L3Harris (LHX) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Mar. 29, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2024
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		189,680,354
Entity Central Index Key	0000202058
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-03

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 29, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue		$ 5,211	$ 4,471
Cost of revenue		(3,863)	(3,305)
General and administrative expenses		(970)	(773)
Operating income		378	393
Non-service FAS pension income and other, net	[1]	88	82
Interest expense, net		(176)	(102)
Income from continuing operations before income taxes		290	373
Income taxes		(5)	(34)
Net income		285	339
Noncontrolling interests, net of income taxes		(2)	(2)
Net income attributable to L3Harris Technologies, Inc.		$ 283	$ 337
Net income per common share attributable to L3Harris Technologies, Inc. common shareholders
Basic (in dollars per share)		$ 1.49	$ 1.77
Diluted (in dollars per share)		$ 1.48	$ 1.76
Basic weighted-average common shares outstanding (in shares)		189.8	190.2
Diluted weighted-average common shares outstanding (in shares)		190.8	191.2
[1] “FAS” is defined as Financial Accounting Standards.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 285	$ 339
Other comprehensive loss:
Foreign currency translation (loss) income, net of income taxes	(26)	7
Net unrealized (loss) income on hedging derivatives, net of income taxes	(3)	5
Other comprehensive (loss) income recognized during the period	(29)	12
Reclassification adjustments for gains included in net income	(7)	(12)
Other comprehensive loss, net of income taxes	(36)	0
Total comprehensive income	249	339
Comprehensive income attributable to noncontrolling interest	(2)	(2)
Total comprehensive income attributable to L3Harris Technologies, Inc.	$ 247	$ 337

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Operating Activities
Net income	$ 285	$ 339
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Amortization of acquisition-related intangibles	217	165
Depreciation and other amortization	103	85
Share-based compensation	26	23
Share-based matching contributions under defined contribution plans	70	57
Pension and other postretirement benefit plan income	(72)	(71)
Deferred income taxes	(111)	(115)
(Increase) decrease in:
Receivables, net	7	48
Contract assets	(340)	(269)
Inventories	(21)	(86)
Other current assets	10	(40)
Increase (decrease) in:
Accounts payable	9	90
Contract liabilities	(152)	97
Compensation and benefits	(170)	(115)
Other accrued items	(18)	63
Income taxes	103	130
Other operating activities	(50)	(51)
Net cash (used in) provided by operating activities	(104)	350
Investing Activities
Net cash paid for acquired businesses	0	(1,973)
Additions to property, plant and equipment	(115)	(71)
Other investing activities	(1)	(4)
Net cash used in investing activities	(116)	(2,048)
Financing Activities
Proceeds from borrowings, net of issuance cost	2,237	2,248
Repayments of borrowings	(2,250)	(255)
Change in commercial paper, maturities under 90 days, net	326	0
Proceeds from commercial paper, maturities over 90 days	480	0
Repayments of commercial paper, maturities over 90 days	(205)	0
Proceeds from exercises of employee stock options	35	11
Repurchases of common stock	(233)	(396)
Cash dividends	(224)	(220)
Other financing activities	(22)	(27)
Net cash provided by financing activities	144	1,361
Effect of exchange rate changes on cash and cash equivalents	(7)	2
Net decrease in cash and cash equivalents	(83)	(335)
Cash and cash equivalents, beginning of period	560	880
Cash and cash equivalents, end of period	$ 477	$ 545

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Current assets
Cash and cash equivalents	$ 477	$ 560
Receivables, net of allowances for collection losses of $13 and $15, respectively	1,209	1,230
Contract assets	3,502	3,196
Inventories	1,476	1,472
Other current assets	466	491
Assets of business held for sale	1,136	1,106
Total current assets	8,266	8,055
Non-current assets
Property, plant and equipment, net	2,836	2,862
Goodwill	20,070	19,979
Other intangible assets, net	8,340	8,540
Deferred income taxes	113	91
Other non-current assets	2,191	2,160
Total assets	41,816	41,687
Current liabilities
Short-term debt	2,203	1,602
Current portion of long-term debt, net	365	363
Accounts payable	2,112	2,106
Contract liabilities	1,777	1,900
Compensation and benefits	379	544
Other accrued items	1,174	1,129
Income taxes payable	182	88
Liabilities of business held for sale	245	272
Total current liabilities	8,437	8,004
Non-current liabilities
Long-term debt, net	11,140	11,160
Deferred income taxes	683	815
Other long-term liabilities	2,826	2,879
Total liabilities	23,086	22,858
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 189,463,015 and 189,808,581 shares at March 29, 2024 and December 29, 2023, respectively	189	190
Paid-in capital	15,472	15,553
Retained earnings	3,239	3,220
Accumulated other comprehensive loss	(234)	(198)
Total shareholders’ equity	18,666	18,765
Noncontrolling interests	64	64
Total equity	18,730	18,829
Total liabilities and equity	$ 41,816	$ 41,687

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Shareholders’ Equity:
Accounts receivable, allowance for credit loss, current	$ 13	$ 15
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)	189,463,015	189,808,581
Common shares, outstanding (in shares)	189,463,015	189,808,581

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 Dec. 30, 2022	$ 18,624	$ 191	$ 15,677	$ 2,943	$ (288)	$ 101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	339			337		2
Other comprehensive loss, net of income taxes	0				0
Shares issued under stock incentive plans	11		11
Shares issued under defined contribution plans	57		57
Share-based compensation expense	23		23
Tax withholding payments on share-based awards	(26)		(26)
Repurchases and retirement of common stock	(396)	(2)	(332)	(62)
Cash dividends	(220)			(220)
Other	(4)		(3)			(1)
Ending balance at Mar. 31, 2023	18,408	189	15,407	2,998	(288)	102
Beginning balance at Dec. 29, 2023	18,829	190	15,553	3,220	(198)	64
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	285			283		2
Other comprehensive loss, net of income taxes	(36)				(36)
Shares issued under stock incentive plans	35		35
Shares issued under defined contribution plans	70		70
Share-based compensation expense	26		26
Tax withholding payments on share-based awards	(20)		(20)
Repurchases and retirement of common stock	(233)	(1)	(192)	(40)
Cash dividends	(224)			(224)
Other	(2)					(2)
Ending balance at Mar. 29, 2024	$ 18,730	$ 189	$ 15,472	$ 3,239	$ (234)	$ 64

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 1.16	$ 1.14

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 29, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE A: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these notes to Condensed Consolidated Financial Statements (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. The accompanying Condensed Consolidated Financial Statements 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 U.S. 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 and are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period. 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 balance sheet at December 29, 2023 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. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with Part II: Item 7. 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 29, 2023 (our “Fiscal 2023 Form 10-K”). 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 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 and these Notes. Materially different results can occur as circumstances change and additional information becomes known. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). This accounting standard requires additional segment disclosures on an annual and interim basis, including significant segment expenses that are regularly provided to the chief operating decision maker. The standard does not change how operating segments and reportable segments are determined. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024. The standard is required to be applied retrospectively to all periods presented in the consolidated financial statements. We plan to adopt the standard for fiscal 2024. We are evaluating the impact of ASU 2023-07 and expect the standard will only impact our segment disclosures with no material impact to the consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). This accounting standard requires disaggregated income tax disclosures on an annual basis, including information on our effective income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, and may be applied prospectively or retrospectively. We are evaluating the impact of ASU 2023-09 and expect the standard will only impact our income taxes disclosures with no material impact to the consolidated financial statements. Significant Accounting Policies Update There have been no material changes to our significant accounting policies described in our Fiscal 2023 Form 10-K.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 29, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE B: EARNINGS PER SHARE We define EPS as net income attributable to L3Harris common shareholders divided by either our weighted average number of basic or diluted shares outstanding. Potential dilutive common shares primarily consist of employee stock options and restricted and performance unit awards. The weighted-average number of common shares outstanding used to compute basic and diluted EPS are as follows: Quarter Ended (In millions) March 29, 2024 March 31, 2023 Basic weighted-average common shares outstanding 189.8 190.2 Impact of dilutive share-based awards 1.0 1.0 Diluted weighted-average common shares outstanding 190.8 191.2 Income from continuing operations per diluted common share (“diluted EPS”) excludes the antidilutive impact of 0.8 million and 1.2 million weighted-average share-based awards outstanding for the quarters ended March 29, 2024 and March 31, 2023, respectively.

ACCOUNTS RECEIVABLE, CONTRACT A

ACCOUNTS RECEIVABLE, CONTRACT ASSETS AND CONTRACT LIABILITIES	3 Months Ended
	Mar. 29, 2024
Revenue from Contract with Customer [Abstract]
ACCOUNTS RECEIVABLE, CONTRACT ASSETS AND CONTRACT LIABILITIES	NOTE C: ACCOUNTS RECEIVABLE, CONTRACT ASSETS AND CONTRACT LIABILITIES Accounts Receivable We have two receivable sales 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. 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 were approximately $98 million at March 29, 2024, for net cash proceeds of approximately $97 million. We did not have outstanding accounts receivable sold pursuant to the RSAs at March 31, 2023. 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 contract liabilities are summarized below: (In millions) March 29, 2024 December 29, 2023 Contract assets $ 3,502 $ 3,196 Contract liabilities, current (1,777) (1,900) Contract liabilities, non-current (1) (88) (94) Net contract assets $ 1,637 $ 1,202 _______________ (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. Contract assets increased $306 million as of March 29, 2024 compared with December 29, 2023, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the quarter ended March 29, 2024 for which we have not yet billed our customers. There were no significant credit or impairment losses related to our contract assets during the quarter ended March 29, 2024. Contract liabilities decreased $129 million as of March 29, 2024 compared with December 29, 2023, primarily due to decreased advanced payments and timing of contractual billing milestones. Revenue recognized related to contract liabilities that were outstanding at the end of the respective prior fiscal year were $695 million and $603 million for the quarters ended March 29, 2024 and March 31, 2023, respectively. NOTE M: 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. At March 29, 2024, our ending backlog was $32.1 billion. We expect to recognize approximately 50% of the revenue associated with this backlog over the next twelve months and an additional 25% over the following twelve months, with the remainder to be recognized thereafter.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 29, 2024
Inventory Disclosure [Abstract]
INVENTORIES	NOTE D: INVENTORIES Inventories are summarized below: (In millions) March 29, 2024 December 29, 2023 Finished products $ 238 $ 217 Work in process 436 427 Materials and supplies 802 828 Inventories $ 1,476 $ 1,472

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE E: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The assignment of goodwill and changes in the carrying amount of goodwill, by business segment, are as follows: (In millions) SAS IMS CS AR Total Balance at December 29, 2023 (1) $ 6,110 $ 6,564 $ 4,940 $ 2,365 $ 19,979 Goodwill from AJRD acquisition (2) — — — 108 108 Currency translation adjustments (8) (8) (1) — (17) Balance at March 29, 2024 $ 6,102 $ 6,556 $ 4,939 $ 2,473 $ 20,070 _______________ (1) During fiscal 2023, we assigned $534 million of goodwill associated with the pending divestiture of Commercial Aviation Solutions (“CAS Disposal Group”) to “Assets of business held for sale” in our Condensed Consolidated Balance Sheet. See Note 13: Acquisitions, Divestitures and Asset Sales in our Fiscal 2023 Form 10-K for additional information regarding divestitures and businesses held for sale. (2) Represents a measurement period adjustment associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) in the quarter ended March 29, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information. At March 29, 2024, accumulated goodwill impairment losses totaled $80 million, $1,126 million and $355 million at our Space & Airborne Systems (“SAS”), Integrated Mission Systems (“IMS”) and Communication System (“CS”) segments, respectively. There are no accumulated impairments for our Aerojet Rocketdyne (“AR”) segment. Reallocation of Goodwill in Business Realignment. Effective in fiscal 2024, to better align our businesses, we adjusted our IMS segment by realigning our Electro Optical (“EO”) and Maritime sectors, which are also reporting units, splitting EO into two sectors, Global Optical Systems (“GOS”) and Defense Electronics (“DE”), and moving one EO business to the Maritime sector. GOS and DE represent one reporting unit. Immediately before and after the realignment, we performed a quantitative impairment assessment under our former and new reporting unit structure. These assessments indicated no impairment existed either before or after the realignment. See Note P: Business Segment Information in these Notes for further information. Other Intangible Assets Other identifiable intangible assets, net are summarized below: March 29, 2024 December 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (1) Customer relationships $ 8,907 $ 2,923 $ 5,984 $ 8,892 $ 2,733 $ 6,159 Developed technologies 854 432 422 856 413 443 Trade names — divisions 185 54 131 185 50 135 Other, including contract backlog 4 4 — 4 4 — Total finite-lived identifiable intangible assets 9,950 3,413 6,537 9,937 3,200 6,737 Trade names — corporate 1,803 — 1,803 1,803 — 1,803 Total identifiable intangible assets, net $ 11,753 $ 3,413 $ 8,340 $ 11,740 $ 3,200 $ 8,540 _______________ (1) During fiscal 2023, we assigned $263 million of intangible assets associated with the pending divestiture of the CAS Disposal Group to "Assets of business held for sale" in our Condensed Consolidated Balance Sheet. See Note 13: Acquisitions, Divestitures and Asset Sales in our Fiscal 2023 Form 10-K for additional information regarding divestitures and businesses held for sale. The most significant identifiable intangible asset that is separately recognized for our business combinations is customer relationships. For further description of our accounting policies related to intangible assets acquired in the AJRD acquisition, see Note O: Acquisitions and Divestitures in these Notes, and for our accounting policies related to all other intangible assets, see Note 6: Goodwill and Intangible Assets in our Fiscal 2023 Form 10-K. Amortization expense for identifiable finite-lived intangible assets was $217 million and $165 million for the quarters ended March 29, 2024 and March 31, 2023, respectively, which primarily related to assets acquired in connection with business combinations. Future estimated amortization expense for identifiable intangible assets is as follows: (In millions) Next 12 months $ 835 Months 13-24 766 Months 25-36 632 Months 37-48 562 Months 49-60 468 Thereafter 3,274 Total $ 6,537

