GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amounts of Goodwill

The assignment of goodwill and changes in the carrying amount of goodwill, by business segment, were as follows:

(In millions)	SAS		IMS		CS		AR		Total
Balance at December 29, 2023	$	6,110	$	6,564	$	4,940	$	2,365	$	19,979
Goodwill from AJRD acquisition(1)	—		—		—		496		496
Impairment of goodwill	(14)		—		—		—		(14)
Goodwill decrease from divestitures	(79)		—		—		—		(79)
Currency translation adjustments	(4)		(10)		(1)		—		(15)
Balance at June 28, 2024	$	6,013	$	6,554	$	4,939	$	2,861	$	20,367

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(1)Represents the effect of measurement period adjustments associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) during the two quarters ended June 28, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information.

Schedule of Indefinite-Lived Intangible Assets

Other identifiable intangible assets, net are summarized below:

	June 28, 2024						December 29, 2023
(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	8,843	$	(3,095)	$	5,748	$	8,892	$	(2,733)	$	6,159
Developed technologies	851		(450)		401		856		(413)		443
Trade names — divisions	185		(57)		128		185		(50)		135
Other, including contract backlog	2		(2)		—		4		(4)		—
Total finite-lived identifiable intangible assets	9,881		(3,604)		6,277		9,937		(3,200)		6,737
Trade names — corporate	1,803		—		1,803		1,803		—		1,803
Total identifiable intangible assets, net	$	11,684	$	(3,604)	$	8,080	$	11,740	$	(3,200)	$	8,540

Schedule of Finite-Lived Intangible Assets

Other identifiable intangible assets, net are summarized below:

	June 28, 2024						December 29, 2023
(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	8,843	$	(3,095)	$	5,748	$	8,892	$	(2,733)	$	6,159
Developed technologies	851		(450)		401		856		(413)		443
Trade names — divisions	185		(57)		128		185		(50)		135
Other, including contract backlog	2		(2)		—		4		(4)		—
Total finite-lived identifiable intangible assets	9,881		(3,604)		6,277		9,937		(3,200)		6,737
Trade names — corporate	1,803		—		1,803		1,803		—		1,803
Total identifiable intangible assets, net	$	11,684	$	(3,604)	$	8,080	$	11,740	$	(3,200)	$	8,540

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future estimated amortization expense for identifiable intangible assets is as follows:

	(In millions)
Next 12 months	$	826
Months 13-24	758
Months 25-36	590
Months 37-48	552
Months 49-60	451
Thereafter	3,100
Total	$	6,277