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Share-Based Compensation (Tables)
 3 Months Ended
Apr. 01, 2017
Share-Based Compensation  
Compensation expense included in net income

 

 

 

              Three Months Ended              

(In millions)

 

 

April 1,
2017

 

April 2,
2016

Compensation expense

 

$
20

$
7

Income tax benefit

 

 
(7)

 
(3)

 

 

 

 

 

 

Total net compensation expense included in net income

 

$
13

$
4

 

 

 

 

 

 

 

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

 

 

 

              Three Months Ended              

 

 

 

April 1,
2017

 

April 2,
2016

Fair value of options at grant date

 

$
13.80

$
10.33

Dividend yield

 

 
0.2%

 
0.2%

Expected volatility

 

 
29.2%

 
33.6%

Risk-free interest rate

 

 
1.9%

 
1.2%

Expected term (in years)

 

 
4.7

 
4.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option activity

 

 

(Options in thousands)

 

 

 

 

 

Number of
Options

 

Weighted-
Average
Exercise
Price

Outstanding at beginning of period

 

 

 

 

 
9,264

$
33.61

Granted

 

 

 

 

 
1,536

 
49.58

Exercised

 

 

 

 

 
(850)

 
(29.08)

Forfeited or expired

 

 

 

 

 
(112)

 
(39.02)

 

 

 

 

 

 

 

 

 

Outstanding at end of period

 

 

 

 

 
9,838

$
36.43

 

 

 

 

 

 

 

 

 

Exercisable at end of period

 

 

 

 

 
6,518

$
32.88

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units  
Share-Based Compensation  
Unit period activity, Nonvested, Weighted average grant date fair value

 

 

 

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

 
797

$
35.94

 
1,444

$
36.33

Granted

 
150

 
49.58

 
304

 
49.58

Vested

 
(214)

 
(31.28)

 
(346)

 
(31.83)

Forfeited

 
(30)

 
(35.53)

 
(40)

 
(37.18)

 

 

 

 

 

 

 

 

 

Outstanding at end of period, nonvested

 
703

$
40.26

 
1,362

$
40.40

 

 

 

 

 

 

 

 

 

 

Fair value of awards vested and cash paid during respective periods

 

                                                                                                                                                                                           

 

 

 

 

 

Three Months Ended

(In millions)

 

 

 

 

 

  April 1,
2017

 

       April 2,
2016

Fair value of awards vested

 

 

 

 

$
24

$
17

Cash paid

 

 

 

 

 
17

 
12

 

 

 

 

 

 

 

 

 

 

 

Performance Share Units  
Share-Based Compensation  
Unit period activity, Nonvested, Weighted average grant date fair value

 

                                                                                                                                                                                          

(Units in thousands)

 

 

 

 

 

Number of
Units

 

Weighted-
Average
Grant Date
Fair Value

Outstanding at beginning of period, nonvested

 

 

 

 

 
535

$
39.13

Granted

 

 

 

 

 
231

 
49.58

Forfeited

 

 

 

 

 
(19)

 
(39.18)

 

 

 

 

 

 

 

 

 

Outstanding at end of period, nonvested

 

 

 

 

 
747

$
42.36