| WHEN: Friday, April 19, 2024 1:00 PM Eastern Time | |
| WHERE: The Annual Meeting will be held exclusively online at www. virtualshareholdermeeting.com/ LHX2024. | |
| | | | BEFORE THE ANNUAL MEETING | | |||
| | | | | | www.proxyvote.com | | |
| | | | | | 1-800-690-6903 | | |
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Mail Complete, sign and date your proxy/voting instruction card and mail in the postage-paid return envelope. | | |||||||
| | | | DURING THE ANNUAL MEETING | | |||
| | | | | | For instructions on voting during the virtual Annual Meeting, see | |
| Proposal 1: Elect our Board’s 14 nominees named in the accompanying proxy statement for a one-year term expiring at the 2025 Annual Meeting of Shareholders. | |
| Proposal 2: Approve, in an advisory vote, the compensation of our named executive officers as disclosed in the accompanying proxy statement. | |
| Proposal 3: Approve the L3Harris Technologies, Inc. 2024 Equity Incentive Plan. | |
| Proposal 4: Ratify appointment of Ernst & Young LLP as our independent registered public accounting firm for our fiscal year 2024. | |
| Proposal 5: Amend our Restated Certificate of Incorporation to limit liability of officers as permitted by law. | |
| Proposal 6: Vote on a shareholder proposal titled “Transparency in Lobbying,” if properly presented. | |
| Scott T. Mikuen Senior Vice President, General Counsel and Secretary Melbourne, Florida March [•], 2024 | |
| PROXY SUMMARYVOTING MATTERS | |
| VOTING MATTERS | | | For more information | | | Board’s recommendation | ||||
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| Proposal 1 | | | Elect our Board’s | | | Page 7 | | | FOR each nominee | |
| Proposal 2 | ||||||||||
| | Approve, in an advisory vote, the compensation of our named executive officers as disclosed in this proxy statement | | | Page | | | FOR the proposal | | ||
| Proposal 3 | | | Approve the L3Harris Technologies, Inc. 2024 Equity Incentive Plan | | | Page 80 | | | FOR the proposal | |
| Proposal 4 | | | Ratify appointment of Ernst & Young LLP as our independent registered public accounting firm for fiscal year | | | Page | | | FOR the proposal | |
| Proposal 5 | | | Amend our Restated Certificate of Incorporation to limit liability of officers as permitted by law | | | Page 91 | | | FOR the proposal | |
| Proposal 6 | | | Vote on a shareholder proposal titled “Transparency in Lobbying,” if properly presented | | | Page 93 | | | AGAINST the proposal | |
| | | | | | | | | | Other Current Public Company Boards | | | L3Harris Committee Memberships | | Director Nominees | | | Other Current Public Company Boards | | | L3Harris Committee Memberships ■ Member ■ Chair/Co-Chair | | |||||||||||||||||||||||||||||||||||||||
| Director nominee | | Age | | Director Since* | | Principal Occupation/Experience | | | Audit | | Compensation | | Finance | | Innovation and Cyber | | Nominating and Governance | | Director Nominees | | Age | | Director Since* | | Principal Occupation/Experience | | | Audit | | Compensation | | Finance | | Innovation and Cyber | | Nominating and Governance | | Ad hoc Business Review | | |||||||||||||||||||||
| Sallie B. Bailey | | 62 | | 2018 | | Former EVP and CFO of Louisiana-Pacific Corporation | | 2 | | | | | | | | | | Sallie B. Bailey | | 64 | | 2018 | | Former EVP and CFO of Louisiana-Pacific Corporation | | 2 | | | ■ | | | | ■ | | | | | | | | ||||||||||||||||||||
| William M. Brown | | 59 | | 2011 | | Executive Chair of L3Harris | | 2 | | | | | | | | | | | | Peter W. Chiarelli | | 73 | | 2012 | | General, U.S. Army (Retired) | | — | | | ■ | | | | | | ■ | | | | | | ||||||||||||||||||
| Peter W. Chiarelli | | 71 | | 2012 | | General, U.S. Army (Retired) | | — | | | | | | | | | | Thomas A. Dattilo | | 72 | | 2001 | | Advisor for private investment firms; former Chairman and CEO of Cooper Tire & Rubber Company | | 1 | | | | | ■ | | | | | | ■ | | | | ||||||||||||||||||||
| Thomas A. Corcoran | | 77 | | 1997 | | President of Corcoran Enterprises, LLC; former Senior Advisor for The Carlyle Group | | 1 | | | | | | | | | | Roger B. Fradin | | 70 | | 2016 | | Consultant for The Carlyle Group; former Vice Chairman of Honeywell International Inc. | | 3 | | | | | | | ■ | | ■ | | | | ■ | | ||||||||||||||||||||
| Thomas A. Dattilo | | 70 | | 2001 | | Advisor for private investment firms; former Chairman and CEO of Cooper Tire & Rubber Company | | 1 | | | | | | | | | | Joanna L. Geraghty | | 51 | | 2022 | | Chief Executive Officer of JetBlue Airways Corporation | | 1 | | | ■ | | ■ | | | | | | | | | |||||||||||||||||||||
| Roger B. Fradin | | 68 | | 2016 | | Consultant for The Carlyle Group; former Vice Chairman of Honeywell International Inc. | | 3 | | | | | | | | | | Kirk S. Hachigian | | 64 | | 2023 | | Former Executive Chairman of JELD-WEN Holdings, Inc. | | 3 | | | | | | | | | | | | | ■ | | ||||||||||||||||||||
| Harry B. Harris, Jr. | | 65 | | 2021 | | Admiral, U.S. Navy (Retired); former U.S. Ambassador to the Republic of Korea | | — | | | | | | | | | | | | Harry B. Harris, Jr. | | 67 | | 2021 | | Admiral, U.S. Navy (Retired); former U.S. Ambassador to the Republic of Korea | | — | | | | | | | | | ■ | | ■ | | | | ||||||||||||||||||
| Lewis Hay III | | 66 | | 2002 | | Operating Advisor for Clayton Dubilier & Rice, LLC; former Chairman and CEO of NextEra Energy, Inc. | | 1 | | | | | | | | | | Lewis Hay III | | 68 | | 2002 | | Operating Advisor for Clayton Dubilier & Rice, LLC; former Chairman and CEO of NextEra Energy, Inc. | | 1 | | | | | ■ | | | | | | ■ | | | | ||||||||||||||||||||
| Lewis Kramer | | 74 | | 2009 | | Former Global Client Service Partner and National Director of Audit Services of Ernst & Young LLP | | 1 | | | | | | | | | | Christopher E. Kubasik | | 62 | | 2018 | | Chair and CEO of L3Harris | | — | | | | | | | | | | | | | | | ||||||||||||||||||||
| Christopher E. Kubasik | | 60 | | 2018 | | Vice Chair and CEO of L3Harris | | — | | | | | | | | | | | | Rita S. Lane | | 61 | | 2018 | | Former VP, Operations of Apple Inc. | | 2 | | | | | | | | | ■ | | ■ | | ■ | | ||||||||||||||||||
| Rita S. Lane | | 59 | | 2018 | | Former VP, Operations of Apple Inc. | | 3 | | | | | | | | | | Robert B. Millard Lead Independent Director | | 73 | | 1997 | | Retired Chairman of Massachusetts Institute of Technology Corporation | | 1 | | | | | ■ | | ■ | | | | | | | |||||||||||||||||||||
| Robert B. Millard Lead Independent Director | | 71 | | 1997 | | Retired Chairman of Massachusetts Institute of Technology Corporation | | 1 | | | | | | | | | | Edward A. Rice, Jr. | | 67 | | 2023 | | General, U.S. Air Force (Retired) | | — | | | | | | | | | ■ | | | | | | ||||||||||||||||||||
| Lloyd W. Newton | | 79 | | 2012 | | General, U.S. Air Force (Retired); former EVP of Pratt & Whitney Military Engines | | — | | | | | | | | | | William H. Swanson | | 75 | | 2023 | | Retired Chairman and CEO of RTX (formerly Raytheon Company) | | 1 | | | | | | | | | | | | | ■ | | ||||||||||||||||||||
| Christina L. Zamarro | | 52 | | 2022 | | Executive Vice President, Chief Financial Officer of The Goodyear Tire & Rubber Company | | — | | | ■ | | | | ■ | | | | | | | |
| * | |
| PROXY SUMMARYBOARD AND GOVERNANCE HIGHLIGHTS | |
| PROXY SUMMARYBOARD AND GOVERNANCE HIGHLIGHTS | |
| Board Structure and Policies | | | > Independent directors make up approximately 93% of the Board and 100% of each committee. > All directors elected annually with a majority voting standard in uncontested elections. > Lead Independent Director broadly empowered with defined responsibilities and authority. > Independent directors regularly hold executive sessions led by Lead Independent Director. > Board and standing committees conduct annual self-evaluations to improve their effectiveness. > Board membership criteria take into account diversity of viewpoints, background, experience and personal characteristics, including age, gender and racial and ethnic minority status. > Avoid potential overboarding by allowing no more than three other public company boards (one for an executive officer of a public company) and annually reviewing director commitments under our guidelines. > Policy requiring directors to retire at age 75 (except as waived in connection with the Cooperation Agreement (as defined below)). > Board reviews and evaluates management development and succession plans. > Strong ethics and business conduct program, reflecting our commitment to our Code of Conduct and broader compliance principles, responsible corporate citizenship and sustainability and our belief that we should conduct all business dealings with honesty, integrity and accountability. | |
| Shareholder Input and Alignment | | | > Meaningful stock ownership guidelines for non-employee directors. > Prohibition for directors and executive officers on short sales, hedging, other derivative transactions and pledging of our common stock. > Robust proxy access By-Law provision allowing eligible shareholders to nominate Board candidates and include them in our proxy materials. > Shareholders holding at least 25% of our common stock can call a special meeting. > Annual “say-on-pay” advisory vote. > Engagement with large shareholders on key aspects of our executive compensation program and on environmental, social and governance matters, including at our 2023 Investor Day. | |
| Ethics and Compliance | | | > Oversight: Our process for implementing ethical standards starts with our Board having oversight of the Ethics & Compliance Program and extends to all levels of the Company. This approach drives accountability and promotes a strong culture of ethics and compliance in all of our business dealings. Each director annually acknowledges our Code of Conduct as part of this oversight process. > Values: Our focus on living our values of integrity, excellence and respect helps L3Harris ensure an ethical workplace by going beyond policies and procedures. Integrity is our first core value, setting a foundation for which we are all accountable. > Culture: We require all L3Harris employees, managers, officers and directors to abide by our Code of Conduct. Each year, all employees commit to never compromise our values to achieve business objectives. This pledge, combined with our values and governance approach, helps us instill the highest standards of performance and behavior, which permeate within and outside the Company, including to our employees, suppliers and customers. | |
| A HIGHLY ENGAGED AND ACTIVE BOARD Our Board: | | |||
| > is actively engaged in succession planning, with frequent opportunities to observe and interact with key talent, including at presentations, meetings and other events. | | | > is regularly briefed on topics of strategic importance to the Company, which may include technology, cybersecurity, risk management and potential opportunities for changes in the Company’s portfolio, such as acquisitions and divestitures. | |
| > oversees our business strategy, thoroughly reviewing our annual operating plans and three-year strategic plans and providing input and insight on these plans directly to our senior leadership team; also receives regular updates on our progress in executing the plans, and on challenges that arise. | | | > holds executive sessions of independent directors at every regularly scheduled Board meeting, to discuss strategic matters and significant developments without anyone from management present. | |
| PROXY SUMMARYPERFORMANCE HIGHLIGHTS | |
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| SPACE & AIRBORNE SYSTEMS We continue to grow our positions in satellite systems and space superiority and ended the year with a record 58 satellites in backlog, including addressing a growing market for the Space Development Agency (SDA) Tracking Layer satellites, the first of whichlaunched in 2024. | | | | | INTEGRATED MISSION SYSTEMS We delivered the first of 10 EC-37B Compass Call aircraft to the U.S. Air Force. Continuing our role as the platform integration prime, we were awarded ~$550 million to begin integration on four additional Compass Call aircraft. | |
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| COMMUNICATIONS SYSTEMS We continue to fulfill urgent needs of Ukraine and, to-date, have delivered ~25,000 tactical radios, including ~10,000 in 2023, doubling Ukraine’sexisting inventory and furthering our position as the global leader in resilient communications for domestic and international customers. | | | | | | AEROJET ROCKETDYNE We opened a modernized facility to support hardware fabrication for a next generation missile program, complementing other recent new or modernized facilities including a facility to support large solid rocket motor production and a facility specializing in inert component production for solid rocket motor cases. | |
| PROXY SUMMARYEXECUTIVE COMPENSATION HIGHLIGHTS | |
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| OVERALL OBJECTIVE | | | | | | | ||||||
| > Encourage and reward creation of sustainable, long-term shareholder value | | | | | | > Align with shareholders’ interests > Be competitive at target performance level | | | > Motivate achievement of financial goals and strategic objectives > Align pay with performance | |
| | | | Base Salary Level | | | Annual Cash Incentive Payout | | | Target Value of Annual Cycle Awards (Equity-Based) | | ||||||||
| Mr. Kubasik | | | | $ | 1,550,000 | | | | | $3,735,500 120.5% of target | | | | $ | 13,500,000 | | | |
| Mr. Bedingfield** | | | | $ | 850,000 | | | | | $53,500 120.5% of target | | | | | n/a | | | |
| Mr. Mehta | | | | $ | 725,000 | | | | | $928,700 128.1% of target | | | | $ | 2,550,000 | | | |
| Mr. Stackley | | | | $ | 725,000 | | | | | $873,600 120.5% of target | | | | $ | 2,550,000 | | | |
| Mr. Zoiss | | | | $ | 725,000 | | | | | $1,130,300 155.9% of target | | | | $ | 2,550,000 | | | |
| Our Board unanimously recommends voting FOR election of its 14 nominees for director | | | > With a diverse mix of backgrounds, skills and experience and a track record of ability, integrity and judgment, as well as a deep and unique understanding of our business and the challenges and opportunities faced by L3Harris, our Board is well positioned to discharge its responsibilities. > Nominees collectively have broad and diverse leadership experience and many other qualifications, skills and attributes that our Board views as valuable to L3Harris. > Healthy balance of shorter and longer tenures among nominees, all of whom are independent, except Mr. Kubasik, our Chair and CEO. | |
| GENERAL CRITERIA | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| > Personal qualities and character, including demonstrated ability and sound judgment; | > Accomplishments and reputation in the business community or in the individual’s profession, as well as professional integrity, educational background, business experience and other related experience; > Willingness to objectively appraise management performance; > Current knowledge and contacts in the markets in which we do business and in our industry or other relevant industries, giving due consideration to potential conflicts of interest; | | | > Ability and willingness to commit adequate time to Board and committee matters, including attendance at Board, committee and annual shareholder meetings; and the number of other boards of which the individual nominee is a member; | > Diversity of viewpoints, background, experience and personal characteristics, including age, gender and racial or ethnic minority status; and | > Compatibility of the individual’s experience, qualifications, attributes or skills and personality with those of other directors and potential directors in building a Board that is effective, collegial and responsive to the needs of L3Harris and the interests of our shareholders. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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| PROPOSAL 1: ELECTION OF DIRECTORS DIRECTOR NOMINATION PROCESS | |
| | Our Board is responsible for approving nominees to stand for election as directors. | | |
| | Our Nominating and Governance Committee: > identifies and evaluates individuals it determines are qualified to join our Board; > considers properly submitted shareholder recommendations; > provides the Board with nominee recommendations; and > may hire search firms to help identify candidates when appropriate. | | |
| |
| | | | Base Salary Level | | | Annual Cash Incentive Payout | | | Target Value of Annual Cycle Awards (Equity-Based) | | ||||||
| Mr. Kubasik | | | | $ | 1,500,000 | | | | $2,750,000 106.6% of target | | | | $ | 11,000,000 | | |
| Mr. Brown | | | | $ | 1,500,000 | | | | $2,750,000 106.6% of target | | | | $ | 11,000,000 | | |
| Mr. Malave | | | | $ | 760,000 | | | | $0 | | | | $ | 2,400,000 | | |
| Mr. Gautier | | | | $ | 650,000 | | | | $580,000 89.2% of target | | | | $ | 1,750,000 | | |
| Mr. Stackley | | | | $ | 650,000 | | | | $700,000 107.7% of target | | | | $ | 1,750,000 | | |
| Mr. Zoiss | | | | $ | 650,000 | | | | $610,000 93.8% of target | | | | $ | 1,750,000 | | |
| |
| | Based on the recommendation of our Nominating and Governance Committee, our Board has nominated all 14 of our directors for a one-year term expiring at the 2025 Annual Meeting of Shareholders: | | |
| | > Christopher E. Kubasik, Chair and CEO; and > 13 independent directors (Sallie B. Bailey, Peter W. Chiarelli, Thomas A. Dattilo, Roger B. Fradin, Joanna L. Geraghty, Kirk S. Hachigian, Harry B. Harris, Jr., Lewis Hay III, Rita S. Lane, Robert B. Millard, Edward A. Rice, Jr., William H. Swanson and Christina L. Zamarro). | | |
| PROPOSAL 1: ELECTION OF DIRECTORS NOMINEE BIOGRAPHIES | |
| Nominee Skills and Background | | | Bailey | | | Chiarelli | | | Dattilo | | | Fradin | | | Geraghty | | | Hachigian | | | Harris | | | Hay | | | Kubasik | | | Lane | | | Millard | | | Rice | | | Swanson | | | Zamarro | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CEO/General Manager Experience | | | | | | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | |
| Aerospace and Defense | | | | | | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | |
| Military/Government | | | | | | | | | | | | ■ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | | | | |
| Finance/Accounting | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | |
| International/Global Operations | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | |
| Technology | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | |
| Manufacturing/Supply Chain/Quality | | | | | | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | |
| Strategy | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | |
| M&A/Post-Merger Integration | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | |
