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美國
證券交易委員會
華盛頓特區 20549
____________________________________________ 
表格 10-Q
 ____________________________________________
（標記一）
☒根據1934年證券交易所法案第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月28日
or
☐
根據《1934年證券交易法》第13或15(d)條規定的過渡報告
過渡期從             至            
委託文件號碼：1-7221
___________________________________________ 
摩托羅拉解決方案，公司。
（其章程中規定的註冊人的確切姓名）
____________________________________________ 
特拉華州 36-1115800
（擬定公司）（納稅人識別號碼）
西門子廣場西500號, 芝加哥, 伊利諾伊州 60661
(總部地址, 郵編)
(847) 576-5000
(註冊人電話號碼，包括區號)
不適用
（如果公司名稱、地址或財年自上次報告以來有變更，請標明之前的名稱、地址和財年）
____________________________________________ 
在法案第12(b)條的規定下注冊的證券：
每種類別的證券交易標誌名稱爲每個註冊的交易所:
普通股$0.01票面價值微星請使用moomoo賬號登錄查看New York Stock Exchange

請勾選適用的選項： (1) 在過去的12個月內（或註冊人要求提交這些報告的較短期間內），已按照證券交易法第13或第15(d)條的規定提交了所有要求提交的報告；並 (2) 在過去90天內一直履行了這些提交要求。Yes ☒沒有。☐
請用複選標記表示，註冊者是否已根據S-t法規第405條的規定，在過去的12個月內（或註冊者需要提交此類文件的更短期間內）遞交了規定必須遞交的每個互動數據文件。Yes ☒沒有。☐
請用複選標記表示公司是否爲大型加速文件提供者、加速文件提供者、非加速文件提供者、較小的報告公司、或新興增長公司。請參閱交易所法案規則120億.2中"大型加速文件提供者"、"加速文件提供者"、"較小的報告公司"和"新興增長公司"的定義。（選擇一項）：
大型加速報告人☒加速器文件
☐
非急速申報人
☐
較小的報告公司
☐
新興成長公司
☐
如果是新興成長型企業，請在以下選項中打勾，指明註冊人是否選擇不使用擴展的過渡期來符合根據《證券交易法》第13（a）節規定提供的任何新的或修訂後財務會計準則的要求。☐
請在檢查標記中勾選指示註冊商是否爲殼公司（定義見交易所法令第12b-2條）。 是的☐沒有。☒
截至2024年11月1日，登記人普通股每股面值0.01美元的股份數量爲 167,120,598.


目錄
截至2024年9月28日季度結束
 
第I部分。FI基本財務信息
頁碼。
項目1。
三個月和 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 截至 2024年9月28日 和 9月30日, 2023
綜合收入簡明綜合報表爲 三個月及 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 截至 9月28日， 2024年和 9月30日, 2023
三個月和一年的壓縮合並股東權益報表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 截至月份 九月ember 28， 2024年和 9月30日, 2023
的現金流簡明彙總表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 截至月份 9月28日， 2024年和 9月30日, 2023
項目2。
項目3。
項目4。
第二部分其他信息
項目1。
項目1A。
項目2。
項目3。
項目4。
項目5。
項目6。



第一部分—財務信息
項目1.基本報表
簡明合併運營報表（未經審計）
（以百萬計，每股金額除外）三個月已結束九個月已結束
2024年9月28日2023 年 9 月 30 日2024年9月28日2023 年 9 月 30 日
產品淨銷售額$1,670 $1,490 $4,639 $4,063 
服務淨銷售額1,120 1,066 3,167 3,066 
淨銷售額2,790 2,556 7,806 7,129 
產品銷售成本688 658 1,941 1,867 
服務銷售成本669 618 1,902 1,747 
銷售成本1,357 1,276 3,843 3,614 
毛利率1,433 1,280 3,963 3,515 
銷售、一般和管理費用439 380 1,265 1,138 
研究和開發支出234 215 671 640 
其他費用49 46 153 181 
營業收益711 639 1,874 1,556 
其他收入（支出）：
利息支出，淨額(58)(53)(171)(164)
投資和業務銷售虧損，淨額— (1)— — 
其他，淨額42 7 (519)46 
其他支出總額(16)(47)(690)(118)
所得稅前淨收益695 592 1,184 1,438 
所得稅支出132 127 214 321 
淨收益563 465 970 1,117 
減去：歸屬於非控股權益的收益1 1 4 4 
歸屬於摩托羅拉解決方案公司的淨收益$562 $464 $966 $1,113 
每股普通股收益：
基本$3.36 $2.78 $5.79 $6.66 
稀釋$3.29 $2.70 $5.66 $6.46 
已發行普通股的加權平均值：
基本167.1 166.7 166.7 167.2 
稀釋170.9 171.7 170.6 172.2 
請參閱附註的未經審計的簡明合併財務報表。
1

未經審計的簡化合並綜合收益表
 三個月結束九個月結束
（以百萬計）2024年9月28日2023年9月30日2024年9月28日2023年9月30日
淨收益$563 $465 $970 $1,117 
外幣翻譯調整72 (70)45 (7)
衍生工具— — 4 — 
確定福利計劃7 12 21 37 
其他綜合收益（損失），淨所得稅後79 (58)70 30 
綜合收益642 407 1,040 1,147 
少數股東權益所應占盈利1 1 4 4 
歸屬於Motorola Solutions, Inc.普通股股東的綜合收益$641 $406 $1,036 $1,143 
請參閱附註的簡明合併基本報表（未經審計）。

2

彙編的資產負債表(未經審計)
（以百萬美元爲單位，除每股面值外）2024年9月28日2023年12月31日
資產
現金及現金等價物$1,404 $1,705 
2,687,823 1,848 1,710 
合同資產1,301 1,102 
淨存貨816 827 
其他資產439 357 
當前資產持有待處置— 24 
總流動資產5,808 5,725 
物業、廠房和設備，淨值1,024 964 
營業租賃資產551 495 
投資140 143 
延遲所得稅1,214 1,062 
商譽3,523 3,401 
無形資產, 淨額1,295 1,255 
其他334 274 
持有待處置的非流動資產— 17 
資產總額$13,889 $13,336 
負債和股東權益
開多次數$322 $1,313 
應付賬款872 881 
合同負債1,942 2,037 
應計負債1,529 1,504 
持有待處置的流動負債— 1 
流動負債合計4,665 5,736 
長期債務5,674 4,705 
經營租賃負債444 407 
其他負債1,765 1,741 
持有待處置的非流動負債— 8 
股東權益
優先股，$0.0001100股份在2023年9月30日和2022年12月31日分別授權;0.5 無已發行並流通
— — 
普通股，每股面值爲 $0.0001；0.01面值：
2 2 
授權股份： 600.0
已發行股份：9/28/24—168.4; 12/31/23—167.4
流通股份：9/28/24—166.9; 12/31/23—166.2
額外實收資本1,820 1,622 
保留盈餘1,974 1,640 
累計其他綜合損失(2,470)(2,540)
摩托羅拉解決方案公司股東權益合計1,326 724 
非控股權益15 15 
股東權益總額1,341 739 
負債和股東權益總額$13,889 $13,336 
請參閱附註的簡明合併基本報表（未經審計）。

3

簡化股東權益綜合表（未經審計）
（以百萬計）股份普通股和額外資本溢價累計其他綜合收益（損失）留存收益
收益		非控制權益
利益
2023年12月31日的餘額167.4 $1,624 $(2,540)$1,640 $15 
淨收益（虧損）(39)1 
其他綜合損失(13)
普通股股票和期權行使發行1.0 (5)
股份回購計劃(0.1)(39)
股份補償費用56 
分紅聲明 $0.98。
(163)
截至2024年3月30日的餘額168.3 $1,675 $(2,553)$1,399 $16 
淨收益443 2 
其他綜合收益4 
普通股和期權的發行0.1 6 
股份回購計劃(0.2)(71)
股份補償費用63 
宣佈分紅 $0.98。
(164)
向子公司普通股非控股權支付的分紅(3)
截至2024年6月29日的餘額168.2 $1,744 $(2,549)$1,607 $15 
淨收益562 1 
其他綜合收益79 
發行普通股和行使期權0.3 17 
股份回購計劃(0.1)(31)
股份補償費用61 
宣佈分紅派息 $0.98。
(164)
向子公司普通股的非控制利益支付的分紅(1)
截至2024年9月28日的餘額168.4 $1,822 $(2,470)$1,974 $15 

4

（以百萬計）股份普通股和額外實收資本累計其他綜合收益（損失）留存收益
收益		非控制權益
利益
2022年12月31日餘額168.5 $1,308 $(2,535)$1,343 $15 
淨收益278 1 
其他綜合收益48 
發行普通股和行權的期權0.9 25 
股份回購計劃(0.5)(140)
股份補償費用55 
分紅聲明 $0.88。
(148)
子公司普通股非主要股東的分紅派息(1)
2023年4月1日的餘額168.9 $1,388 $(2,487)$1,333 $15 
淨收益371 2 
其他綜合收益40 
發行普通股和行使期權0.2 10 
股份回購計劃(0.8)(224)
股份補償費用53 
分紅宣佈 $0.88。
(147)
子公司普通股支付給非控股權利人的分紅派息(3)
截至2023年7月1日的餘額168.3 $1,451 $(2,447)$1,333 $14 
淨收益464 1 
其他綜合損失(58)
發行普通股和行使期權0.2 38 
股份回購計劃(1.1)(325)
股份補償費用52 
宣佈分紅 $0.88。
(146)
向子公司普通股的非控股權益支付分紅(1)
截至2023年9月30日的餘額167.4 $1,541 $(2,505)$1,326 $14 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
5

Condensed Consolidated Statements of Cash Flows (Unaudited)
 Nine Months Ended
(In millions)September 28, 2024September 30, 2023
Operating
Net earnings$970 $1,117 
Adjustments to reconcile Net earnings to Net cash provided by operating activities:
Depreciation and amortization250 271 
Non-cash other charges12 8 
Share-based compensation expenses180 160 
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(121)(154)
Inventories21 94 
Other current assets and contract assets(279)(140)
Accounts payable, accrued liabilities and contract liabilities(125)(534)
Other assets and liabilities(17)(21)
Deferred income taxes(155)(2)
Net cash provided by operating activities1,321 799 
Investing
Acquisitions and investments, net(268)(12)
Proceeds from sales of investments and businesses, net39 12 
Capital expenditures(171)(172)
Net cash used for investing activities(400)(172)
Financing
Repayments of debt(1,906)(1)
Net proceeds from issuance of debt1,288 — 
Issuances of common stock19 76 
Purchases of common stock(141)(670)
Payments of dividends(490)(443)
Payments of dividends to non-controlling interests(4)(5)
Net cash used for financing activities(1,234)(1,043)
Effect of exchange rate changes on total cash and cash equivalents12 1 
Net decrease in total cash and cash equivalents(301)(415)
Cash and cash equivalents, beginning of period1,705 1,325 
Cash and cash equivalents, end of period$1,404 $910 
Supplemental Cash Flow Information  
Cash paid during the period for:
Interest paid$143 $165 
Income and withholding taxes, net of refunds$453 $477 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).
6

INDEX FOR NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Page No.
Note 1
Note 2
Note 3
Note 4
Note 5
Note 6
Note 7
Note 8
Note 9
Note 10
Note 11
Note 12
Note 13
Note 14
Note 15

