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CAPITAL STOCK (Tables)

12 Months Ended

Dec. 30, 2023

The following table reconciles net (loss) earnings attributable to common shareowners and the weighted-average shares outstanding used to calculate basic and diluted (loss) earnings per share for the fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022.


	2023		2022		2021
Numerator (in millions):
Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners	$	(281.7)	$	164.3	$	1,538.3
Add: Contract adjustment payments accretion	—		1.2		1.3
Net (Loss) Earnings from Continuing Operations Attributable to Common Shareowners - Diluted	(281.7)		165.5		1,539.6
Net (loss) earnings from discontinued operations	(28.8)		892.4		136.7
Net (Loss) Earnings Attributable to Common Shareowners - Diluted	$	(310.5)	$	1,057.9	$	1,676.3


	2023	2022	2021
Denominator (in thousands):
Basic weighted-average shares outstanding	149,751	148,170	158,760
Dilutive effect of stock contracts and awards	—	8,383	6,264
Diluted weighted-average shares outstanding	149,751	156,553	165,024


(Loss) earnings per share of common stock:
Basic (loss) earnings per share of common stock:
Continuing operations	$	(1.88)	$	1.11	$	9.69
Discontinued operations	$	(0.19)	$	6.02	$	0.86
Total basic (loss) earnings per share of common stock	$	(2.07)	$	7.13	$	10.55

Diluted (loss) earnings per share of common stock:
Continuing operations	$	(1.88)	$	1.06	$	9.33
Discontinued operations	$	(0.19)	$	5.70	$	0.83
Total diluted (loss) earnings per share of common stock	$	(2.07)	$	6.76	$	10.16

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):


	2023	2022	2021
Number of stock options	5,406	4,019	1,039

Common Stock Share Activity

Common stock activity for 2023, 2022 and 2021 was as follows:


	2023	2022	2021
Outstanding, beginning of year	152,983,530	163,328,776	160,752,262
Issued from treasury	817,110	5,711,974	3,105,587
Returned to treasury	(180,552)	(16,057,220)	(529,073)
Outstanding, end of year	153,620,088	152,983,530	163,328,776
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	149,974,578	149,338,020	159,683,266

Common Stock Shares Reserved

Common stock shares reserved for issuance under various employee and director stock plans at December 30, 2023 and December 31, 2022 are as follows:


	2023	2022
Employee stock purchase plan	1,070,126	1,251,699
Other stock-based compensation plans	6,161,350	8,403,765
Total shares reserved	7,231,476	9,655,464

Weighted Average Assumptions

The following weighted-average assumptions were used to value grants made in 2023, 2022 and 2021:


	2023			2022			2021
Average expected volatility	39.1		%	38.6		%	34.0		%
Dividend yield	3.6		%	3.7		%	1.6		%
Risk-free interest rate	4.0		%	3.2		%	1.3		%
Expected life	5.0 years			4.2 years			5.3 years
Fair value per option	$	26.05		$	20.00		$	52.39
Weighted-average vesting period	1.9 years			1.7 years			2.9 years

Number of Stock Options and Weighted-average Exercise Prices

The number of stock options and weighted-average exercise prices as of December 30, 2023 are as follows:


	Options	Price
Outstanding, December 31, 2022	5,281,713	$	140.22
Granted	848,394	89.87
Exercised	(85,925)	82.93
Forfeited	(553,334)	141.37
Outstanding, December 30, 2023	5,490,848	$	133.22
Exercisable, December 30, 2023	3,877,759	$	144.12

Outstanding and Exercisable Stock Option

Outstanding and exercisable stock option information at December 30, 2023 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	1,654,765	8.42	$	84.89	398,173	6.34	$	84.05
100.01 — 165.00	2,082,851	4.38	131.39		2,061,056	4.34	131.64
165.01 — higher	1,753,232	6.33	181.01		1,418,530	6.03	179.11
	5,490,848	6.22	$	133.22	3,877,759	5.16	$	144.12

Summary of Non-Vested Restricted Stock Unit Activity

A summary of non-vested restricted share units and award activity as of December 30, 2023, and changes during the year then ended is as follows:


	Restricted Share Units & Awards	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2022	1,266,462	$	115.02
Granted	827,133	90.09
Vested	(426,527)	115.80
Forfeited	(176,144)	120.88
Non-vested at December 30, 2023	1,490,924	$	100.24

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 December 31, 2022	67,698	$	93.58
Granted	—	—
Vested	(67,698)	93.58
Forfeited	—	—
Non-vested at December 30, 2023	—	$	—

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 December 31, 2022	534,586	$	158.18
Granted	393,040	81.36
Vested	(45,950)	154.07
Forfeited	(150,548)	144.78
Non-vested at December 30, 2023	731,128	$	119.90