L3Harris (LHX) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Apr. 01, 2022	Apr. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 1, 2022
Document Transition Report	false
Entity File Number	1-3863
Entity Registrant Name	L3HARRIS TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-0276860
Entity Address, Address Line One	1025 West NASA Boulevard
Entity Address, City or Town	Melbourne,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32919
City Area Code	321
Local Phone Number	727-9100
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	LHX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		192,874,623
Current Fiscal Year End Date	--12-30
Entity Central Index Key	0000202058
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Income Statement [Abstract]
Revenue from product sales and services	$ 4,103	$ 4,567
Cost of product sales and services	(2,892)	(3,213)
Engineering, selling and administrative expenses	(713)	(801)
Business divestiture-related losses	0	(15)
Impairment of goodwill and other assets	0	(62)
Non-operating income	106	117
Interest expense, net	(68)	(66)
Income from continuing operations before income taxes	536	527
Income taxes	(61)	(60)
Income from continuing operations	475	467
Discontinued operations, net of income taxes	0	(1)
Net income	475	466
Noncontrolling interests, net of income taxes	0	2
Net income attributable to L3Harris Technologies, Inc.	475	468
Amount attributable to L3Harris Technologies, Inc. common shareholders
Income from continuing operations	475	469
Discontinued operations, net of income taxes	0	(1)
Net income attributable to L3Harris Technologies, Inc.	$ 475	$ 468
Basic
Continuing operations (in dollars per share)	$ 2.46	$ 2.27
Discontinued operations (in dollars per share)	0	(0.01)
Total basic net income per common share (in dollars per share)	2.46	2.26
Diluted
Continuing operations (in dollars per share)	2.44	2.25
Discontinued operations (in dollars per share)	0	0
Diluted (in dollars per share)	$ 2.44	$ 2.25
Basic weighted average common shares outstanding (in shares)	193,200,000	206,700,000
Diluted weighted average common shares outstanding (in shares)	195,100,000	208,500,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 475	$ 466
Other comprehensive income (loss):
Foreign currency translation loss, net of income taxes	(3)	(18)
Net unrealized gain on hedging derivatives, net of income taxes	5	5
Other comprehensive income (loss), recognized during the period	2	(13)
Reclassification adjustments for gains included in net income	(6)	(2)
Other comprehensive loss, net of income taxes	(4)	(15)
Total comprehensive income	471	451
Comprehensive loss attributable to noncontrolling interests	0	2
Total comprehensive income attributable to L3Harris Technologies, Inc.	$ 471	$ 453

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 402	$ 941
Receivables, net	1,283	1,045
Contract assets	3,113	3,021
Inventories	1,090	982
Inventory prepayments	58	48
Income taxes receivable	54	98
Other current assets	249	224
Total current assets	6,249	6,359
Non-current Assets
Property, plant and equipment, net	2,078	2,101
Operating lease right-of-use assets	775	769
Goodwill	18,194	18,189
Other intangible assets, net	6,486	6,640
Deferred income taxes	91	85
Other non-current assets	571	566
Total non-current assets	28,195	28,350
Total assets	34,444	34,709
Current Liabilities
Short-term debt	3	2
Accounts payable	1,723	1,767
Contract liabilities	1,275	1,297
Compensation and benefits	290	444
Other accrued items	997	1,002
Income taxes payable	187	28
Current portion of long-term debt, net	262	11
Total current liabilities	4,737	4,551
Non-current Liabilities
Defined benefit plans	524	614
Operating lease liabilities	777	768
Long-term debt, net	6,795	7,048
Deferred income taxes	1,189	1,344
Other long-term liabilities	1,056	1,065
Total non-current liabilities	10,341	10,839
Shareholders’ Equity:
Preferred stock, without par value; 1,000,000 shares authorized; none issued	0	0
Common stock, $1.00 par value; 500,000,000 shares authorized; issued and outstanding 192,805,539 and 193,511,401 shares at April 1, 2022 and December 31, 2021, respectively	193	194
Other capital	16,089	16,248
Retained earnings	3,128	2,917
Accumulated other comprehensive loss	(150)	(146)
Total shareholders’ equity	19,260	19,213
Noncontrolling interests	106	106
Total equity	19,366	19,319
Total liabilities and equity	$ 34,444	$ 34,709

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Apr. 01, 2022	Dec. 31, 2021
Shareholders’ Equity:
Preferred shares, authorized (in shares)	1,000,000	1,000,000
Preferred shares, issued (in shares)	0	0
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, authorized (in shares)	500,000,000	500,000,000
Common shares, issued (in shares)	192,805,539	193,511,401
Common shares, outstanding (in shares)	192,805,539	193,511,401

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Operating Activities
Net income	$ 475	$ 466
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of acquisition-related intangibles	152	164
Depreciation and other amortization	80	87
Share-based compensation	28	33
Share-based matching contributions under defined contribution plans	55	57
Qualified pension plan contributions	(2)	(2)
Pension and other postretirement benefit plan income	(99)	(92)
Impairment of goodwill and other assets	0	62
Business divestiture-related losses	0	15
Deferred income taxes	(162)	(22)
(Increase) decrease in:
Receivables, net	(239)	213
Contract assets	(93)	(272)
Inventories	(108)	61
Prepaid expenses and other current assets	(25)	(85)
Increase (decrease) in:
Accounts payable	(43)	15
Contract liabilities	(16)	9
Compensation and benefits	(154)	(161)
Other accrued items	(12)	71
Income taxes	203	72
Other	(1)	(30)
Net cash provided by operating activities	39	661
Investing Activities
Additions to property, plant and equipment	(55)	(67)
Proceeds from sale of property, plant and equipment, net	0	3
Other investing activities	(9)	3
Net cash used in investing activities	(64)	(61)
Financing Activities
Net proceeds from borrowings	1	1
Repayments of borrowings	(5)	(1)
Proceeds from exercises of employee stock options	30	10
Repurchases of common stock	(308)	(700)
Cash dividends	(218)	(209)
Tax withholding payments associated with vested share-based awards	(12)	(1)
Other financing activities	(1)	0
Net cash used in financing activities	(513)	(900)
Effect of exchange rate changes on cash and cash equivalents	(1)	0
Net decrease in cash and cash equivalents	(539)	(300)
Cash and cash equivalents, beginning of period	941	1,276
Cash and cash equivalents, end of period	$ 402	$ 976

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Other Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning balance at Jan. 01, 2021	$ 20,841	$ 208	$ 19,008	$ 2,347	$ (839)	$ 117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	466			468		(2)
Other comprehensive loss, net of income taxes	(15)				(15)
Shares issued under stock incentive plans	10		10
Shares issued under defined contribution plans	57		57
Share-based compensation expense	33		33
Repurchases and retirement of common stock	(700)	(3)	(620)	(77)
Cash dividends	(209)			(209)
Other	(1)		(1)
Ending balance at Apr. 02, 2021	20,482	205	18,487	2,529	(854)	115
Beginning balance at Dec. 31, 2021	19,319	194	16,248	2,917	(146)	106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	475			475
Other comprehensive loss, net of income taxes	(4)				(4)
Shares issued under stock incentive plans	30		30
Shares issued under defined contribution plans	55		55
Share-based compensation expense	28		28
Tax withholding payments on share-based awards	(12)		(12)
Repurchases and retirement of common stock	(308)	(1)	(260)	(47)
Cash dividends	(218)			(218)
Distributions to noncontrolling interests	(1)					(1)
Other	2			1		1
Ending balance at Apr. 01, 2022	$ 19,366	$ 193	$ 16,089	$ 3,128	$ (150)	$ 106

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Retained Earnings
Cash dividends (in dollars per share)	$ 1.12	$ 1.02

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	3 Months Ended
	Apr. 01, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	NOTE A — SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS Basis of Presentation The accompanying Condensed Consolidated Financial Statements (Unaudited) include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these Notes to Condensed Consolidated Financial Statements (Unaudited) (these “Notes”), the terms “L3Harris,” “Company,” “we,” “our” and “us” refer to L3Harris Technologies, Inc. and its consolidated subsidiaries. Intracompany transactions and accounts have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements (Unaudited) have been prepared by L3Harris in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such interim financial statements do not include all information and footnotes necessary for a complete presentation of financial condition, results of operations, cash flows and equity in conformity with GAAP for annual financial statements. In the opinion of management, such interim financial statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of our financial condition, results of operations, cash flows and equity for the periods presented therein. The results for the quarter ended April 1, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period. The balance sheet at December 31, 2021 has been derived from our audited financial statements, but does not include all of the information and footnotes required by GAAP for annual financial statements. We provide complete, audited financial statements in our Annual Report on Form 10-K, which includes information and footnotes required by the rules and regulations of the SEC. The information included in this Quarterly Report on Form 10-Q (this “Report”) should be read in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (our “Fiscal 2021 Form 10-K”). Segment reorganization: We implemented a new organizational structure effective January 1, 2022, resulting in changes to our operating segments, which are also our reportable segments and are referred to as our business segments. The new structure streamlined our business segments from four business segments to three business segments. Our former Aviation Systems segment was eliminated as a business segment. We updated our business segment reporting and accounting policies for pension and other postretirement benefits plan (“OPEB”) income or expense to better align our presentation of business segment information with our industry peers. Our business segment operating results include pension and OPEB cost under U.S. Government Cost Accounting Standards (“CAS”), as CAS pension and OPEB cost is allocable to and allowable under contracts with the U.S. Government. We no longer assign or allocate Financial Accounting Standards (“FAS”) pension and OPEB income or expense to our business segments. U.S. GAAP requires pension and OPEB income or expense to be recognized on a FAS basis. Therefore, we present a “FAS/CAS pension adjustment” outside of business segment results, representing the difference between the service cost component of FAS pension and OPEB income or expense and total CAS pension and OPEB cost or expense. Non-service cost components of FAS pension and OPEB income or expense is included as a component of non-operating income or expense. The historical results, discussion and presentation of our business segments as set forth in the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes reflect the impact of these changes for all periods presented in order to present segment information on a comparable basis. There is no impact on our previously reported consolidated statements of income, balance sheets, statements of cash flows or statements of equity resulting from these changes. See Note Q — Business Segment Information in these Notes for further information regarding our new segment structure and pension presentation effective in fiscal 2022. Supplemental Cash Flow Information Non-cash investing and financing activities during the quarter ended April 2, 2021 included a $120 million right-of-use asset we obtained in exchange for a corresponding financing lease liability. These non-cash investing and financing activities are excluded from the “Additions to property, plant and equipment” and “Net proceeds from borrowings” line items in our Condensed Consolidated Statement of Cash Flows (Unaudited). Right-of-use assets for finance leases are included in the “Property, plant and equipment, net” line item and the corresponding finance lease liabilities are included in the “Current portion of long-term debt, net” and “Long-term debt, net” line items in our Condensed Consolidated Balance Sheet (Unaudited). Use of Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes and related disclosures. These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes. Materially different results can occur as circumstances change and additional information becomes known. Significant Accounting Policies Update There have been no material changes to our significant accounting policies described in our Fiscal 2021 Form 10-K.

