0001336920-24-000008 | 10-K | XBRL Viewer

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Receivables (Components of Receivables) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Receivables [Abstract]
Billed and billable receivables	$ 1,416	$ 1,368
Unbilled receivables	1,041	1,010
Allowance for credit losses	(28)	(28)
Accounts receivable, net	$ 2,429	$ 2,350

Retirement Plans	12 Months Ended
Retirement Plans	Dec. 29, 2023
Retirement Benefits [Abstract]
Retirement Plans	Note 19—Retirement Plans Defined Contribution Plans We sponsor various defined contribution plans in which most employees are eligible to participate. These plans allow eligible participants to contribute a portion of their income through payroll deductions and Leidos may also make discretionary contributions. Company contributions were $148 million, $145 million and $131 million for fiscal 2023, 2022 and 2021, respectively. Deferred Compensation Plans We maintain three deferred compensation plans, the Keystaff Deferral Plan ("KDP"), the KESDP and the MSCP (the "Deferred Compensation Plans"), for the benefit of certain management or highly compensated employees or members of the Board of Directors. The Deferred Compensation Plans allow eligible participants to elect to defer a portion of their salary, and all or a portion of certain bonuses, including restricted stock unit awards. Directors may also elect to defer their cash compensation in addition to their restricted stock unit awards. Balances in the Deferred Compensation Plans are paid in lump sum or installments upon retirement, termination or the elected specified date. We do not make any contributions to the KDP but maintain participant accounts for deferred amounts and investments. We maintain a rabbi trust for the purpose of funding benefit payments to the KDP participants. Participants may allocate deferred salary and cash bonus amounts into a variety of designated investment options, with gains and losses based on the elected investment option performance with the participant assuming all risks related to future returns of their contributions. Under the KESDP, eligible participants may elect to defer in share units all or a portion of certain cash bonuses and restricted stock unit awards granted under the previous 2006 Equity Incentive Plan and the current 2017 Omnibus Incentive Plan (see "Note 17—Stock-Based Compensation"). Under the MSCP, restricted stock share units are fully vested and no further deferrals into the plan are made. We do not make any contributions to the accounts of KESDP or MSCP participants. Benefits from the KESDP and MSCP are payable in shares of Leidos common stock held in a rabbi trust for the purpose of funding benefit payments to KESDP and MSCP participants. Defined Benefit Plans We sponsor two frozen defined benefit pension plans ("the Defined Benefit Plans"), one in the United Kingdom ("UK") for former employees on an expired customer contract and another assumed as a result of the Gibbs & Cox acquisition. On May 20, 2022, the trustee of our UK defined benefit pension plan (the “Plan”) invested the assets of the Plan in a bulk purchase annuity policy to fully insure the benefits payable to the members of the Plan. As the buy-in transaction insured the defined benefit obligation, we do not anticipate material future contributions. The bulk purchase annuity policy is structured to enable the Plan to move to a full buy-out, at which time the insurer would become directly responsible for all pension payments and we would be relieved of our obligations under the Plan. At this future date, a settlement loss will be recognized for an amount equal to any unamortized loss associated with the Plan recorded within AOCI and any remaining net plan assets of the Plan will be remitted to the Company. As of December 29, 2023, and December 30, 2022, the unamortized loss within AOCI related to the Plan was $21 million and $20 million, respectively. As of December 29, 2023, and December 30, 2022, the Plan had net assets of $8 million and $7 million, respectively. The projected benefit obligation of the Defined Benefit Plans as of December 29, 2023, and December 30, 2022, was $99 million and $101 million, respectively. The decrease in the projected benefit obligation was primarily due to assumption changes, offset by exchange rate movements. The fair value of the Defined Benefit Plans assets as of December 29, 2023, and December 30, 2022, was $103 million and $101 million, respectively. The decrease was primarily driven by assumption changes to reflect the fair value of the annuity contract and return on plan assets. The UK Plan funding status was overfunded $8 million and $7 million as of December 29, 2023, and December 30, 2022, respectively. The Gibbs & Cox defined benefit pension plan funding status was underfunded $4 million and $7 million as of December 29, 2023, and December 30, 2022, respectively. The fair value of Plans assets has been included within "Other long-term liabilities" on the consolidated balance sheets. Other We also sponsor multiemployer defined benefit pension plans and defined contribution plans (401(k) plans) (the "Sponsored Plans") for employees working on two U.S. government contracts. As part of the contractual agreements, the customers reimburse Leidos for contributions made to these Sponsored Plans as these costs are allowable under government contract cost accounting requirements. If we were to cease being the contractor as a result of a recompetition process, the defined benefit pension plans and related plan assets and liabilities would transfer to the new contractor. If the contract expires or is terminated with no transfer of the pension plan to a successor contractor, any amount by which the plan liabilities exceed plan assets, as of that date, will be reimbursed by the U.S. government customer. Since we are not responsible for the current or future funded status of the pension plans, no assets or liabilities arising from their funded status are recorded in the consolidated financial statements and no amounts associated with these pension plans are included in the defined benefit plan disclosures above.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Accounting Standards	12 Months Ended
Accounting Standards	Dec. 29, 2023
Accounting Changes and Error Corrections [Abstract]
Accounting Standards	Note 2—Accounting Standards Accounting Standards Updates Adopted Accounting Standards Updates ("ASU") 2020-04, ASU 2021-01, and ASU 2022-06 Reference Rate Reform In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, which provides companies with optional expedients and exceptions to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This update provides optional expedients for applying accounting guidance to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of the reference rate reform. The amendments in this update are effective for all entities as of March 2020 and can be adopted using a prospective approach no later than December 31, 2022. In January 2021, the FASB issued ASU 2021-01 which amends the scope of ASU 2020-04. The amendments in this update are elective and provide optional relief for entities with hedge accounting and contract modifications affected by the transition from LIBOR through December 31, 2022. In December 2022, the FASB issued ASU 2022-06 which extend the deadline for application of ASU 2021-01 through December 31, 2024. Under this relief, entities may continue to account for contract modifications as a continuation of the existing contract and the continuation of the hedge accounting arrangement. In the first half of fiscal 2023, we adopted certain practical expedients available under Accounting Standards Codification ("ASC") 848. Our term loans are based on a Secured Overnight Financing Rate (“SOFR”) rate (see "Note 13—Debt"). In fiscal 2023, we modified our interest rate swap agreements to reference SOFR (see "Note 12—Derivative Instruments") in conformity with the relief available under ASC 848. The standard did not have a material impact on our financial position, results of operations or earnings per share. Accounting Standards Updates Issued But Not Yet Adopted ASU 2023-07 Segment Reporting In November 2023, the FASB issued ASU 2023-07, to improve reportable segment disclosure requirements. This update requires companies to disclose significant segment expense categories that are regularly provided to the chief operating decision maker ("CODM") on an interim and annual basis and disclosures about a reportable segment’s profit or loss and assets that are currently required annually on an interim basis. Companies must also disclose how segment measures of profit or loss are used by the CODM. The amendments in this update are effective for public entities as of November 2023 and should be adopted retrospectively for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. We are evaluating the impact of the update and plan to adopt the amendments for annual disclosures in fiscal 2024. ASU 2023-09 Income Taxes In December 2023, the FASB issued ASU 2023-09, to enhance the transparency and usefulness of income tax disclosures. The update requires enhancements to the annual rate reconciliation, including disclosure of specific categories and additional information for reconciling items meeting a quantitative threshold. The update also requires disclosure of income taxes paid disaggregated by federal, state and foreign taxes, and individual jurisdictions meeting a quantitative threshold. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impacts of this update and plan to adopt these amendments using the prospective approach for annual disclosures in fiscal year 2025.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenues (Components of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets - current	$ 1,041	$ 1,010
Deferred revenue	442	380
Contract liabilities - non-current	$ 21	$ 29

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 29, 2023	Feb. 06, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 29, 2023
Current Fiscal Year End Date	--12-29
Document Transition Report	false
Entity File Number	001-33072
Entity Registrant Name	Leidos Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3562868
Entity Address, Address Line One	1750 Presidents Street,
Entity Address, City or Town	Reston,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	571
Local Phone Number	526-6000
Title of 12(b) Security	Common stock, par value $.0001 per share
Trading Symbol	LDOS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 12,035,539,574
Entity Common Stock, Shares Outstanding		135,779,301
Documents Incorporated by Reference	Portions of Leidos Holdings, Inc.'s definitive Proxy Statement for the 2023 Annual Meeting of Stockholders ("2024 Proxy Statement") are incorporated by reference in Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001336920

Composition of Certain Financial Statement Captions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Other current assets:
Transition costs and project assets	$ 101	$ 132
Other	388	358
Other current assets	489	490
Other long-term assets:
Transition costs and project assets	37	74
Long-term deferred tax assets	102	28
Other	299	286
Other assets	438	388
Accounts payable and accrued liabilities:
Accrued liabilities	826	772
Accounts payable	736	733
Deferred revenue	442	380
Other	273	369
Total accounts payable and accrued liabilities	2,277	2,254
Accrued payroll and employee benefits:
Accrued vacation	380	356
Salaries, bonuses and amounts withheld from employees’ compensation	315	345
Total accrued payroll and employee benefits	695	701
Amortization of transition costs and project assets	$ 417	$ 489

Leases (Tables)

12 Months Ended

Dec. 29, 2023

Leases [Abstract]

Schedule of ROU Assets and Lease Liabilities

ROU assets and lease liabilities consisted of the following:


	Balance sheet line item	December 29, 2023		December 30, 2022
		(in millions)
ROU assets:
Finance leases	Property, plant and equipment, net	$	89	$	43
Operating leases	Operating lease right-of-use assets, net	512		545
		$	601	$	588
Current lease liabilities:
Finance leases	Short-term debt and current portion of long-term debt	$	18	$	6
Operating leases	Accounts payable and accrued liabilities	136		130
		$	154	$	136
Non-current lease liabilities:
Finance leases	Long-term debt, net of current portion	$	73	$	38
Operating leases	Operating lease liabilities	516		570
		$	589	$	608

Schedule of Lease Cost

Total lease cost for the periods presented consisted of the following:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Finance lease cost:
Amortization of ROU assets	$	18	$	9	$	11
Interest on lease liabilities	4		1		1
	22		10		12

Operating lease cost(1)	148		161		172

Variable lease cost	35		42		90
Short-term lease cost	2		3		4
Less: Sublease income	—		(6)		(8)
Total lease cost	$	207	$	210	$	270

(1) Includes ROU lease expense of $124 million, $134 million and $150 million for fiscal 2023, 2022 and 2021, respectively.

Lease terms and discount rates related to leases were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
Weighted-average remaining lease term (in years):
Finance leases	5.2		8.2		8.4
Operating leases	7.3		7.5		6.8
Weighted-average discount rate:
Finance leases	4.8	%	2.6	%	2.5	%
Operating leases	3.7	%	3.3	%	3.2	%

Other information related to leases was as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash related to finance leases	$	4	$	1	$	1
Operating cash related to operating leases	167		168		174
Financing cash flows related to finance leases	17		9		11
ROU assets obtained in exchange for lease liabilities:
Finance lease liabilities	$	63	$	1	$	51
Operating lease liabilities	97		122		161

Schedule of Future Minimum Lease Commitments of Operating Leases

Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at December 29, 2023, were as follows:


Fiscal Year Ending	Finance lease commitments		Operating lease commitments
	(in millions)
2024	$	22	$	158
2025	22		119
2026	22		95
2027	15		70
2028	5		68
2029 and thereafter	15		237
Total undiscounted cash flows	101		747
Less: imputed interest	(10)		(95)
Lease liability as of December 29, 2023	$	91	$	652

Schedule of Future Minimum Lease Commitments of Finance Leases

Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at December 29, 2023, were as follows:


Fiscal Year Ending	Finance lease commitments		Operating lease commitments
	(in millions)
2024	$	22	$	158
2025	22		119
2026	22		95
2027	15		70
2028	5		68
2029 and thereafter	15		237
Total undiscounted cash flows	101		747
Less: imputed interest	(10)		(95)
Lease liability as of December 29, 2023	$	91	$	652

Schedule of Components of Lease Income, Sale-Type Lease

The components of lease income were as follows:


		Year Ended
	Statement of operations line item	December 29, 2023		December 30, 2022		December 31, 2021
		(in millions)
Sales-type leases:
Selling price at lease commencement	Revenues	$	51	$	65	$	80
Cost of underlying asset	Cost of revenues	(41)		(52)		(60)
Operating income		10		13		20
Interest income on lease receivables	Revenues	9		9		8
		19		22		28

Operating lease income	Revenues	39		35		32
Total lease income		$	58	$	57	$	60

Schedule of Components of Lease Income, Operating Lease

The components of lease income were as follows:


		Year Ended
	Statement of operations line item	December 29, 2023		December 30, 2022		December 31, 2021
		(in millions)
Sales-type leases:
Selling price at lease commencement	Revenues	$	51	$	65	$	80
Cost of underlying asset	Cost of revenues	(41)		(52)		(60)
Operating income		10		13		20
Interest income on lease receivables	Revenues	9		9		8
		19		22		28

Operating lease income	Revenues	39		35		32
Total lease income		$	58	$	57	$	60

Schedule of Undiscounted Cash Flows for Operating Leases

As of December 29, 2023, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:


Fiscal Year Ending	Sales-type leases		Operating leases
	(in millions)
2024	$	44	$	20
2025	32		5
2026	18		—
2027	8		—
2028	5		—

Total undiscounted cash flows	$	107	$	25
Present value of lease payments as lease receivables	100
Difference between undiscounted cash flows and discounted cash flows	$	7

Schedule of Undiscounted Cash Flows for Sales-Type and Direct Finance Leases

As of December 29, 2023, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:


Fiscal Year Ending	Sales-type leases		Operating leases
	(in millions)
2024	$	44	$	20
2025	32		5
2026	18		—
2027	8		—
2028	5		—

Total undiscounted cash flows	$	107	$	25
Present value of lease payments as lease receivables	100
Difference between undiscounted cash flows and discounted cash flows	$	7

Revenues (Disaggregated Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 15,339	$ 14,287	$ 13,617
United States
Disaggregation of Revenue [Line Items]
Revenues	14,015	13,098	12,469
International
Disaggregation of Revenue [Line Items]
Revenues	1,324	1,189	1,148
Cost-reimbursement and fixed-price-incentive-fee
Disaggregation of Revenue [Line Items]
Revenues	7,341	7,113	6,876
Firm-fixed-price
Disaggregation of Revenue [Line Items]
Revenues	5,964	5,402	4,971
Time-and-materials and fixed-price-level-of-effort
Disaggregation of Revenue [Line Items]
Revenues	2,034	1,772	1,770
DoD and U.S. Intelligence Community
Disaggregation of Revenue [Line Items]
Revenues	7,577	7,110	6,749
Other U.S. government agencies
Disaggregation of Revenue [Line Items]
Revenues	5,734	5,240	5,092
Commercial and non-U.S. customers
Disaggregation of Revenue [Line Items]
Revenues	2,028	1,937	1,776
Defense Solutions
Disaggregation of Revenue [Line Items]
Revenues	8,728	8,242	8,029
Defense Solutions \| United States
Disaggregation of Revenue [Line Items]
Revenues	7,594	7,212	7,045
Defense Solutions \| International
Disaggregation of Revenue [Line Items]
Revenues	1,134	1,030	984
Defense Solutions \| Cost-reimbursement and fixed-price-incentive-fee
Disaggregation of Revenue [Line Items]
Revenues	4,793	4,620	4,792
Defense Solutions \| Firm-fixed-price
Disaggregation of Revenue [Line Items]
Revenues	2,855	2,642	2,290
Defense Solutions \| Time-and-materials and fixed-price-level-of-effort
Disaggregation of Revenue [Line Items]
Revenues	1,080	980	947
Defense Solutions \| DoD and U.S. Intelligence Community
Disaggregation of Revenue [Line Items]
Revenues	6,480	6,027	5,939
Defense Solutions \| Other U.S. government agencies
Disaggregation of Revenue [Line Items]
Revenues	1,009	1,004	964
Defense Solutions \| Commercial and non-U.S. customers
Disaggregation of Revenue [Line Items]
Revenues	1,239	1,211	1,126
Civil
Disaggregation of Revenue [Line Items]
Revenues	3,571	3,362	3,044
Civil \| United States
Disaggregation of Revenue [Line Items]
Revenues	3,381	3,203	2,880
Civil \| International
Disaggregation of Revenue [Line Items]
Revenues	190	159	164
Civil \| Cost-reimbursement and fixed-price-incentive-fee
Disaggregation of Revenue [Line Items]
Revenues	1,900	1,781	1,576
Civil \| Firm-fixed-price
Disaggregation of Revenue [Line Items]
Revenues	1,105	1,077	1,020
Civil \| Time-and-materials and fixed-price-level-of-effort
Disaggregation of Revenue [Line Items]
Revenues	566	504	448
Civil \| DoD and U.S. Intelligence Community
Disaggregation of Revenue [Line Items]
Revenues	97	84	54
Civil \| Other U.S. government agencies
Disaggregation of Revenue [Line Items]
Revenues	2,773	2,660	2,447
Civil \| Commercial and non-U.S. customers
Disaggregation of Revenue [Line Items]
Revenues	701	618	543
Health
Disaggregation of Revenue [Line Items]
Revenues	3,040	2,683	2,544
Health \| United States
Disaggregation of Revenue [Line Items]
Revenues	3,040	2,683	2,544
Health \| International
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Health \| Cost-reimbursement and fixed-price-incentive-fee
Disaggregation of Revenue [Line Items]
Revenues	648	712	508
Health \| Firm-fixed-price
Disaggregation of Revenue [Line Items]
Revenues	2,004	1,683	1,661
Health \| Time-and-materials and fixed-price-level-of-effort
Disaggregation of Revenue [Line Items]
Revenues	388	288	375
Health \| DoD and U.S. Intelligence Community
Disaggregation of Revenue [Line Items]
Revenues	1,000	999	756
Health \| Other U.S. government agencies
Disaggregation of Revenue [Line Items]
Revenues	1,952	1,576	1,681
Health \| Commercial and non-U.S. customers
Disaggregation of Revenue [Line Items]
Revenues	$ 88	$ 108	$ 107

Derivative Instruments (Effect of Cash Flow Hedge ) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Total interest expense, net presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 212	$ 199	$ 184
Amount recognized in other comprehensive income	6	59	18
Interest Expense
Derivatives, Fair Value [Line Items]
Amount reclassified from accumulated other comprehensive income (loss) to interest expense, net	$ (15)	$ 11	$ 19

Receivables (Narrative) (Details) - USD ($)	12 Months Ended
Receivables (Narrative) (Details) - USD ($)	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Receivable collectible period (in days)	30 days
Accounts receivable sold	$ 0	$ 209,000,000	$ 693,000,000
Proceeds from sale of receivables		$ 209,000,000	$ 693,000,000

Property Plant and Equipment (Tables)

12 Months Ended

Dec. 29, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Depreciation is recognized using the methods and estimated useful lives as follows:

Depreciation method

Estimated useful lives (in years)

Computers and other equipment

Straight-line or declining-balance

2-15

Buildings

Straight-line

Not to exceed 40

Building improvements and leasehold improvements

Straight-line

Shorter of useful life of asset or remaining lease term

Vehicles and transportation equipment

Straight-line

3-15

Office furniture and fixtures

Straight-line or declining-balance

6-9

Property, plant and equipment, net consisted of the following:


	December 29, 2023		December 30, 2022
	(in millions)
Computers and other equipment	$	455	$	399
Leasehold improvements	455		404
Vehicles and transportation equipment	277		210
Buildings and improvements	137		138
Office furniture and fixtures	66		64
Land	17		17
Construction-in-progress	172		147
	1,579		1,379
Less: accumulated depreciation and amortization	(618)		(532)
	$	961	$	847

Income Taxes (Changes in Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of year	$ 92	$ 2	$ 6
Additions for tax positions related to current year	58	91	0
Additions for tax positions related to prior years	15	0	2
Reductions for tax positions related to current year	(1)	0	0
Reductions for tax positions related to prior years	(54)	0	(2)
Settlements with taxing authorities	0	0	(3)
Lapse of statute of limitations	0	(1)	(1)
Unrecognized tax benefits at end of year	110	92	2
Unrecognized tax benefits that, if recognized, would affect the effective income tax rate	$ 15	$ 0	$ 2

Goodwill and Intangible Assets (Changes in Goodwill by Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 6,696	$ 6,744
Acquisitions of businesses		26
Divestiture of a business		(6)
Goodwill and Intangible Asset Impairment	(596)	0	$ 0
Acquisitions of business	(4)
Foreign currency translation adjustments	16	(68)
Ending balance	6,112	6,696	6,744
Defense Solutions
Goodwill [Roll Forward]
Beginning balance	3,664	3,681
Acquisitions of businesses		26
Divestiture of a business		(6)
Acquisitions of business	(4)
Foreign currency translation adjustments	9	(37)
Ending balance	3,669	3,664	3,681
Civil
Goodwill [Roll Forward]
Beginning balance	2,066	2,097
Acquisitions of businesses		0
Divestiture of a business		0
Goodwill and Intangible Asset Impairment	(596)
Acquisitions of business	0
Foreign currency translation adjustments	7	(31)
Ending balance	1,477	2,066	2,097
Goodwill impairment charges	713	117	117
Health
Goodwill [Roll Forward]
Beginning balance	966	966
Acquisitions of businesses		0
Divestiture of a business		0
Goodwill and Intangible Asset Impairment	0
Acquisitions of business	0
Foreign currency translation adjustments	0	0
Ending balance	966	966	966
Goodwill impairment charges	369	$ 369	$ 369
Defense Solutions Segment
Goodwill [Roll Forward]
Goodwill and Intangible Asset Impairment	$ 0

Revenues

12 Months Ended

Dec. 29, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Note 4—Revenues

Remaining Performance Obligations

Remaining performance obligations ("RPO") represent the expected value of exercised contracts, both funded and unfunded, less revenue recognized to date. RPO does not include unexercised option periods and future potential task orders expected to be awarded under IDIQ contracts, General Services Administration Schedule or other master agreement contract vehicles, with the exception of certain IDIQ contracts where task orders are not competitively awarded and separately priced but instead are used as a funding mechanism, and where there is a basis for estimating future revenues and funding on future anticipated task orders.

As of December 29, 2023, we had $15.4 billion of RPO and expect to recognize approximately 62% and 79% over the next 12 months and 24 months, respectively, with the remaining to be recognized thereafter.

Disaggregation of Revenues

We disaggregate revenues by customer-type, contract-type and geographic location for each of our reportable segments. These categories represent how the nature, timing and uncertainty of revenues and cash flows are affected.

Disaggregated revenues by customer-type were as follows:


	Year Ended December 29, 2023
	Defense Solutions		Civil		Health		Total
	(in millions)
DoD and U.S. Intelligence Community	$	6,480	$	97	$	1,000	$	7,577
Other U.S. government agencies(1)	1,009		2,773		1,952		5,734
Commercial and non-U.S. customers	1,239		701		88		2,028
Total	$	8,728	$	3,571	$	3,040	$	15,339


	Year Ended December 30, 2022
	Defense Solutions		Civil		Health		Total
	(in millions)
DoD and U.S. Intelligence Community	$	6,027	$	84	$	999	$	7,110
Other U.S. government agencies(1)	1,004		2,660		1,576		5,240
Commercial and non-U.S. customers	1,211		618		108		1,937
Total	$	8,242	$	3,362	$	2,683	$	14,287


	Year Ended December 31, 2021
	Defense Solutions		Civil		Health		Total
	(in millions)
DoD and U.S. Intelligence Community	$	5,939	$	54	$	756	$	6,749
Other U.S. government agencies(1)	964		2,447		1,681		5,092
Commercial and non-U.S. customers	1,126		543		107		1,776
Total	$	8,029	$	3,044	$	2,544	$	13,617

(1) Includes federal government agencies other than the DoD and U.S. Intelligence Community, as well as state and local government agencies.

The majority of our revenues are generated from U.S. government contracts, either as a prime contractor or as a subcontractor to other contractors. Revenues from the U.S. government can be adversely impacted by spending caps or changes in budgetary priorities of the U.S. government, as well as delays in program start dates or the award of a contract.

Disaggregated revenues by contract-type were as follows:


	Year Ended December 29, 2023
	Defense Solutions		Civil		Health		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	4,793	$	1,900	$	648	$	7,341
Firm-fixed-price	2,855		1,105		2,004		5,964
Time-and-materials and fixed-price-level-of-effort	1,080		566		388		2,034
Total	$	8,728	$	3,571	$	3,040	$	15,339


	Year Ended December 30, 2022
	Defense Solutions		Civil		Health		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	4,620	$	1,781	$	712	$	7,113
Firm-fixed-price	2,642		1,077		1,683		5,402
Time-and-materials and fixed-price-level-of-effort	980		504		288		1,772
Total	$	8,242	$	3,362	$	2,683	$	14,287


	Year Ended December 31, 2021
	Defense Solutions		Civil		Health		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	4,792	$	1,576	$	508	$	6,876
Firm-fixed-price	2,290		1,020		1,661		4,971
Time-and-materials and fixed-price-level-of-effort	947		448		375		1,770
Total	$	8,029	$	3,044	$	2,544	$	13,617

Cost-reimbursement and FP-IF contracts are generally lower risk and have lower profits. T&M and FP-LOE contracts are also lower risk, but profits may vary depending on actual labor costs compared to negotiated contract billing rates. FFP contracts offer the potential for higher profits while increasing the exposure to risk of cost overruns.

Disaggregated revenues by geographic location were as follows:


	Year Ended December 29, 2023
	Defense Solutions		Civil		Health		Total
	(in millions)
United States	$	7,594	$	3,381	$	3,040	$	14,015
International	1,134		190		—		1,324
Total	$	8,728	$	3,571	$	3,040	$	15,339


	Year Ended December 30, 2022
	Defense Solutions		Civil		Health		Total
	(in millions)
United States	$	7,212	$	3,203	$	2,683	$	13,098
International	1,030		159		—		1,189
Total	$	8,242	$	3,362	$	2,683	$	14,287


	Year Ended December 31, 2021
	Defense Solutions		Civil		Health		Total
	(in millions)
United States	$	7,045	$	2,880	$	2,544	$	12,469
International	984		164		—		1,148
Total	$	8,029	$	3,044	$	2,544	$	13,617

Our international business operations, primarily located in Australia and the U.K., are subject to additional and different risks than our U.S. business. Failure to comply with U.S. government laws and regulations applicable to international business, such as the Foreign Corrupt Practices Act or U.S. export control regulations, could have an adverse impact on our business with the U.S. government.

