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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Motorola Solutions Inc | NYSE:MSI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
17.46 | 5.19% | 353.70 | 356.17 | 347.395 | 352.60 | 1,151,474 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
36-1115800
|
(State of Incorporation)
|
|
(I.R.S. Employer Identification No.)
|
500 W. Monroe Street,
|
|
60661
|
Chicago,
|
|
Illinois
|
(Address of principal executive offices)
|
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Each Exchange on Which Registered
|
||
Common Stock
|
$0.01
|
Par Value
|
|
MSI
|
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
Emerging growth company
|
☐
|
|
|
|
(Do not check if a smaller reporting company)
|
|
|
|
|
|
Page
|
|
|
Item 1 Financial Statements
|
|
Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 29, 2019 and June 30, 2018
|
|
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 29, 2019 and June 30, 2018
|
|
Condensed Consolidated Balance Sheets as of June 29, 2019 (Unaudited) and December 31, 2018
|
|
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) for the Three and Six Months Ended June 29, 2019 and June 30, 2018
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 29, 2019 and June 30, 2018
|
|
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
|
|
|
Item 4
Mine Safety Disclosures
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions, except per share amounts)
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Net sales from products
|
$
|
1,118
|
|
|
$
|
1,042
|
|
|
$
|
2,063
|
|
|
$
|
1,842
|
|
Net sales from services
|
742
|
|
|
718
|
|
|
1,454
|
|
|
1,385
|
|
||||
Net sales
|
1,860
|
|
|
1,760
|
|
|
3,517
|
|
|
3,227
|
|
||||
Costs of products sales
|
490
|
|
|
485
|
|
|
934
|
|
|
867
|
|
||||
Costs of services sales
|
439
|
|
|
453
|
|
|
879
|
|
|
869
|
|
||||
Costs of sales
|
929
|
|
|
938
|
|
|
1,813
|
|
|
1,736
|
|
||||
Gross margin
|
931
|
|
|
822
|
|
|
1,704
|
|
|
1,491
|
|
||||
Selling, general and administrative expenses
|
351
|
|
|
316
|
|
|
676
|
|
|
594
|
|
||||
Research and development expenditures
|
170
|
|
|
162
|
|
|
333
|
|
|
314
|
|
||||
Other charges
|
61
|
|
|
71
|
|
|
116
|
|
|
138
|
|
||||
Operating earnings
|
349
|
|
|
273
|
|
|
579
|
|
|
445
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
(56
|
)
|
|
(58
|
)
|
|
(111
|
)
|
|
(104
|
)
|
||||
Gains (losses) on sales of investments and businesses, net
|
3
|
|
|
(1
|
)
|
|
4
|
|
|
10
|
|
||||
Other, net
|
(21
|
)
|
|
13
|
|
|
(12
|
)
|
|
16
|
|
||||
Total other expense
|
(74
|
)
|
|
(46
|
)
|
|
(119
|
)
|
|
(78
|
)
|
||||
Net earnings before income taxes
|
275
|
|
|
227
|
|
|
460
|
|
|
367
|
|
||||
Income tax expense
|
67
|
|
|
46
|
|
|
100
|
|
|
69
|
|
||||
Net earnings
|
208
|
|
|
181
|
|
|
360
|
|
|
298
|
|
||||
Less: Earnings attributable to non-controlling interests
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
||||
Net earnings attributable to Motorola Solutions, Inc.
|
$
|
207
|
|
|
$
|
180
|
|
|
$
|
358
|
|
|
$
|
297
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.25
|
|
|
$
|
1.11
|
|
|
$
|
2.18
|
|
|
$
|
1.83
|
|
Diluted
|
$
|
1.18
|
|
|
$
|
1.05
|
|
|
$
|
2.04
|
|
|
$
|
1.73
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
164.9
|
|
|
162.2
|
|
|
164.4
|
|
|
161.7
|
|
||||
Diluted
|
176.1
|
|
|
171.7
|
|
|
175.3
|
|
|
171.1
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(In millions)
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Net earnings
|
$
|
208
|
|
|
$
|
181
|
|
|
$
|
360
|
|
|
$
|
298
|
|
Other comprehensive income (loss), net of tax (Note 4):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(23
|
)
|
|
(86
|
)
|
|
7
|
|
|
(38
|
)
|
||||
Marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||
Defined benefit plans
|
10
|
|
|
14
|
|
|
21
|
|
|
26
|
|
||||
Total other comprehensive loss, net of tax
|
(13
|
)
|
|
(72
|
)
|
|
28
|
|
|
(18
|
)
|
||||
Comprehensive income
|
195
|
|
|
109
|
|
|
388
|
|
|
280
|
|
||||
Less: Earnings attributable to non-controlling interests
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
||||
Comprehensive income attributable to Motorola Solutions, Inc. common shareholders
|
$
|
194
|
|
|
$
|
108
|
|
|
$
|
386
|
|
|
$
|
279
|
|
(In millions, except par value)
|
June 29,
2019 |
|
December 31,
2018 |
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|||||||
Cash and cash equivalents
|
$
|
953
|
|
|
$
|
1,246
|
|
Restricted cash
|
11
|
|
|
11
|
|
||
Total cash and cash equivalents
|
964
|
|
|
1,257
|
|
||
Accounts receivable, net
|
1,206
|
|
|
1,293
|
|
||
Contract assets
|
913
|
|
|
1,012
|
|
||
Inventories, net
|
424
|
|
|
356
|
|
||
Other current assets
|
324
|
|
|
354
|
|
||
Total current assets
|
3,831
|
|
|
4,272
|
|
||
Property, plant and equipment, net
|
940
|
|
|
895
|
|
||
Operating lease assets
|
567
|
|
|
—
|
|
||
Investments
|
175
|
|
|
169
|
|
||
Deferred income taxes
|
913
|
|
|
985
|
|
||
Goodwill
|
1,852
|
|
|
1,514
|
|
||
Intangible assets, net
|
1,332
|
|
|
1,230
|
|
||
Other assets
|
364
|
|
|
344
|
|
||
Total assets
|
$
|
9,974
|
|
|
$
|
9,409
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
Current portion of long-term debt
|
$
|
28
|
|
|
$
|
31
|
|
Accounts payable
|
544
|
|
|
592
|
|
||
Contract liabilities
|
1,187
|
|
|
1,263
|
|
||
Accrued liabilities
|
1,117
|
|
|
1,210
|
|
||
Total current liabilities
|
2,876
|
|
|
3,096
|
|
||
Long-term debt
|
5,315
|
|
|
5,289
|
|
||
Operating lease liabilities
|
504
|
|
|
—
|
|
||
Other liabilities
|
2,233
|
|
|
2,300
|
|
||
Stockholders’ Equity
|
|
|
|
||||
Common stock, $.01 par value:
|
2
|
|
|
2
|
|
||
Authorized shares: 600.0
|
|
|
|
||||
Issued shares: 6/29/19—165.7; 12/31/18—164.0
|
|
|
|
||||
Outstanding shares: 6/29/19—165.1; 12/31/18—163.5
|
|
|
|
||||
Additional paid-in capital
