Summary
This Form 8-K filing from L3Harris Technologies, Inc. (formerly Harris Corporation) on November 2, 2015, primarily details a significant reorganization of its business segments. Effective for fiscal year 2016, following the acquisition of Exelis Inc., the company has restructured into four new market-focused segments: Communication Systems, Space and Intelligence Systems, Electronic Systems, and Critical Networks. This change replaces the prior segment structure and will be reflected in consolidated financial statements for periods after July 3, 2015. As supplemental information for investors, the filing includes unaudited "Supplemental Combined Information" that presents Harris and Exelis's historical results combined under the new segment structure. This information is provided for fiscal 2015 quarters, full fiscal 2015, and full fiscal 2014. It's important to note that this supplemental data is not prepared under the same accounting principles as the pro forma financial information previously filed and excludes certain items like Vectrus, Inc.'s results and intercompany transactions. The company also presents adjusted financial data, excluding certain non-recurring items, to offer investors a clearer view of operational trends and performance.
Key Highlights
- 1L3Harris Technologies (Harris Corporation) is implementing a new four-segment business structure: Communication Systems, Space and Intelligence Systems, Electronic Systems, and Critical Networks, effective for fiscal year 2016.
- 2This reorganization follows the company's acquisition of Exelis Inc. on May 29, 2015.
- 3The company is providing "Supplemental Combined Information" that merges historical Harris and Exelis operational data based on the new segment structure for fiscal 2015 and fiscal 2014.
- 4This supplemental information is presented to aid investors in understanding the combined entity's performance under the new structure, but it is not prepared as pro forma financial statements under acquisition accounting rules.
- 5Certain historical results have been adjusted to exclude the results of Vectrus, Inc. (spun off from Exelis) and intercompany revenues/costs between Harris and Exelis.
- 6The filing also includes adjusted financial amounts, excluding certain non-recurring items, to provide a clearer view of underlying operational trends and performance for investors.
- 7The new segment structure will be reflected in all consolidated financial statements for periods ending after July 3, 2015.