L3Harris (LHX) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

COVER

COVER - shares	6 Months Ended
	Jun. 28, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 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		189,705,190
Entity Central Index Key	0000202058
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		6 Months Ended
		Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue		$ 5,299	$ 4,693	$ 10,510	$ 9,164
Cost of revenue		(3,939)	(3,506)	(7,802)	(6,811)
General and administrative expenses		(884)	(787)	(1,854)	(1,560)
Operating income		476	400	854	793
Non-service FAS pension income and other, net	[1]	86	83	174	165
Interest expense, net		(172)	(111)	(348)	(213)
Income before income taxes		390	372	680	745
Income taxes		(23)	(21)	(28)	(55)
Net income		367	351	652	690
Noncontrolling interests, net of income taxes		(1)	(2)	(3)	(4)
Net income attributable to L3Harris Technologies, Inc.		$ 366	$ 349	$ 649	$ 686
Net income per common share attributable to L3Harris Technologies, Inc. common shareholders
Basic (in dollars per share)		$ 1.93	$ 1.84	$ 3.42	$ 3.61
Diluted (in dollars per share)		$ 1.92	$ 1.83	$ 3.40	$ 3.60
Basic weighted-average common shares outstanding (in shares)		189.7	189.2	189.8	189.7
Diluted weighted-average common shares outstanding (in shares)		190.6	190.1	190.8	190.7
[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		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 367	$ 351	$ 652	$ 690
Other comprehensive income (loss):
Foreign currency translation income (loss), net of income taxes	5	28	(21)	35
Net unrealized income (loss) on hedging derivatives, net of income taxes	0	4	(3)	9
Net unrecognized gains on postretirement obligations, net of income taxes	3	0	3	0
Other comprehensive income (loss) recognized during the period	8	32	(21)	44
Reclassification adjustments for gains included in net income	(8)	(7)	(15)	(19)
Other comprehensive income (loss), net of income taxes	0	25	(36)	25
Total comprehensive income	367	376	616	715
Comprehensive income attributable to noncontrolling interest	(1)	(2)	(3)	(4)
Total comprehensive income attributable to L3Harris Technologies, Inc.	$ 366	$ 374	$ 613	$ 711

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Operating Activities
Net income	$ 652	$ 690
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	639	506
Share-based compensation	53	45
Share-based matching contributions under defined contribution plans	142	121
Pension and other postretirement benefit plan income	(143)	(141)
Deferred income taxes	(247)	(243)
(Increase) decrease in:
Receivables, net	(25)	(105)
Contract assets	(165)	(159)
Inventories	6	(99)
Other current assets	(26)	(67)
Increase (decrease) in:
Accounts payable	(200)	23
Contract liabilities	(138)	220
Compensation and benefits	(101)	(10)
Other accrued items	85	(3)
Income taxes	211	10
Other operating activities	(93)	(24)
Net cash provided by operating activities	650	764
Investing Activities
Net cash paid for acquired businesses	0	(1,973)
Additions to property, plant and equipment	(212)	(164)
Proceeds from sales of asset groups and businesses, net	158	71
Other investing activities	(4)	(8)
Net cash used in investing activities	(58)	(2,074)
Financing Activities
Proceeds from borrowings, net of issuance cost	2,241	2,249
Repayments of borrowings	(2,607)	(1,060)
Change in commercial paper, maturities under 90 days, net	497	524
Proceeds from commercial paper, maturities over 90 days	688	55
Repayments of commercial paper, maturities over 90 days	(685)	0
Repurchases of common stock	(322)	(518)
Dividends paid	(445)	(436)
Other financing activities	33	(20)
Net cash (used in) provided by financing activities	(600)	794
Effect of exchange rate changes on cash and cash equivalents	(5)	2
Net decrease in cash and cash equivalents	(13)	(514)
Cash and cash equivalents, beginning of period	560	880
Cash and cash equivalents, end of period	$ 547	$ 366

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Current assets
Cash and cash equivalents	$ 547	$ 560
Receivables, net of allowances for collection losses of $19 and $15, respectively	1,230	1,230
Contract assets	3,209	3,196
Inventories	1,432	1,472
Other current assets	502	491
Assets of business held for sale	1,127	1,106
Total current assets	8,047	8,055
Non-current assets
Property, plant and equipment, net	2,800	2,862
Goodwill	20,367	19,979
Other intangible assets, net	8,080	8,540
Deferred income taxes	134	91
Other non-current assets	2,229	2,160
Total assets	41,657	41,687
Current liabilities
Short-term debt	2,102	1,602
Current portion of long-term debt, net	617	363
Accounts payable	1,896	2,106
Contract liabilities	1,889	1,900
Compensation and benefits	445	544
Other accrued items	1,515	1,129
Income taxes payable	274	88
Liabilities of business held for sale	243	272
Total current liabilities	8,981	8,004
Non-current liabilities
Long-term debt, net	10,533	11,160
Deferred income taxes	443	815
Other long-term liabilities	2,796	2,879
Total liabilities	22,753	22,858
Shareholders’ Equity:
Common stock, $1.00 par value; 500,000,000 shares authorized; issued and outstanding 189,779,216 and 189,808,581 shares at June 28, 2024 and December 29, 2023, respectively	190	190
Paid-in capital	15,516	15,553
Retained earnings	3,368	3,220
Accumulated other comprehensive loss	(234)	(198)
Total shareholders’ equity	18,840	18,765
Noncontrolling interests	64	64
Total equity	18,904	18,829
Total liabilities and equity	$ 41,657	$ 41,687

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Shareholders’ Equity:
Accounts receivable, allowance for credit loss, current	$ 19	$ 15
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)	189,779,216	189,808,581
Common shares, outstanding (in shares)	189,779,216	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	690			686		4
Other comprehensive income (loss), net of income taxes	25				25
Shares issued under stock incentive plans	13		13
Shares issued under defined contribution plans	121	1	120
Share-based compensation expense	45		45
Tax withholding payments on share-based awards	(28)		(28)
Repurchases and retirement of common stock	(518)	(3)	(433)	(82)
Cash dividends	(436)			(436)
Other	(5)		(3)			(2)
Ending balance at Jun. 30, 2023	18,531	189	15,391	3,111	(263)	103
Beginning balance at Mar. 31, 2023	18,408	189	15,407	2,998	(288)	102
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	351			349		2
Other comprehensive income (loss), net of income taxes	25				25
Shares issued under stock incentive plans	2		2
Shares issued under defined contribution plans	64	1	63
Share-based compensation expense	22		22
Tax withholding payments on share-based awards	(2)		(2)
Repurchases and retirement of common stock	(122)	(1)	(101)	(20)
Cash dividends	(216)			(216)
Other	(1)					(1)
Ending balance at Jun. 30, 2023	18,531	189	15,391	3,111	(263)	103
Beginning balance at Dec. 29, 2023	18,829	190	15,553	3,220	(198)	64
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	652			649		3
Other comprehensive income (loss), net of income taxes	(36)				(36)
Shares issued under stock incentive plans	63	1	62
Shares issued under defined contribution plans	142	1	141
Share-based compensation expense	53		53
Tax withholding payments on share-based awards	(27)		(27)
Repurchases and retirement of common stock	(322)	(2)	(265)	(55)
Cash dividends	(445)			(445)
Other	(5)		(1)	(1)		(3)
Ending balance at Jun. 28, 2024	18,904	190	15,516	3,368	(234)	64
Beginning balance at Mar. 29, 2024	18,730	189	15,472	3,239	(234)	64
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	367			366		1
Other comprehensive income (loss), net of income taxes	0
Shares issued under stock incentive plans	28	1	27
Shares issued under defined contribution plans	72	1	71
Share-based compensation expense	27		27
Tax withholding payments on share-based awards	(7)		(7)
Repurchases and retirement of common stock	(89)	(1)	(73)	(15)
Cash dividends	(221)			(221)
Other	(3)		(1)	(1)		(1)
Ending balance at Jun. 28, 2024	$ 18,904	$ 190	$ 15,516	$ 3,368	$ (234)	$ 64

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 1.16	$ 1.14	$ 2.32	$ 2.28

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 28, 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, these 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 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. Reclassifications The classification of certain prior year amounts have been adjusted in our Condensed Consolidated Financial Statements and these Notes to conform to current year classifications. Recently Issued Accounting Pronouncements Information on recently issued accounting pronouncements can be found in our Form 10-Q f or the q uarter e nded March 29, 2024 .

