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10-Q





☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 June 28, 2024





☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _______________ to ______________


1-3863


L3HARRIS TECHNOLOGIES, INC.





Delaware34-0276860(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)


1025 West NASA BoulevardMelbourne,Florida32919(Address of principal executive offices)(Zip Code)


321 727-9100


Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, par value $1.00 per shareLHXNew York Stock Exchange


Yes


Yes





Large accelerated filerþAccelerated filer☐Non-accelerated filer ̈Smaller reporting company☐Emerging growth company☐








þ


189,705,190







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Page No.Part I. Financial Information:ITEM 1.     Financial Statements (Unaudited):Condensed Consolidated Statement of Operationsfor the Quarter and Two Quarters Ended June 28, 2024 and June 30, 20232Condensed Consolidated Statement of Comprehensive Income for theQuarter and Two Quarters Ended June 28, 2024andJune 30, 20233Condensed Consolidated Statement of Cash Flowsfor the Two Quarters Ended June 28, 2024 and June 30, 20234Condensed Consolidated Balance SheetatJune 28, 2024andDecember 29, 20235Condensed Consolidated Statement of Equityfor the Quarter and Two Quarters Ended June 28, 2024 and June 30, 20236Notes toCondensed Consolidated Financial Statements8Report of Independent Registered Public Accounting Firm (PCAOB ID:42)24ITEM 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations25ITEM 3.     Quantitative and Qualitative Disclosures About Market Risk37ITEM 4.     Controls and Procedures38Part II. Other Information:ITEM 1.      Legal Proceedings39ITEM 1A.   Risk Factors39ITEM 2.      Unregistered Sales of Equity Securities and Use of Proceeds40ITEM 3.      Defaults Upon Senior Securities40ITEM 4.      Mine Safety Disclosures40ITEM 5.      Other Information40ITEM 6.      Exhibits41Signatures42











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ITEM 1.FINANCIAL STATEMENTS.













Quarter EndedTwo Quarters Ended(In millions, except per share amounts)June 28, 2024June 30, 2023June 28, 2024June 30, 2023Revenue$5,299$4,693$10,510$9,164Cost of revenue(3,939)(3,506)(7,802)(6,811)General and administrative expenses(884)(787)(1,854)(1,560)Operating income476400854793Non-service FAS pension income and other, net(1)8683174165Interest expense, net(172)(111)(348)(213)Income before income taxes390372680745Income taxes(23)(21)(28)(55)Net income367351652690Noncontrolling interests, net of income taxes(1)(2)(3)(4)Net income attributable to L3Harris Technologies, Inc.$366$349$649$686Net income per common share attributable to L3Harris Technologies, Inc. common shareholdersBasic$1.93$1.84$3.42$3.61Diluted$1.92$1.83$3.40$3.60Basic weighted-average common shares outstanding189.7189.2189.8189.7Diluted weighted-average common shares outstanding190.6190.1190.8190.7


“FAS” is defined as Financial Accounting Standards.
















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Quarter EndedTwo Quarters Ended(In millions)June 28, 2024June 30, 2023June 28, 2024June 30, 2023Net income$367$351$652$690Other comprehensive income (loss):Foreign currency translation income (loss), net of income taxes528(21)35Net unrealized income (loss) on hedging derivatives, net of income taxes—4(3)9Net unrecognized gains on postretirement obligations, net of income taxes3—3—Other comprehensive income (loss) recognized during the period832(21)44Reclassification adjustments for gains included in net income(8)(7)(15)(19)Other comprehensive income (loss), net of income taxes—25(36)25Total comprehensive income367376616715Comprehensive income attributable to noncontrolling interest(1)(2)(3)(4)Total comprehensive income attributable to L3Harris Technologies, Inc.$366$374$613$711










