harris corporation

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QUARTERLY FINANCIAL DATA (UNAUDITED) SUPPLEMENTARY FINANCIAL INFORMATION Selected quarterly financial data is summarized below. Quarter Ended 10-1-10(2) 12-31-10(3) 4-1-11(4) 7-1-11(5) (In millions, except per share amounts) Fiscal 2011 Revenue .................................... $1,405.4 $1,438.5 $1,413.3 $1,667.4 $5,924.6 Gross profit ................................. 524.3 498.0 517.0 574.8 2,114.1 Income from continuing operations before income taxes .................................... 251.5 221.9 206.4 200.9 880.7 Income from continuing operations (1) . ............ 163.9 151.1 139.5 133.5 588.0 Per share data: Basic — income from continuing operations (1) ..... 1.28 1.19 1.10 1.07 4.63 Diluted — income from continuing operations (1) . . . 1.27 1.18 1.09 1.06 4.60 Cash dividends ............................. 0.25 0.25 0.25 0.25 1.00 Stock prices — High ......................... 48.95 47.42 51.27 53.39 Low......................... 41.13 43.02 43.14 43.75 Quarter Ended 10-2-09(6) 1-1-10(7) 4-2-10(8) 7-2-10(9) (In millions, except per share amounts) Fiscal 2010 Revenue .................................... $1,203.0 $1,217.7 $1,329.5 $1,455.9 $5,206.1 Gross profit .................................. 390.9 439.1 509.5 532.2 1,871.7 Income from continuing operations before income taxes ..................................... 160.8 205.2 246.3 228.0 840.3 Income from continuing operations (1) .............. 104.5 139.5 166.2 151.4 561.6 Per share data: Basic — income from continuing operations (1) ..... 0.79 1.07 1.27 1.17 4.31 Diluted — income from continuing operations (1) .... 0.79 1.06 1.26 1.16 4.28 Cash dividends. ............................. 0.22 0.22 0.22 0.22 0.88 Stock prices — High ......................... 39.42 48.25 49.67 54.50 Low.......................... 26.11 35.88 42.67 40.24 (1) For this line item, “income from continuing operations” refers to income from continuing operations attributable to Harris Corporation common shareholders. (2) Income from continuing operations before income taxes included a $2.0 million ($1.5 million after-tax) charge for costs associated with acquisitions. (3) Income from continuing operations before income taxes included a $4.2 million ($3.5 million after-tax) charge for costs associated with acquisitions. (4) Income from continuing operations before income taxes included a $10.8 million ($9.1 million after-tax) charge for costs associated with acquisitions. (5) Income from continuing operations before income taxes included a $29.6 million ($22.7 million after-tax) charge for costs associated with acquisitions. (6) Income from continuing operations before income taxes included a $7.2 million ($4.5 million after-tax) charge for costs associated with acquisitions. (7) Income from continuing operations before income taxes included a $3.5 million ($2.3 million after-tax) charge for costs associated with acquisitions. (8) Income from continuing operations before income taxes included a $5.3 million ($3.3 million after-tax) charge for costs associated with acquisitions. (9) Income from continuing operations before income taxes included a $10.1 million ($9.8 million after-tax) charge for costs associated with acquisitions. 95 Total Year Total Year
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. Not applicable. ITEM 9A. CONTROLS AND PROCEDURES. (a) Evaluation of disclosure controls and procedures: We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Our disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can provide only reasonable assurance of achieving their control objectives, and management necessarily is required to use its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As required by Rule 13a-15 under the Exchange Act, as of the end of fiscal 2011, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer. Based upon this work and other evaluation procedures, our management, including our Chief Executive Officer and our Chief Financial Officer, has concluded that as of the end of fiscal 2011 our disclosure controls and procedures were effective. (b) Changes in internal control: We periodically review our internal control over financial reporting as part of our efforts to ensure compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002. In addition, we routinely review our system of internal control over financial reporting to identify potential changes to our processes and systems that may improve controls and increase efficiency, while ensuring that we maintain an effective internal control environment. Changes may include such activities as implementing new, more efficient systems, consolidating the activities of business units, migrating certain processes to our shared services organizations, formalizing policies and procedures, improving segregation of duties, and adding additional monitoring controls. In addition, when we acquire new businesses, we incorporate our controls and procedures into the acquired business as part of our integration activities. There have been no changes in our internal control over financial reporting that occurred during the quarter ended July 1, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. (c) Evaluation of Internal Control