Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - L3HARRIS TECHNOLOGIES, INC. /DE/ | g26359e8vk.htm |
| EX-99.1 - EX-99.1 - L3HARRIS TECHNOLOGIES, INC. /DE/ | g26359exv99w1.htm |
Exhibit 99.2
Table 1
HARRIS CORPORATION
First Quarter, Second Quarter and First Two Quarters of Fiscal 2011
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
HARRIS CORPORATION
First Quarter, Second Quarter and First Two Quarters of Fiscal 2011
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
| Two Quarters | ||||||||||||
| Quarter Ended | Ended | |||||||||||
| October 1, | December 31, | December 31, | ||||||||||
| 2010 | 2010 | 2010 | ||||||||||
| (In millions) | ||||||||||||
Revenue |
||||||||||||
RF Communications |
$ | 566.5 | $ | 544.7 | $ | 1,111.2 | ||||||
Government Communications Systems |
424.1 | 421.7 | 845.8 | |||||||||
Integrated Network Solutions |
441.6 | 495.9 | 937.5 | |||||||||
Corporate eliminations |
(26.8 | ) | (23.8 | ) | (50.6 | ) | ||||||
| $ | 1,405.4 | $ | 1,438.5 | $ | 2,843.9 | |||||||
Income Before Income Taxes |
||||||||||||
Segment Operating Income |
||||||||||||
RF Communications |
$ | 228.5 | $ | 189.3 | $ | 417.8 | ||||||
Government Communications Systems |
44.6 | 59.4 | 104.0 | |||||||||
Integrated Network Solutions |
26.6 | 20.5 | 47.1 | |||||||||
Unallocated corporate expense |
(25.7 | ) | (22.0 | ) | (47.7 | ) | ||||||
Corporate eliminations |
(4.9 | ) | (4.4 | ) | (9.3 | ) | ||||||
Non-operating loss |
(0.4 | ) | (0.9 | ) | (1.3 | ) | ||||||
Net interest expense |
(17.2 | ) | (20.0 | ) | (37.2 | ) | ||||||
| $ | 251.5 | $ | 221.9 | $ | 473.4 | |||||||
Table 2
HARRIS CORPORATION
Fiscal 2010
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
HARRIS CORPORATION
Fiscal 2010
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
| Quarter Ended | ||||||||||||||||||||
| October 2, | January 1, | April 2, | July 2, | Total Fiscal | ||||||||||||||||
| 2009 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
| (In millions) | ||||||||||||||||||||
Revenue |
||||||||||||||||||||
RF Communications |
$ | 423.7 | $ | 462.9 | $ | 550.7 | $ | 629.9 | $ | 2,067.2 | ||||||||||
Government Communications Systems |
445.5 | 425.2 | 426.9 | 449.7 | 1,747.3 | |||||||||||||||
Integrated Network Solutions |
353.2 | 351.5 | 375.8 | 404.6 | 1,485.1 | |||||||||||||||
Corporate eliminations |
(19.4 | ) | (21.9 | ) | (23.9 | ) | (28.3 | ) | (93.5 | ) | ||||||||||
| $ | 1,203.0 | $ | 1,217.7 | $ | 1,329.5 | $ | 1,455.9 | $ | 5,206.1 | |||||||||||
Income Before Income Taxes |
||||||||||||||||||||
Segment Operating Income (Loss) |
||||||||||||||||||||
RF Communications |
$ | 114.0 | $ | 168.6 | $ | 204.7 | $ | 220.1 | $ | 707.4 | ||||||||||
Government Communications Systems |
51.7 | 57.0 | 58.4 | 60.3 | 227.4 | |||||||||||||||
Integrated Network Solutions |
35.7 | 26.6 | 28.3 | (5.3 | ) | 85.3 | ||||||||||||||
Unallocated corporate expense |
(19.2 | ) | (24.8 | ) | (23.0 | ) | (23.4 | ) | (90.4 | ) | ||||||||||
Corporate eliminations |
(3.4 | ) | (4.0 | ) | (3.9 | ) | (5.6 | ) | (16.9 | ) | ||||||||||
Non-operating loss |
(0.2 | ) | (0.3 | ) | (0.5 | ) | (0.9 | ) | (1.9 | ) | ||||||||||
Net interest expense |
(17.8 | ) | (17.9 | ) | (17.7 | ) | (17.2 | ) | (70.6 | ) | ||||||||||
| $ | 160.8 | $ | 205.2 | $ | 246.3 | $ | 228.0 | $ | 840.3 | |||||||||||
Table 3
HARRIS CORPORATION
Fiscal 2009
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
HARRIS CORPORATION
Fiscal 2009
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
| Quarter Ended | ||||||||||||||||||||
| September 26, | January 2, | April 3, | July 3, | Total Fiscal | ||||||||||||||||
| 2008 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
| (In millions) | ||||||||||||||||||||
Revenue |
||||||||||||||||||||
RF Communications |
$ | 415.2 | $ | 438.2 | $ | 439.1 | $ | 468.1 | $ | 1,760.6 | ||||||||||
Government Communications Systems |
415.8 | 543.2 | 440.5 | 464.7 | 1,864.2 | |||||||||||||||
Integrated Network Solutions |
362.1 | 377.3 | 353.8 | 382.9 | 1,476.1 | |||||||||||||||
