Incentive Compensation Plans (Tables)

12 Months Ended

Dec. 27, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock option valuation assumptions

The fair value of the Company's stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used in the last three years:

	2014		2013		2012
Dividend yield	3.3	%	2.9	%	2.5	%
Expected volatility	40	%	41	%	39	%
Risk-free interest rate	2.1	%	2.0	%	1.2	%
Expected life	7 years		7 years		8 years

Stock option activity

Stock option activity for 2014, under all of the Company's incentive plans, is summarized in the following table:

	Shares subject to option		Weighted average exercise price per share		Aggregate Intrinsic Value (in millions)
Outstanding at December 28, 2013	2,360,275			$44.16
Granted	332,210		64.02
Expired/Forfeited	(5,711	)	78.49
Exercised	(494,638	)	35.88
Outstanding at December 27, 2014	2,192,136			$48.95		$37.0
Exercisable at December 27, 2014	1,583,642			$41.54		$36.6

Schedule of restricted stock, restricted stock units, performance vested and market vested award activity

award activity for 2014 under all of the Company's incentive plans is summarized in the following table:

	Non-vested Shares outstanding		Weighted average grant date fair value
Outstanding at December 28, 2013	813,732			$51.92
Granted	237,736		72.86
Performance share adjustments	(38,468	)	77.92
Vested	(348,880	)	47.87
Forfeited	(12,271	)	70.86
Outstanding at December 27, 2014	651,849			$59.76