over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of the end of fiscal 2011 and concluded that our internal control over financial reporting was effective as of the end of fiscal 2011. Our management excluded from its assessment of the effectiveness of our internal control over financial reporting the internal controls of CapRock, which we acquired during the first quarter of fiscal 2011; the internal controls with respect to Schlumberger GCS, which we acquired during the fourth quarter of fiscal 2011; and the internal controls of Carefx, which we acquired during the fourth quarter of fiscal 2011. CapRock, Schlumberger GCS and Carefx are included in our fiscal 2011 consolidated financial statements. Our management will include the internal controls of CapRock, the internal controls with respect to Schlumberger GCS and the internal controls of Carefx in its assessment of the effectiveness of our internal control over financial reporting for fiscal 2012. “Management’s Report on Internal Control Over Financial Reporting” is included within “Item 8. Financial Statements and Supplementary Data” of this Report. The effectiveness of our internal control over financial reporting was audited by Ernst & Young LLP, our independent registered public accounting firm. Their unqualified report is included within “Item 8. Financial Statements and Supplementary Data” of this Report. ITEM 9B. OTHER INFORMATION. Not applicable. 96
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harris corporation 2011 annual repo
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more than ever Businesses and gover
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ealigned segments focus on strategi
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fiscal 2011 highlights 7.19.10 $97
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usiness segments at-a-glance fiscal
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oard committees 1 Audit Committee 2
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HARRIS CORPORATION 2011 FORM 10-K
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Part I: Part II: Part III: HARRIS C
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Communications Solutions, Healthcar
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Networking Wideband Waveform (“AN
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performance-driven business model,
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fiscal 2011, we were awarded a four
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including risks relating to our U.S
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We are a major developer, supplier
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Competition We operate in highly co
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in fiscal 2011, $721 million in fis
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Additional information relating to
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We could be negatively impacted by
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• We may experience declines in r
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The outcome of litigation or arbitr
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ITEM 2. PROPERTIES. Our principal e
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Norfolk County Retirement System on
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PART II ITEM 5. MARKET FOR REGISTRA
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The following table sets forth info
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(5) Results for fiscal 2007 include
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Government Communications Systems:
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Over the longer term, DoD budgets a
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fiscal 2009. See the “Interest In
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Fiscal 2011 Compared With Fiscal 20
Page 59 and 60: NETCENTS program. This revenue grow
Page 61 and 62: material issues with liquidity, alt
Page 63 and 64: time and from time to time during t
Page 65 and 66: aggregate principal amount of the d
Page 67 and 68: during fiscal 2011. As is customary
Page 69 and 70: effect on our statement of financia
Page 71 and 72: sufficient future taxable income, o
Page 73 and 74: ITEM 8. FINANCIAL STATEMENTS AND SU
Page 75 and 76: REPORT OF INDEPENDENT REGISTERED PU
Page 77 and 78: CONSOLIDATED STATEMENT OF INCOME 20
Page 79 and 80: CONSOLIDATED STATEMENT OF CASH FLOW
Page 81 and 82: NOTES TO CONSOLIDATED FINANCIAL STA
Page 109: NOTES TO CONSOLIDATED FINANCIAL STA
Page 113 and 114: ITEM 12. SECURITY OWNERSHIP OF CERT
Page 115 and 116: (3)(a) Restated Certificate of Inco
Page 117 and 118: Company’s Quarterly Report on For
Page 119 and 120: *(10)(g)(i) Harris Corporation 1997
Page 121 and 122: *(10)(y) Harris Corporation Annual
Page 123 and 124: SCHEDULE II — VALUATION AND QUALI
Page 125 and 126: Name of Subsidiary HARRIS CORPORATI
Page 127 and 128: Exhibit 23 CONSENT OF INDEPENDENT R
Page 129 and 130: CERTIFICATIONS I, Gary L. McArthur,
Page 131 and 132: Exhibit 32.2 Certification Pursuant
Page 133: HARRIS CORPORATION 1025 West NASA B
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