HARRIS CORPORATION (NYSE:HRS) Files An 8-K Other Events
Item 8.01 Other Events.
As previously reported, Harris Corporation (“Harris” or the “Company”) adopted, effective June 30, 2018 (the first day of Harris’ fiscal 2019), Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), as amended (“ASC 606”), and ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”) on a retrospective basis. Harris began reporting comparative results under ASC 606 and ASU 2017-07 in its Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2018 (the first quarter of fiscal 2019).
Harris is filing this Current Report on Form 8-K (“Current Report”) to update certain historical fiscal 2018 and fiscal 2017 financial information contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 29, 2018 (“Fiscal 2018 Annual Report on Form 10-K”) to reflect the retrospective impact of ASC 606 and ASU 2017-07 for those two fiscal years.
More specifically, in Exhibit 99.1 filed with this Current Report and incorporated herein by reference (“Exhibit99.1”), the Company has updated historical fiscal 2018 and fiscal 2017 financial information contained in the following Items in the Fiscal 2018 Annual Report on Form 10-K solely to the extent necessary to reflect the impact for those two fiscal years of retrospective application of ASC 606 and ASU 2017-07:
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Part II, Item 6. Selected Financial Data; |
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Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; |
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Part II, Item 8. Financial Statements and Supplementary Data; and |
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Part IV, Item 15(2), ScheduleII — Valuation and Qualifying Accounts. |
The updated fiscal 2018 and fiscal 2017 financial information in such Items in Exhibit 99.1 supersedes the fiscal 2018 and fiscal 2017 financial information in such Items in the Fiscal 2018 Annual Report on Form 10-K.
In Exhibit99.1, the Company also has updated the Notes to Consolidated Financial Statements in Item8. Financial Statements and Supplementary Data to include Note 25: Subsequent Events related to the Company’s entry into a definitive merger agreement with L3 Technologies, Inc.
Except for the foregoing updates, no other historical financial information in the Fiscal 2018 Annual Report on Form 10-K (including for fiscal 2016 and prior fiscal years and the comparison of fiscal 2017 financial performance to fiscal 2016 financial performance included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations), and no other Items in the Fiscal 2018 Annual Report on Form 10-K are being updated, and all such other historic financial information and such other Items in the Fiscal 2018 Annual Report on Form 10-K remain unchanged and are not superseded.
In addition, the previously reported consolidated financial statements have not been updated to reflect any financial results, events, developments or other changes subsequent to fiscal 2018 (which ended June 29, 2018). For developments since the filing of the Fiscal 2018 Annual Report on Form 10-K, refer to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2018 and the Company’s Current Reports on Form 8-K (excluding any information and exhibits furnished under either Item 8.01 or Item 8.01 thereof) filed with the SEC since the filing of the Fiscal 2018 Annual Report on Form 10-K.
The information in this Current Report, including Exhibit 99.1, should be read in conjunction with the Fiscal 2018 Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (“SEC”) on August 27, 2018, and the Company’s subsequent filings with the SEC that are referenced above.
Item 8.01 Financial Statements and Exhibits.
(d)Exhibits.
EXHIBIT INDEX
The following exhibits are filed herewith:
HARRIS CORP /DE/ Exhibit
EX-23 2 ex23.htm EXHIBIT 23 Exhibit Exhibit 23CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMWe consent to the incorporation by reference in the following Registration Statements of Harris Corporation and in the related Prospectuses: . Form S-3 ASR No. 333-213408 Harris Corporation Debt and Equity SecuritiesForm S-8 No. 333-222821 Harris Corporation Retirement PlanForm S-8 No. 333-192735 Harris Corporation Retirement PlanForm S-8 No. 333-163647 Harris Corporation Retirement PlanForm S-8 No. 333-75114 Harris Corporation Retirement PlanForm S-8 No. 333-130124 Harris Corporation 2005 Equity Incentive PlanForm S-8 No. 333-207774 Harris Corporation 2015 Equity Incentive Planof our report dated August 27,…
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About HARRIS CORPORATION (NYSE:HRS)
Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
