Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Jul. 03, 2015

Jun. 27, 2014

Jun. 28, 2013

Guarantees [Abstract]

Comprehensive Income (Loss) [Table Text Block]

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
	Fiscal Year Ended July 3, 2015
	Harris		Exelis		Non-Guarantor		Consolidating		Consolidated
	Parent Co.		Parent Co.		Subsidiaries		Adjustments		Total
	(In millions)
Revenue from product sales and services	$	3,531	$	222	$	1,330	$	―	$	5,083
Cost of product sales and services		(2,229)		(164)		(969)		―		(3,362)
Engineering, selling and administrative expenses		(637)		(93)		(278)		―		(1,008)
Intercompany income (expense), net		(13)		2		11		―		―
Non-operating income (loss)		(117)		―		9		―		(108)
Interest income		1		―		1		―		2
Interest expense		(126)		(2)		(2)		―		(130)
Income (loss) from continuing operations before income taxes		410		(35)		102		―		477
Income taxes		(105)		13		(51)		―		(143)
Equity in earnings of subsidiaries, net of income taxes		29		2		―		(31)		―
Income (loss) from continuing operations		334		(20)		51		(31)		334
Discontinued operations, net of income taxes		―		―		―		―		―
Net income (loss)		334		(20)		51		(31)		334
Noncontrolling interests, net of income taxes		―		―		―		―		―
Net income (loss) attributable to Harris Corporation		334		(20)		51		(31)		334
Other comprehensive income (loss), net of income taxes		(59)		78		(51)		31		(1)
Total comprehensive income attributable
to Harris Corporation	$	275	$	58	$	―	$	―	$	333

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
	Fiscal Year Ended June 27, 2014
	Harris		Non-Guarantor		Consolidating		Consolidated
	Parent Co.		Subsidiaries		Adjustments		Total
	(In millions)
Revenue from product sales and services	$	3,531	$	1,481	$	―	$	5,012
Cost of product sales and services		(2,213)		(1,097)		―		(3,310)
Engineering, selling and administrative expenses		(692)		(128)		―		(820)
Intercompany income (expense), net		(41)		41		―		―
Non-operating income		3		1		―		4
Interest income		1		2		―		3
Interest expense		(93)		(1)		―		(94)
Income from continuing operations before income taxes		496		299		―		795
Income taxes		(155)		(101)		―		(256)
Equity in earnings of subsidiaries, net of income taxes		200		―		(200)		―
Income from continuing operations		541		198		(200)		539
Discontinued operations, net of income taxes		(7)		2		―		(5)
Net income		534		200		(200)		534
Noncontrolling interests, net of income taxes		―		1		―		1
Net income attributable to Harris Corporation		534		201		(200)		535
Other comprehensive income (loss), net of income taxes		(181)		25		200		44
Total comprehensive income attributable
to Harris Corporation	$	353	$	226	$	―	$	579

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
	Fiscal Year Ended June 28, 2013
	Harris		Non-Guarantor		Consolidating		Consolidated
	Parent Co.		Subsidiaries		Adjustments		Total
	(In millions)
Revenue from product sales and services	$	3,606	$	1,506	$	―	$	5,112
Cost of product sales and services		(2,333)		(1,052)		―		(3,385)
Engineering, selling and administrative expenses		(663)		(251)		―		(914)
Intercompany income (expense), net		21		(21)		―		―
Non-operating income (loss)		(42)		1		―		(41)
Interest income		―		2		―		2
Interest expense		(108)		(1)		―		(109)
Income from continuing operations before income taxes		481		184		―		665
Income taxes		(144)		(59)		―		(203)
Equity in losses of subsidiaries, net of income taxes		(160)		―		160		―
Income from continuing operations		177		125		160		462
Discontinued operations, net of income taxes		(68)		(285)		―		(353)
Net income (loss)		109		(160)		160		109
Noncontrolling interests, net of income taxes		―		4		―		4
Net income (loss) attributable to Harris Corporation		109		(156)		160		113
Other comprehensive income (loss), net of income taxes		164		(40)		(160)		(36)
Total comprehensive income (loss) attributable
to Harris Corporation	$	273	$	(196)	$	―	$	77

Condensed Balance Sheet [Table Text Block]

