Incentive Compensation Plans (Tables)

12 Months Ended

Dec. 28, 2019

Share-based Payment Arrangement [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:

	2019	2018		2017
Dividend yield	na	5.7	%	4.4	%
Expected volatility	na	29	%	29	%
Risk-free interest rate	na	3.1	%	2.2	%
Expected life	na	7 years		7 years

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na    Not applicable. During 2019, there were no stock options granted.

Stock option activity

Stock option activity for 2019, 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 29, 2018	3,630,684			$55.66
Expired/Forfeited	(289,945	)	48.48
Outstanding at December 28, 2019	3,340,739			$56.28		$—
Exercisable at December 28, 2019	2,913,631			$57.81		$—

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

Restricted stock, restricted stock units, performance-vested and market-vested share award activity for 2019 under all of the Company's incentive plans is summarized in the following table:

	Non-vested Shares outstanding		Weighted average grant date per share fair value
Outstanding at December 29, 2018	684,184			$47.68
Time-vested shares granted	271,528		14.55
Market-vested shares granted	42,365		27.12
Performance shares granted	111,536		30.90
Performance share adjustments	(68,761	)	40.74
Vested	(289,487	)	48.67
Forfeited	(223,076	)	40.58
Outstanding at December 28, 2019	528,289			$28.82