Common Stock, Stock Option Plans and Stock Compensation Agreements (Tables)

12 Months Ended

Dec. 31, 2017

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

Schedule Valuation Assumptions

The average fair value of options granted was $13.38, $10.01 and $10.68, in 2017, 2016 and 2015, respectively. The fair value was estimated based on the weighted average assumptions of:

	2017		2016		2015
Risk-free rate	2.25	%	1.51	%	1.77	%
Expected volatility	15.30	%	15.76	%	15.48	%
Expected life (in years)	7.0		7.0		7.0
Expected dividend yield	2.90	%	3.10	%	2.90	%

Summary of Stock Option Activity

A summary of option activity under the Plan as of December 31, 2017, January 1, 2017 and January 3, 2016, and changes during the years ending on those dates is presented below:

(Shares in Thousands)	Outstanding Shares		Weighted Average Exercise Price		Aggregate Intrinsic Value (Dollars in Millions)
Shares at December 28, 2014	115,712		$	70.37	$	4,014
Options granted	20,484		100.06
Options exercised	(16,683	)	62.53
Options canceled/forfeited	(2,996	)	82.22
Shares at January 3, 2016	116,517		76.41		3,065
Options granted	22,491		101.87
Options exercised	(22,547	)	65.66
Options canceled/forfeited	(3,006	)	92.83
Shares at January 1, 2017	113,455		83.16		3,636
Options granted	19,287		115.67
Options exercised	(18,975	)	70.87
Options canceled/forfeited	(2,461	)	101.40
Shares at December 31, 2017	111,306		$	90.48	$	5,480

Summary of Options Outstanding

The following table summarizes stock options outstanding and exercisable at December 31, 2017:

(Shares in Thousands)	Outstanding			Exercisable
Exercise Price Range	Options	Average Life(1)	Average Exercise Price	Options	Average Exercise Price
$52.13-$62.20	12,148	1.7	$60.37	12,148	$60.37
$62.62-$65.62	9,548	3.0	$63.91	9,547	$63.91
$66.07-$72.54	14,816	5.0	$72.53	14,816	$72.53
$90.44-$100.48	35,035	6.6	$95.48	15,843	$90.49
$101.87-$115.67	39,759	8.6	$108.35	67	$105.91
	111,306	6.3	$90.48	52,421	$73.61

⁽¹⁾ Average contractual life remaining in years.

Summary of Restricted Share Units

A summary of the restricted share units and performance share units activity under the Plans as of December 31, 2017 is presented below:

(Shares in Thousands)	Outstanding Restricted Share Units		Outstanding Performance Share Units
Shares at January 1, 2017	21,061		2,415
Granted	7,248		1,276
Issued	(7,205	)	(1,361	)
Canceled/forfeited/adjusted	(943	)	295
Shares at December 31, 2017	20,161		2,625