XML 49 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Stock-based Compensation and Other Stock Plans - (Tables)
 6 Months Ended
Jun. 27, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model
The following weighted-average assumptions were used in calculating the fair value of stock options granted during the six months ended June 27, 2020, and June 29, 2019, using the Black-Scholes valuation model:
Six Months Ended
June 27,
2020		June 29,
2019
Expected term of option (in years)
5.535.53
Expected volatility factor21.67%21.30%
Expected dividend yield2.78%1.79%
Risk-free interest rate1.50%2.54%
Summary of Stock Option Activity
A summary of stock option activity as of and for the six months ended June 27, 2020, is presented below:

Shares
(in thousands)
Exercise
Price Per
Share*
Remaining
Contractual
Term*
(in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 28, 20193,114  $135.60  
Granted459  155.34  
Exercised(60) 65.96  
Forfeited or expired(13) 161.36  
Outstanding at June 27, 20203,500  139.31  6.2$38.9  
Exercisable at June 27, 20202,590  133.28  5.238.9  

*Weighted-average
Summary of Changes in Non-Vested Performance Awards
Changes to the company’s non-vested performance awards during the six months ended June 27, 2020, are as follows:

Shares
(in thousands)
Fair Value
Price per
Share*
Non-vested performance awards at December 28, 201998  $158.94  
Granted82  155.34  
Vested—  —  
Cancellations and other(74) 157.49  
Non-vested performance awards at June 27, 2020106  157.17  

*Weighted-average
Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model
The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the six months ended June 27, 2020, and June 29, 2019, using the Black-Scholes valuation model:

 Six Months Ended
 June 27,
2020		June 29,
2019
Expected term of stock-settled SARs (in years)
3.753.65
Expected volatility factor22.50%22.60%
Expected dividend yield2.78%1.81%
Risk-free interest rate1.42%2.48%
The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the six months ended June 27, 2020, and June 29, 2019, using the Black-Scholes valuation model:
Six Months Ended
June 27,
2020		June 29,
2019
Expected term of cash-settled SARs (in years)
3.433.34
Expected volatility factor32.04%22.52%
Expected dividend yield3.23%1.87%
Risk-free interest rate0.19%1.71%
Summary of Changes in SARs
Changes to the company’s stock-settled SARs during the six months ended June 27, 2020, are as follows:

Stock-settled
SARs
(in thousands)
Exercise
Price Per
Share*
Remaining
Contractual
Term*
(in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 28, 2019450  $149.18  
Granted92  155.34  
Exercised(1) 94.93  
Forfeited or expired(6) 130.68  
Outstanding at June 27, 2020535  150.56  7.0$1.4  
Exercisable at June 27, 2020355  147.56  6.01.4  

*Weighted-average
Changes to the company’s non-vested cash-settled SARs during the six months ended June 27, 2020, are as follows:

Cash-settled
SARs
(in thousands)
Fair Value
Price per
Share*
Non-vested cash-settled SARs at December 28, 20192  $25.96  
Granted1  17.42  
Vested(1) 14.58  
Non-vested cash-settled SARs at June 27, 20202  16.91  

*Weighted-average