Commitments

9 Months Ended

Oct. 02, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note 16–Commitments

We have outstanding letters of credit of $94 million as of October 2, 2020, principally related to performance guarantees on contracts. We also have outstanding surety bonds with a notional amount of $128 million, principally related to performance and subcontractor payment bonds on contracts. The value of the surety bonds may vary due to changes in the underlying project status and/or contractual modifications.

As of October 2, 2020, the future expirations of the outstanding letters of credit and surety bonds were as follows:

Fiscal year ending
	(in millions)
2020 (remainder of year)	$	39
2021	78
2022	94
2023	2
2024	1
2025 and thereafter	8
	$	222