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Stock-based Compensation and Other Stock Plans (Tables)
 3 Months Ended
Mar. 29, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model
The following weighted-average assumptions were used in calculating the fair value of stock options granted during the three month periods ended March 29, 2025, and March 30, 2024, using the Black-Scholes valuation model:

Three Months Ended
March 29, 2025March 30, 2024
Expected term of stock option (in years)
4.574.90
Expected volatility factor23.86%23.63%
Expected dividend yield2.52%2.76%
Risk-free interest rate4.36%4.30%
Schedule of Stock Option Activity
Below is a summary of stock option activity as of and for the three months ended March 29, 2025:
Shares
(in thousands)
Exercise
Price Per
Share*
Remaining
Contractual
Term*
(in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 28, 20241,670 $190.73 
Granted202 339.73 
Exercised(101)181.92 
Forfeited or expired(1)262.26 
Outstanding at March 29, 20251,770 208.18 5.6$216.5 
Exercisable at March 29, 20251,351 179.80 4.4202.0 
*Weighted-average
Schedule of Changes in Non-Vested Performance Awards
Changes to the company’s non-vested PSUs during the three months ended March 29, 2025, are as follows:
Shares
(in thousands)
Fair Value
Price per
Share*
Non-vested PSUs at December 28, 2024113 $257.95 
Granted41 339.73 
Performance assumption change **(27)254.77 
Vested— — 
Cancellations and other— — 
Non-vested PSUs at March 29, 2025127 285.11 
*Weighted-average
**Reflects the number of PSUs adjusted based on performance metrics.
Schedule of Non-vested Restricted Stock Units Activity
Changes to the company’s non-vested RSUs during the three months ended March 29, 2025, are as follows:
Shares
(in thousands)
Fair Value
Price per
Share*
Non-vested RSUs at December 28, 202470 $242.63 
Granted18 339.73 
Vested(24)212.05 
Cancellations and other— — 
Non-vested RSUs at March 29, 202564 282.01 
*Weighted-average
Schedule of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model
The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the three month periods ended March 29, 2025, and March 30, 2024, using the Black-Scholes valuation model:
 Three Months Ended
 March 29, 2025March 30, 2024
Expected term of stock-settled SARs (in years)
4.114.20
Expected volatility factor23.79%23.80%
Expected dividend yield2.52%2.77%
Risk-free interest rate4.39%4.22%
The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three month periods ended March 29, 2025, and March 30, 2024, using the Black-Scholes valuation model:
Three Months Ended
March 29, 2025March 30, 2024
Expected term of cash-settled SARs (in years)
4.024.13
Expected volatility factor23.93%23.76%
Expected dividend yield2.60%2.51%
Risk-free interest rate3.98%4.21%
Schedule of Changes in SARs
Below is a summary of stock-settled SARs as of and for the three months ended March 29, 2025:
Stock-settled
SARs
(in thousands)
Exercise
Price Per
Share*
Remaining
Contractual
Term*
(in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 28, 2024311 $207.64 
Granted60 339.73 
Exercised(12)174.38 
Forfeited or expired(17)202.84 
Outstanding at March 29, 2025342 232.27 6.8$33.9 
Exercisable at March 29, 2025222 194.98 5.529.9 
*Weighted-average
Changes to the company’s non-vested cash-settled SARs during the three months ended March 29, 2025, are as follows:
Cash-settled
SARs
(in thousands)
Fair Value
Price per
Share*
Non-vested cash-settled SARs at December 28, 20242 $108.41 
Granted1 59.15 
Vested(1)97.58 
Non-vested cash-settled SARs at March 29, 20252 72.81 
*Weighted-average