| Public Company Board | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | ■ | | | | | | | | | | | | | | ■ | | | | | | | | | | |
| |
| | | Age: 64 Independent Director | | | Committees > Audit (Chair) > Finance | | ||||||||||
| PROPOSAL 1: ELECTION OF DIRECTORS | |
| | | Peter W. Chiarelli | | | Age: 73 Independent Director | | | Committees > Audit > Innovation and Cyber (Chair) | | ||||||||||
| | | Thomas A. | | | Age: Director since Independent Director | | | |||
> > Governance (Chair) | |
| |
| | | Roger B. Fradin | | | Age: Director since Independent Director | | | |||
> > > | |
| | | Joanna L. Geraghty | | | Age: 51 Director since 2022 Independent Director | | | Committees > Audit > Compensation | |
| PROPOSAL 1: ELECTION OF DIRECTORS | |
| | | Kirk S. Hachigian | | | Age: Director since Independent Director | | | |||
> | |
| | | Harry B. Harris, Jr. | | | Age: 67 Director since 2021 Independent Director | | | Committees > Innovation and Cyber > Nominating and Governance | |
| |
| | | Lewis Hay III | | | Age: Director since Independent Director | | | |||
> (Chair) > Governance | |
|
| | Christopher E. Kubasik | | | Age: Director since ( Employee Director (not independent) | | | |||
> | |
| PROPOSAL 1: ELECTION OF DIRECTORS | |
| | | Rita S. Lane | | | Age: Director since (2018 including L3 service) Independent Director | | | |||
> > > | |
| | | Robert B. Millard | | | Age: Director since (1997 including L3 service) Lead Independent Director | | | |||
> > | |
| PROPOSAL 1: ELECTION OF DIRECTORS NOMINEE BIOGRAPHIES | |
| | | Edward A. Rice, Jr. | | | Age: 67 Director since 2023 Independent Director | | | Committees > Innovation & Cyber | |
| | | William H. Swanson | | | Age: 75 Director since December 2023 Independent Director | | | Committees > Ad Hoc Business Review (Co-Chair) | |
| PROPOSAL 1: ELECTION OF DIRECTORS | |
| | | Christina L. Zamarro | | | Age: Director since Independent Director | | | |||
> > | |
| | Our Board’s leadership is currently structured as follows: | | |
| | > a combined position of Chair and CEO; > a Lead Independent Director with well-defined duties that support our Board’s oversight responsibilities; > a robust committee structure comprised solely of independent directors; and > engaged independent Board members who participate in the agenda-setting process for our Board and committee meetings, conduct candid and constructive discussions and deliberations, have access to management and hold regularly scheduled executive sessions. | | |
| CORPORATE GOVERNANCEBOARD LEADERSHIP STRUCTURE | |
| Lead Independent Director Responsibilities | | |||
| The responsibilities and authority of our Lead Independent Director include: | | |||
| > Presiding at all meetings of our Board at which our Chair is not present, including executive sessions of our independent directors; > Serving as liaison between our Chair and our independent directors; > Approving, in consultation with our Chair, the information sent to our Board and the meeting agendas for our Board; > Approving, in consultation with our Chair, our Board meeting schedules to assure sufficient time for discussion of all agenda items; > Calling meetings of our independent directors; > Facilitating discussion among the independent directors on key issues and concerns outside of full meetings of our Board; > Being available for consultation and direct communication with major shareholders, if requested, consistent with our policies regarding shareholder communications; > Providing timely feedback from executive sessions of our independent directors to our CEO or other members of senior management; | | | > Playing a key role in the annual CEO evaluation process, together with the Chair of our Compensation Committee (or the Chair of our Nominating and Governance Committee if the same individual is serving as Lead Independent Director and Chair of our Compensation Committee); > Playing a key role in our Board’s annual self-evaluation process and related matters, together with the Chair of our Nominating and Governance Committee (or the Chair of our Compensation Committee if the same individual is serving as Lead Independent Director and Chair of our Nominating and Governance Committee); > Guiding and playing a key role in the CEO succession planning process; and > Other responsibilities and authority as our Board may determine from time to time. | |
| The designation of a Lead Independent Director is not intended to inhibit communications among our directors or between our directors and our Chair. | |
| CORPORATE GOVERNANCEBOARD LEADERSHIP STRUCTURE | |
| | | Audit Committee Chair Sallie B. Bailey | | | Other Members Peter W. Chiarelli Joanna L. Geraghty Christina L. Zamarro | | | |
| CORPORATE GOVERNANCE | |
| | | Compensation Committee Chair Lewis Hay III | | | Other Members Thomas A. Dattilo Joanna L. Geraghty Robert B. Millard | | | |
| CORPORATE GOVERNANCEBOARD LEADERSHIP STRUCTURE | |
| | | Finance Committee Chair Roger B. Fradin | | | Other Members Sallie B. Bailey Robert B. Millard Christina L. Zamarro | | | |
| | | Innovation and Cyber Committee Chair Peter W. Chiarelli | | | Other Members Roger B. Fradin Harry B. Harris, Jr. Rita S. Lane | | | Edward A. Rice, Jr. | |
| CORPORATE GOVERNANCEBOARD LEADERSHIP STRUCTURE | |
| | | Nominating and Governance Committee Chair Thomas A. Dattilo | | | Other Members Harry B. Harris, Jr. Lewis Hay III Rita S. Lane | | | |
| | | Ad Hoc Business Review Committee Co-Chair Roger B. Fradin Co-Chair William H. Swanson | | | Other Members Kirk S. Hachigian Rita S. Lane | | | |
| CORPORATE GOVERNANCEOUR BOARD'S ROLE AND RESPONSIBILITIES | |
| Our Board is responsible for overseeing the management of our business, property and affairs, and is focused on the creation of sustainable, long-term value for our shareholders. In addition to participating in Board and committee meetings held at our corporate headquarters or other offices or locations and reviewing relevant materials, Board members inform themselves about our business through discussions with our CEO and our other executives, and by visiting our facilities. Our Board’s and Board committees’ major responsibilities include: | | |||
| > overseeing the management of our business; > reviewing and approving our long-term strategy, our key strategic and financial objectives and operating plans and other strategic actions; > understanding and periodically reviewing material risks, including through our enterprise risk management enterprise risk management (“ERM”) process; > establishing and maintaining an effective governance structure, including appropriate board composition; > planning for board succession and appointing directors to fill Board vacancies between annual meetings of shareholders; > selecting our CEO, electing our corporate officers, evaluating the performance of our CEO and other executive officers, planning for CEO succession and reviewing management’s succession planning for other executive officers; | | | > determining CEO compensation, and overseeing compensation of other executive officers; > overseeing our ethics and compliance and ESG programs and periodically assessing our culture; > overseeing our systems of control, which promote accurate and timely reporting of financial information to shareholders, and our processes for maintaining the integrity of our financial statements and other public disclosures; > overseeing our environmental, health and safety programs and our political advocacy and lobbying activities and expenditures; and > monitoring and taking appropriate action regarding strategic issues and trends relating to environmental matters and corporate citizenship and responsibility. | |
| CORPORATE GOVERNANCEOUR BOARD'S ROLE AND RESPONSIBILITIES | |
| CORPORATE GOVERNANCEOUR | |
| CORPORATE GOVERNANCEBOARD POLICIES AND PROCESSES | |
| CORPORATE GOVERNANCE | |
| Board / Committee | | | Number of Meetings Held | | | Average Meeting Attendance | | ||||||||
| Board of Directors | | | | | 8 | | | | | | | 100 | % | | |
| Audit Committee | | | | | 8 | | | | | | | 100 | % | | |
| Compensation Committee | | | | | 5 | | | | | | | 100 | % | | |
| Finance Committee | | | | | 2 | | | | | | | 100 | % | | |
| Innovation and Cyber Committee (formerly the Ad Hoc Technology Committee) | | | | | 2 | | | | | | | 100 | % | | |
| Nominating and Governance Committee | | | | | 6 | | | | | | | 100 | % | | |
| CORPORATE GOVERNANCEDIRECTOR COMPENSATION AND BENEFITS | |
| Board or Committee | | | Number of Meetings Held | | | Average Meeting Attendance | |
| Board of Directors | | | 10 | | | 99% | |
| Audit Committee | | | 8 | | | 100% | |
| Compensation Committee | | | 5 | | | 100% | |
| Finance Committee | | | 2 | | | 100% | |
| Innovation and Cyber Committee | | | 3 | | | 100% | |
| Nominating and Governance Committee | | | 6 | | | 100% | |
| CORPORATE GOVERNANCEDIRECTOR COMPENSATION AND BENEFITS | |
| | | Board member | | | Lead Independent Director | | | Audit Committee Chair | | | Compensation Committee Chair | | | Other Committee Chair/Co-Chair | |
Fiscal 2023 Annual Retainer | | | $140,000 cash $170,000 equity-based (in the form of director share units) | | | $50,000 cash | | | $30,000 cash | | | $20,000 cash | | | $20,000 cash | |
Annual Retainer Effective January 1, 2024 | | | $150,000 cash $190,000 equity-based (in the form of director share units) | | | $50,000 cash | | | $30,000 cash | | | $25,000 cash | | | $20,000 cash | |
| CORPORATE GOVERNANCEDIRECTOR COMPENSATION AND BENEFITS | |
| Non-Employee Director | | | Fees Earned or Paid in Cash $(1) | | | Stock Awards $(2) | | | All Other Compensation $(3) | | | Total $ | | ||||||||||||||||
| Sallie B. Bailey | | | | $ | 130,000 | | | | | | $ | 164,807 | | | | | | $ | 0 | | | | | | $ | 294,807 | | | |
| Peter W. Chiarelli | | | | $ | 150,000 | | | | | | $ | 164,807 | | | | | | $ | 0 | | | | | | $ | 314,807 | | | |
| Thomas A. Corcoran | | | | $ | 130,000 | | | | | | $ | 164,807 | | | | | | $ | 0 | | | | | | $ | 294,807 | | | |
| Thomas A. Dattilo | | | | $ | 130,000 | | | | | | $ | 164,807 | | | | | | $ | 10,000 | | | | | | $ | 304,807 | | | |
| Roger B. Fradin | | | | $ | 150,000 | | | | | | $ | 164,807 | | | | | | $ | 10,000 | | | | | | $ | 324,807 | | | |
| Harry B. Harris, Jr.* | | | | $ | 7,418 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 7,418 | | | |
| Lewis Hay III | | | | $ | 150,000 | | | | | | $ | 164,807 | | | | | | $ | 0 | | | | | | $ | 314,807 | | | |
| Lewis Kramer | | | | $ | 160,000 | | | | | | $ | 164,807 | | | | | | $ | 0 | | | | | | $ | 324,807 | | | |
| Rita S. Lane | | | | $ | 130,000 | | | | | | $ | 164,807 | | | | | | $ | 10,000 | | | | | | $ | 304,807 | | | |
| Robert B. Millard | | | | $ | 165,000 | | | | | | $ | 164,807 | | | | | | $ | 10,000 | | | | | | $ | 339,807 | | | |
| Lloyd W. Newton | | | | $ | 150,000 | | | | | | $ | 164,807 | | | | | | $ | 10,000 | | | | | | $ | 324,807 | | | |
| Non-Employee Director | | | Fees Earned or Paid in Cash $(1) | | | Stock Awards $(2) | | | All Other Compensation $(3) | | | Total $ | | ||||||||||||||||
| Sallie B. Bailey | | | | $ | 170,000 | | | | | | $ | 169,907 | | | | | | $ | 10,000 | | | | | | $ | 349,907 | | | |
| Peter W. Chiarelli | | | | $ | 160,000 | | | | | | $ | 169,907 | | | | | | $ | 0 | | | | | | $ | 329,907 | | | |
| Thomas A. Dattilo | | | | $ | 153,889 | | | | | | $ | 169,907 | | | | | | $ | 10,000 | | | | | | $ | 333,796 | | | |
| Roger B. Fradin | | | | $ | 161,196 | | | | | | $ | 169,907 | | | | | | $ | 0 | | | | | | $ | 331,103 | | | |
| Joanna L. Geraghty | | | | $ | 140,000 | | | | | | $ | 169,907 | | | | | | $ | 10,000 | | | | | | $ | 319,907 | | | |
| Kirk S. Hachigian | | | | $ | 8,369 | | | | | | $ | 61,378 | | | | | | $ | 0 | | | | | | $ | 69,747 | | | |
| Harry B. Harris, Jr. | | | | $ | 140,000 | | | | | | $ | 169,907 | | | | | | $ | 10,000 | | | | | | $ | 319,907 | | | |
| Lewis Hay III | | | | $ | 160,000 | | | | | | $ | 169,907 | | | | | | $ | 10,000 | | | | | | $ | 339,907 | | | |
| Rita S. Lane | | | | $ | 140,000 | | | | | | $ | 169,907 | | | | | | $ | 10,000 | | | | | | $ | 319,907 | | | |
| Robert B. Millard | | | | $ | 190,000 | | | | | | $ | 169,907 | | | | | | $ | 10,000 | | | | | | $ | 369,907 | | | |
| Edward A. Rice, Jr. | | | | $ | 119,389 | | | | | | $ | 197,218 | | | | | | $ | 10,000 | | | | | | $ | 326,607 | | | |
| William H. Swanson | | | | $ | 9,565 | | | | | | $ | 61,378 | | | | | | $ | 0 | | | | | | $ | 70,943 | | | |
| Christina L. Zamarro | | | | $ | 140,000 | | | | | | $ | 169,907 | | | | | | $ | 10,000 | | | | | | $ | 319,907 | | | |
| Our Board unanimously recommends voting FOR approval of the compensation of our named executive officers as disclosed in this proxy statement. | | | > Executive compensation decisions were made by independent members of our Board and our Compensation Committee. > Executive compensation for fiscal > Our executive compensation program helped attract talented, experienced executives to drive future results. | |
| Executive Summary | | | | ||||
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| Other Compensation Elements | | | | ||||
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| Christopher E. Kubasik Chair and Chief Executive Officer | | | Kenneth L. Bedingfield Senior Vice President and Chief Financial Officer | | | Samir B. Mehta President, Communications Systems | |
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| Sean J. Stackley Senior Vice Strategy, Growth & Technology | | | Edward J. Zoiss President, Space & Airborne Systems | | |
| | | | Michelle L. Turner. Former Senior Vice President and Chief Financial Officer | | | | |
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| COMPENSATION DISCUSSION AND ANALYSIS EXECUTIVE SUMMARY | |
| (in millions, except per share amounts) | | | Fiscal 2021 ($) | | | Fiscal 2020 ($) | | | Pro Forma 2019 ($)*** | | ||||||||||||
| Revenue | | | | $ | 17,814 | | | | | | $ | 18,194 | | | | | | $ | 18,097 | | | |
| Net income | | | | $ | 1,842 | | | | | | $ | 1,086 | | | | | | $ | 1,650 | | | |
| Adjusted EBIT* | | | | $ | 3,397 | | | | | | $ | 3,280 | | | | | | $ | 3,039 | | | |
| Operating cash flow | | | | $ | 2,687 | | | | | | $ | 2,790 | | | | | | $ | 1,655 | | | |
| Adjusted free cash flow* | | | | $ | 2,746 | | | | | | $ | 2,686 | | | | | | $ | 2,095 | | | |
| Cash used to repurchase shares of our common stock | | | | $ | 3,675 | | | | | | $ | 2,290 | | | | | | $ | 1,500 | | | |
| Annualized cash dividend rate per share** | | | | $ | 4.08 | | | | | | $ | 3.40 | | | | | | $ | 2.87 | | | |
| (in millions, except per share amounts) | | | Fiscal 2023 ($) | | | Fiscal 2022 ($) | | ||||||||
| Revenue | | | | $ | 19,419 | | | | | | $ | 17,062 | | | |
| Operating income | | | | $ | 1,426 | | | | | | $ | 1,127 | | | |
| Adjusted EBIT* | | | | $ | 3,260 | | | | | | $ | 3,181 | | | |
| Cash from operations | | | | $ | 2,101 | | | | | | $ | 2,158 | | | |
| Adjusted free cash flow* | | | | $ | 2,009 | | | | | | $ | 2,029 | | | |
| Cash used to repurchase shares of our common stock | | | | $ | 518 | | | | | | $ | 1,083 | | | |
| Annualized cash dividend rate per share** | | | | $ | 4.56 | | | | | | $ | 4.48 | | | |
| COMPENSATION DISCUSSION AND ANALYSIS EXECUTIVE SUMMARY | |
| COMPENSATION DISCUSSION AND ANALYSIS | |
| | | | | | | | |
| Align with Shareholders’ Interests We believe an executive’s interests are directly aligned with our shareholders’ interests when our compensation programs appropriately balance short-and long-term financial performance, create a “pay for profitable growth” environment, are impacted by our stock price performance and require meaningful ownership of our stock. | |
| | | | Be Competitive at Target Performance Level | |
We believe an executive’s total compensation should be competitive at the target performance level to motivate performance and to attract, retain | |
| | | | | | | | |
| Motivate Achievement of Financial Goals and Strategic Objectives | |||||||
We believe an effective way to incentivize an executive to create long-term shareholder value is to make a significant portion of overall compensation dependent on the achievement of our short- and long-term financial goals and strategic objectives and on the value of our stock. | |
| | | | Align Realized Pay with Performance | |
We believe that | |
| COMPENSATION DISCUSSION AND ANALYSIS | |
| | | | | |
| | | Other best practices | | |
| > Place executive compensation decisions in the hands of independent directors > Retain an independent executive compensation consulting firm > Annually assess whether our compensation strategies, plans, programs, policies or procedures encourage undertaking unnecessary or excessive risks reasonably likely to have a material adverse effect on us > Annually conduct a pay equity analysis as part of our commitment to fair and equitable compensation practices, including engaging with an external firm to help in this analysis, and taking remediation actions as necessary > Regularly review and evaluate plans for management development, succession and diversity > | | | > Pay cash severance under executive change in control severance agreements or plans only on a “double trigger” basis > Have a “clawback” policy to recover any excess incentive-based compensation from executive officers subject to Section 16 following a restatement of financial information that affects a financial measure used to determine such incentive-based compensation, in addition to policies under our incentive plans applicable to all executives for restatement due to errors, omissions or fraud > Provide for accelerated vesting of equity-based compensation granted only on a “double trigger” basis > Require executives to agree to non-competition, non-solicitation, customer non-interference and other covenants as part of equity-based compensation awards where permitted by applicable law and regulation > Require executive officers to utilize 10b5-1 trading plans | |
| At-risk compensation and shareholder alignment | | |||
| > Make a significant portion of each executive’s overall compensation opportunity equity-based to establish a strong link between compensation and our stock price performance and to provide rewards in alignment with shareholder returns > Align performance share unit award payouts with our stock price performance through a relative TSR adjustment | | | > Maintain a 12-month minimum vesting period for annual cycle awards of equity-based compensation, except in the case of death, disability or a qualifying termination after a change in control > > | |
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WHAT WE DON’T DO | | | | | |
