Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Apr. 03, 2015 | 7-May-15 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 3-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TRMB | |
Entity Registrant Name | TRIMBLE NAVIGATION LTD /CA/ | |
Entity Central Index Key | 864749 | |
Current Fiscal Year End Date | -1 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 259,458,292 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $145.70 | $148 |
Accounts receivable, net | 383 | 362 |
Other receivables | 20.4 | 29.5 |
Inventories, net | 276 | 278.1 |
Deferred income taxes | 47.1 | 45.6 |
Other current assets | 44.8 | 39.4 |
Total current assets | 917 | 902.6 |
Property and equipment, net | 155.2 | 157.4 |
Goodwill | 2,059.40 | 2,101.20 |
Other purchased intangible assets, net | 546.2 | 594.5 |
Other non-current assets | 119.9 | 118.6 |
Total assets | 3,797.70 | 3,874.30 |
Current liabilities: | ||
Current portion of long-term debt | 133.1 | 64.4 |
Accounts payable | 114 | 103.8 |
Accrued compensation and benefits | 81.1 | 98.9 |
Deferred revenue | 255.4 | 211.6 |
Accrued warranty expense | 19 | 20.6 |
Other current liabilities | 95.7 | 89 |
Total current liabilities | 698.3 | 588.3 |
Non-current portion of long-term debt | 530.3 | 674 |
Non-current deferred revenue | 27 | 26.3 |
Deferred income taxes | 110.8 | 121.1 |
Other non-current liabilities | 90.7 | 95.8 |
Total liabilities | 1,457.10 | 1,505.50 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, no par value; 3 shares authorized; none outstanding | ||
Common stock, no par value; 360.0 shares authorized; 259.5 and 259.2 shares issued and outstanding as of the end of the first quarter of fiscal 2015 and fiscal year end 2014, respectively | 1,233.30 | 1,207.30 |
Retained earnings | 1,234.50 | 1,211 |
Accumulated other comprehensive loss | -128.4 | -61.3 |
Total Trimble Navigation Ltd. shareholders’ equity | 2,339.40 | 2,357 |
Noncontrolling interests | 1.2 | 11.8 |
Total equity | 2,340.60 | 2,368.80 |
Total liabilities and equity | $3,797.70 | $3,874.30 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Millions, unless otherwise specified | ||
Preferred stock, no par value | ||
Preferred stock, shares authorized | 3 | 3 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, no par value | ||
Common stock, shares authorized | 360 | 360 |
Common stock, shares issued | 259.5 | 259.2 |
Common stock, shares outstanding | 259.5 | 259.2 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Revenue: | ||
Product | $400.60 | $442.60 |
Service | 100.9 | 93.3 |
Subscription | 81.1 | 68.8 |
Total revenue | 582.6 | 604.7 |
Cost of sales: | ||
Product | 187.7 | 203.7 |
Service | 41.4 | 34.2 |
Subscription | 23.8 | 19 |
Amortization of purchased intangible assets | 22.5 | 20.9 |
Total cost of sales | 275.4 | 277.8 |
Gross margin | 307.2 | 326.9 |
Operating expense | ||
Research and development | 87.2 | 76.4 |
Sales and marketing | 96.5 | 97.4 |
General and administrative | 64.7 | 57.4 |
Restructuring charges | 1.1 | 0.3 |
Amortization of purchased intangible assets | 18.2 | 19.7 |
Total operating expense | 267.7 | 251.2 |
Operating income | 39.5 | 75.7 |
Non-operating income, net | ||
Interest expense, net | -6.4 | -3.7 |
Foreign currency transaction gain (loss) | 1.1 | -0.1 |
Income from equity method investments | 3 | 3.5 |
Other income, net | 7 | 13.1 |
Total non-operating income, net | 4.7 | 12.8 |
Income before taxes | 44.2 | 88.5 |
Income tax provision | 10.2 | 20.4 |
Net income | 34 | 68.1 |
Less: Net loss attributable to noncontrolling interests | -0.1 | -0.5 |
Net income attributable to Trimble Navigation Ltd. | $34.10 | $68.60 |
Basic income per share | $0.13 | $0.26 |
Shares used in calculating basic income per share | 259.4 | 259.8 |
Diluted income per share | $0.13 | $0.26 |
Shares used in calculating diluted income per share | 262.4 | 264.8 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Net income | $34 | $68.10 |
Foreign currency translation adjustments | -67.2 | -1.4 |
Net unrealized actuarial gain | 0.1 | 0 |
Comprehensive income (loss) | -33.1 | 66.7 |
Less: Comprehensive loss attributable to noncontrolling interests | -0.1 | -0.5 |
Comprehensive income (loss) attributable to Trimble Navigation Ltd. | ($33) | $67.20 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Cash flow from operating activities: | ||
Net income | $34 | $68.10 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 8.7 | 7.5 |
Amortization expense | 40.7 | 40.6 |
Provision for doubtful accounts | 1 | 0.5 |
Deferred income taxes | -1.3 | -1.5 |
Stock-based compensation | 12.5 | 10.1 |
Income from equity method investments | -3 | -3.5 |
Gain on an equity sale | 0 | -15.1 |
Acquisition / divestiture (gain)/loss | -5.8 | 1.7 |
Excess tax benefit for stock-based compensation | -0.7 | -10.2 |
Provision for excess and obsolete inventories | 0.8 | 1.1 |
Other non-cash items | 11 | -2.3 |
Add decrease (increase) in assets: | ||
Accounts receivable | -28.9 | -61.9 |
Other receivables | 4.9 | -1.7 |
Inventories | -6.4 | -13.4 |
Other current and non-current assets | -8 | -2.2 |
Add increase (decrease) in liabilities: | ||
Accounts payable | 11.2 | 10.5 |
Accrued compensation and benefits | -15 | -11.5 |
Deferred revenue | 49.4 | 47.1 |
Accrued warranty expense | -1.5 | 0.4 |
Other liabilities | 3.6 | 19.1 |
Net cash provided by operating activities | 107.2 | 83.4 |
Cash flow from investing activities: | ||
Acquisitions of businesses, net of cash acquired | -36.9 | -11 |
Acquisitions of property and equipment | -10.6 | -13.6 |
Purchases of equity method investments | -1.3 | 0 |
Net proceeds from sale of business | 12.6 | 0 |
Dividends received from equity method investments | 0 | 12.4 |
Other | 0.8 | -2 |
Net cash used in investing activities | -35.4 | -14.2 |
Cash flow from financing activities: | ||
Issuances of common stock, net of tax withholding | 14.7 | 32.5 |
Repurchase and retirement of common stock | -12.6 | 0 |
Excess tax benefit for stock-based compensation | 0.7 | 10.2 |
Proceeds from debt and revolving credit lines | 130 | 17 |
Payments on debt and revolving credit lines | -198 | -110.8 |
Net cash used in financing activities | -65.2 | -51.1 |
Effect of exchange rate changes on cash and cash equivalents | -8.9 | -0.1 |
Net increase (decrease) in cash and cash equivalents | -2.3 | 18 |
Cash and cash equivalents, beginning of period | 148 | 147.2 |
Cash and cash equivalents, end of period | $145.70 | $165.20 |
OVERVIEW_AND_BASIS_OF_PRESENTA
OVERVIEW AND BASIS OF PRESENTATION | 3 Months Ended |
Apr. 03, 2015 | |
OVERVIEW AND BASIS OF PRESENTATION | OVERVIEW AND BASIS OF PRESENTATION |
Trimble Navigation Limited (Trimble or the Company) began operations in 1978 and incorporated in California in 1981. The Company provides technology solutions that enable professionals and field mobile workers to improve or transform their work processes. Solutions are used across a range of industries including agriculture, architecture, civil engineering, survey and land administration, construction, geospatial, environmental management, government, natural resources, transportation and utilities. Representative Trimble customers include engineering and construction firms, contractors, surveying companies, farmers and agricultural companies, enterprise firms with large-scale fleets, energy, mining and utility companies, and state, federal and municipal governments. | |
Trimble focuses on integrating broad technological and application capabilities to create system-level solutions that transform how work is done within the industries the Company serves. Products are sold based on return on investment and provide benefits such as lower operational costs, higher productivity, improved quality, enhanced safety and regulatory compliance, and reduced environmental impact. Representative products include equipment that automates large industrial equipment such as tractors and bulldozers; integrated systems that track fleets of vehicles and workers and provide real-time information and powerful analytics to the back-office; data collection systems that enable the management of large amounts of geo-referenced information; software solutions that connect all aspects of a construction site or a farm; and building information modeling (BIM) software that is used throughout the design, build, and operation of buildings. | |
The Company has a 52-53 week fiscal year, ending on the Friday nearest to December 31, which for fiscal 2014 was January 2, 2015. The first quarter of fiscal 2015 and 2014 ended on April 3, 2015 and April 4, 2014, respectively. Both fiscal 2015 and 2014 are 52-week years. Unless otherwise stated, all dates refer to the Company’s fiscal year and fiscal periods. | |
The Condensed Consolidated Financial Statements include the results of the Company and its consolidated subsidiaries. Inter-company accounts and transactions have been eliminated. Noncontrolling interests represent the noncontrolling shareholders’ proportionate share of the net assets and results of operations of the Company’s consolidated subsidiaries. | |
The accompanying financial data for and as of the end of the first quarter of fiscal 2015 has been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements, prepared in accordance with U.S. generally accepted accounting principles, have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of fiscal year end 2014 is derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K of Trimble Navigation Limited for fiscal year 2014. The following discussion should be read in conjunction with the Company’s 2014 Annual Report on Form 10-K. | |
The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in its Condensed Consolidated Financial Statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact the company in the future, actual results may be different from the estimates. | |
In the opinion of management, all adjustments necessary have been made to present a fair statement of results for the interim periods presented. The results of operations for the first quarter of fiscal 2015 are not necessarily indicative of the operating results for the full fiscal year or any future periods. Individual segment revenue may be affected by seasonal buying patterns and general economic conditions. | |
The Company has presented revenue and cost of sales separately for products, service and subscriptions. Product revenue includes primarily hardware, software licenses, parts and accessories; service revenue includes primarily hardware and software maintenance and support, training and professional services; subscription revenue includes software as a service (SaaS). | |
Historically, the Company allocated stock-based compensation to each segment. Beginning with the first quarter of fiscal 2015, the Company changed its methodology for allocating stock-based compensation to its segments. Stock-based compensation is shown in the aggregate within unallocated corporate expense and is not reflected in the segment results, which is consistent with the way the Chief Operating Decision Maker (CODM) evaluates each of the segment's performance and allocates resources. The Company has adjusted the presentation of previously reported segment information to conform to the current year methodology within Note 7. |
UPDATES_TO_SIGNIFICANT_ACCOUNT
UPDATES TO SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Apr. 03, 2015 | |
UPDATES TO SIGNIFICANT ACCOUNTING POLICIES | UPDATES TO SIGNIFICANT ACCOUNTING POLICIES |
There have been no material changes to the Company’s significant accounting polices during the first quarter of fiscal 2015 from those disclosed in the Company’s 2014 Form 10-K. | |
Recent Accounting Pronouncements | |
In May 2014, the FASB issued a comprehensive new revenue recognition standard that will amend the current revenue recognition guidance under U.S. GAAP. As currently issued, the new standard is effective beginning in the first quarter of fiscal 2017. In April 2015, the FASB agreed to propose a one-year deferral of the effective date for all entities, which would change the effectiveness for the Company to the beginning of fiscal 2018, with early adoption permitted. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The Company is currently evaluating the effect of the updated standard on its consolidated financial statements and related disclosures. | |
In February 2015, the FASB issued amendments to the consolidation guidance. The amendments under the new guidance modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and eliminate the presumption that a general partner should consolidate a limited partnership. The standard is effective for the Company in fiscal 2016, although early adoption is permitted. The Company does not anticipate a material impact on its consolidated financial statements as a result of the amendments. | |
In April 2015, the FASB issued amendments to the guidance for debt issuance costs that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability instead of being recorded as an asset. Amortization of the costs will continue to be reported as interest expense. The amendments are effective for the Company beginning in fiscal 2016. However, early adoption is permitted and the Company plans to adopt this standard in the fourth quarter of fiscal 2015. The new guidance will be applied retrospectively to each prior period presented. The Company does not anticipate a material impact on its consolidated financial statements as a result of this change. |
GAIN_ON_EQUITY_SALE
GAIN ON EQUITY SALE | 3 Months Ended |
Apr. 03, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
GAIN ON EQUITY SALE | GAIN ON EQUITY SALE |