In some countries, there is an increased chance for economic, legal or political changes that may adversely affect the performance of our services, sales of products or repatriation of profits. International transactions can also involve increased financial and legal risks arising from foreign exchange variability, imposition of tariffs or additional taxes and restrictive trade policies and delays or failure to collect amounts due to differing legal systems.

Revenues by contract-type, customer-type and geographic location exclude lease income of $99 million, $109 million and $120 million for fiscal 2023, 2022 and 2021, respectively (see "Note 10—Leases").

Contract Assets and Liabilities

Performance obligations are satisfied either over time as work progresses or at a point in time. Firm-fixed-price contracts are typically billed to the customer using milestone payments while cost-reimbursable and time and materials contracts are typically billed to the customer on a monthly or bi-weekly basis as indicated by the negotiated billing terms and conditions of the contract. As a result, the timing of revenue recognition, customer billings and cash collections for each contract results in a net contract asset or liability at the end of each reporting period.

Contract assets consist of unbilled receivables, which is the amount of revenue recognized that exceeds the amount billed to the customer. Unbilled receivables exclude amounts billable where the right to consideration is solely subject to the passage of time. Contract liabilities consist of deferred revenue, which represents cash advances received prior to performance for programs and billings in excess of revenue recognized.

The components of contract assets and contract liabilities consisted of the following:


	Balance sheet line item	December 29, 2023		December 30, 2022
		(in millions)
Contract assets - current:
Unbilled receivables	Receivables, net	$	1,041	$	1,010

Contract liabilities - current:
Deferred revenue(1)	Accounts payable and accrued liabilities	$	442	$	380

Contract liabilities - non-current:
Deferred revenue(1)	Other long-term liabilities	$	21	$	29

(1) Certain contracts record revenue on a net contract basis, and therefore, the respective deferred revenue balance will not fully convert to revenue.

The increase in deferred revenue was primarily due to the timing of advanced payments from customers, offset by revenue recognized during the period.

Revenue recognized during fiscal 2023 and 2022 of $232 million and $270 million, respectively, was included as a contract liability at December 30, 2022, and December 31, 2021, respectively.

There were no impairment losses recognized on contract assets during fiscal 2023, 2022 and 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Leases (ROU Assets and Lease Liabilities) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
ROU assets:
Finance leases	$ 89	$ 43
Operating leases	512	545
Non-current ROU assets	$ 601	$ 588
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Current lease liabilities:
Finance leases	$ 18	$ 6
Operating leases	136	130
Current lease liabilities	$ 154	$ 136
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Debt, Current	Debt, Current
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Non-current lease liabilities:
Finance leases	$ 73	$ 38
Operating leases	516	570
Non-current lease liabilities	$ 589	$ 608
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, net of current portion	Long-term debt, net of current portion

Inventory

12 Months Ended

Dec. 29, 2023

Inventory Disclosure [Abstract]

Inventory

Note 7—Inventory

The components of inventory, net consisted of the following:


	December 29, 2023		December 30, 2022
	(in millions)
Raw materials	$	190	$	180
Work-in-process	48		34
Finished goods	72		73
	$	310	$	287

Nature of Operations and Basis of Presentation	12 Months Ended
Nature of Operations and Basis of Presentation	Dec. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Note 1—Nature of Operations and Basis of Presentation Nature of Operations and Basis of Presentation Leidos Holdings, Inc. ("Leidos"), a Delaware corporation, is a holding company whose direct 100%-owned subsidiary and principal operating company is Leidos, Inc. Leidos, recognized as a member of the Fortune 500®, is a dynamic innovation company that is at the forefront of addressing the world’s most challenging issues in national security and health sectors. With a global workforce of approximately 47,000, Leidos is committed to developing smarter technology solutions, particularly for customers in highly regulated industries. Leidos' customers include the U.S. Department of Defense ("DoD"), the U.S. Intelligence Community, the U.S. Department of Homeland Security, the Federal Aviation Administration, the Department of Veterans Affairs and many other U.S. civilian, state and local government agencies, foreign government agencies and commercial businesses. Unless indicated otherwise, references to "we," "us" and "our" refer collectively to Leidos Holdings, Inc. and its consolidated subsidiaries. Our business has been aligned into three reportable segments: Defense Solutions, Civil and Health. Additionally, we separately present the unallocable costs associated with corporate functions as Corporate. We have an 88% controlling interest in Mission Support Alliance, LLC ("MSA"), a joint venture with Centerra Group, LLC, which includes 41% purchased from Jacobs Group, LLC on January 26, 2018. MSA’s contract ended on January 24, 2021. We also have a 53% controlling interest in Hanford Mission Integration Solutions, LLC ("HMIS"), the legal entity for the follow-on contract to MSA's contract and a joint venture with Centerra Group, LLC and Parsons Government Services, Inc. We consolidate the financial results for MSA and HMIS into our consolidated financial statements. The consolidated financial statements also include the balances of all voting interest entities in which Leidos has a controlling voting interest ("subsidiaries") and a variable interest entity ("VIE") in which Leidos is the primary beneficiary. The consolidated balances of the VIE are not material to the consolidated financial statements for the periods presented. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. We combined "Credit losses (recoveries), net" into "Selling, general and administrative expenses" on the consolidated statements of operations. We have certain entities where the functional currency is not the U.S. dollar and have separately presented the effect of exchange rate changes on cash, cash equivalents and restricted cash held in foreign currencies as a separate line in the consolidated statements of cash flows.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 29, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 14—Accumulated Other Comprehensive Income (Loss)

Changes in the components of Accumulated Other Comprehensive Income (Loss) ("AOCI") were as follows:


	Foreign currency translation adjustments		Unrecognized gain (loss) on derivative instruments		Pension adjustments		Total AOCI
	(in millions)
Balance at January 1, 2021	$	30	$	(70)	$	(6)	$	(46)
Other comprehensive income (loss)	(3)		18		17		32
Taxes	(5)		(8)		(4)		(17)
Reclassification from AOCI	—		19		—		19
Balance at December 31, 2021	22		(41)		7		(12)
Other comprehensive income (loss)	(108)		59		(27)		(76)
Taxes	13		(16)		7		4
Reclassification from AOCI	—		11		—		11
Balance at December 30, 2022	(73)		13		(13)		(73)
Other comprehensive income (loss)	36		6		(1)		41
Taxes	(2)		1		—		(1)
Reclassification from AOCI	—		(15)		—		(15)
Balance at December 29, 2023	$	(39)	$	5	$	(14)	$	(48)

Reclassifications for unrecognized gain (loss) on derivative instruments are associated with outstanding debt are recorded in "Interest expense, net" on the consolidated statements of operations. See "Note 12—Derivative Instruments" for more information on our interest rate swap agreements.

Debt (Narrative) (Details)						12 Months Ended
Debt (Narrative) (Details)	May 26, 2023 USD ($)	Mar. 10, 2023 USD ($) extension	Feb. 28, 2023 USD ($)	May 06, 2022 USD ($)	May 07, 2021 USD ($)	Dec. 29, 2023 USD ($)	Dec. 30, 2022 USD ($)
Debt Instrument [Line Items]
Commercial paper outstanding						$ 0	$ 0
Commercial Paper
Debt Instrument [Line Items]
Term of debt instrument (in years)						397 days
Increase in commercial paper program	$ 250,000,000
Commercial paper						$ 1,000,000,000
Minimum denominations of commercial paper						$ 250,000
Term loan
Debt Instrument [Line Items]
Covenant, adjusted consolidated total debt to consolidated EBITDA ratio						3.75
Covenant, leverage ratio, maximum, potential increase following material acquisition						4.50
Covenant, consolidated EBITDA to interest expense ratio						3.50
Term loan \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 380,000,000
Term of debt instrument (in years)				364 days
Repayments of term loan					$ 380,000,000
Term loan \| Unsecured debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable interest rate (as percent)		0.10%
The Credit Agreement
Debt Instrument [Line Items]
Number of additional extensions \| extension		2
Debt instrument, extension term (in years)		1 year
The Credit Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Variable interest rate (as percent)		1.25%
The Credit Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Variable interest rate (as percent)		1.00%
The Credit Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Variable interest rate (as percent)		1.50%
Notes Which Mature On March Two Thousand Thirty Three \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 750,000,000
Amortization of debt issuance costs and discounts			$ 11,000,000
$750 million notes, due March 2033 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount						$ 750,000,000
Stated interest rate						5.75%
$500 million notes, due May 2023 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount						$ 500,000,000
Stated interest rate			2.95%
Term loan \| The Credit Agreement \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000,000,000				1,925,000,000
Repayments of term loan			$ 210,000,000
Revolving Credit Facility \| The Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000,000,000				750,000,000
Long-term Line of Credit						$ 0

Subsequent Events (Details) - segment	1 Months Ended	12 Months Ended
Subsequent Events (Details) - segment	Feb. 13, 2024	Dec. 29, 2023
Subsequent Event [Line Items]
Number of reportable segments		3
Subsequent Event
Subsequent Event [Line Items]
Number of reportable segments	4

Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 29, 2023 USD ($) reporting_unit	Dec. 30, 2022 USD ($) reporting_unit	Dec. 31, 2021 USD ($)
Significant Accounting Policies [Line Items]
Contract with customer, performance obligation satisfied in previous period	$ 8	$ 9	$ 26
Internal research and development costs included in selling, general and administrative expenses	128	116	109
Accounts payable and accrued liabilities	2,277	2,254
Less: restricted cash at end of year	$ 151	$ 167	$ 148
Number of reporting units (in reporting units) \| reporting_unit	7	7
Cash and Cash Equivalents
Significant Accounting Policies [Line Items]
Accounts payable and accrued liabilities	$ 136	$ 158

Inventory (Tables)

12 Months Ended

Dec. 29, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The components of inventory, net consisted of the following:


	December 29, 2023		December 30, 2022
	(in millions)
Raw materials	$	190	$	180
Work-in-process	48		34
Finished goods	72		73
	$	310	$	287

Acquisitions and Divestitures (Divestitures) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Millions	Oct. 20, 2023	Apr. 29, 2022
Defense Solution
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	$ 2
Assets divested	$ 7
Aviation & Missile Solutions LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration		$ 15
Assets divested		$ 19

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 15,438	$ 14,396	$ 13,737
Cost of revenues	13,194	12,312	11,723
Selling, general and administrative expenses	942	951	851
Acquisition, integration and restructuring costs	24	17	27
Goodwill impairment charges	596	0	0
Asset impairment charges	91	40	4
Equity earnings of non-consolidated subsidiaries	(30)	(12)	(20)
Operating income	621	1,088	1,152
Non-operating expense:
Interest expense, net	(212)	(199)	(184)
Other expense, net	(6)	(3)	(1)
Income before income taxes	403	886	967
Income tax expense	(195)	(193)	(208)
Net income	208	693	759
Less: net income attributable to non-controlling interest	9	8	6
Net income attributable to Leidos common stockholders	$ 199	$ 685	$ 753
Earnings per share:
Basic (in usd per share)	$ 1.45	$ 5.00	$ 5.34
Diluted (usd per share)	$ 1.44	$ 4.96	$ 5.27

Stock-Based Compensation (Stock options) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, net of estimated forfeitures	$ 7
Tax benefits from stock options exercised	$ 2	$ 9	$ 6
2006 and 2017 Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
2006 and 2017 Incentive Plans \| Outside Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Maximum \| 2006 and 2017 Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Minimum \| 2006 and 2017 Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years 8 months 12 days	4 years 8 months 12 days	4 years 7 months 6 days
Expected weighted-average period of recognition, years	1 year 9 months 18 days
Stock Options \| 2006 and 2017 Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	7 years
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	10 years
Stock Options \| Maximum \| 2006 and 2017 Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Stock Options \| Minimum \| 2006 and 2017 Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years

Income Taxes (Income Tax Related Balance on Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021	Jan. 01, 2021
Accounts payable and accrued liabilities:
Deferred tax liabilities	$ 3	$ 40
Other long-term liabilities:
Unrecognized tax benefits	110	92	$ 2	$ 6
Other Current Assets
Other current assets:
Prepaid income taxes and tax refunds receivable	40	11
Other long-term assets
Other long-term assets:
Deferred tax assets	102	28
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities:
Income taxes payable	3	135
Unrecognized tax benefits
Other long-term liabilities:
Unrecognized tax benefits	$ 114	$ 92

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 199	$ 685	$ 753

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Stock-Based Compensation (Performance-Based Stock Award Activity) (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years
Maximum percentage that will ultimately vest for shares provided under long term performance based incentive equity awards based on target amount stated in agreement	200.00%
Cycle performance period (in years)	3 years
Weighted average grant date fair value of the awards granted, excluding dividend equivalents (in usd per share)	$ 93.90	$ 105.07	$ 89.26
Weighted average grant date fair value, market conditions (in usd per share)	$ 108.38	$ 129.42	$ 88.21
Unrecognized compensation cost, net of estimated forfeitures	$ 18
Expected weighted-average period of recognition, years	1 year 7 months 6 days
Fair value of vesting awards that vested	$ 12	$ 17	$ 19

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill by Segment

The following table presents changes in the carrying amount of goodwill by reportable segment:


	Defense Solutions		Civil		Health		Total
	(in millions)
Goodwill at December 31, 2021(1)	$	3,681	$	2,097	$	966	$	6,744
Acquisitions of businesses	26		—		—		26
Divestiture of a business	(6)		—		—		(6)
Foreign currency translation adjustments	(37)		(31)		—		(68)
Goodwill at December 30, 2022(1)	3,664		2,066		966		6,696
Goodwill impairment	—		(596)		—		(596)
Acquisitions of a business(2)	(4)		—		—		(4)
Foreign currency translation adjustments	9		7		—		16
Goodwill at December 29, 2023(3)	$	3,669	$	1,477	$	966	$	6,112

(1) Carrying amount includes accumulated impairment losses of $369 million and $117 million within the Health and Civil segments, respectively.

(2) Adjustment to goodwill resulting from a measurement period purchase accounting adjustment.

(3) Carrying amount includes accumulated impairment losses of $369 million and $713 million within the Health and Civil segments, respectively.

Schedule of Intangible Assets

Intangible assets, net consisted of the following:


	December 29, 2023						December 30, 2022
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in millions)
Finite-lived intangible assets:
Programs	$	1,689	$	(1,175)	$	514	$	1,721	$	(1,016)	$	705
Software and technology	263		(144)		119		225		(136)		89
Customer relationships	52		(22)		30		87		(25)		62
Trade names	—		—		—		1		(1)		—
Total finite-lived intangible assets	2,004		(1,341)		663		2,034		(1,178)		856
Indefinite-lived intangible assets:
In-process research and development (1)	—		—		—		92		—		92
Trade names	4		—		4		4		—		4
Total indefinite-lived intangible assets	4		—		4		96		—		96
Total intangible assets	$	2,008	$	(1,341)	$	667	$	2,130	$	(1,178)	$	952

(1) IPR&D intangible assets are indefinite-lived at the acquisition date until placed into service, at which time such assets will be reclassified to a finite-lived amortizable intangible asset. During fiscal 2023, $59 million was placed into service and reclassified to software and technology intangible assets.

Schedule of Estimated Annual Amortization Expense Related to Finite-Lived Intangible Assets

The estimated annual amortization expense related to finite-lived intangible assets as of December 29, 2023, is as follows:


Fiscal Year Ending
	(in millions)
2024	$	148
2025	120
2026	99
2027	72
2028	62
2029 and thereafter	162
	$	663

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Earnings Per Share ("EPS") (Narrative) (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Antidilutive securities (in shares)	1.0	1.0	1.0
Payments for repurchase of common stock	$ 225,000,000	$ 0	$ 237,000,000
Accelerated Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock		$ 500,000,000
Number of shares repurchased and retired (in shares)		4.8

Leases (Future Minimum Lease Commitments) (Details) $ in Millions	Dec. 29, 2023 USD ($)
Finance lease commitments
2024	$ 22
2025	22
2026	22
2027	15
2028	5
2029 and thereafter	15
Total undiscounted cash flows	101
Less: imputed interest	(10)
Lease liability as of December 29, 2023	91
Operating lease commitments
2024	158
2025	119
2026	95
2027	70
2028	68
2029 and thereafter	237
Total undiscounted cash flows	747
Less: imputed interest	(95)
Lease liability as of December 29, 2023	$ 652

Earnings Per Share ("EPS") (Tables)

12 Months Ended

Dec. 29, 2023

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares used to Compute Basic and Diluted EPS

The weighted average number of shares used to compute basic and diluted EPS attributable to Leidos stockholders were:


	Year Ended
	December 29, 2023	December 30, 2022	December 31, 2021
	(in millions)
Basic weighted average number of shares outstanding	137	137	141
Dilutive common share equivalents—stock options and other stock awards	1	1	2
Diluted weighted average number of shares outstanding	138	138	143

Retirement Plans (Details) $ in Millions	12 Months Ended
Retirement Plans (Details) $ in Millions	Dec. 29, 2023 USD ($) plan coveredEmployee	Dec. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Compensation expense	$ 148	$ 145	$ 131
Number of deferred compensation plans \| plan	3
Number of defined benefit pension plans \| plan	2
Other comprehensive income (loss) on pending buy-out transaction	$ 21	20
Net assets	8	7
Projected benefit obligation	99	101
Defined benefit plan, plan assets, amount	$ 103	101
Number of covered employees, government contracts \| coveredEmployee	2
Uk Plan
Defined Benefit Plan Disclosure [Line Items]
Funded status of plan - overfunded (underfunded)	$ 8	7
Gibbs & Cox, Inc.
Defined Benefit Plan Disclosure [Line Items]
Funded status of plan - overfunded (underfunded)	$ (4)	$ (7)

Property, Plant, and Equipment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 129	$ 103	$ 97

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividend per share (in usd per share)	$ 1.46	$ 1.44	$ 1.40

Summary of Significant Accounting Policies (Changes in Estimates on Contracts for the Periods Presented) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Favorable impact	$ 140	$ 146	$ 149
Unfavorable impact	(100)	(113)	(102)
Net favorable impact to income before income taxes	$ 40	$ 33	$ 47
Impact on diluted EPS attributable to Leidos common stockholders (usd per share)	$ 0.22	$ 0.17	$ 0.25

Property Plant and Equipment

12 Months Ended

Dec. 29, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 9—Property, Plant and Equipment

Property, plant and equipment, net consisted of the following:


	December 29, 2023		December 30, 2022
	(in millions)
Computers and other equipment	$	455	$	399
Leasehold improvements	455		404
Vehicles and transportation equipment	277		210
Buildings and improvements	137		138
Office furniture and fixtures	66		64
Land	17		17
Construction-in-progress	172		147
	1,579		1,379
Less: accumulated depreciation and amortization	(618)		(532)
	$	961	$	847

Depreciation expense was $129 million, $103 million and $97 million for fiscal 2023, 2022 and 2021, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 29, 2023	Dec. 30, 2022
Stockholders’ equity:
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	135,766,419	136,926,990
Common stock, shares outstanding (in shares)	135,766,419	136,926,990

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 29, 2023

Accounting Policies [Abstract]

Schedule of Changes in Estimates on Contracts for the Periods Presented

Changes in estimates on contracts for the periods presented were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions, except for per share amounts)
Favorable impact	$	140	$	146	$	149
Unfavorable impact	(100)		(113)		(102)
Net favorable impact to income before income taxes	$	40	$	33	$	47

Impact on diluted EPS attributable to Leidos common stockholders	$	0.22	$	0.17	$	0.25

Schedule of Finite-Lived Intangible Assets

Intangible assets with finite lives are amortized over the following periods:


						Estimated useful lives (in years)
Backlog						1
Customer relationships						8-10
Programs						4-13
Software and technology						3-15
Trade names						3

Schedule of Depreciation Using Estimated Useful Lives

Depreciation is recognized using the methods and estimated useful lives as follows:

Depreciation method

Estimated useful lives (in years)

Computers and other equipment

Straight-line or declining-balance

2-15

Buildings

Straight-line

Not to exceed 40

Building improvements and leasehold improvements

Straight-line

Shorter of useful life of asset or remaining lease term

Vehicles and transportation equipment

Straight-line

3-15

Office furniture and fixtures

Straight-line or declining-balance

6-9

Property, plant and equipment, net consisted of the following:


	December 29, 2023		December 30, 2022
	(in millions)
Computers and other equipment	$	455	$	399
Leasehold improvements	455		404
Vehicles and transportation equipment	277		210
Buildings and improvements	137		138
Office furniture and fixtures	66		64
Land	17		17
Construction-in-progress	172		147
	1,579		1,379
Less: accumulated depreciation and amortization	(618)		(532)
	$	961	$	847

Acquisitions and Divestitures

12 Months Ended

Dec. 29, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Note 5—Acquisitions and Divestitures

Acquisitions

We may acquire businesses as part of our growth strategy to provide new or enhance existing capabilities and offerings to customers. During fiscal 2022, we completed the acquisition of Cobham Aviation Services Australia’s Special Mission business ("Cobham Special Mission"). During fiscal 2021, we completed the acquisitions of Gibbs & Cox, 1901 Group, LLC ("1901 Group") and an immaterial strategic acquisition.

Cobham Special Mission Acquisition

On October 30, 2022 (the "Agreement Date"), we completed the acquisition of Cobham Special Mission for purchase consideration of $298 million Australian dollars, net of $10 million of Australian dollars acquired, or $192 million United States dollars, net of $6 million of cash acquired. Cobham Special Mission provides airborne border surveillance and search and rescue services to the Australian Federal Government.

In the third quarter of fiscal 2023, we completed the determination of fair values of the assets acquired and liabilities assumed. The final goodwill recognized of $22 million represents intellectual capital and the acquired assembled workforce, neither of which qualify for recognition as a separate intangible asset. None of the goodwill recognized is tax deductible.

In connection with this acquisition, we acquired property, plant and equipment with a fair value of $148 million at the Agreement Date. The following table summarizes the fair value of intangible assets acquired at the Agreement Date and the related weighted average amortization period:


	Weighted average amortization period	Fair value
	(in years)	(in millions)
Programs	11	$	19
Technology	10	5
Total	11	$	24

For fiscal 2023 and 2022, $115 million and $21 million, respectively, of revenues related to the Cobham Special Mission acquisition were recognized within the Defense Solutions reportable segment.

Gibbs & Cox Acquisition

On May 7, 2021 (the "Purchase Date"), we completed the acquisition of Gibbs & Cox for purchase consideration of approximately $375 million, net of $1 million of cash acquired. Gibbs & Cox is an independent engineering and design firm specializing in naval architecture, marine engineering, management support and engineering consulting.

The final goodwill recognized of $276 million represents intellectual capital and the acquired assembled workforce, neither of which qualify for recognition as a separate intangible asset. All of the goodwill recognized is tax deductible.

The following table summarizes the fair value of intangible assets acquired at the Purchase Date and the related weighted average amortization period:

Weighted average amortization period

Fair value

(in years)

(in millions)

Programs

For fiscal 2023, 2022 and 2021, $129 million, $114 million and $98 million, respectively, of revenues related to the Gibbs & Cox acquisition were recognized within the Defense Solutions reportable segment.

1901 Group Acquisition

On January 14, 2021 (the "Closing Date"), we completed the acquisition of 1901 Group for purchase consideration of $212 million, net of $2 million of cash acquired.

The final goodwill recognized of $123 million represents intellectual capital and the acquired assembled workforce, none of which qualify for recognition as separate intangible assets. Of the goodwill recognized, $118 million is tax deductible.

The following table summarizes the fair value of intangible assets acquired at the Closing Date and the related weighted average amortization period:


	Weighted average amortization period	Fair value
	(in years)	(in millions)
Technology	8	$	43
Programs	10	37
Backlog	1	6
Total	8	$	86

For fiscal 2023, 2022 and 2021, $46 million, $40 million and $47 million, respectively, of revenues related to the 1901 Group acquisition were recognized within the Defense Solutions reportable segment.

Strategic Business Acquisition

On September 21, 2021, we completed an immaterial strategic business acquisition for purchase consideration of approximately $36 million. In connection with the transaction, the Company recognized an $8 million program intangible asset and goodwill of $25 million.

Acquisition and Integration Costs

The following expenses were incurred related to the Company's acquisitions:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Acquisition costs	$	—	$	—	$	4
Integration costs	19		16		20
Total acquisition and integration costs	$	19	$	16	$	24

These acquisition and integration costs have been primarily recorded within Corporate and presented in "Acquisition, integration and restructuring costs" on the consolidated statement of operations.

Divestitures

Immaterial Divestiture

On October 20, 2023, we disposed of an immaterial business within our Defense Solutions reportable segment. The preliminary sales price was approximately $2 million and net assets of $7 million were divested as a result of the transaction.

Aviation & Missile Solutions LLC ("AMS")

On November 22, 2021, our Defense Solutions reportable segment signed a definitive agreement to dispose of its AMS business in order to focus on leading-edge and technologically advanced services, solutions and products. The divestiture was completed on April 29, 2022. The net sales price was $15 million and net assets of $19 million were divested. The loss was recorded within "Other expense, net" on the consolidated statements of operations. This disposition did not meet the criteria to be classified as a discontinued operation in the financial statements.

Goodwill and Intangible Assets

12 Months Ended

Dec. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8—Goodwill and Intangible Assets

Goodwill

The following table presents changes in the carrying amount of goodwill by reportable segment:


	Defense Solutions		Civil		Health		Total
	(in millions)
Goodwill at December 31, 2021(1)	$	3,681	$	2,097	$	966	$	6,744
Acquisitions of businesses	26		—		—		26
Divestiture of a business	(6)		—		—		(6)
Foreign currency translation adjustments	(37)		(31)		—		(68)
Goodwill at December 30, 2022(1)	3,664		2,066		966		6,696
Goodwill impairment	—		(596)		—		(596)
Acquisitions of a business(2)	(4)		—		—		(4)
Foreign currency translation adjustments	9		7		—		16
Goodwill at December 29, 2023(3)	$	3,669	$	1,477	$	966	$	6,112

(1) Carrying amount includes accumulated impairment losses of $369 million and $117 million within the Health and Civil segments, respectively.

(2) Adjustment to goodwill resulting from a measurement period purchase accounting adjustment.

(3) Carrying amount includes accumulated impairment losses of $369 million and $713 million within the Health and Civil segments, respectively.

Operations of the Security Enterprise Solutions (“SES”) reporting unit rely heavily on the sales and servicing of security and detection products, which continue to be negatively impacted due to delays in airline travel infrastructure projects as customer budgets recover from the pandemic. During the third quarter of fiscal 2023, the SES reporting unit refined its portfolio and made strategic business decisions to exit certain product offerings, and cease operations in certain countries in order to align the operations of the reporting unit with its strategic business plan. These decisions, along with the delays in airline travel infrastructure projects and higher than anticipated servicing costs, contributed to a significant reduction in the reporting unit’s forecasted revenue and cash flows.