| > Provide guaranteed incentive payouts over multi-year periods > Provide guaranteed annual salary increases or bonuses > Incentivize executive officers to engage in excessive risk-taking > Provide excessive perquisites > Permit repricing or back-dating of options > Provide excise tax gross-ups under executive change in control severance agreements or plans | | | > Pay dividend equivalents to executive officers on unvested performance share unit and restricted stock unit awards > Permit directors, > Permit directors or executives to hold or purchase our stock on margin or in a margin account or otherwise pledge our stock as collateral for margin accounts, loans or any other purpose | |
|
| COMPENSATION DISCUSSION AND ANALYSIS | |
| COMPENSATION DISCUSSION AND ANALYSIS | |
| | | | Fiscal 2022 Annual Base Salary* $ | | | Fiscal 2023 Annual Base Salary* $ | | | % Change | | | Reason for Change | | ||||||||||||
| Mr. Kubasik | | | | | 1,500,000 | | | | | | | 1,550,000 | | | | | 3.3% | | | | | merit | | | |
| Mr. Bedingfield** | | | | | n/a | | | | | | | 850,000 | | | | | n/a | | | | | n/a | | | |
| Mr. Mehta** | | | | | n/a | | | | | | | 725,000 | | | | | n/a | | | | | n/a | | | |
| Mr. Stackley | | | | | 685,000 | | | | | | | 725,000 | | | | | 5.8% | | | | | merit/market | | | |
| Mr. Zoiss | | | | | 685,000 | | | | | | | 725,000 | | | | | 5.8% | | | | | merit/market | | | |
| Ms. Turner | | | | | 750,000 | | | | | | | 800,000 | | | | | 6.6% | | | | | market | | | |
| COMPENSATION DISCUSSION AND ANALYSISELEMENTS OF OUR COMPENSATION PROGRAM | |
| | | | Fiscal 2022 Cash Incentive Target Value $ | | | Fiscal 2023 Cash Incentive Target Value $ | | | Cash Incentive Target Value (as % of Base Salary) | | ||||||||||||
| Mr. Kubasik | | | | | 3,000,000 | | | | | | | 3,100,000 | | | | | | | 200 | % | | |
| Mr. Bedingfield(1) | | | | | n/a | | | | | | | 850,000 | | | | | | | 100 | % | | |
| Mr. Mehta(2) | | | | | n/a | | | | | | | 725,000 | | | | | | | 100 | % | | |
| Mr. Stackley | | | | | 685,000 | | | | | | | 725,000 | | | | | | | 100 | % | | |
| Mr. Zoiss | | | | | 685,000 | | | | | | | 725,000 | | | | | | | 100 | % | | |
| Ms. Turner | | | | | 750,000 | | | | | | | 800,000 | | | | | | | 100 | % | | |
| COMPENSATION DISCUSSION AND ANALYSISELEMENTS OF OUR COMPENSATION PROGRAM | |
| 50% | | | 30% | | | 20% | |
| Adjusted Free Cash Flow | | | Adjusted EBIT | | | Revenue | |
| The adjusted free cash flow we generate: can be increased by growing revenues, accelerating cash receipts, improving payment terms, reducing inventory, increasing prices and reducing expenses. | | | Our ability to generate profits from revenue: can be increased by efficient management and operation of our business, including reducing costs, improving procurement and sourcing practices and achieving operational excellence. | | | What we generate from normal business activities: can be increased by improving market share, introducing new products, entering new markets organically or through acquisition, enhancing execution and pricing effectively. | |
| COMPENSATION DISCUSSION AND ANALYSIS | |
| Financial Performance Measure | | | Weighting | | | Threshold (50% Payout)(1) | | | Target (100% Payout)(1) | | | Maximum (200% Payout)(1) | | | Result(2) | | | Result Relative to Target(2) | | | Resulting Payout % | | | | | | Weighted Payout % | | |||||||||||||||||||||||||||||||||||
| L3HARRIS (100% for Kubasik, Bedingfield, and Stackley; 50% for other named executive officers) | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted Free Cash Flow | | | | | | | | 50 | % | | | | | $ | 1,594 | | | | | | $ | 1,993 | | | | | | $ | 2,292 | | | | | | $ | 2,009 | | | | | | | 100.8 | % | | | | | | 105.3 | % | | | | | | | | | | | | |
| Adjusted EBIT | | | | | | | | 30 | % | | | | | $ | 2,671 | | | | | | $ | 3,143 | | | | | | $ | 3,614 | | | | | | $ | 3,260 | | | | | | | 103.7 | % | | | | | | 124.7 | % | | | | | | 120.5 | % | | | |||
| Revenue | | | | | | | | 20 | % | | | | | $ | 16,619 | | | | | | $ | 18,466 | | | | | | $ | 20,313 | | | | | | $ | 19,419 | | | | | | | 105.2 | % | | | | | | 152.0 | % | | | | | | | | | | |||
| COMMUNICATION SYSTEMS SEGMENT (50% for Mehta) | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted Free Cash Flow | | | | | | | | 50 | % | | | | | $ | 1,040 | | | | | | $ | 1,300 | | | | | | $ | 1,495 | | | | | | $ | 1,342 | | | | | | | 103.2 | % | | | | | | 121.3 | % | | | | | | | | | | | | |
| Adjusted EBIT | | | | | | | | 30 | % | | | | | $ | 978 | | | | | | $ | 1,150 | | | | | | $ | 1,323 | | | | | | $ | 1,229 | | | | | | | 106.9 | % | | | | | | 146.0 | % | | | | | | 135.7 | % | | | |||
| Revenue | | | | | | | | 20 | % | | | | | $ | 4,320 | | | | | | $ | 4,800 | | | | | | $ | 5,280 | | | | | | $ | 5,070 | | | | | | | 105.6 | % | | | | | | 156.0 | % | | | | | | | | | | |||
| SPACE & AIRBORNE SYSTEMS SEGMENT (50% for Zoiss) | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted Free Cash Flow | | | | | | | | 50 | % | | | | | $ | 560 | | | | | | $ | 700 | | | | | | $ | 805 | | | | | | $ | 963 | | | | | | | 137.6 | % | | | | | | 200.0 | % | | | | | | | | | | | | |
| Adjusted EBIT | | | | | | | | 30 | % | | | | | $ | 589 | | | | | | $ | 693 | | | | | | $ | 797 | | | | | | $ | 783 | | | | | | | 113.0 | % | | | | | | 186.7 | % | | | | | | 191.4 | % | | | |||
| Revenue | | | | | | | | 20 | % | | | | | $ | 5,729 | | | | | | $ | 6,366 | | | | | | $ | 7,003 | | | | | | $ | 6,856 | | | | | | | 107.7 | % | | | | | | 177.0 | % | | | | | | | | | |
| | | | Annual Incentive Plan Target Granted | | | Weighted Payout % Under Annual Incentive Plan(1) | | | | | | Adjustment based on individual performance (+/-) | | | Actual Payout (in $) | | | Actual Payout (as % of Target) | | ||||||||||||||||||||
| Mr. Kubasik | | | | $ | 3,100,000 | | | | | | | 120.5 | % | | | | | | | | n/a | | | | | | $ | 3,735,500 | | | | | | | 120.5 | % | | | |
| Mr. Bedingfield(2) | | | | $ | 44,368 | | | | | | | 120.5 | % | | | | | | n/a | | | | | | $ | 53,500 | | | | | | | 120.5 | % | | | |||
| Mr. Mehta | | | | $ | 725,000 | | | | | | | 128.1 | % | | | | | | n/a | | | | | | $ | 928,700 | | | | | | | 128.1 | % | | | |||
| Mr. Stackley | | | | $ | 725,000 | | | | | | | 120.5 | % | | | | | | n/a | | | | | | $ | 873,600 | | | | | | | 120.5 | % | | | |||
| Mr. Zoiss | | | | $ | 725,000 | | | | | | | 155.9 | % | | | | | | n/a | | | | | | $ | 1,130,300 | | | | | | | 155.9 | % | | |
| COMPENSATION DISCUSSION AND ANALYSISELEMENTS OF OUR COMPENSATION PROGRAM | |
| | | | | | | | | | | | | | |
| 1 | | | | | | 2 | | | | | | 3 | |
| The total target value for long-term equity incentive compensation awards. For our named executive officers, the target value typically is set using our compensation comparison peer group data as a reference point (if available for a comparable position) and/or other broad compensation market data, including surveys. | | | | | | The appropriate mix of types of equity-based compensation (i.e., the percentage of total award target value allocated to each type of award). These determinations are made after considering relevant data for our compensation comparison peer group, the retention value of each type of equity-based compensation and other factors important to us, including linking incentive compensation to performance, tax and accounting treatment, and the recommendations of Frederic W. Cook & Co., Inc. (“FW Cook”), our Compensation Committee’s independent compensation consultant. | | | | | | The specific numbers of units or options to be granted, based on the percentage of total award target value allocated to each type of equity award and a valuation of our common stock on the grant date.* | |
| | | | Fiscal 2022 Target Value | | | Fiscal 2023 Target Value | | ||||||||
| Mr. Kubasik | | | | | $11,500,000 | | | | | | | $13,500,000 | | | |
| Mr. Bedingfield(1) | | | | | n/a | | | | | | | n/a | | | |
| Mr. Mehta(2) | | | | | n/a | | | | | | | $2,550,000 | | | |
| Mr. Stackley | | | | | $2,500,000 | | | | | | | $2,550,000 | | | |
| Mr. Zoiss | | | | | $2,200,000 | | | | | | | $2,550,000 | | | |
| Ms. Turner | | | | | $2,500,000 | | | | | | | $3,100,000 | | | |
| 50% | | | 25% | | | 25% | |
| as performance share units | | | as stock options | | | as restricted stock units | |
| COMPENSATION DISCUSSION AND ANALYSIS | |
| COMPENSATION DISCUSSION AND ANALYSISELEMENTS OF OUR COMPENSATION PROGRAM | |
| | | |
Financial Performance Measures(1) | | | Weighting | | | Target(2) | | | Result(3) | | | Result Relative to Target | | | Resulting Payout % | | | Weighted Payout % | |
3-year Average ROIC | | | 50% | | | 16% | | | 20.4% | | | 127.6% | | | 150.0% | | | 114.9% | |
3-year Cumulative EPS(4) | | | 50% | | | $39.83 | | | $38.21 | | | 95.9% | | | 79.7% | | |||
TSR vs. S&P 500(5) | | | Modifier | | | 50th percentile | | | 42nd percentile | | | 84% | | | -8.8% | | | -8.8% | |
2021-2023 Performance Share Units Awarded to Executives (% of Target) | | | | | | | | | | | | | | | | | | 104.7% | |
| COMPENSATION DISCUSSION AND ANALYSISELEMENTS OF OUR COMPENSATION PROGRAM | |
| | | | Number of performance share units granted | | | number of shares earned | | ||||||||
| Mr. Kubasik | | | | | 30,235 | | | | | | | 31,657 | | | |
| Mr. Stackley | | | | | 4,811 | | | | | | | 5,038 | | | |
| Mr. Zoiss | | | | | 4,811 | | | | | | | 5,038 | | | |
| | | | Fiscal 2020 Annual Base Salary Level | | | Fiscal 2021 Annual Base Salary Level | | | % Change | | | Reason for Change | | ||||||||||||||||
| Mr. Kubasik | | | | $ | 1,500,000 | | | | | | $ | 1,500,000 | | | | | | | 0.0 | % | | | | | | n/a | | | |
| Mr. Brown | | | | $ | 1,500,000 | | | | | | $ | 1,500,000 | | | | | | | 0.0 | % | | | | | | n/a | | | |
| Mr. Malave | | | | $ | 700,000 | | | | | | $ | 760,000 | | | | | | | 8.6 | % | | | | | | merit/market | | | |
| Mr. Gautier | | | | $ | 620,000 | | | | | | $ | 650,000 | | | | | | | 4.8 | % | | | | | | merit | | | |
| Mr. Stackley | | | | $ | 620,000 | | | | | | $ | 650,000 | | | | | | | 4.8 | % | | | | | | merit | | | |
| Mr. Zoiss | | | | $ | 620,000 | | | | | | $ | 650,000 | | | | | | | 4.8 | % | | | | | | merit | | | |
| | | | Fiscal 2021 Cash Incentive Target Value | | | Fiscal 2021 Cash Incentive Target Value (as % of Base Salary) | | | Fiscal 2020 Cash Incentive Target Value (as % of Base Salary) | | | % Change | | | Reason for Change | | ||||||||||||||||||||
| Mr. Kubasik | | | | $ | 2,580,000 | | | | | | | 172 | % | | | | | | 172 | % | | | | | | — | | | | | | | n/a | | | |
| Mr. Brown | | | | $ | 2,580,000 | | | | | | | 172 | % | | | | | | 172 | % | | | | | | — | | | | | | | n/a | | | |
| Mr. Malave | | | | $ | 760,000 | | | | | | | 100 | % | | | | | | 100 | % | | | | | | — | | | | | | | n/a | | | |
| Mr. Gautier | | | | $ | 650,000 | | | | | | | 100 | % | | | | | | 100 | % | | | | | | — | | | | | | | n/a | | | |
| Mr. Stackley | | | | $ | 650,000 | | | | | | | 100 | % | | | | | | 100 | % | | | | | | — | | | | | | | n/a | | | |
| Mr. Zoiss | | | | $ | 650,000 | | | | | | | 100 | % | | | | | | 100 | % | | | | | | — | | | | | | | n/a | | | |
| 40% | | | 40% | | | 20% | |
| EARNINGS BEFORE INTEREST AND TAXES (EBIT) | | | FREE CASH FLOW (FCF) | | | REVENUE | |
| Our ability to generate profits from revenue: can be increased by efficient management and operation of our business, including reducing costs, improving procurement and sourcing practices and achieving operational excellence. | | | The free cash flow (or cash flow from operations less net capital expenditures) we generate can be increased by accelerating cash receipts, improving payment terms, reducing inventory, increasing prices and reducing expenses. | | | What we generate from normal business activities: can be increased by improving market share, introducing new products, entering new markets, enhancing execution and pricing effectively. | |
| | | | L3Harris | | | Aviation Systems | | | Integrated Mission Systems | | | Space & Airborne Systems | | ||||||||||||||||
| EBIT | | | | $ | 3,440 | | | | | | $ | 494 | | | | | | $ | 934 | | | | | | $ | 1,000 | | | |
| FCF | | | | $ | 2,850 | | | | | | $ | 430 | | | | | | $ | 915 | | | | | | $ | 940 | | | |
| Revenue | | | | $ | 19,100 | | | | | | $ | 3,478 | | | | | | $ | 5,950 | | | | | | $ | 5,285 | | | |
| Financial Performance Measure | | | Adjusted Target(1) (in millions) | | | Result (in millions) | | | Adjusted Result(2) (in millions) | | | Adjusted Result Relative to Adjusted Target | | | Resulting Payout % | | | | | | Weighted Payout % | | |||||||||||||||||||||||||||
| L3HARRIS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| EBIT | | | | | – 40 | % | | | | | $ | 3,347 | | | | | | $ | 2,548 | | | | | | $ | 3,397 | | | | | | | 101.5 | % | | | | | | 103.0 | % | | | | | | | | |
| FCF | | | | | – 40 | % | | | | | $ | 2,738 | | | | | | $ | 2,352 | | | | | | $ | 2,746 | | | | | | | 100.3 | % | | | | | | 100.6 | % | | | | 99.8% | | |||
| Revenue | | | | | – 20 | % | | | | | $ | 18,558 | | | | | | $ | 17,814 | | | | | | $ | 17,814 | | | | | | | 96.0 | % | | | | | | 92.0 | % | | | | | | |||
| AVIATION SYSTEMS SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| EBIT | | | | | – 40 | % | | | | | $ | 395 | | | | | | $ | 330 | | | | | | $ | 412 | | | | | | | 104.3 | % | | | | | | 108.6 | % | | | | | | | | |
| FCF | | | | | – 40 | % | | | | | $ | 318 | | | | | | $ | 338 | | | | | | $ | 338 | | | | | | | 106.3 | % | | | | | | 117.8 | % | | | | 108.5% | | |||
| Revenue | | | | | – 20 | % | | | | | $ | 2,936 | | | | | | $ | 2,783 | | | | | | $ | 2,783 | | | | | | | 94.8 | % | | | | | | 89.5 | % | | | | | | |||
| INTEGRATED MISSION SYSTEMS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| EBIT | | | | | – 40 | % | | | | | | 934 | | | | | | $ | 950 | | | | | | $ | 950 | | | | | | | 101.7 | % | | | | | | 103.4 | % | | | | | | | | |
| FCF | | | | | – 40 | % | | | | | | 915 | | | | | | $ | 948 | | | | | | $ | 948 | | | | | | | 103.6 | % | | | | | | 107.2 | % | | | | 103.5% | | |||
| Revenue | | | | | – 20 | % | | | | | | 5,950 | | | | | | $ | 5,839 | | | | | | $ | 5,839 | | | | | | | 98.1 | % | | | | | | 96.2 | % | | | | | | |||
| SPACE & AIRBORNE SYSTEMS SEGMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| EBIT | | | | | – 40 | % | | | | | $ | 1,000 | | | | | | $ | 970 | | | | | | $ | 970 | | | | | | | 97.0 | % | | | | | | 94.0 | % | | | | | | | | |
| FCF | | | | | – 40 | % | | | | | $ | 940 | | | | | | $ | 924 | | | | | | $ | 924 | | | | | | | 98.3 | % | | | | | | 96.6 | % | | | | 94.8% | | |||
| Revenue | | | | | – 20 | % | | | | | $ | 5,285 | | | | | | $ | 5,093 | | | | | | $ | 5,093 | | | | | | | 96.4 | % | | | | | | 92.8 | % | | | | | |
| | | | Annual Incentive Plan Target Granted | | | Weighted Payout % Under Annual Incentive Plan | | | | | | Actual Payout (in $) | | | Actual Payout (as % of Target) | | ||||||||||||||||
| Mr. Brown | | | | $ | 2,580,000 | | | | | | | 99.8 | % | | | | | | | $ | 2,750,000 | | | | | | | 106.6 | % | | | |
| Mr. Kubasik | | | | $ | 2,580,000 | | | | | | | 99.8 | % | | | | | $ | 2,750,000 | | | | | | | 106.6 | % | | | |||
| Mr. Malave | | | | $ | 760,000 | | | | | | | 99.8 | % | | | | | $ | 0 | | | | | | | 0 | % | | | |||
| Mr. Gautier | | | | $ | 650,000 | | | | | | | 104.2 | %* | | | | | $ | 580,000 | | | | | | | 89.2 | % | | | |||
| Mr. Stackley | | | | $ | 650,000 | | | | | | | 101.7 | %* | | | | | $ | 700,000 | | | | | | | 107.7 | % | | | |||
| Mr. Zoiss | | | | $ | 650,000 | | | | | | | 97.3 | %* | | | | | $ | 610,000 | | | | | | | 93.8 | % | | |
| | | | Fiscal 2020 Target Value | | | Fiscal 2021 Target Value | | | % Change | | | Reason for Change | | ||||||||||||||||
| Mr. Brown | | | | $ | 10,250,000 | | | | | | $ | 11,000,000 | | | | | | | 7.3 | % | | | | | | merit | | | |
| Mr. Kubasik | | | | $ | 10,250,000 | | | | | | $ | 11,000,000 | | | | | | | 7.3 | % | | | | | | merit | | | |
| Mr. Malave | | | | $ | 2,100,000 | | | | | | $ | 2,400,000 | | | | | | | 14 | % | | | | | | merit/market | | | |
| Mr. Gautier | | | | $ | 1,600,000 | | | | | | $ | 1,750,000 | | | | | | | 9 | % | | | | | | merit | | | |
| Mr. Stackley | | | | $ | 1,600,000 | | | | | | $ | 1,750,000 | | | | | | | 9 | % | | | | | | merit | | | |
| Mr. Zoiss | | | | $ | 1,600,000 | | | | | | $ | 1,750,000 | | | | | | | 9 | % | | | | | | merit | | | |
| 50% | | | 50% | |
| CUMULATIVE EPS | | | 3-YEAR ENDURING TARGET ROIC | |
| EPS (Earnings Per Share) is an indicator of profitability, often considered an important factor in determining a share’s price; impacted by our operating income, our tax rate and the number of shares outstanding. Calculated as follows: | | | ROIC (Return on Invested Capital) is an indicator of efficiency in using capital to generate returns (allocating capital to profitable investments). Calculated for the 3 year performance period as follows: | |
| net income (after tax)/diluted weighted-average shares of common stock outstanding | | | net operating profit (after tax)/(debt + equity + minority interest — cash) | |
| COMPENSATION DISCUSSION AND ANALYSIS | |
Benefit or program | | | Available to | |
Employee benefits: Medical and prescription coverage, dental and vision programs, short-term disability insurance, basic, supplemental and dependent life insurance, basic and supplemental accidental death and dismemberment insurance and business travel insurance, paid time off, leave of absence and other similar policies. | | | Most U.S.-based employees (including executive officers) | |
Liability insurance coverage | | | Board-appointed officers | |
Employee-paid liability coverage: Option to participate in group excess liability umbrella policy at employee’s own expense. | | | Qualifying U.S.-based employees | |
Long-term disability coverage > offers 60% of “eligible compensation” before offsets for Social Security and certain other Company or government-provided disability or other benefits > “eligible compensation” is capped at $400,000 per year under the plan > supplemental benefit of 50% of eligible compensation above $400,000 and up to $800,000, for a maximum supplemental benefit of $200,000 per year. | | | Most U.S.-based employees (including executive officers) | |
| COMPENSATION DISCUSSION AND ANALYSISEMPLOYMENT AND RELEASE AGREEMENTS | |
| COMPENSATION DISCUSSION AND ANALYSISEMPLOYMENT AND RELEASE AGREEMENTS | |
| COMPENSATION DISCUSSION AND ANALYSIS | |
| WHAT WE DO PRIOR TO OR EARLY IN A NEW FISCAL YEAR | | |||
| Consider and make, as appropriate, program design changes | | | Determine what changes, if any, to make to the executive compensation program for the new fiscal year (after receiving input from our CEO and independent compensation consultant and assessing compensation trends and competitive market data). | |