STOCK OPTIONS AND OTHER SHARE-B

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	3 Months Ended
	Apr. 01, 2022
Share-based Payment Arrangement [Abstract]
STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	NOTE B — STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION At April 1, 2022, we had options or other share-based compensation outstanding under two Harris shareholder-approved employee stock incentive plans (“SIPs”), the Harris Corporation 2005 Equity Incentive Plan (As Amended and Restated Effective August 27, 2010) and the L3Harris Technologies, Inc. 2015 Equity Incentive Plan (As Amended and Restated Effective August 28, 2020) (the “2015 EIP”), as well as under employee stock incentive plans of L3 Technologies, Inc. assumed by L3Harris (collectively, “L3Harris SIPs”). We believe that share-based awards more closely align the interests of participants with those of shareholders. The compensation cost related to our share-based awards that was charged against income was $28 million and $33 million for the quarters ended April 1, 2022 and April 2, 2021, respectively. The aggregate number of shares of our common stock issued under L3Harris SIPs, net of shares withheld for tax purposes, was 0.4 million and 0.1 million for the quarters ended April 1, 2022 and April 2, 2021, respectively. Awards granted to participants under L3Harris SIPs during the quarter ended April 1, 2022 consisted of 0.4 million stock options, 0.2 million performance stock units and 0.2 million restricted stock units. The majority of the options and units were granted on February 25, 2022. The fair value as of the grant date of each stock option award was determined using the Black-Scholes-Merton option-pricing model and the following assumptions: expected dividend yield of 1.92%; expected volatility of 29.11%; risk-free interest rates averaging 1.86%; and expected term of 5.02 years. The fair value as of the grant date of each restricted stock unit award was based on the closing price of our common stock on the grant date. The fair value as of the grant date of each performance stock unit award was determined based on the fair value from a multifactor Monte Carlo valuation model that simulates our stock price and total shareholder return (“TSR”) relative to other companies in the S&P 500, less a discount to reflect the delay in payments of cash dividend-equivalents that are made only upon vesting. The fair value of these awards is amortized to compensation expense over the performance period if achievement of the performance measures is considered probable.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) ("AOCI")	3 Months Ended
	Apr. 01, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE (LOSS) ("AOCI")	NOTE C — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (“AOCI”) The components of AOCI are summarized below: (In millions) Foreign currency translation Net unrealized losses on hedging derivatives Unrecognized postretirement obligations Total AOCI Balance at December 31, 2021 $ (118) $ (89) $ 61 $ (146) Other comprehensive (loss) income before reclassifications to earnings, net of income taxes (3) 5 — 2 Gains reclassified to earnings, net of income taxes — (1) (5) (6) Other comprehensive (loss) income, net of income taxes (3) 4 (5) (4) Balance at April 1, 2022 $ (121) $ (85) $ 56 $ (150) Balance at January 1, 2021 $ (58) $ (80) $ (701) $ (839) Other comprehensive (loss) income before reclassifications to earnings, net of income taxes (18) 5 — (13) (Gains) losses reclassified to earnings, net of income taxes — (3) 1 (2) Other comprehensive (loss) income, net of income taxes (18) 2 1 (15) Balance at April 2, 2021 $ (76) $ (78) $ (700) $ (854) _______________ (1) (Gains) losses reclassified to earnings are included in the “Revenue from product sales and services,” “Business divestiture-related losses,” “Interest expense” and “Non-operating income ” line items in our Condensed Consolidated Statement of Income (Unaudited).

RECEIVABLES, NET

RECEIVABLES, NET	3 Months Ended
	Apr. 01, 2022
Receivables [Abstract]
RECEIVABLES, NET	NOTE D — RECEIVABLES, NET Receivables, net are summarized below: (In millions) April 1, 2022 December 31, 2021 Accounts receivable $ 1,324 $ 1,088 Less: allowances for collection losses (41) (43) Receivables, net $ 1,283 $ 1,045 We have two receivables sale agreements (“RSAs”) with two separate third-party financial institutions that permit us to sell, on a non-recourse basis, up to $100 million each of outstanding receivables at any given time. From time to time, we have sold certain customer receivables under the RSAs, which we continue to service and collect on behalf of the third-party financial institutions and which we account for as sales of receivables with sale proceeds included in net cash from operating activities. Outstanding accounts receivable sold pursuant to the RSAs was $99 million at April 1, 2022 and $100 million at December 31, 2021, with net cash proceeds of $98 million and $100 million, respectively.

CONTRACT ASSETS AND CONTRACT LI

CONTRACT ASSETS AND CONTRACT LIABILITIES	3 Months Ended
	Apr. 01, 2022
Revenue from Contract with Customer [Abstract]
CONTRACT ASSETS AND CONTRACT LIABILITIES	NOTE E — CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets include unbilled amounts typically resulting from revenue recognized exceeding amounts billed to customers for contracts utilizing the percentage of completion (“POC”) cost-to-cost revenue recognition method. We bill customers as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries and, in certain arrangements, the customer may withhold payment of a small portion of the contract price until contract completion. Contract liabilities include advance payments and billings in excess of revenue recognized, including deferred revenue associated with extended product warranties. Contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities in the quarter ended April 1, 2022 were impacted primarily by the timing of contractual billing milestones. Contract assets and contract liabilities are summarized below: (In millions) April 1, 2022 December 31, 2021 Contract assets $ 3,113 $ 3,021 Contract liabilities, current (1,275) (1,297) Contract liabilities, non-current (1) (114) (107) Net contract assets $ 1,724 $ 1,617 _______________ (1) The non-current portion of contract liabilities is included as a component of the “Other long-term liabilities” line item in our Condensed Consolidated Balance Sheet (Unaudited). The components of contract assets are summarized below: (In millions) April 1, 2022 December 31, 2021 Unbilled contract receivables, gross $ 4,530 $ 4,825 Unliquidated progress payments and advances (1,417) (1,804) Contract assets $ 3,113 $ 3,021 Impairment losses related to our contract assets were not material for the quarters ended April 1, 2022 and April 2, 2021. During the quarters ended April 1, 2022 and April 2, 2021, we recognized $517 million and $508 million, respectively , NOTE P — BACKLOG Backlog, which is the equivalent of our remaining performance obligations, represents the future revenue we expect to recognize as we perform on our current contracts. Backlog comprises both funded backlog (i.e., firm orders for which funding is authorized and appropriated) and unfunded backlog. Backlog excludes unexercised contract options and potential orders under ordering-type contracts, such as indefinite delivery, indefinite quantity contracts.

INVENTORIES

INVENTORIES	3 Months Ended
	Apr. 01, 2022
Inventory Disclosure [Abstract]
INVENTORIES	NOTE F — INVENTORIES Inventories are summarized below: (In millions) April 1, 2022 December 31, 2021 Finished products $ 159 $ 141 Work in process 326 335 Raw materials and supplies 605 506 Inventories $ 1,090 $ 982

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	3 Months Ended
	Apr. 01, 2022
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE G — PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net are summarized below: (In millions) April 1, 2022 December 31, 2021 Land $ 80 $ 79 Software capitalized for internal use 584 576 Buildings 1,250 1,236 Machinery and equipment 2,191 2,177 4,105 4,068 Less: accumulated depreciation and amortization (2,027) (1,967) Property, plant and equipment, net $ 2,078 $ 2,101 Depreciation and amortization expense related to property, plant and equipment was $83 million and $84 million for the quarters ended April 1, 2022 and April 2, 2021, respectively.

GOODWILL

GOODWILL	3 Months Ended
	Apr. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	NOTE H — GOODWILL The assignment of goodwill by business segment, and changes in the carrying amount of goodwill by business segment, were as follows: (In millions) Integrated Mission Systems Space & Airborne Systems Communication Systems Aviation Systems (1) Total Balance at December 31, 2021 - As Reported $ 6,485 $ 5,202 $ 4,153 $ 2,349 $ 18,189 Transfer of goodwill in segment reorganization (1) 1,702 647 — (2,349) — Balance at December 31, 2021 - After Reallocation 8,187 5,849 4,153 — 18,189 Currency translation adjustments 6 (2) 1 — 5 Balance at April 1, 2022 $ 8,193 $ 5,847 $ 4,154 $ — $ 18,194 _______________ (1) As a result of our new organizational structure, effective January 1, 2022, streamlining our operations from four business segments to three business segments, we transferred goodwill previously held by our eliminated Aviation Systems segment to our remaining business segments as of January 1, 2021, the earliest period presented in these Notes. See additional information below and “Segment Reorganization” in. Note A — Significant Accounting Policies and Recent Accounting Standards in these Notes. Fair Value of Businesses Segment reorganization: We implemented a new organizational structure effective January 1, 2022, resulting in changes to our operating segments, which are also our reportable segments and are referred to as our business segments. The new structure streamlined our business segments from four business segments to three business segments. As a result of the segment reorganization, we realigned our reporting units from 11 to 9 reporting units, which are our business segments or one level below the business segment. For our realigned reporting units, immediately before and after our goodwill assignments, we completed an assessment of any potential goodwill impairment under our former and new reporting unit structure and determined that no impairment existed. Combat Propulsion Systems and related businesses (“CPS business”) impairment. During the quarter ended April 2, 2021, we determined the criteria to be classified as held for sale were met with respect to the CPS business within our other non-reportable business segment and assigned $174 million of goodwill to the disposal group on a relative fair value basis. In connection with the preparation of our financial statements for the quarter ended April 2, 2021, we concluded that goodwill related to the CPS business was impaired and we recorded a non-cash impairment charge of $62 million, which is included in the “Impairment of goodwill and other assets” line item in our Condensed Consolidated Statement of Income (Unaudited). See Note 1: “Significant Accounting Policies” and Note 3: “Business Divestitures and Asset Sales” in the Notes to Consolidated Financial Statement in our Fiscal 2021 Form 10-K for additional information regarding the fair value hierarchy and our business divestitures, respectively.

