<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 11-K
_____________________
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 1-3863
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
Lanier Worldwide, Inc.
Savings Incentive Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Harris Corporation
1025 W. NASA Blvd.
Melbourne, Florida 32919
<PAGE> 2
LANIER WORLDWIDE, INC.
SAVINGS INCENTIVE PLAN
Financial Statements
and Supplementary Information
June 30, 1996 and 1995
<PAGE> 3
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Table of Contents
June 30, 1996 and 1995 PAGE
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INDEPENDENT AUDITOR'S REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits 2-5
Statements of Changes in Net Assets Available for Benefits 6-9
Notes to Financial Statements 10-12
SUPPLEMENTARY INFORMATION:
Schedule of Assets Held for Investment 13
Schedule of Reportable Transactions 14
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<PAGE> 4
INDEPENDENT AUDITOR'S REPORT
Pension and Retirement Committee
Lanier Worldwide, Inc. Savings Incentive Plan
Melbourne, Florida
We have audited the accompanying statements of net assets available for benefits
of the Lanier Worldwide, Inc. Savings Incentive Plan as of June 30, 1996 and
1995, and the related statements of changes in net assets available for benefits
for the years then ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at June
30, 1996 and 1995, and the changes in its net assets available for benefits for
the years then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules contained
on pages 13 and 14 as of and for the year ended June 30, 1996 are presented for
purposes of complying with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974, and are not a required part of the financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our audit of
the 1996 financial statements and, in our opinion, are fairly stated in all
material respects in relation to the 1996 financial statements taken as a whole.
Melbourne, Florida
November 10, 1996
1
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<PAGE> 5
FINANCIAL STATEMENTS
<PAGE> 6
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Statements of Net Assets Available for Benefits
June 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
T. Rowe Price T. Rowe Price T. Rowe Price T. Rowe Price
Prime Reserve Summit Cash Equity Index Short Term
Fund Reserve Fund Fund Bond Fund
------------- ------------- ------------- -------------
ASSETS
INVESTMENTS (NOTE 4):
<S> <C> <C> <C> <C>
Mutual fund balances $ -- $15,253,639 $34,606,310 $ 1,523,479
Harris Corporation common
stock -- -- -- --
Participant loans -- -- -- --
----------- ----------- ----------- -----------
Total investments -- 15,253,639 34,606,310 1,523,479
RECEIVABLES:
Contributions receivable:
Employer contributions -- 10,762 15,222 1,653
Employee contributions -- 45,396 74,388 7,512
----------- ----------- ----------- -----------
-- 56,158 89,610 9,165
LIABILITIES -- -- -- --
----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $ -- $15,309,797 $34,695,920 $ 1,532,644
=========== =========== =========== ===========
</TABLE>
See accompanying note to financial statements. 2
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<PAGE> 7
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<TABLE>
<CAPTION>
T. Rowe Price T. Rowe Price T. Rowe Price T. Rowe Price
New America Balanced International Harris Loan
Growth Fund Fund Stock Fund Stock Fund Fund Total
- ------------- ------------- ------------- ------------ ------------- ------------
<C> <C> <C> <C> <C> <C>
$20,340,388 $ 8,082,548 $ 3,013,427 $ -- $ -- $82,819,791
-- -- -- 150,767 -- 150,767
-- -- -- -- 5,642,956 5,642,956
- ----------- ----------- ----------- ----------- ----------- -----------
20,340,388 8,082,548 3,013,427 150,767 5,642,956 88,613,514
13,370 5,680 2,469 6,364 -- 55,520
69,285 27,233 14,455 12,724 -- 250,993
- ----------- ----------- ----------- ----------- ----------- -----------
82,655 32,913 16,924 19,088 -- 306,513
-- -- -- -- -- --
- ----------- ----------- ----------- ----------- ----------- -----------
$20,423,043 $ 8,115,461 $ 3,030,351 $ 169,855 $ 5,642,956 $88,920,027
=========== =========== =========== =========== =========== ===========
</TABLE>
3
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<PAGE> 8
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Statements of Net Assets Available for Benefits
