XML 53 R41.htm IDEA: XBRL DOCUMENT v3.22.0.1
CAPITAL STOCK (Tables)
 12 Months Ended
Jan. 02, 2021
Equity [Abstract]  
Reconciliation of Net Earnings Attributable to Common Shareholders and Weighted Average Shares Outstanding used to Calculate Basic and Diluted Earnings Per Share The following table reconciles net earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted earnings per share for the fiscal years ended January 2, 2021, December 28, 2019, and December 29, 2018.
2020
(As Restated)
2019
(As Restated)
2018
(As Restated)
Numerator (in millions):
Net Earnings Attributable to Common Shareowners$1,209.7 $954.0 $603.4 
Add: Contract adjustment payments accretion$1.7 $1.7 $0.9 
Net Earnings Attributable to Common Shareowners - Diluted$1,211.4 $955.7 $604.3 
Denominator (in thousands):
Basic weighted-average shares outstanding154,176 148,365 148,919 
Dilutive effect of stock contracts and awards8,251 8,016 7,861 
Diluted weighted-average shares outstanding162,427 156,381 156,780 
Earnings per share of common stock:
Basic$7.85 $6.43 $4.05 
Diluted$7.46 $6.11 $3.85 
Weighted-Average Stock Options, Warrants and Equity Purchase Contracts Not Included in Computation of Diluted Shares Outstanding The following weighted-average stock options were not included in the computation of weighted-average diluted shares outstanding because the effect would be anti-dilutive (in thousands):
202020192018
Number of stock options2,376 2,151 1,339 
Common Stock Share Activity Common stock activity for 2020, 2019 and 2018 was as follows:
202020192018
Outstanding, beginning of year153,506,409 151,302,450 154,038,031 
Issued from treasury7,474,394 2,391,336 941,854 
Returned to treasury(228,541)(187,377)(3,677,435)
Outstanding, end of year160,752,262 153,506,409 151,302,450 
Shares subject to the forward share purchase contract(3,645,510)(3,645,510)(3,645,510)
Outstanding, less shares subject to the forward share purchase contract157,106,752 149,860,899 147,656,940 
Common Stock Shares Reserved for Issuance under Various Employee and Director Stock Plans Common stock shares reserved for issuance under various employee and director stock plans at January 2, 2021 and December 28, 2019 are as follows: 
20202019
Employee stock purchase plan1,480,962 1,593,759 
Other stock-based compensation plans8,113,781 11,330,531 
Total shares reserved9,594,743 12,924,290 
Weighted Average Assumptions that were Granted as Part of Merger The following weighted-average assumptions were used to value grants made in 2020, 2019 and 2018:
202020192018
Average expected volatility35.0 %25.0 %23.0 %
Dividend yield1.6 %1.8 %2.0 %
Risk-free interest rate0.4 %1.5 %2.9 %
Expected life5.3 years5.3 years5.3 years
Fair value per option$48.36 $30.09 $26.54 
Weighted-average vesting period2.8 years2.8 years2.9 years
Number of Stock Options and Weighted-average Exercise Prices The number of stock options and weighted-average exercise prices as of January 2, 2021 are as follows:
 OptionsPrice
Outstanding, beginning of year6,454,671 $122.42 
Granted1,103,538 179.85 
Exercised(1,419,699)94.24 
Forfeited(263,264)148.68 
Outstanding, end of year5,875,246 $138.84 
Exercisable, end of year3,289,889 $121.65 
Outstanding and Exercisable Stock Option Outstanding and exercisable stock option information at January 2, 2021 follows:
 Outstanding Stock OptionsExercisable Stock Options
Exercise Price RangesOptionsWeighted-
Average
Remaining
Contractual Life		Weighted-
Average
Exercise Price		OptionsWeighted-
Average
Remaining
Contractual Life		Weighted-
Average
Exercise Price
$75.00 and below427,354 1.47$67.96 427,354 1.47$67.96 
$75.01 — $125.001,483,536 4.97108.40 1,483,536 4.97108.40 
$125.01 and higher3,964,356 8.55157.87 1,378,999 7.70152.56 
5,875,246 7.13$138.84 3,289,889 5.66$121.65 
Summary of Non-Vested Restricted Stock Unit Activity and Long-Term Performance Awards A summary of non-vested restricted stock unit and award activity as of January 2, 2021, and changes during the twelve month period then ended is as follows:
Restricted Share
Units & Awards		Weighted-Average
Grant
Date Fair Value
Non-vested at December 28, 2019866,520 $139.23 
Granted325,448 165.44 
Vested(291,523)134.48 
Forfeited(69,061)137.98 
Non-vested at January 2, 2021831,384 $151.26 
A summary of the activity pertaining to the maximum number of shares that may be issued is as follows:
Share UnitsWeighted-Average
Grant
Date Fair Value
Non-vested at December 28, 2019346,011 $127.27 
Granted508,860 93.58 
Vested(62,613)127.27 
Forfeited(199,223)122.60 
Non-vested at January 2, 2021593,035 $99.93 
A summary of the activity pertaining to the maximum number of shares that may be issued is as follows:
Share UnitsWeighted-Average
Grant
Date Fair Value
Non-vested at December 28, 2019607,532 $131.46 
Granted205,964 154.07 
Vested(97,560)119.34 
Forfeited(107,198)122.78 
Non-vested at January 2, 2021608,738 $142.58