0001336920-24-000049 | 10-Q | XBRL Viewer

Debt (Tables)

6 Months Ended

Jun. 28, 2024

Our debt consisted of the following:


	Stated interest rate	Effective interest rate	June 28, 2024		December 29, 2023
			(in millions)
Senior unsecured term loan:
$1,000 million term loan, due March 2028	6.68%	6.86%	$	1,000	$	1,000
Senior unsecured notes:
$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		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%	82		91
Less: unamortized debt discounts and deferred debt issuance costs			(35)		(38)
Total long-term debt			4,676		4,682
Less current portion			(567)		(18)
Total long-term debt, net of current portion			$	4,109	$	4,664

- 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

Goodwill and Intangible Assets

6 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 3–Goodwill and Intangible Assets

Goodwill

During the quarter ended March 29, 2024, the Company completed a business realignment, which resulted in identification of new reportable segments. The Company commenced operating and reporting under the new organizational structure effective the first day of fiscal 2024 (see "Note 10–Business Segments).

Goodwill was allocated to the new reportable segments based on a relative fair value approach.

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


	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Goodwill at December 30, 2022	$	2,755	$	1,366	$	1,389	$	1,186	$	6,696
Goodwill Impairment	—		—		(596)		—		(596)
Acquisitions of a business(1)	—		—		(4)		—		(4)
Foreign currency translation adjustments	3		—		11		2		16
Goodwill at December 29, 2023(2)	$	2,758	$	1,366	$	800	$	1,188	$	6,112
Foreign currency translation adjustments	—		—		(10)		—		(10)
Goodwill at June 28, 2024(2)	$	2,758	$	1,366	$	790	$	1,188	$	6,102

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

(2) Carrying amount includes accumulated impairment loss of $596 million within the Commercial & International segment.

We evaluate qualitative factors that could cause us to believe the estimated fair value of each of our reporting units may be lower than the carrying value and trigger a quantitative assessment, including, but not limited to (i) macroeconomic conditions, (ii) industry and market considerations, (iii) our overall financial performance, including an analysis of our current and projected cash flows, revenues and earnings, (iv) a sustained decrease in share price and (v) other relevant entity-specific events including changes in management, strategy, partners or litigation.

Operations of the Security Enterprise Solutions (“SES”) reporting unit rely heavily on the sales and servicing of security and detection products, which prior to fiscal 2024, have been negatively impacted due to delays in airline travel infrastructure projects as customer budgets recover from the pandemic. During 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. Accordingly, we recognized a non-cash goodwill impairment charge of $596 million at the SES reporting unit during the fiscal year ended December 29, 2023. The impairment was recorded within the Commercial & International reportable segment in the condensed consolidated statements of operations. 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 conjunction with the change in reportable segments in fiscal 2024, the Company evaluated goodwill for impairment both before and after the segment change and determined that goodwill was not impaired.

Intangible Assets

Intangible assets, net consisted of the following:


	June 28, 2024						December 29, 2023
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in millions)
Finite-lived intangible assets:
Programs	$	1,687	$	(1,233)	$	454	$	1,689	$	(1,175)	$	514
Software and technology	262		(155)		107		263		(144)		119
Customer relationships	52		(25)		27		52		(22)		30
Total finite-lived intangible assets	2,001		(1,413)		588		2,004		(1,341)		663
Indefinite-lived intangible assets:
Trade names	4		—		4		4		—		4
Total intangible assets	$	2,005	$	(1,413)	$	592	$	2,008	$	(1,341)	$	667

Amortization expense was $36 million and $73 million for the three and six months ended June 28, 2024, respectively and $51 million and $103 million for the three and six months ended June 30, 2023, respectively.

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. 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.

The estimated annual amortization expense as of June 28, 2024, was as follows:


Fiscal year ending
	(in millions)
2024 (remainder of year)	$	74
2025	120
2026	98
2027	72
2028	62
2029 and thereafter	162
	$	588

Cover - shares	6 Months Ended
Cover - shares	Jun. 28, 2024	Jul. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		134,713,696
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001336920
Current Fiscal Year End Date	--01-03

Fair Value Measurements (Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
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	$ 11
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 11	$ 11

- 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

Goodwill and Intangible Assets (Estimated Annual Amortization Expense) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Estimated Annual Intangible Amortization Expense
2024 (remainder of year)	$ 74
2025	120
2026	98
2027	72
2028	62
2029 and thereafter	162
Finite-lived intangible assets, net carrying value	$ 588	$ 663

Derivative Instruments

6 Months Ended

Jun. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 5–Derivative Instruments

We manage our risk to changes in interest rates through the use of derivative instruments. We do not hold derivative instruments for trading or speculative purposes. 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 the interest rate swaps was as follows:

Asset derivatives

Balance sheet line item

June 28,
2024

December 29,
2023

(in millions)

Cash flow interest rate swaps

Other long-term assets

The cash flows associated with the interest rate swaps are classified as operating activities in the condensed 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. Under the terms of the interest rate swap agreements, we will receive monthly variable interest payments based on the one-month SOFR and will pay interest at a fixed rate.

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 (loss) income 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 (loss) income and earnings for the periods presented was as follows:


	Three Months Ended				Six Months Ended
	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
	(in millions)
Total interest expense, net presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$	51	$	56	$	100	$	110

Amount recognized in other comprehensive income	$	2	$	10	$	7	$	8
Amount reclassified from accumulated other comprehensive loss to interest expense, net	$	(3)	$	(5)	$	(6)	$	(9)

We expect to reclassify net gains of $11 million from accumulated other comprehensive loss into earnings during the next 12 months.

Earnings Per Share

6 Months Ended

Jun. 28, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 8–Earnings Per Share

The following table provides a reconciliation of the weighted average number of shares outstanding used to compute basic and diluted EPS for the periods presented:


	Three Months Ended		Six Months Ended
	June 28, 2024	June 30, 2023	June 28, 2024	June 30, 2023
	(in millions)
Basic weighted average number of shares outstanding	135	137	135	137
Dilutive common share equivalents—stock options and other stock awards	1	1	2	1
Diluted weighted average number of shares outstanding	136	138	137	138

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 not material for both the three and six months ended June 28, 2024, and 2 million for both the three and six months ended June 30, 2023.

During the three and six months ended June 28, 2024, we made open market repurchases of our common stock for an aggregate purchase price of $100 million and $250 million, respectively, and $25 million during the six months ended June 30, 2023. There were no share repurchases for the three months ended June 30, 2023. All shares repurchased were immediately retired.

Revenues

6 Months Ended

Jun. 28, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Note 2–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 indefinite delivery/indefinite quantity ("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 June 28, 2024, we had $13.8 billion of RPO and expect to recognize approximately 63% and 79% over the next 12 months and 24 months, respectively, with the remainder to be recognized thereafter.

Disaggregation of Revenues

We disaggregate revenues by customer-type, contract-type and geographic location for each of our reportable segments.

