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Stock-based Compensation and Other Stock Plans (Tables)

3 Months Ended

Mar. 29, 2014

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 periods ended March 29, 2014, and March 30, 2013, using the Black-Scholes valuation model:

		Three Months Ended
		March 29, 2014				March 30, 2013
Expected term of option (in years)			4.52				4.29
Expected volatility factor			26.76	%			33.81	%
Expected dividend yield			2.40	%			2.67	%
Risk-free interest rate			1.30	%			0.79	%

Summary of Stock Option Activity

A summary of stock option activity as of and for the three month period ended March 29, 2014, is presented below:

		Shares (in thousands)				Exercise Price Per Share*				Remaining Contractual Term* (in years)				Aggregate Intrinsic Value (in millions)
Outstanding at December 28, 2013			2,429			$	58.35
Granted			643				109.43
Exercised			(229	)			55.75
Forfeited or expired			(4	)			80.84
Outstanding at March 29, 2014			2,839				70.11				7.5			$	119.5
Exercisable at March 29, 2014			1,567				52.92				6.2				92.9

* Weighted-average

Nonvested Performance Shares [Member]

Summary of Changes in Non-Vested Performance Awards

The changes to the company’s non-vested performance awards during the three month period ended March 29, 2014, are as follows:

		Shares (in thousands)				Fair Value Price per Share*
Non-vested performance awards at December 28, 2013			381			$	68.13
Granted			125				107.30
Vested			—				—
Cancellations and other			(2	)			58.94
Non-vested performance awards at March 29, 2014			504				77.81

* Weighted-average

Cash-Settled Stock Appreciation Rights [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 periods ended March 29, 2014, and March 30, 2013, using the Black-Scholes valuation model:

		Three Months Ended
		March 29,				March 30,
		2014				2013
Expected term of cash-settled SARs (in years)			4.35				4.11
Expected volatility factor			25.19	%			31.11	%
Expected dividend yield			2.40	%			2.67	%
Risk-free interest rate			1.74	%			0.77	%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the three month period ended March 29, 2014, are as follows:

		Cash-settled SARs (in thousands)				Fair Value Price per Share*
Non-vested SARs at December 28, 2013			126			$	43.72
Granted			4				20.83
Vested			(79	)			48.16
Cancellations			(2	)			—
Non-vested SARs at March 29, 2014			49				44.36

* 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 month periods ended March 29, 2014, and March 30, 2013, using the Black-Scholes valuation model:

		Three Months Ended
		March 29,				March 30,
		2014				2013
Expected term of stock-settled SARs (in years)			4.50				4.25
Expected volatility factor			25.66	%			34.09	%
Expected dividend yield			2.40	%			2.67	%
Risk-free interest rate			1.51	%			0.92	%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the three month period ended March 29, 2014, 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 28, 2013			122			$	79.29
Granted			114				109.44
Exercised			(2	)			79.04
Forfeited or expired			(8	)			79.04
Outstanding at March 29, 2014			226				94.57				9.4			$	4.0
Exercisable at March 29, 2014			31				79.04				8.9				1.0

* Weighted-average

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Share-based compensation arrangement by share-based payment award, fair value assumptions.

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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-Name Accounting Standards Codification

-Topic 718

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-Subparagraph (f)(2)

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