L3Harris Reports Material Agreement Changes & New Debt

TL;DR

**L3Harris just shook up its major contracts and took on new debt, watch for impact on future financials.**

AI Summary

L3Harris Technologies, Inc. filed an 8-K on January 31, 2024, reporting events from January 26, 2024, concerning the entry into and termination of a material definitive agreement, and the creation of a direct financial obligation. This filing indicates significant changes in the company's financial commitments and contractual relationships, which could impact its future financial performance and strategic direction. Investors should pay attention to the details of these agreements as they could affect the company's risk profile and profitability.

Why It Matters

This filing signals that L3Harris has made important changes to its financial and contractual obligations, which could affect its balance sheet, future earnings, and overall business strategy. These changes might introduce new risks or opportunities for the company.

Risk Assessment

Risk Level: medium — The filing indicates both the entry into and termination of material agreements, alongside new financial obligations, suggesting significant but unspecified changes that could carry both positive and negative risks.

Analyst Insight

A smart investor would monitor L3Harris's next earnings report and subsequent filings for specific details regarding the nature and financial implications of these material agreements and obligations to assess their impact on the company's valuation and risk profile.

Key Numbers

• $1.00 — par value per share (This is the stated par value for L3Harris's Common Stock, important for accounting purposes.)

Key Players & Entities

• L3HARRIS TECHNOLOGIES, INC. /DE/ (company) — the registrant filing the 8-K
• January 26, 2024 (date) — date of the earliest event reported
• January 31, 2024 (date) — date the 8-K was filed
• Delaware (company) — state of incorporation for L3Harris
• 1-3863 (dollar_amount) — Commission File Number
• 34-0276860 (dollar_amount) — I.R.S. Employer Identification No.
• 1025 West NASA Boulevard Melbourne, Florida 32919 (company) — address of principal executive offices
• (321) 727-9100 (dollar_amount) — registrant's telephone number
• $1.00 (dollar_amount) — par value per share of Common Stock
• LHX (company) — trading symbol for L3Harris Common Stock

Forward-Looking Statements

• L3Harris's upcoming earnings call will likely provide more details on the nature and financial impact of these material agreements and obligations. (L3HARRIS TECHNOLOGIES, INC. /DE/) — high confidence, target: Q1 2024 Earnings Call
• The 'Creation of a Direct Financial Obligation' could lead to an increase in L3Harris's debt levels or changes in its credit profile. (L3HARRIS TECHNOLOGIES, INC. /DE/) — medium confidence, target: Next financial report

FAQ

From the Filing

0000202058-24-000014.txt : 20240131 0000202058-24-000014.hdr.sgml : 20240131 20240131170720 ACCESSION NUMBER: 0000202058-24-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240126 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240131 DATE AS OF CHANGE: 20240131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: L3HARRIS TECHNOLOGIES, INC. /DE/ CENTRAL INDEX KEY: 0000202058 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 340276860 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03863 FILM NUMBER: 24583857 BUSINESS ADDRESS: STREET 1: 1025 W NASA BLVD CITY: MELBOURNE STATE: FL ZIP: 32919 BUSINESS PHONE: 3217279100 MAIL ADDRESS: STREET 1: 1025 W NASA BLVD CITY: MELBOURNE STATE: FL ZIP: 32919 FORMER COMPANY: FORMER CONFORMED NAME: HARRIS CORP /DE/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: HARRIS SEYBOLD CO DATE OF NAME CHANGE: 19600201 8-K 1 hrs-20240126.htm 8-K hrs-20240126 0000202058 false 0000202058 2024-01-26 2024-01-26 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 26, 2024 L3HARRIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 1-3863 34-0276860 (State or other jurisdiction  of incorporation) (Commission  File Number) (I.R.S. Employer  Identification No.) 1025 West NASA Boulevard Melbourne, Florida   32919 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: ( 321 )  727-9100 No change (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $1.00 per share LHX New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.   Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 1.01      Entry into a Material Definitive Agreement. On January 26, 2024, L3Harris Technologies, Inc. (“ L3Harris ”) established a new $1.5 billion, 364-day senior unsecured revolving credit facility (the “ New Credit Facility ”), by entering into a 364-Day Credit Agreement (the “ New Credit Agreement ”) with the lenders from time to time party thereto and JPMorgan Chase Bank, N.A. (“ JPMorgan ”), as administrative agent. The New Cred