L3Harris Technologies Files Q2 2024 10-Q

TL;DR

L3Harris Q2 10-Q filed. Financials updated through June 28, 2024.

AI Summary

L3Harris Technologies, Inc. filed its 10-Q for the period ending June 28, 2024. The company, formerly Harris Corp., is incorporated in Delaware and headquartered in Melbourne, Florida. Key financial data and reporting periods from late 2022 through mid-2024 are referenced in the filing.

Why It Matters

This filing provides investors with a quarterly update on L3Harris Technologies' financial performance and operational status, crucial for understanding the company's trajectory in the aerospace and defense sector.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new disclosures.

Key Numbers

• 20240628 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240726 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0000202058 — CIK Number (Central Index Key for L3Harris Technologies.)

Key Players & Entities

• L3HARRIS TECHNOLOGIES, INC. /DE/ (company) — Filer
• HARRIS CORP /DE/ (company) — Former Company Name
• MELBOURNE (location) — Company Headquarters City
• FL (location) — Company Headquarters State
• 32919 (location) — Company Headquarters Zip Code
• 20240628 (date) — Reporting Period End Date

FAQ

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share LHX New York Stock Exchange

Filing Documents

• hrs-20240628.htm (10-Q) — 1790KB
• exhibit102-l3harris_psuter.htm (EX-10.2) — 3620KB
• exhibit103-l3harris_rsuter.htm (EX-10.3) — 3194KB
• exhibit104-l3harris_nqsote.htm (EX-10.4) — 3256KB
• exhibit105-rspamendmentone.htm (EX-10.5) — 14KB
• exhibit106-rspamendmenttwo.htm (EX-10.6) — 16KB
• exhibit107-l3harrisersprei.htm (EX-10.7) — 150KB
• exhibit15cy24-q210xq.htm (EX-15) — 13KB
• exhibit311cy24-q210xq.htm (EX-31.1) — 10KB
• exhibit312cy24-q210xq.htm (EX-31.2) — 10KB
• exhibit321cy24-q210xq.htm (EX-32.1) — 5KB
• exhibit322cy24-q210xq.htm (EX-32.2) — 6KB
• hrs-20240628_g1.jpg (GRAPHIC) — 161KB
• image_0.jpg (GRAPHIC) — 5KB
• image_01.jpg (GRAPHIC) — 3KB
• image_0a.jpg (GRAPHIC) — 22KB
• 0000202058-24-000140.txt ( ) — 20666KB
• hrs-20240628.xsd (EX-101.SCH) — 60KB
• hrs-20240628_cal.xml (EX-101.CAL) — 129KB
• hrs-20240628_def.xml (EX-101.DEF) — 314KB
• hrs-20240628_lab.xml (EX-101.LAB) — 739KB
• hrs-20240628_pre.xml (EX-101.PRE) — 530KB
• hrs-20240628_htm.xml (XML) — 1652KB

Financial Information

Part I. Financial Information:

Financial Statements ( Unaudited)

ITEM 1. Financial Statements ( Unaudited): Condensed Consolidated Statement of Operations for the Quarter and Two Quarters Ended June 28, 2024 and June 30, 2023 2 Condensed Consolidated Statement of Comprehensive Income for the Quarter and Two Quarters Ended June 28, 2024 and June 30, 2023 3 Condensed Consolidated Statement of Cash Flows for the Two Quarters Ended June 28, 2024 and June 30, 2023 4 Condensed Consolidated Balance Sheet at June 28, 2024 and December 29, 2023 5 Condensed Consolidated Statement of Equity f or the Quarter and Two Quarters Ended June 28, 2024 and June 30, 2023 6 Notes to Condensed Consolidated Financial Statements 8 Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) 24

M anagement's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. M anagement's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

ITEM 4. Controls and Procedures 38

Other Information

Part II. Other Information:

Legal Proceedings

ITEM 1. Legal Proceedings 39

Risk Factors

ITEM 1A. Risk Factors 39

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 40

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 40

Other Information

ITEM 5. Other Information 40

Exhibits

ITEM 6. Exhibits 41

Signatures

Signatures 42 This Quarterly Report on Form 10-Q (this "Report") contains trademarks, service marks and registered marks of L3Harris Technologies, Inc. and its subsidiaries. All other trademarks are the property of their respective owners. _____________________________________________________________________ 1

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Quarter Ended Two Quarters Ended (In millions, except per share amounts) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Revenue $ 5,299 $ 4,693 $ 10,510 $ 9,164 Cost of revenue ( 3,939 ) ( 3,506 ) ( 7,802 ) ( 6,811 ) General and administrative expenses ( 884 ) ( 787 ) ( 1,854 ) ( 1,560 ) Operating income 476 400 854 793 Non-service FAS pension income and other, net ( 1) 86 83 174 165 Interest expense, net ( 172 ) ( 111 ) ( 348 ) ( 213 ) Income before income taxes 390 372 680 745 Income taxes ( 23 ) ( 21 ) ( 28 ) ( 55 ) Net income 367 351 652 690 Noncontrolling interests, net of income taxes ( 1 ) ( 2 ) ( 3 ) ( 4 ) Net income attributable to L3Harris Technologies, Inc. $ 366 $ 349 $ 649 $ 686 Net income per common share attributable to L3Harris Technologies, Inc. common shareholders Basic $ 1.93 $ 1.84 $ 3.42 $ 3.61 Diluted $ 1.92 $ 1.83 $ 3.40 $ 3.60 Basic weighted-average common shares outstanding 189.7 189.2 189.8 189.7 Diluted weighted-average common shares outstanding 190.6 190.1 190.8 190.7 _______________ (1) "FAS" is defined as Financial Accounting Standards. See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). _____________________________________________________________________ 2 L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) Quarter Ended Two Quarters Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net income $ 367 $ 351 $ 652 $ 690 Other comprehensive income (loss): Foreign currency translation income (loss), net of income taxes 5 28 ( 21 ) 35 Net unrealized income (loss) on hedging derivatives, net of income taxes — 4 ( 3 ) 9 Net unrecognized gains on postretirement obligations, net of income taxes 3 — 3 — Other comprehensive income (loss) r

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