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v3.22.2.2

Other Financial Data (Tables) | 9 Months Ended
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Oct. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Other Charges (Income) | Other charges (income) included in Operating earnings consist of the following:
| Three Months Ended |  | Nine Months Ended
| October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
Other charges: |  |  |  |  |  |  |
Intangibles amortization (Note 15) | $ | 63 |  |  | $ | 56 |  |  | $ | 194 |  |  | $ | 172 |
Legal settlements | 12 |  |  | — |  |  | 23 |  |  | 3 |
Operating lease asset impairments | 4 |  |  | — |  |  | 16 |  |  | 7 |
Acquisition-related transaction fees | 2 |  |  | 2 |  |  | 16 |  |  | 6 |
Reorganization of business (Note 14) | 2 |  |  | 2 |  |  | 14 |  |  | 22 |
Fixed asset impairments | 1 |  |  | — |  |  | 12 |  |  | — |
Gain on Hytera legal settlement | — |  |  | — |  |  | (13) |  |  | — |
Other | (1) |  |  | — |  |  | — |  |  | (1) |
| $ | 83 |  |  | $ | 60 |  |  | $ | 262 |  |  | $ | 209 |
Other Income (Expense) | Interest expense, net, and Other, net, both included in Other income (expense), consist of the following:
| Three Months Ended |  | Nine Months Ended
| October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
Interest income (expense), net: |  |  |  |  |  |  |
Interest expense | $ | (62) |  |  | $ | (58) |  |  | $ | (179) |  |  | $ | (160) |
Interest income | 2 |  |  | 2 |  |  | 8 |  |  | 6 |
| $ | (60) |  |  | $ | (56) |  |  | $ | (171) |  |  | (154) |
Other, net: |  |  |  |  |  |  |
Net periodic pension and postretirement benefit (Note 8) | $ | 28 |  |  | $ | 31 |  |  | $ | 91 |  |  | $ | 91 |
Loss from the extinguishment of long-term debt (Note 5) | — |  |  | — |  |  | (6) |  |  | (18) |
Investment impairments | — |  |  | — |  |  | (1) |  |  | — |
Foreign currency gain | 45 |  |  | 5 |  |  | 95 |  |  | 13 |
Loss on derivative instruments (Note 6) | (54) |  |  | (10) |  |  | (111) |  |  | (19) |
Gain (loss) on equity method investments | — |  |  | 1 |  |  | (2) |  |  | 5 |
Fair value adjustments to equity investments | (5) |  |  | (18) |  |  | (35) |  |  | (5) |
Gain on TETRA Ireland equity method investment | — |  |  | — |  |  | 21 |  |  | — |
Other | 5 |  |  | 1 |  |  | (2) |  |  | 3 |
| $ | 19 |  |  | $ | 10 |  |  | $ | 50 |  |  | $ | 70 |
Earnings Per Common Share | The computation of basic and diluted earnings per common share is as follows:
| Amounts attributable to Motorola Solutions, Inc. common stockholders
| Three Months Ended |  | Nine Months Ended
| October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
Basic earnings per common share: |  |  |  |  |  |  |
Earnings | $ | 279 |  |  | $ | 307 |  |  | $ | 774 |  |  | $ | 844 |
Weighted average common shares outstanding | 167.2 |  |  | 169.2 |  |  | 167.5 |  |  | 169.3 |
Per share amount | $ | 1.67 |  |  | $ | 1.81 |  |  | $ | 4.62 |  |  | $ | 4.98 |
Diluted earnings per common share: |  |  |  |  |  |  |
Earnings | $ | 279 |  |  | $ | 307 |  |  | $ | 774 |  |  | $ | 844 |
Weighted average common shares outstanding | 167.2 |  |  | 169.2 |  |  | 167.5 |  |  | 169.3 |
Add effect of dilutive securities: |  |  |  |  |  |  |
Share-based awards | 3.6 |  |  | 4.3 |  |  | 3.8 |  |  | 3.9 |
1.75% senior convertible notes | 0.7 |  |  | 0.6 |  |  | 0.6 |  |  | 0.2 |
Diluted weighted average common shares outstanding | 171.5 |  |  | 174.1 |  |  | 171.9 |  |  | 173.4 |
Per share amount | $ | 1.63 |  |  | $ | 1.76 |  |  | $ | 4.50 |  |  | $ | 4.87 |
Accounts Receivable, Net | Accounts receivable, net, consists of the following:
| October 1, 2022 |  | December 31, 2021
Accounts receivable | $ | 1,433 |  |  | $ | 1,456 |
Less allowance for credit losses | (65) |  |  | (70) |
| $ | 1,368 |  |  | $ | 1,386 |
Inventories, Net | Inventories, net, consist of the following:
| October 1, 2022 |  | December 31, 2021
Finished goods | $ | 352 |  |  | $ | 268 |
Work-in-process and production materials | 924 |  |  | 643 |
| 1,276 |  |  | 911 |
Less inventory reserves | (119) |  |  | (123) |
| $ | 1,157 |  |  | $ | 788 |
Other Current Assets | Other current assets consist of the following:
