|
Third Quarter |
|
Year to Date |
||||||||||||
(In millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Operating Activities |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
404 |
|
|
$ |
382 |
|
|
$ |
1,056 |
|
|
$ |
1,072 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
324 |
|
|
|
310 |
|
|
|
963 |
|
|
|
816 |
|
Share-based compensation |
|
23 |
|
|
|
22 |
|
|
|
76 |
|
|
|
67 |
|
| Pension and other postretirement benefit plan income |
|
(72 |
) |
|
|
(68 |
) |
|
|
(215 |
) |
|
|
(209 |
) |
| Share-based matching contributions under defined contribution plans |
|
57 |
|
|
|
51 |
|
|
|
199 |
|
|
|
172 |
|
| Deferred income taxes |
|
467 |
|
|
|
(34 |
) |
|
|
220 |
|
|
|
(277 |
) |
| (Increase) decrease in: |
|
|
|
|
|
|
|
||||||||
| Receivables, net |
|
188 |
|
|
|
158 |
|
|
|
163 |
|
|
|
53 |
|
| Contract assets |
|
(207 |
) |
|
|
36 |
|
|
|
(372 |
) |
|
|
(136 |
) |
| Inventories, net |
|
40 |
|
|
|
(80 |
) |
|
|
46 |
|
|
|
(195 |
) |
| Other current assets |
|
(6 |
) |
|
|
(15 |
) |
|
|
(32 |
) |
|
|
(87 |
) |
| Increase (decrease) in: |
|
|
|
|
|
|
|
||||||||
| Accounts payable |
|
155 |
|
|
|
(41 |
) |
|
|
(45 |
) |
|
|
(18 |
) |
| Contract liabilities |
|
(12 |
) |
|
|
(18 |
) |
|
|
(150 |
) |
|
|
202 |
|
| Compensation and benefits |
|
(44 |
) |
|
|
(45 |
) |
|
|
(145 |
) |
|
|
(55 |
) |
| Other current liabilities |
|
(26 |
) |
|
|
(24 |
) |
|
|
59 |
|
|
|
(27 |
) |
| Income taxes |
|
(469 |
) |
|
|
5 |
|
|
|
(258 |
) |
|
|
15 |
|
| Other operating activities |
|
(42 |
) |
|
|
(96 |
) |
|
|
(135 |
) |
|
|
(86 |
) |
| Net cash provided by operating activities |
|
780 |
|
|
|
543 |
|
|
|
1,430 |
|
|
|
1,307 |
|
| Investing Activities |
|
|
|
|
|
|
|
||||||||
| Net cash paid for acquired businesses |
|
— |
|
|
|
(4,715 |
) |
|
|
— |
|
|
|
(6,688 |
) |
| Additions to property, plant and equipment |
|
(78 |
) |
|
|
(148 |
) |
|
|
(290 |
) |
|
|
(312 |
) |
| Proceeds from sales of businesses, net |
|
— |
|
|
|
— |
|
|
|
158 |
|
|
|
71 |
|
| Other investing activities |
|
(15 |
) |
|
|
(1 |
) |
|
|
(19 |
) |
|
|
(9 |
) |
| Net cash used in investing activities |
|
(93 |
) |
|
|
(4,864 |
) |
|
|
(151 |
) |
|
|
(6,938 |
) |
| Financing Activities |
|
|
|
|
|
|
|
||||||||
| Proceeds from borrowings, net of issuance cost |
|
585 |
|
|
|
5,319 |
|
|
|
2,826 |
|
|
|
7,568 |
|
| Repayments of borrowings |
|
(2 |
) |
|
|
(2,099 |
) |
|
|
(2,609 |
) |
|
|
(3,159 |
) |
| Change in commercial paper, maturities under 90 days, net |
|
(404 |
) |
|
|
806 |
|
|
|
93 |
|
|
|
1,330 |
|
| Proceeds from commercial paper, maturities over 90 days |
|
— |
|
|
|
646 |
|
|
|
688 |
|
|
|
701 |
|
| Repayments of commercial paper, maturities over 90 days |
|
(520 |
) |
|
|
— |
|
|
|
(1,205 |
) |
|
|
— |
|
| Proceeds from exercises of employee stock options |
|
48 |
|
|
|
5 |
|
|
|
111 |
|
|
|
18 |
|
| Repurchases of common stock |
|
(190 |
) |
|
|
— |
|
|
|
(512 |
) |
|
|
(518 |
) |
| Dividends paid |
|
(220 |
) |
|
|
(216 |
) |
|
|
(665 |
) |
|
|
(652 |
) |
| Other financing activities |
|
(6 |
) |
|
|
(1 |
) |
|
|
(36 |
) |
|
|
(34 |
) |
| Net cash (used in) provided by financing activities |
|
(709 |
) |
|
|
4,460 |
|
|
|
(1,309 |
) |
|
|
5,254 |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
14 |
|
|
|
(6 |
) |
|
|
9 |
|
|
|
(4 |
) |
| Net decrease in cash and cash equivalents |
|
(8 |
) |
|
|
133 |
|
|
|
(21 |
) |
|
|
(381 |
) |
| Cash and cash equivalents, beginning of period |
|
547 |
|
|
|
366 |
|
|
|
560 |
|
|
|
880 |
|
| Cash and cash equivalents, end of period |
$ |
539 |
|
|
$ |
499 |
|
|
$ |
539 |
|
|
$ |
499 |
|
L3Harris Technologies Reports Strong Third Quarter 2024 Results, Increases 2024 Guidance
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|
|
Table 2 - Consolidated Statement of Cash Flow (Unaudited)
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