UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)

þ		ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

o		TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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:

Harris Corporation Retirement Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Harris Corporation
1025 West NASA Blvd.
Melbourne, Florida 32919

 

 

HARRIS CORPORATION
RETIREMENT PLAN

Audited Financial Statements and Supplemental Schedule

As of December 31, 2010 and 2009
and for the Year Ended December 31, 2010

HARRIS CORPORATION RETIREMENT PLAN
December 31, 2010 and 2009
Table of Contents

Report of Independent Registered Certified Public Accounting Firm			1
Audited Financial Statements:
Statements of Net Assets Available for Benefits at December 31, 2010 and 2009			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2010			3
Notes to the Financial Statements			4
Supplemental Information:
Schedule H, Line 4(i) — Schedule of Assets (Held at End of Year)			13
Signature			21
Exhibits:
EX-23.1

REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM

To the Participants and the Harris Corporation Employee Benefits Committee of the
Harris Corporation Retirement Plan

We have audited the accompanying statements of net assets available for benefits of Harris Corporation Retirement Plan as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. 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 the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and 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 December 31, 2010 and 2009, and the changes in its net assets available for benefits for the year ended December 31, 2010, in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2010 is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

/s/ Ernst & Young LLP
Certified Public Accountants

Boca Raton, Florida
June 21, 2011

HARRIS CORPORATION RETIREMENT PLAN
Statements of Net Assets Available for Benefits at December 31, 2010 and 2009

		December 31,				December 31,
		2010				2009
ASSETS
Investments at fair value:
Interest bearing cash		$	9,069,510			$	6,501,387
Preferred stocks			1,523,197				534,114
Common stocks			578,815,864				524,342,000
Registered investment companies			414,611,383				365,705,896
Common/collective trust funds			1,769,944,905				1,405,166,256
Synthetic guaranteed investment contract wrappers			2,017,934				301,449
Corporate bonds and debentures			—				46,671,974
Municipal and provincial bonds			—				522,047
Foreign bonds			—				4,725,899
U.S. Government securities			—				137,560,171
Total investments at fair value			2,775,982,793				2,492,031,193
Receivables:
Accrued interest and dividends			503,370				2,152,870
Notes receivable from participants			43,121,494				39,452,348
Transfers in			18,549,367				—
Due from broker for securities sold			113,197				5,573,726
Total receivables			62,287,428				47,178,944
Total assets			2,838,270,221				2,539,210,137
LIABILITIES
Accrued administrative expenses			449,386				417,466
Due to broker for securities purchased			351,447				4,909,940
Total liabilities			800,833				5,327,406
Net assets available for benefits at fair value			2,837,469,388				2,533,882,731
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			(12,169,928	)			8,865,730
Net assets available for benefits		$	2,825,299,460			$	2,542,748,461

The accompanying notes are an integral part of these financial statements.

HARRIS CORPORATION RETIREMENT PLAN
Statement of Changes in Net Assets Available for Benefits
For the year ended December 31, 2010

Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments		$	260,685,809
Interest			2,339,286
Dividends			9,175,423
Total			272,200,518
Contributions:
Participant rollovers			12,999,457
Employer matching			55,694,302
Participant (other than rollovers)			107,485,258
Total contributions			176,179,017
Interest on notes receivable from participants			2,163,683
Transfers into the Plan from another plan			19,433,706
Total additions			469,976,924
Deductions from net assets attributed to:
Benefits paid to participants			182,597,092
Administrative expenses			4,828,833
Total deductions			187,425,925
Net increase			282,550,999
Net assets available for benefits:
Beginning of year			2,542,748,461
End of year		$	2,825,299,460

The accompanying notes are an integral part of these financial statements.

HARRIS CORPORATION RETIREMENT PLAN
Notes to the Financial Statements
December 31, 2010 and 2009

NOTE 1 — DESCRIPTION OF PLAN

The following description of the Harris Corporation Retirement Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

A.		General — The Plan is a defined contribution plan with a 401(k) feature covering substantially all eligible employees of Harris Corporation and certain of its subsidiaries (collectively, the “Company” or “Employer”) as defined in the Plan document. The Plan Administrator is the Harris Corporation Employee Benefits Committee comprised of persons appointed by Harris Corporation. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
B.		Contributions — Participants may contribute a percentage of both pre-tax and after-tax eligible compensation, as defined in the Plan document and subject to Internal Revenue Code (the “Code”) limitations. After-tax contributions may be made either on a regular after-tax basis or on a designated Roth after-tax basis. Participants age 50 and older by the end of the calendar year can contribute an additional amount above the annual pre-tax limitation, as defined in the Plan document and subject to Code limitations. The Company matches up to 50% or 100% (depending on business unit) of pre-tax and after-tax contributions subject to a limit of 4%, 5% or 6% (depending on business unit) of eligible compensation for any eligible employee who has completed the Plan’s service requirement (either six months or one year, depending on business unit). Full-time regular participants who make no election with respect to their contribution percentage are deemed to have elected deferment of 6% of eligible compensation on a pre-tax basis. The Company may make discretionary profit sharing contributions to the Plan in an amount determined by the Company, allocated to eligible participants based on eligible compensation as defined in the Plan document. For the year ended December 31, 2010, no profit sharing contributions were made; instead, the Company’s cash-based Performance Reward Plan permitted each participant eligible for such plan to elect a special, unmatched pre-tax contribution to the Plan of 0%, 50% or 100% of the amount, if any, otherwise payable to the participant by the Company in cash under the Performance Reward Plan, subject to Code limitations. In addition, participants may rollover amounts to the Plan from other qualified plans.
C.		Payments of Benefits — Prior to termination of employment, a participant may withdraw all or any portion of his or her regular after-tax account balance or rollover balance. A participant may also receive a distribution while employed for financial hardship, as defined in the Plan document, upon attainment of age 591/2 or in certain cases, in connection with active military duty. Upon retirement or other termination of employment, a participant may elect to receive either a lump-sum amount equal to all or a portion of the participant’s vested account, or installments of his or her vested account over a future period.
D.		Participant Loans — The participant loan program permits participants to borrow against their pre-tax, regular after-tax, designated Roth after-tax and rollover contributions. A participant may borrow in increments of $100 from a minimum of $500 to a maximum of 50% of the vested portion of the participant’s account or $50,000 whichever is lower, within certain limitations established by the Plan document. Payback periods range from one to five years unless the loan is to be used for the purchase of a principal residence, in which case the payback period may not exceed ten years. Interest rates are established by the Company based on market rates. Loans are paid back ratably through payroll deductions (or, if the participant is not receiving paychecks, then they are paid back by personal, certified or cashier’s check, money order or electronic transfer). The outstanding loans have been established as a separate fund.
E.		Participant Accounts — Each participant’s account is credited with the participant’s contribution, including the contribution, if any, in respect of the participant’s election under the Company’s cash-based Performance Reward Plan, and allocations of (a) the Company’s matching contribution, (b) the Company’s discretionary profit sharing contribution, if any, and (c) Plan earnings, and is charged with an allocation of Plan losses and administrative expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

