Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 27, 2024

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _______________ to ______________

Commission File Number 1-3863

L3HARRIS TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware									34-0276860
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

1025 West NASA Boulevard

Melbourne,

Florida

32919

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: [phone]

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

LHX

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.          þ   Yes   o  No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).          þ  Yes   o  No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

þ

Accelerated filer

☐

Non-accelerated filer

¨

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No  

The number of shares outstanding of the registrant’s common stock as of October 18, 2024 was 189,668,364.

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L3HARRIS TECHNOLOGIES, INC.

FORM 10-Q

For the Quarter Ended September 27, 2024

TABLE OF CONTENTS

			Page No.
Part I. Financial Information:
ITEM 1.     Financial Statements (Unaudited):
Condensed Consolidated Statement of Operations for the Quarter and Three Quarters Ended September 27, 2024 and September 29, 2023			3
Condensed Consolidated Statement of Comprehensive Income for the Quarter and Three Quarters Ended September 27, 2024 and September 29, 2023			4
Condensed Consolidated Balance Sheet at September 27, 2024 and December 29, 2023			5
Condensed Consolidated Statement of Cash Flows for the Three Quarters Ended September 27, 2024 and September 29, 2023			6
Condensed Consolidated Statement of Equity for the Quarter and Three Quarters Ended September 27, 2024 and September 29, 2023			7
Notes to Condensed Consolidated Financial Statements			8
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)			23
ITEM 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
ITEM 3.     Quantitative and Qualitative Disclosures About Market Risk			35
ITEM 4.     Controls and Procedures			35
Part II. Other Information:
ITEM 1.      Legal Proceedings			36
ITEM 1A.   Risk Factors			36
ITEM 2.      Unregistered Sales of Equity Securities and Use of Proceeds			36
ITEM 3.      Defaults Upon Senior Securities			37
ITEM 4.      Mine Safety Disclosures			37
ITEM 5.     Other Information			37
ITEM 6.      Exhibits			37
Signatures			38

This Quarterly Report on Form 10-Q (this “Report”) contains trademarks, service marks and registered marks of L3Harris Technologies, Inc. and its subsidiaries. All other trademarks are the property of their respective owners.

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1

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Cautionary Statement Regarding Forward-Looking Statements

This Report contains forward-looking statements within the meaning of federal securities laws that involve risks, uncertainties and assumptions that could cause our results to differ materially from such forward-looking statements. Examples include, but are not limited to, statements concerning: our plans, strategies and objectives for future operations; new products, systems, technologies, services or developments; future economic conditions, performance or outlook; future political or budget conditions; the outcome of contingencies or litigation; the potential level of share repurchases, dividends or pension contributions; potential divestitures and the timing thereof; capital expenditures and capital structure; other financial items; and assumptions underlying any of the foregoing. Terminology, such as “believes,” “expects,” “may,” “could,” “should,” “would,” “will,” “intends,” “plans,” “estimates,” “anticipates,” “projects” and similar words or expressions may also identify forward-looking statements. You should not place undue reliance on forward-looking statements, which reflect our management’s current expectations, estimates, projections and assumptions and information currently available to our management as of the date of filing of this Report and are not guarantees of future performance or actual results. Important risks that could cause our results to differ materially from those expressed in or implied by these forward-looking statements or from our historical results include, but are not limited to, risks arising from: our dependence on competitive markets from U.S. Government customers; changes in contract mix; inflation; unilateral contract action by the U.S. Government; uncertain economic conditions; future geo-political events; supply chain disruptions; impact of LHX NeXt costs and savings; indebtedness; defined benefit plan liability and returns; interest rates; pending and contemplated divestitures; and other market factors. These important risks and other disclosures are described more fully in Part I. Item 1A. Risk Factors in our Fiscal 2023 Form 10-K and in Part II. Item 1A. Risk Factors of this Report. Forward-looking statements are made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1955. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are qualified by the cautionary statements in this section, and we have no duty and disclaim any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise, after the date of filing of this Report or, in the case of any document incorporated by reference, the date of that document.

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2

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PART I. FINANCIAL INFORMATION

ITEM 1.			FINANCIAL STATEMENTS.

L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

			Quarter Ended												Three Quarters Ended
(In millions, except per share amounts)			September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
Revenue			$	5,292					$	4,915					$	15,802					$	14,079
Cost of revenue			(3,873)						(3,608)						(11,675)						(10,419)
General and administrative expenses			(924)						(828)						(2,778)						(2,388)
Operating income			495						479						1,349						1,272
Non-service FAS pension income and other, net(1)			101						80						275						245
Interest expense, net			(166)						(159)						(514)						(372)
Income before income taxes			430						400						1,110						1,145
Income taxes			(26)						(18)						(54)						(73)
Net income			404						382						1,056						1,072
Noncontrolling interests, net of income taxes			(4)						1						(7)						(3)
Net income attributable to L3Harris Technologies, Inc.			$	400					$	383					$	1,049					$	1,069
Net income per common share attributable to L3Harris Technologies, Inc. common shareholders
Basic			$	2.11					$	2.02					$	5.53					$	5.64
Diluted			$	2.10					$	2.02					$	5.50					$	5.61
Basic weighted-average common shares outstanding			189.6						189.3						189.7						189.6
Diluted weighted-average common shares outstanding			190.5						190.1						190.7						190.6

_______________

(1)“FAS” is defined as Financial Accounting Standards.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

			Quarter Ended												Three Quarters Ended
(In millions)			September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
Net income			$	404					$	382					$	1,056					$	1,072
Other comprehensive income (loss):
Foreign currency translation income (loss), net of income taxes			43						(45)						22						(10)
Net unrealized income (loss) on hedging derivatives, net of income taxes			5						(3)						2						6
Net unrecognized gains on postretirement obligations, net of income taxes			—						—						3						—
Other comprehensive income (loss) recognized during the period			48						(48)						27						(4)
Reclassification adjustments for gains included in net income			(8)						(10)						(23)						(29)
Other comprehensive income (loss), net of income taxes			40						(58)						4						(33)
Total comprehensive income			444						324						1,060						1,039
Comprehensive (income) loss attributable to noncontrolling interest			(4)						1						(7)						(3)
Total comprehensive income attributable to L3Harris Technologies, Inc.			$	440					$	325					$	1,053					$	1,036

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

(In millions, except shares)			September 27, 2024						December 29, 2023
Assets
Current assets
Cash and cash equivalents			$	539					$	560
Receivables, net of allowances for collection losses of $20 and $15, respectively			1,042						1,230
Contract assets			3,401						3,196
Inventories, net			1,399						1,472
Income taxes receivable			329						61
Other current assets			462						430
Assets of business held for sale			1,130						1,106
Total current assets			8,302						8,055
Non-current assets
Property, plant and equipment, net			2,795						2,862
Goodwill			20,433						19,979
Intangible assets, net			7,874						8,540
Deferred income taxes			119						91
Other non-current assets			2,366						2,160
Total assets			$	41,889					$	41,687
Liabilities and equity
Current liabilities
Short-term debt			$	1,177					$	1,602
Current portion of long-term debt, net			640						363
Accounts payable			2,049						2,106
Contract liabilities			1,878						1,900
Compensation and benefits			402						544
Income taxes payable			35						88
Other current liabilities			1,549						1,129
Liabilities of business held for sale			243						272
Total current liabilities			7,973						8,004
Non-current liabilities
Long-term debt, net			11,093						11,160
Deferred income taxes			885						815
Other long-term liabilities			2,876						2,879
Total liabilities			22,827						22,858
Equity
Shareholders’ Equity:
Common stock, $1.00 par value; 500,000,000 shares authorized; issued and outstanding 189,548,670 and 189,808,581 shares at September 27, 2024 and December 29, 2023, respectively			190						190
Paid-in capital			15,487						15,553
Retained earnings			3,515						3,220
Accumulated other comprehensive loss			(194)						(198)
Total shareholders’ equity			18,998						18,765
Noncontrolling interests			64						64
Total equity			19,062						18,829
Total liabilities and equity			$	41,889					$	41,687

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

			Three Quarters Ended
(In millions)			September 27, 2024						September 29, 2023
Operating Activities
Net income			$	1,056					$	1,072
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			963						816
Share-based compensation			76						67
Pension and other postretirement benefit plan income			(215)						(209)
Share-based matching contributions under defined contribution plans			199						172
Deferred income taxes			220						(277)
(Increase) decrease in:
Receivables, net			163						53
Contract assets			(372)						(136)
Inventories, net			46						(195)
Other current assets			(32)						(87)
Increase (decrease) in:
Accounts payable			(45)						(18)
Contract liabilities			(150)						202
Compensation and benefits			(145)						(55)
Other current liabilities			59						(27)
Income taxes			(258)						15
Other operating activities			(135)						(86)
Net cash provided by operating activities			1,430						1,307
Investing Activities
Net cash paid for acquired businesses			—						(6,688)
Additions to property, plant and equipment			(290)						(312)
Proceeds from sales of businesses, net			158						71
Other investing activities			(19)						(9)
Net cash used in investing activities			(151)						(6,938)
Financing Activities
Proceeds from borrowings, net of issuance cost			2,826						7,568
Repayments of borrowings			(2,609)						(3,159)
Change in commercial paper, maturities under 90 days, net			93						1,330
Proceeds from commercial paper, maturities over 90 days			688						701
Repayments of commercial paper, maturities over 90 days			(1,205)						—
Proceeds from exercises of employee stock options			111						18
Repurchases of common stock			(512)						(518)
Dividends paid			(665)						(652)
Other financing activities			(36)						(34)
Net cash (used in) provided by financing activities			(1,309)						5,254
Effect of exchange rate changes on cash and cash equivalents			9						(4)
Net decrease in cash and cash equivalents			(21)						(381)
Cash and cash equivalents, beginning of period			560						880
Cash and cash equivalents, end of period			$	539					$	499

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(Unaudited)

			Quarter Ended												Three Quarters Ended
(In millions, except per share amounts)			September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
Common Stock
Beginning balance			$	190					$	189					$	190					$	191
Shares issued under stock incentive plans			—						—						1						—
Shares issued under defined contribution plans			—						—						1						1
Repurchases and retirement of common stock			—						—						(2)						(3)
Ending balance			190						189						190						189
Paid-in Capital
Beginning balance			15,516						15,391						15,553						15,677
Shares issued under stock incentive plans			48						5						110						18
Shares issued under defined contribution plans			57						51						198						171
Share-based compensation expense			23						22						76						67
Tax withholding payments on share-based awards			(1)						—						(28)						(28)
Repurchases and retirement of common stock			(156)						—						(421)						(433)
Other			—						1						(1)						(2)
Ending balance			15,487						15,470						15,487						15,470
Retained Earnings
Beginning balance			3,368						3,111						3,220						2,943
Net income attributable to L3Harris Technologies, Inc.			400						383						1,049						1,069
Repurchases and retirement of common stock			(34)						—						(89)						(82)
Cash dividends			(220)						(216)						(665)						(652)
Other			1						—						—						—
Ending balance			3,515						3,278						3,515						3,278
Accumulated Other Comprehensive Loss
Beginning balance			(234)						(263)						(198)						(288)
Other comprehensive income (loss), net of income taxes			40						(58)						4						(33)
Ending balance			(194)						(321)						(194)						(321)
Noncontrolling Interests
Beginning balance			64						103						64						101
Net income (loss) attributable to noncontrolling interests			4						(1)						7						3
Other			(4)						(2)						(7)						(4)
Ending balance			64						100						64						100
Total Equity			$	19,062					$	18,716					$	19,062					$	18,716
Cash dividends per share			$	1.16					$	1.14					$	3.48					$	3.42

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE A: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying Condensed Consolidated Financial Statements include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these notes to Condensed Consolidated Financial Statements (these “Notes”), the terms “L3Harris,” “Company,” “we,” “our” and “us” refer to L3Harris Technologies, Inc. and its consolidated subsidiaries. Intercompany transactions and accounts have been eliminated.

The accompanying Condensed Consolidated Financial Statements have been prepared by L3Harris in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, such interim financial statements do not include all information and footnotes necessary for a complete presentation of financial condition, results of operations, cash flows and equity in conformity with GAAP for annual financial statements and are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period.

In the opinion of management, these interim financial statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of our financial condition, results of operations, cash flows and equity for the periods presented therein. The balance sheet at December 29, 2023 has been derived from our audited financial statements, but does not include all of the information and footnotes required by GAAP for annual financial statements. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 29, 2023 (our “Fiscal 2023 Form 10-K”).

Use of Estimates

The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying Condensed Consolidated Financial Statements and these Notes and related disclosures. These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying Condensed Consolidated Financial Statements and these Notes. Materially different results can occur as circumstances change and additional information becomes known.

Reclassifications

The classifications of certain prior year amounts have been adjusted in our Condensed Consolidated Financial Statements and these Notes to conform to current year classifications.

Recently Issued Accounting Pronouncements

Information on recently issued accounting pronouncements can be found in our Form 10-Q for the quarter ended March 29, 2024.

NOTE B: EARNINGS PER SHARE (“EPS”)

EPS is net income attributable to L3Harris common shareholders divided by either our weighted average number of basic or diluted shares outstanding. Potential dilutive common shares primarily consist of employee stock options and restricted and performance unit awards.

The weighted-average number of common shares outstanding used to compute basic and diluted EPS were as follows:

			Quarter Ended												Three Quarters Ended
(In millions)			September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
Basic weighted-average common shares outstanding			189.6						189.3						189.7						189.6
Impact of dilutive share-based awards			0.9						0.8						1.0						1.0
Diluted weighted-average common shares outstanding			190.5						190.1						190.7						190.6

Diluted EPS excludes the antidilutive impact of 1.0 million and 2.7 million weighted-average share-based awards outstanding for the quarter and three quarters ended September 27, 2024, respectively, and 2.0 million weighted-average share-based awards outstanding for the three quarters ended September 29, 2023.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE C: CONTRACT ASSETS AND CONTRACT LIABILITIES

Contract assets mainly represent unbilled amounts typically resulting from revenue recognized exceeding amounts billed to customers for contracts utilizing the percentage of completion (“POC”) cost-to-cost revenue recognition method. Contract assets become receivables as we bill customers as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries and, in certain arrangements, the customer may withhold payment of a small portion of the contract price until contract completion. Contract liabilities include advance payments and billings in excess of revenue recognized, including deferred revenue associated with extended product warranties. Contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period.

Contract assets and contract liabilities are summarized below:

(In millions)			September 27, 2024						December 29, 2023
Contract assets			$	3,401					$	3,196
Contract liabilities, current			(1,878)						(1,900)
Contract liabilities, non-current(1)			(93)						(94)
Net contract assets			$	1,430					$	1,202

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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.

There were no significant credit or impairment losses related to our contract assets during the quarter and three quarters ended September 27, 2024 or the quarter and three quarters ended September 29, 2023. Revenue recognized related to contract liabilities that were outstanding at the end of the respective prior fiscal year were $193 million and $1,241 million for the quarter and three quarters ended September 27, 2024, respectively, and $223 million and $1,121 million for the quarter and three quarters ended September 29, 2023, respectively.

NOTE D: INVENTORIES, NET

Inventories, net are summarized below:

(In millions)			September 27, 2024						December 29, 2023
Finished products			$	238					$	217
Work in process			375						427
Materials and supplies			786						828
Inventories, net			$	1,399					$	1,472

NOTE E: GOODWILL AND INTANGIBLE ASSETS

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)			—						—						—						537						537
Impairment of goodwill(2)			(14)						—						—						—						(14)
Goodwill decrease from divestitures(2)			(79)						—						—						—						(79)
Currency translation adjustments			14						(3)						(1)						—						10
Balance at September 27, 2024			$	6,031					$	6,561					$	4,939					$	2,902					$	20,433

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(1)Represents the effect of measurement period adjustments associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) during the three quarters ended September 27, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information.

(2)Goodwill allocation and impairment recognized in connection with the Antenna Disposal Group divestiture. See Note O: Acquisitions and Divestitures in these Notes and our Form 10-Q for the quarter ended June 28, 2024 for further information related to the Antenna Disposal Group divestiture and associated goodwill allocation and impairment testing, respectively.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

At September 27, 2024 and December 29, 2023, accumulated goodwill impairment losses totaled $80 million, $1,126 million and $355 million at our Space & Airborne Systems (“SAS”), Integrated Mission Systems (“IMS”) and Communication System (“CS”) segments, respectively. There are no accumulated impairments for our Aerojet Rocketdyne (“AR”) segment.

Intangible Assets

Intangible assets, net are summarized below:

			September 27, 2024																		December 29, 2023
(In millions)			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Customer relationships			$	8,852					$	(3,290)					$	5,562					$	8,892					$	(2,733)					$	6,159
Developed technologies			853						(469)						384						856						(413)						443
Trade names			185						(61)						124						185						(50)						135
Other, including contract backlog			3						(2)						1						4						(4)						—
Total finite-lived intangible assets			9,893						(3,822)						6,071						9,937						(3,200)						6,737
Trade name — indefinite-lived			1,803						—						1,803						1,803						—						1,803
Total intangible assets, net			$	11,696					$	(3,822)					$	7,874					$	11,740					$	(3,200)					$	8,540

For further description of our accounting policies related to intangible assets acquired in the AJRD acquisition, see Note O: Acquisitions and Divestitures in these Notes, and for our accounting policies related to all other intangible assets, see Note 6: Goodwill and Intangible Assets in our Fiscal 2023 Form 10-K.

Amortization expense for intangible assets was $210 million and $642 million for the quarter and three quarters ended September 27, 2024, respectively, and $208 million and $546 million for the quarter and three quarters ended September 29, 2023, respectively.

Future estimated amortization expense for intangible assets is as follows:

			(In millions)
Next 12 months			$	791
Months 13-24			718
Months 25-36			569
Months 37-48			518
Months 49-60			440
Thereafter			3,035
Total			$	6,071

NOTE F: INCOME TAXES

Our effective tax rate (“ETR”) was 6.0% and 4.9% for the quarter and three quarters ended September 27, 2024, respectively, and 4.5% and 6.4% for the quarter and three quarters ended September 29, 2023, respectively. The ETR for all periods benefited from research and development (“R&D”) credits and tax deductions for foreign derived intangible income (“FDII”), with additional benefits from favorable adjustments recognized upon finalization of our 2023 tax returns in the quarter and three quarters ended September 27, 2024 and favorable resolution of specific audit uncertainties in the three quarters ended September 27, 2024 and the quarter and three quarters ended September 29, 2023.

During the quarter ended September 27, 2024, we completed our 2023 Federal tax return and recorded the associated return-to-provision adjustments. On the 2023 Federal tax return, we requested an automatic tax accounting method change, pursuant to the interim guidance in Section 8 of IRS Notice 2023-63, adjusting our percentage of completion method for tax purposes to include the amortization of research and experimental expenditures, rather than the capitalized amount of such expenditures. This automatic tax accounting method change resulted in an increase to income taxes receivable and an offsetting increase in our deferred income taxes.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE G: DEBT AND CREDIT ARRANGEMENTS

Long-Term Debt

Long-term debt, net is summarized below:

(In millions)			September 27, 2024						December 29, 2023
Variable-rate debt:
Term loan, due November 21, 2025 (“Term Loan 2025”)			$	—					$	2,250
Fixed-rate debt:
3.95% notes, due May 28, 2024 (“3.95% 2024 Notes”)			—						350
3.832% notes, due April 27, 2025 (“3.832% 2025 Notes”)			600						600
7.00% debentures, due January 15, 2026			100						100
3.85% notes, due December 15, 2026			550						550
5.40% notes, due January 15, 2027(1)			1,250						1,250
6.35% debentures, due February 1, 2028			26						26
4.40% notes, due June 15, 2028			1,850						1,850
5.05% notes, due June 1, 2029 (“5.05% 2029 Notes”)			750						—
2.90% notes, due December 15, 2029			400						400
1.80% notes, due January 15, 2031			650						650
5.25% notes, due June 1, 2031 (“5.25% 2031 Notes”)			750						—
5.40% notes, due July 31, 2033(1)			1,500						1,500
5.35% notes, due June 1, 2034 (“5.35% 2034 Notes”)			750						—
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
5.60% notes, due July 31, 2053(1)			500						500
5.50% notes, due August 15, 2054 (“5.50% 2054 Notes”)			600						—
Total variable and fixed-rate debt			11,476						11,226
Financing lease obligations and other debt			300						300
Long-term debt, including the current portion of long-term debt			11,776						11,526
Plus: unamortized bond premium			41						51
Less: unamortized discounts and issuance costs			(84)						(54)
Long-term debt, including the current portion of long-term debt, net			11,733						11,523
Less: current portion of long-term debt, net			(640)						(363)
Total long-term debt, net			$	11,093					$	11,160

_______________

(1) Collectively, the “AJRD Notes.”

Long-Term Debt Issued

On March 13, 2024, we closed the issuance and sale of $2.25 billion aggregate principal amount of new long-term fixed-rate debt consisting of the 5.05% 2029 Notes, the 5.25% 2031 Notes, and the 5.35% 2034 Notes. (collectively, the “March Issued 2024 Notes”). The March Issued 2024 Notes were used to repay Term Loan 2025, including related fees and expenses, which had an outstanding balance of $2.25 billion at December 29, 2023.

Interest on the March Issued 2024 Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2024.

On August 2, 2024, we closed the issuance and sale of $600 million aggregate principal amount of the 5.50% 2054 Notes and used the net proceeds to repay borrowings under our commercial paper program (“CP Program”).

Interest on the 5.50% 2054 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2025.

_____________________________________________________________________

11

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

We may, at our option, redeem the March Issued 2024 Notes and the 5.50% 2054 Notes at any time, and from time to time, in whole or in part, at the applicable redemption price, as defined in the respective notes. Both the March Issued 2024 Notes and the 5.50% 2054 Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness.

We incurred debt issuance costs of $20 million and $7 million for the March Issued 2024 Notes and the 5.50% 2054 Notes, respectively, which are being amortized over the life of each respective note. Such amortization is included as a component of the “Interest expense, net” line item in our Condensed Consolidated Statement of Operations.

Long-Term Debt Repayments

On March 14, 2024, we repaid the entire outstanding $2.25 billion drawn on Term Loan 2025, which at time of repayment had a variable interest rate of 6.7%, with proceeds from the issuance of the March Issued 2024 Notes, which bear fixed interest rates between 5.05% and 5.35%. Additionally, during the quarter ended June 28, 2024, we repaid the $350 million aggregate principal amount of our 3.95% 2024 Notes.

Credit Agreements

On January 26, 2024, we established a new $1.5 billion, 364-day senior unsecured revolving credit facility (“2024 Credit Facility”) by entering into a 364-day credit agreement maturing no later than January 24, 2025 (“2024 Credit Agreement”) with a syndicate of lenders. We may extend the maturity of any loans outstanding under the 2024 Credit Agreement by one year, subject to the satisfaction of certain conditions. The 2024 Credit Agreement replaces the prior $2.4 billion 364-Day Credit Agreement (“2023 Credit Agreement”).

At our election, borrowings under the 2024 Credit Agreement, which are designated in U.S. Dollars, bear interest at the sum of the term secured overnight financing rate or the Base Rate (as defined in the 2024 Credit Agreement), plus an applicable margin that varies based on the ratings of our senior unsecured long-term debt securities (“Senior Debt Ratings”). In addition to interest payable on the principal amount of indebtedness outstanding, we are required to pay a quarterly unused commitment fee that varies based on our Senior Debt Ratings.

The 2024 Credit Agreement also contains representations, warranties, covenants and events of default that are substantially similar to the existing Revolving Credit Agreement, dated as of July 29, 2022 (“2022 Credit Agreement”) which established a $2.0 billion, five-year senior unsecured revolving credit facility. For a description of the 2022 Credit Agreement and related covenants, see Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K.

At September 27, 2024, we had no outstanding borrowings under either our 2024 Credit Agreement or our 2022 Credit Agreement, had available borrowing capacity of $2.3 billion, net of outstanding CP Program borrowings and were in compliance with all covenants under both aforementioned credit agreements.

See Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K for additional information regarding our 2022 Credit Agreement and our 2023 Credit Agreement.

Commercial Paper Program

On January 26, 2024, we lowered the maximum amount available under our CP Program to $3.0 billion from $3.9 billion in accordance with the terms of the CP Program. The CP Program is supported by amounts available under the 2022 Credit Agreement and the 2024 Credit Agreement.

The commercial paper notes are sold at par less a discount representing an interest factor or, if interest bearing, at par, and the maturities vary but may not exceed 397 days from the date of issue. The commercial paper notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness.

At September 27, 2024 and December 29, 2023, we had $1.2 billion and $1.6 billion in outstanding notes under our CP Program, respectively, which is included as a component of the “Short-term debt” line item in our Condensed Consolidated Balance Sheet. The outstanding notes under our CP Program had a weighted-average interest rate of 5.32% and 5.95% at September 27, 2024 and December 29, 2023, respectively.

_____________________________________________________________________

12

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE H: RETIREMENT BENEFITS

The following tables provide the components of our net periodic benefit income for our defined benefit plans, including defined benefit pension plans and other postretirement benefit (“OPEB”) plans:

			Quarter Ended
			September 27, 2024												September 29, 2023
(In millions)			Pension						Other Benefits						Pension						Other Benefits
Net periodic benefit income
Operating
Service cost			$	8					$	—					$	10					$	—
Non-operating
Interest cost			99						3						100						3
Expected return on plan assets			(165)						(5)						(162)						(5)
Amortization of net actuarial gain			(1)						(4)						(2)						(5)
Amortization of prior service credit			(7)						—						(7)						—
Non-service cost periodic benefit income			(74)						(6)						(71)						(7)
Net periodic benefit income			$	(66)					$	(6)					$	(61)					$	(7)
			Three Quarters Ended
			September 27, 2024												September 29, 2023
(In millions)			Pension						Other Benefits						Pension						Other Benefits
Net periodic benefit income
Operating
Service cost			$	25					$	1					$	22					$	1
Non-operating
Interest cost			296						8						283						8
Expected return on plan assets			(495)						(15)						(467)						(15)
Amortization of net actuarial gain			(3)						(13)						(7)						(15)
Amortization of prior service (credit) cost			(20)						1						(20)						1
Non-service cost periodic benefit income			(222)						(19)						(211)						(21)
Net periodic benefit income			$	(197)					$	(18)					$	(189)					$	(20)

The service cost component of net periodic benefit income is included in the “Cost of revenue” and “General and administrative expenses” line items in our Condensed Consolidated Statement of Operations. The non-service cost components of net periodic benefit income are included in the “Non-service FAS pension income and other, net” line item in our Condensed Consolidated Statement of Operations.

