-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UogpbddOqOAo7tz53mAsaQcFU+83piSVU2tFqnCLPAzmkUEk6gcMFZJkQ9GsX+rj OtNc0K5EmNTJYvn+dzDEdQ== 0000950152-97-008818.txt : 19971224 0000950152-97-008818.hdr.sgml : 19971224 ACCESSION NUMBER: 0000950152-97-008818 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19971223 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARRIS CORP /DE/ CENTRAL INDEX KEY: 0000202058 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 340276860 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-03863 FILM NUMBER: 97743485 BUSINESS ADDRESS: STREET 1: 1025 W NASA BLVD CITY: MELBOURNE STATE: FL ZIP: 32919 BUSINESS PHONE: 4077279125 MAIL ADDRESS: STREET 1: 1025 W NASA BLVD CITY: MELBOURNE STATE: FL ZIP: 32919 FORMER COMPANY: FORMER CONFORMED NAME: HARRIS SEYBOLD CO DATE OF NAME CHANGE: 19600201 11-K 1 HARRIS CORPORATION RETIREMENT PLAN 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 11-K _______________________ (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 1-3863 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Harris Corporation Retirement Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Harris Corporation 1025 W. NASA Blvd. Melbourne, Florida 32919 2 HARRIS CORPORATION RETIREMENT PLAN Financial Statements June 30, 1997 3 HARRIS CORPORATION RETIREMENT PLAN Table of Contents
June 30, 1997 PAGE - ------------------------------------------------------------------------------------------------------------------- INDEPENDENT AUDITOR'S REPORT...........................................................................1 FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits...................................................2-5 Statement of Changes in Net Assets Available for Benefits.........................................6-7 Notes to Financial Statements....................................................................8-11
4 [LOGO] BRAY, BECK & KOETTER 410 Indian River Avenue, Suite A CERTIFIED PUBLIC ACCOUNTANTS, P.A. Post Office Box 6583 Titusville, Florida 32782-6583 (407) 269-0732 FAX (407) 264-0925 39 South Atlantic Avenue, Suite A Post Office Box 321057 Cocoa Beach, Florida 32932-1057 (407) 783-8321 FAX (407) 799-0925 1901 South Harbor City Blvd One Harbor Place Suite 500A Post Office Box 249 Melbourne, Florida 32902-0249 (407) 676-1440 FAX (407) 984-8018 INDEPENDENT AUDITOR'S REPORT Investment Committee Harris Corporation Retirement Plan Melbourne, Florida We have audited the accompanying statements of net assets available for benefits of the Harris Corporation Retirement Plan (the "Plan") as of June 30, 1997 and 1996, and the related statement of changes in net assets available for benefits for the year ended June 30, 1997. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at June 30, 1997 and 1996, and the changes in its net assets available for benefits for the year ended June 30, 1997, in conformity with generally accepted accounting principles. /s/ Bray, Beck & Koetter Melbourne, Florida October 10, 1997 1 5 FINANCIAL STATEMENTS 6 HARRIS CORPORATION RETIREMENT PLAN Statements of Net Assets Available for Benefits June 30, 1997 and 1996 - ---------------------------------------------------------------------------------------------------------
June 30, 1997 -------------------------------------------------------------- Money Equity Balanced Short-Term Market Income Fund Bond Fund Fund Fund -------- ----------- ----------- ------------ ASSETS INVESTMENTS (Note 3): Plan interest in Harris Corporation Master Trust $842,355,735 $88,282,514 $17,569,886 $359,393,992 Participant loans -- -- -- -- ------------ ----------- ----------- ------------ Total investments 842,355,735 88,282,514 17,569,886 359,393,992 RECEIVABLES: Contributions receivable: Harris Corporation 25,410,442 -- -- -- Participants 353,634 -- -- -- Accrued interest and dividends 3,703,948 1,047,854 126,481 1,010,240 Securities sold 5,713,838 6,084,673 -- 43,322 ------------ ----------- ----------- ------------ Total receivables 35,181,862 7,132,527 126,481 1,053,562 CASH AND CASH EQUIVALENTS (Note 2) 33,274,836 938,845 936,748 15,503,916 ------------ ----------- ----------- ------------ Total assets 910,812,433 96,353,886 18,633,115 375,951,470 LIABILITIES Accrued expenses 507,911 26,231 22,814 6,835 Securities purchased 7,900,009 2,367,446 1,473,485 986,728 Outstanding options 2,386,053 -- -- -- ------------ ----------- ----------- ------------ Total liabilities 10,793,973 2,393,677 1,496,299 993,563 ------------ ----------- ----------- ------------ NET ASSETS AVAILABLE FOR BENEFITS $900,018,460 $93,960,209 $17,136,816 $374,957,907 ============ =========== =========== ============