As a result, in fiscal 2023, we conducted a quantitative goodwill impairment analysis and our estimates led us to determine that the carrying value of the SES reporting unit exceeded its estimated fair value (see “Note 11—Fair Value Measurements”). Accordingly, we recognized a non-cash goodwill impairment charge of $596 million and had $308 million of goodwill remaining at the SES reporting unit as of December 29, 2023. The impairment was recorded within the Civil reportable segment in the consolidated statements of operations.

In the fourth quarter of fiscal 2023, we performed a qualitative analysis for certain reporting units which determined that it was more likely than not that the fair values of these reporting units were in excess of the individual reporting units' carrying values. We performed a second quantitative analysis for the SES reporting unit and concluded that no incremental impairment was necessary as the fair value of the reporting unit exceeded the carrying value as of the fourth quarter of fiscal 2023. In the event that there are significant unfavorable changes to the forecasted cash flows, forecasted revenue, terminal growth rates or the cost of capital used in the fair value estimates, we may be required to record an additional impairment of goodwill at a future date.

In the fourth quarter of fiscal 2022 and 2021, we performed a qualitative analysis for certain reporting units which determined that it was more likely than not that the fair values of these reporting units were in excess of the individual reporting units' carrying values. We performed a quantitative analysis for certain reporting units and concluded that these reporting units were not impaired as their fair values exceeded their carrying values.

Intangible Assets

Intangible assets, net consisted of the following:


	December 29, 2023						December 30, 2022
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in millions)
Finite-lived intangible assets:
Programs	$	1,689	$	(1,175)	$	514	$	1,721	$	(1,016)	$	705
Software and technology	263		(144)		119		225		(136)		89
Customer relationships	52		(22)		30		87		(25)		62
Trade names	—		—		—		1		(1)		—
Total finite-lived intangible assets	2,004		(1,341)		663		2,034		(1,178)		856
Indefinite-lived intangible assets:
In-process research and development (1)	—		—		—		92		—		92
Trade names	4		—		4		4		—		4
Total indefinite-lived intangible assets	4		—		4		96		—		96
Total intangible assets	$	2,008	$	(1,341)	$	667	$	2,130	$	(1,178)	$	952

Our strategic decisions regarding SES’ product offerings and operating regions (see the goodwill discussion above) caused certain technology, customer relationships and IPR&D intangible assets to be abandoned and the carrying values of certain program intangible assets to become unrecoverable. As a result, we recognized intangible asset impairment charges of $79 million for fiscal 2023, which included $33 million for IPR&D intangible assets. The impairment was recorded to “Asset impairment charges” in the consolidated statements of operations within the Civil reportable segment. In the event that we are required to make an additional impairment of goodwill at a future date for any of the reasons identified in our discussion of goodwill or if other events occur that negatively impact these intangible assets, we may also be required to record an additional impairment of intangible assets at that time.

Amortization expense related to intangible assets was $202 million, $230 million and $228 million for fiscal 2023, 2022 and 2021, respectively.

The estimated annual amortization expense related to finite-lived intangible assets as of December 29, 2023, is as follows:


Fiscal Year Ending
	(in millions)
2024	$	148
2025	120
2026	99
2027	72
2028	62
2029 and thereafter	162
	$	663

Actual amortization expense in future periods could differ from these estimates as a result of future acquisitions, divestitures, impairments and other factors.

Commitments and Contingencies

12 Months Ended

Dec. 29, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 21—Commitments and Contingencies

Legal Proceedings

We are involved in various claims and lawsuits arising in the normal conduct of our business, none of which, in the opinion of management, based upon current information, will likely have a material adverse effect on our financial position, results of operations or cash flows.

Contingencies

VirnetX, Inc. ("VirnetX")

On April 10, 2018, a jury trial concluded in an additional patent infringement case brought by VirnetX against Apple, referred to as the Apple II case, in which the jury returned a verdict against Apple for infringement and awarded VirnetX damages in the amount of over $502 million. On April 11, 2018, in a second phase of the Apple II trial, the jury found Apple's infringement to be willful. On August 30, 2018, the federal trial court in the Eastern District of Texas entered a final judgment and rulings on post-trial motions in the Apple II case. The court affirmed the jury’s verdict of over $502 million and granted VirnetX’s motions for supplemental damages, a sunset royalty and royalty rate of $1.20 per infringing device, along with pre-judgment and post-judgment interest and costs. The court denied VirnetX’s motions for enhanced damages, attorneys’ fees and an injunction. The court also denied Apple’s motions for judgment as a matter of law and for a new trial. An additional sum of over $93 million for costs and pre-judgment interest was subsequently agreed upon pursuant to a court order, bringing the total award to VirnetX in the Apple II case to over $595 million. Apple filed an appeal of the judgment in the Apple II case with the U.S. Court of Appeals for the Federal Circuit, and on November 22, 2019, the Federal Circuit affirmed in part, reversed in part and remanded the Apple II case back to the District Court. The Federal Circuit affirmed that Apple infringed two of the patents at issue in the case, and ruled that Apple is precluded from making certain patent invalidity arguments. However, the Federal Circuit reversed the judgment that Apple infringed two other patents at issue, vacated the prior damages awarded in the Apple II case, and remanded the Apple II case back to the District Court for further proceedings regarding damages. On April 23, 2020, the District Court ordered a new trial on damages in the Apple II case, which was delayed by the coronavirus pandemic and started on October 26, 2020. On October 30, 2020, the jury awarded VirnetX $503 million in damages and specified a royalty rate of $0.84 per infringing device. In January 2021, the District Court entered final judgment affirming the jury award and the parties separately agreed on additional costs and interest of over $75 million, subject to Apple's appeal. On February 4, 2021, Apple filed a notice of appeal with the U.S. Court of Appeals for the Federal Circuit in the Apple II case.

Under our agreements with VirnetX, Leidos would receive 25% of the proceeds obtained by VirnetX after reduction for attorneys' fees and costs. However, the verdict in the Apple II case remains subject to the ongoing and potential future proceedings and appeals. In addition, the patents at issue in these cases are subject to U.S. Patent and Trademark Office ("USPTO") post-grant inter partes review and/or reexamination proceedings and related appeals, which may result in all or part of these patents being invalidated or the claims of the patents being limited. On March 30, 2023, the U.S. Court of Appeals for the Federal Circuit issued a ruling affirming prior decisions of the USPTO’s Patent Trial and Appeal Board finding certain claims of the patents at issue in the Apple II case to be unpatentable. On March 31, 2023, the Federal Circuit issued a decision vacating the District Court’s judgment in the Apple II case and remanding it back to the District Court with instructions to dismiss the case as moot. These Federal Circuit decisions remain subject to potential motions and/or appeals by VirnetX, including potentially seeking rehearing or certiorari review. On May 1, 2023, VirnetX filed a petition for panel rehearing on the Apple II litigation decision at the Federal Circuit, but this petition was denied by the Federal Circuit on June 27, 2023. On June 5, 2023, VirnetX filed a petition for panel rehearing on the Federal Circuit’s decision finding the patents at issue in the Apple II case to be unpatentable, but this petition was denied by the Federal Circuit on June 22, 2023. On September 20, 2023, VirnetX filed a petition for a writ of certiorari with the Supreme Court of the United States to review the Federal Circuit decisions.

Thus, no assurances can be given when or if we will receive any proceeds in connection with the Apple II case. In addition, if Leidos receives any proceeds, we are required to pay a royalty to the customer who paid for the development of the technology.

Government Investigations and Reviews

We are routinely subject to investigations and reviews relating to compliance with various laws and regulations with respect to our role as a contractor to federal, state and local government customers and in connection with performing services in countries outside of the United States. Adverse findings could have a material effect on our business, financial position, results of operations and cash flows due to our reliance on government contracts.

Defense Contract Audit Agency

As of December 29, 2023, active indirect cost audits by the DCAA remain open for fiscal 2021 and subsequent fiscal years. Although we have recorded contract revenues based upon an estimate of costs that we believe will be approved upon final audit or review, we cannot predict the outcome of any ongoing or future audits or reviews and adjustments and, if future adjustments exceed estimates, our profitability may be adversely affected. As of December 29, 2023, we believe we have adequately reserved for potential adjustments from audits or reviews of contract costs.

Other Government Investigations and Reviews

Through its internal processes, the Company discovered, in late 2021, activities by its employees, third party representatives and subcontractors, raising concerns related to a portion of our business that conducts international operations. The Company is conducting an internal investigation, overseen by an independent committee of the Board of Directors, with the assistance of external legal counsel, to determine whether the identified conduct may have violated the Company’s Code of Conduct and potentially applicable laws, including the U.S. Foreign Corrupt Practices Act ("FCPA"). The Company has voluntarily self-reported this investigation to the Department of Justice and the Securities and Exchange Commission and is cooperating with both agencies. Because the investigation is ongoing, the Company cannot anticipate the timing, outcome or possible impact of the investigation, although violations of the FCPA and other applicable laws may result in criminal and civil sanctions, including monetary penalties, and reputational damage. In September 2022, the Company received a Federal Grand Jury Subpoena related to the criminal investigation by the U.S. Attorney’s Office for the Southern District of California, in conjunction with the U.S. Department of Justice’s Fraud Division. The subpoena requests documents relating to the conduct that is the subject of the Company’s internal investigation. The Company has responded to the subpoena. In February 2023, a former employee of the Company who was terminated at the outset of the investigation was indicted on wire fraud and other charges by a Federal Grand Jury in the U.S. District Court in the Southern District of California. These charges were later dismissed as a result of the death of the former employee.

In August 2022, the Company received a Federal Grand Jury Subpoena in connection with a criminal investigation being conducted by the U.S. Department of Justice Antitrust Division. The subpoena requests that the Company produce a broad range of documents related to three U.S. Government procurements associated with the Company’s Intelligence Group in 2021 and 2022. We are fully cooperating with the investigation, and we are conducting our own internal investigation with the assistance of outside counsel. It is not possible at this time to determine whether we will incur, or to reasonably estimate the amount of, any fines, penalties, or further liabilities in connection with the investigation pursuant to which the subpoena was issued.

Commitments

As of December 29, 2023, we have outstanding letters of credit of $64 million, principally related to performance guarantees on contracts and outstanding surety bonds with a notional amount of $104 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 December 29, 2023, the future expirations of the outstanding letters of credit and surety bonds were as follows:


Fiscal year ending
	(in millions)
2024	$	46
2025	103
2026	2
2027	14
2028	1
2029 and thereafter	2
	$	168

Leases (Undiscounted Cash Flows for Sales-Type and Operating Leases) (Details) $ in Millions	Dec. 29, 2023 USD ($)
Sales-type leases
2024	$ 44
2025	32
2026	18
2027	8
2028	5
Total undiscounted cash flows	107
Present value of lease payments as lease receivables	100
Difference between undiscounted cash flows and discounted cash flows	7
Operating leases
2024	20
2025	5
2026	0
2027	0
2028	0
Total undiscounted cash flows	$ 25

Earnings Per Share ("EPS")

12 Months Ended

Dec. 29, 2023

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Note 16—Earnings Per Share ("EPS")

Basic EPS is computed by dividing net income attributable to Leidos common stockholders by the basic weighted average number of shares outstanding. Diluted EPS is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted EPS by application of the treasury stock method, only in periods in which such effect would have been dilutive for the period.

We issue unvested stock awards that have forfeitable rights to dividends or dividend equivalents. These stock awards are dilutive common share equivalents subject to the treasury stock method.

The weighted average number of shares used to compute basic and diluted EPS attributable to Leidos stockholders were:


	Year Ended
	December 29, 2023	December 30, 2022	December 31, 2021
	(in millions)
Basic weighted average number of shares outstanding	137	137	141
Dilutive common share equivalents—stock options and other stock awards	1	1	2
Diluted weighted average number of shares outstanding	138	138	143

Anti-dilutive stock-based awards are excluded from the weighted average number of shares outstanding used to compute diluted EPS. The total outstanding stock options and vesting stock awards that were anti-dilutive were 1 million for each of the periods presented above.

Share Repurchases

During fiscal 2023 and 2021, we made open market repurchases of our common stock for an aggregate purchase price of $225 million and $237 million, respectively. There were no open market share repurchases in fiscal 2022.

In fiscal 2022, we entered into Accelerated Share Repurchase agreement with a financial institution to repurchase shares of our outstanding common stock. We paid $500 million to the financial institution and received 4.8 million shares.

The repurchases were recorded to "Additional paid-in capital" in the consolidated balance sheets. All shares delivered were immediately retired.

Debt (Maturities of Notes Payable and Long-Term Debt) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Debt Disclosure [Abstract]
2024	$ 18
2025	619
2026	120
2027	114
2028	705
2029 and thereafter	3,144
Total principal payments	4,720
Less: unamortized debt discount and issuance costs	(38)	$ (34)
Total short-term and long-term debt	$ 4,682

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 29, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guaranteed Obligation, Fiscal Year Maturity

As of December 29, 2023, the future expirations of the outstanding letters of credit and surety bonds were as follows:


Fiscal year ending
	(in millions)
2024	$	46
2025	103
2026	2
2027	14
2028	1
2029 and thereafter	2
	$	168

Fair Value Measurements (Tables)

12 Months Ended

Dec. 29, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured on a Recurring Basis at Fair Value

Financial instruments measured on a recurring basis at fair value consisted of the following:


	December 29, 2023				December 30, 2022
	Carrying value		Fair value		Carrying value		Fair value
	(in millions)
Financial assets:
Derivatives	$	11	$	11	$	20	$	20

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 29, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Fair Value of Intangible Assets Acquired at the Transaction Date and the Related Weighted Average Amortization Period

The following table summarizes the fair value of intangible assets acquired at the Agreement Date and the related weighted average amortization period:


	Weighted average amortization period	Fair value
	(in years)	(in millions)
Programs	11	$	19
Technology	10	5
Total	11	$	24

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the fair value of intangible assets acquired at the Purchase Date and the related weighted average amortization period:

Weighted average amortization period

Fair value

(in years)

(in millions)

Programs

The following table summarizes the fair value of intangible assets acquired at the Closing Date and the related weighted average amortization period:


	Weighted average amortization period	Fair value
	(in years)	(in millions)
Technology	8	$	43
Programs	10	37
Backlog	1	6
Total	8	$	86

Schedule of Business Acquisitions, by Acquisition

The following expenses were incurred related to the Company's acquisitions:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Acquisition costs	$	—	$	—	$	4
Integration costs	19		16		20
Total acquisition and integration costs	$	19	$	16	$	24

Stock-Based Compensation (Weighted Average Grant-Date Fair Value and Assumptions Used) (Details) - $ / shares	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value (usd per share)	$ 25.21	$ 24.67	$ 20.23
Expected term (in years)	4 years 8 months 12 days	4 years 8 months 12 days	4 years 7 months 6 days
Expected volatility	28.60%	29.50%	29.60%
Risk-free interest rate	4.00%	1.60%	0.70%
Dividend yield	1.40%	1.60%	1.30%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	26.35%	33.18%	32.86%
Risk-free interest rate	4.33%	1.61%	0.29%
Weighted average grant-date fair value, Awards granted (in usd per share)	$ 93.90	$ 107.67	$ 90.85

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Business Segments (Tables)

12 Months Ended

Dec. 29, 2023

Segment Reporting [Abstract]

Schedule of Business Segment Information

The following table summarizes business segment information for the periods presented:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Revenues:
Defense Solutions	$	8,732	$	8,244	$	8,032
Civil	3,664		3,464		3,157
Health	3,042		2,688		2,548
Total revenues	$	15,438	$	14,396	$	13,737

Operating income (loss):
Defense Solutions	$	636	$	541	$	569
Civil	(413)		234		248
Health	528		421		442
Corporate	(130)		(108)		(107)
Total operating income	$	621	$	1,088	$	1,152

Amortization of intangible assets:
Defense Solutions	$	117	$	130	$	121
Civil	62		70		73
Health	23		30		34
Total amortization of intangible assets	$	202	$	230	$	228

Stock-Based Compensation

12 Months Ended

Dec. 29, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 17—Stock-Based Compensation

Plan Summaries

As of December 29, 2023, we had stock-based compensation awards outstanding under the following plans: the 2017 Omnibus Incentive Plan, the 2006 Equity Incentive Plan, as amended, and the 2006 Employee Stock Purchase Plan, as amended ("ESPP"). We issue new shares upon the vesting of stock units or exercising of stock options under these plans.

The 2017 Omnibus Incentive Plan provides Leidos and its affiliates' employees, directors and consultants the opportunity to receive various types of stock-based compensation awards, such as stock options, restricted stock units and performance-based awards, as well as cash awards. We grant service-based awards that generally vest or become exercisable 33% a year over three years, 25% a year over four years or cliff vest in three years. As of December 29, 2023, 3.8 million shares of Leidos' stock were reserved for future issuance under the 2017 Omnibus Incentive Plan and the 2006 Equity Incentive Plan.

We offer eligible employees the opportunity to defer restricted stock units into an equity-based deferred equity compensation plan, the Key Executive Stock Deferral Plan ("KESDP"). Prior to 2013, we offered an additional opportunity for deferrals into the Management Stock Compensation Plan ("MSCP"). Benefits from these plans are payable in shares of Leidos' stock that are held in a trust for the purpose of funding shares to the plans' participants. Restricted stock units deferred under the KESDP are counted against the total shares available for future issuance under the 2017 Omnibus Incentive Plan. All awards under the MSCP are fully vested and the plan does not provide for a maximum number of shares available for future issuance.

Our ESPP allows eligible employees to purchase shares of Leidos' stock at a discount of up to 15% of the fair market value on the date of purchase. During fiscal 2023, 2022 and 2021, the discount was 10% of the fair market value on the date of purchase. During fiscal 2023, 2022 and 2021, $48 million, $45 million and $39 million, respectively, was received from ESPP plan participants for the issuance of Leidos' stock. A total of 2.3 million shares remain available for future issuance under the ESPP.

Stock-based compensation and related tax benefits recognized under all plans were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Total stock-based compensation expense	$	77	$	73	$	67
Tax benefits recognized from stock-based compensation	17		16		17

Stock Options

Stock options are granted with exercise prices equal to the fair market value of Leidos' common stock using the closing price on the business day prior to the grant date and for terms not greater than ten years. Stock options have a term of seven years and a vesting period of three or four years, except for stock options granted to our outside directors, which have a vesting period of the earlier of one year from grant date or the next annual meeting of stockholders following grant date.

The fair value of the stock option awards is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The fair value of the stock option awards to employees are expensed on a straight-line basis over the vesting period of three or four years, except for stock options granted to our outside directors, which is recognized over the vesting period of one year or less.

During fiscal 2023, 2022 and 2021, we used a blended approach to measure expected volatility that is based on our weighted average historical and implied volatilities.

The risk-free rate is derived using the yield curve of a zero-coupon U.S. Treasury bond with a maturity equal to the expected term of the stock option on the grant date. To determine the expected term, we use the midpoint scenario with a one-year grant date filter assumption for outstanding options and we use historical data to estimate forfeitures. The weighted average grant-date fair value and assumptions used to determine fair value of stock options granted for the periods presented were as follows:


	Year Ended
	December 29, 2023			December 30, 2022			December 31, 2021
Weighted average grant-date fair value	$	25.21		$	24.67		$	20.23
Expected term (in years)	4.7			4.7			4.6
Expected volatility	28.6		%	29.5		%	29.6		%
Risk-free interest rate	4.0		%	1.6		%	0.7		%
Dividend yield	1.4		%	1.6		%	1.3		%

Stock option activity for each of the periods presented was as follows:


	Shares of stock under stock options	Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
	(in millions)			(in years)	(in millions)
Outstanding at January 1, 2021	2.2	$	56.01	3.5	$	108
Options granted	0.3	90.25
Options forfeited or expired	—	85.42
Options exercised	(0.4)	38.79			27
Outstanding at December 31, 2021	2.1	$	65.18	3.5	$	54
Options granted	0.3	105.01
Options forfeited or expired	—	92.10
Options exercised	(0.6)	39.26			41
Outstanding at December 30, 2022	1.8	$	81.45	3.9	$	42
Options granted	0.3	92.71
Options forfeited or expired	—	95.05
Options exercised	(0.2)	53.78			9
Outstanding at December 29, 2023	1.9	$	86.22	3.7	$	41
Exercisable at December 29, 2023	1.1	$	78.73	2.6	$	32
Vested and expected to vest in the future as of December 29, 2023	1.8	$	86.14	3.7	$	41

As of December 29, 2023, there was $7 million of unrecognized compensation cost, net of estimated forfeitures, related to stock options, which is expected to be recognized over a weighted-average period of 1.8 years. Tax benefits from stock options exercised for fiscal 2023, 2022 and 2021 were $2 million, $9 million and $6 million, respectively.

Restricted Stock Units and Awards

Compensation expense is measured at the grant date fair value and generally recognized over the vesting period of three or four years based upon required service conditions and in some cases revenue or EPS-based performance conditions.

Restricted stock units and awards activity for each of the periods presented was as follows:


	Shares of stock under stock awards	Weighted average grant- date fair value
	(in millions)
Unvested stock awards at January 1, 2021	1.3	$	79.05
Awards granted	0.7	91.09
Awards forfeited	(0.1)	89.56
Awards vested	(0.5)	71.60
Unvested stock awards at December 31, 2021	1.4	$	88.89
Awards granted	0.5	104.78
Awards forfeited	(0.1)	99.38
Awards vested	(0.5)	74.20
Unvested stock awards at December 30, 2022	1.3	$	98.52
Awards granted	0.6	95.82
Awards forfeited	(0.1)	97.18
Awards vested	(0.4)	97.65
Unvested stock awards at December 29, 2023	1.4	$	97.71

As of December 29, 2023, there was $57 million of unrecognized compensation cost, net of estimated forfeitures, related to restricted stock units, which is expected to be recognized over a weighted average period of 1.8 years. The fair value of restricted stock units that vested in fiscal 2023, 2022 and 2021 was $40 million, $52 million and $48 million, respectively.

Performance-Based Stock Awards

Performance-based stock awards vest and the stock is issued at the end of a three-year period based upon the achievement of specific performance criteria, with the number of shares ultimately awarded, if any, ranging up to 200% of the specified target awards. If performance is below the threshold level of performance, no shares will be issued.

For awards granted during fiscal 2023, 2022 and 2021, the target number of shares of stock granted under the awards will vest and the stock will be issued at the end of a three-year period based on a three-year cycle performance period and the actual number of shares to be issued will be based upon the achievement of the three-year cycle's performance criteria. Also, during fiscal 2023, 2022 and 2021, we granted performance-based awards with market conditions. These market conditions grants represent the target number of shares and the actual number of shares to be awarded upon vesting may be higher or lower depending upon the achievement of the relevant market conditions. The target number of shares granted under the market conditions grants will vest and the stock will be issued at the end of a three-year period based on the attainment of certain total shareholder return performance measures and the employee's continued service through the vest date.

Performance-based stock award activity for each of the periods presented was as follows:


	Expected number of shares of stock to be issued under performance-based stock awards	Weighted average grant- date fair value
	(in millions)
Unvested at January 1, 2021	0.5	$	80.20
Awards granted	0.2	86.88
Awards forfeited	—	89.65
Awards vested	(0.2)	65.30
Unvested at December 31, 2021	0.5	$	88.72
Awards granted	0.2	114.98
Awards forfeited	—	103.06
Awards vested	(0.2)	67.79
Unvested at December 30, 2022	0.5	$	106.70
Awards granted	0.2	99.34
Awards forfeited	—	104.90
Awards vested	(0.1)	116.37
Unvested at December 29, 2023	0.6	$	102.22

The weighted average grant date fair value for performance-based stock, excluding those with a market condition, during fiscal 2023, 2022 and 2021 was $93.90, $105.07 and $89.26, respectively. The weighted average grant date fair value for performance-based stock with market conditions that were granted during fiscal 2023, 2022 and 2021 was $108.38, $129.42 and $88.21, respectively, and was calculated using the Monte Carlo simulation.

The Monte Carlo simulation assumptions used for the periods presented were as follows:


	Year Ended
	December 29, 2023			December 30, 2022			December 31, 2021
Expected volatility	26.35		%	33.18		%	32.86		%
Risk free rate of return	4.33		%	1.61		%	0.29		%
Weighted average grant date stock price	$	93.90		$	107.67		$	90.85

As of December 29, 2023, there was $18 million of unrecognized compensation cost, net of estimated forfeitures, which is expected to be recognized over a weighted average period of 1.6 years. The fair value of performance-based stock awards that vested in fiscal 2023, 2022 and 2021 was $12 million, $17 million, and $19 million, respectively.