| October 1, 2022 |  | December 31, 2021
Current contract cost assets (Note 2) | $ | 52 |  |  | $ | 30 |
Tax-related deposits | 35 |  |  | 41 |
Other | 240 |  |  | 188 |
| $ | 327 |  |  | $ | 259 |
Property, Plant and Equipment, Net | Property, plant and equipment, net, consist of the following:
| October 1, 2022 |  | December 31, 2021
Land | $ | 5 |  |  | $ | 5 |
Leasehold improvements | 445 |  |  | 474 |
Machinery and equipment | 2,232 |  |  | 2,439 |
| 2,682 |  |  | 2,918 |
Less accumulated depreciation | (1,816) |  |  | (1,876) |
| $ | 866 |  |  | $ | 1,042 |
Investments | Investments consist of the following:
| October 1, 2022 |  | December 31, 2021 |  |  |  |
Common stock | $ | 23 |  |  | $ | 69 |  |  |  |  |
Strategic investments | 43 |  |  | 35 |  |  |  |  |
Company-owned life insurance policies | 67 |  |  | 81 |  |  |  |  |
Equity method investments | 13 |  |  | 24 |  |  |  |  |
| $ | 146 |  |  | $ | 209 |  |  |  |  |
Other Assets | Other assets consist of the following:
| October 1, 2022 |  | December 31, 2021
Defined benefit plan assets | $ | 370 |  |  | $ | 365 |
Non-current contract cost assets (Note 2) | 120 |  |  | 124 |
Other | 62 |  |  | 69 |
| $ | 552 |  |  | $ | 558 |
Accrued Liabilities | Accrued liabilities consist of the following:
| October 1, 2022 |  | December 31, 2021
Compensation | $ | 257 |  |  | $ | 360 |
Tax liabilities | 176 |  |  | 183 |
Dividend payable | 132 |  |  | 134 |
Trade liabilities | 162 |  |  | 235 |
Operating lease liabilities (Note 3) | 77 |  |  | 124 |
Other | 529 |  |  | 521 |
| $ | 1,333 |  |  | $ | 1,557 |
Other Liabilities | Other liabilities consist of the following:
| October 1, 2022 |  | December 31, 2021
Defined benefit plans | $ | 1,219 |  |  | $ | 1,390 |
Non-current contract liabilities (Note 2) | 327 |  |  | 306 |
Unrecognized tax benefits (Note 7) | 35 |  |  | 36 |
Deferred income taxes (Note 7) | 129 |  |  | 183 |
Environmental reserve | 108 |  |  | 108 |
Other | 119 |  |  | 125 |
| $ | 1,937 |  |  | $ | 2,148 |
Accumulated Other Comprehensive Loss | The following table displays the changes in Accumulated other comprehensive loss, including amounts reclassified into income, and the affected line items in the Condensed Consolidated Statements of Operations during the three and nine months ended October 1, 2022 and October 2, 2021:
| Three Months Ended |  | Nine Months Ended
| October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
Foreign Currency Translation Adjustments: |  |  |  |  |  |  |
Balance at beginning of period | $ | (539) |  |  | $ | (335) |  |  | $ | (384) |  |  | $ | (360) |
Other comprehensive income (loss) before reclassification adjustment | (153) |  |  | (47) |  |  | (304) |  |  | (24) |
Tax benefit (expense) | (9) |  |  | 3 |  |  | (13) |  |  | 5 |
Other comprehensive income (loss), net of tax | (162) |  |  | (44) |  |  | (317) |  |  | (19) |
Balance at end of period | $ | (701) |  |  | $ | (379) |  |  | $ | (701) |  |  | $ | (379) |
Defined Benefit Plans: |  |  |  |  |  |  |
Balance at beginning of period | $ | (1,952) |  |  | $ | (2,053) |  |  | $ | (1,995) |  |  | $ | (2,086) |
Other comprehensive income before reclassification adjustment | — |  |  | — |  |  | 17 |  |  | — |
Tax expense | — |  |  | — |  |  | (3) |  |  | — |
Other comprehensive income before reclassification adjustment, net of tax | — |  |  | — |  |  | 14 |  |  | — |
Reclassification adjustment - Actuarial net losses into Other income (Note 8) | 20 |  |  | 22 |  |  | 60 |  |  | 65 |
Reclassification adjustment - Prior service benefits into Other income (Note 8) | (1) |  |  | (2) |  |  | (3) |  |  | (6) |
Tax expense | (4) |  |  | (4) |  |  | (13) |  |  | (10) |
Reclassification adjustment into Net earnings, net of tax | 15 |  |  | 16 |  |  | 44 |  |  | 49 |
Other comprehensive income, net of tax | 15 |  |  | 16 |  |  | 58 |  |  | 49 |
Balance at end of period | $ | (1,937) |  |  | $ | (2,037) |  |  | $ | (1,937) |  |  | $ | (2,037) |
Total Accumulated other comprehensive loss | $ | (2,638) |  |  | $ | (2,416) |  |  | $ | (2,638) |  |  | $ | (2,416) |

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