<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, 1997
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, 1997
<PAGE> 3
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Table of Contents
<TABLE>
<CAPTION>
June 30, 1997 PAGE
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<S> <C>
INDEPENDENT AUDITOR'S REPORT...........................................................................1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits.....................................................2
Statement of Changes in Net Assets Available for Benefits.........................................3-4
Notes to Financial Statements.....................................................................5-7
SUPPLEMENTARY INFORMATION:
Schedule of Assets Held for Investment..............................................................8
Schedule of Reportable Transactions.................................................................9
</TABLE>
<PAGE> 4
[LOGO] BRAY, BECK & KOETTER 410 Indian River Avenue, Suite A
CERTIFIED PUBLIC ACCOUNTANTS, P.A. Post Office Box 6583
Titusville, Florida 32782-6583
(407) 269-0732
FAX (407) 264-0925
39 South Atlantic Avenue, Suite A
Post Office Box 321057
Cocoa Beach, Florida 32932-1057
(407) 783-8321
FAX (407) 799-0925
1901 South Harbor City Blvd
One Harbor Place Suite 500A
Post Office Box 249
Melbourne, Florida 32902-0249
(407) 676-1440
FAX (407) 984-8018
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, 1997 and 1996, and the related statement of changes in net assets
available for benefits for the year ended June 30, 1997. 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, 1997 and 1996, and the changes in its net assets available for
benefits for the year ended June 30, 1997 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 8 and 9 as of and for the year ended June 30, 1997 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 1997 financial statements and, in
our opinion, are fairly stated in all material respects in relation to the
1997 financial statements taken as a whole.
/s/ Bray Beck & Koetter
Melbourne, Florida
October 9, 1997
1
<PAGE> 5
FINANCIAL STATEMENTS
<PAGE> 6
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Statements of Net Assets Available for Benefits
June 30, 1997 and 1996
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<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
ASSETS
INVESTMENTS, AT FAIR VALUE (Note 4):
Registered investment companies:
T. Rowe Price Summit Cash Reserve Fund $ 15,799,184 $ 15,253,639
T. Rowe Price Equity Index Fund 47,857,599 34,606,310
T. Rowe Price Short Term Bond Fund 1,846,392 1,523,479
T. Rowe Price New America Growth Fund 26,655,958 20,340,388
T. Rowe Price Balanced Fund 10,650,401 8,082,548
T. Rowe Price International Stock Fund 4,166,626 3,013,427
Harris Corporation common stock 1,459,535 150,767
Participant loans 6,230,045 5,642,956
------------ ------------
Total investments 114,665,740 88,613,514
RECEIVABLES:
Employer contributions 69,186 55,520
Employee contributions 300,481 250,993
------------ ------------
Total receivables 369,667 306,513
LIABILITIES -- --
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS $115,035,407 $ 88,920,027
============ ============
</TABLE>
See accompanying notes to financial statements. 2
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<PAGE> 7
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Statement of Changes in Net Assets Available for Benefits
Year Ended June 30, 1997
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<TABLE>
<CAPTION>
T. Rowe Price T. Rowe Price T. Rowe Price
Summit Cash Equity Index Short Term
Reserve Fund Fund Bond Fund
------------ ------------ ------------
<S> <C> <C> <C>
INCREASES:
Investment income $ 785,895 $ 1,248,883 $ 97,784
Contributions from employer 335,729 558,527 51,475
Contributions from employees 1,320,252 2,872,263 266,182
------------ ------------ ------------
2,441,876 4,679,673 415,441
Net transfers between funds (887,798) 105,006 (38,167)
DECREASES:
Benefits paid directly to participants 1,006,115 2,222,178 57,723
Administrative expenses 6,222 12,067 1,103
------------ ------------ ------------
1,012,337 2,234,245 58,826
Net appreciation (depreciation) in fair value of
investments (Note 4) -- 10,714,823 5,384
------------ ------------ ------------
Net increase in net assets available for benefits 541,741 13,265,257 323,832
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 15,309,797 34,695,920 1,532,644
------------ ------------ ------------
END OF YEAR $ 15,851,538 $ 47,961,177 $ 1,856,476
============ ============ ============
</TABLE>
See accompanying notes to financial statements. 3
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<PAGE> 8
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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
- ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
$ 1,913,275 $ 389,320 $ 89,440 $ 16,081 $ 487,798 $ 5,028,476
550,173 202,057 95,522 568,955 -- 2,362,438
3,189,577 1,092,250 665,127 513,553 -- 9,919,204
- ------------ ------------ ------------ ------------ ------------ ------------
5,653,025 1,683,627 850,089 1,098,589 487,798 17,310,118
502,442 (2,351) (57,339) 1,535 376,672 --
1,056,769 466,815 138,089 19,054 277,381 5,244,124
10,186 4,058 1,942 -- -- 35,578
- ------------ ------------ ------------ ------------ ------------ ------------
1,066,955 470,873 140,031 19,054 277,381 5,279,702
1,246,732 1,365,386 507,874 244,765 -- 14,084,964
- ------------ ------------ ------------ ------------ ------------ ------------
6,335,244 2,575,789 1,160,593 1,325,835 587,089 26,115,380
20,423,043 8,115,461 3,030,351 169,855 5,642,956 88,920,027
- ------------ ------------ ------------ ------------ ------------ ------------
$ 26,758,287 $ 10,691,250 $ 4,190,944 $ 1,495,690 $ 6,230,045 $115,035,407
============ ============ ============ ============ ============ ============
</TABLE>
4
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<PAGE> 9
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Notes to Financial Statements
June 30, 1997
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1. DESCRIPTION OF THE PLAN
The Lanier Worldwide, Inc. Savings Incentive Plan (the "Plan") is a
defined contribution plan available to substantially all permanent
employees of Lanier Worldwide, Inc. ("the Company and Sponsor").
