SUBSEQUENT EVENTS

12 Months Ended

Dec. 30, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 26: SUBSEQUENT EVENTS

On January 3, 2023, we completed the acquisition of the TDL product line for a purchase price of $1.96 billion, subject to customary adjustments. The acquisition was financed through the Term Loan 2025, our new three-year senior unsecured term loan facility, which provides for term loans in up to two separate draws no later than June 30, 2023. Upon closing the TDL product line acquisition, we drew $2.0 billion on the Term Loan 2025. The Term Loan 2025 will bear interest at SOFR plus 0.10% plus an applicable margin, initially 1.250%, that varies based on the Senior Debt Ratings or the base rate, as described in L3Harris’ Current Report on Form 8-K filed with the SEC on August 4, 2022, plus an applicable margin, initially 0.250%, that varies based on the Senior Debt Ratings. See Note 13: Debt in these Notes for additional information on the Term Loan 2025.

In connection with our obligations under the definitive agreement to acquire AJRD, on January 10, 2023 we filed our notification and report form with the Antitrust Division of the United States Department of Justice (the ”Antitrust Division”) and the U.S. Federal Trade Commission (the ‘‘FTC’’) as required under the HSR Act. on February 9, 2023, we withdrew our notification and report form filed on January 10, 2023 and resubmitted the form on February 13, 2023. Clearance under the HSR Act is a condition of closing the acquisition of AJRD. The applicable waiting period under the HSR Act will expire on March 15, 2023, unless terminated earlier or extended including by the issuance of a request for additional information and documentary materials by the Antitrust Division or FTC. See Note 3: Acquisitions in these Notes for further information on the acquisition of AJRD.