Disaggregated revenues by customer-type were as follows:


	Three Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
DoD and U.S. Intelligence Community	$	1,247	$	255	$	4	$	441	$	1,947
Other U.S. government agencies(1)	520		986		81		24		1,611
Commercial and non-U.S. customers	28		16		475		30		549
Total	$	1,795	$	1,257	$	560	$	495	$	4,107


	Three Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
DoD and U.S. Intelligence Community	$	1,193	$	268	$	7	$	385	$	1,853
Other U.S. government agencies(1)	555		741		80		30		1,406
Commercial and non-U.S. customers	31		15		457		51		554
Total	$	1,779	$	1,024	$	544	$	466	$	3,813

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


	Six Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
DoD and U.S. Intelligence Community	$	2,468	$	512	$	14	$	866	$	3,860
Other U.S. government agencies(1)	1,045		1,903		154		46		3,148
Commercial and non-U.S. customers	61		32		900		57		1,050
Total	$	3,574	$	2,447	$	1,068	$	969	$	8,058


	Six Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
DoD and U.S. Intelligence Community	$	2,347	$	540	$	15	$	775	$	3,677
Other U.S. government agencies(1)	1,112		1,454		145		60		2,771
Commercial and non-U.S. customers	66		29		873		76		1,044
Total	$	3,525	$	2,023	$	1,033	$	911	$	7,492

(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:


	Three Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	948	$	451	$	90	$	313	$	1,802
Firm-fixed-price	494		749		352		143		1,738
Time-and-materials and fixed-price-level-of-effort	353		57		118		39		567
Total	$	1,795	$	1,257	$	560	$	495	$	4,107


	Three Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	956	$	522	$	82	$	267	$	1,827
Firm-fixed-price	497		454		349		157		1,457
Time-and-materials and fixed-price-level-of-effort	326		48		113		42		529
Total	$	1,779	$	1,024	$	544	$	466	$	3,813


	Six Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	1,894	$	898	$	175	$	614	$	3,581
Firm-fixed-price	986		1,439		671		282		3,378
Time-and-materials and fixed-price-level-of-effort	694		110		222		73		1,099
Total	$	3,574	$	2,447	$	1,068	$	969	$	8,058


	Six Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	1,883	$	1,075	$	174	$	539	$	3,671
Firm-fixed-price	1,004		857		638		291		2,790
Time-and-materials and fixed-price-level-of-effort	638		91		221		81		1,031
Total	$	3,525	$	2,023	$	1,033	$	911	$	7,492

Disaggregated revenues by geographic location were as follows:


	Three Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
United States	$	1,788	$	1,255	$	227	$	479	$	3,749
International	7		2		333		16		358
Total	$	1,795	$	1,257	$	560	$	495	$	4,107


	Three Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
United States	$	1,770	$	1,024	$	217	$	463	$	3,474
International	9		—		327		3		339
Total	$	1,779	$	1,024	$	544	$	466	$	3,813


	Six Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
United States	$	3,558	$	2,444	$	435	$	947	$	7,384
International	16		3		633		22		674
Total	$	3,574	$	2,447	$	1,068	$	969	$	8,058


	Six Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
United States	$	3,505	$	2,022	$	409	$	904	$	6,840
International	20		1		624		7		652
Total	$	3,525	$	2,023	$	1,033	$	911	$	7,492

Revenues by customer-type, contract-type and geographic location exclude lease income of $25 million and $49 million for the three and six months ended June 28, 2024, respectively, and $25 million and $45 million for the three and six months ended June 30, 2023, respectively.

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	June 28, 2024		December 29, 2023
		(in millions)
Contract assets - current:
Unbilled receivables	Receivables, net	$	1,136	$	1,041

Contract liabilities - current:
Deferred revenue(1)	Accounts payable and accrued liabilities	$	296	$	442

Contract liabilities - non-current:
Deferred revenue(1)	Other long-term liabilities	$	16	$	21

(1) Certain contracts record revenue net of cost of revenues, and therefore, the respective deferred revenue balance will not fully convert to revenue.

The increase in unbilled receivables was primarily due to revenue recognized on certain contracts, partially offset by the timing of billings. The decrease in deferred revenue was primarily due to revenue recognized during the period, offset by the timing of advanced payments from customers.

For the three and six months ended June 28, 2024, $54 million and $211 million, respectively, of revenue recognized was included as a contract liability at December 29, 2023. For the three and six months ended June 30, 2023, $32 million and $187 million, respectively, of revenue recognized was included as a contract liability at December 30, 2022.

- 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.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 28, 2024

Accounting Policies [Abstract]

Schedule of Changes in Estimates on Contracts

Changes in estimates on contracts were as follows:


	Three Months Ended				Six Months Ended
	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
	(in millions, except per share data)
Favorable impact	$	42	$	40	$	67	$	62
Unfavorable impact	(54)		(22)		(79)		(38)
Net impact to income before income taxes	$	(12)	$	18	$	(12)	$	24

Impact on diluted EPS attributable to Leidos common stockholders	$	(0.07)	$	0.10	$	(0.06)	$	0.13

Commitments and Contingencies (Narrative) (Details) $ in Millions	Jun. 28, 2024 USD ($)	Aug. 31, 2022 governmentProcurement
Legal Proceedings [Line Items]
Number of government procurements \| governmentProcurement		3
Standby letters of credit
Legal Proceedings [Line Items]
Amount outstanding	$ 65
Performance guarantee
Legal Proceedings [Line Items]
Surety bonds notional amount	$ 104

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Indefinite-lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 36	$ 51	$ 73	$ 103
Security Enterprise Solutions \| Commercial & International
Indefinite-lived Intangible Assets [Line Items]
Non-cash goodwill impairment charges					$ 596

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 324	$ 210	$ 607	$ 374
Foreign currency translation adjustments	8	(3)	(19)	12
Unrecognized (loss) gain on derivative instruments	(1)	4	1	(1)
Pension adjustments	0	0	1	(1)
Total other comprehensive income (loss), net of taxes	7	1	(17)	10
Comprehensive income	331	211	590	384
Less: net income attributable to non-controlling interest	2	3	1	5
Comprehensive income attributable to Leidos common stockholders	$ 329	$ 208	$ 589	$ 379

- Definition

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

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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.

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

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+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guaranteed Obligation, Fiscal Year Maturity

As of June 28, 2024, the future expirations of the outstanding letters of credit and surety bonds were as follows:


Fiscal year ending
	(in millions)
2024 (remainder of year)	$	42
2025	93
2026	2
2027	14
2028	15
2029 and thereafter	3
	$	169

Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying value	$ 2,001	$ 2,004
Finite-lived intangible assets, accumulated amortization	(1,413)	(1,341)
Finite-lived intangible assets, net carrying value	588	663
Total intangible assets, gross carrying value	2,005	2,008
Total intangible assets, net carrying value	592	667
Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	4	4
Programs
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying value	1,687	1,689
Finite-lived intangible assets, accumulated amortization	(1,233)	(1,175)
Finite-lived intangible assets, net carrying value	454	514
Software and technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying value	262	263
Finite-lived intangible assets, accumulated amortization	(155)	(144)
Finite-lived intangible assets, net carrying value	107	119
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying value	52	52
Finite-lived intangible assets, accumulated amortization	(25)	(22)
Finite-lived intangible assets, net carrying value	$ 27	$ 30