Participants can contribute up to 15% of their salary in 1% increments.
Upon the later of completion of one year of service or attainment of age
21, 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 and the Harris Stock Fund. Participant contributions to the Harris
Stock Fund are limited to 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 to the Harris Stock Fund. Contributions
must remain in the fund for a minimum of 36 months. 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.
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 reserves 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 fiscal 1997, 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.
5
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<PAGE> 10
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Notes to Financial Statements
June 30, 1997
--------------------------------------------------------------------------
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.
The preparation of financial statements in conformity with generally
accepted accounting principles requires use of estimates regarding
certain types of assets, liabilities, revenues and expenses. Such
estimates relate primarily to unsettled transactions and events as of
the date of the financial statements. Accordingly, upon settlement,
actual results may differ from estimated amounts.
3. INCOME TAX STATUS
The plan obtained its latest determination letter on August 22, 1995, in
which the Internal Revenue Service stated that the plan, as then
designed, was in compliance with the applicable requirements of the
Internal Revenue Code. The plan has been amended since receiving the
determination letter. However, the plan administrator and the plan's tax
counsel believe that the plan is currently designed and being operated
in compliance with the applicable requirements of the Internal Revenue
Code. Therefore, they believe that the plan was qualified and the
related trust was tax-exempt as of the financial statement date.
4. INVESTMENTS
During the year ended June 30, 1997, the Plan's investments (including
investments bought and sold as well as held during the year) appreciated
(depreciated) in fair value by $14,084,964 as follows:
<TABLE>
<CAPTION>
Net Appreciation
(Depreciation) in
Fair Value
-----------------
<S> <C>
Fair value as determined by quoted market price:
T. Rowe Price Equity Index Fund $10,714,823
T. Rowe Price Short-term Bond Fund 5,384
T. Rowe Price New America Growth Fund 1,246,732
T. Rowe Price Balanced Fund 1,365,386
T. Rowe Price International Stock Fund 507,874
Harris Stock Fund 244,765
-----------
$14,084,964
</TABLE> ===========
6
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<PAGE> 11
LANIER WORLDWIDE, INC. SAVINGS INCENTIVE PLAN
Notes to Financial Statements
June 30, 1997
--------------------------------------------------------------------------
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.
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, 1997 the Plan held 17,375
shares of Harris Corporation common stock. All other investments were
held in T. Rowe Price mutual funds.
6. AMENDMENTS
Effective January 1, 1997, the Plan was amended to permit substantially
all permanent employees to make before - tax contributions immediately
on hire. Employees must continue to complete one year of service and
attain age 21 before they are eligible to receive matching
contributions.
7
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<PAGE> 12
SUPPLEMENTAL SCHEDULES
<PAGE> 13
<TABLE>
<CAPTION>
SCHEDULE G | FINANCIAL SCHEDULES | OMB No. 1210-0016
(FORM 5500) | | -----------------------
| This schedule may be filed as an attachment to the |
Department of the Treasury | Annual Return/Report Form 5500 under Section 104 of the | 1996
Internal Revenue Service | Employee Retirement Income Security Act |
| of 1974, referred to as ERISA | -----------------------
--------- | | THIS FORM IS OPEN
| SEE THE INSTRUCTIONS FOR ITEM 27 OF THE FORM 5500 | TO PUBLIC INSPECTION
Department of Labor | |
Pension and Welfare Benefits Administration | - ATTACH TO FORM 5500 |
- ------------------------------------------------------------------------------------------------------------------------------------
For calendar plan year 1996 or fiscal year beginning July 1, 1996, and ending June 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Name of plan sponsor as shown on line 1a of Form 5500 | EMPLOYER IDENTIFICATION NUMBER
Lanier Worldwide, Inc. | 59 | 0778222
- ------------------------------------------------------------------------------------------------------------------------------------
Name of plan Lanier Worldwide, Inc. | Three-digit
Savings Incentive Plan | plan number - 0 | 0 | 1
- ------------------------------------------------------------------------------------------------------------------------------------
PART I SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES-SEE FORM 5500, ITEM 27a.