|
714
|
|
|
419
|
|
||
Retained earnings
|
1,051
|
|
|
1,051
|
|
||
Accumulated other comprehensive loss
|
(2,737
|
)
|
|
(2,765
|
)
|
||
Total Motorola Solutions, Inc. stockholders’ equity (deficit)
|
(970
|
)
|
|
(1,293
|
)
|
||
Non-controlling interests
|
16
|
|
|
17
|
|
||
Total stockholders’ equity (deficit)
|
(954
|
)
|
|
(1,276
|
)
|
||
Total liabilities and stockholders’ equity
|
$
|
9,974
|
|
|
$
|
9,409
|
|
(In millions)
|
Shares
|
|
Common Stock and Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained
Earnings |
|
Noncontrolling
Interests |
|||||||||
Balance as of December 31, 2018
|
164.0
|
|
|
$
|
421
|
|
|
$
|
(2,765
|
)
|
|
$
|
1,051
|
|
|
$
|
17
|
|
Net earnings
|
|
|
|
|
|
|
|
|
|
151
|
|
|
1
|
|
||||
Other comprehensive income
|
|
|
|
|
|
|
41
|
|
|
|
|
|
|
|
||||
Issuance of common stock and stock options exercised
|
1.2
|
|
|
45
|
|
|
|
|
|
|
|
|
|
|
||||
Share repurchase program
|
(1.2
|
)
|
|
|
|
|
|
|
|
(145
|
)
|
|
|
|
||||
Share-based compensation expense
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
||||
Issuance of common stock for acquisition of VaaS
|
1.4
|
|
|
160
|
|
|
|
|
|
|
|
|
||||||
Dividends declared $0.57 per share
|
|
|
|
|
|
|
|
|
|
(94
|
)
|
|
|
|
||||
Balance as of March 30, 2019
|
165.4
|
|
|
$
|
653
|
|
|
$
|
(2,724
|
)
|
|
$
|
963
|
|
|
$
|
18
|
|
Net earnings
|
|
|
|
|
|
|
207
|
|
|
1
|
|
|||||||
Other comprehensive loss
|
|
|
|
|
(13
|
)
|
|
|
|
|
||||||||
Issuance of common stock and stock options exercised
|
0.5
|
|
|
33
|
|
|
|
|
|
|
|
|||||||
Share repurchase program
|
(0.2
|
)
|
|
|
|
|
|
(25
|
)
|
|
|
|||||||
Share-based compensation expense
|
|
|
30
|
|
|
|
|
|
|
|
||||||||
Dividends declared $0.57 per share
|
|
|
|
|
|
|
(94
|
)
|
|
|
||||||||
Dividends paid to non-controlling interest on subsidiary common stock
|
|
|
|
|
|
|
|
|
(3
|
)
|
||||||||
Balance as of June 29, 2019
|
165.7
|
|
|
$
|
716
|
|
|
$
|
(2,737
|
)
|
|
$
|
1,051
|
|
|
$
|
16
|
|
(In millions)
|
Shares
|
|
Common Stock and Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained
Earnings |
|
Noncontrolling
Interests |
|||||||||
Balance as of December 31, 2017
|
161.6
|
|
|
$
|
353
|
|
|
$
|
(2,562
|
)
|
|
$
|
467
|
|
|
$
|
15
|
|
Net earnings
|
|
|
|
|
|
|
117
|
|
|
|
||||||||
Other comprehensive income
|
|
|
|
|
54
|
|
|
|
|
|
||||||||
Issuance of common stock and stock options exercised
|
1.7
|
|
|
53
|
|
|
|
|
|
|
|
|||||||
Share repurchase program
|
(0.6
|
)
|
|
|
|
|
|
(66
|
)
|
|
|
|||||||
Share-based compensation expense
|
|
|
17
|
|
|
|
|
|
|
|
||||||||
ASU 2016-16 modified retrospective adoption
|
|
|
|
|
|
|
(30
|
)
|
|
|
||||||||
ASU 2014-09 modified retrospective adoption
|
|
|
|
|
|
|
127
|
|
|
|
||||||||
Dividends declared $0.52 per share
|
|
|
|
|
|
|
(84
|
)
|
|
|
||||||||
Balance as of March 31, 2018
|
162.7
|
|
|
$
|
423
|
|
|
$
|
(2,508
|
)
|
|
$
|
531
|
|
|
$
|
15
|
|
Net earnings
|
|
|
|
|
|
|
180
|
|
|
1
|
|
|||||||
Other comprehensive loss
|
|
|
|
|
(72
|
)
|
|
|
|
|
||||||||
Issuance of common stock and stock options exercised
|
0.1
|
|
|
6
|
|
|
|
|
|
|
|
|||||||
Share-based compensation expense
|
|
|
17
|
|
|
|
|
|
|
|
||||||||
Dividends declared $0.52 per share
|
|
|
|
|
|
|
(84
|
)
|
|
|
|
|||||||
Dividends paid to non-controlling interest on subsidiary common stock
|
|
|
|
|
|
|
|
|
(1
|
)
|
||||||||
Balance as of June 30, 2018
|
162.8
|
|
|
$
|
446
|
|
|
$
|
(2,580
|
)
|
|
$
|
627
|
|
|
$
|
15
|
|
|
Six Months Ended
|
||||||
(In millions)
|
June 29,
2019 |
|
June 30,
2018 |
||||
Operating
|
|
|
|
||||
Net earnings attributable to Motorola Solutions, Inc.
|
$
|
358
|
|
|
$
|
297
|
|
Earnings attributable to non-controlling interests
|
2
|
|
|
1
|
|
||
Net earnings
|
360
|
|
|
298
|
|
||
Adjustments to reconcile Net earnings to Net cash provided by (used for) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
191
|
|
|
178
|
|
||
Non-cash other charges
|
4
|
|
|
6
|
|
||
Share-based compensation expense
|
57
|
|
|
34
|
|
||
Gains on sales of investments and businesses, net
|
(4
|
)
|
|
(10
|
)
|
||
Loss from the extinguishment of long term debt
|
43
|
|
|
—
|
|
||
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments:
|
|
|
|
||||
Accounts receivable
|
110
|
|
|
206
|
|
||
Inventories
|
(61
|
)
|
|
37
|
|
||
Other current assets and contract assets
|
128
|
|
|
43
|
|
||
Accounts payable, accrued liabilities, and contract liabilities
|
(345
|
)
|
|
(340
|
)
|
||
Other assets and liabilities
|
2
|
|
|
(558
|
)
|
||
Deferred income taxes
|
17
|
|
|
31
|
|
||
Net cash provided by (used for) operating activities
|
502
|
|
|
(75
|
)
|
||
Investing
|
|
|
|
||||
Acquisitions and investments, net
|
(371
|
)
|
|
(1,153
|
)
|
||
Proceeds from sales of investments and businesses, net
|
10
|
|
|
79
|
|
||
Capital expenditures
|
(129
|
)
|
|
(82
|
)
|
||
Net cash used for investing activities
|
(490
|
)
|
|
(1,156
|
)
|
||
Financing
|
|
|
|
||||
Repayment of debt
|
(666
|
)
|
|
(197
|
)
|
||
Net proceeds from issuance of debt
|
645
|
|
|
1,295
|
|
||
Issuance of common stock
|
70
|
|
|
59
|
|
||
Purchases of common stock
|
(170
|
)
|
|
(66
|
)
|
||
Payments of dividends
|
(187
|
)
|
|
(168
|
)
|
||
Payments of dividends to non-controlling interests
|
(3
|
)
|
|
(1
|
)
|
||
Net cash provided by (used for) financing activities
|
(311
|
)
|
|
922
|
|
||
Effect of exchange rate changes on total cash and cash equivalents
|
6
|
|
|
(18
|
)
|
||
Net decrease in total cash and cash equivalents
|
(293
|
)
|
|
(327
|
)
|
||
Total cash and cash equivalents, beginning of period
|
1,257
|
|
|
1,268
|
|
||
Total cash and cash equivalents, end of period
|
$
|
964
|
|
|
$
|
941
|
|
Supplemental Cash Flow Information
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest, net
|
$
|
112
|
|
|
$
|
93
|
|
Income and withholding taxes, net of refunds
|
70
|
|
|
56
|
|
1.