F.

Vesting — Participants are immediately vested in their pre-tax, regular after-tax, designated Roth after-tax and rollover contributions plus earnings thereon. Vesting in the Employer matching and any profit sharing contributions, plus earnings thereon, is based on years of service, as defined in the Plan document. A participant is 100% vested after four years of service, based on the following schedule:

Years of Service		Vesting Percentage
Less than 1 year			0	%
1 year			25	%
2 years			50	%
3 years			75	%
4 years			100	%

		However, certain vesting schedules applicable to assets merged into the Plan have been preserved, as legally required, and may result in the vesting of Employer contributions more quickly than described above.
		A participant also becomes 100% vested in Employer contributions upon his or her termination of employment after attaining age 55 or on account of his or her death or disability.
G.		Forfeitures — A terminated participant who is not 100% vested will forfeit the non-vested portion of the Company’s contributions unless the participant returns to employment within five years. The forfeited contributions are used first, to restore the accounts of recently located missing participants, as defined in the Plan document; next, to restore the accounts of participants who are reemployed prior to incurring a break in service of five consecutive years; next, to fund any matching or profit sharing contributions to be allocated to participants who are reemployed after a period of qualified military service, as defined in the Plan document; and finally, to reduce future contributions to the Plan by the Company. Forfeited amounts included in Plan assets at December 31, 2010 and 2009 were $1,050,569 and $931,697, respectively. For the year ended December 31, 2010, Company contributions to the Plan were reduced by $770,900 from forfeited non-vested accounts. There were no reductions in Company contributions to the Plan from forfeited non-vested accounts for the period from July 4, 2009 through December 31, 2009.
H.		Plan Termination — Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.
I.		Investment Options — Upon enrollment into the Plan, a participant may direct Employer and participant contributions into any of several investment options, including the Harris Stock Fund. A participant may transfer amounts from other investment options into the Harris Stock Fund, provided that no transfer shall cause more than 20% of a participant’s account to be invested in the Harris Stock Fund. The Harris Stock Fund has been designated as an “employee stock ownership plan,” which means that the Company is entitled to a deduction for dividends paid on shares held in the Harris Stock Fund. Any such dividends are 100% vested and participants are permitted to elect that such dividends either be maintained in the Plan and reinvested in the Harris Stock Fund or paid from the Plan in cash to the participant.
		The investment options are described in detail in the “Employer Summary Plan Description,” which is available to all participants. In the event no investment option is selected by the participant, the default investment option for contributions is the LifeCycle Fund that is age-appropriate for the participant. Elections to change investment options can be made daily; however, amounts in the Stable Value Fund cannot be transferred directly to the Money Market Fund. Investments are also governed by other limitations described in the Plan document and the “Employer Summary Plan Description.”

Basis of Accounting — The accounting records of the Plan are maintained on the accrual basis. Certain prior year data have been reclassified to conform to the presentation for the year ended December 31, 2010.

Fair Value Disclosures — In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06, “Improving Disclosures about Fair Value Measurements” expanding the required disclosures about fair value measurements. Specifically, this update requires (i) separate disclosure of the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements along with the reasons for such transfers, (ii) information about purchases, sales, issuances and settlements to be presented separately in the reconciliation for Level 3 fair value measurements, (iii) fair value measurement disclosures for each class of assets and liabilities and (iv) disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements for fair value measurements that fall in either Level 2 or Level 3. This update is effective for annual reporting periods beginning after December 15, 2009 except for the portion described in clause (ii) above which is effective for fiscal years beginning after December 15, 2010. The Plan adopted this update in its entirety effective January 1, 2010. The Plan’s adoption of this update did not have a material impact on the Plan’s net assets available for benefits or changes in net assets available for benefits.

