Harris Corporation (HRS) financial statements (2021 and earlier)

Company profile

Business Address 1025 W NASA BLVD
MELBOURNE, FL 32919
State of Incorp. DE
Fiscal Year End December 31
SIC 3812 - Search, Detection, Navigation, Guidance, Aeronautical, and Nautical Systems and Instruments (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in millions)

12/31/2020
6/30/2019
6/30/2018
6/30/2017
6/30/2016
6/30/2015
6/30/2014
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1,276530288484487481561
Cash and cash equivalents1,276530288484487481561
Receivables1,6394577356239371,168566
Inventory, net of allowances, customer advances and progress billings973360826751873930619
Inventory9733609258419641,015619
Progress payments netted against inventory for long-term contracts or programs  (99)(90)(91)(85)
Contract with customer, asset2,437807
Disposal group, including discontinued operation35133     
Income taxes receivable28
Other current assets307100101101144165105
Other undisclosed current assets 191273114167780112
Total current assets:6,6672,5782,2232,0732,6083,5241,991
Noncurrent Assets
Operating lease, right-of-use asset766
Property, plant and equipment2,1028949009041,0151,165728
Intangible assets, net (including goodwill)26,7846,2106,3616,4707,5178,1231,969
Goodwill18,8765,3405,3725,3665,9756,3481,711
Intangible assets, net (excluding goodwill)7,9088709891,1041,5421,775258
Regulated entity, other noncurrent assets   222733 
Deferred income tax assets119
Other noncurrent assets522262239234258154156
Defined benefit plan, assets for plan benefits  7 
Other undisclosed noncurrent assets 17311638757112387
Total noncurrent assets:30,2937,5397,6168,0179,3889,6052,940
TOTAL ASSETS:36,96010,1179,83910,09011,99613,1294,931
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities3,0199771,0921,0281,2101,411537
Accounts payable1,406525622540602581324
Accrued liabilities1,068283313317428518 
Employee-related liabilities496161142140169255213
Taxes payable49815311157 
Deferred revenue1,198
Debt1075938263439716360
Deferred compensation liability    8267 
Disposal group, including discontinued operation1336 1230  
Deferred tax liabilities    72
Customer advances and deposits 252319433
Contract with customer, liability496
Other undisclosed current liabilities  314   516
Total current liabilities:4,2402,2681,7881,9261,9642,2811,115
Noncurrent Liabilities
Long-term debt and lease obligation, including:6,9082,7633,4083,3964,1205,0531,576
Long-term debt, excluding current maturities6,9082,7633,4083,3964,1205,0531,576
Operating lease, liability734
Other undisclosed long-term debt and lease obligation(734)      
Liabilities, other than long-term debt4,3101,7111,2311,8402,8552,393415
Deferred revenue and credits   7184
Accounts payable and accrued liabilities    97 
Deferred revenue73
Deferred tax liabilities, net  34   
Deferred income tax liabilities1,237
Liability, pension and other postretirement and postemployment benefits1,9061,1747141,2782,2961,943
Disposal group, including discontinued operation, liabilities   21   
Other liabilities1,094537517507550372332
Other undisclosed noncurrent liabilities6611290    
Total noncurrent liabilities:11,8794,4864,7295,2366,9757,4461,991
Total liabilities:16,1196,7546,5177,1628,9399,7273,106
Stockholders' equity
Stockholders' equity attributable to parent20,7243,3633,3222,9283,0563,3971,826
Common stock208119118120125124106
Additional paid in capital19,0081,7781,7141,7412,0962,031509
Accumulated other comprehensive loss(839)(707)(202)(276)(495)(16)(15)
Retained earnings2,3472,1731,6921,3431,3301,2581,226
Stockholders' equity attributable to noncontrolling interest117   15(1)
Total stockholders' equity:20,8413,3633,3222,9283,0573,4021,825
TOTAL LIABILITIES AND EQUITY:36,96010,1179,83910,09011,99613,1294,931

Income statement (P&L) ($ in millions)

12/31/2020
6/30/2019
6/30/2018
6/30/2017
6/30/2016
6/30/2015
6/30/2014
Revenues18,1946,8016,1825,9007,4675,0835,012
Revenue, net 5,9007,4675,0835,012
Cost of revenue
(Cost of Goods and Services Sold)
(12,886)(4,467)(3,931)(3,811)(5,132)(3,362)(3,311)
Gross profit:5,3082,3342,2512,0892,3351,7211,702
Operating expenses(4,159)(1,242)(1,129)(1,016)(1,186)(1,008)(820)
Operating income:1,1491,0921,1221,0731,149713882
Nonoperating income (expense)401188(28)210(108)4
Investment income, nonoperating162 2223
Net periodic defined benefits expense (reversal of expense), excluding service cost component(389) 
Other nonoperating income (expense)401 (3)    
Interest and debt expense(270)(169)(170)(172)(183)(248)(94)
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes42222(365)1203
Income from continuing operations before income taxes:1,3221,113926905611477795
Income tax expense(234)(160)(205)(267)(266)(143)(256)
Income from continuing operations:1,088953721638345334539
Income (loss) from discontinued operations(2)(4)(3)(85)(21)10(5)
Income before gain (loss) on sale of properties:1,086949718553324344534
Other undisclosed net loss     (10) 
Net income:1,086949718553324334534
Net income attributable to noncontrolling interest33     1
Net income attributable to parent:1,119949718553324334535
Undistributed earnings (loss) allocated to participating securities, basic (2)(2)
Other undisclosed net income available to common stockholders, basic243    
Net income available to common stockholders, basic:1,121951719553324334535
Dilutive securities, effect on basic earnings per share   (2)   
Net income available to common stockholders, diluted:1,121951719551324334535

Comprehensive Income ($ in millions)

12/31/2020
6/30/2019
6/30/2018
6/30/2017
6/30/2016
6/30/2015
6/30/2014
Net income:1,086949718553324334534
Other comprehensive income (loss)(331)(505)109167(479)(1)44
Comprehensive income (loss):755444827720(155)333578
Comprehensive income (loss), net of tax, attributable to noncontrolling interest33     (1)
Other undisclosed comprehensive income, net of tax, attributable to parent      1
Comprehensive income (loss), net of tax, attributable to parent:788444827720(155)333579

Statements sources

The financial statements are based on the company's filings with the The U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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