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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 28, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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 December 28, 2019, December 29, 2018, and December 30, 2017.

	2019				2018				2017
Numerator (in millions):
Net Earnings Attributable to Common Shareowners	$	955.8			$	605.2			$	1,227.3

Denominator (in thousands):
Basic weighted-average shares outstanding	148,365			148,919			149,629
Dilutive effect of stock contracts and awards	2,193			2,724			2,820
Diluted weighted-average shares outstanding	150,558			151,643			152,449

Earnings per share of common stock:
Basic	$	6.44			$	4.06			$	8.20
Diluted	$	6.35			$	3.99			$	8.05

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 diluted shares outstanding because the effect would be anti-dilutive (in thousands):

	2019			2018			2017
Number of stock options	2,151			1,339			389

Common Stock Share Activity

Common stock activity for 2019, 2018 and 2017 was as follows:

	2019			2018			2017
Outstanding, beginning of year	151,302,450			154,038,031			152,559,767
Issued from treasury	2,391,336			941,854			1,680,339
Returned to treasury	(187,377	)		(3,677,435	)		(202,075	)
Outstanding, end of year	153,506,409			151,302,450			154,038,031
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 contract	149,860,899			147,656,940			150,392,521

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 December 28, 2019 and December 29, 2018 are as follows:

 

	2019			2018
Employee stock purchase plan	1,593,759			1,606,224
Other stock-based compensation plans	11,330,531			14,277,893
Total shares reserved	12,924,290			15,884,117

Weighted Average Assumptions that were Granted as Part of Merger

	2019				2018				2017
Average expected volatility	25.0		%		23.0		%		20.0		%
Dividend yield	1.8		%		2.0		%		1.5		%
Risk-free interest rate	1.5		%		2.9		%		2.2		%
Expected term	5.3 years				5.3 years				5.2 years
Fair value per option	$	30.09			$	26.54			$	30.71
Weighted-average vesting period	2.8 years				2.9 years				2.9 years

Number of Stock Options and Weighted-average Exercise Prices

The number of stock options and weighted-average exercise prices as of December 28, 2019 are as follows:

	Options			Price
Outstanding, beginning of year	7,352,263			$	107.36
Granted	1,225,750			150.69
Exercised	(1,851,761	)		78.17
Forfeited	(271,581	)		144.05
Outstanding, end of year	6,454,671			$	122.42
Exercisable, end of year	3,720,639			$	105.71

Outstanding and Exercisable Stock Option

Outstanding and exercisable stock option information at December 28, 2019 follows:

	Outstanding Stock Options									Exercisable Stock Options
Exercise Price Ranges	Options			Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price				Options			Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price
$75.00 and below	991,566			1.64		$	64.69			991,566			1.64		$	64.69
$75.01 — $125.00	2,154,836			5.91		107.44				1,932,443			5.80		106.10
$125.01 and higher	3,308,269			8.97		149.48				796,630			8.13		155.84
	6,454,671			6.83		$	122.42			3,720,639			5.19		$	105.71

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 December 28, 2019, 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 29, 2018	1,074,735			$	129.65
Granted	282,598			149.14
Vested	(372,571	)		119.92
Forfeited	(118,242	)		136.62
Non-vested at December 28, 2019	866,520			$	139.23

Restricted Share Units & Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Non-Vested Restricted Stock Unit Activity and Long-Term Performance Awards

A summary of the activity pertaining to the maximum number of shares that may be issued is as follows:

	Share Units			Weighted-Average Grant Date Fair Value
Non-vested at December 29, 2018	627,407			$	116.85
Granted	639,957			123.01
Vested	(154,217	)		86.56
Forfeited	(105,910	)		91.12
Non-vested at December 28, 2019	1,007,237			$	128.10

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