$LHX
L3HARRIS TECHNOLOGIES, INC. /DE/

2016 Q1 Form 10-Q Financial Statement

#000119312516449408 Filed on February 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $1.748B $1.206B
YoY Change 44.94% -4.85%
Cost Of Revenue $1.203B $808.0M
YoY Change 48.89% -3.92%
Gross Profit $545.0M $398.0M
YoY Change 36.93% -6.68%
Gross Profit Margin 31.18% 33.0%
Selling, General & Admin $178.0M $188.0M
YoY Change -5.32% -7.48%
% of Gross Profit 32.66% 47.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $86.00M $53.00M
YoY Change 62.26% 9.96%
% of Gross Profit 15.78% 13.32%
Operating Expenses $217.0M $188.0M
YoY Change 15.43% -7.48%
Operating Profit $328.0M $210.0M
YoY Change 56.19% -5.96%
Interest Expense $46.00M -$21.00M
YoY Change -319.05% -6.67%
% of Operating Profit 14.02% -10.0%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income $282.0M $189.0M
YoY Change 49.21% -5.97%
Income Tax $85.00M $50.00M
% Of Pretax Income 30.14% 26.46%
Net Earnings -$152.0M $139.0M
YoY Change -209.35% -1.7%
Net Earnings / Revenue -8.7% 11.53%
Basic Earnings Per Share -$1.23
Diluted Earnings Per Share -$1.22 $1.325M
COMMON SHARES
Basic Shares Outstanding 123.8M shares
Diluted Shares Outstanding 124.9M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $511.0M $470.0M
YoY Change 8.72% 34.29%
Cash & Equivalents $511.0M $470.0M
Short-Term Investments
Other Short-Term Assets $122.0M $223.0M
YoY Change -45.29% 9.85%
Inventory $1.070B $650.0M
Prepaid Expenses
Receivables $935.0M $582.0M
Other Receivables $156.0M $22.00M
Total Short-Term Assets $2.835B $1.946B
YoY Change 45.68% -5.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.102B $725.0M
YoY Change 52.0% 5.69%
Goodwill $5.989B
YoY Change
Intangibles $1.643B
YoY Change
Long-Term Investments
YoY Change
Other Assets $528.0M $227.0M
YoY Change 132.6% -7.35%
Total Long-Term Assets $9.262B $2.852B
YoY Change 224.75% -1.86%
TOTAL ASSETS
Total Short-Term Assets $2.835B $1.946B
Total Long-Term Assets $9.262B $2.852B
Total Assets $12.10B $4.798B
YoY Change 152.13% -3.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $558.0M $292.0M
YoY Change 91.1% -17.98%
Accrued Expenses $581.0M $407.0M
YoY Change 42.75% -7.29%
Deferred Revenue
YoY Change
Short-Term Debt $198.0M $74.00M
YoY Change 167.57% -8.64%
Long-Term Debt Due $385.0M $1.000M
YoY Change 38400.0% 0.0%
Total Short-Term Liabilities $2.139B $1.028B
YoY Change 108.07% -12.59%
LONG-TERM LIABILITIES
Long-Term Debt $4.443B $1.576B
YoY Change 181.92% 0.0%
Other Long-Term Liabilities $449.0M $383.0M
YoY Change 17.23% -7.04%
Total Long-Term Liabilities $6.706B $1.959B
YoY Change 242.32% -1.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.139B $1.028B
Total Long-Term Liabilities $6.706B $1.959B
Total Liabilities $8.845B $2.987B
YoY Change 196.12% -5.56%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.190B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.251B $1.812B
YoY Change
Total Liabilities & Shareholders Equity $12.10B $4.798B
YoY Change 152.13% -3.25%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$152.0M $139.0M
YoY Change -209.35% -1.7%
Depreciation, Depletion And Amortization $86.00M $53.00M
YoY Change 62.26% 9.96%
Cash From Operating Activities $323.0M $142.0M
YoY Change 127.46% -18.62%
INVESTING ACTIVITIES
Capital Expenditures -$25.00M -$38.00M
YoY Change -34.21% -34.48%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$25.00M -$38.00M
YoY Change -34.21% -34.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -103.0M -69.00M
YoY Change 49.28% -26.28%
NET CHANGE
Cash From Operating Activities 323.0M 142.0M
Cash From Investing Activities -25.00M -38.00M
Cash From Financing Activities -103.0M -69.00M
Net Change In Cash 195.0M 35.00M
YoY Change 457.14% 52.84%
FREE CASH FLOW
Cash From Operating Activities $323.0M $142.0M
Capital Expenditures -$25.00M -$38.00M
Free Cash Flow $348.0M $180.0M
YoY Change 93.33% -22.58%

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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Use of Estimates</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;">The preparation of financial statements in accordance with U.S. </font><font style="font-family:Times New Roman;font-size:10pt;">GAAP</font><font style="font-family:Times New Roman;font-size:10pt;"> requires us to make estimates and assumptions that affect the amounts reported in the accompanying condensed consolidated financial statements and these Notes. </font><font style="font-family:Times New Roman;font-size:10pt;">These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying condensed consolidated financial statements and these Notes. Materially different results can occur </font><font style="font-family:Times New Roman;font-size:10pt;">as</font><font style="font-family:Times New Roman;font-size:10pt;"> circumstances change and additional information becomes known.</font></p>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Accounting Standards Issued But Not Yet Effective</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;">In May 2014, the FASB issued a comprehensive new revenue recognition standard that supersedes nearly all revenue recognition guidance under U.S. GAAP and International Financial Reporting Standards and supersedes some cost guidance for construction-type and production-type contracts. The guidance in this standard is principles-based, and </font><font style="font-family:Times New Roman;font-size:10pt;">consequently</font><font style="font-family:Times New Roman;font-size:10pt;">, entities will be required to use more judgment and make more estimates than under prior guidance, including identifying contract performance obligations, estimating variable consideration to include in the contract price and allocating the transaction price to separate performance obligations. The guidance in this standard is applicable to all contracts with customers, regardless of industry-specific or transaction-specific fact patterns. Additionally, this standard provides guidance for transactions that were not previously addressed comprehensively (e.g., service revenue, contract modifications and licenses of intellectual property) and modifies guidance for multiple-element arrangements. The core principle of this standard is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to </font><font style="font-family:Times New Roman;font-size:10pt;">which the entity expects to be entitled in exchange for those goods and services. To help financial statement users better understand the nature, amount, timing and potential uncertainty of the revenue that is recognized, this standard requires significantly more interim and annual disclosures. This standard allows for either &#8220;full retrospective&#8221; adoption (application to all periods presented) or &#8220;modified retrospective&#8221; adoption (application to only the most current period presented in the financial statements, as well as certain additional required footnote disclosures). </font><font style="font-family:Times New Roman;font-size:10pt;">In August 2015</font><font style="font-family:Times New Roman;font-size:10pt;">, the FASB </font><font style="font-family:Times New Roman;font-size:10pt;">issued an accounting standards update that defers the effective date </font><font style="font-family:Times New Roman;font-size:10pt;">of this standard </font><font style="font-family:Times New Roman;font-size:10pt;">by one year</font><font style="font-family:Times New Roman;font-size:10pt;">, while permitting entities to elect to adopt one year earlier on the original effective date.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">As a result, this standard is now effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, which for us is our fiscal 2019. We are currently evaluating the impact this standard will have on our financial position, resul</font><font style="font-family:Times New Roman;font-size:10pt;">ts of operation</font><font style="font-family:Times New Roman;font-size:10pt;">s and cash flows</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y0M18D
CY2016Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2015Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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-62000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
40000000 USD
CY2015Q3 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
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CY2016Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
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CY2016Q1 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
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70000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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12000000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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12000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
15000000 USD
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666000000 USD
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CY2015Q3 us-gaap Accounts Receivable Gross Current
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343000000 USD
CY2016Q1 hrs Unbilled Costs And Accrued Earnings On Fixed Price Contracts
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543000000 USD
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100000000 USD
CY2016Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2016Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2016Q1 us-gaap Machinery And Equipment Gross
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CY2016Q1 us-gaap Land
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147000000 USD
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640000000 USD
CY2015Q3 us-gaap Land
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155000000 USD
CY2015Q3 us-gaap Property Plant And Equipment Gross
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CY2015Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2015Q3 us-gaap Machinery And Equipment Gross
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587000000 USD
CY2016Q1 us-gaap Depreciation Nonproduction
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49000000 USD
us-gaap Depreciation Nonproduction
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99000000 USD
us-gaap Depreciation Nonproduction
DepreciationNonproduction
38000000 USD
us-gaap Depreciation Nonproduction
DepreciationNonproduction
73000000 USD
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-42000000 USD
us-gaap Goodwill Other Changes
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-27000000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
-290000000 USD
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
36000000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
9000000 USD
CY2016Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
34000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-9000000 USD
hrs Other Adjustments To Warranty Liability Including Those For Acquisitions And Foreign Currency Translation During Year
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-2000000 USD
CY2016Q1 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
36000000 USD
CY2015Q3 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
36000000 USD
CY2016Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
22000000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
41000000 USD
CY2016Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
64000000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
130000000 USD