Fair Value Measurements (Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 11	$ 20
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 11	$ 20

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 29, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation and Related Tax Benefits Recognized Under all Plans

Stock-based compensation and related tax benefits recognized under all plans were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Total stock-based compensation expense	$	77	$	73	$	67
Tax benefits recognized from stock-based compensation	17		16		17

Schedule of Weighted Average Grant-Date Fair Value and Assumptions Used

The weighted average grant-date fair value and assumptions used to determine fair value of stock options granted for the periods presented were as follows:


	Year Ended
	December 29, 2023			December 30, 2022			December 31, 2021
Weighted average grant-date fair value	$	25.21		$	24.67		$	20.23
Expected term (in years)	4.7			4.7			4.6
Expected volatility	28.6		%	29.5		%	29.6		%
Risk-free interest rate	4.0		%	1.6		%	0.7		%
Dividend yield	1.4		%	1.6		%	1.3		%

The Monte Carlo simulation assumptions used for the periods presented were as follows:


	Year Ended
	December 29, 2023			December 30, 2022			December 31, 2021
Expected volatility	26.35		%	33.18		%	32.86		%
Risk free rate of return	4.33		%	1.61		%	0.29		%
Weighted average grant date stock price	$	93.90		$	107.67		$	90.85

Schedule of Stock Option Activity

Stock option activity for each of the periods presented was as follows:


	Shares of stock under stock options	Weighted average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
	(in millions)			(in years)	(in millions)
Outstanding at January 1, 2021	2.2	$	56.01	3.5	$	108
Options granted	0.3	90.25
Options forfeited or expired	—	85.42
Options exercised	(0.4)	38.79			27
Outstanding at December 31, 2021	2.1	$	65.18	3.5	$	54
Options granted	0.3	105.01
Options forfeited or expired	—	92.10
Options exercised	(0.6)	39.26			41
Outstanding at December 30, 2022	1.8	$	81.45	3.9	$	42
Options granted	0.3	92.71
Options forfeited or expired	—	95.05
Options exercised	(0.2)	53.78			9
Outstanding at December 29, 2023	1.9	$	86.22	3.7	$	41
Exercisable at December 29, 2023	1.1	$	78.73	2.6	$	32
Vested and expected to vest in the future as of December 29, 2023	1.8	$	86.14	3.7	$	41

Schedule of Restricted Stock Units and Awards Activity

Restricted stock units and awards activity for each of the periods presented was as follows:


	Shares of stock under stock awards	Weighted average grant- date fair value
	(in millions)
Unvested stock awards at January 1, 2021	1.3	$	79.05
Awards granted	0.7	91.09
Awards forfeited	(0.1)	89.56
Awards vested	(0.5)	71.60
Unvested stock awards at December 31, 2021	1.4	$	88.89
Awards granted	0.5	104.78
Awards forfeited	(0.1)	99.38
Awards vested	(0.5)	74.20
Unvested stock awards at December 30, 2022	1.3	$	98.52
Awards granted	0.6	95.82
Awards forfeited	(0.1)	97.18
Awards vested	(0.4)	97.65
Unvested stock awards at December 29, 2023	1.4	$	97.71

Schedule of Performance-Based Stock Award Activity

Performance-based stock award activity for each of the periods presented was as follows:


	Expected number of shares of stock to be issued under performance-based stock awards	Weighted average grant- date fair value
	(in millions)
Unvested at January 1, 2021	0.5	$	80.20
Awards granted	0.2	86.88
Awards forfeited	—	89.65
Awards vested	(0.2)	65.30
Unvested at December 31, 2021	0.5	$	88.72
Awards granted	0.2	114.98
Awards forfeited	—	103.06
Awards vested	(0.2)	67.79
Unvested at December 30, 2022	0.5	$	106.70
Awards granted	0.2	99.34
Awards forfeited	—	104.90
Awards vested	(0.1)	116.37
Unvested at December 29, 2023	0.6	$	102.22

Leases (Components of Lease Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Sales-type leases:
Selling price at lease commencement	$ 51	$ 65	$ 80
Cost of underlying asset	(41)	(52)	(60)
Operating income	10	13	20
Interest income on lease receivables	9	9	8
Sales-type lease, lease income	$ 19	$ 22	$ 28
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues
Operating lease
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues
Operating lease income	$ 39	$ 35	$ 32
Total lease income	$ 58	$ 57	$ 60

Commitments and Contingencies (Narrative) (Details)				1 Months Ended		12 Months Ended
Commitments and Contingencies (Narrative) (Details)	Oct. 30, 2020 USD ($)	Aug. 30, 2018 USD ($)	Apr. 10, 2018 USD ($)	Aug. 31, 2022 governmentProcurement	Jan. 31, 2021 USD ($)	Dec. 29, 2023 USD ($) patent
Loss Contingencies [Line Items]
Number of government procurements \| governmentProcurement				3
Standby Letters of Credit
Loss Contingencies [Line Items]
Amount outstanding						$ 64,000,000
Performance Guarantee
Loss Contingencies [Line Items]
Surety bonds notional amount						104,000,000
Virnet X Inc
Loss Contingencies [Line Items]
Awarded from other party	$ 503,000,000	$ 595,000,000	$ 502,000,000
Royalty rate awarded (per device)	$ 0.84					$ 1.20
Awarded to the other party, interest and legal fees		$ 93,000,000
Number of infringed patents \| patent						2
Number of infringed other patents \| patent						2
Additional costs and interest					$ 75,000,000
Leidos
Loss Contingencies [Line Items]
Litigation settlement, percentage of total (as percent)						25.00%

Income Taxes (Reconciliation of Provision for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Amount computed at the statutory federal income tax rate	$ 85	$ 186	$ 203
State income taxes, net of federal tax benefit	26	36	34
Goodwill	104	0	0
Research and development credits	(19)	(31)	(23)
Excess tax benefits from stock-based compensation	(2)	(13)	(11)
Change in valuation allowance for deferred tax assets	3	3	5
Impact of foreign operations	(13)	2	4
Dividends paid to employee stock ownership plan	(2)	(2)	(2)
Change in accruals for uncertain tax positions	14	(1)	1
Other	(1)	13	(3)
Total	$ 195	$ 193	$ 208
Effective income tax rate	48.40%	21.80%	21.50%

Business Segments

12 Months Ended

Dec. 29, 2023

Segment Reporting [Abstract]

Business Segments

Note 20—Business Segments

Our operations and reportable segments are organized around the customers and markets we serve. We define our reportable segments based on the way the CODM, currently the Chief Executive Officer, manages the operations for purposes of allocating resources and assessing performance.

Our business has been aligned into three reportable segments (Defense Solutions, Civil and Health). Additionally, we separately present the unallocable costs associated with corporate functions as Corporate.

Defense Solutions has provided leading-edge and technologically advanced services, solutions and products to a broad customer base. Our ever-changing technologies and innovations cover a wide spectrum of markets with primary areas of concentration in digital modernization, mission systems and integration, Command, Control, Computers, Communications, Intelligence, Surveillance and Reconnaissance ("C4ISR") technologies and services, maritime solutions, transformative software, analytics, intelligence analysis, mission support and logistics services, weapons systems and space systems and solutions. We are dedicated to delivering cost-effective solutions backed by innovation-generating research and development to meet the evolving missions of our customers. We provide a diverse portfolio of national security solutions and systems for air, land, sea, space and cyberspace for the U.S. Intelligence Community, the DoD, the Space Development Agency, the National Aeronautics and Space Administration, Defense Information Systems Agency, military services, government agencies of U.S. allies abroad and other federal and commercial customers in the national security industry. We are heavily engaged in the top defense Research Development Test and Evaluation priorities that are driven by critical evolving threat-driven needs. Our solutions deliver innovative technology, large-scale systems, command and control platforms, data analytics, logistics and cybersecurity solutions, as well as intelligence analysis and operations support to critical missions around the world.

Our Civil business has been focused on modernizing infrastructure, systems and security for government and commercial customers both domestically and internationally. By applying leading science, innovative technologies and business acumen, our talented employees help customers achieve their missions and take on the connected world with data-driven insights, improved efficiencies and technological advantages in the areas of digital modernization, energy infrastructure, integrated missions, transportation applications and security detection.

Our Health business has been focused on delivering effective and affordable solutions to federal and commercial customers that are responsible for the health and well-being of people worldwide, including service members and veterans. Our solutions enable customers to deliver on the health mission of providing high-quality, cost-effective care, and are accomplished through the integration of information technology, engineering, life sciences, health services, clinical insights and health policy. The capabilities we provide predominantly fall in four major areas of activity: health information management services, managed health services, digital modernization and life sciences research and development.

Corporate includes the operations of various corporate activities, certain corporate expense items that are not reimbursed by our U.S. government customers and certain other expense items excluded from a reportable segment's performance.

The following table summarizes business segment information for the periods presented:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Revenues:
Defense Solutions	$	8,732	$	8,244	$	8,032
Civil	3,664		3,464		3,157
Health	3,042		2,688		2,548
Total revenues	$	15,438	$	14,396	$	13,737

Operating income (loss):
Defense Solutions	$	636	$	541	$	569
Civil	(413)		234		248
Health	528		421		442
Corporate	(130)		(108)		(107)
Total operating income	$	621	$	1,088	$	1,152

Amortization of intangible assets:
Defense Solutions	$	117	$	130	$	121
Civil	62		70		73
Health	23		30		34
Total amortization of intangible assets	$	202	$	230	$	228

The statement of operations performance measures used to evaluate segment performance are revenues and operating income. As a result, "Interest expense, net," "Other expense, net," and "Income tax expense," as reported in the consolidated financial statements are not allocated to our segments. Under U.S. government Cost Accounting Standards, indirect costs including depreciation expense are collected in indirect cost pools, which are then collectively allocated out to the reportable segments based on a representative causal or beneficial relationship of the costs in the pool to the costs in the base. While depreciation expense is a component of the allocated costs, the allocation process precludes depreciation expense from being specifically identified by the individual reportable segments. For this reason, depreciation expense by reportable segment has not been reported above.

Asset information by segment is not a key measure of performance used by the CODM.

We generated approximately 87% of our total revenues in fiscal 2023, 86% in fiscal 2022 and 87% in fiscal 2021 from contracts with the U.S. government, either as a prime contractor or a subcontractor to other contractors engaged in work for the U.S. government. Revenues under contracts with the DoD and U.S. Intelligence Community, including subcontracts under which the DoD or the U.S. Intelligence Community is the ultimate purchaser, represented approximately 49% of our total revenues for fiscal 2023 and 44% of total revenues for both fiscal 2022 and 2021.

Approximately 9% of our revenues in fiscal 2023, and 8% in both fiscal 2022 and 2021, are generated by entities outside of the United States. As such, additional financial information by geographic location is not presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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+ Details

Acquisitions and Divestitures (Acquisition Expenses Incurred) (Details) - SD&A Businesses and Dynetics - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisition costs	$ 0	$ 0	$ 4
Integration costs	19	16	20
Total acquisition and integration costs	$ 19	$ 16	$ 24

Debt (Company's Debt) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Feb. 28, 2023	Dec. 30, 2022
Debt Instrument [Line Items]
Current portion of long-term debt	$ 18		$ 672
Total short-term debt and current portion of long-term debt	18		992
Less: unamortized debt discounts and deferred debt issuance costs	(38)		(34)
Total long-term debt	4,682		4,600
Less: current portion	(18)		(672)
Total long-term debt, net of current portion	4,664		3,928
$380 million term loan, due May 2023 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 380
Stated interest rate	6.08%
Effective interest rate	6.17%
Senior unsecured notes	$ 0		320
$1,925 million term loan, due January 2025 \| Unsecured debt
Debt Instrument [Line Items]
Stated interest rate	5.77%
Effective interest rate	6.09%
Senior unsecured notes	$ 0		1,211
$1,000 million term loan, due March 2028 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000
Stated interest rate	6.71%
Effective interest rate	6.89%
Senior unsecured notes	$ 1,000		0
$500 million notes, due May 2023 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500
Stated interest rate		2.95%
Effective interest rate	3.17%
Senior unsecured notes	$ 0		500
$500 million notes, due May 2025 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500
Stated interest rate	3.63%
Effective interest rate	3.76%
Senior unsecured notes	$ 500		500
$750 million notes, due May 2030 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750
Stated interest rate	4.38%
Effective interest rate	4.50%
Senior unsecured notes	$ 750		750
$750 million notes, due March 2033 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750
Stated interest rate	5.75%
Effective interest rate	5.81%
Senior unsecured notes	$ 750		0
$1,000 million notes, due February 2031 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000
Stated interest rate	2.30%
Effective interest rate	2.38%
Senior unsecured notes	$ 1,000		1,000
$250 million notes, due July 2032 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 250
Stated interest rate	7.13%
Effective interest rate	7.43%
Senior unsecured notes	$ 250		250
$300 million notes, due July 2033 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300
Stated interest rate	5.50%
Effective interest rate	5.88%
Senior unsecured notes	$ 161		161
$300 million notes, due December 2040 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300
Stated interest rate	5.95%
Effective interest rate	6.03%
Senior unsecured notes	$ 218		218
Finance leases due on various dates through fiscal 2032 \| Unsecured debt
Debt Instrument [Line Items]
Senior unsecured notes	$ 91		$ 44
Finance leases due on various dates through fiscal 2032 \| Unsecured debt \| Minimum
Debt Instrument [Line Items]
Effective interest rate	1.84%
Finance leases due on various dates through fiscal 2032 \| Unsecured debt \| Maximum
Debt Instrument [Line Items]
Effective interest rate	6.31%

Derivative Instruments (Narrative) (Details) - USD ($)	Dec. 29, 2023	Dec. 30, 2022
Derivative [Line Items]
Income expected to be reclassified in the next 12 months	$ 10,000,000
Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Hedged instrument, face amount	$ 500,000,000	$ 1,000,000,000
Unsecured debt \| Designated as Hedging Instrument \| Interest Rate Swap, Maturity Date August 2025
Derivative [Line Items]
Stated interest rate (as percent)	2.96%

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,353	$ 4,344	$ 3,871
Other comprehensive income (loss)	41	(76)	32
Taxes	(1)	4	(17)
Reclassification from AOCI	(15)	11	19
Ending balance	4,258	4,353	4,344
Total AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(73)	(12)	(46)
Ending balance	(48)	(73)	(12)
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(73)	22	30
Other comprehensive income (loss)	36	(108)	(3)
Taxes	(2)	13	(5)
Reclassification from AOCI	0	0	0
Ending balance	(39)	(73)	22
Unrecognized gain (loss) on derivative instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	13	(41)	(70)
Other comprehensive income (loss)	6	59	18
Taxes	1	(16)	(8)
Reclassification from AOCI	(15)	11	19
Ending balance	5	13	(41)
Pension adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(13)	7	(6)
Other comprehensive income (loss)	(1)	(27)	17
Taxes	0	7	(4)
Reclassification from AOCI	0	0	0
Ending balance	$ (14)	$ (13)	$ 7

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes

12 Months Ended

Dec. 29, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 18—Income Taxes

The provision for income taxes for the periods presented included the following:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Current:
Federal	$	212	$	290	$	156
State	68		80		49
Foreign	23		33		29
Deferred:
Federal	(75)		(169)		(20)
State	(20)		(36)		(3)
Foreign	(13)		(5)		(3)
Total	$	195	$	193	$	208

A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to income before income taxes for the periods presented was as follows:


	Year Ended
	December 29, 2023			December 30, 2022			December 31, 2021
	(in millions)
Amount computed at the statutory federal income tax rate	$	85		$	186		$	203
State income taxes, net of federal tax benefit	26			36			34
Goodwill	104			—			—
Research and development credits	(19)			(31)			(23)
Excess tax benefits from stock-based compensation	(2)			(13)			(11)
Change in valuation allowance for deferred tax assets	3			3			5
Impact of foreign operations	(13)			2			4
Dividends paid to employee stock ownership plan	(2)			(2)			(2)
Change in accruals for uncertain tax positions	14			(1)			1

Other	(1)			13			(3)
Total	$	195		$	193		$	208
Effective income tax rate	48.4		%	21.8		%	21.5		%

The effective tax rate for fiscal 2023 was unfavorably impacted primarily by non tax deductible goodwill impairments. The effective tax rates for both fiscal 2022 and fiscal 2021 were favorably impacted primarily by federal research tax credits and excess tax benefits related to employee stock-based payment transactions.

Deferred income taxes are recorded for differences in the basis of assets and liabilities for financial reporting purposes and tax reporting purposes. Deferred tax assets (liabilities) were comprised of the following:


	December 29, 2023		December 30, 2022
	(in millions)
Capitalized research and development	$	290	$	228
Operating lease liabilities	156		190
Accrued vacation and bonuses	95		87
Reserves	33		40
Deferred compensation	39		32
Credits and net operating losses carryovers	36		32
Vesting stock awards	29		27

Accumulated other comprehensive loss	—		2
Other	18		13
Total deferred tax assets	696		651
Valuation allowance	(27)		(24)
Deferred tax assets, net of valuation allowance	$	669	$	627

Purchased intangible assets	$	(347)	$	(415)
Operating lease right-of-use assets	(126)		(140)
Property, plant and equipment	(90)		(75)

Deferred revenue	(3)		(4)
Other	(4)		(5)
Total deferred tax liabilities	(570)		(639)
Net deferred tax assets (liabilities)	$	99	$	(12)

At December 29, 2023, we had state net operating losses of $92 million. These will begin to expire in fiscal 2023, however, we expect to utilize $76 million of these state net operating losses. We had foreign tax credits of $21 million that will begin to expire in fiscal 2030. We expect to utilize $6 million of these foreign tax credits. We also had foreign net operating losses of $34 million, which do not expire. We expect to utilize $2 million of these foreign net operating losses.

Income tax balance sheet items are included in the accompanying consolidated balance sheets as follows:


	December 29, 2023		December 30, 2022
	(in millions)
Other current assets:
Prepaid income taxes and tax refunds receivable	$	40	$	11
Other long-term assets:
Deferred tax assets	$	102	$	28
Accounts payable and accrued liabilities:
Income taxes payable	$	3	$	135
Deferred tax liabilities	$	3	$	40
Other long-term liabilities:
Unrecognized tax benefits	$	114	$	92

Unrecognized tax benefits are primarily related to certain recurring deductions customary for our industry. The changes in the unrecognized tax benefits were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Unrecognized tax benefits at beginning of year	$	92	$	2	$	6
Additions for tax positions related to current year	58		91		—
Additions for tax positions related to prior years	15		—		2
Reductions for tax positions related to current year	(1)		—		—
Reductions for tax positions related to prior years	(54)		—		(2)
Settlements with taxing authorities	—		—		(3)
Lapse of statute of limitations	—		(1)		(1)
Unrecognized tax benefits at end of year	$	110	$	92	$	2
Unrecognized tax benefits that, if recognized, would affect the effective income tax rate	$	15	$	—	$	2

At December 29, 2023, December 30, 2022, and December 31, 2021, the balance of unrecognized tax benefits included liabilities for uncertain tax positions of $110 million, $92 million and $2 million, respectively, which were classified as other long-term liabilities on the consolidated balance sheets.

For fiscal 2023, unrecognized tax benefits decreased $54 million for tax positions related to prior years, primarily as a result of completing a detailed study of our capitalized research and development costs and considering recent guidance issued by the Internal Revenue Service. In addition, unrecognized tax benefits increased $58 million for tax positions related to the current year, primarily as a result of capitalized research and development costs.

At December 29, 2023, accrued interest and penalties totaled $4 million. At December 30, 2022, and December 31, 2021, accrued interest and penalties were immaterial. For fiscal 2023, $4 million of interest and penalties were recognized in the Company's consolidated statements of operations. For fiscal 2022 and 2021, the amount of interest and penalties was immaterial.

We file income tax returns in the United States and various state and foreign jurisdictions. For the years ended December 30, 2022, and December 29, 2023, we are participating in the Internal Revenue Service (“IRS”) Compliance Assurance Process ("CAP"), a real-time audit of our consolidated federal corporate income tax returns. The IRS has examined our consolidated federal income tax returns through the year ended January 3, 2020. For the years ended January 1, 2021, and December 31, 2021, we were selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance does not warrant use of IRS resources. We believe that participation in CAP should reduce tax-related uncertainties, if any. Additionally, with a few exceptions, as of December 29, 2023, we were no longer subject to state, local, or foreign examinations by the tax authorities for fiscal years ended on or before January 3, 2020.

During the next 12 months, we expect our balance of unrecognized tax benefits to decrease by $22 million related to capitalized research and development costs. While we believe we have adequate accruals for uncertain tax positions, the tax authorities may determine that we owe taxes in excess of recorded accruals or the recorded accruals may be in excess of the final settlement amounts agreed to by tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Debt

12 Months Ended

Dec. 29, 2023

Debt Disclosure [Abstract]

Debt

Note 13—Debt

Debt consisted of the following:


	Stated interest rate		Effective interest rate		December 29, 2023		December 30, 2022
					(in millions)
Short-term debt and current portion of long-term debt:
Senior unsecured term loans:
$380 million term loan, due May 2023	6.08	%	6.17	%	$	—	$	320
Current portion of long-term debt					18		672
Total short-term debt and current portion of long-term debt					$	18	$	992

Long-term debt:
Senior unsecured term loans:
$1,925 million term loan, due January 2025	5.77	%	6.09	%	$	—	$	1,211
$1,000 million term loan, due March 2028	6.71	%	6.89	%	1,000		—
Senior unsecured notes:
$500 million notes, due May 2023	2.95	%	3.17	%	—		500
$500 million notes, due May 2025	3.63	%	3.76	%	500		500
$750 million notes, due May 2030	4.38	%	4.50	%	750		750
$750 million notes, due March 2033	5.75	%	5.81	%	750		—
$1,000 million notes, due February 2031	2.30	%	2.38	%	1,000		1,000
$250 million notes, due July 2032	7.13	%	7.43	%	250		250
$300 million notes, due July 2033	5.50	%	5.88	%	161		161
$300 million notes, due December 2040	5.95	%	6.03	%	218		218
Finance leases due on various dates through fiscal 2032	Various		1.84%-6.31%		91		44
Less: unamortized debt discounts and deferred debt issuance costs					(38)		(34)
Total long-term debt					4,682		4,600
Less: current portion					(18)		(672)
Total long-term debt, net of current portion					$	4,664	$	3,928

Term Loans and Revolving Credit Facility

On March 10, 2023 (the “Closing Date”), we entered into a Credit Agreement (the “Credit Agreement”) with certain financial institutions, which provided for a senior unsecured term loan facility in an aggregate principal amount of $1.0 billion (the “Term Loan Facility”) and a $1.0 billion senior unsecured revolving facility (the “Revolving Facility” and, together with the Term Loan Facility, the “Credit Facilities”). The Credit Facilities will mature in March 2028. The Revolving Facility permits two additional one-year extensions subject to lender consent. As of December 29, 2023, there were no borrowings outstanding under the Revolving Facility.

The proceeds of the Term Loan Facility and cash on hand on the Closing Date were used to repay in full all indebtedness, terminate all commitments and discharge all guarantees existing in connection with a predecessor $1.9 billion senior unsecured term loan facility and a $750 million senior unsecured revolving facility. As of December 30, 2022, there were no borrowings outstanding under the predecessor senior unsecured revolving facility.

Borrowings under the Credit Agreement bear interest at a rate determined, at our option, based on either an alternate base rate or a Term SOFR rate with a 0.10%, per annum Term SOFR adjustment, plus, in each case, an applicable margin that varies depending on our credit rating. The applicable margin range for Term SOFR-denominated borrowings is from 1.00% to 1.50%. Based on our current ratings, the applicable margin for Term SOFR-denominated borrowings is 1.25%. Principal payments are made quarterly on the Term Loan Facility beginning in March 2025, with the majority of the principal due at maturity. Interest on the Term Loan Facility for Term SOFR-denominated borrowings is payable on a periodic basis, which must be at least quarterly.

The financial covenants in the Term Loan Agreement require that we maintain, as of the last day of each fiscal quarter, a ratio of adjusted consolidated total debt to consolidated EBITDA of not more than 3.75 to 1.00, subject to increases to 4.50 to 1.00 following a material acquisition, and a ratio of EBITDA to consolidated interest expense of not less than 3.50 to 1.00.

On May 6, 2022, we entered into a 364-day term loan credit agreement with certain financial institutions, which provided for a senior unsecured term loan facility in an aggregate principal amount of $380 million, and was repaid in fiscal 2023. The proceeds of the term loan were used to repay the $380 million senior unsecured term loan entered into on May 7, 2021.

Senior Notes

On February 28, 2023, we issued and sold $750 million aggregate principal amount of fixed-rate senior notes (the “Notes”) maturing in March 2033. The Notes are senior unsecured obligations issued by Leidos, Inc. and guaranteed by Leidos Holdings, Inc. The annual interest rate for the Notes is 5.75% and is payable on a semi-annual basis. In connection with the issuance of the Notes, $11 million of debt issuance costs and debt discounts were recognized, which were recorded as an offset against the carrying value of debt. The proceeds from the Notes were used to repay all of the outstanding obligations in respect of principal, interest and fees on the $500 million 2.95% notes, due May 2023, the majority of which were retired on February 28, 2023. The remaining proceeds from the Notes were used to repay $210 million of the outstanding balance on the predecessor $1.9 billion senior unsecured term loan facility, due January 2025, and fund general corporate purposes.

Commercial Paper

We have a commercial paper program in which the Company may issue short-term unsecured commercial paper notes ("Commercial Paper Notes"). On May 26, 2023, we increased the size of the commercial paper program by $250 million, or not to exceed $1.0 billion. The proceeds will be used for general corporate purposes, including working capital, capital expenditures, acquisitions and share repurchases.

The Commercial Paper Notes are issued in minimum denominations of $0.25 million and have maturities of up to 397 days from the date of issuance. The Commercial Paper Notes will bear either a stated or floating interest rate, if interest bearing, or will be sold at a discount from the face amount. As of December 29, 2023, and December 30, 2022, we did not have any Commercial Paper Notes outstanding.

The Credit Facilities, Commercial Paper Notes, senior unsecured term loans and notes are fully and unconditionally guaranteed and contain certain customary restrictive covenants, including among other things, restrictions on our ability to create liens and enter into sale and leaseback transactions under certain circumstances. We were in compliance with all covenants as of December 29, 2023.

