L3Harris (LHX) 10-Q26 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

COVER

COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		189,132,693
Current Fiscal Year End Date	--12-29
Entity Central Index Key	0000202058
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Statement [Abstract]
Revenue from product sales and services	$ 4,693	$ 4,135	$ 9,164	$ 8,238
Cost of product sales and services	(3,476)	(2,907)	(6,763)	(5,767)
Engineering, selling and administrative expenses	(783)	(744)	(1,556)	(1,489)
Business divestiture-related gains, net	26	0	26	0
Impairment of other assets	(60)	0	(78)	0
Non-operating income, net	83	108	165	214
Interest expense, net	(111)	(67)	(213)	(135)
Income before income taxes	372	525	745	1,061
Income taxes	(21)	(55)	(55)	(116)
Net income	351	470	690	945
Noncontrolling interests, net of income taxes	(2)	1	(4)	1
Net income attributable to L3Harris Technologies, Inc.	$ 349	$ 471	$ 686	$ 946
Net income per common share attributable to L3Harris Technologies, Inc. common shareholders
Basic (in dollars per share)	$ 1.84	$ 2.45	$ 3.61	$ 4.91
Diluted (in dollars per share)	$ 1.83	$ 2.42	$ 3.60	$ 4.86
Basic weighted average common shares outstanding (in shares)	189.2	192.1	189.7	192.6
Diluted weighted average common shares outstanding (in shares)	190.1	194	190.7	194.5

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 351	$ 470	$ 690	$ 945
Other comprehensive income (loss):
Foreign currency translation income (loss), net of income taxes	28	(73)	35	(76)
Net unrealized income (loss) on hedging derivatives, net of income taxes	4	(7)	9	(2)
Other comprehensive income (loss), recognized during the period	32	(80)	44	(78)
Reclassification adjustments for gains included in net income	(7)	(2)	(19)	(8)
Other comprehensive income (loss), net of income taxes	25	(82)	25	(86)
Total comprehensive income	376	388	715	859
Comprehensive (income) loss attributable to noncontrolling interest	(2)	1	(4)	1
Total comprehensive income attributable to L3Harris Technologies, Inc.	$ 374	$ 389	$ 711	$ 860

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2023	Dec. 30, 2022
Current Assets
Cash and cash equivalents	$ 366	$ 880
Receivables, net of allowances for collection losses of $35 and $40, respectively	1,383	1,251
Contract assets	3,164	2,987
Inventories	1,555	1,291
Income taxes receivable	48	40
Other current assets	334	258
Assets of business held for sale	0	47
Total current assets	6,850	6,754
Non-current Assets
Property, plant and equipment, net	2,186	2,104
Operating lease right-of-use assets	725	756
Goodwill	18,417	17,283
Other intangible assets, net	6,401	6,001
Deferred income taxes	84	73
Other non-current assets	699	553
Total assets	35,362	33,524
Current Liabilities
Short-term debt	582	2
Accounts payable	2,029	1,945
Contract liabilities	1,648	1,400
Compensation and benefits	389	398
Other accrued items	935	818
Income taxes payable	365	376
Current portion of long-term debt, net	361	818
Liabilities of business held for sale	0	19
Total current liabilities	6,309	5,776
Non-current Liabilities
Defined benefit plans	184	262
Operating lease liabilities	714	741
Long-term debt, net	7,867	6,225
Deferred income taxes	452	719
Other long-term liabilities	1,305	1,177
Total liabilities	16,831	14,900
Shareholders’ Equity:
Preferred stock, without par value; 1,000,000 shares authorized; none issued	0	0
Common stock, $1.00 par value; 500,000,000 shares authorized; issued and outstanding 189,085,602 and 190,611,458 shares at June 30, 2023 and December 30, 2022, respectively	189	191
Other capital	15,391	15,677
Retained earnings	3,111	2,943
Accumulated other comprehensive loss	(263)	(288)
Total shareholders’ equity	18,428	18,523
Noncontrolling interests	103	101
Total equity	18,531	18,624
Total liabilities and equity	$ 35,362	$ 33,524

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 30, 2022
Shareholders’ Equity:
Accounts receivable, allowance for credit loss, current	$ 35	$ 40
Preferred shares, authorized (in shares)	1,000,000	1,000,000
Preferred shares, issued (in shares)	0	0
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, authorized (in shares)	500,000,000	500,000,000
Common shares, issued (in shares)	189,085,602	190,611,458
Common shares, outstanding (in shares)	189,085,602	190,611,458

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022
Operating Activities
Net income	$ 690	$ 945
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of acquisition-related intangibles	338	303
Depreciation and other amortization	168	162
Share-based compensation	45	69
Share-based matching contributions under defined contribution plans	121	113
Pension and other postretirement benefit plan income	(141)	(198)
Impairment of other assets	78	0
Business divestiture-related gain, net	(26)	0
Gain on sale of asset group	0	(8)
Deferred income taxes	(243)	(326)
(Increase) decrease in:
Receivables, net	(105)	(146)
Contract assets	(159)	(25)
Inventories	(99)	(259)
Other current assets	(67)	31
Increase (decrease) in:
Accounts payable	23	(44)
Contract liabilities	220	(21)
Compensation and benefits	(10)	(63)
Other accrued items	(3)	(103)
Income taxes	10	376
Other operating activities	(76)	(18)
Net cash provided by operating activities	764	788
Investing Activities
Net cash paid for acquired business	(1,973)	0
Additions to property, plant and equipment	(164)	(117)
Proceeds from sale of property, plant and equipment, net	0	4
Proceeds from sales of businesses, net	71	2
Proceeds from sale of asset group, net	0	18
Cash used for equity investments	(9)	(30)
Other investing activities	1	2
Net cash used in investing activities	(2,074)	(121)
Financing Activities
Proceeds from borrowings, net of issuance cost	2,249	7
Repayments of borrowings	(1,060)	(10)
Change in commercial paper, net	579	0
Proceeds from exercises of employee stock options	13	34
Repurchases of common stock	(518)	(729)
Cash dividends	(436)	(435)
Tax withholding payments associated with vested share-based awards	(28)	(38)
Other financing activities	(5)	(3)
Net cash provided by (used in) financing activities	794	(1,174)
Effect of exchange rate changes on cash and cash equivalents	2	(14)
Net decrease in cash and cash equivalents	(514)	(521)
Cash and cash equivalents, beginning of period	880	941
Cash and cash equivalents, end of period	$ 366	$ 420

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Other Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning balance at Dec. 31, 2021	$ 19,319	$ 194	$ 16,248	$ 2,917	$ (146)	$ 106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	945			946		(1)
Other comprehensive income, net of income taxes	(86)				(86)
Shares issued under stock incentive plans	34		34
Shares issued under defined contribution plans	113	1	112
Share-based compensation expense	69		69
Tax withholding payments on share-based awards	(38)		(38)
Repurchases and retirement of common stock	(729)	(3)	(611)	(115)
Cash dividends	(435)			(435)
Other	(2)			(1)		(1)
Ending balance at Jul. 01, 2022	19,190	192	15,814	3,312	(232)	104
Beginning balance at Apr. 01, 2022	19,366	193	16,089	3,128	(150)	106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	470			471		(1)
Other comprehensive income, net of income taxes	(82)				(82)
Shares issued under stock incentive plans	4		4
Shares issued under defined contribution plans	58	1	57
Share-based compensation expense	41		41
Tax withholding payments on share-based awards	(26)		(26)
Repurchases and retirement of common stock	(421)	(2)	(351)	(68)
Cash dividends	(217)			(217)
Other	(3)			(2)		(1)
Ending balance at Jul. 01, 2022	19,190	192	15,814	3,312	(232)	104
Beginning balance at Dec. 30, 2022	18,624	191	15,677	2,943	(288)	101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	690			686		4
Other comprehensive income, 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 (loss)	351			349		2
Other comprehensive income, 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

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 1.14	$ 1.12	$ 2.28	$ 2.24

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE A: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these notes to Condensed Consolidated Financial Statements (these "Notes"), the terms “L3Harris,” “Company,” “we,” “our” and “us” refer to L3Harris Technologies, Inc. and its consolidated subsidiaries. Intracompany transactions and accounts have been eliminated. The accompanying Condensed Consolidated Financial Statements have been prepared by L3Harris in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, such interim financial statements do not include all information and footnotes necessary for a complete presentation of financial condition, results of operations, cash flows and equity in conformity with GAAP for annual financial statements and are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period. In the opinion of management, such interim financial statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of our financial condition, results of operations, cash flows and equity for the periods presented therein. The balance sheet at December 30, 2022 has been derived from our audited financial statements, but does not include all of the information and footnotes required by GAAP for annual financial statements. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with Part II: Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 30, 2022 (our "Fiscal 2022 Form 10-K"). Business Realignment. Effective for fiscal 2023, which began December 31, 2022, we adjusted our reporting to better align our businesses and transferred our Agile Development Group (“ADG”) business from our Integrated Mission Systems ("IMS") segment to our Space & Airborne Systems (“SAS”) segment. The historical results, discussion and presentation of our business segments as set forth in the accompanying Condensed Consolidated Financial Statements and these Notes reflect the impact of these changes for all periods presented in order to present segment information on a comparable basis. There is no impact on our previously reported consolidated statements of operations, balance sheets, statements of cash flows or statements of equity resulting from these changes. See Note G: Goodwill and Other Intangible Assets and Note O: Business Segment Information in these Notes for further information. 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. Accounting Standards Updates In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification ("ASC") 2014-09, Revenue from Contracts with Customers (Topic 606) . The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. We adopted the new standard effective December 31, 2022. On January 3, 2023, we completed the acquisition of Viasat, Inc.’s (“Viasat”) Tactical Data Links product line (“TDL”) and applied the provisions of ASU 2021-08 in our purchase accounting for TDL. The adoption of the new standard did not have a material impact on our operating results, financial position, or cash flows. For more information regarding the TDL acquisition see Note B: Acquisitions, Divestitures and Asset Sales in these Notes for further information.

