v3.26.1
Stock-based Compensation and Other Stock Plans (Tables)
 6 Months Ended
Jul. 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 six month periods ended July 4, 2026, and June 28, 2025, using the Black-Scholes valuation model:

Six Months Ended
July 4,
2026		June 28,
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 six months ended July 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(239)205.07 
Forfeited or expired(11)332.62 
Outstanding at July 4, 20261,477 236.82 5.4$258.8 
Exercisable at July 4, 20261,089 197.50 4.2233.7 
*Weighted-average
Schedule of Changes in Non-Vested PSUs
Changes to the company’s non-vested PSUs during the six months ended July 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)310.22 
Non-vested PSUs at July 4, 2026105 334.09 
*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 six months ended July 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 July 4, 202659 326.59 
*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 six month periods ended July 4, 2026, and June 28, 2025, using the Black-Scholes valuation model:
 Six Months Ended
 July 4,
2026		June 28,
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 six month periods ended July 4, 2026, and June 28, 2025, using the Black-Scholes valuation model:
Six Months Ended
July 4,
2026		June 28,
2025
Expected term of cash-settled SARs (in years)
3.833.78
Expected volatility factor23.14%24.67%
Expected dividend yield2.37%2.75%
Risk-free interest rate4.16%3.83%
Schedule of Changes in SARs
Below is a summary of stock-settled SARs as of and for the six months ended July 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(27)198.14 
Forfeited or expired(33)221.76 
Outstanding at July 4, 2026301 262.92 6.6$44.9 
Exercisable at July 4, 2026194 216.79 5.337.9 
*Weighted-average
Changes to the company’s non-vested cash-settled SARs during the six months ended July 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 92.70 
Vested(1)137.68 
Non-vested cash-settled SARs at July 4, 20262 105.13 
*Weighted-average