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Share-Based Compensation (Tables)
6 Months Ended
Jul. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Equity Awards Authorized and Available for Future Grant
A summary of the equity awards authorized and available for future grants under the 2015 Plan is as follows:
Available for future grants at December 31, 2016
2,164,297

Newly authorized options

Granted
(722,763
)
Cancellation and forfeitures

Plan termination

Available for future grants at July 1, 2017
1,441,534

Summary of SARs Outstanding
A summary of the Company’s SARs outstanding under the 2015 Plan is as follows:
 
Six Months Ended
 
July 1,
2017
SARs
Shares
 
Weighted-Average
Exercise Price
Outstanding at beginning of period
1,740,786

 
$
56.15

Granted
400,682

 
98.85

Exercised
(147,350
)
 
48.88

Forfeited
(30,134
)
 
69.81

Expired
(4,065
)
 
108.20

Outstanding at end of period
1,959,919

 
$
65.12

Exercisable at end of period
972,304

 
$
50.57

Weighted-Average Assumptions Used for Grants of Stock Options and SARs
The following table shows the weighted-average assumptions used for grants of SARs, as well as the fair value of the grants based on those assumptions:
 
July 1, 2017
 
July 2, 2016
Expected dividend yield
0%
 
0%
Forfeiture rate
9.37%
 
9.01%
Volatility
35.49%
 
43.14%
Risk free interest rate
1.77%
 
1.29%
Range of interest rates
0.71% - 2.41%
 
0.25% - 1.75%
Expected weighted-average life
4.13
 
5.33
Fair value of SARs granted (in millions)
$12
 
$12
Weighted-average grant date fair value of SARs granted
(per underlying share)
$29.84
 
$19.95

Schedule of Outstanding and Exercisable Options
The following table summarizes information about SARs outstanding at July 1, 2017:
 
Outstanding             
 
Exercisable         
Aggregate intrinsic value - (in millions)
$
61

 
$
43

Weighted-average remaining contractual term
6.6

 
5.3

The following table summarizes information about non-qualified stock options outstanding at July 1, 2017:
 
Outstanding             
 
Exercisable         
Aggregate intrinsic value - (in millions)
$
4

 
$
4

Weighted-average remaining contractual term
0.9

 
0.9

Summary of Restricted Stock Award Activity
A summary of information relative to the Company’s restricted stock awards, inclusive of nonemployee director stock awards, is as follows:
 
 
Six Months Ended
 
 
July 1,
2017
Restricted Stock Awards
 
Shares
 
Weighted-Average
Grant Date Fair Value
Outstanding at beginning of year
 
622,814

 
$
70.19

Granted
 
196,877

 
98.80

Released
 
(147,654
)
 
75.91

Forfeited
 
(15,567
)
 
69.56

Outstanding at end of year
 
656,470

 
$
77.49

Summary of Performance Share Award Activity
A summary of information relative to the Company’s performance awards is as follows:
 
 
Six Months Ended
 
 
July 1,
2017
Performance Share Awards
 
Shares
 
Weighted-Average
Grant Date Fair Value
Outstanding at beginning of year
 
379,226

 
$
70.14

Granted
 
79,423

 
98.87

Released
 
(2,029
)
 
62.70

Forfeited
 
(183,961
)
 
73.07

Outstanding at end of year
 
272,659

 
$
76.72

Schedule of Share-based Compensation, Stock Options, Activity
A summary of the Company’s options outstanding under the 2006 Plan is as follows:
 
Six Months Ended
 
July 1,
2017
Non-qualified Options
Shares
 
Weighted-
Average
Exercise Price
Outstanding at beginning of year
154,551

 
$
35.96

Granted

 

Exercised
(81,705
)
 
36.94

Forfeited

 

Expired
(5,941
)
 
41.25

Outstanding at end of year
66,905

 
$
34.30

Exercisable at end of year
66,905

 
$
34.30