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 29, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE F: INCOME TAXES Our effective tax rate was 1.7% for the quarter ended March 29, 2024 compared with 9.1% for the quarter ended March 31, 2023. The effective tax rate for quarter ended March 29, 2024 was lower than the quarter ended March 31, 2023, primarily due to additional resolutions of specific audit uncertainties in the quarter ended March 29, 2024, incremental research and development (“R&D”) credits attributable to the recently acquired AJRD and an increase in favorable impacts of excess tax benefits related to equity-based compensation. The rates for both periods benefited from foreign derived intangible income (“FDII”) deductions.

DEBT AND CREDIT ARRANGEMENTS

DEBT AND CREDIT ARRANGEMENTS	3 Months Ended
	Mar. 29, 2024
Debt Disclosure [Abstract]
DEBT AND CREDIT ARRANGEMENTS	NOTE G: DEBT AND CREDIT ARRANGEMENTS Long-Term Debt Long-term debt, net is summarized below: (In millions) March 29, 2024 December 29, 2023 Variable-rate debt: Term loan, due November 21, 2025 (“Term Loan 2025”) $ — $ 2,250 Fixed-rate debt: 3.95% notes, due May 28, 2024 350 350 3.832% notes, due April 27, 2025 600 600 7.00% debentures, due January 15, 2026 100 100 3.85% notes, due December 15, 2026 550 550 5.40% notes, due January 15, 2027 (“5.4% 2027 Notes”) 1,250 1,250 6.35% debentures, due February 1, 2028 26 26 4.40% notes, due June 15, 2028 1,850 1,850 5.05% notes, due June 1, 2029 (“5.05% 2029 Notes”) 750 — 2.90% notes, due December 15, 2029 400 400 1.80% notes, due January 15, 2031 650 650 5.25% notes, due June 1, 2031 (“5.25% 2031 Notes”) 750 — 5.40% notes, due July 31, 2033 (“5.4% 2033 Notes”) 1,500 1,500 5.350% notes, due June 1, 2034 (“5.35% 2034 Notes”) 750 — 4.854% notes, due April 27, 2035 400 400 6.15% notes, due December 15, 2040 300 300 5.054% notes, due April 27, 2045 500 500 5.60% notes, due July 31, 2053 (“5.6% 2053 Notes”) 500 500 Total variable and fixed-rate debt 11,226 11,226 Financing lease obligations and other debt 306 300 Long-term debt, including the current portion of long-term debt 11,532 11,526 Plus: unamortized bond premium 47 51 Less: unamortized discounts and issuance costs (74) (54) Long-term debt, including the current portion of long-term debt, net 11,505 11,523 Less: current portion of long-term debt, net (365) (363) Total long-term debt, net $ 11,140 $ 11,160 Long Term Debt Issued Fixed Rate Debt. On March 13, 2024, we closed the issuance and sale of $2.25 billion aggregate principal amount of new long-term fixed-rate debt consisting of the 5.05% 2029 Notes, the 5.25% 2031 Notes, and the 5.35% 2034 Notes (collectively, the “2024 Notes”). The 2024 Notes were used to repay Term Loan 2025, including related fees and expenses, which had an outstanding balance of $2.25 billion at December 29, 2023. Interest on the 2024 Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2024. We may redeem the 5.05% 2029 Notes, 5.25% 2031 Notes and 5.35% 2034 Notes prior to May 1, 2029, April 1, 2031 and March 1, 2034, respectively, in whole or in part, at our option, at a redemption price equal to the greater of: (i) the sum of the present values of the remaining scheduled payments of the principal and interest thereon discounted to the redemption date on a semi-annual basis at the “Treasury Rate,” as defined in the 2024 Notes, plus 15 basis points for the 5.05% 2029 Notes and 20 basis points for the 5.25% 2031 Notes and 5.35% 2034 Notes, less interest accrued to the date of redemption; (ii) or 100% of the principal amount of the respective notes plus, in either case, accrued interest and unpaid interest thereon to the redemption date. After May 1, 2029, April 1, 2031 and March 1, 2034, we may redeem the 5.05% 2029 Notes, 5.25% 2031 Notes, and 5.35% 2034 Notes respectively, at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to the redemption date. We incurred a combined total of $20 million of debt issuance costs for the 2024 Notes, which are being amortized over the life of each respective note. Such amortization is included as a component of the “Interest expense, net” line item in our Condensed Consolidated Statement of Operations. Long-Term Debt Repayments On March 14, 2024, we repaid the entire outstanding $2.25 billion drawn on Term Loan 2025, which at time of repayment had a variable interest rate of 6.7%, through the issuance of the 2024 Notes, which bear fixed interest rates between 5.05% and 5.35%. 2024 Credit Agreement On January 26, 2024, we established a new $1.5 billion, 364-day senior unsecured revolving credit facility (“2024 Credit Facility”) by entering into a 364-day credit agreement maturing no later than January 24, 2025 (“2024 Credit Agreement”) with a syndicate of lenders. The 2024 Credit Agreement replaces the prior $2.4 billion 364-Day Credit Agreement (“2023 Credit Agreement”). At our election, borrowings under the 2024 Credit Agreement, which are designated in U.S. Dollars, bear interest at the sum of the term secured overnight financing rate or the Base Rate (as defined in the 2024 Credit Agreement), plus an applicable margin that varies based on the ratings of our senior unsecured long-term debt securities (“Senior Debt Ratings.”) In addition to interest payable on the principal amount of indebtedness outstanding we are required to pay a quarterly unused commitment fee that varies based on our Senior Debt Ratings. The 2024 Credit Agreement also contains representations, warranties, covenants and events of default that are substantially similar to the existing Revolving Credit Agreement, dated as of July 29, 2022 (“2022 Credit Agreement”). The 2024 Credit Agreement matures in January 2025, provided that we may extend the maturity of any loans outstanding under the 2024 Credit Agreement by one year, subject to the satisfaction of certain conditions. At March 29, 2024, we had no outstanding borrowings and were in compliance with all covenants under the 2024 Credit Agreement. 2022 Credit Agreement On July 29, 2022, we established a $2.0 billion, five-year senior unsecured revolving credit facility (“2022 Credit Facility”) under a Revolving Credit Agreement (the “2022 Credit Agreement”), with a syndicate of lenders. At March 29, 2024, we had no outstanding borrowings and were in compliance with all covenants under the 2022 Credit Agreement. For a description of the 2022 Credit Agreement and related covenants, see Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K. Commercial Paper Program On January 26, 2024, we lowered the maximum amount available under our commercial paper program (“CP Program”) to $3.0 billion from $3.9 billion in accordance with the terms of the CP Program. The CP Program is supported by amounts available under the 2022 Credit Agreement and the 2024 Credit Agreement. The commercial paper notes are sold at par less a discount representing an interest factor or, if interest bearing, at par, and the maturities vary but may not exceed 397 days from the date of issue. The commercial paper notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness. At March 29, 2024 and December 29, 2023, we had $2.2 billion and $1.6 billion in outstanding notes under our CP Program, respectively, which is included as a component of the “Short-term debt” line item in our Condensed Consolidated Balance Sheet. The outstanding notes under our CP Program had a weighted-average interest rate of 5.83% and 5.95% at March 29, 2024 and December 29, 2023, respectively.

RETIREMENT BENEFITS

RETIREMENT BENEFITS	3 Months Ended
	Mar. 29, 2024
Retirement Benefits [Abstract]
RETIREMENT BENEFITS	NOTE H: RETIREMENT BENEFITS 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 benefit (“OPEB”) plans: Quarter Ended March 29, 2024 Quarter Ended March 31, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 8 $ — $ 6 $ — Non-operating Interest cost 99 3 92 3 Expected return on plan assets (165) (5) (153) (5) Amortization of net actuarial gain (1) (4) (2) (5) Amortization of prior service credit (7) — (7) — Non-service cost periodic benefit income (74) (6) (70) (7) Net periodic benefit income $ (66) $ (6) $ (64) $ (7) The service cost component of net periodic benefit income is included in the “Cost of revenue” and “General and administrative expenses” line items in our Condensed Consolidated Statement of Operations. The non-service cost components of net periodic benefit income are included in the “Non-service FAS pension income and other, net” line item in our Condensed Consolidated Statement of Operations.

STOCK OPTIONS AND OTHER SHARE-B

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 29, 2024
Share-Based Payment Arrangement [Abstract]
STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	NOTE I: STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION At March 29, 2024, we had stock options or other share-based compensation awards outstanding under two shareholder-approved employee stock incentive plans, as well as under employee stock incentive plans assumed by L3Harris (collectively, the “L3Harris SIPs”). The compensation cost related to our share-based awards that was charged against income for the quarters ended March 29, 2024 and March 31, 2023 was $26 million and $23 million, respectively. Awards granted to participants under L3Harris SIPs and the weighted-average grant-date fair value per share or unit during the quarters ended March 29, 2024 and March 31, 2023 are as follows: Quarter Ended March 29, 2024 Quarter Ended March 31, 2023 (In millions, except per share/units amounts) Shares or Units Weighted-Average Grant-Date Fair Value Shares or Units Weighted-Average Grant-Date Fair Value Stock option shares granted (1) 0.4 $ 50.97 0.4 $ 54.81 Restricted stock units granted (2) 0.1 $ 213.15 0.1 $ 210.84 Performance share units granted (3) 0.2 $ 230.09 0.2 $ 223.09 _______________ (1) Other than certain stock options granted in connection with new hires, our stock options generally ratably vest in equal amounts over a three-year period. (2) Other than certain restricted stock units granted in connection with new hires, our restricted stock units generally cliff vest after three-years. (3) Our performance share units are subject to performance criteria and generally vest after the three-year performance period. The aggregate number of shares of our common stock issued under L3Harris SIPs, net of shares withheld for tax purposes, was 0.5 million and 0.3 million for the quarters ended March 29, 2024 and March 31, 2023, respectively. See Note 10: Stock Options and Other Share-Based Compensation in our Fiscal 2023 Form 10-K for additional information regarding the L3Harris SIPs.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL")	3 Months Ended
	Mar. 29, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL")	NOTE J: ACCUMULATED OTHER COMPREHENSIVE LOSS (“AOCL”) The components of AOCL are summarized below: (In millions) Foreign currency translation Net unrealized losses on hedging derivatives Unrecognized postretirement obligations Total AOCL Balance at December 29, 2023 $ (201) $ (65) $ 68 $ (198) Other comprehensive loss, before reclassifications to earnings and income taxes (26) (4) — (30) Income taxes — 1 — 1 Other comprehensive loss before reclassifications to earnings, net of income taxes (26) (3) — (29) Losses (gains) reclassified to earnings, before income taxes — 3 (12) (9) Income taxes — (1) 3 2 Losses (gains) reclassified to earnings, net of income taxes (1) — 2 (9) (7) Other comprehensive loss, net of income taxes (26) (1) (9) (36) Balance at March 29, 2024 $ (227) $ (66) $ 59 $ (234) Balance at December 30, 2022 $ (237) $ (79) $ 28 $ (288) Other comprehensive income, before reclassifications to earnings and income taxes 7 6 — 13 Income taxes — (1) — (1) Other comprehensive income before reclassifications to earnings, net of income taxes 7 5 — 12 Gains reclassified to earnings, before income taxes — (2) (14) (16) Income taxes — 1 3 4 Gains reclassified to earnings, net of income taxes (1) — (1) (11) (12) Other comprehensive income (loss), net of income taxes 7 4 (11) — Balance at March 31, 2023 $ (230) $ (75) $ 17 $ (288) _______________ (1) Losses (gains) reclassified to earnings are included in the “Revenue,” “Interest expense, net” and “Non-service FAS pension income and other, net” line items in our Condensed Consolidated Statement of Operations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 29, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE K: FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability 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 March 29, 2024 and December 29, 2023: March 29, 2024 December 29, 2023 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets: (1) Equity and fixed income securities $ 112 $ 112 $ 106 $ 106 Investments measured at NAV: Corporate-owned life insurance 38 37 Total fair value of deferred compensation plan assets $ 150 $ 143 Liabilities Deferred compensation plan liabilities: (2) Equity securities and mutual funds $ 10 $ 10 $ 18 $ 18 Investments measured at NAV: Common/collective trusts and guaranteed investment contracts 289 274 Total fair value of deferred compensation plan liabilities $ 299 $ 292 _______________ (1) Represents diversified assets held in “rabbi trusts” primarily 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, 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. 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 long-term debt that is not carried at fair value in our Condensed Consolidated Balance Sheet: March 29, 2024 December 29, 2023 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Term Loan 2025 (1) $ — $ — $ 2,250 $ 2,250 All other long-term debt, net (including current portion) (2) 11,505 11,258 9,273 9,199 Long-term debt, including the current portion of long-term debt, net $ 11,505 $ 11,258 $ 11,523 $ 11,449 _______________ (1) The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate. (2) The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If measured at fair value, it would be categorized in Level 2 of the fair value hierarchy. The fair value of our short-term debt approximates the carrying value due to its short-term nature. If measured at fair value, the commercial paper would be classified as level 2 and other short-term debt would be classified as level 3 within the fair value hierarchy. See Note E: Goodwill and Other Intangible Assets and Note O: Acquisitions and Divestitures in these Notes and Note 13: Acquisitions, Divestitures and Asset Sales in our Fiscal 2023 Form 10-K for additional information regarding fair value measurements associated with acquisitions, divestitures and goodwill.