7

Notes to Condensed Consolidated Financial Statements (Unaudited)
(Dollars in millions, except as noted)
1.Basis of Presentation
The condensed consolidated financial statements as of September 28, 2024 and for the three and nine months ended September 28, 2024 and September 30, 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 nine months ended September 28, 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 quarter end, on October 29, 2024, the Company acquired 3tc Software ("3tc"), a provider of control room software solutions for $22 million, net of cash acquired. In addition, the Company issued restricted stock at a fair value of $4 million to certain key employees that will be expensed over a service period of one year. The acquisition expands the Company's critical experience and innovation focused on advancing computer-aided dispatch ("CAD") for the UK's public safety agencies. This business is part of the Software and Services segment.
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.
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.
8

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 nine months ended September 28, 2024 and September 30, 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
September 28, 2024September 30, 2023
(In millions)Products and Systems IntegrationSoftware and ServicesTotalProducts and Systems IntegrationSoftware and ServicesTotal
Regions:
North America$1,304 $703 $2,007 $1,155 $628 $1,783 
International480 303 783 457 316 773 
$1,784 $1,006 $2,790 $1,612 $944 $2,556 
Major Products and Services:
LMR Communications$1,492 $596 $2,088 $1,312 $605 $1,917 
Video 292 208 500 300 153 453 
Command Center— 202 202 — 186 186 
$1,784 $1,006 $2,790 $1,612 $944 $2,556 
Customer Types:
Direct$1,108 $917 2,025 $940 $859 $1,799 
Indirect676 89 765 672 85 757 
$1,784 $1,006 2,790 $1,612 $944 $2,556 
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Nine Months Ended
September 28, 2024September 30, 2023
(In millions)Products and Systems IntegrationSoftware and ServicesTotalProducts and Systems IntegrationSoftware and ServicesTotal
Regions:
North America$3,631 $1,985 $5,616 $3,130 $1,786 $4,916 
International1,302 888 2,190 1,222 991 2,213 
$4,933 $2,873 $7,806 $4,352 $2,777 $7,129 
Major Products and Services:
LMR Communications$4,112 $1,739 $5,851 $3,542 $1,807 $5,349 
Video 821 553 1,374 810 435 1,245 
Command Center— 581 581 — 535 535 
$4,933 $2,873 $7,806 $4,352 $2,777 $7,129 
Customer Types:
Direct$2,969 $2,617 $5,586 $2,459 $2,529 $4,988 
Indirect1,964 256 2,220 1,893 248 2,141 
$4,933 $2,873 $7,806 $4,352 $2,777 $7,129 

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 September 28, 2024 was $9.1 billion. A total of $4.2 billion was from Products and Systems Integration performance obligations that were not yet satisfied as of September 28, 2024, of which $2.5 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 $4.9 billion was from Software and Services performance obligations that were not yet satisfied as of September 28, 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 $1.8 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 nine months 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.
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Contract Balances
(In millions)September 28, 2024December 31, 2023
Accounts receivable, net$1,848 $1,710 
Contract assets1,301 1,102 
Contract liabilities1,942 2,037 
Non-current contract liabilities480 424 
Revenue recognized during the three months ended September 28, 2024 which was previously included in Contract liabilities as of June 29, 2024 was $572 million, compared to $475 million of revenue recognized during the three months ended September 30, 2023 which was previously included in Contract liabilities as of July 1, 2023. Revenue recognized during the nine months ended September 28, 2024 which was previously included in Contract liabilities as of December 31, 2023 was $1.2 billion, compared to $1.1 billion recognized during the nine months ended September 30, 2023 which was previously included in Contract liabilities as of December 31, 2022. Revenue of $6 million was recognized during the three months ended September 28, 2024 related to performance obligations satisfied, or partially satisfied, in previous periods, primarily driven by changes in the estimates of progress on system contracts. During the three months ended September 30, 2023, revenue adjustments driven by the changes in estimates of progress on system contracts were de minimis. Revenue of $11 million was reversed during the nine months ended September 28, 2024 related to revenue recognized for performance obligations satisfied, or partially satisfied, in previous periods, primarily driven by changes in the estimates of progress on system contracts, compared to $18 million of reversals for the nine months ended September 30, 2023.
There were no material expected credit losses recorded on contract assets during each of the three and nine months ended September 28, 2024 and September 30, 2023.
Contract Cost Balances
(In millions)September 28, 2024December 31, 2023
Current contract cost assets$78 $56 
Non-current contract cost assets124 119 
Amortization of contract cost assets was $13 million and $38 million for the three and nine months ended September 28, 2024, respectively, and $10 million and $35 million for the three and nine months ended September 30, 2023, respectively.

3.    Leases
Components of Lease Expense
Three Months EndedNine Months Ended
(in millions)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Lease expense:
Operating lease cost$34 $35 $103 $103 
Short-term lease cost— — — 1
Variable cost12 10 34 28 
Sublease income(1)(1)(4)(3)
Net lease expense from operating leases$45 $44 $133 $129 
Lease Assets and Liabilities
(in millions)Statement Line ClassificationSeptember 28, 2024December 31, 2023
Right-of-use lease assetsOperating lease assets$551 $495 
Current lease liabilitiesAccrued liabilities131 125 
Operating lease liabilitiesOperating lease liabilities444 407 
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Other Information Related to Leases
Nine Months Ended
(in millions)September 28, 2024September 30, 2023
Supplemental cash flow information:
Net cash used for operating activities related to operating leases$118 $103 
Right-of-use assets obtained in exchange for lease liabilities123 52 
During the nine months ended September 28, 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. In addition, assets obtained in exchange for lease liabilities of $19 million were recorded in connection with the Company's renewal of an International region office lease by ten years.
September 28, 2024December 31, 2023
Weighted average remaining lease terms (years)55
Weighted average discount rate:3.92 %4.34 %
Future Lease Payments
September 28, 2024
(in millions)Operating Leases
Remainder of 2024$32 
2025147 
2026128 
2027109 
202884 
Thereafter136 
Total lease payments636 
Less: interest61 
Present value of lease liabilities$575 

4.    Other Financial Data
Statements of Operations Information
Other Charges
Other charges included in Operating earnings consist of the following:
 Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Other charges:
Intangibles amortization (Note 15)$38 $39 $114 $137 
Reorganization of business (Note 14)5 4 16 16 
Operating lease asset impairments1 — 5 4 
Acquisition-related transaction fees4 1 11 3 
Environmental reserve expense— — — 15 
Legal settlements1 1 7 1 
Fixed asset impairments— — — 3 
Other— 1 — 2 
 $49 $46 $153 $181 
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Other Income (Expense)
Interest expense, net, and Other, net, both included in Other income (expense), consist of the following: 
 Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Interest, net:
Interest expense$(73)$(60)$(221)$(186)
Interest income15 7 50 22 
$(58)$(53)$(171)$(164)
Other, net:
Net periodic pension and postretirement benefit (Note 8)$32 $24 $95 $73 
Loss from the extinguishment of Silver Lake Convertible Debt (Note 5)— — (585)— 
Investment impairments— (7)(3)(16)
Foreign currency gain (loss)(26)23 (22)(16)
Gain (loss) on derivative instruments (Note 6)22 (26)7 (9)
Fair value adjustments to equity investments9 (7)(4)12 
Assessments on uncertain tax positions— — (11)— 
Other5 — 4 2 
 $42 $7 $(519)$46 
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 EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Basic earnings per common share:
Earnings
$562 $464 $966 $1,113 
Weighted average common shares outstanding167.1 166.7 166.7 167.2 
Per share amount$3.36 $2.78 $5.79 $6.66 
Diluted earnings per common share:
Earnings$562 $464 $966 $1,113 
Weighted average common shares outstanding167.1 166.7 166.7 167.2 
Add effect of dilutive securities:
Share-based awards3.8 3.5 3.9 3.6 
Silver Lake Convertible Debt
— 1.5 — 1.4 
Diluted weighted average common shares outstanding170.9 171.7 170.6 172.2 
Per share amount$3.29 $2.70 $5.66 $6.46 
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In the computation of diluted earnings per common share for the three months ended September 28, 2024, the assumed exercise of 0.1 million options 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 nine months ended September 28, 2024, a total of 0.3 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 0.1 million options 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 nine months ended September 30, 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: 
September 28, 2024December 31, 2023
Accounts receivable$1,929 $1,779 
Less allowance for credit losses(81)(69)
 $1,848 $1,710 
Inventories, Net
Inventories, net, consist of the following: 
September 28, 2024December 31, 2023
Finished goods$366 $328 
Work-in-process and production materials586 640 
952 968 
Less inventory reserves(136)(141)
 $816 $827 
Other Current Assets
Other current assets consist of the following: 
September 28, 2024December 31, 2023
Current contract cost assets (Note 2)$78 $56 
Contractor receivables29 40 
Tax-related deposits41 32 
Other291 229 
 $439 $357 
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Property, Plant and Equipment, Net
Property, plant and equipment, net, consist of the following:
September 28, 2024December 31, 2023
Land$5 $5 
Leasehold improvements447 448 
Machinery and equipment2,404 2,396 
2,856 2,849 
Less accumulated depreciation(1,832)(1,885)
 $1,024 $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 September 28, 2024 and September 30, 2023 was $46 million and $47 million, respectively. Depreciation expense for the nine months ended September 28, 2024 and September 30, 2023 was $136 million and $134 million, respectively.
Investments
Investments consist of the following:
September 28, 2024December 31, 2023
Common stock$25 $28 
Strategic investments26 28 
Company-owned life insurance policies78 74 
Equity method investments11 13 
 $140 $143 
Other Assets
 Other assets consist of the following:
September 28, 2024December 31, 2023
Defined benefit plan assets$149 $98 
Non-current contract cost assets (Note 2)124 119 
Other61 57 
 $334 $274 
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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 $38 million and $35 million as of September 28, 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: 
September 28, 2024December 31, 2023
Compensation$369 $407 
Tax liabilities144 231 
Dividend payable164 163 
Trade liabilities175 140 
Operating lease liabilities (Note 3)131 125 
Customer reserves86 89 
Other460 349 
 $1,529 $1,504 
Other Liabilities
Other liabilities consist of the following: 
September 28, 2024December 31, 2023
Defined benefit plans (Note 8)$855 $939 
Non-current contract liabilities (Note 2)480 424 
Unrecognized tax benefits (Note 7)38 26 
Deferred income taxes (Note 7)59 55 
Environmental reserve119 119 
Other214 178 
 $1,765 $1,741 
Stockholders’ Equity
Share Repurchase Program: During the three and nine months ended September 28, 2024, the Company repurchased approximately 0.1 million and 0.4 million shares at an average price of $440.53 and $355.31 per share for an aggregate amount of $31 million and $141 million, respectively.
Payment of Dividends: During the three months ended September 28, 2024 and September 30, 2023, the Company paid $164 million and $147 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 nine months ended September 28, 2024 and September 30, 2023, the Company paid $490 million and $443 million, respectively, in cash dividends to holders of its common stock.
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Accumulated Other Comprehensive Loss
The following table displays the changes in Accumulated other comprehensive loss, including amounts reclassified into income, and the affected line items in the Condensed Consolidated Statements of Operations during the three and nine months ended September 28, 2024 and September 30, 2023:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Foreign Currency Translation Adjustments:
Balance at beginning of period$(509)$(476)$(482)$(539)
Other comprehensive income (loss) before reclassification adjustment73 (62)44 (8)
Tax benefit (expense)(1)(8)1 1 
Other comprehensive income (loss), net of tax72 (70)45 (7)
Balance at end of period$(437)$(546)$(437)$(546)
Derivative instruments:
Balance at beginning of period$(8)$— $(12)$— 
Other comprehensive income before reclassification adjustment— — 4 — 
Other comprehensive income before reclassification adjustment, net of tax— — 4 — 
Other comprehensive income, net of tax$— $— $4 $— 
Balance at end of period$(8)$— $(8)$— 
Defined Benefit Plans:
Balance at beginning of period$(2,032)$(1,971)$(2,046)$(1,996)
Reclassification adjustment - Actuarial net losses into Other income (Note 8)9 15 25 45 
Reclassification adjustment - Prior service benefits into Other income (Note 8)— 1 2 3 
Tax expense(2)(4)(6)(11)
Reclassification adjustments into Net earnings, net of tax7 12 21 37 
Other comprehensive income, net of tax7 12 21 37 
Balance at end of period$(2,025)$(1,959)$(2,025)$(1,959)
Total Accumulated other comprehensive loss$(2,470)$(2,505)$(2,470)$(2,505)

