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

12 Months Ended

Dec. 29, 2019

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

Schedule Valuation Assumptions

The average fair value of options granted was $17.80, $17.98 and $13.38, in 2019, 2018 and 2017, respectively. The fair value was estimated based on the weighted average assumptions of:

	2019		2018		2017
Risk-free rate	2.56	%	2.77	%	2.25	%
Expected volatility	16.27	%	15.77	%	15.30	%
Expected life (in years)	7.0		7.0		7.0
Expected dividend yield	2.80	%	2.70	%	2.90	%

Summary of Stock Option Activity

A summary of option activity under the Plan as of December 29, 2019, December 30, 2018 and December 31, 2017, 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 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
Options granted	17,115		129.51
Options exercised	(16,228	)	75.44
Options canceled/forfeited	(2,541	)	112.90
Shares at December 30, 2018	109,652		98.29		3,214
Options granted	19,745		131.94
Options exercised	(14,785	)	82.43
Options canceled/forfeited	(2,975	)	125.11
Shares at December 29, 2019	111,637		$	105.63	$	4,478

Summary of Options Outstanding

The following table summarizes stock options outstanding and exercisable at December 29, 2019:

(Shares in Thousands)	Outstanding			Exercisable
Exercise Price Range	Options	Average Life(1)	Average Exercise Price	Options	Average Exercise Price
$58.65-$66.07	7,752	1.3	$63.71	7,752	$63.71
$72.54-$90.44	23,837	3.6	$82.08	23,837	$82.08
$100.06-$101.87	29,586	5.6	$101.07	29,083	$101.05
$115.67-$129.51	31,810	7.6	$122.32	84	$120.76
$131.94-$141.06	18,652	9.1	$131.94	5	$131.94
	111,637	6.0	$105.63	60,761	$88.88

⁽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 29, 2019 is presented below:

(Shares in Thousands)	Outstanding Restricted Share Units		Outstanding Performance Share Units
Shares at December 30, 2018	18,460		2,494
Granted	5,769		932
Issued	(6,261	)	(996	)
Canceled/forfeited/adjusted	(1,199	)	(256	)
Shares at December 29, 2019	16,769		2,174