Pay vs Performance Disclosure - USD ($)
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12 Months Ended |
36 Months Ended |
Jan. 03, 2025 |
Dec. 29, 2023 |
Dec. 30, 2022 |
Dec. 31, 2021 |
Jan. 01, 2021 |
Feb. 23, 2024 |
| Pay vs Performance Disclosure |
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| Pay vs Performance Disclosure, Table |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Company | | | | | | | | | | | | | | | Average | | | | | Value of Initial Fixed | | | | | Selected | | | | | | | | | | | | | | | Summary | | Average | | $100 Investment | | | | | Measure) | | | Summary | | Summary | | Compensation | | | | | Compensation | | Compensation | | Based On: | | | | | Adjusted | | | Compensation | | Compensation | | Actually | | Compensation | | Table Total Paid | | Actually Paid to | | | | | Peer | | Net | | Free | | | Table Total for | | Table Total for | | Paid to | | Actually Paid to | | to non-PEO | | non-PEO | | | | | Group | | Income | | Cash Flow | Year | | Mr. Kubasik(1) | | Mr. Brown(1) | | Mr. Kubasik(1),(3) | | Mr. Brown(1),(3) | | NEOs(2) | | NEOs(3),(4) | | TSR(5) | | TSR(6) | | (in millions)(7) | | (in millions)(8) | (a) | | (b) | | (c) | | (d) | | (e) | | (f) | | (g) | | (h) | | (i) | | (j) | | (k) | 2024 | | $ | 20,839,223 | | | n/a | | $ | 17,503,180 | | | n/a | | $ | 5,440,525 | | $ | 4,997,641 | | $ | 110.28 | | $ | 131.38 | | $ | 1,512 | | $ | 2,319 | 2023 | | $ | 19,824,247 | | | n/a | | $ | 19,039,757 | | | n/a | | $ | 5,225,867 | | $ | 4,048,392 | | $ | 108.52 | | $ | 114.66 | | $ | 1,198 | | $ | 2,029 | 2022 | | $ | 16,714,229 | | | n/a | | $ | 21,278,977 | | | n/a | | $ | 5,008,120 | | $ | 5,096,945 | | $ | 104.68 | | $ | 107.39 | | $ | 1,061 | | $ | 2,029 | 2021 | | $ | 15,697,749 | | $ | 15,707,755 | | $ | 23,168,382 | | $ | 22,994,342 | | $ | 3,232,194 | | $ | 4,708,200 | | $ | 105.19 | | $ | 91.50 | | $ | 1,842 | | $ | 2,746 | 2020 | | | n/a | | $ | 15,452,653 | | | n/a | | $ | 18,317,486 | | $ | 7,108,088 | | $ | 8,177,817 | | $ | 91.48 | | $ | 80.81 | | $ | 1,086 | | $ | 2,686 |
| (1) | Mr. Kubasik became CEO of L3Harris and its principal executive officer on June 29, 2021, at which point, our former CEO, William M. Brown transitioned to the role of Executive Chair. Following Mr. Brown’s transition to Executive Chair, Mr. Brown remained a named executive officer during such fiscal year, but was no longer the CEO of L3Harris. Mr. Brown retired on June 29, 2022. |
| (2) | Amounts reflect Summary Compensation Table Total Pay for our Non-PEO NEOs for each corresponding year. |
| (3) | The CAP calculation includes the end-of-year value of awards granted within the fiscal year, the change in fair value from prior year end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of if, when, or at which intrinsic value they will actually vest. To calculate CAP for fiscal 2024 the following amounts were deducted from and added to the total compensation number shown in the Fiscal 2024 Summary Compensation Table on page 44: |
| | | | | Reconciliation of Summary Compensation Table Total to Compensation Actually Paid | | Fiscal 2024
(For PEO) | | Fiscal 2024
(Average For
Non-PEO NEOs) | Summary Compensation Table Total | $ | 20,839,223 | $ | 5,440,525 | (Minus): Grant Date Fair Value of Equity Awards Granted in the Fiscal Year | $ | (13,829,291) | $ | (3,505,873) | (Minus): Change in Pension Value | $ | 0 | $ | 0 | Plus: Pension Service Cost and Associated Prior Service Cost | $ | 0 | $ | 0 | Plus: Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year | $ | 12,910,649 | $ | 3,240,859 | Plus/(Minus): Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Years | $ | (1,334,652) | $ | (214,719) | Plus: Fair Value at Vesting of Equity Awards Granted and Vested in the Fiscal Year | $ | 0 | $ | 0 | Plus/(Minus): Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year | $ | (1,287,426) | $ | (17,503) | (Minus): Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year | $ | 0 | $ | 0 | Plus: Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected in Total Compensation | $ | 204,675 | $ | 54,352 | Compensation Actually Paid | $ | 17,503,180 | $ | 4,997,641 |
For purposes of the above adjustments, the fair value of equity awards on the applicable date were determined in accordance with ASC 718, using assumptions that are generally consistent with those used to determine the grant-date fair value set forth in the Notes. The assumptions used in calculating the fair value of the equity awards did not differ in any material respect from the assumptions used to calculate the grant date fair value of the awards as reported in the Summary Compensation Table, except that the fair value calculations of (i) the options granted on or between February 26, 2021 and February 23, 2024 used an estimated term between 2.0 years and 4.0 years in fiscal 2024, whereas the grant date fair values of such awards used an estimated term of 5.0 years, and (ii) the performance share unit awards granted in 2023 and 2024 assumed a payout above target in fiscal 2024, in each case as compared to the grant date fair value calculations which assumed a payout at target. | (4) | The amount in column (g) for fiscal 2023, reflects $241,169 increase over previously disclosed CAP due to the inclusion of partially vested restricted stock units for Michelle L. Turner, our former CFO. |
| (5) | TSR represents the cumulative return on a fixed investment of $100 in the Company’s common stock, for the period beginning on the last trading day of fiscal year through the end of the applicable fiscal year, assuming reinvestment of dividends. |
| (6) | Peer Group TSR represents the cumulative return on a fixed investment of $100 in the S&P 500 Aerospace and Defense Industry Index for the period beginning on the last trading day of fiscal year through the end of the applicable fiscal year, assuming reinvestment of dividends. |
| (7) | The dollar amounts reported represent net income reflected in the Company’s audited financial statements in our Annual Reports on Form 10-K for the applicable year. |
| (8) | The Company has chosen adjusted free cash flow as its Company-Selected Measure in the Compensation Actually Paid Table, as this was a key financial performance measure in setting pay-for-performance compensation in the 2024 fiscal year. See Appendix A for reconciliations of GAAP to non-GAAP financial measures. |
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| Company Selected Measure Name |
Adjusted Free Cash Flow
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| Named Executive Officers, Footnote |
