Exhibit 99.1
Motorola Solutions, Inc. and Subsidiaries
Pro Forma Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
| Three Months Ended | Year Ended | |||||||||||||||||||
| April 3, 2010 | July 3, 2010 | October 2, 2010 | December 31, 2010 | December 31, 2010 | ||||||||||||||||
Operating | ||||||||||||||||||||
Net earnings attributable to Motorola Solutions, Inc. | $ | 69 | $ | 162 | $ | 110 | $ | 292 | $ | 633 | ||||||||||
Earnings (loss) attributable to the noncontrolling interests | (1 | ) | 4 | 2 | 12 | 17 | ||||||||||||||
Net earnings | 68 | 166 | 112 | 304 | 650 | |||||||||||||||
Earnings (loss) from discontinued operations, net of tax | (28 | ) | 159 | 118 | 125 | 374 | ||||||||||||||
Earnings (loss) from continuing operations | 96 | 7 | (6 | ) | 179 | 276 | ||||||||||||||
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 87 | 85 | 85 | 85 | 342 | |||||||||||||||
Non-cash other income | (32 | ) | (7 | ) | (22 | ) | (13 | ) | (74 | ) | ||||||||||
Share-based compensation expense | 33 | 36 | 39 | 36 | 144 | |||||||||||||||
Gains on sales of investments and businesses, net | (7 | ) | (31 | ) | (5 | ) | (6 | ) | (49 | ) | ||||||||||
Loss from the extinguishment of long-term debt | — | 12 | — | — | 12 | |||||||||||||||
Deferred income taxes, including change in valuation allowance | 18 | 237 | 143 | (14 | ) | 384 | ||||||||||||||
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||||||||||||||
Accounts receivable | 195 | (227 | ) | (48 | ) | (3 | ) | (83 | ) | |||||||||||
Inventories | (15 | ) | (21 | ) | (54 | ) | (21 | ) | (111 | ) | ||||||||||
Other current assets | (70 | ) | 80 | (63 | ) | 5 | (48 | ) | ||||||||||||
Accounts payable and accrued liabilities | (197 | ) | 53 | 326 | 151 | 333 | ||||||||||||||
Other assets and liabilities | (49 | ) | (121 | ) | (72 | ) | (66 | ) | (308 | ) | ||||||||||
Net cash provided by operating activities | 59 | 103 | 323 | 333 | 818 | |||||||||||||||
Investing | ||||||||||||||||||||
Acquisitions and investments, net | (3 | ) | (3 | ) | (1 | ) | (16 | ) | (23 | ) | ||||||||||
Proceeds from sales (purchases) of investments and businesses, net | 18 | 221 | (1 | ) | 26 | 264 | ||||||||||||||
Capital expenditures | (37 | ) | (37 | ) | (37 | ) | (81 | ) | (192 | ) | ||||||||||
Proceeds from sales of property, plant and equipment | 27 | — | — | — | 27 | |||||||||||||||
Proceeds from sales (purchases) of Sigma Fund investments, net | (116 | ) | (132 | ) | 278 | 423 | 453 | |||||||||||||
Proceeds from sales (purchases) of short-term investments, net | (4 | ) | (19 | ) | 17 | — | (6 | ) | ||||||||||||
Net cash provided by (used for) investing activities | (115 | ) | 30 | 256 | 352 | 523 | ||||||||||||||
Financing | ||||||||||||||||||||
Repayment of short-term borrowings, net | (4 | ) | (1 | ) | — | — | (5 | ) | ||||||||||||
Repayment of debt | (1 | ) | (480 | ) | (3 | ) | (527 | ) | (1,011 | ) | ||||||||||
Issuance of common stock | 63 | 5 | 84 | 27 | 179 | |||||||||||||||
Distribution from discontinued operations | 398 | 133 | 99 | 152 | 782 | |||||||||||||||
Net cash provided by (used for) financing activities | 456 | (343 | ) | 180 | (348 | ) | (55 | ) | ||||||||||||
Discontinued Operations | ||||||||||||||||||||
Net cash provided by operating activities from discontinued operations | 424 | 143 | 266 | 321 | 1,154 | |||||||||||||||
Net cash used for investing activities from discontinued operations | (49 | ) | (39 | ) | (72 | ) | (183 | ) | (343 | ) | ||||||||||
Net cash used for financing activities from discontinued operations | (398 | ) | (133 | ) | (99 | ) | (152 | ) | (782 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents from discontinued operations | 23 | 29 | (95 | ) | 14 | (29 | ) | |||||||||||||
