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Share-Based Compensation (Tables)

3 Months Ended

Apr. 02, 2016

Share-Based Compensation

Compensation expense included in net income

	Three Months Ended
(In millions)	April 2, 2016		April 4, 2015
Compensation expense	$	7	$	31
Income tax benefit	(3)		(11)
Total net compensation expense included in net income	$	4	$	20

Weighted-average fair value of stock options and assumptions used in option-pricing model

	Three Months Ended
	April 2, 2016		April 4, 2015
Fair value of options at grant date	$	10.33	$	14.03
Dividend yield	0.2%		0.2%
Expected volatility	33.6%		34.9%
Risk-free interest rate	1.2%		1.5%
Expected term (in years)	4.8		4.8

Stock option activity

The stock option activity during the first quarter of 2016 is provided below:

(Options in thousands)	Number of Options	Weighted- Average Exercise Price
Outstanding at beginning of period	8,808	$	32.91
Granted	1,792	34.50
Exercised	(114)	(25.97)
Forfeited or expired	(48)	(41.94)
Outstanding at end of period	10,438	$	33.21
Exercisable at end of period	6,780	$	30.24

Restricted Stock Units

Share-Based Compensation

Unit period activity, Nonvested, Weighted average grant date fair value

The activity for restricted stock units payable in both stock and cash during the first quarter of 2016 is provided below:

	Units Payable in Stock				Units Payable in Cash
(Shares/Units in thousands)	Number of Shares	Weighted- Average Grant Date Fair Value			Number of Units	Weighted- Average Grant Date Fair Value
Outstanding at beginning of period, nonvested	880	$	33.97		1,492	$	34.84
Granted	189	34.50			397	34.50
Vested	(196)	(27.53)			(334)	(27.73)
Forfeited	—	—			(36)	(38.99)
Outstanding at end of period, nonvested	873	$	35.54		1,519	$	36.21

Fair value of awards vested and cash paid during respective periods

	Three Months Ended
(In millions)	April 2, 2016		April 4, 2015
Fair value of awards vested	$	17	$	22
Cash paid	12		18

Performance Share Units

Share-Based Compensation

Unit period activity, Nonvested, Weighted average grant date fair value

The activity for our performance share units during the first quarter of 2016 is provided below:

(Units in thousands)	Number of Units	Weighted- Average Grant Date Fair Value
Outstanding at beginning of period, nonvested	549	$	41.84
Granted	284	34.50
Forfeited	(9)	(39.56)
Outstanding at end of period, nonvested	824	$	39.33

X

- Definition

The total fair value of equity-based awards other than options for which the grantee gained the right during the reporting period, by satisfying service or performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.

+ References

No definition available.

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The weighted average fair value of nonvested awards on equity-based plans excluding option plans ( for example, restricted stock units or performance share units) for which the employer is contingently obligated to issue equity instruments or pay to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

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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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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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