| Set target compensation values | | | This process includes a review of: > each executive’s three-year compensation history, including base salary and annual cash incentive and equity awards; > the types and levels of other benefits available to the executive, such as change in control severance agreements or plans; and > compensation comparison peer group data or broad compensation market data, including surveys. | |
| Establish performance measures, targets and individual objectives | | | We determine: > short- and long-term financial performance measures and their relative weightings and associated targets for performance-based, at-risk elements of compensation for the new fiscal year; and > individual performance objectives for each executive and the relevant business sector or organization. These measures, weightings and targets and performance objectives are intended to align with our Board-approved annual operating plan and long-term strategic plan and create a “pay for profitable growth” environment and thereby encourage and reward the creation of sustainable, long-term value for our shareholders. | |
| Make equity grants | | | > Annual equity award grants to executive officers (and, typically, to other eligible employees) are made at Board or Compensation Committee meetings, the dates for which are generally set at least one year in advance. We do not time equity grants to take advantage of information, whether positive or negative, about us that has not been publicly disclosed. > Only in special circumstances, such as new hires or promotions, or for retention or recognition, would grants occur outside of the typical cycle. | |
| WHAT WE DO AFTER THAT FISCAL YEAR ENDS | | |||
| Conduct performance reviews | | | > CEO performance review: The independent directors of our Board conduct this review, evaluating the CEO’s achievement of objectives established early in the fiscal year, other accomplishments, overall Company performance and the CEO’s self-evaluation of performance for the fiscal year. This review occurs in executive session, under the leadership of our Compensation Committee Chair and Lead Independent Director and without our CEO or other members of management present. > Performance reviews for other executive officers: Our CEO provides our Compensation Committee with specific compensation recommendations based on a review and assessment of each executive officer’s performance, including achievement of objectives established early in the fiscal year for the executive and the relevant business sector or organization, contribution to Company performance and other accomplishments. | |
| Determine payouts | | | > Payouts of performance-based, at-risk elements of compensation to executives are determined based on actual performance with respect to the previously established measures, targets and individual objectives. | |
| COMPENSATION DISCUSSION AND ANALYSISOUR PRACTICES, POLICIES AND GUIDELINES FOR EXECUTIVE COMPENSATION | |
| COMPENSATION DISCUSSION AND ANALYSISOUR PRACTICES, POLICIES AND GUIDELINES FOR EXECUTIVE COMPENSATION | |
Pay Elements | | | 2021 | | | 2022 | | | 2023 | |
Salary | | | $1,500 | | | $1,500 | | | $1,550 | |
Annual Incentive % | | | 172% | | | 200% | | | 200% | |
Annual Incentive | | | $2,580 | | | $3,000 | | | $3,100 | |
Long-term Incentive | | | $11,000 | | | $11,500 | | | $13,500 | |
Target Total Direct Compensation (“TDC”) | | | $15,080 | | | $16,000 | | | $18,150 | |
Peer Group Median Target TDC(1) | | | $16,407 | | | $16,784 | | | $18,089 | |
LHX CEO Target TDC vs. Peer Median Target TDC(1) | | | 8% below | | | 5% below | | | At median | |
| COMPENSATION DISCUSSION AND ANALYSISOUR PRACTICES, POLICIES AND GUIDELINES FOR EXECUTIVE COMPENSATION | |
| | | | | | | |
Eaton Corporation plc | | | Jacobs Solutions Inc. | | | Parker Hannifin Corporation | |
Emerson Electric Co. | | | Leidos Holdings, Inc. | | | RTX Corporation | |
General Dynamics Corporation | | | Lockheed Martin Corporation | | | Rockwell Automation, Inc. | |
Honeywell International Inc. | | | Motorola Solutions, Inc. | | | Textron Inc. | |
Illinois Tool Works Inc. | | | Northrop Grumman Corporation | | | | |
| COMPENSATION DISCUSSION AND ANALYSISOUR PRACTICES, POLICIES AND GUIDELINES FOR EXECUTIVE COMPENSATION | |
| | | | |
What counts: | | | Shares owned outright or jointly by the executive, shares credited under any retirement plan sponsored by us, share equivalents represented by amounts deferred in the L3Harris Stock Fund account of our ERSP and restricted stock and restricted stock unit awards (on an after-tax basis). | |
What doesn’t count: | | | Stock options and unearned performance share units. | |
| COMPENSATION DISCUSSION AND ANALYSISOUR PRACTICES, POLICIES AND GUIDELINES FOR EXECUTIVE COMPENSATION | |
| Name and Principal Position* | | Year | | Salary $(1) | | Bonus $(2) | | Stock Awards $(3) | | Option Awards $(4) | | Non-Equity Incentive Plan Compensation $(5) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings $(6) | | All Other Compensation $(7) | | Total $ | | Name and Principal Position* | | Year | | Salary $(1) | | Bonus $(2) | | Stock Awards $(3) | | Option Awards $(4) | | Non-Equity Incentive Plan Compensation $(5) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings $ | | All Other Compensation $(6) | | Total $ | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christopher E. Kubasik(8) Vice Chair and Chief Executive Officer | | | | | 2021 | | | | $ | 1,500,000 | | | | $ | 0 | | | | $ | 8,287,958 | | | | $ | 2,750,012 | | | | $ | 2,750,000 | | | | $ | 0 | | | | $ | 409,779 | | | | $ | 15,697,749 | | | Christopher E. Kubasik Chair and Chief Executive Officer | | | | | 2023 | | | | $ | 1,542,308 | | | | $ | 0 | | | | $ | 10,114,106 | | | | $ | 3,375,035 | | | | $ | 3,735,500 | | | | $ | 0 | | | | $ | 1,057,298 | | | | $ | 19,824,247 | | | ||||||||||||||||
| | | 2020 | | | | $ | 1,492,308 | | | | $ | 0 | | | | $ | 8,232,063 | | | | $ | 2,562,504 | | | | $ | 2,850,000 | | | | $ | 0 | | | | $ | 2,511,221 | | | | $ | 17,648,096 | | | | | | 2022 | | | | $ | 1,500,000 | | | | $ | 0 | | | | $ | 8,913,013 | | | | $ | 2,875,052 | | | | $ | 2,625,000 | | | | $ | 0 | | | | $ | 801,164 | | | | $ | 16,714,229 | | | |||||||||||||||||||||
| | | FTP | | | | $ | 752,885 | | | | $ | 0 | | | | $ | 2,500,194 | | | | $ | 5,000,034 | | | | $ | 1,467,500 | | | | $ | 0 | | | | $ | 5,495,406 | | | | $ | 15,216,019 | | | | | | 2021 | | | | $ | 1,500,000 | | | | $ | 0 | | | | $ | 8,287,958 | | | | $ | 2,750,012 | | | | $ | 2,750,000 | | | | $ | 0 | | | | $ | 409,779 | | | | $ | 15,697,749 | | | |||||||||||||||||||||
| William M. Brown Executive Chair | | | | | 2021 | | | | $ | 1,500,000 | | | | $ | 0 | | | | $ | 8,287,958 | | | | $ | 2,750,012 | | | | $ | 2,750,000 | | | | $ | 0 | | | | $ | 419,785 | | | | $ | 15,707,755 | | | Kenneth L. Bedingfield Senior Vice President and Chief Financial Officer | | | | 2023 | | | | $ | 49,038 | | | | $ | 200,000 | | | | $ | 0 | | | | $ | 0 | | | | $ | 53,500 | | | | $ | 0 | | | | $ | 212 | | | | $ | 302,750 | | | |||||||||||||||||
| | | 2020 | | | | $ | 1,492,308 | | | | $ | 0 | | | | $ | 8,232,063 | | | | $ | 2,562,504 | | | | $ | 2,850,000 | | | | $ | 0 | | | | $ | 315,778 | | | | $ | 15,452,653 | | | Samir B. Mehta President, Communications Systems | | | | 2023 | | | | $ | 721,863 | | | | $ | 850,000 | | | | $ | 5,911,070 | | | | $ | 1,387,597 | | | | $ | 928,700 | | | | $ | 0 | | | | $ | 85,335 | | | | $ | 9,884,565 | | | ||||||||||||||||||||
| | | FTP | | | | $ | 752,885 | | | | $ | 0 | | | | $ | 7,625,336 | | | | $ | 5,000,034 | | | | $ | 1,467,500 | | | | $ | 0 | | | | $ | 899,875 | | | | $ | 15,745,630 | | | Sean J. Stackley Senior Vice President, Strategy, Growth & Technology | | | | | 2023 | | | | $ | 718,846 | | | | $ | 0 | | | | $ | 1,910,722 | | | | $ | 637,550 | | | | $ | 873,600 | | | | $ | 0 | | | | $ | 166,614 | | | | $ | 4,307,332 | | | |||||||||||||||||||
| | | 2019 | | | | $ | 1,388,462 | | | | $ | 0 | | | | $ | 7,491,095 | | | | $ | 2,269,511 | | | | $ | 3,735,000 | | | | $ | 0 | | | | $ | 889,464 | | | | $ | 15,723,532 | | | | | | 2022 | | | | $ | 679,615 | | | | $ | 0 | | | | $ | 1,937,853 | | | | $ | 625,011 | | | | $ | 560,000 | | | | $ | 0 | | | | $ | 158,796 | | | | $ | 3,961,275 | | | |||||||||||||||||||||
| Jesus Malave, Jr.(9) Former Senior Vice President and Chief Financial Officer | | | | | 2021 | | | | $ | 750,769 | | | | $ | 0 | | | | $ | 1,808,428 | | | | $ | 600,021 | | | | $ | 0 | | | | $ | 0 | | | | $ | 114,987 | | | | $ | 3,274,205 | | | | | | 2021 | | | | $ | 645,385 | | | | $ | 0 | | | | $ | 1,318,858 | | | | $ | 437,536 | | | | $ | 700,000 | | | | $ | 0 | | | | $ | 101,650 | | | | $ | 3,203,429 | | | ||||||||||||||||||
| | | 2020 | | | | $ | 688,462 | | | | $ | 0 | | | | $ | 1,686,846 | | | | $ | 525,007 | | | | $ | 775,000 | | | | $ | 0 | | | | $ | 45,002 | | | | $ | 3,720,317 | | | Edward J. Zoiss President, Space & Airborne Systems | | | | | 2023 | | | | $ | 718,846 | | | | | 0 | | | | $ | 1,910,722 | | | | $ | 637,550 | | | | $ | 1,130,300 | | | | $ | 0 | | | | $ | 169,547 | | | | $ | 4,566,965 | | | |||||||||||||||||||
| | | FTP | | | | $ | 324,519 | | | | $ | 200,000 | | | | $ | 1,610,121 | | | | $ | 1,340,037 | | | | $ | 367,000 | | | | $ | 0 | | | | $ | 140,008 | | | | $ | 3,981,685 | | | | | | 2022 | | | | $ | 679,615 | | | | $ | 0 | | | | $ | 1,705,240 | | | | $ | 550,032 | | | | $ | 570,000 | | | | $ | 0 | | | | $ | 153,506 | | | | $ | 3,658,393 | | | |||||||||||||||||||||
| Todd W. Gautier(10) Former President, Aviation Systems | | | | | 2021 | | | | $ | 645,385 | | | | $ | 0 | | | | $ | 1,318,858 | | | | $ | 437,536 | | | | $ | 580,000 | | | | $ | 0 | | | | $ | 352,950 | | | | $ | 3,334,729 | | | | | | 2021 | | | | $ | 645,385 | | | | $ | 0 | | | | $ | 1,318,858 | | | | $ | 437,536 | | | | $ | 610,000 | | | | $ | 0 | | | | $ | 104,635 | | | | $ | 3,116,414 | | | ||||||||||||||||||
| | | 2020 | | | | $ | 616,923 | | | | $ | 0 | | | | $ | 1,284,990 | | | | $ | 400,015 | | | | $ | 575,000 | | | | $ | 490,349 | | | | $ | 590,516 | | | | $ | 3,957,793 | | | Michelle L. Turner Former Senior Vice President and Chief Financial Officer | | | | | 2023 | | | | $ | 792,308 | | | | $ | 0 | | | | $ | 2,322,592 | | | | $ | 775,013 | | | | $ | 0 | | | | $ | 0 | | | | $ | 3,177,809 | | | | $ | 7,067,722 | | | |||||||||||||||||||
| | | FTP | | | | $ | 311,538 | | | | $ | 0 | | | | $ | 660,027 | | | | $ | 1,340,037 | | | | $ | 283,000 | | | | $ | 174,750 | | | | $ | 2,753,809 | | | | $ | 5,523,161 | | | | | | 2022 | | | | $ | 706,731 | | | | $ | 750,000 | | | | $ | 3,288,058 | | | | $ | 1,975,053 | | | | $ | 675,000 | | | | $ | 0 | | | | $ | 518,229 | | | | $ | 7,913,071 | | | |||||||||||||||||||||
| Sean J. Stackley(11) President, Integrated Mission Systems | | | | | 2021 | | | | $ | 645,385 | | | | $ | 0 | | | | $ | 1,318,858 | | | | $ | 437,536 | | | | $ | 700,000 | | | | $ | 0 | | | | $ | 101,650 | | | | $ | 3,203,429 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Edward J. Zoiss(12) President, Space and Airborne Systems | | | | | 2021 | | | | $ | 645,385 | | | | $ | 0 | | | | $ | 1,318,858 | | | | $ | 437,536 | | | | $ | 610,000 | | | | $ | 0 | | | | $ | 104,635 | | | | $ | 3,116,414 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | $ | 616,923 | | | | $ | 0 | | | | $ | 1,284,990 | | | | $ | 400,015 | | | | $ | 720,000 | | | | $ | 0 | | | | $ | 84,217 | | | | $ | 3,106,145 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | FTP | | | | $ | 311,538 | | | | $ | 0 | | | | $ | 1,460,171 | | | | $ | 1,340,037 | | | | $ | 388,000 | | | | $ | 0 | | | | $ | 116,455 | | | | $ | 3,616,201 | | |
| COMPENSATION TABLES FISCAL 2023 SUMMARY COMPENSATION TABLE | |
| Name | | Life Insurance Premiums (a) | | Company Contributions to RSP (b) | | Company Credits to ERSP (nonqualified) (c) | | Perquisites and Other Personal Benefits and Other Payments (d) | | Total | | Name | | Life Insurance Premiums (a) | | Company Contributions to RSP (b) | | Company Credits to ERSP (nonqualified) (c) | | Equity Cash Dividends (d) | | Perquisites and Other Personal Benefits and Other Payments (e) | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christopher E. Kubasik | | | $ | 4,856 | | | | | $ | 14,885 | | | | | $ | 246,115 | | | | | $ | 143,923 | | | | | $ | 409,779 | | | | Christopher E. Kubasik | | | $ | 4,856 | | | | | $ | 15,692 | | | | | $ | 234,346 | | | | | $ | 415,327 | | | | | $ | 387,077 | | | | | $ | 1,057,298 | | | | |||||||||||
| William M. Brown | | | $ | 4,856 | | | | | $ | 6,923 | | | | | $ | 254,077 | | | | | $ | 153,929 | | | | | $ | 419,785 | | | | Kenneth L. Bedingfield | | | $ | 212 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 212 | | | | |||||||||||
| Jesus Malave, Jr. | | | $ | 2,241 | | | | | $ | 16,000 | | | | | $ | 75,946 | | | | | $ | 20,800 | | | | | $ | 114,987 | | | | Samir B. Mehta | | | $ | 651 | | | | | $ | 1,673 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 83,011 | | | | | $ | 85,335 | | | | |||||||||||
| Todd W. Gautier | | | $ | 1,927 | | | | | $ | 17,469 | | | | | $ | 312,754 | | | | | $ | 20,800 | | | | | $ | 352,950 | | | | Sean J. Stackley | | | $ | 2,166 | | | | | $ | 7,838 | | | | | $ | 68,892 | | | | | $ | 66,087 | | | | | $ | 21,630 | | | | | $ | 166,614 | | | | |||||||||||
| Sean J. Stackley | | | $ | 1,927 | | | | | $ | 14,800 | | | | | $ | 64,123 | | | | | $ | 20,800 | | | | | $ | 101,650 | | | | Edward J. Zoiss | | | $ | 2,166 | | | | | $ | 7,838 | | | | | $ | 69,492 | | | | | $ | 66,087 | | | | | $ | 23,963 | | | | | $ | 169,547 | | | | |||||||||||
| Edward J. Zoiss | | | $ | 1,927 | | | | | $ | 6,215 | | | | | $ | 75,708 | | | | | $ | 20,785 | | | | | $ | 104,635 | | | | Michelle L. Turner | | | $ | 2,390 | | | | | $ | 18,185 | | | | | $ | 38,769 | | | | | $ | 0 | | | | | $ | 3,118,465 | | | | | $ | 3,177,809 | | | |
| COMPENSATION TABLES FISCAL 2023 SUMMARY COMPENSATION TABLE | |
| Name | | | Salary and Bonus as Proportion of Fiscal | | ||||
| Christopher E. Kubasik | | | | | % | | | |
| Kenneth L. Bedingfield | | | | | % | | | |
| Samir B. Mehta | | | | | ||||
% | | | |||||||
| Sean J. Stackley | | | | | % | | | |
| Edward J. Zoiss | | | | | % | | | |
| Michelle L. Turner | | | | | 11 | % | | |
| COMPENSATION TABLES GRANTS OF PLAN-BASED AWARDS IN FISCAL | |
| | | | Grant Date | | Approval Date | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | All Other Option Awards: Number of Securities Underlying Options (#) (4) | | Exercise or Base Price of Option Awards ($/Share)(5) | | Grant Date Fair Value of Stock and Option Awards ($)(6) | | | | | Grant Date | | Approval Date | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | All Other Option Awards: Number of Securities Underlying Options (#)(4) | | Exercise or Base Price of Option Awards ($/Share)(5) | | Grant Date Fair Value of Stock and Option Awards ($)(6) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name/Type of Award | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | Name/Type of Award | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christopher E. Kubasik | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Christopher E. Kubasik | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| Annual Incentive Plan | | | | — | | | | | | — | | | | | $ | 258,000 | | | | | $ | 2,580,000 | | | | | $ | 5,160,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | Annual Incentive Plan | | | | — | | | | | | — | | | | | | 310,000 | | | | | | 3,100,000 | | | | | | 6,200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||||||||||||||||||||||||
| Performance share units | | | | 2/26/21 | | | | | | 2/26/21 | | | | | | | | | | | | | | | | | | | | | | | | 5,064 | | | | | | 30,235 | | | | | | 60,470 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 5,537,843 | | | | Performance share units | | | | 2/24/2023 | | | | | | 2/24/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,424 | | | | | | 32,120 | | | | | | 64,240 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,739,097 | | | | ||||||||||||||||||||||||
| Restricted stock units | | | | 2/26/21 | | | | | | 2/26/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | �� | | | | — | | | | | | 15,118 | | | | | | — | | | | | | — | | | | | $ | 2,750,115 | | | | Restricted stock units | | | | 2/24/2023 | | | | | | 2/24/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,060 | | | | | | — | | | | | | — | | | | | | 3,375,009 | | | | ||||||||||||||||||||||||
| Stock options | | | | 2/26/21 | | | | | | 2/26/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 65,228 | | | | | $ | 181.91 | | | | | $ | 2,750,012 | | | | Stock options | | | | 2/24/2023 | | | | | | 2/24/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 61,577 | | | | | | 210.15 | | | | | | 3,375,035 | | | | ||||||||||||||||||||||||
| William M. Brown | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Kenneth L. Bedingfield | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
| Annual Incentive Plan | | | | — | | | | | | — | | | | | $ | 258,000 | | | | | $ | 2,580,000 | | | | | $ | 5,160,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | Annual Incentive Plan | | | | — | | | | | | — | | | | | | 4,437 | | | | | | 44,368 | | | | | | 88,736 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||||||||||||||||||||||||
| Performance share units | | | | 2/26/21 | | | | | | 2/26/21 | | | | | | | | | | | | | | | | | | | | | | | | 5,064 | | | | | | 30,235 | | | | | | 60,470 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 5,537,843 | | | | Samir B. Mehta | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
| Restricted stock units | | | | 2/26/21 | | | | | | 2/26/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,118 | | | | | | — | | | | | | — | | | | | $ | 2,750,115 | | | | Annual Incentive Plan | | | | — | | | | | | — | | | | | | 36,250 | | | | | | 725,000 | | | | | | 1,450,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | ||||||||||||||||||||||||
| Stock options | | | | 2/26/21 | | | | | | 2/26/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 65,228 | | | | | $ | 181.91 | | | | | $ | 2,750,012 | | | | Performance share units | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,214 | | | | | | 6,068 | | | | | | 12,136 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,273,127 | | | | ||||||||||||||||||||||||
| Jesus Malave, Jr. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted stock units(7) | | | | 2/1/2023 | | | | | | 11/7/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,533 | | | | | | — | | | | | | — | | | | | | 4,000,348 | | | | ||||||||||||||||||||||||
| Annual Incentive Plan | | | | — | | | | | | — | | | | | $ | 76,000 | | | | | $ | 760,000 | | | | | $ | 1,520,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | Restricted stock units | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,034 | | | | | | — | | | | | | — | | | | | | 637,595 | | | | ||||||||||||||||||||||||
