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CAPITAL STOCK (Tables) | 12 Months Ended
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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 outstanding | 154,176 |  |  | 148,365 |  |  | 148,919 |
Dilutive effect of stock contracts and awards | 8,251 |  |  | 8,016 |  |  | 7,861 |
Diluted weighted-average shares outstanding | 162,427 |  |  | 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):
| 2020 |  | 2019 |  | 2018
Number of stock options | 2,376 |  |  | 2,151 |  |  | 1,339 |
Common Stock Share Activity | Common stock activity for 2020, 2019 and 2018 was as follows:
| 2020 |  | 2019 |  | 2018
Outstanding, beginning of year | 153,506,409 |  |  | 151,302,450 |  |  | 154,038,031 |
Issued from treasury | 7,474,394 |  |  | 2,391,336 |  |  | 941,854 |
Returned to treasury | (228,541) |  |  | (187,377) |  |  | (3,677,435) |
Outstanding, end of year | 160,752,262 |  |  | 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 contract | 157,106,752 |  |  | 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:
| 2020 |  | 2019
Employee stock purchase plan | 1,480,962 |  |  | 1,593,759 |
Other stock-based compensation plans | 8,113,781 |  |  | 11,330,531 |
Total shares reserved | 9,594,743 |  |  | 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:
| 2020 |  | 2019 |  | 2018
Average expected volatility | 35.0 | % |  | 25.0 | % |  | 23.0 | %
Dividend yield | 1.6 | % |  | 1.8 | % |  | 2.0 | %
Risk-free interest rate | 0.4 | % |  | 1.5 | % |  | 2.9 | %
Expected life | 5.3 years |  | 5.3 years |  | 5.3 years
Fair value per option | $ | 48.36 |  |  | $ | 30.09 |  |  | $ | 26.54 |
Weighted-average vesting period | 2.8 years |  | 2.8 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 January 2, 2021 are as follows:
| Options |  | Price
Outstanding, beginning of year | 6,454,671 |  |  | $ | 122.42 |
Granted | 1,103,538 |  |  | 179.85 |
Exercised | (1,419,699) |  |  | 94.24 |
Forfeited | (263,264) |  |  | 148.68 |
Outstanding, end of year | 5,875,246 |  |  | $ | 138.84 |
Exercisable, end of year | 3,289,889 |  |  | $ | 121.65 |
Outstanding and Exercisable Stock Option | Outstanding and exercisable stock option information at January 2, 2021 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 | 427,354 |  |  | 1.47 |  | $ | 67.96 |  |  | 427,354 |  |  | 1.47 |  | $ | 67.96 |
$75.01 — $125.00 | 1,483,536 |  |  | 4.97 |  | 108.40 |  |  | 1,483,536 |  |  | 4.97 |  | 108.40 |
$125.01 and higher | 3,964,356 |  |  | 8.55 |  | 157.87 |  |  | 1,378,999 |  |  | 7.70 |  | 152.56 |
| 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, 2019 | 866,520 |  |  | $ | 139.23 |
Granted | 325,448 |  |  | 165.44 |
Vested | (291,523) |  |  | 134.48 |
Forfeited | (69,061) |  |  | 137.98 |
Non-vested at January 2, 2021 | 831,384 |  |  | $ | 151.26 |
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 28, 2019 | 346,011 |  |  | $ | 127.27 |  |  |
Granted | 508,860 |  |  | 93.58 |  |  |
Vested | (62,613) |  |  | 127.27 |  |  |
Forfeited | (199,223) |  |  | 122.60 |  |  |
Non-vested at January 2, 2021 | 593,035 |  |  | $ | 99.93 |  |  |
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 28, 2019 | 607,532 |  |  | $ | 131.46 |
Granted | 205,964 |  |  | 154.07 |
Vested | (97,560) |  |  | 119.34 |
Forfeited | (107,198) |  |  | 122.78 |
Non-vested at January 2, 2021 | 608,738 |  |  | $ | 142.58 |

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