Reporting Loans to Participants — In September 2010, the FASB issued ASU No. 2010-25, “Reporting Loans to Participants by Defined Contribution Pension Plans.” This update requires participant loans to be measured at their unpaid principal balance plus accrued, unpaid interest and classified as notes receivable from participants. Previously, participant loans were measured at fair value and classified as investments. This update is effective for fiscal years ending after December 15, 2010 and is required to be applied retrospectively. The Plan adopted this update effective January 1, 2010. The Plan’s adoption of this update did not have a material impact on the Plan’s net assets available for benefits or changes in net assets available for benefits and did not change the amount reported for participant loans from the amount previously reported at December 31, 2009. The amount reported for participant loans at December 31, 2009, however, has been reclassified to “Notes receivable from participants” on the Statements of Net Assets Available for Benefits in accordance with this update.

Fair Value Measurement — In May 2011, the FASB issued ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” This update was issued to provide a consistent definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. generally accepted accounting principles and International Financial Reporting Standards. This update changes certain fair value measurement principles and enhances the disclosure requirements particularly for Level 3 fair value measurements. This update is effective for reporting periods beginning on or after December 15, 2011, with early adoption prohibited, and requires prospective application. The Plan is currently evaluating the impact this update will have on the Plan’s net assets available for benefits or changes in net assets available for benefits.

Valuation of Investments — The Plan’s investments are stated at fair value. Quoted market prices are used, when available, to value investments. Investments for which quoted market values are not available are stated at fair values as reported by the trustee or investee company. See Note 7 — Financial Instruments for further information on the valuation of investments.

Notes Receivable from Participants — Notes receivable from participants represent participant loans recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2010 or 2009. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.

Synthetic Guaranteed Investment Contracts — During 2010 and 2009, the Plan held synthetic guaranteed investment contracts (“synthetic GICs”) in its Stable Value Fund (the “Fund”). A corresponding contract wrapper with the issuer of the synthetic GICs was also held in order to provide a variable rate of return on the cost of the investment. The fair value of the synthetic GICs was determined using a discounted cash flow method or quoted market value of underlying investments. The fair value of the contract wrapper was based on the present value of the difference between the current fee and fee re-bids provided by the issuers and was $2,017,934 and $301,449 at December 31, 2010 and 2009, respectively. The Plan values all investments at fair value. See Note 7 — Financial Instruments for further discussion of fair value measurements.

The interest crediting rate of synthetic GICs is based on the contract value, and the fair value, duration and yield to maturity of the portfolio of bonds underlying the synthetic GICs. The interest crediting rate is reset quarterly. The minimum crediting rate is zero percent.

The interest crediting rate reset allows the contract value to converge with the fair value of the underlying portfolio over time, assuming the portfolio continues to earn the current yield for a period of time equal to the current portfolio duration.

The primary variables impacting the future interest crediting rates of synthetic GICs include the current yield of the assets underlying the contract, the duration of the assets underlying the contract and the existing difference between the fair value and contract value of the assets underlying the contract.

The investments in synthetic GICs are presented at fair value on the Statements of Net Assets Available for Benefits. To the extent that the underlying portfolio of a synthetic GIC has unrealized and/or realized losses, a positive adjustment is made to the adjustment from fair value to contract value under contract value accounting. As a result, the future interest crediting rate may be lower over time than the then-current market rates. Similarly, if the underlying portfolio generates unrealized and/or realized gains, a negative adjustment is made to the adjustment from fair value to contract value, and the future interest crediting rate may be higher than the then-current market rates. The adjustments ensure that ending net assets available for benefits are recorded at contract value and reflect the unrealized and/or realized gains and losses on the underlying portfolio of synthetic GICs.

Synthetic GICs generally provide for withdrawals associated with certain events which are not in the ordinary course of Plan operations. These withdrawals are paid with a market value adjustment applied to the withdrawal as defined in the investment contract. Each contract issuer specifies the events which may trigger a market value adjustment. Such events include but are not limited to the following: material amendments to the Plan or in the administration of the Fund; changes to the Plan’s competing investment options including the elimination of equity wash provisions; complete or partial termination of the Plan; the failure of the Plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; the redemption of all or a portion of the interests in the Fund held by the Plan at the direction of the Plan sponsor, including withdrawals due to the removal of a specifically identifiable group of employees from coverage under the Plan (such as a group layoff or early retirement incentive program), the closing or sale of a subsidiary, employing unit or affiliate, the bankruptcy or insolvency of the Plan sponsor, the merger of the Plan with another plan, or the Plan sponsor’s establishment of another tax qualified defined contribution plan; any change in law, regulation, ruling, administrative or judicial position or accounting requirement, applicable to the Fund or the Plan; or the delivery of any communication to Plan participants designed to influence a participant not to invest in the Fund.

At this time, the Plan does not believe that the occurrence of any such market value adjustment-triggering event, which would limit the Plan’s ability to transact at contract value with participants, is probable.

If the Plan defaults in its obligations under any synthetic GIC (including the issuer’s determination that the agreement constitutes a non-exempt prohibited transaction as defined under ERISA), and such default is not corrected within the time permitted by the contract, then the contract may be terminated by the issuer and the Plan will receive the fair value of the underlying investments as of the date of termination. With the exception of this circumstance, termination of the contract by the issuer would be settled at contract value.

The average yield based on actual earnings was approximately 2.44% at December 31, 2010 and 3.65% at December 31, 2009. The average yield based on interest rate credited to participants was approximately 2.95% at December 31, 2010 and 2.99% at December 31, 2009.

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the Plan Administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.

Administrative Expenses — Unless otherwise elected by the Company, all reasonable charges and expenses incurred in connection with the administration of the Plan are paid by the trustee from the assets of the trust.

