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DEBT (Tables) | 12 Months Ended
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Jan. 01, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt is summarized below:
(In millions) | January 1, 2021 |  | January 3, 2020 |  |
Variable-rate debt: |  |  |  |  |
Floating rate notes, due April 30, 2020 | $ | — |  |  | $ | 250 |  |  |
Floating rate notes, due March 10, 2023 | 250 |  |  | — |  |  |
Total variable-rate debt | 250 |  |  | 250 |  |  |
Fixed-rate debt: |  |  |  |  |
4.95% notes, due February 15, 2021 | — |  |  | 650 |  |  |
3.85% notes, due June 15, 2023 | 800 |  |  | 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 |  |  | — |  |  |
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 |  |  |
Other | 56 |  |  | 49 |  |  |
Total fixed-rate debt | 6,582 |  |  | 6,575 |  |  |
Total debt | 6,832 |  |  | 6,825 |  |  |
Plus: unamortized bond premium | 116 |  |  | 154 |  |  |
Less: unamortized discounts and issuance costs | (32) |  |  | (28) |  |  |
Total debt, net | 6,916 |  |  | 6,951 |  |  |
Less: current portion of long-term debt, net | (8) |  |  | (257) |  |  |
Total long-term debt, net | $ | 6,908 |  |  | $ | 6,694 |  |  |
Schedule of Debt Exchange |
(In millions) | Aggregate Principal Amount of L3 Notes (prior to debt exchange) |  | Aggregate Principal Amount of New L3Harris Notes Issued |  | Aggregate Principal Amount of Remaining L3 Notes
4.95% notes due February 15, 2021 (“4.95% 2021 Notes”) | $ | 650 |  |  | $ | 501 |  |  | $ | 149 |
3.85% notes due June 15, 2023 (“3.85% 2023 Notes”) | 800 |  |  | 741 |  |  | 59 |
3.95% notes due May 28, 2024 (“3.95% 2024 Notes”) | 350 |  |  | 326 |  |  | 24 |
3.85% notes due December 15, 2026 (“3.85% 2026 Notes”) | 550 |  |  | 535 |  |  | 15 |
4.40% notes due June 15, 2028 (“4.40% 2028 Notes”) | 1,000 |  |  | 918 |  |  | 82 |
Total | $ | 3,350 |  |  | $ | 3,021 |  |  | $ | 329 |
Schedule of Estimated Fair Values of Long-term Debt | The following table presents the carrying amounts and estimated fair values of our long-term debt:
|  | January 1, 2021 |  | January 3, 2020 |  |
| (In millions) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |  |  |  |
Long-term debt (including current portion)(1) | $ | 6,916 |  |  | $ | 7,948 |  |  | $ | 6,951 |  |  | $ | 7,536 |  |  |  |  |
_______________ (1)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet were measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.

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- Definition Tabular disclosure of information on an original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. The information may be presented entirely or partially in this block of text or in the associated elements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121583591&loc=d3e4313-108586 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121583591&loc=d3e4332-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121583591&loc=d3e4304-108586 + Details
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