8-KOther Events

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report (Jun 10, 2004)

Filed June 10, 2004For Securities:LHX

Summary

L3Harris Technologies (formerly Harris Corporation) announced a change in its segment reporting structure effective May 28, 2004, following the divestiture of its telecom tools, test sets, and test systems product line to a Danaher Corporation subsidiary. This change eliminates the 'Network Support' segment as a standalone reportable segment. The Harris NetBossTM network operations software business, previously part of Network Support, will now be consolidated into the 'Microwave Communications' reporting segment. This move is intended to streamline reporting and better reflect the company's operational focus post-divestiture. Furthermore, the divested telecom tools, test sets, and test systems product line will be presented as a 'discontinued operation' in the company's financial statements. This reclassification requires Harris to restate prior financial periods to align with the new segment structure and to properly account for the discontinued operations. Investors should note that revised financial statements, including condensed consolidated statements of income and business segment information for fiscal 2003, fiscal 2003 quarters, and the first three quarters of fiscal 2004, have been filed as an exhibit to this report (Exhibit 99.1) to reflect these changes.

Key Highlights

  • 1Harris Corporation has divested its telecom tools, test sets, and test systems product line to a subsidiary of Danaher Corporation.
  • 2The company has revised its segment reporting structure, eliminating the 'Network Support' segment.
  • 3The Harris NetBossTM network operations software business will be integrated into the 'Microwave Communications' reporting segment.
  • 4The divested product line will be reported as a discontinued operation.
  • 5Prior period financial statements (FY2003 and Q1-Q3 FY2004) are being restated to reflect the new segment structure and discontinued operations.
  • 6Revised condensed consolidated statements of income and business segment information are filed as Exhibit 99.1.

Frequently Asked Questions

The primary reason for the change in segment reporting is the divestiture of the telecom tools, test sets, and test systems product line. This sale necessitated a restructuring of how the company reports its business segments.

The Harris NetBossTM network operations software business, previously part of the Network Support segment, will now be consolidated into and reported as part of the Microwave Communications reporting segment.

Generally Accepted Accounting Principles (GAAP) require that when a company changes its reportable segments or reports a component as a discontinued operation, financial statements for prior periods must be restated to reflect the new structure and accounting treatment for consistency and comparability.

The revised financial information, including condensed consolidated statements of income and business segment information for fiscal 2003, each quarter of fiscal 2003, and each of the first three quarters of fiscal 2004, is filed as Exhibit 99.1 to this Form 8-K.