L3Harris Technologies Reports Strong Third Quarter 2024 Results, Increases 2024 Guidance

Table 6 - Effective Tax Rate on Non-GAAP Income (unaudited)

 

Third Quarter

 

2024

 

 

2023

 

(In millions)

Earnings
Before Tax

 

Tax
Expense

(Benefit)

 

Effective
Tax Rate

 

Earnings
Before Tax

 

Tax
Expense

 

Effective
Tax Rate

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

$

430

 

$

26

 

 

6.0

%

 

$

400

 

$

18

 

4.5

%

Amortization of acquisition-related intangibles and additional cost of revenue related to the fair value step-up in inventory sold1

 

210

 

 

52

 

 

 

 

 

208

 

 

53

 

 

Merger, acquisition, and divestiture-related expenses1

 

25

 

 

5

 

 

 

 

 

56

 

 

8

 

 

Business divestiture-related losses, net and impairment of goodwill and other assets1

 

29

 

 

(6

)

 

 

 

 

 

 

3

 

 

LHX NeXt implementation costs 1

 

41

 

 

18

 

 

 

 

 

33

 

 

8

 

 

Non-GAAP income before income taxes

$

735

 

$

95

 

 

12.9

%

 

$

697

 

$

90

 

12.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Year to Date

 

2024

 

 

2023

 

(In millions)

Earnings
Before Tax

 

Tax
Expense

(Benefit)

 

Effective
Tax Rate

 

Earnings
Before Tax

 

Tax
Expense

 

Effective
Tax Rate

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

$

1,110

 

$

54

 

 

4.9

%

 

$

1,145

 

$

73

 

6.4

%

Amortization of acquisition-related intangibles and additional cost of revenue related to the fair value step-up in inventory sold 1

 

642

 

 

159

 

 

 

 

 

576

 

 

137

 

 

Merger, acquisition, and divestiture-related expenses 1

 

86

 

 

16

 

 

 

 

 

144

 

 

26

 

 

Business divestiture-related losses, net and impairment of goodwill and other assets 1

 

67

 

 

(8

)

 

 

 

 

52

 

 

9

 

 

LHX NeXt implementation costs 1

 

216

 

 

54

 

 

 

 

 

68

 

 

17

 

 

Non-GAAP income before income taxes

$

2,121

 

$

275

 

 

13.0

%

 

$

1,985

 

$

262

 

13.2

%

 

 

 

 

 

 

 

 

 

 

 

 

1 Refer to Key Terms and Non-GAAP Definitions on page 17.


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