$LHX
L3HARRIS TECHNOLOGIES, INC. /DE/

2017 Q3 Form 10-Q Financial Statement

#000020205817000053 Filed on October 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $1.413B $1.420B
YoY Change -0.49% 321.74%
Cost Of Revenue $919.0M $897.0M
YoY Change 2.45% 1841.56%
Gross Profit $494.0M $523.0M
YoY Change -5.54% 80.03%
Gross Profit Margin 34.96% 36.83%
Selling, General & Admin $268.0M $278.0M
YoY Change -3.6% -0.54%
% of Gross Profit 54.25% 53.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.00M $99.00M
YoY Change -34.34% 23.6%
% of Gross Profit 13.16% 18.93%
Operating Expenses $268.0M $277.0M
YoY Change -3.25% -0.89%
Operating Profit $272.0M $246.0M
YoY Change 10.57% 2136.36%
Interest Expense $41.00M $44.00M
YoY Change -6.82% -187.65%
% of Operating Profit 15.07% 17.89%
Other Income/Expense, Net $46.00M $1.000M
YoY Change 4500.0% -100.92%
Pretax Income $228.0M $203.0M
YoY Change 12.32% -237.44%
Income Tax $63.00M $58.00M
% Of Pretax Income 27.63% 28.57%
Net Earnings $159.0M $160.0M
YoY Change -0.63% -384.19%
Net Earnings / Revenue 11.25% 11.27%
Basic Earnings Per Share $1.33 $1.29
Diluted Earnings Per Share $1.31 $1.27
COMMON SHARES
Basic Shares Outstanding 119.1M shares 123.9M shares
Diluted Shares Outstanding 121.2M shares 125.5M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $388.0M $487.0M
YoY Change -20.33% 1.25%
Cash & Equivalents $388.0M $487.0M
Short-Term Investments
Other Short-Term Assets $113.0M $124.0M
YoY Change -8.87% -24.85%
Inventory $896.0M $867.0M
Prepaid Expenses
Receivables $706.0M $674.0M
Other Receivables $24.00M $75.00M
Total Short-Term Assets $2.127B $2.624B
YoY Change -18.94% -17.56%
LONG-TERM ASSETS
Property, Plant & Equipment $890.0M $924.0M
YoY Change -3.68% -20.69%
Goodwill $5.376B $5.352B
YoY Change 0.45% -0.98%
Intangibles $1.077B $1.231B
YoY Change -12.51% -30.65%
Long-Term Investments
YoY Change
Other Assets $220.0M $252.0M
YoY Change -12.7% 63.64%
Total Long-Term Assets $7.972B $9.385B
YoY Change -15.06% -5.62%
TOTAL ASSETS
Total Short-Term Assets $2.127B $2.624B
Total Long-Term Assets $7.972B $9.385B
Total Assets $10.10B $12.01B
YoY Change -15.9% -8.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $452.0M $494.0M
YoY Change -8.5% -14.97%
Accrued Expenses $472.0M $544.0M
YoY Change -13.24% -26.98%
Deferred Revenue
YoY Change
Short-Term Debt $80.00M $15.00M
YoY Change 433.33% -54.55%
Long-Term Debt Due $522.0M $382.0M
YoY Change 36.65% 193.85%
Total Short-Term Liabilities $1.918B $1.981B
YoY Change -3.18% -12.88%
LONG-TERM LIABILITIES
Long-Term Debt $3.395B $4.120B
YoY Change -17.6% -18.46%
Other Long-Term Liabilities $527.0M $506.0M
YoY Change 4.15% 14.22%
Total Long-Term Liabilities $5.194B $6.971B
YoY Change -25.49% -6.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.918B $1.981B
Total Long-Term Liabilities $5.194B $6.971B
Total Liabilities $7.112B $8.952B
YoY Change -20.55% -7.95%
SHAREHOLDERS EQUITY
Retained Earnings $1.387B $1.330B
YoY Change 4.29% 5.72%
Common Stock $1.850B $2.221B
YoY Change -16.7% 3.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.960B $3.056B
YoY Change
Total Liabilities & Shareholders Equity $10.10B $12.01B
YoY Change -15.9% -8.52%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $159.0M $160.0M
YoY Change -0.63% -384.19%
Depreciation, Depletion And Amortization $65.00M $99.00M
YoY Change -34.34% 23.6%
Cash From Operating Activities $95.00M $43.00M
YoY Change 120.93% -90.63%
INVESTING ACTIVITIES
Capital Expenditures $23.00M $21.00M
YoY Change 9.52% -145.95%
Acquisitions
YoY Change
Other Investing Activities $179.0M
YoY Change -105.7%
Cash From Investing Activities -$23.00M -$46.00M
YoY Change -50.0% -98.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.00M $100.0M
YoY Change -25.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$174.0M -$201.0M
YoY Change -13.43% -107.42%
NET CHANGE
Cash From Operating Activities $95.00M $43.00M
Cash From Investing Activities -$23.00M -$46.00M
Cash From Financing Activities -$174.0M -$201.0M
Net Change In Cash -$102.0M -$204.0M
YoY Change -50.0% 871.43%
FREE CASH FLOW
Cash From Operating Activities $95.00M $43.00M
Capital Expenditures $23.00M $21.00M
Free Cash Flow $72.00M $22.00M
YoY Change 227.27% -95.64%

