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ACQUISITIONS AND DIVESTITURES (Tables)
 6 Months Ended
Jun. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions Consideration Transferred As of the acquisition date, the fair value of consideration transferred consisted of the following:
(In millions)July 28, 2023
Cash consideration paid for AJRD outstanding common stock & equity awards$4,748 
AJRD debt settled by L3Harris257 
Cash consideration paid5,005 
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 assets338 (141)197 
Inventories14 — 14 
Other current assets117 22 139 
Property, plant and equipment574 10 584 
Goodwill2,348 513 2,861 
Other intangible assets2,860 — 2,860 
Other non-current assets609 66 675 
Total assets acquired$7,016 $470 $7,486 
Current portion of long-term debt, net$1 $— $1 
Accounts payable145 — 145 
Contract liabilities310 152 462 
Compensation and benefits116 1 117 
Income taxes payable6 (3)3 
Other accrued items278 335 613 
Long-term debt, net41 — 41 
Deferred income taxes398 (41)357 
Other long-term liabilities1,006 26 1,032 
Total liabilities assumed$2,301 $470 $2,771 
Fair value of consideration transferred$4,715 $— $4,715 
_______________
(1)Fair value adjustments during the measurement period primarily related to EAC updates for circumstances existing at the acquisition date, including updates to the forward loss provision and off-market customer contract reserve described below, refinements to the fair value of fixed assets, as well as corresponding adjustments to the deferred tax liability account which was partially offset by the release of a portion of the uncertain tax position previously recorded by AJRD.
Schedule of Identifiable Intangible Assets Acquired The preliminary fair value and weighted-average amortization period of identifiable intangible assets acquired as of the acquisition date are as follows:
TotalUseful Lives
(In millions)(In Years)
Customer relationships:
Backlog$355 
3
Government programs2,385 
15 - 20
Total customer relationships2,740 
Trade names120 
15
Total identifiable intangible assets acquired$2,860 
Schedule of Business Divestitures and Asset Sales
The carrying amounts of assets and liabilities of the CAS Disposal Group classified as held for sale in our Condensed Consolidated Balance Sheet were as follows:
(In millions)June 28, 2024December 29, 2023
Receivables, net$96 $80 
Contract assets41 43 
Inventories165 145 
Other current assets22 33 
Property, plant and equipment, net42 41 
Goodwill534 534 
Other intangible assets, net262 263 
Other non-current assets48 44 
Valuation allowance(83)(77)
Total assets held for sale$1,127 $1,106 
Accounts payable$86 $111 
Contract liabilities44 48 
Compensation and benefits8 11 
Other accrued items43 38 
Other long-term liabilities62 64 
Total liabilities held for sale$243 $272