01—Abstract
Summary
Summary of the 8-K filed July 1, 2019. Cited figures are marked; the original filing is the authoritative source.
L3Harris Technologies, Inc. (LHX) filed an 8-K on July 1, 2019, detailing significant corporate changes following the consummation of a merger.
The primary event reported is the completion of the merger between Harris Corporation and L3 Technologies, Inc., which resulted in the combined entity being renamed L3Harris Technologies, Inc. This filing formally amends the company's articles of incorporation and bylaws to reflect this new identity and structure. Investors should note the strategic implications of this merger, which aimed to create a larger, more integrated defense and aerospace technology company. Furthermore, a critical operational change is the adjustment of the company's fiscal year end.
Previously aligning with June 30, the fiscal year will now conclude on the Friday nearest December 31, effective June 29, 2019. This necessitates a fiscal transition period extending from June 29, 2019, to January 3, 2020. This change in fiscal year reporting is a significant event that investors will need to consider when analyzing the company's financial performance and reporting periods going forward.
02—Key points
Key Highlights
- Completion of the merger between Harris Corporation and L3 Technologies, Inc. on June 29, 2019.
- The combined entity has been officially renamed L3Harris Technologies, Inc.
- Amendments to the Restated Certificate of Incorporation and Bylaws to reflect the new corporate name and structure.
- Change in fiscal year end from the Friday nearest June 30 to the Friday nearest December 31, effective June 29, 2019.
- Establishment of a fiscal transition period from June 29, 2019, to January 3, 2020.
03—Questions
Frequently Asked Questions
What was the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing was to formally report the consummation of the merger between Harris Corporation and L3 Technologies, Inc., the subsequent renaming of the combined entity to L3Harris Technologies, Inc., and the amendment of its corporate governance documents to reflect these changes. It also announced a significant change in the company's fiscal year end.
How does the change in fiscal year affect financial reporting?
The fiscal year will now end on the Friday nearest December 31, instead of the Friday nearest June 30. This means there will be a fiscal transition period from June 29, 2019, to January 3, 2020, which will be a longer reporting period than usual. Investors should carefully review financial statements covering this transition period to understand its impact.
What are the implications of the merger for L3Harris Technologies, Inc.?
The merger signifies the creation of a larger, integrated defense and aerospace technology company. This combination is expected to create synergies, potentially leading to enhanced market position, broader capabilities, and opportunities for operational efficiencies. Investors will want to monitor how the integration progresses and its impact on the company's financial performance and strategic direction.
04—Continue