CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

9 Months Ended

Sep. 29, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities

Contract assets and contract liabilities are summarized below:

(In millions)	September 29, 2023		December 30, 2022
Contract assets(1)	$	3,477	$	2,987
Contract liabilities, current(2)	(1,940)		(1,400)
Contract liabilities, non-current(3)	(104)		(117)
Net contract assets	$	1,433	$	1,470

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(1)Includes approximately $386 million of AR contract assets at September 29, 2023.

(2)Includes approximately $315 million of AR contract liabilities at September 29, 2023.

(3)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.

The components of contract assets are summarized below:

(In millions)	September 29, 2023		December 30, 2022
Unbilled contract receivables, gross	$	7,126	$	4,629
Unliquidated progress payments and advances	(3,649)		(1,642)
Contract assets	$	3,477	$	2,987