EARNINGS PER SHARE ("EPS")

EARNINGS PER SHARE ("EPS")	6 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE ("EPS")	NOTE B: EARNINGS PER SHARE (“EPS”) EPS is 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 were as follows: Quarter Ended Two Quarters Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Basic weighted-average common shares outstanding 189.7 189.2 189.8 189.7 Impact of dilutive share-based awards 0.9 0.9 1.0 1.0 Diluted weighted-average common shares outstanding 190.6 190.1 190.8 190.7 Diluted EPS excludes the antidilutive impact of 0.9 million and 1.7 million weighted-average share-based awards outstanding for the quarter and two quarters ended June 28, 2024, respectively, and 0.8 million and 2.0 million weighted-average share-based awards outstanding for the quarter and two quarters ended June 30, 2023, respectively.

CONTRACT ASSETS AND CONTRACT LI

CONTRACT ASSETS AND CONTRACT LIABILITIES	6 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
CONTRACT ASSETS AND CONTRACT LIABILITIES	NOTE C: CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets mainly represent 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. Contract assets become receivables as 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) June 28, 2024 December 29, 2023 Contract assets $ 3,209 $ 3,196 Contract liabilities, current (1,889) (1,900) Contract liabilities, non-current (1) (83) (94) Net contract assets $ 1,237 $ 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. There were no significant credit or impairment losses related to our contract assets during the quarter and two quarters ended June 28, 2024 or the quarter and two quarters ended June 30, 2023. Revenue recognized related to contract liabilities that were outstanding at the end of the respective prior fiscal year were $353 million and $1,048 million for the quarter and two quarters ended June 28, 2024, respectively, and $295 million and $898 million for the quarter and two quarters ended June 30, 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 June 28, 2024, our ending backlog was $31.7 billion. We expect to recognize approximately 45% of the revenue associated with this backlog over the next twelve months and an additional 30% over the following twelve months, with the remainder to be recognized thereafter.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 28, 2024
Inventory Disclosure [Abstract]
INVENTORIES	NOTE D: INVENTORIES Inventories are summarized below: (In millions) June 28, 2024 December 29, 2023 Finished products $ 288 $ 217 Work in process 383 427 Materials and supplies 761 828 Inventories $ 1,432 $ 1,472

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 28, 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, were as follows: (In millions) SAS IMS CS AR Total Balance at December 29, 2023 $ 6,110 $ 6,564 $ 4,940 $ 2,365 $ 19,979 Goodwill from AJRD acquisition (1) — — — 496 496 Impairment of goodwill (14) — — — (14) Goodwill decrease from divestitures (79) — — — (79) Currency translation adjustments (4) (10) (1) — (15) Balance at June 28, 2024 $ 6,013 $ 6,554 $ 4,939 $ 2,861 $ 20,367 _______________ (1) Represents the effect of measurement period adjustments associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) during the two quarters ended June 28, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information. At June 28, 2024 and December 29, 2023, 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. Allocation of Goodwill in Divestiture. As described in more detail in Note O: Acquisitions and Divestitures , during the quarter ended June 28, 2024, we completed the divestiture of our antenna and related business (“Antenna Disposal Group”). As the Antenna Disposal Group represents the disposal of a portion of the SAS reporting unit, which is also the SAS segment, we assigned $93 million of goodwill to the Antenna Disposal Group on a relative fair value basis during the quarter ended June 28, 2024. We performed a quantitative impairment assessment on goodwill assigned to the Antenna Disposal Group and a qualitative impairment assessment on the goodwill assigned to the retained businesses of the reporting unit. As a result of these tests, we determined that the fair value of the Antenna Disposal Group was below its carrying value and accordingly recorded a non-cash charge for impairment of $14 million included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations for the quarter and two quarters ended June 28, 2024. Other Intangible Assets Other identifiable intangible assets, net are summarized below: June 28, 2024 December 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 8,843 $ (3,095) $ 5,748 $ 8,892 $ (2,733) $ 6,159 Developed technologies 851 (450) 401 856 (413) 443 Trade names — divisions 185 (57) 128 185 (50) 135 Other, including contract backlog 2 (2) — 4 (4) — Total finite-lived identifiable intangible assets 9,881 (3,604) 6,277 9,937 (3,200) 6,737 Trade names — corporate 1,803 — 1,803 1,803 — 1,803 Total identifiable intangible assets, net $ 11,684 $ (3,604) $ 8,080 $ 11,740 $ (3,200) $ 8,540 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 $215 million and $432 million for the quarter and two quarters ended June 28, 2024, respectively, and $173 million and $338 million for the quarter and two quarters ended June 30, 2023, respectively. Future estimated amortization expense for identifiable intangible assets is as follows: (In millions) Next 12 months $ 826 Months 13-24 758 Months 25-36 590 Months 37-48 552 Months 49-60 451 Thereafter 3,100 Total $ 6,277

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE F: INCOME TAXES

DEBT AND CREDIT ARRANGEMENTS

DEBT AND CREDIT ARRANGEMENTS	6 Months Ended
	Jun. 28, 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) June 28, 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 (“3.95% 2024 Notes”) — 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 5.35% 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 10,876 11,226 Financing lease obligations and other debt 301 300 Long-term debt, including the current portion of long-term debt 11,177 11,526 Plus: unamortized bond premium 44 51 Less: unamortized discounts and issuance costs (71) (54) Long-term debt, including the current portion of long-term debt, net 11,150 11,523 Less: current portion of long-term debt, net (617) (363) Total long-term debt, net $ 10,533 $ 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; or (ii) 100% of the principal amount of the respective notes plus, in either case, accrued interest and unpaid interest thereon to the redemption date. On or 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%, with proceeds from the issuance of the 2024 Notes, which bear fixed interest rates between 5.05% and 5.35%. Additionally, during the quarter ended June 28, 2024, we Credit Agreements 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. We may extend the maturity of any loans outstanding under the 2024 Credit Agreement by one year, subject to the satisfaction of certain conditions. 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”) which established a $2.0 billion, five-year senior unsecured revolving credit facility. 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. At June 28, 2024, we had no outstanding borrowings under either our 2024 Credit Agreement or our 2022 Credit Agreement, had available borrowing capacity of $1.4 billion, net of outstanding commercial paper program (“CP Program”) borrowings and we re in compliance wit h all covenants under both aforementioned credit agreements. See Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K for additional information regarding our 2022 Credit Agreement and our 2023 Credit Agreement. Commercial Paper Program On January 26, 2024, we lowered the maximum amount available under our 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 June 28, 2024 and December 29, 2023, we had $2.1 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 5.79% and 5.95% at June 28, 2024 and December 29, 2023, respectively.

RETIREMENT BENEFITS

RETIREMENT BENEFITS	6 Months Ended
	Jun. 28, 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 June 28, 2024 Quarter Ended June 30, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 9 $ 1 $ 6 $ 1 Non-operating Interest cost 98 2 91 2 Expected return on plan assets (165) (5) (152) (5) Amortization of net actuarial gain (1) (5) (3) (5) Amortization of prior service (credit) cost (6) 1 (6) 1 Non-service cost periodic benefit income (74) (7) (70) (7) Net periodic benefit income $ (65) $ (6) $ (64) $ (6) Two Quarters Ended June 28, 2024 Two Quarters Ended June 30, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 17 $ 1 $ 12 $ 1 Non-operating Interest cost 197 5 183 5 Expected return on plan assets (330) (10) (305) (10) Amortization of net actuarial gain (2) (9) (5) (10) Amortization of prior service (credit) cost (13) 1 (13) 1 Non-service cost periodic benefit income (148) (13) (140) (14) Net periodic benefit income $ (131) $ (12) $ (128) $ (13) 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	6 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	NOTE I: STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION At June 28, 2024, we had stock options and other share-based compensation awards outstanding under three shareholder-approved employee stock incentive plans, including our 2024 Equity Incentive Plan, which was approved by our shareholders during the quarter ended June 28, 2024, as well as under employee stock incentive plans assumed by L3Harris (collectively, the “L3Harris SIPs”). Total share-based compensation expense was $27 million and $53 million for the quarter and two quarters ended June 28, 2024, respectively, and $22 million and $45 million for the quarter and two quarters ended June 30, 2023, respectively. Awards granted to participants under L3Harris SIPs and the weighted-average grant-date fair value per share or unit during the two quarters ended June 28, 2024 and June 30, 2023 were as follows: Two Quarters Ended June 28, 2024 Two Quarters Ended June 30, 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 $ 50.99 0.4 $ 54.81 Restricted stock units granted (2) 0.1 $ 212.80 0.2 $ 209.13 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 0.3 million and 0.8 million for the quarter and two quarters ended June 28, 2024, respectively, and was 0.1 million and 0.4 million for the quarter and two quarters ended June 30, 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")	6 Months Ended
	Jun. 28, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL")	NOTE J: ACCUMULATED OTHER COMPREHENSIVE LOSS (“AOCL”) At June 28, 2024 and December 29, 2023, AOCL was $234 million and $198 million, respectively. Changes in AOCL, net of tax, consisted of $21 million of other comprehensive loss before reclassifications, primarily from currency translation losses, and $15 million of net gains reclassified to earnings, primarily associated with amortization of unrecognized postretirement benefit plan obligations. At June 30, 2023 and December 30, 2022, AOCL was $263 million and $288 million, respectively. Changes in AOCL, net of tax, consisted of $44 million of other comprehensive income before reclassifications, primarily from currency translation gains, net of $19 million of net gains reclassified to earnings, primarily associated with amortization of unrecognized postretirement benefit plan obligations. See Note H: Retirement Benefits in these Notes and Note 9: Retirement Benefits