In October, 2008, VirtualSite Solutions (VSS), a business formed by the Company and Caterpillar began operations. Originally, the Company had a 65% ownership and Caterpillar had a 35% ownership in VSS. VSS develops software for fleet management and connected worksite solutions for both Caterpillar and Trimble and in turn, sells software subscription services to Caterpillar and Trimble, which are sold through Caterpillar's and the Company's respective distribution channels. For financial reporting purposes, VSS’s assets and liabilities were consolidated with those of the Company, as were its results of operations, which were reported under the Engineering and Construction segment. Caterpillar’s 35% interest was included in the overall Consolidated Financial Statements as Noncontrolling interest. | |
Effective January 4, 2014, the Company sold 15% of its ownership in VSS to Caterpillar resulting in both the Company and Caterpillar owning 50% of the VSS joint venture. After the sale the Company no longer held a controlling interest in VSS. The sale of the 15% ownership resulted in the deconsolidation of VSS and a gain in the amount of $15.1 million in the first quarter of fiscal 2014. Of this amount, $8.5 million relates to the remeasurement of the Company's retained interest to fair value which was measured using a combination of the income and market approaches. The total gain is included in Other income, net on the Company's Condensed Consolidated Statements of Income. The Company's 50% investment in VSS is classified as an equity method investment. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY | |||||||
Stock Repurchase Activities | ||||||||
In August 2014, the Company’s Board of Directors approved a stock repurchase program (“2014 Stock Repurchase Program”), authorizing the Company to repurchase up to $300.0 million of Trimble’s common stock, replacing a stock repurchase program which had been in place since 2011. No shares of common stock were repurchased during the first quarter of fiscal 2014. During the first quarter of fiscal 2015, the Company repurchased approximately 478,000 shares of common stock in open market purchases, at an average price of $26.34 per share, for a total of $12.6 million. The purchase price was reflected as a decrease to common stock based on the average book value per share for all outstanding shares calculated at the time of each individual repurchase transaction. The excess of the purchase price over this average for each repurchase was charged to retained earnings. As a result, retained earnings was reduced by $10.4 million in the first quarter of fiscal 2015. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes. All common shares repurchased under this program have been cancelled. At the end of the first quarter of fiscal 2015 the 2014 Stock Repurchase Program had remaining authorized funds of $237.4 million. Under the share repurchase program, the Company may repurchase shares from time to time in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers, or by other means. The timing and amount of repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. | ||||||||
Stock-Based Compensation Expense | ||||||||
The Company accounts for its employee stock options, restricted stock units and employee stock purchase plan (ESPP) under the fair value method, which requires stock-based compensation to be estimated using the fair value on the date of grant using an option-pricing model. The value of the portion of the award that is expected to vest is recognized as expense over the related employees’ requisite service periods in the Company’s Condensed Consolidated Statements of Income. | ||||||||
The following table summarizes stock-based compensation expense related to employee stock-based compensation (for all plans) included in the unaudited Condensed Consolidated Statements of Income for the first quarter of fiscal 2015 and 2014. | ||||||||
First Quarter of | ||||||||
2015 | 2014 | |||||||
(Dollars in millions) | ||||||||
Cost of sales | $ | 0.9 | $ | 0.7 | ||||
Research and development | 2.2 | 1.5 | ||||||
Sales and marketing | 2.3 | 1.9 | ||||||
General and administrative | 7.1 | 6 | ||||||
Total operating expenses | 11.6 | 9.4 | ||||||
Total stock-based compensation expense | $ | 12.5 | $ | 10.1 | ||||
Fair Value of Trimble Options | ||||||||
Stock option expense recognized in the unaudited Condensed Consolidated Statements of Income is based on the fair value of the portion of share-based payment awards that is expected to vest during the period and is net of estimated forfeitures. The Company’s compensation expense for stock options is recognized on a straight-line basis over the vesting period, typically four to five years. The fair values for stock options are estimated on the date of grant using the binomial valuation model. The binomial model takes into account variables such as volatility, dividend yield rate and risk free interest rate. In addition, the binomial model incorporates actual option-pricing behavior and changes in volatility over the option’s contractual term. For options granted during the first quarter of fiscal 2015 and 2014, the following weighted average assumptions were used: | ||||||||
First Quarter of | ||||||||
2015 | 2014 | |||||||
Expected dividend yield | — | — | ||||||
Expected stock price volatility | 35.50% | 35.40% | ||||||
Risk free interest rate | 1.30% | 0.90% | ||||||
Expected life of options | 4.0 years | 3.8 years | ||||||
Expected Dividend Yield – The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. | ||||||||
Expected Stock Price Volatility – The Company’s computation of expected volatility is based on a combination of implied volatilities from traded options on the Company’s stock and historical volatility, commensurate with the expected life of the stock options. | ||||||||
Expected Risk Free Interest Rate – The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the stock options. | ||||||||
Expected Life Of Options – The Company’s expected life represents the period that the Company’s stock options are expected to be outstanding and is determined based on historical experience of similar stock options with consideration to the contractual terms of the stock options, vesting schedules and expectations of future employee behavior. | ||||||||
Fair Value of Restricted Stock Units | ||||||||
Restricted stock units are converted into shares of Trimble common stock upon vesting on a one-for-one basis. Vesting of restricted stock units is subject to the employee’s continuing service to the Company. The compensation expense related to these awards is determined using the fair value of Trimble’s common stock on the date of grant, and the expense is recognized on a straight-line basis over the vesting period. Restricted stock units typically vest at the end of three years. | ||||||||
Fair Value of Employee Stock Purchase Plan | ||||||||
Under the Employee Stock Purchase Plan, rights to purchase shares are generally granted during the second and fourth quarter of each year. The fair value of rights granted under the Employee Stock Purchase Plan is estimated at the date of grant using the Black-Scholes option-pricing model. |
Business_Combinations
Business Combinations | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | BUSINESS COMBINATIONS | |||||||||||||||||||||||
During first quarter of fiscal 2015, the Company acquired four businesses, all with cash consideration, in its Engineering and Construction and Mobile Solutions segments. The Condensed Consolidated Statements of Income include the operating results of the businesses from the dates of acquisition. The acquisitions were not significant individually or in the aggregate. The purchase prices ranged from less than $3.0 million to $17.0 million. The largest acquisitions were of a company that provides scheduling software for linear infrastructure projects and a provider of forestry enterprise and mobile software solutions for logistics and harvest operations. In the aggregate, the businesses acquired during the first quarter of fiscal 2015 collectively contributed less than one percent to the Company's total revenue during the first quarter of fiscal 2015. | ||||||||||||||||||||||||
The Company determined the total consideration paid for each of its acquisitions as well as the fair value of the assets acquired and liabilities assumed as of the date of acquisition. For certain acquisitions completed in the last three quarters of fiscal 2014 and the first quarter of fiscal 2015, the fair value of the assets acquired and liabilities assumed are preliminary and may be adjusted as the Company obtains additional information, primarily related to adjustments for the true up of acquired net working capital in accordance with certain purchase agreements, and estimated values of certain net tangible assets and liabilities including tax balances, pending the completion of final studies and analyses. If there are adjustments made for these items, the fair value of intangible assets and goodwill could be impacted. Thus the provisional measurements of fair value are subject to change. Such changes could be significant. The Company expects to finalize the valuation of the net tangible and intangible assets as soon as practicable, but not later than one-year from the acquisition date. | ||||||||||||||||||||||||
The fair value of identifiable assets acquired and liabilities assumed were determined under the acquisition method of accounting for business combinations. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis. Acquisition costs directly related to the acquisitions of $2.8 million and $1.4 million for the first quarter of fiscal 2015 and 2014, respectively, were expensed as incurred and were included in General and administrative expense in the Condensed Consolidated Statements of Income. | ||||||||||||||||||||||||
The following table summarizes the Company’s business combinations completed during the first quarter of fiscal 2015. | ||||||||||||||||||||||||
First Quarter of | ||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Fair value of total purchase consideration | $ | 37.8 | ||||||||||||||||||||||
Fair value of net liabilities acquired | 1.3 | |||||||||||||||||||||||
Identified intangible assets | 17.8 | |||||||||||||||||||||||
Deferred taxes | (3.2 | ) | ||||||||||||||||||||||
Goodwill | $ | 21.9 | ||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible Assets consisted of the following: | ||||||||||||||||||||||||
As of | First Quarter of Fiscal 2015 | Fiscal Year End 2014 | ||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||
Carrying | Accumulated | Net Carrying | Carrying | Accumulated | Net Carrying | |||||||||||||||||||
(Dollars in millions) | Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||
Developed product technology | $ | 758.1 | $ | (459.8 | ) | $ | 298.3 | $ | 770.4 | $ | (445.4 | ) | $ | 325 | ||||||||||
Trade names and trademarks | 50.5 | (35.0 | ) | 15.5 | 51.2 | (33.9 | ) | 17.3 | ||||||||||||||||
Customer relationships | 435.5 | (225.6 | ) | 209.9 | 455 | (226.8 | ) | 228.2 | ||||||||||||||||
Distribution rights and other intellectual properties | 77.8 | (55.3 | ) | 22.5 | 78.5 | (54.5 | ) | 24 | ||||||||||||||||
$ | 1,321.90 | $ | (775.7 | ) | $ | 546.2 | $ | 1,355.10 | $ | (760.6 | ) | $ | 594.5 | |||||||||||
The estimated future amortization expense of purchased intangible assets as of the end of the first quarter of fiscal 2015 was as follows: | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
2015 (Remaining) | $ | 118 | ||||||||||||||||||||||
2016 | 140.5 | |||||||||||||||||||||||
2017 | 117.5 | |||||||||||||||||||||||
2018 | 89 | |||||||||||||||||||||||
2019 | 47.8 | |||||||||||||||||||||||
Thereafter | 33.4 | |||||||||||||||||||||||
Total | $ | 546.2 | ||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill by segment for the first quarter of fiscal 2015 were as follows: | ||||||||||||||||||||||||
Engineering | Field | Mobile | Advanced | Total | ||||||||||||||||||||
and | Solutions | Solutions | Devices | |||||||||||||||||||||
Construction | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Balance as of fiscal year end 2014 | $ | 1,186.00 | $ | 96 | $ | 796 | $ | 23.2 | $ | 2,101.20 | ||||||||||||||
Additions due to acquisitions | 11.8 | — | 10.1 | — | 21.9 | |||||||||||||||||||
Purchase price adjustments | (0.1 | ) | 1.6 | — | — | 1.5 | ||||||||||||||||||
Foreign currency translation adjustments | (44.2 | ) | (3.3 | ) | (3.6 | ) | (1.1 | ) | (52.2 | ) | ||||||||||||||
Divestiture | (13.0 | ) | — | — | — | (13.0 | ) | |||||||||||||||||
Balance as of the end of the first quarter of fiscal 2015 | $ | 1,140.50 | $ | 94.3 | $ | 802.5 | $ | 22.1 | $ | 2,059.40 | ||||||||||||||
INVENTORIES
INVENTORIES | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
INVENTORIES | INVENTORIES | |||||||
Inventories, net, consisted of the following: | ||||||||
First Quarter of | Fiscal Year End | |||||||
As of | 2015 | 2014 | ||||||
(Dollars in millions) | ||||||||
Raw materials | $ | 98.7 | $ | 116.8 | ||||
Work-in-process | 5.2 | 4.8 | ||||||
Finished goods | 172.1 | 156.5 | ||||||
Total inventories, net | $ | 276 | $ | 278.1 | ||||
Finished goods includes $10.4 million as of the end of the first quarter of fiscal 2015 and $9.4 million as of fiscal year end 2014 for costs that have been deferred in connection with deferred revenue arrangements. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 3 Months Ended | |||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | |||||||||||||||||||
To achieve distribution, marketing, production and technology advantages, the Company manages its operations in the following four segments: | ||||||||||||||||||||
• | Engineering and Construction — Consists of hardware, software and services solutions for a variety of applications including: survey, heavy civil and building construction; infrastructure, geospatial, railway, mining and utilities. | |||||||||||||||||||
• | Field Solutions — Consists of hardware, software and services solutions for applications including agriculture, mapping and geographic information systems (GIS), utilities, and energy distribution. | |||||||||||||||||||
• | Mobile Solutions — Consists of hardware, software and services solutions that enable end-users to monitor and manage their mobile work, mobile workers and mobile assets. | |||||||||||||||||||
