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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jan. 02, 2021
Accounting Policies [Abstract] |
Depreciation and Amortization, Estimated Useful Lives of Assets | Depreciation and amortization are provided using straight-line methods over the estimated useful lives of the assets as follows:
|  | Useful Life (Years)
Land improvements |  | 10 — 20
Buildings |  | 40
Machinery and equipment |  | 3 — 15
Computer software |  | 3 — 7
Schedule of Error Corrections and Prior Period Adjustments | The following tables present the impact of the restatement on the Company’s previously reported Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income for the years ended January 2, 2021, December 28, 2019 and December 29, 2018. The values as previously reported were derived from the Company’s Original Form 10-K.
| Year Ended January 2, 2021
(Millions of Dollars, except per share amounts) | As Previously Reported |  | Restatement Impacts |  | As Restated
Net Earnings Attributable to Common Shareowners | $ | 1,210.4 |  |  | $ | (0.7) |  |  | $ | 1,209.7 |
Add: Contract adjustment payments accretion | — |  |  | 1.7 |  |  | 1.7 |
Net Earnings Attributable to Common Shareowners - Diluted | $ | 1,210.4 |  |  | $ | 1.0 |  |  | $ | 1,211.4 |
Earnings per share of common stock: |  |  |  |  |
Basic | $ | 7.85 |  |  | $ | — |  |  | $ | 7.85 |
Diluted | $ | 7.77 |  |  | $ | (0.31) |  |  | $ | 7.46 |
Weighted-average shares outstanding (in thousands): |  |  |  |  |
Basic | 154,176 |  |  | — |  |  | 154,176 |
Diluted | 155,861 |  |  | 6,566 |  |  | 162,427 |
Comprehensive income attributable to common shareowners | $ | 1,381.3 |  |  | $ | (0.7) |  |  | $ | 1,380.6 |
| Year Ended December 28, 2019
(Millions of Dollars, except per share amounts) | As Previously Reported |  | Restatement Impacts |  | As Restated
Net Earnings Attributable to Common Shareowners | $ | 955.8 |  |  | $ | (1.8) |  |  | $ | 954.0 |
Add: Contract adjustment payments accretion | — |  |  | 1.7 |  | 1.7 |
Net Earnings Attributable to Common Shareowners - Diluted | $ | 955.8 |  |  | $ | (0.1) |  |  | $ | 955.7 |
Earnings per share of common stock: |  |  |  |  |
Basic | $ | 6.44 |  |  | $ | (0.01) |  |  | $ | 6.43 |
Diluted | $ | 6.35 |  |  | $ | (0.24) |  |  | $ | 6.11 |
Weighted-average shares outstanding (in thousands): |  |  |  |  |
Basic | 148,365 |  |  | — |  |  | 148,365 |
Diluted | 150,558 |  |  | 5,823 |  |  | 156,381 |
Comprehensive income attributable to common shareowners | $ | 885.5 |  |  | $ | (1.8) |  |  | $ | 883.7 |
| Year Ended December 29, 2018
(Millions of Dollars, except per share amounts) | As Previously Reported |  | Restatement Impacts |  | As Restated
Net Earnings Attributable to Common Shareowners | $ | 605.2 |  |  | $ | (1.8) |  |  | $ | 603.4 |
Add: Contract adjustment payments accretion | — |  |  | 0.9 |  |  | 0.9 |
Net Earnings Attributable to Common Shareowners - Diluted | $ | 605.2 |  |  | $ | (0.9) |  |  | $ | 604.3 |
Earnings per share of common stock: |  |  |  |  |
Basic | $ | 4.06 |  |  | $ | (0.01) |  |  | $ | 4.05 |
Diluted | $ | 3.99 |  |  | $ | (0.14) |  |  | $ | 3.85 |
Weighted-average shares outstanding (in thousands): |  |  |  |  |
Basic | 148,919 |  |  | — |  |  | 148,919 |
Diluted | 151,643 |  |  | 5,137 |  |  | 156,780 |
Comprehensive income attributable to common shareowners | $ | 380.0 |  |  | $ | (1.8) |  |  | $ | 378.2 |
The following tables present the impact of the restatement on the Company’s previously reported Consolidated Balance Sheets as of January 2, 2021 and December 28, 2019. The values as previously reported were derived from the Company’s Original Form 10-K.
