Stock-based Compensation and Other Stock Plans (Tables)

3 Months Ended

Mar. 30, 2019

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

Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model

The following weighted-average assumptions were used in calculating the fair value of stock options granted during the three months ended March 30, 2019, and March 31, 2018, using the Black-Scholes valuation model:    

	Three Months Ended
	March 30, 2019	March 31, 2018
Expected term of option (in years)	5.53	5.35
Expected volatility factor	21.30%	20.08%
Expected dividend yield	1.79%	1.68%
Risk-free interest rate	2.54%	2.71%

Summary of Stock Option Activity

A summary of stock option activity as of and for the three months ended March 30, 2019, is presented below:

	Shares (in thousands)		Exercise Price Per Share*		Remaining Contractual Term* (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 29, 2018	3,130		$	127.57
Granted	462		155.93
Exercised	(61	)	78.77
Forfeited or expired	(36	)	164.26
Outstanding at March 30, 2019	3,495		131.79		6.5	$	95.7
Exercisable at March 30, 2019	2,540		121.15		5.6	95.4

* Weighted-average

Summary of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested performance awards during the three months ended March 30, 2019, are as follows:

	Shares (in thousands)		Fair Value Price per Share*
Non-vested performance awards at December 29, 2018	120		$	164.00
Granted	84		155.92
Vested	—		—
Cancellations and other	(6	)	162.55
Non-vested performance awards at March 30, 2019	198		160.61

* Weighted-average

Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during the three months ended March 30, 2019, and March 31, 2018, using the Black-Scholes valuation model:

	Three Months Ended
	March 30, 2019	March 31, 2018
Expected term of cash-settled SARs (in years)	3.58	3.50
Expected volatility factor	22.55%	20.41%
Expected dividend yield	1.81%	1.63%
Risk-free interest rate	2.21%	2.39%

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during the three months ended March 30, 2019, and March 31, 2018, using the Black-Scholes valuation model:

	Three Months Ended
	March 30, 2019	March 31, 2018
Expected term of stock-settled SARs (in years)	3.65	3.58
Expected volatility factor	22.60%	20.08%
Expected dividend yield	1.81%	1.63%
Risk-free interest rate	2.48%	2.40%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the three months ended March 30, 2019, are as follows:

	Cash-settled SARs (in thousands)		Fair Value Price per Share*
Non-vested cash-settled SARs at December 29, 2018	3		$	14.89
Granted	1		25.89
Vested	(2	)	23.01
Non-vested cash-settled SARs at March 30, 2019	2		22.24

* Weighted-average

Changes to the company’s stock-settled SARs during the three months ended March 30, 2019, are as follows:

	Stock-settled SARs (in thousands)		Exercise Price Per Share*		Remaining Contractual Term* (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 29, 2018	372		$	147.41
Granted	92		155.95
Exercised	—		—
Forfeited or expired	(2	)	159.06
Outstanding at March 30, 2019	462		149.04		7.7	$	5.0
Exercisable at March 30, 2019	281		142.09		6.7	4.9

* Weighted-average