Organization and Significant Accounting Policies (Tables)

12 Months Ended

Jan. 03, 2021

The following table summarizes the impact of Topic 842 on our consolidated balance sheet upon adoption on December 31, 2018:


	December 31, 2018
In millions	Pre-adoption		Adoption Impact		Post-adoption
ASSETS
Prepaid expenses and other current assets	$	78	$	(8)	$	70
Property and equipment, net	1,075		(241)		834
Operating lease right-of-use assets	—		579		579
Deferred tax assets, net	70		6		76
Total assets	$	1,223	$	336	$	1,559
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued liabilities	$	513	$	36	$	549

Operating lease liabilities	—		722		722
Long-term debt	1,107		(269)		838
Other long-term liabilities	359		(135)		224
Retained earnings	3,083		(18)		3,065
Total liabilities and stockholders’ equity	$	5,062	$	336	$	5,398

The following table presents the calculation of weighted average shares used to calculate basic and diluted earnings per share:


	Years Ended
In millions	January 3, 2021	December 29, 2019	December 30, 2018
Weighted average shares outstanding	147	147	147
Effect of potentially dilutive common shares from:
Equity awards	1	1	1
Convertible senior notes	—	1	1

Weighted average shares used in calculating diluted earnings per share	148	149	149

The estimated useful lives of the major classes of property and equipment are generally as follows:


			Estimated Useful Lives
Buildings and leasehold improvements			4 to 20 years
Machinery and equipment			3 to 5 years
Computer hardware and software			3 to 9 years
Furniture and fixtures			7 years


in millions	January 3, 2021		December 29, 2019
Leasehold improvements	$	645	$	622
Machinery and equipment	461		401
Computer hardware and software	305		272
Furniture and fixtures	46		45
Buildings	44		44
Construction in progress	99		73
Total property and equipment, gross	1,600		1,457
Accumulated depreciation	(678)		(568)
Total property and equipment, net	$	922	$	889