-----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, Sha6/21s4F+0/SVGwO9LrAkYKwqJvM1j3t18NYVKM/bcgn5jPrRbZmbZA/3cqBmu FzM053nS55CTQfXQ65N7IQ== 0000950152-96-006776.txt : 19961223 0000950152-96-006776.hdr.sgml : 19961223 ACCESSION NUMBER: 0000950152-96-006776 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19961220 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: 1934 Act SEC FILE NUMBER: 001-03863 FILM NUMBER: 96684303 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 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, 1996 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, 1996 3 HARRIS CORPORATION RETIREMENT PLAN Table of Contents June 30, 1996 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 8-12 - -------------------------------------------------------------------------------- 4 [BRAY, BECK & KOETTER LETTERHEAD] 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, 1996 and 1995, and the related statement of changes in net assets available for benefits for the year ended June 30, 1996. 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, 1996 and 1995, and the changes in its net assets available for benefits for the year ended June 30, 1996, in conformity with generally accepted accounting principles. /s/ Bray, Beck & Koetter Melbourne, Florida October 3, 1996 1 - -------------------------------------------------------------------------------- 5 FINANCIAL STATEMENTS 6 HARRIS CORPORATION RETIREMENT PLAN Statements of Net Assets Available for Benefits June 30, 1996 and 1995 - --------------------------------------------------------------------------------
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: Contribution 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. 2 - -------------------------------------------------------------------------------- 7 - --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------- 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 ============== ============== ============== ============== ============== ==============
Continued 3 - -------------------------------------------------------------------------------- 8 HARRIS CORPORATION RETIREMENT PLAN Statements of Net Assets Available for Benefits June 30, 1996 and 1995 - --------------------------------------------------------------------------------
June 30, 1995 --------------------------------------------------------------- Money Equity Balanced Short-Term Market Income Fund Bond Fund Fund Fund ------------ ------------ ------------ ------------- ASSETS INVESTMENTS (NOTE 3): Plan interest in Harris Corporation Master Trust $634,709,144 $111,001,992 $ 11,315,046 $189,831,622 Participant loans - - - - ------------ ------------ ------------ ------------ Total investments 634,709,144 111,001,992 11,315,046 189,831,622 RECEIVABLES: Contribution receivable from Harris Corporation 22,074,992 - - - Contributions receivable from participants 560,391 - - - Accrued interest and dividends 3,836,450 1,316,549 58,704 - Securities sold - - - - ------------ ------------ ------------ ------------ Total receivables 26,471,833 1,316,549 58,704 - CASH AND CASH EQUIVALENTS (NOTE 2) 38,424,672 511,513 2,572,691 545 ------------ ------------ ------------ ------------ Total assets 699,605,649 112,830,054 13,946,441 189,832,167 LIABILITIES Accrued expenses 283,423 - - - Securities purchased 10,005,953 2,773,070 - - ------------ ------------ ------------ ------------ Total liabilities 10,289,376 2,773,070 - - ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $689,316,273 $110,056,984 $ 13,946,441 $189,832,167 ============ ============ ============ ============
See accompanying notes to financial statements. 4 - -------------------------------------------------------------------------------- 9 - --------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------- Equity Stable Harris Index Value Growth Corporation Loan Fund Fund Fund Stock Fund Fund Total -------------------------------------------------------------------------------------------------------- $ 89,718,568 $208,751,581 $ 85,857,003 $ 6,618,388$ - $1,337,803,344 - - - - 37,593,676 37,593,676 ------------- ------------- ------------- ------------ ------------ -------------- 89,718,568 208,751,581 85,857,003 6,618,388 37,593,676 1,375,397,020 - - - - - 22,074,992 - - - - - 560,391 115,082 1,108,370 302 567 - 6,436,024 - 76,919 - - - 76,919 ------------- ------------- ------------- ------------ ------------ -------------- 115,082 1,185,289 302 567 - 29,148,326 1,109,038 10,366,715 - 344,809 - 53,329,983 ------------- ------------- ------------- ------------ ------------ -------------- 90,942,688 220,303,585 85,857,305 6,963,764 37,593,676 1,457,875,329 111,447 - - - - 394,870 - - - - - 12,779,023 ------------- ------------- ------------- ------------ ------------ -------------- 111,447 - - - - 13,173,893 ------------- ------------- ------------- ------------ ------------ -------------- $ 90,831,241 $ 220,303,585 $ 85,857,305 $ 6,963,764 $ 37,593,676 $1,444,701,436 ============= ============= ============= ============ ============ ==============
