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Share-Based Compensation (Tables) | 3 Months Ended
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Apr. 02, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Weighted-Average Assumptions Used for Grants of Stock Options and SARs | The following table shows the weighted-average assumptions used for grants of SARs as well as the fair value based on those assumptions:
| Three Months Ended
| April 2, 2016 |  | April 4, 2015
Expected dividend yield | 0% |  | 0%
Forfeiture rate | 10.24% |  | 10.32%
Volatility | 33.98% |  | 34.92%
Risk free interest rate | 1.53% |  | 1.73%
Range of interest rates | 0.02% - 2.14% |  | 0.02% - 2.61%
Expected weighted-average life | 5.32 years |  | 5.36 years
Fair value of SARs granted (in millions) | $— |  | $—
Weighted-average grant date fair value of SARs granted (per underlying share) | $— |  | $—
Summary of SARs Activity | SAR activity was as follows:
| April 2, 2016
SARs | Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 1,397,611 |  |  | $ | 56.78 |
Granted | — |  |  | — |
Exercised | (10,800 | ) |  | 37.03 |
Forfeited | (19,497 | ) |  | 75.20 |
Expired | — |  |  | — |
Outstanding at end of period | 1,367,314 |  |  | 56.66 |
Exercisable at end of period | 728,463 |  |  | 36.01 |
Intrinsic value of exercised SARs (in millions) | $ | — |  |  |
Schedule of Outstanding and Exercisable Options | The following table summarizes information about SARs outstanding at April 2, 2016:
| April 2, 2016
| Outstanding |  | Exercisable
Aggregate intrinsic value (in millions) | $24 |  | $20
Weighted-average remaining contractual term | 6.5 years |  | 5.1 years
Summary of Stock Option Activity | Stock option activity was as follows:
| April 2, 2016
Options | Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 204,434 |  |  | $ | 36.66 |
Granted | — |  |  | — |
Exercised | (7,590 | ) |  | 42.68 |
Forfeited | — |  |  | — |
Expired | (2,490 | ) |  | 43.35 |
Outstanding at end of period | 194,354 |  |  | 36.34 |
Exercisable at end of period | 194,354 |  |  | 36.34 |
Intrinsic value of exercised options (in millions) | $ | — |  |  |
Summary of Restricted Stock Award Activity | Restricted stock award activity was as follows:
| April 2, 2016
Restricted Stock Awards | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at beginning of period | 566,447 |  |  | $ | 77.68 |
Granted | — |  |  | — |
Released | (12,592 | ) |  | 58.37 |
Forfeited | (7,586 | ) |  | 85.80 |
Outstanding at end of period | 546,269 |  |  | 77.93 |
Summary of Performance Share Award Activity | Performance share award activity was as follows:
| April 2, 2016
Performance Share Awards | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at beginning of period | 332,630 |  |  | $ | 73.40 |
Grant adjustment | (2,531 | ) |  | 73.07 |
Released | — |  |  | — |
Forfeited | (2,719 | ) |  | 73.07 |
Outstanding at end of period | 327,380 |  |  | 73.22 |
Weighted-Average Assumptions Used for Employee Purchase Rights Granted Under Stock Purchase Plan | The fair value of the purchase rights issued to employees under the stock purchase plan is estimated using the following weighted-average assumptions for purchase rights granted. An expected life of 3 months was used to calculate the fair value.
| Three Months Ended
| April 2, 2016 |  | April 4, 2015
Fair market value | $ | 69.65 |  |  | $ | 77.41 |
Option price | $ | 66.17 |  |  | $ | 73.54 |
Expected dividend yield | — | % |  | — | %
Expected volatility | 59 | % |  | 23 | %
Risk free interest rate | 0.21 | % |  | 0.04 | %

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