Motorola Solutions Inc
For the period ended Sep 28, 2024. Filed Nov 7, 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.
Sep 28, 2024 · Filed Nov 7, 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 | Nine Months Ended | |||
|---|---|---|---|---|
| (in millions) | September 28, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 |
| Lease expense: | ||||
| Operating lease cost | $34 | $35 | $103 | $103 |
| Short-term lease cost | — | — | — | 1 |
| Variable cost | 12 | 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 Classification | September 28, 2024 | December 31, 2023 |
|---|---|---|---|
| Right-of-use lease assets | Operating lease assets | $551 | $495 |
| Current lease liabilities | Accrued liabilities | 131 | 125 |
| Operating lease liabilities | Operating lease liabilities | 444 | 407 |
Other Information Related to Leases
| Nine Months Ended | ||
|---|---|---|
| (in millions) | September 28, 2024 | September 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 liabilities | 123 | 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 byten years.
| September 28, 2024 | December 31, 2023 | |
|---|---|---|
| Weighted average remaining lease terms (years) | 5 | 5 |
| Weighted average discount rate: | 3.92% | 4.34% |
Future Lease Payments
| September 28, 2024 | |
|---|---|
| (in millions) | Operating Leases |
| Remainder of 2024 | $32 |
| 2025 | 147 |
| 2026 | 128 |
| 2027 | 109 |
| 2028 | 84 |
| Thereafter | 136 |
| Total lease payments | 636 |
| Less: interest | 61 |
| Present value of lease liabilities | $575 |
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