Stock-Based Compensation Plans (Tables)

3 Months Ended

Apr. 03, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following assumptions were used in the valuation of stock options granted in 2016:

	2016
Expected volatility	32.7		%
Risk-free interest rate	1.5		%
Expected life in years	7.2
Expected dividend yield	—
Weighted average fair value	$	29.93

Stock Option Transactions for Employee Stock Option Plans

Stock option transactions for the first quarter ended April 3, 2016 are summarized as follows:

	2016
	First Quarter
	Shares		Weighted Average Exercise Price
Beginning balance	2,383,870		$	63.74
Granted	518,310		$	78.40
Exercised	(63,968	)	$	40.44
Canceled	(14,706	)	$	79.60
Ending balance	2,823,506		$	66.87
Options exercisable at end of period	1,840,740		$	58.23