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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________ 
Form 10-Q
 ____________________________________________
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 29, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission file number: 1-7221
___________________________________________ 
MOTOROLA SOLUTIONS, INC.
(Exact Name of Registrant as Specified in Its Charter)
____________________________________________ 
Delaware 36-1115800
(State of Incorporation)(I.R.S. Employer Identification No.)
500 W. Monroe Street, Chicago, Illinois 60661
(Address of Principal Executive Offices, Zip Code)
(847) 576-5000
(Registrant’s Telephone Number, Including Area Code)
Not applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
____________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock$0.01Par ValueMSINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer” “accelerated filer” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer 
☐
Non-accelerated filer 
☐
Smaller reporting company 
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☒
The number of shares of the registrant's Common Stock, $0.01 par value per share, outstanding as of July 26, 2024 was 166,840,999.


TABLE OF CONTENTS
For the Quarter Ended June 29, 2024
 
PART I. FINANCIAL INFORMATION
Page No.
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)Three Months EndedSix Months Ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Net sales from products$1,563 $1,349 $2,968 $2,573 
Net sales from services1,065 1,054 2,049 2,001 
Net sales2,628 2,403 5,017 4,574 
Costs of products sales653 636 1,252 1,209 
Costs of services sales636 578 1,234 1,130 
Costs of sales1,289 1,214 2,486 2,339 
Gross margin1,339 1,189 2,531 2,235 
Selling, general and administrative expenses430 390 827 757 
Research and development expenditures220 215 437 426 
Other charges45 66 104 135 
Operating earnings644 518 1,163 917 
Other income (expense):
Interest expense, net(69)(57)(113)(111)
Gain on sales of investments and businesses, net— — — 1 
Other, net5 26 (560)39 
Total other expense(64)(31)(673)(71)
Net earnings before income taxes580 487 490 846 
Income tax expense135 114 83 194 
Net earnings445 373 407 652 
Less: Earnings attributable to non-controlling interests2 2 3 3 
Net earnings attributable to Motorola Solutions, Inc.$443 $371 $404 $649 
Earnings per common share:
Basic$2.65 $2.21 $2.43 $3.88 
Diluted$2.60 $2.15 $2.37 $3.76 
Weighted average common shares outstanding:
Basic166.9 167.5 166.5 167.4 
Diluted170.3 172.6 170.3 172.5 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
1

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 Three Months EndedSix Months Ended
(In millions)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Net earnings$445 $373 $407 $652 
Foreign currency translation adjustments(3)27 (27)63 
Derivative instruments— — 4 — 
Defined benefit plans7 13 14 25 
Total other comprehensive income (loss), net of tax4 40 (9)88 
Comprehensive income449 413 398 740 
Less: Earnings attributable to non-controlling interests2 2 3 3 
Comprehensive income attributable to Motorola Solutions, Inc. common shareholders$447 $411 $395 $737 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

2

Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except par value)June 29, 2024December 31, 2023
ASSETS
Cash and cash equivalents$1,381 $1,705 
Accounts receivable, net1,762 1,710 
Contract assets1,210 1,102 
Inventories, net803 827 
Other current assets415 357 
Current assets held for disposition— 24 
Total current assets5,571 5,725 
Property, plant and equipment, net987 964 
Operating lease assets527 495 
Investments127 143 
Deferred income taxes1,225 1,062 
Goodwill3,400 3,401 
Intangible assets, net1,208 1,255 
Other assets300 274 
Non-current assets held for disposition— 17 
Total assets$13,345 $13,336 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt$565 $1,313 
Accounts payable861 881 
Contract liabilities1,852 2,037 
Accrued liabilities1,366 1,504 
Current liabilities held for disposition— 1 
Total current liabilities4,644 5,736 
Long-term debt5,743 4,705 
Operating lease liabilities421 407 
Other liabilities1,720 1,741 
Non-current liabilities held for disposition— 8 
Stockholders’ Equity
Preferred stock, $100 par value: 0.5 shares authorized; none issued and outstanding
— — 
Common stock, $0.01 par value:
2 2 
Authorized shares: 600.0
Issued shares: 6/29/24—168.2; 12/31/23—167.4
Outstanding shares: 6/29/24—166.8; 12/31/23—166.2
Additional paid-in capital1,742 1,622 
Retained earnings1,607 1,640 
Accumulated other comprehensive loss(2,549)(2,540)
Total Motorola Solutions, Inc. stockholders’ equity802 724 
Non-controlling interests15 15 
Total stockholders’ equity817 739 
Total liabilities and stockholders’ equity$13,345 $13,336 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