ACQUISITIONS, DIVESTITURES AND

ACQUISITIONS, DIVESTITURES AND ASSET SALES	6 Months Ended
ACQUISITIONS, DIVESTITURES AND ASSET SALES	Jun. 30, 2023
Business Combinations [Abstract]
ACQUISITIONS, DIVESTITURES AND ASSET SALES	NOTE B: ACQUISITIONS, DIVESTITURES AND ASSET SALES Acquisition of Viasat’s TDL On January 3, 2023, we completed the acquisition of TDL for a purchase price of $1.958 billion. The acquisition, which qualified as a business acquisition, enhances our networking capability and provides access to the ubiquitous Link 16 waveform, better positioning us to enable the U.S. Department of Defense (“DoD”) integrated architecture goal in joint all-domain command and control (“JADC2”). On November 22, 2022, we established a $2.25 billion, three-year senior unsecured term loan facility by entering into a Loan Agreement (“Term Loan 2025”) with a syndicate of lenders, in part, to finance the acquisition. See Note H: Debt and Credit Arrangements in these Notes for further information regarding Term Loan 2025. Net assets and results of operations of TDL are reflected in our financial results commencing on January 3, 2023, the acquisition date, and are reported within our Communication Systems (“CS”) segment. We accounted for the acquisition of TDL 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. As of the acquisition date, the fair value of consideration transferred consisted of the following: (In millions) January 3, 2023 Purchase price $ 1,958 Estimated net working capital and other adjustments 15 Cash consideration paid 1,973 Settlement of preexisting relationship (1) 1 Fair value of consideration transferred $ 1,974 _______________ (1) Prior to the acquisition, we had a preexisting relationship with Viasat’s TDL business in the normal course of business. As of the acquisition date, our CS segment had a receivable from Viasat’s TDL business with a fair value of $1 million that was settled in connection with the acquisition. 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 and the measurement period adjustments recorded since the acquisition date through June 30, 2023: January 3, 2023 (In millions) Preliminary Measurement Period Adjustments, Net 1 Preliminary Receivables $ 28 $ — $ 28 Contract assets 18 — 18 Inventories 164 1 165 Other current assets 9 — 9 Property, plant and equipment 50 — 50 Operating lease right-of-use assets 12 — 12 Goodwill 1,014 103 1,117 Other intangible assets 850 (98) 752 Deferred income taxes 33 2 35 Other non-current assets 6 (1) 5 Total assets acquired $ 2,184 $ 7 $ 2,191 Accounts payable $ 20 $ — $ 20 Contract liabilities 28 — 28 Compensation and benefits 2 — 2 Other accrued items 119 1 120 Operating lease liabilities 10 — 10 Other long-term liabilities 31 6 37 Total liabilities assumed $ 210 $ 7 $ 217 Net assets acquired $ 1,974 $ — $ 1,974 _______________ (1) Fair value adjustments during the quarter ended June 30, 2023 primarily related to refined assumptions in the valuation of customer relationship intangible assets. Our preliminary estimates and assumptions are subject to change as we obtain additional information during the measurement period (up to one year from the acquisition date); therefore, these provisional measurements of the assets acquired and liabilities assumed are subject to change. All intangible assets acquired in the TDL acquisition are subject to amortization. The preliminary fair value of identifiable intangible assets acquired as of the acquisition date is as follows: Total Useful Lives (In millions) (In Years) Developed technology $ 346 17 Customer relationships: (1) Backlog 83 2 Government programs 323 16 Total customer relationships 406 Total identifiable intangible assets acquired $ 752 _______________ (1) TDL had backlog and government programs intangible assets that we classified as customer relationships. 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 estimations. The use of different estimates could produce different results. The fair value of intangible assets is estimated using the relief from royalty method for the acquired developed technology 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 developed technology intangible assets, revenue growth attributable to the intangible assets and remaining useful lives. The fair value of inventory was estimated using the replacement cost approach and comparative sales method, which require estimates of replacement cost for raw materials and estimates of expected sales price less costs to complete and dispose of the inventory, plus a profit margin for efforts incurred for the work in progress and finished goods. We have recorded a preliminary forward loss provision of $86 million in connection with certain acquired contracts which was included in the “Other accrued items” line item in our Condensed Consolidated Balance Sheet . The forward loss provisions will be recognized as a reduction to cost of sales as we incur costs to satisfy the associated performance obligations. There will be no net impact on our Condensed Consolidated Statement of Operations. We recognized $6 million and $14 million for amortization of the forward loss provision during the quarter and two quarters ended June 30, 2023, respectively. We have identified certain contractual obligations with customers with economic returns that are higher or lower than could be realized in market transactions as of the acquisition date and have recorded liabilities for the preliminary acquisition date fair value of the off-market components. The preliminary acquisition date fair value of the off-market components is a net liability of $61 million, consisting of $33 million and $28 million included in the “Other accrued items” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet, respectively, and excludes any amounts already recognized in forward loss provisions (see discussion in the preceding paragraph). We measured the fair value of these components as the amount by which the terms of the contract with the customer deviates from the terms that a market participant could have achieved at the acquisition date. The off-market components of these contracts will be recognized as an increase to revenue as we incur costs to satisfy the associated performance obligations. We recognized $6 million and $15 million for amortization of off-market contract liabilities during the quarter and two quarters ended June 30, 2023, respectively. Future estimated revenue from the amortization of off-market contract liabilities (based on the estimated pattern of cash flows to be incurred to satisfy associated performance obligations) is $18 million in the remainder of 2023, $21 million in 2024 and immaterial amounts thereafter. Goodwill. The $1.117 billion of goodwill recognized is attributable to the assembled workforce, in addition to synergies expected to be realized through integration with existing CS segment businesses and growth opportunities in the space domain. The acquired goodwill is tax deductible. See Note G: Goodwill and Other Intangible Assets in these Notes for further information. Financial Results. Revenue of TDL included in our Condensed Consolidated Statement of Operations for the quarter ended June 30, 2023 and for the acquisition date through June 30, 2023 was $83 million and $164 million. During the same periods of calendar year 2022, revenue for Viasat’s TDL was approximately $90 million and $185 million. Income before income taxes of TDL included in our Condensed Consolidated Statement of Operations for the quarter ended June 30, 2023 and for the acquisition date through June 30, 2023 was $22 million and $48 million. During the same periods of calendar year 2022, income before income taxes of Viasat’s TDL was approximately $20 million and $25 million. Acquisition-Related Costs. Acquisition-related costs have been expensed as incurred. In connection with the TDL acquisition, we recorded transaction and integration costs of $23 million and $54 million for the quarter and two quarters ended June 30, 2023, respectively, which were included in the Engineering, selling and administrative expenses line item in our Condensed Consolidated Statement of Operations. Pending Acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) On December 17, 2022, we entered into a definitive agreement to acquire AJRD in an all-cash transaction for a purchase price of approximately $4.7 billion. We were advised on July 26, 2023 that the Federal Trade Commission (“FTC”) will not block the acquisition of AJRD. We expect the acquisition to close on or about July 28, 2023. In connection with the pending acquisition, during the two quarters ended June 30, 2023, we entered into a revolving credit facility and a commercial paper program. See Note H: Debt and Credit Arrangements in these Notes and Note 3: Acquisitions in our Fiscal 2022 Form 10-K for further information regarding the pending AJRD acquisition and related funding. 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 “Business divestiture-related gains, net” line item in our Condensed Consolidated Statement of Operations for the quarter and two quarters ended June 30, 2023. 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 Condensed Consolidated Balance Sheet as of December 30, 2022. Completed Divestiture and Asset Sale for the Two Quarters Ended July 1, 2022 During the two quarters ended July 1, 2022, we completed one business divestiture and one asset sale from our IMS segment for combined net cash proceeds of $20 million and recognized a pre-tax gain of $8 million associated with the asset sale included in the “ Engineering, selling and administrative expenses ” line item in our Condensed Consolidated Statement of Operations for the quarter and two quarters ended July 1, 2022. 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 (or estimated net cash proceeds, in the case of no negotiated selling price), and the fair value of the retained businesses of the respective reporting unit based on a combination of market-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 G: Goodwill and Other Intangible Assets and Note L: Fair Value Measurements in these Notes for additional information.

STOCK OPTIONS AND OTHER SHARE-B

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	6 Months Ended
STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	NOTE C: STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION At June 30, 2023, we had stock options or other share-based compensation awards outstanding under several employee stock incentive plans (“L3Harris SIPs”). The compensation cost related to our share-based awards that was charged against income for the quarter and two quarters ended June 30, 2023 was $22 million and $45 million, respectively, and $41 million and $69 million for the quarter and two quarters ended July 1, 2022, respectively. Awards granted to participants under L3Harris SIPs and the weighted-average grant-date fair value per share during the two quarters ended June 30, 2023 and July 1, 2022 are as follows: Two Quarters Ended June 30, 2023 Two Quarters Ended July 1, 2022 (In millions, except per share amounts) Shares Weighted-Average Grant-Date Fair Value Shares Weighted-Average Grant-Date Fair Value Stock options granted (1) 0.4 $ 210.37 0.4 $ 231.71 Restricted stock and restricted stock units granted (2) 0.2 $ 209.13 0.2 $ 223.35 Performance share units grants (3) 0.2 $ 223.09 0.2 $ 258.83 _______________ (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 and restricted stock units generally vest on a three-year cliff. (3) Our performance share units are subject to performance criteria and generally vest after the three-year performance period. There were no significant stock options, restricted stock and restricted stock units or performance share units granted to participants under the L3Harris SIPs during the quarters ended June 30, 2023 and July 1, 2022. The aggregate number of shares of our common stock issued under L3Harris SIPs, net of shares withheld for tax purposes, was 0.1 million and 0.4 million for the quarter and two quarters ended June 30, 2023, respectively, and 0.2 million and 0.6 million for the quarter and two quarters ended July 1, 2022, respectively. See Note 15: Stock Options and Other Share-Based Compensation in our Fiscal 2022 Form 10-K for additional information regarding the L3Harris SIPs.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCI")	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCI")	Jun. 30, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCI")	NOTE D: ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCI") The components of AOCI are summarized below: (In millions) Foreign currency translation Net unrealized losses on hedging derivatives Unrecognized postretirement obligations Total AOCI Balance at December 30, 2022 $ (237) $ (79) $ 28 $ (288) Other comprehensive income, before reclassifications to earnings and income taxes 35 12 — 47 Income taxes — (3) — (3) Other comprehensive income before reclassifications to earnings, net of income taxes 35 9 — 44 Losses (gains) reclassified to earnings, before income taxes — 2 (27) (25) Income taxes — (1) 7 6 Losses (gains) reclassified to earnings, net of income taxes (1) — 1 (20) (19) Other comprehensive income (loss), net of income taxes 35 10 (20) 25 Balance at June 30, 2023 $ (202) $ (69) $ 8 $ (263) Balance at December 31, 2021 $ (118) $ (89) $ 61 $ (146) Other comprehensive loss, before reclassifications to earnings and income taxes (76) (3) — (79) Income taxes — 1 — 1 Other comprehensive loss before reclassifications to earnings, net of income taxes (76) (2) — (78) Losses (gains) reclassified to earnings, before income taxes — 3 (12) (9) Income taxes — (1) 2 1 Losses (gains) reclassified to earnings, net of income taxes (1) — 2 (10) (8) Other comprehensive loss, net of income taxes (76) — (10) (86) Balance at July 1, 2022 $ (194) $ (89) $ 51 $ (232) _______________ (1) Losses (gains) reclassified to earnings are included in the “Revenue from product sales and services,” “Interest expense, net” and “Non-operating income, net ” line items in our Condensed Consolidated Statement of Operations.

CONTRACT ASSETS AND CONTRACT LI

CONTRACT ASSETS AND CONTRACT LIABILITIES	6 Months Ended
CONTRACT ASSETS AND CONTRACT LIABILITIES	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
CONTRACT ASSETS AND CONTRACT LIABILITIES	NOTE E: CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets include unbilled amounts typically resulting from revenue recognized exceeding amounts billed to customers for contracts utilizing the percentage of completion (“POC”) cost-to-cost revenue recognition method. We bill customers as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries and, in certain arrangements, the customer may withhold payment of a small portion of the contract price until contract completion. Contract liabilities include advance payments and billings in excess of revenue recognized, including deferred revenue associated with extended product warranties. Contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period. Contract assets and contract liabilities are summarized below: (In millions) June 30, 2023 December 30, 2022 Contract assets $ 3,164 $ 2,987 Contract liabilities, current (1,648) (1,400) Contract liabilities, non-current (1) (111) (117) Net contract assets $ 1,405 $ 1,470 _______________ (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. The components of contract assets are summarized below: (In millions) June 30, 2023 December 30, 2022 Unbilled contract receivables, gross $ 5,034 $ 4,629 Unliquidated progress payments and advances (1,870) (1,642) Contract assets $ 3,164 $ 2,987 Contract assets and liabilities as of June 30, 2023 and December 30, 2022 were impacted primarily by the timing of contractual billing milestones. Revenue recognized related to contract liabilities that were outstanding at the end of the respective prior fiscal year were $295 million and $898 million for the quarter and two quarters ended June 30, 2023, respectively, and $254 million and $771 million for the quarter and two quarters ended July 1, 2022, respectively. NOTE N: BACKLOG Backlog, which is the equivalent of our remaining performance obligations, represents the future revenue we expect to recognize as we perform on our current contracts. Backlog comprises both funded backlog (i.e., firm orders for which funding is authorized and appropriated) and unfunded backlog. Backlog excludes unexercised contract options and potential orders under ordering-type contracts, such as indefinite delivery, indefinite quantity contracts.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	NOTE F: INVENTORIES Inventories are summarized below: (In millions) June 30, 2023 December 30, 2022 Finished products (1) $ 285 $ 181 Work in process 486 396 Materials and supplies 784 714 Inventories (1) $ 1,555 $ 1,291 _______________ (1) Includes approximately $104 million of TDL inventory of which $68 million is included in finished products at June 30, 2023.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE G: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The assignment of goodwill and changes in the carrying amount of goodwill, by business segment, are as follows: (In millions) IMS SAS CS Total Balance at December 30, 2022 $ 7,709 $ 5,778 $ 3,796 $ 17,283 Reallocation of goodwill in business realignment (327) 327 — — Goodwill from TDL acquisition — — 1,117 1,117 Goodwill decrease from divestitures (1) — (9) — (9) Currency translation adjustments 14 11 1 26 Balance at June 30, 2023 $ 7,396 $ 6,107 $ 4,914 $ 18,417 _______________ (1) During the two quarters ended June 30, 2023, we assigned an additional $9 million of goodwill to our VIS business and completed the divestiture. We derecognized $39 million of intangible assets as part of determining the gain on sale. The assets (including goodwill) of VIS were included in the “Assets of business held for sale” line item in our Condensed Consolidated Balance Sheet at December 30, 2022. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for further information. Reallocation of Goodwill in Business Realignment. Effective December 31, 2022, we adjusted our reporting to better align our businesses and transferred our ADG business (a reporting unit) from our IMS segment to our SAS segment (also a reporting unit). In connection with the realignment, we reduced our reporting units from nine to eight as the ADG reporting unit and all $327 million of associated goodwill was absorbed by our existing SAS reporting unit given the economic similarities of the two reporting units. Immediately before the realignment, we performed a qualitative impairment assessment over our SAS reporting unit and a quantitative impairment assessment over our ADG reporting unit. Immediately after the realignment, we performed a quantitative impairment assessment over the SAS reporting unit. We prepared estimates of the fair value of our pre-realignment ADG reporting unit and post-realignment SAS reporting unit based on a combination of market-based valuation techniques, utilizing quoted market prices, comparable publicly reported transactions and an income-based valuation technique using projected discounted cash flows. These assessments indicated no impairment existed either before or after the realignment. Goodwill from TDL Acquisition. In connection with the January 3, 2023 acquisition of TDL, we recorded $1.117 billion of goodwill in our Broadband reporting unit within our CS segment. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for further information. Intangible Assets Identifiable intangible assets, net are summarized below: June 30, 2023 December 30, 2022 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (1) Customer relationships (2) $ 6,539 $ 2,480 $ 4,059 $ 6,124 $ 2,189 $ 3,935 Developed technologies (3) 914 413 501 566 366 200 Contract backlog 2 2 — 1 1 — Trade names — divisions 95 57 38 95 53 42 Other 2 2 — 2 2 — Total finite-lived identifiable intangible assets 7,552 2,954 4,598 6,788 2,611 4,177 In-process research and development — — — 21 — 21 Trade names — corporate 1,803 — 1,803 1,803 — 1,803 Total identifiable intangible assets, net $ 9,355 $ 2,954 $ 6,401 $ 8,612 $ 2,611 $ 6,001 _______________ (1) During the two quarters ended June 30, 2023, we completed the divestiture of our VIS business. We derecognized $10 million of intangible assets as part of determining the gain on sale which was assigned during fiscal 2022. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for further information. (2) Includes $406 million of customer relationship intangible assets acquired from the TDL acquisition and $31 million of accumulated amortization recognized during the two quarters ended June 30, 2023. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for additional information. (3) Includes $346 million of developed technology intangible assets acquired in the TDL acquisition and $10 million of accumulated amortization recognized during the two quarters ended June 30, 2023. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for additional information. The most significant identifiable intangible asset that is separately recognized for our business combinations is customer relationships. For further description of our accounting policies related to intangible assets acquired in the TDL acquisition, see Note B: Acquisitions, Divestitures and Asset Sales in these Notes, and for our accounting policies related to all other intangible assets, see Note 10: Intangible Assets, Net in our Fiscal 2022 Form 10-K. Amortization expense for identifiable finite-lived intangible assets was $173 million and $338 million for the quarter and two quarters ended June 30, 2023, respectively, and was $151 million and $303 million, for the quarter and two quarters ended July 1, 2022, respectively, which primarily related to assets acquired in connection with business combinations. Future estimated amortization expense for identifiable intangible assets is as follows: (In millions) Year 1 $ 662 Year 2 598 Year 3 529 Year 4 467 Year 5 437 Thereafter 1,905 Total $ 4,598 In-process R&D Impairment.