CONSOLIDATED BALANCE SHEET
			Fiscal Year Ended July 3, 2015
			Harris		Exelis		Non-Guarantor		Consolidating		Consolidated
			Parent Co.		Parent Co.		Subsidiaries		Adjustments		Total
			(In millions, except shares)
Assets
Current Assets
	Cash and cash equivalents		$	151	$	54	$	276	$	―	$	481
	Receivables			623		333		2,430		(2,218)		1,168
	Inventories			478		272		265		―		1,015
	Income taxes receivable			17		65		5		―		87
	Current deferred income taxes			108		202		31		―		341
	Deferred compensation plan investments			12		255		―		―		267
	Other current assets			39		68		58		―		165
		Total current assets		1,428		1,249		3,065		(2,218)		3,524
Non-current Assets
	Property, plant and equipment			549		375		241		―		1,165
	Goodwill			656		4,693		999		―		6,348
	Other intangible assets			31		1,282		462		―		1,775
	Non-current deferred income taxes			95		179		―		(111)		163
	Investment in subsidiaries			8,030		2		―		(8,032)		―
	Other non-current assets			110		10		34		―		154
		Total non-current assets		9,471		6,541		1,736		(8,143)		9,605
			$	10,899	$	7,790	$	4,801	$	(10,361)	$	13,129
Liabilities and Equity
Current Liabilities
	Short-term debt		$	―	$	―	$	33	$	―	$	33
	Accounts payable			2,201		164		434		(2,218)		581
	Compensation and benefits			128		70		57		―		255
	Other accrued items			246		226		46		―		518
	Advance payments and unearned income			149		187		97		―		433
	Income taxes payable			2		44		11		―		57
	Current deferred income taxes			―		―		7		―		7
	Deferred compensation plan liabilities			12		255		―		―		267
	Current portion of long-term debt			130		―		―		―		130
		Total current liabilities		2,868		946		685		(2,218)		2,281
Non-current Liabilities
	Defined benefit plans			―		1,923		20		―		1,943
	Long-term debt			4,328		701		24		―		5,053
	Long-term contract liability			71		―		―		―		71
	Non-current deferred income taxes			―		―		118		(111)		7
	Other long-term liabilities			235		38		99		―		372
		Total non-current liabilities		4,634		2,662		261		(111)		7,446
Equity
Shareholders’ Equity:
	Common stock			124		―		―		―		124
	Other capital			3,731		4,124		2,022		(7,846)		2,031
	Retained earnings			(202)		(20)		1,898		(418)		1,258
	Accumulated other comprehensive loss			(256)		78		(70)		232		(16)
		Total shareholders’ equity		3,397		4,182		3,850		(8,032)		3,397
Noncontrolling interests				―		―		5		―		5
		Total equity		3,397		4,182		3,855		(8,032)		3,402
			$	10,899	$	7,790	$	4,801	$	(10,361)	$	13,129

CONSOLIDATED BALANCE SHEET
			Fiscal Year Ended June 27, 2014
			Harris		Non-Guarantor		Consolidating		Consolidated
			Parent Co.		Subsidiaries		Adjustments		Total
			(In millions, except shares)
Assets
Current Assets
	Cash and cash equivalents		$	251	$	310	$	―	$	561
	Receivables			599		2,119		(2,152)		566
	Inventories			482		137		―		619
	Income taxes receivable			22		6		―		28
	Current deferred income taxes			94		18		―		112
	Deferred compensation plan investments			9		―		―		9
	Other current assets			30		66		―		96
		Total current assets		1,487		2,656		(2,152)		1,991
Non-current Assets
	Property, plant and equipment			545		183		―		728
	Goodwill			676		1,035		―		1,711
	Other intangible assets			40		218		―		258
	Non-current deferred income taxes			104		―		(17)		87
	Investment in subsidiaries			3,474		―		(3,474)		―
	Other non-current assets			125		19		―		144
		Total non-current assets		4,964		1,455		(3,491)		2,928
			$	6,451	$	4,111	$	(5,643)	$	4,919
Liabilities and Equity
Current Liabilities
	Short-term debt		$	30	$	28	$	―	$	58
	Accounts payable			2,143		333		(2,152)		324
	Compensation and benefits			151		58		―		209
	Other accrued items			201		49		―		250
	Advance payments and unearned income			188		78		―		266
	Income taxes payable			1		(1)		―		―
	Current deferred income taxes			―		2		―		2
	Deferred compensation plan liabilities			4		―		―		4
	Current portion of long-term debt			2		―		―		2
		Total current liabilities		2,720		547		(2,152)		1,115
Non-current Liabilities
	Defined benefit plans			16		4		―		20
	Long-term debt			1,564		―		―		1,564
	Long-term contract liability			84		―		―		84
	Non-current deferred income taxes			―		17		(17)		―
	Other long-term liabilities			240		71		―		311
		Total non-current liabilities		1,904		92		(17)		1,979
Equity
Shareholders’ Equity:
	Common stock			106		―		―		106
	Other capital			2,254		1,531		(3,276)		509
	Retained earnings			(338)		1,962		(398)		1,226
	Accumulated other comprehensive loss			(196)		(19)		200		(15)
		Total shareholders’ equity		1,826		3,474		(3,474)		1,826
Noncontrolling interests				1		(2)		―		(1)
		Total equity		1,827		3,472		(3,474)		1,825
			$	6,451	$	4,111	$	(5,643)	$	4,919