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Two Quarters Ended(In millions)June 28, 2024June 30, 2023Operating ActivitiesNet income$652$690Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization639506Share-based compensation5345Share-based matching contributions under defined contribution plans142121Pension and other postretirement benefit plan income(143)(141)Deferred income taxes(247)(243)(Increase) decrease in:Receivables, net(25)(105)Contract assets(165)(159)Inventories6(99)Other current assets(26)(67)Increase (decrease) in:Accounts payable(200)23Contract liabilities(138)220Compensation and benefits(101)(10)Other accrued items85(3)Income taxes21110Other operating activities(93)(24)Net cash provided by operating activities650764Investing ActivitiesNet cash paid for acquired businesses—(1,973)Additions to property, plant and equipment(212)(164)Proceeds from sales of asset groups and businesses, net15871Other investing activities(4)(8)Net cash used in investing activities(58)(2,074)Financing ActivitiesProceeds from borrowings, net of issuance cost2,2412,249Repayments of borrowings(2,607)(1,060)Change in commercial paper, maturities under 90 days, net497524Proceeds from commercial paper, maturities over 90 days68855Repayments of commercial paper, maturities over 90 days(685)—Repurchases of common stock(322)(518)Dividends paid(445)(436)Other financing activities33(20)Net cash (used in) provided by financing activities(600)794Effect of exchange rate changes on cash and cash equivalents(5)2Net decrease in cash and cash equivalents(13)(514)Cash and cash equivalents, beginning of period560880Cash and cash equivalents, end of period$547$366










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(In millions, except shares)June 28, 2024December 29, 2023AssetsCurrent assetsCash and cash equivalents$547$560Receivables, net of allowances for collection losses of $19 and $15, respectively1,2301,230Contract assets3,2093,196Inventories1,4321,472Other current assets502491Assets of business held for sale1,1271,106Total current assets8,0478,055Non-current assetsProperty, plant and equipment, net2,8002,862Goodwill20,36719,979Other intangible assets, net8,0808,540Deferred income taxes13491Other non-current assets2,2292,160Total assets$41,657$41,687Liabilities and equityCurrent liabilitiesShort-term debt$2,102$1,602Current portion of long-term debt, net617363Accounts payable1,8962,106Contract liabilities1,8891,900Compensation and benefits445544Other accrued items1,5151,129Income taxes payable27488Liabilities of business held for sale243272Total current liabilities8,9818,004Non-current liabilitiesLong-term debt, net10,53311,160Deferred income taxes443815Other long-term liabilities2,7962,879Total liabilities22,75322,858EquityShareholders’ Equity:Common stock, $1.00 par value; 500,000,000 shares authorized; issued and outstanding 189,779,216 and 189,808,581 shares at June 28, 2024 and December 29, 2023, respectively190190Paid-in capital15,51615,553Retained earnings3,3683,220Accumulated other comprehensive loss(234)(198)Total shareholders’ equity18,84018,765Noncontrolling interests6464Total equity18,90418,829Total liabilities and equity$41,657$41,687










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(In millions, except per share amounts)Common StockOther CapitalRetained EarningsAccumulated Other Comprehensive LossNon-controlling InterestsTotal EquityBalance at March 29, 2024$189$15,472$3,239$(234)$64$18,730Net income——366—1367Shares issued under stock incentive plans127———28Shares issued under defined contribution plans171———72Share-based compensation expense—27———27Tax withholding payments on share-based awards—(7)———(7)Repurchases and retirement of common stock(1)(73)(15)——(89)Cash dividends ($1.16 per share)——(221)——(221)Other—(1)(1)—(1)(3)Balance at June 28, 2024$190$15,516$3,368$(234)$64$18,904Balance as of March 31, 2023$189$15,407$2,998$(288)$102$18,408Net income——349—2351Other comprehensive income, net of income taxes———25—25Shares issued under stock incentive plans—2———2Shares issued under defined contribution plans163———64Share-based compensation expense—22———22Tax withholding payments on share-based awards—(2)———(2)Repurchases and retirement of common stock(1)(101)(20)——(122)Cash dividends ($1.14 per share)——(216)——(216)Other————(1)(1)Balance as of June 30, 2023$189$15,391$3,111$(263)$103$18,531