2 7 - ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------ Equity Stable Harris Index Value Growth Corporation Loan Fund Fund Fund Stock Fund Fund Total - ------------ ------------ ------------ ------------ ----------- -------------- $217,472,229 $199,527,706 $127,096,531 $24,629,914 $ -- $1,876,328,507 -- -- -- -- 32,850,494 32,850,494 - ------------ ------------ ------------ ----------- ----------- -------------- 217,472,229 199,527,706 127,096,531 24,629,914 32,850,494 1,909,179,001 -- -- -- -- -- 25,410,442 -- -- -- -- -- 353,634 3,331 1,116,141 67,833 3,532 -- 7,079,360 -- 1,922 259,223 110,562 -- 12,213,540 - ------------ ------------ ------------ ----------- ----------- -------------- 3,331 1,118,063 327,056 114,094 -- 45,056,976 7,151,057 7,069,159 2,030,057 720,775 -- 67,625,393 - ------------ ------------ ------------ ----------- ----------- -------------- 224,626,617 207,714,928 129,453,644 25,464,783 32,850,494 2,021,861,370 4,665 55,717 99,951 -- -- 724,124 -- -- 272,414 713,522 -- 13,713,604 -- -- -- -- -- 2,386,053 - ------------ ------------ ------------ ----------- ----------- -------------- 4,665 55,717 372,365 713,522 -- 16,823,781 - ------------ ------------ ------------ ----------- ----------- -------------- $224,621,952 $207,659,211 $129,081,279 $24,751,261 $32,850,494 $2,005,037,589 ============ ============ ============ =========== =========== ==============
Continued 3 8 HARRIS CORPORATION RETIREMENT PLAN Statements of Net Assets Available for Benefits - Continued June 30, 1997 and 1996 - ----------------------------------------------------------------------------------------------------------
June 30, 1996 - ---------------------------------------------------------------------------------------------------------- Money Equity Balanced Short-Term Market Income Fund Bond Fund Fund Fund ------------ ------------ ----------- ------------ ASSETS INVESTMENTS (Note 3): Plan interest in Harris Corporation Master Trust $736,649,161 $ 99,748,323 $ 494,442 $248,831,079 Participant loans -- -- -- -- ------------ ------------ ----------- ------------ Total investments 736,649,161 99,748,323 494,442 248,831,079 RECEIVABLES: Contributions receivable from Harris Corporation 23,214,104 -- -- -- Contributions receivable from participants 553,478 -- -- -- Accrued interest and dividends 3,736,081 1,077,475 63,063 964,451 Securities sold 6,237,577 -- -- 270,811 ------------ ------------ ----------- ------------ Total receivables 33,741,240 1,077,475 63,063 1,235,262 CASH AND CASH EQUIVALENTS (Note 2) 8,453,776 1,100,595 13,706,671 23,777,377 ------------ ------------ ----------- ------------ Total assets 778,844,177 101,926,393 14,264,176 273,843,718 LIABILITIES Accrued expenses 64,792 -- -- -- Securities purchased 9,768,804 1,479,759 -- 1,822,173 ------------ ------------ ----------- ------------ Total liabilities 9,833,596 1,479,759 -- 1,822,173 ------------ ------------ ----------- ------------ NET ASSETS AVAILABLE FOR BENEFITS $769,010,581 $100,446,634 $14,264,176 $272,021,545 ============ ============ =========== ============
See accompanying notes to financial statements. 4 9 - ----------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------- Equity Stable Harris Index Value Growth Corporation Loan Fund Fund Fund Stock Fund Fund Total - ------------ ------------ ------------ ------------ ------------ --------------- $140,830,363 $190,471,822 $129,102,909 $ 12,950,548 $ -- $1,559,078,647 -- -- -- -- 33,790,689 33,790,689 - ------------ ------------ ------------ ------------ ----------- -------------- 140,830,363 190,471,822 129,102,909 12,950,548 33,790,689 1,592,869,336 -- -- -- -- -- 23,214,104 -- -- -- -- -- 553,478 212,987 1,017,040 65,872 2,066 -- 7,139,035 12,066 -- 152,371 -- -- 6,672,825 - ------------ ------------ ------------ ------------ ----------- -------------- 225,053 1,017,040 218,243 2,066 -- 37,579,442 4,431,651 824,616 1,652,527 310,248 -- 54,257,461 - ------------ ------------ ------------ ------------ ----------- -------------- 145,487,067 192,313,478 130,973,679 13,262,862 33,790,689 1,684,706,239 217,912 -- -- -- -- 282,704 -- -- 251,528 -- -- 13,322,264 - ------------ ------------ ------------ ------------ ----------- -------------- 217,912 -- 251,528 -- -- 13,604,968 - ------------ ------------ ------------ ------------ ----------- -------------- $145,269,155 $192,313,478 $130,722,151 $13,262,862 $33,790,689 $1,671,101,271 ============ ============ ============ =========== =========== ==============
5 10 HARRIS CORPORATION RETIREMENT PLAN Statement of Changes in Net Assets Available for Benefits Year Ended June 30, 1997 - -------------------------------------------------------------------------------------------------------------------