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 28, 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 June 28, 2024 and December 29, 2023: June 28, 2024 December 29, 2023 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets: (1) Equity and fixed income securities $ 114 $ 114 $ 106 $ 106 Investments measured at NAV: Corporate-owned life insurance 39 37 Total fair value of deferred compensation plan assets $ 153 $ 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 306 274 Total fair value of deferred compensation plan liabilities $ 316 $ 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. (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: June 28, 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) 11,150 10,853 9,273 9,199 Long-term debt, including the current portion of long-term debt, net $ 11,150 $ 10,853 $ 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 G: Debt and Credit Arrangements in these Notes and Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K for further information regarding our long-term debt and CP Program. 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	6 Months Ended
	Jun. 28, 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 Two Quarters Ended (In millions, except per share amounts) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net EAC adjustments, before income taxes $ — $ (31) $ 19 $ (87) Net EAC adjustments, net of income taxes — (23) 15 (65) Net EAC adjustments, net of income taxes, per diluted share — (0.12) 0.08 (0.34)

BACKLOG

BACKLOG	6 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
BACKLOG	NOTE C: CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets mainly represent 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. Contract assets become receivables as 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) June 28, 2024 December 29, 2023 Contract assets $ 3,209 $ 3,196 Contract liabilities, current (1,889) (1,900) Contract liabilities, non-current (1) (83) (94) Net contract assets $ 1,237 $ 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. There were no significant credit or impairment losses related to our contract assets during the quarter and two quarters ended June 28, 2024 or the quarter and two quarters ended June 30, 2023. Revenue recognized related to contract liabilities that were outstanding at the end of the respective prior fiscal year were $353 million and $1,048 million for the quarter and two quarters ended June 28, 2024, respectively, and $295 million and $898 million for the quarter and two quarters ended June 30, 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 June 28, 2024, our ending backlog was $31.7 billion. We expect to recognize approximately 45% of the revenue associated with this backlog over the next twelve months and an additional 30% over the following twelve months, with the remainder to be recognized thereafter.

RESTRUCTURING AND OTHER EXIT CO

RESTRUCTURING AND OTHER EXIT COSTS	6 Months Ended
	Jun. 28, 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. LHX NeXt Initiative. LHX NeXt is our initiative to reduce cost and transform our 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. Changes to our liabilities for restructuring and other exit costs during the two quarters ended June 28, 2024 were as follows: (In millions) Employee Severance Related Costs Balance at December 29, 2023 (1) $ 4 Additional provisions (2) 65 Payments (60) Total changes 5 Balance at June 28, 2024 (1) $ 9 _______________ (1) Our liabilities, which we expect will be paid in the next twelve months, are included in the “Compensation and benefits” line item in our Condensed Consolidated Balance Sheet . (2)