CHANGES IN ESTIMATES

CHANGES IN ESTIMATES	3 Months Ended
	Mar. 29, 2024
Change in Accounting Estimate [Abstract]
CHANGES IN ESTIMATES	NOTE L: CHANGES IN ESTIMATES Many of our contracts utilize 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. At the outset of each contract, we gauge its complexity and associated risks and establish an estimated total cost at completion. Due to the long-term nature of many of these contracts, developing these estimates often requires judgment. 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. As the contracts progress, we may successfully retire risks or complexities and may add additional risks, and we adjust our estimated total cost at completion. For additional discussion of our revenue recognition policies and our EAC process, see “Critical Accounting Estimates” in Part II: Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K. Net EAC adjustments had the following impact to earnings for the periods presented: Quarter Ended (In millions, except per share amounts) March 29, 2024 March 31, 2023 Net EAC adjustments, before income taxes (1) $ 19 $ (56) Net EAC adjustments, net of income taxes $ 15 $ (42) Net EAC adjustments, net of income taxes, per diluted share $ 0.08 $ (0.22) _______________ (1) For the quarter ended March 31, 2023, excludes charges of $18 million related to impairments of customer contracts that are included in the “Revenue” and “Cost of revenue” line items in our Condensed Consolidated Statement of Operations.

BACKLOG

BACKLOG	3 Months Ended
	Mar. 29, 2024
Revenue from Contract with Customer [Abstract]
BACKLOG	NOTE C: ACCOUNTS RECEIVABLE, CONTRACT ASSETS AND CONTRACT LIABILITIES Accounts Receivable We have two receivable sales 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. 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 were approximately $98 million at March 29, 2024, for net cash proceeds of approximately $97 million. We did not have outstanding accounts receivable sold pursuant to the RSAs at March 31, 2023. 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 contract liabilities are summarized below: (In millions) March 29, 2024 December 29, 2023 Contract assets $ 3,502 $ 3,196 Contract liabilities, current (1,777) (1,900) Contract liabilities, non-current (1) (88) (94) Net contract assets $ 1,637 $ 1,202 _______________ (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. Contract assets increased $306 million as of March 29, 2024 compared with December 29, 2023, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the quarter ended March 29, 2024 for which we have not yet billed our customers. There were no significant credit or impairment losses related to our contract assets during the quarter ended March 29, 2024. Contract liabilities decreased $129 million as of March 29, 2024 compared with December 29, 2023, primarily due to decreased advanced payments and timing of contractual billing milestones. Revenue recognized related to contract liabilities that were outstanding at the end of the respective prior fiscal year were $695 million and $603 million for the quarters ended March 29, 2024 and March 31, 2023, respectively. NOTE M: 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. At March 29, 2024, our ending backlog was $32.1 billion. We expect to recognize approximately 50% of the revenue associated with this backlog over the next twelve months and an additional 25% over the following twelve months, with the remainder to be recognized thereafter.

RESTRUCTURING AND OTHER EXIT CO

RESTRUCTURING AND OTHER EXIT COSTS	3 Months Ended
	Mar. 29, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND OTHER EXIT COSTS	NOTE N: RESTRUCTURING AND OTHER EXIT COSTS From time to time, we record charges for restructuring and other exit activities related to changes in management structure and fundamental reorganizations that affect the nature and focus of operations, such as our LHX NeXt initiative, described below. Such charges may include severance benefits and costs to consolidate facilities or relocate employees. We record these charges at their fair value when incurred. In cases where employees are required to render service until they are terminated in order to receive the termination benefits and will be retained beyond the minimum retention period, we record the expense ratably over the future service period. These charges are included as a component of the “General and administrative expenses” line item in our Consolidated Statement of Operations. LHX NeXt initiative. LHX NeXt is our initiative to transform multiple functions, systems and processes to increase agility and competitiveness, as discussed in more detail under the “Operating Environment, Strategic Priorities and Key Performance Measures” section in Part II: Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K. In connection with our LHX NeXt program restructuring activities, we recorded employee severance related charges of $64 million during the quarter ended March 29, 2024. At March 29, 2024, we had remaining liabilities of $55 million, which we expect will be paid in the next twelve months. Our liabilities for restructuring are included in the “Compensation and benefits” line item in our Condensed Consolidated Balance Sheet. Changes to our liabilities for restructuring and other exit costs during the quarter ended March 29, 2024 were as follows: (In millions) Employee Severance Related Costs Balance at December 29, 2023 $ 4 Additional provisions 64 Payments (13) Total changes 51 Balance at March 29, 2024 $ 55