Net cash provided by (used for) discontinued operations | — | — | — | — | — | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (81 | ) | (85 | ) | 196 | 23 | 53 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 319 | (295 | ) | 955 | 360 | 1,339 | ||||||||||||||
Cash and cash equivalents, beginning of period | 2,869 | 3,188 | 2,893 | 3,848 | 2,869 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 3,188 | $ | 2,893 | $ | 3,848 | $ | 4,208 | $ | 4,208 | ||||||||||
Motorola Solutions, Inc. and Subsidiaries
Pro Forma Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
| Year Ended | ||||||||
| December 31, 2009 | December 31, 2008 | |||||||
Operating | ||||||||
Net loss attributable to Motorola Solutions, Inc. | $ | (51 | ) | $ | (4,244 | ) | ||
Earnings attributable to the noncontrolling interests | 23 | 4 | ||||||
Net loss | (28 | ) | (4,240 | ) | ||||
Loss from discontinued operations, net of tax | (500 | ) | (762 | ) | ||||
Earnings (loss) from continuing operations | 472 | (3,478 | ) | |||||
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 388 | 403 | ||||||
Non-cash other charges (income) | (72 | ) | 2,280 | |||||
Share-based compensation expense | 137 | 130 | ||||||
Gains on sales of investments and businesses, net | (108 | ) | (64 | ) | ||||
Loss from the extinguishment of long-term debt | (67 | ) | (14 | ) | ||||
Deferred income taxes, including change in valuation allowance | 47 | 2,573 | ||||||
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | ||||||||
Accounts receivable | 102 | 13 | ||||||
Inventories | 111 | (64 | ) | |||||
Other current assets | 276 | (40 | ) | |||||
Accounts payable and accrued liabilities | (621 | ) | (222 | ) | ||||
Other assets and liabilities | (11 | ) | (633 | ) | ||||
Net cash provided by operating activities | 654 | 884 | ||||||
Investing | ||||||||
Acquisitions and investments, net | (17 | ) | (208 | ) | ||||
Proceeds from sales of investments and businesses, net | 357 | 113 | ||||||
Capital expenditures | (136 | ) | (257 | ) | ||||
Proceeds from sales of property, plant and equipment | 1 | 119 | ||||||
Proceeds from sales (purchases) of Sigma Fund investments, net | (922 | ) | 853 | |||||
Proceeds from sales of short-term investments, net | 186 | 424 | ||||||
Net cash provided by (used for) investing activities | (531 | ) | 1,044 | |||||
Financing | ||||||||
Repayment of short-term borrowings, net | (86 | ) | (50 | ) | ||||
Repayment of debt | (132 | ) | (225 | ) | ||||
Issuance of common stock | 116 | 145 | ||||||
Repurchase of common stock | — | (138 | ) | |||||
Proceeds from settlements of financial instruments | — | 158 | ||||||
Payment of dividends | (114 | ) | (453 | ) | ||||
Distribution to discontinued operations | (94 | ) | (838 | ) | ||||
Other, net | 6 | 8 | ||||||
Net cash used for financing activities | (304 | ) | (1,393 | ) | ||||
Discontinued Operations | ||||||||
Net cash used for operating activities from discontinued operations | (25 | ) | (658 | ) | ||||
Net cash used for investing activities from discontinued operations | (137 | ) | (324 | ) | ||||
Net cash provided by financing activities from discontinued operations | 94 | 838 | ||||||
Effect of exchange rate changes on cash and cash equivalents from discontinued operations | 68 | 144 | ||||||
Net cash provided by (used for) discontinued operations | — | — | ||||||
Effect of exchange rate changes on cash and cash equivalents | (14 | ) | (223 | ) | ||||
Net increase (decrease) in cash and cash equivalents | (195 | ) | 312 | |||||
Cash and cash equivalents, beginning of period | 3,064 | 2,752 | ||||||
Cash and cash equivalents, end of period | $ | 2,869 | $ | 3,064 | ||||