For the year ended December 31, 2010, the Plan’s investments (including investments bought, sold and held during such period) appreciated or depreciated in value as follows:

Net appreciation (depreciation) in fair value as determined by quoted market prices:

Preferred stocks		$	46,169
Common stocks			64,414,370
Registered investment companies			8,960,678
Corporate bonds and debentures			502,425
Municipal and provincial bonds			4,355
Foreign bonds			13,927
U.S. Government securities			(631,356	)
			73,310,568
Net appreciation in fair value as determined by investee company/trustee:
Common/collective trust funds			187,375,241
Total net appreciation in fair value		$	260,685,809

The fair value of individual investments that represent 5% or more of Plan net assets at December 31, 2010 and 2009 is as follows:

		December 31,				December 31,
		2010				2009
MFB NT Collective Russell 1000 Index Fund — Non Lending		$	235,701,276			$	204,983,028
MFB NT Collective Aggregate Bond Index Fund — Non Lending			266,849,987				*
MFO Prin Global Invs COLTV Invt TR Diversified Intl Eqty FD 50 BP Fee CL			175,198,638				165,617,701
Galliard Capital Management Wells Fargo Bank NA Fixed Income Fund D			*				128,076,521
Galliard Capital Management Wells Fargo Bank NA Fixed Income Fund F			268,651,480				282,397,785
NT Collective S&P 500 Index Fund-DC-Non Lending (Tier J)			206,810,467				*

Certain Plan investments are shares of common stock of Harris Corporation and balances in common/collective trust funds that are managed by Northern Trust. Harris Corporation is the Plan sponsor and Northern Trust is the Trustee and, therefore, these transactions qualify as exempt party-in-interest transactions under the provisions of ERISA.

The Plan’s investments in Harris Corporation common stock (included with other common stock) and in common/collective trust funds managed by Northern Trust (included with other common/collective trust funds) at December 31, 2010 and 2009 are as follows:

		December 31, 2010								December 31, 2009
		Shares				Fair Value				Shares				Fair Value
Common stock
Harris Corporation common stock			2423236			$	109,772,591				2481219			$	117,981,963
Common/collective trust funds
MFB NT Collective Russell			19392898				235,701,276				19576261				204,983,028
1000 Index Fund — Non Lending
MFB NT Collective			2365125				266,849,987				358274				37,922,198
Aggregate Bond Index Fund — Non Lending
MFB NT Collective			758476				108,062,347				584224				64,751,878
Extended Equity Index Fund — Non Lending
NTGI-QM Collective Daily			—				—				40675				16,407,031
Aggregate Bond Fund Lending Tier H
NTGI-QM Collective Daily			—				—				62449				14,962,853
Extended Equity Market Index Fund — Lending
NTGI-QM Coltv Daily Russell			—				—				43713				6,676,328
1000 Equity Index Fund — Lending
NTGI-QM Coltv Daily Russell			—				—				10658				1,898,007
2000 Growth Equity Index Fund Lending
NTGI-QM Coltv Daily S&P 500			—				—				24696				79,359,268
Equity Index Fund — Lending
NT Collective S&P 500			55654				206,810,467				35376				114,242,730
Index Fund-DC-Non Lending (Tier J)
NTGI Coltv			2834041				2,834,040				6331521				6,331,521
Govt STIF Registered

During 2010, the Plan made the following purchases and sales of related party investments:

		Purchases				Sales
Common stock
Harris Corporation common stock		$	10,799,861			$	12,221,200
Common/collective trust funds
MFB NT Collective Russell			57,814,129				65,420,920
1000 Index Fund — Non Lending
MFB NT Collective			44,551,555				23,480,734
Extended Equity Index Fund — Non Lending
NTGI-QM Collective Daily			—				17,275,511
Aggregate Bond Fund Lending Tier H

		Purchases				Sales
NTGI-QM Collective Daily Extended Equity Market Index Fund — Lending			—				15,412,909
NTGI-QM Coltv Daily Russell 1000 Equity Index Fund — Lending			—				6,654,266
NTGI-QM Coltv Daily Russell 2000 Growth Equity Index Fund Lending			—				1,912,881
NTGI-QM Coltv Daily S&P 500 Equity Index Fund — Lending			—				80,890,183
MFB NT Collective Aggregate Bond Index Fund — Non Lending			60,480,794				48,911,433
NT Collective S&P 500 Index Fund-DC-Non Lending (Tier J)			108,351,041				122,067,105
NTGI Coltv Govt STIF Registered			*				*

On July 30, 2010, Harris Corporation, the Plan sponsor, acquired CapRock Holdings, Inc. and its subsidiaries, including CapRock Communications, Inc., after which the Plan Administrator became the administrator of the CapRock Communications, Inc. 401(k) Plan (the “CapRock Plan”). As described in Note – 9 Transfers Into The Plan, the assets of the CapRock Plan were transferred into the Plan effective December 31, 2010, and the Plan recorded a receivable of $18,549,367 under “Transfers in” on the Statement of Net Assets Available for Benefits at December 31, 2010 in respect of the amount due from the CapRock Plan, which the Plan collected on January 12, 2011.

The Plan has received a determination letter from the Internal Revenue Service dated April 21, 2004, stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan has been amended and restated on multiple occasions, most recently effective January 1, 2011. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan sponsor believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore believes the Plan, as amended and restated, is qualified and the related trust is exempt from taxation. On January 25, 2011, a request was filed with the Internal Revenue Service for a favorable determination that the Plan continues to be qualified under Section 401(a) of the Code and that the related trust continues to be exempt from taxation. The Plan has not received a response from the Internal Revenue Service with respect to this request.