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	3 Months Ended
	Mar. 29, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	NOTE O: ACQUISITIONS AND DIVESTITURES Acquisition of AJRD On July 28, 2023, we acquired AJRD, a technology-based engineering and manufacturing company that develops and produces missile solutions and technologies for strategic defense, missile defense, and hypersonic and tactical systems, as well as space propulsion and power systems for national security space and exploration missions. The acquisition provides us access to a new market. We acquired 100% of AJRD for a total net purchase price of $4,715 million. The acquisition was fina nced through the issuance and sale of $3.25 billion aggregate principal amount of new long-term fixed-rate debt consisting of the 5.4% 2027 Notes, the 5.4% 2033 Notes and the 5.6% 2053 Notes (collectively, the “AJRD Notes”) and a draw down under the 2023 Credit Agreement . See Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K for further information regarding the financing of the AJRD acquisition. Net assets and results of operations of AJRD are reflected in our financial results commencing on July 28, 2023, the acquisition date, and are reported in our AR segment, which is also the AR reporting unit, and corporate headquarters. We accounted for the acquisition of AJRD using the acquisition method of accounting, which required us to measure identifiable assets acquired and liabilities assumed in the acquiree at their fair values as of the acquisition date, with the excess of the consideration transferred over those fair values recorded as goodwill. Our preliminary fair value estimates and assumptions are subject to change as we obtain additional information over the measurement period and our measurement of certain assets and contingencies, such as intangible assets, property, plant and equipment, real estate held for development and leasing, loss contracts, environmental matters and related deferred tax impacts remain preliminary for completion of the related valuations. As of the acquisition date, the fair value of consideration transferred consisted of the following: (In millions) July 28, 2023 Cash consideration paid for AJRD outstanding common stock & equity awards $ 4,748 AJRD debt settled by L3Harris 257 Cash consideration paid 5,005 Less cash acquired (290) Fair value of consideration transferred $ 4,715 The following table summarizes the preliminary allocation of the fair value of consideration transferred to assets acquired and liabilities assumed as of the acquisition date: July 28, 2023 (In millions) Preliminary Measurement Period Adjustments, Net (1) Preliminary Receivables $ 156 $ — $ 156 Contract assets 338 (69) 269 Inventories 14 — 14 Other current assets 117 19 136 Property, plant and equipment 574 11 585 Goodwill 2,348 125 2,473 Other intangible assets 2,860 — 2,860 Other non-current assets 609 65 674 Total assets acquired $ 7,016 $ 151 $ 7,167 Current portion of long-term debt, net $ 1 $ — $ 1 Accounts payable 145 — 145 Contract liabilities 310 45 355 Compensation and benefits 116 1 117 Income taxes payable 6 (1) 5 Other accrued items 278 81 359 Long-term debt, net 41 — 41 Deferred income taxes 398 82 480 Other long-term liabilities 1,006 (57) 949 Total liabilities assumed $ 2,301 $ 151 $ 2,452 Fair value of consideration transferred $ 4,715 $ — $ 4,715 _______________ (1) Fair value adjustments during the measurement period primarily related to EAC updates, refinements to the fair value of fixed assets, as well as an update to the deferred tax liability which was offset by the release of a portion of the uncertain tax position previously booked by AJRD. We determined the fair value of assets acquired and liabilities assumed by using available market information and various valuation methods that require judgment related to estimates. Our accounting for the acquisition of AJRD remains preliminary. Amounts recorded associated with these assets and liabilities are based on preliminary calculations and estimates. Our preliminary estimates and assumptions are subject to change as we obtain additional information during the measurement period (up to one year from the acquisition date). Any potential adjustments made could be material in relation to the preliminary values presented above. Intangible Assets. All finite-lived intangible assets identified in the AJRD acquisition are subject to amortization. The preliminary fair value and weighted-average amortization period of identifiable intangible assets acquired as of the acquisition date is as follows: Total Useful Lives (In millions) (In Years) Customer relationships: (1) Backlog $ 355 3 Government programs 2,385 15 - 20 Total customer relationships 2,740 Trade names 120 15 Total identifiable intangible assets acquired $ 2,860 _______________ (1) AJRD had backlog and government programs intangible assets that we classified as customer relationships. The fair value of intangible assets is estimated using the relief from royalty method for the acquired trade names and the multi-period excess earnings method for the acquired customer relationships. Both of these level 3 fair value methods are income-based valuation approaches, which require judgment to estimate appropriate discount rates, royalty rates related to the trade names intangible assets, revenue growth attributable to the intangible assets and remaining useful lives. Forward Loss Provision. We have recorded a preliminary forward loss provision of $124 million which was included in the ” Other accrued items ” line item in our Condensed Consolidated Balance Sheet . The forward loss provisions will be recognized as a reduction to cost of sales as we incur costs to satisfy the associated performance obligations. There will be no net impact on our Condensed Consolidated Statement of Operations. We recognized $14 million of amortization related to the forward loss provision in the quarter ended March 29, 2024. Off-market Customer Contracts. We have identified certain contractual obligations with customers with economic returns that are higher or lower than could be realized in market transactions as of the acquisition date and have recorded liabilities for the preliminary acquisition date fair value of the off-market components. The preliminary acquisition date fair value of the off-market components is a net liability of $115 million, consisting of $34 million and $81 million included in the “Other accrued items” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet , respectively, and excludes any amounts already recognized in forward loss provisions (see discussion in the preceding paragraph) . We measured the fair value of these components as the amount by which the terms of the contract with the customer deviates from the terms that a market participant could have achieved at the acquisition date. The off-market components of these contracts will be recognized as an increase to revenue as we incur costs to satisfy the associated performance obligations. We recognized $8 million of amortization related to off-market contract liabilities in the quarter ended March 29, 2024 . Goodwill. The $2,473 million of goodwill recognized is attributable to AJRD’s market presence as the provider of advanced propulsion and power systems for nearly every major U.S. space and missile program, the assembled workforce and established operating infrastructure. The acquired goodwill is not tax deductible. See Note E: Goodwill and Other Intangible Assets in these Notes for further information. Financial Results. Revenue and income before income taxes of AR included in our Condensed Consolidated Statement of Operations for the quarter ended March 29, 2024 were $542 million and $72 million, respectively. Unaudited pro forma financial results of the operations acquired with AJRD for the quarter ended March 31, 2023 were $566 million of revenue and $60 million of income before income taxes, which were prepared as if the acquisition was completed on the first day of our fiscal 2023, December 31, 2022. The proforma results include adjustments to remove costs directly attributable to the acquisition, such as transaction-related costs and the impact of purchase price adjustments, and certain corporate expenses such as pension, interest, and amortization. The pro forma results do not include any integration synergies and are not necessarily indicative of our results of operations that actually would have been obtained had the acquisition of AJRD been completed for the period presented, or which may be realized in the future. Acquisition-Related Costs. Acquisition-related costs have been expensed as incurred. In connection with the AJRD acquisition, we recorded transaction and integration costs of $28 million for the quarter ended March 29, 2024, which were included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations. Pending Divestiture of CAS Disposal Group During the quarter ended December 29, 2023, we entered into a definitive agreement to sell our CAS Disposal Group for a cash purchase price of $700 million, with additional contingent consideration of up to $100 million, subject to customary purchase price adjustments and closing conditions as set forth in the agreement. As of March 29, 2024, the fair value less costs to sell of the CAS Disposal Group was $891 million, inclusive of consideration related to noncontrolling interest and accumulated other comprehensive income. Income before income taxes for the quarters ended March 31, 2023 and March 29, 2024 were $17 million and $21 million, respectively. The CAS Disposal Group, which is part of our IMS segment, provides integrated aircraft avionics, pilot training and data analytics services for the commercial aviation industry. The transaction is expected to close in fiscal 2024. In connection with the preparation of our financial statements for fiscal 2023, we concluded that goodwill related to the CAS Disposal Group was impaired and we recorded a non-cash impairment charge of $296 million, which is included in the Impairment of goodwill and other assets line item. See Note 6: Goodwill and Intangible Assets in our Fiscal 2023 Form 10-K. Additionally, we recognized a pre-tax loss of $77 million included in the “Asset group and business divestiture-related (losses) gains, net” line item in our Consolidated Statement of Operations in our Fiscal 2023 Form 10-K. The carrying amounts of the assets and liabilities of the CAS Disposal Group is classified as held for sale in our Condensed Consolidated Balance Sheet as of March 29, 2024 were as follows: (In millions) March 29, 2024 Receivables, net $ 94 Contract assets 48 Inventories 162 Other current assets 23 Property, plant and equipment, net 41 Goodwill 534 Other intangible assets, net 263 Other non-current assets 48 Valuation allowance (77) Total assets held for sale $ 1,136 Accounts payable $ 93 Contract liabilities 49 Compensation and benefits 6 Other accrued items 34 Other long-term liabilities 63 Total liabilities held for sale $ 245 Fair Value of Businesses and Goodwill Allocation. For purposes of allocating goodwill to the disposal groups that represent a portion of a reporting unit, which is our business segment level or one level below the business segment, we determine the fair value of each disposal group based on the respective negotiated selling price, and the fair value of the retained businesses of the respective reporting unit based on a combination of market-based and income based valuation techniques, utilizing quoted market prices, comparable publicly reported transactions and projected discounted cash flows. These fair value determinations are categorized as Level 3 in the fair value hierarchy due to their use of internal projections and unobservable measurement inputs. See Note E: Goodwill and Other Intangible Assets and Note K: Fair Value Measurements in these Notes for additional information.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	3 Months Ended
	Mar. 29, 2024
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	NOTE P: BUSINESS SEGMENT INFORMATION We structure our operations primarily around the products, systems and services we sell and the markets we serve and report our financial results in the following four reportable segments: • SAS: including space payloads, sensors and full-mission solutions; classified intelligence and cyber; avionics; electronic warfare; and mission networks for air traffic management operations; • IMS: including multi-mission intelligence, surveillance and reconnaissance (“ISR”) systems; passive sensing and targeti ng; electronic attack; autonomy; power and communications; networks; sensors; and the CAS Disposal Group, which includes aviation products and pilot training operations, see Note O: Acquisitions and Divestitures ; • CS: including tactical communications with global communications solutions; broadband communications; integrated vision solutions; and public safety radios, and system applications and equipment; and • AR: including missile solutions with propulsion technologies for strategic defense, missile defense, and hypersonic and tactical systems; and space propulsion and power systems for national security space and exploration missions. Business Realignment Effective for fiscal 2024, to better align our businesses, we adjusted our SAS and IMS segments. SAS. We combined our Advanced Combat Systems and Mission Avionics sectors into the Airborne Combat Systems (“ACS”) sector, as described below. • ACS: Sensors, processors, hardened electronics, release systems, displays and antennas for aircraft platforms, threat warning, countermeasures and launched efforts for airborne, ground and maritime platforms. IMS. We split our EO sector into two sectors, as described below, and transferred one business from EO to our Maritime sector. • GOS: passive sensing and targeting and laser imaging and sensor systems. • DE: fuzing, navigation and range-testing solutions and space communications and avionics. Business Segment Financial Information Segment revenue, segment operating income and a reconciliation of segment operating income to total income before income taxes are as follows: Quarter Ended (In millions) March 29, 2024 March 31, 2023 Revenue SAS $ 1,751 $ 1,655 IMS 1,669 1,700 CS 1,294 1,163 AR 542 ** Corporate eliminations (45) (47) Total revenue $ 5,211 $ 4,471 Income before Income Taxes Operating income: SAS $ 216 $ 187 IMS 190 185 CS 310 266 AR 72 ** Total segment 788 638 Total unallocated corporate expenses (410) (245) Total operating income 378 393 Non-service FAS pension income and other, net 88 82 Interest expense, net (176) (102) Income before income taxes $ 290 $ 373 _______________ ** AR is a reportable segment established during the quarter ended September 29, 2023, which consists of operations of AJRD. As such, there is no comparable prior year information. Unallocated Corporate Expenses Total unallocated corporate expenses include corporate items such as a portion of management and administration, legal, environmental, compensation, retiree benefits, other corporate expenses and eliminations and the FAS/Cost Accounting Standards (“CAS”) operating adjustment. Total unallocated corporate expenses also include the portion of corporate costs not included in management’s evaluation of segment operating performance, such as amortization of acquisition-related intangibles; additional cost of revenue related to the fair value step-up in inventory sold; merger, acquisition, and divestiture-related expenses; asset group and business divestiture-related (losses) gains, net; impairment of goodwill and other assets; gain on sale of property, plant and equipment; LHX NeXt implementation costs; and other items. FAS/CAS Pension Operating Adjustment In accordance with CAS, we allocate a portion of pension and OPEB plan costs to our U.S. Government contracts. However, our Condensed Consolidated Financial Statements require pension and OPEB plan income or expense to be calculated in accordance with FAS requirements under GAAP. The “FAS/CAS operating adjustment” line item in the table below represents the difference between the service cost component of FAS pension and OPEB cost and total CAS pension and OPEB cost. The non-service cost components of FAS pension and OPEB income or expense are included as component of the “Non-service FAS pension income and other, net” line item in our Condensed Consolidated Statement of Operations. See Note H: Retirement Benefits in these Notes for more information on the composition of non-service cost components of FAS pension and OPEB income and expense. The table below is a reconciliation of the FAS/CAS operating adjustment: Quarter Ended (In millions) March 29, 2024 March 31, 2023 FAS pension service cost $ (8) $ (6) Less: CAS pension cost (15) (28) FAS/CAS operating adjustment 7 22 Non-service FAS pension income 80 77 FAS/CAS pension adjustment, net $ 87 $ 99 Disaggregation of Revenue We disaggregate revenue for all four 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 March 29, 2024 March 31, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 1,108 $ 1,066 $ 913 $ 153 $ 1,010 $ 1,154 $ 807 ** Subcontractor 628 587 367 389 632 525 343 ** Intersegment 15 16 14 — 13 21 13 ** Total segment $ 1,751 $ 1,669 $ 1,294 $ 542 $ 1,655 $ 1,700 $ 1,163 ** Revenue By Contract Type Fixed-price(1) $ 1,108 $ 1,278 $ 1,065 $ 302 $ 1,022 $ 1,286 $ 978 ** Cost-reimbursable 628 375 215 240 620 393 172 ** Intersegment 15 16 14 — 13 21 13 ** Total segment $ 1,751 $ 1,669 $ 1,294 $ 542 $ 1,655 $ 1,700 $ 1,163 ** Revenue By Geographical Region United States $ 1,507 $ 1,203 $ 925 $ 527 $ 1,454 $ 1,257 $ 791 ** International 229 450 355 15 188 422 359 ** Intersegment 15 16 14 — 13 21 13 ** Total segment $ 1,751 $ 1,669 $ 1,294 $ 542 $ 1,655 $ 1,700 $ 1,163 ** _______________ ** AR is a reportable segment established during the quarter ended September 29, 2023, which consists of operations of AJRD. As such, there is no comparable prior year information. (1) Includes revenue derived from time-and-materials contracts. Assets by Business Segment Total assets by business segment are as follows: (In millions) March 29, 2024 December 29, 2023 SAS $ 9,111 $ 9,085 IMS 10,876 10,631 CS 7,019 7,084 AR 4,295 4,208 Corporate (1) 10,515 10,679 Total Assets $ 41,816 $ 41,687 _______________ (1) Identifiable intangible assets acquired in connection with business combinations were recorded as corporate assets because they benefited the entire Company. Identifiable intangible asset balances recorded as corporate assets were $8.3 billion and $8.5 billion at March 29, 2024 and December 29, 2023, respectively. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan investments, buildings and equipment, real estate held for development and leasing, as well as any assets of businesses held for sale.

LEGAL PROCEEDINGS AND CONTINGEN

LEGAL PROCEEDINGS AND CONTINGENCIES	3 Months Ended
	Mar. 29, 2024
Legal Proceedings And Contingencies [Abstract]
LEGAL PROCEEDINGS AND CONTINGENCIES	NOTE Q: LEGAL PROCEEDINGS AND CONTINGENCIES In the ordinary course of business, we are routinely defendants in, parties to or otherwise subject to many pending and threatened legal actions, claims, disputes, arbitration and other legal proceedings incident to our business, arising from or related 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 arbitration 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 March 29, 2024, our accrual for the potential resolution of lawsuits, claims or proceedings that we consider probable of being decided unfavorably to us was not material. We cannot at this time estimate the reasonably possible loss or range of loss in excess of our accrual due to the inherent uncertainties and speculative nature of contested proceedings. Although it is not feasible to predict the outcome of these matters with certainty, 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 March 29, 2024 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, including AJRD, are responsible, or alleged to be responsible, for environmental investigation and/or remediation of multiple sites, including sites owned by us and third-party 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 (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (commonly known as the “Superfund Act”), the Resource Conservation Recovery Act and/or equivalent state and international laws, and in some instances, our liability and proportionate share of costs that may be shared among other PRPs have not been determined largely due to uncertainties as to the nature and extent of site conditions and our involvement. Based on an assessment of relevant factors, we estimated that our liability under applicable environmental statutes and regulations for identified sites was $614 million as of March 29, 2024. The current portion of our estimated environmental liability is included in the “Other accrued items” line item and the non-current portion is included in the “Other long-term liabilities” line item in our Condensed Consolidated Balance Sheet. Some of these environmental costs are eligible for future recovery in the pricing of our products and services to the U.S. government and under existing third party agreements. We consider the recovery probable based on U.S. government contracting regulations and existing third-party agreements. As of March 29, 2024, we had an asset for the recoverable portion of these reserves of $433 million. The current and non-current portion of the recoverable costs are included as a component of the “Other current assets” and “Other non-current assets” line items, respectively, in our Condensed Consolidated Balance Sheet. The largest environmental matter is the Sacramento, California site. We are subject to a Partial Consent Decree (“PCD”) for this site, which required a guarantee up to $75 million (in addition to a prior $20 million guarantee) to assure that the Sacramento remediation activities are fully funded. Obligations under the $75 million aggregate guarantee are limited to $10 million in any year. Both the $75 million aggregate guarantee and the $10 million annual limitation are subject to adjustment annually for inflation. As of March 29, 2024, the estimated range of anticipated costs for the Sacramento, California site related to the PCD and other federal and state orders was $268 million to $403 million and the accrued amount was $268 million included as a component of the “Other accrued items” and “Other long-term liabilities” line item in our Condensed Consolidated Balance Sheet.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 29, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE R: SUBSEQUENT EVENTS

