| Schedule of Long-term Debt, Net |
Long-term debt, net is summarized below: | | | | | | | | | | | | | (In millions) | December 30, 2022 | | December 31, 2021 | | | | | | Variable-rate debt: | | | | | | | | | | | | Floating rate notes, due March 10, 2023(1) | $ | 250 | | | $ | 250 | | | | | | | | | | | Fixed-rate debt: | | | | | | | | | | | | 3.85% notes, due June 15, 2023 (“3.85% 2023 Notes”) | 800 | | | 800 | | 3.95% notes, due May 28, 2024 (“3.95% 2024 Notes”) | 350 | | | 350 | | | | | | | | | | 3.832% notes, due April 27, 2025 | 600 | | | 600 | | 7.00% debentures, due January 15, 2026 | 100 | | | 100 | | 3.85% notes, due December 15, 2026 (“3.85% 2026 Notes”) | 550 | | | 550 | | 6.35% debentures, due February 1, 2028 | 26 | | | 26 | | 4.40% notes, due June 15, 2028 | 1,850 | | | 1,850 | | 2.90% notes, due December 15, 2029 | 400 | | | 400 | | 1.80% 2031 Notes, due January 15, 2031 (“1.80% 2031 Notes”) | 650 | | | 650 | | 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 | | | | | | | Total variable and fixed-rate debt | 6,776 | | | 6,776 | | | Financing lease obligations and other debt | 222 | | | 218 | | | Total debt | 6,998 | | | 6,994 | | | Plus: unamortized bond premium | 70 | | | 93 | | | Less: unamortized discounts and issuance costs | (25) | | | (28) | | | Total debt, net | 7,043 | | | 7,059 | | | Less: current portion of long-term debt, net | (818) | | | (11) | | | Total long-term debt, net | $ | 6,225 | | | $ | 7,048 | |
_______________ (1)During the first quarter of 2023, the Floating Rate Notes due March 2023 will be repaid and refinanced as long-term debt through the Term Loan 2025; therefore, the Floating Rate Notes due March 2023 have been classified as long-term debt in our Consolidated Balance Sheet as of December 30, 2022.
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| Schedule of Estimated Fair Values of Long-term Debt |
The following table presents the carrying amounts and estimated fair values of our long-term debt: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 30, 2022 | | December 31, 2021 | | | | (In millions) | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | | | | | | | | | | | | | | | | | | Long-term debt (including current portion)(1) | $ | 7,043 | | | $ | 6,569 | | | $ | 7,059 | | | $ | 7,701 | | | | | |
_______________ (1)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If our long-term debt in our balance sheet were measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.
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| Schedule of Debt Exchange |
Each series of the New L3Harris Notes issued has an interest rate and maturity date that is identical to the L3 Notes. | | | | | | | | | | | | | | | | | | | (In millions) | Aggregate Principal
Amount of L3 Notes
(prior to debt
exchange) | | Aggregate Principal
Amount of
New L3Harris Notes
Issued | | Aggregate Principal
Amount of
Remaining L3 Notes | | | | | | | 4.95% 2021 Notes | $ | 650 | | | $ | 501 | | | $ | 149 | | 3.85% 2023 Notes | 800 | | | 741 | | | 59 | | 3.95% 2024 Notes | 350 | | | 326 | | | 24 | | 3.85% 2026 Notes | 550 | | | 535 | | | 15 | | 4.40% 2028 Notes, due June 15, 2028 (“4.40% 2028 Notes”) | 1,000 | | | 918 | | | 82 | | | Total | $ | 3,350 | | | $ | 3,021 | | | $ | 329 | |
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