Condensed Cash Flow Statement [Table Text Block]

CONSOLIDATED STATEMENT OF CASH FLOWS
		Fiscal Year Ended July 3, 2015
		Harris		Exelis		Non-Guarantor		Consolidating		Consolidated
		Parent Co.		Parent Co.		Subsidiaries		Adjustments		Total
		(In millions)
Net cash provided by (used in) operating activities		$	906	$	(84)	$	25	$	7	$	854
Investing Activities
	Intercompany loans		(63)		―		(101)		164		―
	Net cash paid for acquired businesses		(3,316)		―		―		130		(3,186)
	Additions of property, plant and equipment		(103)		(2)		(43)		―		(148)
	Proceeds from sale of business		3		―		40		―		43
	Proceeds from sale of discontinued operations		7		―		―		―		7
Net cash used in investing activities			(3,472)		(2)		(104)		294		(3,284)
Financing Activities
	Intercompany loans		101		122		63		(286)		―
	Proceeds from borrowings, net of issuance costs		3,651		―		32		―		3,683
	Repayments of borrowings		(927)		―		(27)		―		(954)
	Proceeds from exercises of employee stock options		47		―		―		―		47
	Repurchases of common stock		(166)		―		―		―		(166)
	Cash dividends		(198)		―		(115)		115		(198)
	Other financing activities		(39)		―		―		―		(39)
Net cash provided by (used in) financing activities			2,469		122		(47)		(171)		2,373
Effect of exchange rate changes on cash and
cash equivalents			―		―		(23)		―		(23)
Net increase (decrease) in cash and cash equivalents			(97)		36		(149)		130		(80)
Cash and cash equivalents, beginning of year			252		15		424		(130)		561
Cash and cash equivalents, end of year		$	155	$	51	$	275	$	―	$	481

CONSOLIDATED STATEMENT OF CASH FLOWS
		Fiscal Year Ended June 27, 2014
		Harris		Non-Guarantor		Consolidating		Consolidated
		Parent Co.		Subsidiaries		Adjustments		Total
		(In millions)
Net cash provided by operating activities		$	635	$	224	$	(10)	$	849
Investing Activities
	Intercompany loans		35		(112)		77		―
	Cash paid for intangible assets		(3)		―		―		(3)
	Additions of property, plant and equipment		(150)		(59)		―		(209)
	Proceeds from sale of property, plant and equipment		8		―		―		8
	Proceeds from sale of discontinued operations		42		―		―		42
Net cash used in investing activities			(68)		(171)		77		(162)
Financing Activities
	Intercompany loans		112		(35)		(77)		―
	Proceeds from borrowings, net of issuance costs		―		34		―		34
	Repayments of borrowings		(110)		(24)		―		(134)
	Proceeds from exercises of employee stock options		141		―		―		141
	Repurchases of common stock		(309)		―		―		(309)
	Cash dividends		(180)		(10)		10		(180)
Net cash used in financing activities			(346)		(35)		(67)		(448)
Effect of exchange rate changes on cash and
cash equivalents			―		1		―		1
Net increase in cash and cash equivalents			221		19		―		240
Cash and cash equivalents, beginning of year			31		290		―		321
Cash and cash equivalents, end of year		$	252	$	309	$	―	$	561

CONSOLIDATED STATEMENT OF CASH FLOWS
		Fiscal Year Ended June 28, 2013
		Harris		Non-Guarantor		Consolidating		Consolidated
		Parent Co.		Subsidiaries		Adjustments		Total
		(In millions)
Net cash provided by operating activities		$	474	$	335	$	24	$	833
Investing Activities
	Intercompany loans		25		(309)		284		―
	Cash paid for cost-method investment		(1)		―		―		(1)
	Additions of property, plant and equipment		(91)		(74)		―		(165)
	Additions of capitalized software		(13)		―		―		(13)
	Proceeds from sale of discontinued operations		64		83		―		147
	Proceeds from sale of securities available-for-sale		12		―		―		12
Net cash used in investing activities			(4)		(300)		284		(20)
Financing Activities
	Intercompany loans		309		(25)		(284)		―
	Proceeds from borrowings, net of issuance costs		3		15		―		18
	Repayments of borrowings		(356)		(8)		―		(364)
	Payment of contingent consideration		(12)		―		―		(12)
	Proceeds from exercises of employee stock options		98		―		―		98
	Repurchases of common stock		(415)		―		―		(415)
	Cash dividends		(165)		24		(24)		(165)
Net cash provided by (used in) financing activities			(538)		6		(308)		(840)
Effect of exchange rate changes on cash and
cash equivalents			―		(8)		―		(8)
Net increase (decrease) in cash and cash equivalents			(68)		33		―		(35)
Cash and cash equivalents, beginning of year			99		257		―		356
Cash and cash equivalents, end of year		$	31	$	290	$	―	$	321