June 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
T. Rowe Price T. Rowe Price T. Rowe Price T. Rowe Price
Prime Reserve Equity Index Short Term New America
Fund Fund Bond Fund Growth Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS
INVESTMENTS (NOTE 4):
Mutual fund balances $16,038,770 $26,614,705 $ 1,701,112 $11,080,189
Participant loans -- -- -- --
----------- ----------- ----------- -----------
Total investments 16,038,770 26,614,705 1,701,112 11,080,189
Contributions receivable 290,710 381,412 47,941 278,092
LIABILITIES -- -- -- --
----------- ----------- ----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $16,329,480 $26,996,117 $ 1,749,053 $11,358,281
=========== =========== =========== ===========
</TABLE>
See accompanying note to financial statements. 4
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<PAGE> 9
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<TABLE>
<CAPTION>
T. Rowe Price T. Rowe Price T. Rowe Price
Balanced International Loan
Fund Stock Fund Fund Total
------------- ------------- ------------- ------------
<C> <C> <C> <C>
$ 6,408,727 $ 1,698,627 $ -- $ 63,542,130
-- -- 4,860,867 4,860,867
----------- ----------- ------------ ------------
6,408,727 1,698,627 4,860,867 68,402,997
151,270 56,774 -- 1,206,199
-- -- -- --
------------ ------------ ----------- ------------
$ 6,559,997 $ 1,755,401 $ 4,860,867 $ 69,609,196
============ ============ =========== ============
</TABLE>
5
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<PAGE> 10
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Statements of Changes in Net Assets Available for Benefits
Year Ended June 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
T. Rowe Price T. Rowe Price T. Rowe Price T. Rowe Price
Prime Reserve Summit Cash Equity Index Short Term
Fund Reserve Fund Fund Bond Fund
------------ ------------ ------------ ------------
INCREASES:
<S> <C> <C> <C> <C>
Investment income $ 207,683 $ 605,561 $ 1,463,778 $ 94,981
Contributions from employer 307,409 1,342,104 2,652,712 278,229
Contributions from employees -- 369,646 565,373 57,009
------------ ------------ ------------ ------------
515,092 2,317,311 4,681,863 430,219
Net transfers between funds (16,256,157) 13,723,913 (780,266) (392,908)
DECREASES:
Benefits paid directly to
participants 588,415 726,083 1,683,342 229,269
Administrative expenses -- 5,344 12,125 1,103
------------ ------------ ------------ ------------
588,415 731,427 1,695,467 230,372
Net appreciation (depreciation)
in fair value of investments
(Note 4) -- -- 5,493,673 (23,348)
------------ ------------ ------------ ------------
Net increase in net assets
available for benefits (16,329,480) 15,309,797 7,699,803 (216,409)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 16,329,480 -- 26,996,117 1,749,053
------------ ------------ ------------ ------------
END OF YEAR $ -- $ 15,309,797 $ 34,695,920 $ 1,532,644
============ ============ ============ ============
</TABLE>
See accompanying note to financial statements. 6
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<PAGE> 11
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<TABLE>
<CAPTION>
T. Rowe Price T. Rowe Price T. Rowe Price T. Rowe Price
New America Balanced International Harris Loan
Growth Fund Fund Stock Fund Stock Fund Fund Total
- ----------- ----------- ----------- ----------- ----------- -----------
<C> <C> <C> <C> <C> <C>
$ 740,699 $ 346,196 $ 55,512 $ 567 $ 408,502 $ 3,923,479
2,425,337 1,045,360 472,259 84,285 -- 8,607,695
465,250 202,373 78,944 88,146 -- 1,826,741
- ----------- ----------- ----------- ----------- ----------- -----------
3,631,286 1,593,929 606,715 172,998 408,502 14,357,915
2,588,665 (204,894) 658,259 -- 663,388 --
1,229,051 513,688 281,823 54 289,801 5,541,526
8,088 3,669 1,183 -- -- 31,512
- ----------- ----------- ----------- ----------- ----------- -----------
1,237,139 517,357 283,006 54 289,801 5,573,038
4,081,950 683,786 292,982 (3,089) -- 10,525,954
- ----------- ----------- ----------- ----------- ----------- -----------
9,064,762 1,555,464 1,274,950 169,855 782,089 19,310,831
11,358,281 6,559,997 1,755,401 -- 4,860,867 69,609,196
- ----------- ----------- ----------- ----------- ----------- -----------
$20,423,043 $ 8,115,461 $ 3,030,351 $ 169,855 $ 5,642,956 $88,920,027
=========== =========== =========== =========== =========== ===========
</TABLE>
7