NOTE I: STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION

At September 27, 2024, we had stock options and other share-based compensation awards outstanding under three shareholder-approved employee stock incentive plans, including our 2024 Equity Incentive Plan, which was approved by our shareholders on April 19, 2024, as well as under other existing employee equity incentive plans assumed by L3Harris (collectively, the “L3Harris SIPs”). Total share-based compensation expense was $23 million and $76 million for the quarter and three quarters ended September 27, 2024, respectively, and $22 million and $67 million for the quarter and three quarters ended September 29, 2023, respectively.

_____________________________________________________________________

13

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Awards granted to participants under L3Harris SIPs and the weighted-average grant-date fair value per share or unit during the three quarters ended September 27, 2024 and September 29, 2023 were as follows:

			Three Quarters Ended
			September 27, 2024												September 29, 2023
(In millions, except per share/units amounts)			Shares or Units						Weighted-Average Grant-Date Fair Value Per Share or Unit						Shares or Units						Weighted-Average Grant-Date Fair Value Per Share or Unit
Stock option shares granted(1)			0.4						$	50.99					0.4						$	54.63
Restricted stock units granted(2)			0.2						$	214.00					0.3						$	200.61
Performance share units granted(3)			0.2						$	230.09					0.2						$	223.09

_______________

(1)Other than certain stock options granted in connection with new hires, our stock options generally ratably vest in equal amounts over a three-year period.

(2)Other than certain restricted stock units granted in connection with new hires, our restricted stock units generally cliff vest after three years.

(3)Our performance share units are subject to performance criteria and generally vest after the three-year performance period.

The aggregate number of shares of our common stock issued under L3Harris SIPs, net of shares withheld for tax purposes, was 0.4 million and 1.2 million for the quarter and three quarters ended September 27, 2024, respectively, and was 0.1 million and 0.5 million for the quarter and three quarters ended September 29, 2023, respectively.

See Note 10: Stock Options and Other Share-Based Compensation in our Fiscal 2023 Form 10-K for additional information regarding the L3Harris SIPs.

NOTE J: ACCUMULATED OTHER COMPREHENSIVE LOSS (“AOCL”)

At September 27, 2024 and December 29, 2023, AOCL was $194 million and $198 million, respectively. Changes in AOCL, net of tax, consisted of $27 million of other comprehensive income before reclassifications, primarily from currency translation gains, and $23 million of net gains reclassified to earnings, primarily associated with amortization of unrecognized postretirement benefit plan obligations.

At September 29, 2023 and December 30, 2022, AOCL was $321 million and $288 million, respectively. Changes in AOCL, net of tax, consisted of $4 million of other comprehensive loss before reclassifications, primarily from currency translation losses, partially offset by net unrealized gains on hedging derivatives, and $29 million of net gains reclassified to earnings, primarily associated with amortization of unrecognized postretirement benefit plan obligations.

See Note H: Retirement Benefits in these Notes and Note 9: Retirement Benefits in our Fiscal 2023 Form 10-K for additional information regarding our postretirement benefit plans.

NOTE K: FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability in an orderly transaction between market participants at the measurement date. Entities are required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value and to utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means.

•Level 3 — Unobservable inputs that are supported by little or no market activity, are significant to the fair value of the assets or liabilities and reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed using the best information available in the circumstances.

_____________________________________________________________________

14

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

In certain instances, fair value is estimated using quoted market prices obtained from external pricing services. In obtaining such data from the external pricing services, we have evaluated the methodologies used to develop the estimate of fair value in order to assess whether such valuations are representative of fair value, including net asset value (“NAV”). Additionally, in certain circumstances, the NAV reported by an asset manager may be adjusted when sufficient evidence indicates NAV is not representative of fair value.

The following table presents assets and liabilities measured at fair value on a recurring basis in our Condensed Consolidated Balance Sheet:

			September 27, 2024												December 29, 2023
(In millions)			Total						Level 1						Total						Level 1
Assets
Deferred compensation plan assets:(1)
Equity and fixed income securities			$	121					$	121					$	106					$	106
Investments measured at NAV:
Corporate-owned life insurance			40												37
Total fair value of deferred compensation plan assets			$	161											$	143
Liabilities
Deferred compensation plan liabilities:(2)
Equity securities and mutual funds			$	11					$	11					$	18					$	18
Investments measured at NAV:
Common/collective trusts and guaranteed investment contracts			338												274
Total fair value of deferred compensation plan liabilities			$	349											$	292

_______________

(1)Represents diversified assets held in “rabbi trusts” primarily associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet.

(2)Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet. Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.

The following table presents the carrying amounts and estimated fair values of long-term debt that is not carried at fair value in our Condensed Consolidated Balance Sheet:

			September 27, 2024												December 29, 2023
(In millions)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Term Loan 2025(1)			$	—					$	—					$	2,250					$	2,250
All other long-term debt, net (including current portion)(2)			11,733						11,921						9,273						9,199
Long-term debt, including the current portion of long-term debt, net			$	11,733					$	11,921					$	11,523					$	11,449

_______________

(1)The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate.

(2)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.

The fair value of our short-term debt approximates the carrying value due to its short-term nature. If measured at fair value, the commercial paper would be classified as level 2 and other short-term debt would be classified as level 3 within the fair value hierarchy. See Note G: Debt and Credit Arrangements in these Notes and Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K for further information regarding our long-term debt and CP Program.

See Note E: Goodwill and Intangible Assets and Note O: Acquisitions and Divestitures in these Notes and Note 13: Acquisitions, Divestitures and Asset Sales in our Fiscal 2023 Form 10-K for additional information regarding fair value measurements associated with acquisitions, divestitures and goodwill.

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15

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE L: CHANGES IN ESTIMATES

Many of our contracts utilize the POC cost-to-cost method of revenue recognition. A single estimated profit margin is used to recognize profit for each performance obligation over its period of performance. At the outset of each contract, we gauge its complexity and associated risks and establish an estimated total cost at completion. Due to the long-term nature of many of these contracts, developing these estimates often requires judgment. After establishing the estimated total cost at completion, we follow a standard estimate at completion (“EAC”) process in which we review the progress and performance on our ongoing contracts. As the contracts progress, we may successfully retire risks or complexities and may add additional risks, and we adjust our estimated total cost at completion. For additional discussion of our revenue recognition policies and our EAC process, see “Critical Accounting Estimates” in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K.

Net EAC adjustments had the following impact to earnings for the periods presented:

			Quarter Ended												Three Quarters Ended
(In millions, except per share amounts)			September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
Net EAC adjustments, before income taxes			$	—					$	(10)					$	19					$	(97)
Net EAC adjustments, net of income taxes			—						(8)						15						(73)
Net EAC adjustments, net of income taxes, per diluted share			—						(0.04)						0.08						(0.38)

Revenue recognized from performance obligations satisfied in prior periods was $48 million and $135 million for the quarter and three quarters ended September 27, 2024, respectively, and $28 million and $97 million for the quarter and three quarters ended September 29, 2023, respectively.

NOTE M: BACKLOG

Backlog, which is the equivalent of our remaining performance obligations, represents the future revenue we expect to recognize as we perform on our current contracts. Backlog comprises both funded backlog (i.e., firm orders for which funding is authorized and appropriated) and unfunded backlog. Backlog excludes unexercised contract options and potential orders under ordering-type contracts, such as indefinite-delivery, indefinite-quantity contracts.

At September 27, 2024, our ending backlog was $33.8 billion. We expect to recognize approximately 45% of the revenue associated with this backlog over the next twelve months and an additional 25% over the following twelve months, with the remainder to be recognized thereafter.

NOTE N: RESTRUCTURING AND OTHER EXIT COSTS

From time to time, we record charges for restructuring and other exit activities related to changes in management structure and fundamental reorganizations that affect the nature and focus of operations, such as our LHX NeXt initiative described below. Such charges may include severance benefits and costs to consolidate facilities or relocate employees. We record these charges at their fair value when incurred. In cases where employees are required to render service until they are terminated in order to receive the termination benefits and will be retained beyond the minimum retention period, we record the expense ratably over the future service period.

LHX NeXt Initiative. LHX NeXt is our initiative to reduce cost and transform our systems and processes to increase agility and competitiveness, as discussed in more detail under the “Operating Environment, Strategic Priorities and Key Performance Measures” section in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K.

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16

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Changes to our liabilities for restructuring and other exit costs during the three quarters ended September 27, 2024 were as follows:

(In millions)			Employee Severance Related Costs
Balance at December 29, 2023(1)			$	4
Additional provisions(2)			69
Payments			(64)
Total changes			5
Balance at September 27, 2024(1)			$	9

_______________

(1)Our liabilities, which we expect will be paid in the next twelve months, are included in the “Compensation and benefits” line item in our Condensed Consolidated Balance Sheet.

(2)Included as a component of the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations.

NOTE O: ACQUISITIONS AND DIVESTITURES

Acquisition of AJRD

On July 28, 2023, we acquired AJRD, a technology-based engineering and manufacturing company that develops and produces missile solutions and technologies for strategic defense, missile defense, and hypersonic and tactical systems, as well as space propulsion and power systems for national security space and exploration missions. The acquisition provides us access to a new market. We acquired 100% of AJRD for a total net purchase price of $4,715 million. The acquisition was financed through the issuance and sale of the AJRD Notes and a draw down under the 2023 Credit Agreement. See Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K for further information regarding the financing of the AJRD acquisition.

Net assets and results of operations of AJRD are reflected in our financial results commencing on July 28, 2023, the acquisition date, and are reported in our AR segment, which is also the AR reporting unit, except for certain assets and liabilities recorded at corporate headquarters.

We accounted for the acquisition of AJRD using the acquisition method of accounting, which required us to measure identifiable assets acquired and liabilities assumed in the acquiree at their fair values as of the acquisition date, with the excess of the consideration transferred over those fair values recorded as goodwill.

As of the acquisition date, the fair value of consideration transferred consisted of the following:

(In millions)			July 28, 2023
Cash consideration paid for AJRD outstanding common stock & equity awards			$	4,748
AJRD debt settled by L3Harris			257
Cash consideration paid			5,005
Less cash acquired			(290)
Fair value of consideration transferred			$	4,715

_____________________________________________________________________

17

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

We determined the fair value of assets acquired and liabilities assumed by using available market information and various valuation methods that require judgement related to estimates. Our preliminary fair value estimates and assumptions to measure the assets acquired and liabilities assumed were subject to change as we obtained additional information during the measurement period. We completed our accounting for the acquisition during the quarter ended September 27, 2024. The following table summarizes the preliminary allocation of the fair value of consideration transferred to assets acquired and liabilities assumed as of the acquisition date and the adjustments recognized during the measurement period:

(In millions)			Preliminary as of July 28, 2023						Measurement Period Adjustments, Net(1)						Final as of September 27, 2024
Receivables			$	156					$	—					$	156
Contract assets			338						(137)						201
Inventories, net			14						—						14
Income taxes receivable			3						2						5
Other current assets			114						19						133
Property, plant and equipment			574						10						584
Goodwill			2,348						554						2,902
Intangible assets			2,860						—						2,860
Other non-current assets			609						66						675
Total assets acquired			$	7,016					$	514					$	7,530
Current portion of long-term debt, net			$	1					$	—					$	1
Accounts payable			145						—						145
Contract liabilities			310						152						462
Compensation and benefits			116						1						117
Income taxes payable			6						(3)						3
Other current liabilities			278						390						668
Long-term debt, net			41						—						41
Deferred income taxes			398						(52)						346
Other long-term liabilities			1,006						26						1,032
Total liabilities assumed			$	2,301					$	514					$	2,815
Fair value of consideration transferred			$	4,715					$	—					$	4,715

_______________

(1)Fair value adjustments during the measurement period primarily related to EAC updates for circumstances existing at the acquisition date, including updates to the forward loss provision and off-market customer contract reserve described below, refinements to the fair value of fixed assets, as well as corresponding adjustments to the deferred tax liability account which was partially offset by the release of a portion of the uncertain tax position previously recorded by AJRD.

Intangible Assets. All finite-lived intangible assets identified in the AJRD acquisition are subject to amortization. The fair value and weighted-average amortization period of identifiable intangible assets acquired as of the acquisition date are as follows:

			Total						Useful Lives
			(In millions)						(In Years)
Customer relationships:
Backlog			$	355					3
Government programs			2,385						15 - 20
Total customer relationships			2,740
Trade names			120						15
Total identifiable intangible assets acquired			$	2,860

The fair value of intangible assets is estimated using the relief from royalty method for the acquired trade names and the multi-period excess earnings method for the acquired customer relationships. Both of these level 3

_____________________________________________________________________

18

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

fair value methods are income-based valuation approaches, which require judgment to estimate appropriate discount rates, royalty rates related to the trade names intangible assets, revenue growth attributable to the intangible assets and remaining useful lives.

Forward Loss Provision. We have recorded a forward loss provision of $363 million which was included in the “Other current liabilities” line item in our Condensed Consolidated Balance Sheet. Since the completion of the acquisition of AJRD, we have undertaken significant operational efforts to further understand the root cause of identified preexisting manufacturing and supply chain challenges resulting in delivery delays, primarily related to certain Missile Solutions programs. We have identified operational activities necessary to remedy these challenges and inefficiencies and the incremental costs required as compared to its initial estimates and actual costs incurred. The incremental forward loss provisions relate to the increased cost estimates of labor and material to remedy the underlying preexisting technical and supply chain challenges. These cost increases impacted both cost-plus and fixed-price contracts in proportions that are consistent with the ratio of the overall AJRD revenue by contract type. The forward loss provisions will be recognized as a reduction to cost of sales as we incur actual costs associated with these estimates in satisfying the associated performance obligations. There will be no net impact on our Condensed Consolidated Statement of Operations. We recognized $46 million and $107 million of amortization related to the forward loss provision in the quarter and three quarters ended September 27, 2024, respectively.

Off-market Customer Contracts. We have identified certain customer contractual obligations as of the acquisition date with economic returns that are higher or lower than could be realized in market transactions and have recorded assets or liabilities for the acquisition date fair value of the off-market components. The acquisition date fair value of the off-market components is a net liability of $183 million, consisting of $48 million and $135 million included in the “Other current liabilities” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet, respectively, and excludes any amounts already recognized in forward loss provisions (see discussion in the preceding paragraph). Additional provisions to off-market customer contracts relate to labor and material cost increases primarily associated with supply chain and manufacturing challenges and inefficiencies. These cost increases impacted both cost-plus and fixed-price contracts in proportions that are consistent with the ratio of the overall AJRD revenue by contract type. We measured the fair value of these components as the amount by which the terms of the contract with the customer deviates from the terms that a market participant could have achieved at the acquisition date. The off-market components of these contracts will be recognized as an increase to revenue as we incur costs to satisfy the associated performance obligations. We recognized $12 million and $42 million of amortization related to off-market contract liabilities in the quarter and three quarters ended September 27, 2024, respectively.

Goodwill. The $2,902 million of goodwill recognized is attributable to AJRD’s market presence as one of the two primary providers of advanced propulsion and power systems for nearly every major U.S. government space and missile program, the assembled workforce and established operating infrastructure. The acquired goodwill is not tax deductible. See Note E: Goodwill and Intangible Assets in these Notes for further information.

Financial Results. See Note P: Business Segment Information in these Notes for the AR segment financial results for the quarter and three quarters ended September 27, 2024.

Acquisition-Related Costs. Acquisition-related costs have been expensed as incurred and are included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations. In connection with the AJRD acquisition, we recorded transaction and integration costs of $19 million and $63 million for the quarter and three quarters ended September 27, 2024, respectively, and $45 million and $67 million for the quarter and three quarters ended September 29, 2023, respectively.

Pending Divestiture of Commercial Aviation Solutions (“CAS Disposal Group”)

During the quarter ended December 29, 2023, we entered into a definitive agreement to sell our CAS Disposal Group for a cash purchase price of $700 million, with additional contingent consideration of up to $100 million, subject to customary purchase price adjustments and closing conditions as set forth in the agreement. As of September 27, 2024, the fair value less remaining estimated costs to sell of the CAS Disposal Group was $887 million, inclusive of consideration related to noncontrolling interest and accumulated other comprehensive income. Income before income taxes attributable to L3Harris Technologies, Inc. for the quarter and three quarters ended September 27, 2024 was $31 million and $87 million, respectively, and for the quarter and three quarters ended September 29, 2023 was $6 million and $43 million, respectively. The CAS Disposal Group, which is part of our IMS segment, provides integrated aircraft avionics, pilot training and data analytics services for the commercial aviation industry. The transaction is expected to close in fiscal 2024.

In connection with the preparation of our financial statements for fiscal 2023, we concluded that goodwill related to the CAS Disposal Group was impaired and we recorded a non-cash impairment charge of $296 million,

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19

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

which is included in the “Impairment of goodwill and other assets” line item in our Consolidated Statement of Operations in our Fiscal 2023 Form 10-K. See Note 6: Goodwill and Intangible Assets in our Fiscal 2023 Form 10-K. Additionally, we recognized a pre-tax loss of $77 million included in the “Asset group and business divestiture-related (losses) gains, net” line item in our Consolidated Statement of Operations in our Fiscal 2023 Form 10-K.

During the quarter and three quarters ended September 27, 2024, we recorded an additional valuation allowance due to an increase in the carrying value of the disposal group, and additional remaining estimated costs to sell which resulted in additional pre-tax losses of $29 million and of $44 million, respectively, inclusive of amounts attributable to noncontrolling interest. The pre-tax losses and the amount attributable to noncontrolling interest, after tax, are included in the “General and administrative expenses” and “Noncontrolling interests, net of income taxes” line items, respectively, in our Condensed Consolidated Statement of Operations for the quarter and three quarters ended September 27, 2024.

The carrying amounts of assets and liabilities of the CAS Disposal Group classified as held for sale in our Condensed Consolidated Balance Sheet were as follows:

(In millions)			September 27, 2024						December 29, 2023
Receivables, net			$	96					$	80
Contract assets			60						43
Inventories, net			158						145
Other current assets			22						33
Property, plant and equipment, net			48						41
Goodwill			536						534
Intangible assets, net			264						263
Other non-current assets			49						40
Valuation allowance			(103)						(73)
Total assets held for sale			$	1,130					$	1,106
Current portion of long-term debt			$	1					$	—
Accounts payable			88						111
Contract liabilities			43						48
Compensation and benefits			7						11
Other current liabilities			38						38
Long-term debt, net			3						—
Other long-term liabilities			63						64
Total liabilities held for sale			$	243					$	272

Divestiture of Antenna Disposal Group

On May 31, 2024, we completed the divestiture of our Antenna Disposal Group, which provides a variety of airborne and ground-based antennas and test equipment, to Kanders & Company, Inc. for net cash proceeds of $166 million (after selling costs and purchase price adjustments) and a $25 million note receivable, included in the Other non-current assets line item in our Condensed Consolidated Balance Sheet at September 27, 2024.

The carrying amounts of assets and liabilities included in the Antenna Disposal Group sale on May 31, 2024 were $265 million and $65 million, respectively. During the quarter ended June 28, 2024, $93 million of goodwill was assigned to the Antenna Disposal Group on a relative fair value basis. In connection with the preparation of our financial statements for the quarter ended June 28, 2024, we tested goodwill assigned to the Antenna Disposal Group and goodwill assigned to the retained businesses of the SAS reporting unit for impairment and concluded that goodwill related to the Antenna Disposal Group was impaired. As a result, we recorded a non-cash charge for impairment of $14 million included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations for the three quarters ended September 27, 2024.

In connection with the sale, we recognized a pre-tax loss of $9 million included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations for the three quarters ended September 27, 2024. The operating results of the Antenna Disposal Group were reported in our SAS segment through the date of divestiture.

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20

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Divestiture of Visual Information Solutions (“VIS”)

On April 6, 2023, we completed the sale of VIS for a sale price of $70 million and recognized a pre-tax gain of $26 million included in the “General and administrative expenses” line item in our Consolidated Statement of Operations for the fiscal year ended December 29, 2023 in our Fiscal 2023 Form 10-K. After selling costs and purchase price adjustments, the net cash proceeds for the sale of VIS were $71 million. The operating results of VIS were reported in the SAS segment through the date of divestiture.

Fair Value of Businesses

For purposes of allocating goodwill to the disposal groups that represent a portion of a reporting unit, we determine the fair value of each disposal group based on the respective negotiated selling price, and the fair value of the retained businesses of the respective reporting unit based on a combination of market-based and income-based valuation techniques, utilizing quoted market prices, comparable publicly reported transactions and projected discounted cash flows. These fair value determinations are categorized as level 3 in the fair value hierarchy due to their use of internal projections and unobservable measurement inputs. See Note K: Fair Value Measurements in these Notes for additional information.

NOTE P: BUSINESS SEGMENT INFORMATION

We structure our operations primarily around the products, systems and services we sell and the markets we serve and report our financial results in the following four reportable segments:

•SAS: including satellite space payloads, sensors and full-mission solutions; classified intelligence and cyber; avionics; electronic warfare systems; and mission networks for FAA mission-critical safety of flight;

•IMS: including multi-mission intelligence, surveillance and reconnaissance (“ISR”) systems; passive sensing and targeting; electronic attack platforms; autonomy; power and communications; networks; sensors; and the CAS Disposal Group, which includes aviation products and pilot training operations, see Note O: Acquisitions and Divestitures;

•CS: including tactical communications with global communications solutions; broadband communications; integrated vision solutions; and public safety radios, system applications and equipment; and

•AR: including missile solutions with propulsion technologies for strategic defense, missile defense, and hypersonic and tactical systems; and space propulsion and power systems for national security space and exploration missions.

Business Segment Financial Information

Segment revenue, segment operating income and a reconciliation of segment operating income to total income before income taxes were as follows:

			Quarter Ended												Three Quarters Ended
(In millions)			September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
Revenue
SAS			$	1,683					$	1,686					$	5,141					$	5,056
IMS			1,671						1,568						5,069						5,003
CS			1,382						1,255						4,022						3,707
AR			596						455						1,719						455
Corporate eliminations			(40)						(49)						(149)						(142)
Total revenue			$	5,292					$	4,915					$	15,802					$	14,079
Income before Income Taxes
Operating income:
SAS			$	195					$	210					$	626					$	565
IMS			204						187						600						534
CS			359						282						998						873
AR			75						56						222						56
Total segment			833						735						2,446						2,028
Total unallocated corporate expenses			(338)						(256)						(1,097)						(756)
Total operating income			495						479						1,349						1,272
Non-service FAS pension income and other, net			101						80						275						245
Interest expense, net			(166)						(159)						(514)						(372)
Income before income taxes			$	430					$	400					$	1,110					$	1,145

Unallocated Corporate Expenses. Total unallocated corporate expenses include corporate items such as a portion of management and administration, legal, environmental, compensation, retiree benefits, other corporate expenses and eliminations and the FAS/Cost Accounting Standards (“CAS”) operating adjustment. Total unallocated corporate expenses also include the portion of corporate costs not included in management’s evaluation of segment operating performance, such as amortization of acquisition-related intangibles; additional cost of revenue related to the fair value step-up in inventory sold; merger, acquisition, and divestiture-related expenses; asset group and business divestiture-related (losses) gains, net and any related impairment of goodwill; impairment of other assets; LHX NeXt implementation costs; and other items.

FAS/CAS Operating Adjustment. In accordance with CAS, we allocate a portion of pension and OPEB plan costs to our U.S. Government contracts. However, our Condensed Consolidated Financial Statements require pension and OPEB plan income or expense to be calculated in accordance with FAS requirements under GAAP. The “FAS/CAS operating adjustment” line item in the table below represents the difference between the service cost component of net periodic benefit income under our pension and OPEB plans and total CAS pension and OPEB cost.

The table below is a reconciliation of the FAS/CAS operating adjustment:

			Quarter Ended												Three Quarters Ended
(In millions)			September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
FAS pension service cost			$	(8)					$	(10)					$	(26)					$	(23)
Less: CAS pension cost			(15)						(37)						(46)						(95)
FAS/CAS operating adjustment			$	7					$	27					$	20					$	72

Disaggregation of Revenue

We disaggregate revenue for all four business segments by customer relationship, contract type and geographical region. We believe these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

			Quarter Ended
			September 27, 2024																								September 29, 2023
(In millions)			SAS						IMS						CS						AR						SAS						IMS						CS						AR
Revenue By Customer Relationship
Prime contractor			$	1,008					$	1,051					$	977					$	149					$	1,081					$	962					$	866					$	113
Subcontractor(1)			663						609						388						447						592						585						374						342
Intersegment			12						11						17						—						13						21						15						—
Total segment			$	1,683					$	1,671					$	1,382					$	596					$	1,686					$	1,568					$	1,255					$	455
Revenue By Contract Type
Fixed-price(2)			$	1,012					$	1,258					$	1,146					$	361					$	1,039					$	1,164					$	1,047					$	272
Cost-reimbursable			659						402						219						235						634						383						193						183
Intersegment			12						11						17						—						13						21						15						—
Total segment			$	1,683					$	1,671					$	1,382					$	596					$	1,686					$	1,568					$	1,255					$	455
Revenue By Geographical Region
United States			$	1,484					$	1,217					$	975					$	584					$	1,478					$	1,141					$	874					$	443
International			187						443						390						12						195						406						366						12
Intersegment			12						11						17						—						13						21						15						—
Total segment			$	1,683					$	1,671					$	1,382					$	596					$	1,686					$	1,568					$	1,255					$	455

			Three Quarters Ended
			September 27, 2024																								September 29, 2023
(In millions)			SAS						IMS						CS						AR						SAS						IMS						CS						AR
Revenue By Customer Relationship
Prime contractor			$	3,192					$	3,214					$	2,805					$	457					$	3,175					$	3,243					$	2,471					$	113
Subcontractor(1)			1,909						1,799						1,164						1,262						1,845						1,694						1,196						342
Intersegment			40						56						53						—						36						66						40						—
Total segment			$	5,141					$	5,069					$	4,022					$	1,719					$	5,056					$	5,003					$	3,707					$	455
Revenue By Contract Type
Fixed-price(2)			$	3,192					$	3,876					$	3,329					$	1,007					$	3,160					$	3,767					$	3,127					$	272
Cost-reimbursable			1,909						1,137						640						712						1,860						1,170						540						183
Intersegment			40						56						53						—						36						66						40						—
Total segment			$	5,141					$	5,069					$	4,022					$	1,719					$	5,056					$	5,003					$	3,707					$	455
Revenue By Geographical Region
United States			$	4,479					$	3,683					$	2,786					$	1,682					$	4,407					$	3,679					$	2,499					$	443
International			622						1,330						1,183						37						613						1,258						1,168						12
Intersegment			40						56						53						—						36						66						40						—
Total segment			$	5,141					$	5,069					$	4,022					$	1,719					$	5,056					$	5,003					$	3,707					$	455

_______________

(1)     Our subcontractor revenues includes products and services to contractors whose customers are the end user.

