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STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 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 Years Ended |  | Two Quarters Ended |  | Fiscal Year Ended
(In millions) | December 31, 2021 |  | January 1, 2021 |  | January 3, 2020(1) |  | June 28, 2019
Total expense | $ | 129 |  |  | $ | 94 |  |  | $ | 125 |  |  | $ | 58 |
Included in: |  |  |  |  |  |  |
Cost of product sales and services | $ | 14 |  |  | $ | 11 |  |  | $ | 5 |  |  | $ | 12 |
Engineering, selling and administrative expenses | 115 |  |  | 83 |  |  | 120 |  |  | 46 |
Income from continuing operations | 129 |  |  | 94 |  |  | 125 |  |  | 58 |
Tax effect on share-based compensation expense | (33) |  |  | (24) |  |  | (31) |  |  | (14) |
Total share-based compensation expense after-tax | $ | 96 |  |  | $ | 70 |  |  | $ | 94 |  |  | $ | 44 |
_______________ (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 Years Ended |  | Two Quarters Ended |  | Fiscal Year Ended
| December 31, 2021 |  | January 1, 2021 |  | January 3, 2020 |  | June 28, 2019
Expected dividends | 1.99 | % |  | 1.55 | % |  | 1.70 | % |  | 1.61 | %
Expected volatility | 31.71 | % |  | 22.74 | % |  | 22.18 | % |  | 19.87 | %
Risk-free interest rates | 0.75 | % |  | 0.89 | % |  | 1.68 | % |  | 2.72 | %
Expected term (years) | 5.05 |  | 5.04 |  | 5.65 |  | 5.03
Schedule of Stock Option Activity | A summary of stock option activity under our L3Harris SIPs as of December 31, 2021 and changes during fiscal 2021 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 1, 2021 | 4,321,636 |  |  | $ | 127.93 |  |  |  |  |
Granted | 500,489 |  |  | $ | 181.91 |  |  |  |  |
Exercised | (1,207,071) |  |  | $ | 79.20 |  |  |  |  |
Forfeited or expired | (85,966) |  |  | $ | 190.28 |  |  |  |  |
Stock options outstanding December 31, 2021 | 3,529,088 |  |  | $ | 150.68 |  |  | 6.35 |  | $ | 220.78 |
Stock options exercisable December 31, 2021 | 2,009,767 |  |  | $ | 116.25 |  |  | 4.96 |  | $ | 194.93 |
Schedule of Nonvested Stock Options Activity | A summary of the status of our nonvested stock options at December 31, 2021 and changes during fiscal 2021 is as follows:
| Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Nonvested stock options January 1, 2021 | 1,289,631 |  |  | $ | 36.81 |
Granted | 500,489 |  |  | $ | 42.16 |
Vested | (270,799) |  |  | $ | 34.49 |
Nonvested stock options December 31, 2021 | 1,519,321 |  |  | $ | 38.79 |
Schedule of Restricted Stock and Restricted Stock Units Activity | A summary of the status of these awards at December 31, 2021 and changes during fiscal 2021 is as follows:
| Shares or Units |  | Weighted-Average Grant Price Per Share or Unit
Restricted stock and restricted stock units outstanding at January 1, 2021 | 698,920 |  |  | $ | 196.26 |
Granted | 279,704 |  |  | $ | 202.10 |
Vested | (107,542) |  |  | $ | 187.02 |
Forfeited | (67,856) |  |  | $ | 191.47 |
Restricted stock and restricted stock units outstanding at December 31, 2021 | 803,226 |  |  | $ | 192.33 |
Schedule of Performance Shares Activity | A summary of the status of these awards at December 31, 2021 and changes during fiscal 2021 is as follows:
| Shares or Units |  | Weighted-Average Grant Price Per Share or Unit(1)
Performance share units outstanding at January 1, 2021 | 249,695 |  |  | $ | 223.28 |
Granted | 239,590 |  |  | $ | 201.32 |
Forfeited | (31,114) |  |  | $ | 204.24 |
Performance share units outstanding at December 31, 2021 | 458,171 |  |  | $ | 210.18 |

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