Principal Payments

Future minimum payments of debt are as follows:


Fiscal Year Ending
	(in millions)
2024	$	18
2025	619
2026	120
2027	114
2028	705
2029 and thereafter	3,144
Total principal payments	4,720
Less: unamortized debt discount and issuance costs	(38)
Total short-term and long-term debt	$	4,682

Stock-Based Compensation (RSU and Awards Activity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Restricted Stock Units (RSUs)
Shares of stock under stock awards
Unvested beginning balance (in shares)	1.3	1.4	1.3
Awards granted (in shares)	0.6	0.5	0.7
Awards forfeited (in shares)	(0.1)	(0.1)	(0.1)
Awards vested (in shares)	(0.4)	(0.5)	(0.5)
Unvested ending balance (in shares)	1.4	1.3	1.4
Weighted average grant- date fair value
Unvested beginning balance (in usd per share)	$ 98.52	$ 88.89	$ 79.05
Awards granted (in usd per share)	95.82	104.78	91.09
Awards forfeited (in usd per share)	97.18	99.38	89.56
Awards vested (in usd per share)	97.65	74.20	71.60
Unvested ending balance (in usd per share)	$ 97.71	$ 98.52	$ 88.89
Unrecognized compensation cost, net of estimated forfeitures	$ 57
Expected weighted-average period of recognition, years	1 year 9 months 18 days
Fair value of vesting awards that vested	$ 40	$ 52	$ 48
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Shares of stock under stock awards
Unvested beginning balance (in shares)	0.5	0.5	0.5
Awards granted (in shares)	0.2	0.2	0.2
Awards forfeited (in shares)	0.0	0.0	0.0
Awards vested (in shares)	(0.1)	(0.2)	(0.2)
Unvested ending balance (in shares)	0.6	0.5	0.5
Weighted average grant- date fair value
Unvested beginning balance (in usd per share)	$ 106.70	$ 88.72	$ 80.20
Awards granted (in usd per share)	99.34	114.98	86.88
Awards forfeited (in usd per share)	104.90	103.06	89.65
Awards vested (in usd per share)	116.37	67.79	65.30
Unvested ending balance (in usd per share)	$ 102.22	$ 106.70	$ 88.72
Unrecognized compensation cost, net of estimated forfeitures	$ 18
Expected weighted-average period of recognition, years	1 year 7 months 6 days
Fair value of vesting awards that vested	$ 12	$ 17	$ 19

Fair Value Measurements (Narrative) (Details) - USD ($)	Dec. 29, 2023	Dec. 30, 2022
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, fair value disclosure	$ 12,000,000	$ 12,000,000
Fair value of notes payable and long-term debt	4,700,000,000	4,900,000,000
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes payable and long-term debt	4,600,000,000	4,600,000,000
Interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Hedged instrument, face amount	$ 500,000,000	$ 1,000,000,000

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for future issuance (in shares)	2.3
Purchase price of common stock, percent	10.00%	10.00%	10.00%
Amount received for issuance of stock	$ 48	$ 45	$ 39
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Maximum \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent	15.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
2006 and 2017 Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Number of shares available for future issuance (in shares)	3.8
2006 and 2017 Incentive Plans \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
2006 and 2017 Incentive Plans \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
2006 and 2017 Incentive Plans \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	33.00%
2006 and 2017 Incentive Plans \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	33.00%
2006 and 2017 Incentive Plans \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	33.00%
2006 and 2017 Incentive Plans \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	25.00%

Derivative Instruments (Interest Rate Swaps) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Other long-term assets \| Interest rate swaps \| Cash flow hedging
Derivatives, Fair Value [Line Items]
Asset derivatives	$ 11	$ 20

Composition of Certain Financial Statement Captions

12 Months Ended

Dec. 29, 2023

Disclosure Schedule Of Certain Financial Statement Captions [Abstract]

Composition of Certain Financial Statement Captions

Note 15—Composition of Certain Financial Statement Captions


Balance Sheets	December 29, 2023		December 30, 2022
	(in millions)
Other current assets:
Transition costs and project assets(1)	$	101	$	132
Other(2)	388		358
	$	489	$	490
Other long-term assets:
Transition costs and project assets(1)	$	37	$	74
Long-term deferred tax assets	102		28
Other(2)	299		286
	$	438	$	388
Accounts payable and accrued liabilities:
Accrued liabilities	$	826	$	772
Accounts payable	736		733
Deferred revenue	442		380
Other(2)	273		369
	$	2,277	$	2,254
Accrued payroll and employee benefits:
Accrued vacation	$	380	$	356
Salaries, bonuses and amounts withheld from employees’ compensation	315		345
	$	695	$	701

(1) During the year ended December 29, 2023, and December 30, 2022, $417 million and $489 million, respectively, of amortization was recognized related to transition costs and project assets.

(2) Balance represents items that are not individually significant to disclose separately.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 208	$ 693	$ 759
Foreign currency translation adjustments	34	(95)	(8)
Unrecognized (loss) gain on derivative instruments	(8)	54	29
Pension adjustments	(1)	(20)	13
Total other comprehensive income (loss), net of taxes	25	(61)	34
Comprehensive income	233	632	793
Less: net income attributable to non-controlling interest	9	8	6
Comprehensive income attributable to Leidos common stockholders	$ 224	$ 624	$ 787

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 6,112	$ 6,696	$ 6,744
Intangible asset impairment charges	596	0	0
Amortization of intangible assets	202	230	228
In-process research and development ("IPR&D")
Indefinite-lived Intangible Assets [Line Items]
Intangible asset impairment charges	33
Defense Solutions
Indefinite-lived Intangible Assets [Line Items]
Goodwill	3,669	3,664	3,681
Amortization of intangible assets	117	130	121
Civil
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1,477	2,066	2,097
Intangible asset impairment charges	596
Amortization of intangible assets	62	$ 70	$ 73
Security Enterprise Solutions \| Civil
Indefinite-lived Intangible Assets [Line Items]
Non-cash goodwill impairment charge	596
Goodwill	308
Intangible asset impairment charges	$ 79

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Assets:
Cash and cash equivalents	$ 777	$ 516
Receivables, net	2,429	2,350
Inventory, net	310	287
Other current assets	489	490
Total current assets	4,005	3,643
Property, plant and equipment, net	961	847
Intangible assets, net	667	952
Goodwill	6,112	6,696
Operating lease right-of-use assets, net	512	545
Other long-term assets	438	388
Total assets	12,695	13,071
Liabilities:
Accounts payable and accrued liabilities	2,277	2,254
Accrued payroll and employee benefits	695	701
Short-term debt and current portion of long-term debt	18	992
Total current liabilities	2,990	3,947
Long-term debt, net of current portion	4,664	3,928
Operating lease liabilities	516	570
Deferred tax liabilities	3	40
Other long-term liabilities	264	233
Total liabilities	8,437	8,718
Commitments and contingencies (Note 21)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized and no shares issued and outstanding at December 29, 2023 and December 30, 2022	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 135,766,419 and 136,926,990 shares issued and outstanding at December 29, 2023, and December 30, 2022, respectively	0	0
Additional paid-in capital	1,885	2,005
Retained earnings	2,364	2,367
Accumulated other comprehensive loss	(48)	(73)
Total Leidos stockholders’ equity	4,201	4,299
Non-controlling interest	57	54
Total stockholders' equity	4,258	4,353
Total liabilities and stockholders' equity	$ 12,695	$ 13,071

Leases

12 Months Ended

Dec. 29, 2023

Leases [Abstract]

Leases

Note 10—Leases

Lessee

ROU assets and lease liabilities consisted of the following:


	Balance sheet line item	December 29, 2023		December 30, 2022
		(in millions)
ROU assets:
Finance leases	Property, plant and equipment, net	$	89	$	43
Operating leases	Operating lease right-of-use assets, net	512		545
		$	601	$	588
Current lease liabilities:
Finance leases	Short-term debt and current portion of long-term debt	$	18	$	6
Operating leases	Accounts payable and accrued liabilities	136		130
		$	154	$	136
Non-current lease liabilities:
Finance leases	Long-term debt, net of current portion	$	73	$	38
Operating leases	Operating lease liabilities	516		570
		$	589	$	608

In fiscal 2022, the Company entered into a Master Lease Agreement whereby we agreed to lease two aircraft from the time each aircraft is accepted through June 30, 2027. In March 2023, we took possession of both aircraft and recognized a $64 million finance lease obligation and a corresponding ROU asset.

During fiscal 2022, we reduced our leased space by exiting and consolidating underutilized buildings as part of an ongoing facility rationalization effort. We used discounted cash flow models to estimate the fair values of the affected assets and as a result, we recorded impairments of ROU and other assets in the amount of $37 million. The impairment charges were allocated across our reportable segments and to Corporate.

Total lease cost for the periods presented consisted of the following:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Finance lease cost:
Amortization of ROU assets	$	18	$	9	$	11
Interest on lease liabilities	4		1		1
	22		10		12

Operating lease cost(1)	148		161		172

Variable lease cost	35		42		90
Short-term lease cost	2		3		4
Less: Sublease income	—		(6)		(8)
Total lease cost	$	207	$	210	$	270

(1) Includes ROU lease expense of $124 million, $134 million and $150 million for fiscal 2023, 2022 and 2021, respectively.

Lease costs and sublease income are included in "Cost of revenues" and "Selling, general and administrative expenses" within the consolidated statements of operations.

Lease terms and discount rates related to leases were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
Weighted-average remaining lease term (in years):
Finance leases	5.2		8.2		8.4
Operating leases	7.3		7.5		6.8
Weighted-average discount rate:
Finance leases	4.8	%	2.6	%	2.5	%
Operating leases	3.7	%	3.3	%	3.2	%

Other information related to leases was as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash related to finance leases	$	4	$	1	$	1
Operating cash related to operating leases	167		168		174
Financing cash flows related to finance leases	17		9		11
ROU assets obtained in exchange for lease liabilities:
Finance lease liabilities	$	63	$	1	$	51
Operating lease liabilities	97		122		161

The change in operating ROU assets and lease liabilities are presented within cash flows from operations on the consolidated statements of cash flows.

Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at December 29, 2023, were as follows:


Fiscal Year Ending	Finance lease commitments		Operating lease commitments
	(in millions)
2024	$	22	$	158
2025	22		119
2026	22		95
2027	15		70
2028	5		68
2029 and thereafter	15		237
Total undiscounted cash flows	101		747
Less: imputed interest	(10)		(95)
Lease liability as of December 29, 2023	$	91	$	652

As of December 29, 2023, we have approximately $195 million of facility lease commitments that have not yet commenced. The leases are expected to commence in fiscal 2024 with lease terms ranging from 12 to 16 years.

Lessor

As of December 29, 2023 and December 30, 2022, we had a total net investment in sales-type leases, which relates to lease payment receivables, of $100 million and $103 million, respectively. The current and non-current portions of net investment in sales-type leases are included within "Other current assets" and "Other long-term assets", respectively, on the consolidated balance sheets.

The components of lease income were as follows:


		Year Ended
	Statement of operations line item	December 29, 2023		December 30, 2022		December 31, 2021
		(in millions)
Sales-type leases:
Selling price at lease commencement	Revenues	$	51	$	65	$	80
Cost of underlying asset	Cost of revenues	(41)		(52)		(60)
Operating income		10		13		20
Interest income on lease receivables	Revenues	9		9		8
		19		22		28

Operating lease income	Revenues	39		35		32
Total lease income		$	58	$	57	$	60

As of December 29, 2023, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:


Fiscal Year Ending	Sales-type leases		Operating leases
	(in millions)
2024	$	44	$	20
2025	32		5
2026	18		—
2027	8		—
2028	5		—

Total undiscounted cash flows	$	107	$	25
Present value of lease payments as lease receivables	100
Difference between undiscounted cash flows and discounted cash flows	$	7

Leases

Note 10—Leases

Lessee

ROU assets and lease liabilities consisted of the following:


	Balance sheet line item	December 29, 2023		December 30, 2022
		(in millions)
ROU assets:
Finance leases	Property, plant and equipment, net	$	89	$	43
Operating leases	Operating lease right-of-use assets, net	512		545
		$	601	$	588
Current lease liabilities:
Finance leases	Short-term debt and current portion of long-term debt	$	18	$	6
Operating leases	Accounts payable and accrued liabilities	136		130
		$	154	$	136
Non-current lease liabilities:
Finance leases	Long-term debt, net of current portion	$	73	$	38
Operating leases	Operating lease liabilities	516		570
		$	589	$	608

Total lease cost for the periods presented consisted of the following:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Finance lease cost:
Amortization of ROU assets	$	18	$	9	$	11
Interest on lease liabilities	4		1		1
	22		10		12

Operating lease cost(1)	148		161		172

Variable lease cost	35		42		90
Short-term lease cost	2		3		4
Less: Sublease income	—		(6)		(8)
Total lease cost	$	207	$	210	$	270

(1) Includes ROU lease expense of $124 million, $134 million and $150 million for fiscal 2023, 2022 and 2021, respectively.

Lease costs and sublease income are included in "Cost of revenues" and "Selling, general and administrative expenses" within the consolidated statements of operations.

Lease terms and discount rates related to leases were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
Weighted-average remaining lease term (in years):
Finance leases	5.2		8.2		8.4
Operating leases	7.3		7.5		6.8
Weighted-average discount rate:
Finance leases	4.8	%	2.6	%	2.5	%
Operating leases	3.7	%	3.3	%	3.2	%

Other information related to leases was as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash related to finance leases	$	4	$	1	$	1
Operating cash related to operating leases	167		168		174
Financing cash flows related to finance leases	17		9		11
ROU assets obtained in exchange for lease liabilities:
Finance lease liabilities	$	63	$	1	$	51
Operating lease liabilities	97		122		161

The change in operating ROU assets and lease liabilities are presented within cash flows from operations on the consolidated statements of cash flows.

Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at December 29, 2023, were as follows:


Fiscal Year Ending	Finance lease commitments		Operating lease commitments
	(in millions)
2024	$	22	$	158
2025	22		119
2026	22		95
2027	15		70
2028	5		68
2029 and thereafter	15		237
Total undiscounted cash flows	101		747
Less: imputed interest	(10)		(95)
Lease liability as of December 29, 2023	$	91	$	652

Lessor

The components of lease income were as follows:


		Year Ended
	Statement of operations line item	December 29, 2023		December 30, 2022		December 31, 2021
		(in millions)
Sales-type leases:
Selling price at lease commencement	Revenues	$	51	$	65	$	80
Cost of underlying asset	Cost of revenues	(41)		(52)		(60)
Operating income		10		13		20
Interest income on lease receivables	Revenues	9		9		8
		19		22		28

Operating lease income	Revenues	39		35		32
Total lease income		$	58	$	57	$	60

As of December 29, 2023, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:


Fiscal Year Ending	Sales-type leases		Operating leases
	(in millions)
2024	$	44	$	20
2025	32		5
2026	18		—
2027	8		—
2028	5		—

Total undiscounted cash flows	$	107	$	25
Present value of lease payments as lease receivables	100
Difference between undiscounted cash flows and discounted cash flows	$	7

Leases

Note 10—Leases

Lessee

ROU assets and lease liabilities consisted of the following:


	Balance sheet line item	December 29, 2023		December 30, 2022
		(in millions)
ROU assets:
Finance leases	Property, plant and equipment, net	$	89	$	43
Operating leases	Operating lease right-of-use assets, net	512		545
		$	601	$	588
Current lease liabilities:
Finance leases	Short-term debt and current portion of long-term debt	$	18	$	6
Operating leases	Accounts payable and accrued liabilities	136		130
		$	154	$	136
Non-current lease liabilities:
Finance leases	Long-term debt, net of current portion	$	73	$	38
Operating leases	Operating lease liabilities	516		570
		$	589	$	608

Total lease cost for the periods presented consisted of the following:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Finance lease cost:
Amortization of ROU assets	$	18	$	9	$	11
Interest on lease liabilities	4		1		1
	22		10		12

Operating lease cost(1)	148		161		172

Variable lease cost	35		42		90
Short-term lease cost	2		3		4
Less: Sublease income	—		(6)		(8)
Total lease cost	$	207	$	210	$	270

(1) Includes ROU lease expense of $124 million, $134 million and $150 million for fiscal 2023, 2022 and 2021, respectively.

Lease costs and sublease income are included in "Cost of revenues" and "Selling, general and administrative expenses" within the consolidated statements of operations.

Lease terms and discount rates related to leases were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
Weighted-average remaining lease term (in years):
Finance leases	5.2		8.2		8.4
Operating leases	7.3		7.5		6.8
Weighted-average discount rate:
Finance leases	4.8	%	2.6	%	2.5	%
Operating leases	3.7	%	3.3	%	3.2	%

Other information related to leases was as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash related to finance leases	$	4	$	1	$	1
Operating cash related to operating leases	167		168		174
Financing cash flows related to finance leases	17		9		11
ROU assets obtained in exchange for lease liabilities:
Finance lease liabilities	$	63	$	1	$	51
Operating lease liabilities	97		122		161

The change in operating ROU assets and lease liabilities are presented within cash flows from operations on the consolidated statements of cash flows.

Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at December 29, 2023, were as follows:


Fiscal Year Ending	Finance lease commitments		Operating lease commitments
	(in millions)
2024	$	22	$	158
2025	22		119
2026	22		95
2027	15		70
2028	5		68
2029 and thereafter	15		237
Total undiscounted cash flows	101		747
Less: imputed interest	(10)		(95)
Lease liability as of December 29, 2023	$	91	$	652

Lessor

The components of lease income were as follows:


		Year Ended
	Statement of operations line item	December 29, 2023		December 30, 2022		December 31, 2021
		(in millions)
Sales-type leases:
Selling price at lease commencement	Revenues	$	51	$	65	$	80
Cost of underlying asset	Cost of revenues	(41)		(52)		(60)
Operating income		10		13		20
Interest income on lease receivables	Revenues	9		9		8
		19		22		28

Operating lease income	Revenues	39		35		32
Total lease income		$	58	$	57	$	60

As of December 29, 2023, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:


Fiscal Year Ending	Sales-type leases		Operating leases
	(in millions)
2024	$	44	$	20
2025	32		5
2026	18		—
2027	8		—
2028	5		—

Total undiscounted cash flows	$	107	$	25
Present value of lease payments as lease receivables	100
Difference between undiscounted cash flows and discounted cash flows	$	7

Leases

Note 10—Leases

Lessee

ROU assets and lease liabilities consisted of the following:


	Balance sheet line item	December 29, 2023		December 30, 2022
		(in millions)
ROU assets:
Finance leases	Property, plant and equipment, net	$	89	$	43
Operating leases	Operating lease right-of-use assets, net	512		545
		$	601	$	588
Current lease liabilities:
Finance leases	Short-term debt and current portion of long-term debt	$	18	$	6
Operating leases	Accounts payable and accrued liabilities	136		130
		$	154	$	136
Non-current lease liabilities:
Finance leases	Long-term debt, net of current portion	$	73	$	38
Operating leases	Operating lease liabilities	516		570
		$	589	$	608

Total lease cost for the periods presented consisted of the following:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Finance lease cost:
Amortization of ROU assets	$	18	$	9	$	11
Interest on lease liabilities	4		1		1
	22		10		12

Operating lease cost(1)	148		161		172

Variable lease cost	35		42		90
Short-term lease cost	2		3		4
Less: Sublease income	—		(6)		(8)
Total lease cost	$	207	$	210	$	270

(1) Includes ROU lease expense of $124 million, $134 million and $150 million for fiscal 2023, 2022 and 2021, respectively.

Lease costs and sublease income are included in "Cost of revenues" and "Selling, general and administrative expenses" within the consolidated statements of operations.

Lease terms and discount rates related to leases were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
Weighted-average remaining lease term (in years):
Finance leases	5.2		8.2		8.4
Operating leases	7.3		7.5		6.8
Weighted-average discount rate:
Finance leases	4.8	%	2.6	%	2.5	%
Operating leases	3.7	%	3.3	%	3.2	%

Other information related to leases was as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Cash paid for amounts included in measurement of lease liabilities:
Operating cash related to finance leases	$	4	$	1	$	1
Operating cash related to operating leases	167		168		174
Financing cash flows related to finance leases	17		9		11
ROU assets obtained in exchange for lease liabilities:
Finance lease liabilities	$	63	$	1	$	51
Operating lease liabilities	97		122		161

The change in operating ROU assets and lease liabilities are presented within cash flows from operations on the consolidated statements of cash flows.

Future minimum lease commitments of our finance and operating leases on an undiscounted basis, reconciled to the respective lease liability at December 29, 2023, were as follows:


Fiscal Year Ending	Finance lease commitments		Operating lease commitments
	(in millions)
2024	$	22	$	158
2025	22		119
2026	22		95
2027	15		70
2028	5		68
2029 and thereafter	15		237
Total undiscounted cash flows	101		747
Less: imputed interest	(10)		(95)
Lease liability as of December 29, 2023	$	91	$	652

Lessor

The components of lease income were as follows:


		Year Ended
	Statement of operations line item	December 29, 2023		December 30, 2022		December 31, 2021
		(in millions)
Sales-type leases:
Selling price at lease commencement	Revenues	$	51	$	65	$	80
Cost of underlying asset	Cost of revenues	(41)		(52)		(60)
Operating income		10		13		20
Interest income on lease receivables	Revenues	9		9		8
		19		22		28

Operating lease income	Revenues	39		35		32
Total lease income		$	58	$	57	$	60

As of December 29, 2023, undiscounted cash flows for sales-type and operating leases for the next five years are as follows:


Fiscal Year Ending	Sales-type leases		Operating leases
	(in millions)
2024	$	44	$	20
2025	32		5
2026	18		—
2027	8		—
2028	5		—

Total undiscounted cash flows	$	107	$	25
Present value of lease payments as lease receivables	100
Difference between undiscounted cash flows and discounted cash flows	$	7

Business Segments (Narrative) (Details) - segment	12 Months Ended
Business Segments (Narrative) (Details) - segment	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Number of reportable segments	3
Total Revenues \| Geographic Concentration Risk \| International
Segment Reporting Information [Line Items]
Percentage of sales	9.00%	8.00%	8.00%
US Government \| Total Revenues \| Government Contracts Concentration Risk
Segment Reporting Information [Line Items]
Percentage of sales	87.00%	86.00%	87.00%
DoD and U.S. Intelligence Community \| Total Revenues \| Government Contracts Concentration Risk
Segment Reporting Information [Line Items]
Percentage of sales	49.00%	44.00%	44.00%

Earnings Per Share ("EPS") (Weighted Average Number of Shares used to Compute Basic and Diluted EPS) (Details) - shares shares in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Basic weighted average number of shares outstanding (in shares)	137	137	141
Dilutive common share equivalents—stock options and other stock awards (in shares)	1	1	2
Diluted weighted average number of shares outstanding (in shares)	138	138	143

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Liabilities for uncertain tax positions	$ 110,000,000	$ 92,000,000	$ 2,000,000
Penalties and interest accrued	4,000,000	$ 0	$ 0
Unrecognized tax benefits, expected future period decrease	22,000,000
Prior Year Tax
Income Tax Contingency [Line Items]
Unrecognized tax benefits, period increase (decrease)	(54,000,000)
Current Year Tax
Income Tax Contingency [Line Items]
Unrecognized tax benefits, period increase (decrease)	58,000,000
State
Income Tax Contingency [Line Items]
Net operating loss carryforwards	92,000,000
Operating loss carryforwards, expected to utilize	76,000,000
Foreign
Income Tax Contingency [Line Items]
Net operating loss carryforwards	34,000,000
Operating loss carryforwards, expected to utilize	2,000,000
Foreign tax credits	21,000,000
Foreign tax credits, expected to be utilized	$ 6,000,000

Receivables

12 Months Ended

Dec. 29, 2023

Receivables [Abstract]

Receivables

Note 6—Receivables

The components of receivables, net consisted of the following:


	December 29, 2023		December 30, 2022
	(in millions)
Billed and billable receivables	$	1,416	$	1,368
Unbilled receivables	1,041		1,010
Allowance for credit losses	(28)		(28)
	$	2,429	$	2,350

Sale of Accounts Receivable

We have entered into purchase agreements with a financial institution which provide us the election to sell accounts receivable at a discount. The receivables sold are typically collectable from our customers within 30 days of the sale date. During fiscal 2022 and 2021, we sold $209 million and $693 million, respectively, of accounts receivable under the agreements and received proceeds of $209 million and $693 million, respectively. These activities are classified as operating activities in the consolidated statements of cash flows. There were no sales of accounts receivable during fiscal 2023.

These transfers have been recognized as a sale, as the receivables had been legally isolated from Leidos, the financial institution had the right to pledge or exchange the assets received and we did not maintain effective control over the transferred accounts receivable. As of December 30, 2022, and December 31, 2021, all sold receivables had been remitted to the financial institution.

Audit Information	12 Months Ended
Audit Information	Dec. 29, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	34

Goodwill and Intangible Assets (Estimated Annual Amortization Expense) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Estimated Annual Intangible Amortization Expense
2024	$ 148
2025	120
2026	99
2027	72
2028	62
2029 and thereafter	162
Net carrying value	$ 663	$ 856

Income Taxes (Tables)

12 Months Ended

Dec. 29, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes for the periods presented included the following:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Current:
Federal	$	212	$	290	$	156
State	68		80		49
Foreign	23		33		29
Deferred:
Federal	(75)		(169)		(20)
State	(20)		(36)		(3)
Foreign	(13)		(5)		(3)
Total	$	195	$	193	$	208

Schedule of Reconciliation of the Provision for Income Taxes

A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to income before income taxes for the periods presented was as follows:


	Year Ended
	December 29, 2023			December 30, 2022			December 31, 2021
	(in millions)
Amount computed at the statutory federal income tax rate	$	85		$	186		$	203
State income taxes, net of federal tax benefit	26			36			34
Goodwill	104			—			—
Research and development credits	(19)			(31)			(23)
Excess tax benefits from stock-based compensation	(2)			(13)			(11)
Change in valuation allowance for deferred tax assets	3			3			5
Impact of foreign operations	(13)			2			4
Dividends paid to employee stock ownership plan	(2)			(2)			(2)
Change in accruals for uncertain tax positions	14			(1)			1

Other	(1)			13			(3)
Total	$	195		$	193		$	208
Effective income tax rate	48.4		%	21.8		%	21.5		%

Schedule of Deferred Tax Assets (Liabilities)


	December 29, 2023		December 30, 2022
	(in millions)
Capitalized research and development	$	290	$	228
Operating lease liabilities	156		190
Accrued vacation and bonuses	95		87
Reserves	33		40
Deferred compensation	39		32
Credits and net operating losses carryovers	36		32
Vesting stock awards	29		27

Accumulated other comprehensive loss	—		2
Other	18		13
Total deferred tax assets	696		651
Valuation allowance	(27)		(24)
Deferred tax assets, net of valuation allowance	$	669	$	627

Purchased intangible assets	$	(347)	$	(415)
Operating lease right-of-use assets	(126)		(140)
Property, plant and equipment	(90)		(75)

Deferred revenue	(3)		(4)
Other	(4)		(5)
Total deferred tax liabilities	(570)		(639)
Net deferred tax assets (liabilities)	$	99	$	(12)

Schedule of Income Tax Related Balance on Balance Sheet

Income tax balance sheet items are included in the accompanying consolidated balance sheets as follows:


	December 29, 2023		December 30, 2022
	(in millions)
Other current assets:
Prepaid income taxes and tax refunds receivable	$	40	$	11
Other long-term assets:
Deferred tax assets	$	102	$	28
Accounts payable and accrued liabilities:
Income taxes payable	$	3	$	135
Deferred tax liabilities	$	3	$	40
Other long-term liabilities:
Unrecognized tax benefits	$	114	$	92

Schedule of Changes in the Unrecognized Tax Benefits

The changes in the unrecognized tax benefits were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Unrecognized tax benefits at beginning of year	$	92	$	2	$	6
Additions for tax positions related to current year	58		91		—
Additions for tax positions related to prior years	15		—		2
Reductions for tax positions related to current year	(1)		—		—
Reductions for tax positions related to prior years	(54)		—		(2)
Settlements with taxing authorities	—		—		(3)
Lapse of statute of limitations	—		(1)		(1)
Unrecognized tax benefits at end of year	$	110	$	92	$	2
Unrecognized tax benefits that, if recognized, would affect the effective income tax rate	$	15	$	—	$	2

Summary of Significant Accounting Policies (Finite-Lived Intangible Assets) (Details)	Dec. 29, 2023
Backlog
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets (in years)	1 year
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets (in years)	8 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets (in years)	10 years
Programs \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets (in years)	4 years
Programs \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets (in years)	13 years
Software and technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets (in years)	3 years
Software and technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets (in years)	15 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Useful life of intangible assets (in years)	3 years

Commitments and Contingencies (Future Expirations Maturity Table) (Details) - Standby Letters of Credit, Surety Bonds and Future Lease Commitments $ in Millions	Dec. 29, 2023 USD ($)
Guaranteed Obligation, Type [Line Items]
2024	$ 46
2025	103
2026	2
2027	14
2028	1
2029 and thereafter	2
Guaranteed obligation	$ 168

Leases (Other Information Related to Leases) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Weighted-average remaining lease term (in years):
Finance leases	5 years 2 months 12 days	8 years 2 months 12 days	8 years 4 months 24 days
Operating leases	7 years 3 months 18 days	7 years 6 months	6 years 9 months 18 days
Weighted-average discount rate:
Finance leases	4.80%	2.60%	2.50%
Operating leases	3.70%	3.30%	3.20%
Cash paid for amounts included in measurement of lease liabilities:
Operating cash related to finance leases	$ 4	$ 1	$ 1
Operating cash related to operating leases	167	168	174
Financing cash flows related to finance leases	17	9	11
ROU assets obtained in exchange for lease liabilities:
Finance lease liabilities	63	1	51
Operating lease liabilities	$ 97	$ 122	$ 161

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 29, 2023

Equity [Abstract]

Schedule of Changes in the Components of Accumulated Other Comprehensive Loss

Changes in the components of Accumulated Other Comprehensive Income (Loss) ("AOCI") were as follows:


	Foreign currency translation adjustments		Unrecognized gain (loss) on derivative instruments		Pension adjustments		Total AOCI
	(in millions)
Balance at January 1, 2021	$	30	$	(70)	$	(6)	$	(46)
Other comprehensive income (loss)	(3)		18		17		32
Taxes	(5)		(8)		(4)		(17)
Reclassification from AOCI	—		19		—		19
Balance at December 31, 2021	22		(41)		7		(12)
Other comprehensive income (loss)	(108)		59		(27)		(76)
Taxes	13		(16)		7		4
Reclassification from AOCI	—		11		—		11
Balance at December 30, 2022	(73)		13		(13)		(73)
Other comprehensive income (loss)	36		6		(1)		41
Taxes	(2)		1		—		(1)
Reclassification from AOCI	—		(15)		—		(15)
Balance at December 29, 2023	$	(39)	$	5	$	(14)	$	(48)

Summary of Significant Accounting Policies

12 Months Ended

Dec. 29, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3—Summary of Significant Accounting Policies

Reporting Periods

Leidos' fiscal year ends on the Friday nearest the end of December. Fiscal 2023 ended December 29, 2023, fiscal 2022 ended December 30, 2022, and fiscal 2021 ended December 31, 2021. Each fiscal year included 52 weeks.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Management evaluates these estimates and assumptions on an ongoing basis, including those relating to estimated profitability of long-term contracts, indirect billing rates, allowances for doubtful accounts, inventories, right-of-use ("ROU") assets and lease liabilities, fair value and impairment of intangible assets and goodwill, income taxes, pension benefits, stock-based compensation expense and contingencies. These estimates have been prepared by management on the basis of the most current and best available information; however, actual results could differ materially from those estimates.