|
Basis of Presentation
|
|
Three Months Ended
|
||||||||||||||
|
June 29, 2019
|
|
June 30, 2018
|
||||||||||||
|
Products and Systems Integration
|
|
Services and Software
|
|
Products and Systems Integration
|
|
Services and Software
|
||||||||
Regions:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
969
|
|
|
$
|
378
|
|
|
$
|
878
|
|
|
$
|
331
|
|
EMEA
|
152
|
|
|
204
|
|
|
188
|
|
|
194
|
|
||||
Asia Pacific
|
117
|
|
|
40
|
|
|
123
|
|
|
46
|
|
||||
|
$
|
1,238
|
|
|
$
|
622
|
|
|
$
|
1,189
|
|
|
$
|
571
|
|
|
|
|
|
|
|
|
|
||||||||
Major Products and Services:
|
|
|
|
|
|
|
|
||||||||
Devices
|
$
|
809
|
|
|
$
|
—
|
|
|
$
|
725
|
|
|
$
|
—
|
|
Systems and Systems Integration
|
429
|
|
|
—
|
|
|
464
|
|
|
—
|
|
||||
Services
|
—
|
|
|
469
|
|
|
—
|
|
|
456
|
|
||||
Software
|
—
|
|
|
153
|
|
|
—
|
|
|
115
|
|
||||
|
$
|
1,238
|
|
|
$
|
622
|
|
|
$
|
1,189
|
|
|
$
|
571
|
|
|
|
|
|
|
|
|
|
||||||||
Customer Type:
|
|
|
|
|
|
|
|
||||||||
Direct
|
$
|
771
|
|
|
$
|
582
|
|
|
$
|
740
|
|
|
$
|
537
|
|
Indirect
|
467
|
|
|
40
|
|
|
449
|
|
|
34
|
|
||||
|
$
|
1,238
|
|
|
$
|
622
|
|
|
$
|
1,189
|
|
|
$
|
571
|
|
|
Six Months Ended
|
||||||||||||||
|
June 29, 2019
|
|
June 30, 2018
|
||||||||||||
|
Products and Systems Integration
|
|
Services and Software
|
|
Products and Systems Integration
|
|
Services and Software
|
||||||||
Regions:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
1,782
|
|
|
$
|
730
|
|
|
$
|
1,576
|
|
|
$
|
627
|
|
EMEA
|
317
|
|
|
402
|
|
|
345
|
|
|
375
|
|
||||
Asia Pacific
|
208
|
|
|
78
|
|
|
220
|
|
|
84
|
|
||||
|
$
|
2,307
|
|
|
$
|
1,210
|
|
|
$
|
2,141
|
|
|
$
|
1,086
|
|
|
|
|
|
|
|
|
|
||||||||
Major Products and Services:
|
|
|
|
|
|
|
|
||||||||
Devices
|
$
|
1,495
|
|
|
$
|
—
|
|
|
$
|
1,356
|
|
|
$
|
—
|
|
Systems and Systems Integration
|
812
|
|
|
—
|
|
|
785
|
|
|
—
|
|
||||
Services
|
—
|
|
|
921
|
|
|
—
|
|
|
902
|
|
||||
Software
|
—
|
|
|
289
|
|
|
—
|
|
|
184
|
|
||||
|
$
|
2,307
|
|
|
$
|
1,210
|
|
|
$
|
2,141
|
|
|
$
|
1,086
|
|
|
|
|
|
|
|
|
|
||||||||
Customer Type:
|
|
|
|
|
|
|
|
||||||||
Direct
|
$
|
1,429
|
|
|
$
|
1,135
|
|
|
$
|
1,357
|
|
|
$
|
1,042
|
|
Indirect
|
878
|
|
|
75
|
|
|
784
|
|
|
44
|
|
||||
|
$
|
2,307
|
|
|
$
|
1,210
|
|
|
$
|
2,141
|
|
|
$
|
1,086
|
|
|
June 29, 2019
|
|
December 31, 2018
|
||||
Accounts receivable, net
|
$
|
1,206
|
|
|
$
|
1,293
|
|
Contract assets
|
913
|
|
|
1,012
|
|
||
Contract liabilities
|
1,187
|
|
|
1,263
|
|
||
Non-current contract liabilities
|
263
|
|
|
214
|
|
|
June 29, 2019
|
|
December 31, 2018
|
||||
Current contract cost assets
|
$
|
37
|
|
|
$
|
30
|
|
Non-current contract cost assets
|
98
|
|
|
98
|
|
June 29, 2019
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
Lease expense:
|
|
|
|
|
||||
Operating lease cost
|
|
$
|
33
|
|
|
$
|
65
|
|
Finance lease cost
|
|
|
|
|
||||
Amortization of right-of-use assets
|
|
3
|
|
|
6
|
|
||
Interest on lease liabilities
|
|
—
|
|
|
1
|
|
||
Total finance lease cost
|
|
3
|
|
|
7
|
|
||
Short-term lease cost
|
|
1
|
|
|
3
|
|
||
Variable cost
|
|
8
|
|
|
17
|
|
||
Sublease income
|
|
(1
|
)
|
|
(2
|
)
|
||
Net lease expense
|
|
$
|
44
|
|
|
$
|
90
|
|
|
|
Statement Line Classification
|
|
June 29, 2019
|
||
Assets:
|
|
|
|
|
||
Operating lease assets
|
|
Operating lease assets
|
|
$
|
567
|
|
Finance lease assets
|
|
Property, plant, and equipment, net
|
|
50
|
|
|
|
|
|
|
$
|
617
|
|
Current liabilities:
|
|
|
|
|
||
Operating lease liabilities
|
|
Accrued liabilities
|
|
$
|
118
|
|
Finance lease liabilities
|
|
Current portion of long-term debt
|
|
14
|
|
|
|
|
|
|
$
|
132
|
|
Non-current liabilities:
|
|
|
|
|
||
Operating lease liabilities
|
|
Operating lease liabilities
|
|
$
|
504
|
|
Finance lease liabilities
|
|
Long-term debt
|
|
22
|
|
|
|
|
|
|
$
|
526
|
|
|
Six Months Ended
|
||
|
June 29, 2019
|
||
Supplemental cash flow information:
|
|
||
Net cash used for operating activities related to operating leases
|
$
|
80
|
|
Net cash used for operating activities related to finance leases
|
1
|
|
|
Net cash used for financing activities related to finance leases
|
8
|
|
|
Assets obtained in exchange for lease liabilities:
|
|
||
Operating leases
|
$
|
45
|
|
|
June 29, 2019
|
|
Weighted average remaining lease terms (years):
|
|
|
Operating leases
|
8
|
|
Finance leases
|
3
|
|
Weighted average discount rate:
|
|
|
Operating leases
|
3.76
|
%
|
Finance leases
|
4.97
|
%
|
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
2019
|
$
|
58
|
|
|
$
|
8
|
|
|
$
|
66
|
|
2020
|
136
|
|
|
14
|
|
|
150
|
|
|||
2021
|
121
|
|
|
12
|
|
|
133
|
|
|||
2022
|
105
|
|
|
5
|
|
|
110
|
|
|||
2023
|
55
|
|
|
—
|
|
|
55
|
|
|||
Thereafter
|
247
|
|
|
—
|
|
|
247
|
|
|||
Total lease payments
|
722
|
|
|
39
|
|
|
761
|
|
|||
Less: Interest
|
100
|
|
|
3
|
|
|
103
|
|
|||
Present value of lease liabilities
|
$
|
622
|
|
|
$
|
36
|
|
|
$
|
658
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Beyond
|
|
||||||
$
|
131
|
|
$
|
120
|
|
$
|
112
|
|
$
|
101
|
|
$
|
54
|
|
$
|
204
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Other charges:
|
|
|
|
|
|
|
|
||||||||
Intangibles amortization (Note 15)
|
$
|
52
|
|
|
$
|
53
|
|
|
$
|
102
|
|
|
$
|
94
|
|
Reorganization of business (Note 14)
|
8
|
|
|
18
|
|
|
12
|
|
|
26
|
|
||||
Legal settlements
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Acquisition-related transaction fees
|
—
|
|
|
—
|
|
|
2
|
|
|
17
|
|
||||
|
$
|
61
|
|
|
$
|
71
|
|
|
$
|
116
|
|
|
$
|
138
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Interest income (expense), net:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
$
|
(59
|
)
|
|
$
|
(63
|
)
|
|
$
|
(119
|
)
|
|
$
|
(117
|
)
|
Interest income
|
3
|
|
|
5
|
|
|
8
|
|
|
13
|
|
||||
|
$
|
(56
|
)
|
|
$
|
(58
|
)
|
|
$
|
(111
|
)
|
|
$
|
(104
|
)
|
Other,net:
|
|
|
|
|
|
|
|
||||||||
Net periodic pension and postretirement benefit (Note 8)
|
$
|
17
|
|
|
$
|
20
|
|
|
$
|
33
|
|
|
$
|
40
|
|
Loss from the extinguishment of long-term debt (Note 5)
|
(43
|
)
|
|
—
|
|
|
(43
|
)
|
|
—
|
|
||||
Investment impairments
|
(3
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
||||
Foreign currency gain (loss)
|
(7
|
)
|
|
11
|
|
|
(11
|
)
|
|
—
|
|
||||
Loss on derivative instruments
|
(3
|
)
|
|
(19
|
)
|
|
(7
|
)
|
|
(23
|
)
|
||||
Gains on equity method investments
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Fair value adjustments to equity investments
|
16
|
|
|
—
|
|
|
15
|
|
|
—
|
|
||||
Other
|
2
|
|
|
1
|
|
|
11
|
|
|
(2
|
)
|
||||
|
$
|
(21
|
)
|
|
$
|
13
|
|
|
$
|
(12
|
)
|
|
$
|
16
|
|
|
Amounts attributable to Motorola Solutions, Inc. common stockholders
|
||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Basic earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Earnings
|
$
|
207
|
|
|
$
|
180
|
|
|
$
|
358
|
|
|
$
|
297
|
|
Weighted average common shares outstanding
|
164.9
|
|
|
162.2
|
|
|
164.4
|
|
|
161.7
|
|
||||
