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SELECTED QUARTERLY FINANCIAL DATA (unaudited) | 12 Months Ended
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Jan. 02, 2021
Quarterly Financial Data [Abstract] |
SELECTED QUARTERLY FINANCIAL DATA (unaudited) | SELECTED QUARTERLY FINANCIAL DATA (unaudited)
|  | Quarter |  |
(Millions of Dollars, except per share amounts) |  | First |  | Second |  | Third |  | Fourth |  | Year
|  | (As Restated) (2) |  | (As Restated) (2) |  | (As Restated) (2) |  | (As Restated) (2) |  | (As Restated) (2)
2020 |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 3,129.4 |  |  | $ | 3,147.4 |  |  | $ | 3,850.2 |  |  | $ | 4,407.6 |  |  | $ | 14,534.6 |
Gross profit |  | 1,023.1 |  |  | 1,012.7 |  |  | 1,376.3 |  |  | 1,555.8 |  |  | 4,967.9 |
Selling, general and administrative (1) |  | 748.5 |  |  | 732.0 |  |  | 738.9 |  |  | 870.2 |  |  | 3,089.6 |
Net earnings |  | 133.1 |  |  | 238.7 |  |  | 395.2 |  |  | 467.7 |  |  | 1,234.7 |
Less: Net earnings attributable to non-controlling interest |  | (0.1) |  |  | 0.3 |  |  | 0.3 |  |  | 0.4 |  |  | 0.9 |
Less: Preferred stock dividends and beneficial conversion feature |  | 0.5 |  |  | 4.9 |  |  | 9.4 |  |  | 9.3 |  |  | 24.1 |
Net Earnings Attributable to Common Shareowners |  | $ | 132.7 |  |  | $ | 233.5 |  |  | $ | 385.5 |  |  | $ | 458.0 |  |  | $ | 1,209.7 |
Add: Contract adjustment payments accretion |  | 0.9 |  |  | 0.5 |  |  | 0.1 |  |  | 0.2 |  |  | 1.7 |
Net Earnings Attributable to Common Shareowners - Diluted |  | $ | 133.6 |  |  | $ | 234.0 |  |  | $ | 385.6 |  |  | $ | 458.2 |  |  | $ | 1,211.4 |
Earnings per share of common stock: |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.88 |  |  | $ | 1.52 |  |  | $ | 2.47 |  |  | $ | 2.92 |  |  | $ | 7.85 |
Diluted |  | $ | 0.83 |  |  | $ | 1.45 |  |  | $ | 2.37 |  |  | $ | 2.80 |  |  | $ | 7.46 |
2019 |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 3,333.6 |  |  | $ | 3,761.3 |  |  | $ | 3,633.1 |  |  | $ | 3,714.2 |  |  | $ | 14,442.2 |
Gross profit |  | 1,105.6 |  |  | 1,299.8 |  |  | 1,239.5 |  |  | 1,160.6 |  |  | 4,805.5 |
Selling, general and administrative (1) |  | 778.9 |  |  | 782.3 |  |  | 756.1 |  |  | 723.7 |  |  | 3,041.0 |
Net earnings |  | 170.4 |  |  | 357.4 |  |  | 231.1 |  |  | 199.1 |  |  | 958.0 |
Less: Net earnings attributable to non-controlling interest |  | 0.5 |  |  | 1.1 |  |  | 0.6 |  |  | — |  |  | 2.2 |
Less: Preferred stock dividends and beneficial conversion feature |  | $ | 0.4 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 1.8 |
Net Earnings Attributable to Common Shareowners |  | $ | 169.5 |  |  | $ | 355.8 |  |  | $ | 230.0 |  |  | $ | 198.7 |  |  | $ | 954.0 |
Add: Contract adjustment payments accretion |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  |  | 0.5 |  |  | 1.7 |
Net Earnings Attributable to Common Shareowners - Diluted |  | $ | 169.9 |  |  | $ | 356.2 |  |  | $ | 230.4 |  |  | $ | 199.2 |  |  | $ | 955.7 |
Earnings per share of common stock: |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.15 |  |  | $ | 2.40 |  |  | $ | 1.55 |  |  | $ | 1.33 |  |  | $ | 6.43 |
Diluted |  | $ | 1.09 |  |  | $ | 2.29 |  |  | $ | 1.48 |  |  | $ | 1.26 |  |  | $ | 6.11 |
(1) Includes provision for credit losses. (2) Refer to Note A, Significant Accounting Policies - Restatement, of the Notes to Consolidated Financial Statements for further discussion of the Restatement and the fiscal 2020 and 2019 amounts. Please see the following tables for each quarterly period presented.