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5.    Debt and Credit Facilities
September 28, 2024December 31, 2023
4.0% senior notes due 2024
$— $313 
1.75% senior convertible notes due 2024
— 1,000 
7.5% debentures due 2025
252 252 
6.5% debentures due 2025
70 70 
4.6% senior notes due 2028
696 695 
6.5% debentures due 2028
24 25 
5.0% senior notes due 2029
396 — 
4.6% senior notes due 2029
802 802 
2.3% senior notes due 2030
895 894 
2.75% senior notes due 2031
846 845 
5.6% senior notes due 2032
596 595 
5.4% senior notes due 2034
892 — 
6.625% senior notes due 2037
38 38 
5.5% senior notes due 2044
397 397 
5.22% debentures due 2097
93 93 
5,997 6,019 
Adjustments for unamortized gains on interest rate swap terminations(1)(1)
Less: current portion(322)(1,313)
Long-term debt$5,674 $4,705 
During the three months ended September 28, 2024, the Company repaid the $313 million aggregate principal amount of the 4.0% senior notes due 2024.
As of September 28, 2024, $252 million of 7.5% debentures due 2025, which mature in May 2025, and $70 million of 6.5% debentures due 2025, which mature in September 2025, were presented as the Current portion of long-term debt within the Company's Condensed Consolidated Balance Sheets, as the debentures mature within the next twelve months.
On September 5, 2019, the Company entered into an agreement with Silver Lake Partners to issue $1.0 billion of 1.75% senior convertible notes which were scheduled to mature in September 2024 (the "Silver Lake Convertible Debt"), which became fully convertible on September 5, 2021. On February 14, 2024, the Company agreed with Silver Lake Partners to repurchase $1.0 billion aggregate principal amount of the Silver Lake Convertible Debt for aggregate consideration of $1.59 billion in cash, inclusive of the conversion premium. The Company paid the cash consideration during the first quarter of 2024. The repurchase of the Silver Lake Convertible Debt was accounted for as an extinguishment of debt, as the repurchase was negotiated under economically favorable terms outside of the original contractual conversion rate. A loss on the extinguishment of $585 million was recorded, representing the excess of amounts repurchased over the carrying value of debt of $593 million, offset by accrued interest of $8 million. The loss on the extinguishment of debt was recorded within Other Income (Expense) in the Condensed Consolidated Statements of Operations during the nine months ended September 28, 2024.
On March 25, 2024, the Company issued $400 million of 5.0% senior notes due 2029 and $900 million of 5.4% senior notes due 2034. The Company recognized net proceeds of $1.3 billion after debt issuance costs and discounts. A portion of proceeds from the issuance of these notes was used to repurchase the $1.0 billion aggregate principal amount of the Silver Lake Convertible Debt in the first quarter of 2024.
As of September 28, 2024, the Company had a $2.25 billion syndicated, unsecured revolving credit facility scheduled to mature in March 2026 (the "2021 Motorola Solutions Credit Agreement"). The 2021 Motorola Solutions Credit Agreement includes a letter of credit sub-limit and fronting commitments of $450 million. Borrowings under the facility bear interest at the prime rate plus the applicable margin, or at a spread above the Secured Overnight Financing Rate (SOFR), at the Company's option. An annual facility fee is payable on the undrawn amount of the credit line. The interest rate and facility fee are subject to adjustment if the Company's credit rating changes. The Company must comply with certain customary covenants including a maximum leverage ratio, as defined in the 2021 Motorola Solutions Credit Agreement. The Company was in compliance with its financial covenants as of September 28, 2024.
The Company has an unsecured commercial paper program, backed by the 2021 Motorola Solutions Credit Agreement, under which the Company may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $2.2 billion outstanding at any one time. Proceeds from the issuances of the notes are expected to be used for general corporate purposes. The notes are issued at a zero-coupon rate and are issued at a discount which reflects the interest component. At maturity, the notes are paid back in full including the interest component. The notes are not redeemable prior to maturity. As of September 28, 2024 the Company had no outstanding debt under the commercial paper program.
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6.    Risk Management
Foreign Currency Risk
The Company had outstanding foreign exchange contracts with notional amounts totaling $1.3 billion for each of the periods ended September 28, 2024 and December 31, 2023. The Company does not believe these financial instruments should subject it to undue risk due to foreign exchange movements because gains and losses on these contracts should generally offset gains and losses on the underlying assets, liabilities and transactions.
The following table shows the five largest net notional amounts of the positions to buy or sell foreign currency as of September 28, 2024, and the corresponding positions as of December 31, 2023: 
 Notional Amount
Net Buy (Sell) by CurrencySeptember 28, 2024December 31, 2023
Euro$307 $322 
Australian dollar(240)(140)
British pound206 252 
Canadian dollar74 76 
Chinese renminbi(68)(66)
Counterparty Risk
The use of derivative financial instruments exposes the Company to counterparty credit risk in the event of non-performance by counterparties. However, the Company’s risk is limited to the fair value of the instruments when the derivative is in an asset position. The Company actively monitors its exposure to credit risk. As of September 28, 2024, all of the counterparties had investment grade credit ratings. As of September 28, 2024, the Company had $9 million of exposure to aggregate credit risk with all counterparties.
Derivative Financial Instruments
The following tables summarize the fair values and locations in the Condensed Consolidated Balance Sheets of all derivative financial instruments held by the Company as of September 28, 2024 and December 31, 2023:
 Fair Values of Derivative Instruments
September 28, 2024Other Current AssetsAccrued Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts$— $5 
Derivatives not designated as hedging instruments:
Foreign exchange contracts9 3 
Total derivatives$9 $8 
 Fair Values of Derivative Instruments
December 31, 2023Other Current AssetsAccrued Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts$1 $3 
Treasury rate lock— 12 
Derivatives not designated as hedging instruments:
Foreign exchange contracts12 1 
Equity swap contracts1 — 
Total derivatives$14 $16 
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The following table summarizes the effect of derivatives on the Company's condensed consolidated financial statements for the three and nine months ended September 28, 2024 and September 30, 2023:
 Financial Statement LocationThree Months EndedNine Months Ended
Foreign Exchange ContractsSeptember 28, 2024September 30, 2023September 28, 2024September 30, 2023
Derivatives designated as hedging instruments:
Foreign exchange contractsAccumulated other
comprehensive income (loss)		$(9)$9 $3 $5 
Forward points recognizedOther income (expense)— 1 1 2 
Treasury rate lockAccumulated other comprehensive income (loss)— — 4 — 
Derivatives not designated as hedging instruments:
Foreign exchange contractsOther income (expense)$22 $(26)$7 $(9)
Equity swap contractsSelling, general and administrative expenses1 (1)3 (1)
Net Investment Hedges
The Company uses foreign exchange forward contracts to hedge against the effect of the British pound and the Euro exchange rate fluctuations against the U.S. dollar on a portion of its net investments in certain European operations. The Company recognizes changes in the fair value of the net investment hedges as a component of foreign currency translation adjustments within Other comprehensive income to offset a portion of the change in translated value of the net investments being hedged, until the investments are sold or liquidated. As of September 28, 2024, the Company had €100 million of net investment hedges in certain Euro functional subsidiaries and £50 million of net investment hedges in a British pound functional subsidiary.
The Company excludes the difference between the spot rate and the forward rate of the forward contract from its assessment of hedge effectiveness. The effect of the forward points recognized will be amortized on a straight-line basis and recognized through interest expense within Other income (expense) in the Condensed Consolidated Statement of Operations.
Equity Swap Contracts
The Company uses equity swap contracts which serve as economic hedges against volatility within the equity markets, impacting the Company's deferred compensation plan obligations. These contracts are not designated as hedges for accounting purposes. Unrealized gains and losses on these contracts are included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The notional amount of these contracts as of September 28, 2024 was $19 million.
Treasury Rate Lock
In 2023, the Company entered into treasury rate agreements which locked in the interest rate for $200 million in future debt issuances. The treasury rate lock agreements were designated and qualified as cash flow hedges. During the nine months ended September 28, 2024, the Company issued $900 million of 5.4% senior notes due 2034 (the "2034 notes"). The treasury rate lock agreements were terminated upon the issuance of the 2034 notes for a net settlement loss of $8 million. The accumulated loss recorded in Accumulated Other Comprehensive Income (AOCI) will be reclassified to interest expense on a straight-line basis over the 10-year term of the 2034 notes.

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7.    Income Taxes
At the end of each interim reporting period, the Company makes an estimate of its annual effective income tax rate. Tax expense in interim periods is calculated at the estimated annual effective tax rate plus or minus the tax effects of items of income and expense that are discrete to the period. The estimate used in providing for income taxes on a year-to-date basis may change in subsequent interim periods.
The following table provides details of income taxes:
Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Net earnings before income taxes$695 $592 $1,184 $1,438 
Income tax expense132 127 214 321 
Effective tax rate19 %21 %18 %22 %
The effective tax rate for the three months ended September 28, 2024 of 19% was lower than the U.S. federal statutory tax rate of 21% primarily due to favorable U.S. return-to-provision adjustments, excess tax benefits of share-based compensation, and tax benefits recognized upon settlement of audits with taxing authorities in foreign jurisdictions, partially offset by state tax expense. The effective tax rate for the nine months ended September 28, 2024 of 18% was lower than the U.S. federal statutory tax rate of 21% primarily due to favorable U.S. return-to-provision adjustments (inclusive of the tax benefit recognized upon the Company's decision to implement a business initiative in 2024 which allows for additional utilization of foreign tax credit carryforwards and a higher foreign derived intangible income deduction on its 2023 U.S. tax return), excess tax benefits of share-based compensation, and tax benefits recognized upon settlement of audits with taxing authorities in foreign jurisdictions, partially offset by the non-tax deductible loss on the extinguishment of the Silver Lake Convertible Debt in the first quarter of 2024 and state tax expense.
The effective tax rate for the three months ended September 30, 2023 of 21% was equal to the U.S. federal statutory tax rate of 21% primarily due to state tax expense, offset by the excess tax benefits of share-based compensation and favorable U.S. return-to-provision adjustments. The effective tax rate for the nine months ended September 30, 2023 of 22% was higher than the U.S. federal statutory tax rate of 21% primarily due to state tax expense, partially offset by the excess tax benefits of share-based compensation and favorable U.S. return-to-provision adjustments.
The effective tax rate for the three months ended September 28, 2024 of 19% was lower than the effective tax rate for the three months ended September 30, 2023 of 21%, primarily due to higher excess tax benefits of share-based compensation and tax benefits recognized upon settlement of audits with taxing authorities in foreign jurisdictions in 2024. The effective tax rate for the nine months ended September 28, 2024 of 18% was lower than the effective tax rate for the nine months ended September 30, 2023 of 22%, primarily due to the tax benefit recognized upon the Company's decision to implement a business initiative in 2024 which allows for additional utilization of foreign tax credit carryforwards and a higher foreign derived intangible income deduction on its 2023 U.S. tax return, tax benefits recognized upon settlement of audits with taxing authorities in foreign jurisdictions, and higher excess tax benefits of share-based compensation in 2024, offset by the non-tax deductible loss on the extinguishment of Silver Lake Convertible Debt in 2024.