Per share amount
|
$
|
1.25
|
|
|
$
|
1.11
|
|
|
$
|
2.18
|
|
|
$
|
1.83
|
|
Diluted earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Earnings
|
$
|
207
|
|
|
$
|
180
|
|
|
$
|
358
|
|
|
$
|
297
|
|
Weighted average common shares outstanding
|
164.9
|
|
|
162.2
|
|
|
164.4
|
|
|
161.7
|
|
||||
Add effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Share-based awards
|
4.6
|
|
|
3.8
|
|
|
4.7
|
|
|
4.0
|
|
||||
Senior Convertible Notes
|
6.6
|
|
|
5.7
|
|
|
6.2
|
|
|
5.4
|
|
||||
Diluted weighted average common shares outstanding
|
176.1
|
|
|
171.7
|
|
|
175.3
|
|
|
171.1
|
|
||||
Per share amount
|
$
|
1.18
|
|
|
$
|
1.05
|
|
|
$
|
2.04
|
|
|
$
|
1.73
|
|
|
June 29,
2019 |
|
December 31,
2018 |
||||
Accounts receivable
|
$
|
1,264
|
|
|
$
|
1,344
|
|
Less allowance for doubtful accounts
|
(58
|
)
|
|
(51
|
)
|
||
|
$
|
1,206
|
|
|
$
|
1,293
|
|
|
June 29,
2019 |
|
December 31,
2018 |
||||
Finished goods
|
$
|
233
|
|
|
$
|
206
|
|
Work-in-process and production materials
|
335
|
|
|
293
|
|
||
|
568
|
|
|
499
|
|
||
Less inventory reserves
|
(144
|
)
|
|
(143
|
)
|
||
|
$
|
424
|
|
|
$
|
356
|
|
|
June 29,
2019 |
|
December 31,
2018 |
||||
Current contract cost assets (Note 2)
|
$
|
37
|
|
|
$
|
30
|
|
Tax-related deposits
|
106
|
|
|
138
|
|
||
Other
|
181
|
|
|
186
|
|
||
|
$
|
324
|
|
|
$
|
354
|
|
|
June 29,
2019 |
|
December 31,
2018 |
||||
Land
|
$
|
10
|
|
|
$
|
10
|
|
Leasehold improvements
|
377
|
|
|
362
|
|
||
Machinery and equipment
|
1,938
|
|
|
1,886
|
|
||
|
2,325
|
|
|
2,258
|
|
||
Less accumulated depreciation
|
(1,385
|
)
|
|
(1,363
|
)
|
||
|
$
|
940
|
|
|
$
|
895
|
|
|
June 29,
2019 |
|
December 31, 2018
|
||||
Corporate bonds
|
$
|
—
|
|
|
$
|
1
|
|
Common stock
|
42
|
|
|
19
|
|
||
Strategic investments, at cost
|
40
|
|
|
62
|
|
||
Company-owned life insurance policies
|
76
|
|
|
75
|
|
||
Equity method investments
|
17
|
|
|
12
|
|
||
|
$
|
175
|
|
|
$
|
169
|
|
|
June 29,
2019 |
|
December 31,
2018 |
||||
Defined benefit plan assets (Note 8)
|
$
|
163
|
|
|
$
|
135
|
|
Tax receivable
|
39
|
|
|
39
|
|
||
Non-current contract cost assets (Note 2)
|
98
|
|
|
98
|
|
||
Other
|
64
|
|
|
72
|
|
||
|
$
|
364
|
|
|
$
|
344
|
|
|
June 29,
2019 |
|
December 31,
2018 |
||||
Compensation
|
$
|
224
|
|
|
$
|
324
|
|
Tax liabilities
|
91
|
|
|
111
|
|
||
Dividend payable
|
94
|
|
|
93
|
|
||
Trade liabilities
|
146
|
|
|
185
|
|
||
Operating lease liabilities (Note 3)
|
118
|
|
|
—
|
|
||
Other
|
444
|
|
|
497
|
|
||
|
$
|
1,117
|
|
|
$
|
1,210
|
|
|
June 29,
2019 |
|
December 31,
2018 |
||||
Defined benefit plans (Note 8)
|
$
|
1,509
|
|
|
$
|
1,557
|
|
Non-current contract liabilities (Note 2)
|
263
|
|
|
214
|
|
||
Unrecognized tax benefits
|
52
|
|
|
51
|
|
||
Deferred income taxes
|
180
|
|
|
201
|
|
||
Other
|
229
|
|
|
277
|
|
||
|
$
|
2,233
|
|
|
$
|
2,300
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Foreign Currency Translation Adjustments:
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(414
|
)
|
|
$
|
(305
|
)
|
|
$
|
(444
|
)
|
|
$
|
(353
|
)
|
Other comprehensive income (loss) before reclassification adjustment
|
(24
|
)
|
|
(81
|
)
|
|
10
|
|
|
(30
|
)
|
||||
Tax benefit (expense)
|
1
|
|
|
(5
|
)
|
|
(3
|
)
|
|
(8
|
)
|
||||
Other comprehensive income (loss), net of tax
|
(23
|
)
|
|
(86
|
)
|
|
7
|
|
|
(38
|
)
|
||||
Balance at end of period
|
$
|
(437
|
)
|
|
$
|
(391
|
)
|
|
$
|
(437
|
)
|
|
$
|
(391
|
)
|
Available-for-Sale Securities:
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Reclassification adjustment into Gains on sales of investments and businesses, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
||||
Tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||
Balance at end of period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Defined Benefit Plans:
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(2,310
|
)
|
|
$
|
(2,203
|
)
|
|
$
|
(2,321
|
)
|
|
$
|
(2,215
|
)
|
Reclassification adjustment - Actuarial net losses into Other income (expense)
|
17
|
|
|
18
|
|
|
33
|
|
|
36
|
|
||||
Reclassification adjustment - Prior service benefits into Other income (expense)
|
(4
|
)
|
|
(4
|
)
|
|
(7
|
)
|
|
(7
|
)
|
||||
Tax expense
|
(3
|
)
|
|
—
|
|
|
(5
|
)
|
|
(3
|
)
|
||||
Other comprehensive income, net of tax
|
10
|
|
|
14
|
|
|
21
|
|
|
26
|
|
||||
Balance at end of period
|
$
|
(2,300
|
)
|
|
$
|
(2,189
|
)
|
|
$
|
(2,300
|
)
|
|
$
|
(2,189
|
)
|
Total Accumulated other comprehensive loss
|
$
|
(2,737
|
)
|
|
$
|
(2,580
|
)
|
|
$
|
(2,737
|
)
|
|
$
|
(2,580
|
)
|
|
June 29,
2019 |
|
December 31,
2018 |
||||
2.0% Senior Convertible Notes due 2020
|
$
|
800
|
|
|
$
|
800
|
|
Term Loan due 2021
|
399
|
|
|
399
|
|
||
3.5% senior notes due 2021
|
149
|
|
|
397
|
|
||
3.75% senior notes due 2022
|
550
|
|
|
748
|
|
||
3.5% senior notes due 2023
|
596
|
|
|
596
|
|
||
4.0% senior notes due 2024
|
592
|
|
|
591
|
|
||
6.5% debentures due 2025
|
72
|
|
|
118
|
|
||
7.5% debentures due 2025
|
254
|
|
|
346
|
|
||
4.6% senior notes due 2028
|
690
|
|
|
690
|
|
||
6.5% debentures due 2028
|
24
|
|
|
36
|
|
||
4.6% senior notes due 2029
|
645
|
|
|
—
|
|
||
6.625% senior notes due 2037
|
37
|
|
|
54
|
|
||
5.5% senior notes due 2044
|
396
|
|
|
396
|
|
||
5.22% debentures due 2097
|
91
|
|
|
91
|
|
||
Other long-term debt
|
52
|
|
|
62
|
|
||
|
5,347
|
|
|
5,324
|
|
||
Adjustments for unamortized gains on interest rate swap terminations
|
(4
|
)
|
|
(4
|
)
|
||
Less: current portion
|
(28
|
)
|
|
(31
|
)
|
||
Long-term debt
|
$
|
5,315
|
|
|
$
|
5,289
|
|
|
Notional Amount
|
||||||
Net Buy (Sell) by Currency
|
June 29,
2019 |
|
December 31,
2018 |
||||
Euro
|
$
|
155
|
|
|
$
|
89
|
|
British pound
|
46
|
|
|
139
|
|
||
Canadian dollar
|
42
|
|
|
(39
|
)
|
||
Australian dollar
|
(107
|
)
|
|
(105
|
)
|
||
Chinese renminbi
|
(55
|
)
|
|
(55
|
)
|
|
Fair Values of Derivative Instruments
|
||||||
June 29, 2019
|
Other Current Assets
|
Accrued Liabilities
|
|||||
Derivatives designated as hedging instruments:
|
|
|
|
||||
Foreign exchange contracts
|
$
|
8
|
|
|
$
|
—
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
||||
Foreign exchange contracts
|
$
|
4
|
|
|
$
|
3
|
|
Total derivatives
|
$
|
12
|
|
|
$
|
3
|
|
|
Fair Values of Derivative Instruments
|
||||||
December 31, 2018
|
Other Current Assets
|
Accrued Liabilities
|
|||||
Derivatives not designated as hedging instruments:
|
|
|
|
||||
Foreign exchange contracts
|
$
|
5
|
|
|
$
|
4
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Financial Statement Location
|
||||||||||||
Foreign Exchange Contracts
|
June 29, 2019
|
|
June 30, 2018
|
|
June 29, 2019
|
|
June 30, 2018
|
|
|||||||||
Effective portion
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
8
|
|
|
$
|
2
|
|
|
Accumulated other
comprehensive income |
Forward points recognized
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
Other income
|
||||
Undesignated derivatives recognized
|
(3
|
)