Debt (Narrative) (Details)		6 Months Ended	12 Months Ended
Debt (Narrative) (Details)	Mar. 10, 2023 USD ($) extension	Jun. 28, 2024 USD ($)	Dec. 29, 2023 USD ($)	Jun. 30, 2023
Debt Instrument [Line Items]
Commercial paper outstanding		$ 0	$ 0
Commercial Paper
Debt Instrument [Line Items]
Commercial paper		1,000,000,000
Minimum denominations of commercial paper		$ 250,000
Debt instrument term (in days)		397 days
The Credit Agreement
Debt Instrument [Line Items]
Number of additional extensions \| extension	2
Debt instrument, extension term (in years)	1 year
Variable rate (as percent)	1.25%
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
The Credit Agreement \| Minimum
Debt Instrument [Line Items]
Variable rate (as percent)	1.00%
The Credit Agreement \| Maximum
Debt Instrument [Line Items]
Variable rate (as percent)	1.50%
Term loan \| Unsecured debt
Debt Instrument [Line Items]
Variable rate (as percent)	0.10%
Notes maturing March 2033 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount			750,000,000
Debt interest rate (as percent)				5.75%
Amortization of debt discount and debt issuance costs			11,000,000
Term loan \| The Credit Agreement \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000,000,000	$ 1,900,000,000
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
Commitment fee (in percentage)	0.125%
Long-term line of credit		$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash flows from operations:
Net income	$ 607	$ 374
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	140	166
Stock-based compensation	40	37
Deferred income taxes	(67)	(88)
Other	2	6
Change in assets and liabilities, net of effects of acquisitions:
Receivables	(185)	(123)
Other current assets and other long-term assets	7	49
Accounts payable and accrued liabilities and other long-term liabilities	(174)	(198)
Accrued payroll and employee benefits	10	(32)
Income taxes receivable/payable	57	(125)
Net cash provided by operating activities	437	66
Cash flows from investing activities:
Acquisition of a business, net of cash acquired	0	(4)
Payments for property, equipment and software	(40)	(79)
Net proceeds from sale of assets	2	0
Other	5	0
Net cash used in investing activities	(33)	(83)
Cash flows from financing activities:
Proceeds from debt issuance	0	1,743
Net proceeds from commercial paper	0	200
Repayments of borrowings	(9)	(2,036)
Payments for debt issuance costs	0	(7)
Dividend payments	(104)	(100)
Repurchases of stock and other	(297)	(43)
Proceeds from issuances of stock	26	25
Net capital distributions to non-controlling interests	(3)	(3)
Net cash used in financing activities	(387)	(221)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(4)	3
Net increase (decrease) in cash, cash equivalents and restricted cash	13	(235)
Cash, cash equivalents and restricted cash at beginning of period	928	683
Cash, cash equivalents and restricted cash at end of period	941	448
Less: restricted cash at end of period	118	119
Cash and cash equivalents at end of period	823	329
Supplementary cash flow information:
Cash paid for income taxes, net of refunds	163	279
Cash paid for interest	107	96
Non-cash investing and financing activity:
Property, plant and equipment additions	57	1
Finance lease obligations	$ 0	$ 65

Business Segments (Segment Reporting Information by Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 4,132	$ 3,838	$ 8,107	$ 7,537
Total operating income	475	331	890	596
Corporate
Segment Reporting Information [Line Items]
Total operating income	(38)	(30)	(75)	(59)
National Security and Digital \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,813	1,791	3,606	3,548
Total operating income	183	172	358	317
Health & Civil \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,263	1,034	2,462	2,042
Total operating income	307	134	529	247
Commercial & International \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	561	547	1,070	1,036
Total operating income	(11)	34	23	47
Defense Systems \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	495	466	969	911
Total operating income	$ 34	$ 21	$ 55	$ 44

- 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).

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+ Details

Business Segments

6 Months Ended

Jun. 28, 2024

Segment Reporting [Abstract]

Business Segments

Note 10–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 our Chief Executive Officer, manages operations for the purposes of allocating resources and assessing performance.

Effective the first day of fiscal 2024, we realigned our business to report into six operating segments, which are aggregated into four reportable segments in accordance with the criteria established under ASC 280: National Security and Digital, Health & Civil, Commercial & International and Defense Systems. Our reportable segments are focused on specific, defined capability sets that we bring to our customers. Additionally, we separately present the unallocable costs associated with corporate functions as Corporate. As a result of this change, prior year segment results have been recast to reflect the current reportable segment structure.

National Security and Digital provides technology enabled services and mission software capabilities for defense and intelligence customers in the areas of cyber, logistics, security operations and decision analytics, as well as IT operations and digital transformation programs across all U.S. federal government customers. Our advanced capabilities include the delivery of technology-enabled services, mission software capabilities and IT modernization services. Our capabilities allow us to provide innovative technology solutions in the following categories: software development, engineering & design, modeling & simulation, analytics, cyber security, intelligence analysis, linguistics and mission operations.

Health & Civil provides services and solutions to federal and commercial customers in the areas of public health, care coordination, life and environmental sciences and transportation. We are dedicated to delivering effective and affordable solutions that are responsible for the health and well-being of people, including service members and veterans. Our core capabilities include health information management services, managed health services, systems and infrastructure modernization, and life sciences research and development. We help customers achieve their missions and take on the connected world with data-driven insights, improved efficiencies and technological advantages.

Commercial & International provides technologically advanced services, solutions and products to commercial and international customers. Our key customers include United Kingdom and Australia government agencies, Transportation Security Administration, U.S. Customs and Border Protection, airports, and commercial utility providers. Our offerings include IT modernization, software solutions, mission support and logistics, Command, Control, Computers, Communications, Intelligence, Surveillance and Reconnaissance ("C4ISR") technologies and services, cloud services, power grid engineering, energy modernization and security products and services.

Defense Systems develops and produces advanced space, aerial, surface, and sub-surface manned and un-manned defense systems for the U.S. Department of Defense, Army, Navy, Air Force, Marine Corps, United States Special Operations Command, NASA, Space Force, the Defense Intelligence Agency and International customers. Our solutions deliver innovative technology, systems engineering, integration and testing, rapid prototyping, software development, intelligence analysis, cybersecurity solutions and C4ISR technologies and services to support critical missions.

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 segment information for the periods presented was as follows:


	Three Months Ended				Six Months Ended
	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
	(in millions)
Revenues:
National Security and Digital	$	1,813	$	1,791	$	3,606	$	3,548
Health & Civil	1,263		1,034		2,462		2,042
Commercial & International	561		547		1,070		1,036
Defense Systems	495		466		969		911
Total revenues	$	4,132	$	3,838	$	8,107	$	7,537

Operating income (loss):
National Security and Digital	$	183	$	172	$	358	$	317
Health & Civil	307		134		529		247
Commercial & International	(11)		34		23		47
Defense Systems	34		21		55		44
Corporate	(38)		(30)		(75)		(59)
Total operating income	$	475	$	331	$	890	$	596

The income statement performance measures used to evaluate segment performance are revenues and operating income. As a result, "Interest expense, net," "Other income (expense), net" and "Income tax expense" as reported in the condensed consolidated statements of operations 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 to the reportable segments based on a representative causal or beneficial relationship of the costs in the pool to the costs in the base. As such, depreciation expense is not separately disclosed on the condensed consolidated statements of operations.