Operating Cycle

Our operating cycle for long-term contracts may be greater than one year and is measured by the average time intervening between the inception and the completion of those contracts.

Business Combinations, Investments and Variable Interest Entities

Business Combinations

The accounting for business combinations requires management to make judgments and estimates related to the fair value of assets acquired, including the identification and valuation of intangible assets, as well as liabilities and contingencies assumed. Such judgments and estimates directly impact the amount of goodwill recognized in connection with an acquisition. Estimating the fair value of acquired assets and assumed liabilities, including intangibles, requires judgments about expected future cash flows, weighted-average cost of capital, discount rates and expected long-term growth rates.

Investments

Investments in entities and corporate joint ventures where we have a non-controlling ownership interest but over which we have the ability to exercise significant influence, are accounted for under the equity method of accounting. We recognize our proportionate share of the entities' net income or loss and do not consolidate the entities' assets and liabilities.

Equity investments in entities over which we do not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost or cost net of other-than-temporary impairments.

Variable Interest Entities

We occasionally form joint ventures and/or enter into arrangements with special purpose limited liability companies for the purpose of bidding and executing on specific projects. We analyze each such arrangement to determine whether it represents a VIE. If the arrangement is determined to be a VIE, we assess whether we are the primary beneficiary of the VIE and are consequently required to consolidate the VIE.

Divestitures

From time-to-time, we may dispose (or management may commit to plans to dispose) of strategic or non-strategic components of the business. Divestitures representing a strategic shift that has (or will have) a major effect in operations and financial results are classified as discontinued operations, whereas non-strategic divestitures remain in continuing operations.

Restructuring Expenses

Restructuring expenses are incurred in connection with programs aimed at reducing our costs. Restructuring costs may include employee severance benefits, costs to terminate contracts and other permanent exit costs to consolidate or close facilities directly related to the restructuring program.

One-time involuntary termination benefits with a required service period of less than 60 days are recognized when the benefits have been communicated to employees and one-time termination benefits with a required service period in excess of 60 days are recognized over the requisite period. Ongoing termination benefit arrangements are recognized at estimated fair value when it is probable that they will be incurred and are reasonably estimable. Costs associated with exit or disposal activities, including the related one-time and ongoing involuntary termination benefits, are included as "Acquisition, integration and restructuring costs" on the consolidated statements of operations.

Revenue Recognition

Our revenues from contracts with customers are from offerings including digital modernization, cyber operations, mission software systems, integrated systems and mission operations, primarily with the U.S. government and its agencies. We also serve various state and local governments, foreign governments and commercial customers.

We perform under various types of contracts, which include firm-fixed-price ("FFP"), time-and-materials ("T&M"), fixed-price-level-of-effort ("FP-LOE"), cost-plus-fixed-fee ("CPFF"), cost-plus-award-fee, cost-plus-incentive-fee and fixed-price-incentive-fee ("FP-IF") contracts.

To determine the proper revenue recognition, we first evaluate whether we have a duly approved and enforceable contract with a customer, in which the rights of the parties and payment terms are identified, and collectability is probable. We also evaluate whether two or more contracts should be combined and accounted for as a single contract, including the task orders issued under an indefinite delivery/indefinite quantity ("IDIQ") award. In addition, we assess contract modifications to determine whether changes to existing contracts should be accounted for as part of the original performance obligation or as a separate performance obligation. Contract modifications generally relate to changes in contract specifications and requirements and do not add distinct services, and therefore are accounted for as part of the original performance obligation. If contract modifications add distinct goods or services and increase the contract value by an amount that reflects the standalone selling price, those modifications are accounted for as separate contracts.

Most of our contracts contain multiple promises including the design and build of software-based systems, integration of hardware and software solutions, running and maintaining of IT infrastructure and procurement services. In all cases, we assess if the multiple promises should be accounted for as separate performance obligations or combined into a single performance obligation. We generally separate multiple promises in a contract as separate performance obligations if those promises are distinct, both individually and in the context of the contract. If multiple promises in a contract are highly interrelated or require significant integration or customization within a group, they are combined and accounted for as a single performance obligation.

Our contracts with the U.S. government often contain options to renew existing contracts for an additional period of time (generally a year at a time) under the same terms and conditions as the original contract, and generally do not provide the customer any material rights under the contract. We account for renewal options as separate performance obligations when they include distinct goods or services at standalone selling prices.

Certain cost-plus and fixed-price contracts contain award fees, incentive fees or other provisions that may either increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We estimate variable consideration at the most probable amount that we expect to be entitled to, based on the assessment of the contractual variable fee criteria, complexity of work and related risks, extent of customer discretion, amount of variable consideration received historically and the potential of significant reversal of revenue.

Contracts with the U.S. government are subject to the Federal Acquisition Regulation ("FAR") and priced on estimated or actual costs of providing the goods or services. The FAR provides guidance on types of costs that are allowable in establishing prices for goods and services provided to the U.S. government and its agencies. Each contract is competitively priced and bid separately. Pricing for non-U.S. government agencies and commercial customers is based on specific negotiations with each customer. We allocate the transaction price of a contract to its performance obligations based on their respective standalone selling prices. The performance obligation's standalone selling price is generally based on an expected cost-plus margin approach. For certain product sales, prices from other standalone sales are used. Substantially all of our contracts do not contain a significant financing component, which would require an adjustment to the transaction price of the contract. Any taxes collected or imposed when determining the transaction price are excluded.

We recognize revenue on our service-based contracts primarily over time as there is continuous transfer of control to the customer over the duration of the performance period as the work is performed. For U.S. government contracts, continuous transfer of control to the customer is evidenced by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay for costs incurred plus a reasonable profit and take control of any work-in-process. Similarly, for non-U.S. government contracts, the customer typically controls the work-in-process as evidenced by rights to payment for work performed to date plus a reasonable profit to deliver products or services for which we do not have an alternate use. Anticipated losses on service-based revenue contracts are recognized when incurred over the contract term while the full amount of anticipated losses on other contracts are recognized during the period in which the losses are determined. In certain product sales, where the products have an alternate use, revenue is recognized at a point in time when the customer takes control of the asset usually denoted by possession, transfer of legal title and acceptance by the customer.

On performance obligations that require system integration and capability development efforts or contain variable consideration, revenue is recognized over time generally using a method that measures the extent of progress towards completion of a performance obligation, principally using a cost-input method (referred to as the cost-to-cost method). Under the cost-to-cost method, revenue is recognized based on the proportion of total costs incurred to estimated total costs-at-completion ("EAC"). A performance obligation's EAC includes all direct costs such as materials, labor, subcontract costs, overhead and a ratable portion of general and administrative costs. In addition, an EAC of a performance obligation includes future losses estimated to be incurred on onerous contracts, as and when known.

On certain other performance obligations, principally associated with T&M, FP-LOE and CPFF contracts, revenue is generally recognized using the right-to-invoice practical expedient as we are contractually able to invoice the customer based on the control transferred to the customer. Additionally, on maintenance (generally FFP) performance obligations, revenue is recognized over time using a straight-line method as the control of the services is provided to the customer evenly over the period of performance.

For certain performance obligations where we are not primarily responsible for fulfilling the promise to provide the goods or service to the customer, do not have inventory risk and do not have discretion in establishing the price for the goods or service, we recognize revenue on a net basis.

Contract Costs

Contract costs generally include direct costs such as labor, materials, subcontract costs and indirect costs identifiable with or allocable to a specific contract. Costs are expensed as incurred unless they qualify for deferral and capitalization. Contract costs incurred for U.S. government contracts, including indirect costs, are subject to audit and adjustment by the Defense Contract Audit Agency ("DCAA") (see "Note 21—Commitments and Contingencies").

Pre-contract Costs

Certain eligible costs incurred prior to the start of a project are deferred as assets when we are required to incur costs prior to contract execution in order to be able to perform on the contract and it is probable that we will recover the costs when the contract is issued. Pre-contract costs are amortized over the requisite service period for which the cost relates.

Transition Costs

Under certain service contracts, costs are incurred at the beginning of the contract to transition services, employees, and equipment to or from the customer or from a prior contractor. These costs are generally capitalized as deferred assets and amortized on a straight-line basis over the anticipated term of the contract or a specified period of performance, including unexercised option periods that are reasonably certain of being exercised.

Project Assets

Purchases of assets used to fulfill a specific contract with a customer that do not constitute other specific asset classes are capitalized as project assets when the costs are generally expected to be recovered, we maintain ownership of the asset and the benefit is received over a period of time. Project assets include prepaid services and maintenance agreements, certain material purchases and other costs incurred on contracts. Project assets are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the expected contract period of performance.

Changes in Estimates on Contracts

Changes in estimates related to contracts accounted for using the cost-to-cost method of accounting are recognized in the period in which such changes are made for the inception-to-date effect of the changes, with the exception of contracts acquired through a business combination, where the adjustment is made for the period commencing from the date of acquisition.

Changes in estimates on contracts for the periods presented were as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions, except for per share amounts)
Favorable impact	$	140	$	146	$	149
Unfavorable impact	(100)		(113)		(102)
Net favorable impact to income before income taxes	$	40	$	33	$	47

Impact on diluted EPS attributable to Leidos common stockholders	$	0.22	$	0.17	$	0.25

The impact on diluted earnings per share ("EPS") attributable to Leidos common stockholders is calculated using our statutory tax rate.

Revenue Recognized from Prior Obligations

During fiscal 2023, 2022 and 2021, revenue recognized from performance obligations satisfied in previous periods was $8 million, $9 million and $26 million, respectively. The changes primarily relate to revisions of variable consideration, including award and incentive fees, and revisions to estimates at completion resulting from changes in contract scope, mitigation of contract risks or due to true-ups of contract estimates at the end of contract performance.

Selling, General and Administrative Expenses

We classify indirect costs incurred within or allocated to our U.S. government customers as overhead (included in "Cost of revenues") or general and administrative expenses in the same manner as such costs are defined in our disclosure statements under U.S. government Cost Accounting Standards.

Selling, general and administrative expenses include general and administrative, bid and proposal, company-funded research and development expenses, and legal fees and settlements.

We conduct research and development activities under customer-funded contracts and with company-funded research and development funds. Company-funded research and development expense was $128 million, $116 million and $109 million for fiscal 2023, 2022 and 2021, respectively. Expenses for research and development activities performed under customer contracts are charged directly to cost of revenues for those contracts.

Income Taxes

We account for income taxes under the asset and liability method in accordance with the accounting standard for income taxes. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Under this method, changes in tax rates and laws are recognized in income in the period such changes are enacted.

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. If we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount or would no longer be able to realize our deferred income tax assets in the future as currently recorded, we would make an adjustment to the valuation allowance which would decrease or increase the provision for income taxes.

The provision for federal, state, foreign and local income taxes is calculated on income before income taxes based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provision differs from the amounts currently payable because certain items of income and expense are recognized in different reporting periods for financial reporting purposes than for income tax purposes.

We record liabilities for uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to uncertain tax positions in our income tax expense.

Cash and Cash Equivalents

Our cash equivalents are primarily comprised of investments in several large institutional money market accounts, with original maturity of three months or less. Outstanding payments are included within "Cash and cash equivalents" and "Accounts payable and accrued liabilities" correspondingly on the consolidated balance sheets. At December 29, 2023, and December 30, 2022, $136 million and $158 million, respectively, of outstanding payments were included within "Cash and cash equivalents."

Restricted Cash

We have restricted cash balances, primarily representing advances from customers that are restricted as to use for certain expenditures related to that customer's contract. Restricted cash balances are included within "Other current assets" on the consolidated balance sheets. Our restricted cash balances were $151 million and $167 million at December 29, 2023, and December 30, 2022, respectively.

Receivables

Receivables include amounts billed and currently due from customers, amounts billable where the right to consideration is unconditional and amounts unbilled. Billable and unbilled amounts are recognized at estimated realizable value and consist of costs and fees, most of which are expected to be billed and collected generally within one year. Unbilled amounts also include rate variances that are billable upon negotiation of final indirect rates with the Defense Contract Management Agency.

Cost-reimbursable and T&M contracts are generally billed as costs are incurred. FFP contracts are billed either based on milestones, which are the achievement of specific events as defined in the contract, or based on progress payments, which are interim payments up to a designated amount of costs incurred as work progresses. On certain contracts, the customer withholds a certain percentage of the contract price (retainage). These withheld amounts are included within unbilled receivables and are billed upon contract completion or the occurrence of a specified event, typically after negotiation of final indirect rates with the U.S. government. Based on our historical experience, the write-offs of retention balances have not been significant.

When events or conditions indicate that amounts outstanding from customers may become uncollectible, an allowance is estimated and recorded. This estimate is based on the age of outstanding receivables or specific identification of balances at risk of becoming uncollectible.

Amounts billed and collected on contracts but not yet recorded as revenue because we have not performed our obligation under the arrangement with a customer are deferred and included within "Accounts payable and accrued liabilities" or "Other long-term liabilities" on the consolidated balance sheets.

Concentration of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk primarily consist of accounts receivable and derivatives. Since our receivables are primarily with the U.S. government, we do not have exposure to material credit risk. We manage our credit risk related to derivatives through the use of multiple counterparties with high credit standards.

Inventories

Inventories are valued at the lower of cost or estimated net realizable value. Generally, raw material inventory is valued using the moving average cost method. Work-in-process inventory may include material costs, labor and allocable overhead costs. The majority of finished goods inventory consists of technology and security products, inspection systems, baggage scanning equipment and small glide munitions. Inventory is evaluated against historical or planned usage to determine appropriate provisions for obsolete inventory.

Goodwill

Goodwill represents the excess of the fair value of consideration transferred, plus the fair value of any non-controlling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized, but is tested for impairment at the reporting unit level on an annual basis and more frequently if events or circumstances indicate that the carrying value of the reporting unit may not be recoverable. Our policy is to perform our annual goodwill impairment evaluation as of the first day of the fourth quarter of our fiscal year. During both fiscal 2023 and 2022, we had seven reporting units for the purpose of testing goodwill for impairment.

Goodwill is evaluated for impairment either under a qualitative assessment option or a quantitative approach, which depends on the facts and circumstances of a reporting unit, consideration of the excess of a reporting unit's fair value over its carrying amount in previous assessments and changes in business environment.

When performing a qualitative assessment, we consider factors including, but not limited to, current macroeconomic conditions, industry and market conditions, cost factors, financial performance and other relevant events to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If we determine that it is more likely than not that a reporting unit's fair value is less than its carrying value, a quantitative goodwill impairment test is performed.

When performing a quantitative goodwill impairment test, the reporting unit carrying value is compared to its fair value. Goodwill is deemed impaired if, and the impairment loss is recognized for the amount by which, the reporting unit carrying value exceeds its fair value.

We estimate the fair value of each reporting unit using Level 3 inputs when a quantitative analysis is performed. These analyses rely on significant judgments and assumptions about expected future cash flows, weighted-average cost of capital, discount rates, expected long-term growth rates, operating margins and on the selection of guideline public companies.

Intangible Assets

Acquired intangible assets with finite lives and internally developed software are amortized using the method that best reflects how their economic benefits are utilized or, if a pattern of economic benefits cannot be reliably determined, on a straight-line basis over their estimated useful lives. Program intangible assets are amortized over their respective estimated useful lives in proportion to the pattern of economic benefit based on expected future discounted cash flows. Backlog and trade name intangible assets are amortized on a straight-line basis over their estimated useful lives. Customer relationships and software and technology intangible assets are amortized either on a straight-line basis over their estimated useful lives or over their respective estimated useful lives in proportion to the pattern of economic benefit based on expected future discounted cash flows, as deemed appropriate.

Intangible assets with finite lives are amortized over the following periods:


						Estimated useful lives (in years)
Backlog						1
Customer relationships						8-10
Programs						4-13
Software and technology						3-15
Trade names						3

Intangible assets with finite lives are assessed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets with indefinite lives are not amortized but are assessed for impairment at the beginning of the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

Property, Plant and Equipment

Purchases of property, plant and equipment, including purchases of software and software licenses, as well as costs associated with major renewals and improvements are capitalized. Maintenance, repairs and minor renewals and improvements are expensed as incurred.

Construction-in-progress ("CIP") is used to accumulate all costs for projects that are not yet complete. CIP balances are transferred to the appropriate asset account when the asset is capitalized and ready for its intended use.

When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization is removed from the accounts and any resulting gain or loss is recognized. Depreciation is recognized using the methods and estimated useful lives as follows:

Depreciation method

Estimated useful lives (in years)

Computers and other equipment

Straight-line or declining-balance

2-15

Buildings

Straight-line

Not to exceed 40

Building improvements and leasehold improvements

Straight-line

Shorter of useful life of asset or remaining lease term

Vehicles and transportation equipment

Straight-line

3-15

Office furniture and fixtures

Straight-line or declining-balance

6-9

We evaluate our long-lived assets for potential impairment whenever there is evidence that events or changes in circumstances indicate that the carrying value may not be recoverable and the carrying value of the asset exceeds its estimated fair value.

Leases

Lessee

We have facilities and equipment lease arrangements. An arrangement is determined to be a lease at inception if it conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use ("ROU") assets represent the right to use an underlying asset over the lease term and lease liabilities represent the obligation to make lease payments arising from the lease.

ROU assets and lease liabilities are recorded on the consolidated balance sheet at lease commencement date based on the present value of the future minimum lease payments over the lease term. We generally do not know the discount rate implicit in our leases; therefore, the discount rate used is our incremental borrowing rate which is determined based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. A ROU asset is initially measured by the present value of the remaining lease payments, plus initial direct costs and prepaid lease payments, less any lease incentives received before commencement. The remaining lease cost is allocated over the remaining lease term on a straight-line basis unless another systematic or rational basis is more representative of the pattern in which the underlying asset is expected to be used.

Certain facility leases contain options to renew or extend the terms of the lease which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that we will exercise the option. Leases may also include variable lease payments such as an escalation clause based on consumer price index rates, maintenance costs and utilities. Variable lease payments that depend on an index or a rate are included in the determination of ROU assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease payments that do not depend on an index or rate are recorded as lease expense in the period incurred. At December 29, 2023, certain of the Company's equipment leases include residual value guarantees.

We use the practical expedient to not separate non-lease components from lease components and instead account for both components as a single lease. The practical expedient is applied to all material classes of leased assets except for aircraft, for which we account for the lease component and non-lease component separately.

The related lease payments on short-term facility and equipment leases are recognized as expense on a straight-line basis over the lease term.

ROU assets are evaluated for impairment in a manner consistent with the treatment of other long-lived assets. ROU assets are assessed for potential impairment whenever there is evidence that events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and the carrying amount of the asset exceeds its estimated fair value. This includes an establishment of a plan of abandonment, which occurs when we have committed to a plan to abandon the lease before the end of its previously estimated useful life and there is no expectation that we will re-enter or re-purpose the space.

Lessor

We are a lessor on certain equipment sales-type and operating lease arrangements with our customers. To be considered lease revenue, the contract must contain a specified asset, we must not have a substantive substitution right, the customer must have the right to direct the use of the specified asset during the period of use and the customer must have the right to obtain substantially all of the economic benefit of the specified asset.

Certain arrangements may contain variable payments that depend on an index or rate and are measured using the index or rate on the commencement date. Variable payments that are not included in the net investments are recorded as revenue as incurred. Arrangements may also contain options to renew or extend the performance period. Option periods are included in the lease term if we determine that it is reasonably certain the customer will exercise an option.

We have arrangements that contain both lease and non-lease components. We account for them as one unit of account if the timing and pattern of transfer is identical for both the lease and the non-lease components and the lease component would be classified as an operating lease if accounted for separately. If both criteria are met and the predominant component is a lease, then the entire arrangement will be accounted for in accordance with ASC 842. If we account for an arrangement both as a lease and non-lease component, then the allocation of consideration for each component will be based on the relative standalone sales price.

Fair Value Measurements

The accounting standard for fair value measurements establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets for identical assets or liabilities that are observable either directly or indirectly or quoted prices that are not active (Level 2); and unobservable inputs in which there is little or no market data (e.g., discounted cash flow and other similar pricing models), which requires us to develop our own assumptions about the assumptions that market participants would use in pricing the asset or liability (Level 3).

The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The accounting guidance provides for the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at inception of the contract and record any subsequent changes in fair value in earnings. We have not made fair value option elections on any of our financial assets and liabilities.

The fair value of financial instruments is determined based on quoted market prices, if available, or management's best estimate (see "Financial Instruments" below).

Management evaluates its investments for impairment at each balance sheet date. When testing long-term investments for recovery of carrying value, the fair value of long-term investments is determined using various valuation techniques and factors, such as market prices of comparable companies (Level 2 input) and discounted cash flow models (Level 3 input). If management determines that an other-than-temporary decline in the fair value of an investment has occurred, an impairment loss is recognized to reduce the investment to its estimated fair value.

Our non-financial instruments measured at fair value on a non-recurring basis include goodwill, indefinite-lived intangible assets and long-lived tangible assets. The valuation methods used to determine fair value require a significant degree of management judgment to determine the key assumptions. As such, we generally classify non-financial instruments as either Level 2 or Level 3 fair value measurements.

Financial Instruments

We are exposed to certain market risks which are inherent in certain transactions entered into during the normal course of business. These transactions include sales or purchase contracts denominated in foreign currencies and exposure to changing interest rates. We manage our risk to changes in interest rates and foreign currency exchange rates through the use of derivative instruments.

For variable rate borrowings, we use fixed interest rate swaps, effectively converting a portion of the variable interest rate payments to fixed interest rate payments. These swaps are designated as cash flow hedges. The fair value of these interest rate swaps is determined based on observed values for the underlying interest rates (Level 2).

We enter into foreign currency forward contracts in order to mitigate fluctuations in our earnings and cash flows due to changes in foreign currency exchange rates. The foreign currency forward contracts are not designated as hedges and hedge accounting does not apply. We do not hold derivative instruments for trading or speculative purposes.

Our defined benefit plan assets consist of investments in pooled funds that contain investments with values based on quoted market prices, but for which the pools are not valued on a daily quoted market basis (Level 2).

Stock-Based Compensation

We account for stock-based compensation at the grant date based on the fair value of the award and recognize expense over the requisite service period, which is generally the vesting period, net of an estimated forfeiture rate.

The fair value of restricted stock awards and performance-based stock awards is based on the closing price of Leidos common stock on the last business day prior to the grant date. The fair value of performance-based stock awards with market conditions is based on using a Monte Carlo simulation.

The fair value of stock option awards granted is based on using the Black-Scholes-Merton option pricing model. The estimation of stock option fair value requires management to make estimates and judgments about, among other things, employee exercise behavior, forfeiture rates and the expected volatility of Leidos common stock over the expected option term. These judgments directly affect the amount of compensation expense that will ultimately be recognized.

