Stock-based Compensation and Other Stock Plans (Tables)

3 Months Ended

Mar. 31, 2018

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 months ended March 31, 2018, and April 1, 2017, using the Black-Scholes valuation model:    

	Three Months Ended
	March 31, 2018	April 1, 2017
Expected term of option (in years)	5.35	5.15
Expected volatility factor	20.08%	22.01%
Expected dividend yield	1.68%	1.63%
Risk-free interest rate	2.71%	1.78%

Summary of Stock Option Activity

A summary of stock option activity as of and for the three months ended March 31, 2018, is presented below:

	Shares (in thousands)		Exercise Price Per Share*		Remaining Contractual Term* (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 30, 2017	3,198		$	115.30
Granted	515		161.18
Exercised	(137	)	83.75
Forfeited or expired	(10	)	157.97
Outstanding at March 31, 2018	3,566		123.02		6.7	$	107.5
Exercisable at March 31, 2018	2,446		106.15		5.6	105.6

* Weighted-average

Nonvested Performance Shares

Summary of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested performance awards during the three months ended March 31, 2018, are as follows:

	Shares (in thousands)		Fair Value Price per Share*
Non-vested performance awards at December 30, 2017	132		$	149.93
Granted	91		160.22
Vested	—		—
Cancellations and other	(3	)	157.54
Non-vested performance awards at March 31, 2018	220		154.08

* Weighted-average

Stock-Settled SARs

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 months ended March 31, 2018, and April 1, 2017, using the Black-Scholes valuation model:

	Three Months Ended
	March 31, 2018	April 1, 2017
Expected term of stock-settled SARs (in years)	3.58	3.99
Expected volatility factor	20.08%	19.39%
Expected dividend yield	1.63%	1.46%
Risk-free interest rate	2.40%	1.55%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the three months ended March 31, 2018, 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 30, 2017	360		$	138.63
Granted	89		161.18
Exercised	(8	)	101.87
Forfeited or expired	(17	)	126.80
Outstanding at March 31, 2018	424		144.50		7.9	$	4.6
Exercisable at March 31, 2018	240		132.62		7.0	4.3

* Weighted-average

Cash-Settled Stock Appreciation Rights

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 months ended March 31, 2018, and April 1, 2017, using the Black-Scholes valuation model:

	Three Months Ended
	March 31, 2018	April 1, 2017
Expected term of cash-settled SARs (in years)	3.50	3.90
Expected volatility factor	20.41%	19.27%
Expected dividend yield	1.63%	1.55%
Risk-free interest rate	2.39%	1.50%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the three months ended March 31, 2018, are as follows:

	Cash-settled SARs (in thousands)		Fair Value Price per Share*
Non-vested cash-settled SARs at December 30, 2017	5		$	35.41
Granted	1		24.71
Vested	(3	)	16.08
Non-vested cash-settled SARs at March 31, 2018	3		19.66

* Weighted-average