STOCK COMPENSATION PLANS (Tables)

9 Months Ended

Sep. 29, 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				Nine Months Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Pre-tax compensation expense	$	15,073	$	20,511	$	32,573	$	56,351
Related income tax benefit	2,572		4,173		6,352		10,481

Schedule of Activity Relating to the Grants of Stock Options

A summary of activity relating to grants of stock options for the period ended September 29, 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	(137,534)	$102.08
Forfeited	(1,555)	$147.98
Expired	(1,565)	$147.98
Outstanding as of September 29, 2024	588,502	$106.65	2.9 years	$	51,314
Options exercisable as of September 29, 2024	574,672	$104.64	2.8 years	$	51,065

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
	September 29, 2024		October 1, 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 September 29, 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	357,272	$195.06
Performance assumption change (1)	(251,904)	$215.55
Vested	(471,167)	$177.74
Forfeited	(49,025)	$217.48
Outstanding as of September 29, 2024	624,867	$203.50

(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
	September 29, 2024			October 1, 2023
Units granted	357,272			293,256
Weighted-average fair value at date of grant	$	195.06		$	249.46
Monte Carlo simulation assumptions:
Estimated values	$	84.13		$	118.90
Dividend yields	2.8		%	1.7		%
Expected volatility	18.5		%	19.2		%