$LHX
L3HARRIS TECHNOLOGIES, INC. /DE/

2018 Q2 Form 10-Q Financial Statement

#000020205818000030 Filed on May 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $1.661B $1.568B $1.489B
YoY Change 7.93% 5.31% -14.82%
Cost Of Revenue $1.097B $1.028B $958.0M
YoY Change 3.3% 7.31% -20.37%
Gross Profit $564.0M $540.0M $531.0M
YoY Change 18.24% 1.69% -2.57%
Gross Profit Margin 33.96% 34.44% 35.66%
Selling, General & Admin $292.0M $331.0M $250.0M
YoY Change -23.56% 32.4% 40.45%
% of Gross Profit 51.77% 61.3% 47.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $67.00M $62.00M $72.00M
YoY Change -6.94% -13.89% -16.28%
% of Gross Profit 11.88% 11.48% 13.56%
Operating Expenses $292.0M $331.0M $256.0M
YoY Change -23.56% 29.3% 17.97%
Operating Profit $272.0M $256.0M $275.0M
YoY Change 186.32% -6.91% -16.16%
Interest Expense -$45.00M $41.00M $42.00M
YoY Change 9.76% -2.38% -8.7%
% of Operating Profit -16.54% 16.02% 15.27%
Other Income/Expense, Net $20.00M $46.00M $0.00
YoY Change -87.8%
Pretax Income $247.0M $208.0M $233.0M
YoY Change 13.3% -10.73% -17.38%
Income Tax $57.00M $10.00M $69.00M
% Of Pretax Income 23.08% 4.81% 29.61%
Net Earnings $213.0M $196.0M $85.00M
YoY Change 76.03% 130.59% -155.92%
Net Earnings / Revenue 12.82% 12.5% 5.71%
Basic Earnings Per Share $1.65 $0.70
Diluted Earnings Per Share $1.759M $1.62 $0.69
COMMON SHARES
Basic Shares Outstanding 118.7M shares 118.4M shares 122.6M shares
Diluted Shares Outstanding 121.0M shares 124.5M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $288.0M $443.0M $302.0M
YoY Change -40.5% 46.69% -40.9%
Cash & Equivalents $288.0M $443.0M $302.0M
Short-Term Investments
Other Short-Term Assets $103.0M $116.0M $106.0M
YoY Change 1.98% 9.43% -13.11%
Inventory $411.0M $963.0M $894.0M
Prepaid Expenses
Receivables $1.248B $743.0M $714.0M
Other Receivables $174.0M $149.0M $68.00M
Total Short-Term Assets $2.224B $2.414B $2.876B
YoY Change 7.34% -16.06% 1.45%
LONG-TERM ASSETS
Property, Plant & Equipment $900.0M $879.0M $895.0M
YoY Change -0.44% -1.79% -18.78%
Goodwill $5.372B $5.377B $5.367B
YoY Change 0.11% 0.19% -10.39%
Intangibles $989.0M $1.019B $1.136B
YoY Change -10.42% -10.3% -30.86%
Long-Term Investments
YoY Change
Other Assets $247.0M $232.0M $221.0M
YoY Change 2.07% 4.98% -58.14%
Total Long-Term Assets $7.627B $7.656B $8.231B
YoY Change -5.14% -6.99% -11.13%
TOTAL ASSETS
Total Short-Term Assets $2.224B $2.414B $2.876B
Total Long-Term Assets $7.627B $7.656B $8.231B
Total Assets $9.851B $10.07B $11.11B
YoY Change -2.58% -9.34% -8.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $622.0M $494.0M $428.0M
YoY Change 15.19% 15.42% -23.3%
Accrued Expenses $459.0M $506.0M $525.0M
YoY Change 0.44% -3.62% -9.64%
Deferred Revenue $372.0M
YoY Change 27.84%
Short-Term Debt $78.00M $5.000M $233.0M
YoY Change -2.5% -97.85% 17.68%
Long-Term Debt Due $304.0M $823.0M $121.0M
YoY Change -45.13% 580.17% -68.57%
Total Short-Term Liabilities $1.850B $2.146B $1.732B
YoY Change -5.95% 23.9% -19.03%
LONG-TERM LIABILITIES
Long-Term Debt $3.408B $3.391B $3.859B
YoY Change 0.35% -12.13% -13.14%
Other Long-Term Liabilities $522.0M $479.0M $522.0M
YoY Change -2.25% -8.24% 16.26%
Total Long-Term Liabilities $4.723B $4.787B $6.461B
YoY Change -9.9% -25.91% -3.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.850B $2.146B $1.732B
Total Long-Term Liabilities $4.723B $4.787B $6.461B
Total Liabilities $6.573B $6.933B $8.193B
YoY Change -8.82% -15.38% -7.37%
SHAREHOLDERS EQUITY
Retained Earnings $1.648B $1.543B $1.554B
YoY Change 25.04% -0.71%
Common Stock $1.832B $1.843B $1.821B
YoY Change -1.56% 1.21% -16.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.278B $3.097B $2.914B
YoY Change
Total Liabilities & Shareholders Equity $9.851B $10.07B $11.11B
YoY Change -2.58% -9.34% -8.18%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $213.0M $196.0M $85.00M
YoY Change 76.03% 130.59% -155.92%
Depreciation, Depletion And Amortization $67.00M $62.00M $72.00M
YoY Change -6.94% -13.89% -16.28%
Cash From Operating Activities $521.0M -$143.0M $194.0M
YoY Change 551.25% -173.71% -39.94%
INVESTING ACTIVITIES
Capital Expenditures -$57.00M -$36.00M -$30.00M
YoY Change 42.5% 20.0% 20.0%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $0.00 $375.0M
YoY Change -100.47% -100.0%
Cash From Investing Activities -$60.00M -$36.00M $345.0M
YoY Change -110.02% -110.43% -1480.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -609.0M 198.0M -601.0M
YoY Change 22.78% -132.95% 483.5%
NET CHANGE
Cash From Operating Activities 521.0M -143.0M 194.0M
Cash From Investing Activities -60.00M -36.00M 345.0M
Cash From Financing Activities -609.0M 198.0M -601.0M
Net Change In Cash -148.0M 19.00M -62.00M
YoY Change -180.87% -130.65% -131.79%
FREE CASH FLOW
Cash From Operating Activities $521.0M -$143.0M $194.0M
Capital Expenditures -$57.00M -$36.00M -$30.00M
Free Cash Flow $578.0M -$107.0M $224.0M
YoY Change 381.67% -147.77% -35.63%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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<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>
us-gaap Use Of Estimates
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<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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