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Debt and Credit Facilities
 6 Months Ended
Jul. 02, 2022
Debt Disclosure [Abstract]  
Debt and Credit Facilities Debt and Credit Facilities
July 2, 2022December 31, 2021
4.0% senior notes due 2024
$312 $585 
1.75% senior convertible notes due 2024
1,000 1,000 
6.5% debentures due 2025
70 70 
7.5% debentures due 2025
252 252 
4.6% senior notes due 2028
693 693 
6.5% debentures due 2028
24 24 
4.6% senior notes due 2029
803 803 
2.3% senior notes due 2030
893 893 
2.75% senior notes due 2031
844 844 
5.6% senior notes due 2032
595 — 
6.625% senior notes due 2037
38 38 
5.5% senior notes due 2044
396 396 
5.22% debentures due 2097
92 92 
Other debt2 5 
6,014 5,695 
Adjustments for unamortized gains on interest rate swap terminations(1)(2)
Less: current portion(2)(5)
Long-term debt$6,011 $5,688 
On May 31, 2022, the Company issued $600 million of 5.6% senior notes due 2032. The Company recognized net proceeds of $595 million after debt issuance costs and discounts. A portion of these proceeds was then used to repurchase $275 million in principal amount of the 4.0% senior notes due 2024 pursuant to a cash tender offer, for a purchase price of $279 million, excluding $3 million of accrued interest. After accelerating the amortization of debt discounts and debt issuance costs, the Company recognized a loss of $6 million related to the tender offer in Other, net within Other income (expense) in the Condensed Consolidated Statements of Operations.
As of July 2, 2022, 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 London Interbank Offered Rate ("LIBOR"), at the Company's option. The 2021 Motorola Solutions Credit Agreement includes provisions allowing the Company to replace LIBOR with a replacement benchmark rate in the future under certain conditions defined in the agreement. 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 July 2, 2022.
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 July 2, 2022 the Company had no outstanding debt under the commercial paper program.