CY2016Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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89000000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
180000000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
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-2000000 USD
CY2016Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
-4000000 USD
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
-7000000 USD
CY2016Q1 hrs Defined Benefit Plan Net Periodic Benefit Cost Before Gain Loss Due To Settlements Curtailments And Special Terminations
DefinedBenefitPlanNetPeriodicBenefitCostBeforeGainLossDueToSettlementsCurtailmentsAndSpecialTerminations
-7000000 USD
hrs Defined Benefit Plan Net Periodic Benefit Cost Before Gain Loss Due To Settlements Curtailments And Special Terminations
DefinedBenefitPlanNetPeriodicBenefitCostBeforeGainLossDueToSettlementsCurtailmentsAndSpecialTerminations
-14000000 USD
CY2016Q1 us-gaap Defined Benefit Plan Curtailments
DefinedBenefitPlanCurtailments
-121000000 USD
us-gaap Defined Benefit Plan Curtailments
DefinedBenefitPlanCurtailments
-121000000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-135000000 USD
CY2016Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-128000000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
97000000 USD
us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Current Fiscal Year
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76000000 USD
hrs Adjustments For Participating Securities Outstanding
AdjustmentsForParticipatingSecuritiesOutstanding
0 USD
CY2016Q1 hrs Adjustments For Participating Securities Outstanding
AdjustmentsForParticipatingSecuritiesOutstanding
0 USD
hrs Adjustments For Participating Securities Outstanding
AdjustmentsForParticipatingSecuritiesOutstanding
0 USD
hrs Adjustments For Participating Securities Outstanding
AdjustmentsForParticipatingSecuritiesOutstanding
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hrs Impact Of Dilutive Stock Options
ImpactOfDilutiveStockOptions
1100000 shares
hrs Impact Of Dilutive Stock Options
ImpactOfDilutiveStockOptions
1000000 shares
CY2016Q1 hrs Impact Of Dilutive Stock Options
ImpactOfDilutiveStockOptions
0 shares
hrs Impact Of Dilutive Stock Options
ImpactOfDilutiveStockOptions
1000000 shares
hrs Income Loss From Continuing Operations Available To Common Stockholders Basic And Diluted
IncomeLossFromContinuingOperationsAvailableToCommonStockholdersBasicAndDiluted
13000000 USD
CY2016Q1 hrs Income Loss From Continuing Operations Available To Common Stockholders Basic And Diluted
IncomeLossFromContinuingOperationsAvailableToCommonStockholdersBasicAndDiluted
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hrs Income Loss From Continuing Operations Available To Common Stockholders Basic And Diluted
IncomeLossFromContinuingOperationsAvailableToCommonStockholdersBasicAndDiluted
139000000 USD
hrs Income Loss From Continuing Operations Available To Common Stockholders Basic And Diluted
IncomeLossFromContinuingOperationsAvailableToCommonStockholdersBasicAndDiluted
263000000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1482261 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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678650 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.898 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.277 pure
us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
23000000 USD
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.06 pure
CY2016Q1 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
12000000 USD
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.4 pure
us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
7000000 USD
us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.037 pure
us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
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us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
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0.042 pure
CY2016Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4828000000 USD
CY2015Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
5183000000 USD
CY2016Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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CY2015Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
5230000000 USD
CY2016Q1 us-gaap Derivative Lower Remaining Maturity Range1
DerivativeLowerRemainingMaturityRange1
P1M
CY2016Q1 us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
MaximumRemainingMaturityOfForeignCurrencyDerivatives1
P5M
CY2016Q1 us-gaap Average Remaining Maturity Of Foreign Currency Derivatives1
AverageRemainingMaturityOfForeignCurrencyDerivatives1
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CY2016Q1 hrs Segment Reporting Information Unallocated Corporate Expense
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14000000 USD
CY2016Q1 hrs Segment Reporting Information Corporate Eliminations Operating Income
SegmentReportingInformationCorporateEliminationsOperatingIncome
-1000000 USD
hrs Segment Reporting Information Corporate Eliminations Operating Income
SegmentReportingInformationCorporateEliminationsOperatingIncome
-3000000 USD
hrs Segment Reporting Information Unallocated Corporate Expense
SegmentReportingInformationUnallocatedCorporateExpense
-21000000 USD
hrs Segment Reporting Information Corporate Eliminations Operating Income
SegmentReportingInformationCorporateEliminationsOperatingIncome
-2000000 USD
hrs Segment Reporting Information Unallocated Corporate Expense
SegmentReportingInformationUnallocatedCorporateExpense
-61000000 USD
hrs Segment Reporting Information Corporate Eliminations Operating Income
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CY2016Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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