Stock Compensation (Tables)

6 Months Ended

Jul. 04, 2015

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

Schedule of Compensation Expense for Equity-Based Programs and Related Income Tax Benefits

For the periods presented, compensation expense for all types of equity-based programs and the related income tax benefit recognized were as follows:

	Quarter ended				Year-to-date period ended
(millions)	July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Pre-tax compensation expense	$	13	$	14	$	25	$	28
Related income tax benefit	$	5	$	5	$	9	$	10

Summary of Stock Option Activity

Year-to-date period ended July 4, 2015:

Employee and director stock options	Shares (millions)		Weighted- average exercise price		Weighted- average remaining contractual term (yrs.)	Aggregate intrinsic value (millions)
Outstanding, beginning of period	21		$	56
Granted	3		64
Exercised	(2	)	53
Forfeitures and expirations	—		—
Outstanding, end of period	22		$	57	7.1	$	131
Exercisable, end of period	13		$	55	6.1	$	114

Year-to-date period ended June 28, 2014:

Employee and director stock options	Shares (millions)		Weighted- average exercise price		Weighted- average remaining contractual term (yrs.)	Aggregate intrinsic value (millions)
Outstanding, beginning of period	20		$	54
Granted	6		60
Exercised	(2	)	50
Forfeitures and expirations	(1	)	57
Outstanding, end of period	23		$	55	7.5	$	209
Exercisable, end of period	11		$	52	6.0	$	145

Schedule of Fair Value Assumptions

The fair value was estimated using the following assumptions:

	Weighted- average expected volatility		Weighted- average expected term (years)	Weighted- average risk-free interest rate		Dividend yield
Grants within the year-to-date period ended July 4, 2015:	16	%	6.9	1.98	%	3.00	%
Grants within the year-to-date period ended June 28, 2014:	15	%	7.3	2.35	%	3.00	%

Maximum Future Value of Performance Shares

Based on the market price of the Company’s common stock at July 4, 2015, the maximum future value that could be awarded to employees on the vesting date for all outstanding performance share awards was as follows:

(millions)	July 4, 2015
2013 Award	$	24
2014 Award	$	27
2015 Award	$	22

Schedule of Restricted Stock Activity

ended July 4, 2015:

Employee restricted stock and restricted stock units	Shares(thousands)		Weighted-average grant-date fair value
Non-vested, beginning of year	346		$	54
Granted	563		58
Vested	(79	)	51
Forfeited	(17	)	56
Non-vested, end of period	813		$	57