(2)     Includes revenue derived from time-and-materials contracts.

Assets by Business Segment

Total assets by business segment were as follows:

(In millions)			September 27, 2024						December 29, 2023
SAS			$	8,836					$	9,085
IMS			10,932						10,631
CS			6,952						7,084
AR			4,540						4,208
Corporate(1)			10,629						10,679
Total Assets			$	41,889					$	41,687

_______________

(1)Identifiable intangible assets acquired in connection with business combinations were recorded as corporate assets because they benefited the entire Company. Identifiable intangible asset balances recorded as corporate assets were $7.9 billion and $8.5 billion at September 27, 2024 and December 29, 2023, respectively. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan investments, buildings and equipment, real estate held for development and leasing, as well as any assets of businesses held for sale.

NOTE Q: LEGAL PROCEEDINGS AND CONTINGENCIES

In the ordinary course of business, we are routinely defendants in, parties to or otherwise subject to many pending and threatened legal actions, claims, disputes, arbitration and other legal proceedings incident to our business, arising from or related to matters, including but not limited to: product liability; personal injury; patents, trademarks, trade secrets or other intellectual property; labor and employment disputes; commercial or contractual disputes; strategic acquisitions or divestitures; the prior sale or use of former products allegedly containing asbestos or other restricted materials; breach of warranty; or environmental matters. Claimed amounts against us may be substantial, but may not bear any reasonable relationship to the merits of the claim or the extent of any real risk of court or arbitration awards. We record accruals for losses related to those matters against us that we consider to be probable and that can be reasonably estimated. Gain contingencies, if any, are recognized when they are realized and legal costs generally are expensed when incurred. At September 27, 2024, our accrual for the potential resolution of lawsuits, claims or proceedings that we consider probable of being decided unfavorably to us was not material. We cannot at this time estimate the reasonably possible loss or range of loss in excess of our accrual due to the inherent uncertainties and speculative nature of contested proceedings. Although it is not feasible to predict the outcome of these matters with certainty, based on available information, in the opinion of management, settlements, arbitration awards and final judgments, if any, that are considered probable of being rendered against us in litigation or arbitration in existence at September 27, 2024 are reserved against or would not have a material adverse effect on our financial condition, results of operations, cash flows or equity.

Environmental Matters

We are subject to numerous U.S. Federal, state, local and international environmental laws and regulatory requirements and are involved from time to time in investigations or litigation of various potential environmental issues. We or companies we have acquired, including AJRD, are responsible, or alleged to be responsible, for environmental investigation and/or remediation of multiple sites, including sites owned by us and third-party sites. These sites are in various stages of investigation and/or remediation, and in some cases our liability is considered de minimis. Notices from the U.S. Environmental Protection Agency (“EPA”) or equivalent state or international environmental agencies allege that several sites formerly or currently owned and/or operated by us or companies we have acquired, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation and/or remediation. These sites include instances of us or companies we acquired being identified as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (commonly known as the “Superfund Act”), the Resource Conservation Recovery Act and/or equivalent state and international laws, and in some instances, our liability and proportionate share of costs that may be shared among other PRPs have not been determined largely due to uncertainties as to the nature and extent of site conditions and our involvement.

Based on an assessment of relevant factors, we estimated that our liability under applicable environmental statutes and regulations for identified sites was $654 million as of September 27, 2024. The current portion of our estimated environmental liability is included in the “Other current liabilities” line item and the non-current portion is included in the “Other long-term liabilities” line item in our Condensed Consolidated Balance Sheet. Some of these environmental costs are eligible for future recovery in the pricing of our products and services to the U.S.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

government and under existing third party agreements. We consider the recovery probable based on U.S. government contracting regulations and existing third-party agreements. As of September 27, 2024, we had an asset for the recoverable portion of these reserves of $468 million. The current and non-current portion of the recoverable costs are included as a component of the “Other current assets” and “Other non-current assets” line items, respectively, in our Condensed Consolidated Balance Sheet.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of L3Harris Technologies, Inc.

Results of Review of Interim Financial Statements

We have reviewed the accompanying condensed consolidated balance sheet of L3Harris Technologies, Inc. and subsidiaries (the Company) as of September 27, 2024, the related condensed consolidated statements of operations, comprehensive income, and equity for the quarter and three quarters ended September 27, 2024 and September 29, 2023, the condensed consolidated statements of cash flows for the three quarters ended September 27, 2024 and September 29, 2023, and the related notes (collectively referred to as the “condensed consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet of the Company as of December 29, 2023, the related consolidated statements of operations, comprehensive income, cash flows and equity for the year then ended, and the related notes (not presented herein); and in our report dated February 16, 2024, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 29, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Ernst & Young LLP

Orlando, Florida

October 25, 2024

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ITEM 2.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following Management’s Discussion and Analysis (“MD&A”) is intended to assist in an understanding of our financial condition and results of operations. This MD&A is provided as a supplement to, should be read in conjunction with, and is qualified in its entirety by reference to, our Condensed Consolidated Financial Statements and accompanying Notes. In addition, reference should be made to our audited Consolidated Financial Statements and accompanying Notes to our Consolidated Financial Statements and Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K. Except for the historical information contained herein, the discussions in this MD&A contain forward-looking statements.

OVERVIEW

We are the Trusted Disruptor in the defense industry. With customers’ mission-critical needs always in mind, we deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. We support government customers in more than 100 countries, with our largest customers being various departments and agencies of the U.S. Government, their prime contractors and international allies. Our products and services have defense and civil government applications, as well as commercial applications.

U.S. and International Budget Environment

The percentage of our revenue that was derived from sales to U.S. Government customers, including foreign military sales funded through the U.S. Government, whether directly or through prime contractors, was 77% for the three quarters ended September 27, 2024.

On March 9, 2024, the President signed the first tranche of U.S. Government fiscal year (“GFY”) 2024 appropriations funding bills into law, which funded six government agencies, including funding for the National Aeronautics and Space Administration, the National Oceanic and Atmospheric Administration, and the Federal Aviation Administration, through the remainder of GFY 2024 which ended on September 30, 2024. A second funding bill, signed into law on March 23, 2024, funded all remaining agencies, including the U.S. Department of Defense (“DoD”), through the remainder of GFY 2024. The bill provides approximately $844 billion in funding for DoD. This was in line with our expectations for 3% growth for defense over GFY 2023 levels and in line with the first year of the Fiscal Responsibility Act of 2023 (“FRA”) caps.

On March 11, 2024, the President’s Budget Request (“PBR”) for GFY 2025 was released. The DoD requested $850 billion, a 1% topline increase consistent with the FRA caps.

On April 24, 2024, the President signed into law a supplemental GFY 2024 appropriations package that includes $67 billion in funding for key DoD programs, bringing the DoD funding for GFY 2024 to $911 billion.

Congress has not yet reached a final agreement on GFY2025 funding. A short-term Continuing Resolution (“CR”) was enacted on September 26, 2024 that will fund the U.S. Government until December 20, 2024.

While operating under a CR, government agencies are allocated a portion of GFY 2024 enacted funds, and DoD is prohibited from starting new programs. The 2024 election cycle complicates the budget outlook. The outcome of the election in November will determine which political party has the majority in the House and Senate, which has implications, including potential delays in Congress’ ability to complete GFY 2025 appropriations bills during the lame duck session, making another CR highly likely. If Congress does not enact all 12 GFY 2025 appropriations bills by April 30, 2025, a 1% automatic sequestration cut will go into effect as mandated by the FRA.

Further complicating the budget outlook is the need to raise the debt ceiling in 2025. Congressional inaction may lead to a default and potentially create economic instability.

The overall defense spending environment, both in the U.S. and internationally, reflects the continued impacts of global conflicts and geopolitical tensions, and changes to U.S. Government or international spending priorities have and could in the future impact our business.

See our U.S. Government funding risks and the discussion of our international business risks within Part I. Item 1A. Risk Factors in our Fiscal 2023 Form 10-K.

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Economic Environment

The macroeconomic environment continues to evolve, which has impacted our business and may continue to impact our future results. The ongoing uncertainty related to the impacts of inflation, as well as the interest rate environment and ongoing federal deficits, which raises the cost of borrowing for the federal government, could in the future impact U.S. Government spending priorities for our products. For a discussion of inflation-related risks, see Part I. Item 1A. Risk Factors in our Fiscal 2023 Form 10-K.

RESULTS OF OPERATIONS

Consolidated Results of Operations

			Quarter Ended												Three Quarters Ended
(Dollars in millions, except per share amounts)			September 27, 2024						September 29, 2023												September 27, 2024						September 29, 2023
Revenue			$	5,292					$	4,915											$	15,802					$	14,079
Cost of revenue			(3,873)						(3,608)												(11,675)						(10,419)
% of total revenue			73		%				73		%										74		%				74		%
Gross margin			1,419						1,307												4,127						3,660
% of total revenue			26.8		%				26.6		%										26.1		%				26.0		%
General and administrative expenses			(924)						(828)												(2,778)						(2,388)
% of total revenue			17		%				17		%										18		%				17		%
Operating Income			495						479												1,349						1,272
Non-service FAS pension income and other, net			101						80												275						245
Interest expense, net			(166)						(159)												(514)						(372)
Income before income taxes			430						400												1,110						1,145
Income taxes			(26)						(18)												(54)						(73)
Effective Tax Rate			6.0		%				4.5		%										4.9		%				6.4		%
Net income			404						382												1,056						1,072
Noncontrolling interests, net of income taxes			(4)						1												(7)						(3)
Net income attributable to L3Harris Technologies, Inc.			400						383												1,049						1,069
Diluted EPS			$	2.10					$	2.02											$	5.50					$	5.61

Revenue and Gross Margin

Quarter Ended Comparison. Revenue increased 8% for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to higher revenue of $141 million in our AR segment from a full quarter of revenue, rather than a partial quarter of revenue for the quarter ended September 29, 2023 following the July 28, 2023 acquisition of AJRD (“the AR Partial Quarter”) and higher revenues of $127 million and $103 million in our CS and IMS segments, respectively.

Gross margin increased, largely due to the increase in revenue, while gross margin as a percentage of revenue remained flat for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023.

Three Quarters Ended Comparison. Revenue increased 12% for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to higher revenue of $1,264 million in our AR segment from the acquisition of AJRD, in addition to higher revenues of $315 million, $85 million and $66 million in our CS, SAS and IMS segments, respectively.

Gross margin increased, largely due to the increase in revenue, while gross margin as a percentage of revenue remained relatively flat for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023.

See the “Segment Product and Service Analysis” and “Discussion of Business Segment Results of Operations” discussion below in this MD&A for further information.

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25

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Segment Product and Service Analysis

The following tables present revenue and cost of revenue from products and services by segment for the quarters ended September 27, 2024 and September 29, 2023:

			Quarter Ended September 27, 2024
(In millions)			SAS						IMS						CS						AR						Eliminations						Total
Revenue
Products			$	1,173					$	1,026					$	1,096					$	400					$	—					$	3,695
Services			498						634						269						196						—						1,597
Intersegment			12						11						17						—						(40)						—
Total			$	1,683					$	1,671					$	1,382					$	596					$	(40)					$	5,292
Cost of revenue
Products			$	928					$	793					$	697					$	310					$	11					$	2,739
Services			385						457						144						157						(9)						1,134
Intersegment			12						11						17						—						(40)						—
Total			$	1,325					$	1,261					$	858					$	467					$	(38)					$	3,873
			Quarter Ended September 29, 2023
(In millions)			SAS						IMS						CS						AR						Eliminations						Total
Revenue
Products			$	1,183					$	907					$	985					$	322					$	—					$	3,397
Services			490						640						255						133						—						1,518
Intersegment			13						21						15						—						(49)						—
Total			$	1,686					$	1,568					$	1,255					$	455					$	(49)					$	4,915
Cost of revenue
Products			$	894					$	676					$	595					$	249					$	7					$	2,421
Services			394						489						202						116						(14)						1,187
Intersegment			13						21						15						—						(49)						—
Total			$	1,301					$	1,186					$	812					$	365					$	(56)					$	3,608

Quarter Ended Comparison. Products revenue increased $298 million for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to higher products revenues of $119 million and $111 million in our IMS and CS segments, respectively, and $78 million in our AR segment from the AR Partial Quarter.

Cost of products revenue increased $318 million for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to higher cost of products revenues of $117 million and $102 million in our IMS and CS segments, respectively, and $61 million in our AR segment from the AR Partial Quarter .

Services revenue increased $79 million for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to higher services revenue of $63 million in our AR segment from the AR Partial Quarter.

Cost of services revenue decreased $53 million for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to lower cost of services revenues of $58 million and $32 million in our CS and IMS segments, respectively, partially offset by higher cost of services revenue of $41 million in our AR segment from the AR Partial Quarter.

See the “Discussion of Business Segment Results of Operations” discussion below in this MD&A for further information.

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The following tables present revenue and cost of revenue from products and services by segment for the three quarters ended September 27, 2024 and September 29, 2023:

			Three Quarters Ended September 27, 2024
(In millions)			SAS						IMS						CS						AR						Eliminations						Total
Revenue
Products			$	3,572					$	3,102					$	3,165					$	1,139					$	—					$	10,978
Services			1,529						1,911						804						580						—						4,824
Intersegment			40						56						53						—						(149)						—
Total			$	5,141					$	5,069					$	4,022					$	1,719					$	(149)					$	15,802
Cost of revenue
Products			$	2,765					$	2,410					$	1,911					$	867					$	40					$	7,993
Services			1,215						1,417						607						454						(11)						3,682
Intersegment			40						56						53						—						(149)						—
Total			$	4,020					$	3,883					$	2,571					$	1,321					$	(120)					$	11,675
			Three Quarters Ended September 29, 2023
(In millions)			SAS						IMS						CS						AR						Eliminations						Total
Revenue
Products			$	3,597					$	3,039					$	2,951					$	322					$	—					$	9,909
Services			1,423						1,898						716						133						—						4,170
Intersegment			36						66						40						—						(142)						—
Total			$	5,056					$	5,003					$	3,707					$	455					$	(142)					$	14,079
Cost of revenue
Products			$	2,777					$	2,305					$	1,759					$	249					$	72					$	7,162
Services			1,150						1,464						558						116						(31)						3,257
Intersegment			36						66						40						—						(142)						—
Total			$	3,963					$	3,835					$	2,357					$	365					$	(101)					$	10,419

Three Quarters Ended Comparison. Products revenue increased $1,069 million for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to higher products revenues of $817 million in our AR segment from the acquisition of AJRD, in addition to $214 million and $63 million in our CS and IMS segments, respectively.

Cost of products revenue increased $831 million for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to higher cost of products revenues of $618 million in our AR segment from the acquisition of AJRD, in addition to $152 million and $105 million in our CS and IMS segments, respectively.

Services revenue increased $654 million for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to higher services revenues of $447 million in our AR segment from the acquisition of AJRD, in addition to $106 million and $88 million in our SAS and CS segments, respectively.

Cost of services revenue increased $425 million for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to higher cost of services revenues of $338 million in our AR segment from the acquisition of AJRD, in addition to $65 million and $49 million in our SAS and CS segments, respectively.

See the “Discussion of Business Segment Results of Operations” discussion below in this MD&A for further information.

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General and Administrative (“G&A”) Expenses

G&A expenses were as follows:

			Quarter Ended												Three Quarters Ended
(In millions)			September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
Amortization of acquisition-related intangibles			$	(194)					$	(185)					$	(585)					$	(477)
LHX NeXt implementation costs(1)			(41)						(33)						(216)						(68)
Merger, acquisition, and divestiture-related expenses			(25)						(56)						(86)						(144)
Business divestiture-related (losses) gains, net(2)			(29)						—						(53)						26
Impairment of goodwill and other assets			—						—						(14)						(30)
Company-funded R&D costs			(135)						(125)						(373)						(356)
Selling and marketing			(112)						(121)						(337)						(341)
Other G&A expenses(3)			(388)						(308)						(1,114)						(998)
Total G&A expenses			$	(924)					$	(828)					$	(2,778)					$	(2,388)

_______________

(1)Costs associated with transforming multiple functions, systems and processes to increase agility and competitiveness, including third-party consulting, workforce optimization and incremental information technology (“IT”) expenses for implementation of new systems. For more detail on our LHX NeXt initiative and implementation costs, see Note N: Restructuring and Other Exit Costs in the Notes and the “Operating Environment, Strategic Priorities and Key Performance Measures” section in the MD&A in our Fiscal 2023 Form 10-K.

(2)See Note O: Acquisitions and Divestitures in the Notes.

(3)Includes other segment G&A expenses such as payroll and benefits, outside services, facilities, insurance and other expenses and unallocated corporate expenses including a portion of management and administration, legal, environmental, compensation, retiree benefits and includes other corporate G&A expenses and eliminations.

Quarter Ended Comparison. G&A expenses increased $96 million for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due an $80 million increase in other G&A expenses, driven by a $26 million change in the fair value of our deferred compensation plan liabilities and $14 million of other G&A expenses in our AR segment due to the AR Partial Quarter in 2023. Additionally, G&A expenses increased from business divestiture-related losses in the quarter ended September 27, 2024. Such increases were partially offset by a decrease in merger, acquisition, and divestiture-related expenses.

Three Quarters Ended Comparison. G&A expenses increased $390 million for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to increases in LHX NeXt implementation costs, including $56 million related to employee severance charges and $92 million for third-party consulting expenses, incremental IT expenses for implementation of new systems and other costs. G&A expenses also increased from higher amortization of acquisition-related intangibles and a change in business divestiture-related losses, partially offset by a decrease in merger, acquisition, and divestiture-related expenses. Additionally, other G&A expenses increased $116 million from the inclusion of $100 million of other G&A expenses in our AR segment and $84 million in corporate other G&A expenses, primarily from a $23 million change in the fair value of our deferred compensation plan liabilities and a $15 million increase in a legal reserve, partially offset by decreases in other G&A expenses of $29 million, $20 million and $19 million in our SAS, CS and IMS segments, respectively, primarily from LHX NeXt driven cost savings.

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Non-service FAS Pension Income and Other, net

Non-service FAS pension income and other, net was as follows:

			Quarter Ended												Three Quarters Ended
(In millions)			September 27, 2024						September 29, 2023						September 27, 2024						September 29, 2023
Non-service FAS pension income(1)			$	80					$	78					$	241					$	232
Other, net(2)			21						2						34						13
Non-service FAS pension income and other, net			$	101					$	80					$	275					$	245

_______________

(1)Includes interest cost, expected return on plan assets, amortization of net actuarial gain, and amortization of prior service (credit) cost components of net periodic benefit income under our pension and OPEB plans. See Note H: Retirement Benefits in the Notes for more information on the composition of non-service FAS pension income.

(2)Other, net primarily includes changes in the market value of our rabbi trust assets, gains and losses on our equity investments in nonconsolidated affiliates and royalty income. For the quarter and three quarters ended September 27, 2024, includes $14 million of income net of related expenses from a domain name sale.

Interest Expense, net

Interest expense, net, increased for the quarter and three quarters ended September 27, 2024 compared with the quarter and three quarters ended September 29, 2023 primarily due to the issuance and sale of the March Issued 2024 Notes, AJRD Notes in July 2023 and higher average outstanding notes under our CP Program during the three quarters ended September 27, 2024, partially offset by repayment of Term Loan 2025 in March 2024. See Note G: Debt and Credit Arrangements in the Notes for further information.

Income Taxes

During interim periods, we estimate our worldwide forecasted full-year effective tax rate and apply that rate to year-to-date ordinary income in order to compute the year-to-date income tax provision. Although most items will be considered part of the forecasted full-year effective tax rate, there are a number of items that are instead required to be recorded in the interim period in which they occur; such as certain changes in uncertain tax positions, the accrual of interest and penalties, changes in tax laws or rates, and other items as prescribed by GAAP. As a result, there may be quarterly fluctuations in our effective tax rate and the results for the interim periods are not necessarily indicative of the results to be expected for the full year or future periods.

Our effective tax rate (“ETR”) was 6.0% and 4.9% for the quarter and three quarters ended September 27, 2024, respectively, and 4.5% and 6.4% for the quarter and three quarters ended September 29, 2023, respectively. The ETR for all periods benefited from R&D credits and tax deductions for FDII, with additional benefits from favorable adjustments recognized upon finalization of our 2023 tax returns in the quarter and three quarters ended September 27, 2024 and favorable resolution of specific audit uncertainties in the three quarters ended September 27, 2024 and the quarter and three quarters ended September 29, 2023.

Diluted EPS

Quarter Ended Comparison. Diluted EPS increased 4% for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to higher net income from the combined effects of reasons noted in the sections above, notably an increase in gross margin, partially offset by an increase in G&A expenses.

Three Quarters Ended Comparison. Diluted EPS decreased 2% for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to lower net income, from the combined effects of reasons noted in the sections above, notably increases in G&A expenses and interest expense, net, partially offset by an increase in gross margin.

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Discussion of Business Segment Results of Operations

SAS Segment

			Quarter Ended																		Three Quarters Ended
			September 27, 2024						September 29, 2023						% Inc/(Dec)						September 27, 2024						September 29, 2023						% Inc/(Dec)
Revenue			$	1,683					$	1,686					—		%				$	5,141					$	5,056					2		%
Operating income			195						210						(7)		%				626						565						11		%
Operating income as a percentage of revenue (“operating margin”)			11.6		%				12.5		%										12.2		%				11.2		%

Quarter Ended Comparison. SAS segment revenue remained flat for the quarter ended September 27, 2024 primarily due to higher revenues of $49 million in Intel and Cyber from classified program growth and $18 million in Mission Networks, which is our FAA mission-critical safety of flight business, from higher volumes, offset by lower revenues in Advanced Combat Systems of $42 million from the divestiture of the Antenna Disposal Group and $15 million from lower F-35 related volumes as TR-3 development ramps down as well as $25 million in Space Systems primarily due to a non-recurring license sale during the quarter ended September 29, 2023 and challenges on classified development programs leading to slowed growth during the quarter ended September 27, 2024.

SAS segment operating income decreased for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to a non-recurring license sale during the quarter ended September 29, 2023 and challenges on classified development programs in Space Systems, partially offset by growth in both Intel and Cyber and Mission Networks and LHX NeXt driven cost savings realized during the quarter ended September 27, 2024.

Three Quarters Ended Comparison. SAS segment revenue increased for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to higher revenues of $114 million and $55 million in Intel and Cyber and Space Systems, respectively, from program growth and $40 million in Mission Networks from higher volumes, partially offset by lower revenues in Advanced Combat Systems of $71 million from lower volumes and $60 million from the divestiture of the Antenna Disposal Group.

SAS segment operating income increased for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to a $27 million non-cash charge for impairment of other assets, partially offset by a non-recurring license sale both of which occurred during the three quarters ended September 29, 2023, in addition to growth in Space Systems and LHX NeXt driven cost savings realized during the three quarters ended September 27, 2024.

IMS Segment

			Quarter Ended																		Three Quarters Ended
(Dollars in millions)			September 27, 2024						September 29, 2023						% Inc/(Dec)						September 27, 2024						September 29, 2023						% Inc/(Dec)
Revenue			$	1,671					$	1,568					7		%				$	5,069					$	5,003					1		%
Operating income			204						187						9		%				600						534						12		%
Operating margin			12.2		%				11.9		%										11.8		%				10.7		%

Quarter Ended Comparison. IMS segment revenue increased for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to higher revenues of $47 million in Commercial Aviation from higher volume, $32 million in Defense Electronics from higher demand for advanced electronics for space and munitions programs and $31 million in ISR from higher aircraft missionization volume.

IMS segment operating income increased for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to higher volume and favorable mix in CAS, improved program performance across the segment and LHX NeXt driven cost savings realized during the quarter ended September 27, 2024, partially offset by unfavorable mix impact within ISR.

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Three Quarters Ended Comparison. IMS segment revenue increased for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to higher revenues of $40 million in Defense Electronics from higher demand for advanced electronics for space and munitions programs, $32 million in Maritime from material volume on classified programs and $31 million in Global Optical Systems from higher commercial revenue on airborne sensors, partially offset by lower revenue of $32 million in ISR from lower aircraft procurement.

IMS segment operating income increased for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to a $45 million increase from improved program performance during the three quarters ended September 27, 2024, a $12 million non-cash charge for impairment of other assets related to facility closures and restructuring of a customer contract during the three quarters ended September 29, 2023 and LHX NeXt driven cost savings realized during the three quarters ended September 27, 2024.

CS Segment

			Quarter Ended																		Three Quarters Ended
(Dollars in millions)			September 27, 2024						September 29, 2023						% Inc/(Dec)						September 27, 2024						September 29, 2023						% Inc/(Dec)
Revenue			$	1,382					$	1,255					10		%				$	4,022					$	3,707					8		%
Operating income			359						282						27		%				998						873						14		%
Operating margin			26.0		%				22.5		%										24.8		%				23.6		%

Quarter Ended Comparison. CS segment revenue increased 10% for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to higher revenues of $71 million in Tactical Communications and $31 million in Integrated Vision Solutions associated with increased demand for our resilient communication equipment, related waveforms, and night vision devices and $27 million in Broadband Communications from higher volumes.

CS segment operating income increased for the quarter ended September 27, 2024 compared with the quarter ended September 29, 2023 primarily due to higher volumes, favorable high margin international mix, proprietary waveform license sales and LHX NeXt driven cost savings realized during the quarter ended September 27, 2024.

Three Quarters Ended Comparison. CS segment revenue increased for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to higher revenues of $146 million in Tactical Communications and $83 million in Integrated Vision Solutions associated with increased domestic and international demand for our resilient communication equipment, related waveforms, and night vision devices and $88 million in Broadband Communications from higher volumes.

CS segment operating income increased for the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 primarily due to higher volumes and LHX NeXt driven cost savings realized during the three quarters ended September 27, 2024, partially offset by a decrease from unfavorable mix of higher DoD sales in Tactical Communication during the three quarters ended September 27, 2024.

AR Segment

			Quarter Ended																		Three Quarters Ended
(Dollars in millions)			September 27, 2024						September 29, 2023						% Inc/(Dec)						September 27, 2024						September 29, 2023						% Inc/(Dec)
Revenue			$	596					$	455					31		%				$	1,719					$	455					*
Operating income			75						56						34		%				222						56						*
Operating margin			12.6		%				12.3		%										12.9		%				12.3		%

_______________

* Not meaningful

AR segment revenue increased for the quarter and three quarters ended September 27, 2024 compared with the quarter and three quarters ended September 29, 2023 primarily due to the AR Partial Quarter in 2023.