Foreign Currency

The financial statements of consolidated international subsidiaries, for which the functional currency is not the U.S. dollar, are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate over the reporting period for revenues, expenses, gains and losses. Translation adjustments are recorded as accumulated other comprehensive loss in stockholders' equity. Gains and losses due to movements in foreign currency exchange rates are recognized as "Other expense, net" on the consolidated statements of operations.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Cash flows from operations:
Net income	$ 208	$ 693	$ 759
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	331	333	325
Stock-based compensation	77	73	67
Goodwill impairment charges	596	0	0
Asset impairment charges	91	40	4
Deferred income taxes	(109)	(211)	(26)
Other	28	26	(7)
Change in assets and liabilities, net of effects of acquisitions and dispositions:
Receivables	(65)	(174)	(5)
Other current assets and other long-term assets	140	160	143
Accounts payable and accrued liabilities and other long-term liabilities	31	(143)	(210)
Accrued payroll and employee benefits	(5)	98	(32)
Income taxes receivable/payable	(158)	97	15
Net cash provided by operating activities	1,165	992	1,033
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(6)	(192)	(622)
Payments for property, equipment and software	(207)	(129)	(104)
Proceeds from disposition of businesses	2	15	0
Net proceeds from sale of assets	0	6	0
Other	0	(13)	(4)
Net cash used in investing activities	(211)	(313)	(730)
Cash flows from financing activities:
Proceeds from debt issuance	1,743	380	380
Repayments of borrowings	(2,045)	(545)	(106)
Payments for debt issuance and modification costs	(7)	0	0
Dividend payments	(201)	(199)	(199)
Repurchases of stock and other	(246)	(542)	(270)
Proceeds from issuances of stock	50	48	44
Net capital (distributions to) contributions from non-controlling interests	(9)	(7)	38
Net cash used in financing activities	(715)	(865)	(113)
Effect of foreign exchange rate changes on cash and cash equivalents	6	(6)	(2)
Net increase (decrease) in cash, cash equivalents and restricted cash	245	(192)	188
Cash, cash equivalents and restricted cash at beginning of year	683	875	687
Cash, cash equivalents and restricted cash at end of year	928	683	875
Less: restricted cash at end of year	151	167	148
Cash and cash equivalents at end of year	777	516	727
Supplementary cash flow information:
Cash paid for interest	207	195	182
Cash paid for income taxes, net of refunds	435	217	221
Non-cash investing activity:
Property, plant and equipment additions	2	7	4
Finance lease obligations	$ 65	$ 1	$ 51

Leases (Lease Cost) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Lease Cost) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Amortization of ROU assets	$ 18	$ 9	$ 11
Interest on lease liabilities	4	1	1
Finance lease cost	22	10	12
Operating lease cost	148	161	172
Variable lease cost	35	42	90
Short-term lease cost	2	3	4
Less: Sublease income	0	(6)	(8)
Total lease cost	207	210	270
ROU lease expense	$ 124	$ 134	$ 150

Derivative Instruments

12 Months Ended

Dec. 29, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 12—Derivative Instruments

The fair value of the interest rate swaps was as follows:



	Balance sheet line item	December 29, 2023		December 30, 2022
		(in millions)
Cash flow interest rate swaps	Other long-term assets	$	11	$	20

The cash flows associated with the interest rate swaps are classified as operating activities in the consolidated statements of cash flows.

Cash Flow Hedges

We have interest rate swap agreements to hedge the cash flows of $500 million of the variable rate senior unsecured term loan (the "Variable Rate Loan"). These interest rate swap agreements have a maturity date of August 2025 and a fixed interest rate of 2.96%. The objective of these instruments is to reduce variability in the forecasted interest payments of the Variable Rate Loan. During fiscal 2023, we modified our interest rate swap agreements to receive monthly variable interest payments based on the one-month SOFR rate as compared to LIBOR, and we will continue to pay interest at a fixed rate. We applied the guidance of ASC 848 which permits the continuation of hedge accounting for such modification.

The interest rate swap transactions are accounted for as cash flow hedges. The gain/loss on the swaps is reported as a component of other comprehensive income (loss) and is reclassified into earnings when the interest payments on the underlying hedged items impact earnings. A qualitative assessment of hedge effectiveness is performed on a quarterly basis, unless facts and circumstances indicate the hedge may no longer be highly effective.

The effect of the cash flow hedges on other comprehensive income (loss) and earnings for the periods presented was as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Total interest expense, net presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$	212	$	199	$	184
Amount recognized in other comprehensive income	6		59		18
Amount reclassified from accumulated other comprehensive income (loss) to interest expense, net	(15)		11		19

We expect to reclassify net gains of $10 million from accumulated other comprehensive loss into earnings during the next 12 months.

Derivative Instruments (Tables)

12 Months Ended

Dec. 29, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of the Company's Interest Rate Swaps

The fair value of the interest rate swaps was as follows:



	Balance sheet line item	December 29, 2023		December 30, 2022
		(in millions)
Cash flow interest rate swaps	Other long-term assets	$	11	$	20

Schedule of the Effect of the Company's Cash Flow Hedges on Other Comprehensive (Loss) Income and Earnings

The effect of the cash flow hedges on other comprehensive income (loss) and earnings for the periods presented was as follows:


	Year Ended
	December 29, 2023		December 30, 2022		December 31, 2021
	(in millions)
Total interest expense, net presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$	212	$	199	$	184
Amount recognized in other comprehensive income	6		59		18
Amount reclassified from accumulated other comprehensive income (loss) to interest expense, net	(15)		11		19

Composition of Certain Financial Statement Captions (Tables)

12 Months Ended

Dec. 29, 2023

Disclosure Schedule Of Certain Financial Statement Captions [Abstract]

Schedule of Composition of Certain Financial Statement Captions


Balance Sheets	December 29, 2023		December 30, 2022
	(in millions)
Other current assets:
Transition costs and project assets(1)	$	101	$	132
Other(2)	388		358
	$	489	$	490
Other long-term assets:
Transition costs and project assets(1)	$	37	$	74
Long-term deferred tax assets	102		28
Other(2)	299		286
	$	438	$	388
Accounts payable and accrued liabilities:
Accrued liabilities	$	826	$	772
Accounts payable	736		733
Deferred revenue	442		380
Other(2)	273		369
	$	2,277	$	2,254
Accrued payroll and employee benefits:
Accrued vacation	$	380	$	356
Salaries, bonuses and amounts withheld from employees’ compensation	315		345
	$	695	$	701

(1) During the year ended December 29, 2023, and December 30, 2022, $417 million and $489 million, respectively, of amortization was recognized related to transition costs and project assets.

(2) Balance represents items that are not individually significant to disclose separately.

Property Plant and Equipment (Property, Plant and Equipment) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross, including finance lease ROU assets	$ 1,579	$ 1,379
Less: accumulated depreciation and amortization	(618)	(532)
Property, plant and equipment, net, including finance lease ROU assets	961	847
Computers and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross, including finance lease ROU assets	455	399
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross, including finance lease ROU assets	455	404
Vehicles and transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross, including finance lease ROU assets	277	210
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross, including finance lease ROU assets	137	138
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross, including finance lease ROU assets	66	64
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross, including finance lease ROU assets	17	17
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross, including finance lease ROU assets	$ 172	$ 147

Stock-Based Compensation (Stock-Based Compensation and Related Tax Benefits Recognized) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 77	$ 73	$ 67
Tax benefits recognized from stock-based compensation	$ 17	$ 16	$ 17

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Leidos stockholders' equity	Shares of common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Non-controlling interest
Beginning balance (in shares) at Jan. 01, 2021			142,000,000
Beginning balance at Jan. 01, 2021	$ 3,871	$ 3,862		$ 2,580	$ 1,328	$ (46)	$ 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	759	753			753		6
Other comprehensive income (loss), net of taxes	34	34				34
Issuances of stock (in shares)			1,000,000
Issuances of stock	46	46		46
Repurchases of stock and other (in shares)			(3,000,000)
Repurchases of stock and other	(270)	(270)		(270)
Dividends	(201)	(201)			(201)
Stock-based compensation	67	67		67
Net capital contributions from non-controlling interest	38						38
Ending balance (in shares) at Dec. 31, 2021			140,000,000
Ending balance at Dec. 31, 2021	4,344	4,291		2,423	1,880	(12)	53
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	693	685			685		8
Other comprehensive income (loss), net of taxes	(61)	(61)				(61)
Issuances of stock (in shares)			1,000,000
Issuances of stock	51	51		51
Repurchases of stock and other (in shares)			(4,000,000)
Repurchases of stock and other	(542)	(542)		(542)
Dividends	(198)	(198)			(198)
Stock-based compensation	73	73		73
Net capital distributions to non-controlling interest	$ (7)						(7)
Ending balance (in shares) at Dec. 30, 2022	136,926,990		137,000,000
Ending balance at Dec. 30, 2022	$ 4,353	4,299		2,005	2,367	(73)	54
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	208	199			199		9
Other comprehensive income (loss), net of taxes	25	25				25
Issuances of stock (in shares)			1,000,000
Issuances of stock	53	53		53
Repurchases of stock and other (in shares)			(2,000,000)
Repurchases of stock and other	(247)	(247)		(247)
Dividends	(202)	(202)			(202)
Stock-based compensation	77	77		77
Net capital distributions to non-controlling interest	$ (9)	(3)		(3)			(6)
Ending balance (in shares) at Dec. 29, 2023	135,766,419		136,000,000
Ending balance at Dec. 29, 2023	$ 4,258	$ 4,201		$ 1,885	$ 2,364	$ (48)	$ 57

Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Current:
Federal	$ 212	$ 290	$ 156
State	68	80	49
Foreign	23	33	29
Deferred:
Federal	(75)	(169)	(20)
State	(20)	(36)	(3)
Foreign	(13)	(5)	(3)
Total	$ 195	$ 193	$ 208

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 29, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 22—Subsequent Events Segment Realignment Beginning in fiscal 2024, we will operate in four reportable segments that are focused on specific, defined capability sets we bring to our customers. The four reportable segments will be National Security and Digital, Health & Civil, Commercial & International and Defense Systems. We will also separately present the unallocable costs associated with corporate functions as Corporate. All historical segment financial information will be recast to conform to the new reportable segment structure in our financial statements and accompanying notes, beginning in the first quarter of fiscal 2024.

Acquisitions and Divestitures (Narrative) (Details) $ in Millions						12 Months Ended
	Oct. 30, 2022 USD ($)	Oct. 30, 2022 AUD ($)	Sep. 21, 2021 USD ($)	May 07, 2021 USD ($)	Jan. 14, 2021 USD ($)	Dec. 29, 2023 USD ($)	Dec. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Goodwill						$ 6,112,000,000	$ 6,696,000,000	$ 6,744,000,000
Goodwill, expected tax deductible amount	$ 0
Revenues						15,339,000,000	14,287,000,000	13,617,000,000
Cobham Aviation Services
Restructuring Cost and Reserve [Line Items]
Preliminary purchase consideration	192,000,000	$ 298
Cash acquired in excess of payments to acquire business		$ 10
Cash acquired	6,000,000
Goodwill	22,000,000
Property, plant and equipment	$ 148,000,000
Earnings from acquiree						115,000,000	21,000,000
Gibbs Cox
Restructuring Cost and Reserve [Line Items]
Preliminary purchase consideration				$ 375,000,000
Cash acquired				1,000,000
Goodwill				$ 276,000,000
Gibbs Cox \| Defense Solutions Segment
Restructuring Cost and Reserve [Line Items]
Revenues						129,000,000	114,000,000	98,000,000
1901 Group
Restructuring Cost and Reserve [Line Items]
Preliminary purchase consideration					$ 212,000,000
Cash acquired					$ 2,000,000
Goodwill								123,000,000
Goodwill, expected tax deductible amount								118,000,000
A1901 Group and Gibbs Cox
Restructuring Cost and Reserve [Line Items]
Revenue						$ 46,000,000	$ 40,000,000	$ 47,000,000
September21 Acquisition
Restructuring Cost and Reserve [Line Items]
Preliminary purchase consideration			$ 36,000,000
Goodwill			25,000,000
September21 Acquisition \| Programs
Restructuring Cost and Reserve [Line Items]
Intangible assets			$ 8,000,000

Income Taxes (Deferred Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Income Tax Disclosure [Abstract]
Capitalized research and development	$ 290	$ 228
Operating lease liabilities	156	190
Accrued vacation and bonuses	95	87
Reserves	33	40
Deferred compensation	39	32
Credits and net operating losses carryovers	36	32
Vesting stock awards	29	27
Accumulated other comprehensive loss	0	2
Other	18	13
Total deferred tax assets	696	651
Valuation allowance	(27)	(24)
Deferred tax assets, net of valuation allowance	669	627
Purchased intangible assets	(347)	(415)
Operating lease right-of-use assets	(126)	(140)
Property, plant and equipment	(90)	(75)
Deferred revenue	(3)	(4)
Other	(4)	(5)
Total deferred tax liabilities	(570)	(639)
Net deferred tax assets (liabilities)	$ 99
Net deferred tax assets (liabilities)		$ (12)

Revenues (Narrative) (Details) - USD ($)	12 Months Ended
Revenues (Narrative) (Details) - USD ($)	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue	$ 15,400,000,000
Revenue recognized under ASC 842	99,000,000	$ 109,000,000	$ 120,000,000
Contract liability revenue recognized	232,000,000	270,000,000
Capitalized contract cost, impairment loss	$ 0	$ 0	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-30
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue (as percent)	62.00%
Remaining performance obligations, which are expected to be recognized as revenue, period (in months)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-04
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue (as percent)	79.00%
Remaining performance obligations, which are expected to be recognized as revenue, period (in months)	24 months

Fair Value Measurements

12 Months Ended

Dec. 29, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11—Fair Value Measurements

Financial instruments measured on a recurring basis at fair value consisted of the following:


	December 29, 2023				December 30, 2022
	Carrying value		Fair value		Carrying value		Fair value
	(in millions)
Financial assets:
Derivatives	$	11	$	11	$	20	$	20

As of December 29, 2023, and December 30, 2022, our derivatives primarily consisted of the cash flow interest rate swaps on $500 million and $1.0 billion, respectively, of the variable rate senior unsecured term loan (see "Note 12—Derivative Instruments"). The fair value of the cash flow interest rate swaps is determined based on observed values for underlying interest rates on the one-month SOFR rate as of December 29, 2023 and the LIBOR yield curve as of December 30, 2022 (Level 2 inputs).

Financial instruments measured on a recurring basis at fair value also include our defined benefit plan assets (Level 2 inputs). See "Note 19—Retirement Plans" for further details on these investments.

The carrying amounts of our financial instruments, other than derivatives, which include cash equivalents, accounts receivable, accounts payable and accrued expenses, are reasonable estimates of their related fair values. The carrying value of our notes receivable of $12 million as of both December 29, 2023, and December 30, 2022, approximates fair value as the stated interest rates within the agreements are consistent with the current market rates used in notes with similar terms in the market (Level 2 inputs).

As of December 29, 2023, and December 30, 2022, the fair value of debt was $4.6 billion for both periods, and the carrying amount was $4.7 billion and $4.9 billion, respectively (see "Note 13—Debt"). The fair value of debt is determined based on current interest rates available for debt with terms and maturities similar to our existing debt arrangements (Level 2 inputs).

In fiscal 2023, we recorded impairment charges of SES' goodwill (see "Note 8—Goodwill and Intangible Assets"). The fair values of the assets and liabilities of the SES reporting unit were determined using a blended approach, including discounted cash flow models and market earnings multiples. The market approach estimates fair value based on profitability and valuation metrics for peer companies and applies a multiple to the reporting unit's operating performance. The income approach estimates fair value by discounting the reporting unit's estimated future cash flows using a weighted-average cost of capital reflecting current market conditions as well as the risk profile of the reporting unit. Future cash flows are based on estimates of economic and market assumptions made using the best judgment of management, including growth rates in revenue and margins, and future changes in tax rates and cash expenditures. Other significant assumptions and estimates include estimates of future capital expenditures, terminal value growth rates, and changes in future working capital requirements. The fair value of the SES reporting unit was determined using Level 3 inputs.

On October 30, 2022, non-financial instruments measured at fair value on a non-recurring basis were recorded in connection with the acquisition of Cobham Special Mission. The fair values of the assets acquired and liabilities assumed were determined using Level 3 inputs. See "Note 5—Acquisitions and Divestitures" for further details on this acquisition. As of December 29, 2023, and December 30, 2022, we did not have any assets or liabilities measured at fair value on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies (Depreciation using Estimated Useful Lives) (Details)	Dec. 29, 2023
Computers and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	2 years
Computers and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	15 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	40 years
Vehicles and transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Vehicles and transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	15 years
Office furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	6 years
Office furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	9 years

Receivables (Tables)

12 Months Ended

Dec. 29, 2023

Receivables [Abstract]

Schedule of Components of Receivables

The components of receivables, net consisted of the following:


	December 29, 2023		December 30, 2022
	(in millions)
Billed and billable receivables	$	1,416	$	1,368
Unbilled receivables	1,041		1,010
Allowance for credit losses	(28)		(28)
	$	2,429	$	2,350

Acquisitions and Divestitures (Intangible Assets Acquired) (Details) - USD ($) $ in Millions			12 Months Ended
	May 07, 2021	Jan. 14, 2021	Dec. 29, 2023
Cobham Aviation Services
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted average amortization period (in years)			11 years
Finite-lived intangible assets			$ 24
Cobham Aviation Services \| Programs
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted average amortization period (in years)			11 years
Finite-lived intangible assets			$ 19
Cobham Aviation Services \| Technology
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted average amortization period (in years)			10 years
Finite-lived intangible assets			$ 5
Gibbs And Cox \| Programs
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	12 years
Finite-lived intangible assets	$ 89
1901 Group
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted average amortization period (in years)		8 years
Finite-lived intangible assets		$ 86
1901 Group \| Programs
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted average amortization period (in years)		10 years
Finite-lived intangible assets		$ 37
1901 Group \| Technology
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted average amortization period (in years)		8 years
Finite-lived intangible assets		$ 43
1901 Group \| Backlog
Acquired Indefinite-lived Intangible Assets [Line Items]
Weighted average amortization period (in years)		1 year
Finite-lived intangible assets		$ 6

Inventory (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 190	$ 180
Work-in-process	48	34
Finished goods	72	73
Inventory, net	$ 310	$ 287

Revenues (Tables)

12 Months Ended

Dec. 29, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

Disaggregated revenues by customer-type were as follows:


	Year Ended December 29, 2023
	Defense Solutions		Civil		Health		Total
	(in millions)
DoD and U.S. Intelligence Community	$	6,480	$	97	$	1,000	$	7,577
Other U.S. government agencies(1)	1,009		2,773		1,952		5,734
Commercial and non-U.S. customers	1,239		701		88		2,028
Total	$	8,728	$	3,571	$	3,040	$	15,339


	Year Ended December 30, 2022
	Defense Solutions		Civil		Health		Total
	(in millions)
DoD and U.S. Intelligence Community	$	6,027	$	84	$	999	$	7,110
Other U.S. government agencies(1)	1,004		2,660		1,576		5,240
Commercial and non-U.S. customers	1,211		618		108		1,937
Total	$	8,242	$	3,362	$	2,683	$	14,287


	Year Ended December 31, 2021
	Defense Solutions		Civil		Health		Total
	(in millions)
DoD and U.S. Intelligence Community	$	5,939	$	54	$	756	$	6,749
Other U.S. government agencies(1)	964		2,447		1,681		5,092
Commercial and non-U.S. customers	1,126		543		107		1,776
Total	$	8,029	$	3,044	$	2,544	$	13,617

(1) Includes federal government agencies other than the DoD and U.S. Intelligence Community, as well as state and local government agencies.

Disaggregated revenues by contract-type were as follows:


	Year Ended December 29, 2023
	Defense Solutions		Civil		Health		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	4,793	$	1,900	$	648	$	7,341
Firm-fixed-price	2,855		1,105		2,004		5,964
Time-and-materials and fixed-price-level-of-effort	1,080		566		388		2,034
Total	$	8,728	$	3,571	$	3,040	$	15,339


	Year Ended December 30, 2022
	Defense Solutions		Civil		Health		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	4,620	$	1,781	$	712	$	7,113
Firm-fixed-price	2,642		1,077		1,683		5,402
Time-and-materials and fixed-price-level-of-effort	980		504		288		1,772
Total	$	8,242	$	3,362	$	2,683	$	14,287


	Year Ended December 31, 2021
	Defense Solutions		Civil		Health		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	4,792	$	1,576	$	508	$	6,876
Firm-fixed-price	2,290		1,020		1,661		4,971
Time-and-materials and fixed-price-level-of-effort	947		448		375		1,770
Total	$	8,029	$	3,044	$	2,544	$	13,617

Disaggregated revenues by geographic location were as follows:


	Year Ended December 29, 2023
	Defense Solutions		Civil		Health		Total
	(in millions)
United States	$	7,594	$	3,381	$	3,040	$	14,015
International	1,134		190		—		1,324
Total	$	8,728	$	3,571	$	3,040	$	15,339


	Year Ended December 30, 2022
	Defense Solutions		Civil		Health		Total
	(in millions)
United States	$	7,212	$	3,203	$	2,683	$	13,098
International	1,030		159		—		1,189
Total	$	8,242	$	3,362	$	2,683	$	14,287


	Year Ended December 31, 2021
	Defense Solutions		Civil		Health		Total
	(in millions)
United States	$	7,045	$	2,880	$	2,544	$	12,469
International	984		164		—		1,148
Total	$	8,029	$	3,044	$	2,544	$	13,617

Schedule of Components of Contract Assets and Contract Liabilities

The components of contract assets and contract liabilities consisted of the following:


	Balance sheet line item	December 29, 2023		December 30, 2022
		(in millions)
Contract assets - current:
Unbilled receivables	Receivables, net	$	1,041	$	1,010

Contract liabilities - current:
Deferred revenue(1)	Accounts payable and accrued liabilities	$	442	$	380

Contract liabilities - non-current:
Deferred revenue(1)	Other long-term liabilities	$	21	$	29

(1) Certain contracts record revenue on a net contract basis, and therefore, the respective deferred revenue balance will not fully convert to revenue.

Stock-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021	Jan. 01, 2021
Shares of stock under stock options
Outstanding, beginning balance (in shares)	1.8	2.1	2.2
Options granted (in shares)	0.3	0.3	0.3
Options forfeited or expired (in shares)	0.0	0.0	0.0
Options exercised (in shares)	(0.2)	(0.6)	(0.4)
Outstanding, ending balance (in shares)	1.9	1.8	2.1	2.2
Exercisable at year end (in shares)	1.1
Vested and expected to vest in the future as of year end (in shares)	1.8
Weighted average exercise price
Outstanding, beginning balance (in usd per share)	$ 81.45	$ 65.18	$ 56.01
Options granted (in usd per share)	92.71	105.01	90.25
Options forfeited or expired (in usd per share)	95.05	92.10	85.42
Options exercised (in usd per share)	53.78	39.26	38.79
Outstanding, ending balance (in usd per share)	86.22	$ 81.45	$ 65.18	$ 56.01
Exercisable at year end (in usd per share)	78.73
Vested and expected to vest in the future as of year end (in usd per share)	$ 86.14
Weighted average remaining contractual term
Outstanding, beginning balance (in years)	3 years 8 months 12 days	3 years 10 months 24 days	3 years 6 months	3 years 6 months
Exercisable at year end (in years)	2 years 7 months 6 days
Vested and expected to vest in the future as of year end (in years)	3 years 8 months 12 days
Aggregate intrinsic value
Outstanding, beginning balance	$ 42	$ 54	$ 108
Options exercised	9	41	27
Outstanding, ending balance	41	$ 42	$ 54	$ 108
Exercisable at year end	32
Vested and expected to vest in the future as of year end	$ 41

Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 2,004	$ 2,034
Accumulated amortization	(1,341)	(1,178)
Net carrying value	663	856
Indefinite-lived intangible assets	4	96
Total intangible assets, Gross carrying value	2,008	2,130
Total intangible assets, Net carrying value	667	952
In-process research and development ("IPR&D")
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	0	92
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	4	4
Programs
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	1,689	1,721
Accumulated amortization	(1,175)	(1,016)
Net carrying value	514	705
Software and technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	263	225
Accumulated amortization	(144)	(136)
Net carrying value	119	89
Intangible assets reclassified	59
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	52	87
Accumulated amortization	(22)	(25)
Net carrying value	30	62
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	0	1
Accumulated amortization	0	(1)
Net carrying value	$ 0	$ 0

Leases (Narrative) (Details) $ in Millions	12 Months Ended
Leases (Narrative) (Details) $ in Millions	Dec. 30, 2022 USD ($) aircraft	Dec. 29, 2023 USD ($)	Mar. 31, 2023 USD ($)
Operating Leased Assets [Line Items]
Finance leases, property, ROU assets	$ 43	$ 89
Lease payment receivables	$ 103	100
Lease commitments not yet commenced		$ 195
Minimum
Operating Leased Assets [Line Items]
Lease terms (in years)		12 years
Maximum
Operating Leased Assets [Line Items]
Lease terms (in years)		16 years
Aircraft
Operating Leased Assets [Line Items]
Number of aircraft leased \| aircraft	2
Finance leases, property, ROU assets			$ 64
Facility rationalization effort
Operating Leased Assets [Line Items]
Impairment charge	$ 37

