CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

6 Months Ended

Jul. 01, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities

Contract assets and contract liabilities are summarized below:

(In millions)	July 1, 2022		December 31, 2021
Contract assets	$	3,048	$	3,021
Contract liabilities, current	(1,270)		(1,297)
Contract liabilities, non-current(1)	(122)		(107)
Net contract assets	$	1,656	$	1,617

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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 1, 2022		December 31, 2021
Unbilled contract receivables, gross	$	4,603	$	4,921
Unliquidated progress payments and advances	(1,555)		(1,900)
Contract assets	$	3,048	$	3,021