AR segment operating income increased for the quarter and three quarters ended September 27, 2024 compared with the quarter and three quarters ended September 29, 2023 primarily due to the AR Partial Quarter in 2023.

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Unallocated Corporate Expenses

			Quarter Ended												Three Quarters Ended
(In millions)			September 27, 2024						September 29, 2023												September 27, 2024						September 29, 2023
Unallocated corporate department (expense) income, net(1)			$	(40)					$	14											$	(106)					$	(27)
Amortization of acquisition-related intangibles(2)			(210)						(208)												(642)						(546)
Additional cost of revenue related to the fair value step-up in inventory sold			—						—												—						(30)
Merger, acquisition, and divestiture-related expenses			(25)						(56)												(86)						(144)
Asset group and business divestiture-related losses, net(3)			(29)						—												(53)						26
Impairment of goodwill and other assets(4)			—						—												(14)						(39)
LHX NeXt implementation costs(5)			(41)						(33)												(216)						(68)
FAS/CAS operating adjustment(6)			7						27												20						72
Total unallocated corporate expenses			$	(338)					$	(256)											$	(1,097)					$	(756)

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(1)Includes corporate items such as a portion of management and administration, legal, environmental, compensation, retiree benefits, other corporate expenses and eliminations. For the quarter and three quarters ended September 27, 2024, includes expense of $19 million and $42 million, respectively, from changes in the fair value of our deferred compensation plan liabilities. Additionally, for the three quarters ended September 27, 2024, includes expense of $15 million associated with an increase in legal reserve. For the quarter and three quarters ended September 29, 2023, includes income of $7 million and expense of $19 million, respectively, from changes in the fair value of our deferred compensation plan liabilities.

(2)Includes amortization of identifiable intangible assets acquired in connection with business combinations. Because our acquisitions benefited the entire Company, the amortization of identifiable intangible assets acquired was not allocated to any segment.

(3)See Note O: Acquisitions and Divestitures in the Notes for further information.

(4)For the three quarters ended September 27, 2024, includes a non-cash charge for impairment of goodwill related to our Antenna Disposal Group divestiture. See Note O: Acquisitions and Divestitures and Note E: Goodwill and Intangible Assets in the Notes for further information related to the Antenna Disposal Group. For the three quarters ended September 29, 2023, includes a $21 million non-cash charge for impairment of in-process R&D associated with a facility closure and an $18 million non-cash charge for impairment of a customer contract.

(5)Includes costs associated with transforming multiple functions, systems and processes to increase agility and competitiveness, including third-party consulting, workforce optimization and incremental IT expenses for implementation of new systems. For further information on our LHX NeXt initiative and implementation costs see Note N: Restructuring and Other Exit Costs in the Notes and the “General and Administrative Expenses” discussion above in this MD&A.

(6)Represents the difference between the service cost component of net periodic benefit income under our pension and OPEB plans and total CAS pension and OPEB cost. See Note P: Business Segment Information in the Notes for additional information regarding the FAS/CAS operating adjustment.

LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL STRATEGIES

Cash Flows

			Three Quarters Ended
(In millions)			September 27, 2024						September 29, 2023
Cash and cash equivalents, beginning of period			$	560					$	880
Operating Activities:
Net income			1,056						1,072
Non-cash adjustments			1,243						569
Changes in working capital			(358)						(94)
Other, net			(511)						(240)
Net cash provided by operating activities			1,430						1,307
Net cash used in investing activities			(151)						(6,938)
Net cash (used in) provided by financing activities			(1,309)						5,254
Effect of exchange rate changes on cash and cash equivalents			9						(4)
Net decrease in cash and cash equivalents			(21)						(381)
Cash and cash equivalents, end of period			$	539					$	499

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Net cash provided by operating activities: The $123 million increase in net cash provided by operating activities in the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 was primarily due to decreases in transaction costs related to the AJRD acquisition, partially offset by $264 million more cash used to fund net working capital (i.e., receivables, contract assets, inventories, accounts payable and contract liabilities), primarily due to timing.

Net cash used in investing activities: The $6,787 million decrease in net cash used in investing activities in the three quarters ended September 27, 2024 compared with the three quarters ended September 29, 2023 was primarily due to the $6,688 million cash used for the acquisitions of Viasat, Inc.’s Tactical Data Links and AJRD, in addition to an $87 million increase in net cash proceeds from sale of businesses during the three quarters ended September 27, 2024.

Net cash (used in) provided by financing activities: The $6,563 million change in net cash used in financing activities in the three quarters ended September 27, 2024 compared with net cash provided by financing activities in the three quarters ended September 29, 2023 was primarily due to decreases in net proceeds from borrowings and net proceeds from issuance of commercial paper of $4,742 million and $2,455 million, respectively, partially offset by the decrease in repayments of borrowings of $550 million and the increase in proceeds from exercises of employee stock options of $93 million. See Note G: Debt and Credit Arrangements in the Notes for further information.

Cash and Cash Equivalents

At September 27, 2024, we had cash and cash equivalents of $539 million, of which $263 million was held by our foreign subsidiaries, a significant portion of which we believe can be repatriated to the U.S. with minimal tax cost.

Capital Structure and Resources

Described below are significant changes to our credit arrangements and debt during the three quarters ended September 27, 2024.

Credit Agreements

On January 26, 2024, we replaced the 2023 Credit Agreement with the 2024 Credit Agreement. At September 27, 2024, we had no outstanding borrowings under either our 2024 Credit Agreement or our 2022 Credit Agreement, and had available borrowing capacity of $2.3 billion, net of outstanding CP Program borrowings, and were in compliance with all covenants under both aforementioned credit agreements.

CP Program

Under the CP Program, we may issue unsecured commercial paper notes up to a maximum aggregate amount of $3.0 billion. Subject to notice and certain other requirements of the CP Program, we may increase the aggregate amount available for issuance up to $3.5 billion. From time to time, we use borrowings under the CP Program for general corporate purposes, including the funding of acquisitions, debt repayment, dividend payments and repurchases of our common stock.

During the three quarters ended September 27, 2024, we had a maximum outstanding balance of $2.8 billion and a daily average outstanding balance of $2.3 billion under our CP Program. We expect balances under the CP Program to remain elevated as compared to historical norms through fiscal 2025. For further information about our Credit Agreements and CP Program, see Note G: Debt and Credit Arrangements in the Notes.

Debt

At September 27, 2024, we had $11.7 billion of outstanding long-term debt, net, including the current portion of long-term debt, net and financing lease obligations, the majority of which we incurred in connection with merger and acquisition activity.

During the three quarters ended September 27, 2024, we closed the issuance and sale of $2.25 billion aggregate principal amount of the March Issued 2024 Notes and used the proceeds to repay the entire outstanding $2.25 billion drawn on Term Loan 2025. Additionally, we repaid the $350 million aggregate principal amount of our 3.95% 2024 Notes and closed the issuance and sale of $600 million aggregate principal amount of the 5.50% 2054 Notes. We used net proceeds from the 5.50% 2054 Notes to repay borrowings under our CP Program and intend to use such proceeds to repay the 3.832% 2025 Notes upon maturity. For further information about our long-term debt, see Note G: Debt and Credit Arrangements in the Notes and Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K.

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Liquidity Assessment

Given our current cash position, outlook for funds generated from operations, credit ratings, available credit facilities, cash needs and debt structure, we have not experienced to date, and do not expect to experience, any material issues with liquidity for the next twelve months and in the longer term, although, we can give no assurances concerning our future liquidity, particularly in light of our overall level of debt. See Part I. Item 1A. Risk Factors in our Fiscal 2023 Form 10-K.

Based on our current business plan and revenue prospects, we believe that our existing cash, funds generated from operations, availability under our senior unsecured credit facilities and our CP Program and access to the public and private debt and equity markets will be sufficient to provide for our anticipated working capital requirements, capital expenditures and repayments of our debt securities at maturity for the next twelve months and the reasonably foreseeable future thereafter.

Our total additions of property, plant and equipment net of proceeds from the sale of property, plant and equipment for fiscal 2024 are expected to be approximately 2% of revenue. Other than operating expenses, cash uses for fiscal 2024 are expected to consist primarily of additions of property, plant and equipment, dividend payments, debt repayments, LHX NeXt implementation costs and repurchases under our share repurchase program. See “Capital Structure and Resources” and “Material Cash Requirements and Commercial Commitments” in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K for further information regarding our cash requirements.

Funding of Pension Plans

With respect to our U.S. qualified defined benefit pension plans, we intend to contribute annually no less than the required minimum funding thresholds. We do not expect to make material contributions to these plans in fiscal 2024.

Future required contributions primarily will depend on the actual annual return on assets and the discount rate used to measure the benefit obligation at the end of each year. Depending on these factors, and the resulting funded status of our pension plans, the level of future statutory required minimum contributions could be material. We had net defined benefit plan assets of $291 million as of September 27, 2024. See Note 9: Retirement Benefits in our Fiscal 2023 Form 10-K and Note H: Retirement Benefits in the Notes for further information regarding our pension plans.

Common Stock Repurchases

During the three quarters ended September 27, 2024, we used $512 million to repurchase 2.3 million shares of our common stock under our share repurchase program at an average price per share of $220.18, including commissions of $0.02 per share. During the three quarters ended September 27, 2024, $28 million in shares of our common stock were delivered to us or withheld by us to satisfy withholding taxes on employee share-based awards. Shares repurchased by us are cancelled and retired.

At September 27, 2024, we had a remaining unused authorization under our repurchase program of $3.4 billion. See “Liquidity, Capital Resources and Financial Strategies” in our Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K and Part II. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of this Report for further information regarding common stock repurchases.

Dividends

On February 23, 2024, we announced that our Board of Directors (“Board”) increased the quarterly per share cash dividend rate on our common stock from $1.14 to $1.16, commencing with the dividend declared by our Board for the first quarter of fiscal 2024, for an annualized per share cash dividend rate of $4.64. See Part II. Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in our Fiscal 2023 Form 10-K for further information regarding our dividends.

Material Cash Requirements and Commercial Commitments

The amounts disclosed in our Fiscal 2023 Form 10-K include our material cash requirements and commercial commitments. Except for the level of indebtedness under our CP Program, the issuance of the 5.50% 2054 Notes and the establishment of our new 2024 Credit Facility, there were no material changes to our material cash requirements from contractual cash obligations to repay debt, to purchase goods and services or to make payments under operating leases or our commercial commitments; or in our contingent liabilities on outstanding surety bonds, standby letters of credit agreements or other arrangements with financial institutions and customers primarily relating to the guarantee of future performance on certain contracts to provide products and services to customers

_____________________________________________________________________

34

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or to obtain insurance policies with our insurance carriers as disclosed in our Fiscal 2023 Form 10-K. Further information about our Credit Agreements and CP Program can be found in “Capital Structure and Resources” in this MD&A and Note G: Debt and Credit Arrangements in the Notes.

There can be no assurance that our business will continue to generate cash flows at current levels or that the cost or availability of future borrowings, if any, under our CP Program, credit facilities, or in the debt markets will not be impacted by any potential future credit or capital markets disruptions. If we are unable to maintain cash balances, generate cash flow from operations, borrow under our CP Program or increase the aggregate amount available under our CP Program or our credit facilities sufficient to service our obligations, we may be required to reduce capital expenditures, reduce or terminate our share repurchases, obtain additional financing or sell assets. Our ability to make principal payments or pay interest on or refinance our indebtedness depends on our future performance and financial results, which, to a certain extent, are subject to general conditions affecting the defense, government and other markets we serve and to general economic, political, financial, competitive, legislative and regulatory factors beyond our control.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to the critical accounting estimates disclosed in “Critical Accounting Estimates” in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K, except, as set forth below.

Goodwill

We test our goodwill for impairment annually as of the first day of our fourth fiscal quarter, or under certain circumstances, more frequently, such as when events or circumstances indicate there may be impairment or when we reorganize our reporting structure such that the composition of one or more of our reporting units is affected.

Fiscal 2024 Impairment Tests. Information on interim impairment tests can be found in our Form 10-Q for the quarter ended March 29, 2024. These assessments indicated no impairment existed.

Impact of Recently Issued Accounting Pronouncements

There have been no new accounting pronouncements which became effective during the three quarters ended September 27, 2024 that have had a material impact on our Condensed Consolidated Financial Statements.

ITEM 3.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

In the normal course of business, we are exposed to the risks associated with foreign currency exchange rates and changes in interest rates and market return fluctuations on our defined benefit plans. Other than the debt refinanced and the issuance of the new debt as discussed in the Liquidity and Capital Resources section of Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations above, there were no material changes during the three quarters ended September 27, 2024, with respect to the information appearing in Part II. Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Fiscal 2023 Form 10-K.

ITEM 4.			CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 under the Exchange Act, as of September 27, 2024, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and our Chief Financial Officer (“CFO”). Based on this work and other evaluation procedures, our management, including our CEO and CFO, has concluded that as of September 27, 2024, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control

As part of our acquisition of AJRD, we are in the process of incorporating our controls and procedures with respect to AJRD’s operations, and we will include internal controls with respect to AJRD’s operations in our assessment of the effectiveness of our internal control over financial reporting (“ICFR”) as of the end of fiscal 2024. Other than changes related to incorporating our controls and procedures with respect to AJRD operations, there have been no changes in our ICFR that occurred during the quarter ended September 27, 2024 that have materially affected, or are reasonably likely to materially affect, our ICFR.

_____________________________________________________________________

35

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PART II. OTHER INFORMATION

ITEM 1.			LEGAL PROCEEDINGS.

See Note Q: Legal Proceedings and Contingencies in the Notes for discussion regarding material legal proceedings and contingencies. Except as set forth in such discussion, there have been no material developments in legal proceedings as reported in Part I. Item 3. Legal Proceedings in our Fiscal 2023 Form 10-K.

ITEM 1A.			RISK FACTORS.

Investors should carefully review and consider the information regarding certain factors that could materially affect our business, results of operations, financial condition, cash flows and equity as set forth in Part I. Item 1A. Risk Factors in our Fiscal 2023 Form 10-K. There have been no material changes to the risk factors disclosed in our Fiscal 2023 Form 10-K. We may disclose changes to our risk factors or disclose additional risk factors from time to time in our future filings with the SEC. Additional risks and uncertainties not presently known to us or that we currently believe not to be material also may adversely impact our business, financial condition, results of operations, cash flows and equity.

ITEM 2.			UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Issuer Purchases of Equity Securities

The following table sets forth information with respect to repurchases by us of our common stock during the quarter ended September 27, 2024:

Period*			Total number of shares purchased						Average price paid per share						Total number of shares purchased  as part of publicly announced plans or programs(1)						Maximum approximate dollar value of shares that may yet be purchased under the plans or programs(1) ($ in millions)
Month No. 1
(June 29, 2024 - July 26, 2024)
Repurchase program(1)			359,300						$	231.20					359,300						$	3,529
Employee transactions(2)			273						$	230.72					—						—
Month No. 2
(July 27, 2024 - August 23, 2024)
Repurchase program(1)			424,935						$	227.72					424,935						$	3,432
Employee transactions(2)			3,910						$	229.73					—						—
Month No. 3
(August 24, 2024 - September 27, 2024)
Repurchase program(1)			45,000						$	225.10					45,000						$	3,422
Employee transactions(2)			2,965						$	232.25					—						—
Total			836,383												829,235						$	3,422

_______________

* Periods represent our fiscal months.

(1) On October 21, 2022, we announced that our Board approved a $3.0 billion share repurchase authorization under our share repurchase program that was in addition to the remaining unused authorization of $1.5 billion at that time.

(2) Represents shares of our common stock delivered to us in satisfaction of the tax withholding obligation of holders of performance share units or restricted stock units that vested during the quarter. Our stock incentive plans provide that the value of shares delivered to us to pay the exercise price of options or to cover tax withholding obligations shall be the closing price of our common stock on the date the relevant transaction occurs.

Sales of Unregistered Equity Securities

During the quarter ended September 27, 2024, we did not issue or sell any unregistered equity securities.

_____________________________________________________________________

36

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ITEM 3.			DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.			MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5.			OTHER INFORMATION.

Securities Trading Plans of Directors and Executive Officers

We require all executive officers and directors to effect purchase and sale transactions in L3Harris securities pursuant to a trading plan (each, a “10b5-1 Plan”) intended to satisfy the requirements of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”). We limit executive officers to a single 10b5-1 Plan in effect at any time, subject to limited exceptions in accordance with Rule 10b5-1.

The following table includes the material terms (other than with respect to the price) of each 10b5-1 Plan adopted or terminated by our executive officers and directors during the quarter ended September 27, 2024:

Name and title

Date of adoption of 10b5-1 Plan(1)

Scheduled expiration date of 10b5-1 Plan(2)

Aggregate number of shares of common stock to be purchased or sold(3)

Christopher E. Kubasik Chair and CEO

July 29, 2024

December 30, 2024

Up to 56,624 shares underlying options expiring in 2027

Ross Niebergall President, AR

September 12, 2024

January 31, 2025

Up to 14,517 shares, including 3,250 shares underlying options expiring in 2027

_______________

(1) Transactions under each Rule 10b5-1 Plan commence no earlier than 90 days after adoption, or such later date as required by Rule 10b5-1.

(2) Each Rule 10b5-1 Plan may expire on such earlier date as all transactions are completed.

(3) Each Rule 10b5-1 Plan provides for shares to be sold on multiple predetermined dates.

ITEM 6.			EXHIBITS.

The following exhibits are filed herewith or are incorporated herein by reference to exhibits previously filed with the SEC

(4.1)    Form of 5.500% Global Note due 2054, incorporated herein by reference to Exhibit 4.1 to L3Harris Technologies, Inc.’s Current Report on Form 8-K filed with the SEC on August 2, 2024.

(10.1)    Amendment Number 3 to the L3Harris Technologies, Inc. Retirement Savings Plan (Amended and Restated Effective January 1, 2024), dated July 24, 2024.

(10.2)    Amendment Number 4 to the L3Harris Technologies, Inc. Retirement Savings Plan (Amended and Restated Effective January 1, 2024), dated September 4, 2024.

(15)    Letter Regarding Unaudited Interim Financial Information.

(31.1)    Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.

(31.2)    Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.

(32.1)    Section 1350 Certification of Chief Executive Officer.

(32.2)    Section 1350 Certification of Chief Financial Officer.

(101) The financial information from L3Harris Technologies, Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 27, 2024 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Consolidated Statement of Operations, (ii) the Condensed Consolidated Statement of Comprehensive Income , (iii) the Condensed Consolidated Balance Sheet, (iv) the Condensed Consolidated Statement of Cash Flows, (v) the Condensed Consolidated Statement of Equity, and (vi) the Notes to Condensed Consolidated Financial Statements.

(104) Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101.

_____________________________________________________________________

37

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

L3HARRIS TECHNOLOGIES, INC.

(Registrant)

Date: October 25, 2024

By:

/s/    KENNETH L. BEDINGFIELD

Kenneth L. Bedingfield

Senior Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer)

_____________________________________________________________________

38

Exhibit 10.1

AMENDMENT NUMBER THREE

TO THE

L3HARRIS RETIREMENT SAVINGS PLAN

WHEREAS, L3Harris Technologies, Inc., a Delaware corporation (“L3Harris”), heretofore has adopted and maintains the L3Harris Retirement Savings Plan, as amended and restated effective January 1, 2024 (the "Plan");

WHEREAS, pursuant to Section 17.1 of the Plan, the Employee Benefits Committee of L3Harris (the “Committee”) has the authority to amend the Plan;

WHEREAS, pursuant to Section 13.3 of the Plan, the Committee has delegated certain of such amendment authority to the head of global benefits of L3Harris (currently, the Senior Director, Global Benefits, Global Total Rewards) (the “Head of Global Benefits”); and

WHEREAS, the Head of Global Benefits desires to amend the Plan to provide for the automatic enrollment of part-time, temporary, intern and co-op employees if such employees do not make affirmative deferral elections at the time of hire.

NOW, THEREFORE, BE IT RESOLVED, that the Plan hereby is amended, effective as of August 5, 2024, as follows:

1.The definition of “Full-Time Employee” set forth in Article 2 hereby is deleted.

2.Section 3.2(b) hereby is amended in its entirety to read as follows:

(b) Deemed Election. Except as otherwise provided in a Schedule or an Appendix for a specified group of Employees, a Participant who does not at the time and in the manner prescribed by the Administrative Committee elect otherwise (including for this purpose a reemployed Eligible Employee who does not elect otherwise following the Eligible Employee’s reemployment date) shall be deemed to have elected to make pre-tax contributions to the Plan each payroll period at the rate of 6% of the Participant’s Compensation for such payroll period and to have authorized the Participant’s Employer to reduce his or her Compensation by the amount thereof. Any deemed election described in this Section 3.2(b) shall be effective only with respect to Compensation not currently available to the Participant as of the effective date of the deemed election and shall be effective thirty-five (35) days following the date that the Participant first performs an Hour of Service, or as soon as administratively practicable thereafter.

This Section 3.2(b) shall not apply to an Employee hired prior to August 5, 2024 who at the time of hire (i) was scheduled by an Employer to regularly work fewer than 30 hours per week or (ii) was designated on Employer payroll records as a temporary employee, intern, or co-op employee.

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Exhibit 10.1

3.The phrase “deemed elections to participate in the Plan by Full-Time Employees” hereby is replaced with “deemed elections to participate in the Plan” each time it appears in the Plan.

APPROVED by the HEAD OF GLOBAL BENEFITS on this 24th day of July, 2024.

                            /s/ Allison Once            

Allison Oncel

SIGNATURE PAGE TO AMENDMENT NUMBER THREE

TO L3HARRIS RETIREMENT SAVINGS PLAN

Exhibit 10.2

AMENDMENT NUMBER 4

TO THE

L3HARRIS RETIREMENT SAVINGS PLAN

WHEREAS, L3Harris Technologies, Inc., a Delaware corporation (“L3Harris”), heretofore has adopted and maintains the L3Harris Retirement Savings Plan, as amended and restated effective January 1, 2024 (the "Plan");

WHEREAS, pursuant to Section 17.1 of the Plan, the Employee Benefits Committee of L3Harris (the “Committee”) has the authority to amend the Plan;

WHEREAS, pursuant to Section 13.3 of the Plan, the Committee has delegated certain of such amendment authority to the head of global benefits of L3Harris (currently, the Senior Director, Global Benefits, Global Total Rewards) (the “Head of Global Benefits”);

WHEREAS, L3Harris has entered into a Share and Asset Purchase Agreement with Horizon CTS Buyer, LLC (“Purchaser”) dated as of November 21, 2023 pursuant to which L3Harris and its subsidiaries are selling to Purchaser L3Harris’ avionics, data analytics and commercial training solutions businesses (excluding the Mission Networks, Mission Avionics and Advanced Combat Systems sectors) (such agreement, as it may be amended from time to time, the “CAS Purchase Agreement”);

WHEREAS, as a result of such sale all “Continuing U.S. Employees” (for all purposes of this Amendment, as such term is defined in the CAS Purchase Agreement) currently eligible to participate in the Plan will cease to participate in the Plan;

WHEREAS, the CAS Purchase Agreement provides that effective as of the “Closing Date” (for all purposes of this Amendment, as such term is defined in the CAS Purchase Agreement), each Continuing U.S. Employee shall become fully vested in his or her account balance in the Plan; and

WHEREAS, the Head of Global Benefits desires to amend the Plan to reflect the above-described term of the CAS Purchase Agreement.

NOW, THEREFORE, BE IT RESOLVED, that Schedule B of the Plan, “Special Rules Applying to Divestiture Accounts and Divestiture Participants,” is hereby amended, contingent upon the occurrence of the “Closing” (as such term is defined in the CAS Purchase Agreement) and effective as of the Closing Date, to add a new paragraph at the end thereof as follows:

16.    Divestiture of Commercial Aviation Solutions (CAS) Business

(a) In General. The Company has entered into a Share and Asset Purchase Agreement with Horizon CTS Buyer, LLC dated as of November 21, 2023 pursuant to which the Company and its subsidiaries are selling the Company’s avionics, data

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Exhibit 10.2

analytics and commercial training solutions businesses (excluding the Mission Networks, Mission Avionics and Advanced Combat Systems sectors) (such agreement, as it may be amended from time to time, the “CAS Purchase Agreement”).

(b) Vesting. Notwithstanding any other provision in the Plan, effective as of the “Closing Date” (as such term is defined in the CAS Purchase Agreement), the “Continuing U.S. Employees” (as such term is defined in the CAS Purchase Agreement) shall be 100% vested in their Accounts under the Plan.

APPROVED by the HEAD OF GLOBAL BENEFITS on this 4th day of September, 2024.

/s/ Allison Oncel                

Allison Oncel

VP, Global Benefits, Global Total Rewards

SIGNATURE PAGE TO AMENDMENT NUMBER 4

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Exhibit 10.2

TO L3HARRIS RETIREMENT SAVINGS PLAN

Exhibit 15

Acknowledgment of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of L3Harris Technologies, Inc.:

We are aware of the incorporation by reference of our report dated October 25, 2024, relating to the unaudited condensed consolidated interim financial statements of L3Harris Technologies, Inc. that is included in its Form 10-Q for the quarter ended September 27, 2024, in the following Registration Statements of L3Harris Technologies, Inc.:

Form S-8

No. 333-279040

L3Harris Technologies, Inc. 2024 Equity Incentive Plan

Form S-3

No. 333-270103

L3Harris Technologies, Inc. Debt Securities, Preferred Stock, Common Stock, Depositary Shares and Warrants

Form S-8

No. 333-268794

L3Harris Technologies, Inc. Retirement Savings Plan

Form S-8

No. 333-232482

L3 Technologies, Inc. Amended and Restated 2008 Long Term Performance Plan L3 Technologies, Inc. Master Savings Plan Aviation Communications & Surveillance Systems 401(k) Plan

Form S-8

No. 333-222821

Harris Corporation Retirement Plan

Form S-8

No. 333-192735

Harris Corporation Retirement Plan

Form S-8

No. 333-163647

Harris Corporation Retirement Plan

Form S-8

No. 333-75114

Harris Corporation Retirement Plan

Form S-8

No. 333-130124

Harris Corporation 2005 Equity Incentive Plan

Form S-8

No. 333-207774

L3Harris Technologies, Inc. 2015 Equity Incentive Plan

/s/ Ernst & Young LLP

Orlando, Florida

October 25, 2024

Exhibit 31.1

CERTIFICATION

I, Christopher E. Kubasik, Chair and Chief Executive Officer of L3Harris Technologies, Inc., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of L3Harris Technologies, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 25, 2024			/s/ Christopher E. Kubasik
			Name:						Christopher E. Kubasik
			Title:						Chair and Chief Executive Officer

Exhibit 31.2

CERTIFICATION

I, Kenneth L. Bedingfield, Senior Vice President and Chief Financial Officer of L3Harris Technologies, Inc., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of L3Harris Technologies, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 25, 2024			/s/ Kenneth L. Bedingfield
			Name:						Kenneth L. Bedingfield
			Title:						Senior Vice President and Chief Financial Officer

Exhibit 32.1

Certification

Pursuant to Section 1350 of Chapter 63 of Title 18 of the

United States Code as Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

In connection with the filing of the Quarterly Report on Form 10-Q of L3Harris Technologies, Inc. (“L3Harris”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Christopher E. Kubasik, Chair and Chief Executive Officer of L3Harris, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of L3Harris as of the dates and for the periods expressed in the Report.

