Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Motorola Solutions Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net sales from products	5,814)	5,368)	4,606)	4,087)	4,746)
Net sales from services	4,164)	3,744)	3,565)	3,327)	3,141)
Net sales	9,978)	9,112)	8,171)	7,414)	7,887)
Costs of products sales	(2,591)	(2,595)	(2,104)	(1,872)	(2,049)
Costs of services sales	(2,417)	(2,288)	(2,027)	(1,934)	(1,907)
Costs of sales	(5,008)	(4,883)	(4,131)	(3,806)	(3,956)
Gross margin	4,970)	4,229)	4,040)	3,608)	3,931)
Selling, general and administrative expenses	(1,561)	(1,450)	(1,353)	(1,293)	(1,403)
Research and development expenditures	(858)	(779)	(734)	(686)	(687)
Intangibles amortization	(177)	(257)	(236)	(215)	(208)
Reorganization of businesses	(22)	(18)	(24)	(57)	(40)
Legal Settlements	(4)	(23)	(3)	(9)	(3)
Fixed asset impairments	(3)	(12)	—)	(5)	—)
Gain on sale of property, plant, and equipment	—)	—)	—)	50)	—)
Environmental reserve expense	(15)	—)	—)	—)	—)
Exit of video manufacturing operations	(24)	—)	—)	—)	—)
Operating lease asset impairments	(6)	(24)	(10)	—)	(5)
Acquisition-related transaction fees	(7)	(23)	(15)	(9)	(3)
Gain on Hytera legal settlement	—)	15)	—)	—)	—)
Other	1)	3)	2)	(1)	(1)
Other charges	(257)	(339)	(286)	(246)	(260)
Operating earnings	2,294)	1,661)	1,667)	1,383)	1,581)
Interest expense	(249)	(240)	(215)	(233)	(237)
Interest income	33)	14)	7)	13)	17)
Interest expense, net	(216)	(226)	(208)	(220)	(220)
Gains (losses) on sales of investments and businesses, net	—)	3)	1)	(2)	5)
Net periodic pension and postretirement benefit	99)	123)	123)	81)	78)
Loss from the extinguishment of long-term debt	—)	(6)	(18)	(56)	(50)
Gains from the extinguishment of 2.00% senior convertible notes	—)	—)	—)	—)	4)
Investment impairments	(16)	(1)	—)	(4)	(18)
Foreign currency gain (loss)	(53)	37)	17)	(44)	(22)
Gain (loss) on derivative instruments	20)	(61)	(30)	25)	(8)
Gains (loss) on equity method investments	—)	(3)	5)	3)	3)
Fair value adjustments to equity investments	13)	(30)	(8)	6)	(3)
Gain on TETRA Ireland equity method investment	—)	21)	—)	—)	—)
U.S. pension settlement	—)	—)	—)	—)	(359)
Other	5)	(3)	3)	2)	10)
Other, net	68)	77)	92)	13)	(365)
Other expense	(148)	(146)	(115)	(209)	(580)
Net earnings before income taxes	2,146)	1,515)	1,552)	1,174)	1,001)
Income tax expense	(432)	(148)	(302)	(221)	(130)
Net earnings	1,714)	1,367)	1,250)	953)	871)
Earnings attributable to noncontrolling interests	(5)	(4)	(5)	(4)	(3)
Net earnings attributable to Motorola Solutions, Inc.	1,709)	1,363)	1,245)	949)	868)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Motorola Solutions Inc. net sales increased from 2021 to 2022 and from 2022 to 2023.
Operating earnings	The net result for the period of deducting operating expenses from operating revenues.	Motorola Solutions Inc. operating earnings decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net earnings before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Motorola Solutions Inc. net earnings before income taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net earnings attributable to Motorola Solutions, Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Motorola Solutions Inc. net earnings attributable to Motorola Solutions, Inc. increased from 2021 to 2022 and from 2022 to 2023.

Motorola Solutions Inc. (NYSE:MSI)

Income Statement