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STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Jan. 01, 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 Year Ended |  | Two Quarters Ended |  | Fiscal Years Ended
(In millions) | January 1, 2021 |  | January 3, 2020(1) |  | June 28, 2019 |  | June 29, 2018
Total expense | $ | 94 |  |  | $ | 125 |  |  | $ | 58 |  |  | $ | 51 |
Included in: |  |  |  |  |  |  |
Cost of product sales and services | $ | 11 |  |  | $ | 5 |  |  | $ | 12 |  |  | $ | 8 |
Engineering, selling and administrative expenses | 83 |  |  | 120 |  |  | 46 |  |  | 43 |
Income from continuing operations | 94 |  |  | 125 |  |  | 58 |  |  | 51 |
Tax effect on share-based compensation expense | (24) |  |  | (31) |  |  | (14) |  |  | (16) |
Total share-based compensation expense after-tax | $ | 70 |  |  | $ | 94 |  |  | $ | 44 |  |  | $ | 35 |
_______________ (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 Year Ended |  | Fiscal Years Ended |  | Fiscal Years Ended
| January 1, 2021 |  | January 3, 2020 |  | June 28, 2019 |  | June 29, 2018
Expected dividends | 1.55 | % |  | 1.70 | % |  | 1.61 | % |  | 1.80 | %
Expected volatility | 22.74 | % |  | 22.18 | % |  | 19.87 | % |  | 19.30 | %
Risk-free interest rates | 0.89 | % |  | 1.68 | % |  | 2.72 | % |  | 1.80 | %
Expected term (years) | 5.04 |  | 5.65 |  | 5.03 |  | 5.00
Schedule of Stock Option Activity | A summary of stock option activity under our L3Harris SIPs as of January 1, 2021 and changes during fiscal 2020 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 3, 2020 | 4,545,978 |  |  | $ | 110.48 |  |  |  |  |
Granted | 583,200 |  |  | $ | 197.73 |  |  |  |  |
Exercised | (774,458) |  |  | $ | 74.98 |  |  |  |  |
Forfeited or expired | (33,084) |  |  | $ | 196.83 |  |  |  |  |
Stock options outstanding January 1, 2021 | 4,321,636 |  |  | $ | 127.93 |  |  | 6.23 |  | $ | 280.42 |
Stock options exercisable January 1, 2021 | 3,032,005 |  |  | $ | 96.53 |  |  | 5.11 |  | $ | 280.42 |
Schedule of Nonvested Stock Options Activity | A summary of the status of our nonvested stock options at January 1, 2021 and changes during fiscal 2020 is as follows:
| Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Nonvested stock options January 3, 2020 | 738,956 |  |  | $ | 38.61 |
Granted | 583,200 |  |  | $ | 34.49 |
Vested | (32,525) |  |  | $ | 35.86 |
Nonvested stock options January 1, 2021 | 1,289,631 |  |  | $ | 36.81 |
Schedule of Restricted Stock and Restricted Stock Units Activity | A summary of the status of these awards at January 1, 2021 and changes during fiscal 2020 is as follows:
| Shares or Units |  | Weighted-Average Grant Price Per Share or Unit
Restricted stock and restricted stock units outstanding at January 3, 2020 | 535,767 |  |  | $ | 196.22 |
Granted | 272,146 |  |  | $ | 195.66 |
Vested | (78,828) |  |  | $ | 177.23 |
Forfeited | (30,165) |  |  | $ | 186.22 |
Restricted stock and restricted stock units outstanding at January 1, 2021 | 698,920 |  |  | $ | 196.26 |
Schedule of Performance Shares Activity | A summary of the status of these awards at January 1, 2021 and changes during fiscal 2020 is as follows:
| Shares or Units |  | Weighted-Average Grant Price Per Share or Unit
Performance share units outstanding at January 3, 2020 | 55,020 |  |  | $ | 204.85 |
Granted | 203,606 |  |  | $ | 228.29 |
Forfeited | (8,931) |  |  | $ | 228.29 |
Performance share units outstanding at January 1, 2021 | 249,695 |  |  | $ | 223.28 |

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