Motorola 2015 Annual Report Download - page 62

Download and view the complete annual report

Please find page 62 of the 2015 Motorola annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 103

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103

61
Other Assets
Other assets consist of the following:
December 31 2015 2014
Intangible assets $49$23
Long-term receivables 47 31
Defined benefit plan assets 128 —
Other 88 91
$312$145
Defined benefit plan assets at December 31, 2015 included the overfunded status of the United Kingdom pension plan of
$105 million, compared to a net liability position in previous periods.
Accrued Liabilities
Accrued liabilities consist of the following:
December 31 2015 2014
Deferred revenue $ 390 $355
Compensation 241 190
Billings in excess of costs and earnings 337 358
Tax liabilities 48 91
Dividend payable 71 75
Trade liabilities 135 131
Other 449 506
$1,671$ 1,706
Other Liabilities
Other liabilities consist of the following:
December 31 2015 2014
Defined benefit plans $1,512$ 1,611
Postretirement health care benefit plan 49 49
Deferred revenue 113 139
Unrecognized tax benefits 50 54
Other 180 158
$1,904$ 2,011
Stockholders’ Equity Information
Share Repurchase Program: Through actions taken on July 28, 2011, January 30, 2012, July 25, 2012, July 22, 2013,
and November 3, 2014, the Board of Directors has authorized the Company to repurchase in the aggregate up to $12.0 billion of
its outstanding shares of common stock (the “share repurchase program”). The share repurchase program does not have an
expiration date.
On August 4, 2015, the Board of Directors authorized the Company to commence a modified "Dutch auction" tender offer
to repurchase up to $2.0 billion of its outstanding shares of common stock. The repurchase of these shares was authorized
under the existing share repurchase authority, as outlined above. The tender offer commenced on August 7, 2015 and expired
on September 3, 2015. The Company paid $2.0 billion, including transaction costs, to repurchase approximately 30.1 million
shares at a tender price of $66.50 per share.
During 2015, the Company paid an aggregate of $3.2 billion (including the Dutch auction tender offer), including
transaction costs, to repurchase 48.0 million shares at an average price of $66.22 per share. During 2014, the Company paid an
aggregate of $2.5 billion, including transaction costs, to repurchase 39.4 million shares at an average price of $64.63. During
2013, the Company paid an aggregate of $1.7 billion, including transaction costs, to repurchase 28.6 million shares at an
average price of $59.30. As of December 31, 2015, the Company had used approximately $11.0 billion of the share repurchase
authority, including transaction costs, to repurchase shares, leaving $1.0 billion of authority available for future repurchases.
Payment of Dividends: On November 17, 2015, the Company announced that its Board of Directors approved an increase
in the quarterly cash dividend from $0.34 per share to $0.41 per share of common stock. During the years ended December 31,