Corporate eliminations |
(20.5 | ) | (25.5 | ) | (28.3 | ) | (21.6 | ) | (95.9 | ) | ||||||||||
| $ | 1,172.6 | $ | 1,333.2 | $ | 1,205.1 | $ | 1,294.1 | $ | 5,005.0 | |||||||||||
Income (Loss) Before Income Taxes |
||||||||||||||||||||
Segment Operating Income (Loss) |
||||||||||||||||||||
RF Communications |
$ | 142.1 | $ | 144.1 | $ | 151.3 | $ | 134.0 | $ | 571.5 | ||||||||||
Government Communications Systems |
41.1 | 62.8 | 47.0 | 48.3 | 199.2 | |||||||||||||||
Integrated Network Solutions |
29.7 | 33.3 | 30.2 | (226.8 | ) | (133.6 | ) | |||||||||||||
Unallocated corporate expense |
(18.9 | ) | (19.1 | ) | (18.8 | ) | (24.6 | ) | (81.4 | ) | ||||||||||
Corporate eliminations |
(2.9 | ) | (5.0 | ) | (6.3 | ) | (3.5 | ) | (17.7 | ) | ||||||||||
Non-operating income (loss) |
(8.1 | ) | (0.7 | ) | 6.6 | (0.9 | ) | (3.1 | ) | |||||||||||
Net interest expense |
(11.4 | ) | (12.9 | ) | (11.9 | ) | (13.4 | ) | (49.6 | ) | ||||||||||
| $ | 171.6 | $ | 202.5 | $ | 198.1 | $ | (86.9 | ) | $ | 485.3 | ||||||||||
HARRIS CORPORATION
First Quarter, Second Quarter and First Two Quarters of Fiscal 2011; Fiscal 2010 and Fiscal 2009
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA (UNAUDITED)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND
REGULATION G DISCLOSURE
First Quarter, Second Quarter and First Two Quarters of Fiscal 2011; Fiscal 2010 and Fiscal 2009
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA (UNAUDITED)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND
REGULATION G DISCLOSURE
To supplement Tables 1 through 3, presented in accordance with U.S. generally accepted accounting
principles (GAAP), Tables 4 through 6 and the related notes set forth reclassified operating
segment data and other financial information to reflect changes in Harris’ business and
organizational structure, effective for the third quarter of fiscal 2011, as adjusted to exclude
certain costs, charges, expenses and losses. Harris management believes that these non-GAAP
financial measures, when considered together with the GAAP financial measures, provide information
that is useful to investors in understanding period-over-period operating results separate and
apart from items that may, or could, have a disproportionately positive or negative impact on
results in any particular period. Harris management also believes that these non-GAAP financial
measures enhance the ability of investors to analyze Harris’ business trends and to understand
Harris’ performance. In addition, Harris may utilize non-GAAP financial measures as a guide in its
forecasting, budgeting, and long-term planning process and to measure operating performance for
some management compensation purposes. Any analysis of non-GAAP financial measures should be used
only in conjunction with results presented in accordance with GAAP. A reconciliation of these
non-GAAP financial measures with the most directly comparable financial measures calculated in
accordance with GAAP follows:
Table 4
HARRIS CORPORATION
First Quarter, Second Quarter and First Two Quarters of Fiscal 2011 - Non-GAAP
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
HARRIS CORPORATION
First Quarter, Second Quarter and First Two Quarters of Fiscal 2011 - Non-GAAP
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
| Two Quarters | ||||||||||||
| Quarter Ended | Ended | |||||||||||
| October 1, | December 31, | December 31, | ||||||||||
| 2010 | 2010 | 2010 | ||||||||||
| (In millions) | ||||||||||||
Revenue |
||||||||||||
RF Communications |
$ | 566.5 | $ | 544.7 | $ | 1,111.2 | ||||||
Government Communications Systems |
424.1 | 421.7 | 845.8 | |||||||||
Integrated Network Solutions |
441.6 | 495.9 | 937.5 | |||||||||
Corporate eliminations |
(26.8 | ) | (23.8 | ) | (50.6 | ) | ||||||
| $ | 1,405.4 | $ | 1,438.5 | $ | 2,843.9 | |||||||
Income Before Income Taxes |
||||||||||||
Segment Operating Income |
||||||||||||
RF Communications |
$ | 228.5 | $ | 189.3 | $ | 417.8 | ||||||
Government Communications Systems |