Facts In Submission

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OperatingIncomeLoss
246000000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
272000000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
329000000 USD
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
342000000 USD
CY2017Q2 us-gaap Other Assets Current
OtherAssetsCurrent
101000000 USD
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
113000000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
234000000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
220000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
0 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1000000 USD
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-18000000 USD
CY2017Q3 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-9000000 USD
CY2016Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
15000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
25000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-1000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-2000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
26000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-89000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-89000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-11000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-11000000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
528000000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
527000000 USD
CY2016Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100000000 USD
CY2017Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
75000000 USD
CY2016Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
68000000 USD
CY2017Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
69000000 USD
CY2016Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21000000 USD
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23000000 USD
CY2017Q2 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
1278000000 USD
CY2017Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
1237000000 USD
CY2016Q3 us-gaap Pension Contributions
PensionContributions
64000000 USD
CY2017Q3 us-gaap Pension Contributions
PensionContributions
0 USD
CY2016Q3 us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
-24000000 USD
CY2017Q3 us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
-34000000 USD
CY2017Q2 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
CY2017Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
14000000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
26000000 USD
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
25000000 USD
CY2017Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4000000 USD
CY2017Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3000000 USD
CY2017Q2 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
90000000 USD
CY2017Q3 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
107000000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2071000000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2097000000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
904000000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
890000000 USD
CY2017Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
623000000 USD
CY2017Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
706000000 USD
CY2016Q3 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
38000000 USD
CY2017Q3 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
35000000 USD
CY2017 us-gaap Restructuring Charges
RestructuringCharges
58000000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1343000000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1387000000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1420000000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1413000000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
11000000 USD
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
11000000 USD
CY2017Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
80000000 USD
CY2017Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
80000000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
2928000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
2987000000 USD
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1600000 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2100000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
125500000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121200000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123900000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
119100000 shares
CY2017Q3 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior-year amounts have been reclassified in our Condensed Consolidated Financial Statements (Unaudited) to conform with current-year classifications. Reclassifications include certain human resources and information technology (&#8220;IT&#8221;) costs from the &#8220;Cost of product sales and services&#8221; line item to the &#8220;Engineering, selling and administrative expenses&#8221; line item in our Condensed Consolidated Statement of Income (Unaudited) and in these Notes.</font></div></div>
CY2017Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes and related disclosures. These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes. Materially different results can occur as circumstances change and additional information becomes known.</font></div></div>

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