Accounting principles generally accepted in the United States require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the Internal Revenue Service. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2010, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2006.

Cash amounts at the Trustee may exceed the federally insured limit from time to time. The Plan provides for investments in various investment securities, which, in general, are exposed to certain risks, such as interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term, and such changes could materially affect participant account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). A three-level fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

•		Level 1 — inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.
•		Level 2 — inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar

instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3 — inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques for which some or all significant assumptions are not observable.

The following section describes the valuation methodologies the Plan uses to measure financial assets at fair value.

In general, and where applicable, the Plan uses quoted prices in active markets for identical assets to determine fair value. This pricing methodology applies to the Plan’s Level 1 assets which include interest bearing cash, preferred stocks, common stocks, registered investment companies, U.S. Government securities, corporate bonds and debentures, municipal and provincial bonds and foreign bonds. If quoted prices in active markets for identical assets are not available to determine fair value, then the Plan uses quoted prices for similar assets or inputs other than the quoted prices that are observable either directly or indirectly. These assets are included in Level 2 and consist of common/collective trust funds and synthetic guaranteed investment contract wrappers. Assets for which fair value is determined by management using assumptions that market participants would use in pricing assets are included in Level 3. As of December 31, 2010 and 2009, there were no Level 3 assets held by the Plan.

Assets measured at fair value on a recurring basis at December 31, 2010 are as follows:

		Level 1				Level 2				Level 3				Total
Assets
Interest bearing cash		$	9,069,510			$	—			$	—			$	9,069,510
Preferred stocks			1,523,197				—				—				1,523,197
Common stocks:
Information technology			195,827,925				—				—				195,827,925
Industrial			50,288,305				—				—				50,288,305
Consumer			92,921,314				—				—				92,921,314
Financial			77,175,362				—				—				77,175,362
Energy			61,507,061				—				—				61,507,061
Health care			40,232,910				—				—				40,232,910
Other			60,862,987				—				—				60,862,987
Total common stocks			578,815,864				—				—				578,815,864
Registered investment companies:
International equity funds			175,198,638				—				—				175,198,638
Small company funds			93,267,064				—				—				93,267,064
U.S. Government securities money market funds			68,290,989				—				—				68,290,989
Technology funds			68,974,653				—				—				68,974,653
Other funds			8,880,039				—				—				8,880,039
Total registered investment companies			414,611,383				—				—				414,611,383
Common/collective trust funds (a):
Index funds			—				1,081,019,903				—				1,081,019,903
Fixed income funds			—				675,818,875				—				675,818,875
Other funds			—				13,106,127				—				13,106,127
Total common/collective trust funds (a)			—				1,769,944,905				—				1,769,944,905
Synthetic guaranteed investment contract wrappers			—				2,017,934				—				2,017,934
Total Assets Measured at Fair Value		$	1,004,019,954			$	1,771,962,839			$	—			$	2,775,982,793

Assets measured at fair value on a recurring basis at December 31, 2009 are as follows:

		Level 1				Level 2				Level 3				Total
Assets
Interest bearing cash		$	6,501,387			$	—			$	—			$	6,501,387
Preferred stocks			534,114				—				—				534,114
Common stocks:
Information technology			144,537,873				—				—				144,537,873
Industrial			89,683,609				—				—				89,683,609
Consumer			80,448,698				—				—				80,448,698
Financial			72,967,211				—				—				72,967,211
Energy			42,307,358				—				—				42,307,358
Health care			30,999,678				—				—				30,999,678
Other			63,397,573				—				—				63,397,573
Total common stocks			524,342,000				—				—				524,342,000
Registered investment companies:
International equity funds			165,617,701				—				—				165,617,701
Small company funds			73,158,777				—				—				73,158,777
U.S. Government securities money market funds			71,197,387				—				—				71,197,387
Technology funds			50,194,140				—				—				50,194,140
Other funds			5,537,891				—				—				5,537,891
Total registered investment companies			365,705,896				—				—				365,705,896
Common/collective trust funds (a):
Index funds			—				718,915,295				—				718,915,295
Fixed income funds			—				663,512,409				—				663,512,409
Other funds			—				22,738,552				—				22,738,552
Total common/collective trust funds (a)			—				1,405,166,256				—				1,405,166,256
Synthetic guaranteed investment contract wrappers			—				301,449				—				301,449
Corporate bonds and debentures			46,671,974				—				—				46,671,974
Municipal and provincial bonds			522,047				—				—				522,047
Foreign bonds			4,725,899				—				—				4,725,899
U.S. Government securities			137,560,171				—				—				137,560,171
Total Assets Measured at Fair Value		$	1,086,563,488			$	1,405,467,705			$	—			$	2,492,031,193

Form 5500 requires the recording of a liability for benefit amounts processed prior to year-end but not yet paid and requires fully benefit-responsive contracts to be reported at fair value. These requirements conflict with accounting principles generally accepted in the United States and the presentation of such amounts in the financial statements where they remain as part of net assets available for benefits.