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 financed 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, except for certain assets and liabilities recorded at 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 (141) 197 Inventories 14 — 14 Other current assets 117 22 139 Property, plant and equipment 574 10 584 Goodwill 2,348 513 2,861 Other intangible assets 2,860 — 2,860 Other non-current assets 609 66 675 Total assets acquired $ 7,016 $ 470 $ 7,486 Current portion of long-term debt, net $ 1 $ — $ 1 Accounts payable 145 — 145 Contract liabilities 310 152 462 Compensation and benefits 116 1 117 Income taxes payable 6 (3) 3 Other accrued items 278 335 613 Long-term debt, net 41 — 41 Deferred income taxes 398 (41) 357 Other long-term liabilities 1,006 26 1,032 Total liabilities assumed $ 2,301 $ 470 $ 2,771 Fair value of consideration transferred $ 4,715 $ — $ 4,715 _______________ (1) Fair value adjustments during the measurement period primarily related to EAC updates for circumstances existing at the acquisition date, including updates to the forward loss provision and off-market customer contract reserve described below, refinements to the fair value of fixed assets, as well as corresponding adjustments to the deferred tax liability account which was partially offset by the release of a portion of the uncertain tax position previously recorded 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 calculations and estimates. Our 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 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 are as follows: Total Useful Lives (In millions) (In Years) Customer relationships: 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 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 $357 million which was included in the “Other accrued items” line item in our Condensed Consolidated Balance Sheet. Since the completion of the acquisition of AJRD, we have undertaken significant operational efforts to further understand the root cause of identified preexisting manufacturing and supply chain challenges resulting in delivery delays, primarily related to certain Missile Solutions programs. We have identified operational activities necessary to remedy these challenges and inefficiencies and the incremental costs required as compared to its initial estimates and actual costs incurred. The incremental forward loss provisions relate to the increased cost estimates of labor and material to remedy the underlying preexisting technical and supply chain challenges. These cost increases impacted both cost-plus and fixed-price contracts in proportions that are consistent with the ratio of the overall AJRD revenue by contract type. The forward loss provisions will be recognized as a reduction to cost of sales as we incur actual costs associated with these estimates in to satisfying the associated performance obligations. There will be no net impact on our Condensed Consolidated Statement of Operations. We recognized $47 million and $61 million of amortization related to the forward loss provision in the quarter and two quarters ended June 28, 2024, respectively. Off-market Customer Contracts. We have identified certain customer contractual obligations as of the acquisition date with economic returns that are higher or lower than could be realized in market transactions and have recorded assets or 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 $194 million, consisting of $49 million and $145 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). Additional provisions to off-market customer contracts relate to labor and material cost increases primarily associated with supply chain and manufacturing challenges and inefficiencies. These cost increases impacted both cost-plus and fixed-price contracts in proportions that are consistent with the ratio of the overall AJRD revenue by contract type. 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 $22 million and $30 million of amortization related to off-market contract liabilities in the quarter and two quarters ended June 28, 2024, respectively. Goodwill. The $2,861 million of goodwill recognized is attributable to AJRD’s market presence as one of the two primary providers of advanced propulsion and power systems for nearly every major U.S. government 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. See Note P: Business Segment Information in these Notes for the AR segment financial results for the quarter and two quarters ended June 28, 2024. Acquisition-Related Costs. Pending Divestiture of Commercial Aviation Solutions (“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 June 28, 2024, the fair value less estimated costs to sell of the CAS Disposal Group was $875 million, inclusive of consideration related to noncontrolling interest and accumulated other comprehensive income. Income before income taxes for the quarter and two quarters ended June 28, 2024 was $23 million and $44 million, respectively, and for the quarter and two quarters ended June 30, 2023 was $15 million and $32 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 in our Consolidated Statement of Operations in our Fiscal 2023 Form 10-K. 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. During the quarter ended June 28, 2024, we recognized an additional pre-tax loss of $15 million, due to increases in the net assets of the disposal group and costs to sell, partially offset by an increase in the fair value of the disposal group. The loss is included in the General and administrative expenses” line item in our Condensed Consolidated Statement of Operations for the quarter and two quarters ended June 28, 2024. The carrying amounts of assets and liabilities of the CAS Disposal Group classified as held for sale in our Condensed Consolidated Balance Sheet were as follows: (In millions) June 28, 2024 December 29, 2023 Receivables, net $ 96 $ 80 Contract assets 41 43 Inventories 165 145 Other current assets 22 33 Property, plant and equipment, net 42 41 Goodwill 534 534 Other intangible assets, net 262 263 Other non-current assets 48 44 Valuation allowance (83) (77) Total assets held for sale $ 1,127 $ 1,106 Accounts payable $ 86 $ 111 Contract liabilities 44 48 Compensation and benefits 8 11 Other accrued items 43 38 Other long-term liabilities 62 64 Total liabilities held for sale $ 243 $ 272 Divestiture of Antenna Disposal Group On May 31, 2024, we completed the divestiture of our Antenna Disposal Group, which provides a variety of airborne and ground-based antennas and test equipment, to Kanders & Company, Inc. for net cash proceeds of $166 million (after selling costs and purchase price adjustments) and a $25 million note receivable, included in Other non-current assets line item in our Condensed Consolidated Balance Sheet at June 28, 2024. The carrying amounts of assets and liabilities included in the Antenna Disposal Group sale on May 31, 2024 were $265 million and $65 million, respectively. During the quarter ended June 28, 2024, $93 million of goodwill was assigned to the Antenna Disposal Group on a relative fair value basis. In connection with the preparation of our financial statements for the quarter ended June 28, 2024, we tested goodwill assigned to the Antenna Disposal Group and goodwill assigned to the retained businesses of the SAS reporting unit for impairment and concluded that goodwill related to the Antenna Disposal Group was impaired. As a result, we recorded a non-cash charge for impairment of $14 million included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations for the quarter and two quarters ended June 28, 2024. See Note E: Goodwill and Other Intangible Assets in these Notes for more information. In connection with the sale, we recognized a pre-tax loss of $9 million included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations for the quarter and two quarters ended June 28, 2024. Operating results of the Antenna Disposal Group reported in our SAS segment through the date of divestiture were not material for the quarter and two quarters ended June 28, 2024 or the quarter and two quarters ended June 30, 2023. Divestiture of Visual Information Solutions (“VIS”) On April 6, 2023, we completed the sale of VIS for a sale price of $70 million and recognized a pre-tax gain of $26 million included in the “General and administrative expenses” line item in our Consolidated Statement of Operations for the fiscal year ended December 29, 2023 in our Fiscal 2023 Form 10-K. After selling costs and purchase price adjustments, the net cash proceeds for the sale of VIS were $71 million. The operating results of VIS were reported in the SAS segment through the date of divestiture. The carrying amounts of the assets and liabilities of VIS were classified as held for sale in our Consolidated Balance Sheet as of December 30, 2022 in our Fiscal 2023 Form 10-K. Fair Value of Businesses and Goodwill Allocation For purposes of allocating goodwill to the disposal groups that represent a portion of a reporting unit, 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	6 Months Ended
	Jun. 28, 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 targeting; 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, 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 Segment Financial Information Segment revenue, segment Quarter Ended Two Quarters Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Revenue SAS $ 1,707 $ 1,715 $ 3,458 $ 3,370 IMS 1,729 1,735 3,398 3,435 CS 1,346 1,289 2,640 2,452 AR 581 ** 1,123 ** Corporate eliminations (64) (46) (109) (93) Total revenue $ 5,299 $ 4,693 $ 10,510 $ 9,164 Income before Income Taxes Operating income: SAS $ 215 $ 168 $ 431 $ 355 IMS 206 162 396 347 CS 329 325 639 591 AR 75 ** 147 ** Total segment 825 655 1,613 1,293 Total unallocated corporate expenses (349) (255) (759) (500) Total operating income 476 400 854 793 Non-service FAS pension income and other, net 86 83 174 165 Interest expense, net (172) (111) (348) (213) Income before income taxes $ 390 $ 372 $ 680 $ 745 _______________ ** 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 and any related impairment of goodwill; impairment of other assets; 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 net periodic benefit income under our pension and OPEB plans and total CAS pension and OPEB cost. The non-service cost components of net periodic benefit income under our pension and OPEB plans are included as components 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 FAS pension income. The table below is a reconciliation of the FAS/CAS operating adjustment: Quarter Ended Two Quarters Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 FAS pension service cost $ (10) $ (7) $ (18) $ (13) Less: CAS pension cost (16) (30) (31) (58) FAS/CAS operating adjustment 6 23 13 45 Non-service FAS pension income 81 77 161 154 FAS/CAS pension adjustment, net $ 87 $ 100 $ 174 $ 199 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 June 28, 2024 June 30, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 1,076 $ 1,097 $ 915 $ 155 $ 1,084 $ 1,127 $ 798 ** Subcontractor 618 603 409 426 621 584 479 ** Intersegment 13 29 22 — 10 24 12 ** Total segment $ 1,707 $ 1,729 $ 1,346 $ 581 $ 1,715 $ 1,735 $ 1,289 ** Revenue By Contract Type Fixed-price (1) $ 1,072 $ 1,340 $ 1,118 $ 344 $ 1,099 $ 1,317 $ 1,102 ** Cost-reimbursable 622 360 206 237 606 394 175 ** Intersegment 13 29 22 — 10 24 12 ** Total segment $ 1,707 $ 1,729 $ 1,346 $ 581 $ 1,715 $ 1,735 $ 1,289 ** Revenue By Geographical Region United States $ 1,488 $ 1,263 $ 886 $ 571 $ 1,475 $ 1,281 $ 834 ** International 206 437 438 10 230 430 443 ** Intersegment 13 29 22 — 10 24 12 ** Total segment $ 1,707 $ 1,729 $ 1,346 $ 581 $ 1,715 $ 1,735 $ 1,289 ** Two Quarters Ended June 28, 2024 June 30, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 2,184 $ 2,163 $ 1,828 $ 308 $ 2,094 $ 2,281 $ 1,605 ** Subcontractor 1,246 1,190 776 815 1,253 1,109 822 ** Intersegment 28 45 36 — 23 45 25 ** Total segment $ 3,458 $ 3,398 $ 2,640 $ 1,123 $ 3,370 $ 3,435 $ 2,452 ** Revenue By Contract Type Fixed-price (1) $ 2,180 $ 2,618 $ 2,183 $ 646 $ 2,121 $ 2,603 $ 2,080 ** Cost-reimbursable 1,250 735 421 477 1,226 787 347 ** Intersegment 28 45 36 — 23 45 25 ** Total segment $ 3,458 $ 3,398 $ 2,640 $ 1,123 $ 3,370 $ 3,435 $ 2,452 ** Revenue By Geographical Region United States $ 2,995 $ 2,466 $ 1,811 $ 1,098 $ 2,929 $ 2,538 $ 1,625 ** International 435 887 793 25 418 852 802 ** Intersegment 28 45 36 — 23 45 25 ** Total segment $ 3,458 $ 3,398 $ 2,640 $ 1,123 $ 3,370 $ 3,435 $ 2,452 ** _______________ ** 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 were as follows: (In millions) June 28, 2024 December 29, 2023 SAS $ 8,814 $ 9,085 IMS 10,912 10,631 CS 7,026 7,084 AR 4,462 4,208 Corporate (1) 10,443 10,679 Total Assets $ 41,657 $ 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 $8.1 billion and $8.5 billion at June 28, 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	6 Months Ended
	Jun. 28, 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 to matters, including but not limited to: product liability; personal injury; patents, trademarks, trade secrets or other intellectual property; labor and employment 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 June 28, 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 June 28, 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 $632 million as of June 28, 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 June 28, 2024, we had an asset for the recoverable portion of these reserves of $449 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 366	$ 349	$ 649	$ 686

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 28, 2024 shares	Jun. 28, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ross Niebergall [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		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 June 28, 2024: Name and title Date of adoption of 10b5-1 Plan (1) Scheduled expiration date of 10b5-1 Plan (2) Aggregate number of shares of common stock to be purchased or sold (3) Ross Niebergall President, AR June 3, 2024 December 13, 2024 Up to 12,214 shares, including 3,250 shares underlying options expiring in 2027 _______________ (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.
Name	Ross Niebergall
Title	President, AR
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 3, 2024
Expiration Date	December 13, 2024
Arrangement Duration	193 days
Aggregate Available	12,214	12,214

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 28, 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.
Reclassifications	Reclassifications The classification of certain prior year amounts have been adjusted in our Condensed Consolidated Financial Statements and these Notes to conform to current year classifications.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Information on recently issued accounting pronouncements can be found in our Form 10-Q f or the q uarter e nded March 29, 2024 .
Earnings Per Share	EPS is 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 ("EPS") (Tab

EARNINGS PER SHARE ("EPS") (Tables)	6 Months Ended
	Jun. 28, 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 were as follows: Quarter Ended Two Quarters Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Basic weighted-average common shares outstanding 189.7 189.2 189.8 189.7 Impact of dilutive share-based awards 0.9 0.9 1.0 1.0 Diluted weighted-average common shares outstanding 190.6 190.1 190.8 190.7