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(In millions, except per share amounts)Common StockOther CapitalRetained EarningsAccumulated Other Comprehensive LossNon-controlling InterestsTotal EquityBalance at December 29, 2023$190$15,553$3,220$(198)$64$18,829Net income——649—3652Other comprehensive loss, net of income taxes———(36)—(36)Shares issued under stock incentive plans162———63Shares issued under defined contribution plans1141———142Share-based compensation expense—53———53Tax withholding payments on share-based awards—(27)———(27)Repurchases and retirement of common stock(2)(265)(55)——(322)Cash dividends ($2.32 per share)——(445)——(445)Other—(1)(1)—(3)(5)Balance at June 28, 2024$190$15,516$3,368$(234)$64$18,904Balance as of December 30, 2022$191$15,677$2,943$(288)$101$18,624Net income——686—4690Other comprehensive income, net of income taxes———25—25Shares issued under stock incentive plans—13———13Shares issued under defined contribution plans1120———121Share-based compensation expense—45———45Tax withholding payments on share-based awards—(28)———(28)Repurchases and retirement of common stock(3)(433)(82)——(518)Cash dividends ($2.28 per share)——(436)——(436)Other—(3)——(2)(5)Balance as of June 30, 2023$189$15,391$3,111$(263)$103$18,531










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In the opinion of management, these 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 balance sheet at December 29, 2023 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.

















Form 10-Q  f or the q uarter e nded March 29, 2024







EPS is net income attributable to L3Harris common shareholders divided by either our weighted average number of basic or diluted shares outstanding. Potential dilutive common shares primarily consist of employee stock options and restricted and performance unit awards.





Quarter EndedTwo Quarters Ended(In millions)June 28, 2024June 30, 2023June 28, 2024June 30, 2023Basic weighted-average common shares outstanding189.7189.2189.8189.7Impact of dilutive share-based awards0.90.91.01.0Diluted weighted-average common shares outstanding190.6190.1190.8190.7





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0.9 1.7 0.8 2.0













(In millions)June 28, 2024December 29, 2023Contract assets$3,209$3,196Contract liabilities, current(1,889)(1,900)Contract liabilities, non-current(1)(83)(94)Net contract assets$1,237$1,202








353 1,048 295 898










(In millions)June 28, 2024December 29, 2023Finished products$288$217Work in process383427Materials and supplies761828Inventories$1,432$1,472







---













(In millions)SASIMSCSARTotalBalance at December 29, 2023$6,110$6,564$4,940$2,365$19,979Goodwill from AJRD acquisition(1)———496496Impairment of goodwill(14)———(14)Goodwill decrease from divestitures(79)———(79)Currency translation adjustments(4)(10)(1)—(15)Balance at June 28, 2024$6,013$6,554$4,939$2,861$20,367








80 1,126 355 no





93 14








June 28, 2024December 29, 2023(In millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountCustomer relationships$8,843$(3,095)$5,748$8,892$(2,733)$6,159Developed technologies851(450)401856(413)443Trade names — divisions185(57)128185(50)135Other, including contract backlog2(2)—4(4)—Total finite-lived identifiable intangible assets9,881(3,604)6,2779,937(3,200)6,737Trade names — corporate1,803—1,8031,803—1,803Total identifiable intangible assets, net$11,684$(3,604)$8,080$11,740$(3,200)$8,540











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215 432 173 338


(In millions)Next 12 months$826Months 13-24758Months 25-36590Months 37-48552Months 49-60451Thereafter3,100Total$6,277







Our effective tax rate (“ETR”) was 5.9% and 4.1% for the quarter and two quarters ended June 28, 2024, respectively, and 5.6% and 7.4% for the quarter and two quarters ended June 30, 2023, respectively. The ETR for all periods benefited from research and development (“R&D”) credits, tax deductions for foreign derived intangible income (“FDII”), the resolution of specific audit uncertainties and excess tax benefits related to share-based compensation.







