Stock-based Compensation and Other Stock Plans (Tables)

3 Months Ended

Apr. 02, 2016

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 month periods ended April 2, 2016, and April 4, 2015, using the Black-Scholes valuation model:    

	Three Months Ended
	April 2,			April 4,
	2016			2015
Expected term of option (in years)		5.05			4.76
Expected volatility factor		22.17	%		24.13	%
Expected dividend yield		1.77	%		2.04	%
Risk-free interest rate		1.04	%		1.38	%

Summary of Stock Option Activity

A summary of stock option activity as of and for the three month period ended April 2, 2016, is presented below:

	Shares (in thousands)			Exercise Price Per Share*		Remaining Contractual Term* (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at January 2, 2016		2,811		$	88.62
Granted		644			138.04
Exercised		(148	)		67.17
Forfeited or expired		(15	)		131.56
Outstanding at April 2, 2016		3,292			99.05		7.2	$	198.1
Exercisable at April 2, 2016		2,043			76.67		6.0		168.7

* 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 three month period ended April 2, 2016, are as follows:

	Shares (in thousands)			Fair Value Price per Share*
Non-vested performance awards at January 2, 2016		265		$	124.16
Granted		78			138.03
Vested		—			—
Cancellations and other		(9	)		115.25
Non-vested performance awards at April 2, 2016		334			127.71

* 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 month periods ended April 2, 2016, and April 4, 2015, using the Black-Scholes valuation model:

	Three Months Ended
	April 2,			April 4,
	2016			2015
Expected term of stock-settled SARs (in years)		4.03			4.72
Expected volatility factor		20.09	%		23.67	%
Expected dividend yield		1.66	%		2.04	%
Risk-free interest rate		1.11	%		1.50	%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the three month period ended April 2, 2016, 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 2, 2016		269		$	113.70
Granted		101			138.05
Exercised		(6	)		85.94
Forfeited or expired		(9	)		92.93
Outstanding at April 2, 2016		355			121.70		8.5	$	13.3
Exercisable at April 2, 2016		152			103.64		7.6		8.5

* 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 three month periods ended April 2, 2016, and April 4, 2015, using the Black-Scholes valuation model:

	Three Months Ended
	April 2,			April 4,
	2016			2015
Expected term of cash-settled SARs (in years)		3.92			4.68
Expected volatility factor		20.07	%		23.16	%
Expected dividend yield		1.65	%		2.04	%
Risk-free interest rate		0.90	%		1.26	%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the three month period ended April 2, 2016, are as follows:

	Cash-settled SARs (in thousands)			Fair Value Price per Share*
Non-vested cash-settled SARs at January 2, 2016		7		$	51.71
Granted		4			31.16
Vested		(4	)		50.69
Non-vested cash-settled SARs at April 2, 2016		7			32.04

* Weighted-average