ACCRUED WARRANTIES

ACCRUED WARRANTIES	3 Months Ended
	Apr. 01, 2022
Product Warranties Disclosures [Abstract]
ACCRUED WARRANTIES	NOTE I — ACCRUED WARRANTIES Our liability for standard product warranties is included as a component of the “Other accrued items” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet (Unaudited). Changes in our liability for standard product warranties during the quarter ended April 1, 2022 were as follows: (In millions) Balance at December 31, 2021 $ 117 Accruals for product warranties issued during the period 17 Settlements made during the period (30) Other, including foreign currency translation adjustments (2) Balance at April 1, 2022 $ 102

POSTRETIREMENT BENEFIT PLANS

POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Apr. 01, 2022
Retirement Benefits [Abstract]
POSTRETIREMENT BENEFIT PLANS	NOTE J — POSTRETIREMENT BENEFIT PLANS The following tables provide the components of our net periodic benefit income for our defined benefit plans, including defined benefit pension plans and other postretirement defined benefit plans: Quarter Ended April 1, 2022 Quarter Ended April 2, 2021 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 10 $ 1 $ 18 $ 1 Non-operating Interest cost 55 2 46 1 Expected return on plan assets (156) (5) (155) (5) Amortization of net actuarial loss (gain) 2 (2) 9 — Amortization of prior service credit (6) — (7) — Non-service cost periodic benefit income (105) (5) (107) (4) Net periodic benefit income $ (95) $ (4) $ (89) $ (3) The service cost component of net periodic benefit income is included in the “Cost of product sales and services” and “Engineering, selling and administrative expenses” line items in our Condensed Consolidated Statement of Income (Unaudited). The non-service cost components of net periodic benefit income are included in the “Non-operating income” line item in our Condensed Consolidated Statement of Income (Unaudited). We made no material contributions to our U.S. qualified defined benefit pension plans during the quarters ended April 1, 2022 and April 2, 2021. As a result of prior voluntary contributions, we are not required to make any contributions to these plans during fiscal 2022 and for several years thereafter.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Apr. 01, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE K — EARNINGS PER SHARE Income from continuing operations per common share attributable to L3Harris common shareholders (“EPS”) is computed using the two-class method, which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends paid and participation rights in undistributed earnings. Under the two-class method, EPS is computed by dividing the sum of earnings distributed to L3Harris common shareholders and undistributed earnings allocated to L3Harris common shareholders by the weighted-average number of common shares outstanding for the period. Income from continuing operations per diluted common share attributable to L3Harris common shareholders (“diluted EPS”) is computed using the more dilutive of the two-class method or the treasury stock method. Under the treasury stock method, diluted EPS is computed by dividing net income attributable to L3Harris common shareholders by the weighted-average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted-average shares outstanding during the period. The weighted average number of shares outstanding used to compute EPS and diluted EPS are as follows: Quarter Ended (In millions) April 1, 2022 April 2, 2021 Basic weighted average common shares outstanding 193.2 206.7 Impact of dilutive share-based awards 1.9 1.8 Diluted weighted average common shares outstanding 195.1 208.5 Potential dilutive common shares primarily consist of employee stock options and restricted and performance unit awards. Diluted EPS excludes the antidilutive impact of 0.2 million and 1.6 million weighted average share-based awards outstanding for the quarters ended April 1, 2022 and April 2, 2021, respectively.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Apr. 01, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE L — INCOME TAXES

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Apr. 01, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE M — FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received for an asset or the price that would be paid to transfer a liability in the principal market or most advantageous market in an orderly transaction between market participants at the measurement date. Entities are required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value, and to utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means. • Level 3 — Unobservable inputs that are supported by little or no market activity, are significant to the fair value of the assets or liabilities, and reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed using the best information available in the circumstances. In certain instances, fair value is estimated using quoted market prices obtained from external pricing services. In obtaining such data from the external pricing services, we have evaluated the methodologies used to develop the estimate of fair value in order to assess whether such valuations are representative of fair value, including net asset value (“NAV”). Additionally, in certain circumstances, the NAV reported by an asset manager may be adjusted when sufficient evidence indicates NAV is not representative of fair value. The following table presents assets and liabilities measured at fair value on a recurring basis (at least annually) at April 1, 2022 and December 31, 2021: April 1, 2022 December 31, 2021 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets (1) Equity and fixed income securities $ 72 $ 72 $ 77 $ 77 Investments measured at NAV: Corporate-owned life insurance 35 35 Total fair value of deferred compensation plan assets $ 107 $ 112 Liabilities Deferred compensation plan liabilities (2) Equity securities and mutual funds $ 7 $ 7 $ 6 $ 6 Investments measured at NAV: Common/collective trusts and guaranteed investment contracts 170 177 Total fair value of deferred compensation plan liabilities $ 177 $ 183 _______________ (1) Represents diversified assets held in a rabbi trust associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet (Unaudited), and which are measured at fair value. (2) Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet (Unaudited). Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts. The following table presents the carrying amounts and estimated fair values of our significant financial instruments that were not measured at fair value (carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of those items): April 1, 2022 December 31, 2021 (In millions) Carrying Fair Carrying Fair Long-term debt (including current portion) (1) $ 7,057 $ 7,174 $ 7,059 $ 7,701 _______________ (1) The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet was measured at fair value, it would be categorized in Level 2 of the fair value hierarchy. See Note H — Goodwill in these Notes and Note 3: “Business Divestitures and Asset Sales”

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Apr. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE N — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, we are exposed to global market risks, including the effect of changes in foreign currency exchange rates. We use derivative instruments to manage our exposure to such risks and formally document all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking hedge transactions. We also may enter into derivative instruments that are not designated as hedges and do not qualify for hedge accounting. We recognize all derivatives in our Condensed Consolidated Balance Sheet (Unaudited) at fair value. We do not hold or issue derivatives for speculative trading purposes. Exchange Rate Risk — Cash Flow Hedges To manage our exposure to currency risk and market fluctuation risk associated with anticipated cash flows that are probable of occurring in the future, we implement cash flow hedges. More specifically, we use foreign currency forward contracts and options to hedge off-balance sheet future foreign currency commitments, including purchase commitments to suppliers, future committed sales to customers and intersegment transactions. These derivatives are used to hedge currency exposures from cash flows anticipated across our business segments. We also hedge U.S. Dollar payments to suppliers to maintain our anticipated profit margins in our international operations. These derivatives have only nominal intrinsic value at the time of purchase and have a high degree of correlation to the anticipated cash flows they are designated to hedge. Hedge effectiveness is determined by the correlation of the anticipated cash flows from the hedging instruments and the anticipated cash flows from the future foreign currency commitments through the maturity dates of the derivatives used to hedge these cash flows. These financial instruments are marked-to-market using forward prices and fair value quotes with the offset to other comprehensive income (loss). Gains and losses in AOCI are reclassified to earnings when the related hedged item is recognized in earnings. The cash flow impact of our derivatives is included in the same category in our Condensed Consolidated Statement of Cash Flows (Unaudited) as the cash flows of the related hedged items. Notional amounts are used to measure the volume of foreign currency forward contracts and do not represent exposure to foreign currency losses. At April 1, 2022, we had open foreign currency forward contracts with an aggregate notional amount of $298 million, hedging certain forecasted transactions denominated in U.S. Dollars, Canadian Dollars, Euros, British Pounds and Australian Dollars. At December 31, 2021, we had open foreign currency forward contracts with an aggregate notional amount of $328 million, hedging certain forecasted transactions denominated in U.S. Dollars, Canadian Dollars, British Pounds, Euros and Australian Dollars. At April 1, 2022, our foreign currency forward contracts had maturities through 2025. The following table presents the fair values of our derivatives designated as foreign currency hedging instruments in our Condensed Consolidated Balance Sheet (Unaudited) at April 1, 2022 and December 31, 2021: (In millions) April 1, 2022 December 31, 2021 Foreign currency forward contracts (1) Other current assets $ 3 $ 2 Other non-current assets 2 1 Other accrued items 4 5 _______________ (1) See Note M — Fair Value Measurements in these Notes for a description of the fair value hierarchy related to our foreign currency forward contracts. The impact of any derivative related activities on our income statement was not material for the quarters ended April 1, 2022 and April 2, 2021.