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<PAGE> 12
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Statements of Changes in Net Assets Available for Benefits
Year Ended June 30, 1995
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
T. Rowe Price T. Rowe Price T. Rowe Price T. Rowe Price
Prime Reserve Equity Index Short Term New America
Fund Fund Bond Fund Growth Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASES:
Investment income $ 754,980 $ 838,424 $ 95,227 $ 184,593
Contributions from employer 438,023 554,532 70,443 365,872
Contributions from employees 1,826,524 2,485,434 307,410 1,822,763
------------ ------------ ------------ ------------
3,019,527 3,878,390 473,080 2,373,228
Net transfers between funds (791,917) (582,059) (83,304) (571,833)
DECREASES:
Benefits paid directly to
participants 1,161,160 1,487,149 81,628 728,635
Administrative expenses 8,640 11,040 1,223 6,213
------------ ------------ ------------ ------------
1,169,800 1,498,189 82,851 734,848
Net appreciation (depreciation)
in fair value of investments
(Note 4) -- 4,538,376 (32,377) 1,879,118
------------ ------------ ------------ ------------
Net increase in net assets
available for benefits 1,057,810 6,336,518 274,548 2,945,665
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 15,271,670 20,659,599 1,474,505 8,412,616
------------ ------------ ------------ ------------
END OF YEAR $ 16,329,480 $ 26,996,117 $ 1,749,053 $ 11,358,281
============ ============ ============ ============
</TABLE>
See accompanying note to financial statements. 8
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<PAGE> 13
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<TABLE>
<CAPTION>
T. Rowe Price T. Rowe Price T. Rowe Price
Balanced International Loan
Fund Stock Fund Fund Total
- ------------- ------------- ------------- -----------
<C> <C> <C> <C>
$ 357,314 $ 76,967 $ 280,692 $ 2,588,197
200,185 54,010 -- 1,683,065
945,834 261,696 -- 7,649,661
- ----------- ----------- ----------- -----------
1,503,333 392,673 280,692 11,920,923
(92,604) 1,458,482 663,235 --
353,319 29,450 228,426 4,069,767
3,640 -- -- 30,756
- ----------- ----------- ----------- -----------
356,959 29,450 228,426 4,100,523
570,156 (66,304) -- 6,888,969
- ----------- ----------- ----------- -----------
1,623,926 1,755,401 715,501 14,709,369
4,936,071 -- 4,145,366 54,899,827
- ----------- ----------- ----------- -----------
$ 6,559,997 $ 1,755,401 $ 4,860,867 $69,609,196
=========== =========== =========== ===========
</TABLE>
9
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<PAGE> 14
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Notes to Financial Statements
June 30, 1996 and 1995
- --------------------------------------------------------------------------------
1. DESCRIPTION OF THE PLAN
The Lanier Worldwide, Inc. Savings Incentive Plan (the "Plan") is a
defined contribution plan available to employees of Lanier Worldwide, Inc.
("the Company and Sponsor") who have completed one full year of service
and are at least 21 years of age. Participants can contribute up to 15% of
their salary in 1% increments. The Company matches 50% of the
participant's contribution up to a maximum of 3% of compensation. All
participants' contributions and earnings thereon are 100% vested. Company
contributions to participants' accounts vest 20% per year of service,
until a participant becomes fully vested after five years of service.
Forfeitures of terminated participants' nonvested accounts reduce the
matching contributions of the Company.
Participants may allocate contributions among six T. Rowe Price Mutual
Funds. Participants may borrow against the vested portion of their
accounts from a minimum of $500 up to a maximum of $50,000 or 50% of the
vested portion of a participant's account, whichever is less. Loans made
under the Plan range from one year to four years. Loan provisions were
changed in 1995 to allow participants to direct funds from which the
principal amount is withdrawn.
Upon termination, vested participants receive full lump sum distributions.
The full value of benefits are payable upon retirement, total or permanent
disability or to beneficiaries upon death of the participant regardless of
years of service.
Under provisions of the Plan, the Company reserved the right to amend or
terminate the Plan at any time. If the plan is terminated, each
participant's account will become fully vested.
