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Employee Benefit and Stock Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Stock Option Valuation Assumptions
The estimated grant-date fair value of stock options is calculated using the Black-Scholes option pricing model, based on the following weighted-average assumptions:
 
December 31, 2023January 1, 2023January 2, 2022
Risk-free interest rate3.82%2.26%0.70%
Expected dividends———
Expected volatility43.5%28.0%28.0%
Expected term6.25 years6.25 years6.25 years
Summary of Stock Option Activity
The following table summarizes the information about stock options as of and for the years ended December 31, 2023 and January 1, 2023:
 
Number of
Shares
(in thousands)		Weighted
Average
Exercise
Price		Weighted Average
Remaining
Contractual Term		Aggregate
Intrinsic Value
(in millions)
Outstanding as of January 2, 20221,193.3 $48.09 5.2 years$231.7 
Granted77.1 169.27 
Exercised(284.9)12.45 
Expired or forfeited(13.6)136.29 
Outstanding as of January 1, 2023971.9 $66.91 5.2 years$56.0 
Granted56.6 149.42 
Exercised(185.3)28.30 
Expired or forfeited(6.2)151.46 
Outstanding as of December 31, 2023837.0 $80.40 5.0 years$70.0 
Exercisable as of December 31, 2023(a)
667.5 $62.66 4.3 years$67.0 
Unvested and expected to vest after December 31, 2023169.5 $150.27 7.9 years$3.0 
______________
(a) Does not include 21.3 thousand stock options granted to retirement eligible associates under the Rule of 65. While these shares immediately vested, they are not exercisable.
Summary of DSU Activity
The following table summarizes other stock-based compensation award activities for the year ended December 31, 2023 (in thousands):

RSUsDSUsPSUs
Outstanding as of January 1, 2023205.3 52.0 52.2 
Granted(a)
124.1 2.7 42.9 
Exercised/Vested/Settled(a)(b)
(80.0)— (32.0)
Expired or forfeited(9.9)— (0.6)
Outstanding as of December 31, 2023239.5 54.7 62.5 
______________
(a) Includes 16.0 thousand PSUs granted and settled during the year ended December 31, 2023 at greater than 100% of their original grant amount.
(b) Does not include 19.0 thousand RSUs granted to retirement eligible associates under the Rule of 65. While these shares immediately vested, they have not been settled.

The weighted average grant date fair value of awards granted were as follows:
December 31, 2023January 1, 2023
Stock options$72.27 $54.91 
RSUs$148.78 $164.36 
DSUs$148.09 $120.12 
PSUs(a)
$148.89 $143.86 
______________
(a) Includes PSUs granted and settled during the years ended December 31, 2023 and January 1, 2023 at greater than 100% of their original grant amount.
Summary of PSU Activity
The following table summarizes other stock-based compensation award activities for the year ended December 31, 2023 (in thousands):

RSUsDSUsPSUs
Outstanding as of January 1, 2023205.3 52.0 52.2 
Granted(a)
124.1 2.7 42.9 
Exercised/Vested/Settled(a)(b)
(80.0)— (32.0)
Expired or forfeited(9.9)— (0.6)
Outstanding as of December 31, 2023239.5 54.7 62.5 
______________
(a) Includes 16.0 thousand PSUs granted and settled during the year ended December 31, 2023 at greater than 100% of their original grant amount.
(b) Does not include 19.0 thousand RSUs granted to retirement eligible associates under the Rule of 65. While these shares immediately vested, they have not been settled.

The weighted average grant date fair value of awards granted were as follows:
December 31, 2023January 1, 2023
Stock options$72.27 $54.91 
RSUs$148.78 $164.36 
DSUs$148.09 $120.12 
PSUs(a)
$148.89 $143.86 
______________
(a) Includes PSUs granted and settled during the years ended December 31, 2023 and January 1, 2023 at greater than 100% of their original grant amount.
Summary of RSU Activity
The following table summarizes other stock-based compensation award activities for the year ended December 31, 2023 (in thousands):

RSUsDSUsPSUs
Outstanding as of January 1, 2023205.3 52.0 52.2 
Granted(a)
124.1 2.7 42.9 
Exercised/Vested/Settled(a)(b)
(80.0)— (32.0)
Expired or forfeited(9.9)— (0.6)
Outstanding as of December 31, 2023239.5 54.7 62.5 
______________
(a) Includes 16.0 thousand PSUs granted and settled during the year ended December 31, 2023 at greater than 100% of their original grant amount.
(b) Does not include 19.0 thousand RSUs granted to retirement eligible associates under the Rule of 65. While these shares immediately vested, they have not been settled.

The weighted average grant date fair value of awards granted were as follows:
December 31, 2023January 1, 2023
Stock options$72.27 $54.91 
RSUs$148.78 $164.36 
DSUs$148.09 $120.12 
PSUs(a)
$148.89 $143.86 
______________
(a) Includes PSUs granted and settled during the years ended December 31, 2023 and January 1, 2023 at greater than 100% of their original grant amount.
Summary of Stock-based Compensation Expense Recognized
A summary of stock-based compensation expenses recognized during the periods was as follows (in millions):

For the year
January 2, 2023 to December 31, 2023		For the year
January 3, 2022 to January 1, 2023		For the year
January 4, 2021 to January 2, 2022
Stock options(a)
$4.7 $3.7 $4.0 
RSUs(a)
15.1 9.6 6.4 
DSUs0.4 0.7 0.6 
PSUs5.5 4.3 3.3 
Total stock-based compensation$25.7 $18.3 $14.3 
______________
(a) Stock-based compensation expense for the year ended December 31, 2023 included accelerated expense related to retirement eligible associates under the Rule of 65. These amounts on a net expense basis included $1.2 million related to stock options and $2.2 million related to RSUs.
Summary of Unrecognized Stock-based Compensation Expense
A summary of unrecognized stock-based compensation expense was as follows:

December 31, 2023January 1, 2023
Unrecognized Compensation
(in millions)		Weighted Average
Remaining Period		Unrecognized Compensation
(in millions)		Weighted Average
Remaining Period
Stock options$4.9 2.3 years$5.6 2.5 years
RSUs$23.7 2.5 years$21.7 2.7 years
DSUs$0.2 0.9 years$0.1 0.9 years
PSUs$3.9 1.7 years$3.3 1.7 years