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(In millions)June 28, 2024December 29, 2023Variable-rate debt:Term loan, due November 21, 2025 (“Term Loan 2025”)$—$2,250Fixed-rate debt:3.95% notes, due May 28, 2024 (“3.95% 2024 Notes”)—3503.832% notes, due April 27, 20256006007.00% debentures, due January 15, 20261001003.85% notes, due December 15, 20265505505.40% notes, due January 15, 2027 (“5.4% 2027 Notes”)1,2501,2506.35% debentures, due February 1, 202826264.40% notes, due June 15, 20281,8501,8505.05% notes, due June 1, 2029 (“5.05% 2029 Notes”)750—2.90% notes, due December 15, 20294004001.80% notes, due January 15, 20316506505.25% notes, due June 1, 2031 (“5.25% 2031 Notes”)750—5.40% notes, due July 31, 2033 (“5.4% 2033 Notes”)1,5001,5005.35% notes, due June 1, 2034 (“5.35% 2034 Notes”)750—4.854% notes, due April 27, 20354004006.15% notes, due December 15, 20403003005.054% notes, due April 27, 20455005005.60% notes, due July 31, 2053 (“5.6% 2053 Notes”)500500Total variable and fixed-rate debt10,87611,226Financing lease obligations and other debt301300Long-term debt, including the current portion of long-term debt11,17711,526Plus: unamortized bond premium4451Less: unamortized discounts and issuance costs(71)(54)Long-term debt, including the current portion of long-term debt, net11,15011,523Less: current portion of long-term debt, net(617)(363)Total long-term debt, net$10,533$11,160





2.25 2.25








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15 20 100 100


20





2.25 6.7 5.05 5.35  350





1.5 364 364 one year 2.4 364





2.0 five-year


no 1.4








3.0 3.9


397


2.1 1.6 5.79 5.95







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Quarter Ended June 28, 2024Quarter Ended June 30, 2023(In millions)PensionOther BenefitsPensionOther BenefitsNet periodic benefit incomeOperatingService cost$9$1$6$1Non-operatingInterest cost982912Expected return on plan assets(165)(5)(152)(5)Amortization of net actuarial gain(1)(5)(3)(5)Amortization of prior service (credit) cost(6)1(6)1Non-service cost periodic benefit income(74)(7)(70)(7)Net periodic benefit income$(65)$(6)$(64)$(6)Two Quarters Ended June 28, 2024Two Quarters Ended June 30, 2023(In millions)PensionOther BenefitsPensionOther BenefitsNet periodic benefit incomeOperatingService cost$17$1$12$1Non-operatingInterest cost19751835Expected return on plan assets(330)(10)(305)(10)Amortization of net actuarial gain(2)(9)(5)(10)Amortization of prior service (credit) cost(13)1(13)1Non-service cost periodic benefit income(148)(13)(140)(14)Net periodic benefit income$(131)$(12)$(128)$(13)










three 27 53 22 45





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Two Quarters Ended June 28, 2024Two Quarters Ended June 30, 2023(In millions, except per share/units amounts)Shares or UnitsWeighted-Average Grant-Date Fair ValuePer Share or UnitShares or UnitsWeighted-Average Grant-Date Fair ValuePer Share or UnitStock option shares granted(1)0.4$50.990.4$54.81Restricted stock units granted(2)0.1$212.800.2$209.13Performance share units granted(3)0.2$230.090.2$223.09





three-year


three-years


three-year


0.3 0.8 0.1 0.4










234 198 21 15


263 288 44 19


SeeNote H: Retirement Benefitsin these Notes andNote 9: Retirement Benefits in our Fiscal 2023 Form 10-K for additional information regarding our postretirement benefit plans.

























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June 28, 2024December 29, 2023(In millions)TotalLevel 1TotalLevel 1AssetsDeferred compensation plan assets:(1)Equity and fixed income securities$114$114$106$106Investments measured at NAV:Corporate-owned life insurance3937Total fair value of deferred compensation plan assets$153$143LiabilitiesDeferred compensation plan liabilities:(2)Equity securities and mutual funds$10$10$18$18Investments measured at NAV:Common/collective trusts and guaranteed investment contracts306274Total fair value of deferred compensation plan liabilities$316$292














June 28, 2024December 29, 2023(In millions)Carrying AmountFair ValueCarrying AmountFair ValueTerm Loan 2025(1)$—$—$2,250$2,250All other long-term debt, net (including current portion)(2)11,15010,8539,2739,199Long-term debt, including the current portion of long-term debt, net$11,150$10,853$11,523$11,449






















