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Stock-based Compensation and Other Stock Plans (Tables)

12 Months Ended

Dec. 28, 2019

Share-based Payment Arrangement [Abstract]

Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model, Stock Options

The following weighted-average assumptions were used in calculating the fair value of stock options granted during 2019, 2018 and 2017, using the Black-Scholes valuation model: 

						2019						2018						2017
Expected term of option (in years)						5.53						5.35						5.15
Expected volatility factor						21.30%						20.08%						22.01%
Expected dividend yield						1.79%						1.68%						1.63%
Risk-free interest rate						2.54%						2.71%						1.78%

Summary of Stock Option Activity

A summary of stock option activity during 2019 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						3,130						$	127.57
Granted						462						155.93
Exercised						(422)						94.95
Forfeited or expired						(56)						161.10
Outstanding at end of year						3,114						135.60						6.1						$	104.6
Exercisable at end of year						2,173						125.00						5.0						96.0

* Weighted-average

Summary of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested performance awards in 2019 are as follows:

						Shares (in thousands)						Fair Value Price per Share*
Non-vested performance awards at beginning of year						120						$	164.00
Granted						84						155.92
Vested						(35)						168.47
Cancellations and other						(71)						159.21
Non-vested performance awards at end of year						98						158.94

* Weighted-average

Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model, SAR's

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during 2019, 2018 and 2017, using the Black-Scholes valuation model:

						2019						2018						2017
Expected term of stock-settled SARs (in years)						3.65						3.58						3.99
Expected volatility factor						22.60%						20.08%						19.39%
Expected dividend yield						1.81%						1.63%						1.46%
Risk-free interest rate						2.48%						2.40%						1.55%

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during 2019, 2018 and 2017, using the Black-Scholes valuation model:

						2019						2018						2017
Expected term of cash-settled SARs (in years)						2.87						2.76						3.09
Expected volatility factor						23.33%						21.96%						19.93%
Expected dividend yield						2.02%						1.75%						1.59%
Risk-free interest rate						1.60%						2.50%						1.98%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs in 2019 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						372						$	147.41
Granted						92						155.95
Exercised						(2)						119.43
Forfeited or expired						(12)						150.54
Outstanding at end of year						450						149.18						6.9						$	9.0
Exercisable at end of year						270						142.09						5.9						7.3

* Weighted-average

Changes to the company’s non-vested cash-settled SARs in 2019 are as follows:

						Cash-settled SARs (in thousands)						Fair Value  Price per  Share*
Non-vested cash-settled SARs at beginning of year						3						$	14.89
Granted						1						29.94
Vested						(2)						28.68
Non-vested cash-settled SARs at end of year						2						25.96

* Weighted-average

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Share-based compensation arrangement by share-based payment award, fair value assumptions.

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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