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Stock-based Compensation and Other Stock Plans - (Tables)

9 Months Ended

Sep. 26, 2020

Share-based Payment Arrangement [Abstract]

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 26, 2020, and September 28, 2019, using the Black-Scholes valuation model:

			Nine Months Ended
			September 26, 2020						September 28, 2019
Expected term of option (in years)			5.53						5.53
Expected volatility factor			21.67%						21.30%
Expected dividend yield			2.78%						1.79%
Risk-free interest rate			1.50%						2.54%

Summary of Stock Option Activity

A summary of stock option activity as of and for the nine months ended September 26, 2020, is presented below:

			Shares (in thousands)						Exercise Price Per Share*						Remaining Contractual Term* (in years)						Aggregate Intrinsic Value (in millions)
Outstanding at December 28, 2019			3,114						$	135.60
Granted			459						155.34
Exercised			(106)						63.43
Forfeited or expired			(17)						160.03
Outstanding at September 26, 2020			3,450						140.33						6.0						$	43.3
Exercisable at September 26, 2020			2,545						134.58						5.0						43.3

* Weighted-average

Summary of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested performance awards during the nine months ended September 26, 2020, are as follows:

			Shares (in thousands)						Fair Value Price per Share*
Non-vested performance awards at December 28, 2019			98						$	158.94
Granted			82						155.34
Vested			—						—
Cancellations and other			(74)						157.49
Non-vested performance awards at September 26, 2020			106						157.17

* Weighted-average

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 26, 2020, and September 28, 2019, using the Black-Scholes valuation model:

			Nine Months Ended
			September 26, 2020						September 28, 2019
Expected term of stock-settled SARs (in years)			3.75						3.65
Expected volatility factor			22.50%						22.60%
Expected dividend yield			2.78%						1.81%
Risk-free interest rate			1.42%						2.48%

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the nine months ended September 26, 2020, and September 28, 2019, using the Black-Scholes valuation model:

			Nine Months Ended
			September 26, 2020						September 28, 2019
Expected term of cash-settled SARs (in years)			3.19						3.09
Expected volatility factor			33.08%						23.36%
Expected dividend yield			3.04%						1.94%
Risk-free interest rate			0.15%						1.58%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs during the nine months ended September 26, 2020, 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 28, 2019			450						$	149.18
Granted			92						155.34
Exercised			(1)						94.93
Forfeited or expired			(6)						130.68
Outstanding at September 26, 2020			535						150.56						6.8						$	2.1
Exercisable at September 26, 2020			355						147.56						5.8						2.1

* Weighted-average

Changes to the company’s non-vested cash-settled SARs during the nine months ended September 26, 2020, are as follows:

			Cash-settled SARs (in thousands)						Fair Value Price per Share*
Non-vested cash-settled SARs at December 28, 2019			2						$	25.96
Granted			1						21.63
Vested			(1)						18.16
Non-vested cash-settled SARs at September 26, 2020			2						20.81

* 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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