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Quarter EndedTwo Quarters Ended(In millions, except per share amounts)June 28, 2024June 30, 2023June 28, 2024June 30, 2023Net EAC adjustments, before income taxes$—$(31)$19$(87)Net EAC adjustments, net of income taxes—(23)15(65)Net EAC adjustments, net of income taxes, per diluted share—(0.12)0.08(0.34)





Revenue recognized from performance obligations satisfied in prior periods was $34 million and $87 million for the quarter and two quarters ended June 28, 2024, respectively, and $33 million and $69 million for the quarter and two quarters ended June 30, 2023, respectively










31.7 45 twelve months 30 twelve months
















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(In millions)Employee Severance Related CostsBalance at December 29, 2023(1)$4Additional provisions(2)65Payments(60)Total changes5Balance at June 28, 2024(1)$9





(2) Included as a component of the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations.












100 4,715 3.25








As of the acquisition date, the fair value of consideration transferred consisted of the following:


(In millions)July 28, 2023Cash consideration paid for AJRD outstanding common stock & equity awards$4,748AJRD debt settled by L3Harris257Cash consideration paid5,005Less cash acquired(290)Fair value of consideration transferred$4,715





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July 28, 2023(In millions)PreliminaryMeasurement Period Adjustments, Net(1)PreliminaryAdjustedReceivables$156$—$156Contract assets338(141)197Inventories14—14Other current assets11722139Property, plant and equipment57410584Goodwill2,3485132,861Other intangible assets2,860—2,860Other non-current assets60966675Total assets acquired$7,016$470$7,486Current portion of long-term debt, net$1$—$1Accounts payable145—145Contract liabilities310152462Compensation and benefits1161117Income taxes payable6(3)3Other accrued items278335613Long-term debt, net41—41Deferred income taxes398(41)357Other long-term liabilities1,006261,032Total liabilities assumed$2,301$470$2,771Fair value of consideration transferred$4,715$—$4,715

















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The preliminary fair value and weighted-average amortization period of identifiable intangible assets acquired as of the acquisition date are as follows:


TotalUseful Lives(In millions)(In Years)Customer relationships:Backlog$3553Government programs2,38515 - 20Total customer relationships2,740Trade names12015Total identifiable intangible assets acquired$2,860





357 47 61


194 49 145 22 30


2,861








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Acquisition-Related Costs. Acquisition-related costs have been expensed as incurred and are included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations. In connection with the AJRD acquisition, we recorded transaction and integration costs of $16 million and $44 million for the quarter and two quarters ended June 28, 2024, respectively, and $13 million and $22 million for the quarter and two quarters ended June 30, 2023, respectively







700 100 875 23 44 15 32


296
  77 15


(In millions)June 28, 2024December 29, 2023Receivables, net$96$80Contract assets4143Inventories165145Other current assets2233Property, plant and equipment, net4241Goodwill534534Other intangible assets, net262263Other non-current assets4844Valuation allowance(83)(77)Total assets held for sale$1,127$1,106Accounts payable$86$111Contract liabilities4448Compensation and benefits811Other accrued items4338Other long-term liabilities6264Total liabilities held for sale$243$272







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166 25


265 65 93 14


9







70 26 71
















four

















Quarter EndedTwo Quarters Ended(In millions)June 28, 2024June 30, 2023June 28, 2024June 30, 2023RevenueSAS$1,707$1,715$3,458$3,370IMS1,7291,7353,3983,435CS1,3461,2892,6402,452AR581**1,123**Corporate eliminations(64)(46)(109)(93)Total revenue$5,299$4,693$10,510$9,164Income before Income TaxesOperating income:SAS$215$168$431$355IMS206162396347CS329325639591AR75**147**Total segment8256551,6131,293Total unallocated corporate expenses(349)(255)(759)(500)Total operating income476400854793Non-service FAS pension income and other, net8683174165Interest expense, net(172)(111)(348)(213)Income before income taxes$390$372$680$745