8.    Retirement and Other Employee Benefits
Pension and Postretirement Health Care Benefits Plans
The net periodic benefits for Pension and Postretirement Health Care Benefits Plans were as follows:
U.S. Pension Benefit PlansNon-U.S. Pension Benefit PlansPostretirement Health Care Benefits Plan
Three Months EndedSeptember 28, 2024September 30, 2023September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Interest cost47 47 14 2 1 2 
Expected return on plan assets(75)(73)(26)(16)(3)(3)
Amortization of:
Unrecognized net loss6 5 2 9 1 1 
Unrecognized prior service cost (benefit)— — (1)— 1 1 
Net periodic pension cost (benefits)$(22)$(21)$(11)$(5)$— $1 
21

U.S. Pension Benefit PlansNon-U.S. Pension Benefit PlansPostretirement Health Care Benefits Plan
Nine Months EndedSeptember 28, 2024September 30, 2023September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Interest cost141 141 42 6 4 5 
Expected return on plan assets(223)(219)(78)(46)(9)(9)
Amortization of:
Unrecognized net loss17 15 5 27 3 3 
Unrecognized prior service cost (benefit)— — (2)— 4 3 
Net periodic pension cost (benefits)$(65)$(63)$(33)$(13)$2 $2 

9.    Share-Based Compensation Plans
Compensation expense for the Company’s share-based plans was as follows: 
 Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Share-based compensation expense included in:
Costs of sales$12 $10 $36 $30 
Selling, general and administrative expenses33 28 97 87 
Research and development expenditures16 14 47 43 
Share-based compensation expense included in Operating earnings61 52 180 160 
Tax benefit(13)(11)(37)(33)
Share-based compensation expense, net of tax$48 $41 $143 $127 
Decrease in basic earnings per share$(0.29)$(0.25)$(0.86)$(0.76)
Decrease in diluted earnings per share$(0.28)$(0.24)$(0.84)$(0.74)
During the nine months ended September 28, 2024, the Company granted 0.6 million RSUs, 0.1 million performance stock units (PSUs) and 0.04 million market stock units (MSUs) with an aggregate grant-date fair value of $184 million, $25 million and $14 million, respectively, and 0.1 million stock options and 0.1 million performance options (POs) with an aggregate grant-date fair value of $8 million and $14 million, respectively. The share-based compensation expense will generally be recognized over the vesting period of three years.

10.    Fair Value Measurements
The fair values of the Company’s financial assets and liabilities by level in the fair value hierarchy as of September 28, 2024 and December 31, 2023 were as follows: 
September 28, 2024Level 1Level 2Total
Assets:
Foreign exchange derivative contracts$— $9 $9 
Common stock25 — 25 
Liabilities:
Foreign exchange derivative contracts$— $8 $8 
22

December 31, 2023Level 1Level 2Total
Assets:
Foreign exchange derivative contracts$— $13 $13 
Equity swap contracts1 — 1 
Common stock28 — 28 
Liabilities:
Foreign exchange derivative contracts$— $4 $4 
Treasury rate lock— 12 12 
The Company had no foreign exchange derivative contracts, equity swap contracts or common stock investments in Level 3 holdings as of September 28, 2024 or December 31, 2023.
At September 28, 2024 and December 31, 2023, the Company had $625 million and $863 million, respectively, of investments in money market government and U.S. treasury funds classified (Level 1) as Cash and cash equivalents in its Condensed Consolidated Balance Sheets. The money market funds had quoted market prices that are equivalent to par.
Using quoted market prices and market interest rates, the fair value of the Company's long-term debt as of September 28, 2024 was $6.0 billion. The fair value of long-term debt at December 31, 2023 was $6.4 billion, of which the Silver Lake Convertible Debt was $1.6 billion (Level 2).
All other financial instruments are carried at cost, which is not materially different from the instruments’ fair values.

11.    Sales of Receivables
Sales of Receivables
The following table summarizes the proceeds received from sales of accounts receivable and long-term receivables for the three and nine months ended September 28, 2024 and September 30, 2023: 
 Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Accounts receivable sales proceeds$15 $— $15 $— 
Long-term receivables sales proceeds56 65 82 123 
At September 28, 2024, the Company had retained servicing obligations for $762 million of long-term receivables, compared to $813 million at December 31, 2023. Servicing obligations are limited to collection activities related to the sales of accounts receivables and long-term receivables. The Company had outstanding commitments to provide long-term financing to third parties totaling $66 million at September 28, 2024, compared to $103 million at December 31, 2023.

23

12.    Commitments and Contingencies
Legal Matters
Hytera Litigation
On March 14, 2017, the Company filed a complaint in the U.S. District Court for the Northern District of Illinois (the "District Court") against Hytera Communications Corporation Limited of Shenzhen, China; Hytera America, Inc.; and Hytera Communications America (West), Inc. (collectively, "Hytera"), alleging trade secret theft and copyright infringement and seeking, among other things, injunctive relief, compensatory damages and punitive damages. On February 14, 2020, the Company announced that a jury decided in the Company's favor in its trade secret theft and copyright infringement case. In connection with this verdict, the jury awarded the Company $345.8 million in compensatory damages and $418.8 million in punitive damages, for a total of $764.6 million. In a series of post-trial rulings in 2021, the District Court subsequently reduced the judgment to $543.7 million, but also ordered Hytera to pay the Company $51.1 million in pre-judgment interest and $2.6 million in costs, as well as $34.2 million in attorneys fees. The Company continues to seek collection of the judgment through the ongoing legal process.
On December 17, 2020, the District Court held that Hytera must pay the Company a forward-looking reasonable royalty on products that use the Company’s stolen trade secrets, and on December 15, 2021, set royalty rates for Hytera's sale of relevant products from July 1, 2019 forward. On July 5, 2022, the District Court ordered that Hytera pay into a third-party escrow on July 31, 2022, the royalties owed to the Company based on the sale of relevant products from July 1, 2019 to June 30, 2022. Hytera failed to make the required royalty payment on July 31, 2022. On August 1, 2022, Hytera filed a motion to modify or stay the District Court's previous July 5, 2022 royalty order, which the District Court denied on July 11, 2023. On August 3, 2022, the Company filed a motion seeking to hold Hytera in civil contempt for violating the royalty order by not making the required royalty payment on July 31, 2022. On August 26, 2023, the District Court granted the Company's contempt motion. As a result, on September 1, 2023, Hytera made a payment of $56 million into the third-party escrow. In addition to the September 1, 2023 payment of $56 million, Hytera has made de minimis regular quarterly royalty payments into the third-party escrow from October 2022 through October 2024. The aggregate amount paid into escrow will not be recognized until all contingencies are resolved and such amount is released from escrow.
Following the February 14, 2020 verdict and judgment in the Company's favor, Hytera appealed to the U.S. Court of Appeals for the Seventh Circuit (the "Court of Appeals"), seeking review of the orders related to the jury's verdict as well as the District Court's royalty order. The Company filed its cross-appeal on August 5, 2022. The Court of Appeals heard oral arguments on December 5, 2023, and issued its decision on July 2, 2024. The Court of Appeals affirmed the District Court's award of $407.4 million in damages, including exemplary damages, under the Defend Trade Secrets Act. The Court of Appeals also directed the District Court to recalculate and reduce its award of $136.3 million in copyright infringement damages, and instructed the District Court to reconsider its denial of the Company's request for an injunction. In all other respects, the Court of Appeals affirmed the judgment of the District Court. On October 4, 2024, the Court of Appeals denied Hytera's motion for rehearing. The case has been remanded to the District Court for further action per the Court of Appeals' decision.
In 2024, the parties engaged in competing litigation in the District Court and a court in Shenzhen, China (originally filed by Hytera in June 2022 and not served upon the Company until November 2023) related to the possible continued use by Hytera of the Company’s trade secrets in Hytera’s currently shipping products. On April 2, 2024, the District Court held Hytera in civil contempt, and issued a worldwide sales injunction of certain Hytera products and a daily fine, for Hytera's failure to withdraw its competing litigation in China. On April 16, 2024, the Court of Appeals granted Hytera's motion for an emergency stay of the contempt sanctions, to allow the Court of Appeals to review the District Court's various orders related to the competing litigation and contempt sanctions. The District Court held hearings on August 26-30, 2024, concerning whether Hytera's currently shipping products continue to misuse the Company's trade secrets and copyrighted source code. The issue is now under consideration by the District Court.

24

13.    Segment Information
Net Sales by Segment
 Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Products and Systems Integration$1,784 $1,612 $4,933 $4,352 
Software and Services1,006 944 2,873 2,777 
 $2,790 $2,556 $7,806 $7,129 
Operating Earnings by Segment
 Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Products and Systems Integration$446 $364 $1,135 $752 
Software and Services265 275 739 804 
Operating earnings711 639 1,874 1,556 
Total other expense(16)(47)(690)(118)
Earnings before income taxes$695 $592 $1,184 $1,438 

14.    Reorganization of Business
2024 Charges
During the three months ended September 28, 2024, the Company recorded net reorganization of business charges of $7 million, consisting of $5 million of charges in Other charges and $2 million of charges in Cost of sales in the Company's Condensed Consolidated Statements of Operations. Included in the $7 million were charges of $8 million related to employee separation costs, partially offset by $1 million of reversals for employee separation accruals that are no longer needed.
During the nine months ended September 28, 2024, the Company recorded net reorganization of business charges of $21 million, including $16 million of charges in Other charges and $5 million of charges in Costs of sales in the Company's Condensed Consolidated Statements of Operations. Included in the $21 million were charges of $30 million related to employee separation costs, partially offset by $4 million of reversals for exit cost accruals no longer needed and $5 million of reversals for employee separation accruals no longer needed.
The following table displays the net charges incurred by segment:
September 28, 2024Three Months EndedNine Months Ended
Products and Systems Integration$6 $20 
Software and Services1 1 
 $7 $21 
Reorganization of Businesses Accruals
January 1, 2024Additional ChargesAdjustmentsAmount UsedSeptember 28, 2024
Employee separation costs$23 $30 $(5)$(27)$21 
Exit costs5 — (4)— 1 
$28 $30 $(9)$(27)$22 
Exit Costs
At January 1, 2024, the Company had an accrual of $5 million for exit costs, related to the Company's exit of the Emergency Service Network contract with the UK Home Office. During the nine months ended September 28, 2024, the Company recorded a $4 million reversal for accruals no longer needed. The $1 million of exit costs are recorded in Accrued liabilities in the Company's Condensed Consolidated Balance Sheets at September 28, 2024, and are expected to be paid within one year.
25

