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Stock-based Compensation and Other Stock Plans (Tables)

6 Months Ended

Jun. 29, 2013

Summary of Changes in Non-Vested Performance Awards

The changes to the company’s non-vested performance awards during the six month period ended June 29, 2013, are as follows:


	Shares (in thousands)		Fair Value Price per Share ⁽*⁾
Non-vested performance awards at December 29, 2012		509	$	59.36
Granted		172		77.31
Vested		–		–
Cancellations		–		–

Non-vested performance awards at June 29, 2013		681		63.89

* Weighted-average

Summary of Changes in Non-Vested Awards

Changes to the company’s non-vested stock-settled SARs during the six month period ended June 29, 2013, are as follows:

SARs
(in thousands)

Exercise
Price Per
Share ⁽*⁾

Remaining
Contractual
Term ⁽*⁾
(in years)

Aggregate
Intrinsic
Value
(in millions)

Outstanding at December 29, 2012

–

Granted

119

79.04

Exercised

–

Forfeited or expired

–

Outstanding at June 29, 2013

119

79.04

9.6

1.2

Exercisable at June 29, 2013

–

* 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 six month period ended June 29, 2013, using the Black-Scholes valuation model:


	Six Months Ended June 29, 2013
Expected term of SARs (in years)		4.25
Expected volatility factor		34.09	%
Expected dividend yield		2.67	%
Risk-free interest rate		0.92	%

Stock Option [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 options granted during the three month period ended June 30, 2012, and the six month periods ended June 29, 2013, and June 30, 2012, using the Black-Scholes valuation model:


	Three Months Ended		Six Months Ended
	June 29, 2013	June 30, 2012	June 29, 2013	June 30, 2012
Expected term of option (in years)	N/A	5.29	4.29	5.37
Expected volatility factor	N/A	37.31%	33.81%	36.93%
Expected dividend yield	N/A	2.73%	2.67%	2.72%
Risk-free interest rate	N/A	0.78%	0.79%	0.82%

Summary of Stock Option Activity

A summary of stock option activity as of and for the six month period ended June 29, 2013, is presented below:


	Shares (in thousands)		Exercise Price Per Share ⁽*⁾		Remaining Contractual Term ⁽⁾ (in years)*		Aggregate Intrinsic Value (in millions)
Outstanding at December 29, 2012		2,161	$	50.48
Granted		640		79.04
Exercised		(299)		47.28
Forfeited or expired		–		–

Outstanding at June 29, 2013		2,502		58.17		7.5	$	78.1

Exercisable at June 29, 2013		1,263		46.93		6.0		53.6

* Weighted-average

Stock Appreciation Rights (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 cash-settled SARs granted during the three month period ended June 30, 2012 and the six month periods ended June 29, 2013, and June 30, 2012, using the Black-Scholes valuation model:


	Three Months Ended				Six Months Ended
	June 29, 2013		June 30, 2012		June 29, 2013		June 30, 2012
Expected term of SARs (in years)		N/A		5.20		3.81		4.93
Expected volatility factor		N/A		37.22%		26.55%		37.57%
Expected dividend yield		N/A		2.73%		2.70%		2.73%
Risk-free interest rate		N/A		0.72%		0.66%		0.72%

Summary of Changes in Non-Vested Awards

Changes to the company’s non-vested cash-settled SARs during the six month period ended June 29, 2013, are as follows:


	SARs (in thousands)		Fair Value Price per Share ⁽*⁾
Non-vested SARs at December 29, 2012		238	$	24.26
Granted		4		18.00
Vested		(113)		32.72
Cancellations		(3)		–

Non-vested SARs at June 29, 2013		126		27.47

* Weighted-average

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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