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SELECTED QUARTERLY FINANCIAL DATA (unaudited) (Tables) | 12 Months Ended
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Jan. 01, 2022
Quarterly Financial Data [Abstract] |
Quarterly Financial Information |
|  | Quarter |  |
(Millions of Dollars, except per share amounts) |  | First |  | Second |  | Third |  | Fourth |  | Year
2021 |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 3,803.5 |  |  | $ | 3,880.0 |  |  | $ | 3,865.4 |  |  | $ | 4,068.3 |  |  | $ | 15,617.2 |
Gross profit |  | 1,413.7 |  |  | 1,386.4 |  |  | 1,241.6 |  |  | 1,152.5 |  |  | 5,194.2 |
Selling, general and administrative (1) |  | 731.3 |  |  | 778.5 |  |  | 783.8 |  |  | 946.8 |  |  | 3,240.4 |
Net earnings from continuing operations |  | 470.4 |  |  | 442.7 |  |  | 394.0 |  |  | 291.5 |  |  | 1,598.6 |
Less: Net losses attributable to non-controlling interest |  | (0.6) |  |  | (1.0) |  |  | (0.1) |  |  | — |  |  | (1.7) |
Less: Preferred stock dividends and beneficial conversion feature |  | 9.4 |  |  | 4.8 |  |  | — |  |  | — |  |  | 14.2 |
Net Earnings from Continuing Operations Attributable to Common Shareowners |  | $ | 461.6 |  |  | $ | 438.9 |  |  | $ | 394.1 |  |  | $ | 291.5 |  |  | $ | 1,586.1 |
Add: Contract adjustment payments accretion |  | 0.2 |  |  | 0.3 |  |  | 0.4 |  |  | 0.4 |  |  | 1.3 |
Net earnings from Continuing Operations Attributable to Common Shareowners - Diluted |  | $ | 461.8 |  |  | $ | 439.2 |  |  | $ | 394.5 |  |  | $ | 291.9 |  |  | $ | 1,587.4 |
Net earnings from discontinued operations |  | 16.4 |  |  | 15.7 |  |  | 20.1 |  |  | 36.7 |  |  | 88.9 |
Net Earnings Attributable to Common Shareowners - Diluted |  | $ | 478.2 |  |  | $ | 454.9 |  |  | $ | 414.6 |  |  | $ | 328.6 |  |  | $ | 1,676.3 |
Basic earnings per share of common stock: |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 2.93 |  |  | $ | 2.77 |  |  | $ | 2.47 |  |  | $ | 1.83 |  |  | $ | 9.99 |
Discontinued operations |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.13 |  |  | $ | 0.23 |  |  | $ | 0.56 |
Total basic earnings per share of common stock |  | $ | 3.04 |  |  | $ | 2.87 |  |  | $ | 2.60 |  |  | $ | 2.06 |  |  | $ | 10.55 |
Diluted earnings per share of common stock |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 2.81 |  |  | $ | 2.66 |  |  | $ | 2.39 |  |  | $ | 1.77 |  |  | $ | 9.62 |
Discontinued operations |  | $ | 0.10 |  |  | $ | 0.09 |  |  | $ | 0.12 |  |  | $ | 0.22 |  |  | $ | 0.54 |
Total diluted earnings per share of common stock |  | $ | 2.91 |  |  | $ | 2.75 |  |  | $ | 2.51 |  |  | $ | 1.99 |  |  | $ | 10.16 |
2020 |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 2,760.6 |  |  | $ | 2,806.3 |  |  | $ | 3,488.1 |  |  | $ | 4,002.7 |  |  | $ | 13,057.7 |
Gross profit |  | 882.7 |  |  | 886.5 |  |  | 1,231.9 |  |  | 1,404.3 |  |  | 4,405.4 |
Selling, general and administrative (1) |  | 630.6 |  |  | 618.3 |  |  | 632.1 |  |  | 747.5 |  |  | 2,628.5 |
Net earnings from continuing operations |  | 124.3 |  |  | 241.0 |  |  | 373.6 |  |  | 447.0 |  |  | 1,185.9 |
Less: Net (losses) 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 from Continuing Operations Attributable to Common Shareowners |  | $ | 123.9 |  |  | $ | 235.8 |  |  | $ | 363.9 |  |  | $ | 437.3 |  |  | $ | 1,160.9 |
Add: Contract adjustment payments accretion |  | 0.9 |  |  | 0.5 |  |  | 0.1 |  |  | 0.2 |  |  | 1.7 |
Net earnings from Continuing Operations Attributable to Common Shareowners - Diluted |  | $ | 124.8 |  |  | $ | 236.3 |  |  | $ | 364.0 |  |  | $ | 437.5 |  |  | $ | 1,162.6 |
Net earnings (losses) from discontinued operations |  | 8.8 |  |  | (2.3) |  |  | 21.6 |  |  | 20.7 |  |  | 48.8 |
Net Earnings Attributable to Common Shareowners - Diluted |  | $ | 133.6 |  |  | $ | 234.0 |  |  | $ | 385.6 |  |  | $ | 458.2 |  |  | $ | 1,211.4 |
Basic earnings per share of common stock: |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.82 |  |  | $ | 1.54 |  |  | $ | 2.33 |  |  | $ | 2.79 |  |  | $ | 7.53 |
Discontinued operations |  | $ | 0.06 |  |  | $ | (0.01) |  |  | $ | 0.14 |  |  | $ | 0.13 |  |  | $ | 0.32 |
Total basic earnings per share of common stock |  | $ | 0.88 |  |  | $ | 1.52 |  |  | $ | 2.47 |  |  | $ | 2.92 |  |  | $ | 7.85 |
Diluted earnings per share of common stock |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.77 |  |  | $ | 1.46 |  |  | $ | 2.24 |  |  | $ | 2.68 |  |  | $ | 7.16 |
Discontinued operations |  | $ | 0.05 |  |  | $ | (0.01) |  |  | $ | 0.13 |  |  | $ | 0.13 |  |  | $ | 0.30 |
Total diluted earnings per share of common stock |  | $ | 0.83 |  |  | $ | 1.45 |  |  | $ | 2.37 |  |  | $ | 2.80 |  |  | $ | 7.46 |
(1) Includes provision for credit losses. The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
Acquisition-Related Charges & Other |  | Diluted EPS Impact
• Q1 2021 — $24 million loss ($18 million after-tax and equity interest) |  | $(0.11) per diluted share
• Q2 2021 — $33 million loss ($36 million after-tax and equity interest) |  | $(0.22) per diluted share
• Q3 2021 — $33 million loss ($26 million after-tax and equity interest) |  | $(0.15) per diluted share
• Q4 2021 — $105 million loss ($62 million after-tax and equity interest) |  | $(0.37) per diluted share
The net impact of the above items and effect on diluted earnings per share by quarter was as follows:
Acquisition-Related Charges & Other |  | Diluted EPS Impact
• Q1 2020 — $47 million loss ($38 million after-tax and equity interest) |  | $(0.24) per diluted share
• Q2 2020 — $135 million loss ($13 million benefit after-tax and equity interest) |  | $0.08 per diluted share
• Q3 2020 — $78 million loss ($62 million after-tax and equity interest) |  | $(0.38) per diluted share
• Q4 2020 — $66 million loss ($56 million after-tax and equity interest) |  | $(0.34) per diluted share

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=124502072&loc=d3e1280-108306 + Details
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