We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
L3Harris Technologies Inc | NYSE:LHX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.575 | -0.27% | 211.175 | 213.68 | 210.80 | 212.03 | 160,534 | 16:41:14 |
þ
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the fiscal year ended December 31, 2019
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
|
||||
|
December 31,
2019 |
|
December 31,
2018 |
||||
|
(in thousands)
|
||||||
Assets:
|
|
|
|
||||
Interest in Master Trust
|
$
|
70,227
|
|
|
$
|
53,112
|
|
Receivables:
|
|
|
|
||||
Employer contributions
|
312
|
|
|
56
|
|
||
Participant contributions
|
—
|
|
|
71
|
|
||
Notes receivable from participants
|
892
|
|
|
845
|
|
||
|
|
|
|
||||
Total receivables
|
1,204
|
|
|
972
|
|
||
|
|
|
|
||||
Net assets available for benefits
|
$
|
71,431
|
|
|
$
|
54,084
|
|
|
|
|
|
|
|
||
Additions:
|
|
||
Contributions:
|
|
||
Employer
|
2,256
|
|
|
Participant
|
2,918
|
|
|
Rollover
|
843
|
|
|
|
|
||
Total contributions
|
6,017
|
|
|
Interest on notes receivable from participants
|
46
|
|
|
|
|
||
Total additions
|
6,063
|
|
|
|
|
||
Deductions:
|
|
||
Benefits payments
|
(4,297
|
)
|
|
Administrative expenses
|
10
|
|
|
|
|
||
Total deductions
|
(4,287
|
)
|
|
|
|
||
Plan interest in Master Trust, net investment income
|
15,571
|
|
|
Net change in plan assets available for benefits
|
17,347
|
|
|
Net assets available for benefits, beginning of year
|
54,084
|
|
|
|
|
||
Net assets available for benefits, end of year
|
$
|
71,431
|
|
|
|
A.
|
General — The Aviation Communications and Surveillance Systems 401(k) Plan (the “Plan”) was established effective June 1, 2001. Aviation Communications and Surveillance Systems, LLC (the “Company”) maintains the Plan for its eligible employees. The Company was a wholly-owned subsidiary of L3 Technologies, Inc. (“L3”) until June 29, 2019, when it became a wholly-owned subsidiary of L3Harris Technologies, Inc. (“L3Harris”) as a result of completion of the transactions contemplated by the Agreement and Plan of Merger, dated as of October 12, 2018 (the “Merger Agreement”), by and among Harris Corporation (“Harris”), Leopard Merger Sub Inc., a direct wholly owned subsidiary of Harris (“Merger Sub”), and L3, which included Merger Sub merging with and into L3, with L3 continuing as the surviving corporation and a direct wholly owned subsidiary of Harris, and Harris changing its name to “L3Harris Technologies, Inc.” The following description of the Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
|
B.
|
Participant Contributions — Generally, all eligible employees can participate in the Plan, as of their date of hire, and may contribute from 1% to 25% of eligible compensation, as defined in the plan document. Participants may contribute to the Plan on a pre-tax or after-tax basis, or on a combined pre-tax and after-tax basis. The Company has authority to limit contributions by highly compensated employees to contributions not to exceed 8% of eligible compensation, if needed to help the Plan pass discrimination testing. A participant may elect to increase, decrease, suspend or resume contributions at any time. The election will become effective as soon as administratively practicable. The Internal Revenue Code (“IRC”) limited the maximum amount an employee may contribute on a pre-tax basis in 2019 to $19,000 for participants under 50 years of age and $25,000 for participants 50 years of age and older. In addition, participants may rollover amounts to the Plan from another qualified retirement plan or certain individual retirement arrangements (“IRAs”). Participants are 100% vested in their individual contributions and earnings thereon. Participants have the option of investing employee contributions in the L3Harris Stock Fund (prior to June 29, 2019, the L3 Stock Fund), as well as other available investment options offered by the Master Trust.
|
C.
