Contract Assets and Contract Liabilities (Tables)

6 Months Ended

Jul. 02, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities

Contract assets and contract liabilities are summarized below:

(In millions)	July 2, 2021		January 1, 2021
Contract assets	$	2,648	$	2,437
Contract liabilities, current	(1,205)		(1,198)
Contract liabilities, non-current(1)	(98)		(73)
Net contract assets	$	1,345	$	1,166

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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 Condensed Consolidated Balance Sheet (Unaudited).

The components of contract assets are summarized below:

(In millions)	July 2, 2021		January 1, 2021
Unbilled contract receivables, gross	$	4,377	$	4,268
Unliquidated progress payments and advances	(1,729)		(1,831)
Contract assets	$	2,648	$	2,437