Employee Separation Costs
At January 1, 2024, the Company had an accrual of $23 million for employee separation costs. The 2024 additional charges of $30 million represent severance costs for approximately 480 employees. The adjustment of $5 million reflects reversals for accruals no longer needed. The $27 million used reflects cash payments to severed employees. The remaining accrual of $21 million, which is included in Accrued liabilities in the Company’s Condensed Consolidated Balance Sheets at September 28, 2024, is expected to be paid, primarily within one year, to approximately 540 employees, who have either been severed or have been notified of their severance and have begun or will begin receiving payments.
2023 Charges
During the three months ended September 30, 2023, the Company recorded net reorganization of business charges of $6 million, including $4 million of charges in Other charges and $2 million of charges in Costs of sales in the Company's Condensed Consolidated Statements of Operations. Included in the $6 million were charges of $8 million related to employee separation costs, partially offset by $2 million of reversals for employee separation accruals no longer needed.
During the nine months ended September 30, 2023, the Company recorded net reorganization of business charges of $22 million, including $16 million of charges in Other charges and $6 million of charges in Costs of sales in the Company's Condensed Consolidated Statements of Operations. Included in the $22 million were charges of $32 million related to employee separation costs, partially offset by $5 million of reversals for exit cost accruals no longer needed and $5 million of reversals for employee separation accruals no longer needed.
The following table displays the net charges incurred by segment: 
September 30, 2023Three Months EndedNine Months Ended
Products and Systems Integration$5 $22 
Software and Services1 — 
 $6 $22 

15.    Intangible Assets and Goodwill
Subsequent to quarter end, on October 29, 2024, the Company acquired 3tc, a provider of control room software solutions for $22 million, net of cash acquired. In addition, the Company issued restricted stock at a fair value of $4 million to certain key employees that will be expensed over a service period of one year. This acquisition expands the Company's critical experience and innovation focused on advancing CAD for the UK's public safety agencies. This business is part of the Software and Services segment. Due to the timing of the acquisition, the initial accounting for the acquisition is incomplete. As such, the Company is not able to disclose certain information relating to the acquisition, including the preliminary fair value of assets acquired and liabilities assumed.
On July 1, 2024, the Company acquired Noggin, a global provider of 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 helps enterprises and critical infrastructure anticipate, prepare for and efficiently respond to incidents. The Company recognized $46 million of goodwill, $54 million of identifiable intangible assets, and $9 million of net liabilities. The goodwill is not deductible for tax purposes. The identifiable intangible assets were classified as $1 million of trade names, $7 million of customer relationships and $46 million of developed technology and will be amortized over a period of three, fifteen and thirteen years, respectively. The business is part of the Software and Services segment. The purchase accounting is not yet complete and as such, the final allocation among income tax accounts, intangible assets, net liabilities and goodwill may be subject to change.
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 Company recognized $62 million of goodwill, $65 million of identifiable intangible assets and $5 million of net assets. The goodwill is deductible for tax purposes. The identifiable intangible assets were classified as $11 million of trade names, $51 million of customer relationships and $3 million of developed technology and will be amortized over a period of nine, eighteen and six years, respectively. The acquisition expands the Company's video solutions within the Software and Services segment. The purchase accounting is not yet complete and as such, the final allocation among income tax accounts, intangible assets, net assets and goodwill may be subject to change.
26

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 Company recognized $16 million of goodwill, $23 million of identifiable intangible assets and $2 million of net liabilities. The goodwill is not deductible for tax purposes. The identifiable intangible assets were classified as $1 million of trade names, $10 million of customer relationships and $12 million of developed technology and will be amortized over a period of two, fourteen and ten years, respectively. The business is a part of the Products and Systems Integration segment. The purchase accounting is not yet complete and as such, the final allocation among income tax accounts net liabilities and goodwill may be subject to change.
On December 15, 2023, the Company acquired IPVideo, the creator of the HALO Smart Sensor, for $170 million, net of cash acquired. The transaction also includes the potential for the Company to make contingent earn-out payments of up to $15 million based on IPVideo's achievement of certain financial targets from January 1, 2024 through December 31, 2024. As of the acquisition date, the Company estimated the fair value of the contingent earn-out to be $2 million, which was included in the purchase price. However, as of September 28, 2024, the Company no longer estimates that the contingent earn-out targets will be achieved. 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 Company recognized $96 million of goodwill, $83 million of identifiable intangible assets and $9 million of net liabilities. The goodwill is not deductible for tax purposes. The identifiable intangible assets were classified as $8 million of trade names, $6 million of customer relationships and $69 million of developed technology and will be amortized over a period of eight, twelve and fifteen years, respectively. The business is part of the Products and Systems Integration segment. The purchase accounting is not yet complete and as such, the final allocation among income tax accounts, net liabilities and goodwill may be subject to change.
Intangible Assets
Amortized intangible assets were comprised of the following: 
 September 28, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
Developed technology$1,230 $515 $1,156 $447 
Customer-related1,670 1,134 1,566 1,055 
Other intangibles121 77 107 72 
 $3,021 $1,726 $2,829 $1,574 
Amortization expense on intangible assets was $38 million and $114 million for the three and nine months ended September 28, 2024, respectively. Amortization expense on intangible assets was $39 million and $137 million for the three and nine months ended September 30, 2023, respectively. As of September 28, 2024, annual amortization expense is estimated to be $151 million in 2024, $143 million in 2025, $135 million in 2026, $124 million in 2027, $124 million in 2028 and $112 million in 2029.
Amortized intangible assets were comprised of the following by segment:
 September 28, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
Products and Systems Integration$1,019 $392 $985 $337 
Software and Services2,002 1,334 1,844 1,237 
 $3,021 $1,726 $2,829 $1,574 
27

Goodwill
The Company performed its annual assessment of goodwill for impairment as of the last day of the third quarter. The following table displays a roll-forward of the carrying amount of goodwill by segment from January 1, 2024 to September 28, 2024: 
Products and Systems Integration
Software and Services
Total
Balance as of January 1, 2024$1,568 $1,833 $3,401 
Goodwill acquired16 108 124 
Purchase accounting adjustments(13)— (13)
Foreign currency(1)12 11 
Balance as of September 28, 2024$1,570 $1,953 $3,523 

28

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This commentary should be read in conjunction with the condensed consolidated financial statements and related notes thereto of Motorola Solutions, Inc. (“Motorola Solutions,” the “Company,” “we,” “our,” or “us”) for the three and nine months ended September 28, 2024 and September 30, 2023, as well as our consolidated financial statements and related notes thereto and management’s discussion and analysis of financial condition and results of operations in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K").
Forward-Looking Statements
Statements in this Quarterly Report on Form 10-Q for the quarter ended September 28, 2024 (this “Form 10-Q”) which are not historical in nature are forward-looking statements within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “aims,” “estimates” and similar expressions. We can give no assurance that any future results or events discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this Form 10-Q. Some of these risks and uncertainties include, but are not limited to, those discussed in Part I, Item 1A “Risk Factors” of the Form 10-K, and those described elsewhere in our other SEC filings. Forward-looking statements include, but are not limited to, statements included in: (1) “Management's Discussion and Analysis of Financial Condition and Results of Operations,” about: (a) the impact of the United Kingdom's Competition and Markets Authority's legal order regarding Airwave (including our actions in response); (b) the impact of our proceedings in the UK High Court regarding the notice of contract extension from the UK Home Office relating to Airwave; (c) the impact of acquisitions on our business; (d) the return of capital to shareholders through dividends and/or repurchasing shares; (e) future payments, charges, and use of accruals associated with our reorganization of business programs and employee separation costs; (f) expected payments of exit costs related to our exit of the Emergency Services Network ("ESN") contract with the UK Home Office; (g) our ability and cost to repatriate funds; (h) the liquidity of our investments; (i) our ability and cost to access the capital markets; (j) our ability to borrow under our credit facilities; (k) adequacy of internal resources to generate an adequate amount of cash to meet expected working capital, capital expenditure and cash requirements; (l) future cash flows generated from operations, and future uses of such cash; and (m) the impact of the adoption of accounting pronouncements on our financial results; (2) “Quantitative and Qualitative Disclosures about Market Risk,” about: (a) the impact of foreign currency risk; (b) the impact of interest rate risk; and (c) future hedging activity and expectations of the Company; and (3) “Legal Proceedings,” about the ultimate disposition of legal matters and timing. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as legally required.

Executive Overview
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, data and 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.
29

Third Quarter Financial Results
•Net sales were $2.8 billion in the third quarter of 2024 compared to $2.6 billion in the third quarter of 2023.
•Operating earnings were $711 million in the third quarter of 2024 compared to $639 million in the third quarter of 2023.
•Net earnings attributable to Motorola Solutions, Inc. was $562 million, or $3.29 per diluted common share, in the third quarter of 2024, compared to net earnings of $464 million, or $2.70 per diluted common share, in the third quarter of 2023.
•Operating cash flow increased $522 million to $1.3 billion in the first nine months of 2024 compared to $799 million in the first nine months of 2023.
•We repurchased $141 million of common stock and paid $490 million in dividends in the first nine months of 2024.
Recent Events
UK Home Office Update
In October 2021, the Competition and Markets Authority ("CMA") opened a market investigation into the Mobile Radio Network Services market. This investigation included Airwave, our private mobile radio communications network that we acquired in 2016. Airwave provides mission-critical voice and data communications to emergency services and other agencies in Great Britain.
In 2023, the CMA imposed a legal order on Airwave which implemented a prospective price control on Airwave (the "Charge Control"). After the Competition Appeal Tribunal ("CAT") dismissed our appeal of the CMA's final decision on December 22, 2023, we filed an application with the United Kingdom Court of Appeal on February 13, 2024, requesting that it hear our appeal of the CAT judgment. On June 21, 2024, the United Kingdom Court of Appeal ordered a hearing on our application to be held later this year; which was subsequently set for November 11 and 12, 2024. Since August 1, 2023, revenue under the Airwave contract has been recognized in accordance with the Charge Control, and will continue to be unless the United Kingdom Court of Appeal were to reverse the CAT's judgment and overturn the Charge Control.
On March 13, 2024, we received a notice of contract extension (the “Deferred National Shutdown Notice”) from the UK Home Office. The Deferred National Shutdown Notice extends the “national shutdown target date” of the Airwave service from December 31, 2026 to December 31, 2029, at the Charge Control rates.
Our backlog for Airwave services contracted with the UK Home Office through December 31, 2026 was previously reduced by $777 million to align with the Charge Control. In the first quarter of 2024, as a result of the UK Home Office's notice of a contract extension pursuant to their Deferred National Shutdown Notice, we have recorded additional backlog of $748 million to reflect the incremental three years of services. On April 11, 2024, we filed proceedings in the UK High Court challenging the decision of the UK Home Office to issue the Deferred National Shutdown Notice as being in breach of applicable UK procurement and public law. The hearing on this matter has been set to commence on April 22, 2025. The backlog related to the incremental years of service contemplated in the Deferred National Shutdown Notice could change depending on the outcome of the proceedings.
30

