8-K/AEarnings & ResultsRegulation FDExhibits & Filings

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K/A Report, Financial Results (Jan 18, 2022)

Filed January 18, 2022For Securities:LHX

Summary

L3Harris Technologies, Inc. (LHX) filed an 8-K/A on January 18, 2022, primarily to announce and provide details on a significant reorganization of its business segments, effective January 1, 2022. The company has streamlined its operations from four business segments to three: Integrated Mission Solutions, Space & Airborne Systems, and Communication Systems. This reorganization involves the integration of the former Aviation Systems segment's operations into the remaining three segments. The filing also introduces a new accounting policy for pension and other postretirement income or expense, which will better align with industry peers by reporting U.S. Government Cost Accounting Standards (CAS) pension and OPEB costs within segment results, while FAS pension and OPEB adjustments will be presented outside of segment operating income. Investors should note that this 8-K/A, along with the furnished Exhibit 99.1, provides reclassified historical segment financial information to reflect these changes, allowing for more consistent period-over-period analysis. While the segment structure and accounting policy changes impact how results are presented, the company states these changes have no impact on previously reported consolidated financial statements. The company also emphasizes the use of non-GAAP financial measures alongside GAAP figures for a comprehensive understanding of business trends and performance.

Key Highlights

  • 1L3Harris has reorganized its business structure from four to three reporting segments, effective January 1, 2022.
  • 2The Aviation Systems segment has been eliminated, with its operations integrated into Integrated Mission Solutions, Space & Airborne Systems, and Communication Systems.
  • 3A new accounting policy for pension and other postretirement income/expense will now include U.S. Government Cost Accounting Standards (CAS) costs within segment results.
  • 4Financial Accounting Standards (FAS) pension and OPEB adjustments will be reported separately outside of segment operating income.
  • 5The company is providing reclassified historical segment financial data to ensure comparability under the new structure.
  • 6These changes do not impact previously reported consolidated financial statements.
  • 7Exhibit 99.1 contains supplemental, unaudited historical segment information and reconciliations of non-GAAP financial measures.

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