CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

12 Months Ended

Jan. 01, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities

Contract assets and contract liabilities are summarized below:

(In millions)	January 1, 2021		January 3, 2020
Contract assets	$	2,437	$	2,459
Contract liabilities, current	(1,198)		(1,214)
Contract liabilities, noncurrent(1)	(73)		(87)
Net contract assets	$	1,166	$	1,158

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(1)The non-current portion of contract liabilities is included as a component of the “Other long-term liabilities” line item in our Consolidated Balance Sheet.

The components of contract assets are summarized below:

(In millions)	January 1, 2021		January 3, 2020
Unbilled contract receivables, gross	$	4,192	$	3,690
Progress payments	(1,755)		(1,231)
	$	2,437	$	2,459