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

- 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.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 4,132	$ 3,838	$ 8,107	$ 7,537
Cost of revenues	3,427	3,271	6,764	6,475
Selling, general and administrative expenses	231	237	457	470
Acquisition, integration and restructuring costs	7	6	11	9
Equity earnings of non-consolidated subsidiaries	(8)	(7)	(15)	(13)
Operating income	475	331	890	596
Non-operating income (expense):
Interest expense, net	(51)	(56)	(100)	(110)
Other income (expense), net	2	(1)	4	(5)
Income before income taxes	426	274	794	481
Income tax expense	(102)	(64)	(187)	(107)
Net income	324	210	607	374
Less: net income attributable to non-controlling interest	2	3	1	5
Net income attributable to Leidos common stockholders	$ 322	$ 207	$ 606	$ 369
Earnings per share:
Basic (in dollars per share)	$ 2.39	$ 1.51	$ 4.49	$ 2.69
Diluted (in dollars per share)	$ 2.37	$ 1.50	$ 4.42	$ 2.67

Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenues (Narrative) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue	$ 13,800		$ 13,800
Revenue recognized under ASC 842	25	$ 25	49	$ 45
Contract liability revenue recognized	$ 54	$ 32	$ 211	$ 187
Performance period one \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-29
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue (as percent)	63.00%		63.00%
Remaining performance obligations, which are expected to be recognized as revenue, period (in months)	12 months		12 months
Performance period two \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-29
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue (as percent)	79.00%		79.00%
Performance period two \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-29
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Remaining performance obligations, which are expected to be recognized as revenue, period (in months)	24 months		24 months

Debt

6 Months Ended

Jun. 28, 2024

Debt Disclosure [Abstract]

Debt

Note 6–Debt

Our debt consisted of the following:


	Stated interest rate	Effective interest rate	June 28, 2024		December 29, 2023
			(in millions)
Senior unsecured term loan:
$1,000 million term loan, due March 2028	6.68%	6.86%	$	1,000	$	1,000
Senior unsecured notes:
$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		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%	82		91
Less: unamortized debt discounts and deferred debt issuance costs			(35)		(38)
Total long-term debt			4,676		4,682
Less current portion			(567)		(18)
Total long-term debt, net of current portion			$	4,109	$	4,664

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 is subject to an annual commitment fee rate of 0.125% on the unused credit availability and permits two additional one-year extensions subject to lender consent. As of June 28, 2024, and 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.

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 Credit 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 for four fiscal quarters following a material acquisition, and a ratio of EBITDA to consolidated interest expense of not less than 3.50 to 1.00.

Senior Notes

In fiscal 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 discount were recognized, which were recorded as an offset against the carrying value of debt.

Commercial Paper

We have a commercial paper program in which the Company may issue short-term unsecured commercial paper notes ("Commercial Paper Notes") 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 either bear a stated or floating interest rate, if interest bearing, or will be sold at a discount from the face amount. As of June 28, 2024, and December 29, 2023, we did not have any Commercial Paper Notes outstanding.

The Credit Facilities, Commercial Paper Notes and senior unsecured 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 June 28, 2024.

Income Taxes	6 Months Ended
Income Taxes	Jun. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 9–Income Taxes For the three months ended June 28, 2024, the effective tax rate was 23.9% compared to 23.4% for the three months ended June 30, 2023. The increase to the effective tax rate was primarily due to a reduced benefit in federal research tax credits, partially offset by a reduction of taxes related to foreign operations. In addition, our effective tax rate for the three months ended June 30, 2023, included a benefit from the release of an accrual for penalties. For the six months ended June 28, 2024, the effective tax rate was 23.6% compared to 22.2% for the six months ended June 30, 2023. The increase to the effective tax rate was primarily due to a reduced benefit in federal research tax credits and an increase in unrecognized tax benefits, partially offset by an increase in excess tax benefits related to employee stock-based payment transactions.

- Definition

The entire disclosure for income tax.

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+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 28, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Weighted Average Number of Shares Outstanding Used to Compute Basic and Diluted EPS

The following table provides a reconciliation of the weighted average number of shares outstanding used to compute basic and diluted EPS for the periods presented:


	Three Months Ended		Six Months Ended
	June 28, 2024	June 30, 2023	June 28, 2024	June 30, 2023
	(in millions)
Basic weighted average number of shares outstanding	135	137	135	137
Dilutive common share equivalents—stock options and other stock awards	1	1	2	1
Diluted weighted average number of shares outstanding	136	138	137	138

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill by Reportable Segment

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


	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Goodwill at December 30, 2022	$	2,755	$	1,366	$	1,389	$	1,186	$	6,696
Goodwill Impairment	—		—		(596)		—		(596)
Acquisitions of a business(1)	—		—		(4)		—		(4)
Foreign currency translation adjustments	3		—		11		2		16
Goodwill at December 29, 2023(2)	$	2,758	$	1,366	$	800	$	1,188	$	6,112
Foreign currency translation adjustments	—		—		(10)		—		(10)
Goodwill at June 28, 2024(2)	$	2,758	$	1,366	$	790	$	1,188	$	6,102

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

(2) Carrying amount includes accumulated impairment loss of $596 million within the Commercial & International segment.

Schedule of Intangible Assets

Intangible assets, net consisted of the following:


	June 28, 2024						December 29, 2023
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in millions)
Finite-lived intangible assets:
Programs	$	1,687	$	(1,233)	$	454	$	1,689	$	(1,175)	$	514
Software and technology	262		(155)		107		263		(144)		119
Customer relationships	52		(25)		27		52		(22)		30
Total finite-lived intangible assets	2,001		(1,413)		588		2,004		(1,341)		663
Indefinite-lived intangible assets:
Trade names	4		—		4		4		—		4
Total intangible assets	$	2,005	$	(1,413)	$	592	$	2,008	$	(1,341)	$	667

Schedule of Estimated Annual Amortization Expense

The estimated annual amortization expense as of June 28, 2024, was as follows:


Fiscal year ending
	(in millions)
2024 (remainder of year)	$	74
2025	120
2026	98
2027	72
2028	62
2029 and thereafter	162
	$	588

- Definition

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

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-Topic 350
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as percent)	23.90%	23.40%	23.60%	22.20%

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	$ 4,500	$ 4,600
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt instrument	4,700	4,700
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	$ 500

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Subparagraph (b)
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-Topic 470
-SubTopic 20
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-Section 55
-Paragraph 69B
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-Topic 470
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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

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-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

- Definition

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

+ References + Details

Revenues (Contract Asset and Liabilities) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Revenue from Contract with Customer [Abstract]
Contract assets - current:	$ 1,136	$ 1,041
Contract liabilities - current:	296	442
Contract liabilities - non-current:	$ 16	$ 21

Earnings Per Share (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
Earnings Per Share (Narrative) (Details) - USD ($)	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive shares (in shares)	0	2,000,000	0	2,000,000
Payments for repurchase of common stock	$ 100,000,000	$ 0	$ 250,000,000	$ 25,000,000

Fair Value Measurements (Tables)

6 Months Ended

Jun. 28, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured on a Recurring Basis

The financial instruments measured at fair value on a recurring basis primarily consisted of the following:


	June 28, 2024				December 29, 2023
	Carrying value		Fair value		Carrying value		Fair value
	(in millions)
Financial assets:
Derivatives	$	11	$	11	$	11	$	11

Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in the Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 28, 2024	Dec. 29, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,258	$ 4,353
Other comprehensive income (loss)	(14)	41
Taxes	3	(1)
Reclassification from AOCI	(6)	(15)
Ending balance	4,510	4,258
Total AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(48)	(73)
Ending balance	(65)	(48)
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(39)	(73)
Other comprehensive income (loss)	(22)	36
Taxes	3	(2)
Reclassification from AOCI	0	0
Ending balance	(58)	(39)
Unrecognized gain (loss) on derivative instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5	13
Other comprehensive income (loss)	7	6
Taxes	0	1
Reclassification from AOCI	(6)	(15)
Ending balance	6	5
Pension adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(14)	(13)
Other comprehensive income (loss)	1	(1)
Taxes	0	0
Reclassification from AOCI	0	0
Ending balance	$ (13)	$ (14)

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 28, 2024

Equity [Abstract]

Schedule of Changes in the Components of 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 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)
Other comprehensive income (loss)	(22)		7		1		(14)
Taxes	3		—		—		3
Reclassification from AOCI	—		(6)		—		(6)
Balance at June 28, 2024	$	(58)	$	6	$	(13)	$	(65)

Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) employee in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024 USD ($) employee	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($) employee segment	Jun. 30, 2023 USD ($)	Dec. 29, 2023 USD ($)
Significant Accounting Policies [Line Items]
Number of employees in global workforce \| employee	48		48
Number of reportable segments \| segment			4
Revenue recognized for performance obligation satisfied in the previous periods	$ 16	$ 16	$ 21	$ 15
Accounts payable and accrued liabilities	2,235		2,235		$ 2,277
Restricted cash balances	118		118		151
Decrease In Income Before Income Taxes From Changes In Contract Estimates	54	$ 22	79	$ 38
UNITED KINGDOM
Significant Accounting Policies [Line Items]
Decrease In Income Before Income Taxes From Changes In Contract Estimates	(39)		(40)
Cash and Cash Equivalents
Significant Accounting Policies [Line Items]
Accounts payable and accrued liabilities	$ 88		$ 88		$ 136
Leidos, Inc.
Significant Accounting Policies [Line Items]
Controlling ownership interest (as percent)	100.00%		100.00%

Derivative Instruments (Tables)

6 Months Ended

Jun. 28, 2024

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:

Asset derivatives

Balance sheet line item

June 28,
2024

December 29,
2023

(in millions)

Cash flow interest rate swaps

Other long-term assets

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

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


	Three Months Ended				Six Months Ended
	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
	(in millions)
Total interest expense, net presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$	51	$	56	$	100	$	110

Amount recognized in other comprehensive income	$	2	$	10	$	7	$	8
Amount reclassified from accumulated other comprehensive loss to interest expense, net	$	(3)	$	(5)	$	(6)	$	(9)

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Consolidation	We have a controlling interest in Mission Support Alliance, LLC ("MSA"), a joint venture with Centerra Group, LLC. We also have a 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. The financial results for MSA and HMIS are consolidated into our unaudited condensed consolidated financial statements. The unaudited condensed 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 unaudited condensed consolidated financial statements for the periods presented. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation.
Basis of Accounting	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules of the U.S. Securities and Exchange Commission and accounting principles generally accepted in the United States of America ("GAAP"). Certain disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules.
Estimates	The preparation of financial statements in conformity with 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 assets and lease liabilities, fair value and impairment of intangible assets and goodwill, income taxes, 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. Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. We combined "Deferred tax liabilities" into "Other long-term liabilities" on the condensed consolidated balance sheets.
Accounting Standards Updates Issued But Not Yet Adopted	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 expands disclosure requirements for interim reporting. 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 for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments should be adopted on a retrospective basis and early adoption is permitted. We are evaluating the impact of the update and will 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 2025.
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 the statutory tax rate. The changes are primarily related 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 true-ups of contract estimates at the end of contract performance.
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.
Restricted Cash	Restricted Cash We have restricted cash balances, primarily representing advances from customers that are restricted for use on certain expenditures related to that customer's contract. Restricted cash balances are included as "Other current assets" in the condensed consolidated balance sheets.

Revenues (Tables)

6 Months Ended

Jun. 28, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues

Disaggregated revenues by customer-type were as follows:


	Three Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
DoD and U.S. Intelligence Community	$	1,247	$	255	$	4	$	441	$	1,947
Other U.S. government agencies(1)	520		986		81		24		1,611
Commercial and non-U.S. customers	28		16		475		30		549
Total	$	1,795	$	1,257	$	560	$	495	$	4,107


	Three Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
DoD and U.S. Intelligence Community	$	1,193	$	268	$	7	$	385	$	1,853
Other U.S. government agencies(1)	555		741		80		30		1,406
Commercial and non-U.S. customers	31		15		457		51		554
Total	$	1,779	$	1,024	$	544	$	466	$	3,813

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


	Six Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
DoD and U.S. Intelligence Community	$	2,468	$	512	$	14	$	866	$	3,860
Other U.S. government agencies(1)	1,045		1,903		154		46		3,148
Commercial and non-U.S. customers	61		32		900		57		1,050
Total	$	3,574	$	2,447	$	1,068	$	969	$	8,058


	Six Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
DoD and U.S. Intelligence Community	$	2,347	$	540	$	15	$	775	$	3,677
Other U.S. government agencies(1)	1,112		1,454		145		60		2,771
Commercial and non-U.S. customers	66		29		873		76		1,044
Total	$	3,525	$	2,023	$	1,033	$	911	$	7,492

(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:


	Three Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	948	$	451	$	90	$	313	$	1,802
Firm-fixed-price	494		749		352		143		1,738
Time-and-materials and fixed-price-level-of-effort	353		57		118		39		567
Total	$	1,795	$	1,257	$	560	$	495	$	4,107


	Three Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	956	$	522	$	82	$	267	$	1,827
Firm-fixed-price	497		454		349		157		1,457
Time-and-materials and fixed-price-level-of-effort	326		48		113		42		529
Total	$	1,779	$	1,024	$	544	$	466	$	3,813


	Six Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	1,894	$	898	$	175	$	614	$	3,581
Firm-fixed-price	986		1,439		671		282		3,378
Time-and-materials and fixed-price-level-of-effort	694		110		222		73		1,099
Total	$	3,574	$	2,447	$	1,068	$	969	$	8,058


	Six Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
Cost-reimbursement and fixed-price-incentive-fee	$	1,883	$	1,075	$	174	$	539	$	3,671
Firm-fixed-price	1,004		857		638		291		2,790
Time-and-materials and fixed-price-level-of-effort	638		91		221		81		1,031
Total	$	3,525	$	2,023	$	1,033	$	911	$	7,492

Disaggregated revenues by geographic location were as follows:


	Three Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
United States	$	1,788	$	1,255	$	227	$	479	$	3,749
International	7		2		333		16		358
Total	$	1,795	$	1,257	$	560	$	495	$	4,107


	Three Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
United States	$	1,770	$	1,024	$	217	$	463	$	3,474
International	9		—		327		3		339
Total	$	1,779	$	1,024	$	544	$	466	$	3,813


	Six Months Ended June 28, 2024
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
United States	$	3,558	$	2,444	$	435	$	947	$	7,384
International	16		3		633		22		674
Total	$	3,574	$	2,447	$	1,068	$	969	$	8,058


	Six Months Ended June 30, 2023
	National Security and Digital		Health & Civil		Commercial & International		Defense Systems		Total
	(in millions)
United States	$	3,505	$	2,022	$	409	$	904	$	6,840
International	20		1		624		7		652
Total	$	3,525	$	2,023	$	1,033	$	911	$	7,492

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	June 28, 2024		December 29, 2023
		(in millions)
Contract assets - current:
Unbilled receivables	Receivables, net	$	1,136	$	1,041

Contract liabilities - current:
Deferred revenue(1)	Accounts payable and accrued liabilities	$	296	$	442

Contract liabilities - non-current:
Deferred revenue(1)	Other long-term liabilities	$	16	$	21

(1) Certain contracts record revenue net of cost of revenues, and therefore, the respective deferred revenue balance will not fully convert to revenue.

