XML 70 R48.htm IDEA: XBRL DOCUMENT v3.22.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt, Net
Long-term debt, net is summarized below:
(In millions)December 31, 2021January 1, 2021
Variable-rate debt:
Floating rate notes, due March 10, 2023$250 $250 
Fixed-rate debt:
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
650 650 
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 
Total variable and fixed-rate debt6,776 6,776 
Financing lease obligations and other debt218 91 
Total debt6,994 6,867 
Plus: unamortized bond premium93 116 
Less: unamortized discounts and issuance costs(28)(32)
Total debt, net7,059 6,951 
Less: current portion of long-term debt, net(11)(8)
Total long-term debt, net$7,048 $6,943 
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:
 December 31, 2021January 1, 2021
(In millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Long-term debt (including current portion)(1)
$7,059 $7,701 $6,951 $7,986 
_______________
(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.