| Performance share units | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | 1,105 | | | | | | 6,597 | | | | | | 13,194 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 1,208,307 | | | | Stock options(7) | | | | 2/1/2023 | | | | | | 11/7/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,707 | | | | | | 215.85 | | | | | | 750,047 | | | | ||||||||||||||||||||||||
| Restricted stock units | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,299 | | | | | | — | | | | | | — | | | | | $ | 600,121 | | | | Stock options | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 11,632 | | | | | | 210.15 | | | | | | 637,550 | | | | ||||||||||||||||||||||||
| Stock options | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,232 | | | | | $ | 181.91 | | | | | $ | 600,021 | | | | Sean J. Stackley | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
| Todd W. Gautier | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual Incentive Plan | | | | — | | | | | | — | | | | | | 72,500 | | | | | | 725,000 | | | | | | 1,450,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||||||||||||||||||||||||
| Annual Incentive Plan | | | | — | | | | | | — | | | | | $ | 32,500 | | | | | $ | 650,000 | | | | | $ | 1,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | Performance share units | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,214 | | | | | | 6,068 | | | | | | 12,136 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,273,127 | | | | ||||||||||||||||||||||||
| Performance share units | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | 806 | | | | | | 4,811 | | | | | | 9,622 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 881,183 | | | | Restricted stock units | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,034 | | | | | | — | | | | | | — | | | | | | 637,595 | | | | ||||||||||||||||||||||||
| Restricted stock units | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,406 | | | | | | — | | | | | | — | | | | | $ | 437,675 | | | | Stock options | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,632 | | | | | | 210.15 | | | | | | 637,550 | | | | ||||||||||||||||||||||||
| Stock options | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,378 | | | | | $ | 181.91 | | | | | $ | 437,536 | | | | Edward J. Zoiss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
| Sean J. Stackley | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual Incentive Plan | | | | — | | | | | | — | | | | | | 36,250 | | | | | | 725,000 | | | | | | 1,450,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||||||||||||||||||||||||
| Annual Incentive Plan | | | | — | | | | | | — | | | | | $ | 32,500 | | | | | $ | 650,000 | | | | | $ | 1,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | Performance share units | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,214 | | | | | | 6,068 | | | | | | 12,136 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,273,127 | | | | ||||||||||||||||||||||||
| Performance share units | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | 806 | | | | | | 4,811 | | | | | | 9,622 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 881,183 | | | | Restricted stock units | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,034 | | | | | | — | | | | | | — | | | | | | 637,595 | | | | ||||||||||||||||||||||||
| Restricted stock units | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,406 | | | | | | — | | | | | | — | | | | | $ | 437,675 | | | | Stock options | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,632 | | | | | | 210.15 | | | | | | 637,550 | | | | ||||||||||||||||||||||||
| Stock options | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,378 | | | | | $ | 181.91 | | | | | $ | 437,536 | | | | Michelle L. Turner | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
| Edward J. Zoiss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual Incentive Plan | | | | — | | | | | | — | | | | | | 80,000 | | | | | | 800,000 | | | | | | 1,600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||||||||||||||||||||||||
| Annual Incentive Plan | | | | — | | | | | | — | | | | | $ | 32,500 | | | | | $ | 650,000 | | | | | $ | 1,300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | Performance share units | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,475 | | | | | | 7,376 | | | | | | 14,752 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,547,559 | | | | ||||||||||||||||||||||||
| Performance share units | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | 806 | | | | | | 4,811 | | | | | | 9,622 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 881,183 | | | | Restricted stock units | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,688 | | | | | | — | | | | | | — | | | | | | 775,033 | | | | ||||||||||||||||||||||||
| Restricted stock units | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,406 | | | | | | — | | | | | | — | | | | | $ | 437,675 | | | | Stock options | | | | 2/24/2023 | | | | | | 2/23/2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,140 | | | | | | 210.15 | | | | | | 775,013 | | | | ||||||||||||||||||||||||
| Stock options | | | | 2/26/21 | | | | | | 2/25/21 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,378 | | | | | $ | 181.91 | | | | | $ | 437,536 | | | |
| COMPENSATION TABLES GRANTS OF PLAN-BASED AWARDS IN FISCAL | |
| COMPENSATION TABLES OUTSTANDING EQUITY AWARDS AT | |
| | | Option Awards | | | | | | Stock Awards | | | | Option Awards | | | | Stock Awards | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable(2)(3) | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | Option Exercise Price ($) | | Option Expiration Date | | | | | | Number of Shares or Units of Stock That Have Not Vested (#)(4) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(5) | | | Equity Incentive Plan Awards: | | | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable(2) | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | Option Exercise Price ($) | | Option Expiration Date | | | | Number of Shares or Units of Stock That Have Not Vested (#)(3) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(4) | | | Equity Incentive Plan Awards: | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name/Option Grant Date(1) | | Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(6) | | Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(7) | | Name/Grant Date(1) | | Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(5) | | Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(6) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christopher E. Kubasik | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Christopher E. Kubasik | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| 10/30/2015 | | | | 66,258 | | | | | | 0 | | | | | | — | | | | | $ | 97.24 | | | | | | 10/30/2025 | | | | | | | | 15,118 | | | | | $ | 3,223,762 | | | | | | 25,920 | | | | | $ | 5,527,181 | | | | 10/30/2015 | | | | 46,258 | | | | | | 0 | | | | | | — | | | | | $ | 97.24 | | | | | | 10/30/2025 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||
| 2/16/2016 | | | | 76,190 | | | | | | 0 | | | | | | — | | | | | $ | 89.39 | | | | | | 2/16/2026 | | | | | | | | 12,960 | | | | | $ | 2,763,590 | | | | | | | 60,470 | | | | | $ | 12,894,623 | | | | 2/16/2016 | | | | 76,190 | | | | | | 0 | | | | | | — | | | | | $ | 89.39 | | | | | | 2/16/2026 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||||||||||||||||||||||||||||
| 2/21/2017 | | | | 56,624 | | | | | | 0 | | | | | | — | | | | | $ | 129.85 | | | | | | 2/21/2027 | | | | | | | | | 48,820 | | | | | $ | 10,410,377 | | | | | | | 86,390 | | | | | $ | 18,421,804 | | | | 2/21/2017 | | | | 56,624 | | | | | | 0 | | | | | | — | | | | | $ | 129.85 | | | | | | 2/21/2027 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||
| 12/20/2017 | | | | 112,138 | | | | | | 0 | | | | | | — | | | | | $ | 149.31 | | | | | | 12/20/2027 | | | | | | | | 76,898 | | | | | $ | 16,397,730 | | | | | 12/20/2017 | | | | 112,138 | | | | | | 0 | | | | | | — | | | | | $ | 149.31 | | | | | | 12/20/2027 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||||||||||||||||||||||||||||||||||||||||
| 2/20/2018 | | | | 97,171 | | | | | | 0 | | | | | | — | | | | | $ | 162.30 | | | | | | 2/20/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2/20/2018 | | | | 97,171 | | | | | | 0 | | | | | | — | | | | | $ | 162.30 | | | | | | 2/20/2028 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||
| 8/1/2019 | | | | 0 | | | | | | 129,501 | | | | | | — | | | | | $ | 204.85 | | | | | | 8/1/2029 | | | | | | | | | | | | | 8/1/2019 | | | | 129,501 | | | | | | 0 | | | | | | — | | | | | $ | 204.85 | | | | | | 8/1/2029 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| 2/28/2020 | | | | 24,765 | | | | | | 49,532 | | | | | | — | | | | | $ | 197.73 | | | | | | 2/28/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2/28/2020 | | | | 74,297 | | | | | | 0 | | | | | | — | | | | | $ | 197.73 | | | | | | 2/28/2030 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||
| 2/26/2021 | | | | | 0 | | | | | | 65,228 | | | | | | | — | | | | | $ | 181.91 | | | | | | 2/26/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2/26/2021 | | | | 43,485 | | | | | | 21,743 | | | | | | — | | | | | $ | 181.91 | | | | | | 2/26/2031 | | | | | | | | 15,118 | | | | | $ | 3,184,153 | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||
| | | | | 433,146 | | | | | | 244,261 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2/25/2022 | | | | 17,740 | | | | | | 35,482 | | | | | | — | | | | | $ | 233.51 | | | | | | 2/25/2032 | | | | | | | | 12,313 | | | | | $ | 2,593,364 | | | | | | 49,250 | | | | | $ | 10,373,035 | | | | | |||||||||||||||||||||||||||||||
| William M. Brown | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2/24/2023 | | | | | 0 | | | | | | 61,577 | | | | | | | — | | | | | $ | 210.15 | | | | | | 2/24/2033 | | | | | | | | | 16,060 | | | | | $ | 3,382,557 | | | | | | 64,240 | | | | | $ | 13,530,229 | | | | | ||||||||||||||||||||||||||||||||||
| 8/27/2016 | | | | 303,820 | | | | | | 0 | | | | | | — | | | | | $ | 90.84 | | | | | | 8/27/2026 | | | | | | | | 15,118 | | | | | $ | 3,223,762 | | | | | | 25,920 | | | | | $ | 5,527,181 | | | | Total | | | | 653,404 | | | | | | 118,802 | | | | | | | | | | | | | | | | | | | | | | | | | | 43,491 | | | | | $ | 9,160,074 | | | | | | 113,490 | | | | | $ | 23,903,264 | | | | | |||||||||||||||||||||||||||||||
| 8/25/2017 | | | | 118,429 | | | | | | 0 | | | | | | — | | | | | $ | 119.66 | | | | | | 8/25/2027 | | | | | | | | 12,960 | | | | | $ | 2,763,590 | | | | | | | 60,470 | | | | | $ | 12,894,623 | | | | Samir B. Mehta | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
| 8/25/2018 | | | | 75,524 | | | | | | 0 | | | | | | — | | | | | $ | 163.23 | | | | | | 8/25/2028 | | | | | | | | 48,820 | | | | | $ | 10,410,377 | | | | | | 86,390 | | | | | $ | 18,421,804 | | | | 2/1/2023 | | | | 0 | | | | | | 13,707 | | | | | | — | | | | | $ | 215.85 | | | | | | 2/1/2033 | | | | | | | | 18,533 | | | | | $ | 3,903,420 | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||
| 8/1/2019 | | | | 0 | | | | | | 129,501 | | | | | | — | | | | | $ | 204.85 | | | | | | 8/1/2029 | | | | | | | | | 25,019 | | | | | $ | 5,335,052 | | | | | | | | | | | | | | | | | 2/24/2023 | | | | | 0 | | | | | | 11,632 | | | | | | | — | | | | | $ | 210.15 | | | | | | 2/24/2033 | | | | | | | | | 3,034 | | | | | $ | 639,021 | | | | | | 12,136 | | | | | $ | 2,556,084 | | | | | ||||||||||||||||||||||||||
| 2/28/2020 | | | | 24,765 | | | | | | 49,532 | | | | | | — | | | | | $ | 197.73 | | | | | | 2/28/2030 | | | | | | | | 101,917 | | | | | $ | 21,732,781 | | | | | Total | | | | 0 | | | | | | 25,339 | | | | | | | | | | | | | | | | | | | | | | | | | | 21,567 | | | | | $ | 4,542,442 | | | | | | 12,136 | | | | | $ | 2,556,084 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
| 2/26/2021 | | | | | 0 | | | | | | 65,228 | | | | | | | — | | | | | $ | 181.91 | | | | | | 2/26/2031 | | | | | | | | | | | | | | | | | | | Sean J. Stackley | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
| | | | | 522,538 | | | | | | 244,261 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2/20/2018 | | | | 2,210 | | | | | | 0 | | | | | | — | | | | | $ | 162.30 | | | | | | 2/20/2028 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||
| Jesus Malave, Jr.(8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8/1/2019 | | | | 34,707 | | | | | | 0 | | | | | | — | | | | | $ | 204.85 | | | | | | 8/1/2029 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||||||||
| 8/1/2019 | | | | 0 | | | | | | 34,707 | | | | | | — | | | | | $ | 204.85 | | | | | | 8/1/2029 | | | | | | | | 3,299 | | | | | $ | 703,479 | | | | | | 5,311 | | | | | $ | 1,132,518 | | | | 2/28/2020 | | | | 11,598 | | | | | | 0 | | | | | | — | | | | | $ | 197.73 | | | | | | 2/28/2030 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||
| 2/28/2020 | | | | 5,074 | | | | | | 10,148 | | | | | | — | | | | | $ | 197.73 | | | | | | 2/28/2030 | | | | | | | | 2,656 | | | | | $ | 566,365 | | | | | | | 13,194 | | | | | $ | 2,813,489 | | | | 2/26/2021 | | | | 6,918 | | | | | | 3,460 | | | | | | — | | | | | $ | 181.91 | | | | | | 2/26/2031 | | | | | | | | 2,406 | | | | | $ | 506,752 | | | | | | — | | | | | | — | | | | | ||||||||||||||||||||||||||||||
| 2/26/2021 | | | | | 0 | | | | | | 14,232 | | | | | | | — | | | | | $ | 181.91 | | | | | | 2,26/2031 | | | | | | | | 12,888 | | | | | $ | 2,748,237 | | | | | | 18,505 | | | | | $ | 3,946,006 | | | | 2/25/2022 | | | | 3,856 | | | | | | 7,714 | | | | | | — | | | | | $ | 233.51 | | | | | | 2/25/2032 | | | | | | | | 2,677 | | | | | $ | 563,830 | | | | | | 10,708 | | | | | $ | 2,255,319 | | | | | |||||||||||||||||||||||||||||
| | | | | 5,074 | | | | | | 59,087 | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,546 | | | | | $ | 329,669 | | | | | | | | | | | | | | | | | 2/24/2023 | | | | | 0 | | | | | | 11,632 | | | | | | | — | | | | | $ | 210.15 | | | | | | 2/24/2033 | | | | | | | | | 3,034 | | | | | $ | 639,021 | | | | | | 12,136 | | | | | $ | 2,556,084 | | | | | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,389 | | | | | $ | 4,347,750 | | | | | | | | | | | | | | | | Total | | | | 59,289 | | | | | | 22,806 | | | | | | | | | | | | | | | | | | | | | | | | | | 8,117 | | | | | $ | 1,709,603 | | | | | | 22,844 | | | | | $ | 4,811,403 | | | | | |||||||||||||||||||||||||||||||
| Todd W. Gautier | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Edward J. Zoiss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| 2/20/2018 | | | | 13,158 | | | | | | 0 | | | | | | — | | | | | $ | 162.30 | | | | | | 2/20/2028 | | | | | | | | 2,406 | | | | | $ | 513,055 | | | | | | 4,046 | | | | | $ | 862,769 | | | | 8/24/2018 | | | | 9,012 | | | | | | 0 | | | | | | — | | | | | $ | 163.23 | | | | | | 8/24/2028 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||
| 8/1/2019 | | | | 0 | | | | | | 34,707 | | | | | | — | | | | | $ | 204.85 | | | | | | 8/1/2029 | | | | | | | | 2,023 | | | | | $ | 431,385 | | | | | | | 9,622 | | | | | $ | 2,051,795 | | | | 8/1/2019 | | | | 34,707 | | | | | | 0 | | | | | | — | | | | | $ | 204.85 | | | | | | 8/1/2029 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||||||||||||||||||||||||||||
| 2/28/2020 | | | | 3,866 | | | | | | 7,732 | | | | | | — | | | | | $ | 197.73 | | | | | | 2/28/2030 | | | | | | | | 12,888 | | | | | $ | 2,748,237 | | | | | | 13,668 | | | | | $ | 2,914,564 | | | | 2/28/2020 | | | | 11,598 | | | | | | 0 | | | | | | — | | | | | $ | 197.73 | | | | | | 2/28/2030 | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||
| 2/26/2021 | | | | | 0 | | | | | | 10,378 | | | | | | | — | | | | | $ | 181.91 | | | | | | 2/26/2031 | | | | | | | | | 8,181 | | | | | $ | 1,744,516 | | | | | | | | | | | | | | | | | 2/26/2021 | | | | 6,918 | | | | | | 3,460 | | | | | | — | | | | | $ | 181.91 | | | | | | 2/26/2031 | | | | | | | | 2,406 | | | | | $ | 506,752 | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||
| | | | | 17,024 | | | | | | 52,817 | | | | | | | | | | | | | | | | | | | | | | | | | | 25,498 | | | | | $ | 5,437,194 | | | | | | | | | | | | | | | | 2/25/2022 | | | | 3,394 | | | | | | 6,788 | | | | | | — | | | | | $ | 233.51 | | | | | | 2/25/2032 | | | | | | | | 2,356 | | | | | $ | 496,221 | | | | | | 9,422 | | | | | $ | 1,984,462 | | | | | |||||||||||||||||||||||||||||||
| Sean J. Stackley | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2/24/2023 | | | | | 0 | | | | | | 11,632 | | | | | | | — | | | | | $ | 210.15 | | | | | | 2/24/2033 | | | | | | | | | 3,034 | | | | | $ | 639,021 | | | | | | 12,136 | | | | | $ | 2,556,084 | | | | | ||||||||||||||||||||||||||||||||||
| 2/20/2018 | | | | 2,210 | | | | | | 0 | | | | | | — | | | | | $ | 162.30 | | | | | | 2/28/2028 | | | | | | | | 2,406 | | | | | $ | 513,055 | | | | | | 4,046 | | | | | $ | 862,769 | | | | Total | | | | 65,629 | | | | | | 21,880 | | | | | | | | | | | | | | | | | | | | | | | | | | 7,796 | | | | | $ | 1,641,994 | | | | | | 21,558 | | | | | $ | 4,540,546 | | | | | |||||||||||||||||||||||||||||||
| 8/1/2019 | | | | 0 | | | | | | 34,707 | | | | | | — | | | | | $ | 204.85 | | | | | | 8/1/2029 | | | | | | | | 2,023 | | | | | $ | 431,385 | | | | | | | 9,622 | | | | | $ | 2,051,795 | | | | Michelle L. Turner(7) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| 2/28/2020 | | | | 3,866 | | | | | | 7,732 | | | | | | — | | | | | $ | 197.73 | | | | | | 2/28/2030 | | | | | | | | 12,888 | | | | | $ | 2,748,237 | | | | | | 13,668 | | | | | $ | 2,914,564 | | | | 2/1/2022 | | | | 0 | | | | | | 29,247 | | | | | | — | | | | | $ | 209.92 | | | | | | 2/1/2032 | | | | | | | | 6,432 | | | | | $ | 1,354,708 | | | | | | — | | | | | | — | | | | | |||||||||||||||||||||||||||||||
| 2/26/2021 | | | | | 0 | | | | | | 10,378 | | | | | | | — | | | | | $ | 181.91 | | | | | | 2/26/2031 | | | | | | | | | 6,293 | | | | | $ | 1,341,919 | | | | | | | | | | | | | | | | | 2/25/2022 | | | | 3,856 | | | | | | 7,714 | | | | | | — | | | | | $ | 233.51 | | | | | | 2/25/2032 | | | | | | | | | 2,677 | | | | | $ | 563,830 | | | | | | 10,708 | | | | | $ | 2,255,319 | | | | | ||||||||||||||||||||||||||
| | | | | 6,076 | | | | | | 52,817 | | | | | | | | | | | | | | | | | | | | | | | | | | 23,610 | | | | | $ | 5,034,596 | | | | | | | | | | | | | | | | 2/24/2023 | | | | | 0 | | | | | | 14,140 | | | | | | | — | | | | | $ | 210.15 | | | | | | 2/24/2033 | | | | | | | | | 3,688 | | | | | $ | 776,767 | | | | | | 14,752 | | | | | $ | 3,107,066 | | | | | ||||||||||||||||||||||||||||
| Total | | | | 3,856 | | | | | | 51,101 | | | | | | | | | | | | | | | | | | | | | | | | | | 12,797 | | | | | $ | 2,695,304 | | | | | | 25,460 | | | | | $ | 5,362,385 | | | | |
