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Share-based and Deferred Compensation Plans (Tables)
 12 Months Ended
Dec. 26, 2015
Compensation Related Costs [Abstract]  
Weighted-average assumptions used in the Black-Scholes option-pricing model
We estimated the fair value of each stock option and SAR award as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 
 
2015
 
2014
 
2013
Risk-free interest rate
 
1.3
%
 
1.6
%
 
0.8
%
Expected term (years)
 
6.4

 
6.2

 
6.2

Expected volatility
 
26.9
%
 
29.7
%
 
29.9
%
Expected dividend yield
 
2.2
%
 
2.1
%
 
2.1
%
Summary of award activity
Stock Options and SARs

 
 
Shares
(in thousands)
 
Weighted-Average Exercise
Price
 
Weighted- Average Remaining Contractual Term (years)
 
Aggregate Intrinsic Value (in millions)
Outstanding at the beginning of the year
 
27,172

 
 
 
$
46.68

 
 
 
 
Granted
 
3,811

 
 
 
74.32

 
 
 
 
Exercised
 
(4,089
)
 
 
 
35.25

 
 
 
 
Forfeited or expired
 
(961
)
 
 
 
65.86

 
 
 
 
Outstanding at the end of the year
 
25,933

(a) 
 
 
$
51.79

 
5.41

 
$
577

Exercisable at the end of the year
 
17,084

 
 
 
$
42.49

 
4.03

 
$
538


(a)
Outstanding awards include 1,623 options and 24,310 SARs with weighted average exercise prices of $49.34 and $51.98, respectively.
Impact on net income
The components of share-based compensation expense and the related income tax benefits are shown in the following table:

 
 
2015
 
2014
 
2013
Options and SARs
 
$
50

 
$
48

 
$
44

Restricted Stock Units
 
4

 
6

 
6

Performance Share Units
 
3

 
1

 
(1
)
Total Share-based Compensation Expense
 
$
57

 
$
55

 
$
49

Deferred Tax Benefit recognized
 
$
18

 
$
17

 
$
15

 
 
 
 
 
 
 
EID compensation expense not share-based
 
$
1

 
$
8

 
$
11