Stock Transactions And Stock-Based Compensation (Tables)

6 Months Ended

Jul. 03, 2020

Share-based Payment Arrangement [Abstract]

Key Terms of Shares

The following summarizes the key terms of the MCPS Shares:

	Annual Cumulative Dividend Rate		Liquidation Preference per share		Minimum Conversion Rate	Maximum Conversion Rate	Mandatory Conversion Date
Series A	4.75	%	$	1,000	6.6549 shares	8.1522 shares	April 15, 2022
Series B	5.00	%	$	1,000	5.0081 shares	6.1349 shares	April 15, 2023

Summary of Share Activity

The following table summarizes the Company’s share activity (shares in millions):

	Three-Month Period Ended		Six-Month Period Ended
	July 3, 2020	June 28, 2019	July 3, 2020	June 28, 2019
Preferred stock - shares issued:
Balance, beginning of period	1.7	1.7	1.7	—
Issuance of MCPS	1.7	—	1.7	1.7
Balance, end of period	3.4	1.7	3.4	1.7
Common stock - shares issued:
Balance, beginning of period	837.3	832.5	835.5	817.9
Common stock-based compensation awards	1.0	1.1	2.8	3.1
Common stock issued in connection with LYONs’ conversions	0.3	0.4	0.3	0.9
Issuance of common stock	10.9	—	10.9	12.1
Balance, end of period	849.5	834.0	849.5	834.0

Components Of Stock-Based Compensation Program

The following summarizes the components of the Company’s stock-based compensation expense ($ in millions):

	Three-Month Period Ended						Six-Month Period Ended
	July 3, 2020			June 28, 2019			July 3, 2020			June 28, 2019
Restricted stock units (“RSUs”)/performance stock units (“PSUs”):
Pretax compensation expense	$	28.0		$	24.9		$	55.6		$	46.6
Income tax benefit	(5.6		)	(5.1		)	(11.3		)	(9.6		)
RSU/PSU expense, net of income taxes	22.4			19.8			44.3			37.0
Stock options:
Pretax compensation expense	18.6			16.5			36.2			29.9
Income tax benefit	(3.8		)	(3.3		)	(7.4		)	(6.1		)
Stock option expense, net of income taxes	14.8			13.2			28.8			23.8
Total stock-based compensation:
Pretax compensation expense	46.6			41.4			91.8			76.5
Income tax benefit	(9.4		)	(8.4		)	(18.7		)	(15.7		)
Total stock-based compensation expense, net of income taxes	$	37.2		$	33.0		$	73.1		$	60.8