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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 1, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                              to                              
Commission File Number: 1-3863
L3HARRIS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 34-0276860
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1025 West NASA Boulevard
Melbourne,Florida 32919
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (321727-9100
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareLHXNew York Stock Exchange
Indicate by check mark whether the registrant (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                               þ   Yes    o  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                                     þ  Yes    o  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ  Accelerated filero
Non-accelerated filer o  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes   þ  No
The number of shares outstanding of the registrant’s common stock as of October 22, 2021 was 196,225,469 shares.




L3HARRIS TECHNOLOGIES, INC.
FORM 10-Q
For the Quarter Ended October 1, 2021
TABLE OF CONTENTS
 Page
No.
Part I. Financial Information:
Item 1. Financial Statements (Unaudited):
Condensed Consolidated Statement of Income for the Quarter and Three Quarters Ended October 1, 2021 and October 2, 2020
Condensed Consolidated Statement of Comprehensive Income for the Quarter and Three Quarters Ended October 1, 2021 and October 2, 2020
Condensed Consolidated Balance Sheet at October 1, 2021 and January 1, 2021
Condensed Consolidated Statement of Cash Flows for the Three Quarters Ended October 1, 2021 and October 2, 2020
Condensed Consolidated Statement of Equity for the Quarter and Three Quarters Ended October 1, 2021 and October 2, 2020
Notes to Condensed Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information:
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signature
This Report contains trademarks, service marks and registered marks of L3Harris Technologies, Inc. and its subsidiaries. All other trademarks are the property of their respective owners.






PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited).
L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 Quarter EndedThree Quarters Ended
(In millions, except per share amounts)October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Revenue from product sales and services$4,229 $4,463 $13,464 $13,534 
Cost of product sales and services(2,921)(3,152)(9,385)(9,625)
Engineering, selling and administrative expenses(793)(817)(2,485)(2,484)
Business divestiture-related gains (losses)27 (10)192 (62)
Impairment of goodwill and other assets  (207)(394)
Non-operating income111 96 314 296 
Interest expense, net(67)(62)(198)(190)
Income from continuing operations before income taxes586 518 1,695 1,075 
Income taxes(107)(87)(336)(171)
Income from continuing operations479 431 1,359 904 
Discontinued operations, net of income taxes (1)(1)(2)
Net income479 430 1,358 902 
Noncontrolling interests, net of income taxes2 (4)4 24 
Net income attributable to L3Harris Technologies, Inc.$481 $426 $1,362 $926 
Amounts attributable to L3Harris Technologies, Inc. common shareholders
Income from continuing operations$481 $427 $1,363 $928 
Discontinued operations, net of income taxes (1)(1)(2)
Net income$481 $426 $1,362 $926 
Net income per common share attributable to L3Harris Technologies, Inc. common shareholders
Basic
Continuing operations$2.41 $2.00 $6.70 $4.31 
Discontinued operations   (0.01)
$2.41 $2.00 $6.70 $4.30 
Diluted
Continuing operations$2.39 $1.99 $6.64 $4.27 
Discontinued operations (0.01) (0.01)
$2.39 $1.98 $6.64 $4.26 
Basic weighted average common shares outstanding199.5 213.4 203.3 215.5 
Diluted weighted average common shares outstanding201.6 215.1 205.2 217.3 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
1



L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited) 
 Quarter EndedThree Quarters Ended
(In millions)October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Net income$479 $430 $1,358 $902 
Other comprehensive income (loss):
Foreign currency translation (loss) gain, net of income taxes(34)32 (37)(28)
Net unrealized (loss) gain on hedging derivatives, net of income taxes(7)5  (55)
Net unrecognized gain on postretirement obligations, net of income taxes576  574  
Other comprehensive income (loss) recognized during the period535 37 537 (83)
Reclassification adjustments for (gains) losses included in net income(3)(3)(1)1 
Other comprehensive income (loss), net of income taxes532 34 536 (82)
Total comprehensive income1,011 464 1,894 820 
Comprehensive loss (income) attributable to noncontrolling interests2 (4)4 24 
Total comprehensive income attributable to L3Harris Technologies, Inc.$1,013 $460 $1,898 $844 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
2