Quarter EndedTwo Quarters Ended(In millions)June 28, 2024June 30, 2023June 28, 2024June 30, 2023FAS pension service cost$(10)$(7)$(18)$(13)Less: CAS pension cost(16)(30)(31)(58)FAS/CAS operating adjustment6231345Non-service FAS pension income8177161154FAS/CAS pension adjustment, net$87$100$174$199





four
 Quarter EndedJune 28, 2024June 30, 2023(In millions)SASIMSCSARSASIMSCSARRevenue By Customer RelationshipPrime contractor$1,076$1,097$915$155$1,084$1,127$798**Subcontractor618603409426621584479**Intersegment132922—102412**Total segment$1,707$1,729$1,346$581$1,715$1,735$1,289**Revenue By Contract TypeFixed-price(1)$1,072$1,340$1,118$344$1,099$1,317$1,102**Cost-reimbursable622360206237606394175**Intersegment132922—102412**Total segment$1,707$1,729$1,346$581$1,715$1,735$1,289**Revenue By Geographical RegionUnited States$1,488$1,263$886$571$1,475$1,281$834**International20643743810230430443**Intersegment132922—102412**Total segment$1,707$1,729$1,346$581$1,715$1,735$1,289** Two Quarters EndedJune 28, 2024June 30, 2023(In millions)SASIMSCSARSASIMSCSARRevenue By Customer RelationshipPrime contractor$2,184$2,163$1,828$308$2,094$2,281$1,605**Subcontractor1,2461,1907768151,2531,109822**Intersegment284536—234525**Total segment$3,458$3,398$2,640$1,123$3,370$3,435$2,452**Revenue By Contract TypeFixed-price(1)$2,180$2,618$2,183$646$2,121$2,603$2,080**Cost-reimbursable1,2507354214771,226787347**Intersegment284536—234525**Total segment$3,458$3,398$2,640$1,123$3,370$3,435$2,452**Revenue By Geographical RegionUnited States$2,995$2,466$1,811$1,098$2,929$2,538$1,625**International43588779325418852802**Intersegment284536—234525**Total segment$3,458$3,398$2,640$1,123$3,370$3,435$2,452**




















(In millions)June 28, 2024December 29, 2023SAS$8,814$9,085IMS10,91210,631CS7,0267,084AR4,4624,208Corporate(1)10,44310,679Total Assets$41,657$41,687





8.1 8.5
















632





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449










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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.











































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Quarter EndedTwo Quarters Ended(Dollars in millions, except per share amounts)June 28, 2024June 30, 2023June 28, 2024June 30, 2023Revenue$5,299$4,693$10,510$9,164Cost of revenue(3,939)(3,506)(7,802)(6,811)% of total revenue74%75%74%74%Gross margin1,3601,1872,7082,353% of total revenue25.7%25.3%25.8%25.7%General and administrative expenses(884)(787)(1,854)(1,560)% of total revenue17%17%18%17%Operating Income476400854793Non-service FAS pension income and other, net8683174165Interest expense, net(172)(111)(348)(213)Income from before income taxes390372680745Income taxes(23)(21)(28)(55)Effective tax rate5.9%5.6%4.1%7.4%Net income367351652690Noncontrolling interests, net of income taxes(1)(2)(3)(4)Net income attributable to L3Harris Technologies, Inc.$366$349$649$686Diluted EPS$1.92$1.83$3.40$3.60























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Quarter Ended June 28, 2024(In millions)SASIMSCSAREliminationsTotalRevenueProducts$1,189$1,051$1,062$382$—$3,684Services505649262199—1,615Intersegment132922—(64)—Total$1,707$1,729$1,346$581$(64)$5,299Cost of revenueProducts$909$833$612$291$15$2,660Services407479242153(2)1,279Intersegment132922—(64)—Total$1,329$1,341$876$444$(51)$3,939Quarter Ended June 30, 2023SASIMSCSAREliminationsTotalRevenueProducts$1,222$1,085$1,040**$—$3,347Services483626237**—1,346Intersegment102412—(46)—Total$1,715$1,735$1,289$—$(46)$4,693Cost of revenueProducts$985$840$604**$25$2,454Services381491188**(8)1,052Intersegment102412—(46)—Total$1,376$1,355$804$—$(29)$3,506




















