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2021 Proxy Statement and Notice of Annual Meeting
2021 Proxy Statement and Notice of Annual Meeting Friday, April 23, 2021 9:00 AM Eastern Time Virtual Meeting Website: www.virtualshareholdermeeting.com/LHX2021 OUR VALUES Integrity, Excellence and Respect – always. At L3Harris, innovation is powered by our foundational commitment to living our values. NOTICE OF 2021 ANNUAL MEETING OF SHAREHOLDERS When: Meeting Agenda Friday, April 23, 2021 9:00 AM Eastern Time Proposal 1: To elect as directors the 12 nominees named in the Where: accompanying proxy statement for a one-year term expiring at the 2022 The Annual Meeting will be Annual Meeting of Shareholders. held exclusively online at Proposal 2: To approve, in an advisory vote, the compensation of our named www.virtualshareholdermeeting .com/LHX2021. executive officers as disclosed in the accompanying proxy statement. Proposal 3: To ratify our Audit Committee's appointment of Ernst & Young YOUR VOTE IS IMPORTANT LLP as our independent registered public accounting firm for our fiscal year 2021. Even if you plan to attend the virtual Annual Meeting, we encourage you to The accompanying proxy statement more fully describes these matters. vote your shares before the meeting to ensure they are counted. Shareholders also will act on any other business matters that may properly come before the meeting, but we have not received notice of any such matters. All holders of common stock of record at the close of business on February HOW YOU CAN VOTE 26, 2021 are entitled to notice of and to vote at the Annual Meeting and any adjournments or postponements thereof. Internet Before the Annual Meeting* The Annual Meeting will be virtual-only, held exclusively online, due to the www.proxyvote.com public health impact of COVID and to protect the health and well-being of our shareholders, employees and board of directors. -
L3harris Overview
Use of U.S. DoD visual information does not imply or constitute DoD endorsement. L3HARRIS OVERVIEW March 2021 Forward looking statements Statements in this presentation that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this presentation include but are not limited to: statements regarding synergies, synergy or free cash flow targets, value creation or cash flow growth; statements regarding shareholder friendly capital allocation, including dividend and share repurchase expectations; statements regarding organizational model or leveraging cross segment capabilities; statements regarding revenue growth or margin expansion; statements regarding the company’s solutions or capabilities; other statements about the combination of L3 and Harris and anticipated benefits therefrom, including estimated synergies, the effects of the combination, including on future financial and operating results, and the integration of operations; and other statements regarding outlook or that are not historical facts. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such -
L3harris 2020 Annual Report
2020 Annual Report FINANCIAL * 2019 2020 HIGHLIGHTS $ in millions NON-GAAP EARNINGS PER SHARE Organic Revenue* $17,677 $18,194 $11.60 $10.26 Non-GAAP EBIT* $3,039 $3,280 Non-GAAP EBIT Margin* 16.8% 18.0% 2019 2020 Capital Returns ADJUSTED FREE CASH FLOW (IN MILLIONS) Dividends $499 $725 Share Repurchases $1,500 $2,290 $2,686 $2,095 FIVE-YEAR CUMULATIVE TOTAL RETURN $295 $263 $270 LHX 2019 $198 2020 S&P 500 $147 NET DEBT/EBITDA LHX UP $109 170% $100 SINCE FY15 1.8 S&P UP 102% SINCE FY15 1.6 FY15 FY16 FY17 FY18 FY19 1/3/2020 FY20 ABOUT L3HARRIS TECHNOLOGIES 2019 2020 L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end TOTAL BACKLOG (IN MILLIONS) solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial $21,670 technologies across air, land, sea, space and cyber $20,146 domains. L3Harris has approximately $18 billion in annual revenue and 48,000 employees, with customers in more than 100 countries. *Includes or reflects non–GAAP financial measures (NGFMs) and/or pro forma financial 2019 2020 measures; refer to disclosures and NGFM reconciliations in “Non-GAAP and Pro Forma Financial Measures” section on pages 5-6. L3HARRIS TECHNOLOGIES 2020 ANNUAL REPORT LETTER TO SHAREHOLDERS Integrating a merger of equals while meeting stakeholder commitments is challenging even under ideal circumstances. 2020 was anything but ideal. Global health, economic and social crises tested the very fabric of our merger vision – to create a company with the scale, resources and capabilities to provide affordable, innovative and rapidly fielded solutions that address our customers’ mission critical needs. -
Sustainability Report 2020 Sustainability Is Not Just for Our Company
