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Stock-Based Compensation Plans (Tables)
 3 Months Ended
Apr. 02, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock Valuation Assumptions
The following assumptions were used in the valuation of stock options granted in 2017:
 
2017
Expected volatility
32.3%
Risk-free interest rate range
1.0% to 2.5%
Expected life in years
7.2
Expected dividend yield
—
Weighted average fair value
$48.45
Stock Option Transactions for Employee Stock Option Plans
Stock option transactions for the first quarter ended April 2, 2017 are summarized as follows:
 
2017
 
First Quarter
 
Shares
 
Weighted
Average
Exercise
Price
Beginning balance
2,175,442

 
$
70.44

Granted
543,880

 
$
123.40

Exercised
(101,796
)
 
$
62.13

Canceled
(11,517
)
 
$
71.56

Ending balance
2,606,009

 
$
81.81

Options exercisable at end of period
1,587,854

 
$
67.12
Schedule of Restricted Stock Activity
The following table shows the restricted stock activity for the first quarter ended 2017:
Restricted stock:
Shares
 
Weighted average fair value per share
Balance, January 1, 2017
95,304

 
$
83.87

Granted
23,002

 
$
114.42

Vested
(30,704
)
 
$
64.46

Forfeited/Canceled
(50
)
 
$
64.46

Balance, April 2, 2017
87,552

 
$
98.72