CONDENSED 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 Dec. 30, 2022			137,000,000
Beginning balance at Dec. 30, 2022	$ 4,353	$ 4,299		$ 2,005	$ 2,367	$ (73)	$ 54
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	164	162			162		2
Other comprehensive (loss) income, net of taxes	9	9				9
Issuances of stock	14	14		14
Repurchases of stock and other	(43)	(43)		(43)
Dividends	(50)	(50)			(50)
Stock-based compensation	18	18		18
Net capital distributions to non-controlling interest	(1)						(1)
Ending balance (in shares) at Mar. 31, 2023			137,000,000
Ending balance at Mar. 31, 2023	4,464	4,409		1,994	2,479	(64)	55
Beginning balance (in shares) at Dec. 30, 2022			137,000,000
Beginning balance at Dec. 30, 2022	4,353	4,299		2,005	2,367	(73)	54
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	374
Other comprehensive (loss) income, net of taxes	10
Ending balance (in shares) at Jun. 30, 2023			137,000,000
Ending balance at Jun. 30, 2023	4,653	4,597		2,024	2,636	(63)	56
Beginning balance (in shares) at Mar. 31, 2023			137,000,000
Beginning balance at Mar. 31, 2023	4,464	4,409		1,994	2,479	(64)	55
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	210	207			207		3
Other comprehensive (loss) income, net of taxes	1	1				1
Issuances of stock	14	14		14
Dividends	(50)	(50)			(50)
Stock-based compensation	19	19		19
Net capital distributions to non-controlling interest	(5)	(3)		(3)			(2)
Ending balance (in shares) at Jun. 30, 2023			137,000,000
Ending balance at Jun. 30, 2023	$ 4,653	4,597		2,024	2,636	(63)	56
Beginning balance (in shares) at Dec. 29, 2023	135,766,419		136,000,000
Beginning balance at Dec. 29, 2023	$ 4,258	4,201		1,885	2,364	(48)	57
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	283	284			284		(1)
Other comprehensive (loss) income, net of taxes	(24)	(24)				(24)
Issuances of stock	14	14		14
Repurchases of stock and other (in shares)			(1,000,000)
Repurchases of stock and other	(184)	(184)		(184)
Dividends	(53)	(53)			(53)
Stock-based compensation	20	20		20
Net capital distributions to non-controlling interest	(1)						(1)
Ending balance (in shares) at Mar. 29, 2024			135,000,000
Ending balance at Mar. 29, 2024	$ 4,313	4,258		1,735	2,595	(72)	55
Beginning balance (in shares) at Dec. 29, 2023	135,766,419		136,000,000
Beginning balance at Dec. 29, 2023	$ 4,258	4,201		1,885	2,364	(48)	57
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	607
Other comprehensive (loss) income, net of taxes	$ (17)
Ending balance (in shares) at Jun. 28, 2024	134,709,785		135,000,000
Ending balance at Jun. 28, 2024	$ 4,510	4,455		1,654	2,866	(65)	55
Beginning balance (in shares) at Mar. 29, 2024			135,000,000
Beginning balance at Mar. 29, 2024	4,313	4,258		1,735	2,595	(72)	55
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	324	322			322		2
Other comprehensive (loss) income, net of taxes	7	7				7
Issuances of stock (in shares)			1,000,000
Issuances of stock	14	14		14
Repurchases of stock and other (in shares)			(1,000,000)
Repurchases of stock and other	(115)	(115)		(115)
Dividends	(51)	(51)			(51)
Stock-based compensation	20	20		20
Net capital distributions to non-controlling interest	$ (2)						(2)
Ending balance (in shares) at Jun. 28, 2024	134,709,785		135,000,000
Ending balance at Jun. 28, 2024	$ 4,510	$ 4,455		$ 1,654	$ 2,866	$ (65)	$ 55

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 28, 2024	Dec. 29, 2023
Stockholders’ equity:
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	134,709,785	135,766,419
Common stock, shares outstanding (in shares)	134,709,785	135,766,419

Commitments and Contingencies

6 Months Ended

Jun. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11–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

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 June 28, 2024, active indirect cost audits by the Defense Contract Audit Agency remain open for fiscal 2022 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 June 28, 2024, 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 June 28, 2024, we have outstanding letters of credit of $65 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 June 28, 2024, the future expirations of the outstanding letters of credit and surety bonds were as follows:


Fiscal year ending
	(in millions)
2024 (remainder of year)	$	42
2025	93
2026	2
2027	14
2028	15
2029 and thereafter	3
	$	169

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 28, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 7–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 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)
Other comprehensive income (loss)	(22)		7		1		(14)
Taxes	3		—		—		3
Reclassification from AOCI	—		(6)		—		(6)
Balance at June 28, 2024	$	(58)	$	6	$	(13)	$	(65)

Reclassifications from unrecognized gain (loss) on derivative instruments are recorded in "Interest expense, net" in the condensed consolidated statements of operations.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Assets:
Cash and cash equivalents	$ 823	$ 777
Receivables, net	2,615	2,429
Inventory, net	333	310
Other current assets	458	489
Total current assets	4,229	4,005
Property, plant and equipment, net	984	961
Intangible assets, net	592	667
Goodwill	6,102	6,112
Operating lease right-of-use assets, net	480	512
Other long-term assets	522	438
Total assets	12,909	12,695
Liabilities:
Accounts payable and accrued liabilities	2,235	2,277
Accrued payroll and employee benefits	703	695
Current portion of long-term debt	567	18
Total current liabilities	3,505	2,990
Long-term debt, net of current portion	4,109	4,664
Operating lease liabilities	486	516
Other long-term liabilities	299	267
Total liabilities	8,399	8,437
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized,134,709,785 and 135,766,419 shares issued and outstanding at June 28, 2024, and December 29, 2023, respectively	0	0
Additional paid-in capital	1,654	1,885
Retained earnings	2,866	2,364
Accumulated other comprehensive loss	(65)	(48)
Total Leidos stockholders’ equity	4,455	4,201
Non-controlling interest	55	57
Total stockholders' equity	4,510	4,258
Total liabilities and stockholders' equity	$ 12,909	$ 12,695

Earnings Per Share (Reconciliation of Weighted Average Number of Shares Outstanding) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic weighted average number of shares outstanding (in shares)	135	137	135	137
Dilutive common share equivalents-stock options and other stock awards (in shares)	1	1	2	1
Diluted weighted average number of shares outstanding (in shares)	136	138	137	138

Commitments and Contingencies (Future Expirations Maturity Table) (Details) - Standby Letters of Credit and Surety Bonds $ in Millions	Jun. 28, 2024 USD ($)
Guaranteed Obligation, Type [Line Items]
2024 (remainder of year)	$ 42
2025	93
2026	2
2027	14
2028	15
2029 and thereafter	3
Total	$ 169

Derivative Instruments (Effect of Cash Flow Hedge) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Derivatives, Fair Value [Line Items]
Total interest expense, net presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded	$ 51	$ 56	$ 100	$ 110
Amount recognized in other comprehensive income	2	10	7	8
Interest expense
Derivatives, Fair Value [Line Items]
Amount reclassified from accumulated other comprehensive loss to interest expense, net	$ (3)	$ (5)	$ (6)	$ (9)

Fair Value Measurements

6 Months Ended

Jun. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4–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 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 market participant assumptions used in pricing the asset or liability (Level 3).

