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.