L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(In millions, except shares)October 1, 2021January 1, 2021
Assets
Current Assets
Cash and cash equivalents$1,126 $1,276 
Receivables, net1,027 1,344 
Contract assets2,813 2,437 
Inventories1,024 973 
Inventory prepayments50 61 
Income taxes receivable151 295 
Other current assets280 246 
Assets of businesses held for sale 155 35 
Total current assets6,626 6,667 
Non-current Assets
Property, plant and equipment, net2,044 2,102 
Operating lease right-of-use assets788 766 
Goodwill18,207 18,876 
Other intangible assets, net6,796 7,908 
Deferred income taxes79 119 
Other non-current assets478 522 
Total non-current assets28,392 30,293 
$35,018 $36,960 
Liabilities and Equity
Current Liabilities
Short-term debt$2 $2 
Accounts payable1,608 1,406 
Contract liabilities1,174 1,198 
Compensation and benefits368 496 
Other accrued items1,058 1,066 
Income taxes payable32 49 
Current portion of long-term debt, net11 10 
Liabilities of businesses held for sale 60 13 
Total current liabilities4,313 4,240 
Non-current Liabilities
Defined benefit plans857 1,906 
Operating lease liabilities792 734 
Long-term debt, net7,053 6,943 
Deferred income taxes1,293 1,237 
Other long-term liabilities1,116 1,059 
Total non-current liabilities11,111 11,879 
Equity
Shareholders’ Equity:
Preferred stock, without par value; 1,000,000 shares authorized; none issued
  
Common stock, $1.00 par value; 500,000,000 shares authorized; issued and outstanding 196,795,809 and 208,230,353 shares at October 1, 2021 and January 1, 2021, respectively
197 208 
Other capital16,847 19,008 
Retained earnings2,743 2,347 
Accumulated other comprehensive loss(303)(839)
Total shareholders’ equity19,484 20,724 
Noncontrolling interests110 117 
Total equity19,594 20,841 
$35,018 $36,960 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
3



L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Three Quarters Ended
(In millions)October 1, 2021October 2, 2020
Operating Activities
Net income$1,358 $902 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of acquisition-related intangibles475 529 
Depreciation and other amortization248 239 
Share-based compensation100 71 
Share-based matching contributions under defined contribution plans165 168 
Qualified pension plan contributions(5)(7)
Pension and other postretirement benefit plan income(275)(241)
Investment and asset impairment charges244 394 
Business divestiture-related (gains) losses(192)62 
Deferred income taxes(102)(142)
(Increase) decrease in:
Accounts receivable233 (35)
Contract assets(615)(98)
Inventories(108)139 
Prepaid expenses and other current assets(38)(18)
Increase (decrease) in:
Accounts payable270 (2)
Contract liabilities56 (94)
Compensation and benefits(119)(42)
Income taxes100 86 
Other accrued items72 84 
Other(2)97 
Net cash provided by operating activities1,865 2,092 
Investing Activities
Additions of property, plant and equipment(207)(194)
Proceeds from sale of property, plant and equipment7  
Proceeds from sales of businesses, net1,598 1,002 
Other investing activities2 (10)
Net cash provided by investing activities1,400 798 
Financing Activities
Net proceeds from borrowings5 249 
Repayments of borrowings(12)(257)
Proceeds from exercises of employee stock options94 39 
Repurchases of common stock(2,875)(1,850)
Cash dividends(618)(546)
Other financing activities(7)(8)
Net cash used in financing activities(3,413)(2,373)
Effect of exchange rate changes on cash and cash equivalents(2) 
Net (decrease) increase in cash and cash equivalents(150)517 
Cash and cash equivalents, beginning of year1,276 824 
Cash and cash equivalents, end of quarter$1,126 $1,341 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
4