|
|
(19
|
)
|
|
(7
|
)
|
|
(23
|
)
|
|
Other expense
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Net earnings before income taxes
|
$
|
275
|
|
|
$
|
227
|
|
|
$
|
460
|
|
|
$
|
367
|
|
Income tax expense
|
67
|
|
|
46
|
|
|
100
|
|
|
69
|
|
||||
Effective tax rate
|
24
|
%
|
|
20
|
%
|
|
22
|
%
|
|
19
|
%
|
|
U.S. Pension Benefit Plans
|
|
Non-U.S. Pension Benefit Plans
|
|
Postretirement Health Care Benefits Plan
|
||||||||||||||||||
Three Months Ended
|
June 29, 2019
|
|
June 30, 2018
|
|
June 29, 2019
|
|
June 30, 2018
|
|
June 29, 2019
|
|
June 30, 2018
|
||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
51
|
|
|
46
|
|
|
10
|
|
|
10
|
|
|
1
|
|
|
1
|
|
||||||
Expected return on plan assets
|
(69
|
)
|
|
(68
|
)
|
|
(21
|
)
|
|
(24
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrecognized net loss
|
12
|
|
|
14
|
|
|
4
|
|
|
3
|
|
|
1
|
|
|
1
|
|
||||||
Unrecognized prior service benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
||||||
Net periodic pension benefits
|
$
|
(6
|
)
|
|
$
|
(8
|
)
|
|
$
|
(6
|
)
|
|
$
|
(10
|
)
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
U.S. Pension Benefit Plans
|
|
Non-U.S. Pension Benefit Plans
|
|
Postretirement Health Care Benefits Plan
|
||||||||||||||||||
Six Months Ended
|
June 29, 2019
|
|
June 30, 2018
|
|
June 29, 2019
|
|
June 30, 2018
|
|
June 29, 2019
|
|
June 30, 2018
|
||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
102
|
|
|
92
|
|
|
20
|
|
|
20
|
|
|
1
|
|
|
1
|
|
||||||
Expected return on plan assets
|
(138
|
)
|
|
(136
|
)
|
|
(42
|
)
|
|
(48
|
)
|
|
(5
|
)
|
|
(5
|
)
|
||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrecognized net loss
|
23
|
|
|
28
|
|
|
8
|
|
|
6
|
|
|
2
|
|
|
2
|
|
||||||
Unrecognized prior service benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
||||||
Net periodic pension benefits
|
$
|
(13
|
)
|
|
$
|
(16
|
)
|
|
$
|
(12
|
)
|
|
$
|
(20
|
)
|
|
$
|
(9
|
)
|
|
$
|
(9
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Share-based compensation expense included in:
|
|
|
|
|
|
|
|
||||||||
Costs of sales
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
7
|
|
|
$
|
5
|
|
Selling, general and administrative expenses
|
15
|
|
|
11
|
|
|
31
|
|
|
21
|
|
||||
Research and development expenditures
|
12
|
|
|
4
|
|
|
19
|
|
|
8
|
|
||||
Share-based compensation expense included in Operating earnings
|
30
|
|
|
17
|
|
|
57
|
|
|
34
|
|
||||
Tax benefit
|
(5
|
)
|
|
(4
|
)
|
|
(10
|
)
|
|
(8
|
)
|
||||
Share-based compensation expense, net of tax
|
$
|
25
|
|
|
$
|
13
|
|
|
$
|
47
|
|
|
$
|
26
|
|
Decrease in basic earnings per share
|
$
|
(0.15
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.29
|
)
|
|
$
|
(0.16
|
)
|
Decrease in diluted earnings per share
|
$
|
(0.14
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.15
|
)
|
|
2019 PSUs
|
|
Expected volatility of common stock
|
20.6
|
%
|
Expected volatility of the S&P 500
|
25.0
|
%
|
Risk-free interest rate
|
2.2
|
%
|
Dividend yield
|
1.6
|
%
|
June 29, 2019
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
Assets:
|
|
|
|
|
|
||||||
Foreign exchange derivative contracts
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
12
|
|
Common stock
|
42
|
|
|
—
|
|
|
42
|
|
|||
Liabilities:
|
|
|
|
|
|
||||||
Foreign exchange derivative contracts
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
December 31, 2018
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
Assets:
|
|
|
|
|
|
||||||
Foreign exchange derivative contracts
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
5
|
|
Corporate bonds
|
1
|
|
|
—
|
|
|
1
|
|
|||
Common stock
|
19
|
|
|
—
|
|
|
19
|
|
|||
Liabilities:
|
|
|
|
|
|
||||||
Foreign exchange derivative contracts
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
June 29,
2019 |
|
December 31,
2018 |
||||
Long-term receivables, gross
|
$
|
28
|
|
|
$
|
33
|
|
Less allowance for losses
|
(2
|
)
|
|
(2
|
)
|
||
Long-term receivables
|
26
|
|
|
31
|
|
||
Less current portion
|
(10
|
)
|
|
(7
|
)
|
||
Non-current long-term receivables
|
$
|
16
|
|
|
$
|
24
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Accounts receivable sales proceeds
|
$
|
3
|
|
|
$
|
22
|
|
|
$
|
27
|
|
|
$
|
76
|
|
Long-term receivables sales proceeds
|
55
|
|
|
15
|
|
|
76
|
|
|
28
|
|
||||
Total proceeds from receivable sales
|
$
|
58
|
|
|
$
|
37
|
|
|
$
|
103
|
|
|
$
|
104
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Products and Systems Integration
|
$
|
1,238
|
|
|
$
|
1,189
|
|
|
$
|
2,307
|
|
|
$
|
2,141
|
|
Services and Software
|
622
|
|
|
571
|
|
|
1,210
|
|
|
1,086
|
|
||||
|
$
|
1,860
|
|
|
$
|
1,760
|
|
|
$
|
3,517
|
|
|
$
|
3,227
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2019 |
|
June 30,
2018 |
|
June 29,
2019 |
|
June 30,
2018 |
||||||||
Products and Systems Integration
|
$
|
201
|
|
|
$
|
175
|
|
|
$
|
310
|
|
|
$
|
265
|
|
Services and Software
|
148
|
|
|
98
|
|
|
269
|
|
|
180
|
|
||||
Operating earnings
|
349
|
|
|
273
|
|
|
579
|
|
|
445
|
|
||||
Total other expense
|
(74
|
)
|
|
(46
|
)
|
|
(119
|
)
|
|
(78
|
)
|
||||
Earnings before income taxes
|
$
|
275
|
|
|
$
|
227
|
|
|
$
|
460
|
|
|
$
|
367
|
|
June 29, 2019
|
Three Months Ended
|
|
Six Months Ended
|
||||
Products and Systems Integration
|
$
|
9
|
|
|
$
|
16
|
|
Services and Software
|
3
|
|
|
4
|
|
||
|
$
|
12
|
|
|
$
|
20
|
|
|
January 1, 2019
|
|
Additional
Charges
|
|
Adjustments
|
|
Amount
Used
|
|
June 29, 2019
|
||||||||||
Employee separation costs
|
$
|
84
|
|
|
$
|
30
|
|
|
$
|
(10
|
)
|
|
$
|
(28
|
)
|
|
$
|
76
|
|
June 30, 2018
|
Three Months Ended
|
|
Six Months Ended
|
||||
Products and Systems Integration
|
$
|
19
|
|
|
$
|
28
|
|
Services and Software
|
6
|
|
|
10
|
|
||
|
$
|
25
|
|
|
$
|
38
|
|
|
June 29, 2019
|
|
December 31, 2018
|
||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Completed technology
|
$
|
701
|
|
|
$
|
119
|
|
|
$
|
558
|
|
|
$
|
92
|
|
Customer-related
|
1,147
|
|
|
434
|
|
|
1,085
|
|
|
364
|
|
||||
Other intangibles
|
76
|
|
|
39
|
|
|
76
|
|
|
33
|
|
||||
|
$
|
1,924
|
|
|
$
|
592
|
|
|
$
|
1,719
|
|
|
$
|
489
|
|
|
June 29, 2019
|
|
December 31, 2018
|
||||||||||||
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
||||||||
Products and Systems Integration
|
$
|
610
|
|
|
$
|
59
|
|
|
$
|
510
|
|
|
$
|
38
|
|
Services and Software
|
1,314
|
|
|
533
|
|
|
1,209
|
|
|
451
|
|
||||
|
$
|
1,924
|
|
|
$
|
592
|
|
|
$
|
1,719
|
|
|
$
|
489
|
|
|
Products and Systems Integration
|
|
Services and Software
|
|
Total
|
||||||
Balance as of January 1, 2019
|
$
|
722
|
|
|
$
|
792
|
|
|
$
|
1,514
|
|
Goodwill acquired
|
146
|
|
|
183
|
|
|
329
|
|
|||
Purchase accounting adjustments
|
—
|
|
|
9
|
|
|
9
|
|
|||
Balance as of June 29, 2019
|
$
|
868
|
|
|
$
|
984
|
|
|
$
|
1,852
|
|
•
|
Net sales were
$1.9 billion
in the
second
quarter of
2019
compared to
$1.8 billion
in the
second
quarter of
2018
. The increase is driven by growth in the Americas.