3

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(In millions)SharesCommon Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained
Earnings		Noncontrolling
Interests
Balance as of December 31, 2023167.4 $1,624 $(2,540)$1,640 $15 
Net earnings (loss)(39)1 
Other comprehensive loss(13)
Issuance of common stock and stock options exercised1.0 (5)
Share repurchase program(0.1)(39)
Share-based compensation expenses56 
Dividends declared $0.98 per share
(163)
Balance as of March 30, 2024168.3 $1,675 $(2,553)$1,399 $16 
Net earnings443 2 
Other comprehensive income4 
Issuance of common stock and stock options exercised0.1 6 
Share repurchase program(0.2)(71)
Share-based compensation expenses63 
Dividends declared $0.98 per share
(164)
Dividends paid to non-controlling interest on subsidiary common stock(3)
Balance as of June 29, 2024168.2 $1,744 $(2,549)$1,607 $15 

(In millions)SharesCommon Stock and Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained
Earnings		Noncontrolling
Interests
Balance as of December 31, 2022168.5 $1,308 $(2,535)$1,343 $15 
Net earnings278 1 
Other comprehensive income48 
Issuance of common stock and stock options exercised0.9 25 
Share repurchase program(0.5)(140)
Share-based compensation expenses55 
Dividends declared $0.88 per share
(148)
Dividends paid to non-controlling interest on subsidiary common stock(1)
Balance as of April 1, 2023168.9 $1,388 $(2,487)$1,333 $15 
Net earnings371 2 
Other comprehensive income40 
Issuance of common stock and stock options exercised0.2 10 
Share repurchase program(0.8)(224)
Share-based compensation expenses53 
Dividends declared $0.88 per share
(147)
Dividends paid to non-controlling interest on subsidiary common stock(3)
Balance as of July 1, 2023168.3 $1,451 $(2,447)$1,333 $14 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
4

Condensed Consolidated Statements of Cash Flows (Unaudited)
 Six Months Ended
(In millions)June 29, 2024July 1, 2023
Operating
Net earnings$407 $652 
Adjustments to reconcile Net earnings to Net cash provided by operating activities:
Depreciation and amortization166 185 
Non-cash other charges (income)15 (4)
Share-based compensation expenses119 108 
Gain on sales of investments and businesses, net— (1)
Loss from the extinguishment of Silver Lake Convertible Debt (Note 5)585 — 
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments:
Accounts receivable(57)10 
Inventories29 36 
Other current assets and contract assets(183)(29)
Accounts payable, accrued liabilities and contract liabilities(331)(751)
Other assets and liabilities(18)(1)
Deferred income taxes(170)(120)
Net cash provided by operating activities562 85 
Investing
Acquisitions and investments, net(42)(10)
Proceeds from sales of investments and businesses, net38 6 
Capital expenditures(114)(107)
Net cash used for investing activities(118)(111)
Financing
Repayments of debt(1,593)(1)
Net proceeds from issuance of debt1,288 — 
Issuances of common stock1 36 
Purchases of common stock(110)(364)
Payments of dividends(326)(296)
Payments of dividends to non-controlling interests(3)(4)
Net cash used for financing activities(743)(629)
Effect of exchange rate changes on total cash and cash equivalents(25)40 
Net decrease in total cash and cash equivalents(324)(615)
Cash and cash equivalents, beginning of period1,705 1,325 
Cash and cash equivalents, end of period$1,381 $710 
Supplemental Cash Flow Information  
Cash paid during the period for:
Interest paid$107 $117 
Income and withholding taxes, net of refunds$350 $405 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
5


