Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 30, 2018 | May 04, 2018 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TRMB | |
Entity Registrant Name | TRIMBLE INC. | |
Entity Central Index Key | 864,749 | |
Current Fiscal Year End Date | --12-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 249,219,655 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 30, 2018 | Dec. 29, 2017 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 274.5 | $ 358.5 | |
Short-term investments | 0 | 178.9 | |
Accounts receivable, net | 475.7 | 427.7 | [2] |
Other receivables | 33.4 | 42.8 | |
Inventories | 289.1 | 264.6 | [2],[3] |
Other current assets | 51.9 | 39.2 | |
Total current assets | 1,124.6 | 1,311.7 | |
Property and equipment, net | 184.3 | 174 | |
Goodwill | 2,726.4 | 2,287.1 | |
Other purchased intangible assets, net | 466.2 | 364.8 | |
Deferred costs, non-current | 35.6 | 35 | |
Other non-current assets | 136.6 | 143.7 | |
Total assets | 4,673.7 | 4,316.3 | |
Current liabilities: | |||
Short-term debt | 430.5 | 128.4 | |
Accounts payable | 157.4 | 146 | |
Accrued compensation and benefits | 105.8 | 143.9 | |
Deferred revenue | 324.2 | 237.6 | |
Accrued warranty expense | 18.9 | 18.3 | |
Other current liabilities | 110 | 99.2 | |
Total current liabilities | 1,146.8 | 773.4 | |
Long-term debt | 691.8 | 785.5 | |
Non-current deferred revenue | 36.2 | 39 | |
Deferred income tax liabilities | 49.8 | 47.8 | |
Income taxes payable | 80.4 | 94.1 | |
Other non-current liabilities | 168.8 | 162 | |
Total liabilities | 2,173.8 | 1,901.8 | |
Commitments and contingencies (Note 15) | |||
Stockholders' equity: | |||
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding | 0 | 0 | |
Common stock, $0.001 par value; 360.0 shares authorized; 248.7 and 248.9 shares issued and outstanding as of the end of the first quarter of fiscal 2018 and fiscal year end 2017, respectively | 0.2 | 0.2 | |
Additional paid-in-capital | 1,497 | 1,461.1 | |
Retained earnings | 1,103.6 | 1,084.6 | |
Accumulated other comprehensive loss | (101.1) | (131.4) | |
Total Trimble Inc. stockholders' equity | 2,499.7 | 2,414.5 | |
Noncontrolling interests | 0.2 | 0 | |
Total stockholders' equity | 2,499.9 | 2,414.5 | |
Total liabilities and stockholders' equity | $ 4,673.7 | $ 4,316.3 | |
[1] | See Note 2 for a summary of adjustments | ||
[2] | See Note 2 for a summary of adjustments | ||
[3] | See Note 2 for a summary of adjustments |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Mar. 30, 2018 | Dec. 29, 2017 |
Preferred Stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 3 | 3 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 360 | 360 |
Common stock, shares issued | 248.7 | 248.9 |
Common stock, shares outstanding | 248.7 | 248.9 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | ||
Revenue: | |||
Product | $ 497.8 | $ 409.6 | [1] |
Service | 128.8 | 106.6 | [1] |
Subscription | 115.6 | 94.4 | [1] |
Total revenue | 742.2 | 610.6 | [1],[2],[3] |
Cost of sales: | |||
Product | 235.4 | 193.4 | [1] |
Service | 59.6 | 47 | [1] |
Subscription | 27.9 | 26.9 | [1] |
Amortization of purchased intangible assets | 23.1 | 19 | [1] |
Total cost of sales | 346 | 286.3 | [1] |
Gross margin | 396.2 | 324.3 | [1] |
Operating expense: | |||
Research and development | 109.3 | 88.7 | [1] |
Sales and marketing | 122.1 | 94.4 | [1] |
General and administrative | 81.6 | 69.3 | [1] |
Restructuring charges | 1.6 | 2.9 | [1] |
Amortization of purchased intangible assets | 17.4 | 14.3 | [1] |
Total operating expense | 332 | 269.6 | [1] |
Operating income | 64.2 | 54.7 | [1],[4] |
Non-operating income, net: | |||
Interest expense, net | (9.5) | (6.1) | [1] |
Foreign currency transaction gain, net | 3.7 | 1.4 | [1] |
Income from equity method investments, net | 4.9 | 4.2 | [1] |
Other income, net | 3.4 | 9.5 | [1] |
Total non-operating income, net | 2.5 | 9 | [1],[4] |
Income before taxes | 66.7 | 63.7 | [1],[4] |
Income tax provision | 8 | 13.9 | [1] |
Net income | 58.7 | 49.8 | [1],[5],[6] |
Net gain attributable to noncontrolling interests | 0.2 | 0 | [5] |
Net income attributable to Trimble Inc. | $ 58.5 | $ 49.8 | [1] |
Basic earnings per share | $ 0.24 | $ 0.20 | [1] |
Shares used in calculating basic earnings per share | 248.8 | 252 | [1] |
Diluted earnings per share | $ 0.23 | $ 0.19 | [1] |
Shares used in calculating diluted earnings per share | 253.2 | 255.9 | [1] |
[1] | See Note 2 for a summary of adjustments | ||
[2] | Adjusted to reflect adoption of the new revenue recognition standard, Revenue from Contracts with Customers. For further information, see Note 2. | ||
[3] | See Note 2 for a summary of adjustments | ||
[4] | See Note 2 for a summary of adjustments | ||
[5] | See Note 2 for a summary of adjustments | ||
[6] | See Note 2 for a summary of adjustments |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | [2] | |
Net income | $ 58.7 | $ 49.8 | [1],[3] |
Foreign currency translation adjustments, net of tax | 30.3 | 25.7 | |
Net unrealized loss on short-term investments | 0 | (0.1) | |
Net unrealized actuarial loss, net of tax | 0 | (0.1) | |
Comprehensive income | 89 | 75.3 | |
Comprehensive gain attributable to noncontrolling interests | 0.2 | 0 | |
Comprehensive income attributable to Trimble Inc. | $ 88.8 | $ 75.3 | |
[1] | See Note 2 for a summary of adjustments | ||
[2] | See Note 2 for a summary of adjustments | ||