Date: October 25, 2024			/s/ Christopher E. Kubasik
			Name:						Christopher E. Kubasik
			Title:						Chair and Chief Executive Officer

Exhibit 32.2

Certification

Pursuant to Section 1350 of Chapter 63 of Title 18 of the

United States Code as Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

In connection with the filing of the Quarterly Report on Form 10-Q of L3Harris Technologies, Inc. (“L3Harris”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Kenneth L. Bedingfield, Senior Vice President and Chief Financial Officer of L3Harris, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of L3Harris as of the dates and for the periods expressed in the Report.

Date: October 25, 2024			/s/ Kenneth L. Bedingfield
			Name:						Kenneth L. Bedingfield
			Title:						Senior Vice President and Chief Financial Officer

COVER - shares	9 Months Ended
	Sep. 27, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2024
Document Transition Report	false
Entity File Number	1-3863
Entity Registrant Name	L3HARRIS TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-0276860
Entity Address, Address Line One	1025 West NASA Boulevard
Entity Address, City or Town	Melbourne,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32919
City Area Code	321
Local Phone Number	727-9100
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	LHX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		189,668,364
Entity Central Index Key	0000202058
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--01-03

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Income Statement [Abstract]
Revenue		$ 5,292	$ 4,915	$ 15,802	$ 14,079
Cost of revenue		(3,873)	(3,608)	(11,675)	(10,419)
General and administrative expenses		(924)	(828)	(2,778)	(2,388)
Operating income		495	479	1,349	1,272
Non-service FAS pension income and other, net	[1]	101	80	275	245
Interest expense, net		(166)	(159)	(514)	(372)
Income before income taxes		430	400	1,110	1,145
Income taxes		(26)	(18)	(54)	(73)
Net income		404	382	1,056	1,072
Noncontrolling interests, net of income taxes		(4)	1	(7)	(3)
Net income attributable to L3Harris Technologies, Inc.		$ 400	$ 383	$ 1,049	$ 1,069
Net income per common share attributable to L3Harris Technologies, Inc. common shareholders
Basic (in dollars per share)		$ 2.11	$ 2.02	$ 5.53	$ 5.64
Diluted (in dollars per share)		$ 2.10	$ 2.02	$ 5.50	$ 5.61
Basic weighted-average common shares outstanding (in shares)		189.6	189.3	189.7	189.6
Diluted weighted-average common shares outstanding (in shares)		190.5	190.1	190.7	190.6
[1] “FAS” is defined as Financial Accounting Standards.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 404	$ 382	$ 1,056	$ 1,072
Other comprehensive income (loss):
Foreign currency translation income (loss), net of income taxes	43	(45)	22	(10)
Net unrealized income (loss) on hedging derivatives, net of income taxes	5	(3)	2	6
Net unrecognized gains on postretirement obligations, net of income taxes	0	0	3	0
Other comprehensive income (loss) recognized during the period	48	(48)	27	(4)
Gains (losses) reclassified to earnings, net of income taxes	(8)	(10)	(23)	(29)
Other comprehensive income (loss), net of income taxes	40	(58)	4	(33)
Total comprehensive income	444	324	1,060	1,039
Comprehensive (income) loss attributable to noncontrolling interest	(4)	1	(7)	(3)
Total comprehensive income attributable to L3Harris Technologies, Inc.	$ 440	$ 325	$ 1,053	$ 1,036

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Current assets
Cash and cash equivalents	$ 539	$ 560
Receivables, net of allowances for collection losses of $20 and $15, respectively	1,042	1,230
Contract assets	3,401	3,196
Inventories, net	1,399	1,472
Income taxes receivable	329	61
Other current assets	462	430
Assets of business held for sale	1,130	1,106
Total current assets	8,302	8,055
Non-current assets
Property, plant and equipment, net	2,795	2,862
Goodwill	20,433	19,979
Intangible assets, net	7,874	8,540
Deferred income taxes	119	91
Other non-current assets	2,366	2,160
Total assets	41,889	41,687
Current liabilities
Short-term debt	1,177	1,602
Current portion of long-term debt, net	640	363
Accounts payable	2,049	2,106
Contract liabilities	1,878	1,900
Compensation and benefits	402	544
Income taxes payable	35	88
Other current liabilities	1,549	1,129
Liabilities of business held for sale	243	272
Total current liabilities	7,973	8,004
Non-current liabilities
Long-term debt, net	11,093	11,160
Deferred income taxes	885	815
Other long-term liabilities	2,876	2,879
Total liabilities	22,827	22,858
Shareholders’ Equity:
Common stock, $1.00 par value; 500,000,000 shares authorized; issued and outstanding 189,548,670 and 189,808,581 shares at September 27, 2024 and December 29, 2023, respectively	190	190
Paid-in capital	15,487	15,553
Retained earnings	3,515	3,220
Accumulated other comprehensive loss	(194)	(198)
Total shareholders’ equity	18,998	18,765
Noncontrolling interests	64	64
Total equity	19,062	18,829
Total liabilities and equity	$ 41,889	$ 41,687

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Shareholders’ Equity:
Accounts receivable, allowance for credit loss, current	$ 20	$ 15
Common shares, par value (in dollars per share)	$ 1.00	$ 1.00
Common shares, authorized (in shares)	500,000,000	500,000,000
Common shares, issued (in shares)	189,548,670	189,808,581
Common shares, outstanding (in shares)	189,548,670	189,808,581

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Operating Activities
Net income	$ 1,056	$ 1,072
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	963	816
Share-based compensation	76	67
Pension and other postretirement benefit plan income	(215)	(209)
Share-based matching contributions under defined contribution plans	199	172
Deferred income taxes	220	(277)
(Increase) decrease in:
Receivables, net	163	53
Contract assets	(372)	(136)
Inventories, net	46	(195)
Other current assets	(32)	(87)
Increase (decrease) in:
Accounts payable	(45)	(18)
Contract liabilities	(150)	202
Compensation and benefits	(145)	(55)
Other current liabilities	59	(27)
Income taxes	(258)	15
Other operating activities	(135)	(86)
Net cash provided by operating activities	1,430	1,307
Investing Activities
Net cash paid for acquired businesses	0	(6,688)
Additions to property, plant and equipment	(290)	(312)
Proceeds from sales of businesses, net	158	71
Other investing activities	(19)	(9)
Net cash used in investing activities	(151)	(6,938)
Financing Activities
Proceeds from borrowings, net of issuance cost	2,826	7,568
Repayments of borrowings	(2,609)	(3,159)
Change in commercial paper, maturities under 90 days, net	93	1,330
Proceeds from commercial paper, maturities over 90 days	688	701
Repayments of commercial paper, maturities over 90 days	(1,205)	0
Proceeds from exercises of employee stock options	111	18
Repurchases of common stock	(512)	(518)
Dividends paid	(665)	(652)
Other financing activities	(36)	(34)
Net cash (used in) provided by financing activities	(1,309)	5,254
Effect of exchange rate changes on cash and cash equivalents	9	(4)
Net decrease in cash and cash equivalents	(21)	(381)
Cash and cash equivalents, beginning of period	560	880
Cash and cash equivalents, end of period	$ 539	$ 499

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance at Dec. 30, 2022		$ 191	$ 15,677	$ 2,943	$ (288)	$ 101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to noncontrolling interests	$ 1,072			1,069		3
Other comprehensive income (loss), net of income taxes	(33)				(33)
Shares issued under stock incentive plans			18
Shares issued under defined contribution plans		1	171
Share-based compensation expense			67
Tax withholding payments on share-based awards			(28)
Repurchases and retirement of common stock		(3)	(433)	(82)
Cash dividends				(652)
Other			(2)			(4)
Ending balance at Sep. 29, 2023	$ 18,716	189	15,470	3,278	(321)	100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends (in dollars per share)	$ 3.42
Beginning balance at Jun. 30, 2023		189	15,391	3,111	(263)	103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to noncontrolling interests	$ 382			383		(1)
Other comprehensive income (loss), net of income taxes	(58)				(58)
Shares issued under stock incentive plans			5
Shares issued under defined contribution plans			51
Share-based compensation expense			22
Cash dividends				(216)
Other			1			(2)
Ending balance at Sep. 29, 2023	$ 18,716	189	15,470	3,278	(321)	100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends (in dollars per share)	$ 1.14
Beginning balance at Dec. 29, 2023	$ 18,829	190	15,553	3,220	(198)	64
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to noncontrolling interests	1,056			1,049		7
Other comprehensive income (loss), net of income taxes	4				4
Shares issued under stock incentive plans		1	110
Shares issued under defined contribution plans		1	198
Share-based compensation expense			76
Tax withholding payments on share-based awards			(28)
Repurchases and retirement of common stock		(2)	(421)	(89)
Cash dividends				(665)
Other			(1)			(7)
Ending balance at Sep. 27, 2024	$ 19,062	190	15,487	3,515	(194)	64
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends (in dollars per share)	$ 3.48
Beginning balance at Jun. 28, 2024		190	15,516	3,368	(234)	64
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to noncontrolling interests	$ 404			400		4
Other comprehensive income (loss), net of income taxes	40				40
Shares issued under stock incentive plans			48
Shares issued under defined contribution plans			57
Share-based compensation expense			23
Tax withholding payments on share-based awards			(1)
Repurchases and retirement of common stock			(156)	(34)
Cash dividends				(220)
Other				1		(4)
Ending balance at Sep. 27, 2024	$ 19,062	$ 190	$ 15,487	$ 3,515	$ (194)	$ 64
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends (in dollars per share)	$ 1.16

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 27, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE A: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these notes to Condensed Consolidated Financial Statements (these “Notes”), the terms “L3Harris,” “Company,” “we,” “our” and “us” refer to L3Harris Technologies, Inc. and its consolidated subsidiaries. Intercompany transactions and accounts have been eliminated. The accompanying Condensed Consolidated Financial Statements have been prepared by L3Harris in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, such interim financial statements do not include all information and footnotes necessary for a complete presentation of financial condition, results of operations, cash flows and equity in conformity with GAAP for annual financial statements and are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period. In the opinion of management, these interim financial statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of our financial condition, results of operations, cash flows and equity for the periods presented therein. The balance sheet at December 29, 2023 has been derived from our audited financial statements, but does not include all of the information and footnotes required by GAAP for annual financial statements. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 29, 2023 (our “Fiscal 2023 Form 10-K”). Use of Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying Condensed Consolidated Financial Statements and these Notes and related disclosures. These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying Condensed Consolidated Financial Statements and these Notes. Materially different results can occur as circumstances change and additional information becomes known. Reclassifications The classifications of certain prior year amounts have been adjusted in our Condensed Consolidated Financial Statements and these Notes to conform to current year classifications. Recently Issued Accounting Pronouncements Information on recently issued accounting pronouncements can be found in our Form 10-Q for the quarter ended March 29, 2024.

EARNINGS PER SHARE ("EPS")	9 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE ("EPS")	NOTE B: EARNINGS PER SHARE (“EPS”) EPS is net income attributable to L3Harris common shareholders divided by either our weighted average number of basic or diluted shares outstanding. Potential dilutive common shares primarily consist of employee stock options and restricted and performance unit awards. The weighted-average number of common shares outstanding used to compute basic and diluted EPS were as follows: Quarter Ended Three Quarters Ended (In millions) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Basic weighted-average common shares outstanding 189.6  189.3  189.7  189.6  Impact of dilutive share-based awards 0.9  0.8  1.0  1.0  Diluted weighted-average common shares outstanding 190.5  190.1  190.7  190.6  Diluted EPS excludes the antidilutive impact of 1.0 million and 2.7 million weighted-average share-based awards outstanding for the quarter and three quarters ended September 27, 2024, respectively, and 2.0 million weighted-average share-based awards outstanding for the three quarters ended September 29, 2023.

CONTRACT ASSETS AND CONTRACT LIABILITIES	9 Months Ended
	Sep. 27, 2024
Revenue from Contract with Customer [Abstract]
CONTRACT ASSETS AND CONTRACT LIABILITIES	NOTE C: CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets mainly represent unbilled amounts typically resulting from revenue recognized exceeding amounts billed to customers for contracts utilizing the percentage of completion (“POC”) cost-to-cost revenue recognition method. Contract assets become receivables as we bill customers as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries and, in certain arrangements, the customer may withhold payment of a small portion of the contract price until contract completion. Contract liabilities include advance payments and billings in excess of revenue recognized, including deferred revenue associated with extended product warranties. Contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period. Contract assets and contract liabilities are summarized below: (In millions) September 27, 2024 December 29, 2023 Contract assets $ 3,401  $ 3,196  Contract liabilities, current (1,878) (1,900) Contract liabilities, non-current(1) (93) (94) Net contract assets $ 1,430  $ 1,202  _______________ (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. There were no significant credit or impairment losses related to our contract assets during the quarter and three quarters ended September 27, 2024 or the quarter and three quarters ended September 29, 2023. Revenue recognized related to contract liabilities that were outstanding at the end of the respective prior fiscal year were $193 million and $1,241 million for the quarter and three quarters ended September 27, 2024, respectively, and $223 million and $1,121 million for the quarter and three quarters ended September 29, 2023, respectively. NOTE M: BACKLOG Backlog, which is the equivalent of our remaining performance obligations, represents the future revenue we expect to recognize as we perform on our current contracts. Backlog comprises both funded backlog (i.e., firm orders for which funding is authorized and appropriated) and unfunded backlog. Backlog excludes unexercised contract options and potential orders under ordering-type contracts, such as indefinite-delivery, indefinite-quantity contracts. At September 27, 2024, our ending backlog was $33.8 billion. We expect to recognize approximately 45% of the revenue associated with this backlog over the next twelve months and an additional 25% over the following twelve months, with the remainder to be recognized thereafter.

INVENTORIES, NET	9 Months Ended
	Sep. 27, 2024
Inventory Disclosure [Abstract]
INVENTORIES, NET	NOTE D: INVENTORIES, NET Inventories, net are summarized below: (In millions) September 27, 2024 December 29, 2023 Finished products $ 238  $ 217  Work in process 375  427  Materials and supplies 786  828  Inventories, net $ 1,399  $ 1,472

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	NOTE E: GOODWILL AND INTANGIBLE ASSETS 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) —  —  —  537  537  Impairment of goodwill(2) (14) —  —  —  (14) Goodwill decrease from divestitures(2) (79) —  —  —  (79) Currency translation adjustments 14  (3) (1) —  10  Balance at September 27, 2024 $ 6,031  $ 6,561  $ 4,939  $ 2,902  $ 20,433  _______________ (1)Represents the effect of measurement period adjustments associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) during the three quarters ended September 27, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information. (2)Goodwill allocation and impairment recognized in connection with the Antenna Disposal Group divestiture. See Note O: Acquisitions and Divestitures in these Notes and our Form 10-Q for the quarter ended June 28, 2024 for further information related to the Antenna Disposal Group divestiture and associated goodwill allocation and impairment testing, respectively. At September 27, 2024 and December 29, 2023, accumulated goodwill impairment losses totaled $80 million, $1,126 million and $355 million at our Space & Airborne Systems (“SAS”), Integrated Mission Systems (“IMS”) and Communication System (“CS”) segments, respectively. There are no accumulated impairments for our Aerojet Rocketdyne (“AR”) segment. Intangible Assets Intangible assets, net are summarized below: September 27, 2024 December 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 8,852  $ (3,290) $ 5,562  $ 8,892  $ (2,733) $ 6,159  Developed technologies 853  (469) 384  856  (413) 443  Trade names 185  (61) 124  185  (50) 135  Other, including contract backlog 3  (2) 1  4  (4) —  Total finite-lived intangible assets 9,893  (3,822) 6,071  9,937  (3,200) 6,737  Trade name — indefinite-lived 1,803  —  1,803  1,803  —  1,803  Total intangible assets, net $ 11,696  $ (3,822) $ 7,874  $ 11,740  $ (3,200) $ 8,540  For further description of our accounting policies related to intangible assets acquired in the AJRD acquisition, see Note O: Acquisitions and Divestitures in these Notes, and for our accounting policies related to all other intangible assets, see Note 6: Goodwill and Intangible Assets in our Fiscal 2023 Form 10-K. Amortization expense for intangible assets was $210 million and $642 million for the quarter and three quarters ended September 27, 2024, respectively, and $208 million and $546 million for the quarter and three quarters ended September 29, 2023, respectively. Future estimated amortization expense for intangible assets is as follows: (In millions) Next 12 months $ 791  Months 13-24 718  Months 25-36 569  Months 37-48 518  Months 49-60 440  Thereafter 3,035  Total $ 6,071

INCOME TAXES	9 Months Ended
	Sep. 27, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE F: INCOME TAXES Our effective tax rate (“ETR”) was 6.0% and 4.9% for the quarter and three quarters ended September 27, 2024, respectively, and 4.5% and 6.4% for the quarter and three quarters ended September 29, 2023, respectively. The ETR for all periods benefited from research and development (“R&D”) credits and tax deductions for foreign derived intangible income (“FDII”), with additional benefits from favorable adjustments recognized upon finalization of our 2023 tax returns in the quarter and three quarters ended September 27, 2024 and favorable resolution of specific audit uncertainties in the three quarters ended September 27, 2024 and the quarter and three quarters ended September 29, 2023. During the quarter ended September 27, 2024, we completed our 2023 Federal tax return and recorded the associated return-to-provision adjustments. On the 2023 Federal tax return, we requested an automatic tax accounting method change, pursuant to the interim guidance in Section 8 of IRS Notice 2023-63, adjusting our percentage of completion method for tax purposes to include the amortization of research and experimental expenditures, rather than the capitalized amount of such expenditures. This automatic tax accounting method change resulted in an increase to income taxes receivable and an offsetting increase in our deferred income taxes.

DEBT AND CREDIT ARRANGEMENTS	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
DEBT AND CREDIT ARRANGEMENTS	NOTE G: DEBT AND CREDIT ARRANGEMENTS Long-Term Debt Long-term debt, net is summarized below: (In millions) September 27, 2024 December 29, 2023 Variable-rate debt: Term loan, due November 21, 2025 (“Term Loan 2025”) $ —  $ 2,250  Fixed-rate debt: 3.95% notes, due May 28, 2024 (“3.95% 2024 Notes”) —  350  3.832% notes, due April 27, 2025 (“3.832% 2025 Notes”) 600  600  7.00% debentures, due January 15, 2026 100  100  3.85% notes, due December 15, 2026 550  550  5.40% notes, due January 15, 2027(1) 1,250  1,250  6.35% debentures, due February 1, 2028 26  26  4.40% notes, due June 15, 2028 1,850  1,850  5.05% notes, due June 1, 2029 (“5.05% 2029 Notes”) 750  —  2.90% notes, due December 15, 2029 400  400  1.80% notes, due January 15, 2031 650  650  5.25% notes, due June 1, 2031 (“5.25% 2031 Notes”) 750  —  5.40% notes, due July 31, 2033(1) 1,500  1,500  5.35% notes, due June 1, 2034 (“5.35% 2034 Notes”) 750  —  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  5.60% notes, due July 31, 2053(1) 500  500  5.50% notes, due August 15, 2054 (“5.50% 2054 Notes”) 600  —  Total variable and fixed-rate debt 11,476  11,226  Financing lease obligations and other debt 300  300  Long-term debt, including the current portion of long-term debt 11,776  11,526  Plus: unamortized bond premium 41  51  Less: unamortized discounts and issuance costs (84) (54) Long-term debt, including the current portion of long-term debt, net 11,733  11,523  Less: current portion of long-term debt, net (640) (363) Total long-term debt, net $ 11,093  $ 11,160  _______________ (1) Collectively, the “AJRD Notes.” Long-Term Debt Issued On March 13, 2024, we closed the issuance and sale of $2.25 billion aggregate principal amount of new long-term fixed-rate debt consisting of the 5.05% 2029 Notes, the 5.25% 2031 Notes, and the 5.35% 2034 Notes. (collectively, the “March Issued 2024 Notes”). The March Issued 2024 Notes were used to repay Term Loan 2025, including related fees and expenses, which had an outstanding balance of $2.25 billion at December 29, 2023. Interest on the March Issued 2024 Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2024. On August 2, 2024, we closed the issuance and sale of $600 million aggregate principal amount of the 5.50% 2054 Notes and used the net proceeds to repay borrowings under our commercial paper program (“CP Program”). Interest on the 5.50% 2054 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2025. We may, at our option, redeem the March Issued 2024 Notes and the 5.50% 2054 Notes at any time, and from time to time, in whole or in part, at the applicable redemption price, as defined in the respective notes. Both the March Issued 2024 Notes and the 5.50% 2054 Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness. We incurred debt issuance costs of $20 million and $7 million for the March Issued 2024 Notes and the 5.50% 2054 Notes, respectively, which are being amortized over the life of each respective note. Such amortization is included as a component of the “Interest expense, net” line item in our Condensed Consolidated Statement of Operations. Long-Term Debt Repayments On March 14, 2024, we repaid the entire outstanding $2.25 billion drawn on Term Loan 2025, which at time of repayment had a variable interest rate of 6.7%, with proceeds from the issuance of the March Issued 2024 Notes, which bear fixed interest rates between 5.05% and 5.35%. Additionally, during the quarter ended June 28, 2024, we repaid the $350 million aggregate principal amount of our 3.95% 2024 Notes. Credit Agreements On January 26, 2024, we established a new $1.5 billion, 364-day senior unsecured revolving credit facility (“2024 Credit Facility”) by entering into a 364-day credit agreement maturing no later than January 24, 2025 (“2024 Credit Agreement”) with a syndicate of lenders. We may extend the maturity of any loans outstanding under the 2024 Credit Agreement by one year, subject to the satisfaction of certain conditions. The 2024 Credit Agreement replaces the prior $2.4 billion 364-Day Credit Agreement (“2023 Credit Agreement”). At our election, borrowings under the 2024 Credit Agreement, which are designated in U.S. Dollars, bear interest at the sum of the term secured overnight financing rate or the Base Rate (as defined in the 2024 Credit Agreement), plus an applicable margin that varies based on the ratings of our senior unsecured long-term debt securities (“Senior Debt Ratings”). In addition to interest payable on the principal amount of indebtedness outstanding, we are required to pay a quarterly unused commitment fee that varies based on our Senior Debt Ratings. The 2024 Credit Agreement also contains representations, warranties, covenants and events of default that are substantially similar to the existing Revolving Credit Agreement, dated as of July 29, 2022 (“2022 Credit Agreement”) which established a $2.0 billion, five-year senior unsecured revolving credit facility. For a description of the 2022 Credit Agreement and related covenants, see Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K. At September 27, 2024, we had no outstanding borrowings under either our 2024 Credit Agreement or our 2022 Credit Agreement, had available borrowing capacity of $2.3 billion, net of outstanding CP Program borrowings and were in compliance with all covenants under both aforementioned credit agreements. See Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K for additional information regarding our 2022 Credit Agreement and our 2023 Credit Agreement. Commercial Paper Program On January 26, 2024, we lowered the maximum amount available under our CP Program to $3.0 billion from $3.9 billion in accordance with the terms of the CP Program. The CP Program is supported by amounts available under the 2022 Credit Agreement and the 2024 Credit Agreement. The commercial paper notes are sold at par less a discount representing an interest factor or, if interest bearing, at par, and the maturities vary but may not exceed 397 days from the date of issue. The commercial paper notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness. At September 27, 2024 and December 29, 2023, we had $1.2 billion and $1.6 billion in outstanding notes under our CP Program, respectively, which is included as a component of the “Short-term debt” line item in our Condensed Consolidated Balance Sheet. The outstanding notes under our CP Program had a weighted-average interest rate of 5.32% and 5.95% at September 27, 2024 and December 29, 2023, respectively.

RETIREMENT BENEFITS	9 Months Ended
	Sep. 27, 2024
Retirement Benefits [Abstract]
RETIREMENT BENEFITS	NOTE H: RETIREMENT BENEFITS The following tables provide the components of our net periodic benefit income for our defined benefit plans, including defined benefit pension plans and other postretirement benefit (“OPEB”) plans: Quarter Ended September 27, 2024 September 29, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 8  $ —  $ 10  $ —  Non-operating Interest cost 99  3  100  3  Expected return on plan assets (165) (5) (162) (5) Amortization of net actuarial gain (1) (4) (2) (5) Amortization of prior service credit (7) —  (7) —  Non-service cost periodic benefit income (74) (6) (71) (7) Net periodic benefit income $ (66) $ (6) $ (61) $ (7) Three Quarters Ended September 27, 2024 September 29, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 25  $ 1  $ 22  $ 1  Non-operating Interest cost 296  8  283  8  Expected return on plan assets (495) (15) (467) (15) Amortization of net actuarial gain (3) (13) (7) (15) Amortization of prior service (credit) cost (20) 1  (20) 1  Non-service cost periodic benefit income (222) (19) (211) (21) Net periodic benefit income $ (197) $ (18) $ (189) $ (20) The service cost component of net periodic benefit income is included in the “Cost of revenue” and “General and administrative expenses” line items in our Condensed Consolidated Statement of Operations. The non-service cost components of net periodic benefit income are included in the “Non-service FAS pension income and other, net” line item in our Condensed Consolidated Statement of Operations.