6

Notes to Condensed Consolidated Financial Statements (Unaudited)
(Dollars in millions, except as noted)
1.Basis of Presentation
The condensed consolidated financial statements as of June 29, 2024 and for the three and six months ended June 29, 2024 and July 1, 2023 include, in the opinion of management, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to state fairly the Condensed Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income, Statements of Stockholders' Equity, and Statements of Cash Flows of Motorola Solutions, Inc. (“Motorola Solutions” or the “Company”) for all periods presented.
The Company operates on a 52-week fiscal year, with each fiscal year ending on December 31. With respect to each fiscal quarter, the Company operates on a 13-week fiscal quarter, with all fiscal quarters ending on a Saturday.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2023 (the "Form 10-K"). The results of operations for the three and six months ended June 29, 2024 are not necessarily indicative of the operating results to be expected for the full year.
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Business Overview
The Company manages the business organizationally through two segments: “Products and Systems Integration” and “Software and Services". Within these segments the Company has three principal product lines in which the Company reports net sales: Land Mobile Radio Communications (“LMR” or “LMR Communications”), Video Security and Access Control ("Video"), and Command Center.
•LMR Communications: Infrastructure, devices (two-way radio and broadband, including both for public safety and professional and commercial radio (PCR)) and software that enable communications, inclusive of installation and integration, backed by services, to assure availability, security and resiliency.
•Video: Cameras (fixed, body-worn, in-vehicle), access control, infrastructure, video management, software and artificial intelligence (AI)-powered analytics that help enable visibility and bring attention to what’s important.
•Command Center: Command center solutions and software applications that unify voice, video and data analytics from public safety agencies, enterprises and the community to create a broad informational view to help simplify workflows and improve the accuracy and speed of decisions.
Recent Acquisitions
Subsequent to the quarter end, on July 1, 2024, the Company acquired Noggin, a global provider of critical event management ("CEM") software for $91 million, net of cash acquired. In addition, the Company issued restricted stock at a fair value of $19 million to certain key employees that will be expensed over a service period of three years. This acquisition enhances the Company's portfolio by adding operational resilience and CEM capabilities, which help enterprises and critical infrastructure anticipate, prepare for and efficiently respond to incidents. The business is part of the Software and Services segment.
Subsequent to the quarter end, on July 1, 2024, the Company acquired a company that provides vehicle location and management solutions for $132 million, net of cash acquired. In addition, the Company issued restricted stock at a fair value of $3 million to certain key employees that will be expensed over a service period of three years. The acquisition expands the Company's video solutions within the Software and Services segment.
On February 13, 2024, the Company acquired Silent Sentinel, a provider of specialized, long-range cameras, for $37 million, net of cash acquired. This acquisition complements the Company's portfolio of fixed video cameras, expanding its footprint with government and critical infrastructure customers and strengthens the Company's position as a global leader in end-to-end video security solutions. The business is part of the Products and System Integration segment.
On December 15, 2023, the Company acquired IPVideo, the creator of the HALO Smart Sensor, for $170 million, net of cash acquired. In addition, the Company issued restricted stock at a fair value of $5 million to certain key employees that will be expensed over a service period of one year. The HALO Smart Sensor is a multifunctional safety and security device with built-in vape detection and air quality monitoring, gunshot detection, abnormal noise and motion detection and emergency keyword detection. This acquisition adds sensor technology to the Company's physical security portfolio. The business is part of the Products and Systems Integration segment.
7

Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning in 2025, with early adoption permitted. The ASU will require the Company to disclose additional expense categories at the segment level including Cost of sales, Selling, general and administrative expenses, Research and development expenditures and Other charges once it adopts this ASU. The Company is still evaluating the complete impact of the adoption of this ASU on its disclosures.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which expands disclosures in an entity's income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company anticipates that it will have additional disclosures regarding cash taxes and the income tax rate reconciliation once it adopts this ASU.