• | Advanced Devices — The various operations that comprise this segment are aggregated on the basis that these operations, taken as a whole, do not exceed 10% of the Company’s total revenue, operating income or assets. This segment is comprised of the Embedded Technologies and Timing, Military and Advanced Systems, Applanix, Trimble Outdoors, and ThingMagic businesses. | |||||||||||||||||||
The Company’s Chief Operating Decision Maker (CODM), its Chief Executive Officer, evaluates each of its segment’s performance and allocates resources based on segment operating income before income taxes and some corporate allocations. The Company and each of its segments employ consistent accounting policies. In each of its segments the Company sells many individual products. For this reason it is impracticable to segregate and identify revenue for each of the individual products or group of products. | ||||||||||||||||||||
The following table presents revenue, operating income, depreciation expense and identifiable assets for the four segments. Operating income is revenue less cost of sales and operating expense, excluding general corporate expense, amortization of purchased intangible assets, stock-based compensation, amortization of acquisition-related inventory step-up, acquisition costs and restructuring costs. The identifiable assets that the CODM views by segment are accounts receivable, inventories and goodwill. | ||||||||||||||||||||
Reporting Segments | ||||||||||||||||||||
Engineering | Field | Mobile | Advanced | Total | ||||||||||||||||
and | Solutions | Solutions | Devices | |||||||||||||||||
Construction | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
First Quarter of Fiscal 2015 | ||||||||||||||||||||
Segment revenue | $ | 299.3 | $ | 115.3 | $ | 128.2 | $ | 39.8 | $ | 582.6 | ||||||||||
Operating income | 37 | 40.6 | 20.5 | 15.2 | 113.3 | |||||||||||||||
Depreciation expense | 3.6 | 0.3 | 1.3 | 0.1 | 5.3 | |||||||||||||||
First Quarter of Fiscal 2014 | ||||||||||||||||||||
Segment revenue | $ | 309.3 | $ | 138.2 | $ | 118.6 | $ | 38.6 | $ | 604.7 | ||||||||||
Operating income | 61.1 | 53.7 | 17.3 | 12.2 | 144.3 | |||||||||||||||
Depreciation expense | 3.1 | 0.2 | 1.2 | 0.2 | 4.7 | |||||||||||||||
As of the end of First Quarter of Fiscal 2015 | ||||||||||||||||||||
Accounts receivable | $ | 218.7 | $ | 71.8 | $ | 65.7 | $ | 26.8 | $ | 383 | ||||||||||
Inventories | 192.8 | 44.2 | 15.3 | 23.7 | 276 | |||||||||||||||
Goodwill | 1,140.50 | 94.3 | 802.5 | 22.1 | 2,059.40 | |||||||||||||||
As of Fiscal Year End 2014 | ||||||||||||||||||||
Accounts receivable | $ | 227.7 | $ | 51.6 | $ | 62.9 | $ | 19.8 | $ | 362 | ||||||||||
Inventories | 185.2 | 51 | 26.1 | 15.8 | 278.1 | |||||||||||||||
Goodwill | 1,186.00 | 96 | 796 | 23.2 | 2,101.20 | |||||||||||||||
Historically, the Company allocated stock-based compensation to each segment. Beginning with the first quarter of fiscal 2015, the Company changed its methodology for allocating stock-based compensation to its segments. Stock-based compensation is shown in the aggregate within unallocated corporate expense and not reflected in the segment results, which is consistent with the way the CODM evaluates each of the segment's performance and allocates resources. The Company has adjusted the presentation of segment information for the first quarter of fiscal 2014 to conform to the current year methodology. The following table shows the amount of stock-based compensation that had been previously allocated to the business segments in the first quarter of fiscal 2014 and the impact to those segments' Operating income. | ||||||||||||||||||||
Reporting Segments | ||||||||||||||||||||
Engineering | Field | Mobile | Advanced | Total | ||||||||||||||||
and | Solutions | Solutions | Devices | |||||||||||||||||
Construction | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Operating income | $ | 61.1 | $ | 53.7 | $ | 17.3 | $ | 12.2 | $ | 144.3 | ||||||||||
Previously allocated stock-based compensation | (3.6 | ) | (0.8 | ) | (1.1 | ) | (0.5 | ) | (6.0 | ) | ||||||||||
Previously reported operating income | $ | 57.5 | $ | 52.9 | $ | 16.2 | $ | 11.7 | $ | 138.3 | ||||||||||
A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows: | ||||||||||||||||||||
First Quarter of | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Consolidated segment operating income | $ | 113.3 | $ | 144.3 | ||||||||||||||||
Unallocated corporate expense | (30.3 | ) | (26.6 | ) | ||||||||||||||||
Amortization of purchased intangible assets | (40.7 | ) | (40.6 | ) | ||||||||||||||||
Acquisition costs | (2.8 | ) | (1.4 | ) | ||||||||||||||||
Consolidated operating income | 39.5 | 75.7 | ||||||||||||||||||
Non-operating income, net | 4.7 | 12.8 | ||||||||||||||||||
Consolidated income before taxes | $ | 44.2 | $ | 88.5 | ||||||||||||||||
DEBT_COMMITMENTS_AND_CONTINGEN
DEBT, COMMITMENTS AND CONTINGENCIES | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
DEBT, COMMITMENTS AND CONTINGENCIES | DEBT, COMMITMENTS AND CONTINGENCIES | |||||||
Debt consisted of the following: | ||||||||
First Quarter of | Fiscal Year End | |||||||
As of | 2015 | 2014 | ||||||
(Dollars in millions) | ||||||||
Notes | $ | 400 | $ | 400 | ||||
Unamortized discount on Notes | (3.0 | ) | (3.2 | ) | ||||
Credit Facilities: | ||||||||
2014 Credit facility | 133 | 277 | ||||||
Uncommitted facilities | 133 | 57 | ||||||
Promissory notes and other debt | 0.4 | 7.6 | ||||||
Total debt | 663.4 | 738.4 | ||||||
Less current portion of long-term debt | 133.1 | 64.4 | ||||||
Non-current portion | $ | 530.3 | $ | 674 | ||||
Notes | ||||||||
On October 30, 2014, the Company filed a shelf registration statement with the Securities and Exchange Commission (“SEC”) for the issuance of senior debt securities. On November 24, 2014, the Company issued $400.0 million of Senior Notes (“Notes”) under the shelf registration statement. Net proceeds from the offering were $396.9 million after deducting the 0.795% discount on the public offering price. The Company recognized $3.0 million of debt issuance costs associated with the issuance of the Notes, including an underwriting discount of $2.6 million. The discount and debt issuance costs are being amortized to interest expense using the effective interest rate method over the term of the Notes. The Notes mature on December 1, 2024 and accrue interest at a rate of 4.75% per annum, payable semiannually in arrears in cash on December 1 and June 1 of each year, beginning on June 1, 2015. The Notes are classified as long-term in the Condensed Consolidated Balance Sheet. | ||||||||
Prior to September 1, 2024, Trimble may redeem the Notes at its option at any time, in whole or in part, at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of interest and principal, calculated on a semiannual basis using a discount rate equal to the U.S. Treasury rate plus 40 basis points. After September 1, 2024, Trimble may redeem the Notes at its option at any time, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon. In addition, in the event of a change of control, as defined in the prospectus filed with the SEC, each holder of the Notes will have the right to require Trimble to purchase for cash all or a portion of such holder’s Notes at a purchase price equal to 101% of the principal amount of the Notes, plus any accrued and unpaid interest. | ||||||||
In connection with the closing of the Notes offering, Trimble entered into an Indenture with U.S. Bank National Association, as trustee. The Indenture contains covenants limiting Trimble’s ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer or lease all or substantially all of Trimble’s properties and assets to, another person, each subject to certain exceptions. The Notes contain no financial covenants. | ||||||||
Credit Facilities | ||||||||
2014 Credit Facility | ||||||||
On November 24, 2014, the Company entered into a new five-year credit agreement with a group of lenders (the “2014 Credit Facility”). The 2014 Credit Facility provides for an unsecured revolving loan facility of $1.0 billion and a letter of credit sub-facility of up to $50.0 million. Subject to the terms of the 2014 Credit Facility, the revolving loan facility may be increased and/or term loan facilities may be established in an amount up to $500.0 million. The outstanding balance of $133.0 million is classified as long-term in the Condensed Consolidated Balance Sheet. | ||||||||
The 2014 Credit Facility replaced the Company's previous 2012 Credit Facility comprised of a five-year revolving loan facility of $700.0 million and a five-year $700.0 million term loan facility. Upon entering into the 2014 Credit Facility, the Company recognized $1.6 million of debt issuance costs associated with the 2014 Credit Facility. The remaining unamortized debt issuance costs associated with the 2012 Credit Facility and the new debt issuance costs associated with the 2014 Credit Facility are being amortized to interest expense using the effective interest rate method over the term of the 2014 Credit Facility. | ||||||||
The funds available under the 2014 Credit Facility may be used for working capital and general corporate purposes including the financing of certain acquisitions and the payment of transaction fees and expenses related to such acquisitions. Under the 2014 Credit Facility, the Company may borrow, repay and reborrow funds under the revolving loan facility until its maturity on November 24, 2019, at which time the revolving facility will terminate, and all outstanding loans, together with all accrued and unpaid interest, must be repaid. Amounts not borrowed under the revolving facility will be subject to a commitment fee, to be paid in arrears on the last day of each fiscal quarter, ranging from 0.10% to 0.30% per annum depending on either the Company's credit rating at such time or the Company's leverage ratio as of the most recently ended fiscal quarter, whichever results in more favorable pricing to the Company. | ||||||||
The Company may borrow funds under the 2014 Credit Facility in U.S. Dollars, Euros or in certain other agreed currencies, and borrowings will bear interest, at the Company’s option, at either: (i) a floating per annum base rate determined by reference to the highest of: (a) the administrative agent’s prime rate; (b) 0.50% per annum above the federal funds effective rate; and (c) reserve-adjusted LIBOR for an interest period of one month plus 1.00%, plus a margin of between 0.00% and 0.75%, or (ii) a reserve-adjusted fixed per annum rate based on LIBOR or EURIBOR, depending on the currency borrowed, plus a margin of between 1.00% and 1.75%. The applicable margin in each case is determined based on either Trimble’s credit rating at such time or Trimble’s leverage ratio as of its most recently ended fiscal quarter, whichever results in more favorable pricing to Trimble. Interest is payable on the last day of each fiscal quarter with respect to borrowings bearing interest at the base rate, or on the last day of an interest period, but at least every three months, with respect to borrowings bearing interest at LIBOR or EURIBOR rate. | ||||||||
The 2014 Credit Facility contains various customary representations and warranties by the Company, which include customary use of materiality, material adverse effect and knowledge qualifiers. The 2014 Credit Facility also contains customary affirmative and negative covenants including, among other requirements, negative covenants that restrict the Company's ability to create liens and enter into sale and leaseback transactions, and that restrict its subsidiaries’ ability to incur indebtedness. Further, the 2014 Credit Facility contains financial covenants that require the maintenance of minimum interest coverage and maximum leverage ratios. Specifically, the Company must maintain as of the end of each fiscal quarter a ratio of (a) EBITDA (as defined in the 2014 Credit Facility) to (b) interest expense for the most recently ended period of four fiscal quarters of not less than 3.50 to 1.00. The Company must also maintain, at the end of each fiscal quarter, a ratio of (x) total indebtedness (as defined in the 2014 Credit Facility) to (y) EBITDA (as defined in the 2014 Credit Facility) for the most recently ended period of four fiscal quarters of not greater than 3.00 to 1.00; provided, that on the completion of a material acquisition, the Company may increase the ratio by 0.50 for the fiscal quarter during which such acquisition occurred and each of the three subsequent fiscal quarters. The Company was in compliance with these covenants at the end of the first quarter of fiscal 2015. | ||||||||
The 2014 Credit Facility contains events of default that include, among others, non-payment of principal, interest or fees, breach of covenants, inaccuracy of representations and warranties, cross defaults to certain other indebtedness, bankruptcy and insolvency events, material judgments and events constituting a change of control. Upon the occurrence and during the continuance of an event of default, interest on the obligations will accrue at an increased rate and the lenders may accelerate the Company's obligations under the 2014 Credit Facility, except that acceleration will be automatic in the case of bankruptcy and insolvency events of default. | ||||||||
The interest rate on the non-current debt outstanding under the credit facilities was 1.43% and 1.42% at the end of the first quarter of fiscal 2015 and fiscal year end 2014, respectively. | ||||||||
Uncommitted Facilities | ||||||||
The Company also has two $75 million revolving credit facilities which are uncommitted (the "Uncommitted Facilities"). The Uncommitted Facilities may be called by the lenders at any time, have no covenants and no specified expiration date. The interest rate on the Uncommitted Facilities is 1.00% plus either LIBOR or the bank’s cost of funds or as otherwise agreed upon by the bank and the Company. The $133.0 million outstanding at the end of the first quarter of fiscal 2015 and the $57.0 million outstanding at the end of fiscal 2014 under the Uncommitted Facilities are classified as short-term in the Condensed Consolidated Balance Sheet. The weighted average interest rate on the Uncommitted Facilities was 1.12% at the end of the first quarter of fiscal 2015 and 1.15% at the end of fiscal 2014. | ||||||||