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 283	$ 337

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 29, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	We require all executive officers and directors to effect purchase and sale transactions in L3Harris securities pursuant to a trading plan (each, a “10b5-1 Plan”) intended to satisfy the requirements of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”). We limit executive officers to a single 10b5-1 Plan in effect at any time, subject to limited exceptions in accordance with Rule 10b5-1. In addition, our stock ownership guidelines require executive officers to maintain ownership of L3Harris securities (excluding stock options and unearned performance share units) with a value equal to a multiple of their annual salary. Each executive officer identified in the table below is expected to hold securities considerably in excess of L3Harris’ stock ownership guidelines following the sale of the maximum number of shares contemplated. The following table includes the material terms (other than with respect to the price) of each 10b5-1 Plan adopted or terminated by our executive officers and directors during the quarter ended March 29, 2024: Name and title Date of adoption of 10b5-1 Plan (1) Date of termination of 10b5-1 Plan Scheduled expiration date of 10b5-1 Plan (2) Aggregate number of shares of common stock to be purchased or sold (3) Christopher E. Kubasik Chair and CEO February 21, 2024 N/A June 13, 2024 Up to 76,190 shares underlying options expiring in 2026 Scott T. Mikuen Senior Vice President, General Counsel and Secretary March 13, 2024 N/A September 4, 2024 Up to 26,414 shares, including 15,887 shares underlying options expiring in 2027 Sean Stackley Senior Vice President, Strategy, Growth & Technology March 13, 2024 N/A September 13, 2024 Up to 6,708 shares _______________ (1) Transactions under each Rule 10b5-1 Plan commence no earlier than 90 days after adoption, or such later date as required by Rule 10b5-1. (2) Each Rule 10b5-1 Plan may expire on such earlier date as all transactions are completed. (3) Each Rule 10b5-1 Plan provides for shares to be sold on multiple predetermined dates.
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Christopher E. Kubasik [Member]
Trading Arrangements, by Individual
Name	Christopher E. Kubasik
Title	Chair and CEO
Adoption Date	February 21, 2024
Arrangement Duration	113 days
Aggregate Available	76,190
Scott T. Mikeun [Member]
Trading Arrangements, by Individual
Name	Scott T. Mikuen
Title	Senior Vice President, General Counsel and Secretary
Adoption Date	March 13, 2024
Arrangement Duration	175 days
Sean Stackley [Member]
Trading Arrangements, by Individual
Name	Sean Stackley
Title	Senior Vice President, Strategy, Growth & Technology
Adoption Date	March 13, 2024
Arrangement Duration	184 days
Aggregate Available	6,708
Mr. Mikuen Trading Arrangement, Common Stock [Member] | Scott T. Mikeun [Member]
Trading Arrangements, by Individual
Aggregate Available	26,414
Mr. Mikuen Trading Arrangement, Stock Options [Member] | Scott T. Mikeun [Member]
Trading Arrangements, by Individual
Aggregate Available	15,887

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 29, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these notes to Condensed Consolidated Financial Statements (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. The accompanying Condensed Consolidated Financial Statements 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 U.S. 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 and are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period.
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 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 and these Notes. Materially different results can occur as circumstances change and additional information becomes known.
Recently Issued Accounting Pronouncements and Significant Accounting Policies Update	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). This accounting standard requires additional segment disclosures on an annual and interim basis, including significant segment expenses that are regularly provided to the chief operating decision maker. The standard does not change how operating segments and reportable segments are determined. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023 and interim reporting periods beginning after December 15, 2024. The standard is required to be applied retrospectively to all periods presented in the consolidated financial statements. We plan to adopt the standard for fiscal 2024. We are evaluating the impact of ASU 2023-07 and expect the standard will only impact our segment disclosures with no material impact to the consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). This accounting standard requires disaggregated income tax disclosures on an annual basis, including information on our effective income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, and may be applied prospectively or retrospectively. We are evaluating the impact of ASU 2023-09 and expect the standard will only impact our income taxes disclosures with no material impact to the consolidated financial statements. Significant Accounting Policies Update There have been no material changes to our significant accounting policies described in our Fiscal 2023 Form 10-K.
Earnings Per Share	We define EPS as net income attributable to L3Harris common shareholders divided by either our weighted average number of basic or diluted shares outstanding. Potential dilutive common shares primarily consist of employee stock options and restricted and performance unit awards.
Fair Value Measurements	Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability 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.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 29, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The weighted-average number of common shares outstanding used to compute basic and diluted EPS are as follows: Quarter Ended (In millions) March 29, 2024 March 31, 2023 Basic weighted-average common shares outstanding 189.8 190.2 Impact of dilutive share-based awards 1.0 1.0 Diluted weighted-average common shares outstanding 190.8 191.2

ACCOUNTS RECEIVABLE, CONTRACT_2

ACCOUNTS RECEIVABLE, CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)	3 Months Ended
	Mar. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Contract Liabilities	Contract assets and contract liabilities are summarized below: (In millions) March 29, 2024 December 29, 2023 Contract assets $ 3,502 $ 3,196 Contract liabilities, current (1,777) (1,900) Contract liabilities, non-current (1) (88) (94) Net contract assets $ 1,637 $ 1,202 _______________ (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.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 29, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are summarized below: (In millions) March 29, 2024 December 29, 2023 Finished products $ 238 $ 217 Work in process 436 427 Materials and supplies 802 828 Inventories $ 1,476 $ 1,472

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amounts of Goodwill	The assignment of goodwill and changes in the carrying amount of goodwill, by business segment, are as follows: (In millions) SAS IMS CS AR Total Balance at December 29, 2023 (1) $ 6,110 $ 6,564 $ 4,940 $ 2,365 $ 19,979 Goodwill from AJRD acquisition (2) — — — 108 108 Currency translation adjustments (8) (8) (1) — (17) Balance at March 29, 2024 $ 6,102 $ 6,556 $ 4,939 $ 2,473 $ 20,070 _______________ (1) During fiscal 2023, we assigned $534 million of goodwill associated with the pending divestiture of Commercial Aviation Solutions (“CAS Disposal Group”) to “Assets of business held for sale” in our Condensed Consolidated Balance Sheet. See Note 13: Acquisitions, Divestitures and Asset Sales in our Fiscal 2023 Form 10-K for additional information regarding divestitures and businesses held for sale. (2) Represents a measurement period adjustment associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) in the quarter ended March 29, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information.
Schedule of Indefinite-Lived Intangible Assets	Other identifiable intangible assets, net are summarized below: March 29, 2024 December 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (1) Customer relationships $ 8,907 $ 2,923 $ 5,984 $ 8,892 $ 2,733 $ 6,159 Developed technologies 854 432 422 856 413 443 Trade names — divisions 185 54 131 185 50 135 Other, including contract backlog 4 4 — 4 4 — Total finite-lived identifiable intangible assets 9,950 3,413 6,537 9,937 3,200 6,737 Trade names — corporate 1,803 — 1,803 1,803 — 1,803 Total identifiable intangible assets, net $ 11,753 $ 3,413 $ 8,340 $ 11,740 $ 3,200 $ 8,540 _______________ (1) During fiscal 2023, we assigned $263 million of intangible assets associated with the pending divestiture of the CAS Disposal Group to "Assets of business held for sale" in our Condensed Consolidated Balance Sheet. See Note 13: Acquisitions, Divestitures and Asset Sales in our Fiscal 2023 Form 10-K for additional information regarding divestitures and businesses held for sale.
Schedule of Finite-Lived Intangible Assets	Other identifiable intangible assets, net are summarized below: March 29, 2024 December 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (1) Customer relationships $ 8,907 $ 2,923 $ 5,984 $ 8,892 $ 2,733 $ 6,159 Developed technologies 854 432 422 856 413 443 Trade names — divisions 185 54 131 185 50 135 Other, including contract backlog 4 4 — 4 4 — Total finite-lived identifiable intangible assets 9,950 3,413 6,537 9,937 3,200 6,737 Trade names — corporate 1,803 — 1,803 1,803 — 1,803 Total identifiable intangible assets, net $ 11,753 $ 3,413 $ 8,340 $ 11,740 $ 3,200 $ 8,540 _______________ (1) During fiscal 2023, we assigned $263 million of intangible assets associated with the pending divestiture of the CAS Disposal Group to "Assets of business held for sale" in our Condensed Consolidated Balance Sheet. See Note 13: Acquisitions, Divestitures and Asset Sales in our Fiscal 2023 Form 10-K for additional information regarding divestitures and businesses held for sale.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future estimated amortization expense for identifiable intangible assets is as follows: (In millions) Next 12 months $ 835 Months 13-24 766 Months 25-36 632 Months 37-48 562 Months 49-60 468 Thereafter 3,274 Total $ 6,537

DEBT AND CREDIT ARRANGEMENTS (T

DEBT AND CREDIT ARRANGEMENTS (Tables)	3 Months Ended
	Mar. 29, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Net	Long-term debt, net is summarized below: (In millions) March 29, 2024 December 29, 2023 Variable-rate debt: Term loan, due November 21, 2025 (“Term Loan 2025”) $ — $ 2,250 Fixed-rate debt: 3.95% notes, due May 28, 2024 350 350 3.832% notes, due April 27, 2025 600 600 7.00% debentures, due January 15, 2026 100 100 3.85% notes, due December 15, 2026 550 550 5.40% notes, due January 15, 2027 (“5.4% 2027 Notes”) 1,250 1,250 6.35% debentures, due February 1, 2028 26 26 4.40% notes, due June 15, 2028 1,850 1,850 5.05% notes, due June 1, 2029 (“5.05% 2029 Notes”) 750 — 2.90% notes, due December 15, 2029 400 400 1.80% notes, due January 15, 2031 650 650 5.25% notes, due June 1, 2031 (“5.25% 2031 Notes”) 750 — 5.40% notes, due July 31, 2033 (“5.4% 2033 Notes”) 1,500 1,500 5.350% notes, due June 1, 2034 (“5.35% 2034 Notes”) 750 — 4.854% notes, due April 27, 2035 400 400 6.15% notes, due December 15, 2040 300 300 5.054% notes, due April 27, 2045 500 500 5.60% notes, due July 31, 2053 (“5.6% 2053 Notes”) 500 500 Total variable and fixed-rate debt 11,226 11,226 Financing lease obligations and other debt 306 300 Long-term debt, including the current portion of long-term debt 11,532 11,526 Plus: unamortized bond premium 47 51 Less: unamortized discounts and issuance costs (74) (54) Long-term debt, including the current portion of long-term debt, net 11,505 11,523 Less: current portion of long-term debt, net (365) (363) Total long-term debt, net $ 11,140 $ 11,160

RETIREMENT BENEFITS (Tables)

RETIREMENT BENEFITS (Tables)	3 Months Ended
	Mar. 29, 2024
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 benefit (“OPEB”) plans: Quarter Ended March 29, 2024 Quarter Ended March 31, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 8 $ — $ 6 $ — Non-operating Interest cost 99 3 92 3 Expected return on plan assets (165) (5) (153) (5) Amortization of net actuarial gain (1) (4) (2) (5) Amortization of prior service credit (7) — (7) — Non-service cost periodic benefit income (74) (6) (70) (7) Net periodic benefit income $ (66) $ (6) $ (64) $ (7)