Recent Acquisitions
TechnologySegmentAcquisitionDescriptionPurchase PriceDate of Acquisition
Command CenterSoftware and ServicesNogginProvider of cloud-based business continuity planning, operational resilience and critical event management software.$91 million and share-based compensation of $19 millionJuly 1, 2024
Video Security and Access ControlSoftware and ServicesUnnamed vehicle location and management solutions businessProvider of vehicle location and management solutions.$132 million and share-based compensation of $3 millionJuly 1, 2024
Video Security and Access ControlProducts and Systems IntegrationSilent SentinelProvider of specialized, long-range cameras.$37 millionFebruary 13, 2024
Video Security and Access ControlProducts and Systems IntegrationIPVideoCreator of a multifunctional safety and security device.$170 million and share-based compensation of $5 millionDecember 15, 2023
31

Results of Operations
 Three Months EndedNine Months Ended
(Dollars in millions, except per share amounts)September 28, 2024% of
Sales*		September 30, 2023% of
Sales*		September 28, 2024% of
Sales*		September 30, 2023% of
Sales*
Net sales from products$1,670 $1,490 $4,639 $4,063 
Net sales from services1,120 1,066 3,167 3,066 
Net sales2,790 2,556 7,806 7,129 
Costs of products sales688 41.2 %658 44.2 %1,941 41.8 %1,867 46.0 %
Costs of services sales669 59.7 %618 58.0 %1,902 60.1 %1,747 57.0 %
Costs of sales1,357 1,276 3,843 3,614 
Gross margin1,433 51.4 %1,280 50.1 %3,963 50.8 %3,515 49.3 %
Selling, general and administrative expenses439 15.7 %380 14.9 %1,265 16.2 %1,138 16.0 %
Research and development expenditures234 8.4 %215 8.4 %671 8.6 %640 9.0 %
Other charges49 1.8 %46 1.8 %153 2.0 %181 2.5 %
Operating earnings711 25.5 %639 25.0 %1,874 24.0 %1,556 21.8 %
Other income (expense):
Interest expense, net(58)(2.1)%(53)(2.1)%(171)(2.2)%(164)(2.3)%
Losses on sales of investments and businesses, net— — %(1)— %— — %— — %
Other, net42 1.5 %7 0.3 %(519)(6.6)%46 0.6 %
Total other expense(16)(0.6)%(47)(1.8)%(690)(8.8)%(118)(1.7)%
Net earnings before income taxes695 24.9 %592 23.2 %1,184 15.2 %1,438 20.2 %
Income tax expense132 4.7 %127 5.0 %214 2.7 %321 4.5 %
Net earnings563 20.2 %465 18.2 %970 12.4 %1,117 15.7 %
Less: Earnings attributable to non-controlling interests1 — %1 — %4 0.1 %4 0.1 %
Net earnings attributable to Motorola Solutions, Inc.$562 20.2 %$464 18.2 %$966 12.3 %$1,113 15.6 %
Earnings per diluted common share$3.29 $2.70  $5.66 $6.46 
* Percentages may not add due to rounding

32

Results of Operations—Three months ended September 28, 2024 compared to three months ended September 30, 2023
The results of operations for the third quarter of 2024 are not necessarily indicative of the operating results to be expected for the full year. Historically, we have experienced higher revenues in the fourth quarter as compared to the rest of the quarters of our fiscal year as a result of the purchasing patterns of our customers.
We use the following U.S. GAAP key financial performance measures to manage our business on a consolidated basis and by reporting segment, and to monitor and assess our results of operations:
•Net sales: a measure of our revenue for the current period.
•Operating earnings: a measure of our earnings from operations, before non-operating expenses and income taxes.
•Operating margins: a measure of our operating earnings as a percentage of total net sales.
Considered together, we believe these measures are strong indicators of our overall performance and our ability to create shareholder value. A discussion of our results of operations and financial condition follows.
Three Months Ended
September 28, 2024September 30, 2023
(In millions)Products and Systems IntegrationSoftware and ServicesTotalProducts and Systems IntegrationSoftware and ServicesTotal
Net sales by region:
North America$1,304 $703 $2,007 $1,155 $628 $1,783 
International480 303 783 457 316 773 
$1,784 $1,006 $2,790 $1,612 $944 $2,556 
Net sales by major products and services:
LMR Communications$1,492 $596 $2,088 $1,312 $605 $1,917 
Video 292 208 500 300 153 453 
Command Center— 202 202 — 186 186 
   Total$1,784 $1,006 $2,790 $1,612 $944 $2,556 
Operating earnings$446 $265 $711 $364 $275 $639 
Operating margins25.0 %26.3 %25.5 %22.6 %29.1 %25.0 %
Net Sales
The Products and Systems Integration segment’s net sales represented 64% of our net sales in the third quarter of 2024 and 63% in the third quarter of 2023. The Software and Services segment’s net sales represented 36% of our net sales in the third quarter of 2024 and 37% in the third quarter of 2023.
Net sales increased $234 million, or 9%, in the third quarter of 2024 compared to the third quarter of 2023. The $172 million, or 11%, increase in net sales within the Products and Systems Integration segment was driven by an increase of 13% in the North America region and an increase of 5% in the International region. The $62 million, or 7% increase in net sales within the Software and Services segment was driven by an increase of 12% in the North America region, partially offset by a decrease of 4% in the International region. Net sales includes:
•an increase in the Products and Systems Integration segment, inclusive of $11 million of revenue from acquisitions, driven by an increase in LMR, partially offset by a decrease in Video;
•an increase in the Software and Services segment, inclusive of $25 million of revenue from acquisitions, driven by an increase in Video and Command Center, partially offset by a decrease in LMR services due to the revenue reduction on Airwave services in accordance with the Charge Control and the Company's exit of the ESN contract with the UK Home Office in 2022, inclusive of twelve months of transition services through the end of 2023 (the "ESN Exit"); and
•inclusive of $4 million from unfavorable currency rates.
Regional results include:
•a 13% increase in the North America region, inclusive of revenue from acquisitions, driven by an increase in LMR, Video and Command Center; and
•a 1% increase in the International region, inclusive of revenue from acquisitions, driven by an increase in Video, Command Center and LMR, inclusive of the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit.
33

Products and Systems Integration
The 11% increase in the Products and Systems Integration segment was driven by the following:
•$180 million, or 14% growth in LMR, driven by the North America and International regions due to improved supply and favorable mix; partially offset by
•$8 million, or 3% decrease in Video, inclusive of revenue from acquisitions, driven by the International and North America regions; and
•inclusive of $1 million from unfavorable currency rates.
Software and Services
The 7% increase in the Software and Services segment was driven by the following:
•$55 million, or 36% growth in Video, inclusive of revenue from acquisitions, driven by the North America and International regions; and
•$16 million, or 9% growth in Command Center, inclusive of revenue from acquisitions, driven by the North America and International regions; partially offset by
•$9 million, or 1% decrease in LMR services, driven by the International region due to the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit, partially offset by an increase in the North America region; and
•inclusive of $3 million from unfavorable currency rates.
Gross Margin
 Three Months Ended
(In millions)September 28, 2024September 30, 2023% Change
Gross margin$1,433 $1,280 12 %
Gross margin was 51.4% of net sales in the third quarter of 2024 compared to 50.1% in the third quarter of 2023. The primary drivers of this increase in gross margin as a percentage of net sales were:
•higher gross margin as a percentage of net sales in the Products and Systems Integration segment, inclusive of acquisitions, primarily driven by higher sales, favorable mix and lower direct material costs; partially offset by
•lower gross margin as a percentage of net sales in the Software and Services segment, inclusive of acquisitions, primarily driven by the revenue reduction on Airwave services in accordance with the Charge Control.
Selling, General and Administrative Expenses
 Three Months Ended
(In millions)September 28, 2024September 30, 2023% Change
Selling, general and administrative expenses$439 $380 16 %
SG&A expenses increased 16% in the third quarter of 2024 compared to the third quarter of 2023. The increase in SG&A expenses was primarily due to higher employee incentive costs, including share-based compensation, higher expenses related to legal matters and higher expenses associated with acquired businesses. SG&A expenses were 15.7% of net sales in the third quarter of 2024 compared to 14.9% of net sales in the third quarter of 2023.
Research and Development Expenditures
 Three Months Ended
(In millions)September 28, 2024September 30, 2023% Change
Research and development expenditures$234 $215 9 %
R&D expenditures increased 9% in the third quarter of 2024 compared to the third quarter of 2023 primarily due to higher employee incentive costs, including share-based compensation, and higher expenses associated with acquired businesses. R&D expenditures were 8.4% of net sales in each of the third quarter of 2024 and in the third quarter of 2023.
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Other Charges
 Three Months Ended
(In millions)September 28, 2024September 30, 2023
Other charges$49 $46 
Other charges increased by $3 million in the third quarter of 2024 compared to the third quarter of 2023. The change was driven primarily by $4 million of acquisition-related transaction fees in the third quarter of 2024 compared to $1 million of acquisition-related transaction fees in third quarter of 2023.
Operating Earnings
 Three Months Ended
(In millions)September 28, 2024September 30, 2023
Operating earnings from Products and Systems Integration$446 $364 
Operating earnings from Software and Services265 275 
Operating earnings$711 $639 
Operating earnings increased $72 million, or 11%, in the third quarter of 2024 compared to the third quarter of 2023. The increase in Operating earnings was due to:
•an $82 million increase in the Products and Systems Integration segment, primarily driven by higher sales, favorable change in year-over-year mix and lower direct material costs, partially offset by higher employee incentive costs, including share-based compensation, and higher expenses related to legal matters; partially offset by
•a $10 million decrease in the Software and Services segment, primarily driven by the revenue reduction on Airwave services in accordance with the Charge Control, higher employee incentive costs, including share-based compensation, and higher expenses related to legal matters, partially offset by higher sales.
Interest Expense, net
 Three Months Ended
(In millions)September 28, 2024September 30, 2023
Interest expense, net$(58)$(53)
The $5 million increase in Interest expense, net in the third quarter of 2024 compared to the third quarter of 2023 was primarily driven by higher interest rates on outstanding debt, partially offset by higher interest income.
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Other, net
 Three Months Ended
(In millions)September 28, 2024September 30, 2023
Other, net$42 $7 
The $35 million increase in Other, net in the third quarter of 2024 compared to the third quarter of 2023 was primarily driven by:
•$22 million gain on derivatives in the third quarter of 2024 compared to a $26 million loss on derivatives in the third quarter of 2023;
•$9 million gain on fair value adjustments to equity investments in the third quarter of 2024 compared to a $7 million loss on fair value adjustments to equity investments in the third quarter of 2023;
•$32 million of net periodic pension and postretirement benefit in the third quarter of 2024 compared to $24 million of net periodic pension and postretirement benefit in the third quarter of 2023; and
•$7 million loss on investment impairments in the third quarter of 2023 that did not occur in the third quarter of 2024; partially offset by
•$26 million of foreign currency losses in the third quarter of 2024 compared to $23 million of foreign currency gains in the third quarter of 2023.
Effective Tax Rate
 Three Months Ended
(In millions)September 28, 2024September 30, 2023
Income tax expense$132 $127 
Income tax expense increased by $5 million in the third quarter of 2024 compared to the third quarter of 2023, resulting in an effective tax rate of 19%. Our effective tax rate for the three months ended September 28, 2024 of 19% was lower than the effective tax rate for the three months ended September 30, 2023 of 21%, primarily due to higher excess tax benefits of share-based compensation and tax benefits recognized upon settlement of audits with taxing authorities in foreign jurisdictions in 2024.