Promissory Notes and Other Debt | ||||||||
At the end of the first quarter of fiscal 2015 and the end of fiscal 2014, the Company had promissory notes and other notes payable totaling approximately $0.4 million and $7.6 million, respectively, of which less than $0.4 million for both periods was classified as long-term in the Consolidated Balance Sheet. | ||||||||
Debt Maturities | ||||||||
At the end of the first quarter of fiscal 2015, the Company's debt maturities based on outstanding principal were as follows (dollars in millions): | ||||||||
Year Payable | ||||||||
2015 (Remaining) | $ | 133.1 | ||||||
2016 | — | |||||||
2017 | 0.1 | |||||||
2018 | — | |||||||
2019 | 133 | |||||||
Thereafter | 400.2 | |||||||
Total | $ | 666.4 | ||||||
Leases and Other Commitments | ||||||||
The estimated future minimum operating lease commitments as of the end of the first quarter of fiscal 2015 are as follows (dollars in millions): | ||||||||
2015 (Remaining) | $ | 26.5 | ||||||
2016 | 25.2 | |||||||
2017 | 19.8 | |||||||
2018 | 14.8 | |||||||
2019 | 12.8 | |||||||
Thereafter | 34.7 | |||||||
Total | $ | 133.8 | ||||||
As of the end of the first quarter of fiscal 2015, the Company had unconditional purchase obligations of approximately $124.7 million. These unconditional purchase obligations primarily represent open non-cancelable purchase orders for material purchases with the Company’s vendors. Purchase obligations exclude agreements that are cancelable without penalty. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | |||||||||||||||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||
The Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Where available, fair value is based on observable market prices or parameters. Where observable prices or inputs are not available, valuation models are applied. Hierarchical levels, defined by the guidance on fair value measurements are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, and are as follows: | ||||||||||||||||||||||||||||||||
Level I—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | ||||||||||||||||||||||||||||||||
Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||||||||||||||||||||||||||
Level III—Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | ||||||||||||||||||||||||||||||||
Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations. | ||||||||||||||||||||||||||||||||
Fair Values as of the end of the First Quarter of Fiscal 2015 | Fair Values as of Fiscal Year End 2014 | |||||||||||||||||||||||||||||||
(Dollars in millions) | Level I | Level II | Level III | Total | Level I | Level II | Level III | Total | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Deferred compensation plan assets (1) | $ | 20.7 | $ | — | $ | — | $ | 20.7 | $ | 19.2 | $ | — | $ | — | $ | 19.2 | ||||||||||||||||
Derivative assets (2) | — | 1.8 | — | 1.8 | — | 2.9 | — | 2.9 | ||||||||||||||||||||||||
Contingent consideration assets (3) | — | — | 8.3 | 8.3 | — | — | 8.3 | 8.3 | ||||||||||||||||||||||||
Total | $ | 20.7 | $ | 1.8 | $ | 8.3 | $ | 30.8 | $ | 19.2 | $ | 2.9 | $ | 8.3 | $ | 30.4 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Deferred compensation plan liabilities (1) | $ | 20.7 | $ | — | $ | — | $ | 20.7 | $ | 19.2 | $ | — | $ | — | $ | 19.2 | ||||||||||||||||
Derivative liabilities (2) | — | 1 | — | 1 | — | 1.4 | — | 1.4 | ||||||||||||||||||||||||
Contingent consideration liabilities (4) | — | — | 2.3 | 2.3 | — | — | 3.7 | 3.7 | ||||||||||||||||||||||||
Total | $ | 20.7 | $ | 1 | $ | 2.3 | $ | 24 | $ | 19.2 | $ | 1.4 | $ | 3.7 | $ | 24.3 | ||||||||||||||||
-1 | The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
-2 | Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
-3 | Contingent consideration assets represents arrangements for buyers to pay the Company for certain businesses that it has divested. The fair value is determined based on the Company's expectations of future receipts. The minimum amount to be received under these arrangements is $4.2 million. Contingent consideration assets are included in Other receivables and Other non-current assets on the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
-4 | Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that Trimble acquired. The undiscounted maximum payment under the arrangements is $10.5 million at the end of the first quarter of fiscal 2015, based on estimated future revenues or other milestones based on quantities sold. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
Additional Fair Value Information | ||||||||||||||||||||||||||||||||
The following table provides additional fair value information relating to the Company’s financial instruments outstanding: | ||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||||||
As of | First Quarter of Fiscal 2015 | Fiscal Year End 2014 | ||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 145.7 | $ | 145.7 | $ | 148 | $ | 148 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Notes | $ | 400 | $ | 422.6 | $ | 400 | $ | 396.9 | ||||||||||||||||||||||||
Credit facilities | 133 | 133 | 277 | 277 | ||||||||||||||||||||||||||||
Uncommitted facilities | 133 | 133 | 57 | 57 | ||||||||||||||||||||||||||||
Promissory notes and other debt | 0.4 | 0.4 | 7.6 | 7.6 | ||||||||||||||||||||||||||||
The fair value of cash and cash equivalents is based on quoted prices in active markets for identical assets or liabilities, and is categorized as Level I in the fair value hierarchy. The fair value of the Notes was determined based on observable market prices in less active markets and is categorized accordingly as Level II in the fair value hierarchy. The fair value of the bank borrowings and promissory notes has been calculated using an estimate of the interest rate the Company would have had to pay on the issuance of notes with a similar maturity and discounting the cash flows at that rate, and is categorized as Level II in the fair value hierarchy. The fair values do not give an indication of the amount that the Company would currently have to pay to extinguish any of this debt. |
PRODUCT_WARRANTIES
PRODUCT WARRANTIES | 3 Months Ended | |||
Apr. 03, 2015 | ||||
PRODUCT WARRANTIES | PRODUCT WARRANTIES | |||
The Company accrues for warranty costs as part of its cost of sales based on associated material product costs, technical support, labor costs, and costs incurred by third parties performing work on the Company’s behalf. The Company’s expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. The products sold are generally covered by a warranty for periods ranging from 90 days to 5.5 years. | ||||
While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, its warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage, or service delivery costs differ from the estimates, revisions to the estimated warranty accrual and related costs may be required. | ||||
Changes in the Company’s product warranty liability during the first quarter of fiscal 2015 are as follows: | ||||
(Dollars in millions) | ||||
Balance as of fiscal year end 2014 | $ | 20.6 | ||
Acquired warranties | 0.1 | |||
Accruals for warranties issued | 3 | |||
Changes in estimates | 1.2 | |||
Warranty settlements (in cash or in kind) | (5.9 | ) | ||
Balance as of the end of the first quarter of fiscal 2015 | $ | 19 | ||
INCOME_PER_SHARE
INCOME PER SHARE | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
INCOME PER SHARE | INCOME PER SHARE | |||||||
Basic income per share is computed by dividing Net income attributable to Trimble Navigation Ltd. by the weighted-average number of shares of common stock outstanding during the period. Diluted income per share is computed by dividing Net income attributable to Trimble Navigation Ltd. by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan and unvested restricted stock units. The dilutive effect of potentially dilutive securities is reflected in diluted income per share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. | ||||||||
The following table shows the computation of basic and diluted income per share: | ||||||||
First Quarter of | ||||||||
2015 | 2014 | |||||||
(In millions, except per share amounts) | ||||||||
Numerator: | ||||||||
Net income attributable to Trimble Navigation Ltd. | $ | 34.1 | $ | 68.6 | ||||
Denominator: | ||||||||
Weighted average number of common shares used in basic income per share | 259.4 | 259.8 | ||||||
Effect of dilutive securities | 3 | 5 | ||||||
Weighted average number of common shares and dilutive potential common shares used in diluted income per share | 262.4 | 264.8 | ||||||
Basic income per share | $ | 0.13 | $ | 0.26 | ||||
Diluted income per share | $ | 0.13 | $ | 0.26 | ||||
For the first quarter of fiscal 2015 and 2014, the Company excluded 5.0 million and 0.1 million shares of outstanding stock options, respectively, from the calculation of diluted income per share because their effect would have been antidilutive. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Apr. 03, 2015 | |
INCOME TAXES | INCOME TAXES |
In the first quarter of fiscal 2015, the Company’s effective income tax rate was 23%, consistent with the first quarter of fiscal 2014. Although the effective tax rate was the same for both years, the first quarter of fiscal 2015 had a higher geographic mix of pre-tax income in the U.S., partially offset by a tax benefit from the release of unrecognized tax benefits resulting from the closing of a foreign tax audit. The first quarter of fiscal 2014 had a lower geographic mix of pre-tax income in the U.S. and the tax effect of a gain on a partial equity sale of VSS. | |
Historically, the Company's effective tax rate has been lower than the U.S. federal statutory rate of 35% primarily due to favorable tax rates associated with certain earnings from operations in lower-tax jurisdictions. The Company has not provided U.S. taxes for all of such earnings due to the indefinite reinvestment of some of those earnings outside the U.S. | |
The Company and its subsidiaries are subject to U.S. federal and state, and foreign income tax. The Company is currently in different stages of multiple year examinations by the Internal Revenue Service(“IRS”) as well as various state and foreign taxing authorities. | |
In the first quarter of 2015, the Company received a Notice of Proposed Adjustment from the IRS for the fiscal years ended 2010 and 2011. The proposed adjustments primarily relate to the valuations of intercompany transfers of acquired intellectual property. The assessments of tax, interest and penalties for the years in question total $67.0 million. The Company does not agree with the IRS position and has filed a protest with the IRS Appeals Office in April 2015. No payments have been made on the assessment and the Company intends to vigorously contest the IRS position. | |
Based on the information currently available, the Company does not anticipate a significant increase or decrease to its unrecognized tax benefits within the next twelve months. The unrecognized tax benefits of $43.7 million and $45.6 million as of the end of the first quarter of fiscal 2015 and fiscal year end 2014, respectively, if recognized, would favorably affect the effective income tax rate in future periods. Unrecognized tax benefits are recorded in Other non-current liabilities and in the deferred tax accounts in the accompanying Condensed Consolidated Balance Sheets. | |
The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company's unrecognized tax benefit liabilities include interest and penalties as of the end of the first quarter of fiscal 2015 and fiscal year end 2014, of $5.2 million and $4.7 million, respectively, which were recorded in Other non-current liabilities in the accompanying Condensed Consolidated Balance Sheets. |
LITIGATION
LITIGATION | 3 Months Ended |
Apr. 03, 2015 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
LITIGATION | LITIGATION |
On August 9, 2013, Harbinger Capital Partners, LLC and additional plaintiffs (the "Harbinger Plaintiffs") filed a lawsuit against Deere & Co., Garmin International, Inc., the Company and two other defendants in the U.S. District Court in Manhattan in connection with the Harbinger Plaintiffs’ investment in LightSquared. The Harbinger Plaintiffs allege, among other things, fraud and negligent misrepresentation, claiming that the defendants were aware of material facts that caused the Federal Communications Commission to take adverse action against LightSquared and affirmatively misrepresented and failed to disclose those facts prior to the Harbinger Plaintiffs’ investment in LightSquared. The Harbinger Plaintiffs seek $1.9 billion in damages from the defendants. On November 1, 2013, debtor LightSquared, Inc. and two related parties (“LightSquared Plaintiffs”) filed suit against the same defendants in the U.S. Bankruptcy Court in Manhattan. The LightSquared Plaintiffs assert claims similar to those made by the Harbinger Plaintiffs, as well as additional claims, including breach of contract and tortious interference, and allege that LightSquared invested billions of dollars in reliance on the promises and representations of defendants. On January 31, 2014, the U.S. District Court granted defendants’ motion to withdraw the LightSquared action from the U.S. Bankruptcy Court so it will proceed together with the Harbinger action before the U.S. District Court. Although an unfavorable outcome of these litigation matters may have a material adverse effect on the Company's operating results, liquidity, or financial position, the Company believes the claims in these lawsuits are without merit and intends to vigorously contest these lawsuits. | |