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31, 2010 and 2009:

		December 31,				December 31,
		2010				2009
Net assets available for benefits per the financial statements		$	2,825,299,460			$	2,542,748,461
Benefits due to participants			(292,145	)			(702,072	)
Adjustment to fair value from contract value for fully benefit-responsive investment contracts			12,169,928				(8,865,730	)
Net assets available for benefits per the Form 5500		$	2,837,177,243			$	2,533,180,659

The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500 for the year ended December 31, 2010:

Benefits paid to participants per the financial statements		$	182,597,092
Add: benefits due but unpaid at December 31, 2010			292,145
Less: benefits due but unpaid at December 31, 2009			(702,072	)
Total benefit payments, corrective distributions and deemed distributions per the Form 5500		$	182,187,165

The following is a reconciliation of investment income per the financial statements to the Form 5500 for the year ended December 31, 2010:

Net increase in Plan assets per the financial statements		$	282,550,999
Adjustment from fair value to contract value for fully benefit-responsive investment contracts at December 31, 2009			8,865,730
Adjustment from fair value to contract value for fully benefit-responsive investment contracts at December 31, 2010			12,169,928
Benefits due but unpaid at December 31, 2010			(292,145	)
Benefits due but unpaid at December 31, 2009			702,072
Net income and transfers in per the Form 5500		$	303,996,584

During 2010 the Plan received $19,433,706 in transfers into the Plan in connection with the Company’s acquisitions of Patriot Technologies, LLC and CapRock Holdings, Inc. The assets of the Patriot Technologies, LLC 401(k) Plan were transferred into the Plan on June 16, 2010. The assets of the CapRock Plan were transferred into the Plan effective December 31, 2010. The Plan recorded the transfer from the CapRock Plan as a receivable of $18,549,367 as of December 31, 2010. The receivable from the CapRock Plan was collected subsequent to year end on January 12, 2011.

SUPPLEMENTAL INFORMATION

Harris Corporation Retirement Plan

E.I.N. 34-0276860
Plan Number 015
Schedule H, Line 4(i)
Schedule of Assets (Held at End of Year)
December 31, 2010

						(c)
						Description of Investment
						Including
						Maturity Date, Rate of Interest,
				(b)		Collateral, Par or Maturity Value
				Identity of Issue, Borrower, Lessor,		(In Shares/Par Value Except				(d)				(e)
(a)				or Similar Party		Notes Receivable from Participants)				Cost				Value
				Value of Interest in Interest Bearing Cash
				Interest bearing cash			9,069,510							$	9,069,510
				Total Value of Interest in Interest Bearing Cash										$	9,069,510
				Value of Interest in Preferred Stocks
				GENERAL MOTORS CO JR PFD CONV SER B 4.75%			28150							$	1,523,197
				Total Value of Interest in Preferred Stocks										$	1,523,197
				Value of Interest in Common Stocks
				1ST HORIZON NATL CORP COM			164564							$	1,938,564
				3M CO COM			61300								5,290,190
				ACCENTURE PLC SHS CL A NEW			33623								1,630,379
				ACI WORLDWIDE INC COM STK			80567								2,164,835
				ADR ASML HOLDING NV NY REGISTERED SHS			57100								2,189,214
				ADR BAIDU INC SPONSORED ADR			8500								820,505
				ADR BP P L C SPONSORED ADR			51056								2,255,144
				ADR CTRIP COM INTL LTD AMERICAN DEP SHS AMERICAN DEP SHS			11800								477,310
				ADR ROYAL DUTCH SHELL PLC SPONSORED ADR REPSTG A SHS			75100								5,015,178
				ALEXION PHARMACEUTICALS INC COM			24500								1,973,475
				ALLERGAN INC COM			47000								3,227,490
				ALLSTATE CORP COM			64200								2,046,696
				AMAZON COM INC COM			56321								10,137,780
				AMERICAN EXPRESS CO			118700								5,094,604
				AMERICAN TOWER CORP CL A			16622								858,360
				AMGEN INC COM			23500								1,290,150
				ANADARKO PETRO CORP COM			41000								3,122,560
				ANALOG DEVICES INC COM			67500								2,542,725
				APPLE INC COM STK			33300								10,741,248
				APPLIED MATERIALS INC COM			131200								3,820,195
				ARCHER-DANIELS-MIDLAND CO COM			22500								676,800

						(c)
						Description of Investment
						Including
						Maturity Date, Rate of Interest,
				(b)		Collateral, Par or Maturity Value
				Identity of Issue, Borrower, Lessor,		(In Shares/Par Value Except				(d)				(e)
(a)				or Similar Party		Notes Receivable from Participants)				Cost				Value
				ASSOCTD BANC-CORP COM			132788								2,011,738
				AT&T INC COM			168541								4,951,735
				ATMEL CORP COM			238710								2,940,907
				AVERY DENNISON CORP COM			40900								1,731,706
				BAKER HUGHES INC COM			17300								989,041
				BANK NEW YORK MELLON CORP COM STK			78700								2,376,740
				BANK OF AMERICA CORP			318664								4,250,978
				BECKMAN COULTER INC COM			15400								1,158,542
				BED BATH BEYOND INC COM			67100								3,297,965
				BLOCK H & R INC COM			41900								499,029
				BOEING CO COM			32700								2,134,002
				BORG WARNER INC COM			25010								1,809,724
				BRISTOL MYERS SQUIBB CO COM			77900								2,062,792
				BROADCOM CORP CL A			19300								840,515
				C H ROBINSON WORLDWIDE INC COM NEW COM NEW			21000								1,683,990
				CABLEVISION NY GROUP CL A COM			59600								2,016,864
				CALPINE CORP COM NEW STK			112486								1,500,563
				CAMPBELL SOUP CO COM			29400								1,021,650
				CAP1 FNCL COM			36900								1,570,464
				CARNIVAL CORP COM PAIRED			33600								1,549,296
				CELGENE CORP COM			24000								1,419,360
				CENTERPOINT ENERGY INC COM			42700								671,244
				CHEVRON CORP COM			75678								6,905,618
				CHIPOTLE MEXICAN GRILL INC COM STK			1700								361,522
				CHUBB CORP COM			19600								1,168,944
				CISCO SYSTEMS INC			73800								1,492,974
				CLOROX CO COM			4300								272,104
				COMCAST CORP NEW-CL A			63900								1,403,883
				COMM BANCSHARES INC COM			27642								1,098,199
				COMPASS MINERALS INTL INC COM			21600								1,928,232
				COMPUTER SCI CORP COM			40100								1,988,960
				CONAGRA FOODS INC			41700								941,586
				CONCHO RES INC COM STK			20480								1,795,482
				CONOCOPHILLIPS COM			25000								1,702,500
				CONSTELLATION ENERGY GROUP INC MARYLAND COM			41100								1,258,893

