Acquisitions and Divestitures

12 Months Ended

Jan. 03, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Note 5—Acquisitions and Divestitures

ACQUISITIONS

We may acquire businesses as part of our growth strategy to provide new or enhance existing capabilities and offerings to customers. During fiscal 2022, we completed the acquisition of Cobham Aviation Services Australia’s Special Mission business (“Cobham Special Mission”).

Cobham Special Mission Acquisition

On October 30, 2022 (the “Agreement Date”), we completed the acquisition of Cobham Special Mission for purchase consideration of $298 million Australian dollars, net of $10 million of Australian dollars acquired, or $192 million United States dollars, net of $6 million of cash acquired. Cobham Special Mission provides airborne border surveillance and search and rescue services to the Australian Federal Government.

For fiscal 2024, 2023 and 2022, $128 million, $115 million and $21 million, respectively, of revenues related to the Cobham Special Mission acquisition were recognized within the Commercial & International reportable segment.

Integration Costs

The following expenses were incurred related to the Company’s acquisitions:


	Year Ended
(in millions)	January 3, 2025		December 29, 2023		December 30, 2022
Integration costs	$	10	$	19	$	16

These integration costs have been primarily recorded within Corporate and presented in “Acquisition, integration and restructuring costs” on the consolidated statement of operations.

DIVESTITURES

Immaterial Divestiture

On October 20, 2023, we disposed of an immaterial business within our Defense Solutions reportable segment. The final sales price was approximately $2 million and net assets of $7 million were divested as a result of the transaction.