DEBT AND CREDIT ARRANGEMENTS

DEBT AND CREDIT ARRANGEMENTS	6 Months Ended
DEBT AND CREDIT ARRANGEMENTS	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT AND CREDIT ARRANGEMENTS	NOTE H: DEBT AND CREDIT ARRANGEMENTS Long-Term Debt Long-term debt, net is summarized below: (In millions) June 30, 2023 December 30, 2022 Variable-rate debt: Floating rate notes, due March 10, 2023 (“Floating 2023 Notes”) $ — $ 250 Term loan, due November 21, 2025 (“Term Loan 2025”) 2,250 — Fixed-rate debt: 3.85% notes, due June 15, 2023 (“3.85% 2023 Notes”) — 800 3.95% notes, due May 28, 2024 350 350 3.832% notes, due April 27, 2025 600 600 7.00% debentures, due January 15, 2026 100 100 3.85% notes, due December 15, 2026 550 550 6.35% debentures, due February 1, 2028 26 26 4.40% notes, due June 15, 2028 1,850 1,850 2.90% notes, due December 15, 2029 400 400 1.80% notes, due January 15, 2031 650 650 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 Total variable and fixed-rate debt 7,976 6,776 Financing lease obligations and other debt 219 222 Total debt 8,195 6,998 Plus: unamortized bond premium 58 70 Less: unamortized discounts and issuance costs (25) (25) Total debt, net 8,228 7,043 Less: current portion of long-term debt, net (361) (818) Total long-term debt, net $ 7,867 $ 6,225 Long-Term Debt Issued On November 22, 2022, we established a $2.25 billion, three-year senior unsecured term loan facility by entering into Term Loan 2025 with a syndicate of lenders that matures on November 21, 2025. On January 3, 2023, we drew $2.0 billion on Term Loan 2025 and utilized the proceeds to fund the cash consideration paid and a portion of the associated transaction and integration costs related to the TDL acquisition. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for further information on the TDL acquisition. On March 14, 2023, we drew an additional $250 million on Term Loan 2025 and utilized the proceeds to repay our Floating 2023 Notes. At June 30, 2023, we had $2.25 billion outstanding under Term Loan 2025. There were no borrowings outstanding under Term Loan 2025 at December 30, 2022. Borrowings under Term Loan 2025 bear interest at: (i) the sum of the term secured overnight financing rate (“SOFR”) for any tenor comparable to the applicable interest period, plus 0.10%, plus an applicable margin between 1.125% and 1.875% that varies based on ratings of our senior unsecured long-term debt securities (“Senior Debt Ratings”). At June 30, 2023, the interest rate on Term Loan 2025 was 6.5% (6.1% net of the impact of our interest rate cap derivative). See Note 19: Derivative Instruments and Hedging Activities in our Fiscal 2022 Form 10-K for further information on our interest rate cap derivative. There were no issuances of variable and fixed-rate long-term debt during the two quarters ended July 1, 2022. Long-Term Debt Repayments On March 14, 2023, we repaid the entire outstanding $250 million aggregate principal amount of our Floating 2023 Notes through a $250 million draw on Term Loan 2025 as described above under “Long-Term Debt Issued.” The Floating 2023 Notes were classified as “Long-term debt, net” in our Condensed Consolidated Balance Sheet as of December 30, 2022. On June 15, 2023, we repaid the entire outstanding $800 million aggregate principal amount of our 3.85% 2023 Notes through cash on hand and the issuance of commercial paper during the quarter ended June 30, 2023. There were no repayments of variable and fixed-rate long-term debt during the two quarters ended July 1, 2022. 2023 Credit Agreement On March 10, 2023, we established a $2.4 billion, 364-day senior unsecured revolving credit facility ("2023 Credit Facility") by entering into a 364-Day Credit Agreement (“2023 Credit Agreement”) with a syndicate of lenders. Proceeds of the initial funding of loans under the 2023 Credit Agreement are required to be used to finance a portion of the purchase price for the acquisition of AJRD and for the fees, taxes, costs and related expenses related to it, and thereafter may be used for working capital purposes. At our election, borrowings under the 2023 Credit Agreement, which will be designated in U.S. Dollars, will bear interest at the sum of the term SOFR rate or the Base Rate (as defined in the 2023 Credit Agreement), plus an applicable margin. In addition to interest payable on the principal amount of indebtedness outstanding, beginning June 6, 2023, we are required to pay a quarterly unused commitment fee that varies based on our Senior Debt Ratings. The 2023 Credit Agreement also contains representations, warranties, covenants and events of default that are substantially similar to the existing Revolving Credit Agreement, dated as of July 29, 2022 (“2022 Credit Agreement”). The 2023 Credit Agreement generally matures on the earlier of 364 days from the initial funding or December 8, 2023, provided that we may extend the maturity of any loans outstanding under the 2023 Credit Agreement by one year, subject to the satisfaction of certain conditions. At June 30, 2023, we had no outstanding borrowings and were in compliance with all covenants under our 2023 Credit Agreement. For additional information regarding our 2023 Credit Agreement, see our Current Report on Form 8-K filed on March 16, 2023. 2022 Credit Agreement On July 29, 2022, we established a $2.0 billion, five-year senior unsecured revolving credit facility (“2022 Credit Facility”) under the 2022 Credit Agreement, with a syndicate of lenders. At June 30, 2023, we had no outstanding borrowings and were in compliance with all covenants under our 2022 Credit Agreement. For a description of the 2022 Credit Agreement and related covenants, see Note 12: Credit Arrangements in our Fiscal 2022 Form 10-K. Commercial Paper Program On March 14, 2023, we established a new commercial paper program ("CP Program"), which replaced our prior $1.0 billion commercial paper program. Under the CP Program, we issue unsecured commercial paper notes up to a maximum aggregate amount of $3.4 billion, which was increased to $3.9 billion subsequent to June 30, 2023, supported by amounts available under the 2022 Credit Agreement and the 2023 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.

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	6 Months Ended
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	Jun. 30, 2023
Retirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	NOTE I: PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The following tables provide the components of our net periodic benefit income for our defined benefit plans, including defined benefit pension plans and other postretirement defined benefit plans: Quarter Ended June 30, 2023 Two Quarters Ended June 30, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 6 $ 1 $ 12 $ 1 Non-operating Interest cost 91 2 183 5 Expected return on plan assets (152) (5) (305) (10) Amortization of net actuarial gain (3) (5) (5) (10) Amortization of prior service (credit) cost (6) 1 (13) 1 Non-service cost periodic benefit income (70) (7) (140) (14) Net periodic benefit income $ (64) $ (6) $ (128) $ (13) Quarter Ended July 1, 2022 Two Quarters Ended July 1, 2022 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 12 $ — $ 22 $ 1 Non-operating Interest cost 55 2 110 4 Expected return on plan assets (156) (6) (312) (11) Amortization of net actuarial loss (gain) 3 (2) 5 (4) Amortization of prior service (credit) cost (8) 1 (14) 1 Non-service cost periodic benefit income (106) (5) (211) (10) Net periodic benefit income $ (94) $ (5) $ (189) $ (9) The service cost component of net periodic benefit income is included in the “Cost of product sales and services” and “Engineering, selling and administrative expenses” line items in our Condensed Consolidated Statement of Operations. The non-service cost components of net periodic benefit income are included in the “Non-operating income, net” line item in our Condensed Consolidated Statement of Operations.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE J: EARNINGS PER SHARE Net income per common share attributable to L3Harris common shareholders (“EPS”) is computed by dividing earnings to L3Harris common shareholders less earnings allocated to participating securities, if applicable, by the weighted-average number of common shares outstanding for the period. Net income per diluted common share attributable to L3Harris common shareholders ("diluted EPS") incorporates potential dilutive common shares, primarily consisting of employee stock options and restricted and performance share unit awards, into the weighted-average number of common shares outstanding. The weighted-average number of common shares outstanding used to compute basic and diluted EPS are as follows: Quarter Ended Two Quarters Ended (In millions) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Basic weighted-average common shares outstanding 189.2 192.1 189.7 192.6 Impact of dilutive share-based awards 0.9 1.9 1.0 1.9 Diluted weighted-average common shares outstanding 190.1 194.0 190.7 194.5 Diluted EPS excludes the antidilutive impact of 0.8 million and 2.0 million weighted-average share-based awards outstanding for the quarter and two quarters ended June 30, 2023, respectively, and 0.4 million and 0.3 million weighted-average share-based awards outstanding for the quarter and two quarters ended July 1, 2022, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE K: INCOME TAXES Our effective tax rate was 5.6% for the quarter ended June 30, 2023 compared with 10.5% for the quarter ended July 1, 2022. For the quarter ended June 30, 2023, our effective tax rate benefited from the favorable impacts of R&D credits, foreign-derived intangible income (“FDII”) deductions and the resolution of specific audit uncertainties. For the quarter ended July 1, 2022, our effective tax rate benefited from the favorable impact of R&D credits, an incremental FDII benefit resulting from the requirement to capitalize and amortize R&D expenses beginning in fiscal 2022 and the resolution of specific audit uncertainties. Our effective tax rate was 7.4% for the two quarters ended June 30, 2023 compared with 10.9% for the two quarters ended July 1, 2022. For the two quarters ended June 30, 2023, our effective tax rate benefited from the favorable impacts of R&D credits, FDII deductions and the resolution of specific audit uncertainties. For the two quarters ended July 1, 2022, our effective tax rate was favorably impacted by a reduction in the deferred tax liabilities on the outside basis of certain foreign subsidiaries due to an internal restructuring and the items described above in this Note impacting the quarter ended July 1, 2022.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE L: 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 30, 2023 and December 30, 2022: June 30, 2023 December 30, 2022 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets: (1) Equity and fixed income securities $ 71 $ 71 $ 64 $ 64 Investments measured at NAV: Corporate-owned life insurance 35 33 Total fair value of deferred compensation plan assets $ 106 $ 97 Liabilities Deferred compensation plan liabilities: (2) Equity securities and mutual funds $ 8 $ 8 $ 8 $ 8 Investments measured at NAV: Common/collective trusts and guaranteed investment contracts 217 192 Total fair value of deferred compensation plan liabilities $ 225 $ 200 _______________ (1) Represents diversified assets held in a “rabbi trust” associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet, and which are measured at fair value. (2) Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet. Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts. The following table presents the carrying amounts and estimated fair values of long-term debt that is not carried at fair value in our Condensed Consolidated Balance Sheet: June 30, 2023 December 30, 2022 (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) 5,978 5,598 7,043 6,569 Total debt, net $ 8,228 $ 7,848 $ 7,043 $ 6,569 _______________ (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, with commercial paper classified as level 2 and other short-term debt classified as level 3 within the fair value hierarchy. See Note G: Goodwill and Other Intangible Assets and Note B: Acquisitions, Divestitures and Asset Sales in these Notes and Note 4: Business Divestitures and Asset Sales in our Fiscal 2022 Form 10-K for additional information regarding fair value measurements associated with goodwill.