T. Rowe Price Retirement Plan Services, Inc. (T. Rowe Price) is the Plan's
Trustee, record keeper, and investment manager.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting records of the Plan are maintained on the accrual basis.
Unless otherwise elected by the Company, all ordinary and extraordinary
charges and expenses incurred by the Trustee in connection with the
administration of the Plan are paid by the Trustee from the assets of the
Plan. In both fiscal 1996 and 1995, the Company elected to pay certain
administrative expenses such as legal fees, tax counsel and accounting
fees. Administrative expenses, which consist of Trustee, record keeping
and investment manager fees and commissions paid to T. Rowe Price, were
paid by the Plan.
10
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<PAGE> 15
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Notes to Financial Statements
June 30, 1996 and 1995
- --------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Investments in securities are stated at fair value as determined by quoted
market prices as of the close of business on the last day of the plan
year. Investments for which a quoted market value is not available are
stated at fair values reported by the trustee or investee company.
Participant loans are stated at cost.
The net appreciation (depreciation) in fair value of investments reflected
in the statements of changes in net assets available for plan benefits
represents the sum of the unrealized appreciation or depreciation in the
aggregate fair value of investments and the realized gain or loss on the
sale of investments.
3. INCOME TAX STATUS
The Internal Revenue Service has determined that the Plan qualifies under
Section 401(k) of the Internal Revenue Code (IRC) and is, therefore, not
subject to tax under federal income tax laws. Once qualified, the Plan is
required to operate in conformity with the IRC to maintain its
qualification.
4. INVESTMENTS
During the years ended June 30, 1996 and 1995, the Plan's investments
(including investments bought and sold as well as held during the year)
appreciated (depreciated) in fair value by $10,525,954 and $6,888,968,
respectively as follows:
<TABLE>
<CAPTION>
Net Appreciation
(Depreciation) in
Fair Value During
1996 1995
------------ ------------
<S> <C> <C>
Fair value as determined by quoted market price:
T. Rowe Price Equity Index Fund $ 5,493,673 $ 4,538,376
T. Rowe Price Short-term Bond Fund (23,348) (32,377)
T. Rowe Price New America Growth Fund 4,081,950 1,879,118
T. Rowe Price Balanced Fund 683,786 570,156
T. Rowe Price International Stock Fund 292,982 (66,304)
Harris Stock Fund (3,089) --
------------ ------------
$ 10,525,954 $ 6,888,969
============ ============
</TABLE>
5. TRANSACTIONS WITH PARTIES-IN-INTEREST
Under Department of Labor regulations for reporting and disclosure, an
employee benefit plan such as the Lanier Worldwide, Inc. Savings Incentive
Plan is required to report investment transactions and compensation paid
to parties-in-interest.
11
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<PAGE> 16
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Notes to Financial Statements
June 30, 1996 and 1995
- --------------------------------------------------------------------------------
5. TRANSACTIONS WITH PARTIES-IN-INTEREST, CONTINUED
The term "party-in-interest" is broadly defined, but would include Lanier
Worldwide, Inc.; Harris Corporation, Lanier Worldwide, Inc.'s parent
company; T. Rowe Price (Note 2) and any person or corporation that renders
services to the Plan. At June 30, 1996 and 1995 all investments were held
in T. Rowe Price funds.
6. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per
the financial statements at June 30, 1996 and 1995 to Form 5500:
<TABLE>
<CAPTION>
1996 1995
------------ ------------
<S> <C> <C>
Net assets available for benefits per the
Financial statement $ 88,920,027 $ 69,609,196
Amounts allocated to withdrawing participants (623,535) (1,227,279)
------------ ------------
Net assets available for benefits per the Form 5500 $ 88,296,492 $ 68,381,917
============ ============
</TABLE>
The following is a reconciliation of benefits paid to participants per the
financial statements for the year ended June 30, 1996 to Form 5500:
<TABLE>
<CAPTION>
<S> <C>
Benefits paid to participants per the financial statements $ 5,541,526
Add: Amounts allocated to withdrawing participants at June 30, 1996 623,535
Less: Amounts allocated to withdrawing participants at June 30, 1995 (1,227,279)
------------
Benefits paid to participants per Form 5500 $ 4,937,782
===========
</TABLE>
Amounts allocated to withdrawing participants are recorded on Form 5500
for benefit claims that have been processed and approved for payment, but
not yet paid as of June 30.
