8-KOther EventsExhibits & Filings

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Corporate Update (Dec 13, 2018)

Filed December 13, 2018For Securities:LHX

Summary

L3Harris Technologies, Inc. (formerly Harris Corporation) is filing this Form 8-K to update historical financial information for fiscal years 2018 and 2017. These updates are necessary due to the retrospective adoption of Accounting Standards Update (ASU) No. 2014-09 (ASC 606) concerning revenue from contracts with customers, and ASU 2017-07 for improving the presentation of net periodic pension cost. The updated information, detailed in Exhibit 99.1, supersedes previously reported figures in specific sections of the Fiscal 2018 Annual Report on Form 10-K, including Selected Financial Data, Management's Discussion and Analysis, Financial Statements, and Valuation and Qualifying Accounts. Additionally, Exhibit 99.1 includes an update to the Notes to Consolidated Financial Statements, specifically Note 25, which addresses subsequent events. This note pertains to the company's entry into a definitive merger agreement with L3 Technologies, Inc. Investors should note that this filing only updates historical data for FY18 and FY17 and does not reflect any events or financial results subsequent to the end of fiscal year 2018. For more recent information, reference is made to the company's subsequent 10-Q and 8-K filings.

Key Highlights

  • 1L3Harris Technologies is retrospectively updating its fiscal 2018 and 2017 financial statements to reflect the adoption of new accounting standards (ASC 606 and ASU 2017-07).
  • 2The filing specifically amends information related to revenue recognition (ASC 606) and pension cost presentation (ASU 2017-07).
  • 3Updated financial data for FY18 and FY17 in Exhibit 99.1 supersedes previously filed information within the FY18 10-K for specific sections.
  • 4A new 'Subsequent Events' note (Note 25) has been added to the financial statements in Exhibit 99.1, referencing the merger agreement with L3 Technologies, Inc.
  • 5This 8-K does not contain any updates for fiscal years prior to 2017 or for periods after June 29, 2018 (end of FY18).
  • 6Investors are directed to refer to the company's Q1 FY19 10-Q and subsequent filings for financial information beyond FY18.

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