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CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables) | 6 Months Ended
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Jul. 01, 2022
Revenue from Contract with Customer [Abstract] |
Schedule of Contract Assets and Contract Liabilities | Contract assets and contract liabilities are summarized below:
(In millions) | July 1, 2022 |  | December 31, 2021
Contract assets | $ | 3,048 |  |  | $ | 3,021 |
Contract liabilities, current | (1,270) |  |  | (1,297) |
Contract liabilities, non-current(1) | (122) |  |  | (107) |
Net contract assets | $ | 1,656 |  |  | $ | 1,617 |
_______________ (1)The non-current portion of contract liabilities is included as a component of the “Other long-term liabilities” line item in our Condensed Consolidated Balance Sheet (Unaudited). The components of contract assets are summarized below:
(In millions) | July 1, 2022 |  | December 31, 2021 |  |
Unbilled contract receivables, gross | $ | 4,603 |  |  | $ | 4,921 |  |  |
Unliquidated progress payments and advances | (1,555) |  |  | (1,900) |  |  |
Contract assets | $ | 3,048 |  |  | $ | 3,021 |  |  |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 + Details
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- References No definition available. + Details
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