Money Equity Balanced Short-Term Market Income Fund Bond Fund Fund Fund ------------- ------------- ----------- ------------ INCREASES: Plan interest in Harris Corporation Master Trust investment income $ 147,877,887 $ 6,186,366 $ 940,216 $ 79,343,041 Interest income -- -- -- -- Cash contributions from Harris Corporation under profit- sharing program 24,670,618 -- -- -- Cash contributions under deferred income program: From Harris Corporation 5,820,959 2,040,568 354,727 5,982,722 From plan participants 12,696,458 3,113,788 960,725 11,895,812 ------------- ------------- ----------- ------------ 191,065,922 11,340,722 2,255,668 97,221,575 NET PARTICIPANTS' TRANSFERS BETWEEN FUNDS (19,601,893) (11,734,942) 4,789,502 21,099,415 DECREASES: Benefits paid directly to participants 37,176,890 5,839,202 4,113,244 14,000,690 Administrative expenses 3,279,260 253,003 59,286 1,383,938 ------------- ----------- ------------ 40,456,150 6,092,205 4,172,530 15,384,628 ------------- ------------- ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 131,007,879 (6,486,425) 2,872,640 102,936,362 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 769,010,581 100,446,634 14,264,176 272,021,545 ------------- ------------- ----------- ------------ END OF YEAR $ 900,018,460 $ 93,960,209 $17,136,816 $374,957,907 ============= ============= =========== ============
See accompanying notes to financial statements. 6 11 - ------------------------------------------------------------------------------------------------------------
Equity Stable Harris Index Value Growth Corporation Loan Fund Fund Fund Stock Fund Fund Total - ------------- ------------- ------------- ------------- ------------ -------------- $ 53,697,740 $ 12,733,267 $ 16,397,927 $ 6,493,289 $ -- $323,669,733 -- -- -- -- 2,394,589 2,394,589 -- -- -- -- -- 24,670,618 4,025,428 2,747,539 4,092,418 3,953,449 -- 29,017,810 8,400,111 4,565,522 9,082,997 2,446,099 -- 53,161,512 - ------------ ------------ ------------- ------------ ------------ -------------- 66,123,279 20,046,328 29,573,342 12,892,837 2,394,589 432,914,262 21,200,876 10,144,977 (23,645,260) (731,821) (1,520,854) -- 7,843,926 14,545,993 7,088,596 672,416 1,813,930 93,094,887 127,432 299,579 480,358 201 -- 5,883,057 - ------------ ------------ ------------- ------------ ------------ -------------- 7,971,358 14,845,572 7,568,954 672,617 1,813,930 98,977,944 - ------------ ------------ ------------- ------------ ------------ -------------- 79,352,797 15,345,733 (1,640,872) 11,488,399 (940,195) 333,936,318 145,269,155 192,313,478 130,722,151 13,262,862 33,790,689 1,671,101,271 - ------------ ------------ ------------- ------------ ------------ -------------- $224,621,952 $207,659,211 $ 129,081,279 $ 24,751,261 $ 32,850,494 $2,005,037,589 ============ ============ ============= ============ ============ ==============
7 12 HARRIS CORPORATION RETIREMENT PLAN Notes to Financial Statements June 30, 1997 and 1996 - -------------------------------------------------------------------------------- 1. DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES The Harris Corporation Retirement Plan includes substantially all domestic employees of Harris Corporation who are not covered by a collective bargaining agreement. The Harris Corporation Retirement Plan and the Harris Corporation Union Retirement Plan share a common Profit-Sharing Program and Deferred Income Savings Program. The Corporation's annual contribution to the Balanced Fund under the Profit-Sharing Program is equal to 11.5% of the Corporation's adjusted and consolidated net income as defined under the plan documents, plus any discretionary amount determined by the Board of Directors of the Corporation. The Profit-Sharing contribution is allocated, in the subsequent Plan year, among participating employees' individual account balances based on eligible compensation. The Deferred Income Savings Program was designed to take advantage of Internal Revenue Code Section 401(k). Under the Deferred Income Savings Program, participants may contribute up to 12% of their regular eligible compensation to the Plan in 1% increments. The contributions can be in pre-tax or after-tax dollars at the participant's election. The employer contributes a matching amount equal to 100% of the participant's contributions, to a maximum of 6.857% of eligible compensation. Participants are eligible to make elective contributions on a pre-tax or after-tax basis during the first year of service. Participants become eligible to receive allocations under the Profit-Sharing Program and matching contributions under the Deferred Income Savings Program after completing one year of credited