Motorola Solutions Inc
For the period ended Mar 30, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 30, 2024 · Filed May 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Leases
- Leases
Components of Lease Expense
| Three Months Ended | ||
|---|---|---|
| (in millions) | March 30, 2024 | April 1, 2023 |
| Lease expense: | ||
| Operating lease cost | $35 | $34 |
| Short-term lease cost | — | 1 |
| Variable cost | 11 | 9 |
| Sublease income | (1) | (2) |
| Net lease expense from operating leases | $45 | $42 |
Lease Assets and Liabilities
| (in millions) | Statement Line Classification | March 30, 2024 | December 31, 2023 |
|---|---|---|---|
| Right-of-use lease assets | Operating lease assets | $534 | $495 |
| Current lease liabilities | Accrued liabilities | $122 | $125 |
| Operating lease liabilities | Operating lease liabilities | $447 | $407 |
Other Information Related to Leases
| Three Months Ended | ||
|---|---|---|
| (in millions) | March 30, 2024 | April 1, 2023 |
| Supplemental cash flow information: | ||
| Net cash used for operating activities related to operating leases | $38 | $52 |
| Right-of-use assets obtained in exchange for lease liabilities | $83 | $8 |
For the three months ended March 30, 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.
| March 30, 2024 | December 31, 2023 | |
|---|---|---|
| Weighted average remaining lease terms (years) | 6 | 5 |
| Weighted average discount rate | 3.82% | 4.34% |
Future Lease Payments
| March 30, 2024 | |
|---|---|
| (in millions) | Operating Leases |
| Remainder of 2024 | $99 |
| 2025 | 132 |
| 2026 | 115 |
| 2027 | 98 |
| 2028 | 76 |
| Thereafter | 114 |
| Total lease payments | 634 |
| Less: Interest | 65 |
| Present value of lease liabilities | $569 |
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