44.6 | 59.4 | 104.0 | |||||||||
Integrated Network Solutions (A) |
28.6 | 24.7 | 53.3 | |||||||||
Unallocated corporate expense |
(25.7 | ) | (22.0 | ) | (47.7 | ) | ||||||
Corporate eliminations |
(4.9 | ) | (4.4 | ) | (9.3 | ) | ||||||
Non-operating loss |
(0.4 | ) | (0.9 | ) | (1.3 | ) | ||||||
Net interest expense |
(17.2 | ) | (20.0 | ) | (37.2 | ) | ||||||
| $ | 253.5 | $ | 226.1 | $ | 479.6 | |||||||
Table 5
HARRIS CORPORATION
Fiscal 2010 - Non-GAAP
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
HARRIS CORPORATION
Fiscal 2010 - Non-GAAP
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
| Quarter Ended | ||||||||||||||||||||
| October 2, | January 1, | April 2, | July 2, | Total Fiscal | ||||||||||||||||
| 2009 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||
| (In millions) | ||||||||||||||||||||
Revenue |
||||||||||||||||||||
RF Communications |
$ | 423.7 | $ | 462.9 | $ | 550.7 | $ | 629.9 | $ | 2,067.2 | ||||||||||
Government Communications Systems |
445.5 | 425.2 | 426.9 | 449.7 | 1,747.3 | |||||||||||||||
Integrated Network Solutions |
353.2 | 351.5 | 375.8 | 404.6 | 1,485.1 | |||||||||||||||
Corporate eliminations |
(19.4 | ) | (21.9 | ) | (23.9 | ) | (28.3 | ) | (93.5 | ) | ||||||||||
| $ | 1,203.0 | $ | 1,217.7 | $ | 1,329.5 | $ | 1,455.9 | $ | 5,206.1 | |||||||||||
Income Before Income Taxes |
||||||||||||||||||||
Segment Operating Income (Loss) |
||||||||||||||||||||
RF Communications (B) |
$ | 120.5 | $ | 171.3 | $ | 208.4 | $ | 226.5 | $ | 726.7 | ||||||||||
Government Communications
Systems (C) |
52.4 | 57.7 | 59.2 | 60.5 | 229.8 | |||||||||||||||
Integrated Network Solutions (D) |
35.7 | 26.7 | 29.1 | (1.8 | ) | 89.7 | ||||||||||||||
Unallocated corporate expense |
(19.2 | ) | (24.8 | ) | (23.0 | ) | (23.4 | ) | (90.4 | ) | ||||||||||
Corporate eliminations |
(3.4 | ) | (4.0 | ) | (3.9 | ) | (5.6 | ) | (16.9 | ) | ||||||||||
Non-operating loss |
(0.2 | ) | (0.3 | ) | (0.5 | ) | (0.9 | ) | (1.9 | ) | ||||||||||
Net interest expense |
(17.8 | ) | (17.9 | ) | (17.7 | ) | (17.2 | ) | (70.6 | ) | ||||||||||
| $ | 168.0 | $ | 208.7 | $ | 251.6 | $ | 238.1 | $ | 866.4 | |||||||||||
Table 6
HARRIS CORPORATION
Fiscal 2009 - Non-GAAP
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
HARRIS CORPORATION
Fiscal 2009 - Non-GAAP
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA
(Unaudited)
| Quarter Ended | ||||||||||||||||||||
| September 26, | January 2, | April 3, | July 3, | Total Fiscal | ||||||||||||||||
| 2008 | 2009 | 2009 | 2009 | 2009 | ||||||||||||||||
| (In millions) | ||||||||||||||||||||
Revenue |
||||||||||||||||||||
RF Communications |
$ | 415.2 | $ | 438.2 | $ | 439.1 | $ | 468.1 | $ | 1,760.6 | ||||||||||
Government Communications Systems |
415.8 | 543.2 | 440.5 | 464.7 | 1,864.2 | |||||||||||||||
Integrated Network Solutions |
362.1 | 377.3 | 353.8 | 382.9 | 1,476.1 | |||||||||||||||
Corporate eliminations |
(20.5 | ) | (25.5 | ) | (28.3 | ) | (21.6 | ) | (95.9 | ) | ||||||||||
| $ | 1,172.6 | $ | 1,333.2 | $ | 1,205.1 | $ | 1,294.1 | $ | 5,005.0 | |||||||||||
Income Before Income Taxes |
||||||||||||||||||||
Segment Operating Income |
||||||||||||||||||||
RF Communications (E) |
$ | 142.1 | $ | 144.1 | $ | 151.3 | $ | 143.5 | $ | 581.0 | ||||||||||
Government Communications
Systems (F) |
41.1 | 62.8 | 47.0 | 48.9 | 199.8 | |||||||||||||||
Integrated Network Solutions (G) |
29.7 | 33.3 | 30.2 | 28.7 | 121.9 | |||||||||||||||
Unallocated corporate expense |
(18.9 | ) | (19.1 | ) | (18.8 | ) | (24.6 | ) | (81.4 | ) | ||||||||||
Corporate eliminations |
(2.9 | ) | (5.0 | ) | (6.3 | ) | (3.5 | ) | (17.7 | ) | ||||||||||
Non-operating income (loss) |
(8.1 | ) | (0.7 | ) | 6.6 | (0.9 | ) | (3.1 | ) | |||||||||||
Net interest expense |
(11.4 | ) | (12.9 | ) | (11.9 | ) | (13.4 | ) | (49.6 | ) | ||||||||||
| $ | 171.6 | $ | 202.5 | $ | 198.1 | $ | 178.7 | $ | 750.9 | |||||||||||
HARRIS CORPORATION
First Quarter, Second Quarter and First Two Quarters of Fiscal 2011; Fiscal 2010 and Fiscal 2009
