v3.26.1
Stock-based Compensation and Other Stock Plans (Tables)
 3 Months Ended
Apr. 04, 2026
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 April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:

Three Months Ended
April 4,
2026		March 29,
2025
Expected term of stock option (in years)
4.574.57
Expected volatility factor23.82%23.86%
Expected dividend yield2.58%2.52%
Risk-free interest rate3.63%4.36%
Schedule of Stock Option Activity
Below is a summary of stock option activity as of and for the three months ended April 4, 2026:
Shares
(in thousands)
Exercise
Price Per
Share*
Remaining
Contractual
Term*
(in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at January 3, 20261,528 $214.14 
Granted199 378.55 
Exercised(146)209.38 
Forfeited or expired(3)314.22 
Outstanding at April 4, 20261,578 235.12 5.6$208.4 
Exercisable at April 4, 20261,181 197.55 4.4198.5 
*Weighted-average
Schedule of Changes in Non-Vested PSUs
Changes to the company’s non-vested PSUs during the three months ended April 4, 2026, are as follows:
Shares
(in thousands)
Fair Value
Price per
Share*
Non-vested PSUs at January 3, 202680 $305.17 
Granted43 378.55 
Performance assumption change**(18)310.20 
Non-vested PSUs at April 4, 2026105 334.06 
*Weighted-average
**Reflects the number of PSUs adjusted based on performance metrics.
Schedule of Changes in Nonvested RSUs Activity
Changes to the company’s non-vested RSUs during the three months ended April 4, 2026, are as follows:
Shares
(in thousands)
Fair Value
Price per
Share*
Non-vested RSUs at January 3, 202663 $282.28 
Granted19 378.55 
Vested(23)249.34 
Non-vested RSUs at April 4, 202659 326.56 
*Weighted-average
Schedule of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model, SAR's
The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:
 Three Months Ended
 April 4,
2026		March 29,
2025
Expected term of stock-settled SARs (in years)
4.074.11
Expected volatility factor23.94%23.79%
Expected dividend yield2.58%2.52%
Risk-free interest rate3.67%4.39%
The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three month periods ended April 4, 2026, and March 29, 2025, using the Black-Scholes valuation model:
Three Months Ended
April 4,
2026		March 29,
2025
Expected term of cash-settled SARs (in years)
3.984.02
Expected volatility factor23.64%23.93%
Expected dividend yield2.67%2.60%
Risk-free interest rate3.99%3.98%
Schedule of Changes in SARs
Below is a summary of stock-settled SARs as of and for the three months ended April 4, 2026:
Stock-settled
SARs
(in thousands)
Exercise
Price Per
Share*
Remaining
Contractual
Term*
(in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at January 3, 2026309 $233.57 
Granted52 378.55 
Exercised(9)199.45 
Forfeited or expired(13)234.56 
Outstanding at April 4, 2026339 256.89 6.5$37.5 
Exercisable at April 4, 2026232 215.43 5.334.8 
*Weighted-average
Changes to the company’s non-vested cash-settled SARs during the three months ended April 4, 2026, are as follows:
Cash-settled
SARs
(in thousands)
Fair Value
Price per
Share*
Non-vested cash-settled SARs at January 3, 20262 $79.24 
Granted1 63.59 
Vested(1)97.00 
Non-vested cash-settled SARs at April 4, 20262 72.33 
*Weighted-average