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Stock-based Compensation and Other Stock Plans (Tables)

12 Months Ended

Jan. 02, 2016

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 2015, 2014 and 2013, using the Black-Scholes valuation model:

		2015				2014				2013
Expected term of option (in years)			4.76				4.52				4.29
Expected volatility factor			24.13%				26.76%				33.79%
Expected dividend yield			2.04%				2.40%				2.67%
Risk-free interest rate			1.38%				1.30%				0.79%

Summary of Stock Option Activity

A summary of stock option activity during 2015 is presented below:

		Shares      (in  thousands)				Exercise  Price per  Share*				Remaining    Contractual    Term* (in years)				Aggregate Intrinsic Value (in millions)
Outstanding at beginning of year			2,630			$	71.13
Granted			635				144.72
Exercised			(426)				62.42
Forfeited or expired			(28)				117.00
Outstanding at end of year			2,811				88.62				6.7			$	232.8
Exercisable at end of year			1,585				62.43				5.3				172.8

* Weighted-average

Nonvested Performance Shares [Member]

Summary of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested performance awards in 2015 are as follows:

		Shares     (in  thousands)				Fair Value Price per Share*
Non-vested performance awards at beginning of year			327			$	91.92
Granted			133				139.30
Vested			(176)				79.16
Cancellations and other			(19)				89.88
Non-vested performance awards at end of year			265				124.16

* 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 2015, 2014 and 2013, using the Black-Scholes valuation model:

		2015				2014				2013
Expected term of stock-settled SARs (in years)			4.72				4.49				4.24
Expected volatility factor			23.66%				25.64%				33.92%
Expected dividend yield			2.04%				2.40%				2.67%
Risk-free interest rate			1.50%				1.50%				0.91%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs in 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 beginning of year			223			$	94.90
Granted			113				144.77
Exercised			(16)				87.60
Forfeited or expired			(51)				108.14
Outstanding at end of year			269				113.70				8.2			$	15.5
Exercisable at end of year			67				89.71				7.5				5.5

* 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 2015, 2014 and 2013, using the Black-Scholes valuation model:

		2015				2014				2013
Expected term of cash-settled SARs (in years)			3.10				3.53				3.28
Expected volatility factor			18.14%				23.92%				24.54%
Expected dividend yield			1.69%				2.11%				2.57%
Risk-free interest rate			1.31%				1.07%				0.79%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs in 2015 are as follows:

		Cash-settled SARs     (in thousands)				Fair Value Price per Share*
Non-vested cash-settled SARs at beginning of year			47			$	68.35
Granted			4				33.29
Vested			(44)				106.92
Non-vested cash-settled SARs at end of year			7				51.71

* Weighted-average

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