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA (UNAUDITED)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
First Quarter, Second Quarter and First Two Quarters of Fiscal 2011; Fiscal 2010 and Fiscal 2009
HISTORICAL RECLASSIFIED OPERATING SEGMENT DATA (UNAUDITED)
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Notes to tables 4 through 6:
Note A – Integrated Network Solutions segment non-GAAP operating income for the quarter ended
October 1, 2010, the quarter ended December 31, 2010 and the two quarters ended December 31, 2010
excludes pre-tax charges related to integration and other costs associated with the acquisition of
CapRock Communications (“CapRock”) ($2.0 million, $4.2 million and $6.2 million, respectively).
Note B – RF Communications segment non-GAAP operating income for the quarter ended October 2, 2009
excludes pre-tax charges related to integration and other costs and the impact of a step up in
inventory associated with the acquisition of the Tyco Electronics Wireless Systems business
(“Wireless Systems”) ($6.5 million). RF Communications segment non-GAAP operating income for the
quarter ended January 1, 2010, the quarter ended April 2, 2010 and the quarter ended July 2, 2010
excludes pre-tax charges related to integration and other costs associated with the acquisition of
Wireless Systems ($2.7 million, $3.7 million and $6.4 million, respectively). RF Communications
segment non-GAAP operating income for total fiscal 2010 excludes pre-tax charges related to
integration and other costs and the impact of a step up in inventory associated with the
acquisition of Wireless Systems ($19.3 million).
Note C – Government Communications Systems segment non-GAAP operating income for the quarter ended
October 2, 2009, the quarter ended January 1, 2010, the quarter ended April 2, 2010, the quarter
ended July 2, 2010 and total fiscal 2010 excludes pre-tax charges related to integration and other
costs associated with the acquisitions of Crucial Security, Inc. (“Crucial”) ($0.4 million, $0.4
million, $0.6 million, $0.1 million and $1.5 million, respectively) and the Air Traffic Control
business unit of SolaCom Technologies Inc. (“SolaCom ATC”) ($0.3 million, $0.3 million, $0.2
million, $0.1 million and $0.9 million, respectively).
Note D – Integrated Network Solutions segment non-GAAP operating income for the quarter ended
January 1, 2010 and the quarter ended April 2, 2010 excludes pre-tax charges related to integration
and other costs associated with the acquisition of Patriot Technologies, LLC (“Patriot”) ($0.1
million and $0.8 million, respectively). Integrated Network Solutions segment non-GAAP operating
loss for the quarter ended July 2, 2010 and non-GAAP operating income for total fiscal 2010
excludes pre-tax charges related to integration and other costs associated with the acquisitions of
Patriot ($0.6 million and $1.5 million, respectively), SignaCert, Inc. ($0.3 million and $0.3
million, respectively) and CapRock ($2.6 million and $2.6 million, respectively).
Note E – RF Communications segment non-GAAP operating income for the quarter ended July 3, 2009 and
total fiscal 2009 excludes pre-tax charges related to the impact of a step up in inventory,
integration and other costs and a write-off of in-process research and development associated with
the acquisition of Wireless Systems ($9.5 million and $9.5 million, respectively).
Note F – Government Communications Systems segment non-GAAP operating income for the quarter ended
July 3, 2009 and total fiscal 2009 excludes pre-tax charges related to integration and other costs
associated with the acquisition of Crucial ($0.6 million and $0.6 million, respectively).
Note G – Integrated Network Solutions segment non-GAAP operating income for the quarter ended July
3, 2009 and total fiscal 2009 excludes pre-tax charges related to impairment of goodwill and other
long-lived assets associated with previous acquisitions in the Broadcast Communications business
($255.5 million and $255.5 million, respectively).