| January 2, 2021
(Millions of Dollars) | As Previously Reported |  | Restatement Impacts |  | As Restated
Preferred stock, without par value | $ | 1,500.0 |  |  | $ | (129.7) |  |  | $ | 1,370.3 |
Retained earnings | $ | 7,547.6 |  |  | $ | (5.4) |  |  | $ | 7,542.2 |
Additional paid in capital | $ | 4,832.7 |  |  | $ | 135.1 |  |  | $ | 4,967.8 |
Total Shareowners’ Equity | $ | 11,066.4 |  |  | $ | — |  |  | $ | 11,066.4 |
| December 28, 2019
(Millions of Dollars) | As Previously Reported |  | Restatement Impacts |  | As Restated
Preferred stock, without par value | $ | 1,500.0 |  |  | $ | (270.0) |  |  | $ | 1,230.0 |
Retained earnings | $ | 6,772.8 |  |  | $ | (4.7) |  |  | $ | 6,768.1 |
Additional paid in capital | $ | 4,492.9 |  |  | $ | 274.7 |  |  | $ | 4,767.6 |
Total Shareowners’ Equity | $ | 9,142.2 |  |  | $ | — |  |  | $ | 9,142.2 |
As shown above, the restatement impacts the classification of amounts within certain equity accounts. The following tables present the impact of the restatement on these equity accounts as of December 29, 2018 and December 30, 2017, as the restated amounts below are presented in the Consolidated Statements of Changes in Shareowners’ Equity in this Form 10-K/A. The values as previously reported were derived from the Company’s Original Form 10-K.
| December 29, 2018
(Millions of Dollars) | As Previously Reported |  | Restatement Impacts |  | As Restated
Preferred stock, without par value | $ | 750.0 |  |  | $ | (142.1) |  |  | $ | 607.9 |
Retained earnings | $ | 6,219.0 |  |  | $ | (2.9) |  |  | $ | 6,216.1 |
Additional paid in capital | $ | 4,621.0 |  |  | $ | 145.0 |  |  | $ | 4,766.0 |
Total Shareowners’ Equity | $ | 7,839.9 |  |  | $ | — |  |  | $ | 7,839.9 |
| December 30, 2017
(Millions of Dollars) | As Previously Reported |  | Restatement Impacts |  | As Restated
Preferred stock, without par value | $ | 750.0 |  |  | $ | (143.9) |  |  | $ | 606.1 |
Retained earnings | $ | 5,998.7 |  |  | $ | (1.1) |  |  | $ | 5,997.6 |
Additional paid in capital | $ | 4,643.2 |  |  | $ | 145.0 |  |  | $ | 4,788.2 |
Total Shareowners’ Equity | $ | 8,305.0 |  |  | $ | — |  |  | $ | 8,305.0 |
The following table presents the impact of the restatement on the Company’s previously reported Consolidated Statements of Cash Flows for the year ended January 2, 2021. The values as previously reported were derived from the Company’s Original Form 10-K.
| January 2, 2021
(Millions of Dollars) | As Previously Reported |  | Restatement Impacts |  | As Restated
Proceeds from issuance of remarketed preferred stock | $ | — |  |  | $ | 750.0 |  |  | $ | 750.0 |
Proceeds from issuances of common stock | $ | 897.0 |  |  | $ | (750.0) |  |  | $ | 147.0 |
Net cash provided by financing activities | $ | 615.9 |  |  | $ | — |  |  | $ | 615.9 |

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