Business Segments (Segment Reporting Information by Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 15,438	$ 14,396	$ 13,737
Operating income (loss)	621	1,088	1,152
Amortization of intangible assets	202	230	228
Defense Solutions
Segment Reporting Information [Line Items]
Revenues	8,732	8,244	8,032
Amortization of intangible assets	117	130	121
Civil
Segment Reporting Information [Line Items]
Revenues	3,664	3,464	3,157
Amortization of intangible assets	62	70	73
Health
Segment Reporting Information [Line Items]
Revenues	3,042	2,688	2,548
Amortization of intangible assets	23	30	34
Operating Segments \| Defense Solutions
Segment Reporting Information [Line Items]
Operating income (loss)	636	541	569
Operating Segments \| Civil
Segment Reporting Information [Line Items]
Operating income (loss)	(413)	234	248
Operating Segments \| Health
Segment Reporting Information [Line Items]
Operating income (loss)	528	421	442
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	$ (130)	$ (108)	$ (107)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Nature of Operations and Basis of Presentation (Details) employee in Thousands	12 Months Ended
	Dec. 29, 2023 employee segment	Jan. 26, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of employees in global workforce \| employee	47
Number of reportable segments \| segment	3
Mission Support Alliance, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage (as percent)	88.00%
Mission Support Alliance, LLC \| Mission Supporting Alliance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Voting interest (as percent)		41.00%
Hanford Mission Integration Solutions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage (as percent)	53.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
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-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 89: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 90: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 29, 2023
Accounting Policies [Abstract]
Accounting Standards Updates Adopted and Not Yet Updated	Accounting Standards Updates Adopted Accounting Standards Updates ("ASU") 2020-04, ASU 2021-01, and ASU 2022-06 Reference Rate Reform In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, which provides companies with optional expedients and exceptions to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This update provides optional expedients for applying accounting guidance to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of the reference rate reform. The amendments in this update are effective for all entities as of March 2020 and can be adopted using a prospective approach no later than December 31, 2022. In January 2021, the FASB issued ASU 2021-01 which amends the scope of ASU 2020-04. The amendments in this update are elective and provide optional relief for entities with hedge accounting and contract modifications affected by the transition from LIBOR through December 31, 2022. In December 2022, the FASB issued ASU 2022-06 which extend the deadline for application of ASU 2021-01 through December 31, 2024. Under this relief, entities may continue to account for contract modifications as a continuation of the existing contract and the continuation of the hedge accounting arrangement. In the first half of fiscal 2023, we adopted certain practical expedients available under Accounting Standards Codification ("ASC") 848. Our term loans are based on a Secured Overnight Financing Rate (“SOFR”) rate (see "Note 13—Debt"). In fiscal 2023, we modified our interest rate swap agreements to reference SOFR (see "Note 12—Derivative Instruments") in conformity with the relief available under ASC 848. The standard did not have a material impact on our financial position, results of operations or earnings per share. Accounting Standards Updates Issued But Not Yet Adopted ASU 2023-07 Segment Reporting In November 2023, the FASB issued ASU 2023-07, to improve reportable segment disclosure requirements. This update requires companies to disclose significant segment expense categories that are regularly provided to the chief operating decision maker ("CODM") on an interim and annual basis and disclosures about a reportable segment’s profit or loss and assets that are currently required annually on an interim basis. Companies must also disclose how segment measures of profit or loss are used by the CODM. The amendments in this update are effective for public entities as of November 2023 and should be adopted retrospectively for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. We are evaluating the impact of the update and plan to adopt the amendments for annual disclosures in fiscal 2024. ASU 2023-09 Income Taxes In December 2023, the FASB issued ASU 2023-09, to enhance the transparency and usefulness of income tax disclosures. The update requires enhancements to the annual rate reconciliation, including disclosure of specific categories and additional information for reconciling items meeting a quantitative threshold. The update also requires disclosure of income taxes paid disaggregated by federal, state and foreign taxes, and individual jurisdictions meeting a quantitative threshold. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impacts of this update and plan to adopt these amendments using the prospective approach for annual disclosures in fiscal year 2025.
Reporting Periods	Reporting Periods Leidos' fiscal year ends on the Friday nearest the end of December. Fiscal 2023 ended December 29, 2023, fiscal 2022 ended December 30, 2022, and fiscal 2021 ended December 31, 2021. Each fiscal year included 52 weeks.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Management evaluates these estimates and assumptions on an ongoing basis, including those relating to estimated profitability of long-term contracts, indirect billing rates, allowances for doubtful accounts, inventories, right-of-use ("ROU") assets and lease liabilities, fair value and impairment of intangible assets and goodwill, income taxes, pension benefits, stock-based compensation expense and contingencies. These estimates have been prepared by management on the basis of the most current and best available information; however, actual results could differ materially from those estimates.
Operating Cycle	Operating Cycle Our operating cycle for long-term contracts may be greater than one year and is measured by the average time intervening between the inception and the completion of those contracts.
Business Combinations	Business Combinations The accounting for business combinations requires management to make judgments and estimates related to the fair value of assets acquired, including the identification and valuation of intangible assets, as well as liabilities and contingencies assumed. Such judgments and estimates directly impact the amount of goodwill recognized in connection with an acquisition. Estimating the fair value of acquired assets and assumed liabilities, including intangibles, requires judgments about expected future cash flows, weighted-average cost of capital, discount rates and expected long-term growth rates.
Investments	Investments Investments in entities and corporate joint ventures where we have a non-controlling ownership interest but over which we have the ability to exercise significant influence, are accounted for under the equity method of accounting. We recognize our proportionate share of the entities' net income or loss and do not consolidate the entities' assets and liabilities. Equity investments in entities over which we do not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost or cost net of other-than-temporary impairments.
Variable Interest Entities	Variable Interest Entities We occasionally form joint ventures and/or enter into arrangements with special purpose limited liability companies for the purpose of bidding and executing on specific projects. We analyze each such arrangement to determine whether it represents a VIE. If the arrangement is determined to be a VIE, we assess whether we are the primary beneficiary of the VIE and are consequently required to consolidate the VIE.
Divestitures	Divestitures From time-to-time, we may dispose (or management may commit to plans to dispose) of strategic or non-strategic components of the business. Divestitures representing a strategic shift that has (or will have) a major effect in operations and financial results are classified as discontinued operations, whereas non-strategic divestitures remain in continuing operations.
Restructuring Expenses	Restructuring Expenses Restructuring expenses are incurred in connection with programs aimed at reducing our costs. Restructuring costs may include employee severance benefits, costs to terminate contracts and other permanent exit costs to consolidate or close facilities directly related to the restructuring program. One-time involuntary termination benefits with a required service period of less than 60 days are recognized when the benefits have been communicated to employees and one-time termination benefits with a required service period in excess of 60 days are recognized over the requisite period. Ongoing termination benefit arrangements are recognized at estimated fair value when it is probable that they will be incurred and are reasonably estimable. Costs associated with exit or disposal activities, including the related one-time and ongoing involuntary termination benefits, are included as "Acquisition, integration and restructuring costs" on the consolidated statements of operations.
Revenue Recognition	Revenue Recognition Our revenues from contracts with customers are from offerings including digital modernization, cyber operations, mission software systems, integrated systems and mission operations, primarily with the U.S. government and its agencies. We also serve various state and local governments, foreign governments and commercial customers. We perform under various types of contracts, which include firm-fixed-price ("FFP"), time-and-materials ("T&M"), fixed-price-level-of-effort ("FP-LOE"), cost-plus-fixed-fee ("CPFF"), cost-plus-award-fee, cost-plus-incentive-fee and fixed-price-incentive-fee ("FP-IF") contracts. To determine the proper revenue recognition, we first evaluate whether we have a duly approved and enforceable contract with a customer, in which the rights of the parties and payment terms are identified, and collectability is probable. We also evaluate whether two or more contracts should be combined and accounted for as a single contract, including the task orders issued under an indefinite delivery/indefinite quantity ("IDIQ") award. In addition, we assess contract modifications to determine whether changes to existing contracts should be accounted for as part of the original performance obligation or as a separate performance obligation. Contract modifications generally relate to changes in contract specifications and requirements and do not add distinct services, and therefore are accounted for as part of the original performance obligation. If contract modifications add distinct goods or services and increase the contract value by an amount that reflects the standalone selling price, those modifications are accounted for as separate contracts. Most of our contracts contain multiple promises including the design and build of software-based systems, integration of hardware and software solutions, running and maintaining of IT infrastructure and procurement services. In all cases, we assess if the multiple promises should be accounted for as separate performance obligations or combined into a single performance obligation. We generally separate multiple promises in a contract as separate performance obligations if those promises are distinct, both individually and in the context of the contract. If multiple promises in a contract are highly interrelated or require significant integration or customization within a group, they are combined and accounted for as a single performance obligation. Our contracts with the U.S. government often contain options to renew existing contracts for an additional period of time (generally a year at a time) under the same terms and conditions as the original contract, and generally do not provide the customer any material rights under the contract. We account for renewal options as separate performance obligations when they include distinct goods or services at standalone selling prices. Certain cost-plus and fixed-price contracts contain award fees, incentive fees or other provisions that may either increase or decrease the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We estimate variable consideration at the most probable amount that we expect to be entitled to, based on the assessment of the contractual variable fee criteria, complexity of work and related risks, extent of customer discretion, amount of variable consideration received historically and the potential of significant reversal of revenue. Contracts with the U.S. government are subject to the Federal Acquisition Regulation ("FAR") and priced on estimated or actual costs of providing the goods or services. The FAR provides guidance on types of costs that are allowable in establishing prices for goods and services provided to the U.S. government and its agencies. Each contract is competitively priced and bid separately. Pricing for non-U.S. government agencies and commercial customers is based on specific negotiations with each customer. We allocate the transaction price of a contract to its performance obligations based on their respective standalone selling prices. The performance obligation's standalone selling price is generally based on an expected cost-plus margin approach. For certain product sales, prices from other standalone sales are used. Substantially all of our contracts do not contain a significant financing component, which would require an adjustment to the transaction price of the contract. Any taxes collected or imposed when determining the transaction price are excluded. We recognize revenue on our service-based contracts primarily over time as there is continuous transfer of control to the customer over the duration of the performance period as the work is performed. For U.S. government contracts, continuous transfer of control to the customer is evidenced by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay for costs incurred plus a reasonable profit and take control of any work-in-process. Similarly, for non-U.S. government contracts, the customer typically controls the work-in-process as evidenced by rights to payment for work performed to date plus a reasonable profit to deliver products or services for which we do not have an alternate use. Anticipated losses on service-based revenue contracts are recognized when incurred over the contract term while the full amount of anticipated losses on other contracts are recognized during the period in which the losses are determined. In certain product sales, where the products have an alternate use, revenue is recognized at a point in time when the customer takes control of the asset usually denoted by possession, transfer of legal title and acceptance by the customer. On performance obligations that require system integration and capability development efforts or contain variable consideration, revenue is recognized over time generally using a method that measures the extent of progress towards completion of a performance obligation, principally using a cost-input method (referred to as the cost-to-cost method). Under the cost-to-cost method, revenue is recognized based on the proportion of total costs incurred to estimated total costs-at-completion ("EAC"). A performance obligation's EAC includes all direct costs such as materials, labor, subcontract costs, overhead and a ratable portion of general and administrative costs. In addition, an EAC of a performance obligation includes future losses estimated to be incurred on onerous contracts, as and when known. On certain other performance obligations, principally associated with T&M, FP-LOE and CPFF contracts, revenue is generally recognized using the right-to-invoice practical expedient as we are contractually able to invoice the customer based on the control transferred to the customer. Additionally, on maintenance (generally FFP) performance obligations, revenue is recognized over time using a straight-line method as the control of the services is provided to the customer evenly over the period of performance. For certain performance obligations where we are not primarily responsible for fulfilling the promise to provide the goods or service to the customer, do not have inventory risk and do not have discretion in establishing the price for the goods or service, we recognize revenue on a net basis. Contract Costs Contract costs generally include direct costs such as labor, materials, subcontract costs and indirect costs identifiable with or allocable to a specific contract. Costs are expensed as incurred unless they qualify for deferral and capitalization. Contract costs incurred for U.S. government contracts, including indirect costs, are subject to audit and adjustment by the Defense Contract Audit Agency ("DCAA") (see "Note 21—Commitments and Contingencies"). Pre-contract Costs Certain eligible costs incurred prior to the start of a project are deferred as assets when we are required to incur costs prior to contract execution in order to be able to perform on the contract and it is probable that we will recover the costs when the contract is issued. Pre-contract costs are amortized over the requisite service period for which the cost relates. Transition Costs Under certain service contracts, costs are incurred at the beginning of the contract to transition services, employees, and equipment to or from the customer or from a prior contractor. These costs are generally capitalized as deferred assets and amortized on a straight-line basis over the anticipated term of the contract or a specified period of performance, including unexercised option periods that are reasonably certain of being exercised. Project Assets Purchases of assets used to fulfill a specific contract with a customer that do not constitute other specific asset classes are capitalized as project assets when the costs are generally expected to be recovered, we maintain ownership of the asset and the benefit is received over a period of time. Project assets include prepaid services and maintenance agreements, certain material purchases and other costs incurred on contracts. Project assets are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the expected contract period of performance.
Changes in Estimates on Contracts	Changes in Estimates on Contracts Changes in estimates related to contracts accounted for using the cost-to-cost method of accounting are recognized in the period in which such changes are made for the inception-to-date effect of the changes, with the exception of contracts acquired through a business combination, where the adjustment is made for the period commencing from the date of acquisition. The impact on diluted earnings per share ("EPS") attributable to Leidos common stockholders is calculated using our statutory tax rate. The changes primarily relate to revisions of variable consideration, including award and incentive fees, and revisions to estimates at completion resulting from changes in contract scope, mitigation of contract risks or due to true-ups of contract estimates at the end of contract performance.
Selling, General and Administrative Expenses	Selling, General and Administrative Expenses We classify indirect costs incurred within or allocated to our U.S. government customers as overhead (included in "Cost of revenues") or general and administrative expenses in the same manner as such costs are defined in our disclosure statements under U.S. government Cost Accounting Standards. Selling, general and administrative expenses include general and administrative, bid and proposal, company-funded research and development expenses, and legal fees and settlements. We conduct research and development activities under customer-funded contracts and with company-funded research and development funds.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method in accordance with the accounting standard for income taxes. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. Under this method, changes in tax rates and laws are recognized in income in the period such changes are enacted. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations. If we were to determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount or would no longer be able to realize our deferred income tax assets in the future as currently recorded, we would make an adjustment to the valuation allowance which would decrease or increase the provision for income taxes. The provision for federal, state, foreign and local income taxes is calculated on income before income taxes based on current tax law and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provision differs from the amounts currently payable because certain items of income and expense are recognized in different reporting periods for financial reporting purposes than for income tax purposes. We record liabilities for uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. We recognize interest and penalties related to uncertain tax positions in our income tax expense.
Cash and Cash Equivalents	Cash and Cash Equivalents Our cash equivalents are primarily comprised of investments in several large institutional money market accounts, with original maturity of three months or less. Outstanding payments are included within "Cash and cash equivalents" and "Accounts payable and accrued liabilities" correspondingly on the consolidated balance sheets.
Restricted Cash	Restricted Cash We have restricted cash balances, primarily representing advances from customers that are restricted as to use for certain expenditures related to that customer's contract. Restricted cash balances are included within "Other current assets" on the consolidated balance sheets.
Receivables	Receivables Receivables include amounts billed and currently due from customers, amounts billable where the right to consideration is unconditional and amounts unbilled. Billable and unbilled amounts are recognized at estimated realizable value and consist of costs and fees, most of which are expected to be billed and collected generally within one year. Unbilled amounts also include rate variances that are billable upon negotiation of final indirect rates with the Defense Contract Management Agency. Cost-reimbursable and T&M contracts are generally billed as costs are incurred. FFP contracts are billed either based on milestones, which are the achievement of specific events as defined in the contract, or based on progress payments, which are interim payments up to a designated amount of costs incurred as work progresses. On certain contracts, the customer withholds a certain percentage of the contract price (retainage). These withheld amounts are included within unbilled receivables and are billed upon contract completion or the occurrence of a specified event, typically after negotiation of final indirect rates with the U.S. government. Based on our historical experience, the write-offs of retention balances have not been significant. When events or conditions indicate that amounts outstanding from customers may become uncollectible, an allowance is estimated and recorded. This estimate is based on the age of outstanding receivables or specific identification of balances at risk of becoming uncollectible. Amounts billed and collected on contracts but not yet recorded as revenue because we have not performed our obligation under the arrangement with a customer are deferred and included within "Accounts payable and accrued liabilities" or "Other long-term liabilities" on the consolidated balance sheets.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk primarily consist of accounts receivable and derivatives. Since our receivables are primarily with the U.S. government, we do not have exposure to material credit risk. We manage our credit risk related to derivatives through the use of multiple counterparties with high credit standards.
Inventories	Inventories Inventories are valued at the lower of cost or estimated net realizable value. Generally, raw material inventory is valued using the moving average cost method. Work-in-process inventory may include material costs, labor and allocable overhead costs. The majority of finished goods inventory consists of technology and security products, inspection systems, baggage scanning equipment and small glide munitions. Inventory is evaluated against historical or planned usage to determine appropriate provisions for obsolete inventory.
Goodwill	Goodwill Goodwill represents the excess of the fair value of consideration transferred, plus the fair value of any non-controlling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized, but is tested for impairment at the reporting unit level on an annual basis and more frequently if events or circumstances indicate that the carrying value of the reporting unit may not be recoverable. Our policy is to perform our annual goodwill impairment evaluation as of the first day of the fourth quarter of our fiscal year. During both fiscal 2023 and 2022, we had seven reporting units for the purpose of testing goodwill for impairment. Goodwill is evaluated for impairment either under a qualitative assessment option or a quantitative approach, which depends on the facts and circumstances of a reporting unit, consideration of the excess of a reporting unit's fair value over its carrying amount in previous assessments and changes in business environment. When performing a qualitative assessment, we consider factors including, but not limited to, current macroeconomic conditions, industry and market conditions, cost factors, financial performance and other relevant events to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If we determine that it is more likely than not that a reporting unit's fair value is less than its carrying value, a quantitative goodwill impairment test is performed. When performing a quantitative goodwill impairment test, the reporting unit carrying value is compared to its fair value. Goodwill is deemed impaired if, and the impairment loss is recognized for the amount by which, the reporting unit carrying value exceeds its fair value. We estimate the fair value of each reporting unit using Level 3 inputs when a quantitative analysis is performed. These analyses rely on significant judgments and assumptions about expected future cash flows, weighted-average cost of capital, discount rates, expected long-term growth rates, operating margins and on the selection of guideline public companies.
Intangible Assets	Intangible Assets Acquired intangible assets with finite lives and internally developed software are amortized using the method that best reflects how their economic benefits are utilized or, if a pattern of economic benefits cannot be reliably determined, on a straight-line basis over their estimated useful lives. Program intangible assets are amortized over their respective estimated useful lives in proportion to the pattern of economic benefit based on expected future discounted cash flows. Backlog and trade name intangible assets are amortized on a straight-line basis over their estimated useful lives. Customer relationships and software and technology intangible assets are amortized either on a straight-line basis over their estimated useful lives or over their respective estimated useful lives in proportion to the pattern of economic benefit based on expected future discounted cash flows, as deemed appropriate. Intangible assets with finite lives are assessed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Intangible assets with indefinite lives are not amortized but are assessed for impairment at the beginning of the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
Property, Plant and Equipment	Property, Plant and Equipment Purchases of property, plant and equipment, including purchases of software and software licenses, as well as costs associated with major renewals and improvements are capitalized. Maintenance, repairs and minor renewals and improvements are expensed as incurred. Construction-in-progress ("CIP") is used to accumulate all costs for projects that are not yet complete. CIP balances are transferred to the appropriate asset account when the asset is capitalized and ready for its intended use. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization is removed from the accounts and any resulting gain or loss is recognized.We evaluate our long-lived assets for potential impairment whenever there is evidence that events or changes in circumstances indicate that the carrying value may not be recoverable and the carrying value of the asset exceeds its estimated fair value.
Leases, Lessee	Lessee We have facilities and equipment lease arrangements. An arrangement is determined to be a lease at inception if it conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use ("ROU") assets represent the right to use an underlying asset over the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recorded on the consolidated balance sheet at lease commencement date based on the present value of the future minimum lease payments over the lease term. We generally do not know the discount rate implicit in our leases; therefore, the discount rate used is our incremental borrowing rate which is determined based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. A ROU asset is initially measured by the present value of the remaining lease payments, plus initial direct costs and prepaid lease payments, less any lease incentives received before commencement. The remaining lease cost is allocated over the remaining lease term on a straight-line basis unless another systematic or rational basis is more representative of the pattern in which the underlying asset is expected to be used. Certain facility leases contain options to renew or extend the terms of the lease which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that we will exercise the option. Leases may also include variable lease payments such as an escalation clause based on consumer price index rates, maintenance costs and utilities. Variable lease payments that depend on an index or a rate are included in the determination of ROU assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease payments that do not depend on an index or rate are recorded as lease expense in the period incurred. At December 29, 2023, certain of the Company's equipment leases include residual value guarantees. We use the practical expedient to not separate non-lease components from lease components and instead account for both components as a single lease. The practical expedient is applied to all material classes of leased assets except for aircraft, for which we account for the lease component and non-lease component separately. The related lease payments on short-term facility and equipment leases are recognized as expense on a straight-line basis over the lease term. ROU assets are evaluated for impairment in a manner consistent with the treatment of other long-lived assets. ROU assets are assessed for potential impairment whenever there is evidence that events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and the carrying amount of the asset exceeds its estimated fair value. This includes an establishment of a plan of abandonment, which occurs when we have committed to a plan to abandon the lease before the end of its previously estimated useful life and there is no expectation that we will re-enter or re-purpose the space.
Leases, Lessor	Lessor We are a lessor on certain equipment sales-type and operating lease arrangements with our customers. To be considered lease revenue, the contract must contain a specified asset, we must not have a substantive substitution right, the customer must have the right to direct the use of the specified asset during the period of use and the customer must have the right to obtain substantially all of the economic benefit of the specified asset. Certain arrangements may contain variable payments that depend on an index or rate and are measured using the index or rate on the commencement date. Variable payments that are not included in the net investments are recorded as revenue as incurred. Arrangements may also contain options to renew or extend the performance period. Option periods are included in the lease term if we determine that it is reasonably certain the customer will exercise an option. We have arrangements that contain both lease and non-lease components. We account for them as one unit of account if the timing and pattern of transfer is identical for both the lease and the non-lease components and the lease component would be classified as an operating lease if accounted for separately. If both criteria are met and the predominant component is a lease, then the entire arrangement will be accounted for in accordance with ASC 842. If we account for an arrangement both as a lease and non-lease component, then the allocation of consideration for each component will be based on the relative standalone sales price.
Fair Value Measurements	Fair Value Measurements The accounting standard for fair value measurements establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets for identical assets or liabilities that are observable either directly or indirectly or quoted prices that are not active (Level 2); and unobservable inputs in which there is little or no market data (e.g., discounted cash flow and other similar pricing models), which requires us to develop our own assumptions about the assumptions that market participants would use in pricing the asset or liability (Level 3). The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The accounting guidance provides for the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at inception of the contract and record any subsequent changes in fair value in earnings. We have not made fair value option elections on any of our financial assets and liabilities. The fair value of financial instruments is determined based on quoted market prices, if available, or management's best estimate (see "Financial Instruments" below). Management evaluates its investments for impairment at each balance sheet date. When testing long-term investments for recovery of carrying value, the fair value of long-term investments is determined using various valuation techniques and factors, such as market prices of comparable companies (Level 2 input) and discounted cash flow models (Level 3 input). If management determines that an other-than-temporary decline in the fair value of an investment has occurred, an impairment loss is recognized to reduce the investment to its estimated fair value. Our non-financial instruments measured at fair value on a non-recurring basis include goodwill, indefinite-lived intangible assets and long-lived tangible assets. The valuation methods used to determine fair value require a significant degree of management judgment to determine the key assumptions. As such, we generally classify non-financial instruments as either Level 2 or Level 3 fair value measurements.
Financial Instruments	Financial Instruments We are exposed to certain market risks which are inherent in certain transactions entered into during the normal course of business. These transactions include sales or purchase contracts denominated in foreign currencies and exposure to changing interest rates. We manage our risk to changes in interest rates and foreign currency exchange rates through the use of derivative instruments. For variable rate borrowings, we use fixed interest rate swaps, effectively converting a portion of the variable interest rate payments to fixed interest rate payments. These swaps are designated as cash flow hedges. The fair value of these interest rate swaps is determined based on observed values for the underlying interest rates (Level 2). We enter into foreign currency forward contracts in order to mitigate fluctuations in our earnings and cash flows due to changes in foreign currency exchange rates. The foreign currency forward contracts are not designated as hedges and hedge accounting does not apply. We do not hold derivative instruments for trading or speculative purposes. Our defined benefit plan assets consist of investments in pooled funds that contain investments with values based on quoted market prices, but for which the pools are not valued on a daily quoted market basis (Level 2).
Stock-Based Compensation	Stock-Based Compensation We account for stock-based compensation at the grant date based on the fair value of the award and recognize expense over the requisite service period, which is generally the vesting period, net of an estimated forfeiture rate. The fair value of restricted stock awards and performance-based stock awards is based on the closing price of Leidos common stock on the last business day prior to the grant date. The fair value of performance-based stock awards with market conditions is based on using a Monte Carlo simulation. The fair value of stock option awards granted is based on using the Black-Scholes-Merton option pricing model. The estimation of stock option fair value requires management to make estimates and judgments about, among other things, employee exercise behavior, forfeiture rates and the expected volatility of Leidos common stock over the expected option term. These judgments directly affect the amount of compensation expense that will ultimately be recognized.
Foreign Currency	Foreign Currency The financial statements of consolidated international subsidiaries, for which the functional currency is not the U.S. dollar, are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate over the reporting period for revenues, expenses, gains and losses. Translation adjustments are recorded as accumulated other comprehensive loss in stockholders' equity. Gains and losses due to movements in foreign currency exchange rates are recognized as "Other expense, net" on the consolidated statements of operations.

Debt (Tables)

12 Months Ended

Dec. 29, 2023

Debt Disclosure [Abstract]

Schedule of Company's Debt

Debt consisted of the following:


	Stated interest rate		Effective interest rate		December 29, 2023		December 30, 2022
					(in millions)
Short-term debt and current portion of long-term debt:
Senior unsecured term loans:
$380 million term loan, due May 2023	6.08	%	6.17	%	$	—	$	320
Current portion of long-term debt					18		672
Total short-term debt and current portion of long-term debt					$	18	$	992

Long-term debt:
Senior unsecured term loans:
$1,925 million term loan, due January 2025	5.77	%	6.09	%	$	—	$	1,211
$1,000 million term loan, due March 2028	6.71	%	6.89	%	1,000		—
Senior unsecured notes:
$500 million notes, due May 2023	2.95	%	3.17	%	—		500
$500 million notes, due May 2025	3.63	%	3.76	%	500		500
$750 million notes, due May 2030	4.38	%	4.50	%	750		750
$750 million notes, due March 2033	5.75	%	5.81	%	750		—
$1,000 million notes, due February 2031	2.30	%	2.38	%	1,000		1,000
$250 million notes, due July 2032	7.13	%	7.43	%	250		250
$300 million notes, due July 2033	5.50	%	5.88	%	161		161
$300 million notes, due December 2040	5.95	%	6.03	%	218		218
Finance leases due on various dates through fiscal 2032	Various		1.84%-6.31%		91		44
Less: unamortized debt discounts and deferred debt issuance costs					(38)		(34)
Total long-term debt					4,682		4,600
Less: current portion					(18)		(672)
Total long-term debt, net of current portion					$	4,664	$	3,928

Schedule of Future Minimum Payments of Debt

Future minimum payments of debt are as follows:


Fiscal Year Ending
	(in millions)
2024	$	18
2025	619
2026	120
2027	114
2028	705
2029 and thereafter	3,144
Total principal payments	4,720
Less: unamortized debt discount and issuance costs	(38)
Total short-term and long-term debt	$	4,682

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details