The financial instruments measured at fair value on a recurring basis primarily consisted of the following:


	June 28, 2024				December 29, 2023
	Carrying value		Fair value		Carrying value		Fair value
	(in millions)
Financial assets:
Derivatives	$	11	$	11	$	11	$	11

As of June 28, 2024, and December 29, 2023, our derivatives primarily consisted of the cash flow interest rate swaps on $500 million of the variable rate senior unsecured term loan (see "Note 5–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 Secured Overnight Financing Rate ("SOFR") rate (Level 2 inputs).

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.

As of June 28, 2024, and December 29, 2023, the fair value of debt was $4.5 billion and $4.6 billion, respectively, and the carrying amount was $4.7 billion for both periods (see "Note 6–Debt"). The fair value of long-term debt is determined based on current interest rates available for debt with terms and maturities similar to our existing debt arrangements and our credit rating (Level 2 inputs).

As of June 28, 2024, 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.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 28, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Note 1–Basis of Presentation and Summary of Significant Accounting Policies

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, 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 48,000, 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, National Aeronautics and Space Administration ("NASA") 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.

During the quarter ended March 29, 2024, we completed a realignment of our segment and reporting structure, which resulted in the identification of four reportable segments: National Security and Digital, Health & Civil, Commercial & International and Defense Systems. We commenced operating and reporting under the new organizational structure effective the first day of fiscal 2024. In addition, we separately present the unallocable costs associated with corporate functions as Corporate. As a result of this change, prior year segment results and disclosures have been recast to reflect the current reportable segment structure.

We have a controlling interest in Mission Support Alliance, LLC ("MSA"), a joint venture with Centerra Group, LLC. We also have a 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. The financial results for MSA and HMIS are consolidated into our unaudited condensed consolidated financial statements. The unaudited condensed 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 unaudited condensed consolidated financial statements for the periods presented. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules of the U.S. Securities and Exchange Commission and accounting principles generally accepted in the United States of America ("GAAP"). Certain disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules. The preparation of financial statements in conformity with 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 assets and lease liabilities, fair value and impairment of intangible assets and goodwill, income taxes, 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.

Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. We combined "Deferred tax liabilities" into "Other long-term liabilities" on the condensed consolidated balance sheets.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which consist of normal recurring adjustments, necessary for a fair presentation thereof. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K filed on February 13, 2024.

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 expands disclosure requirements for interim reporting. 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 for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments should be adopted on a retrospective basis and early adoption is permitted. We are evaluating the impact of the update and will 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 2025.

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 were as follows:


	Three Months Ended				Six Months Ended
	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
	(in millions, except per share data)
Favorable impact	$	42	$	40	$	67	$	62
Unfavorable impact	(54)		(22)		(79)		(38)
Net impact to income before income taxes	$	(12)	$	18	$	(12)	$	24

Impact on diluted EPS attributable to Leidos common stockholders	$	(0.07)	$	0.10	$	(0.06)	$	0.13

The unfavorable impact for the three and six months ended June 28, 2024, included $39 million and $40 million, respectively, in write-downs on programs within our UK operations related to cost increases and schedule delays.

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

Revenue Recognized from Prior Obligations

We reduced revenue from performance obligations satisfied in previous periods by $16 million and $21 million for the three and six months ended June 28, 2024, respectively, and recognized revenue of $16 million and $15 million for the three and six months ended June 30, 2023, respectively. The changes are primarily related 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 true-ups of contract estimates at the end of contract performance.

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. At June 28, 2024, and December 29, 2023, $88 million and $136 million, respectively, of outstanding payments were included within "Cash and cash equivalents" and "Accounts payable and accrued liabilities" correspondingly on the condensed consolidated balance sheets.

Restricted Cash

We have restricted cash balances, primarily representing advances from customers that are restricted for use on certain expenditures related to that customer's contract. Restricted cash balances are included as "Other current assets" in the condensed consolidated balance sheets. Our restricted cash balances were $118 million and $151 million at June 28, 2024, and December 29, 2023, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 28, 2024
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

Derivative Instruments (Interest Rate Swaps) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Other long-term assets \| Interest rate swaps \| Cash flow hedging
Derivative [Line Items]
Asset derivatives	$ 11	$ 11

Debt (Schedule of Company's Debt) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Debt Instrument [Line Items]
Less: unamortized debt discounts and deferred debt issuance costs	$ (35)	$ (38)
Total long-term debt	4,676	4,682
Less current portion	(567)	(18)
Total long-term debt, net of current portion	4,109	4,664
$1,000 million term loan, due March 2028 \| Unsecured debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000
Stated interest rate	6.68%
Effective interest rate	6.86%
Senior unsecured debt	$ 1,000	1,000
$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 debt	$ 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 debt	$ 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 debt	$ 750	750
$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 debt	$ 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 debt	$ 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 debt	$ 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 debt	$ 218	218
Finance leases due on various dates through fiscal 2032 \| Unsecured debt
Debt Instrument [Line Items]
Senior unsecured debt	$ 82	$ 91
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%

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 28, 2024	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.38	$ 0.38	$ 0.36	$ 0.36

Business Segments (Tables)

6 Months Ended

Jun. 28, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

The segment information for the periods presented was as follows:


	Three Months Ended				Six Months Ended
	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
	(in millions)
Revenues:
National Security and Digital	$	1,813	$	1,791	$	3,606	$	3,548
Health & Civil	1,263		1,034		2,462		2,042
Commercial & International	561		547		1,070		1,036
Defense Systems	495		466		969		911
Total revenues	$	4,132	$	3,838	$	8,107	$	7,537

Operating income (loss):
National Security and Digital	$	183	$	172	$	358	$	317
Health & Civil	307		134		529		247
Commercial & International	(11)		34		23		47
Defense Systems	34		21		55		44
Corporate	(38)		(30)		(75)		(59)
Total operating income	$	475	$	331	$	890	$	596

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 322	$ 207	$ 606	$ 369

- Definition

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

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-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Goodwill and Intangible Assets (Changes in Goodwill by Segment) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 28, 2024	Dec. 29, 2023
Goodwill [Roll Forward]
Beginning balance, goodwill	$ 6,112	$ 6,696
Goodwill Impairment		(596)
Acquisitions of a business		(4)
Foreign currency translation adjustments	(10)	16
Ending balance, goodwill	6,102	6,112
National Security and Digital
Goodwill [Roll Forward]
Beginning balance, goodwill	2,758	2,755
Goodwill Impairment		0
Acquisitions of a business		0
Foreign currency translation adjustments	0	3
Ending balance, goodwill	2,758	2,758
Health & Civil
Goodwill [Roll Forward]
Beginning balance, goodwill	1,366	1,366
Goodwill Impairment		0
Acquisitions of a business		0
Foreign currency translation adjustments	0	0
Ending balance, goodwill	1,366	1,366
Commercial & International
Goodwill [Roll Forward]
Beginning balance, goodwill	800	1,389
Goodwill Impairment		(596)
Acquisitions of a business		(4)
Foreign currency translation adjustments	(10)	11
Ending balance, goodwill	790	800
Accumulated goodwill impairment losses		596
Defense Systems
Goodwill [Roll Forward]
Beginning balance, goodwill	1,188	1,186
Goodwill Impairment		0
Acquisitions of a business		0
Foreign currency translation adjustments	0	2
Ending balance, goodwill	$ 1,188	$ 1,188

Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 4,107	$ 3,813	$ 8,058	$ 7,492
United States
Disaggregation of Revenue [Line Items]
Revenues	3,749	3,474	7,384	6,840
International
Disaggregation of Revenue [Line Items]
Revenues	358	339	674	652
Cost-reimbursement and fixed-price-incentive-fee
Disaggregation of Revenue [Line Items]
Revenues	1,802	1,827	3,581	3,671
Firm-fixed-price
Disaggregation of Revenue [Line Items]
Revenues	1,738	1,457	3,378	2,790
Time-and-materials and fixed-price-level-of-effort
Disaggregation of Revenue [Line Items]
Revenues	567	529	1,099	1,031
National Security and Digital
Disaggregation of Revenue [Line Items]
Revenues	1,795	1,779	3,574	3,525
National Security and Digital \| United States
Disaggregation of Revenue [Line Items]
Revenues	1,788	1,770	3,558	3,505
National Security and Digital \| International
Disaggregation of Revenue [Line Items]
Revenues	7	9	16	20
National Security and Digital \| Cost-reimbursement and fixed-price-incentive-fee
Disaggregation of Revenue [Line Items]
Revenues	948	956	1,894	1,883
National Security and Digital \| Firm-fixed-price
Disaggregation of Revenue [Line Items]
Revenues	494	497	986	1,004
National Security and Digital \| Time-and-materials and fixed-price-level-of-effort
Disaggregation of Revenue [Line Items]
Revenues	353	326	694	638
Health & Civil
Disaggregation of Revenue [Line Items]
Revenues	1,257	1,024	2,447	2,023
Health & Civil \| United States
Disaggregation of Revenue [Line Items]
Revenues	1,255	1,024	2,444	2,022
Health & Civil \| International
Disaggregation of Revenue [Line Items]
Revenues	2	0	3	1
Health & Civil \| Cost-reimbursement and fixed-price-incentive-fee
Disaggregation of Revenue [Line Items]
Revenues	451	522	898	1,075
Health & Civil \| Firm-fixed-price
Disaggregation of Revenue [Line Items]
Revenues	749	454	1,439	857
Health & Civil \| Time-and-materials and fixed-price-level-of-effort
Disaggregation of Revenue [Line Items]
Revenues	57	48	110	91
Commercial & International
Disaggregation of Revenue [Line Items]
Revenues	560	544	1,068	1,033
Commercial & International \| United States
Disaggregation of Revenue [Line Items]
Revenues	227	217	435	409
Commercial & International \| International
Disaggregation of Revenue [Line Items]
Revenues	333	327	633	624
Commercial & International \| Cost-reimbursement and fixed-price-incentive-fee
Disaggregation of Revenue [Line Items]
Revenues	90	82	175	174
Commercial & International \| Firm-fixed-price
Disaggregation of Revenue [Line Items]
Revenues	352	349	671	638
Commercial & International \| Time-and-materials and fixed-price-level-of-effort
Disaggregation of Revenue [Line Items]
Revenues	118	113	222	221
Defense Systems
Disaggregation of Revenue [Line Items]
Revenues	495	466	969	911
Defense Systems \| United States
Disaggregation of Revenue [Line Items]
Revenues	479	463	947	904
Defense Systems \| International
Disaggregation of Revenue [Line Items]
Revenues	16	3	22	7
Defense Systems \| Cost-reimbursement and fixed-price-incentive-fee
Disaggregation of Revenue [Line Items]
Revenues	313	267	614	539
Defense Systems \| Firm-fixed-price
Disaggregation of Revenue [Line Items]
Revenues	143	157	282	291
Defense Systems \| Time-and-materials and fixed-price-level-of-effort
Disaggregation of Revenue [Line Items]
Revenues	39	42	73	81
DoD and U.S. Intelligence Community
Disaggregation of Revenue [Line Items]
Revenues	1,947	1,853	3,860	3,677
DoD and U.S. Intelligence Community \| National Security and Digital
Disaggregation of Revenue [Line Items]
Revenues	1,247	1,193	2,468	2,347
DoD and U.S. Intelligence Community \| Health & Civil
Disaggregation of Revenue [Line Items]
Revenues	255	268	512	540
DoD and U.S. Intelligence Community \| Commercial & International
Disaggregation of Revenue [Line Items]
Revenues	4	7	14	15
DoD and U.S. Intelligence Community \| Defense Systems
Disaggregation of Revenue [Line Items]
Revenues	441	385	866	775
Other U.S. government agencies
Disaggregation of Revenue [Line Items]
Revenues	1,611	1,406	3,148	2,771
Other U.S. government agencies \| National Security and Digital
Disaggregation of Revenue [Line Items]
Revenues	520	555	1,045	1,112
Other U.S. government agencies \| Health & Civil
Disaggregation of Revenue [Line Items]
Revenues	986	741	1,903	1,454
Other U.S. government agencies \| Commercial & International
Disaggregation of Revenue [Line Items]
Revenues	81	80	154	145
Other U.S. government agencies \| Defense Systems
Disaggregation of Revenue [Line Items]
Revenues	24	30	46	60
Commercial and non-U.S. customers
Disaggregation of Revenue [Line Items]
Revenues	549	554	1,050	1,044
Commercial and non-U.S. customers \| National Security and Digital
Disaggregation of Revenue [Line Items]
Revenues	28	31	61	66
Commercial and non-U.S. customers \| Health & Civil
Disaggregation of Revenue [Line Items]
Revenues	16	15	32	29
Commercial and non-U.S. customers \| Commercial & International
Disaggregation of Revenue [Line Items]
Revenues	475	457	900	873
Commercial and non-U.S. customers \| Defense Systems
Disaggregation of Revenue [Line Items]
Revenues	$ 30	$ 51	$ 57	$ 76

Business Segments (Narrative) (Details)	6 Months Ended
Business Segments (Narrative) (Details)	Jun. 28, 2024 segment
Segment Reporting [Abstract]
Number of Operating Segments	6
Number of reportable segments	4

Basis of Presentation and Summary of Significant Accounting Policies (Changes in Estimates on Contracts) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Favorable impact	$ 42	$ 40	$ 67	$ 62
Unfavorable impact	(54)	(22)	(79)	(38)
Net impact to income before income taxes	$ (12)	$ 18	$ (12)	$ 24
Impact on diluted EPS attributable to Leidos common stockholders (in dollars per share)	$ (0.07)	$ 0.10	$ (0.06)	$ 0.13

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 29, 2023
Derivative [Line Items]
Gains expected to be reclassified in the next 12 months	$ 11
Interest rate swaps \| Designated as hedging instrument
Derivative [Line Items]
Hedged instrument, face amount	$ 500	$ 500
Interest rate swap, maturing August 2025 \| Designated as hedging instrument \| Unsecured debt
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