CONTRACT ASSETS AND CONTRACT _2

CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)	6 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Contract Liabilities	Contract assets and contract liabilities are summarized below: (In millions) June 28, 2024 December 29, 2023 Contract assets $ 3,209 $ 3,196 Contract liabilities, current (1,889) (1,900) Contract liabilities, non-current (1) (83) (94) Net contract assets $ 1,237 $ 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)	6 Months Ended
	Jun. 28, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are summarized below: (In millions) June 28, 2024 December 29, 2023 Finished products $ 288 $ 217 Work in process 383 427 Materials and supplies 761 828 Inventories $ 1,432 $ 1,472

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 28, 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, were as follows: (In millions) SAS IMS CS AR Total Balance at December 29, 2023 $ 6,110 $ 6,564 $ 4,940 $ 2,365 $ 19,979 Goodwill from AJRD acquisition (1) — — — 496 496 Impairment of goodwill (14) — — — (14) Goodwill decrease from divestitures (79) — — — (79) Currency translation adjustments (4) (10) (1) — (15) Balance at June 28, 2024 $ 6,013 $ 6,554 $ 4,939 $ 2,861 $ 20,367 _______________ (1) Represents the effect of measurement period adjustments associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) during the two quarters ended June 28, 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: June 28, 2024 December 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 8,843 $ (3,095) $ 5,748 $ 8,892 $ (2,733) $ 6,159 Developed technologies 851 (450) 401 856 (413) 443 Trade names — divisions 185 (57) 128 185 (50) 135 Other, including contract backlog 2 (2) — 4 (4) — Total finite-lived identifiable intangible assets 9,881 (3,604) 6,277 9,937 (3,200) 6,737 Trade names — corporate 1,803 — 1,803 1,803 — 1,803 Total identifiable intangible assets, net $ 11,684 $ (3,604) $ 8,080 $ 11,740 $ (3,200) $ 8,540
Schedule of Finite-Lived Intangible Assets	Other identifiable intangible assets, net are summarized below: June 28, 2024 December 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 8,843 $ (3,095) $ 5,748 $ 8,892 $ (2,733) $ 6,159 Developed technologies 851 (450) 401 856 (413) 443 Trade names — divisions 185 (57) 128 185 (50) 135 Other, including contract backlog 2 (2) — 4 (4) — Total finite-lived identifiable intangible assets 9,881 (3,604) 6,277 9,937 (3,200) 6,737 Trade names — corporate 1,803 — 1,803 1,803 — 1,803 Total identifiable intangible assets, net $ 11,684 $ (3,604) $ 8,080 $ 11,740 $ (3,200) $ 8,540
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 $ 826 Months 13-24 758 Months 25-36 590 Months 37-48 552 Months 49-60 451 Thereafter 3,100 Total $ 6,277

DEBT AND CREDIT ARRANGEMENTS (T

DEBT AND CREDIT ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Net	Long-term debt, net is summarized below: (In millions) June 28, 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 (“3.95% 2024 Notes”) — 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 5.35% 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 10,876 11,226 Financing lease obligations and other debt 301 300 Long-term debt, including the current portion of long-term debt 11,177 11,526 Plus: unamortized bond premium 44 51 Less: unamortized discounts and issuance costs (71) (54) Long-term debt, including the current portion of long-term debt, net 11,150 11,523 Less: current portion of long-term debt, net (617) (363) Total long-term debt, net $ 10,533 $ 11,160

RETIREMENT BENEFITS (Tables)

RETIREMENT BENEFITS (Tables)	6 Months Ended
	Jun. 28, 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 June 28, 2024 Quarter Ended June 30, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 9 $ 1 $ 6 $ 1 Non-operating Interest cost 98 2 91 2 Expected return on plan assets (165) (5) (152) (5) Amortization of net actuarial gain (1) (5) (3) (5) Amortization of prior service (credit) cost (6) 1 (6) 1 Non-service cost periodic benefit income (74) (7) (70) (7) Net periodic benefit income $ (65) $ (6) $ (64) $ (6) Two Quarters Ended June 28, 2024 Two Quarters Ended June 30, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 17 $ 1 $ 12 $ 1 Non-operating Interest cost 197 5 183 5 Expected return on plan assets (330) (10) (305) (10) Amortization of net actuarial gain (2) (9) (5) (10) Amortization of prior service (credit) cost (13) 1 (13) 1 Non-service cost periodic benefit income (148) (13) (140) (14) Net periodic benefit income $ (131) $ (12) $ (128) $ (13)

STOCK OPTIONS AND OTHER SHARE_2

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 28, 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 two quarters ended June 28, 2024 and June 30, 2023 were as follows: Two Quarters Ended June 28, 2024 Two Quarters Ended June 30, 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 $ 50.99 0.4 $ 54.81 Restricted stock units granted (2) 0.1 $ 212.80 0.2 $ 209.13 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.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 28, 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 June 28, 2024 and December 29, 2023: June 28, 2024 December 29, 2023 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets: (1) Equity and fixed income securities $ 114 $ 114 $ 106 $ 106 Investments measured at NAV: Corporate-owned life insurance 39 37 Total fair value of deferred compensation plan assets $ 153 $ 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 306 274 Total fair value of deferred compensation plan liabilities $ 316 $ 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. (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: June 28, 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) 11,150 10,853 9,273 9,199 Long-term debt, including the current portion of long-term debt, net $ 11,150 $ 10,853 $ 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)	6 Months Ended
	Jun. 28, 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 Two Quarters Ended (In millions, except per share amounts) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net EAC adjustments, before income taxes $ — $ (31) $ 19 $ (87) Net EAC adjustments, net of income taxes — (23) 15 (65) Net EAC adjustments, net of income taxes, per diluted share — (0.12) 0.08 (0.34)

RESTRUCTURING AND OTHER EXIT _2

RESTRUCTURING AND OTHER EXIT COSTS (Tables)	6 Months Ended
	Jun. 28, 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 two quarters ended June 28, 2024 were as follows: (In millions) Employee Severance Related Costs Balance at December 29, 2023 (1) $ 4 Additional provisions (2) 65 Payments (60) Total changes 5 Balance at June 28, 2024 (1) $ 9 _______________ (1) Our liabilities, which we expect will be paid in the next twelve months, are included in the “Compensation and benefits” line item in our Condensed Consolidated Balance Sheet . (2)

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	6 Months Ended
	Jun. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 (141) 197 Inventories 14 — 14 Other current assets 117 22 139 Property, plant and equipment 574 10 584 Goodwill 2,348 513 2,861 Other intangible assets 2,860 — 2,860 Other non-current assets 609 66 675 Total assets acquired $ 7,016 $ 470 $ 7,486 Current portion of long-term debt, net $ 1 $ — $ 1 Accounts payable 145 — 145 Contract liabilities 310 152 462 Compensation and benefits 116 1 117 Income taxes payable 6 (3) 3 Other accrued items 278 335 613 Long-term debt, net 41 — 41 Deferred income taxes 398 (41) 357 Other long-term liabilities 1,006 26 1,032 Total liabilities assumed $ 2,301 $ 470 $ 2,771 Fair value of consideration transferred $ 4,715 $ — $ 4,715 _______________ (1) Fair value adjustments during the measurement period primarily related to EAC updates for circumstances existing at the acquisition date, including updates to the forward loss provision and off-market customer contract reserve described below, refinements to the fair value of fixed assets, as well as corresponding adjustments to the deferred tax liability account which was partially offset by the release of a portion of the uncertain tax position previously recorded 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 are as follows: Total Useful Lives (In millions) (In Years) Customer relationships: 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
Schedule of Business Divestitures and Asset Sales	The carrying amounts of assets and liabilities of the CAS Disposal Group classified as held for sale in our Condensed Consolidated Balance Sheet were as follows: (In millions) June 28, 2024 December 29, 2023 Receivables, net $ 96 $ 80 Contract assets 41 43 Inventories 165 145 Other current assets 22 33 Property, plant and equipment, net 42 41 Goodwill 534 534 Other intangible assets, net 262 263 Other non-current assets 48 44 Valuation allowance (83) (77) Total assets held for sale $ 1,127 $ 1,106 Accounts payable $ 86 $ 111 Contract liabilities 44 48 Compensation and benefits 8 11 Other accrued items 43 38 Other long-term liabilities 62 64 Total liabilities held for sale $ 243 $ 272