service. Distributions from the Plans can be made in the event of death, disability, termination of employment or financial hardship. The loan program permits employees to borrow against their 401(k) plan contributions. Employees may borrow in increments of $100 from a minimum of $500 to a maximum of $50,000, within certain limitations established by the Plans. Payback periods range from one to 4 1/2 years at the option of the participant. Interest rates are established by the Corporation based on market rates. The outstanding loans have been established as a separate fund. Principal and interest paid on the loans are allocated to the funds consistent with the allocation of their 401(k) plan contributions. A participant's right to profit-sharing funds and employer matched deferred income contributions becomes vested using a formula based upon service, with 30% vesting after three years of credited service, an additional 10% vesting for the fourth year, and an additional 20% vesting for each of the three following years of credited service. At the time of retirement, death, or termination of employment, a participant's vested share of the Plans assets, net of any participant loans outstanding, becomes distributable in a lump-sum payment or through installments over a period of time as requested by the participant and approved by the Corporate Administrative Committee. A participant who terminates employment for reasons other than retirement or other specified circumstances and is not 100% vested, will forfeit the non-vested portion of the Corporation's contributions unless the participant returns to employment within five years. The forfeited contributions reduce the cash contributions from the Corporation. 8 13 HARRIS CORPORATION RETIREMENT PLAN Notes to Financial Statements June 30, 1997 and 1996 - -------------------------------------------------------------------------------- 1. DESCRIPTION OF THE PLAN AND SIGNIFICANT ACCOUNTING POLICIES, CONTINUED In the event of termination of the Plan, the net assets of the Plan are to be converted into cash and distributed in a lump sum to each participant or beneficiary of a deceased participant based upon their beneficial interest in the Plans, net of any participant loans outstanding. Upon enrollment into the Plan, a participant may direct employer and employee contributions in any of eight investment options. The investment options are fully described in the "Employer Summary Plan Description". Elections to change funds can be made once every month; however, amounts in the Stable Value Fund, which is comprised of unallocated insurance contracts, cannot be transferred directly to the Short-Term Bond Fund or the Money Market Fund. The accounting records of the Plan are maintained on the accrual basis. The fair value of the Plan's interest in the Harris Corporation Master Trust (the "Master Trust") is based on the beginning of year value of the Plan's interest in the trust plus actual contributions and allocated investment income less actual distributions and allocated administrative expenses. Quoted market prices are used when available, to value investments in the Master Trust. Investments for which a quoted market value is not available are stated at fair values reported by the trustee or investee company. Investments in unallocated insurance contracts are stated at contract value. Participant loans are stated at cost. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The net appreciation (depreciation) in fair value of investments represents the sum of the unrealized appreciation or depreciation in aggregate fair value of investments and the realized gain or loss on sale of investments. Unless otherwise elected by Harris Corporation, all ordinary and extraordinary charges and expenses incurred by the Trustee in connection with the administration of the Plan are paid by the Trustee from the assets of the Master Trust. In both fiscal 1997 and 1996, Harris Corporation elected to pay administrative expenses such as legal fees, tax counsel and accounting fees. Trustee, investment manager fees and certain administrative expenses were paid by the Plan. The preparation of financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates. 2. TRANSACTIONS WITH PARTIES-IN-INTEREST Under Department of Labor regulations for reporting and disclosure, an employee benefit plan is required to report investment transactions and compensation paid to a "party-in-interest". The term "party-in-interest" is broadly defined but would include Harris Corporation as the Plan Sponsor; Bankers Trust Company as Trustee; and any person or corporation that renders services to the Plan. 9 14 HARRIS CORPORATION