2.    Revenue from Contracts with Customers
Disaggregation of Revenue
The following table summarizes the disaggregation of the Company's revenue by segment, region, major products and services and customer type for the three and six months ended June 29, 2024 and July 1, 2023, consistent with the information reviewed by the Company's chief operating decision maker for evaluating the financial performance of the Company's reportable segments:
Three Months Ended
June 29, 2024July 1, 2023
(In millions)Products and Systems IntegrationSoftware and ServicesTotalProducts and Systems IntegrationSoftware and ServicesTotal
Regions:
North America$1,245 $672 $1,917 $1,025 $616 $1,641 
International413 298 711 412 350 762 
$1,658 $970 $2,628 $1,437 $966 $2,403 
Major Products and Services:
LMR Communications$1,363 $578 $1,941 $1,150 $626 $1,776 
Video 295 181 476 287 146 433 
Command Center— 211 211 — 194 194 
$1,658 $970 $2,628 $1,437 $966 $2,403 
Customer Types:
Direct$1,000 $880 1,880 $796 $875 $1,671 
Indirect658 90 748 641 91 732 
$1,658 $970 2,628 $1,437 $966 $2,403 
8

Six Months Ended
June 29, 2024July 1, 2023
(In millions)Products and Systems IntegrationSoftware and ServicesTotalProducts and Systems IntegrationSoftware and ServicesTotal
Regions:
North America$2,328 $1,282 $3,610 $1,975 $1,158 $3,133 
International821 586 1,407 765 676 1,441 
$3,149 $1,868 $5,017 $2,740 $1,834 $4,574 
Major Products and Services:
LMR Communications$2,620 $1,144 $3,764 $2,230 $1,203 $3,433 
Video 529 345 874 510 282 792 
Command Center— 379 379 — 349 349 
$3,149 $1,868 $5,017 $2,740 $1,834 $4,574 
Customer Types:
Direct$1,861 $1,701 $3,562 $1,519 $1,670 $3,189 
Indirect1,288 167 1,455 1,221 164 1,385 
$3,149 $1,868 $5,017 $2,740 $1,834 $4,574 

Remaining Performance Obligations
Remaining performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations that are unsatisfied, or partially unsatisfied, as of the end of a period. The transaction value associated with remaining performance obligations which were not yet satisfied as of June 29, 2024 was $9.1 billion. A total of $4.3 billion was from Products and Systems Integration performance obligations that were not yet satisfied as of June 29, 2024, of which $2.6 billion is expected to be recognized in the next twelve months. The remaining amounts will generally be satisfied over time as systems are implemented. Remaining performance obligations from the Products and Systems Integration segment are equal to disclosed backlog for the segment. A total of $4.8 billion was from Software and Services performance obligations that were not yet satisfied as of June 29, 2024. The determination of Software and Services performance obligations that are not satisfied takes into account a contract term that may be limited by the customer’s ability to terminate for convenience. Where termination for convenience exists in the Company's service contracts, its disclosure of the remaining performance obligations that are unsatisfied assumes the contract term is limited until renewal. As a result, remaining performance obligations from the Software and Services segment may be less than disclosed backlog in the Software and Services segment due to multi-year service contracts with termination for convenience clauses. The Company expects to recognize $1.6 billion from unsatisfied Software and Services performance obligations over the next twelve months, with the remaining performance obligations generally to be recognized over time as services are performed and software is implemented.
On March 13, 2024, the Company received a notice of contract extension (the “Deferred National Shutdown Notice”) from the UK Home Office. The Deferred National Shutdown Notice seeks to extend the “national shutdown target date” of the Airwave service from December 31, 2026 to December 31, 2029, at the rates implemented by a prospective price control on Airwave imposed by the Competition and Markets Authority (the "Charge Control"). In the first half of 2024, as a result of the UK Home Office's notice of a contract extension pursuant to their Deferred National Shutdown Notice, the Company recorded additional Software and Services performance obligations of $748 million to reflect the incremental three-years of services.
Payment terms on system contracts are typically tied to implementation milestones associated with progress on contracts, while revenue recognition is over time based on a cost-to-cost method of measuring performance. The Company may recognize a Contract asset or Contract liability, depending on whether revenue has been recognized in excess of billings or billings in excess of revenue. Services contracts are typically billed in advance, generating Contract liabilities until the Company has performed the services. The Company does not record a financing component to contracts when it expects, at contract inception, that the period between the transfer of a promised good or service and related payment terms are less than a year.
9

