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Stock-based Compensation and Other Stock Plans (Tables)

6 Months Ended

Jul. 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 six month period ended July 4, 2015, and the three and six month periods ended June 28, 2014, using the Black-Scholes valuation model; there were no stock options granted during the three month period ended July 4, 2015:

		Three Months Ended				Six Months Ended
		July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Expected term of option (in years)		N/A		3.47		4.76		4.52
Expected volatility factor		N/A		24.54%		24.13%		26.76%
Expected dividend yield		N/A		2.28%		2.04%		2.40%
Risk-free interest rate		N/A		0.89%		1.38%		1.30%

Summary of Stock Option Activity

A summary of stock option activity as of and for the six month period ended July 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			(351)				61.50
Forfeited or expired			(18)				113.09
Outstanding at July 4, 2015			2,895				88.15				7.2			$	210.3
Exercisable at July 4, 2015			1,661				62.63				5.8				163.0

* 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 six month period ended July 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			128				139.06
Vested			(2)				89.35
Cancellations and other			(9)				89.04
Non-vested performance awards at July 4, 2015			444				105.48

* 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 July 4, 2015, and the three and six month periods ended June 28, 2014, using the Black-Scholes valuation model; there were no stock-settled SARs granted during the three month period ended July 4, 2015:

		Three Months Ended				Six Months Ended
		July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Expected term of stock-settled SARs (in years)		N/A		3.47		4.72		4.49
Expected volatility factor		N/A		24.54%		23.67%		25.64%
Expected dividend yield		N/A		2.28%		2.04%		2.40%
Risk-free interest rate		N/A		0.89%		1.50%		1.50%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the six month period ended July 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			(12)				87.49
Forfeited or expired			(19)				92.85
Outstanding at July 4, 2015			304				113.64				8.7			$	14.3
Exercisable at July 4, 2015			77				89.84				8.0				5.4

* 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 six month periods ended July 4, 2015, and June 28, 2014, using the Black-Scholes valuation model; no cash-settled SARs were granted during the three month periods ended July 4, 2015, or June 28, 2014:

		Six Months Ended
		July 4, 2015		June 28, 2014
Expected term of cash-settled SARs (in years)		3.62		4.00
Expected volatility factor		23.08%		24.15%
Expected dividend yield		1.85%		2.29%
Risk-free interest rate		1.01%		1.64%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the six month period ended July 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				31.02
Vested			(44)				95.98
Non-vested cash-settled SARs at July 4, 2015			7				44.92

* Weighted-average

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