DEBT (Tables)

12 Months Ended

Jan. 01, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt is summarized below:

(In millions)	January 1, 2021		January 3, 2020
Variable-rate debt:
Floating rate notes, due April 30, 2020	$	—	$	250
Floating rate notes, due March 10, 2023	250		—
Total variable-rate debt	250		250
Fixed-rate debt:
4.95% notes, due February 15, 2021	—		650
3.85% notes, due June 15, 2023	800		800
3.95% notes, due May 28, 2024	350		350
3.832% notes, due April 27, 2025	600		600
7.00% debentures, due January 15, 2026	100		100
3.85% notes, due December 15, 2026	550		550
6.35% debentures, due February 1, 2028	26		26
4.40% notes, due June 15, 2028	1,850		1,850
2.90% notes, due December 15, 2029	400		400
1.80% notes, due January 15, 2031	650		—
4.854% notes, due April 27, 2035	400		400
6.15% notes, due December 15, 2040	300		300
5.054% notes, due April 27, 2045	500		500
Other	56		49
Total fixed-rate debt	6,582		6,575
Total debt	6,832		6,825
Plus: unamortized bond premium	116		154
Less: unamortized discounts and issuance costs	(32)		(28)
Total debt, net	6,916		6,951
Less: current portion of long-term debt, net	(8)		(257)
Total long-term debt, net	$	6,908	$	6,694

Schedule of Debt Exchange

(In millions)	Aggregate Principal Amount of L3 Notes (prior to debt exchange)		Aggregate Principal Amount of New L3Harris Notes Issued		Aggregate Principal Amount of Remaining L3 Notes
4.95% notes due February 15, 2021 (“4.95% 2021 Notes”)	$	650	$	501	$	149
3.85% notes due June 15, 2023 (“3.85% 2023 Notes”)	800		741		59
3.95% notes due May 28, 2024 (“3.95% 2024 Notes”)	350		326		24
3.85% notes due December 15, 2026 (“3.85% 2026 Notes”)	550		535		15
4.40% notes due June 15, 2028 (“4.40% 2028 Notes”)	1,000		918		82
Total	$	3,350	$	3,021	$	329

Schedule of Estimated Fair Values of Long-term Debt

The following table presents the carrying amounts and estimated fair values of our long-term debt:

		January 1, 2021				January 3, 2020
	(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt (including current portion)(1)		$	6,916	$	7,948	$	6,951	$	7,536

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(1)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet were measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.