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 27, 2024
Share-Based Payment Arrangement [Abstract]
STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION	NOTE I: STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION At September 27, 2024, we had stock options and other share-based compensation awards outstanding under three shareholder-approved employee stock incentive plans, including our 2024 Equity Incentive Plan, which was approved by our shareholders on April 19, 2024, as well as under other existing employee equity incentive plans assumed by L3Harris (collectively, the “L3Harris SIPs”). Total share-based compensation expense was $23 million and $76 million for the quarter and three quarters ended September 27, 2024, respectively, and $22 million and $67 million for the quarter and three quarters ended September 29, 2023, respectively. Awards granted to participants under L3Harris SIPs and the weighted-average grant-date fair value per share or unit during the three quarters ended September 27, 2024 and September 29, 2023 were as follows: Three Quarters Ended September 27, 2024 September 29, 2023 (In millions, except per share/units amounts) Shares or Units Weighted-Average Grant-Date Fair Value Per Share or Unit Shares or Units Weighted-Average Grant-Date Fair Value Per Share or Unit Stock option shares granted(1) 0.4  $ 50.99  0.4  $ 54.63  Restricted stock units granted(2) 0.2  $ 214.00  0.3  $ 200.61  Performance share units granted(3) 0.2  $ 230.09  0.2  $ 223.09  _______________ (1)Other than certain stock options granted in connection with new hires, our stock options generally ratably vest in equal amounts over a three-year period. (2)Other than certain restricted stock units granted in connection with new hires, our restricted stock units generally cliff vest after three years. (3)Our performance share units are subject to performance criteria and generally vest after the three-year performance period. The aggregate number of shares of our common stock issued under L3Harris SIPs, net of shares withheld for tax purposes, was 0.4 million and 1.2 million for the quarter and three quarters ended September 27, 2024, respectively, and was 0.1 million and 0.5 million for the quarter and three quarters ended September 29, 2023, respectively. See Note 10: Stock Options and Other Share-Based Compensation in our Fiscal 2023 Form 10-K for additional information regarding the L3Harris SIPs.

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL")	9 Months Ended
	Sep. 27, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL")	NOTE J: ACCUMULATED OTHER COMPREHENSIVE LOSS (“AOCL”) At September 27, 2024 and December 29, 2023, AOCL was $194 million and $198 million, respectively. Changes in AOCL, net of tax, consisted of $27 million of other comprehensive income before reclassifications, primarily from currency translation gains, and $23 million of net gains reclassified to earnings, primarily associated with amortization of unrecognized postretirement benefit plan obligations. At September 29, 2023 and December 30, 2022, AOCL was $321 million and $288 million, respectively. Changes in AOCL, net of tax, consisted of $4 million of other comprehensive loss before reclassifications, primarily from currency translation losses, partially offset by net unrealized gains on hedging derivatives, and $29 million of net gains reclassified to earnings, primarily associated with amortization of unrecognized postretirement benefit plan obligations. See Note H: Retirement Benefits in these Notes and Note 9: Retirement Benefits in our Fiscal 2023 Form 10-K for additional information regarding our postretirement benefit plans.

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 27, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE K: FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability in an orderly transaction between market participants at the measurement date. Entities are required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value and to utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: •Level 1 — Quoted prices in active markets for identical assets or liabilities. •Level 2 — Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means. •Level 3 — Unobservable inputs that are supported by little or no market activity, are significant to the fair value of the assets or liabilities and reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed using the best information available in the circumstances. In certain instances, fair value is estimated using quoted market prices obtained from external pricing services. In obtaining such data from the external pricing services, we have evaluated the methodologies used to develop the estimate of fair value in order to assess whether such valuations are representative of fair value, including net asset value (“NAV”). Additionally, in certain circumstances, the NAV reported by an asset manager may be adjusted when sufficient evidence indicates NAV is not representative of fair value. The following table presents assets and liabilities measured at fair value on a recurring basis in our Condensed Consolidated Balance Sheet: September 27, 2024 December 29, 2023 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets:(1) Equity and fixed income securities $ 121  $ 121  $ 106  $ 106  Investments measured at NAV: Corporate-owned life insurance 40  37  Total fair value of deferred compensation plan assets $ 161  $ 143  Liabilities Deferred compensation plan liabilities:(2) Equity securities and mutual funds $ 11  $ 11  $ 18  $ 18  Investments measured at NAV: Common/collective trusts and guaranteed investment contracts 338  274  Total fair value of deferred compensation plan liabilities $ 349  $ 292  _______________ (1)Represents diversified assets held in “rabbi trusts” primarily associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet. (2)Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet. Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts. The following table presents the carrying amounts and estimated fair values of long-term debt that is not carried at fair value in our Condensed Consolidated Balance Sheet: September 27, 2024 December 29, 2023 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Term Loan 2025(1) $ —  $ —  $ 2,250  $ 2,250  All other long-term debt, net (including current portion)(2) 11,733  11,921  9,273  9,199  Long-term debt, including the current portion of long-term debt, net $ 11,733  $ 11,921  $ 11,523  $ 11,449  _______________ (1)The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate. (2)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If measured at fair value, it would be categorized in Level 2 of the fair value hierarchy. The fair value of our short-term debt approximates the carrying value due to its short-term nature. If measured at fair value, the commercial paper would be classified as level 2 and other short-term debt would be classified as level 3 within the fair value hierarchy. See Note G: Debt and Credit Arrangements in these Notes and Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K for further information regarding our long-term debt and CP Program. See Note E: Goodwill and Intangible Assets and Note O: Acquisitions and Divestitures in these Notes and Note 13: Acquisitions, Divestitures and Asset Sales in our Fiscal 2023 Form 10-K for additional information regarding fair value measurements associated with acquisitions, divestitures and goodwill.

CHANGES IN ESTIMATES	9 Months Ended
	Sep. 27, 2024
Change in Accounting Estimate [Abstract]
CHANGES IN ESTIMATES	NOTE L: CHANGES IN ESTIMATES Many of our contracts utilize the POC cost-to-cost method of revenue recognition. A single estimated profit margin is used to recognize profit for each performance obligation over its period of performance. At the outset of each contract, we gauge its complexity and associated risks and establish an estimated total cost at completion. Due to the long-term nature of many of these contracts, developing these estimates often requires judgment. After establishing the estimated total cost at completion, we follow a standard estimate at completion (“EAC”) process in which we review the progress and performance on our ongoing contracts. As the contracts progress, we may successfully retire risks or complexities and may add additional risks, and we adjust our estimated total cost at completion. For additional discussion of our revenue recognition policies and our EAC process, see “Critical Accounting Estimates” in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K. Net EAC adjustments had the following impact to earnings for the periods presented: Quarter Ended Three Quarters Ended (In millions, except per share amounts) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Net EAC adjustments, before income taxes $ —  $ (10) $ 19  $ (97) Net EAC adjustments, net of income taxes —  (8) 15  (73) Net EAC adjustments, net of income taxes, per diluted share —  (0.04) 0.08  (0.38) Revenue recognized from performance obligations satisfied in prior periods was $48 million and $135 million for the quarter and three quarters ended September 27, 2024, respectively, and $28 million and $97 million for the quarter and three quarters ended September 29, 2023, respectively.

BACKLOG	9 Months Ended
	Sep. 27, 2024
Revenue from Contract with Customer [Abstract]
BACKLOG	NOTE C: CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets mainly represent unbilled amounts typically resulting from revenue recognized exceeding amounts billed to customers for contracts utilizing the percentage of completion (“POC”) cost-to-cost revenue recognition method. Contract assets become receivables as we bill customers as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries and, in certain arrangements, the customer may withhold payment of a small portion of the contract price until contract completion. Contract liabilities include advance payments and billings in excess of revenue recognized, including deferred revenue associated with extended product warranties. Contract assets and liabilities are reported on a contract-by-contract basis at the end of each reporting period. Contract assets and contract liabilities are summarized below: (In millions) September 27, 2024 December 29, 2023 Contract assets $ 3,401  $ 3,196  Contract liabilities, current (1,878) (1,900) Contract liabilities, non-current(1) (93) (94) Net contract assets $ 1,430  $ 1,202  _______________ (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. There were no significant credit or impairment losses related to our contract assets during the quarter and three quarters ended September 27, 2024 or the quarter and three quarters ended September 29, 2023. Revenue recognized related to contract liabilities that were outstanding at the end of the respective prior fiscal year were $193 million and $1,241 million for the quarter and three quarters ended September 27, 2024, respectively, and $223 million and $1,121 million for the quarter and three quarters ended September 29, 2023, respectively. NOTE M: BACKLOG Backlog, which is the equivalent of our remaining performance obligations, represents the future revenue we expect to recognize as we perform on our current contracts. Backlog comprises both funded backlog (i.e., firm orders for which funding is authorized and appropriated) and unfunded backlog. Backlog excludes unexercised contract options and potential orders under ordering-type contracts, such as indefinite-delivery, indefinite-quantity contracts. At September 27, 2024, our ending backlog was $33.8 billion. We expect to recognize approximately 45% of the revenue associated with this backlog over the next twelve months and an additional 25% over the following twelve months, with the remainder to be recognized thereafter.

RESTRUCTURING AND OTHER EXIT COSTS	9 Months Ended
	Sep. 27, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND OTHER EXIT COSTS	NOTE N: RESTRUCTURING AND OTHER EXIT COSTS From time to time, we record charges for restructuring and other exit activities related to changes in management structure and fundamental reorganizations that affect the nature and focus of operations, such as our LHX NeXt initiative described below. Such charges may include severance benefits and costs to consolidate facilities or relocate employees. We record these charges at their fair value when incurred. In cases where employees are required to render service until they are terminated in order to receive the termination benefits and will be retained beyond the minimum retention period, we record the expense ratably over the future service period. LHX NeXt Initiative. LHX NeXt is our initiative to reduce cost and transform our systems and processes to increase agility and competitiveness, as discussed in more detail under the “Operating Environment, Strategic Priorities and Key Performance Measures” section in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2023 Form 10-K. Changes to our liabilities for restructuring and other exit costs during the three quarters ended September 27, 2024 were as follows: (In millions) Employee Severance Related Costs Balance at December 29, 2023(1) $ 4  Additional provisions(2) 69  Payments (64) Total changes 5  Balance at September 27, 2024(1) $ 9  _______________ (1)Our liabilities, which we expect will be paid in the next twelve months, are included in the “Compensation and benefits” line item in our Condensed Consolidated Balance Sheet. (2)Included as a component of the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations.

ACQUISITIONS AND DIVESTITURES	9 Months Ended
	Sep. 27, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DIVESTITURES	NOTE O: ACQUISITIONS AND DIVESTITURES Acquisition of AJRD On July 28, 2023, we acquired AJRD, a technology-based engineering and manufacturing company that develops and produces missile solutions and technologies for strategic defense, missile defense, and hypersonic and tactical systems, as well as space propulsion and power systems for national security space and exploration missions. The acquisition provides us access to a new market. We acquired 100% of AJRD for a total net purchase price of $4,715 million. The acquisition was financed through the issuance and sale of the AJRD Notes and a draw down under the 2023 Credit Agreement. See Note 8: Debt and Credit Arrangements in our Fiscal 2023 Form 10-K for further information regarding the financing of the AJRD acquisition. Net assets and results of operations of AJRD are reflected in our financial results commencing on July 28, 2023, the acquisition date, and are reported in our AR segment, which is also the AR reporting unit, except for certain assets and liabilities recorded at corporate headquarters. We accounted for the acquisition of AJRD using the acquisition method of accounting, which required us to measure identifiable assets acquired and liabilities assumed in the acquiree at their fair values as of the acquisition date, with the excess of the consideration transferred over those fair values recorded as goodwill. As of the acquisition date, the fair value of consideration transferred consisted of the following: (In millions) July 28, 2023 Cash consideration paid for AJRD outstanding common stock & equity awards $ 4,748  AJRD debt settled by L3Harris 257  Cash consideration paid 5,005  Less cash acquired (290) Fair value of consideration transferred $ 4,715  We determined the fair value of assets acquired and liabilities assumed by using available market information and various valuation methods that require judgement related to estimates. Our preliminary fair value estimates and assumptions to measure the assets acquired and liabilities assumed were subject to change as we obtained additional information during the measurement period. We completed our accounting for the acquisition during the quarter ended September 27, 2024. The following table summarizes the preliminary allocation of the fair value of consideration transferred to assets acquired and liabilities assumed as of the acquisition date and the adjustments recognized during the measurement period: (In millions) Preliminary as of July 28, 2023 Measurement Period Adjustments, Net(1) Final as of September 27, 2024 Receivables $ 156  $ —  $ 156  Contract assets 338  (137) 201  Inventories, net 14  —  14  Income taxes receivable 3  2  5  Other current assets 114  19  133  Property, plant and equipment 574  10  584  Goodwill 2,348  554  2,902  Intangible assets 2,860  —  2,860  Other non-current assets 609  66  675  Total assets acquired $ 7,016  $ 514  $ 7,530  Current portion of long-term debt, net $ 1  $ —  $ 1  Accounts payable 145  —  145  Contract liabilities 310  152  462  Compensation and benefits 116  1  117  Income taxes payable 6  (3) 3  Other current liabilities 278  390  668  Long-term debt, net 41  —  41  Deferred income taxes 398  (52) 346  Other long-term liabilities 1,006  26  1,032  Total liabilities assumed $ 2,301  $ 514  $ 2,815  Fair value of consideration transferred $ 4,715  $ —  $ 4,715  _______________ (1)Fair value adjustments during the measurement period primarily related to EAC updates for circumstances existing at the acquisition date, including updates to the forward loss provision and off-market customer contract reserve described below, refinements to the fair value of fixed assets, as well as corresponding adjustments to the deferred tax liability account which was partially offset by the release of a portion of the uncertain tax position previously recorded by AJRD. Intangible Assets. All finite-lived intangible assets identified in the AJRD acquisition are subject to amortization. The fair value and weighted-average amortization period of identifiable intangible assets acquired as of the acquisition date are as follows: Total Useful Lives (In millions) (In Years) Customer relationships: Backlog $ 355  3 Government programs 2,385  15 - 20 Total customer relationships 2,740  Trade names 120  15 Total identifiable intangible assets acquired $ 2,860  The fair value of intangible assets is estimated using the relief from royalty method for the acquired trade names and the multi-period excess earnings method for the acquired customer relationships. Both of these level 3 fair value methods are income-based valuation approaches, which require judgment to estimate appropriate discount rates, royalty rates related to the trade names intangible assets, revenue growth attributable to the intangible assets and remaining useful lives. Forward Loss Provision. We have recorded a forward loss provision of $363 million which was included in the “Other current liabilities” line item in our Condensed Consolidated Balance Sheet. Since the completion of the acquisition of AJRD, we have undertaken significant operational efforts to further understand the root cause of identified preexisting manufacturing and supply chain challenges resulting in delivery delays, primarily related to certain Missile Solutions programs. We have identified operational activities necessary to remedy these challenges and inefficiencies and the incremental costs required as compared to its initial estimates and actual costs incurred. The incremental forward loss provisions relate to the increased cost estimates of labor and material to remedy the underlying preexisting technical and supply chain challenges. These cost increases impacted both cost-plus and fixed-price contracts in proportions that are consistent with the ratio of the overall AJRD revenue by contract type. The forward loss provisions will be recognized as a reduction to cost of sales as we incur actual costs associated with these estimates in satisfying the associated performance obligations. There will be no net impact on our Condensed Consolidated Statement of Operations. We recognized $46 million and $107 million of amortization related to the forward loss provision in the quarter and three quarters ended September 27, 2024, respectively. Off-market Customer Contracts. We have identified certain customer contractual obligations as of the acquisition date with economic returns that are higher or lower than could be realized in market transactions and have recorded assets or liabilities for the acquisition date fair value of the off-market components. The acquisition date fair value of the off-market components is a net liability of $183 million, consisting of $48 million and $135 million included in the “Other current liabilities” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet, respectively, and excludes any amounts already recognized in forward loss provisions (see discussion in the preceding paragraph). Additional provisions to off-market customer contracts relate to labor and material cost increases primarily associated with supply chain and manufacturing challenges and inefficiencies. These cost increases impacted both cost-plus and fixed-price contracts in proportions that are consistent with the ratio of the overall AJRD revenue by contract type. We measured the fair value of these components as the amount by which the terms of the contract with the customer deviates from the terms that a market participant could have achieved at the acquisition date. The off-market components of these contracts will be recognized as an increase to revenue as we incur costs to satisfy the associated performance obligations. We recognized $12 million and $42 million of amortization related to off-market contract liabilities in the quarter and three quarters ended September 27, 2024, respectively. Goodwill. The $2,902 million of goodwill recognized is attributable to AJRD’s market presence as one of the two primary providers of advanced propulsion and power systems for nearly every major U.S. government space and missile program, the assembled workforce and established operating infrastructure. The acquired goodwill is not tax deductible. See Note E: Goodwill and Intangible Assets in these Notes for further information. Financial Results. See Note P: Business Segment Information in these Notes for the AR segment financial results for the quarter and three quarters ended September 27, 2024. Acquisition-Related Costs. Acquisition-related costs have been expensed as incurred and are included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations. In connection with the AJRD acquisition, we recorded transaction and integration costs of $19 million and $63 million for the quarter and three quarters ended September 27, 2024, respectively, and $45 million and $67 million for the quarter and three quarters ended September 29, 2023, respectively Pending Divestiture of Commercial Aviation Solutions (“CAS Disposal Group”) During the quarter ended December 29, 2023, we entered into a definitive agreement to sell our CAS Disposal Group for a cash purchase price of $700 million, with additional contingent consideration of up to $100 million, subject to customary purchase price adjustments and closing conditions as set forth in the agreement. As of September 27, 2024, the fair value less remaining estimated costs to sell of the CAS Disposal Group was $887 million, inclusive of consideration related to noncontrolling interest and accumulated other comprehensive income. Income before income taxes attributable to L3Harris Technologies, Inc. for the quarter and three quarters ended September 27, 2024 was $31 million and $87 million, respectively, and for the quarter and three quarters ended September 29, 2023 was $6 million and $43 million, respectively. The CAS Disposal Group, which is part of our IMS segment, provides integrated aircraft avionics, pilot training and data analytics services for the commercial aviation industry. The transaction is expected to close in fiscal 2024. In connection with the preparation of our financial statements for fiscal 2023, we concluded that goodwill related to the CAS Disposal Group was impaired and we recorded a non-cash impairment charge of $296 million, which is included in the “Impairment of goodwill and other assets” line item in our Consolidated Statement of Operations in our Fiscal 2023 Form 10-K. See Note 6: Goodwill and Intangible Assets in our Fiscal 2023 Form 10-K. Additionally, we recognized a pre-tax loss of $77 million included in the “Asset group and business divestiture-related (losses) gains, net” line item in our Consolidated Statement of Operations in our Fiscal 2023 Form 10-K. During the quarter and three quarters ended September 27, 2024, we recorded an additional valuation allowance due to an increase in the carrying value of the disposal group, and additional remaining estimated costs to sell which resulted in additional pre-tax losses of $29 million and of $44 million, respectively, inclusive of amounts attributable to noncontrolling interest. The pre-tax losses and the amount attributable to noncontrolling interest, after tax, are included in the “General and administrative expenses” and “Noncontrolling interests, net of income taxes” line items, respectively, in our Condensed Consolidated Statement of Operations for the quarter and three quarters ended September 27, 2024. The carrying amounts of assets and liabilities of the CAS Disposal Group classified as held for sale in our Condensed Consolidated Balance Sheet were as follows: (In millions) September 27, 2024 December 29, 2023 Receivables, net $ 96  $ 80  Contract assets 60  43  Inventories, net 158  145  Other current assets 22  33  Property, plant and equipment, net 48  41  Goodwill 536  534  Intangible assets, net 264  263  Other non-current assets 49  40  Valuation allowance (103) (73) Total assets held for sale $ 1,130  $ 1,106  Current portion of long-term debt $ 1  $ —  Accounts payable 88  111  Contract liabilities 43  48  Compensation and benefits 7  11  Other current liabilities 38  38  Long-term debt, net 3  —  Other long-term liabilities 63  64  Total liabilities held for sale $ 243  $ 272  Divestiture of Antenna Disposal Group On May 31, 2024, we completed the divestiture of our Antenna Disposal Group, which provides a variety of airborne and ground-based antennas and test equipment, to Kanders & Company, Inc. for net cash proceeds of $166 million (after selling costs and purchase price adjustments) and a $25 million note receivable, included in the Other non-current assets line item in our Condensed Consolidated Balance Sheet at September 27, 2024. The carrying amounts of assets and liabilities included in the Antenna Disposal Group sale on May 31, 2024 were $265 million and $65 million, respectively. During the quarter ended June 28, 2024, $93 million of goodwill was assigned to the Antenna Disposal Group on a relative fair value basis. In connection with the preparation of our financial statements for the quarter ended June 28, 2024, we tested goodwill assigned to the Antenna Disposal Group and goodwill assigned to the retained businesses of the SAS reporting unit for impairment and concluded that goodwill related to the Antenna Disposal Group was impaired. As a result, we recorded a non-cash charge for impairment of $14 million included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations for the three quarters ended September 27, 2024. In connection with the sale, we recognized a pre-tax loss of $9 million included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations for the three quarters ended September 27, 2024. The operating results of the Antenna Disposal Group were reported in our SAS segment through the date of divestiture. Divestiture of Visual Information Solutions (“VIS”) On April 6, 2023, we completed the sale of VIS for a sale price of $70 million and recognized a pre-tax gain of $26 million included in the “General and administrative expenses” line item in our Consolidated Statement of Operations for the fiscal year ended December 29, 2023 in our Fiscal 2023 Form 10-K. After selling costs and purchase price adjustments, the net cash proceeds for the sale of VIS were $71 million. The operating results of VIS were reported in the SAS segment through the date of divestiture. Fair Value of Businesses For purposes of allocating goodwill to the disposal groups that represent a portion of a reporting unit, we determine the fair value of each disposal group based on the respective negotiated selling price, and the fair value of the retained businesses of the respective reporting unit based on a combination of market-based and income-based valuation techniques, utilizing quoted market prices, comparable publicly reported transactions and projected discounted cash flows. These fair value determinations are categorized as level 3 in the fair value hierarchy due to their use of internal projections and unobservable measurement inputs. See Note K: Fair Value Measurements in these Notes for additional information.

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Sep. 27, 2024
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	NOTE P: BUSINESS SEGMENT INFORMATION We structure our operations primarily around the products, systems and services we sell and the markets we serve and report our financial results in the following four reportable segments: •SAS: including satellite space payloads, sensors and full-mission solutions; classified intelligence and cyber; avionics; electronic warfare systems; and mission networks for FAA mission-critical safety of flight; •IMS: including multi-mission intelligence, surveillance and reconnaissance (“ISR”) systems; passive sensing and targeting; electronic attack platforms; autonomy; power and communications; networks; sensors; and the CAS Disposal Group, which includes aviation products and pilot training operations, see Note O: Acquisitions and Divestitures; •CS: including tactical communications with global communications solutions; broadband communications; integrated vision solutions; and public safety radios, system applications and equipment; and •AR: including missile solutions with propulsion technologies for strategic defense, missile defense, and hypersonic and tactical systems; and space propulsion and power systems for national security space and exploration missions. Business Segment Financial Information Segment revenue, segment operating income and a reconciliation of segment operating income to total income before income taxes were as follows: Quarter Ended Three Quarters Ended (In millions) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Revenue SAS $ 1,683  $ 1,686  $ 5,141  $ 5,056  IMS 1,671  1,568  5,069  5,003  CS 1,382  1,255  4,022  3,707  AR 596  455  1,719  455  Corporate eliminations (40) (49) (149) (142) Total revenue $ 5,292  $ 4,915  $ 15,802  $ 14,079  Income before Income Taxes Operating income: SAS $ 195  $ 210  $ 626  $ 565  IMS 204  187  600  534  CS 359  282  998  873  AR 75  56  222  56  Total segment 833  735  2,446  2,028  Total unallocated corporate expenses (338) (256) (1,097) (756) Total operating income 495  479  1,349  1,272  Non-service FAS pension income and other, net 101  80  275  245  Interest expense, net (166) (159) (514) (372) Income before income taxes $ 430  $ 400  $ 1,110  $ 1,145  Unallocated Corporate Expenses. Total unallocated corporate expenses include corporate items such as a portion of management and administration, legal, environmental, compensation, retiree benefits, other corporate expenses and eliminations and the FAS/Cost Accounting Standards (“CAS”) operating adjustment. Total unallocated corporate expenses also include the portion of corporate costs not included in management’s evaluation of segment operating performance, such as amortization of acquisition-related intangibles; additional cost of revenue related to the fair value step-up in inventory sold; merger, acquisition, and divestiture-related expenses; asset group and business divestiture-related (losses) gains, net and any related impairment of goodwill; impairment of other assets; LHX NeXt implementation costs; and other items. FAS/CAS Operating Adjustment. In accordance with CAS, we allocate a portion of pension and OPEB plan costs to our U.S. Government contracts. However, our Condensed Consolidated Financial Statements require pension and OPEB plan income or expense to be calculated in accordance with FAS requirements under GAAP. The “FAS/CAS operating adjustment” line item in the table below represents the difference between the service cost component of net periodic benefit income under our pension and OPEB plans and total CAS pension and OPEB cost. The table below is a reconciliation of the FAS/CAS operating adjustment: Quarter Ended Three Quarters Ended (In millions) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 FAS pension service cost $ (8) $ (10) $ (26) $ (23) Less: CAS pension cost (15) (37) (46) (95) FAS/CAS operating adjustment $ 7  $ 27  $ 20  $ 72  Disaggregation of Revenue We disaggregate revenue for all four business segments by customer relationship, contract type and geographical region. We believe these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Quarter Ended September 27, 2024 September 29, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 1,008  $ 1,051  $ 977  $ 149  $ 1,081  $ 962  $ 866  $ 113  Subcontractor(1) 663  609  388  447  592  585  374  342  Intersegment 12  11  17  —  13  21  15  —  Total segment $ 1,683  $ 1,671  $ 1,382  $ 596  $ 1,686  $ 1,568  $ 1,255  $ 455  Revenue By Contract Type Fixed-price(2) $ 1,012  $ 1,258  $ 1,146  $ 361  $ 1,039  $ 1,164  $ 1,047  $ 272  Cost-reimbursable 659  402  219  235  634  383  193  183  Intersegment 12  11  17  —  13  21  15  —  Total segment $ 1,683  $ 1,671  $ 1,382  $ 596  $ 1,686  $ 1,568  $ 1,255  $ 455  Revenue By Geographical Region United States $ 1,484  $ 1,217  $ 975  $ 584  $ 1,478  $ 1,141  $ 874  $ 443  International 187  443  390  12  195  406  366  12  Intersegment 12  11  17  —  13  21  15  —  Total segment $ 1,683  $ 1,671  $ 1,382  $ 596  $ 1,686  $ 1,568  $ 1,255  $ 455  Three Quarters Ended September 27, 2024 September 29, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 3,192  $ 3,214  $ 2,805  $ 457  $ 3,175  $ 3,243  $ 2,471  $ 113  Subcontractor(1) 1,909  1,799  1,164  1,262  1,845  1,694  1,196  342  Intersegment 40  56  53  —  36  66  40  —  Total segment $ 5,141  $ 5,069  $ 4,022  $ 1,719  $ 5,056  $ 5,003  $ 3,707  $ 455  Revenue By Contract Type Fixed-price(2) $ 3,192  $ 3,876  $ 3,329  $ 1,007  $ 3,160  $ 3,767  $ 3,127  $ 272  Cost-reimbursable 1,909  1,137  640  712  1,860  1,170  540  183  Intersegment 40  56  53  —  36  66  40  —  Total segment $ 5,141  $ 5,069  $ 4,022  $ 1,719  $ 5,056  $ 5,003  $ 3,707  $ 455  Revenue By Geographical Region United States $ 4,479  $ 3,683  $ 2,786  $ 1,682  $ 4,407  $ 3,679  $ 2,499  $ 443  International 622  1,330  1,183  37  613  1,258  1,168  12  Intersegment 40  56  53  —  36  66  40  —  Total segment $ 5,141  $ 5,069  $ 4,022  $ 1,719  $ 5,056  $ 5,003  $ 3,707  $ 455  _______________ (1)     Our subcontractor revenues includes products and services to contractors whose customers are the end user. (2)     Includes revenue derived from time-and-materials contracts. Assets by Business Segment Total assets by business segment were as follows: (In millions) September 27, 2024 December 29, 2023 SAS $ 8,836  $ 9,085  IMS 10,932  10,631  CS 6,952  7,084  AR 4,540  4,208  Corporate(1) 10,629  10,679  Total Assets $ 41,889  $ 41,687  _______________ (1)Identifiable intangible assets acquired in connection with business combinations were recorded as corporate assets because they benefited the entire Company. Identifiable intangible asset balances recorded as corporate assets were $7.9 billion and $8.5 billion at September 27, 2024 and December 29, 2023, respectively. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan investments, buildings and equipment, real estate held for development and leasing, as well as any assets of businesses held for sale.

