Employee Equity Incentive Plans (Tables)
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12 Months Ended |
Dec. 26, 2015 |
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| Employee Benefits and Share-based Compensation [Abstract] |
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| Restricted Stock Units Estimated Values And Weighted Average Assumptions [Table Text Block] |
We estimate the fair value of RSUs with time-based vesting using the value of our common stock on the date of grant, reduced by the present value of dividends expected to be paid on our shares of common stock prior to vesting. We estimate the fair value of OSUs using a Monte Carlo simulation model on the date of grant. We based the weighted average estimated value of RSU grants, as well as the weighted average assumptions that we used in calculating the fair value, on estimates at the date of grant, for each period as follows:
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Dec 26,
2015 |
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Dec 27,
2014 |
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Dec 28,
2013 |
Estimated values |
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$ |
31.63 |
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$ |
25.40 |
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$ |
21.45 |
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Risk-free interest rate |
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0.6 |
% |
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0.5 |
% |
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0.2 |
% |
Dividend yield |
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2.9 |
% |
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3.3 |
% |
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3.8 |
% |
Volatility |
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27 |
% |
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23 |
% |
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25 |
% |
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| Stock Options And Stock Purchase Plan Estimated Values And Weighted Average Assumptions [Table Text Block] |
We use the Black-Scholes option pricing model to estimate the fair value of options granted under the 2006 Plan and rights to acquire shares of common stock granted under the 2006 Stock Purchase Plan. No options were granted in 2015. We based the weighted average estimated value of employee stock option grants and rights granted under the stock purchase plan, as well as the weighted average assumptions used in calculating the fair value, on estimates at the date of grant, for each period as follows:
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Stock Options |
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Stock Purchase Plan |
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Dec 26,
2015 |
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Dec 27,
2014 |
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Dec 28,
2013 |
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Dec 26,
2015 |
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Dec 27,
2014 |
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Dec 28,
2013 |
Estimated values |
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n/a |
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$ |
3.61 |
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$ |
3.11 |
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$ |
6.56 |
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$ |
5.87 |
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$ |
4.52 |
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Expected life (in years) |
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n/a |
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5.1 |
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5.2 |
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0.5 |
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0.5 |
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0.5 |
Risk-free interest rate |
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n/a |
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1.7 |
% |
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0.8 |
% |
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0.1 |
% |
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0.1 |
% |
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0.1 |
% |
Dividend yield |
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n/a |
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3.6 |
% |
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3.9 |
% |
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3.1 |
% |
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3.2 |
% |
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4.0 |
% |
Volatility |
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n/a |
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23 |
% |
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25 |
% |
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25 |
% |
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22 |
% |
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22 |
% |
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| Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] |
Restricted stock unit activity for each period was as follows:
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Number of
RSUs
(In Millions)
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Weighted
Average
Grant-Date
Fair Value
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December 29, 2012 |
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109.3 |
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$ |
22.03 |
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Granted |
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53.4 |
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$ |
21.45 |
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Vested |
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(44.5 |
) |
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$ |
20.21 |
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Forfeited |
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(4.9 |
) |
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$ |
22.06 |
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December 28, 2013 |
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113.3 |
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$ |
22.47 |
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Granted |
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57.2 |
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$ |
25.40 |
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Vested |
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(42.5 |
) |
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$ |
22.33 |
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Forfeited |
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(8.6 |
) |
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$ |
22.94 |
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December 27, 2014 |
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119.4 |
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$ |
23.89 |
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Granted |
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42.4 |
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$ |
31.63 |
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Vested |
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(46.6 |
) |
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$ |
23.61 |
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Forfeited |
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(7.8 |
) |
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$ |
25.76 |
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December 26, 2015 |
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107.4 |
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$ |
26.93 |
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Expected to vest as of December 26, 2015 |
102.5 |
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$ |
26.93 |
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| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] |
As of December 26, 2015, options outstanding that have vested and are expected to vest were as follows:
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Number of
Options
(In Millions)
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Weighted
Average
Exercise
Price
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Weighted
Average
Remaining
Contractual
Term
(In Years)
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Aggregate
Intrinsic
Value
(In Millions)
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Vested |
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43.8 |
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$ |
21.07 |
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1.8 |
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$ |
609 |
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Expected to vest |
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9.6 |
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$ |
24.07 |
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4.1 |
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$ |
104 |
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Total |
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53.4 |
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$ |
21.61 |
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2.2 |
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$ |
713 |
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| Schedule of Stock Options Roll Forward [Table Text Block] |
Stock option activity for each period was as follows:
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Number of
Options
(In Millions)
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Weighted
Average
Exercise
Price
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December 29, 2012 |
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202.8 |
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$ |
20.20 |
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Granted |
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20.1 |
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$ |
22.99 |
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Exercised |
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(65.0 |
) |
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$ |
18.76 |
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Cancelled and forfeited |
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(3.0 |
) |
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$ |
22.58 |
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Expired |
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(1.9 |
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$ |
22.56 |
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December 28, 2013 |
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153.0 |
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$ |
21.10 |
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Granted |
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0.6 |
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$ |
25.34 |
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Exercised |
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(63.7 |
) |
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$ |
19.87 |
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Cancelled and forfeited |
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(2.7 |
) |
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$ |
23.70 |
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Expired |
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(9.9 |
) |
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$ |
27.00 |
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December 27, 2014 |
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77.3 |
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$ |
21.30 |
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Granted |
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— |
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$ |
— |
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Exercised |
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(21.9 |
) |
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$ |
20.34 |
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Cancelled and forfeited |
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(1.1 |
) |
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$ |
23.23 |
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Expired |
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(0.1 |
) |
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$ |
20.87 |
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December 26, 2015 |
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54.2 |
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$ |
21.65 |
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Options exercisable as of: |
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December 28, 2013 |
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111.5 |
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$ |
20.25 |
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December 27, 2014 |
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54.7 |
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$ |
20.29 |
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December 26, 2015 |
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43.8 |
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$ |
21.07 |
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| Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] |
As of December 26, 2015, outstanding options and exercisable options information, by range of exercise prices, was as follows:
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Outstanding Options |
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Exercisable Options |
Range of Exercise Prices |
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Number of
Shares
(In Millions)
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Weighted
Average
Remaining
Contractual
Life
(In Years)
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Weighted
Average
Exercise
Price
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Number of
Shares
(In Millions)
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Weighted
Average
Exercise
Price
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$ |
1.82 |
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- |
$ |
15.00 |
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0.4 |
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2.9 |
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$ |
11.70 |
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0.4 |
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$ |
11.70 |
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$ |
15.01 |
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- |
$ |
20.00 |
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21.7 |
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0.8 |
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$ |
18.48 |
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21.7 |
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$ |
18.48 |
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$ |
20.01 |
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- |
$ |
25.00 |
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24.7 |
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3.1 |
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$ |
22.92 |
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16.9 |
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$ |
22.86 |
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$ |
25.01 |
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- |
$ |
27.42 |
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7.4 |
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3.3 |
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$ |
27.15 |
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4.8 |
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$ |
27.23 |
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Total |
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54.2 |
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2.2 |
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$ |
21.65 |
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43.8 |
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$ |
21.07 |
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