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SELECTED QUARTERLY FINANCIAL DATA (unaudited)
 12 Months Ended
Jan. 02, 2021
Quarterly Financial Data [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (unaudited)
SELECTED QUARTERLY FINANCIAL DATA (unaudited) 
 Quarter 
(Millions of Dollars, except per share amounts)FirstSecondThirdFourthYear
(As Restated) (2)
(As Restated) (2)
(As Restated) (2)
(As Restated) (2)
(As Restated) (2)
2020
Net Sales$3,129.4 $3,147.4 $3,850.2 $4,407.6 $14,534.6 
Gross profit1,023.1 1,012.7 1,376.3 1,555.8 4,967.9 
Selling, general and administrative (1)
748.5 732.0 738.9 870.2 3,089.6 
Net earnings133.1 238.7 395.2 467.7 1,234.7 
Less: Net earnings attributable to non-controlling interest(0.1)0.3 0.3 0.4 0.9 
Less: Preferred stock dividends and beneficial conversion feature0.5 4.9 9.4 9.3 24.1 
Net Earnings Attributable to Common Shareowners$132.7 $233.5 $385.5 $458.0 $1,209.7 
Add: Contract adjustment payments accretion0.9 0.5 0.1 0.2 1.7 
Net Earnings Attributable to Common Shareowners - Diluted$133.6 $234.0 $385.6 $458.2 $1,211.4 
Earnings per share of common stock:
Basic $0.88 $1.52 $2.47 $2.92 $7.85 
Diluted$0.83 $1.45 $2.37 $2.80 $7.46 
2019
Net Sales$3,333.6 $3,761.3 $3,633.1 $3,714.2 $14,442.2 
Gross profit1,105.6 1,299.8 1,239.5 1,160.6 4,805.5 
Selling, general and administrative (1)
778.9 782.3 756.1 723.7 3,041.0 
Net earnings170.4 357.4 231.1 199.1 958.0 
Less: Net earnings attributable to non-controlling interest0.5 1.1 0.6 — 2.2 
Less: Preferred stock dividends and beneficial conversion feature$0.4 $0.5 $0.5 $0.4 $1.8 
Net Earnings Attributable to Common Shareowners$169.5 $355.8 $230.0 $198.7 $954.0 
Add: Contract adjustment payments accretion0.4 0.4 0.4 0.5 1.7 
Net Earnings Attributable to Common Shareowners - Diluted$169.9 $356.2 $230.4 $199.2 $955.7 
Earnings per share of common stock:
Basic$1.15 $2.40 $1.55 $1.33 $6.43 
Diluted$1.09 $2.29 $1.48 $1.26 $6.11 
(1) Includes provision for credit losses.
(2) Refer to Note A, Significant Accounting Policies - Restatement, of the Notes to Consolidated Financial Statements for further discussion of the Restatement and the fiscal 2020 and 2019 amounts. Please see the following tables for each quarterly period presented.

First Quarter 2020First Quarter 2019
(Millions of Dollars, except per share amounts)As Previously ReportedRestatement ImpactsAs RestatedAs Previously ReportedRestatement ImpactsAs Restated
Net Earnings Attributable to Common Shareowners$133.2 $(0.5)$132.7 $169.9 $(0.4)$169.5 
Add: Contract adjustment payments accretion— $0.9 $0.9 — $0.4 $0.4 
Net Earnings Attributable to Common Shareowners - Diluted$133.2 $0.4 $133.6 $169.9 $— $169.9 
Earnings per share of common stock:
Basic $0.89 $(0.01)$0.88 $1.15 $— $1.15 
Diluted $0.88 $(0.05)$0.83 $1.13 $(0.04)$1.09 
Second Quarter 2020Second Quarter 2019
(Millions of Dollars, except per share amounts)As Previously ReportedRestatement ImpactsAs RestatedAs Previously ReportedRestatement ImpactsAs Restated
Net Earnings Attributable to Common Shareowners$233.7 $(0.2)$233.5 $356.3 $(0.5)$355.8 
Add: Contract adjustment payments accretion— $0.5 $0.5 — $0.4 $0.4 
Net Earnings Attributable to Common Shareowners - Diluted$233.7 $0.3 $234.0 $356.3 $(0.1)$356.2 
Earnings per share of common stock:
Basic $1.52 $— $1.52 $2.41 $(0.01)$2.40 
Diluted $1.52 $(0.07)$1.45 $2.37 $(0.08)$2.29 

Third Quarter 2020Third Quarter 2019
(Millions of Dollars, except per share amounts)As Previously ReportedRestatement ImpactsAs RestatedAs Previously ReportedRestatement ImpactsAs Restated
Net Earnings Attributable to Common Shareowners$385.5 $— $385.5 $230.5 $(0.5)$230.0 
Add: Contract adjustment payments accretion— $0.1 $0.1 — $0.4 $0.4 
Net Earnings Attributable to Common Shareowners - Diluted$385.5 $0.1 $385.6 $230.5 $(0.1)$230.4 
Earnings per share of common stock:
Basic $2.47 $— $2.47 $1.55 $— $1.55 
Diluted $2.44 $(0.07)$2.37 $1.53 $(0.05)$1.48 

Fourth Quarter 2020Fourth Quarter 2019
(Millions of Dollars, except per share amounts)As Previously ReportedRestatement ImpactsAs RestatedAs Previously ReportedRestatement ImpactsAs Restated
Net Earnings Attributable to Common Shareowners$458.0 $— $458.0 $199.1 $(0.4)$198.7 
Add: Contract adjustment payments accretion— $0.2 $0.2 — $0.5 $0.5 
Net Earnings Attributable to Common Shareowners - Diluted$458.0 $0.2 $458.2 $199.1 $0.1 $199.2 
Earnings per share of common stock:
Basic $2.92 $— $2.92 $1.34 $(0.01)$1.33 
Diluted $2.88 $(0.08)$2.80 $1.32 $(0.06)$1.26 

The 2020 year-to-date results above include $400 million of pre-tax acquisition-related and other charges, a $211 million tax benefit related to the pre-tax acquisition-related and other charges and a one-time tax benefit related to a supply chain reorganization, as well as $10 million of after-tax charges related to the Company's share of equity method investment earnings. The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
 
  Diluted EPS Impact
Acquisition-Related Charges & Other(As Restated)
• Q1 2020 —   $62 million loss ($50 million after-tax and equity interest)
  
$(0.30) per diluted share
• Q2 2020 —   $169 million loss ($13 million after-tax and equity interest)
  
$(0.08) per diluted share
• Q3 2020 —   $89 million loss ($71 million after-tax and equity interest)
  
$(0.44) per diluted share
• Q4 2020 —   $80 million loss ($65 million after-tax and equity interest)
  
$(0.40) per diluted share

The 2019 year-to-date results above include $363 million of pre-tax acquisition-related and other charges, a $78 million tax benefit of the pre-tax acquisition-related and other charges, as well as $24 million of after-tax charges related to the Company's share of equity method investment earnings. The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
 
Diluted EPS Impact
Acquisition-Related Charges & Other(As Restated)
• Q1 2019 —   $52 million loss ($43 million after-tax and equity interest)
$(0.28) per diluted share
• Q2 2019 —   $33 million loss ($44 million after-tax and equity interest)
$(0.28) per diluted share
• Q3 2019 —   $114 million loss ($91 million after-tax and equity interest)
$(0.58) per diluted share
• Q4 2019 —   $164 million loss ($131 million after-tax and equity interest)
$(0.84) per diluted share