SUSTAINABILITY REPORT 2020 SUSTAINABILITY IS NOT JUST FOR OUR COMPANY. IT IS FOR OUR WORLD. SOME PROGRESS MAY BE SLOW. SOME MAY BE FAST. BUT IT WILL ALWAYS BE FORWARD. F-16 training simulation mission. INTEGRITY Our decisions and actions are based on ethical, honest and accountable practices. EXCELLENCE We perform at the highest levels through flawless execution, customer focus and constant innovation. RESPECT We tackle every challenge with a sustainable, community-minded and inclusive approach. TABLE OF CONTENTS APPROACH NARRATIVES GOVERNANCE 05 A message from 11 COVID-19 22 Corporate governance William M. Brown 13 Product technology 25 Business ethics 06 About L3Harris 15 Energy/climate change 27 Anti-Corruption 07 Highlights of 2020 17 Diversity & inclusion (D&I) 28 Lobbying and 08 Stakeholder engagement political advocacy 19 Community 09 Focus areas ENVIRONMENTAL SOCIAL REFERENCE 30 EHS and sustainability 38 Human capital 49 Recognitions management system 40 Diversity and inclusion 50 Resources 31 Sustainable products/ 41 Health and safety services and packaging materials 43 Human rights GRI/SASB INDEX 32 Energy and climate change 44 Community 34 Water 45 Supply chain 35 Waste and hazardous waste 46 Data privacy and cybersecurity 47 Product safety and quality COVER IMAGE: L3Harris provides critical imaging and ground system capabilities for the GOES-R Series weather satellite. HERE: L3Harris radomes protect equipment at the Cryptologic Operations Center in Misawa, Japan. Use of U.S. DoD visual information does not imply or constitute DoD endorsement. APPROACH NARRATIVES GOVERNANCE ENVIRONMENTAL SOCIAL REFERENCE GRI/SASB INDEX L3HARRIS SUSTAINABILITY REPORT 2020 05 We launched L3Harris in 2019 with a “ vision to create a company with the scale, resources and capabilities to provide innovative and rapidly fielded solutions to address our customers’ A MESSAGE FROM WILLIAM M. -
2019 Annual Report FINANCIAL HIGHLIGHTS
Lockheed Martin Corporation 2019 Annual Report FINANCIAL HIGHLIGHTS In millions, except per share data 2019 2018 2017 Net Sales $ 59,812 $ 53,762 $ 49,960 Segment Operating Profit 6,574 5,877 5,092 Consolidated Operating Profit 8,545 7,334 6,744 Net Earnings From Continuing Operations 6,230 5,046 1,890 Net Earnings 6,230 5,046 1,963 Diluted Earnings Per Common Share Continuing Operations 21.95 17.59 6.50 Net Earnings 21.95 17.59 6.75 Cash Dividends Per Common Share 9.00 8.20 7.46 Average Diluted Common Shares Outstanding 284 287 291 Cash and Cash Equivalents $ 1,514 $ 772 $ 2,861 Total Assets 47,528 44,876 46,620 Total Debt, net 12,654 14,104 14,263 Total Equity (Deficit) 3,171 1,449 (776) Common Shares Outstanding at Year-End 280 281 284 Net Cash Provided by Operating Activities $7,311 $ 3,138 $ 6,476 NOTE: For additional information regarding the amounts presented above, see the Form 10-K portion of this Annual Report. A reconciliation of Segment Operating Profit to Consolidated Operating Profit is included on the page preceding the back cover of this Annual Report. Dear Fellow Stockholders: In 2019, Lockheed Martin continued to advance on its trajectory of strong growth and positive momentum, as we helped customers around the world fulfill their most vital missions. Our sustained performance over the past several years has strengthened global security, advanced the frontiers of science and technology, and expanded economic growth and opportunity. For our stockholders, our strategic, operational, and financial performance has increased value and helped lay the groundwork for future business successes. -
2020 Annual Report FINANCIAL HIGHLIGHTS
Lockheed Martin Corporation 2020 Annual Report FINANCIAL HIGHLIGHTS In millions, except per share data 2020 2019 2018 Net Sales $ 65,398 $ 59,812 $ 53,762 Segment Operating Profit 7,152 6,574 5,877 Consolidated Operating Profit 8,644 8,545 7,334 Net Earnings From Continuing Operations 6,888 6,230 5,046 Net Earnings 6,833 6,230 5,046 Diluted Earnings Per Common Share Continuing Operations 24.50 21.95 17.59 Net Earnings 24.30 21.95 17.59 Cash Dividends Per Common Share 9.80 9.00 8.20 Average Diluted Common Shares Outstanding 281 284 287 Cash and Cash Equivalents $ 3,160 $ 1,514 $ 772 Total Assets 50,710 47,528 44,876 Total Debt, net 12,169 12,654 14,104 Total Equity 6,038 3,171 1,449 Common Shares Outstanding at Year-End 279 280 281 Net Cash Provided by Operating Activities $ 8,183 $ 7,311 $ 3,138 NOTE: For additional information regarding the amounts presented above, see the Form 10-K portion of this Annual Report. A reconciliation of Segment Operating Profit to Consolidated Operating Profit is included on the page preceding the back cover of this Annual Report. Dear Fellow Stockholders: James D. Taiclet Chairman, President and Chief Executive Officer In 2020, Lockheed Martin demonstrated our agility, resilience, and resolve in the face of the year’s many and varied geopolitical, business, and public health challenges. Through it all, we maintained the highest level of focus on our customers’ missions. We also developed a new strategic vision to accelerate the adoption of leading-edge network-centric technologies to help our nation and allies meet the heightened and evolving threats of the 21st century.