|
Vesting — Participants hired on or after July 1, 2007 immediately are 100% vested in Company contributions and earnings thereon. Company contributions and earnings thereon for Plan participants hired before July 1, 2007 become vested on a five-year graduated basis (20% per year, commencing with one year of service). Participants will also become fully vested in Company contributions and earnings thereon upon 1) termination due to disability, 2) termination due to death or 3) the participant’s 65th birthday if the participant is actively employed by the Company on that date.
|
D.
|
Participant Accounts — Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contributions on the participant’s behalf and (b) the participant’s portion of the Plan’s interest in the Master Trust net investment gain (loss), and may be charged with certain administrative expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
|
E.
|
Employer Contributions — Generally, employer contributions are made in the form of L3Harris common stock and invested in the L3Harris Stock Fund (and prior to June 29, 2019 were made in the form of L3 common stock and invested in the L3 Stock Fund). A participant may make an investment election to transfer employer contributions to other investment options.
|
|
Master Trust Balances
|
|
Plan’s interest in Master Trust Balances
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
ASSETS
|
(in thousands)
|
||||||||||||||
Investments at fair value:
|
|
|
|
|
|
|
|
||||||||
Interest bearing cash
|
$
|
5,734
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market fund
|
34,674
|
|
|
23,711
|
|
|
96
|
|
|
282
|
|
||||
Preferred stocks
|
10,173
|
|
|
—
|
|
|
—
|
|
|
|
|||||
Brokerage window account
|
49,639
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Corporate bonds and debentures
|
829
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Partnership interests
|
308
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
L3 common stock
|
—
|
|
|
1,265,920
|
|
|
—
|
|
|
15,031
|
|
||||
L3Harris common stock
|
2,134,044
|
|
|
—
|
|
|
21,768
|
|
|
—
|
|
||||
Common stocks
|
1,239,679
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Common/collective trust fund
|
5,003,019
|
|
|
577,605
|
|
|
6,725
|
|
|
6,450
|
|
||||
Registered investment companies (mutual funds)
|
3,916,095
|
|
|
3,386,617
|
|
|
41,638
|
|
|
31,349
|
|
||||
Total investments at fair value
|
$
|
12,394,194
|
|
|
$
|
5,253,853
|
|
|
$
|
70,227
|
|
|
$
|
53,112
|
|
Investments at contract value:
|
|
|
|
|
|
|
|
||||||||
Synthetic guaranteed investment contracts
|
$
|
1,112,330
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Receivables:
|
|
|
|
|
|
|
|
||||||||
Accrued interest & dividends
|
1,187
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Due from broker for securities sold
|
1,023
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total receivables
|
2,210
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
$
|
13,508,734
|
|
|
$
|
5,253,853
|
|
|
$
|
70,227
|
|
|
$
|
53,112
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Due to broker for securities purchased
|
476
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total liabilities
|
476
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
NET ASSETS
|
$
|
13,508,258
|
|
|
$
|
5,253,853
|
|
|
$
|
70,227
|
|
|
$
|
53,112
|
|
|
|
|
|
||||
|
Master Trust
|
|
Plan’s Portion
|
||||
|
(in thousands)
|
||||||
|
|
|
|
||||
Net investment income:
|
|
|
|
||||
Net appreciation in investments
|
$
|
1,203,508
|
|
|
$
|
12,969
|
|
Interest and dividend income
|
263,593
|
|
|
2,602
|
|
||
Net investment income
|
$
|
1,467,101
|
|
|
$
|
15,571
|
|
•
|
Level 1 — quoted market prices available in active markets for identical assets or liabilities as of the reporting date. The Plan’s Level 1 investments include money market funds, common stock and mutual funds, whose fair values are derived from quoted market prices.
|
•
|
Level 2 — pricing inputs, other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable. The Plan does not have any Level 2 investments.
|
•
|
Level 3 — pricing inputs that are generally unobservable and not corroborated by market data. The Plan does not have any Level 3 investments.
