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Stock Options and Other Share-Based Compensation | 6 Months Ended
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Jul. 03, 2020
Share-based Payment Arrangement [Abstract] |
Stock Options and Other Share-Based Compensation | Note D — Stock Options and Other Share-Based Compensation As of July 3, 2020, we had options or other share-based compensation outstanding under two Harris shareholder-approved stock incentive plans (“SIPs”), the Harris Corporation 2005 Equity Incentive Plan (As Amended and Restated Effective August 27, 2010) and the Harris Corporation 2015 Equity Incentive Plan (the “2015 EIP”), as well as under employee stock incentive plans of L3 assumed by L3Harris (collectively, “L3Harris SIPs”). The compensation cost related to our share-based awards that was charged against income was $24 million and $40 million for the quarter and two quarters ended July 3, 2020, respectively, and $15 million and $29 million for the quarter and two quarters ended June 28, 2019, respectively. The aggregate number of shares of our common stock that we issued under the terms of L3Harris SIPs, net of shares withheld for tax purposes, was 47,990 and 498,173 for the quarter and two quarters ended July 3, 2020, respectively, and 372,195 and 519,371 for the quarter and two quarters ended June 28, 2019, respectively. Awards granted to participants under L3Harris SIPs during the quarter ended July 3, 2020 consisted of 39,941 restricted stock units and no stock options or performance stock units. Awards granted to participants under L3Harris SIPs during the two quarters ended July 3, 2020 consisted of 246,307 restricted stock units, 583,200 stock options and 203,606 performance stock units. The fair value as of the grant date of each stock option award was determined using the Black-Scholes-Merton option-pricing model and the following assumptions: expected dividend yield of 1.55 percent; expected volatility of 22.74 percent; risk-free interest rates averaging 0.89 percent; and expected term of 5.04 years. The fair value as of the grant date of each restricted stock unit was based on the closing price of our common stock on the grant date. The fair value as of the grant date of each performance stock unit award was determined based on the fair value from a multifactor Monte Carlo valuation model that simulates our stock price and total shareholder return (“TSR”) relative to companies in our TSR peer group.

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