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Debt and Credit Facilities
12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Debt and Credit Facilities
Debt and Credit Facilities
Long-Term Debt 
December 31
2014
 
2013
6.0% senior notes due 2017
$

 
$
399

3.5% senior notes due 2021
395

 

3.75% senior notes due 2022
748

 
747

3.5% senior notes due 2023
594

 
593

4.0% senior notes due 2024
589

 

6.5% debentures due 2025
118

 
118

7.5% debentures due 2025
346

 
346

6.5% debentures due 2028
36

 
36

6.625% senior notes due 2037
54

 
54

5.5% senior notes due 2044
400

 

5.22% debentures due 2097
91

 
89

Other long-term debt
36

 
58

 
3,407

 
2,440

Adjustments for unamortized gains on interest rate swap terminations
(7
)
 
21

Less: current portion
(4
)
 
(4
)
Long-term debt
$
3,396

 
$
2,457


During the year ended December 31, 2014, the Company redeemed $400 million aggregate principal amount outstanding of its 6.000% Senior Notes due November 2017 for an aggregate purchase price of approximately $456 million. After accelerating the amortization of debt issuance costs, debt discounts, and hedge adjustments, the Company recognized a loss of $37 million related to the redemption within Other income (expense) in the consolidated statement of operations. The Company issued an aggregate face principal amount of $1.4 billion including: (i) $600 million of 4.000% Senior Notes due 2024, of which, after debt issuance costs and debt discounts, the Company recognized net proceeds of $583 million, (ii) $400 million of 3.500% Senior Notes due 2021, of which, after debt issuance costs and debt discounts, the Company recognized net proceeds of $393 million, and (iii) $400 million of 5.500% Senior Notes due 2044, of which, after debt issuance costs and debt discounts, the Company recognized net proceeds of $394 million.
During the year ended December 31, 2013, the Company issued an aggregate face principal amount of $600 million of 3.500% Senior Notes due March 1, 2023, recognizing net proceeds of $588 million, after debt issuance costs and debt discounts.
During the year ended December 31, 2012, the Company issued an aggregate face principal amount of $750 million of 3.750% Senior Notes due 2022 (the “2022 Senior Notes”).  The Company also redeemed $400 million aggregate principal amount outstanding of its 5.375% Senior Notes due November 2012 for an aggregate purchase price of approximately $408 million.  After accelerating the amortization of debt issuance costs and debt discounts, the Company recognized a loss of approximately $6 million related to this redemption within Other income (expense) in the consolidated statements of operations.  This debt was repurchased with a portion of the proceeds from the issuance of the 2022 Senior Notes.
Aggregate requirements for long-term debt maturities during the next five years are as follows: 2015$4 million; 2016$5 million; 2017$5 million; 2018$6 million; and 2019$11 million.
Credit Facilities
As of December 31, 2014, the Company had a $2.1 billion unsecured syndicated revolving credit facility (the “2014 Motorola Solutions Credit Agreement”) scheduled to mature on May 29, 2019 which replaced the previous $1.5 billion unsecured syndicated revolving credit facility (the “2011 Motorola Solutions Credit Agreement”). The Company must comply with certain customary covenants, including maximum leverage ratio as defined in the 2014 Motorola Solutions Credit Agreement. The Company is no longer subject to a minimum interest coverage covenant under the new facility. The Company was in compliance with its financial covenants as of December 31, 2014. The Company did not borrow under the 2011 Motorola Solutions Credit Agreement or the 2014 Motorola Solutions Credit Agreement during the twelve months ended December 31, 2014.
As of December 31, 2014, the Company had a letter of credit sub-limit of $450 million under the 2014 Motorola Solutions Credit Agreement. No letters of credit were issued under the revolving credit facility as of December 31, 2014.