STOCK OPTIONS AND OTHER SHARE_2

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 29, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Awards Granted, Stock Option and Units	Awards granted to participants under L3Harris SIPs and the weighted-average grant-date fair value per share or unit during the quarters ended March 29, 2024 and March 31, 2023 are as follows: Quarter Ended March 29, 2024 Quarter Ended March 31, 2023 (In millions, except per share/units amounts) Shares or Units Weighted-Average Grant-Date Fair Value Shares or Units Weighted-Average Grant-Date Fair Value Stock option shares granted (1) 0.4 $ 50.97 0.4 $ 54.81 Restricted stock units granted (2) 0.1 $ 213.15 0.1 $ 210.84 Performance share units granted (3) 0.2 $ 230.09 0.2 $ 223.09 _______________ (1) Other than certain stock options granted in connection with new hires, our stock options generally ratably vest in equal amounts over a three-year period. (2) Other than certain restricted stock units granted in connection with new hires, our restricted stock units generally cliff vest after three-years. (3) Our performance share units are subject to performance criteria and generally vest after the three-year performance period.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL") (Tables)	3 Months Ended
	Mar. 29, 2024
Equity [Abstract]
Schedule of Components of AOCI	The components of AOCL are summarized below: (In millions) Foreign currency translation Net unrealized losses on hedging derivatives Unrecognized postretirement obligations Total AOCL Balance at December 29, 2023 $ (201) $ (65) $ 68 $ (198) Other comprehensive loss, before reclassifications to earnings and income taxes (26) (4) — (30) Income taxes — 1 — 1 Other comprehensive loss before reclassifications to earnings, net of income taxes (26) (3) — (29) Losses (gains) reclassified to earnings, before income taxes — 3 (12) (9) Income taxes — (1) 3 2 Losses (gains) reclassified to earnings, net of income taxes (1) — 2 (9) (7) Other comprehensive loss, net of income taxes (26) (1) (9) (36) Balance at March 29, 2024 $ (227) $ (66) $ 59 $ (234) Balance at December 30, 2022 $ (237) $ (79) $ 28 $ (288) Other comprehensive income, before reclassifications to earnings and income taxes 7 6 — 13 Income taxes — (1) — (1) Other comprehensive income before reclassifications to earnings, net of income taxes 7 5 — 12 Gains reclassified to earnings, before income taxes — (2) (14) (16) Income taxes — 1 3 4 Gains reclassified to earnings, net of income taxes (1) — (1) (11) (12) Other comprehensive income (loss), net of income taxes 7 4 (11) — Balance at March 31, 2023 $ (230) $ (75) $ 17 $ (288) _______________ (1) Losses (gains) reclassified to earnings are included in the “Revenue,” “Interest expense, net” and “Non-service FAS pension income and other, net” line items in our Condensed Consolidated Statement of Operations.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 29, 2024
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 March 29, 2024 and December 29, 2023: March 29, 2024 December 29, 2023 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets: (1) Equity and fixed income securities $ 112 $ 112 $ 106 $ 106 Investments measured at NAV: Corporate-owned life insurance 38 37 Total fair value of deferred compensation plan assets $ 150 $ 143 Liabilities Deferred compensation plan liabilities: (2) Equity securities and mutual funds $ 10 $ 10 $ 18 $ 18 Investments measured at NAV: Common/collective trusts and guaranteed investment contracts 289 274 Total fair value of deferred compensation plan liabilities $ 299 $ 292 _______________ (1) Represents diversified assets held in “rabbi trusts” primarily 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, 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. 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.
Schedule of Fair Value, Long-term Debt	The following table presents the carrying amounts and estimated fair values of long-term debt that is not carried at fair value in our Condensed Consolidated Balance Sheet: March 29, 2024 December 29, 2023 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Term Loan 2025 (1) $ — $ — $ 2,250 $ 2,250 All other long-term debt, net (including current portion) (2) 11,505 11,258 9,273 9,199 Long-term debt, including the current portion of long-term debt, net $ 11,505 $ 11,258 $ 11,523 $ 11,449 _______________ (1) The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate. (2) The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.

CHANGES IN ESTIMATES (Tables)

CHANGES IN ESTIMATES (Tables)	3 Months Ended
	Mar. 29, 2024
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) March 29, 2024 March 31, 2023 Net EAC adjustments, before income taxes (1) $ 19 $ (56) Net EAC adjustments, net of income taxes $ 15 $ (42) Net EAC adjustments, net of income taxes, per diluted share $ 0.08 $ (0.22) _______________ (1) For the quarter ended March 31, 2023, excludes charges of $18 million related to impairments of customer contracts that are included in the “Revenue” and “Cost of revenue” line items in our Condensed Consolidated Statement of Operations.

RESTRUCTURING AND OTHER EXIT _2

RESTRUCTURING AND OTHER EXIT COSTS (Tables)	3 Months Ended
	Mar. 29, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Other Exit Activities	Changes to our liabilities for restructuring and other exit costs during the quarter ended March 29, 2024 were as follows: (In millions) Employee Severance Related Costs Balance at December 29, 2023 $ 4 Additional provisions 64 Payments (13) Total changes 51 Balance at March 29, 2024 $ 55

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	3 Months Ended
	Mar. 29, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions Consideration Transferred	As of the acquisition date, the fair value of consideration transferred consisted of the following: (In millions) July 28, 2023 Cash consideration paid for AJRD outstanding common stock & equity awards $ 4,748 AJRD debt settled by L3Harris 257 Cash consideration paid 5,005 Less cash acquired (290) Fair value of consideration transferred $ 4,715
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of the fair value of consideration transferred to assets acquired and liabilities assumed as of the acquisition date: July 28, 2023 (In millions) Preliminary Measurement Period Adjustments, Net (1) Preliminary Receivables $ 156 $ — $ 156 Contract assets 338 (69) 269 Inventories 14 — 14 Other current assets 117 19 136 Property, plant and equipment 574 11 585 Goodwill 2,348 125 2,473 Other intangible assets 2,860 — 2,860 Other non-current assets 609 65 674 Total assets acquired $ 7,016 $ 151 $ 7,167 Current portion of long-term debt, net $ 1 $ — $ 1 Accounts payable 145 — 145 Contract liabilities 310 45 355 Compensation and benefits 116 1 117 Income taxes payable 6 (1) 5 Other accrued items 278 81 359 Long-term debt, net 41 — 41 Deferred income taxes 398 82 480 Other long-term liabilities 1,006 (57) 949 Total liabilities assumed $ 2,301 $ 151 $ 2,452 Fair value of consideration transferred $ 4,715 $ — $ 4,715 _______________ (1) Fair value adjustments during the measurement period primarily related to EAC updates, refinements to the fair value of fixed assets, as well as an update to the deferred tax liability which was offset by the release of a portion of the uncertain tax position previously booked by AJRD.
Schedule of Identifiable Intangible Assets Acquired	The preliminary fair value and weighted-average amortization period of identifiable intangible assets acquired as of the acquisition date is as follows: Total Useful Lives (In millions) (In Years) Customer relationships: (1) Backlog $ 355 3 Government programs 2,385 15 - 20 Total customer relationships 2,740 Trade names 120 15 Total identifiable intangible assets acquired $ 2,860 _______________ (1) AJRD had backlog and government programs intangible assets that we classified as customer relationships.
Schedule of Business Divestitures and Asset Sales	The carrying amounts of the assets and liabilities of the CAS Disposal Group is classified as held for sale in our Condensed Consolidated Balance Sheet as of March 29, 2024 were as follows: (In millions) March 29, 2024 Receivables, net $ 94 Contract assets 48 Inventories 162 Other current assets 23 Property, plant and equipment, net 41 Goodwill 534 Other intangible assets, net 263 Other non-current assets 48 Valuation allowance (77) Total assets held for sale $ 1,136 Accounts payable $ 93 Contract liabilities 49 Compensation and benefits 6 Other accrued items 34 Other long-term liabilities 63 Total liabilities held for sale $ 245

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 29, 2024
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 before income taxes are as follows: Quarter Ended (In millions) March 29, 2024 March 31, 2023 Revenue SAS $ 1,751 $ 1,655 IMS 1,669 1,700 CS 1,294 1,163 AR 542 ** Corporate eliminations (45) (47) Total revenue $ 5,211 $ 4,471 Income before Income Taxes Operating income: SAS $ 216 $ 187 IMS 190 185 CS 310 266 AR 72 ** Total segment 788 638 Total unallocated corporate expenses (410) (245) Total operating income 378 393 Non-service FAS pension income and other, net 88 82 Interest expense, net (176) (102) Income before income taxes $ 290 $ 373 _______________ ** AR is a reportable segment established during the quarter ended September 29, 2023, which consists of operations of AJRD. As such, there is no comparable prior year information. The table below is a reconciliation of the FAS/CAS operating adjustment: Quarter Ended (In millions) March 29, 2024 March 31, 2023 FAS pension service cost $ (8) $ (6) Less: CAS pension cost (15) (28) FAS/CAS operating adjustment 7 22 Non-service FAS pension income 80 77 FAS/CAS pension adjustment, net $ 87 $ 99
Schedule of Disaggregation of Revenue by Segment	Disaggregation of Revenue We disaggregate revenue for all four 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 March 29, 2024 March 31, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 1,108 $ 1,066 $ 913 $ 153 $ 1,010 $ 1,154 $ 807 ** Subcontractor 628 587 367 389 632 525 343 ** Intersegment 15 16 14 — 13 21 13 ** Total segment $ 1,751 $ 1,669 $ 1,294 $ 542 $ 1,655 $ 1,700 $ 1,163 ** Revenue By Contract Type Fixed-price(1) $ 1,108 $ 1,278 $ 1,065 $ 302 $ 1,022 $ 1,286 $ 978 ** Cost-reimbursable 628 375 215 240 620 393 172 ** Intersegment 15 16 14 — 13 21 13 ** Total segment $ 1,751 $ 1,669 $ 1,294 $ 542 $ 1,655 $ 1,700 $ 1,163 ** Revenue By Geographical Region United States $ 1,507 $ 1,203 $ 925 $ 527 $ 1,454 $ 1,257 $ 791 ** International 229 450 355 15 188 422 359 ** Intersegment 15 16 14 — 13 21 13 ** Total segment $ 1,751 $ 1,669 $ 1,294 $ 542 $ 1,655 $ 1,700 $ 1,163 ** _______________ ** AR is a reportable segment established during the quarter ended September 29, 2023, which consists of operations of AJRD. As such, there is no comparable prior year information. (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) March 29, 2024 December 29, 2023 SAS $ 9,111 $ 9,085 IMS 10,876 10,631 CS 7,019 7,084 AR 4,295 4,208 Corporate (1) 10,515 10,679 Total Assets $ 41,816 $ 41,687 _______________ (1) Identifiable intangible assets acquired in connection with business combinations were recorded as corporate assets because they benefited the entire Company. Identifiable intangible asset balances recorded as corporate assets were $8.3 billion and $8.5 billion at March 29, 2024 and December 29, 2023, respectively. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan investments, buildings and equipment, real estate held for development and leasing, as well as any assets of businesses held for sale.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares shares in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding (in shares)	189.8	190.2
Impact of dilutive share-based awards (in shares)	1	1
Diluted weighted average common shares outstanding (in shares)	190.8	191.2
Weighted average anti-dilutive employee stock options outstanding (in shares)	0.8	1.2

ACCOUNTS RECEIVABLE, CONTRACT_3

ACCOUNTS RECEIVABLE, CONTRACT ASSETS AND CONTRACT LIABILITIES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 29, 2024 USD ($) receivableSaleAgreement financialInstitution	Mar. 31, 2023 USD ($)
Transfer of Financial Assets Accounted for as Sales [Line Items]
Number of third party financial institutions | financialInstitution	2
Outstanding receivables sold under agreement	$ 98	$ 0
Increase in contract assets	306
Decrease in contract liabilities	129
Cash proceeds received for receivables sold	97
Recognized revenue related to contract liabilities outstanding at the end of the year	$ 695	$ 603
RSA
Transfer of Financial Assets Accounted for as Sales [Line Items]
Number of receivables sales agreements | receivableSaleAgreement	2
RSA One
Transfer of Financial Assets Accounted for as Sales [Line Items]
Authorized amount of accounts receivables outstanding under agreement	$ 100
RSA Two
Transfer of Financial Assets Accounted for as Sales [Line Items]
Authorized amount of accounts receivables outstanding under agreement	$ 100

ACCOUNTS RECEIVABLE, CONTRACT_4

ACCOUNTS RECEIVABLE, CONTRACT ASSETS AND CONTRACT LIABILITIES (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Transfer of Financial Assets Accounted for as Sales [Line Items]
Contract assets	$ 3,502	$ 3,196
Contract liabilities, current	(1,777)	(1,900)
Contract liabilities, non-current	(88)	(94)
Net contract assets	$ 1,637	$ 1,202

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Inventory Disclosure [Abstract]
Finished products	$ 238	$ 217
Work in process	436	427
Materials and supplies	802	828
Inventories	$ 1,476	$ 1,472

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Dec. 29, 2023
Goodwill [Roll Forward]
Beginning Balance	$ 19,979
Goodwill from AJRD acquisition	108
Currency translation adjustments	(17)
Ending Balance	20,070
CAS Business
Goodwill [Roll Forward]
Goodwill associated with pending divestiture	534	$ 534
SAS
Goodwill [Roll Forward]
Beginning Balance	6,110
Currency translation adjustments	(8)
Ending Balance	6,102
IMS
Goodwill [Roll Forward]
Beginning Balance	6,564
Currency translation adjustments	(8)
Ending Balance	6,556
CS
Goodwill [Roll Forward]
Beginning Balance	4,940
Currency translation adjustments	(1)
Ending Balance	4,939
AR
Goodwill [Roll Forward]
Beginning Balance	2,365
Goodwill from AJRD acquisition	108
Currency translation adjustments	0
Ending Balance	$ 2,473

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of acquisition-related intangibles	$ 217	$ 165
SAS
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	80
CS
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	355
IMS
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	$ 1,126