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Schedule of Selected Financial Information by Business Segments	Segment revenue, segment Quarter Ended Two Quarters Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Revenue SAS $ 1,707 $ 1,715 $ 3,458 $ 3,370 IMS 1,729 1,735 3,398 3,435 CS 1,346 1,289 2,640 2,452 AR 581 ** 1,123 ** Corporate eliminations (64) (46) (109) (93) Total revenue $ 5,299 $ 4,693 $ 10,510 $ 9,164 Income before Income Taxes Operating income: SAS $ 215 $ 168 $ 431 $ 355 IMS 206 162 396 347 CS 329 325 639 591 AR 75 ** 147 ** Total segment 825 655 1,613 1,293 Total unallocated corporate expenses (349) (255) (759) (500) Total operating income 476 400 854 793 Non-service FAS pension income and other, net 86 83 174 165 Interest expense, net (172) (111) (348) (213) Income before income taxes $ 390 $ 372 $ 680 $ 745 _______________ ** 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 Two Quarters Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 FAS pension service cost $ (10) $ (7) $ (18) $ (13) Less: CAS pension cost (16) (30) (31) (58) FAS/CAS operating adjustment 6 23 13 45 Non-service FAS pension income 81 77 161 154 FAS/CAS pension adjustment, net $ 87 $ 100 $ 174 $ 199
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 June 28, 2024 June 30, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 1,076 $ 1,097 $ 915 $ 155 $ 1,084 $ 1,127 $ 798 ** Subcontractor 618 603 409 426 621 584 479 ** Intersegment 13 29 22 — 10 24 12 ** Total segment $ 1,707 $ 1,729 $ 1,346 $ 581 $ 1,715 $ 1,735 $ 1,289 ** Revenue By Contract Type Fixed-price (1) $ 1,072 $ 1,340 $ 1,118 $ 344 $ 1,099 $ 1,317 $ 1,102 ** Cost-reimbursable 622 360 206 237 606 394 175 ** Intersegment 13 29 22 — 10 24 12 ** Total segment $ 1,707 $ 1,729 $ 1,346 $ 581 $ 1,715 $ 1,735 $ 1,289 ** Revenue By Geographical Region United States $ 1,488 $ 1,263 $ 886 $ 571 $ 1,475 $ 1,281 $ 834 ** International 206 437 438 10 230 430 443 ** Intersegment 13 29 22 — 10 24 12 ** Total segment $ 1,707 $ 1,729 $ 1,346 $ 581 $ 1,715 $ 1,735 $ 1,289 ** Two Quarters Ended June 28, 2024 June 30, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 2,184 $ 2,163 $ 1,828 $ 308 $ 2,094 $ 2,281 $ 1,605 ** Subcontractor 1,246 1,190 776 815 1,253 1,109 822 ** Intersegment 28 45 36 — 23 45 25 ** Total segment $ 3,458 $ 3,398 $ 2,640 $ 1,123 $ 3,370 $ 3,435 $ 2,452 ** Revenue By Contract Type Fixed-price (1) $ 2,180 $ 2,618 $ 2,183 $ 646 $ 2,121 $ 2,603 $ 2,080 ** Cost-reimbursable 1,250 735 421 477 1,226 787 347 ** Intersegment 28 45 36 — 23 45 25 ** Total segment $ 3,458 $ 3,398 $ 2,640 $ 1,123 $ 3,370 $ 3,435 $ 2,452 ** Revenue By Geographical Region United States $ 2,995 $ 2,466 $ 1,811 $ 1,098 $ 2,929 $ 2,538 $ 1,625 ** International 435 887 793 25 418 852 802 ** Intersegment 28 45 36 — 23 45 25 ** Total segment $ 3,458 $ 3,398 $ 2,640 $ 1,123 $ 3,370 $ 3,435 $ 2,452 ** _______________ ** 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 were as follows: (In millions) June 28, 2024 December 29, 2023 SAS $ 8,814 $ 9,085 IMS 10,912 10,631 CS 7,026 7,084 AR 4,462 4,208 Corporate (1) 10,443 10,679 Total Assets $ 41,657 $ 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 $8.1 billion and $8.5 billion at June 28, 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 ("EPS") (Det

EARNINGS PER SHARE ("EPS") (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding (in shares)	189.7	189.2	189.8	189.7
Impact of dilutive share-based awards (in shares)	0.9	0.9	1	1
Diluted weighted average common shares outstanding (in shares)	190.6	190.1	190.8	190.7
Weighted average anti-dilutive employee stock options outstanding (in shares)	0.9	0.8	1.7	2

CONTRACT ASSETS AND CONTRACT _3

CONTRACT ASSETS AND CONTRACT LIABILITIES - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 3,209	$ 3,196
Contract liabilities, current	(1,889)	(1,900)
Contract liabilities, non-current	(83)	(94)
Net contract assets	$ 1,237	$ 1,202

CONTRACT ASSETS AND CONTRACT _4

CONTRACT ASSETS AND CONTRACT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Recognized revenue related to contract liabilities outstanding at the end of the year	$ 353	$ 295	$ 1,048	$ 898

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Inventory Disclosure [Abstract]
Finished products	$ 288	$ 217
Work in process	383	427
Materials and supplies	761	828
Inventories	$ 1,432	$ 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	6 Months Ended
	Jun. 28, 2024	Jun. 28, 2024
Goodwill [Roll Forward]
Beginning Balance		$ 19,979
Goodwill from AJRD acquisition		496
Impairment of goodwill	$ (14)	(14)
Goodwill decrease from divestitures		(79)
Currency translation adjustments		(15)
Ending Balance	20,367	20,367
SAS
Goodwill [Roll Forward]
Beginning Balance		6,110
Impairment of goodwill		(14)
Goodwill decrease from divestitures		(79)
Currency translation adjustments		(4)
Ending Balance	6,013	6,013
IMS
Goodwill [Roll Forward]
Beginning Balance		6,564
Impairment of goodwill		0
Goodwill decrease from divestitures		0
Currency translation adjustments		(10)
Ending Balance	6,554	6,554
CS
Goodwill [Roll Forward]
Beginning Balance		4,940
Impairment of goodwill		0
Goodwill decrease from divestitures		0
Currency translation adjustments		(1)
Ending Balance	4,939	4,939
AR
Goodwill [Roll Forward]
Beginning Balance		2,365
Goodwill from AJRD acquisition		496
Impairment of goodwill		0
Goodwill decrease from divestitures		0
Currency translation adjustments		0
Ending Balance	$ 2,861	$ 2,861

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill	$ 14		$ 14
Amortization expense	215	$ 173	432	$ 338
Antenna Disposal Group
Finite-Lived Intangible Assets [Line Items]
Goodwill assigned to disposal group	93		93
SAS
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	80		80		$ 80
Impairment of goodwill			14
IMS
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	1,126		1,126		1,126
Impairment of goodwill			0
CS
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	355		355		355
Impairment of goodwill			0
AR
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	$ 0		0		$ 0
Impairment of goodwill			$ 0

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Finite and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,881	$ 9,937
Total intangibles, gross carrying amount	11,684	11,740
Accumulated Amortization	(3,604)	(3,200)
Net Carrying Amount	6,277	6,737
Total identifiable intangible assets, net	8,080	8,540
Trade names
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	8,843	8,892
Accumulated Amortization	(3,095)	(2,733)
Net Carrying Amount	5,748	6,159
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	851	856
Accumulated Amortization	(450)	(413)
Net Carrying Amount	401	443
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	185	185
Accumulated Amortization	(57)	(50)
Net Carrying Amount	128	135
Other, including contract backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2	4
Accumulated Amortization	(2)	(4)
Net Carrying Amount	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization Expense (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Next 12 months	$ 826
Months 13-24	758
Months 25-36	590
Months 37-48	552
Months 49-60	451
Thereafter	3,100
Net Carrying Amount	$ 6,277	$ 6,737

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation (percent)	5.90%	5.60%	4.10%	7.40%

