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Other Financial Data (Tables) | 3 Months Ended
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Mar. 30, 2024
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
| March 30, 2024 |  | April 1, 2023
Other charges: |  |  |
Intangibles amortization (Note 15) | $ | 39 |  |  | $ | 55 |
Reorganization of business (Note 14) | 7 |  |  | 7 |
Operating lease asset impairments | 3 |  |  | 3 |
Acquisition-related transaction fees | 4 |  |  | 2 |
Legal settlements | 6 |  |  | — |
Fixed asset impairments | — |  |  | 2 |
Other | (1) |  |  | — |
| $ | 58 |  |  | $ | 69 |
Other Income (Expense) | Interest expense, net, and Other both included in Other income (expense), consist of the following:
| Three Months Ended
| March 30, 2024 |  | April 1, 2023
Interest income (expense), net: |  |  |
Interest expense | $ | (61) |  |  | $ | (63) |
Interest income | 17 |  |  | 9 |
| $ | (44) |  |  | $ | (54) |
Other, net: |  |  |
Net periodic pension and postretirement benefit (Note 8) | $ | 32 |  |  | $ | 25 |
Loss from the extinguishment of Silver Lake Convertible Debt (Note 5) | (585) |  |  | — |
Investment impairments | (3) |  |  | (6) |
Foreign currency gain (loss) | 1 |  |  | (19) |
Gain (loss) on derivative instruments (Note 6) | (10) |  |  | 7 |
Fair value adjustments to equity investments | (2) |  |  | 3 |
Other | 2 |  |  | 2 |
| $ | (565) |  |  | $ | 12 |
Earnings Per Common Share | Basic and diluted earnings (loss) per common share from net earnings (loss) attributable to Motorola Solutions, Inc. are computed as follows:
| Amounts attributable to Motorola Solutions, Inc. common stockholders
| Three Months Ended
| March 30, 2024 |  | April 1, 2023
Basic earnings (loss) per common share: |  |  |
Earnings (loss) | $ | (39) |  |  | $ | 278 |
Weighted average common shares outstanding | 166.3 |  |  | 167.4 |
Per share amount | $ | (0.23) |  |  | $ | 1.66 |
Diluted earnings (loss) per common share: |  |  |
Earnings (loss) | $ | (39) |  |  | $ | 278 |
Weighted average common shares outstanding | 166.3 |  |  | 167.4 |
Add effect of dilutive securities: |  |  |
Share-based awards | — |  |  | 4.0 |
Silver Lake Convertible Debt | — |  |  | 1.2 |
Diluted weighted average common shares outstanding | 166.3 |  |  | 172.6 |
Per share amount | $ | (0.23) |  |  | $ | 1.61 |
Accounts Receivable, Net | Accounts receivable, net, consists of the following:
| March 30, 2024 |  | December 31, 2023
Accounts receivable | $ | 1,666 |  |  | $ | 1,779 |
Less allowance for credit losses | (74) |  |  | (69) |
| $ | 1,592 |  |  | $ | 1,710 |
Inventories, Net | Inventories, net, consist of the following:
| March 30, 2024 |  | December 31, 2023
Finished goods | $ | 347 |  |  | $ | 328 |
Work-in-process and production materials | 641 |  |  | 640 |
| 988 |  |  | 968 |
Less inventory reserves | (148) |  |  | (141) |
| $ | 840 |  |  | $ | 827 |
Other Current Assets | Other current assets consist of the following:
| March 30, 2024 |  | December 31, 2023
Current contract cost assets (Note 2) | $ | 65 |  |  | $ | 56 |
Contractor receivables | 60 |  |  | 40 |
Tax-related deposits | 35 |  |  | 32 |
Other | 290 |  |  | 229 |
| $ | 450 |  |  | $ | 357 |
Property, Plant and Equipment, Net | Property, plant and equipment, net, consist of the following:
| March 30, 2024 |  | December 31, 2023
Land | $ | 5 |  |  | $ | 5 |
Leasehold improvements | 433 |  |  | 448 |
Machinery and equipment | 2,428 |  |  | 2,396 |
| 2,866 |  |  | 2,849 |
Less accumulated depreciation | (1,909) |  |  | (1,885) |
| $ | 957 |  |  | $ | 964 |
Investments | Investments consist of the following:
| March 30, 2024 |  | December 31, 2023 |  |  |  |
Common stock | $ | 26 |  |  | $ | 28 |  |  |  |  |
Strategic investments | 27 |  |  | 28 |  |  |  |  |
Company-owned life insurance policies | 76 |  |  | 74 |  |  |  |  |
Equity method investments | 12 |  |  | 13 |  |  |  |  |
| $ | 141 |  |  | $ | 143 |  |  |  |  |
Other Assets | Other assets consist of the following:
| March 30, 2024 |  | December 31, 2023
Defined benefit plan assets | $ | 113 |  |  | $ | 98 |
Non-current contract cost assets (Note 2) | 116 |  |  | 119 |
Other | 58 |  |  | 57 |
| $ | 287 |  |  | $ | 274 |
Accrued Liabilities | Accrued liabilities consist of the following:
| March 30, 2024 |  | December 31, 2023
Compensation | $ | 365 |  |  | $ | 407 |
Tax liabilities | 325 |  |  | 231 |
Dividend payable | 163 |  |  | 163 |
Trade liabilities | 141 |  |  | 140 |
Operating lease liabilities (Note 3) | 122 |  |  | 125 |
Customer reserves | 77 |  |  | 89 |
Other | 408 |  |  | 349 |
| $ | 1,601 |  |  | $ | 1,504 |
Other Liabilities | Other liabilities consist of the following:
| March 30, 2024 |  | December 31, 2023
Defined benefit plans (Note 8) | $ | 906 |  |  | $ | 939 |
Non-current contract liabilities (Note 2) | 430 |  |  | 424 |
Unrecognized tax benefits (Note 7) | 26 |  |  | 26 |
Deferred income taxes (Note 7) | 59 |  |  | 55 |
Environmental reserve | 119 |  |  | 119 |
Other | 182 |  |  | 178 |
| $ | 1,722 |  |  | $ | 1,741 |
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 months ended March 30, 2024 and April 1, 2023:
| Three Months Ended
| March 30, 2024 |  | April 1, 2023
Foreign Currency Translation Adjustments: |  |  |
Balance at beginning of period | $ | (482) |  |  | $ | (539) |
Other comprehensive income (loss) before reclassification adjustment | (27) |  |  | 27 |
Tax benefit | 3 |  |  | 9 |
Other comprehensive income (loss), net of tax | (24) |  |  | 36 |
Balance at end of period | $ | (506) |  |  | $ | (503) |
Derivative instruments: |  |  |
Balance at beginning of period | $ | (12) |  |  | $ | — |
Other comprehensive income before reclassification adjustment | 4 |  |  | — |
Other comprehensive income, net of tax | 4 |  |  | — |
Balance at end of period | $ | (8) |  |  | $ | — |
Defined Benefit Plans: |  |  |
Balance at beginning of period | $ | (2,046) |  |  | $ | (1,996) |
Reclassification adjustment - Actuarial net losses into Other income (Note 8) | 9 |  |  | 15 |
Reclassification adjustment - Prior service benefits into Other income (Note 8) | — |  |  | 1 |
Tax expense | (2) |  |  | (4) |
Reclassification adjustments into Net earnings, net of tax | 7 |  |  | 12 |
Other comprehensive income, net of tax | 7 |  |  | 12 |
Balance at end of period | $ | (2,039) |  |  | $ | (1,984) |
Total Accumulated other comprehensive loss | $ | (2,553) |  |  | $ | (2,487) |

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