| (1) | Mr. Kubasik became CEO of L3Harris and its principal executive officer on June 29, 2021, at which point, our former CEO, William M. Brown transitioned to the role of Executive Chair. Following Mr. Brown’s transition to Executive Chair, Mr. Brown remained a named executive officer during such fiscal year, but was no longer the CEO of L3Harris. Mr. Brown retired on June 29, 2022. |
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| Peer Group Issuers, Footnote |
| (6) | Peer Group TSR represents the cumulative return on a fixed investment of $100 in the S&P 500 Aerospace and Defense Industry Index for the period beginning on the last trading day of fiscal year through the end of the applicable fiscal year, assuming reinvestment of dividends. |
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| Adjustment To PEO Compensation, Footnote |
| (3) | The CAP calculation includes the end-of-year value of awards granted within the fiscal year, the change in fair value from prior year end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of if, when, or at which intrinsic value they will actually vest. To calculate CAP for fiscal 2024 the following amounts were deducted from and added to the total compensation number shown in the Fiscal 2024 Summary Compensation Table on page 44: |
| | | | | Reconciliation of Summary Compensation Table Total to Compensation Actually Paid | | Fiscal 2024
(For PEO) | | Fiscal 2024
(Average For
Non-PEO NEOs) | Summary Compensation Table Total | $ | 20,839,223 | $ | 5,440,525 | (Minus): Grant Date Fair Value of Equity Awards Granted in the Fiscal Year | $ | (13,829,291) | $ | (3,505,873) | (Minus): Change in Pension Value | $ | 0 | $ | 0 | Plus: Pension Service Cost and Associated Prior Service Cost | $ | 0 | $ | 0 | Plus: Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year | $ | 12,910,649 | $ | 3,240,859 | Plus/(Minus): Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Years | $ | (1,334,652) | $ | (214,719) | Plus: Fair Value at Vesting of Equity Awards Granted and Vested in the Fiscal Year | $ | 0 | $ | 0 | Plus/(Minus): Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year | $ | (1,287,426) | $ | (17,503) | (Minus): Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year | $ | 0 | $ | 0 | Plus: Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected in Total Compensation | $ | 204,675 | $ | 54,352 | Compensation Actually Paid | $ | 17,503,180 | $ | 4,997,641 |
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| Non-PEO NEO Average Total Compensation Amount |
$ 5,440,525
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$ 5,225,867
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$ 5,008,120
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$ 3,232,194
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$ 7,108,088
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| Non-PEO NEO Average Compensation Actually Paid Amount |
$ 4,997,641
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4,048,392
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5,096,945
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4,708,200
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8,177,817
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| Adjustment to Non-PEO NEO Compensation Footnote |
| (2) | Amounts reflect Summary Compensation Table Total Pay for our Non-PEO NEOs for each corresponding year. |
| (3) | The CAP calculation includes the end-of-year value of awards granted within the fiscal year, the change in fair value from prior year end of vested awards and the change in the fair value of unvested awards granted in prior years, regardless of if, when, or at which intrinsic value they will actually vest. To calculate CAP for fiscal 2024 the following amounts were deducted from and added to the total compensation number shown in the Fiscal 2024 Summary Compensation Table on page 44: |
| | | | | Reconciliation of Summary Compensation Table Total to Compensation Actually Paid | | Fiscal 2024
(For PEO) | | Fiscal 2024
(Average For
Non-PEO NEOs) | Summary Compensation Table Total | $ | 20,839,223 | $ | 5,440,525 | (Minus): Grant Date Fair Value of Equity Awards Granted in the Fiscal Year | $ | (13,829,291) | $ | (3,505,873) | (Minus): Change in Pension Value | $ | 0 | $ | 0 | Plus: Pension Service Cost and Associated Prior Service Cost | $ | 0 | $ | 0 | Plus: Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year | $ | 12,910,649 | $ | 3,240,859 | Plus/(Minus): Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Years | $ | (1,334,652) | $ | (214,719) | Plus: Fair Value at Vesting of Equity Awards Granted and Vested in the Fiscal Year | $ | 0 | $ | 0 | Plus/(Minus): Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year | $ | (1,287,426) | $ | (17,503) | (Minus): Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year | $ | 0 | $ | 0 | Plus: Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected in Total Compensation | $ | 204,675 | $ | 54,352 | Compensation Actually Paid | $ | 17,503,180 | $ | 4,997,641 |
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| Compensation Actually Paid vs. Total Shareholder Return |
*100 invested on January 3, 2020 in common stock, including reinvestment of dividends
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| Compensation Actually Paid vs. Net Income |
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| Compensation Actually Paid vs. Company Selected Measure |
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| Total Shareholder Return Vs Peer Group |
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| Tabular List, Table |
The table below provides an unranked list of the most important financial performance measures used by us to link Compensation Actually Paid for fiscal 2024 to our performance. Each of these financial performance measures is described in detail under the “Annual Cash Incentive” and “Long-term Incentives” headings in the “Compensation Discussion and Analysis” section. Most Important Financial Performance Measures | Adjusted Free Cash Flow | (Company-Selected Measure) | 3-year Cumulative EPS | 3-year Average ROIC |
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| Total Shareholder Return Amount |
$ 110.28
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108.52
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104.68
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105.19
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91.48
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| Peer Group Total Shareholder Return Amount |
131.38