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Two Quarters Ended June 28, 2024(In millions)SASIMSCSAREliminationsTotalRevenueProducts$2,399$2,076$2,069$739$—$7,283Services1,0311,277535384—3,227Intersegment284536—(109)—Total$3,458$3,398$2,640$1,123$(109)$10,510Cost of revenueProducts$1,837$1,617$1,214$557$29$5,254Services830960463297(2)2,548Intersegment284536—(109)—Total$2,695$2,622$1,713$854$(82)$7,802Two Quarters Ended June 30, 2023SASIMSCSAREliminationsTotalRevenueProducts$2,414$2,132$1,966**$—$6,512Services9331,258461**—2,652Intersegment234525—(93)—Total$3,370$3,435$2,452$—$(93)$9,164Cost of revenueProducts$1,883$1,629$1,164**$65$4,741Services756975356**(17)2,070Intersegment234525—(93)—Total$2,662$2,649$1,545$—$(45)$6,811


























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Quarter EndedTwo Quarters Ended(In millions)June 28, 2024June 30, 2023June 28, 2024June 30, 2023Amortization of acquisition-related intangibles$(194)$(150)$(391)$(292)Company-sponsored R&D costs(124)(117)(238)(231)Selling and marketing(112)(107)(225)(220)LHX NeXt implementation costs(1)(48)(22)(175)(35)Merger, acquisition, and divestiture-related expenses(21)(38)(61)(88)Business divestiture-related (losses) gains, net(24)26(24)26Impairment of goodwill and other assets(14)(30)(14)(30)Other G&A expenses(2)(347)(349)(726)(690)Total G&A expenses$(884)$(787)$(1,854)$(1,560)


























Quarter EndedTwo Quarters Ended(In millions)June 28, 2024June 30, 2023June 28, 2024June 30, 2023Non-service FAS pension income(1)$81$77$161$154Other, net(2)561311Non-service FAS pension income and other, net$86$83$174$165




















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Quarter EndedTwo Quarters EndedJune 28, 2024June 30, 2023% Inc/(Dec)June 28, 2024June 30, 2023% Inc/(Dec)Revenue$1,707$1,715—%$3,458$3,3703%Operating income21516828%43135521%Operating income as a percentage of revenue (“operating margin”)12.6%9.8%12.5%10.5%














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Quarter EndedTwo Quarters Ended(Dollars in millions)June 28, 2024June 30, 2023% Inc/(Dec)June 28, 2024June 30, 2023% Inc/(Dec)Revenue$1,729$1,735—%$3,398$3,435(1)%Operating income20616227%39634714%Operating margin11.9%9.3%11.7%10.1%

















Quarter EndedTwo Quarters Ended(Dollars in millions)June 28, 2024June 30, 2023% Inc/(Dec)June 28, 2024June 30, 2023% Inc/(Dec)Revenue$1,346$1,2894%$2,640$2,4528%Operating income3293251%6395918%Operating margin24.4%25.2%24.2%24.1%














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Quarter EndedTwo Quarters Ended(Dollars in millions)June 28, 2024June 30, 2023% Inc/(Dec)June 28, 2024June 30, 2023% Inc/(Dec)Revenue$581***$1,123***Operating income75***147***Operating margin12.9%**13.1%**














Quarter EndedTwo Quarters Ended(In millions)June 28, 2024June 30, 2023June 28, 2024June 30, 2023Unallocated corporate department expense, net(1)$(33)$(35)$(66)$(41)Amortization of acquisition-related intangibles(2)(215)(173)(432)(338)Additional cost of revenue related to the fair value step-up in inventory sold—(15)—(30)Merger, acquisition, and divestiture-related expenses(21)(38)(61)(88)Asset group and business divestiture-related (losses) gains, net(3)(24)26(24)26Impairment of goodwill and other assets(4)(14)(21)(14)(39)LHX NeXt implementation costs(5)(48)(22)(175)(35)FAS/CAS operating adjustment(6)6231345Total unallocated corporate expenses$(349)$(255)$(759)$(500)

























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Two Quarters Ended(In millions)June 28, 2024June 30, 2023Cash and cash equivalents, beginning of period$560$880Operating Activities:Net income652690Non-cash adjustments444288Changes in working capital(522)(120)Other, net76(94)Net cash provided by operating activities650764Net cash used in investing activities(58)(2,074)Net cash (used in) provided by financing activities(600)794Effect of exchange rate changes on cash and cash equivalents(5)2Net decrease in cash and cash equivalents(13)(514)Cash and cash equivalents, end of period$547$366















































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ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.