CHANGES IN ESTIMATES

CHANGES IN ESTIMATES	6 Months Ended
CHANGES IN ESTIMATES	Jun. 30, 2023
Change in Accounting Estimate [Abstract]
CHANGES IN ESTIMATES	NOTE M: 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 perceived 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 at least quarterly and, in many cases, more frequently. 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 2022 Form 10K. 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 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Net EAC adjustments, before income taxes (1) $ (31) $ 12 $ (87) $ 58 Net EAC adjustments, net of income taxes (23) 9 (65) 44 Net EAC adjustments, net of income taxes, per diluted share (0.12) 0.05 (0.34) 0.23 _______________ (1) For the quarter and two quarters ended June 30, 2023 excludes charges of $30 million and $48 million, respectively, related to impairments of customer contracts which are included in the “Revenue from product sales and services” and “Impairment of other assets” line items in our Condensed Consolidated Statement of Operations for the quarter and two quarters ended June 30, 2023, respectively.

BACKLOG

BACKLOG	6 Months Ended
BACKLOG	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
BACKLOG	NOTE E: CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets include unbilled amounts typically resulting from revenue recognized exceeding amounts billed to customers for contracts utilizing the percentage of completion (“POC”) cost-to-cost revenue recognition method. We bill customers as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries and, in certain arrangements, the customer may withhold payment of a small portion of the contract price until contract completion. Contract liabilities include advance payments and billings in excess of revenue recognized, including deferred revenue associated with extended product warranties. Contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period. Contract assets and contract liabilities are summarized below: (In millions) June 30, 2023 December 30, 2022 Contract assets $ 3,164 $ 2,987 Contract liabilities, current (1,648) (1,400) Contract liabilities, non-current (1) (111) (117) Net contract assets $ 1,405 $ 1,470 _______________ (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. The components of contract assets are summarized below: (In millions) June 30, 2023 December 30, 2022 Unbilled contract receivables, gross $ 5,034 $ 4,629 Unliquidated progress payments and advances (1,870) (1,642) Contract assets $ 3,164 $ 2,987 Contract assets and liabilities as of June 30, 2023 and December 30, 2022 were impacted primarily by the timing of contractual billing milestones. Revenue recognized related to contract liabilities that were outstanding at the end of the respective prior fiscal year were $295 million and $898 million for the quarter and two quarters ended June 30, 2023, respectively, and $254 million and $771 million for the quarter and two quarters ended July 1, 2022, respectively. NOTE N: BACKLOG Backlog, which is the equivalent of our remaining performance obligations, represents the future revenue we expect to recognize as we perform on our current contracts. Backlog comprises both funded backlog (i.e., firm orders for which funding is authorized and appropriated) and unfunded backlog. Backlog excludes unexercised contract options and potential orders under ordering-type contracts, such as indefinite delivery, indefinite quantity contracts.

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
BUSINESS SEGMENT INFORMATION	Jun. 30, 2023
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	NOTE O: 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 three reportable segments: • IMS: including multi-mission intelligence, surveillance and reconnaissance (“ISR”) systems; integrated electrical and electronic systems for maritime platforms; advanced electro-optical and infrared solutions; fuzing and ordnance systems; commercial aviation products; and commercial pilot training operations; • SAS: including space payloads, sensors and full-mission solutions; classified intelligence and cyber; avionics; electronic warfare; and mission networks for air traffic management operations; and • CS: including tactical communications with global communications solutions; broadband communications; tactical data links; integrated vision solutions; and public safety radios, and system applications and equipment. Business Realignment. Effective December 31, 2022, we adjusted our reporting to better align our businesses and transferred our ADG business from our IMS segment to our SAS segment. Acquisition of Viasat’s TDL. On January 3, 2023, we completed the acquisition of TDL, which is reported within our CS segment. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for additional information regarding our acquisition of TDL. Business Segment Financial Information Segment revenue, segment operating income and a reconciliation of segment operating income to total income before income taxes are as follows: Quarter Ended Two Quarters Ended (In millions) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Revenue from Product Sales and Services IMS $ 1,735 $ 1,608 $ 3,435 $ 3,267 SAS 1,715 1,572 3,370 3,089 CS 1,289 993 2,452 1,956 Corporate eliminations (46) (38) (93) (74) Total revenue from product sales and services $ 4,693 $ 4,135 9,164 $ 8,238 Income before Income Taxes Segment operating income: IMS (1) $ 162 $ 207 $ 347 $ 458 SAS (1) 168 203 355 380 CS 325 238 591 467 Total segment operating income 655 648 1,293 1,305 Unallocated Items: Unallocated corporate department (expense) income, net (2) (35) 19 (41) 15 Amortization of acquisition-related intangibles (3) (173) (151) (338) (303) Additional cost of sales related to the fair value step-up in inventory sold (15) — (30) — L3Harris merger-related integration expenses — (26) — (50) Acquisition-related transaction and integration expenses (36) — (76) — Pre-acquisition and other divestiture-related expenses (2) (35) (12) (36) Business divestiture-related gains, net 26 — 26 — Gain on sale of asset group — 8 — 8 Impairment of other assets (4) (21) — (39) — LHX NeXt (5) (22) — (35) — FAS/CAS operating adjustment (6) 23 21 45 43 Total unallocated items (255) (164) (500) (323) Non-operating income, net 83 108 165 214 Interest expense, net (111) (67) (213) (135) Income before income taxes $ 372 $ 525 $ 745 $ 1,061 _______________ (1) For the quarter ended June 30, 2023, includes non-cash charges for impairment of other assets of $12 million and $27 million for IMS and SAS, respectively, related to facility closures and restructuring of a customer contract impacting both segments. (2) Includes certain corporate-level expenses that are not included in management’s evaluation of any segment’s operating performance. (3) Includes amortization of identifiable intangible assets acquired in connection with business combinations. Because our acquisitions benefited the entire Company, the amortization of identifiable intangible assets acquired was not allocated to any segment. (4) Includes a $21 million non-cash charge for impairment of intangible assets related to the closure of a facility during the quarter and two quarters ended June 30, 2023. See Note G: Goodwill and Other Intangible Assets in these Notes for additional information. Additionally, includes $18 million charge related to an impairment of a customer contract during the two quarters ended June 30, 2023. (5) Costs associated with transforming multiple functions, systems and processes to increase agility and competitiveness, including third-party consulting, workforce optimization and incremental IT expenses for implementation of new systems. (6) Represents the difference between the service cost component of Financial Accounting Standards ("FAS") pension and other postretirement benefits (“OPEB”) cost and total U.S. Government Cost Accounting Standards (“CAS”) pension and OPEB cost and replaces the “Pension adjustment” line item previously presented, which included the non-service components of FAS pension and OPEB income. See FAS/CAS operating adjustment table below. FAS/CAS Pension Operating Adjustment In accordance with CAS, we allocate a portion of pension and OPEB plan costs to our U.S. Government contracts. However, our Condensed Consolidated Financial Statements require pension and OPEB plan income or expense to be calculated in accordance with FAS requirements under GAAP. The “FAS/CAS operating adjustment” line item in the table below represents the difference between the service cost component of FAS pension and OPEB cost and total CAS pension and OPEB cost. The non-service cost components of FAS pension and OPEB income or expense are included as component of the “Non-operating income, net” line item in our Condensed Consolidated Statement of Operations. See Note I: Pension and Other Postretirement Benefit Plans in these Notes for more information on the composition of non-service cost components of FAS pension and OPEB income and expense. The table below is a reconciliation of the FAS/CAS operating adjustment: Quarter Ended Two Quarters Ended (In millions) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 FAS pension service cost $ (7) $ (12) $ (13) $ (23) Less: CAS pension cost (30) (33) (58) (66) FAS/CAS operating adjustment 23 21 45 43 Non-service FAS pension income 77 111 154 221 FAS/CAS pension adjustment, net $ 100 $ 132 $ 199 $ 264 Disaggregation of Revenue We disaggregate revenue for all three business segments by customer relationship, contract type and geographical region. We believe these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Quarter Ended June 30, 2023 July 1, 2022 (In millions) IMS SAS CS IMS SAS CS Revenue By Customer Relationship Prime contractor $ 1,127 $ 1,084 $ 798 $ 1,035 $ 987 $ 691 Subcontractor 584 621 479 554 574 294 Intersegment 24 10 12 19 11 8 Total revenue $ 1,735 $ 1,715 $ 1,289 $ 1,608 $ 1,572 $ 993 Revenue By Contract Type Fixed-price (1) $ 1,317 $ 1,099 $ 1,102 $ 1,209 $ 918 $ 834 Cost-reimbursable 394 606 175 380 643 151 Intersegment 24 10 12 19 11 8 Total revenue $ 1,735 $ 1,715 $ 1,289 $ 1,608 $ 1,572 $ 993 Revenue By Geographical Region United States $ 1,281 $ 1,475 $ 834 $ 1,154 $ 1,380 $ 631 International 430 230 443 435 181 354 Intersegment 24 10 12 19 11 8 Total revenue $ 1,735 $ 1,715 $ 1,289 $ 1,608 $ 1,572 $ 993 Two Quarters Ended June 30, 2023 July 1, 2022 (In millions) IMS SAS CS IMS SAS CS Revenue By Customer Relationship Prime contractor $ 2,281 $ 2,094 $ 1,605 $ 2,121 $ 1,964 $ 1,347 Subcontractor 1,109 1,253 822 1,111 1,104 590 Intersegment 45 23 25 35 21 19 Total revenue $ 3,435 $ 3,370 $ 2,452 $ 3,267 $ 3,089 $ 1,956 Revenue By Contract Type Fixed-price (1) $ 2,603 $ 2,121 $ 2,080 $ 2,470 $ 1,798 $ 1,631 Cost-reimbursable 787 1,226 347 762 1,270 306 Intersegment 45 23 25 35 21 19 Total revenue $ 3,435 $ 3,370 $ 2,452 $ 3,267 $ 3,089 $ 1,956 Revenue By Geographical Region United States $ 2,538 $ 2,929 $ 1,625 $ 2,336 $ 2,722 $ 1,256 International 852 418 802 896 346 681 Intersegment 45 23 25 35 21 19 Total revenue $ 3,435 $ 3,370 $ 2,452 $ 3,267 $ 3,089 $ 1,956 _______________ (1) Includes revenue derived from time-and-materials contracts. Assets by Business Segment Total assets by business segment are as follows: (In millions) June 30, 2023 December 30, 2022 Total Assets IMS $ 11,030 $ 10,925 SAS 9,181 8,838 CS 7,129 5,800 Corporate (1) 8,022 7,961 Total Assets $ 35,362 $ 33,524 _______________ (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 $6.4 billion and $6.0 billion at June 30, 2023 and December 30, 2022, respectively. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan investments, buildings and equipment, as well as any assets of businesses held for sale.

LEGAL PROCEEDINGS AND CONTINGEN

LEGAL PROCEEDINGS AND CONTINGENCIES	6 Months Ended
LEGAL PROCEEDINGS AND CONTINGENCIES	Jun. 30, 2023
Legal Proceedings And Contingencies [Abstract]
LEGAL PROCEEDINGS AND CONTINGENCIES	NOTE P: LEGAL PROCEEDINGS AND CONTINGENCIES In ordinary course of business, we are routinely defendants in, parties to or otherwise subject to many pending and threatened legal actions, claims, disputes, arbitration and other legal proceedings incident to our business, arising from or related matters, including but not limited to: product liability; personal injury; patents, trademarks, trade secrets or other intellectual property; labor and 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 arbitral awards. We accrue contingencies based on a range of possible outcomes. 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 30, 2023, our accrual for the potential resolution of lawsuits, claims, or proceedings that we consider probable of being decided unfavorably to us was not material. Although it is not feasible to predict the outcome of these matters with certainty, it is reasonably possible that some lawsuits, claims or proceedings may be disposed of or decided unfavorably to us and in excess of the amounts currently accrued. Based on available information, in the opinion of management, settlements, arbitration awards and final judgments, if any, that are considered probable of being rendered against us in litigation or arbitration in existence at June 30, 2023 are reserved against or would not have a material adverse effect on our financial condition, results of operations, cash flows or equity. Environmental Matters We are subject to numerous U.S. Federal, state, local and international environmental laws and regulatory requirements and are involved from time to time in investigations or litigation of various potential environmental issues. We or companies we have acquired are responsible, or alleged to be responsible, for environmental investigation and/or remediation of multiple sites. These sites are in various stages of investigation and/or remediation and in some cases our liability is considered de minimis. Notices from the U.S. Environmental Protection Agency (“EPA”) or equivalent state or international environmental agencies allege that several sites formerly or currently owned and/or operated by us or companies we have acquired, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation and/or remediation. These sites include instances of being identified as a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act (commonly known as the “Superfund Act”) and/or equivalent state and international laws. For example, in June 2014, the U.S. Department of Justice, Environment and Natural Resources Division, notified several potentially responsible parties, including Exelis, Inc. (“Exelis”), which we acquired in 2015, of potential responsibility for contribution to the environmental investigation and remediation of multiple locations in Alaska. In addition, in March 2016, the EPA notified over 100 potentially responsible parties, including Exelis, of potential liability for the cost of remediation for the 8.3-mile stretch of the Lower Passaic River in New Jersey, estimated by the EPA to be $1.38 billion. During the fourth quarter of fiscal 2021, the EPA further announced an interim plan to remediate sediment in the upper nine miles of the of the Lower Passaic River with an estimated cost of $441 million. The potential responsible parties’ respective allocations for the Lower Passaic River remediation have not been determined. Although it is not feasible to predict the outcome of these environmental claims made against us, based on available information, in the opinion of our management, any payments we may be required to make as a result of environmental claims made against us in existence at June 30, 2023 are reserved against, covered by insurance or would not have a material adverse effect on our financial condition, results of operations, cash flows or equity.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE Q: SUBSEQUENT EVENTS We were advised on July 26, 2023 that the FTC will not block the acquisition of AJRD. We expect the acquisition to close on or about July 28, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Pay vs Performance Disclosure
Net income	$ 349	$ 471	$ 686	$ 946

