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

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