XML 114 R32.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events
3 Months Ended
Apr. 03, 2020
Subsequent Events [Abstract]  
Subsequent Events
Note X — Subsequent Events
Airport security and automation business divestiture
On May 4, 2020, we completed the sale of the airport security and automation business for net cash proceeds of approximately $1 billion, before estimated transaction expenses and estimated adjustments in respect of net cash and working capital, and subject to post-closing finalization of those adjustments as set forth in the definitive sale agreement. We expect to use the net cash proceeds from the sale for general corporate purposes and potential repurchases of shares of our common stock.
Debt exchange
As described in more detail in Note M — Debt in these Notes, the Exchange Offers (to exchange any or all New L3Harris Notes that had been issued pursuant to an exemption from the registration requirements of the Securities Act for an equal principal amount of new notes registered under the Securities Act) expired at 5:00 p.m., New York City time, on May 1, 2020.
On May 5, 2020, we settled the Exchange Offers and issued Exchange Notes for validly tendered Original Notes.