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Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt and Credit Facilities Debt and Credit Facilities
Long-Term Debt 
December 3120242023
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
893 — 
6.625% senior notes due 2037
38 38 
5.5% senior notes due 2044
397 397 
5.22% debentures due 2097
93 93 
5,998 6,019 
Adjustments for unamortized gains on interest rate swap terminations(1)(1)
Less: current portion(322)(1,313)
Long-term debt$5,675 $4,705 
During the year ended December 31, 2024, the Company repaid the $313 million aggregate principal amount of 4.0% senior notes due 2024.
As of December 31, 2024, $252 million of 7.5% debentures, which mature in May 2025, and $70 million of 6.5% debentures, which mature in September 2025, were presented as the Current portion of long-term debt within the Company's 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. In 2024, the Company repurchased the $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 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 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 Consolidated Statements of Operations during the year ended December 31, 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 2024.
The Company has an unsecured commercial paper program, backed by the 2021 Motorola Solutions Credit Agreement (defined below), 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 commercial paper 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 December 31, 2024 the Company had no outstanding debt under the commercial paper program.
Aggregate requirements for long-term debt maturities during the next five years are as follows: $322 million in 2025, no maturities in 2026 or 2027, $724 million in 2028 and $1.2 billion in 2029.
Credit Facilities
As of December 31, 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. 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 December 31, 2024.