CHANGES IN ESTIMATES

CHANGES IN ESTIMATES	3 Months Ended
	Apr. 01, 2022
Change in Accounting Estimate [Abstract]
CHANGES IN ESTIMATES	NOTE O — CHANGES IN ESTIMATES Under the POC cost-to-cost method of revenue recognition, a single estimated profit margin is used to recognize profit for each performance obligation over its period of performance. Recognition of profit on a contract requires estimates of the total cost at completion and transaction price and the measurement of progress towards completion. Due to the long-term nature of many of our contracts, developing the estimated total cost at completion and total transaction price often requires judgment. Factors that must be considered in estimating the cost of the work to be completed include the nature and complexity of the work to be performed, subcontractor performance and the risk and impact of delayed performance. Factors that must be considered in estimating the total transaction price include contractual cost or performance incentives (such as incentive fees, award fees and penalties) and other forms of variable consideration as well as our historical experience and our expectation for performance on the contract. These variable amounts generally are awarded upon achievement of certain negotiated performance metrics, program milestones or cost targets and can be based upon customer discretion. We include such estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. At the outset of each contract, we gauge its complexity and perceived risks and establish an estimated total cost at completion in line with these expectations. After establishing the estimated total cost at completion, we follow a standard Estimate at Completion (“EAC”) process in which we review the progress and performance on our ongoing contracts at least quarterly and, in many cases, more frequently. If we successfully retire risks associated with the technical, schedule and cost aspects of a contract, we may lower our estimated total cost at completion commensurate with the retirement of these risks. Conversely, if we are not successful in retiring these risks, we may increase our estimated total cost at completion. Additionally, as the contract progresses, our estimates of total transaction price may increase or decrease if, for example, we receive award fees that are higher or lower than expected. When adjustments in estimated total costs at completion or in estimated total transaction price are determined, the related impact on operating income is recognized using the cumulative catch-up method, which recognizes in the current period the cumulative effect of such adjustments for all prior periods. Any anticipated losses on these contracts are fully recognized in the period in which the losses become evident. Net EAC adjustments had the following impact to earnings for the periods presented: Quarter Ended (In millions, except per share amounts) April 1, 2022 April 2, 2021 Net EAC adjustments, before income taxes $ 46 $ 82 Net EAC adjustments, net of income taxes 35 62 Net EAC adjustments, net of income taxes, per diluted share 0.18 0.30 Revenue recognized from performance obligations satisfied in prior periods was $58 million and $108 million for the quarters ended April 1, 2022 and April 2, 2021, respectively.

BACKLOG

BACKLOG	3 Months Ended
	Apr. 01, 2022
Revenue from Contract with Customer [Abstract]
BACKLOG	NOTE E — CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets include unbilled amounts typically resulting from revenue recognized exceeding amounts billed to customers for contracts utilizing the percentage of completion (“POC”) cost-to-cost revenue recognition method. We bill customers as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries and, in certain arrangements, the customer may withhold payment of a small portion of the contract price until contract completion. Contract liabilities include advance payments and billings in excess of revenue recognized, including deferred revenue associated with extended product warranties. Contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities in the quarter ended April 1, 2022 were impacted primarily by the timing of contractual billing milestones. Contract assets and contract liabilities are summarized below: (In millions) April 1, 2022 December 31, 2021 Contract assets $ 3,113 $ 3,021 Contract liabilities, current (1,275) (1,297) Contract liabilities, non-current (1) (114) (107) Net contract assets $ 1,724 $ 1,617 _______________ (1) The non-current portion of contract liabilities is included as a component of the “Other long-term liabilities” line item in our Condensed Consolidated Balance Sheet (Unaudited). The components of contract assets are summarized below: (In millions) April 1, 2022 December 31, 2021 Unbilled contract receivables, gross $ 4,530 $ 4,825 Unliquidated progress payments and advances (1,417) (1,804) Contract assets $ 3,113 $ 3,021 Impairment losses related to our contract assets were not material for the quarters ended April 1, 2022 and April 2, 2021. During the quarters ended April 1, 2022 and April 2, 2021, we recognized $517 million and $508 million, respectively , NOTE P — BACKLOG Backlog, which is the equivalent of our remaining performance obligations, represents the future revenue we expect to recognize as we perform on our current contracts. Backlog comprises both funded backlog (i.e., firm orders for which funding is authorized and appropriated) and unfunded backlog. Backlog excludes unexercised contract options and potential orders under ordering-type contracts, such as indefinite delivery, indefinite quantity contracts.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	3 Months Ended
	Apr. 01, 2022
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	NOTE Q — BUSINESS SEGMENT INFORMATION Effective for fiscal 2022, which began January 1, 2022, we report our financial results in the following three reportable segments: • Integrated Mission Systems, including multi-mission surveillance and reconnaissance (“ISR”) systems; integrated electrical and electronic systems for maritime platforms; advanced electro-optical and infrared (“EO/IR”) solutions; fuzing and ordnance systems; commercial aviation products; and commercial pilot training operations; • Space & Airborne Systems, including space payloads, sensors and full-mission solutions; classified intelligence and cyber; avionics; electronic warfare; and mission networks for air traffic management operations; and • Communication Systems, including tactical communications with global communications solutions; broadband communications; integrated vision solutions; and public safety radios, system applications and equipment. We structure our operations primarily around the products, systems and services we sell and the markets we serve. Effective January 1, 2022, we have streamlined our business segments from four business segments to three business segments. As a result of the segment reorganization, the Aviation Systems segment was eliminated as a business segment. As part of our new business segment structure, the ongoing operations that had been part of our former Aviation Systems segment were integrated into the remaining segments. Defense aviation, commercial aviation products and commercial pilot training operations were moved into our Integrated Mission Systems segment; and mission networks for air traffic management operations was moved into our Space & Airborne Systems segment. See Note 3: “Business Divestitures and Asset Sales” in the Notes to Consolidated Financial Statement in our Fiscal 2021 Form 10-K for additional information relating to businesses divested in fiscal 2021. The accounting policies of our business segments are the same as those described in Note 1: “Significant Accounting Policies” in the Notes to Consolidated Financial Statements in our Fiscal 2021 Form 10-K. We evaluate each business segment’s performance based on its operating income or loss, which we define as profit or loss from operations before income taxes, including CAS pension cost and excluding interest income and expense, royalties and related intellectual property expenses, equity method investment income or loss and gains or losses from securities and other investments. Intersegment sales are generally transferred at cost to the buying segment, and the sourcing segment recognizes a profit that is eliminated. The “Corporate eliminations” line item in the table below represents the elimination of intersegment sales. Corporate expenses are primarily allocated to our business segments using an allocation methodology prescribed by U.S. Government regulations for government contractors. The unallocated items in the table below represent the portion of corporate expenses not allocated to our business segments and elimination of intersegment profits. In accordance with CAS, we allocate a portion of pension and other postretirement benefit plan costs to our U.S. Government contracts. However, our consolidated financial statements require pension and other postretirement benefit plan income or expense be calculated in accordance with FAS requirements under GAAP. The “FAS/CAS pension adjustment” line item in the table below represents the difference between the service cost component of FAS pension and OPEB expense and total CAS pension and OPEB cost. The net non-service cost components of FAS pension and OPEB income are included as an income component in the “Non-operating income” line item in our Condensed Consolidated Statement of Income (Unaudited). See Note J — Postretirement Benefit Plans for more information on the composition of non-service components of FAS pension and OPEB income and expense. Segment revenue, segment operating income and a reconciliation of segment operating income to total income from continuing operations before income taxes are as follows: Quarter Ended (In millions) April 1, 2022 April 2, 2021 Revenue Integrated Mission Systems $ 1,721 $ 1,751 Space & Airborne Systems 1,450 1,460 Communication Systems 963 1,112 Other non-reportable businesses — 284 Corporate eliminations (31) (40) Total revenue $ 4,103 $ 4,567 Income from Continuing Operations before Income Taxes Segment Operating Income: Integrated Mission Systems $ 255 $ 234 Space & Airborne Systems 172 192 Communication Systems 229 270 Other non-reportable businesses — 52 656 748 Unallocated Items: Unallocated corporate department expense, net (1) (7) (33) L3Harris Merger-related transaction, integration and other expenses and losses (20) (21) Amortization of acquisition-related intangibles (2) (152) (164) Business divestiture-related losses — (15) Impairment of goodwill and other assets — (62) Other items (1) (7) FAS/CAS pension adjustment (3) 22 30 (158) (272) Non-operating income 106 117 Net interest expense (68) (66) Income from continuing operations before income taxes $ 536 $ 527 _______________ (1) For the quarter ended April 2, 2021, includes a $15 million accrual for a value added tax obligation. (2) Includes amortization of identifiable intangible assets acquired as a result of the all-stock merger between Harris Corporation and L3 Technologies, Inc. (the “L3Harris Merger”) and the acquisition of Exelis Inc. (“Exelis”). Because the L3Harris Merger and the acquisition of Exelis benefited the entire Company as opposed to any individual segment, the amortization of identifiable intangible assets acquired was not allocated to any segment. (3) Represents the difference between the service cost component of FAS pension and OPEB income and total CAS pension and OPEB cost and replaces the “Pension adjustment” line item previously presented, which included the non-service components of FAS pension and OPEB income. See Net FAS/CAS pension adjustment table below. The table below is a reconciliation of the FAS/CAS pension adjustment: Quarter Ended (In millions) April 1, 2022 April 2, 2021 FAS pension service cost $ (11) $ (18) Less: CAS pension cost (33) (48) FAS/CAS pension adjustment 22 30 Non-service FAS pension income 110 111 Net FAS/CAS pension adjustment (1) $ 132 $ 141 _______________ (1) Net FAS/CAS pension adjustment excludes net settlement and curtailment losses recognized in fiscal 2021. Disaggregation of Revenue We disaggregate revenue for all three business segments by customer relationship, contract type and geographical region. We believe these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Quarter Ended (In millions) April 1, 2022 April 2, 2021 Integrated Mission Systems Space & Airborne Systems Communication Systems Integrated Mission Systems Space & Airborne Systems Communication Systems Revenue By Customer Relationship Prime contractor $ 1,131 $ 931 $ 656 $ 1,189 $ 876 $ 728 Subcontractor 574 513 296 550 581 373 Intersegment 16 6 11 12 3 11 $ 1,721 $ 1,450 $ 963 $ 1,751 $ 1,460 $ 1,112 Revenue By Contract Type Fixed-price (1) $ 1,277 $ 863 $ 797 $ 1,294 $ 914 $ 940 Cost-reimbursable 428 581 155 445 543 161 Intersegment 16 6 11 12 3 11 $ 1,721 $ 1,450 $ 963 $ 1,751 $ 1,460 $ 1,112 Revenue By Geographical Region United States $ 1,244 $ 1,279 $ 625 $ 1,275 $ 1,274 $ 832 International 461 165 327 464 183 269 Intersegment 16 6 11 12 3 11 $ 1,721 $ 1,450 $ 963 $ 1,751 $ 1,460 $ 1,112 _______________ (1) Includes revenue derived from time-and-materials contracts. Total assets by business segment are as follows: (In millions) April 1, 2022 December 31, 2021 Total Assets Integrated Mission Systems $ 11,811 $ 11,830 Space & Airborne Systems 8,573 8,151 Communication Systems 6,083 6,035 Other non-reportable businesses — 3 Corporate (1) 7,977 8,690 $ 34,444 $ 34,709 _______________ (1) Identifiable intangible assets acquired in connection with the L3Harris Merger in the two quarters ended January 3, 2020 and our acquisition of Exelis in fiscal 2015 were recorded as Corporate assets because they benefited the entire Company as opposed to any individual segment. Identifiable intangible asset balances recorded as Corporate assets were $6.5 billion and $6.6 billion at April 1, 2022 and December 31, 2021, respectively. Corporate assets also

