The following table summarizes our selected historical financial information for each of the last five fiscal years. Amounts pertaining to our results of operations are presented on a continuing operations basis. See Note 3: Discontinued Operations and Divestitures in the Notes for information regarding discontinued operations. The selected financial information shown below has been derived from our audited Consolidated Financial Statements, which for data presented for fiscal 2018 and 2017 are included elsewhere in this Report. This table should be read in conjunction with our other financial information, including “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements and accompanying Notes, included elsewhere in this Report.
Fiscal Years Ended
2018(1)
2017(2)
2016(3)
2015(4)
2014
(In millions, except per share amounts)
Results of Operations:
Revenue from product sales and services
$
6,182
$
5,900
$
5,992
$
3,885
$
3,622
Cost of product sales and services(5)
3,931
3,734
3,832
2,304
2,118
Interest expense
170
172
183
130
94
Income from continuing operations before income taxes
926
905
884
396
642
Income taxes
205
267
273
109
202
Income from continuing operations
721
638
611
287
440
Discontinued operations, net of income taxes
(3
)
(85
)
(287
)
47
94
Net income
718
553
324
334
534
Noncontrolling interests, net of income taxes
—
—
—
—
1
Net income attributable to Harris Corporation
718
553
324
334
535
Average shares outstanding (diluted)
121.1
124.3
125.0
106.8
107.3
Per Share Data (Diluted):
Income from continuing operations
$
5.94
$
5.12
$
4.87
$
2.67
$
4.08
Income (loss) from discontinued operations, net of income taxes
(0.02
)
(0.68
)
(2.28
)
0.44
0.87
Net income
5.92
4.44
2.59
3.11
4.95
Cash dividends
2.28
2.12
2.00
1.88
1.68
Financial Position at Fiscal Year-End:
Net working capital(6)
$
435
$
147
$
643
$
909
$
877
Net property, plant and equipment
900
904
924
1,031
576
Long-term debt, net
3,408
3,396
4,120
5,053
1,564
Total assets
9,839
10,090
12,009
13,127
4,919
Equity
3,322
2,928
3,057
3,402
1,825
Book value per share
28.09
24.48
24.53
27.51
17.30
(1)
Results for fiscal 2018 included: (i) $47 million of charges related to our decision to transition and exit a commercial air-to-ground LTE radio communications line of business and other items; (ii) $27 million of losses and other costs related to debt refinancing; (iii) $14 million of charges related to non-cash adjustments for deferred compensation and the impact of tax reform; and (iv) a $5 million charge related to consolidation of certain Exelis facilities initiated in fiscal 2017. The net after-tax impact from these fiscal 2018 items was $68 million or $.56 per diluted common share.
(2)
Results for fiscal 2017 included a $51 million after-tax ($.41 per diluted common share) charge for Exelis acquisition-related and other items.
(3)
Results for fiscal 2016 included: (i) $121 million for integration and other costs associated with our acquisition of Exelis in the fourth quarter of fiscal 2015, including $11 million for amortization of a step-up in inventory; (ii) a net liability reduction of $101 million for certain post-employment benefit plans; (iii) $33 million of charges for restructuring and other items; and (iv) a $10 million net gain on the sale of Aerostructures. The net after-tax impact from these fiscal 2016 items was $34 million or $.27 per diluted common share.
(4)
Results for fiscal 2015 included results of Exelis following the close of the acquisition on May 29, 2015 and a $205 million after-tax ($1.91 per diluted share) charge for transaction, financing, integration, restructuring and other costs, primarily related to our acquisition of Exelis.
(5)
“Cost of products sales and services” from prior years have been adjusted to conform to current-year classifications. Reclassifications include certain human resources, information technology (“IT”), direct selling and bid and proposal costs that were previously included as “Cost of product sales and services” line items and are now reflected in the “Engineering, selling and administrative expenses” line item in our Consolidated Statement of Income
(6)
Net working capital decreased in fiscal 2017 compared with fiscal 2016 primarily due to a $172 million increase in current portion of long-term debt and a $161 million decrease associated with net working capital of discontinued operations.
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