7. AMENDMENTS
The following amendments were made to the Plan during 1996:
- The Harris Stock Fund was added as an investment option, effective April
1, 1996. Participant contributions are limited to no more than 1% of
compensation. Shares of Harris Corporation common stock are purchased or
contributed by the Company at a discount established from time to time
by the Company. Amounts may not be transferred from other funds into the
Harris Stock Fund. Contributions other than dividends must remain in the
fund for a minimum of 36 months.
- The provision that a participant be employed on the last day of the Plan
quarter in order to receive an employer matching contribution was
deleted, effective April 1, 1996. Henceforth, employer matching
contributions are to be made at the time employee contributions are made
to the Plan.
12
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<PAGE> 17
LANIER WORLDWIDE, INC.
SAVINGS INCENTIVE PLAN
ITEM 27,j
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<TABLE>
<CAPTION>
Identity of issue, borrower, Description of
lessor, or similar party investment Cost Current value
- ---------------------------- -------------- ------ -------------
<S> <C> <C> <C>
PARTICIPANT LOAN 0.0875/0.0950 5,642,956
HARRIS STOCK FUND RESTRICTED COMPANY STOCK 153,293 150,199
HARRIS STOCK FUND UNRESTRICTED COMPANY STOCK 566 567
INTERNATIONAL STOCK FUND MUTUAL FUND 2,784,403 3,013,427
EQUITY INDEX FUND MUTUAL FUND 25,220,873 34,606,310
SHORT TERM BOND FUND MUTUAL FUND 1,591,450 1,523,479
NEW AMERICA GROWTH FUND MUTUAL FUND 15,299,750 20,340,388
BALANCED FUND MUTUAL FUND 7,122,938 8,082,548
SUMMIT CASH RESERVES MUTUAL FUND 15,253,639 15,253,639
</TABLE>
13
<PAGE> 18
LANIER WORLDWIDE, INC.
SAVINGS INCENTIVE PLAN
ITEM 27,j
Continued
SCHEDULE OF
REPORTABLE TRANSACTIONS
<TABLE>
<CAPTION>
Current value
Description of asset
of Purchase Cost of on transaction Net gain
Identity of party involved asset price Selling price asset date or (loss)
- -------------------------- ------------ --------- ------------- ------- --------------- ---------
<S> <C> <C> <C> <C> <C> <C>
PRF MUTUAL FUND 1,131,558 1,131,558 1,131,558
PRF MUTUAL FUND (7,166,299) (7,166,299) (7,166,299) (7,166,299)
EXF MUTUAL FUND 6,384,610 6,384,610 6,378,680
EXF MUTUAL FUND (2,944,895) (3,881,087) (2,944,895) (3,881,087) 936,192
NAG MUTUAL FUND 7,205,340 7,205,340 7,204,675
NAG MUTUAL FUND (1,539,095) (2,026,839) (1,539,095) (2,026,839) 487,743
BAL MUTUAL FUND 2,230,653 2,230,653 2,230,588
BAL MUTUAL FUND (1,105,778) (1,240,613) (1,105,778) (1,240,613) 134,836
SCR MUTUAL FUND 8,810,585 8,810,585 8,810,585
SCR MUTUAL FUND (3,556,081) (3,556,081) (3,556,081) (3,556,081)
</TABLE>
14
<PAGE> 19
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on their behalf by the undersigned
hereunto duly authorized.
Lanier Worldwide, Inc.
Savings Incentive Plan
/s/ Edward T. Golitko
----------------------------
Edward T. Golitko
Plan Administrator
Date: December 20, 1996
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the incorporation by reference in the following registration
statement of Lanier Worldwide, Inc. Savings Incentive Plan of our report dated
November 10, 1996, with respect to Lanier Worldwide, Inc. Savings Incentive Plan
included in this Annual Report (Form 11-K) for the year ended June 30, 1996;
Form S-8 No. 333-01746 Lanier Worldwide, Inc.
Savings Incentive Plan
BRAY, BECK & KOETTER
Melbourne, Florida
December 20, 1996