DEBT AND CREDIT ARRANGEMENTS -

DEBT AND CREDIT ARRANGEMENTS - Long-term Debt, Net (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Debt Instrument [Line Items]
Debt	$ 10,876	$ 11,226
Financing lease obligations and other debt	301	300
Long-term debt, including the current portion of long-term debt	11,177	11,526
Plus: unamortized bond premium	44	51
Less: unamortized discounts and issuance costs	(71)	(54)
Long-term debt, including the current portion of long-term debt, net	11,150	11,523
Less: current portion of long-term debt, net	(617)	(363)
Total long-term debt, net	10,533	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 (“3.95% 2024 Notes”)
Debt Instrument [Line Items]
Debt interest rate	3.95%
Debt	$ 0	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 | 5.35% 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	6 Months Ended
	Mar. 14, 2024 USD ($)	Jan. 26, 2024 USD ($)	Jan. 25, 2024 USD ($)	Jul. 29, 2022 USD ($)	Jun. 28, 2024 USD ($)	Jun. 28, 2024 USD ($)	Mar. 13, 2024 USD ($)	Dec. 29, 2023 USD ($)
Debt Instrument [Line Items]
Debt					$ 10,876	$ 10,876		$ 11,226
Short-term debt					2,102	2,102		1,602
Commercial Paper
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,000	$ 3,900
Short-term debt					$ 2,100	$ 2,100		$ 1,600
Debt, weighted average interest rate					5.79%	5.79%		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	$ 750		$ 0
Redemption price, basis spread rate						0.0015
Debt interest rate percentage					5.05%	5.05%
5.35% notes, due June 1, 2034 (“5.35% 2034 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt					$ 750	$ 750		0
Redemption price, basis spread rate						0.0020
Debt interest rate percentage					5.35%	5.35%
$5.25% notes, due June 1, 2031 (“5.25% 2031 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt					$ 750	$ 750		0
Redemption price, basis spread rate						0.0020
Debt interest rate percentage					5.25%	5.25%
Term loan, due November 21, 2025 (“Term Loan 2025”) | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Debt					$ 0	$ 0		2,250
Repayments of long-term debt	$ 2,250
Variable interest rate	6.70%
3.95% notes, due May 28, 2024 (“3.95% 2024 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt					0	$ 0		$ 350
Repayments of long-term debt					$ 350
Debt interest rate percentage					3.95%	3.95%
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
Credit Agreement 2024 | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument, maturity extension term		1 year
Credit Agreement 2024 | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Short-term debt					$ 0	$ 0
Available borrowing capacity					1,400	1,400
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
2022 Credit Agreement | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument term				5 years
2022 Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 2,000
Short-term debt					0	0
Available borrowing capacity					$ 1,400	$ 1,400

RETIREMENT BENEFITS (Details)

RETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pension
Operating
Service cost	$ 9	$ 6	$ 17	$ 12
Non-operating
Interest cost	98	91	197	183
Expected return on plan assets	(165)	(152)	(330)	(305)
Amortization of net actuarial gain	(1)	(3)	(2)	(5)
Amortization of prior service (credit) cost	(6)	(6)	(13)	(13)
Non-service cost periodic benefit income	(74)	(70)	(148)	(140)
Net periodic benefit income	(65)	(64)	(131)	(128)
Other Benefits
Operating
Service cost	1	1	1	1
Non-operating
Interest cost	2	2	5	5
Expected return on plan assets	(5)	(5)	(10)	(10)
Amortization of net actuarial gain	(5)	(5)	(9)	(10)
Amortization of prior service (credit) cost	1	1	1	1
Non-service cost periodic benefit income	(7)	(7)	(13)	(14)
Net periodic benefit income	$ (6)	$ (6)	$ (12)	$ (13)

STOCK OPTIONS AND OTHER SHARE_3

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024 USD ($) plan shares	Jun. 30, 2023 USD ($) shares	Jun. 28, 2024 USD ($) plan shares	Jun. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholder-approved employee stock incentive plans | plan	3		3
L3Harris Shareholder-approved Employee Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense | $	$ 27	$ 22	$ 53	$ 45
Common stock issued, net of shares withheld for tax purposes (in shares) | shares	0.3	0.1	0.8	0.4

STOCK OPTIONS AND OTHER SHARE_4

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION - Summary of Awards Granted (Details) - $ / shares shares in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Stock Options
Shares
Stock option shares granted (in shares)	0.4	0.4
Weighted Average Grant Date Fair Value Per Share [Abstract]
Stock option shares granted (in dollars per share)	$ 50.99	$ 54.81
Award vesting period	3 years
Restricted Stock and Restricted Stock Units
Shares
Equity instruments other than options granted (in shares)	0.1	0.2
Weighted Average Grant Date Fair Value Per Share [Abstract]
Equity instruments other than options granted (in dollars per share)	$ 212.80	$ 209.13
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_2

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL") - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Mar. 29, 2024	Dec. 29, 2023	Mar. 31, 2023	Dec. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (18,904)	$ (18,531)	$ (18,904)	$ (18,531)	$ (18,730)	$ (18,829)	$ (18,408)	$ (18,624)
Other comprehensive (loss) income before reclassifications to earnings, net of income taxes	8	32	(21)	44
Reclassification adjustments for gains included in net income	8	7	15	19
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 234	$ 263	234	263	$ 234	$ 198	$ 288	$ 288
Other comprehensive (loss) income before reclassifications to earnings, net of income taxes			$ (21)	$ 44

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	$ 11,150	$ 11,523
Carrying Amount | Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	0	2,250
Carrying Amount | All other long-term debt, net (including current portion)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	11,150	9,273
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	153	143
Fair value of deferred compensation plan liabilities	316	292
Fair Value | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	10,853	11,449
Fair Value | Fair Value | Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	0	2,250
Fair Value | Fair Value | All other long-term debt, net (including current portion)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	10,853	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	306	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	114	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	114	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	$ 39	$ 37

CHANGES IN ESTIMATES (Details)

CHANGES IN ESTIMATES (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Change in Accounting Estimate [Line Items]
Net EAC adjustments, before income taxes	$ 476	$ 400	$ 854	$ 793
Revenue recognized from performance obligations satisfied in previous periods	34	33	87	69
Contracts Accounted for under Percentage of Completion
Change in Accounting Estimate [Line Items]
Net EAC adjustments, before income taxes	0	(31)	19	(87)
Net EAC adjustments, net of income taxes	$ 0	$ (23)	$ 15	$ (65)
Net EAC adjustments, net of income taxes, per diluted share (in dollars per share)	$ 0	$ (0.12)	$ 0.08	$ (0.34)

BACKLOG (Details)

BACKLOG (Details) $ in Billions	Jun. 28, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Backlog	$ 31.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	45%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	30%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period

RESTRUCTURING AND OTHER EXIT _3

RESTRUCTURING AND OTHER EXIT COSTS - Summary of Restructuring and Other Exit Activities (Details) $ in Millions	6 Months Ended
	Jun. 28, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 29, 2023	$ 4
Additional provisions	65
Payments	(60)
Total changes	5
Balance at June 28, 2024	$ 9

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Acquisition of AJRD - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jul. 28, 2023	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Business Acquisition [Line Items]
Goodwill		$ 20,367		$ 20,367		$ 19,979
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		357		357
Loss provision amortization expense		47		61
Liabilities assumed		194		194
Revenue from amortization of off-market contract liability		22		30
Goodwill	$ 2,348	2,861		2,861
Acquisition related costs		16	$ 13	44	$ 22
Aerojet Rocketdyne Holdings, Inc. | Other Accrued Liabilities
Business Acquisition [Line Items]
Liabilities assumed		49		49
Aerojet Rocketdyne Holdings, Inc. | Other Noncurrent Liabilities
Business Acquisition [Line Items]
Liabilities assumed		$ 145		$ 145

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Acquisition of AJRD - Calculation of Consideration Transferred (Details) - USD ($) $ in Millions		6 Months Ended
	Jul. 28, 2023	Jun. 28, 2024	Jun. 30, 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	11 Months Ended
	Jun. 28, 2024	Dec. 29, 2023	Jul. 28, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 20,367	$ 19,979
Aerojet Rocketdyne Holdings, Inc.
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Receivables	156		$ 156
Contract assets	197		338
Inventories	14		14
Other current assets	139		117
Property, plant and equipment	584		574
Goodwill	2,861		2,348
Other intangible assets	2,860		2,860
Other non-current assets	675		609
Total assets acquired	7,486		7,016
Current portion of long-term debt, net	1		1
Accounts payable	145		145
Contract liabilities	462		310
Compensation and benefits	117		116
Income taxes payable	3		6
Other accrued items	613		278
Long-term debt, net	41		41
Deferred income taxes	357		398
Other long-term liabilities	1,032		1,006
Total liabilities assumed	2,771		2,301
Fair value of consideration transferred	4,715		$ 4,715
Measurement Period Adjustments, Net
Contract assets	(141)
Other current assets	22
Property, plant and equipment	10
Goodwill	513
Other non-current assets	66
Total assets acquired	470
Contract liabilities	152
Compensation and benefits	1
Income taxes payable	(3)
Other accrued items	335
Deferred income taxes	(41)
Other long-term liabilities	26
Total liabilities assumed	470
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, 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	Jun. 28, 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 - Pending Divestiture of CAS Disposal Group (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes	$ 390	$ 372	$ 680	$ 745
Impairment of goodwill	14		14
IMS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill			0
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
Additional contingent consideration					100
Disposal group, held-for-sale, not discontinued operations | IMS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill					296
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	875		875
Income before income taxes	$ 23	$ 15	44	$ 32
Pre-tax gain (loss) on disposition of assets			$ (15)		$ (77)