LEGAL PROCEEDINGS AND CONTINGENCIES	9 Months Ended
	Sep. 27, 2024
Legal Proceedings And Contingencies [Abstract]
LEGAL PROCEEDINGS AND CONTINGENCIES	NOTE Q: LEGAL PROCEEDINGS AND CONTINGENCIES In the ordinary course of business, we are routinely defendants in, parties to or otherwise subject to many pending and threatened legal actions, claims, disputes, arbitration and other legal proceedings incident to our business, arising from or related to matters, including but not limited to: product liability; personal injury; patents, trademarks, trade secrets or other intellectual property; labor and employment disputes; commercial or contractual disputes; strategic acquisitions or divestitures; the prior sale or use of former products allegedly containing asbestos or other restricted materials; breach of warranty; or environmental matters. Claimed amounts against us may be substantial, but may not bear any reasonable relationship to the merits of the claim or the extent of any real risk of court or arbitration awards. We record accruals for losses related to those matters against us that we consider to be probable and that can be reasonably estimated. Gain contingencies, if any, are recognized when they are realized and legal costs generally are expensed when incurred. At September 27, 2024, our accrual for the potential resolution of lawsuits, claims or proceedings that we consider probable of being decided unfavorably to us was not material. We cannot at this time estimate the reasonably possible loss or range of loss in excess of our accrual due to the inherent uncertainties and speculative nature of contested proceedings. Although it is not feasible to predict the outcome of these matters with certainty, based on available information, in the opinion of management, settlements, arbitration awards and final judgments, if any, that are considered probable of being rendered against us in litigation or arbitration in existence at September 27, 2024 are reserved against or would not have a material adverse effect on our financial condition, results of operations, cash flows or equity. Environmental Matters We are subject to numerous U.S. Federal, state, local and international environmental laws and regulatory requirements and are involved from time to time in investigations or litigation of various potential environmental issues. We or companies we have acquired, including AJRD, are responsible, or alleged to be responsible, for environmental investigation and/or remediation of multiple sites, including sites owned by us and third-party sites. These sites are in various stages of investigation and/or remediation, and in some cases our liability is considered de minimis. Notices from the U.S. Environmental Protection Agency (“EPA”) or equivalent state or international environmental agencies allege that several sites formerly or currently owned and/or operated by us or companies we have acquired, and other properties or water supplies that may be or have been impacted from those operations, contain disposed or recycled materials or wastes and require environmental investigation and/or remediation. These sites include instances of us or companies we acquired being identified as a potentially responsible party (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (commonly known as the “Superfund Act”), the Resource Conservation Recovery Act and/or equivalent state and international laws, and in some instances, our liability and proportionate share of costs that may be shared among other PRPs have not been determined largely due to uncertainties as to the nature and extent of site conditions and our involvement. Based on an assessment of relevant factors, we estimated that our liability under applicable environmental statutes and regulations for identified sites was $654 million as of September 27, 2024. The current portion of our estimated environmental liability is included in the “Other current liabilities” line item and the non-current portion is included in the “Other long-term liabilities” line item in our Condensed Consolidated Balance Sheet. Some of these environmental costs are eligible for future recovery in the pricing of our products and services to the U.S. government and under existing third party agreements. We consider the recovery probable based on U.S. government contracting regulations and existing third-party agreements. As of September 27, 2024, we had an asset for the recoverable portion of these reserves of $468 million. The current and non-current portion of the recoverable costs are included as a component of the “Other current assets” and “Other non-current assets” line items, respectively, in our Condensed Consolidated Balance Sheet.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Pay vs Performance Disclosure
Net income	$ 400	$ 383	$ 1,049	$ 1,069

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 27, 2024 shares	Sep. 27, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The following table includes the material terms (other than with respect to the price) of each 10b5-1 Plan adopted or terminated by our executive officers and directors during the quarter ended September 27, 2024: Name and title Date of adoption of 10b5-1 Plan(1) Scheduled expiration date of 10b5-1 Plan(2) Aggregate number of shares of common stock to be purchased or sold(3) Christopher E. Kubasik Chair and CEO July 29, 2024 December 30, 2024 Up to 56,624 shares underlying options expiring in 2027 Ross Niebergall President, AR September 12, 2024 January 31, 2025 Up to 14,517 shares, including 3,250 shares underlying options expiring in 2027 _______________ (1) Transactions under each Rule 10b5-1 Plan commence no earlier than 90 days after adoption, or such later date as required by Rule 10b5-1. (2) Each Rule 10b5-1 Plan may expire on such earlier date as all transactions are completed. (3) Each Rule 10b5-1 Plan provides for shares to be sold on multiple predetermined dates.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Christopher E. Kubasik [Member]
Trading Arrangements, by Individual
Name	Christopher E. Kubasik
Title	Chair and CEO
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 29, 2024
Expiration Date	December 30, 2024
Arrangement Duration	154 days
Aggregate Available	56,624	56,624
Ross Niebergall [Member]
Trading Arrangements, by Individual
Name	Ross Niebergall
Title	President, AR
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	January 31, 2025
Arrangement Duration	141 days
Aggregate Available	14,517	14,517

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 27, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these notes to Condensed Consolidated Financial Statements (these “Notes”), the terms “L3Harris,” “Company,” “we,” “our” and “us” refer to L3Harris Technologies, Inc. and its consolidated subsidiaries. Intercompany transactions and accounts have been eliminated. The accompanying Condensed Consolidated Financial Statements have been prepared by L3Harris in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, such interim financial statements do not include all information and footnotes necessary for a complete presentation of financial condition, results of operations, cash flows and equity in conformity with GAAP for annual financial statements and are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period. In the opinion of management, these interim financial statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of our financial condition, results of operations, cash flows and equity for the periods presented therein. The balance sheet at December 29, 2023 has been derived from our audited financial statements, but does not include all of the information and footnotes required by GAAP for annual financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying Condensed Consolidated Financial Statements and these Notes and related disclosures. These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying Condensed Consolidated Financial Statements and these Notes. Materially different results can occur as circumstances change and additional information becomes known.
Reclassifications	Reclassifications The classifications of certain prior year amounts have been adjusted in our Condensed Consolidated Financial Statements and these Notes to conform to current year classifications.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Information on recently issued accounting pronouncements can be found in our Form 10-Q for the quarter ended March 29, 2024.
Earnings Per Share	EPS is net income attributable to L3Harris common shareholders divided by either our weighted average number of basic or diluted shares outstanding. Potential dilutive common shares primarily consist of employee stock options and restricted and performance unit awards.
Fair Value Measurements	Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability in an orderly transaction between market participants at the measurement date. Entities are required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value and to utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows: •Level 1 — Quoted prices in active markets for identical assets or liabilities. •Level 2 — Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means. •Level 3 — Unobservable inputs that are supported by little or no market activity, are significant to the fair value of the assets or liabilities and reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed using the best information available in the circumstances. In certain instances, fair value is estimated using quoted market prices obtained from external pricing services. In obtaining such data from the external pricing services, we have evaluated the methodologies used to develop the estimate of fair value in order to assess whether such valuations are representative of fair value, including net asset value (“NAV”). Additionally, in certain circumstances, the NAV reported by an asset manager may be adjusted when sufficient evidence indicates NAV is not representative of fair value.

EARNINGS PER SHARE ("EPS") (Tables)	9 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The weighted-average number of common shares outstanding used to compute basic and diluted EPS were as follows: Quarter Ended Three Quarters Ended (In millions) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Basic weighted-average common shares outstanding 189.6  189.3  189.7  189.6  Impact of dilutive share-based awards 0.9  0.8  1.0  1.0  Diluted weighted-average common shares outstanding 190.5  190.1  190.7  190.6

CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)	9 Months Ended
	Sep. 27, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Contract Liabilities	Contract assets and contract liabilities are summarized below: (In millions) September 27, 2024 December 29, 2023 Contract assets $ 3,401  $ 3,196  Contract liabilities, current (1,878) (1,900) Contract liabilities, non-current(1) (93) (94) Net contract assets $ 1,430  $ 1,202  _______________ (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.

INVENTORIES, NET (Tables)	9 Months Ended
	Sep. 27, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories, net are summarized below: (In millions) September 27, 2024 December 29, 2023 Finished products $ 238  $ 217  Work in process 375  427  Materials and supplies 786  828  Inventories, net $ 1,399  $ 1,472

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 27, 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) —  —  —  537  537  Impairment of goodwill(2) (14) —  —  —  (14) Goodwill decrease from divestitures(2) (79) —  —  —  (79) Currency translation adjustments 14  (3) (1) —  10  Balance at September 27, 2024 $ 6,031  $ 6,561  $ 4,939  $ 2,902  $ 20,433  _______________ (1)Represents the effect of measurement period adjustments associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) during the three quarters ended September 27, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information. (2)Goodwill allocation and impairment recognized in connection with the Antenna Disposal Group divestiture. See Note O: Acquisitions and Divestitures in these Notes and our Form 10-Q for the quarter ended June 28, 2024 for further information related to the Antenna Disposal Group divestiture and associated goodwill allocation and impairment testing, respectively.
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net are summarized below: September 27, 2024 December 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 8,852  $ (3,290) $ 5,562  $ 8,892  $ (2,733) $ 6,159  Developed technologies 853  (469) 384  856  (413) 443  Trade names 185  (61) 124  185  (50) 135  Other, including contract backlog 3  (2) 1  4  (4) —  Total finite-lived intangible assets 9,893  (3,822) 6,071  9,937  (3,200) 6,737  Trade name — indefinite-lived 1,803  —  1,803  1,803  —  1,803  Total intangible assets, net $ 11,696  $ (3,822) $ 7,874  $ 11,740  $ (3,200) $ 8,540
Schedule of Finite-Lived Intangible Assets	Intangible assets, net are summarized below: September 27, 2024 December 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 8,852  $ (3,290) $ 5,562  $ 8,892  $ (2,733) $ 6,159  Developed technologies 853  (469) 384  856  (413) 443  Trade names 185  (61) 124  185  (50) 135  Other, including contract backlog 3  (2) 1  4  (4) —  Total finite-lived intangible assets 9,893  (3,822) 6,071  9,937  (3,200) 6,737  Trade name — indefinite-lived 1,803  —  1,803  1,803  —  1,803  Total intangible assets, net $ 11,696  $ (3,822) $ 7,874  $ 11,740  $ (3,200) $ 8,540
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future estimated amortization expense for intangible assets is as follows: (In millions) Next 12 months $ 791  Months 13-24 718  Months 25-36 569  Months 37-48 518  Months 49-60 440  Thereafter 3,035  Total $ 6,071

DEBT AND CREDIT ARRANGEMENTS (Tables)	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Net	Long-term debt, net is summarized below: (In millions) September 27, 2024 December 29, 2023 Variable-rate debt: Term loan, due November 21, 2025 (“Term Loan 2025”) $ —  $ 2,250  Fixed-rate debt: 3.95% notes, due May 28, 2024 (“3.95% 2024 Notes”) —  350  3.832% notes, due April 27, 2025 (“3.832% 2025 Notes”) 600  600  7.00% debentures, due January 15, 2026 100  100  3.85% notes, due December 15, 2026 550  550  5.40% notes, due January 15, 2027(1) 1,250  1,250  6.35% debentures, due February 1, 2028 26  26  4.40% notes, due June 15, 2028 1,850  1,850  5.05% notes, due June 1, 2029 (“5.05% 2029 Notes”) 750  —  2.90% notes, due December 15, 2029 400  400  1.80% notes, due January 15, 2031 650  650  5.25% notes, due June 1, 2031 (“5.25% 2031 Notes”) 750  —  5.40% notes, due July 31, 2033(1) 1,500  1,500  5.35% notes, due June 1, 2034 (“5.35% 2034 Notes”) 750  —  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  5.60% notes, due July 31, 2053(1) 500  500  5.50% notes, due August 15, 2054 (“5.50% 2054 Notes”) 600  —  Total variable and fixed-rate debt 11,476  11,226  Financing lease obligations and other debt 300  300  Long-term debt, including the current portion of long-term debt 11,776  11,526  Plus: unamortized bond premium 41  51  Less: unamortized discounts and issuance costs (84) (54) Long-term debt, including the current portion of long-term debt, net 11,733  11,523  Less: current portion of long-term debt, net (640) (363) Total long-term debt, net $ 11,093  $ 11,160  _______________ (1) Collectively, the “AJRD Notes.”

RETIREMENT BENEFITS (Tables)	9 Months Ended
	Sep. 27, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Benefit Income	The following tables provide the components of our net periodic benefit income for our defined benefit plans, including defined benefit pension plans and other postretirement benefit (“OPEB”) plans: Quarter Ended September 27, 2024 September 29, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 8  $ —  $ 10  $ —  Non-operating Interest cost 99  3  100  3  Expected return on plan assets (165) (5) (162) (5) Amortization of net actuarial gain (1) (4) (2) (5) Amortization of prior service credit (7) —  (7) —  Non-service cost periodic benefit income (74) (6) (71) (7) Net periodic benefit income $ (66) $ (6) $ (61) $ (7) Three Quarters Ended September 27, 2024 September 29, 2023 (In millions) Pension Other Benefits Pension Other Benefits Net periodic benefit income Operating Service cost $ 25  $ 1  $ 22  $ 1  Non-operating Interest cost 296  8  283  8  Expected return on plan assets (495) (15) (467) (15) Amortization of net actuarial gain (3) (13) (7) (15) Amortization of prior service (credit) cost (20) 1  (20) 1  Non-service cost periodic benefit income (222) (19) (211) (21) Net periodic benefit income $ (197) $ (18) $ (189) $ (20)

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 27, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Awards Granted, Stock Option and Units	Awards granted to participants under L3Harris SIPs and the weighted-average grant-date fair value per share or unit during the three quarters ended September 27, 2024 and September 29, 2023 were as follows: Three Quarters Ended September 27, 2024 September 29, 2023 (In millions, except per share/units amounts) Shares or Units Weighted-Average Grant-Date Fair Value Per Share or Unit Shares or Units Weighted-Average Grant-Date Fair Value Per Share or Unit Stock option shares granted(1) 0.4  $ 50.99  0.4  $ 54.63  Restricted stock units granted(2) 0.2  $ 214.00  0.3  $ 200.61  Performance share units granted(3) 0.2  $ 230.09  0.2  $ 223.09  _______________ (1)Other than certain stock options granted in connection with new hires, our stock options generally ratably vest in equal amounts over a three-year period. (2)Other than certain restricted stock units granted in connection with new hires, our restricted stock units generally cliff vest after three years. (3)Our performance share units are subject to performance criteria and generally vest after the three-year performance period.

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 27, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents assets and liabilities measured at fair value on a recurring basis in our Condensed Consolidated Balance Sheet: September 27, 2024 December 29, 2023 (In millions) Total Level 1 Total Level 1 Assets Deferred compensation plan assets:(1) Equity and fixed income securities $ 121  $ 121  $ 106  $ 106  Investments measured at NAV: Corporate-owned life insurance 40  37  Total fair value of deferred compensation plan assets $ 161  $ 143  Liabilities Deferred compensation plan liabilities:(2) Equity securities and mutual funds $ 11  $ 11  $ 18  $ 18  Investments measured at NAV: Common/collective trusts and guaranteed investment contracts 338  274  Total fair value of deferred compensation plan liabilities $ 349  $ 292  _______________ (1)Represents diversified assets held in “rabbi trusts” primarily associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet. (2)Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet. Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.
Schedule of Fair Value, Long-term Debt	The following table presents the carrying amounts and estimated fair values of long-term debt that is not carried at fair value in our Condensed Consolidated Balance Sheet: September 27, 2024 December 29, 2023 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Term Loan 2025(1) $ —  $ —  $ 2,250  $ 2,250  All other long-term debt, net (including current portion)(2) 11,733  11,921  9,273  9,199  Long-term debt, including the current portion of long-term debt, net $ 11,733  $ 11,921  $ 11,523  $ 11,449  _______________ (1)The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate. (2)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.

CHANGES IN ESTIMATES (Tables)	9 Months Ended
	Sep. 27, 2024
Change in Accounting Estimate [Abstract]
Schedule of Net Estimated at Completion ("EAC") Adjustments	Net EAC adjustments had the following impact to earnings for the periods presented: Quarter Ended Three Quarters Ended (In millions, except per share amounts) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Net EAC adjustments, before income taxes $ —  $ (10) $ 19  $ (97) Net EAC adjustments, net of income taxes —  (8) 15  (73) Net EAC adjustments, net of income taxes, per diluted share —  (0.04) 0.08  (0.38)

RESTRUCTURING AND OTHER EXIT COSTS (Tables)	9 Months Ended
	Sep. 27, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Other Exit Activities	Changes to our liabilities for restructuring and other exit costs during the three quarters ended September 27, 2024 were as follows: (In millions) Employee Severance Related Costs Balance at December 29, 2023(1) $ 4  Additional provisions(2) 69  Payments (64) Total changes 5  Balance at September 27, 2024(1) $ 9  _______________ (1)Our liabilities, which we expect will be paid in the next twelve months, are included in the “Compensation and benefits” line item in our Condensed Consolidated Balance Sheet. (2)Included as a component of the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations.

ACQUISITIONS AND DIVESTITURES (Tables)	9 Months Ended
	Sep. 27, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Business Acquisitions Consideration Transferred	As of the acquisition date, the fair value of consideration transferred consisted of the following: (In millions) July 28, 2023 Cash consideration paid for AJRD outstanding common stock & equity awards $ 4,748  AJRD debt settled by L3Harris 257  Cash consideration paid 5,005  Less cash acquired (290) Fair value of consideration transferred $ 4,715
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of the fair value of consideration transferred to assets acquired and liabilities assumed as of the acquisition date and the adjustments recognized during the measurement period: (In millions) Preliminary as of July 28, 2023 Measurement Period Adjustments, Net(1) Final as of September 27, 2024 Receivables $ 156  $ —  $ 156  Contract assets 338  (137) 201  Inventories, net 14  —  14  Income taxes receivable 3  2  5  Other current assets 114  19  133  Property, plant and equipment 574  10  584  Goodwill 2,348  554  2,902  Intangible assets 2,860  —  2,860  Other non-current assets 609  66  675  Total assets acquired $ 7,016  $ 514  $ 7,530  Current portion of long-term debt, net $ 1  $ —  $ 1  Accounts payable 145  —  145  Contract liabilities 310  152  462  Compensation and benefits 116  1  117  Income taxes payable 6  (3) 3  Other current liabilities 278  390  668  Long-term debt, net 41  —  41  Deferred income taxes 398  (52) 346  Other long-term liabilities 1,006  26  1,032  Total liabilities assumed $ 2,301  $ 514  $ 2,815  Fair value of consideration transferred $ 4,715  $ —  $ 4,715  _______________ (1)Fair value adjustments during the measurement period primarily related to EAC updates for circumstances existing at the acquisition date, including updates to the forward loss provision and off-market customer contract reserve described below, refinements to the fair value of fixed assets, as well as corresponding adjustments to the deferred tax liability account which was partially offset by the release of a portion of the uncertain tax position previously recorded by AJRD.
Schedule of Identifiable Intangible Assets Acquired	The fair value and weighted-average amortization period of identifiable intangible assets acquired as of the acquisition date are as follows: Total Useful Lives (In millions) (In Years) Customer relationships: Backlog $ 355  3 Government programs 2,385  15 - 20 Total customer relationships 2,740  Trade names 120  15 Total identifiable intangible assets acquired $ 2,860
Schedule of Business Divestitures and Asset Sales	The carrying amounts of assets and liabilities of the CAS Disposal Group classified as held for sale in our Condensed Consolidated Balance Sheet were as follows: (In millions) September 27, 2024 December 29, 2023 Receivables, net $ 96  $ 80  Contract assets 60  43  Inventories, net 158  145  Other current assets 22  33  Property, plant and equipment, net 48  41  Goodwill 536  534  Intangible assets, net 264  263  Other non-current assets 49  40  Valuation allowance (103) (73) Total assets held for sale $ 1,130  $ 1,106  Current portion of long-term debt $ 1  $ —  Accounts payable 88  111  Contract liabilities 43  48  Compensation and benefits 7  11  Other current liabilities 38  38  Long-term debt, net 3  —  Other long-term liabilities 63  64  Total liabilities held for sale $ 243  $ 272

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 27, 2024
Segment Reporting [Abstract]
Schedule of Selected Financial Information by Business Segments	Segment revenue, segment operating income and a reconciliation of segment operating income to total income before income taxes were as follows: Quarter Ended Three Quarters Ended (In millions) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Revenue SAS $ 1,683  $ 1,686  $ 5,141  $ 5,056  IMS 1,671  1,568  5,069  5,003  CS 1,382  1,255  4,022  3,707  AR 596  455  1,719  455  Corporate eliminations (40) (49) (149) (142) Total revenue $ 5,292  $ 4,915  $ 15,802  $ 14,079  Income before Income Taxes Operating income: SAS $ 195  $ 210  $ 626  $ 565  IMS 204  187  600  534  CS 359  282  998  873  AR 75  56  222  56  Total segment 833  735  2,446  2,028  Total unallocated corporate expenses (338) (256) (1,097) (756) Total operating income 495  479  1,349  1,272  Non-service FAS pension income and other, net 101  80  275  245  Interest expense, net (166) (159) (514) (372) Income before income taxes $ 430  $ 400  $ 1,110  $ 1,145  The table below is a reconciliation of the FAS/CAS operating adjustment: Quarter Ended Three Quarters Ended (In millions) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 FAS pension service cost $ (8) $ (10) $ (26) $ (23) Less: CAS pension cost (15) (37) (46) (95) FAS/CAS operating adjustment $ 7  $ 27  $ 20  $ 72
Schedule of Disaggregation of Revenue by Segment	Disaggregation of Revenue We disaggregate revenue for all four business segments by customer relationship, contract type and geographical region. We believe these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Quarter Ended September 27, 2024 September 29, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 1,008  $ 1,051  $ 977  $ 149  $ 1,081  $ 962  $ 866  $ 113  Subcontractor(1) 663  609  388  447  592  585  374  342  Intersegment 12  11  17  —  13  21  15  —  Total segment $ 1,683  $ 1,671  $ 1,382  $ 596  $ 1,686  $ 1,568  $ 1,255  $ 455  Revenue By Contract Type Fixed-price(2) $ 1,012  $ 1,258  $ 1,146  $ 361  $ 1,039  $ 1,164  $ 1,047  $ 272  Cost-reimbursable 659  402  219  235  634  383  193  183  Intersegment 12  11  17  —  13  21  15  —  Total segment $ 1,683  $ 1,671  $ 1,382  $ 596  $ 1,686  $ 1,568  $ 1,255  $ 455  Revenue By Geographical Region United States $ 1,484  $ 1,217  $ 975  $ 584  $ 1,478  $ 1,141  $ 874  $ 443  International 187  443  390  12  195  406  366  12  Intersegment 12  11  17  —  13  21  15  —  Total segment $ 1,683  $ 1,671  $ 1,382  $ 596  $ 1,686  $ 1,568  $ 1,255  $ 455  Three Quarters Ended September 27, 2024 September 29, 2023 (In millions) SAS IMS CS AR SAS IMS CS AR Revenue By Customer Relationship Prime contractor $ 3,192  $ 3,214  $ 2,805  $ 457  $ 3,175  $ 3,243  $ 2,471  $ 113  Subcontractor(1) 1,909  1,799  1,164  1,262  1,845  1,694  1,196  342  Intersegment 40  56  53  —  36  66  40  —  Total segment $ 5,141  $ 5,069  $ 4,022  $ 1,719  $ 5,056  $ 5,003  $ 3,707  $ 455  Revenue By Contract Type Fixed-price(2) $ 3,192  $ 3,876  $ 3,329  $ 1,007  $ 3,160  $ 3,767  $ 3,127  $ 272  Cost-reimbursable 1,909  1,137  640  712  1,860  1,170  540  183  Intersegment 40  56  53  —  36  66  40  —  Total segment $ 5,141  $ 5,069  $ 4,022  $ 1,719  $ 5,056  $ 5,003  $ 3,707  $ 455  Revenue By Geographical Region United States $ 4,479  $ 3,683  $ 2,786  $ 1,682  $ 4,407  $ 3,679  $ 2,499  $ 443  International 622  1,330  1,183  37  613  1,258  1,168  12  Intersegment 40  56  53  —  36  66  40  —  Total segment $ 5,141  $ 5,069  $ 4,022  $ 1,719  $ 5,056  $ 5,003  $ 3,707  $ 455  _______________ (1)     Our subcontractor revenues includes products and services to contractors whose customers are the end user. (2)     Includes revenue derived from time-and-materials contracts.
Schedule of Total Assets by Segment	Total assets by business segment were as follows: (In millions) September 27, 2024 December 29, 2023 SAS $ 8,836  $ 9,085  IMS 10,932  10,631  CS 6,952  7,084  AR 4,540  4,208  Corporate(1) 10,629  10,679  Total Assets $ 41,889  $ 41,687  _______________ (1)Identifiable intangible assets acquired in connection with business combinations were recorded as corporate assets because they benefited the entire Company. Identifiable intangible asset balances recorded as corporate assets were $7.9 billion and $8.5 billion at September 27, 2024 and December 29, 2023, respectively. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan investments, buildings and equipment, real estate held for development and leasing, as well as any assets of businesses held for sale.