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Finite and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,950	$ 9,937
Total intangibles, gross carrying amount	11,753	11,740
Accumulated Amortization	3,413	3,200
Net Carrying Amount	6,537	6,737
Total identifiable intangible assets, net	8,340	8,540
CAS Business
Finite-Lived Intangible Assets [Line Items]
Intangible assets associated with pending divestiture	263	263
Trade names — divisions
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,803	1,803
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,907	8,892
Accumulated Amortization	2,923	2,733
Net Carrying Amount	5,984	6,159
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	854	856
Accumulated Amortization	432	413
Net Carrying Amount	422	443
Trade names — divisions
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	185	185
Accumulated Amortization	54	50
Net Carrying Amount	131	135
Other, including contract backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4	4
Accumulated Amortization	4	4
Net Carrying Amount	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization Expense (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Next 12 months	$ 835
Months 13-24	766
Months 25-36	632
Months 37-48	562
Months 49-60	468
Thereafter	3,274
Net Carrying Amount	$ 6,537	$ 6,737

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation (percent)	1.70%	9.10%

DEBT AND CREDIT ARRANGEMENTS -

DEBT AND CREDIT ARRANGEMENTS - Long-term Debt, Net (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Debt Instrument [Line Items]
Debt	$ 11,226	$ 11,226
Financing lease obligations and other debt	306	300
Long-term debt, including the current portion of long-term debt	11,532	11,526
Plus: unamortized bond premium	47	51
Less: unamortized discounts and issuance costs	(74)	(54)
Long-term debt, including the current portion of long-term debt, net	11,505	11,523
Less: current portion of long-term debt, net	(365)	(363)
Total long-term debt, net	11,140	11,160
Line of Credit | Term loan, due November 21, 2025 (“Term Loan 2025”) | Secured Debt
Debt Instrument [Line Items]
Debt	$ 0	2,250
Fixed-rate debt | 3.95% notes, due May 28, 2024
Debt Instrument [Line Items]
Debt interest rate	3.95%
Debt	$ 350	350
Fixed-rate debt | 3.832% notes, due April 27, 2025
Debt Instrument [Line Items]
Debt interest rate	3.832%
Debt	$ 600	600
Fixed-rate debt | 7.00% debentures, due January 15, 2026
Debt Instrument [Line Items]
Debt interest rate	7%
Debt	$ 100	100
Fixed-rate debt | 3.85% notes, due December 15, 2026
Debt Instrument [Line Items]
Debt interest rate	3.85%
Debt	$ 550	550
Fixed-rate debt | 5.40% notes, due January 15, 2027 (“5.4% 2027 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.40%
Debt	$ 1,250	1,250
Fixed-rate debt | 6.35% debentures, due February 1, 2028
Debt Instrument [Line Items]
Debt interest rate	6.35%
Debt	$ 26	26
Fixed-rate debt | 4.40% notes, due June 15, 2028
Debt Instrument [Line Items]
Debt interest rate	4.40%
Debt	$ 1,850	1,850
Fixed-rate debt | $5.05% notes, due June 1, 2029 (“5.05% 2029 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.05%
Debt	$ 750	0
Fixed-rate debt | 2.90% notes, due December 15, 2029
Debt Instrument [Line Items]
Debt interest rate	2.90%
Debt	$ 400	400
Fixed-rate debt | 1.80% notes, due January 15, 2031
Debt Instrument [Line Items]
Debt interest rate	1.80%
Debt	$ 650	650
Fixed-rate debt | $5.25% notes, due June 1, 2031 (“5.25% 2031 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.25%
Debt	$ 750	0
Fixed-rate debt | 5.40% notes, due July 31, 2033 (“5.4% 2033 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.40%
Debt	$ 1,500	1,500
Fixed-rate debt | $5.350% notes, due June 1, 2034 (“5.35% 2034 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.35%
Debt	$ 750	0
Fixed-rate debt | 4.854% notes, due April 27, 2035
Debt Instrument [Line Items]
Debt interest rate	4.854%
Debt	$ 400	400
Fixed-rate debt | 6.15% notes, due December 15, 2040
Debt Instrument [Line Items]
Debt interest rate	6.15%
Debt	$ 300	300
Fixed-rate debt | 5.054% notes, due April 27, 2045
Debt Instrument [Line Items]
Debt interest rate	5.054%
Debt	$ 500	500
Fixed-rate debt | 5.60% notes, due July 31, 2053 (“5.6% 2053 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.60%
Debt	$ 500	$ 500

DEBT AND CREDIT ARRANGEMENTS _2

DEBT AND CREDIT ARRANGEMENTS - Narrative (Details) $ in Millions						3 Months Ended
	Mar. 14, 2024	Jan. 26, 2024 USD ($)	Mar. 14, 2023 USD ($)	Mar. 10, 2023 USD ($)	Jul. 29, 2022 USD ($)	Mar. 29, 2024 USD ($)	Mar. 13, 2024 USD ($)	Dec. 29, 2023 USD ($)
Debt Instrument [Line Items]
Debt						$ 11,226		$ 11,226
Short-term debt						2,203		1,602
Commercial Paper
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,000	$ 3,900
Short-term debt						$ 2,200		$ 1,600
Debt, weighted average interest rate						5.83%		5.95%
Maximum | Commercial Paper
Debt Instrument [Line Items]
Debt instrument term			397 days
2024 Notes | Fixed-rate debt
Debt Instrument [Line Items]
Debt issued							$ 2,250
Debt issuance costs							$ 20
2024 Notes | Fixed-rate debt | Minimum
Debt Instrument [Line Items]
Debt instrument redemption price percentage						100%
$5.05% notes, due June 1, 2029 (“5.05% 2029 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt						$ 750		$ 0
Redemption price, basis spread rate						0.0015
Debt interest rate percentage						5.05%
$5.350% notes, due June 1, 2034 (“5.35% 2034 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt						$ 750		0
Redemption price, basis spread rate						0.0020
Debt interest rate percentage						5.35%
$5.25% notes, due June 1, 2031 (“5.25% 2031 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt						$ 750		0
Redemption price, basis spread rate						0.0020
Debt interest rate percentage						5.25%
Term loan, due November 21, 2025 (“Term Loan 2025”) | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Debt						$ 0		$ 2,250
Variable interest rate	6.70%
2024 Credit Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,500
Debt instrument term		364 days
2024 Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Short-term debt						0
2023 Credit Agreement | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 2,400
Debt instrument term				364 days
Credit Agreement 2024 | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument, maturity extension term				1 year
2022 Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 2,000
Debt instrument term					5 years
Short-term debt						$ 0

RETIREMENT BENEFITS (Details)

RETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Pension
Operating
Service cost	$ 8	$ 6
Non-operating
Interest cost	99	92
Expected return on plan assets	(165)	(153)
Amortization of net actuarial gain	(1)	(2)
Amortization of prior service credit	(7)	(7)
Non-service cost periodic benefit income	(74)	(70)
Net periodic benefit income	(66)	(64)
Other Benefits
Operating
Service cost	0	0
Non-operating
Interest cost	3	3
Expected return on plan assets	(5)	(5)
Amortization of net actuarial gain	(4)	(5)
Amortization of prior service credit	0	0
Non-service cost periodic benefit income	(6)	(7)
Net periodic benefit income	$ (6)	$ (7)

STOCK OPTIONS AND OTHER SHARE_3

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION - Narrative (Details) - L3Harris Shareholder-approved Employee Stock Incentive Plans - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 26	$ 23
Common stock issued, net of shares withheld for tax purposes (in shares)	0.5	0.3

STOCK OPTIONS AND OTHER SHARE_4

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION - Summary of Awards Granted (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Shares
Options granted (in shares)	0.4	0.4
Weighted Average Grant Date Fair Value Per Share [Abstract]
Stock options granted (in dollars per share)	$ 50.97	$ 54.81
Stock Options
Weighted Average Grant Date Fair Value Per Share [Abstract]
Award vesting period	3 years
Restricted Stock and Restricted Stock Units
Shares
Equity instruments other than options granted (in shares)	0.1	0.1
Weighted Average Grant Date Fair Value Per Share [Abstract]
Equity instruments other than options granted (in dollars per share)	$ 213.15	$ 210.84
Award vesting period	3 years
Performance Share Units
Shares
Equity instruments other than options granted (in shares)	0.2	0.2
Weighted Average Grant Date Fair Value Per Share [Abstract]
Equity instruments other than options granted (in dollars per share)	$ 230.09	$ 223.09
Award vesting period	3 years

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL") (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 18,829	$ 18,624
Other comprehensive (loss) income recognized during the period	(29)	12
Losses (gains) reclassified to earnings, net of income taxes	(7)	(12)
Other comprehensive (loss) income, net of income taxes	(36)	0
Ending balance	18,730	18,408
Total AOCL
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(198)	(288)
Other comprehensive (loss), income, before reclassifications to earnings and income taxes	(30)	13
Income taxes	1	(1)
Other comprehensive (loss) income recognized during the period	(29)	12
Losses (gains) reclassified to earnings, before income taxes	(9)	(16)
Income taxes	2	4
Losses (gains) reclassified to earnings, net of income taxes	(7)	(12)
Other comprehensive (loss) income, net of income taxes	(36)	0
Ending balance	(234)	(288)
Foreign currency translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(201)	(237)
Other comprehensive (loss), income, before reclassifications to earnings and income taxes	(26)	7
Income taxes	0	0
Other comprehensive (loss) income recognized during the period	(26)	7
Losses (gains) reclassified to earnings, before income taxes	0	0
Income taxes	0	0
Losses (gains) reclassified to earnings, net of income taxes	0	0
Other comprehensive (loss) income, net of income taxes	(26)	7
Ending balance	(227)	(230)
Net unrealized losses on hedging derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(65)	(79)
Other comprehensive (loss), income, before reclassifications to earnings and income taxes	(4)	6
Income taxes	1	(1)
Other comprehensive (loss) income recognized during the period	(3)	5
Losses (gains) reclassified to earnings, before income taxes	3	(2)
Income taxes	(1)	1
Losses (gains) reclassified to earnings, net of income taxes	2	(1)
Other comprehensive (loss) income, net of income taxes	(1)	4
Ending balance	(66)	(75)
Unrecognized postretirement obligations
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	68	28
Other comprehensive (loss), income, before reclassifications to earnings and income taxes	0	0
Income taxes	0	0
Other comprehensive (loss) income recognized during the period	0	0
Losses (gains) reclassified to earnings, before income taxes	(12)	(14)
Income taxes	3	3
Losses (gains) reclassified to earnings, net of income taxes	(9)	(11)
Other comprehensive (loss) income, net of income taxes	(9)	(11)
Ending balance	$ 59	$ 17

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	$ 11,505	$ 11,523
Carrying Amount | Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	0	2,250
Carrying Amount | Debt, excluding Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	11,505	9,273
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	150	143
Fair value of deferred compensation plan liabilities	299	292
Fair Value | Valuation, Market Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	11,258	11,449
Fair Value | Valuation, Market Approach | Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	0	2,250
Fair Value | Valuation, Market Approach | Debt, excluding Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	11,258	9,199
Equity securities and mutual funds | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan liabilities	10	18
Equity securities and mutual funds | Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan liabilities	10	18
Common/collective trusts and guaranteed investment contracts | 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 liabilities	289	274
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	112	106
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	112	106
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	$ 38	$ 37

CHANGES IN ESTIMATES (Details)

CHANGES IN ESTIMATES (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Change in Accounting Estimate [Line Items]
Net EAC adjustments, before income taxes	$ 378	$ 393
Capitalized contract cost, impairment loss		18
Revenue recognized from performance obligations satisfied in previous periods	53	36
Contracts Accounted for under Percentage of Completion
Change in Accounting Estimate [Line Items]
Net EAC adjustments, before income taxes	19	(56)
Net EAC adjustments, net of income taxes	$ 15	$ (42)
Net EAC adjustments, net of income taxes, per diluted share (in dollars per share)	$ 0.08	$ (0.22)

BACKLOG (Details)

BACKLOG (Details) $ in Billions	Mar. 29, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Backlog	$ 32.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	50%
Expected timing of satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	25%
Expected timing of satisfaction period	1 year

RESTRUCTURING AND OTHER EXIT _3

RESTRUCTURING AND OTHER EXIT COSTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Dec. 29, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 64
Restructuring reserve, current	$ 55	$ 4

RESTRUCTURING AND OTHER EXIT _4

RESTRUCTURING AND OTHER EXIT COSTS - Summary of Restructuring and Other Exit Activities (Details) $ in Millions	3 Months Ended
	Mar. 29, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 29, 2023	$ 4
Additional provisions	64
Payments	(13)
Total changes	51
Balance at March 29, 2024	$ 55

