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Stock-based Compensation and Other Stock Plans (Tables)

9 Months Ended

Sep. 28, 2013

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 and nine month periods ended September 28, 2013, and September 29, 2012, using the Black-Scholes valuation model:


	Three Months Ended						Nine Months Ended
	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Expected term of option (in years)		3.67			5.29			4.29			5.36
Expected volatility factor		26.39	%		37.33	%		33.79	%		36.93	%
Expected dividend yield		2.68	%		2.73	%		2.67	%		2.72	%
Risk-free interest rate		0.64	%		0.67	%		0.79	%		0.82	%

Summary of Stock Option Activity

A summary of stock option activity as of and for the nine month period ended September 28, 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		641			79.07
Exercised		(335	)		47.50
Forfeited or expired		(13	)		64.18

Outstanding at September 28, 2013		2,454			58.29		7.2	$	101.7

Exercisable at September 28, 2013		1,226			46.88		5.7		64.8

*	Weighted-average

Summary of Changes in Non-Vested Performance Awards

The changes to the company’s non-vested performance awards during the nine month period ended September 28, 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		(2	)		59.22
Cancellations		(2	)		69.42

Non-vested performance awards at September 28, 2013		677			63.89

*	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 nine month periods ended September 28, 2013, and September 29, 2012, using the Black-Scholes valuation model:


	Nine Months Ended
	September 28, 2013			September 29, 2012
Expected term of cash-settled SARs (in years)		3.55			4.74
Expected volatility factor		26.12	%		37.11	%
Expected dividend yield		2.68	%		2.72	%
Risk-free interest rate		0.63	%		0.62	%

Summary of Changes in Non-Vested Awards

Changes to the company’s non-vested cash-settled SARs during the nine month period ended September 28, 2013, are as follows:


	Cash-settled SARs (in thousands)			Fair Value Price per Share ⁽*⁾
Non-vested SARs at December 29, 2012		238		$	24.26
Granted		4			23.89
Vested		(113	)		41.95
Cancellations		(3	)		—

Non-vested SARs at September 28, 2013		126			36.17

*	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 three and nine month periods ended September 28, 2013, using the Black-Scholes valuation model:


	Three Months Ended			Nine Months Ended
	September 28, 2013			September 28, 2013
Expected term of stock-settled SARs (in years)		3.67			4.24
Expected volatility factor		26.39	%		33.92	%
Expected dividend yield		2.68	%		2.67	%
Risk-free interest rate		0.64	%		0.91	%

Summary of Changes in Non-Vested Awards

Changes to the company’s non-vested stock-settled SARs during the nine month period ended September 28, 2013, 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 29, 2012		—	$	—
Granted		122		79.29
Exercised		—		—
Forfeited or expired		—		—

Outstanding at September 28, 2013		122		79.29		9.4	$	2.5

Exercisable at September 28, 2013		—		—		—		—

*	Weighted-average