						(c)
						Description of Investment
						Including
						Maturity Date, Rate of Interest,
				(b)		Collateral, Par or Maturity Value
				Identity of Issue, Borrower, Lessor,		(In Shares/Par Value Except				(d)				(e)
(a)				or Similar Party		Notes Receivable from Participants)				Cost				Value
				COOPER COS INC COM NEW			12288								692,306
				COOPER INDUSTRIES PLC NEW IRELAND COM STK			33200								1,935,228
				CORNING INC COM			57600								1,112,832
				CREE INC COM			43300								2,853,037
				CROWN CASTLE INTL CORP COM STK			28200								1,236,006
				D R HORTON INC COM			31400								374,602
				DANAHER CORP COM			60852								2,870,389
				DELL INC COM STK			79400								1,075,870
				DENBURY RES INC HLDG CO COM NEW			103330								1,972,570
				DOLLAR GEN CORP NEW COM			20900								641,003
				DST SYS INC COM			23391								1,037,391
				DU PONT E I DE NEMOURS & CO COM STK			49500								2,469,060
				DUKE ENERGY CORP NEW COM STK			92900								1,654,549
				EATON CORP COM			11500								1,167,365
				EBAY INC COM USD0.001			73300								2,039,939
				EDWARDS LIFESCIENCES CORP COM			5900								476,956
				EHEALTH INC COM STK			37829								536,794
				ELECTR ARTS COM			48900								800,982
				ELI LILLY & CO COM			46300								1,622,352
				EMC CORP COM			52200								1,195,380
				EMERSON ELECTRIC CO COM			45600								2,606,952
				ENTERGY CORP NEW COM			39500								2,797,785
				EOG RESOURCES INC COM			21500								1,965,315
				EURONET WORLDWIDE INC COM			68392								1,192,756
				EXELON CORP COM			67200								2,798,208
				EXPEDITORS INTL WASH INC COM			29800								1,627,080
				EXPRESS SCRIPTS INC COM			30200								1,632,310
				EXXON MOBIL CORP COM			78226								5,719,885
				F5 NETWORKS INC COM STK			13000								1,692,080
				FASTENAL CO COM			15100								904,641
				FIRSTENERGY CORP COM			30035								1,111,896
				FMC TECHNOLOGIES INC COM			39500								3,511,945
				FORTUNE BRANDS INC COM			61100								3,681,275

						(c)
						Description of Investment
						Including
						Maturity Date, Rate of Interest,
				(b)		Collateral, Par or Maturity Value
				Identity of Issue, Borrower, Lessor,		(In Shares/Par Value Except				(d)				(e)
(a)				or Similar Party		Notes Receivable from Participants)				Cost				Value
				FREEPORT-MCMORAN COPPER & GOLD INC			6700								804,603
				FRKLN RES INC COM			16726								1,860,098
				GAMESTOP CORP NEW CL A			85983								1,967,291
				GEN MTRS CO COM			40700								1,500,202
				GENERAL ELECTRIC CO			367300								6,717,917
				GENUINE PARTS CO COM			25200								1,293,768
				GENWORTH MI CANADA COM NPV			43700								1,213,388
				GOOGLE INC CL A CL A			15018								8,920,241
				GRAINGER W W INC COM			15000								2,071,650
				HARLEY DAVIDSON COM USD0.01			36900								1,279,323
				HARMAN INTL INDS INC NEW COM STK USD0.01			17112								792,286
				*HARRIS CORP COM			2423236								109,772,591
				HENRY JACK & ASSOC INC COM			49527								1,443,712
				HERSHEY CO FORMERLY HERSHEY FOODS CORP TO 04/19/2005 COM			74300								3,503,245
				HEWLETT PACKARD CO COM			51400								2,163,940
				HOME DEPOT INC COM			124500								4,364,970
				HONEYWELL INTL INC COM STK			57700								3,067,332
				HUMAN GENOME SCIENCES INC COM			17800								425,242
				ILL TOOL WKS INC COM			66400								3,545,760
				ILLUMINA INC COM			59200								3,749,728
				INTEGRATED DEVICE TECHNOLOGY INC COM			22574								150,343
				INTERCONTINENTALEXCHANGE INC COM			28400								3,383,860
				INTL FLAVORS & FRAGRANCES INC COM			39000								2,168,010
				INTL PAPER CO COM			113496								3,091,631
				INTUITIVE SURGICAL INC COM NEW STK			10500								2,706,375
				ITT CORP INC COM			38900								2,027,079
				JOHNSON & JOHNSON COM USD1			45000								2,783,250
				JPMORGAN CHASE & CO COM			226624								9,613,390
				JUNIPER NETWORKS INC COM			65779								2,428,561
				KEY ENERGY SVCS INC			105312								1,366,950
				KEYCORP NEW COM			123300								1,091,205
				KIMBERLY-CLARK CORP COM			38700								2,439,648
				LAS VEGAS SANDS CORP COM STK			68300								3,138,385
				LEGG MASON INC COM			67400								2,444,598
				LIBERTY MEDIA CORP NEW INTERACTIVE COM SER A			60500								954,085