L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(Unaudited)
(In millions, except per share amounts)Common
Stock
Other
Capital
Retained
Earnings
Accumulated Other
Comprehensive Loss
Non-controlling
Interests
Total
Equity
Balance at July 2, 2021$202 $17,863 $2,633 $(835)$113 $19,976 
Net income— — 481 — (2)479 
Other comprehensive income, net of income taxes— — — 532 — 532 
Shares issued under stock incentive plans— 56 — — — 56 
Shares issued under defined contribution plans— 48 — — — 48 
Share-based compensation expense— 33 — — — 33 
Repurchases and retirement of common stock(5)(1,150)(170)— — (1,325)
Cash dividends ($1.02 per share)
— — (202)— — (202)
Other— (3)1 — (1)(3)
Balance at October 1, 2021$197 $16,847 $2,743 $(303)$110 $19,594 
Balance at July 3, 2020$216 $20,260 $2,250 $(624)$124 $22,226 
Net income— — 426 — 4 430 
Other comprehensive income, net of income taxes— — — 34 — 34 
Shares issued under stock incentive plans— 2 — — — 2 
Shares issued under defined contribution plans1 45 — — — 46 
Share-based compensation expense— 31 — — — 31 
Repurchases and retirement of common stock(7)(1,028)(115)— — (1,150)
Cash dividends ($.85 per share)
— — (179)— — (179)
Other— — 1 — (2)(1)
Balance at October 2, 2020$210 $19,310 $2,383 $(590)$126 $21,439 
(In millions, except per share amounts)Common
Stock
Other
Capital
Retained
Earnings
Accumulated Other
Comprehensive Loss
Non-controlling
Interests
Total
Equity
Balance at January 1, 2021$208 $19,008 $2,347 $(839)$117 $20,841 
Net income (loss)— — 1,362 — (4)1,358 
Other comprehensive income, net of income taxes— — — 536 — 536 
Shares issued under stock incentive plans1 93 — — — 94 
Shares issued under defined contribution plans1 164 — — — 165 
Share-based compensation expense— 100 — — — 100 
Repurchases and retirement of common stock(13)(2,514)(348)— — (2,875)
Cash dividends ($3.06 per share)
— — (618)— — (618)
Other— (4) — (3)(7)
Balance at October 1, 2021$197 $16,847 $2,743 $(303)$110 $19,594 
Balance at January 3, 2020$218 $20,694 $2,183 $(508)$157 $22,744 
Net income (loss)— — 926 — (24)902 
Other comprehensive loss, net of income taxes— — — (82)— (82)
Shares issued under stock incentive plans1 38 — — — 39 
Shares issued under defined contribution plans1 167 — — — 168 
Share-based compensation expense— 71 — — — 71 
Repurchases and retirement of common stock(10)(1,659)(181)— — (1,850)
Cash dividends ($2.55 per share)
— — (546)— — (546)
Other— (1)1 — (7)(7)
Balance at October 2, 2020$210 $19,310 $2,383 $(590)$126 $21,439 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
5



NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note A — Significant Accounting Policies and Recent Accounting Standards
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements (Unaudited) include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these Notes to Condensed Consolidated Financial Statements (Unaudited) (these “Notes”), the terms “L3Harris,” “Company,” “we,” “our” and “us” refer to L3Harris Technologies, Inc. and its consolidated subsidiaries. Intracompany transactions and accounts have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements (Unaudited) have been prepared by L3Harris in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, such interim financial statements do not include all information and footnotes necessary for a complete presentation of financial condition, results of operations, cash flows and equity in conformity with GAAP for annual financial statements. In the opinion of management, such interim financial statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of our financial condition, results of operations, cash flows and equity for the periods presented therein. The results for the quarter and three quarters ended October 1, 2021 are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period. The balance sheet at January 1, 2021 has been derived from our audited financial statements, but does not include all of the information and footnotes required by GAAP for annual financial statements. We provide complete, audited financial statements in our Annual Report on Form 10-K, which includes information and footnotes required by the rules and regulations of the SEC. The information included in this Quarterly Report on Form 10-Q (this “Report”) should be read in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 1, 2021 (our “Fiscal 2020 Form 10-K”).
Amounts contained in this Report may not always add to totals due to rounding.
Supplemental Cash Flow Information
Non-cash investing and financing activities during the three quarters ended October 1, 2021 included a $88 million right-of-use asset we obtained in exchange for a corresponding operating lease liability. These non-cash investing and financing activities are excluded from the “Other investing” and “Other financing” line items in our Condensed Consolidated Statement of Cash Flows (Unaudited). Right-of-use assets for operating leases are included in the “Operating lease right-of-use assets” line item and the corresponding operating lease liabilities are included in the “Other accrued items” and “Operating lease liabilities” line items in our Condensed Consolidated Balance Sheet (Unaudited).
Non-cash investing and financing activities during the three quarters ended October 1, 2021 included a $120 million right-of-use asset we obtained in exchange for a corresponding finance lease liability. These non-cash investing and financing activities are excluded from the “Additions of property, plant and equipment” and “Net proceeds from borrowings” line items in our Condensed Consolidated Statement of Cash Flows (Unaudited). Right-of-use assets for finance leases are included in the “Property, plant and equipment, net” line item and the corresponding finance lease liabilities are included in the “Current portion of long-term debt, net” and “Long-term debt, net” line items in our Condensed Consolidated Balance Sheet (Unaudited).
There were no material non-cash investing or financing activities during the three quarters ended October 2, 2020.
Reclassifications
The classification of certain prior-year amounts have been adjusted in our Condensed Consolidated Financial Statements (Unaudited) to conform to current-year classifications. Reclassifications include finance lease liabilities that were previously included in the “Other accrued items” and “Other long-term liabilities” line items and are now reflected in the “Current portion of long-term debt, net” and “Long-term debt, net” line items in our Condensed Consolidated Balance Sheet (Unaudited).
Use of Estimates
The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes and related disclosures. These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying Condensed Consolidated Financial Statements (Unaudited) and these Notes. Materially different results can occur as circumstances change and additional information becomes known.
6



