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Stock-based Compensation and Other Stock Plans (Tables)

3 Months Ended

Apr. 04, 2015

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 April 4, 2015, and March 29, 2014, using the Black-Scholes valuation model:

		Three Months Ended
		April 4, 2015		March 29, 2014
Expected term of option (in years)		4.76		4.52
Expected volatility factor		24.13%		26.76%
Expected dividend yield		2.04%		2.40%
Risk-free interest rate		1.38%		1.30%

Summary of Stock Option Activity

A summary of stock option activity as of and for the three month period ended April 4, 2015, is presented below:

		Shares (in thousands)				Exercise Price Per Share*				Remaining Contractual Term* (in years)				Aggregate Intrinsic Value (in millions)
Outstanding at January 3, 2015			2,630			$	71.13
Granted			634				144.69
Exercised			(234)				61.89
Forfeited or expired			(16)				112.07
Outstanding at April 4, 2015			3,014				87.10				7.4			$	183.0
Exercisable at April 4, 2015			1,772				62.49				6.1				151.2

* Weighted-average

Nonvested Performance Shares [Member]

Summary of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested performance awards during the three month period ended April 4, 2015, are as follows:

		Shares (in thousands)				Fair Value Price per Share*
Non-vested performance awards at January 3, 2015			327			$	91.92
Granted			116				138.48
Vested			(2)				89.35
Cancellations and other			(9)				89.04
Non-vested performance awards at April 4, 2015			432				104.41

* 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 April 4, 2015, and March 29, 2014, using the Black-Scholes valuation model:

		Three Months Ended
		April 4, 2015				March 29, 2014
Expected term of stock-settled SARs (in years)			4.72				4.50
Expected volatility factor			23.67%				25.66%
Expected dividend yield			2.04%				2.40%
Risk-free interest rate			1.50%				1.51%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the three month period ended April 4, 2015, are as follows:

		Stock-settled SARs (in thousands)				Exercise Price Per Share*				Remaining Contractual Term* (in years)				Aggregate Intrinsic Value (in millions)
Outstanding at January 3, 2015			223			$	94.90
Granted			112				144.69
Exercised			(6)				85.33
Forfeited or expired			(10)				89.94
Outstanding at April 4, 2015			319				112.72				8.9			$	11.2
Exercisable at April 4, 2015			90				90.33				8.2				5.2

* 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 April 4, 2015, and March 29, 2014, using the Black-Scholes valuation model:

		Three Months Ended
		April 4, 2015				March 29, 2014
Expected term of cash-settled SARs (in years)			4.68				4.35
Expected volatility factor			23.16%				25.19%
Expected dividend yield			2.04%				2.40%
Risk-free interest rate			1.26%				1.74%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the three month period ended April 4, 2015, are as follows:

		Cash-settled SARs (in thousands)				Fair Value Price per Share*
Non-vested cash-settled SARs at January 3, 2015			47			$	68.35
Granted			4				25.78
Vested			(42)				81.46
Non-vested cash-settled SARs at April 4, 2015			9				45.23

* Weighted-average

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