| First Quarter 2020 |  | First Quarter 2019
(Millions of Dollars, except per share amounts) | As Previously Reported |  | Restatement Impacts |  | As Restated |  | As Previously Reported |  | Restatement Impacts |  | As Restated
Net Earnings Attributable to Common Shareowners | $ | 133.2 |  |  | $ | (0.5) |  |  | $ | 132.7 |  |  | $ | 169.9 |  |  | $ | (0.4) |  |  | $ | 169.5 |
Add: Contract adjustment payments accretion | — |  |  | $ | 0.9 |  |  | $ | 0.9 |  |  | — |  |  | $ | 0.4 |  |  | $ | 0.4 |
Net Earnings Attributable to Common Shareowners - Diluted | $ | 133.2 |  |  | $ | 0.4 |  |  | $ | 133.6 |  |  | $ | 169.9 |  |  | $ | — |  |  | $ | 169.9 |
Earnings per share of common stock: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.89 |  |  | $ | (0.01) |  |  | $ | 0.88 |  |  | $ | 1.15 |  |  | $ | — |  |  | $ | 1.15 |
Diluted | $ | 0.88 |  |  | $ | (0.05) |  |  | $ | 0.83 |  |  | $ | 1.13 |  |  | $ | (0.04) |  |  | $ | 1.09 |
| Second Quarter 2020 |  | Second Quarter 2019
(Millions of Dollars, except per share amounts) | As Previously Reported |  | Restatement Impacts |  | As Restated |  | As Previously Reported |  | Restatement Impacts |  | As Restated
Net Earnings Attributable to Common Shareowners | $ | 233.7 |  |  | $ | (0.2) |  |  | $ | 233.5 |  |  | $ | 356.3 |  |  | $ | (0.5) |  |  | $ | 355.8 |
Add: Contract adjustment payments accretion | — |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | — |  |  | $ | 0.4 |  |  | $ | 0.4 |
Net Earnings Attributable to Common Shareowners - Diluted | $ | 233.7 |  |  | $ | 0.3 |  |  | $ | 234.0 |  |  | $ | 356.3 |  |  | $ | (0.1) |  |  | $ | 356.2 |
Earnings per share of common stock: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.52 |  |  | $ | — |  |  | $ | 1.52 |  |  | $ | 2.41 |  |  | $ | (0.01) |  |  | $ | 2.40 |
Diluted | $ | 1.52 |  |  | $ | (0.07) |  |  | $ | 1.45 |  |  | $ | 2.37 |  |  | $ | (0.08) |  |  | $ | 2.29 |
| Third Quarter 2020 |  | Third Quarter 2019
(Millions of Dollars, except per share amounts) | As Previously Reported |  | Restatement Impacts |  | As Restated |  | As Previously Reported |  | Restatement Impacts |  | As Restated
Net Earnings Attributable to Common Shareowners | $ | 385.5 |  |  | $ | — |  |  | $ | 385.5 |  |  | $ | 230.5 |  |  | $ | (0.5) |  |  | $ | 230.0 |
Add: Contract adjustment payments accretion | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | — |  |  | $ | 0.4 |  |  | $ | 0.4 |
Net Earnings Attributable to Common Shareowners - Diluted | $ | 385.5 |  |  | $ | 0.1 |  |  | $ | 385.6 |  |  | $ | 230.5 |  |  | $ | (0.1) |  |  | $ | 230.4 |
Earnings per share of common stock: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 2.47 |  |  | $ | — |  |  | $ | 2.47 |  |  | $ | 1.55 |  |  | $ | — |  |  | $ | 1.55 |
Diluted | $ | 2.44 |  |  | $ | (0.07) |  |  | $ | 2.37 |  |  | $ | 1.53 |  |  | $ | (0.05) |  |  | $ | 1.48 |
| Fourth Quarter 2020 |  | Fourth Quarter 2019
(Millions of Dollars, except per share amounts) | As Previously Reported |  | Restatement Impacts |  | As Restated |  | As Previously Reported |  | Restatement Impacts |  | As Restated
Net Earnings Attributable to Common Shareowners | $ | 458.0 |  |  | $ | — |  |  | $ | 458.0 |  |  | $ | 199.1 |  |  | $ | (0.4) |  |  | $ | 198.7 |
Add: Contract adjustment payments accretion | — |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | — |  |  | $ | 0.5 |  |  | $ | 0.5 |
Net Earnings Attributable to Common Shareowners - Diluted | $ | 458.0 |  |  | $ | 0.2 |  |  | $ | 458.2 |  |  | $ | 199.1 |  |  | $ | 0.1 |  |  | $ | 199.2 |
Earnings per share of common stock: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 2.92 |  |  | $ | — |  |  | $ | 2.92 |  |  | $ | 1.34 |  |  | $ | (0.01) |  |  | $ | 1.33 |
Diluted | $ | 2.88 |  |  | $ | (0.08) |  |  | $ | 2.80 |  |  | $ | 1.32 |  |  | $ | (0.06) |  |  | $ | 1.26 |
The 2020 year-to-date results above include $400 million of pre-tax acquisition-related and other charges, a $211 million tax benefit related to the pre-tax acquisition-related and other charges and a one-time tax benefit related to a supply chain reorganization, as well as $10 million of after-tax charges related to the Company's share of equity method investment earnings. The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
|  | Diluted EPS Impact
Acquisition-Related Charges & Other |  | (As Restated)
• Q1 2020 — $62 million loss ($50 million after-tax and equity interest) |  | $(0.30) per diluted share
• Q2 2020 — $169 million loss ($13 million after-tax and equity interest) |  | $(0.08) per diluted share
• Q3 2020 — $89 million loss ($71 million after-tax and equity interest) |  | $(0.44) per diluted share
• Q4 2020 — $80 million loss ($65 million after-tax and equity interest) |  | $(0.40) per diluted share
The 2019 year-to-date results above include $363 million of pre-tax acquisition-related and other charges, a $78 million tax benefit of the pre-tax acquisition-related and other charges, as well as $24 million of after-tax charges related to the Company's share of equity method investment earnings. The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
|  | Diluted EPS Impact
Acquisition-Related Charges & Other |  | (As Restated)
• Q1 2019 — $52 million loss ($43 million after-tax and equity interest) |  | $(0.28) per diluted share
• Q2 2019 — $33 million loss ($44 million after-tax and equity interest) |  | $(0.28) per diluted share
• Q3 2019 — $114 million loss ($91 million after-tax and equity interest) |  | $(0.58) per diluted share
• Q4 2019 — $164 million loss ($131 million after-tax and equity interest) |  | $(0.84) per diluted share

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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