Results of Operations—Nine months ended September 28, 2024 compared to Nine months ended September 30, 2023
Nine Months Ended
September 28, 2024September 30, 2023
(In millions)Products and Systems IntegrationSoftware and ServicesTotalProducts and Systems IntegrationSoftware and ServicesTotal
Net sales by region:
North America$3,631 $1,985 $5,616 $3,130 $1,786 $4,916 
International1,302 888 2,190 1,222 991 2,213 
$4,933 $2,873 $7,806 $4,352 $2,777 $7,129 
Net sales by major products and services:
LMR Communications$4,112 $1,739 $5,851 $3,542 $1,807 $5,349 
Video 821 553 1,374 810 435 1,245 
Command Center— 581 581 — 535 535 
   Total$4,933 $2,873 $7,806 $4,352 $2,777 $7,129 
Operating earnings$1,135 $739 $1,874 $752 $804 $1,556 
Operating margins23.0 %25.7 %24.0 %17.3 %29.0 %21.8 %
36

Net Sales
The Products and Systems Integration segment's net sales represented 63% of our net sales in the first nine months of 2024 and 61% in the first nine months of 2023. Net sales from the Software and Services segment represented 37% of our net sales in the first nine months of 2024 and 39% in the first nine months of 2023.
Net sales increased $677 million, or 9%, in the first nine months of 2024 compared to the first nine months of 2023. The $581 million, or 13%, increase in net sales within the Products and Systems Integration segment was driven by an increase of 16% in the North America region and an increase of 7% in the International region. The $96 million, or 3%, increase in net sales within the Software and Services segment was driven by an increase of 11% in the North America region, partially offset by a decrease of 10% in the International region. Net sales includes:
•an increase in the Products and Systems Integration segment, inclusive of $32 million of revenue from acquisitions, driven by an increase in LMR and Video;
•an increase in Software and Services, inclusive of $26 million of revenue from acquisitions, driven by an increase in Video and Command Center, partially offset by a decrease in LMR services driven by the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit; and
•inclusive of $8 million from unfavorable currency rates.
Regional results include:
•a 14% increase in the North America region, inclusive of revenue from acquisitions, driven by an increase in LMR, Video and Command Center; partially offset by
•a 1% decrease in the International region, inclusive of revenue from acquisitions, driven by a decrease in LMR due to the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit, partially offset by an increase in Video and Command Center.
Products and Systems Integration
The 13% increase in the Products and Systems Integration segment was driven by the following:
•$570 million, or 16% growth in LMR, driven by both the North America and International regions;
•$11 million, or 1% growth in Video, inclusive of revenue from acquisitions, driven by both the North America and International regions; and
•inclusive of $3 million from unfavorable currency rates.
Software and Services
The 3% increase in the Software and Services segment was driven by the following:
•$118 million, or 27% growth in Video, inclusive of revenue from acquisitions, driven by the North America and International regions; and
•$46 million, or 9% growth in Command Center, inclusive of revenue from acquisitions, driven by the North America and International regions; partially offset by
•$68 million, or 4% decrease in LMR services, driven by the International region due to the revenue reduction on Airwave services in accordance with the Charge Control and the ESN Exit, partially offset by an increase in the North America region; and
•inclusive of $5 million from unfavorable currency rates.
Gross Margin
 Nine Months Ended
(In millions)September 28, 2024September 30, 2023% Change
Gross margin$3,963 $3,515 13 %
Gross margin was 50.8% of net sales in the first nine months of 2024 compared to 49.3% in the first nine months of 2023. The primary drivers of this increase in gross margin as a percentage of net sales were:
•higher gross margin as a percentage of net sales in the Products and Systems Integration segment, inclusive of acquisitions, primarily driven by higher sales, favorable mix and lower direct material costs; partially offset by
•lower gross margin as a percentage of net sales in the Software and Services segment, inclusive of acquisitions, driven by the revenue reduction on Airwave services in accordance with the Charge Control.
37

Selling, General and Administrative Expenses
 Nine Months Ended
(In millions)September 28, 2024September 30, 2023% Change
Selling, general and administrative expenses$1,265 $1,138 11 %
SG&A expenses increased 11% in the first nine months of 2024 compared to the first nine months of 2023. The increase in SG&A expenses was primarily due to higher employee incentive costs, including share-based compensation, higher expenses related to legal matters and higher expenses associated with acquired businesses. SG&A expenses were 16.2% of net sales in the first nine months of 2024 compared to 16.0% of net sales in the first nine months of 2023.
Research and Development Expenditures
 Nine Months Ended
(In millions)September 28, 2024September 30, 2023% Change
Research and development expenditures$671 $640 5 %
R&D expenditures increased 5% in the first nine months of 2024 compared to the first nine months of 2023 primarily due to higher employee incentive costs, including share-based compensation, and higher expenses associated with acquired businesses. R&D expenditures were 8.6% of net sales in the first nine months of 2024 compared to 9.0% of net sales in the first nine months of 2023.
Other Charges
 Nine Months Ended
(In millions)September 28, 2024September 30, 2023
Other charges$153 $181 
Other charges decreased by $28 million in the first nine months of 2024 compared to the first nine months of 2023. The change was driven primarily by the following:
•$114 million of intangible asset amortization expense in the first nine months of 2024 compared to $137 million of intangible asset amortization expense in the first nine months of 2023; and
•$15 million of environmental reserve expense in the first nine months of 2023 that did not occur in the first nine months of 2024; partially offset by
•$11 million of acquisition-related transaction fees in the first nine months of 2024 compared to $3 million of acquisition-related transaction fees in the first nine months of 2023; and
•$7 million of legal settlement charges in the first nine months of 2024 compared to $1 million of legal settlement charges in the first nine months of 2023.
Operating Earnings
 Nine Months Ended
(In millions)September 28, 2024September 30, 2023
Operating earnings from Products and Systems Integration$1,135 $752 
Operating earnings from Software and Services739 804 
Operating earnings$1,874 $1,556 
Operating earnings increased $318 million, or 20%, in the first nine months of 2024 compared to the first nine months of 2023. The increase in Operating earnings was due to:
•a $383 million increase in the Products and Systems Integration segment, primarily driven by higher sales, favorable mix, and lower direct material costs, partially offset by higher employee incentive costs, including share-based compensation, higher expenses associated with acquired businesses and higher expenses related to legal matters; partially offset by
•a $65 million decrease in the Software and Services segment, primarily driven by the revenue reduction on Airwave services in accordance with the Charge Control, higher employee incentive costs, including share-based compensation, and higher expenses related to legal matters, partially offset by higher sales and a reduction in intangible amortization expenses.
38

Interest Expense, net
 Nine Months Ended
(In millions)September 28, 2024September 30, 2023
Interest expense, net$(171)$(164)
The $7 million increase in net interest expense in the first nine months of 2024 compared to the first nine months of 2023 was primarily driven by higher outstanding debt, higher interest rates on outstanding debt and an interest accrual related to the settlement of audits with taxing authorities in foreign jurisdictions, partially offset by higher interest income earned on cash.
Other, net
 Nine Months Ended
(In millions)September 28, 2024September 30, 2023
Other, net$(519)$46 
The $565 million decrease in Other, net in the first nine months of 2024 compared to the first nine months of 2023 was primarily driven by:
•$585 million loss from the extinguishment of the $1.0 billion of 1.75% senior convertible notes issued to Silver Lake Partners and scheduled to mature in September 2024 (the "Silver Lake Convertible Debt") which was recognized in the first nine months of 2024;
•$4 million loss on fair value adjustments to equity investments in the first nine months of 2024 compared to a $12 million gain on fair value adjustments to equity investments in the first nine months of 2023;
•$11 million loss on assessments of uncertain tax positions in the first nine months of 2024 that did not occur in the first nine months of 2023; and
•$22 million of foreign currency losses in the first nine months of 2024 compared to $16 million of foreign currency losses in the first nine months of 2023; partially offset by
•$95 million of net periodic pension and postretirement benefit in the first nine months of 2024 compared to $73 million of net periodic pension and postretirement benefit in the first nine months of 2023;
•$7 million of gains on derivative instruments in the first nine months of 2024 compared to $9 million of losses on derivative instruments in the first nine months of 2023; and
•$3 million of investment impairments in the first nine months of 2024 compared to $16 million of investment impairments in the first nine months of 2023.
Effective Tax Rate
 Nine Months Ended
(In millions)September 28, 2024September 30, 2023
Income tax expense$214 $321 
Income tax expense decreased by $107 million in the first nine months of 2024 compared to the first nine months of 2023, resulting in an effective tax rate of 18%. Our effective tax rate of 18% for the nine months ended September 28, 2024 was lower than the effective tax rate for the nine months ended September 30, 2023 of 22%, primarily due to the tax benefit recognized upon the Company's decision to implement a business initiative in 2024 which allows for additional utilization of foreign tax credit carryforwards and a higher foreign derived intangible income deduction on its 2023 U.S. tax return, tax benefits recognized upon settlement of audits with taxing authorities in foreign jurisdictions, and higher excess tax benefits of share-based compensation in 2024, offset by the non-tax deductible loss on the extinguishment of Silver Lake Convertible Debt in 2024.

Reorganization of Business
During the third quarter of 2024, we recorded net reorganization of business charges of $7 million, including $5 million of charges recorded within Other charges and $2 million of charges in Cost of sales in our Condensed Consolidated Statements of Operations. Included in the $7 million were charges of $8 million related to employee separation costs, partially offset by $1 million of reversals for employee separation accruals that are no longer needed.
During the first nine months of 2024, we recorded net reorganization of business charges of $21 million, including $16 million of charges recorded within Other charges and $5 million of charges in Costs of sales in our Condensed Consolidated Statements of Operations. Included in the $21 million were charges of $30 million related to employee separation costs, partially offset by $4 million of reversals for exit cost accruals no longer needed and $5 million of reversals for employee separation accruals no longer needed.
39

During the third quarter of 2023, we recorded net reorganization of business charges of $6 million, including $4 million of charges in Other charges and $2 million of charges in Costs of sales in our Condensed Consolidated Statements of Operations. Included in the $6 million were charges of $8 million related to employee separation costs, partially offset by $2 million of reversals for employee separation accruals no longer needed.
During the first nine months of 2023, we recorded net reorganization of business charges of $22 million, including $16 million of charges recorded in Other charges and $6 million of charges in Costs of sales in our Condensed Consolidated Statements of Operations. Included in the $22 million were charges of $32 million related to employee separation costs, partially offset by $5 million of reversals for exit cost accruals no longer needed and $5 million of reversals for employee separation accruals no longer needed.
The following table displays the net charges incurred by segment:
 Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Products and Systems Integration$6 $5 $20 $22 
Software and Services1 1 1 — 
 $7 $6 $21 $22 
Cash payments for employee severance in connection with the reorganization of business plans were $27 million in the first nine months of 2024 and $28 million in the first nine months of 2023. The reorganization of business accrual at September 28, 2024 was $21 million related to employee separation costs that are expected to be paid within one year.