ACQUISITIONS AND DIVESTITURES_6

ACQUISITIONS AND DIVESTITURES - CAS Disposal Group (Details) - CAS Business - Disposal group, held-for-sale, not discontinued operations - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables, net	$ 96	$ 80
Contract assets	41	43
Inventories	165	145
Other current assets	22	33
Property, plant and equipment, net	42	41
Goodwill	534	534
Other intangible assets, net	262	263
Other non-current assets	48	44
Valuation allowance	(83)	(77)
Total assets held for sale	1,127	1,106
Accounts payable	86	111
Contract liabilities	44	48
Compensation and benefits	8	11
Other accrued items	43	38
Other long-term liabilities	62	64
Total liabilities held for sale	$ 243	$ 272

ACQUISITIONS AND DIVESTITURES_7

ACQUISITIONS AND DIVESTITURES - Divestiture of Antenna Disposal Group (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	May 31, 2024	Jun. 28, 2024	Jun. 28, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of asset groups and businesses, net			$ 158	$ 71
Impairment of goodwill		$ 14	14
Antenna Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill assigned to disposal group		$ 93	$ 93
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Antenna Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of asset groups and businesses, net	$ 166
Assets of disposal group held for sale	265
Liabilities of disposal group held for sale	65
Loss on disposition of business	(9)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Antenna Disposal Group | Kanders & company, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable	$ 25

ACQUISITIONS AND DIVESTITURES_8

ACQUISITIONS AND DIVESTITURES - Divestiture of Visual Information Solutions ("VIS") (Details) - USD ($) $ in Millions		6 Months Ended
	Apr. 06, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of asset groups and businesses, net		$ 158	$ 71
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Visual Information Solutions (VIS) Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash price on sale of business	$ 70
Gain on disposition of business	26
Proceeds from sales of asset groups and businesses, net	$ 71

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 28, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	4
Number of reportable segments	4

BUSINESS SEGMENT INFORMATION _2

BUSINESS SEGMENT INFORMATION - Revenues and Income From Continuing Operations by Segment (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue		$ 5,299	$ 4,693	$ 10,510	$ 9,164
Segment operating income (loss)		476	400	854	793
Non-service FAS pension income and other, net	[1]	86	83	174	165
Interest expense, net		(172)	(111)	(348)	(213)
Income before income taxes		390	372	680	745
Pension
Segment Reporting Information [Line Items]
FAS pension service cost		(9)	(6)	(17)	(12)
Non-service FAS pension income		(74)	(70)	(148)	(140)
Pension | Plans Under US Government Contracts
Segment Reporting Information [Line Items]
FAS pension service cost		(10)	(7)	(18)	(13)
Less: CAS pension cost		(16)	(30)	(31)	(58)
FAS/CAS operating adjustment		6	23	13	45
Non-service FAS pension income		81	77	161	154
FAS/CAS pension adjustment, net		87	100	174	199
Operating segments
Segment Reporting Information [Line Items]
Segment operating income (loss)		825	655	1,613	1,293
Operating segments | SAS
Segment Reporting Information [Line Items]
Revenue		1,707	1,715	3,458	3,370
Segment operating income (loss)		215	168	431	355
Operating segments | IMS
Segment Reporting Information [Line Items]
Revenue		1,729	1,735	3,398	3,435
Segment operating income (loss)		206	162	396	347
Operating segments | CS
Segment Reporting Information [Line Items]
Revenue		1,346	1,289	2,640	2,452
Segment operating income (loss)		329	325	639	591
Operating segments | AR
Segment Reporting Information [Line Items]
Revenue		581		1,123
Segment operating income (loss)		75		147
Intersegment
Segment Reporting Information [Line Items]
Revenue		(64)	(46)	(109)	(93)
Intersegment | SAS
Segment Reporting Information [Line Items]
Revenue		(13)	(10)	(28)	(23)
Intersegment | IMS
Segment Reporting Information [Line Items]
Revenue		(29)	(24)	(45)	(45)
Intersegment | CS
Segment Reporting Information [Line Items]
Revenue		(22)	(12)	(36)	(25)
Intersegment | AR
Segment Reporting Information [Line Items]
Revenue		0		0
Corporate
Segment Reporting Information [Line Items]
Segment operating income (loss)		$ (349)	$ (255)	$ (759)	$ (500)
[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		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 5,299	$ 4,693	$ 10,510	$ 9,164
Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(64)	(46)	(109)	(93)
SAS | United States
Disaggregation of Revenue [Line Items]
Revenue	1,488	1,475	2,995	2,929
SAS | International
Disaggregation of Revenue [Line Items]
Revenue	206	230	435	418
SAS | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,072	1,099	2,180	2,121
SAS | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	622	606	1,250	1,226
SAS | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	1,707	1,715	3,458	3,370
SAS | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(13)	(10)	(28)	(23)
IMS | United States
Disaggregation of Revenue [Line Items]
Revenue	1,263	1,281	2,466	2,538
IMS | International
Disaggregation of Revenue [Line Items]
Revenue	437	430	887	852
IMS | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,340	1,317	2,618	2,603
IMS | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	360	394	735	787
IMS | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	1,729	1,735	3,398	3,435
IMS | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(29)	(24)	(45)	(45)
CS | United States
Disaggregation of Revenue [Line Items]
Revenue	886	834	1,811	1,625
CS | International
Disaggregation of Revenue [Line Items]
Revenue	438	443	793	802
CS | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,118	1,102	2,183	2,080
CS | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	206	175	421	347
CS | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	1,346	1,289	2,640	2,452
CS | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(22)	(12)	(36)	(25)
AR | United States
Disaggregation of Revenue [Line Items]
Revenue	571		1,098
AR | International
Disaggregation of Revenue [Line Items]
Revenue	10		25
AR | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	344		646
AR | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	237		477
AR | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	581		1,123
AR | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	0		0
Prime contractor | SAS
Disaggregation of Revenue [Line Items]
Revenue	1,076	1,084	2,184	2,094
Prime contractor | IMS
Disaggregation of Revenue [Line Items]
Revenue	1,097	1,127	2,163	2,281
Prime contractor | CS
Disaggregation of Revenue [Line Items]
Revenue	915	798	1,828	1,605
Prime contractor | AR
Disaggregation of Revenue [Line Items]
Revenue	155		308
Subcontractor | SAS
Disaggregation of Revenue [Line Items]
Revenue	618	621	1,246	1,253
Subcontractor | IMS
Disaggregation of Revenue [Line Items]
Revenue	603	584	1,190	1,109
Subcontractor | CS
Disaggregation of Revenue [Line Items]
Revenue	409	$ 479	776	$ 822
Subcontractor | AR
Disaggregation of Revenue [Line Items]
Revenue	$ 426		$ 815

BUSINESS SEGMENT INFORMATION _4

BUSINESS SEGMENT INFORMATION - Total Assets by Segment (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Segment Reporting Information [Line Items]
Assets	$ 41,657	$ 41,687
Identifiable intangible assets acquired	8,080	8,540
Operating segments | SAS
Segment Reporting Information [Line Items]
Assets	8,814	9,085
Operating segments | IMS
Segment Reporting Information [Line Items]
Assets	10,912	10,631
Operating segments | CS
Segment Reporting Information [Line Items]
Assets	7,026	7,084
Operating segments | AR
Segment Reporting Information [Line Items]
Assets	4,462	4,208
Corporate
Segment Reporting Information [Line Items]
Assets	10,443	10,679
Identifiable intangible assets acquired	$ 8,100	$ 8,500

LEGAL PROCEEDINGS AND CONTING_2

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - Various Environmental Matters $ in Millions	Jun. 28, 2024 USD ($)
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 632
Recoverable environmental remediation costs	$ 449