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Securities Trading Plans of Directors and Executive Officers We require all executive officers and directors to effect purchase and sale transactions in L3Harris securities pursuant to a trading plan (each, a “10b5-1 Plan”) intended to satisfy the requirements of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”). We limit executive officers to a single 10b5-1 Plan in effect at any time, subject to limited exceptions in accordance with Rule 10b5-1. In addition, our stock ownership guidelines require executive officers to maintain ownership of L3Harris securities (excluding stock options and unearned performance share units) with a value equal to a multiple of their annual salary. Each executive officer identified in the table below is expected to hold securities considerably in excess of L3Harris’ stock ownership guidelines following the sale of the maximum number of shares contemplated. The following table includes the material terms (other than with respect to the price) of each 10b5-1 Plan adopted or terminated by our executive officers and directors during the quarter ended June 30, 2023: Name and title Date of adoption of 10b5-1 Plan (1) Date of termination of 10b5-1 Plan Scheduled expiration date of 10b5-1 Plan (2) Aggregate number of shares of common stock to be purchased or sold (3) Christopher E. Kubasik Chair and CEO May 8, 2023 N/A December 11, 2023 Up to 46,528 shares (3) underlying options expiring in 2025 Edward J. Zoiss President, SAS February 14, 2023 June 1, 2023 (no sales) N/A Up to 34,819 shares, including 17,800 and 12,277 shares underlying options expiring in 2026 and 2027, respectively June 5, 2023 N/A December 4, 2023 Up to 34,819 shares, including 17,800 and 12,277 shares underlying options expiring in 2026 and 2027, respectively _______________ (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.
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Christopher E. Kubasik [Member]
Trading Arrangements, by Individual
Name	Christopher E. Kubasik
Title	Chair and CEO
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 8, 2023
Arrangement Duration	217 days
Aggregate Available	46,528	46,528
Edward J. Zoiss [Member]
Trading Arrangements, by Individual
Termination Date	June 1, 2023
Arrangement Duration	182 days
Aggregate Available	34,819	34,819
Edward J Zoiss February 2023 Plan [Member] \| Edward J. Zoiss [Member]
Trading Arrangements, by Individual
Name	Edward J. Zoiss
Title	President, SAS
Adoption Date	February 14, 2023
Rule 10b5-1 Arrangement Terminated	true
Edward J Zoiss June 2023 Plan [Member] \| Edward J. Zoiss [Member]
Trading Arrangements, by Individual
Name	Edward J. Zoiss
Title	President, SAS
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 5, 2023

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
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.
Business Realignment	Effective for fiscal 2023, which began December 31, 2022, we adjusted our reporting to better align our businesses and transferred our Agile Development Group (“ADG”) business from our Integrated Mission Systems ("IMS") segment to our Space & Airborne Systems (“SAS”) segment.The historical results, discussion and presentation of our business segments as set forth in the accompanying Condensed Consolidated Financial Statements and these Notes reflect the impact of these changes for all periods presented in order to present segment information on a comparable basis. There is no impact on our previously reported consolidated statements of operations, balance sheets, statements of cash flows or statements of equity resulting from these changes.
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.
Accounting Standards Update	In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification ("ASC") 2014-09, Revenue from Contracts with Customers (Topic 606)
Earnings Per Share	Net income per common share attributable to L3Harris common shareholders (“EPS”) is computed by dividing earnings to L3Harris common shareholders less earnings allocated to participating securities, if applicable, by the weighted-average number of common shares outstanding for the period. Net income per diluted common share attributable to L3Harris common shareholders ("diluted EPS") incorporates potential dilutive common shares, primarily consisting of employee stock options and restricted and performance share unit awards, into the weighted-average number of common shares outstanding.
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.

ACQUISITIONS, DIVESTITURES AN_2

ACQUISITIONS, DIVESTITURES AND ASSET SALES (Tables)	6 Months Ended
ACQUISITIONS, DIVESTITURES AND ASSET SALES (Tables)	Jun. 30, 2023
Business Combinations [Abstract]
Schedule of Business Acquisitions Consideration Transferred	As of the acquisition date, the fair value of consideration transferred consisted of the following: (In millions) January 3, 2023 Purchase price $ 1,958 Estimated net working capital and other adjustments 15 Cash consideration paid 1,973 Settlement of preexisting relationship (1) 1 Fair value of consideration transferred $ 1,974 _______________ (1) Prior to the acquisition, we had a preexisting relationship with Viasat’s TDL business in the normal course of business. As of the acquisition date, our CS segment had a receivable from Viasat’s TDL business with a fair value of $1 million that was settled in connection with the acquisition. 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 and the measurement period adjustments recorded since the acquisition date through June 30, 2023: January 3, 2023 (In millions) Preliminary Measurement Period Adjustments, Net 1 Preliminary Receivables $ 28 $ — $ 28 Contract assets 18 — 18 Inventories 164 1 165 Other current assets 9 — 9 Property, plant and equipment 50 — 50 Operating lease right-of-use assets 12 — 12 Goodwill 1,014 103 1,117 Other intangible assets 850 (98) 752 Deferred income taxes 33 2 35 Other non-current assets 6 (1) 5 Total assets acquired $ 2,184 $ 7 $ 2,191 Accounts payable $ 20 $ — $ 20 Contract liabilities 28 — 28 Compensation and benefits 2 — 2 Other accrued items 119 1 120 Operating lease liabilities 10 — 10 Other long-term liabilities 31 6 37 Total liabilities assumed $ 210 $ 7 $ 217 Net assets acquired $ 1,974 $ — $ 1,974 _______________ (1) Fair value adjustments during the quarter ended June 30, 2023 primarily related to refined assumptions in the valuation of customer relationship intangible assets.
Schedule of Identifiable Intangible Assets Acquired	The preliminary fair value of identifiable intangible assets acquired as of the acquisition date is as follows: Total Useful Lives (In millions) (In Years) Developed technology $ 346 17 Customer relationships: (1) Backlog 83 2 Government programs 323 16 Total customer relationships 406 Total identifiable intangible assets acquired $ 752 _______________ (1) TDL had backlog and government programs intangible assets that we classified as customer relationships.

STOCK OPTIONS AND OTHER SHARE_2

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables)	6 Months Ended
STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables)	Jun. 30, 2023
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 during the two quarters ended June 30, 2023 and July 1, 2022 are as follows: Two Quarters Ended June 30, 2023 Two Quarters Ended July 1, 2022 (In millions, except per share amounts) Shares Weighted-Average Grant-Date Fair Value Shares Weighted-Average Grant-Date Fair Value Stock options granted (1) 0.4 $ 210.37 0.4 $ 231.71 Restricted stock and restricted stock units granted (2) 0.2 $ 209.13 0.2 $ 223.35 Performance share units grants (3) 0.2 $ 223.09 0.2 $ 258.83 _______________ (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 and restricted stock units generally vest on a three-year cliff. (3) Our performance share units are subject to performance criteria and generally vest after the three-year performance period.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCI") (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCI") (Tables)	Jun. 30, 2023
Equity [Abstract]
Schedule of Components of AOCI	The components of AOCI are summarized below: (In millions) Foreign currency translation Net unrealized losses on hedging derivatives Unrecognized postretirement obligations Total AOCI Balance at December 30, 2022 $ (237) $ (79) $ 28 $ (288) Other comprehensive income, before reclassifications to earnings and income taxes 35 12 — 47 Income taxes — (3) — (3) Other comprehensive income before reclassifications to earnings, net of income taxes 35 9 — 44 Losses (gains) reclassified to earnings, before income taxes — 2 (27) (25) Income taxes — (1) 7 6 Losses (gains) reclassified to earnings, net of income taxes (1) — 1 (20) (19) Other comprehensive income (loss), net of income taxes 35 10 (20) 25 Balance at June 30, 2023 $ (202) $ (69) $ 8 $ (263) Balance at December 31, 2021 $ (118) $ (89) $ 61 $ (146) Other comprehensive loss, before reclassifications to earnings and income taxes (76) (3) — (79) Income taxes — 1 — 1 Other comprehensive loss before reclassifications to earnings, net of income taxes (76) (2) — (78) Losses (gains) reclassified to earnings, before income taxes — 3 (12) (9) Income taxes — (1) 2 1 Losses (gains) reclassified to earnings, net of income taxes (1) — 2 (10) (8) Other comprehensive loss, net of income taxes (76) — (10) (86) Balance at July 1, 2022 $ (194) $ (89) $ 51 $ (232) _______________ (1) Losses (gains) reclassified to earnings are included in the “Revenue from product sales and services,” “Interest expense, net” and “Non-operating income, net ” line items in our Condensed Consolidated Statement of Operations.

CONTRACT ASSETS AND CONTRACT _2

CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)	6 Months Ended
CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Contract Liabilities	Contract assets and contract liabilities are summarized below: (In millions) June 30, 2023 December 30, 2022 Contract assets $ 3,164 $ 2,987 Contract liabilities, current (1,648) (1,400) Contract liabilities, non-current (1) (111) (117) Net contract assets $ 1,405 $ 1,470 _______________ (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. The components of contract assets are summarized below: (In millions) June 30, 2023 December 30, 2022 Unbilled contract receivables, gross $ 5,034 $ 4,629 Unliquidated progress payments and advances (1,870) (1,642) Contract assets $ 3,164 $ 2,987

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are summarized below: (In millions) June 30, 2023 December 30, 2022 Finished products (1) $ 285 $ 181 Work in process 486 396 Materials and supplies 784 714 Inventories (1) $ 1,555 $ 1,291 _______________ (1) Includes approximately $104 million of TDL inventory of which $68 million is included in finished products at June 30, 2023.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amounts of Goodwill	The assignment of goodwill and changes in the carrying amount of goodwill, by business segment, are as follows: (In millions) IMS SAS CS Total Balance at December 30, 2022 $ 7,709 $ 5,778 $ 3,796 $ 17,283 Reallocation of goodwill in business realignment (327) 327 — — Goodwill from TDL acquisition — — 1,117 1,117 Goodwill decrease from divestitures (1) — (9) — (9) Currency translation adjustments 14 11 1 26 Balance at June 30, 2023 $ 7,396 $ 6,107 $ 4,914 $ 18,417 _______________ (1) During the two quarters ended June 30, 2023, we assigned an additional $9 million of goodwill to our VIS business and completed the divestiture. We derecognized $39 million of intangible assets as part of determining the gain on sale. The assets (including goodwill) of VIS were included in the “Assets of business held for sale” line item in our Condensed Consolidated Balance Sheet at December 30, 2022. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for further information.
Schedule of Finite-Lived Intangible Assets	Identifiable intangible assets, net are summarized below: June 30, 2023 December 30, 2022 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (1) Customer relationships (2) $ 6,539 $ 2,480 $ 4,059 $ 6,124 $ 2,189 $ 3,935 Developed technologies (3) 914 413 501 566 366 200 Contract backlog 2 2 — 1 1 — Trade names — divisions 95 57 38 95 53 42 Other 2 2 — 2 2 — Total finite-lived identifiable intangible assets 7,552 2,954 4,598 6,788 2,611 4,177 In-process research and development — — — 21 — 21 Trade names — corporate 1,803 — 1,803 1,803 — 1,803 Total identifiable intangible assets, net $ 9,355 $ 2,954 $ 6,401 $ 8,612 $ 2,611 $ 6,001 _______________ (1) During the two quarters ended June 30, 2023, we completed the divestiture of our VIS business. We derecognized $10 million of intangible assets as part of determining the gain on sale which was assigned during fiscal 2022. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for further information. (2) Includes $406 million of customer relationship intangible assets acquired from the TDL acquisition and $31 million of accumulated amortization recognized during the two quarters ended June 30, 2023. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for additional information. (3) Includes $346 million of developed technology intangible assets acquired in the TDL acquisition and $10 million of accumulated amortization recognized during the two quarters ended June 30, 2023. See Note B: Acquisitions, Divestitures and Asset Sales in these Notes for additional information.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future estimated amortization expense for identifiable intangible assets is as follows: (In millions) Year 1 $ 662 Year 2 598 Year 3 529 Year 4 467 Year 5 437 Thereafter 1,905 Total $ 4,598

