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CAPITAL STOCK (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
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 December 31, 2022, January 1, 2022, and January 2, 2021.
| 2022 |  | 2021 |  | 2020
Numerator (in millions): |  |  |  |  |
Net Earnings from Continuing Operations Attributable to Common Shareowners | $ | 164.3 |  |  | $ | 1,538.3 |  |  | $ | 1,129.8 |
Add: Contract adjustment payments accretion | 1.2 |  |  | 1.3 |  |  | 1.7 |
Net Earnings from Continuing Operations Attributable to Common Shareowners - Diluted | 165.5 |  |  | 1,539.6 |  |  | 1,131.5 |
Net earnings from discontinued operations | 892.4 |  |  | 136.7 |  |  | 79.9 |
Net Earnings Attributable to Common Shareowners - Diluted | $ | 1,057.9 |  |  | $ | 1,676.3 |  |  | $ | 1,211.4 |
| 2022 |  | 2021 |  | 2020
Denominator (in thousands): |  |  |  |  |
Basic weighted-average shares outstanding | 148,170 |  |  | 158,760 |  |  | 154,176 |
Dilutive effect of stock contracts and awards | 8,383 |  |  | 6,264 |  |  | 8,251 |
Diluted weighted-average shares outstanding | 156,553 |  |  | 165,024 |  |  | 162,427 |
Earnings per share of common stock: |  |  |  |  |
Basic earnings per share of common stock: |  |  |  |  |
Continuing operations | $ | 1.11 |  |  | $ | 9.69 |  |  | $ | 7.33 |
Discontinued operations | $ | 6.02 |  |  | $ | 0.86 |  |  | $ | 0.52 |
Total basic earnings per share of common stock | $ | 7.13 |  |  | $ | 10.55 |  |  | $ | 7.85 |
Diluted earnings per share of common stock: |  |  |  |  |
Continuing operations | $ | 1.06 |  |  | $ | 9.33 |  |  | $ | 6.97 |
Discontinued operations | $ | 5.70 |  |  | $ | 0.83 |  |  | $ | 0.49 |
Total dilutive earnings per share of common stock | $ | 6.76 |  |  | $ | 10.16 |  |  | $ | 7.46 |
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):
| 2022 |  | 2021 |  | 2020
Number of stock options | 4,019 |  |  | 1,039 |  |  | 2,376 |
Common Stock Share Activity | Common stock activity for 2022, 2021 and 2020 was as follows:
| 2022 |  | 2021 |  | 2020
Outstanding, beginning of year | 163,328,776 |  |  | 160,752,262 |  |  | 153,506,409 |
Issued from treasury | 5,711,974 |  |  | 3,105,587 |  |  | 7,474,394 |
Returned to treasury | (16,057,220) |  |  | (529,073) |  |  | (228,541) |
Outstanding, end of year | 152,983,530 |  |  | 163,328,776 |  |  | 160,752,262 |
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 | 149,338,020 |  |  | 159,683,266 |  |  | 157,106,752 |
Common Stock Shares Reserved | Common stock shares reserved for issuance under various employee and director stock plans at December 31, 2022 and January 1, 2022 are as follows:
| 2022 |  | 2021
Employee stock purchase plan | 1,251,699 |  |  | 1,388,655 |
Other stock-based compensation plans | 8,403,765 |  |  | 5,260,005 |
Total shares reserved | 9,655,464 |  |  | 6,648,660 |
Weighted Average Assumptions | The following weighted-average assumptions were used to value grants made in 2022, 2021 and 2020:
| 2022 |  | 2021 |  | 2020
Average expected volatility | 38.6 | % |  | 34.0 | % |  | 35.0 | %
Dividend yield | 3.7 | % |  | 1.6 | % |  | 1.6 | %
Risk-free interest rate | 3.2 | % |  | 1.3 | % |  | 0.4 | %
Expected life | 4.2 years |  | 5.3 years |  | 5.3 years
Fair value per option | $ | 20.00 |  |  | $ | 52.39 |  |  | $ | 48.36 |
Weighted-average vesting period | 1.7 years |  | 2.9 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 December 31, 2022 are as follows:
| Options |  | Price
Outstanding, beginning of year | 5,573,672 |  |  | $ | 151.46 |
Granted | 868,139 |  |  | 78.83 |
Exercised | (295,451) |  |  | 86.30 |
Forfeited | (864,647) |  |  | 169.79 |
Outstanding, end of year | 5,281,713 |  |  | $ | 140.22 |
Exercisable, end of year | 3,591,149 |  |  | $ | 145.59 |
Outstanding and Exercisable Stock Option | Outstanding and exercisable stock option information at December 31, 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 | 1,045,223 |  |  | 8.29 |  | $ | 80.46 |  |  | 207,890 |  |  | 1.69 |  | $ | 91.05 |
100.01 — 165.00 | 2,257,043 |  |  | 5.24 |  | 132.05 |  |  | 2,078,188 |  |  | 5.05 |  | 131.04 |
165.01 — higher | 1,979,447 |  |  | 7.10 |  | 181.09 |  |  | 1,305,071 |  |  | 6.37 |  | 177.45 |
| 5,281,713 |  |  | 6.54 |  | $ | 140.22 |  |  | 3,591,149 |  |  | 5.34 |  | $ | 145.59 |
Summary of Non-Vested Restricted Stock Unit Activity | A summary of non-vested restricted share units and award activity as of December 31, 2022, and changes during the year then ended is as follows:
| Restricted Share Units & Awards |  | Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2022 | 978,351 |  |  | $ | 173.06 |
Granted | 870,848 |  |  | 85.05 |
Vested | (308,783) |  |  | 163.11 |
Forfeited | (273,954) |  |  | 171.08 |
Non-vested at December 31, 2022 | 1,266,462 |  |  | $ | 115.02 |
A summary of the activity pertaining to the maximum number of shares that may be issued is as follows:
| MICP PSUs |  | Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2022 | 249,730 |  |  | $ | 100.73 |
Granted | — |  |  | — |
Vested | (144,923) |  |  | 104.32 |
Forfeited | (37,109) |  |  | 99.75 |
Non-vested at December 31, 2022 | 67,698 |  |  | $ | 93.58 |
A summary of the activity pertaining to the maximum number of shares that may be issued is as follows:
| LTIP Units |  | Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2022 | 649,806 |  |  | $ | 145.90 |
Granted | 250,518 |  |  | 157.05 |
Vested | (92,589) |  |  | 123.56 |
Forfeited | (273,149) |  |  | 139.67 |
Non-vested at December 31, 2022 | 534,586 |  |  | $ | 158.18 |

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