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.

+ References

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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