DEBT AND CREDIT ARRANGEMENTS (T

DEBT AND CREDIT ARRANGEMENTS (Tables)	6 Months Ended
DEBT AND CREDIT ARRANGEMENTS (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Net	Long-term debt, net is summarized below: (In millions) June 30, 2023 December 30, 2022 Variable-rate debt: Floating rate notes, due March 10, 2023 (“Floating 2023 Notes”) $ — $ 250 Term loan, due November 21, 2025 (“Term Loan 2025”) 2,250 — Fixed-rate debt: 3.85% notes, due June 15, 2023 (“3.85% 2023 Notes”) — 800 3.95% notes, due May 28, 2024 350 350 3.832% notes, due April 27, 2025 600 600 7.00% debentures, due January 15, 2026 100 100 3.85% notes, due December 15, 2026 550 550 6.35% debentures, due February 1, 2028 26 26 4.40% notes, due June 15, 2028 1,850 1,850 2.90% notes, due December 15, 2029 400 400 1.80% notes, due January 15, 2031 650 650 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 Total variable and fixed-rate debt 7,976 6,776 Financing lease obligations and other debt 219 222 Total debt 8,195 6,998 Plus: unamortized bond premium 58 70 Less: unamortized discounts and issuance costs (25) (25) Total debt, net 8,228 7,043 Less: current portion of long-term debt, net (361) (818) Total long-term debt, net $ 7,867 $ 6,225

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Components of Net Benefit Income	The following tables provide the components of our net periodic benefit income for our defined benefit plans, including defined benefit pension plans and other postretirement defined benefit plans: Quarter Ended June 30, 2023 Two Quarters Ended June 30, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 6 $ 1 $ 12 $ 1 Non-operating Interest cost 91 2 183 5 Expected return on plan assets (152) (5) (305) (10) Amortization of net actuarial gain (3) (5) (5) (10) Amortization of prior service (credit) cost (6) 1 (13) 1 Non-service cost periodic benefit income (70) (7) (140) (14) Net periodic benefit income $ (64) $ (6) $ (128) $ (13) Quarter Ended July 1, 2022 Two Quarters Ended July 1, 2022 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 12 $ — $ 22 $ 1 Non-operating Interest cost 55 2 110 4 Expected return on plan assets (156) (6) (312) (11) Amortization of net actuarial loss (gain) 3 (2) 5 (4) Amortization of prior service (credit) cost (8) 1 (14) 1 Non-service cost periodic benefit income (106) (5) (211) (10) Net periodic benefit income $ (94) $ (5) $ (189) $ (9)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The weighted-average number of common shares outstanding used to compute basic and diluted EPS are as follows: Quarter Ended Two Quarters Ended (In millions) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Basic weighted-average common shares outstanding 189.2 192.1 189.7 192.6 Impact of dilutive share-based awards 0.9 1.9 1.0 1.9 Diluted weighted-average common shares outstanding 190.1 194.0 190.7 194.5

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2023
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 30, 2023 and December 30, 2022: June 30, 2023 December 30, 2022 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets: (1) Equity and fixed income securities $ 71 $ 71 $ 64 $ 64 Investments measured at NAV: Corporate-owned life insurance 35 33 Total fair value of deferred compensation plan assets $ 106 $ 97 Liabilities Deferred compensation plan liabilities: (2) Equity securities and mutual funds $ 8 $ 8 $ 8 $ 8 Investments measured at NAV: Common/collective trusts and guaranteed investment contracts 217 192 Total fair value of deferred compensation plan liabilities $ 225 $ 200 _______________ (1) Represents diversified assets held in a “rabbi trust” associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet, and which are measured at fair value. (2) Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet. Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.
Schedule of Fair Value, Long-term Debt	The following table presents the carrying amounts and estimated fair values of long-term debt that is not carried at fair value in our Condensed Consolidated Balance Sheet: June 30, 2023 December 30, 2022 (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) 5,978 5,598 7,043 6,569 Total debt, net $ 8,228 $ 7,848 $ 7,043 $ 6,569 _______________ (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
CHANGES IN ESTIMATES (Tables)	Jun. 30, 2023
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 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Net EAC adjustments, before income taxes (1) $ (31) $ 12 $ (87) $ 58 Net EAC adjustments, net of income taxes (23) 9 (65) 44 Net EAC adjustments, net of income taxes, per diluted share (0.12) 0.05 (0.34) 0.23 _______________ (1) For the quarter and two quarters ended June 30, 2023 excludes charges of $30 million and $48 million, respectively, related to impairments of customer contracts which are included in the “Revenue from product sales and services” and “Impairment of other assets” line items in our Condensed Consolidated Statement of Operations for the quarter and two quarters ended June 30, 2023, respectively.

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
BUSINESS SEGMENT INFORMATION (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Selected Financial Information by Business Segments	Segment revenue, segment operating income and a reconciliation of segment operating income to total income before income taxes are as follows: Quarter Ended Two Quarters Ended (In millions) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 Revenue from Product Sales and Services IMS $ 1,735 $ 1,608 $ 3,435 $ 3,267 SAS 1,715 1,572 3,370 3,089 CS 1,289 993 2,452 1,956 Corporate eliminations (46) (38) (93) (74) Total revenue from product sales and services $ 4,693 $ 4,135 9,164 $ 8,238 Income before Income Taxes Segment operating income: IMS (1) $ 162 $ 207 $ 347 $ 458 SAS (1) 168 203 355 380 CS 325 238 591 467 Total segment operating income 655 648 1,293 1,305 Unallocated Items: Unallocated corporate department (expense) income, net (2) (35) 19 (41) 15 Amortization of acquisition-related intangibles (3) (173) (151) (338) (303) Additional cost of sales related to the fair value step-up in inventory sold (15) — (30) — L3Harris merger-related integration expenses — (26) — (50) Acquisition-related transaction and integration expenses (36) — (76) — Pre-acquisition and other divestiture-related expenses (2) (35) (12) (36) Business divestiture-related gains, net 26 — 26 — Gain on sale of asset group — 8 — 8 Impairment of other assets (4) (21) — (39) — LHX NeXt (5) (22) — (35) — FAS/CAS operating adjustment (6) 23 21 45 43 Total unallocated items (255) (164) (500) (323) Non-operating income, net 83 108 165 214 Interest expense, net (111) (67) (213) (135) Income before income taxes $ 372 $ 525 $ 745 $ 1,061 _______________ (1) For the quarter ended June 30, 2023, includes non-cash charges for impairment of other assets of $12 million and $27 million for IMS and SAS, respectively, related to facility closures and restructuring of a customer contract impacting both segments. (2) Includes certain corporate-level expenses that are not included in management’s evaluation of any segment’s operating performance. (3) Includes amortization of identifiable intangible assets acquired in connection with business combinations. Because our acquisitions benefited the entire Company, the amortization of identifiable intangible assets acquired was not allocated to any segment. (4) Includes a $21 million non-cash charge for impairment of intangible assets related to the closure of a facility during the quarter and two quarters ended June 30, 2023. See Note G: Goodwill and Other Intangible Assets in these Notes for additional information. Additionally, includes $18 million charge related to an impairment of a customer contract during the two quarters ended June 30, 2023. (5) Costs associated with transforming multiple functions, systems and processes to increase agility and competitiveness, including third-party consulting, workforce optimization and incremental IT expenses for implementation of new systems. (6) Represents the difference between the service cost component of Financial Accounting Standards ("FAS") pension and other postretirement benefits (“OPEB”) cost and total U.S. Government Cost Accounting Standards (“CAS”) pension and OPEB cost and replaces the “Pension adjustment” line item previously presented, which included the non-service components of FAS pension and OPEB income. See FAS/CAS operating adjustment table below. The table below is a reconciliation of the FAS/CAS operating adjustment: Quarter Ended Two Quarters Ended (In millions) June 30, 2023 July 1, 2022 June 30, 2023 July 1, 2022 FAS pension service cost $ (7) $ (12) $ (13) $ (23) Less: CAS pension cost (30) (33) (58) (66) FAS/CAS operating adjustment 23 21 45 43 Non-service FAS pension income 77 111 154 221 FAS/CAS pension adjustment, net $ 100 $ 132 $ 199 $ 264
Schedule of Disaggregation of Revenue by Segment	Disaggregation of Revenue We disaggregate revenue for all three business segments by customer relationship, contract type and geographical region. We believe these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Quarter Ended June 30, 2023 July 1, 2022 (In millions) IMS SAS CS IMS SAS CS Revenue By Customer Relationship Prime contractor $ 1,127 $ 1,084 $ 798 $ 1,035 $ 987 $ 691 Subcontractor 584 621 479 554 574 294 Intersegment 24 10 12 19 11 8 Total revenue $ 1,735 $ 1,715 $ 1,289 $ 1,608 $ 1,572 $ 993 Revenue By Contract Type Fixed-price (1) $ 1,317 $ 1,099 $ 1,102 $ 1,209 $ 918 $ 834 Cost-reimbursable 394 606 175 380 643 151 Intersegment 24 10 12 19 11 8 Total revenue $ 1,735 $ 1,715 $ 1,289 $ 1,608 $ 1,572 $ 993 Revenue By Geographical Region United States $ 1,281 $ 1,475 $ 834 $ 1,154 $ 1,380 $ 631 International 430 230 443 435 181 354 Intersegment 24 10 12 19 11 8 Total revenue $ 1,735 $ 1,715 $ 1,289 $ 1,608 $ 1,572 $ 993 Two Quarters Ended June 30, 2023 July 1, 2022 (In millions) IMS SAS CS IMS SAS CS Revenue By Customer Relationship Prime contractor $ 2,281 $ 2,094 $ 1,605 $ 2,121 $ 1,964 $ 1,347 Subcontractor 1,109 1,253 822 1,111 1,104 590 Intersegment 45 23 25 35 21 19 Total revenue $ 3,435 $ 3,370 $ 2,452 $ 3,267 $ 3,089 $ 1,956 Revenue By Contract Type Fixed-price (1) $ 2,603 $ 2,121 $ 2,080 $ 2,470 $ 1,798 $ 1,631 Cost-reimbursable 787 1,226 347 762 1,270 306 Intersegment 45 23 25 35 21 19 Total revenue $ 3,435 $ 3,370 $ 2,452 $ 3,267 $ 3,089 $ 1,956 Revenue By Geographical Region United States $ 2,538 $ 2,929 $ 1,625 $ 2,336 $ 2,722 $ 1,256 International 852 418 802 896 346 681 Intersegment 45 23 25 35 21 19 Total revenue $ 3,435 $ 3,370 $ 2,452 $ 3,267 $ 3,089 $ 1,956 _______________ (1) Includes revenue derived from time-and-materials contracts.
Schedule of Total Assets by Segment	Total assets by business segment are as follows: (In millions) June 30, 2023 December 30, 2022 Total Assets IMS $ 11,030 $ 10,925 SAS 9,181 8,838 CS 7,129 5,800 Corporate (1) 8,022 7,961 Total Assets $ 35,362 $ 33,524 _______________ (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 $6.4 billion and $6.0 billion at June 30, 2023 and December 30, 2022, respectively. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan investments, buildings and equipment, as well as any assets of businesses held for sale.

ACQUISITIONS, DIVESTITURES AN_3

ACQUISITIONS, DIVESTITURES AND ASSET SALES - Narrative (Details) - USD ($) $ in Millions					3 Months Ended		6 Months Ended
	Apr. 06, 2023	Jan. 03, 2023	Dec. 17, 2022	Nov. 22, 2022	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jun. 30, 2023	Jul. 01, 2022	Dec. 30, 2022
Business Acquisition [Line Items]
Goodwill					$ 18,417		$ 18,417	$ 18,417		$ 17,283
Business divestiture-related gains, net					26	$ 0	26		$ 0
Proceeds from sales of businesses, net							71		2
CS
Business Acquisition [Line Items]
Goodwill					4,914		4,914	4,914		$ 3,796
Viasat TDL
Business Acquisition [Line Items]
Revenues						90			185
Secured Debt \| Term loan, due November 21, 2025 (“Term Loan 2025”)
Business Acquisition [Line Items]
Debt instrument term				3 years
Secured Debt \| Term loan, due November 21, 2025 (“Term Loan 2025”) \| Line of Credit
Business Acquisition [Line Items]
Debt issued				$ 2,250	2,250		2,250	2,250
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Visual Information Solutions (VIS) Business
Business Acquisition [Line Items]
Cash price on sale of business					70		70	70
Business divestiture-related gains, net	$ 26
Proceeds from sales of businesses, net	71
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| IMS Segment Business And Asset
Business Acquisition [Line Items]
Proceeds from sales of businesses, net	$ 20
Gain on sale of asset group							8
Tactical Data Links (TDL) Product Line
Business Acquisition [Line Items]
Purchase price		$ 1,958
Provision for loss on customer contracts					86		86	86
Loss provision amortization expense					6		14
Total liabilities assumed							61	7
Revenue from amortization of off-market contract liability					6		15
Future estimated revenue from the amortization of off-market contract liabilities, remainder of fiscal year					18		18	18
Future estimated revenue from the amortization of off-market contract liabilities, year one					21		21	21
Goodwill		$ 1,117
Net revenues from acquiree for the reporting period					83		164
Earnings from acquiree for the reporting period					22	$ 20	48		$ 25
Acquisition related costs					23		54
Tactical Data Links (TDL) Product Line \| CS
Business Acquisition [Line Items]
Goodwill					$ 1,117		1,117	$ 1,117
Tactical Data Links (TDL) Product Line \| Other Accrued Liabilities
Business Acquisition [Line Items]
Total liabilities assumed							33
Tactical Data Links (TDL) Product Line \| Other Noncurrent Liabilities
Business Acquisition [Line Items]
Total liabilities assumed							$ 28
Aerojet Rocketdyne Holdings, Inc.
Business Acquisition [Line Items]
Business combination, price of acquisition, expected			$ 4,700