LEGAL PROCEEDINGS AND CONTINGEN

LEGAL PROCEEDINGS AND CONTINGENCIES	3 Months Ended
	Apr. 01, 2022
Legal Proceedings And Contingencies [Abstract]
LEGAL PROCEEDINGS AND CONTINGENCIES	NOTE R — LEGAL PROCEEDINGS AND CONTINGENCIES From time to time, as a normal incident of the nature and kind of businesses in which we are or were engaged, various claims or charges are asserted and litigation or arbitration is commenced by or against us arising from or related to matters, including, but not limited to: product liability; personal injury; patents, trademarks, trade secrets or other intellectual property; labor and employee disputes; commercial or contractual disputes; strategic acquisitions or divestitures; the prior sale or use of former products allegedly containing asbestos or other restricted materials; breach of warranty; or environmental matters. Claimed amounts against us may be substantial, but may not bear any reasonable relationship to the merits of the claim or the extent of any real risk of court or arbitral awards. We record accruals for losses related to those matters against us that we consider to be probable and that can be reasonably estimated. Gain contingencies, if any, are recognized when they are realized and legal costs generally are expensed when incurred. At April 1, 2022, our accrual for the potential resolution of lawsuits, claims or proceedings that we consider probable of being decided unfavorably to us was not material. Although it is not feasible to predict the outcome of these matters with certainty, it is reasonably possible that some lawsuits, claims or proceedings may be disposed of or decided unfavorably to us and in excess of the amounts currently accrued. Based on available information, in the opinion of management, settlements, arbitration awards and final judgments, if any, that are considered probable of being rendered against us in litigation or arbitration in existence at April 1, 2022 are reserved against or would not have a material adverse effect on our financial condition, results of operations, cash flows or equity. Environmental Matters We are subject to numerous U.S. Federal, state, local and international environmental laws and regulatory requirements and are involved from time to time in investigations or litigation of various potential environmental issues. We or companies we have acquired are responsible, or alleged to be responsible, for environmental investigation and/or remediation of multiple sites. These sites are in various stages of investigation and/or remediation and in some cases our liability is considered de minimis. Notices from the U.S. Environmental Protection Agency (“EPA”) or equivalent state or international environmental agencies allege that several sites formerly or currently owned and/or operated by us or companies we have acquired, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation and/or remediation. These sites include instances of being identified as a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act (commonly known as the “Superfund Act”) and/or equivalent state and international laws. For example, in June 2014, the U.S. Department of Justice, Environment and Natural Resources Division, notified several potentially responsible parties, including Exelis, which we acquired in 2015, of potential responsibility for contribution to the environmental investigation and remediation of multiple locations in Alaska. In addition, in March 2016, the EPA notified over 100 potentially responsible parties, including Exelis, of potential liability for the cost of remediation for the 8.3-mile stretch of the Lower Passaic River in New Jersey, estimated by the EPA to be $1.38 billion. During the fourth quarter of fiscal 2021, the EPA further announced an interim plan to remediate sediment in the upper nine miles of the of the Lower Passaic River with an estimated cost of $441 million. The potential responsible parties’ respective allocations for the Lower Passaic River remediation have not been determined. Although it is not feasible to predict the outcome of these environmental claims made against us, based on available information, in the opinion of our management, any payments we may be required to make as a result of environmental claims made against us in existence at April 1, 2022 are reserved against, covered by insurance or would not have a material adverse effect on our financial condition, results of operations, cash flows or equity.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Apr. 01, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying Condensed Consolidated Financial Statements (Unaudited) include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these Notes to Condensed Consolidated Financial Statements (Unaudited) (these “Notes”), the terms “L3Harris,” “Company,” “we,” “our” and “us” refer to L3Harris Technologies, Inc. and its consolidated subsidiaries. Intracompany transactions and accounts have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements (Unaudited) have been prepared by L3Harris in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such interim financial statements do not include all information and footnotes necessary for a complete presentation of financial condition, results of operations, cash flows and equity in conformity with GAAP for annual financial statements. In the opinion of management, such interim financial statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of our financial condition, results of operations, cash flows and equity for the periods presented therein. The results for the quarter ended April 1, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period. The balance sheet at December 31, 2021 has been derived from our audited financial statements, but does not include all of the information and footnotes required by GAAP for annual financial statements. We provide complete, audited financial statements in our Annual Report on Form 10-K, which includes information and footnotes required by the rules and regulations of the SEC. The information included in this Quarterly Report on Form 10-Q (this “Report”) should be read in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (our “Fiscal 2021 Form 10-K”).
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes and related disclosures. These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes. Materially different results can occur as circumstances change and additional information becomes known.
Significant Accounting Policies Update	Significant Accounting Policies Update There have been no material changes to our significant accounting policies described in our Fiscal 2021 Form 10-K.
Earnings Per Share	Income from continuing operations per common share attributable to L3Harris common shareholders (“EPS”) is computed using the two-class method, which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends paid and participation rights in undistributed earnings. Under the two-class method, EPS is computed by dividing the sum of earnings distributed to L3Harris common shareholders and undistributed earnings allocated to L3Harris common shareholders by the weighted-average number of common shares outstanding for the period. Income from continuing operations per diluted common share attributable to L3Harris common shareholders (“diluted EPS”) is computed using the more dilutive of the two-class method or the treasury stock method. Under the treasury stock method, diluted EPS is computed by dividing net income attributable to L3Harris common shareholders by the weighted-average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted-average shares outstanding during the period.
Fair Value Transfer	Fair value is defined as the price that would be received for an asset or the price that would be paid to transfer a liability in the principal market or most advantageous market in an orderly transaction between market participants at the measurement date. Entities are required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value, and to utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means. • Level 3 — Unobservable inputs that are supported by little or no market activity, are significant to the fair value of the assets or liabilities, and reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed using the best information available in the circumstances. In certain instances, fair value is estimated using quoted market prices obtained from external pricing services. In obtaining such data from the external pricing services, we have evaluated the methodologies used to develop the estimate of fair value in order to assess whether such valuations are representative of fair value, including net asset value (“NAV”). Additionally, in certain circumstances, the NAV reported by an asset manager may be adjusted when sufficient evidence indicates NAV is not representative of fair value.
Business Segments	Effective for fiscal 2022, which began January 1, 2022, we report our financial results in the following three reportable segments: • Integrated Mission Systems, including multi-mission surveillance and reconnaissance (“ISR”) systems; integrated electrical and electronic systems for maritime platforms; advanced electro-optical and infrared (“EO/IR”) solutions; fuzing and ordnance systems; commercial aviation products; and commercial pilot training operations; • Space & Airborne Systems, including space payloads, sensors and full-mission solutions; classified intelligence and cyber; avionics; electronic warfare; and mission networks for air traffic management operations; and • Communication Systems, including tactical communications with global communications solutions; broadband communications; integrated vision solutions; and public safety radios, system applications and equipment. We structure our operations primarily around the products, systems and services we sell and the markets we serve. Effective January 1, 2022, we have streamlined our business segments from four business segments to three business segments. As a result of the segment reorganization, the Aviation Systems segment was eliminated as a business segment. As part of our new business segment structure, the ongoing operations that had been part of our former Aviation Systems segment were integrated into the remaining segments. Defense aviation, commercial aviation products and commercial pilot training operations were moved into our Integrated Mission Systems segment; and mission networks for air traffic management operations was moved into our Space & Airborne Systems segment. See Note 3: “Business Divestitures and Asset Sales” in the Notes to Consolidated Financial Statement in our Fiscal 2021 Form 10-K for additional information relating to businesses divested in fiscal 2021. The accounting policies of our business segments are the same as those described in Note 1: “Significant Accounting Policies” in the Notes to Consolidated Financial Statements in our Fiscal 2021 Form 10-K. We evaluate each business segment’s performance based on its operating income or loss, which we define as profit or loss from operations before income taxes, including CAS pension cost and excluding interest income and expense, royalties and related intellectual property expenses, equity method investment income or loss and gains or losses from securities and other investments. Intersegment sales are generally transferred at cost to the buying segment, and the sourcing segment recognizes a profit that is eliminated. The “Corporate eliminations” line item in the table below represents the elimination of intersegment sales. Corporate expenses are primarily allocated to our business segments using an allocation methodology prescribed by U.S. Government regulations for government contractors. The unallocated items in the table below represent the portion of corporate expenses not allocated to our business segments and elimination of intersegment profits. In accordance with CAS, we allocate a portion of pension and other postretirement benefit plan costs to our U.S. Government contracts. However, our consolidated financial statements require pension and other postretirement benefit plan income or expense be calculated in accordance with FAS requirements under GAAP. The “FAS/CAS pension adjustment” line item in the table below represents the difference between the service cost component of FAS pension and OPEB expense and total CAS pension and OPEB cost. The net non-service cost components of FAS pension and OPEB income are included as an income component in the “Non-operating income” line item in our Condensed Consolidated Statement of Income (Unaudited). See Note J — Postretirement Benefit Plans for more information on the composition of non-service components of FAS pension and OPEB income and expense.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) ("AOCI") (Tables)	3 Months Ended
	Apr. 01, 2022
Equity [Abstract]
Schedule of Components of AOCI	The components of AOCI are summarized below: (In millions) Foreign currency translation Net unrealized losses on hedging derivatives Unrecognized postretirement obligations Total AOCI Balance at December 31, 2021 $ (118) $ (89) $ 61 $ (146) Other comprehensive (loss) income before reclassifications to earnings, net of income taxes (3) 5 — 2 Gains reclassified to earnings, net of income taxes — (1) (5) (6) Other comprehensive (loss) income, net of income taxes (3) 4 (5) (4) Balance at April 1, 2022 $ (121) $ (85) $ 56 $ (150) Balance at January 1, 2021 $ (58) $ (80) $ (701) $ (839) Other comprehensive (loss) income before reclassifications to earnings, net of income taxes (18) 5 — (13) (Gains) losses reclassified to earnings, net of income taxes — (3) 1 (2) Other comprehensive (loss) income, net of income taxes (18) 2 1 (15) Balance at April 2, 2021 $ (76) $ (78) $ (700) $ (854) _______________ (1) (Gains) losses reclassified to earnings are included in the “Revenue from product sales and services,” “Business divestiture-related losses,” “Interest expense” and “Non-operating income ” line items in our Condensed Consolidated Statement of Income (Unaudited).