EARNINGS PER SHARE ("EPS") (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Earnings Per Share [Abstract]
Basic weighted-average common shares outstanding (in shares)	189.6	189.3	189.7	189.6
Impact of dilutive share-based awards (in shares)	0.9	0.8	1.0	1.0
Diluted weighted average common shares outstanding (in shares)	190.5	190.1	190.7	190.6
Weighted average anti-dilutive employee stock options outstanding (in shares)	1.0		2.7	2.0

CONTRACT ASSETS AND CONTRACT LIABILITIES - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 3,401	$ 3,196
Contract liabilities, current	(1,878)	(1,900)
Contract liabilities, non-current	(93)	(94)
Net contract assets	$ 1,430	$ 1,202

CONTRACT ASSETS AND CONTRACT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Revenue from Contract with Customer [Abstract]
Recognized revenue related to contract liabilities outstanding at the end of the year	$ 193	$ 223	$ 1,241	$ 1,121

INVENTORIES, NET (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Inventory Disclosure [Abstract]
Finished products	$ 238	$ 217
Work in process	375	427
Materials and supplies	786	828
Inventories, net	$ 1,399	$ 1,472

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 27, 2024 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 19,979
Goodwill from AJRD acquisition	537
Impairment of goodwill	(14)
Goodwill decrease from divestitures(2)	(79)
Currency translation adjustments	10
Ending Balance	20,433
SAS
Goodwill [Roll Forward]
Beginning Balance	6,110
Impairment of goodwill	(14)
Goodwill decrease from divestitures(2)	(79)
Currency translation adjustments	14
Ending Balance	6,031
IMS
Goodwill [Roll Forward]
Beginning Balance	6,564
Impairment of goodwill	0
Goodwill decrease from divestitures(2)	0
Currency translation adjustments	(3)
Ending Balance	6,561
CS
Goodwill [Roll Forward]
Beginning Balance	4,940
Impairment of goodwill	0
Goodwill decrease from divestitures(2)	0
Currency translation adjustments	(1)
Ending Balance	4,939
AR
Goodwill [Roll Forward]
Beginning Balance	2,365
Goodwill from AJRD acquisition	537
Impairment of goodwill	0
Goodwill decrease from divestitures(2)	0
Currency translation adjustments	0
Ending Balance	$ 2,902

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Dec. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 210	$ 208	$ 642	$ 546
SAS
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	80		80		$ 80
IMS
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	1,126		1,126		1,126
CS
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	355		355		355
AR
Finite-Lived Intangible Assets [Line Items]
Accumulated goodwill impairment loss	$ 0		$ 0		$ 0

GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,893	$ 9,937
Total intangibles, gross carrying amount	11,696	11,740
Accumulated Amortization	(3,822)	(3,200)
Net Carrying Amount	6,071	6,737
Total intangible assets, net	7,874	8,540
Trade names
Finite-Lived Intangible Assets [Line Items]
Trade name - indefinite-lived	1,803	1,803
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,852	8,892
Accumulated Amortization	(3,290)	(2,733)
Net Carrying Amount	5,562	6,159
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	853	856
Accumulated Amortization	(469)	(413)
Net Carrying Amount	384	443
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	185	185
Accumulated Amortization	(61)	(50)
Net Carrying Amount	124	135
Other, including contract backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3	4
Accumulated Amortization	(2)	(4)
Net Carrying Amount	$ 1	$ 0

GOODWILL AND INTANGIBLE ASSETS - Future Amortization Expense (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Next 12 months	$ 791
Months 13-24	718
Months 25-36	569
Months 37-48	518
Months 49-60	440
Thereafter	3,035
Net Carrying Amount	$ 6,071	$ 6,737

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation (percent)	6.00%	4.50%	4.90%	6.40%

DEBT AND CREDIT ARRANGEMENTS - Long-term Debt, Net (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Debt Instrument [Line Items]
Debt	$ 11,476	$ 11,226
Financing lease obligations and other debt	300	300
Long-term debt, including the current portion of long-term debt	11,776	11,526
Plus: unamortized bond premium	41	51
Less: unamortized discounts and issuance costs	(84)	(54)
Long-term debt, including the current portion of long-term debt, net	11,733	11,523
Less: current portion of long-term debt, net	(640)	(363)
Total long-term debt, net	11,093	11,160
Line of Credit | Term loan, due November 21, 2025 (“Term Loan 2025”) | Secured Debt
Debt Instrument [Line Items]
Debt	$ 0	2,250
Fixed-rate debt | 3.95% notes, due May 28, 2024 (“3.95% 2024 Notes”)
Debt Instrument [Line Items]
Debt interest rate	3.95%
Debt	$ 0	350
Fixed-rate debt | 3.832% notes, due April 27, 2025 (“3.832% 2025 Notes”)
Debt Instrument [Line Items]
Debt interest rate	3.832%
Debt	$ 600	600
Fixed-rate debt | 7.00% debentures, due January 15, 2026
Debt Instrument [Line Items]
Debt interest rate	7.00%
Debt	$ 100	100
Fixed-rate debt | 3.85% notes, due December 15, 2026
Debt Instrument [Line Items]
Debt interest rate	3.85%
Debt	$ 550	550
Fixed-rate debt | 5.40% notes, due January 15, 2027 (“5.40% 2027 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.40%
Debt	$ 1,250	1,250
Fixed-rate debt | 6.35% debentures, due February 1, 2028
Debt Instrument [Line Items]
Debt interest rate	6.35%
Debt	$ 26	26
Fixed-rate debt | 4.40% notes, due June 15, 2028
Debt Instrument [Line Items]
Debt interest rate	4.40%
Debt	$ 1,850	1,850
Fixed-rate debt | 5.05% notes, due June 1, 2029 (“5.05% 2029 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.05%
Debt	$ 750	0
Fixed-rate debt | 2.90% notes, due December 15, 2029
Debt Instrument [Line Items]
Debt interest rate	2.90%
Debt	$ 400	400
Fixed-rate debt | 1.80% notes, due January 15, 2031
Debt Instrument [Line Items]
Debt interest rate	1.80%
Debt	$ 650	650
Fixed-rate debt | 5.25% notes, due June 1, 2031 (“5.25% 2031 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.25%
Debt	$ 750	0
Fixed-rate debt | 5.40% notes, due July 31, 2033 (“5.40% 2033 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.40%
Debt	$ 1,500	1,500
Fixed-rate debt | 5.35% notes, due June 1, 2034 (“5.35% 2034 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.35%
Debt	$ 750	0
Fixed-rate debt | 4.854% notes, due April 27, 2035
Debt Instrument [Line Items]
Debt interest rate	4.854%
Debt	$ 400	400
Fixed-rate debt | 6.15% notes, due December 15, 2040
Debt Instrument [Line Items]
Debt interest rate	6.15%
Debt	$ 300	300
Fixed-rate debt | 5.054% notes, due April 27, 2045
Debt Instrument [Line Items]
Debt interest rate	5.054%
Debt	$ 500	500
Fixed-rate debt | 5.60% notes, due July 31, 2053 (“5.60% 2053 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.60%
Debt	$ 500	500
Fixed-rate debt | 5.50% notes, due August 15, 2054 (“5.50% 2054 Notes”)
Debt Instrument [Line Items]
Debt interest rate	5.50%
Debt	$ 600	$ 0

DEBT AND CREDIT ARRANGEMENTS - Narrative (Details) - USD ($) $ in Millions					3 Months Ended
	Mar. 14, 2024	Jan. 26, 2024	Jan. 25, 2024	Jul. 29, 2022	Jun. 28, 2024	Sep. 27, 2024	Aug. 02, 2024	Mar. 13, 2024	Dec. 29, 2023
Debt Instrument [Line Items]
Debt						$ 11,476			$ 11,226
Short-term debt						1,177			1,602
Commercial Paper
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,000	$ 3,900
Short-term debt						$ 1,200			$ 1,600
Debt, weighted average interest rate						5.32%			5.95%
Maximum | Commercial Paper
Debt Instrument [Line Items]
Debt instrument term		397 days
2024 Notes | Fixed-rate debt
Debt Instrument [Line Items]
Debt issued								$ 2,250
Debt issuance costs								$ 20
Term loan, due November 21, 2025 (“Term Loan 2025”) | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Debt						$ 0			$ 2,250
Repayments of long-term debt	$ 2,250
Variable interest rate	6.70%
5.50% notes, due August 15, 2054 (“5.50% 2054 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt issued							$ 600
Debt						$ 600			0
Debt issuance costs							$ 7
Debt interest rate percentage						5.50%
5.05% notes, due June 1, 2029 (“5.05% 2029 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt						$ 750			0
Debt interest rate percentage						5.05%
5.35% notes, due June 1, 2034 (“5.35% 2034 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt						$ 750			0
Debt interest rate percentage						5.35%
3.95% notes, due May 28, 2024 (“3.95% 2024 Notes”) | Fixed-rate debt
Debt Instrument [Line Items]
Debt						$ 0			$ 350
Repayments of long-term debt					$ 350
Debt interest rate percentage						3.95%
2024 Credit Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,500
Debt instrument term		364 days
Credit Agreement 2024 | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument, maturity extension term		1 year
Credit Agreement 2024 | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Short-term debt						$ 0
Available borrowing capacity						2,300
2023 Credit Agreement | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 2,400
Debt instrument term			364 days
2022 Credit Agreement | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Debt instrument term				5 years
2022 Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 2,000
Short-term debt						0
Available borrowing capacity						$ 2,300

RETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Pension
Operating
Service cost	$ 8	$ 10	$ 25	$ 22
Non-operating
Interest cost	99	100	296	283
Expected return on plan assets	(165)	(162)	(495)	(467)
Amortization of net actuarial gain	(1)	(2)	(3)	(7)
Amortization of prior service (credit) cost	(7)	(7)	(20)	(20)
Non-service cost periodic benefit income	(74)	(71)	(222)	(211)
Net periodic benefit income	(66)	(61)	(197)	(189)
Other Benefits
Operating
Service cost	0	0	1	1
Non-operating
Interest cost	3	3	8	8
Expected return on plan assets	(5)	(5)	(15)	(15)
Amortization of net actuarial gain	(4)	(5)	(13)	(15)
Amortization of prior service (credit) cost	0	0	1	1
Non-service cost periodic benefit income	(6)	(7)	(19)	(21)
Net periodic benefit income	$ (6)	$ (7)	$ (18)	$ (20)

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024 USD ($) plan shares	Sep. 29, 2023 USD ($) shares	Sep. 27, 2024 USD ($) plan shares	Sep. 29, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholder approved employee stock incentive plans | plan	3		3
L3Harris Shareholder-approved Employee Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense | $	$ 23	$ 22	$ 76	$ 67
Common stock issued, net of shares withheld for tax purposes (in shares) | shares	0.4	0.1	1.2	0.5

STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION - Summary of Awards Granted (Details) - $ / shares shares in Millions	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Stock Options
Shares
Stock option shares granted (in shares)	0.4	0.4
Weighted Average Grant Date Fair Value Per Share [Abstract]
Stock option shares granted (in dollars per share)	$ 50.99	$ 54.63
Award vesting period	3 years
Restricted Stock and Restricted Stock Units
Shares
Equity instruments other than options granted (in shares)	0.2	0.3
Weighted Average Grant Date Fair Value Per Share [Abstract]
Equity instruments other than options granted (in dollars per share)	$ 214.00	$ 200.61
Award vesting period	3 years
Performance Share Units
Shares
Equity instruments other than options granted (in shares)	0.2	0.2
Weighted Average Grant Date Fair Value Per Share [Abstract]
Equity instruments other than options granted (in dollars per share)	$ 230.09	$ 223.09
Award vesting period	3 years

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL") - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Jun. 28, 2024	Dec. 29, 2023	Jun. 30, 2023	Dec. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (19,062)	$ (18,716)	$ (19,062)	$ (18,716)		$ (18,829)
Other comprehensive income (loss) recognized during the period	48	(48)	27	(4)
Reclassification adjustments for gains included in net income	8	10	23	29
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 194	$ 321	194	321	$ 234	$ 198	$ 263	$ 288
Other comprehensive income (loss) recognized during the period			$ 27	$ (4)

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	$ 11,733	$ 11,523
Carrying Amount | Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	0	2,250
Carrying Amount | All other long-term debt, net (including current portion)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	11,733	9,273
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	161	143
Fair value of deferred compensation plan liabilities	349	292
Fair Value | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	11,921	11,449
Fair Value | Fair Value | Term Loan 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	0	2,250
Fair Value | Fair Value | All other long-term debt, net (including current portion)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, including the current portion of long-term debt, net	11,921	9,199
Equity securities and mutual funds | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan liabilities	11	18
Equity securities and mutual funds | Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan liabilities	11	18
Common/collective trusts and guaranteed investment contracts | Fair Value | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan liabilities	338	274
Equity and fixed income securities | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	121	106
Equity and fixed income securities | Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	121	106
Corporate-owned life insurance | Fair Value | Investments Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of deferred compensation plan assets	$ 40	$ 37

CHANGES IN ESTIMATES (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Change in Accounting Estimate [Line Items]
Net EAC adjustments, before income taxes	$ 495	$ 479	$ 1,349	$ 1,272
Revenue recognized from performance obligations satisfied in previous periods	48	28	135	97
Contracts Accounted for under Percentage of Completion
Change in Accounting Estimate [Line Items]
Net EAC adjustments, before income taxes	0	(10)	19	(97)
Net EAC adjustments, net of income taxes	$ 0	$ (8)	$ 15	$ (73)
Net EAC adjustments, net of income taxes, per diluted share (in dollars per share)	$ 0	$ (0.04)	$ 0.08	$ (0.38)

BACKLOG (Details) $ in Billions	Sep. 27, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Backlog	$ 33.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	45.00%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	25.00%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-09-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction period

RESTRUCTURING AND OTHER EXIT COSTS - Summary of Restructuring and Other Exit Activities (Details) - Employee Severance Related Costs $ in Millions	9 Months Ended
	Sep. 27, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 29, 2023	$ 4
Additional provisions	69
Payments	(64)
Total changes	5
Balance at September 27, 2024	$ 9

ACQUISITIONS AND DIVESTITURES - Acquisition of AJRD - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jul. 28, 2023	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Dec. 29, 2023
Business Acquisition [Line Items]
Goodwill		$ 20,433		$ 20,433		$ 19,979
Aerojet Rocketdyne Holdings, Inc.
Business Acquisition [Line Items]
Business acquisition, percentage of ownership	100.00%
Business combination, consideration transferred	$ 4,715
Provision for loss on customer contracts		363		363
Loss provision amortization expense		46		107
Liabilities assumed		183		183
Revenue from amortization of off-market contract liability		12		42
Goodwill	$ 2,348	2,902		2,902
Acquisition related costs		19	$ 45	63	$ 67
Aerojet Rocketdyne Holdings, Inc. | Other Accrued Liabilities
Business Acquisition [Line Items]
Liabilities assumed		48		48
Aerojet Rocketdyne Holdings, Inc. | Other Noncurrent Liabilities
Business Acquisition [Line Items]
Liabilities assumed		$ 135		$ 135

ACQUISITIONS AND DIVESTITURES - Acquisition of AJRD - Calculation of Consideration Transferred (Details) - USD ($) $ in Millions		9 Months Ended
	Jul. 28, 2023	Sep. 27, 2024	Sep. 29, 2023
Business Acquisition [Line Items]
Fair value of consideration transferred		$ 0	$ 6,688
Aerojet Rocketdyne Holdings, Inc.
Business Acquisition [Line Items]
Cash consideration paid for AJRD outstanding common stock & equity awards	$ 4,748
AJRD debt settled by L3Harris	257
Cash consideration paid	5,005
Less cash acquired	(290)
Fair value of consideration transferred	$ 4,715

ACQUISITIONS AND DIVESTITURES - Aerojet Rocketdyne Holdings Assets Acquired, Liabilities Assumed (Details) - USD ($) $ in Millions	14 Months Ended
	Sep. 27, 2024	Dec. 29, 2023	Jul. 28, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 20,433	$ 19,979
Aerojet Rocketdyne Holdings, Inc.
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Receivables	156		$ 156
Contract assets	201		338
Inventories, net	14		14
Income taxes receivable	5		3
Other current assets	133		114
Property, plant and equipment	584		574
Goodwill	2,902		2,348
Intangible assets	2,860		2,860
Other non-current assets	675		609
Total assets acquired	7,530		7,016
Current portion of long-term debt, net	1		1
Accounts payable	145		145
Contract liabilities	462		310
Compensation and benefits	117		116
Income taxes payable	3		6
Other current liabilities	668		278
Long-term debt, net	41		41
Deferred income taxes	346		398
Other long-term liabilities	1,032		1,006
Total liabilities assumed	2,815		2,301
Fair value of consideration transferred	4,715		$ 4,715
Measurement Period Adjustments, Net
Contract assets	(137)
Income taxes receivable	2
Other current assets	19
Property, plant and equipment	10
Goodwill	554
Other non-current assets	66
Total assets acquired	514
Contract liabilities	152
Compensation and benefits	1
Income taxes payable	(3)
Other current liabilities	390
Deferred income taxes	(52)
Other long-term liabilities	26
Total liabilities assumed	514
Fair value of consideration transferred	$ 0

ACQUISITIONS AND DIVESTITURES - Acquisition of AJRD - Identifiable Intangible Assets Acquired (Details) - Aerojet Rocketdyne Holdings, Inc. - USD ($) $ in Millions	Jul. 28, 2023	Sep. 27, 2024
Business Acquisition [Line Items]
Total identifiable intangible assets acquired	$ 2,860	$ 2,860
Customer relationships
Business Acquisition [Line Items]
Identifiable finite-lived intangible assets acquired	2,740
Backlog
Business Acquisition [Line Items]
Identifiable finite-lived intangible assets acquired	$ 355
Weighted average amortization period	3 years
Government programs
Business Acquisition [Line Items]
Identifiable finite-lived intangible assets acquired	$ 2,385
Government programs | Minimum
Business Acquisition [Line Items]
Weighted average amortization period	15 years
Government programs | Maximum
Business Acquisition [Line Items]
Weighted average amortization period	20 years
Trade names
Business Acquisition [Line Items]
Identifiable indefinite-lived intangible assets acquired	$ 120
Weighted average amortization period	15 years

ACQUISITIONS AND DIVESTITURES - Pending Divestiture of CAS Disposal Group (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Dec. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before income taxes	$ 430	$ 400	$ 1,110	$ 1,145
Impairment of goodwill			14
IMS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill			0
Disposal group, held-for-sale, not discontinued operations | CAS Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash price on sale of business					$ 700
Additional contingent consideration					100
Disposal group, held-for-sale, not discontinued operations | IMS | CAS Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill					296
Disposal group, held-for-sale, not discontinued operations | CAS Business | CAS Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash price on sale of business	887		887
Income before income taxes	31	$ 6	87	$ 43
Pre-tax gain (loss) on disposition of assets	$ (29)		$ (44)		$ (77)

ACQUISITIONS AND DIVESTITURES - CAS Disposal Group (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current portion of long-term debt	$ 1	$ 0
Long-term debt, net	3	0
CAS Disposal Group | Disposal group, held-for-sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables, net	96	80
Contract assets	60	43
Inventories, net	158	145
Other current assets	22	33
Property, plant and equipment, net	48	41
Goodwill	536	534
Intangible assets, net	264	263
Other non-current assets	49	40
Valuation allowance	(103)	(73)
Total assets held for sale	1,130	1,106
Accounts payable	88	111
Contract liabilities	43	48
Compensation and benefits	7	11
Other current liabilities	38	38
Other long-term liabilities	63	64
Total liabilities held for sale	$ 243	$ 272

ACQUISITIONS AND DIVESTITURES - Divestiture of Antenna Disposal Group (Details) - USD ($) $ in Millions		9 Months Ended
	May 31, 2024	Sep. 27, 2024	Sep. 29, 2023	Jun. 28, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of businesses, net		$ 158	$ 71
Impairment of goodwill		14
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Antenna Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of businesses, net	$ 166
Assets of disposal group held for sale	265
Liabilities of disposal group held for sale	65
Goodwill assigned to disposal group				$ 93
Impairment of goodwill		$ 14
Loss on disposition of business	9
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Antenna Disposal Group | Kanders & company, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable	$ 25

ACQUISITIONS AND DIVESTITURES - Divestiture of Visual Information Solutions ("VIS") (Details) - USD ($) $ in Millions		9 Months Ended
	Apr. 06, 2023	Sep. 27, 2024	Sep. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of businesses, net		$ 158	$ 71
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Visual Information Solutions (VIS) Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash price on sale of business	$ 70
Gain on disposition of business	26
Proceeds from sales of businesses, net	$ 71

BUSINESS SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 27, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	4
Number of reportable segments	4

BUSINESS SEGMENT INFORMATION - Revenues and Income From Continuing Operations by Segment (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Segment Reporting Information [Line Items]
Revenue		$ 5,292	$ 4,915	$ 15,802	$ 14,079
Segment operating income (loss)		495	479	1,349	1,272
Non-service FAS pension income and other, net	[1]	101	80	275	245
Interest expense, net		(166)	(159)	(514)	(372)
Income before income taxes		430	400	1,110	1,145
Pension
Segment Reporting Information [Line Items]
FAS pension service cost		(8)	(10)	(25)	(22)
Pension | Plans Under US Government Contracts
Segment Reporting Information [Line Items]
FAS pension service cost		(8)	(10)	(26)	(23)
Less: CAS pension cost		(15)	(37)	(46)	(95)
FAS/CAS operating adjustment		7	27	20	72
Operating segments
Segment Reporting Information [Line Items]
Segment operating income (loss)		833	735	2,446	2,028
Operating segments | SAS
Segment Reporting Information [Line Items]
Revenue		1,683	1,686	5,141	5,056
Segment operating income (loss)		195	210	626	565
Operating segments | IMS
Segment Reporting Information [Line Items]
Revenue		1,671	1,568	5,069	5,003
Segment operating income (loss)		204	187	600	534
Operating segments | CS
Segment Reporting Information [Line Items]
Revenue		1,382	1,255	4,022	3,707
Segment operating income (loss)		359	282	998	873
Operating segments | AR
Segment Reporting Information [Line Items]
Revenue		596	455	1,719	455
Segment operating income (loss)		75	56	222	56
Intersegment
Segment Reporting Information [Line Items]
Revenue		(40)	(49)	(149)	(142)
Intersegment | SAS
Segment Reporting Information [Line Items]
Revenue		(12)	(13)	(40)	(36)
Intersegment | IMS
Segment Reporting Information [Line Items]
Revenue		(11)	(21)	(56)	(66)
Intersegment | CS
Segment Reporting Information [Line Items]
Revenue		(17)	(15)	(53)	(40)
Intersegment | AR
Segment Reporting Information [Line Items]
Revenue		0	0	0	0
Corporate
Segment Reporting Information [Line Items]
Segment operating income (loss)		$ (338)	$ (256)	$ (1,097)	$ (756)
[1] “FAS” is defined as Financial Accounting Standards.

BUSINESS SEGMENT INFORMATION - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 5,292	$ 4,915	$ 15,802	$ 14,079
Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(40)	(49)	(149)	(142)
SAS | United States
Disaggregation of Revenue [Line Items]
Revenue	1,484	1,478	4,479	4,407
SAS | International
Disaggregation of Revenue [Line Items]
Revenue	187	195	622	613
SAS | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,012	1,039	3,192	3,160
SAS | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	659	634	1,909	1,860
SAS | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	1,683	1,686	5,141	5,056
SAS | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(12)	(13)	(40)	(36)
IMS | United States
Disaggregation of Revenue [Line Items]
Revenue	1,217	1,141	3,683	3,679
IMS | International
Disaggregation of Revenue [Line Items]
Revenue	443	406	1,330	1,258
IMS | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,258	1,164	3,876	3,767
IMS | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	402	383	1,137	1,170
IMS | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	1,671	1,568	5,069	5,003
IMS | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(11)	(21)	(56)	(66)
CS | United States
Disaggregation of Revenue [Line Items]
Revenue	975	874	2,786	2,499
CS | International
Disaggregation of Revenue [Line Items]
Revenue	390	366	1,183	1,168
CS | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	1,146	1,047	3,329	3,127
CS | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	219	193	640	540
CS | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	1,382	1,255	4,022	3,707
CS | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	(17)	(15)	(53)	(40)
AR | United States
Disaggregation of Revenue [Line Items]
Revenue	584	443	1,682	443
AR | International
Disaggregation of Revenue [Line Items]
Revenue	12	12	37	12
AR | Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	361	272	1,007	272
AR | Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	235	183	712	183
AR | Operating segments
Disaggregation of Revenue [Line Items]
Revenue	596	455	1,719	455
AR | Intersegment
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Prime contractor | SAS
Disaggregation of Revenue [Line Items]
Revenue	1,008	1,081	3,192	3,175
Prime contractor | IMS
Disaggregation of Revenue [Line Items]
Revenue	1,051	962	3,214	3,243
Prime contractor | CS
Disaggregation of Revenue [Line Items]
Revenue	977	866	2,805	2,471
Prime contractor | AR
Disaggregation of Revenue [Line Items]
Revenue	149	113	457	113
Subcontractor | SAS
Disaggregation of Revenue [Line Items]
Revenue	663	592	1,909	1,845
Subcontractor | IMS
Disaggregation of Revenue [Line Items]
Revenue	609	585	1,799	1,694
Subcontractor | CS
Disaggregation of Revenue [Line Items]
Revenue	388	374	1,164	1,196
Subcontractor | AR
Disaggregation of Revenue [Line Items]
Revenue	$ 447	$ 342	$ 1,262	$ 342

BUSINESS SEGMENT INFORMATION - Total Assets by Segment (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Segment Reporting Information [Line Items]
Assets	$ 41,889	$ 41,687
Identifiable intangible assets acquired	7,874	8,540
Operating segments | SAS
Segment Reporting Information [Line Items]
Assets	8,836	9,085
Operating segments | IMS
Segment Reporting Information [Line Items]
Assets	10,932	10,631
Operating segments | CS
Segment Reporting Information [Line Items]
Assets	6,952	7,084
Operating segments | AR
Segment Reporting Information [Line Items]
Assets	4,540	4,208
Corporate
Segment Reporting Information [Line Items]
Assets	10,629	10,679
Identifiable intangible assets acquired	$ 7,900	$ 8,500

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - Various Environmental Matters $ in Millions	Sep. 27, 2024 USD ($)
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 654
Recoverable environmental remediation costs	$ 468

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