|
•
|
Operating earnings were
$349 million
in the
second
quarter of
2019
compared to
$273 million
in the
second
quarter of
2018
.
|
•
|
Earnings attributable to Motorola Solutions, Inc. were
$207 million
, or
$1.18
per diluted common share, in the
second
quarter of
2019
, compared to
$180 million
, or
$1.05
per diluted common share, in the
second
quarter of
2018
.
|
•
|
Our operating cash flow increased $577 million to
$502 million
in the
first half
of
2019
compared to the
first half
of
2018
. The increase is primarily driven by the $500 million debt-funded, voluntary contribution to our U.S. pension plan in the
first half
of
2018
, compared to no material contributions to our U.S. pension plans in the
first half
of
2019
.
|
•
|
We repurchased
$170 million
of common stock and paid
$187 million
in dividends in the
first half
of
2019
.
|
•
|
In the Products and Systems Integration segment, net sales were
$1.2 billion
in the
second
quarter of
2019
,
an increase
of $49 million, or
4%
, compared to
$1.2 billion
in the
second
quarter of
2018
. On a geographic basis, net sales
increased
in the Americas, partially offset by a decline in sales in the other regions, compared to the year-ago quarter. Operating earnings were
$201 million
in the
second
quarter of
2019
, compared to
$175 million
in the
second
quarter of
2018
. Operating margin increased in
2019
to 16.2% from
14.7%
in
2018
driven by higher sales and gross margin, partially offset by higher operating expenses related to acquisitions and our video security solutions portfolio.
|
•
|
In the Services and Software segment, net sales were
$622 million
in the
second
quarter of
2019
,
an increase
of $51 million, or
9%
, compared to net sales of
$571 million
in the
second
quarter of
2018
. On a geographic basis, net sales
increased
in the Americas and EMEA, partially offset by a decline in sales in AP, compared to the year-ago quarter. Operating earnings were
$148 million
in the
second
quarter of
2019
, compared to
$98 million
in the
second
quarter of
2018
. Operating margin increased in
2019
to 23.8% from 17.2% in
2018
driven by higher sales and gross margin.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||
(Dollars in millions, except per share amounts)
|
June 29, 2019
|
|
% of
Sales* |
|
June 30, 2018
|
|
% of
Sales* |
|
June 29, 2019
|
|
% of
Sales*
|
|
June 30, 2018
|
|
% of
Sales*
|
||||||||||||
Net sales from products
|
$
|
1,118
|
|
|
|
|
$
|
1,042
|
|
|
|
|
$
|
2,063
|
|
|
|
|
$
|
1,842
|
|
|
|
||||
Net sales from services
|
742
|
|
|
|
|
718
|
|
|
|
|
1,454
|
|
|
|
|
1,385
|
|
|
|
||||||||
Net sales
|
1,860
|
|
|
|
|
1,760
|
|
|
|
|
3,517
|
|
|
|
|
3,227
|
|
|
|
||||||||
Costs of products sales
|
490
|
|
|
43.8
|
%
|
|
485
|
|
|
46.5
|
%
|
|
934
|
|
|
45.3
|
%
|
|
867
|
|
|
47.1
|
%
|
||||
Costs of services sales
|
439
|
|
|
59.2
|
%
|
|
453
|
|
|
63.1
|
%
|
|
879
|
|
|
60.5
|
%
|
|
869
|
|
|
62.7
|
%
|
||||
Costs of sales
|
929
|
|
|
|
|
938
|
|
|
|
|
1,813
|
|
|
|
|
1,736
|
|
|
|
||||||||
Gross margin
|
931
|
|
|
50.1
|
%
|
|
822
|
|
|
46.7
|
%
|
|
1,704
|
|
|
48.5
|
%
|
|
1,491
|
|
|
46.2
|
%
|
||||
Selling, general and administrative expenses
|
351
|
|
|
18.9
|
%
|
|
316
|
|
|
18.0
|
%
|
|
676
|
|
|
19.2
|
%
|
|
594
|
|
|
18.4
|
%
|
||||
Research and development expenditures
|
170
|
|
|
9.1
|
%
|
|
162
|
|
|
9.2
|
%
|
|
333
|
|
|
9.5
|
%
|
|
314
|
|
|
9.7
|
%
|
||||
Other charges
|
61
|
|
|
3.3
|
%
|
|
71
|
|
|
4.0
|
%
|
|
116
|
|
|
3.3
|
%
|
|
138
|
|
|
4.3
|
%
|
||||
Operating earnings
|
349
|
|
|
18.8
|
%
|
|
273
|
|
|
15.5
|
%
|
|
579
|
|
|
16.5
|
%
|
|
445
|
|
|
13.8
|
%
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net
|
(56
|
)
|
|
(3.0
|
)%
|
|
(58
|
)
|
|
(3.3
|
)%
|
|
(111
|
)
|
|
(3.2
|
)%
|
|
(104
|
)
|
|
(3.2
|
)%
|
||||
Gains (losses) on sales of investments and businesses, net
|
3
|
|
|
0.2
|
%
|
|
(1
|
)
|
|
(0.1
|
)%
|
|
4
|
|
|
0.1
|
%
|
|
10
|
|
|
0.3
|
%
|
||||
Other, net
|
(21
|
)
|
|
(1.1
|
)%
|
|
13
|
|
|
0.7
|
%
|
|
(12
|
)
|
|
(0.3
|
)%
|
|
16
|
|
|
0.5
|
%
|
||||
Total other expense
|
(74
|
)
|
|
(4.0
|
)%
|
|
(46
|
)
|
|
(2.6
|
)%
|
|
(119
|
)
|
|
(3.4
|
)%
|
|
(78
|
)
|
|
(2.4
|
)%
|
||||
Net earnings before income taxes
|
275
|
|
|
14.8
|
%
|
|
227
|
|
|
12.9
|
%
|
|
460
|
|
|
13.1
|
%
|
|
367
|
|
|
11.4
|
%
|
||||
Income tax expense
|
67
|
|
|
3.6
|
%
|
|
46
|
|
|
2.6
|
%
|
|
100
|
|
|
2.8
|
%
|
|
69
|
|
|
2.1
|
%
|
||||
Net earnings
|
208
|
|
|
11.2
|
%
|
|
181
|
|
|
10.3
|
%
|
|
360
|
|
|
10.2
|
%
|
|
298
|
|
|
9.2
|
%
|
||||
Less: Earnings attributable to non-controlling interests
|
1
|
|
|
0.1
|
%
|
|
1
|
|
|
0.1
|
%
|
|
2
|
|
|
0.1
|
%
|
|
1
|
|
|
—
|
%
|
||||
Net earnings attributable to Motorola Solutions, Inc.
|
$
|
207
|
|
|
11.1
|
%
|
|
$
|
180
|
|
|
10.2
|
%
|
|
$
|
358
|
|
|
10.2
|
%
|
|
$
|
297
|
|
|
9.2
|
%
|
Earnings per diluted common share
|
$
|
1.18
|
|
|
|
|
|
$
|
1.05
|
|
|
|
|
|
$
|
2.04
|
|
|
|
|
$
|
1.73
|
|
|
|
|
Three Months Ended
|
|||||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
|
% Change
|
|||||
Net sales from Products and Systems Integration
|
$
|
1,238
|
|
|
$
|
1,189
|
|
|
4
|
%
|
Net sales from Services and Software
|
622
|
|
|
571
|
|
|
9
|
%
|
||
Net sales
|
$
|
1,860
|
|
|
$
|
1,760
|
|
|
6
|
%
|
•
|
growth in Devices primarily due to strong demand in the Americas inclusive of acquisitions;
|
•
|
$33 million of revenue from the acquisitions of VaaS and Avtec; and
|
•
|
partially offset by $37 million from unfavorable currency rates.
