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Stock-based Compensation and Other Stock Plans (Tables)

9 Months Ended

Oct. 01, 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 the nine month period ended October 1, 2016, and the three and nine month periods ended October 3, 2015, using the Black-Scholes valuation model; there were no stock options granted during the three month period ended October 1, 2016:

		Three Months Ended				Nine Months Ended
		October 1, 2016		October 3, 2015		October 1, 2016		October 3, 2015
Expected term of option (in years)		N/A		3.64		5.05		4.76
Expected volatility factor		N/A		19.20%		22.17%		24.13%
Expected dividend yield		N/A		1.75%		1.77%		2.04%
Risk-free interest rate		N/A		0.99%		1.04%		1.38%

Summary of Stock Option Activity

A summary of stock option activity as of and for the nine month period ended October 1, 2016, is presented below:

		Shares (in thousands)				Exercise Price Per Share*				Remaining Contractual Term* (in  years)				Aggregate Intrinsic Value (in millions)
Outstanding at January 2, 2016			2,811			$	88.62
Granted			644				138.04
Exercised			(283)				75.81
Forfeited or expired			(27)				133.02
Outstanding at October 1, 2016			3,145				99.50				6.7			$	165.0
Exercisable at October 1, 2016			1,910				76.09				5.4				144.9

* 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 nine month period ended October 1, 2016, are as follows:

		Shares (in thousands)				Fair Value Price per Share*
Non-vested performance awards at January 2, 2016			265			$	124.16
Granted			100				138.80
Vested			–				–
Cancellations and other			(17)				112.60
Non-vested performance awards at October 1, 2016			348				128.96

* 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 October 1, 2016, and the three and nine month periods ended October 3, 2015, using the Black-Scholes valuation model;

		Three Months Ended				Nine Months Ended
		October 1, 2016		October 3, 2015		October 1, 2016		October 3, 2015
Expected term of stock-settled SARs (in years)		N/A		4.01		4.03		4.72
Expected volatility factor		N/A		23.06%		20.09%		23.66%
Expected dividend yield		N/A		1.75%		1.66%		2.04%
Risk-free interest rate		N/A		1.52%		1.11%		1.50%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the nine month period ended October 1, 2016, 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 2, 2016			269			$	113.70
Granted			101				138.05
Exercised			(12)				88.43
Forfeited or expired			(21)				103.18
Outstanding at October 1, 2016			337				122.59				8.1			$	9.9
Exercisable at October 1, 2016			139				104.17				7.2				6.6

* 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 October 1, 2016, and October 3, 2015, using the Black-Scholes valuation model;

		Nine Months Ended
		October 1, 2016		October 3, 2015
Expected term of cash-settled SARs (in years)		3.43		3.37
Expected volatility factor		19.03%		19.34%
Expected dividend yield		1.58%		1.76%
Risk-free interest rate		0.88%		0.85%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the nine month period ended October 1, 2016, are as follows:

		Cash-settled SARs (in  thousands)				Fair Value Price per Share*
Non-vested cash-settled SARs at January 2, 2016			7			$	51.71
Granted			4				24.87
Vested			(4)				44.28
Non-vested cash-settled SARs at October 1, 2016			7				25.93

* Weighted-average

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