On March 12, 2015, Rachel Thompson filed a putative class action complaint in California Superior Court against the Company, the members of its Board of Directors, and JP Morgan Chase Bank. The suit alleges that the Company’s Board of Directors breached their fiduciary obligations to the Company’s shareholders by entering into a credit agreement with JP Morgan Chase Bank that contains certain change of control provisions that plaintiff contends are disadvantageous to shareholders. The complaint seeks declaratory relief, injunctive relief and costs of the action, including attorney's fees, but does not seek monetary damages. The Company intends to vigorously contest these claims. | |
From time to time, the Company is also involved in litigation arising out of the ordinary course of our business. There are no other material legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party or of which any of the Company's or its subsidiaries' property is subject. |
UPDATES_TO_SIGNIFICANT_ACCOUNT1
UPDATES TO SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies (Policies) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Revenue Recognition, Policy | The Company has presented revenue and cost of sales separately for products, service and subscriptions. Product revenue includes primarily hardware, software licenses, parts and accessories; service revenue includes primarily hardware and software maintenance and support, training and professional services; subscription revenue includes software as a service (SaaS). | |||||||
Reclassification, Policy | Beginning with the first quarter of fiscal 2015, the Company changed its methodology for allocating stock-based compensation to its segments. Stock-based compensation is shown in the aggregate within unallocated corporate expense and is not reflected in the segment results, which is consistent with the way the Chief Operating Decision Maker (CODM) evaluates each of the segment's performance and allocates resources. The Company has adjusted the presentation of previously reported segment information to conform to the current year methodology within Note 7. | |||||||
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements | |||||||
In May 2014, the FASB issued a comprehensive new revenue recognition standard that will amend the current revenue recognition guidance under U.S. GAAP. As currently issued, the new standard is effective beginning in the first quarter of fiscal 2017. In April 2015, the FASB agreed to propose a one-year deferral of the effective date for all entities, which would change the effectiveness for the Company to the beginning of fiscal 2018, with early adoption permitted. Entities have the option of using either a full retrospective or modified retrospective approach for the adoption of the standard. The Company is currently evaluating the effect of the updated standard on its consolidated financial statements and related disclosures. | ||||||||
In February 2015, the FASB issued amendments to the consolidation guidance. The amendments under the new guidance modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and eliminate the presumption that a general partner should consolidate a limited partnership. The standard is effective for the Company in fiscal 2016, although early adoption is permitted. The Company does not anticipate a material impact on its consolidated financial statements as a result of the amendments. | ||||||||
In April 2015, the FASB issued amendments to the guidance for debt issuance costs that will require debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability instead of being recorded as an asset. Amortization of the costs will continue to be reported as interest expense. The amendments are effective for the Company beginning in fiscal 2016. However, early adoption is permitted and the Company plans to adopt this standard in the fourth quarter of fiscal 2015. The new guidance will be applied retrospectively to each prior period presented. The Company does not anticipate a material impact on its consolidated financial statements as a result of this change. | ||||||||
Share-based Compensation Policy | Stock-Based Compensation Expense | |||||||
The Company accounts for its employee stock options, restricted stock units and employee stock purchase plan (ESPP) under the fair value method, which requires stock-based compensation to be estimated using the fair value on the date of grant using an option-pricing model. The value of the portion of the award that is expected to vest is recognized as expense over the related employees’ requisite service periods in the Company’s Condensed Consolidated Statements of Income. | ||||||||
The following table summarizes stock-based compensation expense related to employee stock-based compensation (for all plans) included in the unaudited Condensed Consolidated Statements of Income for the first quarter of fiscal 2015 and 2014. | ||||||||
First Quarter of | ||||||||
2015 | 2014 | |||||||
(Dollars in millions) | ||||||||
Cost of sales | $ | 0.9 | $ | 0.7 | ||||
Research and development | 2.2 | 1.5 | ||||||
Sales and marketing | 2.3 | 1.9 | ||||||
General and administrative | 7.1 | 6 | ||||||
Total operating expenses | 11.6 | 9.4 | ||||||
Total stock-based compensation expense | $ | 12.5 | $ | 10.1 | ||||
Fair Value of Trimble Options | ||||||||
Stock option expense recognized in the unaudited Condensed Consolidated Statements of Income is based on the fair value of the portion of share-based payment awards that is expected to vest during the period and is net of estimated forfeitures. The Company’s compensation expense for stock options is recognized on a straight-line basis over the vesting period, typically four to five years. The fair values for stock options are estimated on the date of grant using the binomial valuation model. The binomial model takes into account variables such as volatility, dividend yield rate and risk free interest rate. In addition, the binomial model incorporates actual option-pricing behavior and changes in volatility over the option’s contractual term. For options granted during the first quarter of fiscal 2015 and 2014, the following weighted average assumptions were used: | ||||||||
First Quarter of | ||||||||
2015 | 2014 | |||||||
Expected dividend yield | — | — | ||||||
Expected stock price volatility | 35.50% | 35.40% | ||||||
Risk free interest rate | 1.30% | 0.90% | ||||||
Expected life of options | 4.0 years | 3.8 years | ||||||
Expected Dividend Yield – The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. | ||||||||
Expected Stock Price Volatility – The Company’s computation of expected volatility is based on a combination of implied volatilities from traded options on the Company’s stock and historical volatility, commensurate with the expected life of the stock options. | ||||||||
Expected Risk Free Interest Rate – The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the stock options. | ||||||||
Expected Life Of Options – The Company’s expected life represents the period that the Company’s stock options are expected to be outstanding and is determined based on historical experience of similar stock options with consideration to the contractual terms of the stock options, vesting schedules and expectations of future employee behavior. | ||||||||
Fair Value of Restricted Stock Units | ||||||||
Restricted stock units are converted into shares of Trimble common stock upon vesting on a one-for-one basis. Vesting of restricted stock units is subject to the employee’s continuing service to the Company. The compensation expense related to these awards is determined using the fair value of Trimble’s common stock on the date of grant, and the expense is recognized on a straight-line basis over the vesting period. Restricted stock units typically vest at the end of three years. | ||||||||
Fair Value of Employee Stock Purchase Plan | ||||||||
Under the Employee Stock Purchase Plan, rights to purchase shares are generally granted during the second and fourth quarter of each year. The fair value of rights granted under the Employee Stock Purchase Plan is estimated at the date of grant using the Black-Scholes option-pricing model. | ||||||||
Business Combinations Policy | The Company determined the total consideration paid for each of its acquisitions as well as the fair value of the assets acquired and liabilities assumed as of the date of acquisition. For certain acquisitions completed in the last three quarters of fiscal 2014 and the first quarter of fiscal 2015, the fair value of the assets acquired and liabilities assumed are preliminary and may be adjusted as the Company obtains additional information, primarily related to adjustments for the true up of acquired net working capital in accordance with certain purchase agreements, and estimated values of certain net tangible assets and liabilities including tax balances, pending the completion of final studies and analyses. If there are adjustments made for these items, the fair value of intangible assets and goodwill could be impacted. Thus the provisional measurements of fair value are subject to change. Such changes could be significant. The Company expects to finalize the valuation of the net tangible and intangible assets as soon as practicable, but not later than one-year from the acquisition date. | |||||||
The fair value of identifiable assets acquired and liabilities assumed were determined under the acquisition method of accounting for business combinations. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis. Acquisition costs directly related to the acquisitions of $2.8 million and $1.4 million for the first quarter of fiscal 2015 and 2014, respectively, were expensed as incurred and were included in General and administrative expense in the Condensed Consolidated Statements of Income. | ||||||||
Derivatives Asset and Liabilities Policy | Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Condensed Consolidated Balance Sheets. | |||||||
Product Warranties Policy | The Company accrues for warranty costs as part of its cost of sales based on associated material product costs, technical support, labor costs, and costs incurred by third parties performing work on the Company’s behalf. The Company’s expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. The products sold are generally covered by a warranty for periods ranging from 90 days to 5.5 years. | |||||||
While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, its warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage, or service delivery costs differ from the estimates, revisions to the estimated warranty accrual and related costs may be required. | ||||||||
The Company accrues for warranty costs as part of its cost of sales based on associated material product costs, technical support, labor costs, and costs incurred by third parties performing work on the Company’s behalf. The Company’s expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. The products sold are generally covered by a warranty for periods ranging from 90 days to 5.5 years. | ||||||||
While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, its warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage, or service delivery costs differ from the estimates, revisions to the estimated warranty accrual and related costs may be required. | ||||||||
Income Per Share, Policy | Basic income per share is computed by dividing Net income attributable to Trimble Navigation Ltd. by the weighted-average number of shares of common stock outstanding during the period. Diluted income per share is computed by dividing Net income attributable to Trimble Navigation Ltd. by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan and unvested restricted stock units. The dilutive effect of potentially dilutive securities is reflected in diluted income per share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. | |||||||
Income Tax, Policy | The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company's unrecognized tax benefit liabilities include interest and penalties as of the end of the first quarter of fiscal 2015 and fiscal year end 2014, of $5.2 million and $4.7 million, respectively, which were recorded in Other non-current liabilities in the accompanying Condensed Consolidated Balance Sheets. |
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Summary Of Stock-Based Compensation Expense, Net Of Tax | The following table summarizes stock-based compensation expense related to employee stock-based compensation (for all plans) included in the unaudited Condensed Consolidated Statements of Income for the first quarter of fiscal 2015 and 2014. | |||||||
First Quarter of | ||||||||
2015 | 2014 | |||||||
(Dollars in millions) | ||||||||
Cost of sales | $ | 0.9 | $ | 0.7 | ||||
Research and development | 2.2 | 1.5 | ||||||
Sales and marketing | 2.3 | 1.9 | ||||||
General and administrative | 7.1 | 6 | ||||||
Total operating expenses | 11.6 | 9.4 | ||||||
Total stock-based compensation expense | $ | 12.5 | $ | 10.1 | ||||
Schedule Of Weighted Average Assumptions Used In Stock Options Granted | For options granted during the first quarter of fiscal 2015 and 2014, the following weighted average assumptions were used: | |||||||
First Quarter of | ||||||||
2015 | 2014 | |||||||
Expected dividend yield | — | — | ||||||
Expected stock price volatility | 35.50% | 35.40% | ||||||
Risk free interest rate | 1.30% | 0.90% | ||||||
Expected life of options | 4.0 years | 3.8 years |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||||||||||||||
Schedule Of Intangible Assets | Intangible Assets consisted of the following: | |||||||||||||||||||||||
As of | First Quarter of Fiscal 2015 | Fiscal Year End 2014 | ||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||
Carrying | Accumulated | Net Carrying | Carrying | Accumulated | Net Carrying | |||||||||||||||||||
(Dollars in millions) | Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||