|
•
|
growth in the Americas region of
11%
across both the Products and Systems Integration and the Services and Software segments, inclusive of revenue from acquisitions;
|
•
|
a decline in the EMEA region of
7%
primarily due to two large system deployments in the Middle East and Africa within the Systems and Systems Integration portion of our Products and Systems Integration segment in the
second
quarter of
2018
and currency headwinds, partially offset by growth within Europe; and
|
•
|
a decline in the AP region of
7%
due to currency headwinds and lower sales in China.
|
•
|
$16 million of revenue from the acquisitions of VaaS and Avtec which closed in the first quarter of
2019
;
|
•
|
12% growth in Devices revenue primarily due to strong demand for land mobile radio ("LMR") and video cameras in the Americas inclusive of revenue from acquisitions; and
|
•
|
partially offset by an 8% decline in Systems and Systems Integration revenue in the
second
quarter of
2019
, as compared to the
second
quarter of
2018
primarily due to two large system deployments in the Middle East and Africa in the
second
quarter of
2018
.
|
•
|
$17 million of revenue from the acquisitions of VaaS and Avtec, which closed in the first quarter of
2019
;
|
•
|
34% growth in Software, driven primarily by growth in our video security solutions portfolio and command center software sales inclusive of acquisitions; and
|
•
|
3% growth in Services, driven by growth in maintenance revenue, partially offset by unfavorable currency headwinds.
|
|
Three Months Ended
|
|||||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
|
% Change
|
|||||
Gross margin
|
$
|
931
|
|
|
$
|
822
|
|
|
13
|
%
|
•
|
higher margins in the Products and Systems Integration segment driven by a favorable mix of Devices to Systems and Systems Integration, as well as higher margin contribution from the acquisitions of VaaS and Avtec; and
|
•
|
higher margins within the Services and Software segment primarily driven by operational efficiencies in service delivery costs of our Services portfolio and higher margin contribution within our Software portfolio from acquisitions.
|
|
Three Months Ended
|
|||||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
|
% Change
|
|||||
Selling, general and administrative expenses
|
$
|
351
|
|
|
$
|
316
|
|
|
11
|
%
|
|
Three Months Ended
|
|||||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
|
% Change
|
|||||
Research and development expenditures
|
$
|
170
|
|
|
$
|
162
|
|
|
5
|
%
|
|
Three Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Other charges
|
$
|
61
|
|
|
$
|
71
|
|
|
Three Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Operating earnings from Products and Systems Integration
|
$
|
201
|
|
|
$
|
175
|
|
Operating earnings from Services and Software
|
148
|
|
|
98
|
|
||
Operating earnings
|
$
|
349
|
|
|
$
|
273
|
|
•
|
Services and Software segment, which was up $50 million from the
second
quarter of
2018
compared to the
second
quarter of
2019
, primarily driven by higher sales and gross margin; and
|
•
|
Products and Systems Integration, which was up $26 million from the
second
quarter of
2018
compared to the
second
quarter of
2019
, driven by higher sales and gross margin, partially offset by higher operating expenses related to acquisitions and our video security solutions portfolio.
|
|
Three Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Interest expense, net
|
$
|
(56
|
)
|
|
$
|
(58
|
)
|
|
Three Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Gains (losses) on sales of investments and businesses, net
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
Three Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Other, net
|
$
|
(21
|
)
|
|
$
|
13
|
|
•
|
a
$43 million
loss from the extinguishment of long-term debt in the
second
quarter of
2019
;
|
•
|
foreign currency losses of
$7 million
in the
second
quarter of
2019
as compared to
$11 million
of gains in the
second
quarter of
2018
;
|
•
|
$17 million
of net periodic pension and postretirement benefit in the
second
quarter of
2019
as compared to
$20 million
in the
second
quarter of
2018
; and
|
•
|
$3 million
of investment impairments in the
second
quarter of
2019
;
|
•
|
partially offset by a
$3 million
loss on derivative instruments in the
second
quarter of
2019
as compared to
$19 million
in the
second
quarter of
2018
; and
|
•
|
$16 million
of fair value adjustments to equity investments in the
second
quarter of
2019
.
|
|
Three Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Income tax expense
|
$
|
67
|
|
|
$
|
46
|
|
|
Six Months Ended
|
|||||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
|
% Change
|
|||||
Net sales from Products and Systems Integration
|
$
|
2,307
|
|
|
$
|
2,141
|
|
|
8
|
%
|
Net sales from Services and Software
|
1,210
|
|
|
1,086
|
|
|
11
|
%
|
||
Net sales
|
$
|
3,517
|
|
|
$
|
3,227
|
|
|
9
|
%
|
•
|
$170 million of revenue from the acquisitions of VaaS and Avtec which closed in the first quarter of
2019
and Avigilon and Plant which were acquired towards the end of the first quarter of
2018
;
|
•
|
growth in Devices due to strong demand across all regions inclusive of acquisitions; and
|
•
|
partially offset by $75 million from unfavorable currency rates.
|
•
|
growth in the Americas region of
14%
across both the Products and Systems Integration and the Services and Software segments, inclusive of revenue from acquisitions;
|
•
|
flat sales in the EMEA region primarily due to growth in both Services and Software within our Services and Software segment and Devices within our Products and Systems Integration segment, inclusive of revenue from acquisitions, offset by currency headwinds and a decline in Systems and Systems Integration within our Products and Systems Integration segment due to two large system deployments in the Middle East and Africa during the
first half
of
2018
; and
|
•
|
a decline in the AP region of
6%
due to currency headwinds and lower sales in China.
|
•
|
$91 million of revenue from the acquisitions of Avtec and VaaS which closed in the first quarter of
2019
and Avigilon and Plant which were acquired near the end of the first quarter of
2018
;
|
•
|
10% growth in Devices revenue primarily due to strong demand for LMR across all regions inclusive of acquisitions; and
|
•
|
3% growth in Systems and Systems Integration revenue in the
first half
of
2019
, as compared to the
first half
of
2018
driven by system deployments in the Americas and incremental revenue from Avigilon which was acquired towards the end of the first quarter of 2018.
|
•
|
$79 million of revenue from the acquisitions of VaaS, which closed in the first quarter of
2019
, and Avigilon and Plant, which were acquired near the end of the first quarter of
2018
;
|
•
|
57% growth in Software, driven primarily by revenue from our video security solutions portfolio and growth in our command center software sales inclusive of acquisitions; and
|
•
|
2% growth in Services, driven by growth in maintenance revenues, and revenue from the acquisition of Plant, partially offset by unfavorable currency headwinds.
|
|
Six Months Ended
|
|||||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
|
% Change
|
|||||
Gross margin
|
$
|
1,704
|
|
|
$
|
1,491
|
|
|
14
|
%
|
•
|
higher margins in the Products and Systems Integration segment driven by both Devices and Systems and Systems Integration, as well as higher margin contribution from the acquisitions of VaaS and Avtec; and
|
•
|
higher margins within the Services and Software segment primarily driven by higher margin contribution within our Software portfolio from acquisitions and operational efficiencies in service delivery costs of our Services portfolio.
|
|
Six Months Ended
|
|||||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
|
% Change
|
|||||
Selling, general and administrative expenses
|
$
|
676
|
|
|
$
|
594
|
|
|
14
|
%
|
|
Six Months Ended
|
|||||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
|
% Change
|
|||||
Research and development expenditures
|
$
|
333
|
|
|
$
|
314
|
|
|
6
|
%
|
|
Six Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Other charges
|
$
|
116
|
|
|
$
|
138
|
|
•
|
$2 million
of charges for acquisition-related transaction fees in the
first half
of
2019
as compared to
$17 million
in the
first half
of
2018
; and
|
•
|
$12 million
of net reorganization of business charges in the
first half
of
2019
as compared to
$26 million
in the
first half
of
2018
, (see further detail in “Reorganization of Businesses” section);
|
•
|
partially offset by
$102 million
of amortization of intangibles in the
first half
of
2019
compared to
$94 million
in the
first half
of
2018
, driven by acquisitions.
|
|
Six Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Operating earnings from Products and Systems Integration
|
$
|
310
|
|
|
$
|
265
|
|
Operating earnings from Services and Software
|
269
|
|
|
180
|
|
||
Operating earnings
|
$
|
579
|
|
|
$
|
445
|
|
•
|
Services and Software segment, which was up $89 million from the
first half
of
2018
compared to the
first half
of
2019
, driven by higher sales and gross margin, and partially offset by higher operating expenses related to acquisitions; and
|
•
|
Products and Systems Integration, which was up $45 million from the
first half
of
2018
compared to the
first half
of
2019
, driven by higher sales and gross margin, and partially offset by higher operating expenses related to acquisitions and our video security solutions portfolio.