Contract Balances
(In millions)June 29, 2024December 31, 2023
Accounts receivable, net$1,762 $1,710 
Contract assets1,210 1,102 
Contract liabilities1,852 2,037 
Non-current contract liabilities446 424 
Revenue recognized during the three months ended June 29, 2024 which was previously included in Contract liabilities as of March 30, 2024 was $553 million, compared to $502 million of revenue recognized during the three months ended July 1, 2023 which was previously included in Contract liabilities as of April 1, 2023. Revenue recognized during the six months ended June 29, 2024 which was previously included in Contract liabilities as of December 31, 2023 was $908 million, compared to $824 million recognized during the six months ended July 1, 2023 which was previously included in Contract liabilities as of December 31, 2022. Revenue of $11 million was reversed during the three months ended June 29, 2024 related to performance obligations satisfied, or partially satisfied, in previous periods, compared to $10 million of reversals for the three months ended July 1, 2023, primarily driven by changes in the estimates of progress on system contracts. Revenue of $18 million was reversed during the six months ended June 29, 2024 related to performance obligations satisfied or partially satisfied, in previous periods, primarily driven by changes in the estimates of progress on system contracts, compared to $15 million of reversals for the six months ended July 1, 2023.
There were no material expected credit losses recorded on contract assets during each of the three and six months ended June 29, 2024 and July 1, 2023.
Contract Cost Balances
(In millions)June 29, 2024December 31, 2023
Current contract cost assets$54 $56 
Non-current contract cost assets119 119 
Amortization of contract cost assets was $12 million and $25 million for the three and six months ended June 29, 2024, respectively, and $16 million and $35 million for the three and six months ended July 1, 2023, respectively.

3.    Leases
Components of Lease Expense
Three Months EndedSix Months Ended
(in millions)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Lease expense:
Operating lease cost$34 $34 $69 $68 
Short-term lease cost— — — 1
Variable cost11 8 22 17 
Sublease income(1)(1)(3)(3)
Net lease expense from operating leases$44 $41 $88 $83 
Lease Assets and Liabilities
(in millions)Statement Line ClassificationJune 29, 2024December 31, 2023
Right-of-use lease assetsOperating lease assets$527 $495 
Current lease liabilitiesAccrued liabilities124 125 
Operating lease liabilitiesOperating lease liabilities421 407 
10

Other Information Related to Leases
Six Months Ended
(in millions)June 29, 2024July 1, 2023
Supplemental cash flow information:
Net cash used for operating activities related to operating leases$88 $81 
Right-of-use assets obtained in exchange for lease liabilities91 39 
During the six months ended June 29, 2024, the Company recorded $80 million of assets obtained in exchange for lease liabilities due to an assumption that it is reasonably certain that renewal options will be extended on its radio tower site leases operated within the Airwave radio network, consistent with the UK Home Office's notice of contract extension pursuant to their Deferred National Shutdown Notice through December 31, 2029.
June 29, 2024December 31, 2023
Weighted average remaining lease terms (years)55
Weighted average discount rate:3.87 %4.34 %
Future Lease Payments
June 29, 2024
(in millions)Operating Leases
Remainder of 2024$60 
2025135 
2026118 
2027100 
202876 
Thereafter114 
Total lease payments603 
Less: interest58 
Present value of lease liabilities$545 

4.    Other Financial Data
Statements of Operations Information
Other Charges
Other charges included in Operating earnings consist of the following:
 Three Months EndedSix Months Ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Other charges:
Intangibles amortization (Note 15)$36 $43 $76 $98 
Reorganization of business (Note 14)4 5 11 12 
Operating lease asset impairments1 1 4 4 
Acquisition-related transaction fees4 — 7 2 
Environmental reserve expense— 15 — 15 
Legal settlements— — 6 — 
Fixed asset impairments— 1 — 3 
Other— 1 — 1 
 $45 $66 $104 135 
11

