Stock-based Compensation and Other Stock Plans (Tables)

9 Months Ended

Oct. 03, 2015

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 three and nine month periods ended October 3, 2015, and the nine month period ended September 27, 2014, using the Black-Scholes valuation model; no stock options were granted during the three month period ended September 27, 2014:

	Three Months Ended					Nine Months Ended
	October 3, 2015			September 27, 2014		October 3, 2015			September 27, 2014
Expected term of option (in years)		3.64			N/A		4.76			4.52
Expected volatility factor		19.20	%		N/A		24.13	%		26.76	%
Expected dividend yield		1.75	%		N/A		2.04	%		2.40	%
Risk-free interest rate		0.99	%		N/A		1.38	%		1.30	%

Summary of Stock Option Activity

A summary of stock option activity as of and for the nine month period ended October 3, 2015, is presented below:

	Shares (in thousands)			Exercise Price Per Share*		Remaining Contractual Term* (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at January 3, 2015		2,630		$	71.13
Granted		635			144.72
Exercised		(404	)		61.23
Forfeited or expired		(27	)		116.14
Outstanding at October 3, 2015		2,834			88.60		6.9	$	177.7
Exercisable at October 3, 2015		1,608			62.73		5.6		142.4

* Weighted-average

Nonvested Performance Shares [Member]

Summary of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested performance awards during the nine month period ended October 3, 2015, are as follows:

	Shares (in thousands)			Fair Value Price per Share*
Non-vested performance awards at January 3, 2015		327		$	91.92
Granted		128			139.05
Vested		(2	)		90.08
Cancellations and other		(13	)		96.73
Non-vested performance awards at October 3, 2015		440			105.43

* Weighted-average

Stock-Settled SARs [Member]

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 three and nine month periods ended October 3, 2015, and the nine month period ended September 27, 2014, using the Black-Scholes valuation model; no stock-settled SARS were granted during the three month period ended September 27, 2014:

	Three Months Ended					Nine Months Ended
	October 3, 2015			September 27, 2014		October 3, 2015			September 27, 2014
Expected term of stock-settled SARs (in years)		4.01			N/A		4.72			4.49
Expected volatility factor		23.06	%		N/A		23.66	%		25.64	%
Expected dividend yield		1.75	%		N/A		2.04	%		2.40	%
Risk-free interest rate		1.52	%		N/A		1.50	%		1.50	%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the nine month period ended October 3, 2015, are as follows:

	Stock-settled SARs (in thousands)			Exercise Price Per Share*		Remaining Contractual Term* (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at January 3, 2015		223		$	94.90
Granted		113			144.77
Exercised		(14	)		87.55
Forfeited or expired		(46	)		107.81
Outstanding at October 3, 2015		276			113.47		8.4	$	10.5
Exercisable at October 3, 2015		71			89.78		7.7		4.4

* Weighted-average

Cash-Settled Stock Appreciation Rights [Member]

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 cash-settled SARs granted during the nine month periods ended October 3, 2015, and September 27, 2014, using the Black-Scholes valuation model; no cash-settled SARs were granted during the three month periods ended October 3, 2015, or September 27, 2014:

	Nine Months Ended
	October 3,			September 27,
	2015			2014
Expected term of cash-settled SARs (in years)		3.37			3.74
Expected volatility factor		19.34	%		23.87	%
Expected dividend yield		1.76	%		2.19	%
Risk-free interest rate		0.85	%		1.08	%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the nine month period ended October 3, 2015, are as follows:

	Cash-settled SARs (in thousands)			Fair Value Price per Share*
Non-vested cash-settled SARs at January 3, 2015		47		$	68.35
Granted		4			20.98
Vested		(44	)		86.82
Non-vested cash-settled SARs at October 3, 2015		7			35.55

* Weighted-average