Developed product technology | $ | 758.1 | $ | (459.8 | ) | $ | 298.3 | $ | 770.4 | $ | (445.4 | ) | $ | 325 | ||||||||||
Trade names and trademarks | 50.5 | (35.0 | ) | 15.5 | 51.2 | (33.9 | ) | 17.3 | ||||||||||||||||
Customer relationships | 435.5 | (225.6 | ) | 209.9 | 455 | (226.8 | ) | 228.2 | ||||||||||||||||
Distribution rights and other intellectual properties | 77.8 | (55.3 | ) | 22.5 | 78.5 | (54.5 | ) | 24 | ||||||||||||||||
$ | 1,321.90 | $ | (775.7 | ) | $ | 546.2 | $ | 1,355.10 | $ | (760.6 | ) | $ | 594.5 | |||||||||||
Schedule Of Estimated Future Amortization Expense | The estimated future amortization expense of purchased intangible assets as of the end of the first quarter of fiscal 2015 was as follows: | |||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
2015 (Remaining) | $ | 118 | ||||||||||||||||||||||
2016 | 140.5 | |||||||||||||||||||||||
2017 | 117.5 | |||||||||||||||||||||||
2018 | 89 | |||||||||||||||||||||||
2019 | 47.8 | |||||||||||||||||||||||
Thereafter | 33.4 | |||||||||||||||||||||||
Total | $ | 546.2 | ||||||||||||||||||||||
Changes In Carrying Amount Of Goodwill By Operating Segment | The changes in the carrying amount of goodwill by segment for the first quarter of fiscal 2015 were as follows: | |||||||||||||||||||||||
Engineering | Field | Mobile | Advanced | Total | ||||||||||||||||||||
and | Solutions | Solutions | Devices | |||||||||||||||||||||
Construction | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Balance as of fiscal year end 2014 | $ | 1,186.00 | $ | 96 | $ | 796 | $ | 23.2 | $ | 2,101.20 | ||||||||||||||
Additions due to acquisitions | 11.8 | — | 10.1 | — | 21.9 | |||||||||||||||||||
Purchase price adjustments | (0.1 | ) | 1.6 | — | — | 1.5 | ||||||||||||||||||
Foreign currency translation adjustments | (44.2 | ) | (3.3 | ) | (3.6 | ) | (1.1 | ) | (52.2 | ) | ||||||||||||||
Divestiture | (13.0 | ) | — | — | — | (13.0 | ) | |||||||||||||||||
Balance as of the end of the first quarter of fiscal 2015 | $ | 1,140.50 | $ | 94.3 | $ | 802.5 | $ | 22.1 | $ | 2,059.40 | ||||||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions | The following table summarizes the Company’s business combinations completed during the first quarter of fiscal 2015. | |||||||||||||||||||||||
First Quarter of | ||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Fair value of total purchase consideration | $ | 37.8 | ||||||||||||||||||||||
Fair value of net liabilities acquired | 1.3 | |||||||||||||||||||||||
Identified intangible assets | 17.8 | |||||||||||||||||||||||
Deferred taxes | (3.2 | ) | ||||||||||||||||||||||
Goodwill | $ | 21.9 | ||||||||||||||||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Components Of Net Inventories | Inventories, net, consisted of the following: | |||||||
First Quarter of | Fiscal Year End | |||||||
As of | 2015 | 2014 | ||||||
(Dollars in millions) | ||||||||
Raw materials | $ | 98.7 | $ | 116.8 | ||||
Work-in-process | 5.2 | 4.8 | ||||||
Finished goods | 172.1 | 156.5 | ||||||
Total inventories, net | $ | 276 | $ | 278.1 | ||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | |||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||
Schedule Of Revenue, Operating Income And Identifiable Assets By Segment | The following table presents revenue, operating income, depreciation expense and identifiable assets for the four segments. Operating income is revenue less cost of sales and operating expense, excluding general corporate expense, amortization of purchased intangible assets, stock-based compensation, amortization of acquisition-related inventory step-up, acquisition costs and restructuring costs. The identifiable assets that the CODM views by segment are accounts receivable, inventories and goodwill. | |||||||||||||||||||
Reporting Segments | ||||||||||||||||||||
Engineering | Field | Mobile | Advanced | Total | ||||||||||||||||
and | Solutions | Solutions | Devices | |||||||||||||||||
Construction | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
First Quarter of Fiscal 2015 | ||||||||||||||||||||
Segment revenue | $ | 299.3 | $ | 115.3 | $ | 128.2 | $ | 39.8 | $ | 582.6 | ||||||||||
Operating income | 37 | 40.6 | 20.5 | 15.2 | 113.3 | |||||||||||||||
Depreciation expense | 3.6 | 0.3 | 1.3 | 0.1 | 5.3 | |||||||||||||||
First Quarter of Fiscal 2014 | ||||||||||||||||||||
Segment revenue | $ | 309.3 | $ | 138.2 | $ | 118.6 | $ | 38.6 | $ | 604.7 | ||||||||||
Operating income | 61.1 | 53.7 | 17.3 | 12.2 | 144.3 | |||||||||||||||
Depreciation expense | 3.1 | 0.2 | 1.2 | 0.2 | 4.7 | |||||||||||||||
As of the end of First Quarter of Fiscal 2015 | ||||||||||||||||||||
Accounts receivable | $ | 218.7 | $ | 71.8 | $ | 65.7 | $ | 26.8 | $ | 383 | ||||||||||
Inventories | 192.8 | 44.2 | 15.3 | 23.7 | 276 | |||||||||||||||
Goodwill | 1,140.50 | 94.3 | 802.5 | 22.1 | 2,059.40 | |||||||||||||||
As of Fiscal Year End 2014 | ||||||||||||||||||||
Accounts receivable | $ | 227.7 | $ | 51.6 | $ | 62.9 | $ | 19.8 | $ | 362 | ||||||||||
Inventories | 185.2 | 51 | 26.1 | 15.8 | 278.1 | |||||||||||||||
Goodwill | 1,186.00 | 96 | 796 | 23.2 | 2,101.20 | |||||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated Income Before Income Taxes | ||||||||||||||||||||
Reporting Segments | ||||||||||||||||||||
Engineering | Field | Mobile | Advanced | Total | ||||||||||||||||
and | Solutions | Solutions | Devices | |||||||||||||||||
Construction | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Operating income | $ | 61.1 | $ | 53.7 | $ | 17.3 | $ | 12.2 | $ | 144.3 | ||||||||||
Previously allocated stock-based compensation | (3.6 | ) | (0.8 | ) | (1.1 | ) | (0.5 | ) | (6.0 | ) | ||||||||||
Previously reported operating income | $ | 57.5 | $ | 52.9 | $ | 16.2 | $ | 11.7 | $ | 138.3 | ||||||||||
Reconciliation Of The Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes | A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows: | |||||||||||||||||||
First Quarter of | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Consolidated segment operating income | $ | 113.3 | $ | 144.3 | ||||||||||||||||
Unallocated corporate expense | (30.3 | ) | (26.6 | ) | ||||||||||||||||
Amortization of purchased intangible assets | (40.7 | ) | (40.6 | ) | ||||||||||||||||
Acquisition costs | (2.8 | ) | (1.4 | ) | ||||||||||||||||
Consolidated operating income | 39.5 | 75.7 | ||||||||||||||||||
Non-operating income, net | 4.7 | 12.8 | ||||||||||||||||||
Consolidated income before taxes | $ | 44.2 | $ | 88.5 | ||||||||||||||||
DEBT_COMMITMENTS_AND_CONTINGEN1
DEBT, COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Schedule Of Debt | Debt consisted of the following: | |||||||
First Quarter of | Fiscal Year End | |||||||
As of | 2015 | 2014 | ||||||
(Dollars in millions) | ||||||||
Notes | $ | 400 | $ | 400 | ||||
Unamortized discount on Notes | (3.0 | ) | (3.2 | ) | ||||
Credit Facilities: | ||||||||
2014 Credit facility | 133 | 277 | ||||||
Uncommitted facilities | 133 | 57 | ||||||
Promissory notes and other debt | 0.4 | 7.6 | ||||||
Total debt | 663.4 | 738.4 | ||||||
Less current portion of long-term debt | 133.1 | 64.4 | ||||||
Non-current portion | $ | 530.3 | $ | 674 | ||||
Schedule of Maturities of Long-term Debt | At the end of the first quarter of fiscal 2015, the Company's debt maturities based on outstanding principal were as follows (dollars in millions): | |||||||
Year Payable | ||||||||
2015 (Remaining) | $ | 133.1 | ||||||
2016 | — | |||||||
2017 | 0.1 | |||||||
2018 | — | |||||||
2019 | 133 | |||||||
Thereafter | 400.2 | |||||||
Total | $ | 666.4 | ||||||
Schedule Of Estimated Future Minimum Operating Lease Commitments | The estimated future minimum operating lease commitments as of the end of the first quarter of fiscal 2015 are as follows (dollars in millions): | |||||||
2015 (Remaining) | $ | 26.5 | ||||||
2016 | 25.2 | |||||||
2017 | 19.8 | |||||||
2018 | 14.8 | |||||||
2019 | 12.8 | |||||||
Thereafter | 34.7 | |||||||
Total | $ | 133.8 | ||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Apr. 03, 2015 | ||||||||||||||||||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations. | |||||||||||||||||||||||||||||||
Fair Values as of the end of the First Quarter of Fiscal 2015 | Fair Values as of Fiscal Year End 2014 | |||||||||||||||||||||||||||||||
(Dollars in millions) | Level I | Level II | Level III | Total | Level I | Level II | Level III | Total | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Deferred compensation plan assets (1) | $ | 20.7 | $ | — | $ | — | $ | 20.7 | $ | 19.2 | $ | — | $ | — | $ | 19.2 | ||||||||||||||||
Derivative assets (2) | — | 1.8 | — | 1.8 | — | 2.9 | — | 2.9 | ||||||||||||||||||||||||
Contingent consideration assets (3) | — | — | 8.3 | 8.3 | — | — | 8.3 | 8.3 | ||||||||||||||||||||||||
Total | $ | 20.7 | $ | 1.8 | $ | 8.3 | $ | 30.8 | $ | 19.2 | $ | 2.9 | $ | 8.3 | $ | 30.4 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Deferred compensation plan liabilities (1) | $ | 20.7 | $ | — | $ | — | $ | 20.7 | $ | 19.2 | $ | — | $ | — | $ | 19.2 | ||||||||||||||||
Derivative liabilities (2) | — | 1 | — | 1 | — | 1.4 | — | 1.4 | ||||||||||||||||||||||||
Contingent consideration liabilities (4) | — | — | 2.3 | 2.3 | — | — | 3.7 | 3.7 | ||||||||||||||||||||||||
Total | $ | 20.7 | $ | 1 | $ | 2.3 | $ | 24 | $ | 19.2 | $ | 1.4 | $ | 3.7 | $ | 24.3 | ||||||||||||||||
-1 | The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
-2 | Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
-3 | Contingent consideration assets represents arrangements for buyers to pay the Company for certain businesses that it has divested. The fair value is determined based on the Company's expectations of future receipts. The minimum amount to be received under these arrangements is $4.2 million. Contingent consideration assets are included in Other receivables and Other non-current assets on the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
-4 | Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that Trimble acquired. The undiscounted maximum payment under the arrangements is $10.5 million at the end of the first quarter of fiscal 2015, based on estimated future revenues or other milestones based on quantities sold. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||
Additional Fair Value Information Relating To The Company's Financial Instruments Outstanding | The following table provides additional fair value information relating to the Company’s financial instruments outstanding: | |||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||||||
As of | First Quarter of Fiscal 2015 | Fiscal Year End 2014 | ||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 145.7 | $ | 145.7 | $ | 148 | $ | 148 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Notes | $ | 400 | $ | 422.6 | $ | 400 | $ | 396.9 | ||||||||||||||||||||||||
Credit facilities | 133 | 133 | 277 | 277 | ||||||||||||||||||||||||||||
Uncommitted facilities | 133 | 133 | 57 | 57 | ||||||||||||||||||||||||||||
Promissory notes and other debt | 0.4 | 0.4 | 7.6 | 7.6 | ||||||||||||||||||||||||||||
PRODUCT_WARRANTIES_Tables
PRODUCT WARRANTIES (Tables) | 3 Months Ended | |||
Apr. 03, 2015 | ||||
Changes In Product Warranty Liability | Changes in the Company’s product warranty liability during the first quarter of fiscal 2015 are as follows: | |||
(Dollars in millions) | ||||
Balance as of fiscal year end 2014 | $ | 20.6 | ||
Acquired warranties | 0.1 | |||
Accruals for warranties issued | 3 | |||
Changes in estimates | 1.2 | |||
Warranty settlements (in cash or in kind) | (5.9 | ) | ||
Balance as of the end of the first quarter of fiscal 2015 | $ | 19 | ||
INCOME_PER_SHARE_Tables
INCOME PER SHARE (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares | ||||||||
First Quarter of | ||||||||
2015 | 2014 | |||||||
(In millions, except per share amounts) | ||||||||
Numerator: | ||||||||
Net income attributable to Trimble Navigation Ltd. | $ | 34.1 | $ | 68.6 | ||||
Denominator: | ||||||||
Weighted average number of common shares used in basic income per share | 259.4 | 259.8 | ||||||
Effect of dilutive securities | 3 | 5 | ||||||
Weighted average number of common shares and dilutive potential common shares used in diluted income per share | 262.4 | 264.8 | ||||||
Basic income per share | $ | 0.13 | $ | 0.26 | ||||
Diluted income per share | $ | 0.13 | $ | 0.26 | ||||
Gain_on_Equity_Sale_Narratives
Gain on Equity Sale (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 | Jan. 03, 2014 |
Schedule of Equity Method Investments [Line Items] | |||
Deconsolidation, Gain (Loss), Amount | $0 | $15.10 | |
Deconsolidation, Revaluation of Retained Investment, Gain (Loss), Amount | $8.50 | ||
VirtualSite Solutions [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of Shares Ownership Sold | 15.00% | ||
Percentage of Ownership before Transaction | 65.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 35.00% | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Corporate Joint Venture [Member] | VirtualSite Solutions [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||
Percentage of Ownership after Transaction | 50.00% |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Detail) (USD $) | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 | Sep. 27, 2013 | Aug. 31, 2014 |
Equity, Class of Stock [Line Items] | ||||
Stock repurchased during period, shares | 0 | |||
Stock Repurchased and Retired During Period, Shares | 478,000 | 0 | ||
Common Stock Acquired and Retired, Average Cost Per Share | $26.34 | |||
Stock Repurchased and Retired During Period, Value | $12.60 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Equity, Class of Stock [Line Items] | ||||
Restricted Stock Unit Award Vesting Period | 3 years | |||
2014 Stock Repurchase Program [Member] | ||||
Equity, Class of Stock [Line Items] | ||||
Stock repurchase program approved amount | 300 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 237.4 | |||
Retained Earnings [Member] | ||||
Equity, Class of Stock [Line Items] | ||||
Stock Repurchased and Retired During Period, Value | $10.40 | $55.50 | ||
Minimum | Employee Stock Option [Member] | ||||