Other Income (Expense)
Interest expense, net, and Other both included in Other income (expense), consist of the following: 
 Three Months EndedSix Months Ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Interest income (expense), net:
Interest expense$(87)$(63)$(149)$(126)
Interest income18 6 36 15 
$(69)$(57)$(113)$(111)
Other, net:
Net periodic pension and postretirement benefit (Note 8)$31 $24 $63 $49 
Loss from the extinguishment of Silver Lake Convertible Debt (Note 5)— — (585)— 
Investment impairments— (3)(3)(9)
Foreign currency gain (loss)3 (21)4 (40)
Gain (loss) on derivative instruments (Note 6)(5)9 (15)17 
Gain on equity method investments— 1 — 1 
Fair value adjustments to equity investments(11)16 (13)19 
Assessments on uncertain tax positions(11)— (11)— 
Other(2)— — 2 
 $5 $26 (560)39 
Earnings Per Common Share
Basic and diluted earnings per common share from net earnings attributable to Motorola Solutions, Inc. are computed as follows:
 Amounts attributable to Motorola Solutions, Inc. common stockholders
Three Months EndedSix Months Ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Basic earnings per common share:
Earnings
$443 $371 $404 $649 
Weighted average common shares outstanding166.9 167.5 166.5 167.4 
Per share amount$2.65 $2.21 $2.43 $3.88 
Diluted earnings per common share:
Earnings
$443 $371 $404 $649 
Weighted average common shares outstanding166.9 167.5 166.5 167.4 
Add effect of dilutive securities:
Share-based awards3.4 3.6 3.8 3.8 
Silver Lake Convertible Debt
— 1.5 — 1.3 
Diluted weighted average common shares outstanding170.3 172.6 170.3 172.5 
Per share amount$2.60 $2.15 $2.37 $3.76 
12

In the computation of diluted earnings per common share for the three months ended June 29, 2024, the assumed exercise of 0.3 million options, inclusive of 0.2 million options subject to market based contingent option agreements, were excluded from the computation of diluted earnings per common share because their inclusion would have been antidilutive.
In the computation of diluted earnings per common share for the six months ended June 29, 2024, a total of 0.5 million shares related to the Silver Lake Convertible Debt (as defined in Note 5, "Debt and Credit Facilities" in this "Part 1 - Financial Information" of this Form 10-Q) were excluded from the computation of diluted earnings per common share because their inclusion would have been antidilutive. In addition, the assumed exercise of 0.3 million options, inclusive of 0.2 million options subject to market based contingent option agreements were excluded from the computation of diluted earnings per common share because their inclusion would have been antidilutive.
In the computation of diluted earnings per common share for the three and six months ended July 1, 2023, the assumed exercise of 0.3 million options, inclusive of 0.2 million options subject to market based contingent option agreements, were excluded from the computation of diluted earnings per common share because their inclusion would have been antidilutive.
Balance Sheet Information
Accounts Receivable, Net
Accounts receivable, net, consists of the following: 
June 29, 2024December 31, 2023
Accounts receivable$1,838 $1,779 
Less allowance for credit losses(76)(69)
 $1,762 $1,710 
Inventories, Net
Inventories, net, consist of the following: 
June 29, 2024December 31, 2023
Finished goods$339 $328 
Work-in-process and production materials602 640 
941 968 
Less inventory reserves(138)(141)
 $803 $827 
Other Current Assets
Other current assets consist of the following: 
June 29, 2024December 31, 2023
Current contract cost assets (Note 2)$54 $56 
Contractor receivables66 40 
Tax-related deposits43 32 
Other252 229 
 $415 $357 
13

Property, Plant and Equipment, Net
Property, plant and equipment, net, consist of the following:
June 29, 2024December 31, 2023
Land$5 $5 
Leasehold improvements439 448 
Machinery and equipment2,506 2,396 
2,950 2,849 
Less accumulated depreciation(1,963)(1,885)
 $987 $964 
During the year ended December 31, 2023, the Company entered into an arrangement to sell its Richmond, British Columbia and Richardson, Texas video manufacturing operations, including the machinery and equipment, inventory, transfer of employees and related facility lease to a contract manufacturer. During the year ended December 31, 2023, the Company presented the assets and liabilities as held for sale in its Consolidated Balance Sheet and recognized an impairment loss of $24 million on the exit of these video manufacturing operations within Other charges in the Consolidated Statement of Operations, as the carrying value of the asset group was below the expected selling price. The transaction closed on February 1, 2024 resulting in a gain on the sale of these video manufacturing operations, which was de minimis.
Depreciation expense for the three months ended June 29, 2024 and July 1, 2023 was $47 million and $44 million, respectively. Depreciation expense for the six months ended June 29, 2024 and July 1, 2023 was $90 million and $87 million, respectively.
Investments
Investments consist of the following:
June 29, 2024December 31, 2023
Common stock$15 $28 
Strategic investments26 28 
Company-owned life insurance policies75 74 
Equity method investments11 13 
 $127 $143 
During the six months ended June 29, 2024, the Company recognized a loss of $13 million in Other income (expense) within the Condensed Consolidated Statement of Operations related to a decrease in the fair value of its investment in Evolv Technologies, Inc. During the six months ended June 29, 2024, the Company recorded a $3 million investment impairment charge, representing an other-than-temporary decline in the value of the Company's strategic equity investment portfolio. The investment impairment charge is classified within Other income (expense) within the Condensed Consolidated Statement of Operations.
Other Assets
 Other assets consist of the following:
June 29, 2024December 31, 2023
Defined benefit plan assets$128 $98 
Non-current contract cost assets (Note 2)119 119 
Other53 57 
 $300 $274 
14