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Acquisition of AJRD - Narrative (Details) - USD ($) $ in Millions			3 Months Ended		8 Months Ended
	Jul. 31, 2023	Jul. 28, 2023	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Dec. 29, 2023
Business Acquisition [Line Items]
Goodwill			$ 20,070		$ 20,070	$ 19,979
Revenue			5,211	$ 4,471
Income from continuing operations before income taxes			290	373
AR
Business Acquisition [Line Items]
Goodwill			2,473		2,473	$ 2,365
5.4% Notes Due 2027 and 2033 and 5.6% Notes Due 2053 | Fixed-rate debt
Business Acquisition [Line Items]
Proceeds from issuance of long-term debt	$ 3,250
Aerojet Rocketdyne Holdings, Inc.
Business Acquisition [Line Items]
Business acquisition, percentage of ownership		100%
Business combination, consideration transferred		$ 4,715
Provision for loss on customer contracts			124		124
Loss provision amortization expense			14
Total liabilities assumed			115		151
Revenue from amortization of off-market contract liability			8
Goodwill		$ 2,348	2,473		$ 2,473
Revenue			542
Income from continuing operations before income taxes			72
Business acquisition, pro forma revenue				566
Business acquisition, pro forma income				$ 60
Acquisition related costs			28
Aerojet Rocketdyne Holdings, Inc. | Other Accrued Liabilities
Business Acquisition [Line Items]
Total liabilities assumed			34
Aerojet Rocketdyne Holdings, Inc. | Other Noncurrent Liabilities
Business Acquisition [Line Items]
Total liabilities assumed			$ 81

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Acquisition of AJRD - Calculation of Consideration Transferred (Details) - USD ($) $ in Millions		3 Months Ended
	Jul. 28, 2023	Mar. 29, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Fair value of consideration transferred		$ 0	$ 1,973
Aerojet Rocketdyne Holdings, Inc.
Business Acquisition [Line Items]
Cash consideration paid for AJRD outstanding common stock & equity awards	$ 4,748
AJRD debt settled by L3Harris	257
Cash consideration paid	5,005
Less cash acquired	(290)
Fair value of consideration transferred	$ 4,715

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Aerojet Rocketdyne Holdings Assets Acquired, Liabilities Assumed (Details) - USD ($) $ in Millions	3 Months Ended	8 Months Ended
	Mar. 29, 2024	Mar. 29, 2024	Dec. 29, 2023	Jul. 28, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 20,070	$ 20,070	$ 19,979
Aerojet Rocketdyne Holdings, Inc.
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Receivables	156	156		$ 156
Contract assets	269	269		338
Inventories	14	14		14
Other current assets	136	136		117
Property, plant and equipment	585	585		574
Goodwill	2,473	2,473		2,348
Other intangible assets	2,860	2,860		2,860
Other non-current assets	674	674		609
Total assets acquired	7,167	7,167		7,016
Current portion of long-term debt, net	1	1		1
Accounts payable	145	145		145
Contract liabilities	355	355		310
Compensation and benefits	117	117		116
Income taxes payable	5	5		6
Other accrued items	359	359		278
Long-term debt, net	41	41		41
Deferred income taxes	480	480		398
Other long-term liabilities	949	949		1,006
Total liabilities assumed	2,452	2,452		2,301
Fair value of consideration transferred	4,715	4,715		$ 4,715
Measurement Period Adjustments, Net
Contract assets		(69)
Other current assets		19
Property, plant and equipment		11
Goodwill		125
Other intangible assets		0
Other non-current assets		65
Total assets acquired		151
Contract liabilities		45
Compensation and benefits		1
Income taxes payable		(1)
Other accrued items		81
Deferred income taxes		82
Other long-term liabilities		(57)
Total liabilities assumed	$ 115	151
Fair value of consideration transferred		$ 0

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES - Acquisition of AJRD - Identifiable Intangible Assets Acquired (Details) - Aerojet Rocketdyne Holdings, Inc. - USD ($) $ in Millions	Jul. 28, 2023	Mar. 29, 2024
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 2,860	$ 2,860
Customer relationships
Business Acquisition [Line Items]
Identifiable finite-lived intangible assets acquired	2,740
Backlog
Business Acquisition [Line Items]
Identifiable finite-lived intangible assets acquired	$ 355
Weighted average amortization period	3 years
Government programs
Business Acquisition [Line Items]
Identifiable finite-lived intangible assets acquired	$ 2,385
Government programs | Minimum
Business Acquisition [Line Items]
Weighted average amortization period	15 years
Government programs | Maximum
Business Acquisition [Line Items]
Weighted average amortization period	20 years
Trade names
Business Acquisition [Line Items]
Identifiable indefinite-lived intangible assets acquired	$ 120
Weighted average amortization period	15 years

ACQUISITIONS AND DIVESTITURES_5

ACQUISITIONS AND DIVESTITURES - Acquisition of AJRD - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		8 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Mar. 29, 2024	Dec. 29, 2023	Jul. 28, 2023
Business Acquisition [Line Items]
Goodwill	$ 20,070		$ 20,070	$ 19,979
Revenue	5,211	$ 4,471
Income from continuing operations before income taxes	290	$ 373
Aerojet Rocketdyne Holdings, Inc.
Business Acquisition [Line Items]
Provision for loss on customer contracts	124		124
Loss provision amortization expense	14
Total liabilities assumed	115		151
Revenue from amortization of off-market contract liability	8
Goodwill	2,473		$ 2,473		$ 2,348
Revenue	542
Income from continuing operations before income taxes	72
Acquisition related costs	28
Aerojet Rocketdyne Holdings, Inc. | Other Accrued Liabilities
Business Acquisition [Line Items]
Total liabilities assumed	34
Aerojet Rocketdyne Holdings, Inc. | Other Noncurrent Liabilities
Business Acquisition [Line Items]
Total liabilities assumed	$ 81

ACQUISITIONS AND DIVESTITURES_6

ACQUISITIONS AND DIVESTITURES - Pending Divestiture of CAS Disposal Group (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 29, 2024	Mar. 31, 2023	Dec. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional contingent consideration			$ 100
Income from continuing operations before income taxes	$ 290	$ 373
IMS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill			(296)
CAS Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from continuing operations before income taxes	21	$ 17
Pre-tax gain (loss) on disposition of assets			(77)
Disposal group, held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash price on sale of business			$ 700
Disposal group, held-for-sale, not discontinued operations | CAS Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash price on sale of business	$ 891

ACQUISITIONS AND DIVESTITURES_7

ACQUISITIONS AND DIVESTITURES - CAS Disposal Group (Details) - CAS Business - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables, net	$ 94
Contract assets	48
Inventories	162
Other current assets	23
Property, plant and equipment, net	41
Goodwill	534	$ 534
Other intangible assets, net	263	$ 263
Other non-current assets	48
Valuation allowance	(77)
Total assets held for sale	1,136
Accounts payable	93
Contract liabilities	49
Compensation and benefits	6
Other accrued items	34
Other long-term liabilities	63
Total liabilities held for sale	$ 245

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 29, 2024 business segment sector
Segment Reporting [Abstract]
Number of operating segments	4
Number of reportable segments	4
Number of sectors created during period | sector	2
Number of businesses transferred between segments | business	1

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Revenues and Income From Continuing Operations by Segment (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue		$ 5,211	$ 4,471
Segment operating income (loss)		378	393
Non-service FAS pension income and other, net	[1]	88	82
Interest expense, net		(176)	(102)
Income from continuing operations before income taxes		290	373
Pension
Segment Reporting Information [Line Items]
FAS pension service cost		(8)	(6)
Non-service FAS pension income		(74)	(70)
Pension | Plans Under US Government Contracts
Segment Reporting Information [Line Items]
FAS pension service cost		(8)	(6)
Less: CAS pension cost		(15)	(28)
FAS/CAS operating adjustment		7	22
Non-service FAS pension income		80	77
FAS/CAS pension adjustment, net		87	99
Operating segments
Segment Reporting Information [Line Items]
Segment operating income (loss)		788	638
Operating segments | SAS
Segment Reporting Information [Line Items]
Revenue		1,751	1,655
Segment operating income (loss)		216	187
Operating segments | IMS
Segment Reporting Information [Line Items]
Revenue		1,669	1,700
Segment operating income (loss)		190	185
Operating segments | CS
Segment Reporting Information [Line Items]
Revenue		1,294	1,163
Segment operating income (loss)		310	266
Operating segments | AR
Segment Reporting Information [Line Items]
Revenue		542
Segment operating income (loss)		72
Corporate
Segment Reporting Information [Line Items]
Revenue		(45)	(47)
Segment operating income (loss)		$ (410)	$ (245)
[1] “FAS” is defined as Financial Accounting Standards.

BUSINESS SEGMENT INFORMATION _3

BUSINESS SEGMENT INFORMATION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 5,211	$ 4,471
SAS | United States
Disaggregation of Revenue [Line Items]
Revenue	1,507	1,454
SAS | International
Disaggregation of Revenue [Line Items]
Revenue	229	188
SAS | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,108	1,022
SAS | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	628	620
SAS | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	1,751	1,655
SAS | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(15)	(13)
IMS | United States
Disaggregation of Revenue [Line Items]
Revenue	1,203	1,257
IMS | International
Disaggregation of Revenue [Line Items]
Revenue	450	422
IMS | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,278	1,286
IMS | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	375	393
IMS | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	1,669	1,700
IMS | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(16)	(21)
CS | United States
Disaggregation of Revenue [Line Items]
Revenue	925	791
CS | International
Disaggregation of Revenue [Line Items]
Revenue	355	359
CS | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,065	978
CS | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	215	172
CS | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	1,294	1,163
CS | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(14)	(13)
AR | United States
Disaggregation of Revenue [Line Items]
Revenue	527
AR | International
Disaggregation of Revenue [Line Items]
Revenue	15
AR | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	302
AR | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	240
AR | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	542
AR | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	0
Prime contractor | SAS
Disaggregation of Revenue [Line Items]
Revenue	1,108	1,010
Prime contractor | IMS
Disaggregation of Revenue [Line Items]
Revenue	1,066	1,154
Prime contractor | CS
Disaggregation of Revenue [Line Items]
Revenue	913	807
Prime contractor | AR
Disaggregation of Revenue [Line Items]
Revenue	153
Subcontractor | SAS
Disaggregation of Revenue [Line Items]
Revenue	628	632
Subcontractor | IMS
Disaggregation of Revenue [Line Items]
Revenue	587	525
Subcontractor | CS
Disaggregation of Revenue [Line Items]
Revenue	367	$ 343
Subcontractor | AR
Disaggregation of Revenue [Line Items]
Revenue	$ 389

BUSINESS SEGMENT INFORMATION _4

BUSINESS SEGMENT INFORMATION - Total Assets by Segment (Details) - USD ($) $ in Millions	Mar. 29, 2024	Dec. 29, 2023
Segment Reporting Information [Line Items]
Assets	$ 41,816	$ 41,687
Identifiable intangible assets acquired	8,340	8,540
Operating segments | SAS
Segment Reporting Information [Line Items]
Assets	9,111	9,085
Operating segments | IMS
Segment Reporting Information [Line Items]
Assets	10,876	10,631
Operating segments | CS
Segment Reporting Information [Line Items]
Assets	7,019	7,084
Operating segments | AR
Segment Reporting Information [Line Items]
Assets	4,295	4,208
Corporate
Segment Reporting Information [Line Items]
Assets	10,515	10,679
Identifiable intangible assets acquired	$ 8,300	$ 8,500

LEGAL PROCEEDINGS AND CONTING_2

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - Various Environmental Matters $ in Millions	Mar. 29, 2024 USD ($)
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 614
Recoverable environmental remediation costs	433
Sacramento, California Site
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	268
Sacramento, California Site | Previously Reported
Loss Contingencies [Line Items]
Guarantor obligations, current carrying value	20
Sacramento, California Site | Maximum
Loss Contingencies [Line Items]
Guarantor obligations, current carrying value	75
Loss contingency, estimate of possible loss	403
Sacramento, California Site | Minimum
Loss Contingencies [Line Items]
Guarantor obligations, current carrying value	10
Loss contingency, estimate of possible loss	$ 268

SUBSEQUENT EVENTS - Pending Div

SUBSEQUENT EVENTS - Pending Divestitures (Details) $ in Millions	Apr. 05, 2024 USD ($)
Subsequent Event | Disposal Group, Not Discontinued Operations | Antenna And Related Businesses
Business Acquisition [Line Items]
Cash price on sale of business	$ 200