Equity, Class of Stock [Line Items] | ||||
Restricted Stock Unit Award Vesting Period | 4 years | |||
Maximum | Employee Stock Option [Member] | ||||
Equity, Class of Stock [Line Items] | ||||
Restricted Stock Unit Award Vesting Period | 5 years |
Shareholders_Equity_Summary_Of
Shareholders' Equity (Summary Of Stock-Based Compensation Expense, Net Of Tax) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $12.50 | $10.10 |
Cost Of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 0.9 | 0.7 |
Research And Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 2.2 | 1.5 |
Sales And Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 2.3 | 1.9 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 7.1 | 6 |
Total Operating Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $11.60 | $9.40 |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Weighted Average Assumptions Used In Stock Options Granted) (Detail) (Employee Stock Option [Member]) | 3 Months Ended | |
Apr. 03, 2015 | Apr. 04, 2014 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected stock price volatility | 35.50% | 35.40% |
Risk free interest rate | 1.30% | 0.90% |
Expected life of options | 4 years 0 months 0 days | 3 years 9 months 0 days |
Business_Combinations_Narrativ
Business Combinations (Narratives) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Business Acquisition [Line Items] | ||
Number of Businesses Acquired | 4 | |
Business Acquisition, Transaction Costs | $2.80 | $1.40 |
Revenue of Business Acquiree Since Acquisition Date Percentage of Total Revenue | 1.00% | |
Series of Individually Immaterial Business Acquisitions [Member] | Minimum | ||
Business Acquisition [Line Items] | ||
Cash Payments to Acquire Businesses, ranges | 3 | |
Series of Individually Immaterial Business Acquisitions [Member] | Maximum | ||
Business Acquisition [Line Items] | ||
Cash Payments to Acquire Businesses, ranges | 17 | |
General and Administrative Expense [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Transaction Costs | $2.80 | $1.40 |
Business_Combinations_Separate
Business Combinations (Separately Recognized Transactions) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Jan. 02, 2015 |
Business Acquisition [Line Items] | ||
Goodwill | $2,059.40 | $2,101.20 |
Series of Individually Immaterial Business Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Fair value of total purchase consideration | 37.8 | |
Fair value of net liabilities acquired | 1.3 | |
Identified intangible assets | 17.8 | |
Deferred taxes | -3.2 | |
Goodwill | $21.90 |
Business_Combinations_Schedule
Business Combinations (Schedule Of Intangible Assets) (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Millions, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Amount | $1,321.90 | $1,355.10 |
Intangible Assets, Accumulated Amortization | -775.7 | -760.6 |
Total | 546.2 | 594.5 |
Developed Technology Rights [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Amount | 758.1 | 770.4 |
Intangible Assets, Accumulated Amortization | -459.8 | -445.4 |
Total | 298.3 | 325 |
Trade Names And Trademarks [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Amount | 50.5 | 51.2 |
Intangible Assets, Accumulated Amortization | -35 | -33.9 |
Total | 15.5 | 17.3 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Amount | 435.5 | 455 |
Intangible Assets, Accumulated Amortization | -225.6 | -226.8 |
Total | 209.9 | 228.2 |
Distribution Rights And Other Intellectual Properties [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross Carrying Amount | 77.8 | 78.5 |
Intangible Assets, Accumulated Amortization | -55.3 | -54.5 |
Total | $22.50 | $24 |
Business_Combinations_Schedule1
Business Combinations (Schedule Of Estimated Future Amortization Expense) (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Millions, unless otherwise specified | ||
Goodwill And Intangible Assets [Line Items] | ||
2015 (Remaining) | $118 | |
2016 | 140.5 | |
2017 | 117.5 | |
2018 | 89 | |
2019 | 47.8 | |
Thereafter | 33.4 | |
Total | $546.20 | $594.50 |
Business_Combinations_Changes_
Business Combinations (Changes In Carrying Amount Of Goodwill By Operating Segment) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2015 |
Goodwill [Line Items] | |
Balance as of fiscal year 2014 | $2,101.20 |
Additions due to acquisitions | 21.9 |
Purchase price adjustments | 1.5 |
Foreign currency translation adjustments | -52.2 |
Divestiture | -13 |
Balance as of the end of the first quarter of fiscal 2015 | 2,059.40 |
Engineering And Construction [Member] | |
Goodwill [Line Items] | |
Balance as of fiscal year 2014 | 1,186 |
Additions due to acquisitions | 11.8 |
Purchase price adjustments | -0.1 |
Foreign currency translation adjustments | -44.2 |
Divestiture | -13 |
Balance as of the end of the first quarter of fiscal 2015 | 1,140.50 |
Field Solutions [Member] | |
Goodwill [Line Items] | |
Balance as of fiscal year 2014 | 96 |
Additions due to acquisitions | 0 |
Purchase price adjustments | 1.6 |
Foreign currency translation adjustments | -3.3 |
Divestiture | 0 |
Balance as of the end of the first quarter of fiscal 2015 | 94.3 |
Mobile Solutions [Member] | |
Goodwill [Line Items] | |
Balance as of fiscal year 2014 | 796 |
Additions due to acquisitions | 10.1 |
Purchase price adjustments | 0 |
Foreign currency translation adjustments | -3.6 |
Divestiture | 0 |
Balance as of the end of the first quarter of fiscal 2015 | 802.5 |
Advanced Devices [Member] | |
Goodwill [Line Items] | |
Balance as of fiscal year 2014 | 23.2 |
Additions due to acquisitions | 0 |
Purchase price adjustments | 0 |
Foreign currency translation adjustments | -1.1 |
Divestiture | 0 |
Balance as of the end of the first quarter of fiscal 2015 | $22.10 |
Components_Of_Net_Inventories_
Components Of Net Inventories (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Millions, unless otherwise specified | ||
Raw materials | $98.70 | $116.80 |
Work-in-process | 5.2 | 4.8 |
Finished goods | 172.1 | 156.5 |
Total inventories, net | $276 | $278.10 |
Inventories_Components_Narrati
Inventories Components (Narrative) (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Millions, unless otherwise specified | ||
Certain Balance Sheet Information [Line Items] | ||
Deferred costs of revenue included in finished goods | $10.40 | $9.40 |
Segment_Information_Narrative_
Segment Information (Narrative) (Detail) | 3 Months Ended |
Apr. 03, 2015 | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 4 |
Sales Revenue, Net [Member] | Advanced Devices [Member] | |
Segment Reporting Information [Line Items] | |
Maximum percentage of operation accounts for Company's total revenue, operating income, and assets | 10.00% |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 | Jan. 02, 2015 |
Segment Reporting Information [Line Items] | |||
Segment revenue | $582.60 | $604.70 | |
Consolidated segment operating income | 39.5 | 75.7 | |
Depreciation expense | 8.7 | 7.5 | |
Accounts receivable | 383 | 362 | |
Inventories | 276 | 278.1 | |
Goodwill | 2,059.40 | 2,101.20 | |
Engineering And Construction [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment revenue | 299.3 | 309.3 | |
Accounts receivable | 218.7 | 227.7 | |
Inventories | 192.8 | 185.2 | |
Goodwill | 1,140.50 | 1,186 | |
Field Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment revenue | 115.3 | 138.2 | |
Accounts receivable | 71.8 | 51.6 | |
Inventories | 44.2 | 51 | |
Goodwill | 94.3 | 96 | |
Mobile Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment revenue | 128.2 | 118.6 | |
Accounts receivable | 65.7 | 62.9 | |
Inventories | 15.3 | 26.1 | |
Goodwill | 802.5 | 796 | |
Advanced Devices [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment revenue | 39.8 | 38.6 | |
Accounts receivable | 26.8 | 19.8 | |
Inventories | 23.7 | 15.8 | |
Goodwill | 22.1 | 23.2 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated segment operating income | 113.3 | 144.3 | |
Depreciation expense | 5.3 | 4.7 | |
Operating Segments [Member] | Engineering And Construction [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated segment operating income | 37 | 61.1 | |
Depreciation expense | 3.6 | 3.1 | |
Operating Segments [Member] | Field Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated segment operating income | 40.6 | 53.7 | |
Depreciation expense | 0.3 | 0.2 | |
Operating Segments [Member] | Mobile Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated segment operating income | 20.5 | 17.3 | |
Depreciation expense | 1.3 | 1.2 | |
Operating Segments [Member] | Advanced Devices [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated segment operating income | 15.2 | 12.2 | |
Depreciation expense | $0.10 | $0.20 |
SEGMENT_INFORMATION_Segment_Re
SEGMENT INFORMATION Segment Reporting (Schedule of Adjusted Operating Income) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | $39.50 | $75.70 |
Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Previously allocated stock-based compensation | -6 | |
Engineering And Construction [Member] | Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Previously allocated stock-based compensation | -3.6 | |
Field Solutions [Member] | Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Previously allocated stock-based compensation | -0.8 | |
Mobile Solutions [Member] | Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Previously allocated stock-based compensation | -1.1 | |
Advanced Devices [Member] | Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Previously allocated stock-based compensation | -0.5 | |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 113.3 | 144.3 |
Operating Segments [Member] | Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 138.3 | |
Operating Segments [Member] | Scenario, Adjustment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 144.3 | |
Operating Segments [Member] | Engineering And Construction [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 37 | 61.1 |
Operating Segments [Member] | Engineering And Construction [Member] | Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 57.5 | |
Operating Segments [Member] | Engineering And Construction [Member] | Scenario, Adjustment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 61.1 | |
Operating Segments [Member] | Field Solutions [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 40.6 | 53.7 |
Operating Segments [Member] | Field Solutions [Member] | Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 52.9 | |
Operating Segments [Member] | Field Solutions [Member] | Scenario, Adjustment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 53.7 | |
Operating Segments [Member] | Mobile Solutions [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 20.5 | 17.3 |
Operating Segments [Member] | Mobile Solutions [Member] | Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 16.2 | |
Operating Segments [Member] | Mobile Solutions [Member] | Scenario, Adjustment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 17.3 | |
Operating Segments [Member] | Advanced Devices [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 15.2 | 12.2 |
Operating Segments [Member] | Advanced Devices [Member] | Scenario, Previously Reported [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 11.7 | |
Operating Segments [Member] | Advanced Devices [Member] | Scenario, Adjustment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | $12.20 |
Segment_Information_Reconcilia
Segment Information (Reconciliation Of Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Segment Reporting Information [Line Items] | ||
Consolidated operating income | $39.50 | $75.70 |
Unallocated corporate expense | -267.7 | -251.2 |
Amortization of purchased intangible assets | -40.7 | -40.6 |
Acquisition costs | -2.8 | -1.4 |
Non-operating income, net | 4.7 | 12.8 |
Consolidated income before taxes | 44.2 | 88.5 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated operating income | 113.3 | 144.3 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate expense | -30.3 | |
Scenario, Adjustment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated operating income | 144.3 | |
Scenario, Adjustment [Member] | Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate expense | $26.60 |
Recovered_Sheet1
Debt, Commitments And Contingencies (Schedule Of Debt) (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $663.40 | $738.40 |
Less current portion of long-term debt | 133.1 | 64.4 |
Non-current portion | 530.3 | 674 |
Uncommitted Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 133 | 57 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable, Noncurrent | 400 | 400 |
Debt Instrument, Unamortized Discount | -3 | -3.2 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 133 | 277 |
Promissory Notes And Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 0.4 | 7.6 |
Non-current portion | 0.4 | 0.4 |
2014 Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $133 | $277 |
Recovered_Sheet2
Debt, Commitments And Contingencies (Narrative) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 24, 2014 | Oct. 30, 2014 | Apr. 03, 2015 | Jan. 02, 2015 | Nov. 24, 2014 |
Debt Instrument [Line Items] | |||||
Total debt | 663.4 | $738.40 | |||
Non-current portion of long-term debt | 530.3 | 674 | |||
Term Loan Repayments of Principal in Year Two | 0 | ||||
Term Loan Repayments of Principal in Year Three | 0.1 | ||||
Term Loan Repayments of Principal in Year Four | 0 | ||||