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ITEM 4.CONTROLS AND PROCEDURES.






















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ITEM 1.LEGAL PROCEEDINGS.



















ITEM 1A.RISK FACTORS.










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ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.








Period*Total number ofshares purchasedAverage pricepaid per shareTotal number ofshares purchasedas part of publiclyannounced plans or programs(1)Maximum approximate dollar value of shares that mayyet be purchased under the plans or programs(1)($ in millions)Month No. 1(March 30, 2024 - April 26, 2024)Repurchase program(1)—$——$3,702Employee transactions(2)1,993$203.56——Month No. 2(April 27, 2024 - May 24, 2024)Repurchase program(1)30,000$217.0530,000$3,696Employee transactions(2)4,182$213.44——Month No. 3(May 25, 2024 - June 28, 2024)Repurchase program(1)378,000$220.59378,000$3,612Employee transactions(2)22,354$226.29——Total436,529408,000$3,612






















ITEM 3.DEFAULTS UPON SENIOR SECURITIES.







ITEM 4.MINE SAFETY DISCLOSURES.







ITEM 5.OTHER INFORMATION.











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adopted terminated


Name and titleDate of adoption of 10b5-1 Plan(1)Scheduled expiration date of 10b5-1 Plan(2)Aggregate number of shares of common stock to be purchased or sold(3)Ross NiebergallPresident, ARJune 3, 2024December 13, 2024Up to 12,214 shares, including 3,250 shares underlying options expiring in 2027













ITEM 6.EXHIBITS.





(4.1) Restated Certific at e of Incorporation of L3Harris Technologies, Inc. (1995) , as amended, incorporated herein by refer ence to Exhibit 4(a) to L3Harris T echnologies, Inc. ’ s Registration Statement on Form S-8 , Registration No. 333- 279040, filed with the SEC on May 1, 2024.


*(10.1) L3Harris  Technologies , Inc. 2024 Equi ty Ince ntive Plan , incorporated herein by reference to Exhibit 4(d ) to L3Harris Technologies, Inc.’s Registration Sta te ment on Form S-8, Registration Statement N o. 333-  279040 ,  filed with the SEC on May 1 , 2024.


*(10. 2 ) L3Harris Technologies, Inc. Performance Unit Award Agreement Terms and Conditions ( Effective April 19, 2024).


* (10. 3 ) L3Harris Technologies, Inc. Restricted Unit Award Agreement Terms and Conditions (Effective April 19, 2024).


*(10. 4 ) L3Harris Technologies, Inc. Stock Option Award Agreement Terms and Conditions (Effective April 19, 2024).


*(10.5) Amendment Number 1 to the L3Harris Technologies, Inc. Retirement Savings Plan (Amended and R estated Effective January 1, 2024) , dat ed Ma y 14, 2024.


* (10.6) Amendment Number 2 to the L3Harris Technologies, Inc. Retirement Savings Plan (Amended and Restated Effective January 1, 2024) , dated June 6 , 2024.


* (10.7 L3Harris Excess Retirement Savings Plan, as ame nded and restated .


(15)           Letter Regarding Unaudited Interim Financial Information.


(31.1)       Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.


(31.2)       Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.


(32.1)       Section 1350 Certification of Chief Executive Officer.


(32.2)       Section 1350 Certification of Chief Financial Officer.

























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L3HARRIS TECHNOLOGIES, INC.(Registrant)Date: July 26, 2024By:/s/    KENNETH L. BEDINGFIELDKenneth L. BedingfieldSenior Vice President and Chief Financial Officer(Principal Financial Officer and Duly Authorized Officer)