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v3.19.2

BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Jun. 28, 2019
Segment Reporting [Abstract] |
Schedule of Revenue and Income Before Taxes by Business Segments |
| 2019 |  | 2018 |  | 2017
| (In millions)
Revenue |  |  |  |  |
Communication Systems | $ | 2,177 |  |  | $ | 1,904 |  |  | $ | 1,754 |
Electronic Systems | 2,583 |  |  | 2,365 |  |  | 2,245 |
Space and Intelligence Systems | 2,057 |  |  | 1,913 |  |  | 1,904 |
Corporate eliminations | (16 | ) |  | (14 | ) |  | (6 | )
| $ | 6,801 |  |  | $ | 6,168 |  |  | $ | 5,897 |
Income from Continuing Operations before Income Taxes |  |  |  |  |
Segment Operating Income: |  |  |  |  |
Communication Systems | $ | 654 |  |  | $ | 566 |  |  | $ | 514 |
Electronic Systems | 499 |  |  | 432 |  |  | 457 |
Space and Intelligence Systems | 359 |  |  | 331 |  |  | 314 |
Unallocated corporate expense and corporate eliminations(1) | (234 | ) |  | (225 | ) |  | (228 | )
Pension adjustment | (186 | ) |  | (184 | ) |  | (164 | )
Non-operating income(2) | 188 |  |  | 156 |  |  | 166 |
Net interest expense | (167 | ) |  | (168 | ) |  | (170 | )
Total | $ | 1,113 |  |  | $ | 908 |  |  | $ | 889 |
_______________
(1) | Unallocated corporate expense and corporate eliminations includes: (i) $65 million of L3Harris Merger-related transaction and integration costs in fiscal 2019, (ii) $47 million of charges related to our decision to transition and exit a commercial air-to-ground LTE radio communications line of business and other items in fiscal 2018, (iii) a $12 million non-cash adjustment for deferred compensation in fiscal 2018, (iii) $5 million and $58 million of Exelis acquisition-related and other charges in fiscal 2018 and 2017, respectively, and (iv) $101 million in each of fiscal 2019 and 2018 and $109 million in fiscal 2017, for amortization of identifiable intangible assets acquired as a result of our acquisition of Exelis. Because the acquisition of Exelis benefited the entire Company as opposed to any individual segment, the amortization of identifiable intangible assets acquired in the Exelis acquisition was recorded as unallocated corporate expense. Corporate eliminations of intersegment profits were not material in fiscal 2019, 2018 or 2017.
(2) Non-operating income in fiscal 2018 includes $27 million of losses and other costs related to debt refinancing. Additional information regarding non-operating income is set forth in Note 20: Non-Operating Income.
Schedule of Revenue from External Customers by Geographic Areas | We disaggregated Communication Systems revenue by geographical region, as we believe this category best depicts how the nature, amount, timing and uncertainty of Communication Systems revenue and cash flows were affected by economic factors:
| 2019 |  | 2018 |  | 2017
| (In millions)
Revenue By Geographical Region |  |  |  |  |
United States | $ | 1,213 |  |  | $ | 983 |  |  | $ | 811 |
International | 964 |  |  | 921 |  |  | 943 |
| $ | 2,177 |  |  | $ | 1,904 |  |  | $ | 1,754 |
Schedule of Revenue by Major Customers by Reporting Segments | We believe these categories best depict how the nature, amount, timing and uncertainty of Space and Intelligence Systems revenue and cash flows were affected by economic factors:
| 2019 |  | 2018 |  | 2017
| (In millions)
Revenue By Customer Relationship |  |  |  |  |
Prime contractor | $ | 1,409 |  |  | $ | 1,384 |  |  | $ | 1,369 |
Subcontractor | 648 |  |  | 529 |  |  | 535 |
| $ | 2,057 |  |  | $ | 1,913 |  |  | $ | 1,904 |
Revenue By Contract Type |  |  |  |  |
Fixed-price(1) | $ | 748 |  |  | $ | 544 |  |  | $ | 448 |
Cost-reimbursable | 1,309 |  |  | 1,369 |  |  | 1,456 |
| $ | 2,057 |  |  | $ | 1,913 |  |  | $ | 1,904 |
