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BUSINESS SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 27, 2024
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 were as follows:
| Quarter Ended |  | Three Quarters Ended
(In millions) | September 27, 2024 |  | September 29, 2023 |  | September 27, 2024 |  | September 29, 2023
Revenue |  |  |  |  |  |  |
SAS | $ | 1,683 |  |  | $ | 1,686 |  |  | $ | 5,141 |  |  | $ | 5,056 |
IMS | 1,671 |  |  | 1,568 |  |  | 5,069 |  |  | 5,003 |
CS | 1,382 |  |  | 1,255 |  |  | 4,022 |  |  | 3,707 |
AR | 596 |  |  | 455 |  |  | 1,719 |  |  | 455 |
Corporate eliminations | (40) |  |  | (49) |  |  | (149) |  |  | (142) |
Total revenue | $ | 5,292 |  |  | $ | 4,915 |  |  | $ | 15,802 |  |  | $ | 14,079 |
Income before Income Taxes |  |  |  |  |  |  |
Operating income: |  |  |  |  |  |  |
SAS | $ | 195 |  |  | $ | 210 |  |  | $ | 626 |  |  | $ | 565 |
IMS | 204 |  |  | 187 |  |  | 600 |  |  | 534 |
CS | 359 |  |  | 282 |  |  | 998 |  |  | 873 |
AR | 75 |  |  | 56 |  |  | 222 |  |  | 56 |
Total segment | 833 |  |  | 735 |  |  | 2,446 |  |  | 2,028 |
Total unallocated corporate expenses | (338) |  |  | (256) |  |  | (1,097) |  |  | (756) |
Total operating income | 495 |  |  | 479 |  |  | 1,349 |  |  | 1,272 |
Non-service FAS pension income and other, net | 101 |  |  | 80 |  |  | 275 |  |  | 245 |
Interest expense, net | (166) |  |  | (159) |  |  | (514) |  |  | (372) |
Income before income taxes | $ | 430 |  |  | $ | 400 |  |  | $ | 1,110 |  |  | $ | 1,145 |
The table below is a reconciliation of the FAS/CAS operating adjustment:
| Quarter Ended |  | Three Quarters Ended
(In millions) | September 27, 2024 |  | September 29, 2023 |  | September 27, 2024 |  | September 29, 2023
FAS pension service cost | $ | (8) |  |  | $ | (10) |  |  | $ | (26) |  |  | $ | (23) |
Less: CAS pension cost | (15) |  |  | (37) |  |  | (46) |  |  | (95) |
FAS/CAS operating adjustment | $ | 7 |  |  | $ | 27 |  |  | $ | 20 |  |  | $ | 72 |
Schedule of Disaggregation of Revenue by Segment | Disaggregation of Revenue We disaggregate revenue for all four 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
| September 27, 2024 |  | September 29, 2023
(In millions) | SAS |  | IMS |  | CS |  | AR |  | SAS |  | IMS |  | CS |  | AR
Revenue By Customer Relationship
Prime contractor | $ | 1,008 |  |  | $ | 1,051 |  |  | $ | 977 |  |  | $ | 149 |  |  | $ | 1,081 |  |  | $ | 962 |  |  | $ | 866 |  |  | $ | 113 |
Subcontractor(1) | 663 |  |  | 609 |  |  | 388 |  |  | 447 |  |  | 592 |  |  | 585 |  |  | 374 |  |  | 342 |
Intersegment | 12 |  |  | 11 |  |  | 17 |  |  | — |  |  | 13 |  |  | 21 |  |  | 15 |  |  | — |
Total segment | $ | 1,683 |  |  | $ | 1,671 |  |  | $ | 1,382 |  |  | $ | 596 |  |  | $ | 1,686 |  |  | $ | 1,568 |  |  | $ | 1,255 |  |  | $ | 455 |
Revenue By Contract Type
Fixed-price(2) | $ | 1,012 |  |  | $ | 1,258 |  |  | $ | 1,146 |  |  | $ | 361 |  |  | $ | 1,039 |  |  | $ | 1,164 |  |  | $ | 1,047 |  |  | $ | 272 |
Cost-reimbursable | 659 |  |  | 402 |  |  | 219 |  |  | 235 |  |  | 634 |  |  | 383 |  |  | 193 |  |  | 183 |
Intersegment | 12 |  |  | 11 |  |  | 17 |  |  | — |  |  | 13 |  |  | 21 |  |  | 15 |  |  | — |
Total segment | $ | 1,683 |  |  | $ | 1,671 |  |  | $ | 1,382 |  |  | $ | 596 |  |  | $ | 1,686 |  |  | $ | 1,568 |  |  | $ | 1,255 |  |  | $ | 455 |
