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Stock-based Compensation and Other Stock Plans (Tables)

9 Months Ended

Sep. 27, 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 nine month period ended September 27, 2014, and the three and nine month periods ended September 28, 2013, using the Black-Scholes valuation model. 

		Three Months Ended								Nine Months Ended
		September 27, 2014				September 28, 2013				September 27, 2014				September 28, 2013
Expected term of option (in years)			N/A				3.67				4.52				4.29
Expected volatility factor			N/A				26.39	%			26.76	%			33.79	%
Expected dividend yield			N/A				2.68	%			2.40	%			2.67	%
Risk-free interest rate			N/A				0.64	%			1.30	%			0.79	%

Summary of Stock Option Activity

A summary of stock option activity as of and for the nine month period ended September 27, 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			644				109.44
Exercised			(357	)			52.34
Forfeited or expired			(35	)			89.85
Outstanding at September 27, 2014			2,681				71.01				7.1			$	136.0
Exercisable at September 27, 2014			1,445				53.55				5.7				98.6

* 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 nine month period ended September 27, 2014, are as follows:

		Shares (in thousands)				Fair Value Price per Share (*)
Non-vested performance awards at December 28, 2013			381			$	68.13
Granted			176				101.08
Vested			(2	)			66.12
Cancellations and other			(6	)			78.76
Non-vested performance awards at September 27, 2014			549				78.58

* 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 nine month periods ended September 27, 2014, and September 28, 2013, using the Black-Scholes valuation model; no cash-settled SARs were granted during the three month periods ended September 27, 2014 or September 28, 2013:

		Nine Months Ended
		September 27,				September 28,
		2014				2013
Expected term of cash-settled SARs (in years)			3.74				3.55
Expected volatility factor			23.87	%			26.12	%
Expected dividend yield			2.19	%			2.68	%
Risk-free interest rate			1.08	%			0.63	%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the nine month period ended September 27, 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				23.03
Vested			(81	)			58.68
Cancellations			(2	)			—
Non-vested SARs at September 27, 2014			47				54.10

* 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 nine month period ended September 27, 2014, and the three and nine month periods ended September 28, 2013, using the Black-Scholes valuation model. 

		Three Months Ended								Nine Months Ended
		September 27, 2014				September 28, 2013				September 27, 2014				September 28, 2013
Expected term of stock-settled SARs (in years)			N/A				3.67				4.49				4.24
Expected volatility factor			N/A				26.39	%			25.64	%			33.92	%
Expected dividend yield			N/A				2.68	%			2.40	%			2.67	%
Risk-free interest rate			N/A				0.64	%			1.50	%			0.91	%

Summary of Changes in SARs

A summary of stock-settled SARs activity as of and for the nine month period ended September 27, 2014, is presented below:

		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			116				109.98
Exercised			(3	)			79.04
Forfeited or expired			(10	)			79.04
Outstanding at September 27, 2014			225				94.82				8.9			$	6.1
Exercisable at September 27, 2014			30				79.39				8.4				1.3

* 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.

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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.

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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.

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