Harris Corporation Reports Solid Fiscal 2018 Second Quarter Results with Strong Revenue Growth

(A)Certain amounts reclassified to conform with current period presentation of our former government IT services business as discontinued operations, including reallocation of stranded costs and Financial Accounting Standards pension income previously reported as part of our Critical Networks segment.

 
Table 3
HARRIS CORPORATION
FY '18 Second Quarter Summary
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 
      Two Quarters Ended

December 29, 2017

    December 30, 2016(A)
 
(In millions)
Operating Activities
Net income $ 300 $ 337
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 80 101
Amortization of intangible assets from Exelis Inc. acquisition 50 66
Share-based compensation 24 22
Qualified pension plan contributions (103 )
Pension income (68 ) (49 )
(Increase) decrease in:
Accounts receivable (19 ) 125
Inventories (102 ) (50 )
Increase (decrease) in:
Accounts payable (78 ) (47 )
Advance payments and unearned income 38 (58 )
Other 148   (49 )
Net cash provided by operating activities 373   295  
Investing Activities
Additions of property, plant and equipment (43 ) (49 )
Adjustments to proceeds from sales of businesses (2 ) (25 )
Net cash used in investing activities (45 ) (74 )
Financing Activities
Net proceeds from borrowings 248 185
Repayments of borrowings (363 ) (300 )
Proceeds from exercises of employee stock options 18 27
Repurchases of common stock (150 ) (100 )
Cash dividends (137 ) (134 )
Other financing activities (10 ) (19 )
Net cash used in financing activities (394 ) (341 )
Effect of exchange rate changes on cash and cash equivalents 4   (6 )
Net decrease in cash and cash equivalents (62 ) (126 )
Cash and cash equivalents, beginning of year 484   487  
Cash and cash equivalents, end of quarter $ 422   $ 361  
 

(A) Certain amounts reclassified to conform with current period presentation

 
 
Table 4
HARRIS CORPORATION
FY '18 Second Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
         
December 29, 2017 June 30, 2017
 
(In millions)
Assets
Cash and cash equivalents $ 422 $ 484
Receivables 642 623
Inventories 942 841
Property, plant and equipment 878 904
Goodwill 5,374 5,366
Other intangible assets 1,048 1,104
Other assets   550   768
$ 9,856 $ 10,090
Liabilities and Equity
Short-term debt $ 5 $ 80
Accounts payable 462 540
Compensation and benefits 120 140
Advance payments and unearned income 290 252
Current portion of long-term debt 523 554
Defined benefit plans 1,202 1,278
Long-term debt, net 3,391 3,396
Other liabilities 869 922
Equity   2,994   2,928
$ 9,856 $ 10,090
 

HARRIS CORPORATION

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