STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Jan. 01, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Classification of Share-based Compensation Expense

The following table summarizes the amounts and classification of share-based compensation expense:

	Fiscal Year Ended		Two Quarters Ended		Fiscal Years Ended
(In millions)	January 1, 2021		January 3, 2020(1)		June 28, 2019		June 29, 2018
Total expense	$	94	$	125	$	58	$	51
Included in:
Cost of product sales and services	$	11	$	5	$	12	$	8
Engineering, selling and administrative expenses	83		120		46		43
Income from continuing operations	94		125		58		51
Tax effect on share-based compensation expense	(24)		(31)		(14)		(16)
Total share-based compensation expense after-tax	$	70	$	94	$	44	$	35

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(1)Includes acceleration expense recognized in connection with the L3Harris Merger.

Schedule of Assumptions Used In Calculating Fair Value of Stock Option Grants

A summary of the significant assumptions used in determining the fair value of stock option grants under our L3Harris SIPs is as follows:

	Fiscal Year Ended		Fiscal Years Ended		Fiscal Years Ended
	January 1, 2021		January 3, 2020		June 28, 2019		June 29, 2018
Expected dividends	1.55	%	1.70	%	1.61	%	1.80	%
Expected volatility	22.74	%	22.18	%	19.87	%	19.30	%
Risk-free interest rates	0.89	%	1.68	%	2.72	%	1.80	%
Expected term (years)	5.04		5.65		5.03		5.00

Schedule of Stock Option Activity

A summary of stock option activity under our L3Harris SIPs as of January 1, 2021 and changes during fiscal 2020 is as follows:

	Shares	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(In years)	(In millions)
Stock options outstanding January 3, 2020	4,545,978	$	110.48
Granted	583,200	$	197.73
Exercised	(774,458)	$	74.98
Forfeited or expired	(33,084)	$	196.83
Stock options outstanding January 1, 2021	4,321,636	$	127.93	6.23	$	280.42
Stock options exercisable January 1, 2021	3,032,005	$	96.53	5.11	$	280.42

Schedule of Nonvested Stock Options Activity

A summary of the status of our nonvested stock options at January 1, 2021 and changes during fiscal 2020 is as follows:

	Shares	Weighted-Average Grant-Date Fair Value Per Share
Nonvested stock options January 3, 2020	738,956	$	38.61
Granted	583,200	$	34.49
Vested	(32,525)	$	35.86
Nonvested stock options January 1, 2021	1,289,631	$	36.81

Schedule of Restricted Stock and Restricted Stock Units Activity

A summary of the status of these awards at January 1, 2021 and changes during fiscal 2020 is as follows:

	Shares or Units	Weighted-Average Grant Price Per Share or Unit
Restricted stock and restricted stock units outstanding at January 3, 2020	535,767	$	196.22
Granted	272,146	$	195.66
Vested	(78,828)	$	177.23
Forfeited	(30,165)	$	186.22
Restricted stock and restricted stock units outstanding at January 1, 2021	698,920	$	196.26

Schedule of Performance Shares Activity

A summary of the status of these awards at January 1, 2021 and changes during fiscal 2020 is as follows:

	Shares or Units	Weighted-Average Grant Price Per Share or Unit
Performance share units outstanding at January 3, 2020	55,020	$	204.85
Granted	203,606	$	228.29
Forfeited	(8,931)	$	228.29
Performance share units outstanding at January 1, 2021	249,695	$	223.28