ACQUISITIONS, DIVESTITURES AN_4

ACQUISITIONS, DIVESTITURES AND ASSET SALES - Calculation of Consideration Transferred (Details) - Tactical Data Links (TDL) Product Line $ in Millions	Jan. 03, 2023 USD ($)
Business Acquisition [Line Items]
Purchase price	$ 1,958
Estimated net working capital and other adjustments	15
Cash consideration paid	1,973
Settlement of preexisting relationship	1
Fair value of consideration transferred	$ 1,974

ACQUISITIONS, DIVESTITURES AN_5

ACQUISITIONS, DIVESTITURES AND ASSET SALES - Assets Acquired, Liabilities Assumed (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jan. 03, 2023	Dec. 30, 2022
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 18,417	$ 18,417		$ 17,283
Tactical Data Links (TDL) Product Line
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Receivables			$ 28
Contract assets			18
Inventories			165
Other current assets			9
Property, plant and equipment			50
Operating lease right-of-use assets			12
Goodwill			1,117
Other intangible assets			752
Deferred income taxes			35
Other non-current assets			5
Total assets acquired			2,191
Accounts payable			20
Contract liabilities			28
Compensation and benefits			2
Other accrued items			120
Operating lease liabilities			10
Other long-term liabilities			37
Total liabilities assumed			217
Net assets acquired			1,974
Measurement Period Adjustments, Net
Inventories		1
Goodwill		103
Other intangible assets		(98)
Deferred income taxes		2
Other non-current assets		(1)
Total assets acquired		7
Other accrued items		1
Other long-term liabilities		6
Total liabilities assumed	$ 61	7
Net assets acquired		$ 0
Tactical Data Links (TDL) Product Line \| Preliminary
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Receivables			28
Contract assets			18
Inventories			164
Other current assets			9
Property, plant and equipment			50
Operating lease right-of-use assets			12
Goodwill			1,014
Other intangible assets			850
Deferred income taxes			33
Other non-current assets			6
Total assets acquired			2,184
Accounts payable			20
Contract liabilities			28
Compensation and benefits			2
Other accrued items			119
Operating lease liabilities			10
Other long-term liabilities			31
Total liabilities assumed			210
Net assets acquired			$ 1,974

ACQUISITIONS, DIVESTITURES AN_6

ACQUISITIONS, DIVESTITURES AND ASSET SALES - Identifiable Intangible Assets Acquired (Details) $ in Millions	Jan. 03, 2023 USD ($)
Tactical Data Links (TDL) Product Line
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 752
Developed technology
Business Acquisition [Line Items]
Weighted average amortization period	17 years
Developed technology \| Tactical Data Links (TDL) Product Line
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 346
Customer relationships \| Tactical Data Links (TDL) Product Line
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 406
Backlog
Business Acquisition [Line Items]
Weighted average amortization period	2 years
Backlog \| Tactical Data Links (TDL) Product Line
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 83
Government programs
Business Acquisition [Line Items]
Weighted average amortization period	16 years
Government programs \| Tactical Data Links (TDL) Product Line
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 323

STOCK OPTIONS AND OTHER SHARE_3

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION - Narrative (Details) - L3Harris Shareholder-approved Employee Stock Incentive Plans - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 22	$ 41	$ 45	$ 69
Common stock issued, net of shares withheld for tax purposes (in shares)	0.1	0.2	0.4	0.6

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. 30, 2023	Jul. 01, 2022
Shares
Options granted (in shares)	0.4	0.4
Weighted Average Grant Date Fair Value Per Share [Abstract]
Stock options granted (in dollars per share)	$ 210.37	$ 231.71
Restricted Stock and Restricted Stock 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)	$ 209.13	$ 223.35
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)	$ 223.09	$ 258.83
Award vesting period	3 years
Stock Options
Weighted Average Grant Date Fair Value Per Share [Abstract]
Award vesting period	3 years

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCI") (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 18,408	$ 19,366	$ 18,624	$ 19,319
Other comprehensive income (loss), recognized during the period	32	(80)	44	(78)
Losses (gains) reclassified to earnings, net of income taxes	(7)	(2)	(19)	(8)
Other comprehensive income, net of income taxes	25	(82)	25	(86)
Ending balance	18,531	19,190	18,531	19,190
Total AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(288)	(150)	(288)	(146)
Other comprehensive income, before reclassifications to earnings and income taxes			47	(79)
Income taxes			(3)	1
Other comprehensive income (loss), recognized during the period			44	(78)
Losses (gains) reclassified to earnings, before income taxes			(25)	(9)
Income taxes			6	1
Losses (gains) reclassified to earnings, net of income taxes			(19)	(8)
Other comprehensive income, net of income taxes	25	(82)	25	(86)
Ending balance	(263)	(232)	(263)	(232)
Foreign currency translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(237)	(118)
Other comprehensive income, before reclassifications to earnings and income taxes			35	(76)
Income taxes			0	0
Other comprehensive income (loss), recognized during the period			35	(76)
Losses (gains) reclassified to earnings, before income taxes			0	0
Income taxes			0	0
Losses (gains) reclassified to earnings, net of income taxes			0	0
Other comprehensive income, net of income taxes			35	(76)
Ending balance	(202)	(194)	(202)	(194)
Net unrealized losses on hedging derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(79)	(89)
Other comprehensive income, before reclassifications to earnings and income taxes			12	(3)
Income taxes			(3)	1
Other comprehensive income (loss), recognized during the period			9	(2)
Losses (gains) reclassified to earnings, before income taxes			2	3
Income taxes			(1)	(1)
Losses (gains) reclassified to earnings, net of income taxes			1	2
Other comprehensive income, net of income taxes			10	0
Ending balance	(69)	(89)	(69)	(89)
Unrecognized postretirement obligations
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			28	61
Other comprehensive income, before reclassifications to earnings and income taxes			0	0
Income taxes			0	0
Other comprehensive income (loss), recognized during the period			0	0
Losses (gains) reclassified to earnings, before income taxes			(27)	(12)
Income taxes			7	2
Losses (gains) reclassified to earnings, net of income taxes			(20)	(10)
Other comprehensive income, net of income taxes			(20)	(10)
Ending balance	$ 8	$ 51	$ 8	$ 51

CONTRACT ASSETS AND CONTRACT _3

CONTRACT ASSETS AND CONTRACT LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 3,164	$ 2,987
Contract liabilities, current	(1,648)	(1,400)
Contract liabilities, non-current	(111)	(117)
Net contract assets	1,405	1,470
Components of Contract Assets:
Unbilled contract receivables, gross	5,034	4,629
Unliquidated progress payments and advances	(1,870)	(1,642)
Contract assets	$ 3,164	$ 2,987

CONTRACT ASSETS AND CONTRACT _4

CONTRACT ASSETS AND CONTRACT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Revenue from Contract with Customer [Abstract]
Recognized revenue related to contract liabilities outstanding at the end of the year	$ 295	$ 254	$ 898	$ 771

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 30, 2022
Inventory [Line Items]
Finished products	$ 285	$ 181
Work in process	486	396
Materials and supplies	784	714
Inventories	1,555	$ 1,291
Tactical Data Links (TDL) Product Line
Inventory [Line Items]
Finished products	68
Inventories	$ 104

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 17,283
Reallocation of goodwill in business realignment	0
Goodwill from TDL acquisition	1,117
Goodwill decrease from divestitures	(9)
Currency translation adjustments	26
Ending Balance	18,417
Indefinite-lived intangible assets, written off related to sale of business unit	39
Disposal group, held-for-sale, not discontinued operations \| Visual Information Solutions (VIS) Business
Goodwill [Roll Forward]
Goodwill decrease from divestitures	(9)
IMS
Goodwill [Roll Forward]
Beginning Balance	7,709
Reallocation of goodwill in business realignment	(327)
Goodwill from TDL acquisition	0
Goodwill decrease from divestitures	0
Currency translation adjustments	14
Ending Balance	7,396
SAS
Goodwill [Roll Forward]
Beginning Balance	5,778
Reallocation of goodwill in business realignment	327
Goodwill from TDL acquisition	0
Goodwill decrease from divestitures	(9)
Currency translation adjustments	11
Ending Balance	6,107
CS
Goodwill [Roll Forward]
Beginning Balance	3,796
Reallocation of goodwill in business realignment	0
Goodwill from TDL acquisition	1,117
Goodwill decrease from divestitures	0
Currency translation adjustments	1
Ending Balance	$ 4,914

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jul. 01, 2022 USD ($)	Jun. 30, 2023 USD ($) unit	Jul. 01, 2022 USD ($)	Dec. 30, 2022 USD ($) unit	Jan. 03, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reporting units \| unit			8		9
Reallocation of goodwill in business realignment			$ 0
Goodwill	$ 18,417		18,417		$ 17,283
Amortization of acquisition-related intangibles	173	$ 151	338	$ 303
Impairment of intangible assets	21	$ 0	39	$ 0
Tactical Data Links (TDL) Product Line
Finite-Lived Intangible Assets [Line Items]
Goodwill						$ 1,117
SAS
Finite-Lived Intangible Assets [Line Items]
Reallocation of goodwill in business realignment			327
Goodwill	6,107		6,107		$ 5,778
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment \| Open Water Power Facility \| In-process research and development
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 21		$ 21

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Finite and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Jan. 03, 2023	Jun. 30, 2023	Dec. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 7,552	$ 6,788
Total intangibles, gross carrying amount		9,355	8,612
Accumulated Amortization		2,954	2,611
Net Carrying Amount		4,598	4,177
Total identifiable intangible assets, net		6,401	6,001
Tactical Data Links (TDL) Product Line
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	$ 752
Disposal group, held-for-sale, not discontinued operations
Finite-Lived Intangible Assets [Line Items]
Intangibles reclassified to assets of disposal group			10
In-process research and development
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		0	21
Trade names — corporate
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		6,539	6,124
Accumulated Amortization		2,480	2,189
Net Carrying Amount		4,059	3,935
Customer relationships \| Tactical Data Links (TDL) Product Line
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization		31
Other intangible assets	406
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		914	566
Accumulated Amortization		413	366
Net Carrying Amount		501	200
Developed technology \| Tactical Data Links (TDL) Product Line
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization		10
Other intangible assets	$ 346
Contract backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		2	1
Accumulated Amortization		2	1
Net Carrying Amount		0	0
Trade names — corporate
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		95	95
Accumulated Amortization		57	53
Net Carrying Amount		38	42
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		2	2
Accumulated Amortization		2	2
Net Carrying Amount		$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization Expense (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Year 1	$ 662
Year 2	598
Year 3	529
Year 4	467
Year 5	437
Thereafter	1,905
Net Carrying Amount	$ 4,598	$ 4,177

DEBT AND CREDIT ARRANGEMENTS -

DEBT AND CREDIT ARRANGEMENTS - Long-term Debt, Net (Details) - USD ($)	Jun. 30, 2023	Dec. 30, 2022
Debt Instrument [Line Items]
Financing lease obligations and other debt	$ 219,000,000	$ 222,000,000
Total debt	8,195,000,000	6,998,000,000
Plus: unamortized bond premium	58,000,000	70,000,000
Less: unamortized discounts and issuance costs	(25,000,000)	(25,000,000)
Total debt, net	8,228,000,000	7,043,000,000
Less: current portion of long-term debt, net	(361,000,000)	(818,000,000)
Total long-term debt, net	7,867,000,000	6,225,000,000
Variable-rate debt \| Floating rate notes, due March 10, 2023 (“Floating 2023 Notes”)
Debt Instrument [Line Items]
Debt	0	250,000,000
Line of Credit \| Term loan, due November 21, 2025 (“Term Loan 2025”) \| Secured Debt
Debt Instrument [Line Items]
Debt	2,250,000,000	0
Fixed-rate debt
Debt Instrument [Line Items]
Debt	$ 7,976,000,000	6,776,000,000
Fixed-rate debt \| 3.85% notes, due June 15, 2023 (“3.85% 2023 Notes”)
Debt Instrument [Line Items]
Debt interest rate	3.85%
Debt	$ 0	800,000,000
Fixed-rate debt \| 3.95% notes, due May 28, 2024
Debt Instrument [Line Items]
Debt interest rate	3.95%
Debt	$ 350,000,000	350,000,000
Fixed-rate debt \| 3.832% notes, due April 27, 2025
Debt Instrument [Line Items]
Debt interest rate	3.832%
Debt	$ 600,000,000	600,000,000
Fixed-rate debt \| 7.00% debentures, due January 15, 2026
Debt Instrument [Line Items]
Debt interest rate	7%
Debt	$ 100,000,000	100,000,000
Fixed-rate debt \| 3.85% notes, due December 15, 2026
Debt Instrument [Line Items]
Debt interest rate	3.85%
Debt	$ 550,000,000	550,000,000
Fixed-rate debt \| 6.35% debentures, due February 1, 2028
Debt Instrument [Line Items]
Debt interest rate	6.35%
Debt	$ 26,000,000	26,000,000
Fixed-rate debt \| 4.40% notes, due June 15, 2028
Debt Instrument [Line Items]
Debt interest rate	4.40%
Debt	$ 1,850,000,000	1,850,000,000
Fixed-rate debt \| 2.90% notes, due December 15, 2029
Debt Instrument [Line Items]
Debt interest rate	2.90%
Debt	$ 400,000,000	400,000,000
Fixed-rate debt \| 1.80% notes, due January 15, 2031
Debt Instrument [Line Items]
Debt interest rate	1.80%
Debt	$ 650,000,000	650,000,000
Fixed-rate debt \| 4.854% notes, due April 27, 2035
Debt Instrument [Line Items]
Debt interest rate	4.854%
Debt	$ 400,000,000	400,000,000
Fixed-rate debt \| 6.15% notes, due December 15, 2040
Debt Instrument [Line Items]
Debt interest rate	6.15%
Debt	$ 300,000,000	300,000,000
Fixed-rate debt \| 5.054% notes, due April 27, 2045
Debt Instrument [Line Items]
Debt interest rate	5.054%
Debt	$ 500,000,000	$ 500,000,000

