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Debt and Credit Facilities | 9 Months Ended
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Sep. 28, 2024
Debt Disclosure [Abstract] |
Debt and Credit Facilities | Debt and Credit Facilities
| September 28, 2024 |  | December 31, 2023
4.0% senior notes due 2024 | $ | — |  |  | $ | 313 |
1.75% senior convertible notes due 2024 | — |  |  | 1,000 |
7.5% debentures due 2025 | 252 |  |  | 252 |
6.5% debentures due 2025 | 70 |  |  | 70 |
4.6% senior notes due 2028 | 696 |  |  | 695 |
6.5% debentures due 2028 | 24 |  |  | 25 |
5.0% senior notes due 2029 | 396 |  |  | — |
4.6% senior notes due 2029 | 802 |  |  | 802 |
2.3% senior notes due 2030 | 895 |  |  | 894 |
2.75% senior notes due 2031 | 846 |  |  | 845 |
5.6% senior notes due 2032 | 596 |  |  | 595 |
5.4% senior notes due 2034 | 892 |  |  | — |
6.625% senior notes due 2037 | 38 |  |  | 38 |
5.5% senior notes due 2044 | 397 |  |  | 397 |
5.22% debentures due 2097 | 93 |  |  | 93 |
| 5,997 |  |  | 6,019 |
Adjustments for unamortized gains on interest rate swap terminations | (1) |  |  | (1) |
Less: current portion | (322) |  |  | (1,313) |
Long-term debt | $ | 5,674 |  |  | $ | 4,705 |
During the three months ended September 28, 2024, the Company repaid the $313 million aggregate principal amount of the 4.0% senior notes due 2024. As of September 28, 2024, $252 million of 7.5% debentures due 2025, which mature in May 2025, and $70 million of 6.5% debentures due 2025, which mature in September 2025, were presented as the Current portion of long-term debt within the Company's Condensed Consolidated Balance Sheets, as the debentures mature within the next twelve months. On September 5, 2019, the Company entered into an agreement with Silver Lake Partners to issue $1.0 billion of 1.75% senior convertible notes which were scheduled to mature in September 2024 (the "Silver Lake Convertible Debt"), which became fully convertible on September 5, 2021. On February 14, 2024, the Company agreed with Silver Lake Partners to repurchase $1.0 billion aggregate principal amount of the Silver Lake Convertible Debt for aggregate consideration of $1.59 billion in cash, inclusive of the conversion premium. The Company paid the cash consideration during the first quarter of 2024. The repurchase of the Silver Lake Convertible Debt was accounted for as an extinguishment of debt, as the repurchase was negotiated under economically favorable terms outside of the original contractual conversion rate. A loss on the extinguishment of $585 million was recorded, representing the excess of amounts repurchased over the carrying value of debt of $593 million, offset by accrued interest of $8 million. The loss on the extinguishment of debt was recorded within Other Income (Expense) in the Condensed Consolidated Statements of Operations during the nine months ended September 28, 2024. On March 25, 2024, the Company issued $400 million of 5.0% senior notes due 2029 and $900 million of 5.4% senior notes due 2034. The Company recognized net proceeds of $1.3 billion after debt issuance costs and discounts. A portion of proceeds from the issuance of these notes was used to repurchase the $1.0 billion aggregate principal amount of the Silver Lake Convertible Debt in the first quarter of 2024. As of September 28, 2024, the Company had a $2.25 billion syndicated, unsecured revolving credit facility scheduled to mature in March 2026 (the "2021 Motorola Solutions Credit Agreement"). The 2021 Motorola Solutions Credit Agreement includes a letter of credit sub-limit and fronting commitments of $450 million. Borrowings under the facility bear interest at the prime rate plus the applicable margin, or at a spread above the Secured Overnight Financing Rate (SOFR), at the Company's option. An annual facility fee is payable on the undrawn amount of the credit line. The interest rate and facility fee are subject to adjustment if the Company's credit rating changes. The Company must comply with certain customary covenants including a maximum leverage ratio, as defined in the 2021 Motorola Solutions Credit Agreement. The Company was in compliance with its financial covenants as of September 28, 2024. The Company has an unsecured commercial paper program, backed by the 2021 Motorola Solutions Credit Agreement, under which the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $2.2 billion outstanding at any one time. Proceeds from the issuances of the notes are expected to be used for general corporate purposes. The notes are issued at a zero-coupon rate and are issued at a discount which reflects the interest component. At maturity, the notes are paid back in full including the interest component. The notes are not redeemable prior to maturity. As of September 28, 2024 the Company had no outstanding debt under the commercial paper program.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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