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114.66
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107.39
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91.5
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80.81
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| Net Income (Loss) |
$ 1,512,000,000
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$ 1,198,000,000
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$ 1,061,000,000
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$ 1,842,000,000
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$ 1,086,000,000
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| Company Selected Measure Amount |
2,319,000,000
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2,029,000,000
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2,029,000,000
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2,746,000,000
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2,686,000,000
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| PEO Name |
Mr. Kubasik
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| Increase in value of previously disclosed compensation actually paid due to partially vested restricted stock units |
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$ 241,169
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| Options granted estimated term (in years) |
5 years
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| Options granted estimated term, maximum (in years) |
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4 years
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| Options granted estimated term, minimum (in years) |
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2 years
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| Measure:: 1 |
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| Pay vs Performance Disclosure |
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| Name |
Adjusted Free Cash Flow
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| Non-GAAP Measure Description |
| (8) | The Company has chosen adjusted free cash flow as its Company-Selected Measure in the Compensation Actually Paid Table, as this was a key financial performance measure in setting pay-for-performance compensation in the 2024 fiscal year. See Appendix A for reconciliations of GAAP to non-GAAP financial measures. |
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| Measure:: 2 |
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| Pay vs Performance Disclosure |
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| Name |
3-year Cumulative EPS
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| Measure:: 3 |
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| Pay vs Performance Disclosure |
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| Name |
3-year Average ROIC
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| Mr. Kubasik |
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| Pay vs Performance Disclosure |
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| PEO Total Compensation Amount |
$ 20,839,223
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19,824,247
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$ 16,714,229
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$ 15,697,749
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| PEO Actually Paid Compensation Amount |
17,503,180
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$ 19,039,757
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$ 21,278,977
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23,168,382
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| Mr. Brown |
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| Pay vs Performance Disclosure |
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| PEO Total Compensation Amount |
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15,707,755
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$ 15,452,653
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| PEO Actually Paid Compensation Amount |
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$ 22,994,342
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$ 18,317,486
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| PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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| PEO | Aggregate Pension Adjustments Service Cost |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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| PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(13,829,291)
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| PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
12,910,649
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| PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(1,334,652)
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| PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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| PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(1,287,426)
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| PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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| PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
204,675
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| Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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| Non-PEO NEO | Aggregate Pension Adjustments Service Cost |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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| Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(3,505,873)
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| Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
3,240,859
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| Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(214,719)
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| Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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| Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
(17,503)
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| Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
0
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| Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year |
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| Pay vs Performance Disclosure |
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| Adjustment to Compensation, Amount |
$ 54,352
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