
Options exercisable as of March 31, 2024	669,879	$104.53	3.0 years	$	60,348

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:

	Three Months Ended
	March 31, 2024		April 2, 2023
Dividend yields	2.0	%	1.7	%
Expected volatility	21.3	%	20.9	%
Risk-free interest rates	4.3	%	4.1	%
Expected term in years	6.3		6.3

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 March 31, 2024 is as follows:

Performance Stock Units and Restricted Stock Units	Number of units	Weighted-average grant date fair value for equity awards (per unit)
Outstanding at beginning of year	1,039,691	$198.31
Granted	315,389	$196.16
Performance assumption change (1)	(60,282)	$121.12
Vested	(443,419)	$175.69
Forfeited	(8,241)	$219.04
Outstanding as of March 31, 2024	843,138	$214.71

(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.

	Three Months Ended
	March 31, 2024			April 2, 2023
Units granted	315,389			278,578
Weighted-average fair value at date of grant	$	196.16		$	249.74
Monte Carlo simulation assumptions:
Estimated values	$	84.13		$	118.90
Dividend yields	2.8		%	1.7		%
Expected volatility	18.5		%	19.2		%