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DIVESTITURES | 6 Months Ended
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Jun. 27, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
DIVESTITURES | NOTE N: DIVESTITURES CAS Disposal Group On March 28, 2025, we completed the sale of our CAS disposal group, for cash proceeds, net of cash divested, of $831 million. The CAS disposal group, which provided integrated aircraft avionics, pilot training and data analytics services for the commercial aviation industry, was reported in our IMS segment through the date of sale. Income before income taxes attributable to L3Harris was $21 million for year to date 2025 and $30 million and $56 million for second quarter and year to date 2024, respectively. The carrying amounts of assets and liabilities included in the CAS disposal group divestiture were as follows:
(In millions) | March 28, 2025 |  |  |  |
Receivables, net | $ | 117 |  |  |  |  |
Contract assets | 47 |  |  |  |  |
Inventories, net | 139 |  |  |  |  |
Other current assets | 22 |  |  |  |  |
Property, plant and equipment, net | 46 |  |  |  |  |
Goodwill(1) | 535 |  |  |  |  |
Intangible assets, net | 263 |  |  |  |  |
Other non-current assets | 60 |  |  |  |  |
Total assets | 1,229 |  |  |  |  |
Current portion of long-term debt | 1 |  |  |  |  |
Accounts payable | 95 |  |  |  |  |
Contract liabilities | 49 |  |  |  |  |
Compensation and benefits | 6 |  |  |  |  |
Other current liabilities | 40 |  |  |  |  |
Long-term debt, net | 2 |  |  |  |  |
Other non-current liabilities | 59 |  |  |  |  |
Total liabilities | 252 |  |  |  |  |
Net assets divested | $ | 977 |  |  |  |  |
_______________ (1)Includes $759 million of accumulated goodwill impairment losses reported in our IMS segment through the date of sale. In connection with the divestiture, we derecognized noncontrolling interest and accumulated other comprehensive income of $63 million and $6 million, respectively, and recognized a pre-tax loss, inclusive of amounts attributable to noncontrolling interest, of $17 million in year to date 2025. The pre-tax loss is incremental to the previously recorded CAS disposal group losses recognized in fiscal 2024 and 2023. The final cumulative loss on sale remains subject to certain purchase price adjustments, including final working capital settlement, as set forth in the agreement, and will be finalized in fiscal 2025. The pre-tax loss is included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations. For additional information on the CAS disposal group, including the cumulative pre-tax losses recognized and carrying amounts of assets and liabilities classified as held for sale as of January 3, 2025, see Note 13: Acquisitions and Divestitures in our Fiscal 2024 Form 10-K. Antenna Disposal Group On May 31, 2024, we completed the divestiture of our antenna and related businesses (“Antenna disposal group”) from our SAS segment. For additional information, see Note 13: Acquisitions and Divestitures in our Fiscal 2024 Form 10-K.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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