5 - -------------------------------------------------------------------------------- 10 HARRIS CORPORATION RETIREMENT PLAN Statement of Changes in Net Assets Available for Benefits Year Ended June 30, 1996 - --------------------------------------------------------------------------------
Money Equity Balanced Short-Term Market Income Fund Bond Fund Fund Fund ------------- ------------- ------------- ------------- INCREASES: Plan interest in Harris Corporation Master Trust investment income $ 98,870,199 $ 5,747,339 $ 775,123 $ 50,128,356 Interest income -- -- -- -- Cash contributions from Harris Corporation under profit- sharing program 23,214,104 -- -- -- Cash contributions under deferred income program: From Harris Corporation 5,340,849 2,627,696 391,801 5,388,247 From plan participants 12,490,121 3,374,305 848,984 9,633,158 Transfers from other trustees 3,131,172 4,048 9,820 242,807 ------------- ------------- ------------- ------------- 143,046,445 11,753,388 2,025,728 65,392,568 NET PARTICIPANTS' TRANSFERS BETWEEN FUNDS (26,909,957) (14,427,154) 1,592,225 27,582,608 DECREASES: Benefits paid directly to participants 34,074,829 6,662,488 3,258,949 10,721,299 Administrative expenses 2,367,351 274,096 41,269 64,499 ------------- ------------- ------------- ------------- 36,442,180 6,936,584 3,300,218 10,785,798 ------------- ------------- ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS AVAILABLE FOR BENEFITS 79,694,308 (9,610,350) 317,735 82,189,378 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 689,316,273 110,056,984 13,946,441 189,832,167 ------------- ------------- ------------- ------------- END OF YEAR $ 769,010,581 $ 100,446,634 $ 14,264,176 $ 272,021,545 ============= ============= ============= =============
See accompanying notes to financial statements. 6 - -------------------------------------------------------------------------------- 11 - --------------------------------------------------------------------------------
Equity Stable Harris Index Value Growth Corporation Loan Fund Fund Fund Stock Fund Fund Total ------------ ------------ ------------ ------------ ------------ -------------- $ 26,031,912 $ 12,999,732 $ 20,375,793 $ 1,938,825 $ - $ 216,867,279 - - - - 2,651,510 2,651,510 - - - - - 23,214,104 3,225,090 3,440,753 3,564,013 2,644,464 - 26,622,913 5,853,235 5,234,795 7,508,692 1,752,221 - 46,695,511 107,529 95,524 194,650 - 129,623 3,915,173 ------------ ------------ ------------ ------------ ------------ -------------- 35,217,766 21,770,804 31,643,148 6,335,510 2,781,133 319,966,490 24,830,574 (27,914,043) 18,467,237 409,823 (3,631,313) - 5,527,545 21,579,300 5,124,111 446,187 2,952,807 90,347,515 82,881 267,568 121,428 48 - 3,219,140 ------------ ------------ ------------ ------------ ------------ -------------- 5,610,426 21,846,868 5,245,539 446,235 2,952,807 93,566,655 ------------ ------------ ------------ ------------ ------------ -------------- 54,437,914 (27,990,107) 44,864,846 6,299,098 (3,802,987) 226,399,835 90,831,241 220,303,585 85,857,305 6,963,764 37,593,676 1,444,701,436 ------------ ------------ ------------ ------------ ------------ -------------- $145,269,155 $192,313,478 $130,722,151 $ 13,262,862 $ 33,790,689 $1,671,101,271 ============ ============ ============ ============ ============ ==============
7 - -------------------------------------------------------------------------------- 12 HARRIS CORPORATION RETIREMENT PLAN Notes to Financial Statements June 30, 1996 and 1995 - -------------------------------------------------------------------------------- 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 or a defined benefit plan. 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, 1996 and 1995 - -------------------------------------------------------------------------------- 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. 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. 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 1996 and 1995, 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. 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, 1996 and 1995 - -------------------------------------------------------------------------------- 2. TRANSACTIONS WITH PARTIES-IN-INTEREST, CONTINUED Included in cash and cash equivalents at June 30, 1996 and 1995 are 31,669,199 and 46,345,599, shares respectively, of BT Pyramid Directed Account Cash Fund, with a fair value of $31,669,199 and $46,345,599. 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, 1996 and 1995, 222,053 and 132,223 shares, 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, 1996 and 1995, the Plan's interest in the net assets of the Master Trust was approximately 97.33% and 97.69%, 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:
1996 1995 --------------- ---------------- Fair value as determined by quoted market prices: U.S. government securities $ 238,229,856 $ 256,477,882 Corporate debt securities 128,320,993 118,257,194 Foreign debt securities 17,869,790 - Corporate equity securities 702,688,555 295,431,424 Provident Endeavor Growth Fund - 87,249,847 T. Rowe Price Equity Income Fund - 193,232,584 Wells Fargo Bank Index Fund 174,934,990 178,768,644 Putnam New Opportunities Fund 114,490,640 - -------------- -------------- 1,376,534,824 1,129,417,575 Fair value as determined by investee company: J.P. Morgan Real Estate Fund 29,203,028 26,304,218 Contract value: Unallocated insurance contracts 196,103,471 213,703,017 -------------- -------------- $1,601,841,323 $1,369,424,810 ============== ==============
10 - -------------------------------------------------------------------------------- 15 HARRIS CORPORATION RETIREMENT PLAN Notes to Financial Statements June 30, 1996 and 1995 - -------------------------------------------------------------------------------- 3. INTEREST IN HARRIS CORPORATION MASTER TRUST, CONTINUED Investment income for the Master Trust is as follows:
1996 1995 ------------- ------------ Net appreciation (depreciation) in fair value as determined by quoted market price: U.S. government securities $ (1,744,855) $ 6,284,253 Corporate debt securities (2,812,728) 3,190,047 Foreign debt securities (408,567) - Corporate equity securities 75,231,983 54,787,093 Provident Endeavor Growth Fund - 17,174,126 T. Rowe Price Equity Income Fund - 18,984,069 Wells Fargo Bank Index Fund 49,971,202 32,482,357 Putnam New Opportunities Fund 13,627,254 - ------------ ------------ 133,864,289 132,901,945 Net appreciation (depreciation) in fair value as determined by investee company: J.P. Morgan Real Estate Fund 956,872 277,049 ------------ ------------ 134,821,161 133,178,994 Interest and dividends 86,597,258 63,014,155 ------------ ------------ $221,418,419 $196,193,149 ============ ============
4. INCOME TAX STATUS The Internal Revenue Service has ruled that the Plan qualifies under Section 401(a) of the Internal Revenue Code (IRC) and is, therefore, not subject to tax under present income tax law. The Plan is required to operate in conformity with the IRC to maintain its qualification. The plan administrator is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. 5. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 The following is a reconciliation of net assets available for benefits per the financial statements at June 30, 1996 and 1995 to Form 5500:
1996 1995 -------------- -------------- Net assets available for benefits per the financial statement $1,671,101,271 $1,444,701,436 Amounts allocated to withdrawing participants (9,495,606) (5,918,375) -------------- -------------- Net assets available for benefits per the Form 5500 $1,661,605,665 $1,438,783,061 ============== ==============
11 - -------------------------------------------------------------------------------- 16 HARRIS CORPORATION RETIREMENT PLAN Notes to Financial Statements June 30, 1996 and 1995 - -------------------------------------------------------------------------------- 5. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500, CONTINUED The following is a reconciliation of benefits paid to participants per the financial statements for the year ended June 30, 1996 to Form 5500:
Benefits paid to participants per the financial statements $90,347,515 Add (deduct) amounts allocated to withdrawing participants: Beginning of year 9,495,606 End of year (5,918,375) Benefits paid to participants per Form 5500 $93,924,746 ===========
Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to June 30 but not yet paid as of that date. 6. AMENDMENTS The following amendments were made to the Plan during 1996. - The eligibility period for participation in the Deferred Income Savings Program was lifted, effective September 1. Employees are immediately eligible to make pre-tax or after-tax contributions of 1% - 12% of eligible compensation. - Immediate participation was allowed in the Harris Stock Fund, effective April 1. Employees are able to purchase Harris stock at a 30% discount. - Allocation of contributions to investment options was changed to allow allocations in 1% increments (versus 10%), effective March 1. 12 - -------------------------------------------------------------------------------- 17 SIGNATURES The 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 Union Retirement Plan /s/ Edward T. Golitko ---------------------------- Edward T. Golitko Plan Administrator Date: December 20, 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 Harris Corporation pertaining to the Harris Corporation Retirement Plan of our report dated October 3, 1996, with respect to the financial statements and schedules of the Harris Corporation Retirement Plan included in this Annual Report (Form 11-K) for the year ended June 30, 1996; Form S-8 No. 33-50169 Harris Corporation Retirement Plan BRAY, BECK & KOETTER Melbourne, Florida December 20, 1996 -----END PRIVACY-ENHANCED MESSAGE-----