|
|
Six Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Interest expense, net
|
$
|
(111
|
)
|
|
$
|
(104
|
)
|
|
Six Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Gains on sales of investments and businesses, net
|
$
|
4
|
|
|
$
|
10
|
|
|
Six Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Other, net
|
$
|
(12
|
)
|
|
$
|
16
|
|
•
|
a
$43 million
loss from the extinguishment of long-term debt in the
first half
of
2019
;
|
•
|
foreign currency losses of
$11 million
in the
first half
of
2019
;
|
•
|
$11 million
of investment impairments in the
first half
of
2019
; and
|
•
|
$33 million
of net periodic pension and postretirement benefit in the
first half
of
2019
as compared to
$40 million
in the
first half
of
2018
;
|
•
|
partially offset by a
$7 million
loss on derivative instruments in the
first half
of
2019
as compared to
$23 million
in the
first half
of
2018
;
|
•
|
$15 million
of fair value adjustments to equity investments in the
first half
of
2019
; and
|
•
|
$11 million
of other non-operating income in the
first half
of
2019
as compared to expense of
$2 million
in the
first half
of
2018
.
|
|
Six Months Ended
|
||||||
(In millions)
|
June 29, 2019
|
|
June 30, 2018
|
||||
Income tax expense
|
$
|
100
|
|
|
$
|
69
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2019
|
|
June 30, 2018
|
|
June 29, 2019
|
|
June 30, 2018
|
||||||||
Products and Systems Integration
|
$
|
9
|
|
|
$
|
19
|
|
|
$
|
16
|
|
|
$
|
28
|
|
Services and Software
|
3
|
|
|
6
|
|
|
4
|
|
|
10
|
|
||||
|
$
|
12
|
|
|
$
|
25
|
|
|
$
|
20
|
|
|
$
|
38
|
|
|
Six Months Ended
|
||||||
|
June 29,
2019 |
|
June 30,
2018 |
||||
Cash flows provided by (used for):
|
|
|
|
||||
Operating activities
|
$
|
502
|
|
|
$
|
(75
|
)
|
Investing activities
|
(490
|
)
|
|
(1,156
|
)
|
||
Financing activities
|
(311
|
)
|
|
922
|
|
||
Effect of exchange rates on cash and cash equivalents
|
6
|
|
|
(18
|
)
|
||
Decrease in cash and cash equivalents
|
$
|
(293
|
)
|
|
$
|
(327
|
)
|
•
|
a $500 million debt-funded voluntary contribution to our U.S. pension plan in the
first half
of 2018, compared to no material contributions to our U.S. pension plans in the
first half
of
2019
; and
|
•
|
higher earnings in the
first half
of
2019
as compared to the
first half
of
2018
;
|
•
|
partially offset by $19 million of higher interest payments in the
first half
of
2019
as compared to the
first half
of
2018
driven by additional debt issued towards the end of first quarter of
2018
; and
|
•
|
$14 million of higher tax payments in the
first half
of
2019
as compared to the
first half
of
2018
.
|
•
|
a $782 million decrease in acquisitions and investments, primarily driven by cash used for the purchases of VaaS and Avtec for $231 million and $136 million, respectively, as compared to the
first half
of
2018
when we made acquisitions of Avigilon and Plant Holdings for $903 million and $237 million, respectively; and
|
•
|
$69 million of lower proceeds from sales of investments and businesses, primarily driven by $60 million of excess cash withdrawn from company-sponsored life insurance investments in the
first half
of
2018
; and
|
•
|
partially offset by a $47 million increase in capital expenditures in the
first half
of
2019
as compared to the
first half
of
2018
, primarily due to the network builds including Airwave and ESN, as well as expenditures for Avigilon, information technology, and supply chain.
|
•
|
a $650 million decrease in debt issuance in the
first half
of
2019
as compared to the
first half
of
2018
;
|
•
|
a $469 million increase in the repayment of debt in the
first half
of
2019
as compared to the
first half
of
2018
;
|
•
|
a $104 million increase in our share repurchases in the
first half
of
2019
as compared to the
first half
of
2018
; and
|
•
|
a $19 million increase in payments of dividends in the
first half
of
2019
as compared to the
first half
of
2018
.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2019
|
|
June 30, 2018
|
|
June 29, 2019
|
|
June 30, 2018
|
||||||||
Accounts receivable sales proceeds
|
$
|
3
|
|
|
$
|
22
|
|
|
$
|
27
|
|
|
$
|
76
|
|
Long-term receivables sales proceeds
|
55
|
|
|
15
|
|
|
76
|
|
|
28
|
|
||||
Total proceeds from sales of accounts receivable
|
$
|
58
|
|
|
$
|
37
|
|
|
$
|
103
|
|
|
$
|
104
|
|
|
Notional Amount
|
||||||
Net Buy (Sell) by Currency
|
June 29,
2019 |
|
December 31,
2018 |
||||
Euro
|
$
|
155
|
|
|
$
|
89
|
|
British pound
|
46
|
|
|
139
|
|
||
Canadian dollar
|
42
|
|
|
(39
|
)
|
||
Australian dollar
|
(107
|
)
|
|
(105
|
)
|
||
Chinese renminbi
|
(55
|
)
|
|
(55
|
)
|
Period
|
(a) Total Number
of Shares
Purchased
|
|
(b) Average Price
Paid per
Share
(1)
|
|
(c) Total Number
of Shares Purchased
as Part of Publicly
Announced Plans
or Program
(2)
|
|
(d) Approximate Dollar
Value of Shares that
May Yet Be Purchased
Under the Plans or
Program
(2)
|
||||||
03/28/19 to 04/24/19
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
1,431,301,601
|
|
04/25/19 to 05/22/19
|
75,267
|
|
|
$
|
143.05
|
|
|
75,267
|
|
|
$
|
1,420,534,923
|
|
05/23/19 to 06/26/19
|
91,814
|
|
|
$
|
149.60
|
|
|
91,814
|
|
|
$
|
1,406,799,929
|
|
Total
|
167,081
|
|
|
$
|
146.65
|
|
|
167,081
|
|
|
|
(1)
|
Average price paid per share of common stock repurchased is the execution price, including commissions paid to brokers.
|
(2)
|
Through a series of actions, the board of directors has authorized the Company to repurchase an aggregate amount of up to
$14.0 billion
of its outstanding shares of common stock (the “share repurchase program”). The share repurchase program does not have an expiration date. As of
June 29, 2019
, the Company had used approximately
$12.6 billion
, including transaction costs, to repurchase shares, leaving
$1.4 billion
of authority available for future repurchases.
|
Exhibit No.
|
|
Exhibit
|
|
Form of Motorola Solutions, Inc. Performance Stock Unit Award Agreement for grants to Section 16 Officers on or after May 13, 2019.
|
|
|
Form of Motorola Solutions, Inc. Performance Stock Unit Award Agreement for grants to Gregory Q. Brown on or after May 13, 2019.
|
|
|
Motorola Solutions Long Range Incentive Plan (LRIP), as Amended and Restated May 13, 2019.
|
|
|
Certification of Gregory Q. Brown pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of Gino A. Bonanotte pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of Gregory Q. Brown pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification of Gino A. Bonanotte pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Scheme Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Filed herewith
|
|
MOTOROLA, MOTOROLA SOLUTIONS and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license. All other trademarks are the property of their respective owners. ©2019 Motorola Solutions, Inc. All rights reserved.
|
|
MOTOROLA SOLUTIONS, INC.
|
||
|
|
|
|
|
By:
|
|
/
S
/ DAN PEKOFSKE
|
|
|
|
Dan Pekofske
Corporate Vice President and
Chief Accounting Officer
(Principal Accounting Officer)
|
Exhibit No.
|
|
Exhibit
|
*10.1
|
|
Form of Motorola Solutions, Inc. Performance Stock Unit Award Agreement for grants to Section 16 Officers on or after May 13, 2019.
|
*10.2
|
|
Form of Motorola Solutions, Inc. Performance Stock Unit Award Agreement for grants to Gregory Q. Brown on or after May 13, 2019.
|
*10.3
|
|
Motorola Solutions Long Range Incentive Plan (LRIP), as Amended and Restated May 13, 2019.
|
*31.1
|
|
Certification of Gregory Q. Brown pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
*31.2
|
|
Certification of Gino A. Bonanotte pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
*32.1
|
|
Certification of Gregory Q. Brown pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
*32.2
|
|
Certification of Gino A. Bonanotte pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Scheme Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Filed herewith
|
1 Year Motorola Solutions Chart |
1 Month Motorola Solutions Chart |
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