8-KEarnings & ResultsRegulation FDExhibits & Filings

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (Sep 8, 2008)

Filed September 8, 2008For Securities:LHX

Summary

L3Harris Technologies, Inc. (LHX) filed an 8-K on September 7, 2008, primarily to announce a change in its segment reporting structure for fiscal year 2009, which began on June 28, 2008. This restructuring will result in four distinct business segments: RF Communications; Government Communications Systems; Broadcast Communications; and Harris Stratex Networks. The company is also providing reclassified historical operating segment data for fiscal years 2007 and 2008, presented quarterly and annually, to reflect these upcoming changes. This aims to offer investors a clearer view of segment performance trends and comparability. The filing emphasizes that these changes do not impact the previously reported consolidated financial statements and will be accompanied by reconciliations for any non-GAAP financial measures used.

Key Highlights

  • 1L3Harris Technologies is realigning its business segments for fiscal year 2009 into four distinct reporting units: RF Communications, Government Communications Systems, Broadcast Communications, and Harris Stratex Networks.
  • 2The Government Communications Systems segment will be expanded to include Defense Programs, alongside existing National Intelligence Programs, Civil Programs, and IT Services.
  • 3The RF Communications business, previously part of the Defense Communications and Electronics segment, will become a standalone segment.
  • 4Historical operating segment data for fiscal years 2007 and 2008 (quarterly and annually) has been reclassified to reflect the new reporting structure, with Exhibit 99.1 containing this information.
  • 5The company stated that the segment reporting changes have no impact on previously reported consolidated financial statements.
  • 6The filing provides information on non-GAAP financial measures, explaining their purpose and use in understanding operational performance separate from certain costs and gains, with reconciliations to GAAP measures provided in Exhibit 99.1.

Frequently Asked Questions

The primary purpose of this 8-K filing is to inform investors about L3Harris Technologies' change in its segment reporting structure for fiscal year 2009 and to provide historical reclassified operating segment data to aid in understanding the financial performance under the new structure.

No, the company explicitly states that the changes in segment reporting structure for fiscal year 2009 will not impact the previously reported consolidated statements of income, balance sheets, statements of cash flows, or statements of comprehensive income and shareholders' equity.

The reclassified historical operating segment data for fiscal years 2007 and 2008 is provided in Exhibit 99.1, which is furnished as part of this Current Report on Form 8-K.

Non-GAAP financial measures are financial metrics that exclude or include amounts that are different from the most directly comparable measure calculated and presented in accordance with Generally Accepted Accounting Principles (GAAP). L3Harris discusses them because management believes they provide useful information to investors in understanding period-over-period operating results separate from items that may disproportionately impact results in any given period, enhancing the ability to analyze trends and understand performance.