RETIREMENT PLAN Notes to Financial Statements June 30, 1997 and 1996 - -------------------------------------------------------------------------------- 2. TRANSACTIONS WITH PARTIES-IN-INTEREST, CONTINUED Included in cash and cash equivalents at June 30, 1997 and 1996 are 67,070,853 and 31,669,199, shares respectively, of BT Pyramid Directed Account Cash Fund, with a fair value of $67,070,853 and $31,669,199. Investments of the Master Trust include 48,102 shares of Bankers Trust Small Capitalization Fund with a fair value of $27,568,416 at June 30, 1996. At June 30, 1997 and 1996, 306,916 and 222,053 shares with a fair market value of $25,780,944 and $13,545,233, respectively, of Harris Corporation common stock were included in investments of the Harris Corporation Master Trust. 3. INTEREST IN HARRIS CORPORATION MASTER TRUST The Harris Corporation Master Trust was established for the investment of assets of the Plan and the Harris Corporation Union Retirement Plan. Each participating retirement plan has an undivided interest in the Master Trust. The assets of the Master Trust are held by Bankers Trust Company (Trustee). At June 30, 1997 and 1996, the Plan's interest in the net assets of the Master Trust was approximately 97.24% and 97.33%, respectively. Investment income and administrative expenses relating to the Master Trust are allocated to the individual plans based upon average monthly balances invested by each plan. Investments of the Master Trust are as follows:
1997 1996 --------------- --------------- Fair value as determined by quoted market prices: U.S. government securities $ 193,034,127 $ 238,229,856 Corporate debt securities 230,525,352 128,320,993 Foreign debt securities 10,191,484 17,869,790 Corporate equity securities 787,014,217 625,099,108 Morgan Stanley International Magnum Fund 60,206,396 50,021,031 Bankers Trust Pyramid Small Capitalization Fund - 27,568,416 Wells Fargo Bank Index Fund 316,512,010 174,934,990 Putnam New Opportunities Fund 94,828,345 114,490,640 --------------- --------------- 1,692,311,931 1,376,534,824 Fair value as determined by investee company: J.P. Morgan Real Estate Fund 32,065,098 29,203,028 Contract value: Unallocated insurance contracts 205,927,404 196,103,471 ---------------- ---------------- $ 1,930,304,433 $ 1,601,841,323 ================ ================
10 15 HARRIS CORPORATION RETIREMENT PLAN Notes to Financial Statements June 30, 1997 and 1996 - -------------------------------------------------------------------------------- 3. INTEREST IN HARRIS CORPORATION MASTER TRUST, CONTINUED Investment income of the Master Trust for the year ended June 30, 1997 is as follows: Net appreciation (depreciation) in fair value as determined by quoted market price: U.S. government securities $ 3,056,900 Corporate debt securities 563,844 Foreign debt securities 1,056,480 Corporate equity securities 185,055,922 Morgan Stanley International Magnum Fund 9,385,047 Bankers Trust Pyramid Small Capitalization Fund (5,459,509) Wells Fargo Bank Index Fund 68,798,654 Putnam New Opportunities Fund 3,539,599 ------------- 265,996,937 Net appreciation (depreciation) in fair value as determined by investee company: J.P. Morgan Real Estate Fund 666,887 ------------- 266,663,824 Interest and dividends 64,503,167 ------------- $ 331,166,991 =============
4. INCOME TAX STATUS The plan obtained its latest determination letter on April 13, 1995, in which the Internal Revenue Service stated that the plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The plan has been amended since receiving the determination letter. However, the plan administrator and the plan's tax counsel believe that the plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, they believe that the plan was qualified and the related trust was tax-exempt as of the financial statement date. 11 16 SIGNATURES The Harris Corporation Retirement Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on their behalf by the undersigned hereunto duly authorized. Harris Corporation Retirement Plan /s/ Edward T. Golitko ------------------------- Edward T. Golitko Plan Administrator Date: December 17, 1996 EX-23 2 EXHIBIT 23 1 EXHIBIT 23 CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS We consent to the incorporation by reference in the following registration statement of the Harris Corporation Retirement Plan of our report dated October 10, 1997, with respect to the financial statements of the Harris Corporation Retirement Plan included in this Annual Report (Form 11-K) for the year ended June 30, 1997. Form S-8 No. 33-50169 Harris Corporation Retirement Plan Bray, Beck & Koetter Melbourne, Florida December 18, 1997 -----END PRIVACY-ENHANCED MESSAGE-----