- ------------------------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
Identity of issue, borrower, Description of investment including maturity date, Cost Current Value
lessor, or similar party rate of interest, collateral, par or maturity value
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
<S> <C> <C> <C>
Participant Loan 6,230,045
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
Harris Stock Fund Restricted Company Stock 1,204,626 1,441,523
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
Harris Stock Fund Unrestricted Company Stock 16,437 18,012
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
International Stock Fund Mutual Fund 3,510,690 4,166,626
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
Equity Index Fund Mutual Fund 29,185,289 47,857,899
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
Short Term Bond Fund Mutual Fund 1,892,608 1,846,392
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
New America Growth Fund Mutual Fund 21,111,472 2,655,958
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
Balanced Fund Mutual Fund 8,556,500 10,650,401
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
Summit Cash Reserves Mutual Fund 15,799,184 15,799,184
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
Prime Reserve Fund Mutual Fund 0 0
- ------------------------------------- ------------------------------------------------------ ----------------- ---------------------
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- ------------------------------------------------------------------------------------------------------------------------------------
FOR PAPERWORK REDUCTION ACT NOTICE, SEE THE INSTRUCTIONS FOR FORM 5500. MGA SCHEDULE G (FORM 5500) 1996
</TABLE>
8
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<PAGE> 14
EIN 59-0778222 / PN 001
<TABLE>
<CAPTION>
Schedule G (Form 5500) 1996 Page 3
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PART IV SCHEDULE OF LEASES IN DEFAULT OR CLASSIFIED AS UNCOLLECTIBLE--SEE FORM 5500, ITEM 27c.
- --- ------------- -------------------- --------------------------- ---------- -------- ------------ ----------- -------- -----------
(d)
(c) Terms and description (g) (h)
(b) Relationship (type of property, (f) Gross rental Expenses (j)
(a) Identity of to plan, location and date it was (e) Current receipts paid during (i) Amount in
lessor/lessee employer, employee purchased, terms Original value at during the the plan Net arrears
organization, regarding rent, taxes, Cost time of plan year year receipts
or other insurance, repairs, lease
party-in interest expenses, renewal options,
date property was leased)
- --- ------------- -------------------- --------------------------- ---------- -------- ------------ ----------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- --- ------------- -------------------- --------------------------- ---------- -------- ------------ ----------- -------- -----------
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</TABLE>
<TABLE>
<CAPTION>
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PART V SCHEDULE OF REPORTABLE TRANSACTIONS--SEE FORM 5500, LINE 27d.
- ------------------ ------------------- ----------- ------------- ------------- ------------ ---------- -------------- -------------
(b) (f) (h)
Description of Expense (g) Current value
(a) asset (include (c) incurred Cost of of asset on (i)
Identity of party interest rate and Purchase (d) (e) with asset transaction Net gain or
involved maturity in case price Selling price Lease rental transaction date (loss)
of a loan)
- ------------------ ------------------- ----------- ------------- ------------- ------------ ---------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
EXF Mutual Fund 6,741,693 6,741,693 6,729,916
- ------------------ ------------------- ----------- ------------- ------------- ------------ ---------- -------------- -------------
EXF Mutual Fund (2,949,097) (4,193,370) (2,949,097) (4,193,370) 1,244,273
- ------------------ ------------------- ----------- ------------- ------------- ------------ ---------- -------------- -------------
NAG Mutual Fund 7,914,331 7,914,331 7,901,100
- ------------------ ------------------- ----------- ------------- ------------- ------------ ---------- -------------- -------------
NAG Mutual Fund (2,191,934) (2,832,259) (2,191,934) (2,832,259) 640,325
- ------------------ ------------------- ----------- ------------- ------------- ------------ ---------- -------------- -------------
SCR Mutual Fund 4,136,744 4,136,744 4,136,744
- ------------------ ------------------- ----------- ------------- ------------- ------------ ---------- -------------- -------------
SCR Mutual Fund (3,622,276) (3,622,276) (3,622,276) (3,622,276) 0
- ------------------ ------------------- ----------- ------------- ------------- ------------ ---------- -------------- -------------
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</TABLE>
9
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<PAGE> 15
SIGNATURES
The Lanier Worldwide, Inc. Savings Incentive 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 17, 1996
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the incorporation by reference in the following registration
statement of the Lanier Worldwide, Inc. Savings Incentive Plan of our report
dated October 9, 1997, with respect to the financial statements and schedules of
the Lanier Worldwide, Inc. Savings Incentive Plan included in this Annual Report
(Form 11-K) for the year ended June 30, 1997.
Form S-8 No. 333-01746 Lanier Worldwide, Inc.
Savings Incentive Plan
Bray, Beck & Koetter
Melbourne, Florida
December ____, 1997
