Stock-based Compensation and Other Stock Plans (Tables)

6 Months Ended

Jun. 28, 2014

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 month period ended June 28, 2014, and the six month periods ended June 28, 2014, and June 29, 2013, using the Black-Scholes valuation model; no stock options were granted during the three month period ended June 29, 2013:

	Three Months Ended				Six Months Ended
	June 28, 2014			June 29, 2013	June 28, 2014			June 29, 2013
Expected term of option (in years)		3.47		N/A		4.52			4.29
Expected volatility factor		24.54	%	N/A		26.76	%		33.81	%
Expected dividend yield		2.28	%	N/A		2.40	%		2.67	%
Risk-free interest rate		0.89	%	N/A		1.30	%		0.79	%

Summary of Stock Option Activity

A summary of stock option activity as of and for the six month period ended June 28, 2014, is presented below:

	Shares (in thousands)			Exercise Price Per Share*		Remaining Contractual Term* (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at December 28, 2013		2,429		$	58.35
Granted		644			109.44
Exercised		(324	)		52.16
Forfeited or expired		(22	)		89.31
Outstanding at June 28, 2014		2,727			70.91		7.3	$	130.2
Exercisable at June 28, 2014		1,475			53.55		5.9		96.0

* Weighted-average

Nonvested Performance Shares [Member]

Summary of Changes in Non-Vested Performance Awards

The changes to the company’s non-vested performance awards during the six month period ended June 28, 2014, are as follows:

	Shares (in thousands)			Fair Value Price per Share (*)
Non-vested performance awards at December 28, 2013		381		$	68.13
Granted		158			102.55
Vested		(2	)		66.12
Cancellations and other		(6	)		78.76
Non-vested performance awards at June 28, 2014		531			78.15

* Weighted-average

Cash-Settled Stock Appreciation Rights [Member]

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 six month periods ended June 28, 2014, and June 29, 2013, using the Black-Scholes valuation model; no cash-settled SARs were granted during the three month periods ended June 28, 2014 or June 29, 2013:

	Six Months Ended
	June 28, 2014			June 29, 2013
Expected term of cash-settled SARs (in years)		4.00			3.81
Expected volatility factor		24.15	%		26.55	%
Expected dividend yield		2.29	%		2.70	%
Risk-free interest rate		1.64	%		0.66	%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs during the six month period ended June 29, 2013, are as follows:

	Cash-settled SARs (in thousands)			Fair Value Price per Share*
Non-vested SARs at December 28, 2013		126		$	43.72
Granted		4			22.85
Vested		(81	)		55.19
Cancellations		(2	)		—
Non-vested SARs at June 28, 2014		47			50.65

* Weighted-average

Stock-Settled SARs [Member]

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-settled SARs granted during the three month period ended June 28, 2014, and the six month periods ended June 28, 2014, and June 29, 2013 using the Black-Scholes valuation model; no stock-settled SARs were granted during the three month period ended June 29, 2013:

	Three Months Ended				Six Months Ended
	June 28, 2014			June 29, 2013	June 28, 2014			June 29, 2013
Expected term of option (in years)		3.47		N/A		4.49			4.25
Expected volatility factor		24.54	%	N/A		25.64	%		34.09	%
Expected dividend yield		2.28	%	N/A		2.40	%		2.67	%
Risk-free interest rate		0.89	%	N/A		1.50	%		0.92	%

Summary of Changes in SARs

Changes to the company’s non-vested stock-settled SARs during the six month period ended June 28, 2014, 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 28, 2013		122		$	79.29
Granted		116			109.98
Exercised		(2	)		79.04
Forfeited or expired		(9	)		79.04
Outstanding at June 28, 2014		227			94.71		9.2	$	5.4
Exercisable at June 28, 2014		30			79.04		8.6		1.2

* Weighted-average