Ratio of total indebtedness to EBITDA | The 2012 Credit Facility contains various customary representations and warranties by the Company, which include customary use of materiality, material adverse effect and knowledge qualifiers. The 2012 Credit Facility also contains customary affirmative and negative covenants including, among other requirements, negative covenants that restrict the Company's ability to dispose of assets, create liens, incur indebtedness, repurchase stock, pay dividends, make acquisitions and make investments. Further, the 2012 Credit Facility contains financial covenants that require the maintenance of minimum interest coverage and maximum leverage ratios. Specifically, the Company must maintain as of the end of each fiscal quarter a ratio of (a)Â EBITDA (as defined in the 2012 Credit Facility) to (b)Â interest expenses for the most recently ended period of four fiscal quarters of not less than 3.00 to 1. The Company must also maintain, at the end of each fiscal quarter, a ratio of (x)Â total indebtedness to (y)Â EBITDA (as defined in the 2012 Credit Facility) for the most recently ended period of four fiscal quarters of not greater than 3 to 1; provided, that on the completion of a material acquisition, the Company may increase the ratio by 0.25 for the fiscal quarter during which such acquisition occurred and each of the three subsequent fiscal quarters. | ||||
Restrictive covenants | The Company was in compliance with these covenants at the end of the first quarter of fiscal 2015. | ||||
Unconditional purchase obligations | 124.7 | ||||
2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Covenant Ratio - Maximum Leverage | 3 | ||||
Covenant Ratio - Minimum Interest Coverage | 3.5 | ||||
Debt Related Commitment Fees and Debt Issuance Costs | 1.6 | ||||
Unsecured revolving credit facility, initiation date | 24-Nov-14 | ||||
Debt Instrument, Term | 5 years | ||||
Unsecured revolving credit facility, expiration date | 24-Nov-19 | ||||
Covenant Ratio Increase upon acquisition | 0.5 | ||||
Uncommitted Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term Debt | 133 | 57 | |||
Total debt | 133 | 57 | |||
Senior Notes [Member] | Senior Notes 4.75% December 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||
Debt Instrument, Maturity Date | 1-Dec-24 | ||||
Expense Related to Distribution or Servicing and Underwriting Fees | 2.6 | ||||
Debt Issuance Cost | 3 | ||||
Discount on Notes Offering Price, Percentage | 0.80% | ||||
Proceeds from Issuance of Debt | 396.9 | ||||
Debt Instrument, Face Amount | 400 | 400 | |||
Debt Instrument, Issuance Date | 24-Nov-14 | ||||
Debt Instrument, Offering Date | 30-Oct-14 | ||||
Term Loan [Member] | 2012 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 700 | 700 | |||
Debt Instrument, Term | 5 years | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt | 133 | 277 | |||
Revolving Credit Facility [Member] | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt | 133 | 277 | |||
Long-term Debt, Weighted Average Interest Rate | 1.43% | 1.42% | |||
Promissory Notes And Other Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0.4 | 7.6 | |||
Non-current portion of long-term debt | 0.4 | 0.4 | |||
Letter of Credit [Member] | Unsecured Debt [Member] | Maximum | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 50 | ||||
Revolving Credit Facility [Member] | 2012 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 700 | 700 | |||
Debt Instrument, Term | 5 years | ||||
Revolving Credit Facility [Member] | Minimum | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | ||||
Revolving Credit Facility [Member] | Maximum | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||||
Revolving Credit Facility [Member] | Uncommitted Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term Debt | 133 | 57 | |||
Number Of Revolving Loan Facilities | 2 | ||||
Line of Credit Facility, Current Borrowing Capacity | 75 | ||||
Credit facility interest rate in addition to specific base rates | 1.00% | ||||
Short-term Debt, Weighted Average Interest Rate | 1.12% | 1.15% | |||
Revolving Credit Facility [Member] | Unsecured Debt [Member] | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 1,000 | ||||
Revolving Credit Facility [Member] | Term Loan [Member] | Maximum | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Increase in available revolving credit line | 500 | ||||
Revolving Credit Facility [Member] | Uncommitted Facility Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit Facilities Aggregate Principal Amount | 75 | ||||
Revolving Credit Facility [Member] | Uncommitted Facility Two [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest rate in addition to specific base rates | 0.90% | ||||
Revolving Credit Facility [Member] | Uncommitted Facility Two [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest rate in addition to specific base rates | 1.00% | ||||
Change of Control Period [Member] | Senior Notes 4.75% December 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||
Debt Instrument, Redemption, Period Two [Member] | Senior Notes 4.75% December 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Debt Instrument, Redemption, Period One [Member] | Maximum | Senior Notes 4.75% December 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
Reserve Adjusted Fixed Per Annum Rate [Member] | Minimum | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest rate in addition to specific base rates | 1.00% | ||||
Reserve Adjusted Fixed Per Annum Rate [Member] | Maximum | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest rate in addition to specific base rates | 1.75% | ||||
Reserve Adjusted One Month LIBOR [Member] | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit Facility Incremental Fixed Margin Rate | 1.00% | ||||
Reserve Adjusted One Month LIBOR [Member] | Minimum | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest rate in addition to specific base rates | 0.00% | ||||
Reserve Adjusted One Month LIBOR [Member] | Maximum | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest rate in addition to specific base rates | 0.75% | ||||
US Treasury Rate [Member] | Debt Instrument, Redemption, Period One [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest rate in addition to specific base rates | 0.40% | ||||
Federal Funds Effective Swap Rate [Member] | 2014 Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest rate in addition to specific base rates | 0.50% | ||||
Long-term Debt [Member] | Promissory Notes And Other Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Non-current portion of long-term debt | $0.40 |
DEBT_COMMITMENTS_AND_CONTINGEN2
DEBT, COMMITMENTS AND CONTINGENCIES Debt, Commitments and Contingencies (Schedule of Debt Maturities) (Details) (USD $) | Apr. 03, 2015 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 (Remaining) | $133.10 |
2016 | 0 |
2017 | 0.1 |
2018 | 0 |
2019 | 133 |
Thereafter | 400.2 |
Total | $666.40 |
Recovered_Sheet3
Debt, Commitments And Contingencies (Schedule Of Estimated Future Minimum Operating Lease Commitments) (Detail) (USD $) | Apr. 03, 2015 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 (Remaining) | $26.50 |
2016 | 25.2 |
2017 | 19.8 |
2018 | 14.8 |
2019 | 12.8 |
Thereafter | 34.7 |
Total | $133.80 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration, Asset | $8.30 | [1] | $8.30 | [1] |
Assets, Fair Value Disclosure, Recurring | 30.8 | 30.4 | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |||
Business Combination, Contingent Consideration, Liability | 2.3 | [2] | 3.7 | [2] |
Liabilities, Fair Value Disclosure, Recurring | 24 | 24.3 | ||
Other Current and Non Current Liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 10.5 | |||
Deferred Compensation Plan Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value | 20.7 | [3] | 19.2 | [3] |
Derivative Financial Instruments, Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1.8 | [4] | 2.9 | [4] |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Recurring | 20.7 | 19.2 | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | |||
Business Combination, Contingent Consideration, Liability | 0 | |||
Liabilities, Fair Value Disclosure, Recurring | 20.7 | 19.2 | ||
Fair Value, Inputs, Level 1 [Member] | Deferred Compensation Plan Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value | 20.7 | [3] | 19.2 | [3] |
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Recurring | 1.8 | 2.9 | ||
Business Combination, Contingent Consideration, Liability | 0 | |||
Liabilities, Fair Value Disclosure, Recurring | 1 | 1.4 | ||
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 1.8 | [4] | 2.9 | [4] |
Fair Value Inputs, Level III [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Business Combination, Contingent Consideration, Asset | 8.3 | [1] | 8.3 | [1] |
Assets, Fair Value Disclosure, Recurring | 8.3 | 8.3 | ||
Business Combination, Contingent Consideration, Liability | 2.3 | [2] | 3.7 | [2] |
Liabilities, Fair Value Disclosure, Recurring | 2.3 | 3.7 | ||
Deferred Compensation Plan Liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Liabilities Fair Value Disclosure | 20.7 | [3] | 19.2 | [3] |
Deferred Compensation Plan Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial Liabilities Fair Value Disclosure | 20.7 | [3] | 19.2 | [3] |
Derivative Liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 1 | [4] | 1.4 | [4] |
Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | $1 | [4] | $1.40 | [4] |
[1] | Contingent consideration assets represents arrangements for buyers to pay the Company for certain businesses that it has divested. The fair value is determined based on the Company's expectations of future receipts. The minimum amount to be received under these arrangements is $4.2 million. Contingent consideration assets are included in Other receivables and Other non-current assets on the Company's Condensed Consolidated Balance Sheets. | |||
[2] | Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that Trimble acquired. The undiscounted maximum payment under the arrangements is $10.5 million at the end of the first quarter of fiscal 2015, based on estimated future revenues or other milestones based on quantities sold. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. | |||
[3] | The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. | |||
[4] | Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Condensed Consolidated Balance Sheets. |
Fair_Value_Measurements_Additi
Fair Value Measurements (Additional Fair Value Information Relating To Company's Financial Instruments Outstanding) (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 | Apr. 04, 2014 | Jan. 03, 2014 | ||
In Millions, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | $2.30 | [1] | $3.70 | [1] | ||
Cash and Cash Equivalents, at Carrying Value | 145.7 | 148 | 165.2 | 147.2 | ||
Long-term Debt | 663.4 | 738.4 | ||||
Senior Notes [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notes Payable, Noncurrent | 400 | 400 | ||||
Note Payable Fair Value | 422.6 | 396.9 | ||||
Revolving Credit Facility [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term Debt | 133 | 277 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 133 | 277 | ||||
Uncommitted Facilities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term Debt | 133 | 57 | ||||
Short-term Debt | 133 | 57 | ||||
Short-term Debt, Fair Value | 133 | 57 | ||||
Promissory Notes And Other Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Note Payable Fair Value | 0.4 | 7.6 | ||||
Long-term Debt | 0.4 | 7.6 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | 0 | |||||
Cash and cash equivalents | 145.7 | 148 | ||||
Other Noncurrent Assets [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Business Combination, Contingent Consideration, Asset, Noncurrent | 4.2 | |||||
Other Current and Non Current Liabilities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | $10.50 | |||||
[1] | Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that Trimble acquired. The undiscounted maximum payment under the arrangements is $10.5 million at the end of the first quarter of fiscal 2015, based on estimated future revenues or other milestones based on quantities sold. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. |
Product_Warranties_Narrative_D
Product Warranties (Narrative) (Detail) | 3 Months Ended |
Apr. 03, 2015 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Warranty periods for products sold, in months and years | 90 days |
Maximum | |
Product Warranty Liability [Line Items] | |
Warranty periods for products sold, in months and years | 5 years 6 months |
Product_Warranties_Changes_In_
Product Warranties (Changes In Product Warranty Liability) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2015 |
Product Warranty Liability [Line Items] | |
Balance as of fiscal year end 2014 | $20.60 |
Acquired warranties | 0.1 |
Accruals for warranties issued | 3 |
Changes in estimates | 1.2 |
Warranty settlements (in cash or in kind) | -5.9 |
Balance as of the end of the first quarter of fiscal 2015 | $19 |
Income_Per_Share_Schedule_Of_C
Income Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Income Per Share [Line Items] | ||
Net income attributable to Trimble Navigation Ltd. | $34.10 | $68.60 |
Weighted average number of common shares used in basic income per share | 259.4 | 259.8 |
Effect of dilutive securities | 3 | 5 |
Weighted average number of common shares and dilutive potential common shares used in diluted income per share | 262.4 | 264.8 |
Basic income per share | $0.13 | $0.26 |
Diluted income per share | $0.13 | $0.26 |
Income_Per_Share_Narrative_Det
Income Per Share (Narrative) (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Income Per Share [Line Items] | ||
Shares excluded from calculation of diluted income per share | 5 | 0.1 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 | Jan. 02, 2015 |
Income Tax Contingency [Line Items] | |||
Effective income tax rate | 23.00% | 23.00% | |
Statutory federal income tax rate | 35.00% | 35.00% | |
Unrecognized tax benefits that would impact effective tax rate | $43.70 | $45.60 | |
Unrecognized tax benefit liabilities include interest and penalties | 5.2 | 4.7 | |
Tax Year 2010 and 2011 [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Tax Contingency [Line Items] | |||
Proposed Adjustments on Income Tax Assessments | $67 |
Litigation_Narrative_Details
Litigation (Narrative) (Details) (Harbiner Plaintiffs [Member], USD $) | 3 Months Ended |
In Billions, unless otherwise specified | Apr. 03, 2015 |
Harbiner Plaintiffs [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $1.90 |
Loss Contingency, Number of Defendants | 4 |