RECEIVABLES, NET (Tables)

RECEIVABLES, NET (Tables)	3 Months Ended
	Apr. 01, 2022
Receivables [Abstract]
Schedule of Receivables	Receivables, net are summarized below: (In millions) April 1, 2022 December 31, 2021 Accounts receivable $ 1,324 $ 1,088 Less: allowances for collection losses (41) (43) Receivables, net $ 1,283 $ 1,045

CONTRACT ASSETS AND CONTRACT _2

CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)	3 Months Ended
	Apr. 01, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Contract Liabilities	Contract assets and contract liabilities are summarized below: (In millions) April 1, 2022 December 31, 2021 Contract assets $ 3,113 $ 3,021 Contract liabilities, current (1,275) (1,297) Contract liabilities, non-current (1) (114) (107) Net contract assets $ 1,724 $ 1,617 _______________ (1) The non-current portion of contract liabilities is included as a component of the “Other long-term liabilities” line item in our Condensed Consolidated Balance Sheet (Unaudited). The components of contract assets are summarized below: (In millions) April 1, 2022 December 31, 2021 Unbilled contract receivables, gross $ 4,530 $ 4,825 Unliquidated progress payments and advances (1,417) (1,804) Contract assets $ 3,113 $ 3,021

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Apr. 01, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are summarized below: (In millions) April 1, 2022 December 31, 2021 Finished products $ 159 $ 141 Work in process 326 335 Raw materials and supplies 605 506 Inventories $ 1,090 $ 982

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	3 Months Ended
	Apr. 01, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment, net are summarized below: (In millions) April 1, 2022 December 31, 2021 Land $ 80 $ 79 Software capitalized for internal use 584 576 Buildings 1,250 1,236 Machinery and equipment 2,191 2,177 4,105 4,068 Less: accumulated depreciation and amortization (2,027) (1,967) Property, plant and equipment, net $ 2,078 $ 2,101

GOODWILL (Tables)

GOODWILL (Tables)	3 Months Ended
	Apr. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amounts of Goodwill	The assignment of goodwill by business segment, and changes in the carrying amount of goodwill by business segment, were as follows: (In millions) Integrated Mission Systems Space & Airborne Systems Communication Systems Aviation Systems (1) Total Balance at December 31, 2021 - As Reported $ 6,485 $ 5,202 $ 4,153 $ 2,349 $ 18,189 Transfer of goodwill in segment reorganization (1) 1,702 647 — (2,349) — Balance at December 31, 2021 - After Reallocation 8,187 5,849 4,153 — 18,189 Currency translation adjustments 6 (2) 1 — 5 Balance at April 1, 2022 $ 8,193 $ 5,847 $ 4,154 $ — $ 18,194 _______________ (1) As a result of our new organizational structure, effective January 1, 2022, streamlining our operations from four business segments to three business segments, we transferred goodwill previously held by our eliminated Aviation Systems segment to our remaining business segments as of January 1, 2021, the earliest period presented in these Notes. See additional information below and “Segment Reorganization” in. Note A — Significant Accounting Policies and Recent Accounting Standards in these Notes.

ACCRUED WARRANTIES (Tables)

ACCRUED WARRANTIES (Tables)	3 Months Ended
	Apr. 01, 2022
Product Warranties Disclosures [Abstract]
Schedule of Accrued Warranties	Changes in our liability for standard product warranties during the quarter ended April 1, 2022 were as follows: (In millions) Balance at December 31, 2021 $ 117 Accruals for product warranties issued during the period 17 Settlements made during the period (30) Other, including foreign currency translation adjustments (2) Balance at April 1, 2022 $ 102

POSTRETIREMENT BENEFIT PLANS (T

POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Apr. 01, 2022
Retirement Benefits [Abstract]
Schedule of Components of Net Benefit Income	The following tables provide the components of our net periodic benefit income for our defined benefit plans, including defined benefit pension plans and other postretirement defined benefit plans: Quarter Ended April 1, 2022 Quarter Ended April 2, 2021 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 10 $ 1 $ 18 $ 1 Non-operating Interest cost 55 2 46 1 Expected return on plan assets (156) (5) (155) (5) Amortization of net actuarial loss (gain) 2 (2) 9 — Amortization of prior service credit (6) — (7) — Non-service cost periodic benefit income (105) (5) (107) (4) Net periodic benefit income $ (95) $ (4) $ (89) $ (3)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Apr. 01, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The weighted average number of shares outstanding used to compute EPS and diluted EPS are as follows: Quarter Ended (In millions) April 1, 2022 April 2, 2021 Basic weighted average common shares outstanding 193.2 206.7 Impact of dilutive share-based awards 1.9 1.8 Diluted weighted average common shares outstanding 195.1 208.5

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Apr. 01, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents assets and liabilities measured at fair value on a recurring basis (at least annually) at April 1, 2022 and December 31, 2021: April 1, 2022 December 31, 2021 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets (1) Equity and fixed income securities $ 72 $ 72 $ 77 $ 77 Investments measured at NAV: Corporate-owned life insurance 35 35 Total fair value of deferred compensation plan assets $ 107 $ 112 Liabilities Deferred compensation plan liabilities (2) Equity securities and mutual funds $ 7 $ 7 $ 6 $ 6 Investments measured at NAV: Common/collective trusts and guaranteed investment contracts 170 177 Total fair value of deferred compensation plan liabilities $ 177 $ 183 _______________ (1) Represents diversified assets held in a rabbi trust associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet (Unaudited), and which are measured at fair value. (2) Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet (Unaudited). Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.
Fair Value, by Balance Sheet Grouping	The following table presents the carrying amounts and estimated fair values of our significant financial instruments that were not measured at fair value (carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of those items): April 1, 2022 December 31, 2021 (In millions) Carrying Fair Carrying Fair Long-term debt (including current portion) (1) $ 7,057 $ 7,174 $ 7,059 $ 7,701 _______________ (1) The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet was measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Apr. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Derivative Instruments in Condensed Consolidated Balance Sheets	The following table presents the fair values of our derivatives designated as foreign currency hedging instruments in our Condensed Consolidated Balance Sheet (Unaudited) at April 1, 2022 and December 31, 2021: (In millions) April 1, 2022 December 31, 2021 Foreign currency forward contracts (1) Other current assets $ 3 $ 2 Other non-current assets 2 1 Other accrued items 4 5 _______________ (1) See Note M — Fair Value Measurements in these Notes for a description of the fair value hierarchy related to our foreign currency forward contracts.