Accounts Payable
The Company utilizes a supplier finance program which provides our suppliers the ability to accelerate payment on the Company's invoices beyond the stated payment terms. Under the terms of this program, the Company agrees to pay an intermediary the stated amount of confirmed invoices on the stated maturity dates of the invoices, and the supplier is able to negotiate earlier payment terms with the intermediary. The Company or the intermediary may terminate their agreement at any time upon 60 days' notice. The Company does not provide any forms of guarantees under this arrangement. Supplier participation in the program is solely at the supplier's discretion, and the participating suppliers negotiate their arrangements directly with the intermediary. The Company has no economic interest in a supplier's decision to participate in the program, and their participation has no bearing on our payment terms or amounts due. The stated invoice payment terms range from 75 to 120 days from the invoice date and are considered commercially reasonable.
The Company's outstanding amounts related to the suppliers participating in this program was $30 million and $35 million as of June 29, 2024 and December 31, 2023, respectively. Supplier finance program obligations are classified as Accounts payable within the Condensed Consolidated Balance Sheets.
Accrued Liabilities
Accrued liabilities consist of the following: 
June 29, 2024December 31, 2023
Compensation$274 $407 
Tax liabilities145 231 
Dividend payable164 163 
Trade liabilities155 140 
Operating lease liabilities (Note 3)124 125 
Customer reserves84 89 
Other420 349 
 $1,366 $1,504 
Other Liabilities
Other liabilities consist of the following: 
June 29, 2024December 31, 2023
Defined benefit plans (Note 8)$875 $939 
Non-current contract liabilities (Note 2)446 424 
Unrecognized tax benefits (Note 7)22 26 
Deferred income taxes (Note 7)57 55 
Environmental reserve119 119 
Other201 178 
 $1,720 $1,741 
Stockholders’ Equity
Share Repurchase Program: During the three and six months ended June 29, 2024, the Company repurchased approximately 0.2 million and 0.3 million shares at an average price of $348.19 and $336.57 per share for an aggregate amount of $71 million and $110 million, respectively.
Payment of Dividends: During the three months ended June 29, 2024 and July 1, 2023, the Company paid $163 million and $148 million, respectively, in cash dividends to holders of its common stock. Subsequent to the quarter, the Company paid an additional $164 million in cash dividends to holders of its common stock. During the six months ended June 29, 2024 and July 1, 2023, the Company paid $326 million and $296 million, respectively, in cash dividends to holders of its common stock.
15

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 six months ended June 29, 2024 and July 1, 2023:
Three Months EndedSix Months Ended
June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Foreign Currency Translation Adjustments:
Balance at beginning of period$(506)$(503)$(482)$(539)
Other comprehensive income (loss) before reclassification adjustment(2)27 (29)54 
Tax benefit (expense)(1)— 2 9 
Other comprehensive income (loss), net of tax(3)27 (27)63 
Other comprehensive income attributable to noncontrolling interests, net of tax— — — — 
Balance at end of period$(509)$(476)$(509)$(476)
Derivative instruments:
Balance at beginning of period$(8)$— $(12)$— 
Other comprehensive income before reclassification adjustment— — 4 — 
Other comprehensive income before reclassification adjustment, net of tax— — 4 —