Revenue By Geographical Region
United States | $ | 1,484 |  |  | $ | 1,217 |  |  | $ | 975 |  |  | $ | 584 |  |  | $ | 1,478 |  |  | $ | 1,141 |  |  | $ | 874 |  |  | $ | 443 |
International | 187 |  |  | 443 |  |  | 390 |  |  | 12 |  |  | 195 |  |  | 406 |  |  | 366 |  |  | 12 |
Intersegment | 12 |  |  | 11 |  |  | 17 |  |  | — |  |  | 13 |  |  | 21 |  |  | 15 |  |  | — |
Total segment | $ | 1,683 |  |  | $ | 1,671 |  |  | $ | 1,382 |  |  | $ | 596 |  |  | $ | 1,686 |  |  | $ | 1,568 |  |  | $ | 1,255 |  |  | $ | 455 |
| Three Quarters Ended
| September 27, 2024 |  | September 29, 2023
(In millions) | SAS |  | IMS |  | CS |  | AR |  | SAS |  | IMS |  | CS |  | AR
Revenue By Customer Relationship
Prime contractor | $ | 3,192 |  |  | $ | 3,214 |  |  | $ | 2,805 |  |  | $ | 457 |  |  | $ | 3,175 |  |  | $ | 3,243 |  |  | $ | 2,471 |  |  | $ | 113 |
Subcontractor(1) | 1,909 |  |  | 1,799 |  |  | 1,164 |  |  | 1,262 |  |  | 1,845 |  |  | 1,694 |  |  | 1,196 |  |  | 342 |
Intersegment | 40 |  |  | 56 |  |  | 53 |  |  | — |  |  | 36 |  |  | 66 |  |  | 40 |  |  | — |
Total segment | $ | 5,141 |  |  | $ | 5,069 |  |  | $ | 4,022 |  |  | $ | 1,719 |  |  | $ | 5,056 |  |  | $ | 5,003 |  |  | $ | 3,707 |  |  | $ | 455 |
Revenue By Contract Type
Fixed-price(2) | $ | 3,192 |  |  | $ | 3,876 |  |  | $ | 3,329 |  |  | $ | 1,007 |  |  | $ | 3,160 |  |  | $ | 3,767 |  |  | $ | 3,127 |  |  | $ | 272 |
Cost-reimbursable | 1,909 |  |  | 1,137 |  |  | 640 |  |  | 712 |  |  | 1,860 |  |  | 1,170 |  |  | 540 |  |  | 183 |
Intersegment | 40 |  |  | 56 |  |  | 53 |  |  | — |  |  | 36 |  |  | 66 |  |  | 40 |  |  | — |
Total segment | $ | 5,141 |  |  | $ | 5,069 |  |  | $ | 4,022 |  |  | $ | 1,719 |  |  | $ | 5,056 |  |  | $ | 5,003 |  |  | $ | 3,707 |  |  | $ | 455 |
Revenue By Geographical Region
United States | $ | 4,479 |  |  | $ | 3,683 |  |  | $ | 2,786 |  |  | $ | 1,682 |  |  | $ | 4,407 |  |  | $ | 3,679 |  |  | $ | 2,499 |  |  | $ | 443 |
International | 622 |  |  | 1,330 |  |  | 1,183 |  |  | 37 |  |  | 613 |  |  | 1,258 |  |  | 1,168 |  |  | 12 |
Intersegment | 40 |  |  | 56 |  |  | 53 |  |  | — |  |  | 36 |  |  | 66 |  |  | 40 |  |  | — |
Total segment | $ | 5,141 |  |  | $ | 5,069 |  |  | $ | 4,022 |  |  | $ | 1,719 |  |  | $ | 5,056 |  |  | $ | 5,003 |  |  | $ | 3,707 |  |  | $ | 455 |
_______________ (1) Our subcontractor revenues includes products and services to contractors whose customers are the end user. (2) Includes revenue derived from time-and-materials contracts.
Schedule of Total Assets by Segment | Total assets by business segment were as follows:
(In millions) | September 27, 2024 |  | December 29, 2023
SAS | $ | 8,836 |  |  | $ | 9,085 |
IMS | 10,932 |  |  | 10,631 |
CS | 6,952 |  |  | 7,084 |
AR | 4,540 |  |  | 4,208 |
Corporate(1) | 10,629 |  |  | 10,679 |
Total Assets | $ | 41,889 |  |  | $ | 41,687 |
_______________ (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 $7.9 billion and $8.5 billion at September 27, 2024 and December 29, 2023, respectively. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan investments, buildings and equipment, real estate held for development and leasing, as well as any assets of businesses held for sale.

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