Common Stock, Stock Option Plans and Stock Compensation Agreements (Tables)

12 Months Ended

Jan. 03, 2021

Share-based Payment Arrangement [Abstract]

The average fair value of options granted was $16.42, $17.80 and $17.98, in fiscal years 2020, 2019 and 2018, respectively. The fair value was estimated based on the weighted average assumptions of:


	2020		2019		2018
Risk-free rate	1.47	%	2.56	%	2.77	%
Expected volatility	15.33	%	16.27	%	15.77	%
Expected life (in years)	7.0		7.0		7.0
Expected dividend yield	2.60	%	2.80	%	2.70	%

Summary of Stock Option Activity

A summary of option activity under the Plan as of January 3, 2021, December 29, 2019 and December 30, 2018, and changes during the years ending on those dates is presented below:


(Shares in Thousands)	Outstanding Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value (Dollars in Millions)
Shares at December 31, 2017	111,306	$	90.48	$	5,480
Options granted	17,115	129.51
Options exercised	(16,228)	75.44
Options canceled/forfeited	(2,541)	112.90
Shares at December 30, 2018	109,652	98.29		3,214
Options granted	19,745	131.94
Options exercised	(14,785)	82.43
Options canceled/forfeited	(2,975)	125.11
Shares at December 29, 2019	111,637	105.63		4,478
Options granted	20,723	151.41
Options exercised	(16,275)	86.05
Options canceled/forfeited	(1,835)	137.62
Shares at January 3, 2021	114,250	$	116.22	$	4,703

Summary of Options Outstanding

The following table summarizes stock options outstanding and exercisable at January 3, 2021:


(Shares in Thousands)	Outstanding			Exercisable
Exercise Price Range	Options	Average Life(1)	Weighted Average Exercise Price	Options	Weighted Average Exercise Price
$62.20-$72.54	11,111	1.8	$70.79	11,111	$70.79
$90.44-$100.06	22,304	3.6	$95.36	22,304	$95.36
$100.48-$115.67	28,180	5.6	$108.64	27,695	$108.51
$129.51-$131.94	32,553	7.6	$130.85	145	$130.53
$141.06-$151.41	20,102	9.1	$151.41	34	$151.41
	114,250	6.0	$116.22	61,289	$96.97

(1) Average contractual life remaining in years.

Summary of Restricted Share Units

A summary of the restricted share units and performance share units activity under the Plans as of January 3, 2021 is presented below:


(Shares in Thousands)	Outstanding Restricted Share Units	Outstanding Performance Share Units








Shares at December 29, 2019	16,769	2,174
Granted	5,051	816
Issued	(6,042)	(702)
Canceled/forfeited/adjusted	(780)	(52)
Shares at January 3, 2021	14,998	2,236