Commitments

6 Months Ended

Jul. 03, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note 16–Commitments

We have outstanding letters of credit of $99 million as of July 3, 2020, principally related to performance guarantees on contracts. We also have outstanding surety bonds with a notional amount of $130 million, principally related to performance and subcontractor payment bonds on contracts. The value of the surety bonds may vary due to changes in the underlying project status and/or contractual modifications.

As of July 3, 2020, the future expirations of the outstanding letters of credit and surety bonds were as follows:

Fiscal year ending
	(in millions)
2020 (remainder of year)	$	63
2021	64
2022	14
2023	2
2024	1
2025 and thereafter	85
	$	229