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Common Stock, Stock Option Plans and Stock Compensation Agreements (Tables) | 12 Months Ended
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Jan. 03, 2021
Share-based Payment Arrangement [Abstract] |
Schedule Valuation Assumptions | The average fair value of options granted was $16.42, $17.80 and $17.98, in fiscal years 2020, 2019 and 2018, respectively. The fair value was estimated based on the weighted average assumptions of:
| 2020 |  | 2019 |  | 2018
Risk-free rate | 1.47 | % |  | 2.56 | % |  | 2.77 | %
Expected volatility | 15.33 | % |  | 16.27 | % |  | 15.77 | %
Expected life (in years) | 7.0 |  | 7.0 |  | 7.0
Expected dividend yield | 2.60 | % |  | 2.80 | % |  | 2.70 | %
Summary of Stock Option Activity | A summary of option activity under the Plan as of January 3, 2021, December 29, 2019 and December 30, 2018, and changes during the years ending on those dates is presented below:
(Shares in Thousands) |  | Outstanding Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value (Dollars in Millions)
Shares at December 31, 2017 |  | 111,306 |  |  | $ | 90.48 |  |  | $ | 5,480 |
Options granted |  | 17,115 |  |  | 129.51 |  |  |
Options exercised |  | (16,228) |  |  | 75.44 |  |  |
Options canceled/forfeited |  | (2,541) |  |  | 112.90 |  |  |
Shares at December 30, 2018 |  | 109,652 |  |  | 98.29 |  |  | 3,214 |
Options granted |  | 19,745 |  |  | 131.94 |  |  |
Options exercised |  | (14,785) |  |  | 82.43 |  |  |
Options canceled/forfeited |  | (2,975) |  |  | 125.11 |  |  |
Shares at December 29, 2019 |  | 111,637 |  |  | 105.63 |  |  | 4,478 |
Options granted |  | 20,723 |  |  | 151.41 |  |  |
Options exercised |  | (16,275) |  |  | 86.05 |  |  |
Options canceled/forfeited |  | (1,835) |  |  | 137.62 |  |  |
Shares at January 3, 2021 |  | 114,250 |  |  | $ | 116.22 |  |  | $ | 4,703 |
Summary of Options Outstanding | The following table summarizes stock options outstanding and exercisable at January 3, 2021:
(Shares in Thousands) |  | Outstanding |  | Exercisable
Exercise Price Range |  | Options |  | Average Life(1) |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
$62.20-$72.54 |  | 11,111 |  |  | 1.8 |  | $70.79 |  | 11,111 |  |  | $70.79
$90.44-$100.06 |  | 22,304 |  |  | 3.6 |  | $95.36 |  | 22,304 |  |  | $95.36
$100.48-$115.67 |  | 28,180 |  |  | 5.6 |  | $108.64 |  | 27,695 |  |  | $108.51
$129.51-$131.94 |  | 32,553 |  |  | 7.6 |  | $130.85 |  | 145 |  |  | $130.53
$141.06-$151.41 |  | 20,102 |  |  | 9.1 |  | $151.41 |  | 34 |  |  | $151.41
|  | 114,250 |  |  | 6.0 |  | $116.22 |  | 61,289 |  |  | $96.97
(1) Average contractual life remaining in years.
Summary of Restricted Share Units | A summary of the restricted share units and performance share units activity under the Plans as of January 3, 2021 is presented below:
(Shares in Thousands) |  | Outstanding Restricted Share Units |  | Outstanding Performance Share Units
Shares at December 29, 2019 |  | 16,769 |  |  | 2,174 |
Granted |  | 5,051 |  |  | 816 |
Issued |  | (6,042) |  |  | (702) |
Canceled/forfeited/adjusted |  | (780) |  |  | (52) |
Shares at January 3, 2021 |  | 14,998 |  |  | 2,236 |

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