| COMPENSATION TABLES OUTSTANDING EQUITY AWARDS AT | |
| | | | Option Awards | | | | | | Stock Awards | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable(2)(3) | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | | | | Number of Shares or Units of Stock That Have Not Vested (#)(4) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(5) | | | Equity Incentive Plan Awards: | | |||||||||||||||||||||||||||||||||||||||
| Name/Option Grant Date(1) | | | Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(6) | | | Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(7) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Edward J. Zoiss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
| 8/26/2016 | | | | | 27,800 | | | | | | | 0 | | | | | | | — | | | | | | $ | 90.84 | | | | | | | 8/26/2026 | | | | | | | | | | 2,406 | | | | | | $ | 513,055 | | | | | | | 4,046 | | | | | | $ | 862,769 | | | |
| 8/25/2017 | | | | | 12,277 | | | | | | | 0 | | | | | | | — | | | | | | $ | 119.66 | | | | | | | 8/25/2027 | | | | | | | | | | 2,023 | | | | | | $ | 431,385 | | | | | | | 9,622 | | | | | | $ | 2,051,795 | | | |
| 8/24/2018 | | | | | 9,012 | | | | | | | 0 | | | | | | | — | | | | | | $ | 163.23 | | | | | | | 8/24/2028 | | | | | | | | | | 12,888 | | | | | | $ | 2,748,237 | | | | | | | 13,668 | | | | | | $ | 2,914,564 | | | |
| 8/1/2019 | | | | | 0 | | | | | | | 34,707 | | | | | | | — | | | | | | $ | 204.85 | | | | | | | 8/1/2029 | | | | | | | | | | 3,906 | | | | | | $ | 832,915 | | | | | | ||||||||||||
| 2/28/2020 | | | | | 3,866 | | | | | | | 7,732 | | | | | | | — | | | | | | $ | 197.73 | | | | | | | 2/28/2030 | | | | | | | | | | 21,223 | | | | | | $ | 4,525,593 | | | | | | | | | | | | | | | | | |
| 2/26/2021 | | | | | 0 | | | | | | | 10,378 | | | | | | | — | | | | | | $ | 181.91 | | | | | | | 2/26/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | 52,955 | | | | | | | 52,817 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Name | | | Grant Date | | | Option Vesting Date | | | Number of Shares Underlying Options | | |||||||||||||||
| Christopher E. Kubasik | | | | | | | | | | | | | | | | | |||||||||
| | | | | | 2/ | | | | | | 2/ | | | | | | | | |||||||
| | | | | | | | | | | | 2/ | | | | | | | | |||||||
| | | | | | 2/ | | | | | | 2/ | | | | | | | | |||||||
| | | | | | | | | | | | 2/ | | | | | | | | |||||||
| | | | | | | | | | | | 2/ | | | | | | | | |||||||
| | | | | | | | | | | | | | | | | ||||||||||
| | | | | | 2/ | | | | | | 2/ | | | | | | | | |||||||
| | | | | | | | | | | | 2/ | | | | | | |||||||||
| | |||||||||||||||||||||||||
| | | | | | | | | | | | 2/ | | | | | | | | |||||||
| Sean J. Stackley | | | | | 2/26/2021 | | | | | | 2/26/2024 | | | | | | 3,460 | | | ||||||
| | | | | | 2/25/2022 | | | | | | 2/25/2024 | | | | | | 3,857 | | | ||||||
| | | | | | | | | | | | 2/ | | | | | | |||||||||
| | |||||||||||||||||||||||||
| | | | | | 2/ | | | | | | | | | | | 3,877 | | | |||||||
| | | | | | | | | | | | 2/ | | | | | | |||||||||
| | |||||||||||||||||||||||||
| | | | | | | | | | | | 2/ | | | | | | | | |||||||
| Edward J. Zoiss | | | | | 2/26/2021 | | | | | | 2/26/2024 | | | | | | 3,460 | | | ||||||
| | | | | | 2/25/2022 | | | | | | 2/25/2024 | | | | | | 3,394 | | | ||||||
| | | | | | | | | | | | 2/ | | | | | | |||||||||
| | |||||||||||||||||||||||||
| | | | | | 2/ | | | | | | 2/ | | | | | | | | |||||||
| | | | | | | | | | | | 2/ | | | | | | |||||||||
| | |||||||||||||||||||||||||
| | | | | | | | | | | | 2/ | | | | | | |||||||||
| |
| COMPENSATION TABLES OPTION EXERCISES AND STOCK VESTED IN FISCAL 2023 TABLE | |
| | | Option Awards | | Stock Awards | | | | | Option Awards | | Stock Awards | | |||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Number of Shares Acquired on Exercise (#)(1) | | Value Realized on Exercise ($)(1) | | Number of Shares Acquired on Vesting (#)(2) | | Value Realized on Vesting ($)(2) | | Name | | Number of Shares Acquired on Exercise (#)(1) | | Value Realized on Exercise ($)(1) | | Number of Shares Acquired on Vesting (#)(2) | | Value Realized on Vesting ($)(2) | | ||||||||||||||||||||||||||||||||||||||||
| Christopher E. Kubasik | | | | — | | | | | | — | | | | | | 31,792 | | | | | $ | 6,771,696 | | | | Christopher E. Kubasik | | | | — | | | | | | — | | | | | | 44,617 | | | | | $ | 9,404,620 | | | | ||||||||
| William M. Brown | | | | 706,190 | | | | | $ | 110,239,214 | | | | | | — | | | | | | — | | | | Kenneth L. Bedingfield | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||||||||
| Jesus Malave, Jr. | | | | — | | | | | | — | | | | | | 1,546 | | | | | $ | 350,540 | | | | Samir B. Mehta | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||||||||
| Todd W. Gautier | | | | 15,571 | | | | | $ | 1,569,090 | | | | | | — | | | | | | — | | | | Sean J. Stackley | | | | — | | | | | | — | | | | | | 7,061 | | | | | $ | 1,488,341 | | | | ||||||||
| Sean J. Stackley | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | Edward J. Zoiss | | | | 30,077 | | | | | | 2,136,271 | | | | | | 7,061 | | | | | $ | 1,488,341 | | | | ||||||||
| Edward J. Zoiss | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | Michelle L. Turner | | | | — | | | | | | — | | | | | | 5,725 | | | | | $ | 1,205,867 | | | |
| Name | | | Plan Name(1) | | | Number of Years Credited Service (#) | | | Present Value of Accumulated Benefit ($)(2) | | | Payments During Fiscal 2021 ($) | | ||||||||||||
| Todd W. Gautier | | | Legacy L3 Link Pension Plan | | | | | 17.17 | | | | | | $ | 787,042 | | | | | | | — | | | |
| | | | Legacy L3 SERP Pension Plan | | | | | 17.17 | | | | | | $ | 407,055 | | | | | | | — | | | |
| COMPENSATION TABLES NONQUALIFIED DEFERRED COMPENSATION | |
| COMPENSATION TABLES NONQUALIFIED DEFERRED COMPENSATION | |
| Name | | Executive Contributions in Last Fiscal Year ($)(1) | | Registrant Contributions in Last Fiscal Year ($)(2) | | Aggregate Earnings in Last Fiscal Year ($)(3) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last Fiscal Year End ($)(4) | | Name | | Executive Contributions in Last Fiscal Year ($)(1) | | Registrant Contributions in Last Fiscal Year ($)(2) | | Aggregate Earnings in Last Fiscal Year ($)(3) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last Fiscal Year End ($)(4) | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Christopher E. Kubasik | | | $ | 271,500 | | | | | $ | 248,515 | | | | | $ | 104,487 | | | | | $ | 0 | | | | | $ | 1,124,041 | | | | Christopher E. Kubasik | | | $ | 352,385 | | | | | $ | 234,346 | | | | | $ | 334,645 | | | | | $ | 0 | | | | | $ | 2,416,220 | | | | ||||||||||
| William M. Brown | | | $ | 850,500 | | | | | $ | 254,077 | | | | | $ | 395,326 | | | | | $ | 0 | | | | | $ | 3,380,866 | | | | Kenneth L. Bedingfield | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | ||||||||||
| Jesus Malave, Jr. | | | $ | 102,112 | | | | | $ | 75,946 | | | | | $ | 18,547 | | | | | $ | 0 | | | | | $ | 266,168 | | | | Samir B. Mehta | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | ||||||||||
| Todd W. Gautier | | | $ | 65,846 | | | | | $ | 312,754 | | | | | $ | 26,125 | | | | | $ | 0 | | | | | $ | 795,119 | | | | Sean J. Stackley | | | $ | 232,961 | | | | | $ | 68,892 | | | | | $ | 63,493 | | | | | $ | 0 | | | | | $ | 913,757 | | | | ||||||||||
| Sean J. Stackley | | | $ | 111,923 | | | | | $ | 64,123 | | | | | $ | 20,250 | | | | | $ | 0 | | | | | $ | 361,943 | | | | Edward J. Zoiss | | | $ | 234,961 | | | | | $ | 69,492 | | | | | $ | 363,238 | | | | | $ | 0 | | | | | $ | 2,455,709 | | | | ||||||||||
| Edward J. Zoiss | | | $ | 253,346 | | | | | $ | 75,708 | | | | | $ | 251,845 | | | | | $ | 0 | | | | | $ | 1,770,356 | | | | Michelle L. Turner | | | $ | 38,769 | | | | | $ | 38,769 | | | | | $ | 7,912 | | | | | $ | 0 | | | | | $ | 85,450 | | | |
| COMPENSATION TABLES POTENTIAL PAYMENTS UPON TERMINATION OR | |
| COMPENSATION TABLES POTENTIAL PAYMENTS UPON TERMINATION OR | |
| COMPENSATION TABLES POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL | |
| COMPENSATION TABLES POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL | |
| COMPENSATION TABLES POTENTIAL PAYMENTS UPON TERMINATION OR | |
| Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Retirement | | Change in Control without Termination | | Termination by L3Harris without Cause/by Executive for Good Reason Following a Change in Control | | Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Retirement | | Change in Control without Termination | | Termination by L3Harris without Cause/by Executive for Good Reason Following a Change in Control | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 12,673,500 | | | | | $ | 12,673,500 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 12,673,500 | | | | Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 4,650,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 13,950,000 | | | | ||||||||||||||||||
| Value of Accelerated Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,086,513 | | | | | $ | 1,086,513 | | | | | $ | 3,898,348 | | | | | $ | 3,898,348 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,898,348 | | | | Value of Accelerated Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 653,183 | | | | | $ | 653,183 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 653,183 | | | | ||||||||||||||||||
| Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 10,848,780 | | | | | $ | 12,602,683 | | | | | $ | 16,994,755 | | | | | $ | 16,994,755 | | | | | $ | 1,753,902 | | | | | $ | 0 | | | | | $ | 16,994,755 | | | | Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 5,759,190 | | | | | $ | 9,542,966 | | | | | $ | 9,542,966 | | | | | $ | 5,759,190 | | | | | $ | 0 | | | | | $ | 9,542,966 | | | | ||||||||||||||||||
| Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,814,042 | | | | | $ | 6,000,261 | | | | | $ | 6,000,261 | | | | | $ | 3,814,042 | | | | | $ | 0 | | | | | $ | 12,291,733 | | | | Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 12,628,602 | | | | | $ | 12,628,602 | | | | | $ | 12,628,602 | | | | | $ | 12,628,602 | | | | | $ | 0 | | | | | $ | 19,085,488 | | | | ||||||||||||||||||
| Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 150,878 | | | | | $ | 150,878 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 150,878 | | | | Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 13,690 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 41,071 | | | | ||||||||||||||||||
| Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 38,800 | | | | | $ | 20,800 | | | | | $ | 20,800 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 38,800 | | | | Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 40,275 | | | | | $ | 22,275 | | | | | $ | 22,275 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 40,275 | | | | ||||||||||||||||||
| TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 24,759,672 | | | | | $ | 30,366,416 | | | | | $ | 26,914,164 | | | | | $ | 26,914,164 | | | | | $ | 5,567,944 | | | | | $ | 0 | | | | | $ | 46,048,014 | | | | TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 23,091,758 | | | | | $ | 22,847,026 | | | | | $ | 22,847,026 | | | | | $ | 18,387,792 | | | | | $ | 0 | | | | | $ | 43,312,983 | | | |
| Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Retirement | | Change in Control without Termination | | Termination by L3Harris without Cause/by Executive for Good Reason Following a Change in Control | | Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Change in Control without Termination | | Termination by L3Harris without Cause/by Executive for Good Reason Following a Change in Control | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 15,705,000 | | | | | $ | 15,705,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 15,705,000 | | | | Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,700,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,400,000 | | | | |||||||||||||||||
| Value of Accelerated or Continued Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,086,513 | | | | | $ | 1,086,513 | | | | | $ | 3,898,348 | | | | | $ | 3,898,348 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,898,348 | | | | Value of Accelerated Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | |||||||||||||||||
| Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 16,408,503 | | | | | $ | 18,162,405 | | | | | $ | 22,554,478 | | | | | $ | 22,554,478 | | | | | $ | 4,479,229 | | | | | $ | 0 | | | | | $ | 22,554,478 | | | | Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | |||||||||||||||||
| Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,814,042 | | | | | $ | 6,000,261 | | | | | $ | 6,000,261 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 12,291,733 | | | | Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | |||||||||||||||||
| Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 149,925 | | | | | $ | 149,925 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 149,925 | | | | Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 18,985 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 37,970 | | | | |||||||||||||||||
| Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 511,236 | | | | | $ | 511,236 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 511,236 | | | | Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 18,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 18,000 | | | | |||||||||||||||||
| TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 33,861,177 | | | | | $ | 39,429,121 | | | | | $ | 32,453,086 | | | | | $ | 32,453,086 | | | | | $ | 4,479,229 | | | | | $ | 0 | | | | | $ | 55,110,719 | | | | TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,736,985 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,455,970 | | | |
| COMPENSATION TABLES POTENTIAL PAYMENTS UPON TERMINATION OR | |
| Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Change in Control without Termination | | Termination by L3Harris without Cause/by Executive for Good Reason Following a Change in Control | | Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Change in Control without Termination | | Termination by L3Harris without Cause/by Executive for Good Reason Following a Change in Control | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 760,000 | | | | | $ | 1,520,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,040,000 | | | | Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,450,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,900,000 | | | | ||||||||||||||||
| Value of Accelerated Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 291,192 | | | | | $ | 291,192 | | | | | $ | 894,476 | | | | | $ | 894,476 | | | | | $ | 0 | | | | | $ | 894,476 | | | | Value of Accelerated Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 5,467 | | | | | $ | 5,467 | | | | | $ | 0 | | | | | $ | 5,467 | | | | ||||||||||||||||
| Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,207,523 | | | | | $ | 3,566,965 | | | | | $ | 4,510,694 | | | | | $ | 4,510,694 | | | | | $ | 0 | | | | | $ | 4,510,694 | | | | Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,987,931 | | | | | $ | 3,987,931 | | | | | $ | 4,640,787 | | | | | $ | 4,640,787 | | | | | $ | 0 | | | | | $ | 4,640,787 | | | | ||||||||||||||||
| Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 781,496 | | | | | $ | 1,258,509 | | | | | $ | 1,258,509 | | | | | $ | 0 | | | | | $ | 2,605,904 | | | | Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 431,660 | | | | | $ | 431,660 | | | | | $ | 431,660 | | | | | $ | 0 | | | | | $ | 1,305,712 | | | | ||||||||||||||||
| Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 17,117 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 34,234 | | | | Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 19,315 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 38,631 | | | | ||||||||||||||||
| Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 38,800 | | | | | $ | 20,800 | | | | | $ | 20,800 | | | | | $ | 0 | | | | | $ | 38,800 | | | | Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 40,275 | | | | | $ | 22,275 | | | | | $ | 22,275 | | | | | $ | 0 | | | | | $ | 40,275 | | | | ||||||||||||||||
| TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 4,258,715 | | | | | $ | 6,215,570 | | | | | $ | 6,684,479 | | | | | $ | 6,684,479 | | | | | $ | 0 | | | | | $ | 11,124,108 | | | | TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,987,931 | | | | | $ | 5,929,181 | | | | | $ | 5,100,189 | | | | | $ | 5,100,189 | | | | | $ | 0 | | | | | $ | 8,930,872 | | | |
| Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Retirement | | Change in Control without Termination | | Termination by L3Harris without Cause/ by Executive for Good Reason Following a Change in Control | | Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Retirement | | Change in Control without Termination | | Termination by L3Harris without Cause/by Executive for Good Reason Following a Change in Control | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,300,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,600,000 | | | | Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,450,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,900,000 | | | | ||||||||||||||||||
| Value of Accelerated Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 291,192 | | | | | $ | 291,192 | | | | | $ | 736,258 | | | | | $ | 736,258 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 736,258 | | | | Value of Accelerated Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 104,803 | | | | | $ | 104,803 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 104,803 | | | | ||||||||||||||||||
| Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,863,971 | | | | | $ | 3,137,748 | | | | | $ | 5,669,422 | | | | | $ | 5,669,422 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 5,669,422 | | | | Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,065,659 | | | | | $ | 1,779,204 | | | | | $ | 1,779,204 | | | | | $ | 1,065,659 | | | | | $ | 0 | | | | | $ | 1,779,204 | | | | ||||||||||||||||||
| Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 595,355 | | | | | $ | 943,227 | | | | | $ | 943,227 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,938,560 | | | | Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 431,660 | | | | | $ | 2,286,923 | | | | | $ | 2,286,923 | | | | | $ | 2,286,923 | | | | | $ | 2,286,923 | | | | | $ | 0 | | | | | $ | 3,558,185 | | | | ||||||||||||||||||
| Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 15,928 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 31,855 | | | | Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 249 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 499 | | | | ||||||||||||||||||
| Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 38,800 | | | | | $ | 20,800 | | | | | $ | 20,800 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 38,800 | | | | Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 40,275 | | | | | $ | 22,275 | | | | | $ | 22,275 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 40,275 | | | | ||||||||||||||||||
| TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,155,163 | | | | | $ | 5,379,023 | | | | | $ | 7,369,707 | | | | | $ | 7,369,707 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 11,014,894 | | | | TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 431,660 | | | | | $ | 4,843,107 | | | | | $ | 4,193,206 | | | | | $ | 4,193,206 | | | | | $ | 3,352,582 | | | | | $ | 0 | | | | | $ | 8,382,967 | | | |
| COMPENSATION TABLES POTENTIAL PAYMENTS UPON TERMINATION OR | |
| Executive Benefits and Payment | | | Termination by L3Harris for Cause | | | Voluntary Termination/ Resignation | | | Termination by Executive for Constructive Termination | | | Involuntary Termination by L3Harris without Cause | | | Death | | | Disability | | | Change in Control without Termination | | | Termination by L3Harris without Cause/ by Executive for Good Reason Following a Change in Control | | ||||||||||||||||||||||||||||||||
| Cash Severance | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 1,300,000 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 2,600,000 | | | |
| Value of Accelerated Vesting of Unvested Options | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 291,192 | | | | | | $ | 291,192 | | | | | | $ | 736,258 | | | | | | $ | 736,258 | | | | | | $ | 0 | | | | | | $ | 736,258 | | | |
| Value of Accelerated Vesting of Unvested Restricted Stock Units | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 2,863,971 | | | | | | $ | 3,137,748 | | | | | | $ | 5,245,698 | | | | | | $ | 5,245,698 | | | | | | $ | 0 | | | | | | $ | 5,245,698 | | | |
| Value of Accelerated Vesting of Unvested Performance Share Units | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 595,355 | | | | | | $ | 943,227 | | | | | | $ | 943,227 | | | | | | $ | 0 | | | | | | $ | 1,938,560 | | | |
| Health and Welfare Benefits | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 185 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 370 | | | |
| Other Benefits | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 38,800 | | | | | | $ | 20,800 | | | | | | $ | 20,800 | | | | | | $ | 0 | | | | | | $ | 38,800 | | | |
| TOTAL | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 3,155,163 | | | | | | $ | 5,363,280 | | | | | | $ | 6,945,983 | | | | | | $ | 6,945,983 | | | | | | $ | 0 | | | | | | $ | 10,559,685 | | | |
| Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Retirement | | Change in Control without Termination | | Termination by L3Harris without Cause/ by Executive for Good Reason Following a Change in Control | | Executive Benefits and Payment | | Termination by L3Harris for Cause | | Voluntary Termination/ Resignation | | Termination by Executive for Constructive Termination | | Involuntary Termination by L3Harris without Cause | | Death | | Disability | | Change in Control without Termination | | Termination by L3Harris without Cause/by Executive for Good Reason Following a Change in Control | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,300,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,600,000 | | | | Cash Severance | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,450,000 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,900,000 | | | | |||||||||||||||||
| Value of Accelerated Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 291,192 | | | | | $ | 291,192 | | | | | $ | 736,258 | | | | | $ | 736,258 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 736,258 | | | | Value of Accelerated Vesting of Unvested Options | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 104,803 | | | | | $ | 104,803 | | | | | $ | 0 | | | | | $ | 104,803 | | | | |||||||||||||||||
| Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,731,963 | | | | | $ | 4,005,739 | | | | | $ | 4,701,351 | | | | | $ | 4,701,351 | | | | | $ | 699,303 | | | | | $ | 0 | | | | | $ | 4,701,351 | | | | Value of Accelerated Vesting of Unvested Restricted Stock Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 998,948 | | | | | $ | 1,708,694 | | | | | $ | 1,708,694 | | | | | $ | 0 | | | | | $ | 1,708,694 | | | | |||||||||||||||||
| Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 595,355 | | | | | $ | 943,227 | | | | | $ | 943,227 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,938,560 | | | | Value of Accelerated Vesting of Unvested Performance Share Units | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,193,149 | | | | | $ | 2,193,149 | | | | | $ | 2,193,149 | | | | | $ | 0 | | | | | $ | 3,416,944 | | | | |||||||||||||||||
| Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 15,928 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 31,855 | | | | Health and Welfare Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 18,100 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 36,200 | | | | |||||||||||||||||
| Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 38,800 | | | | | $ | 20,800 | | | | | $ | 20,800 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 38,800 | | | | Other Benefits | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 40,275 | | | | | $ | 22,275 | | | | | $ | 22,275 | | | | | $ | 0 | | | | | $ | 40,275 | | | | |||||||||||||||||
| TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 4,023,154 | | | | | $ | 6,247,014 | | | | | $ | 6,401,636 | | | | | $ | 6,401,636 | | | | | $ | 699,303 | | | | | $ | 0 | | | | | $ | 10,046,824 | | | | TOTAL | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 4,700,472 | | | | | $ | 4,028,921 | | | | | $ | 4,028,921 | | | | | $ | 0 | | | | | $ | 8,206,916 | | | |
| COMPENSATION TABLES | |
| Year (a) | | | Summary Compensation Table Total for Mr. Kubasik(1) (b) | | | Summary Compensation Table Total for Mr. Brown(1) (c) | | | Compensation Actually Paid to Mr. Kubasik(2) (d) | | | Compensation Actually Paid to Mr. Brown(2) (e) | | | Average Summary Compensation Table Total Paid to non-CEO NEOs(3) (f) | | | Average Compensation Actually Paid to non-CEO NEOs(2)(3) (g) | | | Value of Initial Fixed $100 Investment Based On: | | | Net Income (in millions) (j) | | | (Company Selected Measure) Adjusted Free Cash Flow (in millions)(4) (k) | | |||||||||||||||||||||||||||||||||||||||||||
| TSR (h) | | | Peer Group TSR (i) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | | | | $ | 19,824,247 | | | | | | | n/a | | | | | | $ | 19,039,757 | | | | | | | n/a | | | | | | $ | 5,225,867 | | | | | | $ | 3,807,223 | | | | | | $ | 108.52 | | | | | | $ | 114.66 | | | | | | $ | 1,198 | | | | | | $ | 2,009 | | | |
| 2022 | | | | $ | 16,714,229 | | | | | | | n/a | | | | | | $ | 21,278,977 | | | | | | | n/a | | | | | | $ | 5,008,120 | | | | | | $ | 5,096,945 | | | | | | $ | 104.68 | | | | | | $ | 107.39 | | | | | | $ | 1,061 | | | | | | $ | 2,029 | | | |
| 2021 | | | | $ | 15,697,749 | | | | | | $ | 15,707,755 | | | | | | $ | 23,168,382 | | | | | | $ | 22,994,342 | | | | | | $ | 3,232,194 | | | | | | $ | 4,708,200 | | | | | | $ | 105.19 | | | | | | $ | 91.50 | | | | | | $ | 1,842 | | | | | | $ | 2,746 | | | |
| 2020 | | | | | n/a | | | | | | $ | 15,452,653 | | | | | | | n/a | | | | | | $ | 18,317,486 | | | | | | $ | 7,108,088 | | | | | | $ | 8,177,817 | | | | | | $ | 91.48 | | | | | | $ | 80.81 | | | | | | $ | 1,086 | | | | | | $ | 2,686 | | | |
| Year | | | Salary | | | Bonus and Non- Equity Incentive Compensation | | | Equity-Based Awards (i) | | | Change in Pension Value (ii) | | | All Other Compensation (iii) | | | Summary Compensation Table Total | | | Deductions from Summary Compensation Table Total (iv) | | | Additions to Summary Compensation Table Total (v) | | | Compensation Actually Paid | | ||||||||||||||||||||||||||||||||||||
| 2023 | | | | $ | 1,542,308 | | | | | | $ | 3,735,500 | | | | | | $ | 13,489,141 | | | | | | | n/a | | | | | | $ | 1,057,298 | | | | | | $ | 19,824,247 | | | | | | $ | (13,489,141) | | | | | | $ | 12,704,652 | | | | | | $ | 19,039,757 | | | |
| 2022 | | | | $ | 1,500,000 | | | | | | $ | 2,625,000 | | | | | | $ | 11,788,065 | | | | | | | n/a | | | | | | $ | 801,164 | | | | | | $ | 16,714,229 | | | | | | $ | (11,788,065) | | | | | | $ | 16,352,813 | | | | | | $ | 21,278,977 | | | |
| 2021 | | | | $ | 1,500,000 | | | | | | $ | 2,750,000 | | | | | | $ | 11,037,970 | | | | | | | n/a | | | | | | $ | 409,779 | | | | | | $ | 15,697,749 | | | | | | $ | (11,037,970) | | | | | | $ | 18,508,603 | | | | | | $ | 23,168,382 | | | |
| 2020 | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | |
| COMPENSATION TABLES PAY VERSUS PERFORMANCE | |
| Year | | | Salary | | | Bonus and Non- Equity Incentive Compensation | | | Equity-Based Awards (i) | | | Change in Pension Value (ii) | | | All Other Compensation (iii) | | | Summary Compensation Table Total | | | Deductions from Summary Compensation Table Total (iv) | | | Additions to Summary Compensation Table Total (v) | | | Compensation Actually Paid | | ||||||||||||||||||||||||||||||||||||
| 2023 | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | |
| 2022 | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | |
| 2021 | | | | $ | 1,500,000 | | | | | | $ | 2,750,000 | | | | | | $ | 11,037,970 | | | | | | | n/a | | | | | | $ | 419,785 | | | | | | $ | 15,707,755 | | | | | | $ | (11,037,970) | | | | | | $ | 18,324,557 | | | | | | $ | 22,994,342 | | | |
| 2020 | | | | $ | 1,492,308 | | | | | | $ | 2,850,000 | | | | | | $ | 10,794,567 | | | | | | | n/a | | | | | | $ | 315,778 | | | | | | $ | 15,452,653 | | | | | | $ | (10,794,567) | | | | | | $ | 13,659,400 | | | | | | $ | 18,317,486 | | | |
| Year | | | Salary | | | Bonus and Non- Equity Incentive Compensation | | | Equity-Based Awards (i) | | | Change in Pension Value (ii) | | | All Other Compensation (iii) | | | Summary Compensation Table Total | | | Deductions from Summary Compensation Table Total (iv) | | | Additions to Summary Compensation Table Total (v) | | | Compensation Actually Paid | | ||||||||||||||||||||||||||||||||||||
| 2023 | | | | $ | 600,180 | | | | | | $ | 807,220 | | | | | | $ | 3,098,563 | | | | | | | 0 | | | | | | $ | 719,903 | | | | | | $ | 5,225,867 | | | | | | $ | (3,098,563) | | | | | | $ | 1,679,920 | | | | | | $ | 3,807,223 | | | |
| 2022 | | | | $ | 500,272 | | | | | | $ | 773,250 | | | | | | $ | 3,245,952 | | | | | | | n/a | | | | | | $ | 488,646 | | | | | | $ | 5,008,120 | | | | | | $ | (3,245,952) | | | | | | $ | 3,334,777 | | | | | | $ | 5,096,945 | | | |
| 2021 | | | | $ | 671,731 | | | | | | $ | 472,500 | | | | | | $ | 1,919,408 | | | | | | | n/a | | | | | | $ | 168,556 | | | | | | $ | 3,232,194 | | | | | | $ | (1,919,408) | | | | | | $ | 3,395,414 | | | | | | $ | 4,708,200 | | | |
| 2020 | | | | $ | 853,654 | | | | | | $ | 1,230,000 | | | | | | $ | 4,094,108 | | | | | | $ | 122,587 | | | | | | $ | 807,739 | | | | | | $ | 7,108,088 | | | | | | $ | (4,216,695) | | | | | | $ | 5,286,424 | | | | | | $ | 8,177,817 | | | |
| Year | | | Service Cost | | | Prior Service Cost | | | Total Pension Benefit Adjustments | | ||||||||||||
| 2023 | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | |
| 2022 | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | |
| 2021 | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | |
| 2020 | | | | $ | 0 | | | | | | $ | 0 | | | | | | $ | 0 | | | |
| Year | | | Year End Fair Value of Equity Awards Granted in the Year | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Total Equity Award Adjustments | | ||||||||||||||||||||||||||||
| 2023 | | | | $ | 13,752,145 | | | | | | $ | 211,837 | | | | | | | n/a | | | | | | $ | (1,457,649) | | | | | | | n/a | | | | | | $ | 198,319 | | | | | | $ | 12,704,652 | | | |
| 2022 | | | | $ | 10,746,951 | | | | | | $ | 319,308 | | | | | | | n/a | | | | | | $ | 4,996,245 | | | | | | | n/a | | | | | | $ | 290,308 | | | | | | $ | 16,352,813 | | | |
| 2021 | | | | $ | 14,701,225 | | | | | | $ | 2,694,420 | | | | | | | n/a | | | | | | $ | 669,503 | | | | | | | n/a | | | | | | $ | 443,455 | | | | | | $ | 18,508,603 | | | |
| 2020 | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | |
| COMPENSATION TABLES PAY VERSUS PERFORMANCE | |
| Year | | | Year End Fair Value of Equity Awards Granted in the Year | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Total Equity Award Adjustments | | ||||||||||||||||||||||||||||
| 2023 | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | |
| 2022 | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | | | | | n/a | | | |
| 2021 | | | | $ | 14,701,225 | | | | | | $ | 3,300,380 | | | | | | | n/a | | | | | | $ | (92,869) | | | | | | | n/a | | | | | | $ | 415,821 | | | | | | $ | 18,324,557 | | | |
| 2020 | | | | $ | 10,784,404 | | | | | | $ | 2,579,879 | | | | | | | n/a | | | | | | $ | 0 | | | | | | | n/a | | | | | | $ | 295,117 | | | | | | $ | 13,659,400 | | | |
| Year | | | Year End Fair Value of Equity Awards Granted in the Year | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Total Equity Award Adjustments | | ||||||||||||||||||||||||||||
| 2023 | | | | $ | 2,457,732 | | | | | | $ | 21,148 | | | | | | $ | 102,909 | | | | | | $ | (199,172) | | | | | | $ | (736,879) | | | | | | $ | 34,182 | | | | | | $ | 1,679,920 | | | |
| 2022 | | | | $ | 2,568,851 | | | | | | $ | 54,465 | | | | | | $ | 510,320 | | | | | | $ | 1,762,397 | | | | | | $ | (1,637,690) | | | | | | $ | 76,433 | | | | | | $ | 3,334,777 | | | |
| 2021 | | | | $ | 2,556,542 | | | | | | $ | 746,601 | | | | | | | n/a | | | | | | $ | (1,051) | | | | | | | n/a | | | | | | $ | 93,323 | | | | | | $ | 3,395,414 | | | |
| 2020 | | | | $ | 4,090,296 | | | | | | $ | 1,141,370 | | | | | | | n/a | | | | | | $ | (88,316) | | | | | | | n/a | | | | | | $ | 143,074 | | | | | | $ | 5,286,424 | | | |
| Most Important Financial Performance Measures | |
| Adjusted Free Cash Flow | |
| (Company-Selected Measure) | |
| 3-year Cumulative EPS | |
| 3-year Average ROIC | |
| COMPENSATION TABLES PAY VERSUS PERFORMANCE | |
| COMPENSATION TABLES PAY VERSUS PERFORMANCE | |
| Our Board unanimously recommends voting FOR approval of the 2024 Equity Incentive Plan. | | | > Designed to motivate our executives to focus on achievement of our long-term financial and operational goals and strategic objectives. > Aligns executive compensation with shareholder value. > Supports attraction, retention and motivation of a qualified and talented executive leadership team. | |
| Shares subject to outstanding options* | | | | | 3,250,710 | | | |
| Shares subject to outstanding restricted stock units | | | | | 728,052 | | | |
| Shares subject to outstanding performance share units (at target)** | | | | | 480,341 | | | |
| Available for future grant under the 2015 Equity Incentive Plan** | | | | | 12,244,466 | | | |
| New shares under the 2024 Equity Incentive Plan | | | | | 10,300,000 | | | |
| Total available for future grant assuming approval of the 2024 Equity Incentive Plan | | | | | 22,544,466 | | | |
| Shares outstanding | | | | | 189,808,581 | | | |
| Fully diluted shares outstanding | | | | | 216,812,149 | | | |
| PROPOSAL 3: APPROVAL OF THE L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| Burn Rate | | | 2021 | | | 2022 | | | 2023 | |
| Options granted | | | 500,489 | | | 390,347 | | | 366,670 | |
| Restricted stock units granted | | | 279,704 | | | 330,379 | | | 354,657 | |
| Performance share units earned | | | 0 | | | 198,600 | | | 182,808 | |
| Total shares granted | | | 780,193 | | | 919,326 | | | 904,135 | |
| Weighted average shares outstanding as of fiscal year end | | | 201.3M | | | 191.8M | | | 189.6M | |
| Burn Rate | | | 0.39% | | | 0.48% | | | 0.48% | |
| PROPOSAL 3: APPROVAL OF THE L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| PROPOSAL 3: APPROVAL OF THE L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| PROPOSAL 3: APPROVAL OF THE L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| PROPOSAL 3: APPROVAL OF THE L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| PROPOSAL 3: APPROVAL OF THE L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| Plan Category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)(1) | | | Weighted-average exercise price of outstanding options, warrants and rights (b)(1) | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | | ||||||||||||
| Equity compensation plans approved by shareholders(2) | | | | | 4,459,103 | | | | | | $ | 169.53 | | | | | | | 12,244,466 | | | |
| Equity compensation plans not approved by shareholders | | | | | — | | | | | | | — | | | | | | | — | | | |
| Total | | | | | 4,459,103 | | | | | | $ | 169.53 | | | | | | | 12,244,466 | | | |
| REPORT OF THE AUDIT COMMITTEE OF L3HARRIS | |
| Our Board unanimously recommends voting FOR ratification of appointment of Ernst & Young LLP as our independent registered public accounting firm for | | | > Independent accounting firm with breadth of knowledge, support and expertise of accessible national office. > Significant industry and government contracting expertise. > Periodic mandated rotation of audit firm’s lead engagement partner. | |
| PROPOSAL 4: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FEES PAID TO INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM | |
| | | Fiscal 2021 | | Fiscal 2020 | | | | Fiscal 2023 | | Fiscal 2022 | | ||||||||||||||||||||
| Audit Fees(1) | | | $ | 11,595,205 | | | | | $ | 13,437,957 | | | | Audit Fees(1) | | | $ | 19,651,087 | | | | | $ | 11,709,923 | | | | ||||
| Audit-Related Fees(2) | | | $ | 2,012,174 | | | | | $ | 302,049 | | | | Audit-Related Fees(2) | | | $ | 243,621 | | | | | $ | 548,476 | | | | ||||
| Tax Fees(3) | | | $ | 1,858,896 | | | | | $ | 1,997,183 | | | | Tax Fees(3) | | | $ | 8,071,838 | | | | | $ | 3,315,652 | | | | ||||
| All Other Fees | | | $ | 8,225 | | | | | $ | 6,705 | | | | All Other Fees(4) | | | $ | 9,200 | | | | | $ | 6,040 | | | | ||||
| Total | | | $ | 15,474,500 | | | | | $ | 15,743,894 | | | | Total | | | $ | 27,975,746 | | | | | $ | 15,580,091 | | | |
| Our Board unanimously recommends voting FOR amending our Restated Certificate of Incorporation to limit liability of officers as permitted by law. | | | > We believe that adoption of this amendment to our Restated Certificate of Incorporation will help us attract and retain talented, experienced executives to drive future results. > We believe the narrow class and type of claims for which officers’ liability would be exculpated under this amendment to our Restated Certificate of Incorporation balances accountability with our interest in limiting the assertion of potentially frivolous claims. > We believe that adoption of this amendment will help prevent the diversion of management attention from business objectives and prevent the potential waste of Company resources. | |