Significant Accounting Policies Update
There have been no material changes to our significant accounting policies described in our Fiscal 2020 Form 10-K.
Note B — Business Divestitures
Businesses Held For Sale
The following table presents information regarding businesses held for sale as of October 1, 2021:
Sale Price(1)
Business SegmentDate of Agreement(In millions)
Narda-MITEQ(2)
Aviation SystemsAugust 31, 2021$75 
ESSCO(3)
Aviation SystemsSeptember 1, 202155 
_______________
(1) Subject to customary purchase price adjustments and closing conditions as set forth in the definitive agreement.
(2) The Narda-MITEQ business manufactures component, satellite communication and radio frequency safety products for both military and commercial markets. We expect to complete the sale of the Narda-MITEQ business in the next two quarters.
(3) The ESSCO business manufactures metal space frame ground radomes and composite structures. We expect to complete the sale of the ESSCO business in the fourth quarter of 2021.
The carrying amounts of the major classes of assets and liabilities for businesses classified as held for sale included in our Condensed Consolidated Balance Sheet (Unaudited) at October 1, 2021 were as follows:
(In millions)Narda-MITEQ businessESSCO businessConsolidated Total
Receivables, net$14 $3 $17 
Contract assets12 1 13 
Inventories26 4 30 
Other current assets1  1 
Property, plant and equipment, net11 4 15 
Goodwill7 4 11 
Other intangible assets21 10 31 
Deferred taxes1  1 
Other non-current assets33 3 36 
Assets of businesses held for sale$126 $29 $155 
Accounts payable$7 $2 $9 
Contract liabilities2 2 4 
Other accrued items7 2 9 
Other non-current liabilities34 2 36 
Deferred taxes 2 2 
Liabilities of businesses held for sale$50 $10 $60 
The carrying amounts of the assets and liabilities of the Voice Switch Enterprise disposal group (“VSE disposal group”) classified as held for sale in our Consolidated Balance Sheet at January 1, 2021 were $35 million and $13 million, respectively.

7



Completed Divestitures
The following table presents information regarding business divestitures completed by us during the three quarters ended October 2, 2020 and fiscal year ended January 1, 2021:
(In millions)
Business Segment(1)
Date of DivestitureSale Price
Net Cash Proceeds(2)
Three quarters ended October 1, 2021
Electron Devices business(3)
Aviation SystemsOctober 1, 2021$185 $173 
VSE disposal group(4)
Aviation SystemsJuly 30, 202120 19 
CPS business(5)
Aviation SystemsJuly 2, 2021398 347 
Military training business(6)
Aviation SystemsJuly 2, 20211,050 1,059 
$1,653 $1,598 
Fiscal year ended January 1, 2021
EOTech business(7)
Communication SystemsJuly 31, 2020$42 $40 
Applied Kilovolts business(8)
Space and Airborne SystemsMay 15, 202012 12 
Airport security and automation business(9)
Aviation SystemsMay 4, 20201,000 987 
$1,054 $1,039 
_______________
(1) Business segment in which the operating results of each divested business were reported through the date of divestiture.
(2) Net cash proceeds after selling costs and purchase price adjustments.
(3) The Electron Devices and Narda Microwave-West divisions (“Electron Devices business”) manufactures microwave devices for ground-based, airborne and satellite communications and radar.
(4) The VSE disposal group provides voice over internet protocol systems for air traffic management communications.
(5) The Combat Propulsion Systems and related businesses (“CPS business”) engineers, designs and manufactures engines, transmissions, suspensions and turret drive systems for tracked and wheeled combat vehicle systems.
(6) The military training business provides flight simulation solutions and training services to the U.S. Department of Defense (“DoD”) and foreign military agencies.
(7) The EOTech business manufactures holographic sighting systems, magnified field optics and accessories for military, law enforcement and commercial markets around the world.
(8) The Applied Kilovolts and Analytical Instrumentation business (“Applied Kilovolts business”) business manufactures high-voltage power supplies and ion detectors for customers in fields such as biotechnology, materials science, healthcare, forensics, environmental sciences, and homeland security.
(9) The airport security and automation business provides solutions used by the aviation and transportation industries, regulatory and customs authorities, government and law enforcement agencies and commercial and other high-security facilities.
Income Before Income Taxes Attributable to Businesses Divested
The following table presents the amount of income before income taxes attributable to businesses divested in our Condensed Consolidated Statement of Income (Unaudited):
Quarter EndedThree Quarters Ended
(In millions)October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Electron Devices business
$11 $8 $41 $23 
CPS business