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CAPITAL STOCK (Tables) | 12 Months Ended
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Jan. 01, 2022
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 1, 2022, January 2, 2021, and December 28, 2019.
| 2021 |  | 2020 |  | 2019
Numerator (in millions): |  |  |  |  |
Net Earnings from Continuing Operations Attributable to Common Shareowners | $ | 1,586.1 |  |  | $ | 1,160.9 |  |  | $ | 952.4 |
Add: Contract adjustment payments accretion | 1.3 |  |  | 1.7 |  |  | 1.7 |
Net Earnings from Continuing Operations Attributable to Common Shareowners - Diluted | 1,587.4 |  |  | 1,162.6 |  |  | 954.1 |
Net earnings from discontinued operations | 88.9 |  |  | 48.8 |  |  | 1.6 |
Net Earnings Attributable to Common Shareowners - Diluted | $ | 1,676.3 |  |  | $ | 1,211.4 |  |  | $ | 955.7 |
| 2021 |  | 2020 |  | 2019
Denominator (in thousands): |  |  |  |  |
Basic weighted-average shares outstanding | 158,760 |  |  | 154,176 |  |  | 148,365 |
Dilutive effect of stock contracts and awards | 6,264 |  |  | 8,251 |  |  | 8,016 |
Diluted weighted-average shares outstanding | 165,024 |  |  | 162,427 |  |  | 156,381 |
Earnings per share of common stock: |  |  |  |  |
Basic earnings per share of common stock: |  |  |  |  |
Continuing operations | $ | 9.99 |  |  | $ | 7.53 |  |  | $ | 6.42 |
Discontinued operations | $ | 0.56 |  |  | $ | 0.32 |  |  | $ | 0.01 |
Total basic earnings per share of common stock | $ | 10.55 |  |  | $ | 7.85 |  |  | $ | 6.43 |
Diluted earnings per share of common stock: |  |  |  |  |
Continuing operations | $ | 9.62 |  |  | $ | 7.16 |  |  | $ | 6.10 |
Discontinued operations | $ | 0.54 |  |  | $ | 0.30 |  |  | $ | 0.01 |
Total dilutive earnings per share of common stock | $ | 10.16 |  |  | $ | 7.46 |  |  | $ | 6.11 |
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):
| 2021 |  | 2020 |  | 2019
Number of stock options | 1,039 |  |  | 2,376 |  |  | 2,151 |
Common Stock Share Activity | Common stock activity for 2021, 2020 and 2019 was as follows:
| 2021 |  | 2020 |  | 2019
Outstanding, beginning of year | 160,752,262 |  |  | 153,506,409 |  |  | 151,302,450 |
Issued from treasury | 3,105,587 |  |  | 7,474,394 |  |  | 2,391,336 |
Returned to treasury | (529,073) |  |  | (228,541) |  |  | (187,377) |
Outstanding, end of year | 163,328,776 |  |  | 160,752,262 |  |  | 153,506,409 |
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 | 159,683,266 |  |  | 157,106,752 |  |  | 149,860,899 |
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 1, 2022 and January 2, 2021 are as follows:
| 2021 |  | 2020
Employee stock purchase plan | 1,388,655 |  |  | 1,480,962 |
Other stock-based compensation plans | 5,260,005 |  |  | 8,113,781 |
Total shares reserved | 6,648,660 |  |  | 9,594,743 |
Weighted Average Assumptions that were Granted as Part of Merger | The following weighted-average assumptions were used to value grants made in 2021, 2020 and 2019:
| 2021 |  | 2020 |  | 2019
Average expected volatility | 34.0 | % |  | 35.0 | % |  | 25.0 | %
Dividend yield | 1.6 | % |  | 1.6 | % |  | 1.8 | %
Risk-free interest rate | 1.3 | % |  | 0.4 | % |  | 1.5 | %
Expected life | 5.3 years |  | 5.3 years |  | 5.3 years
Fair value per option | $ | 52.39 |  |  | $ | 48.36 |  |  | $ | 30.09 |
Weighted-average vesting period | 2.9 years |  | 2.8 years |  | 2.8 years
Number of Stock Options and Weighted-average Exercise Prices | The number of stock options and weighted-average exercise prices as of January 1, 2022 are as follows:
| Options |  | Price
Outstanding, beginning of year | 5,875,246 |  |  | $ | 138.84 |
Granted | 862,317 |  |  | 193.97 |
Exercised | (1,035,468) |  |  | 113.51 |
Forfeited | (128,423) |  |  | 163.43 |
Outstanding, end of year | 5,573,672 |  |  | $ | 151.46 |
Exercisable, end of year | 3,233,635 |  |  | $ | 134.97 |
Outstanding and Exercisable Stock Option | Outstanding and exercisable stock option information at January 1, 2022 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
$100.00 and below | 435,269 |  |  | 1.78 |  | $ | 80.63 |  |  | 435,269 |  |  | 1.78 |  | $ | 80.63 |
100.01 — 165.00 | 2,572,398 |  |  | 6.50 |  | 133.35 |  |  | 1,850,961 |  |  | 6.06 |  | 128.88 |
165.01 — higher | 2,566,005 |  |  | 8.45 |  | 181.63 |  |  | 947,405 |  |  | 6.69 |  | 171.83 |
| 5,573,672 |  |  | 7.04 |  | $ | 151.46 |  |  | 3,233,635 |  |  | 5.67 |  | $ | 134.97 |
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 1, 2022, 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 January 2, 2021 | 831,384 |  |  | $ | 151.26 |
Granted | 463,084 |  |  | 193.66 |
Vested | (288,467) |  |  | 153.27 |
Forfeited | (27,650) |  |  | 161.11 |
Non-vested at January 1, 2022 | 978,351 |  |  | $ | 173.06 |
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 January 2, 2021 | 593,035 |  |  | $ | 99.93 |  |  |
Granted | — |  |  | — |  |  |
Vested | (165,480) |  |  | 104.91 |  |  |
Forfeited | (177,825) |  |  | 94.18 |  |  |
Non-vested at January 1, 2022 | 249,730 |  |  | $ | 100.73 |  |  |
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 January 2, 2021 | 608,738 |  |  | $ | 142.58 |
Granted | 211,894 |  |  | 163.45 |
Vested | (50,270) |  |  | 155.83 |
Forfeited | (120,556) |  |  | 155.83 |
Non-vested at January 1, 2022 | 649,806 |  |  | $ | 145.90 |

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