v3.23.3
EARNINGS PER SHARE - SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Oct. 01, 2023
Oct. 02, 2022
Oct. 01, 2023
Oct. 02, 2022
Common stock        
Basic earnings per share:        
Allocation of distributed earnings (cash dividends paid) $ 178,573 $ 152,262 $ 484,517 $ 415,599
Allocation of undistributed earnings 211,085 141,630 644,062 498,070
Total earnings—basic $ 389,658 $ 293,892 $ 1,128,579 $ 913,669
Total weighted-average shares—basic (shares) 150,116 147,169 149,307 146,557
Net income per share - basic (USD per share) $ 2.60 $ 2.00 $ 7.56 $ 6.23
Diluted earnings per share:        
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock $ 128,919 $ 105,595 $ 384,166 $ 334,852
Reallocation of undistributed earnings 0 0 0 0
Total earnings—diluted $ 518,577 $ 399,487 $ 1,512,745 $ 1,248,521
Conversion of Class B common stock to Common shares outstanding (shares) 54,614 58,114 55,447 59,058
Total weighted-average shares—diluted (shares) 205,488 206,274 205,613 206,667
Net income per share - diluted (USD per share) $ 2.52 $ 1.94 $ 7.36 $ 6.04
Common stock | Employee stock options        
Diluted earnings per share:        
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares) 400 561 457 582
Common stock | Performance and restricted stock units        
Diluted earnings per share:        
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares) 358 430 402 470
Class B common stock        
Basic earnings per share:        
Allocation of distributed earnings (cash dividends paid) $ 59,146 $ 54,743 $ 166,749 $ 152,390
Allocation of undistributed earnings 69,773 50,852 217,417 182,462
Total earnings—basic $ 128,919 $ 105,595 $ 384,166 $ 334,852
Total weighted-average shares—basic (shares) 54,614 58,114 55,447 59,058
Net income per share - basic (USD per share) $ 2.36 $ 1.82 $ 6.93 $ 5.67
Diluted earnings per share:        
Reallocation of total earnings as a result of conversion of Class B common stock to Common stock $ 0 $ 0 $ 0 $ 0
Reallocation of undistributed earnings (264) (251) (931) (954)
Total earnings—diluted $ 128,655 $ 105,344 $ 383,235 $ 333,898
Conversion of Class B common stock to Common shares outstanding (shares) 0 0 0 0
Total weighted-average shares—diluted (shares) 54,614 58,114 55,447 59,058
Net income per share - diluted (USD per share) $ 2.36 $ 1.81 $ 6.91 $ 5.65
Class B common stock | Employee stock options        
Diluted earnings per share:        
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares) 0 0 0 0
Class B common stock | Performance and restricted stock units        
Diluted earnings per share:        
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares) 0 0 0 0