|
|
Fair Value Measurements Using Input Type
|
||||||||||
|
|
|
|
|
|||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||
Assets
|
|
|
|
|
|||||||
Interest bearing cash
|
$
|
5,734
|
|
$
|
—
|
|
$ —
|
$
|
5,734
|
|
|
Money market fund
|
34,674
|
|
—
|
|
—
|
|
34,674
|
|
|||
Preferred stocks
|
—
|
|
10,173
|
|
—
|
|
10,173
|
|
|||
Brokerage window account
|
49,639
|
|
—
|
|
—
|
|
49,639
|
|
|||
Corporate bonds & debentures
|
829
|
|
—
|
|
—
|
|
829
|
|
|||
Partnership interests
|
308
|
|
—
|
|
—
|
|
308
|
|
|||
Common stocks
|
3,373,723
|
|
—
|
|
—
|
|
3,373,723
|
|
|||
Registered investment companies
|
3,916,095
|
|
—
|
|
—
|
|
3,916,095
|
|
|||
|
|
|
|
|
|||||||
Total investment measured at fair value
|
$
|
7,381,002
|
|
$
|
10,173
|
|
$ —
|
$
|
7,391,175
|
|
|
Other investments measured at NAV (1) (2)
|
|
|
|
$
|
5,003,019
|
|
|||||
Total investments in Master Trust
|
|
|
|
$
|
12,394,194
|
|
|
Fair Value Measurements Using Input Type
|
|||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Assets
|
|
|
|
|
||||||||
Interest bearing cash
|
$
|
—
|
|
$
|
—
|
|
$ —
|
$
|
—
|
|
||
Money market fund
|
23,711
|
|
—
|
|
—
|
|
23,711
|
|
||||
Preferred stocks
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Brokerage window account
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Corporate bonds & debentures
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Partnership interests
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Common stocks
|
1,265,920
|
|
—
|
|
—
|
|
1,265,920
|
|
||||
Registered investment companies
|
3,386,617
|
|
—
|
|
—
|
|
3,386,617
|
|
||||
|
|
|
|
|
||||||||
Total investment measured at fair value
|
$
|
4,676,248
|
|
$
|
—
|
|
$
|
—
|
|
$
|
4,676,248
|
|
Other investments measured at NAV (1) (2)
|
|
|
|
577,605
|
|
|||||||
Total Investments in Master Trust
|
|
|
|
$
|
5,253,853
|
|
|
|
(1)
|
In accordance with ASU 2015-07, certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits.
|
|
|
(2)
|
All of the Master Trust’s other investments measured using NAV as of December 31, 2019 and 2018, consisted of an investment in a common/collective trust fund, whose fair value was based on the NAV at the end of each month as a practical expedient to estimating fair value. This practical expedient was not used when it was determined to be probable that the fund would sell the investment for an amount different than the reported NAV. The NAV was calculated by the fund manager and was based on the fair value of the fund’s holdings determined as of the end of each month. Issues and redemptions were permitted daily and recorded upon receipt of the holder’s instructions based on the determined NAV. There were no restrictions on redemption or unfunded commitments as of December 31, 2019 and 2018.
|
(a)
|
(b)
Identity of Issue, Borrower, Lessor,
or Similar Party
|
|
(d)
Cost |
|
(e)
Value |
|
|||
|
Interest in Master Trust
|
|
$
|
—
|
|
|
$
|
70,227
|
|
*
|
Participant loans (1)
|
|
—
|
|
|
892
|
|
||
|
Total
|
|
—
|
|
|
$
|
71,119
|
|
|
|
|
|
|
|
|
Note:
|
Cost information has not been included in column (d) because all investments are participant-directed.
|
*
|
Party-in-interest to the Plan
|
(1)
|
Consists of participant loans with interest rates ranging from 4.25% to 8.50%, maturing through April 2046.
|
|
|
|
|
|
|
|
Aviation Communications and Surveillance Systems 401(k) Plan
|
|
|
|
By:
|
/s/ Adam Histed
|
Title:
|
Authorized Signatory,
|
|
Employee Benefits Committee of L3Harris Technologies, Inc.
|
1 Year L3Harris Technologies Chart |
1 Month L3Harris Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions