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Stock-based Compensation and Other Stock Plans (Tables)

9 Months Ended

Sep. 30, 2017

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 months ended September 30, 2017, and October 1, 2016, using the Black-Scholes valuation model; there were no stock options granted during the three months ended September 30, 2017, or October 1, 2016:    

		Nine Months Ended
		September 30, 2017		October 1, 2016
Expected term of option (in years)		5.15		5.05
Expected volatility factor		22.01%		22.17%
Expected dividend yield		1.63%		1.77%
Risk-free interest rate		1.78%		1.04%

Summary of Stock Option Activity

A summary of stock option activity as of and for the nine months ended September 30, 2017, is presented below:

		Shares (in thousands)				Exercise Price Per Share*				Remaining Contractual Term* (in years)				Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2016			3,011			$	100.78
Granted			655				168.71
Exercised			(278)				87.00
Forfeited or expired			(71)				153.52
Outstanding at September 30, 2017			3,317				114.22				6.6			$	127.7
Exercisable at September 30, 2017			2,108				90.90				5.3				122.5

* 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 months ended September 30, 2017, are as follows:

		Shares (in thousands)				Fair Value Price per Share*
Non-vested performance awards at December 31, 2016			207			$	141.94
Granted			77				168.70
Vested			(5)				142.78
Cancellations and other			(28)				154.46
Non-vested performance awards at September 30, 2017			251				148.64

* 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 months ended September 30, 2017, and October 1, 2016, using the Black-Scholes valuation model; there were no stock-settled SARs granted during the three months ended September 30, 2017, or October 1, 2016:

		Nine Months Ended
		September 30,   2017		October 1, 2016
Expected term of stock-settled SARs (in years)		3.99		4.03
Expected volatility factor		19.39%		20.09%
Expected dividend yield		1.46%		1.66%
Risk-free interest rate		1.55%		1.11%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the nine months ended September 30, 2017, are as follows:

		Stock-settled SARs (in thousands)				Exercise Price Per Share*				Remaining Contractual Term* (in years)				Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2016			303			$	125.38
Granted			100				168.73
Exercised			(8)				106.07
Forfeited or expired			(22)				124.88
Outstanding at September 30, 2017			373				137.49				7.8			$	6.3
Exercisable at September 30, 2017			179				118.54				6.8				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 nine months ended September 30, 2017, and October 1, 2016, using the Black-Scholes valuation model; no cash-settled SARs were granted during the three months ended September 30, 2017, or October 1, 2016:

		Nine Months Ended
		September 30,   2017		October 1, 2016
Expected term of cash-settled SARs (in years)		3.38		3.43
Expected volatility factor		19.58%		19.03%
Expected dividend yield		1.57%		1.58%
Risk-free interest rate		1.62%		0.88%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the nine months ended September 30, 2017, are as follows:

		Cash-settled SARs (in thousands)				Fair Value Price per Share*
Non-vested cash-settled SARs at December 31, 2016			7			$	40.83
Granted			1				13.52
Vested			(3)				26.11
Non-vested cash-settled SARs at September 30, 2017			5				18.78

* Weighted-average

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