DEBT AND CREDIT ARRANGEMENTS _2

DEBT AND CREDIT ARRANGEMENTS - Narrative (Details) - USD ($)							6 Months Ended
	Jun. 15, 2023	Mar. 14, 2023	Mar. 10, 2023	Jan. 03, 2023	Nov. 22, 2022	Jul. 29, 2022	Jun. 30, 2023	Jul. 01, 2022	Jul. 26, 2023	Mar. 13, 2023	Dec. 30, 2022
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt								$ 0
Repayments of borrowings							$ 1,060,000,000	10,000,000
Short-term debt							582,000,000				$ 2,000,000
Commercial Paper
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,400,000,000								$ 1,000,000,000
Short-term debt							$ 579,000,000
Debt, weighted average interest rate							5.47%
Commercial Paper \| Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 3,900,000,000
Maximum \| Commercial Paper
Debt Instrument [Line Items]
Debt instrument term		397 days
Senior Unsecured Debt
Debt Instrument [Line Items]
Repayments of borrowings								$ 0
Fixed-rate debt
Debt Instrument [Line Items]
Debt							$ 7,976,000,000				6,776,000,000
Floating rate notes, due March 10, 2023 (“Floating 2023 Notes”) \| Senior Unsecured Debt
Debt Instrument [Line Items]
Debt							0				250,000,000
Repayments of borrowings	$ 800,000,000	$ 250,000,000
Term loan, due November 21, 2025 (“Term Loan 2025”) \| Secured Debt
Debt Instrument [Line Items]
Debt instrument term					3 years
Term loan, due November 21, 2025 (“Term Loan 2025”) \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Debt issued					$ 2,250,000,000		2,250,000,000
Proceeds from issuance of long-term debt		$ 250,000,000		$ 2,000,000,000
Debt							$ 2,250,000,000				0
Term loan, due November 21, 2025 (“Term Loan 2025”) \| Line of Credit \| Secured Debt \| Secured Overnight Financing Rate (SOFR) Variable Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.10%
Term loan, due November 21, 2025 (“Term Loan 2025”) \| Line of Credit \| Secured Debt \| Senior Debt Ratings
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end							6.50%
Interest rate percentage, net of impact of interest rate cap derivative							0.061
Term loan, due November 21, 2025 (“Term Loan 2025”) \| Line of Credit \| Secured Debt \| Senior Debt Ratings \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.125%
Term loan, due November 21, 2025 (“Term Loan 2025”) \| Line of Credit \| Secured Debt \| Senior Debt Ratings \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.875%
2023 Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term			364 days
Line of credit facility, maximum borrowing capacity			$ 2,400,000,000
Line of credit							$ 0
2022 Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term						5 years
Line of credit facility, maximum borrowing capacity						$ 2,000,000,000
Line of credit							0
3.85% notes, due June 15, 2023 (“3.85% 2023 Notes”) \| Fixed-rate debt
Debt Instrument [Line Items]
Debt							$ 0				$ 800,000,000
Debt interest rate percentage							3.85%

PENSION AND OTHER POSTRETIREM_3

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Pension
Operating
Service cost	$ 6	$ 12	$ 12	$ 22
Non-operating
Interest cost	91	55	183	110
Expected return on plan assets	(152)	(156)	(305)	(312)
Amortization of net actuarial gain	(3)	3	(5)	5
Amortization of prior service (credit) cost	(6)	(8)	(13)	(14)
Non-service cost periodic benefit income	(70)	(106)	(140)	(211)
Net periodic benefit income	(64)	(94)	(128)	(189)
Other Benefits
Operating
Service cost	1	0	1	1
Non-operating
Interest cost	2	2	5	4
Expected return on plan assets	(5)	(6)	(10)	(11)
Amortization of net actuarial gain	(5)	(2)	(10)	(4)
Amortization of prior service (credit) cost	1	1	1	1
Non-service cost periodic benefit income	(7)	(5)	(14)	(10)
Net periodic benefit income	$ (6)	$ (5)	$ (13)	$ (9)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Details) - shares shares in Millions	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	189.2	192.1	189.7	192.6
Impact of dilutive share-based awards (in shares)	0.9	1.9	1	1.9
Diluted weighted average common shares outstanding (in shares)	190.1	194	190.7	194.5
Weighted average anti-dilutive employee stock options outstanding (in shares)	0.8	0.4	2	0.3

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation (percent)	5.60%	10.50%	7.40%	10.90%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 30, 2022
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	$ 8,228	$ 7,043
Carrying Amount \| Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	2,250	0
Carrying Amount \| Debt, excluding Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	5,978	7,043
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	106	97
Fair value of deferred compensation plan liabilities	225	200
Fair Value \| Valuation, Market Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	7,848	6,569
Fair Value \| Valuation, Market Approach \| Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	2,250	0
Fair Value \| Valuation, Market Approach \| Debt, excluding Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (including current portion)	5,598	6,569
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	8	8
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	8	8
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	217	192
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	71	64
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	71	64
Corporate-owned life insurance \| Fair Value \| Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	$ 35	$ 33

CHANGES IN ESTIMATES (Details)

CHANGES IN ESTIMATES (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Change in Accounting Estimate [Line Items]
Capitalized contract cost, impairment loss	$ 30		$ 48
Revenue recognized from performance obligations satisfied in previous periods	33	$ 32	69	$ 90
Contracts Accounted for under Percentage of Completion
Change in Accounting Estimate [Line Items]
Net EAC adjustments, before income taxes	(31)	12	(87)	58
Net EAC adjustments, net of income taxes	$ (23)	$ 9	$ (65)	$ 44
Net EAC adjustments, net of income taxes, per diluted share (in dollars per share)	$ (0.12)	$ 0.05	$ (0.34)	$ 0.23

BACKLOG (Details)

BACKLOG (Details) - USD ($) $ in Billions	Jun. 30, 2023	Dec. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Backlog	$ 24.9	$ 22.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	35%
Expected timing of satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	70%
Expected timing of satisfaction period	1 year

BUSINESS SEGMENT INFORMATION -

BUSINESS SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
BUSINESS SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

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. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Revenue from Product Sales and Services
Revenue from product sales and services	$ 4,693	$ 4,135	$ 9,164	$ 8,238
Unallocated Items:
Unallocated corporate department (expense) income, net	(35)	19	(41)	15
Amortization of acquisition-related intangibles	(173)	(151)	(338)	(303)
Additional cost of sales related to the fair value step-up in inventory sold	(15)	0	(30)	0
L3Harris merger-related integration expenses	0	(26)	0	(50)
Acquisition-related transaction and integration expenses	(36)	0	(76)	0
Pre-acquisition and other divestiture-related expenses	(2)	(35)	(12)	(36)
Business divestiture-related gains, net	26	0	26	0
Gain on sale of asset group	0	8	0	8
Impairment of other assets	(21)	0	(39)	0
LHX NeXt	(22)	0	(35)	0
FAS/CAS operating adjustment	23	21	45	43
Total unallocated items	(255)	(164)	(500)	(323)
Non-operating income, net	83	108	165	214
Interest expense, net	(111)	(67)	(213)	(135)
Income before income taxes	372	525	745	1,061
FAS/CAS operating adjustment	23	21	45	43
Contract-Based Intangible Assets
Unallocated Items:
Impairment of other assets			(18)
Pension
Unallocated Items:
FAS pension service cost	(6)	(12)	(12)	(22)
Non-service FAS pension income	(70)	(106)	(140)	(211)
Pension \| Plans Under US Government Contracts
Unallocated Items:
FAS/CAS operating adjustment	23	21	45	43
FAS pension service cost	(7)	(12)	(13)	(23)
Less: CAS pension cost	(30)	(33)	(58)	(66)
FAS/CAS operating adjustment	23	21	45	43
Non-service FAS pension income	77	111	154	221
FAS/CAS pension adjustment, net	100	132	199	264
IMS
Revenue from Product Sales and Services
Revenue from product sales and services	1,735	1,608	3,435	3,267
Unallocated Items:
Other asset impairment charges	(12)
SAS
Revenue from Product Sales and Services
Revenue from product sales and services	1,715	1,572	3,370	3,089
Unallocated Items:
Other asset impairment charges	(27)
CS
Revenue from Product Sales and Services
Revenue from product sales and services	1,289	993	2,452	1,956
Operating segments
Income before Income Taxes
Segment Operating Income (Loss)	655	648	1,293	1,305
Operating segments \| IMS
Revenue from Product Sales and Services
Revenue from product sales and services	1,735	1,608	3,435	3,267
Income before Income Taxes
Segment Operating Income (Loss)	162	207	347	458
Operating segments \| SAS
Revenue from Product Sales and Services
Revenue from product sales and services	1,715	1,572	3,370	3,089
Income before Income Taxes
Segment Operating Income (Loss)	168	203	355	380
Operating segments \| CS
Revenue from Product Sales and Services
Revenue from product sales and services	1,289	993	2,452	1,956
Income before Income Taxes
Segment Operating Income (Loss)	325	238	591	467
Corporate
Revenue from Product Sales and Services
Revenue from product sales and services	$ (46)	$ (38)	$ (93)	$ (74)

BUSINESS SEGMENT INFORMATION _3

BUSINESS SEGMENT INFORMATION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2023	Jul. 01, 2022
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	$ 4,693	$ 4,135	$ 9,164	$ 8,238
IMS
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,735	1,608	3,435	3,267
IMS \| United States
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,281	1,154	2,538	2,336
IMS \| International
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	430	435	852	896
IMS \| Fixed-price
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,317	1,209	2,603	2,470
IMS \| Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	394	380	787	762
IMS \| Intersegment
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	24	19	45	35
SAS
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,715	1,572	3,370	3,089
SAS \| United States
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,475	1,380	2,929	2,722
SAS \| International
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	230	181	418	346
SAS \| Fixed-price
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,099	918	2,121	1,798
SAS \| Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	606	643	1,226	1,270
SAS \| Intersegment
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	10	11	23	21
CS
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,289	993	2,452	1,956
CS \| United States
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	834	631	1,625	1,256
CS \| International
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	443	354	802	681
CS \| Fixed-price
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,102	834	2,080	1,631
CS \| Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	175	151	347	306
CS \| Intersegment
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	12	8	25	19
Prime contractor \| IMS
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,127	1,035	2,281	2,121
Prime contractor \| SAS
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	1,084	987	2,094	1,964
Prime contractor \| CS
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	798	691	1,605	1,347
Subcontractor \| IMS
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	584	554	1,109	1,111
Subcontractor \| SAS
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	621	574	1,253	1,104
Subcontractor \| CS
Disaggregation of Revenue [Line Items]
Revenue from product sales and services	$ 479	$ 294	$ 822	$ 590

BUSINESS SEGMENT INFORMATION _4

BUSINESS SEGMENT INFORMATION - Total Assets by Segment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 30, 2022
Segment Reporting Information [Line Items]
Assets	$ 35,362	$ 33,524
Identifiable intangible assets acquired	6,401	6,001
Operating segments \| IMS
Segment Reporting Information [Line Items]
Assets	11,030	10,925
Operating segments \| SAS
Segment Reporting Information [Line Items]
Assets	9,181	8,838
Operating segments \| CS
Segment Reporting Information [Line Items]
Assets	7,129	5,800
Corporate
Segment Reporting Information [Line Items]
Assets	8,022	7,961
Identifiable intangible assets acquired	$ 6,400	$ 6,000

LEGAL PROCEEDINGS AND CONTING_2

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