						(c)
						Description of Investment
						Including
						Maturity Date, Rate of Interest,
				(b)		Collateral, Par or Maturity Value
				Identity of Issue, Borrower, Lessor,		(In Shares/Par Value Except				(d)				(e)
(a)				or Similar Party		Notes Receivable from Participants)				Cost				Value
				LINCOLN NATL CORP COM			65123								1,811,071
				LIVE NATION ENTERTAINMENT INC			52611								600,818
				LOCKHEED MARTIN CORP COM			19600								1,370,236
				MACYS INC COM STK			44600								1,128,380
				MADISON SQUARE GARDEN INC CL A CL A			17350								447,283
				MAGELLAN HLTH SVCS INC COM NEW			18944								895,672
				MARRIOTT INTL INC NEW COM STK CL A			44612								3,998,599
				MARSH & MCLENNAN CO’S INC COM			98300								2,687,522
				MARSHALL & ILSLEY CORP NEW COM STK			67100								464,332
				MARVELL TECH GROUP COM USD0.002			54550								1,011,903
				MASCO CORP COM			107900								1,366,014
				MASTERCARD INC CL A			5300								1,187,783
				MATTEL INC COM			91800								2,334,474
				MC CORMICK & CO INC COM NON-VTG			24000								1,116,720
				MCGRAW-HILL COS COM USD1			71200								2,592,392
				MCKESSON CORP			28900								2,033,982
				MEADWESTVACO CORP COM			52000								1,360,320
				MERCK & CO INC NEW COM			70600								2,544,424
				MF GLOBAL HLDGS LTD COM			211639								1,769,302
				MGIC INVT CORP WIS COM			144615								1,473,627
				MGM RESORTS INTERNATIONAL COM			34900								518,265
				MICROSOFT CORP COM			112300								3,135,416
				MONEYGRAM INTL INC COM			219213								594,067
				MONSANTO CO NEW COM			44800								3,119,872
				MORGAN STANLEY COM STK USD0.01			24300								661,203
				MOSAIC CO COM			7200								549,792
				MURPHY OIL CORP COM			53700								4,003,335
				MYRIAD GENETICS INC COM			93047								2,125,193
				NATIONAL OILWELL VARCO COM STK			48000								3,228,000
				NETFLIX INC COM STK			9000								1,581,300
				NEW GOLD INC CDA COM			199491								1,947,032
				NEW YORK TIMES CO CL A ISIN     #US6501111073			90000								882,000
				NIKE INC CL B			31000								2,648,020
				NISOURCE INC COM			134500								2,369,890
				NRG ENERGY INC COM NEW			24600								480,684

						(c)
						Description of Investment
						Including
						Maturity Date, Rate of Interest,
				(b)		Collateral, Par or Maturity Value
				Identity of Issue, Borrower, Lessor,		(In Shares/Par Value Except				(d)				(e)
(a)				or Similar Party		Notes Receivable from Participants)				Cost				Value
				NUCOR CORP COM			60700								2,659,874
				NYSE EURONEXT COM STK			45700								1,370,086
				O REILLY AUTOMOTIVE INC NEW COM USD0.01			14100								851,922
				PARAMETRIC TECHNOLOGY CORP COM NEW STK			31292								705,009
				PEABODY ENERGY CORP COM STK			17300								1,106,854
				PEPSICO INC COM			20100								1,313,133
				PFIZER INC COM STK $.11 1/9 PAR			154047								2,697,363
				PG& E CORP COM			32500								1,554,800
				PICO HLDGS INC COM NEW STK			1327								42,199
				PINNACLE W. CAP CORP COM			32600								1,351,270
				PPL CORP COM ISIN US69351T1060			48200								1,268,624
				PRAXAIR INC COM			38100								3,637,407
				PRECISION CASTPARTS CORP COM			11200								1,559,152
				PRICELINE COM INC COM NEW STK			2800								1,118,740
				PROCTER & GAMBLE COM NPV			12700								816,991
				PROGRESS ENERGY INC COM			41000								1,782,680
				QUALCOMM INC COM			167600								8,294,524
				QWEST COMMUNICATIONS INTL INC COM			298500								2,271,585
				RANGE RES CORP COM			20600								926,588
				REGIONS FINL CORP NEW COM			135100								945,700
				ROCKWELL AUTOMATION			8400								602,364
				ROVI CORP COM			6100								378,261
				SALESFORCE COM INC COM STK			45500								6,006,000
				SCHLUMBERGER LTD COM COM			121914								10,179,819
				SCHWAB CHARLES CORP COM NEW			145000								2,480,950
				SIRONA DENTAL SYS INC COM STK			24168								1,009,739
				SLM CORP COM			122500								1,542,275
				SOUTHWESTERN ENERGY CO COM			40000								1,497,200
				SPECTRA ENERGY CORP COM STK			48900								1,222,011
				STANCORP FINL GROUP INC COM			31771								1,434,143
				STAPLES INC COM			99000								2,254,230
				STARBUCKS CORP COM			124800								4,009,824
				STARWOOD HOTELS & RESORTS WORLDWIDE INC COM STK			14400								875,232
				STRYKER CORP			17600								945,120
				SUN LIFE FINANCIAL INC.			51800								1,559,180