STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 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 Years Ended				Two Quarters Ended		Fiscal Year Ended
(In millions)	December 31, 2021		January 1, 2021		January 3, 2020(1)		June 28, 2019
Total expense	$	129	$	94	$	125	$	58
Included in:
Cost of product sales and services	$	14	$	11	$	5	$	12
Engineering, selling and administrative expenses	115		83		120		46
Income from continuing operations	129		94		125		58
Tax effect on share-based compensation expense	(33)		(24)		(31)		(14)
Total share-based compensation expense after-tax	$	96	$	70	$	94	$	44

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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 Years Ended				Two Quarters Ended		Fiscal Year Ended
	December 31, 2021		January 1, 2021		January 3, 2020		June 28, 2019
Expected dividends	1.99	%	1.55	%	1.70	%	1.61	%
Expected volatility	31.71	%	22.74	%	22.18	%	19.87	%
Risk-free interest rates	0.75	%	0.89	%	1.68	%	2.72	%
Expected term (years)	5.05		5.04		5.65		5.03

Schedule of Stock Option Activity

A summary of stock option activity under our L3Harris SIPs as of December 31, 2021 and changes during fiscal 2021 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 1, 2021	4,321,636	$	127.93
Granted	500,489	$	181.91
Exercised	(1,207,071)	$	79.20
Forfeited or expired	(85,966)	$	190.28
Stock options outstanding December 31, 2021	3,529,088	$	150.68	6.35	$	220.78
Stock options exercisable December 31, 2021	2,009,767	$	116.25	4.96	$	194.93

Schedule of Nonvested Stock Options Activity

A summary of the status of our nonvested stock options at December 31, 2021 and changes during fiscal 2021 is as follows:

	Shares	Weighted-Average Grant-Date Fair Value Per Share
Nonvested stock options January 1, 2021	1,289,631	$	36.81
Granted	500,489	$	42.16
Vested	(270,799)	$	34.49
Nonvested stock options December 31, 2021	1,519,321	$	38.79

Schedule of Restricted Stock and Restricted Stock Units Activity

A summary of the status of these awards at December 31, 2021 and changes during fiscal 2021 is as follows:

	Shares or Units	Weighted-Average Grant Price Per Share or Unit
Restricted stock and restricted stock units outstanding at January 1, 2021	698,920	$	196.26
Granted	279,704	$	202.10
Vested	(107,542)	$	187.02
Forfeited	(67,856)	$	191.47
Restricted stock and restricted stock units outstanding at December 31, 2021	803,226	$	192.33

Schedule of Performance Shares Activity

A summary of the status of these awards at December 31, 2021 and changes during fiscal 2021 is as follows:

	Shares or Units	Weighted-Average Grant Price Per Share or Unit(1)
Performance share units outstanding at January 1, 2021	249,695	$	223.28
Granted	239,590	$	201.32
Forfeited	(31,114)	$	204.24
Performance share units outstanding at December 31, 2021	458,171	$	210.18