| PROPOSAL 5: AMENDMENT TO RESTATED CERTIFICATE OF INCORPORATION | |
| Our Board unanimously recommends voting AGAINST the shareholder proposal. | | | > We disclose our procedures for our lobbying and political activities on our website. > We disclose our lobbying expenditures on our website. > We disclose association memberships and detail fees in excess of $25,000, including the percentage of funds spent on political activities. > We describe our Board’s and our Nominating and Governance Committee’s role in oversight of lobbying and lobbying related expenditures on our website. | |
| PROPOSAL 6: SHAREHOLDER PROPOSAL | |
| | |
| |
| | | Shares Beneficially Owned | | | | | | | | | | | Shares Beneficially Owned | | |||||||||||||||||||||||||||||||||||||||||||||
| Name | | Shares Owned(1) | | Shares Under Exercisable Options(2) | | Total Shares Beneficially Owned(3) | | Percentage of Shares | | Name | | Shares Owned(1) | | Shares Under Exercisable Options(2) | | Total Shares Beneficially Owned(3) | | Percentage of Shares | | ||||||||||||||||||||||||||||||||||||||||
| DIRECTORS AND NOMINEES | | | | | | | | | | | | | | | | | | | | | | | | | | DIRECTORS AND NOMINEES | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Sallie B. Bailey | | | | 3,287 | | | | | | — | | | | | | 3,287 | | | | | | * | | | | Sallie B. Bailey | | | | 4,846 | | | | | | | | | | | | 4,846 | | | | | | * | | | | ||||||||
| Peter W. Chiarelli | | | | 3,095 | | | | | | — | | | | | | 3,095 | | | | | | * | | | | Peter W. Chiarelli | | | | 4,654 | | | | | | — | | | | | | 4,654 | | | | | | * | | | | ||||||||
| Thomas A. Corcoran | | | | 17,812 | | | | | | — | | | | | | 17,812 | | | | | | * | | | | Thomas A. Dattilo | | | | 6,754 | | | | | | — | | | | | | 6,754 | | | | | | * | | | | ||||||||
| Thomas A. Dattilo | | | | 5,095 | | | | | | — | | | | | | 5,095 | | | | | | * | | | | Roger B. Fradin | | | | 4,564 | | | | | | — | | | | | | 4,564 | | | | | | * | | | | ||||||||
| Roger B. Fradin | | | | 3,005 | | | | | | — | | | | | | 3,005 | | | | | | * | | | | Joanna L. Geraghty | | | | 1,543 | | | | | | — | | | | | | 1,543 | | | | | | * | | | | ||||||||
| Harry B. Harris, Jr. | | | | 0 | | | | | | — | | | | | | 0 | | | | | | * | | | | Kirk S. Hachigian | | | | 6,293 | | | | | | | | | | | | 6,923 | | | | | | * | | | | ||||||||
| Lewis Hay III | | | | 16,237 | | | | | | — | | | | | | 16,237 | | | | | | * | | | | Harry B. Harris, Jr. | | | | 1,851 | | | | | | — | | | | | | 1,851 | | | | | | * | | | | ||||||||
| Lewis Kramer | | | | 15,373 | | | | | | — | | | | | | 15,373 | | | | | | * | | | | Lewis Hay III | | | | 16,302 | | | | | | — | | | | | | 16,302 | | | | | | * | | | | ||||||||
| Rita S. Lane | | | | 3,023 | | | | | | — | | | | | | 3,023 | | | | | | * | | | | Rita S. Lane | | | | 3,088 | | | | | | — | | | | | | 3,088 | | | | | | * | | | | ||||||||
| Robert B. Millard | | | | 225,581 | | | | | | — | | | | | | 225,581 | | | | | | * | | | | Robert B. Millard | | | | 306,789 | | | | | | — | | | | | | 306,789 | | | | | | * | | | | ||||||||
| Lloyd W. Newton | | | | 12,221 | | | | | | — | | | | | | 12,221 | | | | | | * | | | | Edward A. Rice, Jr. | | | | 990 | | | | | | — | | | | | | 990 | | | | | | * | | | | ||||||||
| NAMED EXECUTIVE OFFICERS | | | | | | | | | | | | | | | | | | | | | | | | | | William H. Swanson | | | | 293 | | | | | | — | | | | | | 293 | | | | | | * | | | | ||||||||
| Christopher E. Kubasik† | | | | 80,492 | | | | | | 479,654 | | | | | | 560,146 | | | | | | * | | | | Christina L. Zamarro | | | | 1,401 | | | | | | — | | | | | | 1,401 | | | | | | * | | | | ||||||||
| William M. Brown† | | | | 208,616 | | | | | | 569,046 | | | | | | 777,662 | | | | | | * | | | | NAMED EXECUTIVE OFFICERS | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Jesus Malave, Jr. | | | | 2,359 | | | | | | — | | | | | | 2,359 | | | | | | * | | | | Christopher E. Kubasik† | | | | 150,053 | | | | | | 713,413 | | | | | | 863,466 | | | | | | * | | | | ||||||||
| Todd W. Gautier | | | | 536 | | | | | | 24,349 | | | | | | 24,885 | | | | | | * | | | | Kenneth L. Bedingfield | | | | 20 | | | | | | — | | | | | | 20 | | | | | | * | | | | ||||||||
| Sean J. Stackley | | | | 5,478 | | | | | | 13,401 | | | | | | 18,879 | | | | | | * | | | | Samir B. Mehta | | | | 2,905 | | | | | | 3,877 | | | | | | 6,782 | | | | | | * | | | | ||||||||
| Edward J. Zoiss | | | | 16,663 | | | | | | 60,280 | | | | | | 76,943 | | | | | | * | | | | Sean J. Stackley | | | | 19,588 | | | | | | 70,483 | | | | | | 90,041 | | | | | | * | | | | ||||||||
| All Directors and Executive Officers, as a group (20 persons)(4) | | | | 713,363 | | | | | | 1,261,417 | | | | | | 1,974,780 | | | | | | 1.0 | % | | | Edward J. Zoiss | | | | 30,892 | | | | | | 76,360 | | | | | | 107,252 | | | | | | * | | | | ||||||||
| Michelle L. Turner | | | | 4,247 | | | | | | 3,856 | | | | | | 8,103 | | | | | | | | | | ||||||||||||||||||||||||||||||||||
| All Directors, Director Nominees and Executive Officers, as a group (23 persons)(4) | | | | 649,818 | | | | | | 1,001,229 | | | | | | 1,651,047 | | | | | | * | | | |
| SHARE OWNERSHIP PRINCIPAL SHAREHOLDERS | |
| Name and Address of Beneficial Owner | | Amount and Nature of Beneficial Ownership | | Percent of Class | | Name and Address of Beneficial Owner | | Amount and Nature of Beneficial Ownership | | Percent of Class | | ||||||||||||||||||||
| The Vanguard Group 100 Vanguard Boulevard Malvern, PA 19355 | | | | 16,782,733(1) | | | | | | 8.55 | %(1) | | | The Vanguard Group 100 Vanguard Boulevard Malvern, PA 19355 | | | | 20,186,424 | | | | | | 10.65 | %(1) | | | ||||
| Capital World Investors 333 South Hope Street, 55th Floor Los Angeles, CA 90071 | | | | 14,871,240(2) | | | | | | 7.6 | %(2) | | | BlackRock, Inc. 50 Hudson Yards New York, NY 10001 | | | | 17,403,276 | | | | | | 9.2 | %(2) | | | ||||
| BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | | | | 12,280,012(3) | | | | | | 6.3 | %(3) | | | Capital World Investors 333 South Hope Street, 55th Floor Los Angeles, CA 90071 | | | | 16,152,117 | | | | | | 8.5 | %(3) | | | ||||
| T. Rowe Price Associates, Inc. 100 E. Pratt Street Baltimore, MD 21202 | | | | 9,584,760 | | | | | | 5.1 | %(4) | | |
| HOW TO ATTEND THE VIRTUAL ANNUAL MEETING | | | Friday, April 19, 2024 Audio webcast begins at 1:00 PM Eastern Time Shareholders may log in starting at 12:45 PM Eastern Time | |
| To be admitted to the 2024 Annual Meeting, go to www.virtualshareholdermeeting.com/LHX2024 and enter the 16-digit control number from your Notice of Internet Availability of Proxy Materials or proxy/voting instruction card. Once admitted, shareholders may submit questions, vote their shares and view reference materials (such as our list of shareholders as of the record date). | | |||
| If you experience technical difficulties during the meeting, please call the technical support number posted on the virtual meeting website. We will have technicians ready to assist you beginning 15 minutes prior to the start of the Annual Meeting, at 12:45 PM Eastern Time. | | |||
| The Annual Meeting will include a shareholder question and answer session. You may submit questions during the meeting through www.virtualshareholdermeeting.com/LHX2024. If a question is relevant to the business of the Annual Meeting and a response is not provided during the shareholder question and answer session, the answer will be posted on our website at www.l3harris.com/company/environmental-social-and-governance soon after the meeting. | | |||
| If you are unable to locate your Notice of Internet Availability of Proxy Materials or proxy/voting instruction card containing your 16-digit control number or otherwise to log in as an authenticated shareholder, you may opt to participate in the Annual Meeting as a “guest.” You will be able to hear the audio webcast but will not be able to utilize the question, voting or other functionality noted above. | |
| INFORMATION ABOUT THE ANNUAL MEETING | |
| Before the Annual Meeting: | | |||||||||
| | | Over the Internet at www.proxyvote.com, following the voting instructions on that website; | | |||||||
| | | | | | ||||||
| | | By telephone; 1-800-690-6903 | | | | | By mail; or | | ||
| During the virtual Annual Meeting: | | |||||||||
| | | Over the Internet at www.virtualshareholdermeeting.com/LHX2024, following the voting instructions on that website. | |
| INFORMATION ABOUT THE ANNUAL MEETING | |
| INFORMATION ABOUT THE ANNUAL MEETING | |
Proposals | | | Vote Required for Approval | | | Effect of Abstentions | | | Effect of Broker Non-Votes | | |
Proposal 1: Elect our Board’s | | | A nominee must receive more FOR votes than AGAINST votes | | | None | | | None | | |
Proposal 2: | |||||||||||
| | A majority of the shares present or represented at the Annual Meeting and entitled to vote on this proposal must vote FOR this proposal | | | Counted as a vote AGAINST | | | None | | ||
Proposal | | | A majority of the shares present or represented at the Annual Meeting and entitled to vote on this proposal must vote FOR this proposal | | | Counted as a vote AGAINST | | | None | | |
Proposal 4: Ratify appointment of Ernst & Young LLP as our independent registered public accounting firm for fiscal year 2024 | | | A majority of the shares present or represented at the Annual Meeting and entitled to vote on this proposal must vote FOR this proposal | | | Counted as a vote AGAINST | | | None | | |
Proposal 5: Amend our Restated Certificate of Incorporation to limit liability of officers as permitted by law | | | A majority of the outstanding shares entitled to vote on this proposal must vote FOR this proposal | | | Counted as a vote AGAINST | | | Counted as a vote AGAINST | | |
Proposal 6: Vote on shareholder proposal titled “Transparency in Lobbying”. | | | A majority of the shares present or represented at the Annual Meeting and entitled to vote on this proposal must vote FOR this proposal | | | Counted as a vote AGAINST | | | None | |
| INFORMATION ABOUT THE ANNUAL MEETING | |
| Annual Report on Form 10-K | |
| Our Annual Report on Form 10-K for our fiscal year ended December 29, 2023 has been filed with the SEC and is available on the Investors section of our website at www.l3harris.com/investors. Upon request, we will furnish to shareholders without charge a copy of the Annual Report on Form 10-K. Shareholders may obtain a copy by calling (321) 727-9100 or writing to our Secretary at: | |
| L3Harris Technologies, Inc. 1025 West NASA Boulevard Melbourne, Florida 32919 | |
| Shareholder List | |
| A list of our shareholders of record as of the record date of February 23, 2024 will be available for examination by shareholders for any purpose germane to the 2024 Annual Meeting of Shareholders, during normal business hours at 1025 West NASA Boulevard, Melbourne, Florida 32919, for a period of ten days ending on the day before the Annual Meeting, and by authenticated shareholders on the virtual meeting website during the Annual Meeting. | |
| By Order of the Board of Directors | |
| Scott T. Mikuen Senior Vice President, General Counsel and Secretary Melbourne, Florida March [•], 2024 | |
| Dollars in Millions | | | 2021 | | | 2022 | | | 2023 | | ||||||||||||
| Operating income | | | | $ | 2,109 | | | | | | $ | 1,127 | | | | | | $ | 1,426 | | | |
| Non-operating income | | | | | 439 | | | | | | | 425 | | | | | | | 338 | | | |
| Significant and/or non-recurring items included in operating income above | | | | | | | | | | | | | | | | | | | | | | |
| Amortization of acquisition-related intangibles | | | | | 627 | | | | | | | 605 | | | | | | | 779 | | | |
| Additional cost of sales related to the fair value step-up in inventory sold | | | | | — | | | | | | | — | | | | | | | 30 | | | |
| Merger, acquisition, and divestiture-related expenses | | | | | 200 | | | | | | | 162 | | | | | | | 174 | | | |
| Asset group and business divestiture-related losses (gains), net | | | | | (220) | | | | | | | (8) | | | | | | | 51 | | | |
| Impairment of goodwill and other assets | | | | | 207 | | | | | | | 802 | | | | | | | 374 | | | |
| LHX NeXtimplementation costs | | | | | — | | | | | | | — | | | | | | | 115 | | | |
| Gain on sale of property, plant and equipment | | | | | | | | | | | | — | | | | | | | (27) | | | |
| Impairment of equity method investment | | | | | 35 | | | | | | | — | | | | | | | — | | | |
| Non-operating income adjustments | | | | | — | | | | | | | 8 | | | | | | | — | | | |
| Other(a) | | | | | — | | | | | | | 60 | | | | | | | — | | | |
| Total significant and/or non-recurring items included in operating income above | | | | | 849 | | | | | | | 1,629 | | | | | | | 1,496 | | | |
| Adjusted EBIT | | | | $ | 3,397 | | | | | | $ | 3,181 | | | | | | $ | 3,260 | | | |
| Dollars in Millions | | | Fiscal 2021 | | | Fiscal 2020 | | ||||||||
| Net income | | | | $ | 1,842 | | | | | | $ | 1,086 | | | |
| Adjustments: | | | | | | | | | | | | | | | |
| Discontinued operations, net of income taxes | | | | | 1 | | | | | | | 2 | | | |
| Income taxes | | | | | 440 | | | | | | | 234 | | | |
| Net interest expense | | | | | 265 | | | | | | | 254 | | | |
| L3Harris Merger integration costs | | | | | 128 | | | | | | | 140 | | | |
| Amortization of acquisition-related intangibles | | | | | 627 | | | | | | | 709 | | | |
| Additional cost of sales related to the fair value step-up in inventory sold | | | | | — | | | | | | | 31 | | | |
| Business divestiture-related (gains) losses | | | | | (220) | | | | | | | 51 | | | |
| Impairment of goodwill and other assets and other COVID-related charges | | | | | 207 | | | | | | | 785 | | | |
| CAS pension settlement (gains) losses | | | | | 41 | | | | | | | — | | | |
| Impairment of equity method investment | | | | | 35 | | | | | | | — | | | |
| Other items | | | | | 31 | | | | | | | (12) | | | |
| Total adjustments | | | | | 1,555 | | | | | | | 2,194 | | | |
| Adjusted EBIT | | | | $ | 3,397 | | | | | | $ | 3,280 | | | |
| APPENDIX A: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |
| AMOUNTS IN MILLIONS EXCEPT PER SHARE AMOUNTS | | | 2021 | | | 2022 | | | 2023 | | ||||||||||||
| Diluted weighted average common shares outstanding | | | | | 203.20 | | | | | | | 193.50 | | | | | | | 190.60 | | | |
| EPS | | | | $ | 9.09 | | | | | | $ | 5.49 | | | | | | $ | 6.44 | | | |
| Total adjustments(a) | | | | | 849 | | | | | | | 1,629 | | | | | | | 1,629 | | | |
| Total pre-tax adjustments per share(a) | | | | | 4.18 | | | | | | | 8.42 | | | | | | | 7.85 | | | |
| Noncontrolling interests portion of adjustments per share | | | | | (0.02) | | | | | | | (0.02) | | | | | | | (0.19) | | | |
| Income taxes on above adjustments per share | | | | | (0.30) | | | | | | | (0.99) | | | | | | | (1.74) | | | |
| Total adjustments after-tax | | | | | 3.86 | | | | | | | 7.41 | | | | | | | 6.11 | | | |
| Non-GAAP EPS(a) | | | | $ | 12.95 | | | | | | $ | 12.90 | | | | | | $ | 12.36 | | | |
| Dollars in Millions | | Fiscal 2021 | | Fiscal 2020 | | DOLLARS IN MILLIONS | | 2022 | | 2023 | | ||||||||||||||||||||
| Net cash provided by operating activities | | | $ | 2,687 | | | | | $ | 2,790 | | | | Net cash provided by operating activities | | | $ | 2,158 | | | | | $ | 2,096 | | | | ||||
| Additions of property, plant and equipment | | | | (342) | | | | | | (368) | | | | Adjustments: | | | | | | | | | | | | | | ||||
| Proceeds from sale of property, plant and equipment, net | | | | 7 | | | | | | 91 | | | | Additions of property, plant and equipment, net | | | | (252) | | | | | | (449) | | | | ||||
| Cash used for L3Harris Merger integration costs | | | | 118 | | | | | | 173 | | | | Proceeds from sale of property, plant and equipment, net | | | | 14 | | | | | | 56 | | | | ||||
| Net cash paid for income taxes associated with business divestitures | | | | 276 | | | | | | — | | | | Cash used for merger, acquisition, and divestiture-related expenses | | | | 109 | | | | | | 306 | | | | ||||
| Adjusted Free Cash Flow | | | $ | 2,746 | | | | | $ | 2,686 | | | | Net cash paid for income taxes associated with business divestitures | | | | — | | | | | | — | | | | ||||
| Total adjustments | | | | (129) | | | | | | (87) | | | | ||||||||||||||||||
| Adjusted free cash flow | | | $ | 2,029 | | | | | $ | 2,009 | | | |
| Dollars in Millions | | Fiscal 2021 | | Fiscal 2020 | | DOLLARS IN MILLIONS | | 2021 | | 2022 | | 2023 | | 3-yr avg | | ||||||||||||||
| Income from continuing operations per diluted common share attributable to L3Harris Technologies, Inc. common shareholders | | | $ | 9.09 | | | | | $ | 5.19 | | | | Adjusted EBIT | | $3,397 | | $3,181 | | $3,260 | | $3,279 | | ||||||
| Adjustments: | | | | | | | | | | | | | | Less: Income taxes | | 544 | | 442 | | 424 | | 470 | | ||||||
| L3Harris Merger integration costs | | | | 0.63 | | | | | | 0.60 | | | | Net operating profit (X) | | $2,853 | | $2,739 | | $2,836 | | $2,810 | | ||||||
| Amortization of acquisition-related intangibles | | | | 3.09 | | | | | | 3.29 | | | | Divided by: | | | | | | | | | | ||||||
| Additional cost of sales related to the fair value step-up in inventory sold | | | | — | | | | | | 0.14 | | | | Short-term debt | | $2 | | $2 | | $844 | | $283 | | ||||||
| Business divestiture-related (gains) losses | | | | (1.08) | | | | | | 0.24 | | | | Current portion of long-term debt, net | | 11 | | 818 | | 543 | | 457 | | ||||||
| Impairment of goodwill and other assets and other COVID-related charges | | | | 1.02 | | | | | | 3.56 | | | | Long-term debt, net | | 7,048 | | 6,225 | | 8,922 | | 7,398 | | ||||||
| CAS pension settlement (gains) losses | | | | 0.20 | | | | | | — | | | | Total debt | | 7,061 | | 7,045 | | 10,310 | | 8,139 | | ||||||
| Impairment of an equity method investment | | | | 0.17 | | | | | | — | | | | Total shareholders’ equity(b) | | 6,482 | | 6,693 | | 6,656 | | 6,610 | | ||||||
| Other items | | | | 0.14 | | | | | | 0.07 | | | | Noncontrolling interests | | 4 | | 1 | | (6) | | (3) | | ||||||
| Noncontrolling interests portion of adjustments | | | | (0.02) | | | | | | (0.19) | | | | Less: Cash | | 941 | | 880 | | 570 | | 797 | | ||||||
| Total pre-tax adjustments | | | | 4.16 | | | | | | 7.71 | | | | Invested capital (Y)(c) | | $12,606 | | $12,859 | | $16,390 | | $13,949 | | ||||||
| Income taxes on above adjustments | | | | (0.30) | | | | | | (1.30) | | | | ROIC (X)/(Y) | | 22.6% | | 21.3% | | 17.3% | | 20.4% | | ||||||
| Total adjustments after tax | | | | 3.86 | | | | | | 6.41 | | | | ||||||||||||||||
| Non-GAAP income from continuing operations per diluted common share | | | $ | 12.95 | | | | | $ | 11.60 | | | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |
| APPENDIX B: L3HARRIS TECHNOLOGIES, INC. 2024 EQUITY INCENTIVE PLAN | |