Revenue By Geographical Region |  |  |  |  |
United States | $ | 2,003 |  |  | $ | 1,861 |  |  | $ | 1,821 |
International | 54 |  |  | 52 |  |  | 83 |
| $ | 2,057 |  |  | $ | 1,913 |  |  | $ | 1,904 |
_______________ (1) Includes revenue derived from time-and-materials contracts. We believe these categories best depict how the nature, amount, timing and uncertainty of Electronic Systems revenue and cash flows were affected by economic factors:
| 2019 |  | 2018 |  | 2017
| (In millions)
Revenue By Customer Relationship |  |  |  |  |
Prime contractor | $ | 1,671 |  |  | $ | 1,670 |  |  | $ | 1,653 |
Subcontractor | 912 |  |  | 695 |  |  | 592 |
| $ | 2,583 |  |  | $ | 2,365 |  |  | $ | 2,245 |
Revenue By Contract Type |  |  |  |  |
Fixed-price(1) | $ | 2,092 |  |  | $ | 1,900 |  |  | $ | 1,833 |
Cost-reimbursable | 491 |  |  | 465 |  |  | 412 |
| $ | 2,583 |  |  | $ | 2,365 |  |  | $ | 2,245 |
Revenue By Geographical Region |  |  |  |  |
United States | $ | 2,095 |  |  | $ | 1,890 |  |  | $ | 1,769 |
International | 488 |  |  | 475 |  |  | 476 |
| $ | 2,583 |  |  | $ | 2,365 |  |  | $ | 2,245 |
_______________ (1) Includes revenue derived from time-and-materials contracts.
Schedule of Reconciliation of Assets from Segment to Consolidated | Total assets by business segment is as follows:
| 2019 |  | 2018
| (In millions)
Total Assets |  |  |
Communication Systems | $ | 1,565 |  |  | $ | 1,567 |
Electronic Systems | 4,188 |  |  | 4,174 |
Space and Intelligence Systems | 2,208 |  |  | 2,193 |
Corporate(1) | 2,156 |  |  | 1,917 |
| $ | 10,117 |  |  | $ | 9,851 |
_______________ (1) Identifiable intangible assets acquired in connection with our acquisition of Exelis in the fourth quarter of fiscal 2015 were recorded as Corporate assets because they benefited the entire Company as opposed to any individual segment. Exelis identifiable intangible asset balances of continuing operations recorded as Corporate assets were approximately $869 million and $974 million as of June 28, 2019 and June 29, 2018, respectively. Corporate assets also consisted of cash, income taxes receivable, deferred income taxes, deferred compensation plan investments, buildings and equipment and identifiable intangibles, and also included any assets and liabilities from discontinued operations and divestitures. See Note 3: Discontinued Operations and Divestitures for additional information.
Schedule of Selected Financial Information by Business Segments | Other selected financial information by business segment and geographical area is summarized below:
| 2019 |  | 2018 |  | 2017
| (In millions)
Capital Expenditures |  |  |  |  |
Communication Systems | $ | 33 |  |  | $ | 26 |  |  | $ | 14 |
Electronic Systems | 74 |  |  | 57 |  |  | 40 |
Space and Intelligence Systems | 31 |  |  | 33 |  |  | 34 |
Corporate | 23 |  |  | 20 |  |  | 27 |
Discontinued operations | — |  |  | — |  |  | 4 |
| $ | 161 |  |  | $ | 136 |  |  | $ | 119 |
Depreciation and Amortization |  |  |  |  |
Communication Systems | $ | 50 |  |  | $ | 57 |  |  | $ | 64 |
Electronic Systems | 50 |  |  | 44 |  |  | 29 |
Space and Intelligence Systems | 33 |  |  | 36 |  |  | 37 |
Corporate | 125 |  |  | 122 |  |  | 142 |
Discontinued operations | — |  |  | — |  |  | 39 |
| $ | 258 |  |  | $ | 259 |  |  | $ | 311 |
Geographical Information for Continuing Operations |  |  |  |  |
U.S. operations: |  |  |  |  |
Revenue | $ | 6,530 |  |  | $ | 5,854 |  |  | $ | 5,637 |
Long-lived assets | $ | 866 |  |  | $ | 892 |  |  | $ | 896 |
International operations: |  |  |  |  |
Revenue | $ | 271 |  |  | $ | 314 |  |  | $ | 260 |
Long-lived assets | $ | 28 |  |  | $ | 8 |  |  | $ | 8 |

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