CHANGES IN ESTIMATES (Tables)

CHANGES IN ESTIMATES (Tables)	3 Months Ended
	Apr. 01, 2022
Change in Accounting Estimate [Abstract]
Schedule of Net Estimated at Completion ("EAC") Adjustments	Net EAC adjustments had the following impact to earnings for the periods presented: Quarter Ended (In millions, except per share amounts) April 1, 2022 April 2, 2021 Net EAC adjustments, before income taxes $ 46 $ 82 Net EAC adjustments, net of income taxes 35 62 Net EAC adjustments, net of income taxes, per diluted share 0.18 0.30

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	3 Months Ended
	Apr. 01, 2022
Segment Reporting [Abstract]
Schedule of Selected Financial Information by Business Segments	Segment revenue, segment operating income and a reconciliation of segment operating income to total income from continuing operations before income taxes are as follows: Quarter Ended (In millions) April 1, 2022 April 2, 2021 Revenue Integrated Mission Systems $ 1,721 $ 1,751 Space & Airborne Systems 1,450 1,460 Communication Systems 963 1,112 Other non-reportable businesses — 284 Corporate eliminations (31) (40) Total revenue $ 4,103 $ 4,567 Income from Continuing Operations before Income Taxes Segment Operating Income: Integrated Mission Systems $ 255 $ 234 Space & Airborne Systems 172 192 Communication Systems 229 270 Other non-reportable businesses — 52 656 748 Unallocated Items: Unallocated corporate department expense, net (1) (7) (33) L3Harris Merger-related transaction, integration and other expenses and losses (20) (21) Amortization of acquisition-related intangibles (2) (152) (164) Business divestiture-related losses — (15) Impairment of goodwill and other assets — (62) Other items (1) (7) FAS/CAS pension adjustment (3) 22 30 (158) (272) Non-operating income 106 117 Net interest expense (68) (66) Income from continuing operations before income taxes $ 536 $ 527 _______________ (1) For the quarter ended April 2, 2021, includes a $15 million accrual for a value added tax obligation. (2) Includes amortization of identifiable intangible assets acquired as a result of the all-stock merger between Harris Corporation and L3 Technologies, Inc. (the “L3Harris Merger”) and the acquisition of Exelis Inc. (“Exelis”). Because the L3Harris Merger and the acquisition of Exelis benefited the entire Company as opposed to any individual segment, the amortization of identifiable intangible assets acquired was not allocated to any segment. (3) Represents the difference between the service cost component of FAS pension and OPEB income and total CAS pension and OPEB cost and replaces the “Pension adjustment” line item previously presented, which included the non-service components of FAS pension and OPEB income. See Net FAS/CAS pension adjustment table below. The table below is a reconciliation of the FAS/CAS pension adjustment: Quarter Ended (In millions) April 1, 2022 April 2, 2021 FAS pension service cost $ (11) $ (18) Less: CAS pension cost (33) (48) FAS/CAS pension adjustment 22 30 Non-service FAS pension income 110 111 Net FAS/CAS pension adjustment (1) $ 132 $ 141 _______________ (1) Net FAS/CAS pension adjustment excludes net settlement and curtailment losses recognized in fiscal 2021.
Schedule of Disaggregation of Revenue by Segment	Disaggregation of Revenue We disaggregate revenue for all three business segments by customer relationship, contract type and geographical region. We believe these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Quarter Ended (In millions) April 1, 2022 April 2, 2021 Integrated Mission Systems Space & Airborne Systems Communication Systems Integrated Mission Systems Space & Airborne Systems Communication Systems Revenue By Customer Relationship Prime contractor $ 1,131 $ 931 $ 656 $ 1,189 $ 876 $ 728 Subcontractor 574 513 296 550 581 373 Intersegment 16 6 11 12 3 11 $ 1,721 $ 1,450 $ 963 $ 1,751 $ 1,460 $ 1,112 Revenue By Contract Type Fixed-price (1) $ 1,277 $ 863 $ 797 $ 1,294 $ 914 $ 940 Cost-reimbursable 428 581 155 445 543 161 Intersegment 16 6 11 12 3 11 $ 1,721 $ 1,450 $ 963 $ 1,751 $ 1,460 $ 1,112 Revenue By Geographical Region United States $ 1,244 $ 1,279 $ 625 $ 1,275 $ 1,274 $ 832 International 461 165 327 464 183 269 Intersegment 16 6 11 12 3 11 $ 1,721 $ 1,450 $ 963 $ 1,751 $ 1,460 $ 1,112 _______________ (1) Includes revenue derived from time-and-materials contracts.
Schedule of Total Assets by Segment	Total assets by business segment are as follows: (In millions) April 1, 2022 December 31, 2021 Total Assets Integrated Mission Systems $ 11,811 $ 11,830 Space & Airborne Systems 8,573 8,151 Communication Systems 6,083 6,035 Other non-reportable businesses — 3 Corporate (1) 7,977 8,690 $ 34,444 $ 34,709 _______________ (1) Identifiable intangible assets acquired in connection with the L3Harris Merger in the two quarters ended January 3, 2020 and our acquisition of Exelis in fiscal 2015 were recorded as Corporate assets because they benefited the entire Company as opposed to any individual segment. Identifiable intangible asset balances recorded as Corporate assets were $6.5 billion and $6.6 billion at April 1, 2022 and December 31, 2021, respectively. Corporate assets also

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Details) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 01, 2022segment	Apr. 02, 2021USD ($)	Dec. 31, 2021segment	Jan. 01, 2021segment
Accounting Policies [Abstract]
Number of operating segments	3		4	3
Number of reportable segments	3		4	3
Right-of-use asset obtained in exchange for lease liabilities | $		$ 120

STOCK OPTIONS AND OTHER SHARE_2

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended
	Apr. 01, 2022USD ($)planshares	Apr. 02, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholder approved employee stock incentive plans | plan	2
L3Harris Shareholder-approved Employee Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense | $	$ 28	$ 33
Common stock issued, net of shares withheld for tax purposes (in shares)	0.4	0.1
Options granted (in shares)	0.4
Performance Share Units | L3Harris Shareholder-approved Employee Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options granted (in shares)	0.2
Restricted Stock Units | L3Harris Shareholder-approved Employee Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options granted (in shares)	0.2
Stock Options | L3Harris Shareholder-approved Employee Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend rate	1.92%
Expected volatility rate	29.11%
Risk free interest rate	1.86%
Expected term	5 years 7 days

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) ("AOCI") (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 19,319	$ 20,841
Other comprehensive (loss) income before reclassifications to earnings, net of income taxes	2	(13)
Reclassification adjustments for gains included in net income	(6)	(2)
Other comprehensive (loss) income, net of income taxes	(4)	(15)
Ending balance	19,366	20,482
Total AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(146)	(839)
Other comprehensive (loss) income before reclassifications to earnings, net of income taxes	2	(13)
Reclassification adjustments for gains included in net income	(6)	(2)
Other comprehensive (loss) income, net of income taxes	(4)	(15)
Ending balance	(150)	(854)
Foreign currency translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(118)	(58)
Other comprehensive (loss) income before reclassifications to earnings, net of income taxes	(3)	(18)
Reclassification adjustments for gains included in net income	0	0
Other comprehensive (loss) income, net of income taxes	(3)	(18)
Ending balance	(121)	(76)
Net unrealized losses on hedging derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(89)	(80)
Other comprehensive (loss) income before reclassifications to earnings, net of income taxes	5	5
Reclassification adjustments for gains included in net income	(1)	(3)
Other comprehensive (loss) income, net of income taxes	4	2
Ending balance	(85)	(78)
Unrecognized postretirement obligations
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	61	(701)
Other comprehensive (loss) income before reclassifications to earnings, net of income taxes	0	0
Reclassification adjustments for gains included in net income	(5)	1
Other comprehensive (loss) income, net of income taxes	(5)	1
Ending balance	$ 56	$ (700)

RECEIVABLES, NET - Schedule of

RECEIVABLES, NET - Schedule of Receivables (Details) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable	$ 1,324	$ 1,088
Less: allowances for collection losses	(41)	(43)
Receivables, net	$ 1,283	$ 1,045

RECEIVABLES, NET - Narrative (D

RECEIVABLES, NET - Narrative (Details) $ in Millions	Apr. 01, 2022USD ($)receivableSaleAgreement	Dec. 31, 2021USD ($)
RSA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of receivables sales agreements | receivableSaleAgreement	2
Outstanding receivables sold under agreement	$ 99	$ 100
Cash proceeds received for receivables sold	98	$ 100
RSA One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Authorized amount of accounts receivables outstanding under agreement	100
RSA Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Authorized amount of accounts receivables outstanding under agreement	$ 100

CONTRACT ASSETS AND CONTRACT _3

CONTRACT ASSETS AND CONTRACT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Revenue from Contract with Customer [Abstract]
Recognized revenue related to contract liabilities outstanding at the end of the year	$ 517	$ 508

CONTRACT ASSETS AND CONTRACT _4

CONTRACT ASSETS AND CONTRACT LIABILITIES (Details) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 3,113	$ 3,021
Contract liabilities, current	(1,275)	(1,297)
Contract liabilities, non-current	(114)	(107)
Net contract assets	1,724	1,617
Components of Contract Assets:
Unbilled contract receivables, gross	4,530	4,825
Unliquidated progress payments and advances	(1,417)	(1,804)
Contract assets	$ 3,113	$ 3,021

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished products	$ 159	$ 141
Work in process	326	335
Raw materials and supplies	605	506
Inventories	$ 1,090	$ 982

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Property, Plant and Equipment
Land	$ 80	$ 79
Software capitalized for internal use	584	576
Buildings	1,250	1,236
Machinery and equipment	2,191	2,177
Property, plant and equipment, gross	4,105	4,068
Less: accumulated depreciation and amortization	(2,027)	(1,967)
Property, plant and equipment, net	$ 2,078	$ 2,101

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense related to property, plant and equipment	$ 83	$ 84

GOODWILL - Changes in Carrying

GOODWILL - Changes in Carrying Amount of Goodwill (Details) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 01, 2022USD ($)segment	Dec. 31, 2021USD ($)segment	Jan. 01, 2021segment
Goodwill [Roll Forward]
Beginning Balance	$ 18,189
Currency translation adjustments	5
Ending Balance	$ 18,194	$ 18,189
Number of operating segments | segment	3	4	3
Number of reportable segments | segment	3	4	3
As Previously Reported
Goodwill [Roll Forward]
Beginning Balance	$ 18,189
Ending Balance		$ 18,189
Restatement Adjustment
Goodwill [Roll Forward]
Beginning Balance	0
Ending Balance		0
Integrated Mission Systems
Goodwill [Roll Forward]
Beginning Balance	8,187
Currency translation adjustments	6
Ending Balance	8,193	8,187
Integrated Mission Systems | As Previously Reported
Goodwill [Roll Forward]
Beginning Balance	6,485
Ending Balance		6,485
Integrated Mission Systems | Restatement Adjustment
Goodwill [Roll Forward]
Beginning Balance	1,702
Ending Balance		1,702
Space & Airborne Systems
Goodwill [Roll Forward]
Beginning Balance	5,849
Currency translation adjustments	(2)
Ending Balance	5,847	5,849
Space & Airborne Systems | As Previously Reported
Goodwill [Roll Forward]
Beginning Balance	5,202
Ending Balance		5,202
Space & Airborne Systems | Restatement Adjustment
Goodwill [Roll Forward]
Beginning Balance	647
Ending Balance		647
Communication Systems
Goodwill [Roll Forward]
Beginning Balance	4,153
Currency translation adjustments	1
Ending Balance	4,154	4,153
Communication Systems | As Previously Reported
Goodwill [Roll Forward]
Beginning Balance	4,153
Ending Balance		4,153
Communication Systems | Restatement Adjustment
Goodwill [Roll Forward]
Beginning Balance	0
Ending Balance		0
Aviation Systems
Goodwill [Roll Forward]
Beginning Balance	0
Currency translation adjustments	0
Ending Balance	0	0
Aviation Systems | As Previously Reported
Goodwill [Roll Forward]
Beginning Balance	2,349
Ending Balance		2,349
Aviation Systems | Restatement Adjustment
Goodwill [Roll Forward]
Beginning Balance	$ (2,349)
Ending Balance		$ (2,349)

GOODWILL - Narrative (Details)

GOODWILL - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 01, 2022segment	Apr. 02, 2021USD ($)	Dec. 31, 2021segment	Jan. 01, 2021segment
Finite-Lived Intangible Assets [Line Items]
Number of operating segments | segment	3		4	3
Number of reportable segments | segment	3		4	3
Disposal group, held-for-sale, not discontinued operations | CPS business | Aviation Systems
Finite-Lived Intangible Assets [Line Items]
Goodwill assigned to disposal group | $		$ 174
Goodwill impairment | $		$ 62

ACCRUED WARRANTIES (Details)

ACCRUED WARRANTIES (Details) $ in Millions	3 Months Ended
	Apr. 01, 2022USD ($)
Changes in warranty liability
Beginning balance	$ 117
Accruals for product warranties issued during the period	17
Settlements made during the period	(30)
Other, including foreign currency translation adjustments	(2)
Ending balance	$ 102

POSTRETIREMENT BENEFIT PLANS -

POSTRETIREMENT BENEFIT PLANS - Income Statement Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Pension
Operating
Service cost	$ 10	$ 18
Non-operating
Interest cost	55	46
Expected return on plan assets	(156)	(155)
Amortization of net actuarial loss (gain)	2	9
Amortization of prior service credit	(6)	(7)
Non-service cost periodic benefit income	(105)	(107)
Net periodic benefit income	(95)	(89)
Other Benefits
Operating
Service cost	1	1
Non-operating
Interest cost	2	1
Expected return on plan assets	(5)	(5)
Amortization of net actuarial loss (gain)	(2)	0
Amortization of prior service credit	0	0
Non-service cost periodic benefit income	(5)	(4)
Net periodic benefit income	$ (4)	$ (3)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	193,200,000	206,700,000
Impact of dilutive share-based awards (in shares)	1,900,000	1,800,000
Diluted weighted average common shares outstanding (in shares)	195,100,000	208,500,000
Weighted average anti-dilutive employee stock options outstanding (in shares)	200,000	1,600,000

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation (percent)	11.30%	11.40%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	$ 7,057	$ 7,059
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	107	112
Fair value of deferred compensation plan liabilities	177	183
Fair Value | Equity securities and mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan liabilities	7	6
Fair Value | Investments Measured at NAV | Common/collective trusts and guaranteed investment contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan liabilities	170	177
Fair Value | Level 1 | Equity securities and mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan liabilities	7	6
Fair Value | Level 2 | Valuation, Market Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	7,174	7,701
Equity and fixed income securities | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	72	77
Equity and fixed income securities | Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	72	77
Corporate-owned life insurance | Fair Value | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	$ 35	$ 35

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)	Apr. 01, 2022	Dec. 31, 2021
Foreign currency forward contracts | Cash Flow Hedges
Derivative [Line Items]
Derivative notional amount	$ 298,000,000	$ 328,000,000

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair Value of Derivative Instruments in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset	$ 3	$ 2
Other non-current assets
Derivatives, Fair Value [Line Items]
Derivative asset	2	1
Other accrued items
Derivatives, Fair Value [Line Items]
Derivative liability	$ 4	$ 5

CHANGES IN ESTIMATES (Details)

CHANGES IN ESTIMATES (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Change in Accounting Estimate [Line Items]
Revenue recognized from performance obligations satisfied in previous periods	$ 58	$ 108
Contracts Accounted for under Percentage of Completion
Change in Accounting Estimate [Line Items]
Net EAC adjustments, before income taxes	46	82
Net EAC adjustments, net of income taxes	$ 35	$ 62
Net EAC adjustments, net of income taxes, per diluted share (in dollars per share)	$ 0.18	$ 0.30

BACKLOG (Details)

BACKLOG (Details) - USD ($) $ in Billions	Apr. 01, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Backlog	$ 21.1	$ 21.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	51.00%
Expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	75.00%
Expected timing of satisfaction period	1 year

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Narrative (Details) - segment	3 Months Ended	12 Months Ended
	Apr. 01, 2022	Dec. 31, 2021	Jan. 01, 2021
Segment Reporting [Abstract]
Number of operating segments	3	4	3
Number of reportable segments	3	4	3

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Revenues and Income From Continuing Operations by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Segment Reporting Information [Line Items]
Revenue from product sales and services	$ 4,103	$ 4,567
Unallocated Items:
Unallocated corporate department expense, net	(7)	(33)
L3Harris Merger-related transaction, integration and other expenses and losses	(20)	(21)
Amortization of acquisition-related intangibles	(152)	(164)
Business divestiture-related losses	0	(15)
Impairment of goodwill and other assets	0	(62)
Other items	(1)	(7)
FAS/CAS pension adjustment	22	30
Total unallocated expenses	(158)	(272)
Non-operating income	106	117
Net interest expense	(68)	(66)
Income from continuing operations before income taxes	536	527
Accrual for value added tax obligation		15
FAS pension service cost	(11)	(18)
Less: CAS pension cost	(33)	(48)
FAS/CAS pension adjustment	22	30
Non-service FAS pension income	110	111
Net FAS/CAS pension adjustment	132	141
Operating segments
Income from Continuing Operations before Income Taxes
Segment Operating Income:	656	748
Operating segments | Integrated Mission Systems
Segment Reporting Information [Line Items]
Revenue from product sales and services	1,721	1,751
Income from Continuing Operations before Income Taxes
Segment Operating Income:	255	234
Operating segments | Space & Airborne Systems
Segment Reporting Information [Line Items]
Revenue from product sales and services	1,450	1,460
Income from Continuing Operations before Income Taxes
Segment Operating Income:	172	192
Operating segments | Communication Systems
Segment Reporting Information [Line Items]
Revenue from product sales and services	963	1,112
Income from Continuing Operations before Income Taxes
Segment Operating Income:	229	270
Other non-reportable businesses
Segment Reporting Information [Line Items]
Revenue from product sales and services	0	284
Income from Continuing Operations before Income Taxes
Segment Operating Income:	0	52
Corporate eliminations
Segment Reporting Information [Line Items]
Revenue from product sales and services	$ (31)	$ (40)

BUSINESS SEGMENT INFORMATION _3

BUSINESS SEGMENT INFORMATION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	$ 4,103	$ 4,567
Integrated Mission Systems | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,721	1,751
Integrated Mission Systems | Transferred over Time | United States
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,244	1,275
Integrated Mission Systems | Transferred over Time | International
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	461	464
Integrated Mission Systems | Transferred over Time | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,277	1,294
Integrated Mission Systems | Transferred over Time | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	428	445
Integrated Mission Systems | Transferred over Time | Intersegment
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	16	12
Space & Airborne Systems | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,450	1,460
Space & Airborne Systems | Transferred over Time | United States
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,279	1,274
Space & Airborne Systems | Transferred over Time | International
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	165	183
Space & Airborne Systems | Transferred over Time | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	863	914
Space & Airborne Systems | Transferred over Time | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	581	543
Space & Airborne Systems | Transferred over Time | Intersegment
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	6	3
Communication Systems | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	963	1,112
Communication Systems | Transferred at Point in Time | United States
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	625	832
Communication Systems | Transferred at Point in Time | International
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	327	269
Communication Systems | Transferred at Point in Time | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	797	940
Communication Systems | Transferred at Point in Time | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	155	161
Communication Systems | Transferred at Point in Time | Intersegment
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	11	11
Prime contractor | Integrated Mission Systems | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,131	1,189
Prime contractor | Space & Airborne Systems | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	931	876
Prime contractor | Communication Systems | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	656	728
Subcontractor | Integrated Mission Systems | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	574	550
Subcontractor | Space & Airborne Systems | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	513	581
Subcontractor | Communication Systems | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	$ 296	$ 373

BUSINESS SEGMENT INFORMATION _4

BUSINESS SEGMENT INFORMATION - Total Assets by Segment (Details) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 34,444	$ 34,709
Identifiable intangible assets acquired	6,486	6,640
Operating segments | Integrated Mission Systems
Segment Reporting Information [Line Items]
Assets	11,811	11,830
Operating segments | Space & Airborne Systems
Segment Reporting Information [Line Items]
Assets	8,573	8,151
Operating segments | Communication Systems
Segment Reporting Information [Line Items]
Assets	6,083	6,035
Other non-reportable businesses
Segment Reporting Information [Line Items]
Assets	0	3
Corporate eliminations
Segment Reporting Information [Line Items]
Assets	7,977	8,690
Identifiable intangible assets acquired	$ 6,500	$ 6,600

LEGAL PROCEEDINGS AND CONTING_2

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - Passaic River Alaska - Exelis $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2016responsible_party	Apr. 01, 2022USD ($)	Dec. 31, 2021USD ($)
Loss Contingencies [Line Items]
Number of potentially responsible parties notified (over 100) | responsible_party	100
Site contingency, loss exposure not accrued, best estimate | $		$ 1,380	$ 441