At January 1, 2024, we had an accrual of $5 million for exit costs related to our exit of the ESN contract with the UK Home Office. During the nine months ended September 28, 2024, we recorded a $4 million reversal for accruals no longer needed. The $1 million of exit costs are recorded in Accrued liabilities in our Condensed Consolidated Balance Sheets at September 28, 2024, and are expected to be paid within one year.

Liquidity and Capital Resources
Nine Months Ended
September 28, 2024September 30, 2023
Cash flows provided by (used for):
Operating activities$1,321 $799 
Investing activities(400)(172)
Financing activities(1,234)(1,043)
Effect of exchange rates on cash and cash equivalents12 1 
Decrease in cash and cash equivalents
$(301)$(415)
Cash and Cash Equivalents
At September 28, 2024, $1.1 billion of the $1.4 billion cash and cash equivalents balance was held in the U.S. and $297 million was held in other countries.
Operating Activities
The increase in cash flows provided by operating activities from the first nine months of 2023 to the first nine months of 2024 was driven primarily by higher earnings, net of non-cash adjustments, and improved working capital.
Investing Activities
The increase in cash flows used for investing activities in the first nine months of 2024 compared to the first nine months of 2023 was primarily due to an increase in cash used for acquisitions and investments, offset by proceeds from the sale of our Richmond, British Columbia and Richardson, Texas video manufacturing operations.
40

Financing Activities
The increase in cash flows used for financing activities in the first nine months of 2024 compared to the first nine months of 2023 was primarily driven by (see also further discussion in the "Debt," "Share Repurchase Program" and "Dividends" sections below in this Part I, Item 2 of this Form 10-Q):
•$1.9 billion increase in repayments of debt during the first nine months of 2024 driven primarily by the repurchase of the Silver Lake Convertible Debt and repayment of our 4.0% senior notes due 2024;
•$57 million decrease in net proceeds from the issuance of common stock in connection with our employee stock option and employee stock purchase plans in the first nine months of 2024 compared to the first nine months of 2023; and
•$47 million increase in the payment of dividends in the first nine months of 2024 compared to the first nine months of 2023; partially offset by
•$1.3 billion increase in net proceeds in the first nine months of 2024 compared to the first nine months of 2023 driven the issuance of our 5.0% senior notes due 2029 and 5.4% senior notes due 2034; and
•$529 million decrease in share repurchases in the first nine months of 2024 compared to the first nine months of 2023.
Sales of Receivables
The following table summarizes the proceeds received from sales of accounts receivable and long-term customer financing receivables for the three and nine months ended September 28, 2024 and September 30, 2023: 
 Three Months EndedNine Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Accounts receivable sales proceeds$15 $— $15 $— 
Long-term receivables sales proceeds56 65 82 123 
Debt
We had outstanding debt of $6.0 billion at September 28, 2024, of which $322 million was current. We had outstanding debt of $6.0 billion at December 31, 2023, of which $1.3 billion was current.
During the three months ended September 28, 2024, we repaid the $313 million aggregate principal amount of our 4.0% senior notes due 2024.
As of September 28, 2024, $252 million of 7.5% debentures due 2025, which mature in May 2025, and $70 million of 6.5% debentures due 2025, which mature in September 2025, were classified within the Current portion of long-term debt within the Company's Condensed Consolidated Balance Sheets, as the debentures mature within the next twelve months.
On September 5, 2019, we entered into an agreement with Silver Lake Partners to issue the Silver Lake Convertible Debt, which became fully convertible on September 5, 2021. On February 14, 2024, we agreed with Silver Lake Partners to repurchase $1.0 billion aggregate principal amount of the Silver Lake Convertible Debt for aggregate consideration of $1.59 billion in cash, inclusive of the conversion premium. The cash consideration was paid during the first quarter of 2024. The repurchase of the Silver Lake Convertible Debt was accounted for as an extinguishment of debt, as the repurchase was negotiated under economically favorable terms outside of the original contractual conversion rate. A loss on the extinguishment of $585 million was recorded, representing the excess of amounts repurchased over the carrying value of debt of $593 million, offset by accrued interest of $8 million. The loss on the extinguishment of debt was recorded within Other Income (Expense) in the Condensed Consolidated Statements of Operations during the nine months ended September 28, 2024.
On March 25, 2024, we issued $400 million of 5.0% senior notes due 2029 and $900 million of 5.4% senior notes due 2034. We recognized net proceeds of $1.3 billion after debt issuance costs and discounts. A portion of proceeds from the issuance was used to repurchase the $1.0 billion aggregate principal amount of the Silver Lake Convertible Debt.
We have a $2.25 billion syndicated, unsecured revolving credit facility scheduled to mature in March 2026 (the "2021 Motorola Solutions Credit Agreement"). The 2021 Motorola Solutions Credit Agreement includes a letter of credit sub-limit and fronting commitments of $450 million. Borrowings under the facility bear interest at the prime rate plus the applicable margin, or at a spread above the Secured Overnight Financing Rate (SOFR), at our option. An annual facility fee is payable on the undrawn amount of the credit line. The interest rate and facility fee are subject to adjustment if our credit rating changes. We must comply with certain customary covenants including a maximum leverage ratio, as defined in the 2021 Motorola Solutions Credit Agreement. We were in compliance with our financial covenants as of September 28, 2024.
We have an unsecured commercial paper program, backed by the 2021 Motorola Solutions Credit Agreement, under which we may issue unsecured commercial paper notes up to a maximum aggregate principal amount of $2.2 billion outstanding at any one time. Proceeds from the issuances of the notes are expected to be used for general corporate purposes. As of September 28, 2024 we had no outstanding debt under the commercial paper program.
We have investment grade ratings on our senior unsecured long-term debt. During the first quarter of 2024, S&P Global Ratings and Fitch Ratings upgraded our credit rating to BBB from BBB-. We continue to believe that we will be able to maintain sufficient access to the capital markets in the next twelve months and the foreseeable future.
41

Share Repurchase Program
During the three and nine months ended September 28, 2024, we repurchased approximately 0.1 million and 0.4 million shares at an average price of $440.53 and $355.31 per share for an aggregate amount of $31 million and $141 million, respectively. As of September 28, 2024, we had used approximately $15.7 billion of the share repurchase authority to repurchase shares, leaving $2.3 billion of authority available for future repurchases.
Dividends
During the third quarter of 2024 we paid $164 million in cash dividends to holders of our common stock. Subsequent to the quarter, we paid an additional $164 million in cash dividends to holders of our common stock.
Adequate Internal Funding Resources
We believe that we have adequate internal resources available to generate adequate amounts of cash to meet our expected working capital, capital expenditure and cash requirements for the next twelve months and the foreseeable future, as supported by the level of cash and cash equivalents in the U.S., the ability to repatriate funds from foreign jurisdictions, cash provided by operations, as well as liquidity provided by our commercial paper program backed by the 2021 Motorola Solutions Credit Agreement.
We do not anticipate a material decrease to net future cash flows generated from operations. We expect to use our available cash, investments, and debt facilities to support and invest in our business. This includes investing in our existing products and technologies, seeking new acquisition opportunities related to our strategic growth initiatives and returning cash to shareholders through common stock cash dividend payments (subject to the discretion of our Board of Directors) and share repurchases.
Long-Term Customer Financing Commitments
We had outstanding commitments to provide long-term financing to third parties totaling $66 million at September 28, 2024, compared to $103 million at December 31, 2023.

Recent Accounting Pronouncements
See “Recent Accounting Pronouncements” in Note 1, “Basis of Presentation” to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to our interest rate risk or foreign currency risk during the nine months ended September 28, 2024. For a discussion of our exposure to interest rate risk and foreign currency risk, refer to our disclosures set forth in Part II, Item 7A “Quantitative and Qualitative Disclosures About Market Risk” of the Form 10-K.
Item 4. Controls and Procedures
(a) Evaluation of disclosure controls and procedures. Under the supervision and with the participation of our senior management, including our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Form 10-Q (the “Evaluation Date”). Based on this evaluation, our chief executive officer and chief financial officer concluded as of the Evaluation Date that our disclosure controls and procedures were effective such that the information relating to Motorola Solutions, including our consolidated subsidiaries, required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) is accumulated and communicated to Motorola Solutions’ management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) Changes in internal control over financial reporting. There have been no changes in our internal control over financial reporting that occurred during the quarter ended September 28, 2024 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
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PART II—OTHER INFORMATION
Item 1. Legal Proceedings
In addition to the matter referenced below, the Company is subject to legal proceedings and claims that have not been fully resolved and which have arisen in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company's condensed consolidated financial position, liquidity, or results of operations. However, an unfavorable resolution could have a material adverse effect on the Company's condensed consolidated financial position, liquidity, or results of operations in the periods in which the matters are ultimately resolved, or in the periods in which more information is obtained that changes management's opinion of the ultimate disposition.
Refer to the description of "Hytera Litigation" in Note 12, “Commitments and Contingencies,” to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for information regarding our legal proceedings.

Item 1A. Risk Factors
There have been no material changes to the risk factors previously disclosed in the Form 10-K.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities
On July 1, 2024, the Company issued 48,044 shares of common stock in connection with the acquisition of Noggin to certain former shareholders of Noggin. The stock was issued for an aggregate grant fair value of $19 million that will be expensed over an average service period of 3 years.
On July 1, 2024, the Company issued 6,993 shares of common stock in connection with the acquisition of a vehicle management solutions company to certain former shareholders of the corporation. The stock was issued for an aggregate grant fair value of $3 million that will be expensed over an average service period of 3 years.
The foregoing transactions did not involve any underwriters, any underwriting discounts or commissions, or any public offerings. The shares with respect to the transactions were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, in a privately negotiated transactions not involving any public offerings or solicitations.
Issuer Purchases of Equity Securities
The following table provides information with respect to acquisitions by the Company of shares of its common stock during the quarter ended September 28, 2024.
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)
06/28/2024 to 07/25/2024— $— — $— 
07/26/2024 to 08/22/2024— $— — $— 
08/23/2024 to 09/26/202471,675 $440.53 71,675 $2,340,137,531 
Total71,675 $440.53 71,675 
(1)Average price paid per share of common stock repurchased excludes commissions paid to brokers and excise tax. As of January 1, 2023, the Company's share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act of 2022. The amount of excise tax incurred is included in the Company's Condensed Consolidated Statement of Stockholders' Equity for the quarter ended September 28, 2024.
(2)As originally announced on July 28, 2011, and subsequently amended, the Board of Directors has authorized the Company to repurchase an aggregate amount of up to $18.0 billion of its outstanding shares of common stock (the “share repurchase program”). The share repurchase program does not have an expiration date. As of September 28, 2024, the Company had used approximately $15.7 billion to repurchase shares, leaving $2.3 billion of authority available for future repurchases.

Item 3. Defaults Upon Senior Securities.
None.

Item 4. Mine Safety Disclosures.
None.

Item 5. Other Information.
During the three months ended September 28, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits
Exhibit No.Exhibit
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Scheme Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
___________________________________ 
*Filed herewith
**Furnished 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. ©2024 Motorola Solutions, Inc. All rights reserved.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MOTOROLA SOLUTIONS, INC.
By:
/S/ KATHERINE MAHER
Katherine Maher
Corporate Vice President and
Chief Accounting Officer
(Principal Accounting Officer & Duly Authorized Officer)
November 7, 2024

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