[3] | See Note 2 for a summary of adjustments |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 30, 2018 | Mar. 31, 2017 | ||||
Cash flow from operating activities: | |||||
Net income | $ 58.7 | $ 49.8 | [1],[2],[3] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation expense | 8.5 | 8.9 | [3] | ||
Amortization expense | 40.5 | 33.3 | [3],[4] | ||
Stock-based compensation | 17.4 | 13.7 | [3],[4] | ||
Income from equity method investments | (0.1) | (2.7) | [3] | ||
Other non-cash items | (7.4) | (9.7) | [3] | ||
Decrease (increase) in assets: | |||||
Accounts receivable | (29.4) | (34) | [3] | ||
Inventories | (21.7) | (2.4) | [3] | ||
Other current and non-current assets | (10.6) | (4.7) | [3] | ||
Increase (decrease) in liabilities: | |||||
Accounts payable | 11.1 | 3.5 | [3] | ||
Accrued compensation and benefits | (41.6) | (14.8) | [3] | ||
Deferred revenue | 69.6 | 53.3 | [3] | ||
Other liabilities | (12.1) | 9.8 | [3] | ||
Net cash provided by operating activities | 82.9 | 104 | [3] | ||
Cash flow from investing activities: | |||||
Acquisitions of businesses, net of cash acquired | (518.7) | (78.5) | [3] | ||
Acquisitions of property and equipment | (18.2) | (5.7) | [3] | ||
Purchases of short-term investments | (24) | (59) | [3] | ||
Proceeds from maturities of short-term investments | 6.2 | 24.4 | [3] | ||
Proceeds from sales of short-term investments | 196.8 | 3.9 | [3] | ||
Other | 4.4 | 19.6 | [3] | ||
Net cash used in investing activities | (353.5) | (95.3) | [3] | ||
Cash flow from financing activities: | |||||
Issuance of common stock, net of tax withholdings | 25.3 | 39.6 | [3] | ||
Repurchases of common stock | (53) | (14.2) | [3] | ||
Proceeds from debt and revolving credit lines | 591 | 252 | [3] | ||
Payments on debt and revolving credit lines | (383) | (226.1) | [3] | ||
Other | [3] | (0.3) | |||
Net cash provided by financing activities | 180.3 | 51 | [3] | ||
Effect of exchange rate changes on cash and cash equivalents | 6.3 | 5 | [3] | ||
Net increase (decrease) in cash and cash equivalents | (84) | 64.7 | [3] | ||
Consolidated operating income | 64.2 | 54.7 | [1],[4] | ||
Cash and cash equivalents - beginning of period | 358.5 | [5] | 216.1 | [3] | |
Cash and cash equivalents - end of period | $ 274.5 | $ 280.8 | [3] | ||
[1] | See Note 2 for a summary of adjustments | ||||
[2] | See Note 2 for a summary of adjustments | ||||
[3] | See Note 2 for a summary of adjustments | ||||
[4] | See Note 2 for a summary of adjustments | ||||
[5] | See Note 2 for a summary of adjustments |
Overview And Basis Of Presentat
Overview And Basis Of Presentation | 3 Months Ended |
Mar. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview And Basis Of Presentation | OVERVIEW AND BASIS OF PRESENTATION Company and Background The Company began operations in 1978 and was originally incorporated in California as Trimble Navigation Limited in 1981. On October 1, 2016, Trimble Navigation Limited changed its name to Trimble Inc. ("Trimble" or the "Company") and changed its state of incorporation from the State of California to the State of Delaware. Other than the change in corporate domicile, the reincorporation did not result in any change in the business, physical location, management, assets, liabilities or total stockholders' equity of the Company, nor did it result in any change in location of the Company's employees, including the Company's management. Basis of Presentation The Company has a 52-53 week fiscal year, ending on the Friday nearest to December 31, which for fiscal 2017 was December 29, 2017 . The first quarter of fiscal 2018 and 2017 ended on March 30, 2018 and March 31, 2017 , respectively. Both fiscal 2018 and 2017 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 stockholders’ proportionate share of the net assets and results of operations of the Company’s consolidated subsidiaries. The unaudited interim consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for the full year. The information included in this Form 10-Q should be read in conjunction with information included in Trimble's Form 10-K filed with the U.S. Securities and Exchange Commission on February 27, 2018. Effective the first quarter of fiscal 2018, the Company adopted the new revenue recognition standard, Revenue from Contracts with Customers, and several other new standards as discussed in Note 2. All amounts and disclosures set forth in this Form 10-Q have been updated to comply with the new standards. Certain prior period amounts reported in the Company's condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation. Use of Estimates 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. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price of performance obligations, allowances for doubtful accounts, sales returns reserve, allowances for inventory valuation, warranty costs, investments, goodwill impairment, intangibles impairment, purchased intangibles, useful lives for tangible and intangible assets, stock-based compensation, and income taxes among others. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Actual results and outcomes may differ from management's estimates and assumptions. |
Updates to Significant Accounti
Updates to Significant Accounting Policies | 3 Months Ended |
Mar. 30, 2018 | |
Accounting Policies [Abstract] | |
Updates To Significant Accounting Policies | UPDATES TO SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies There have been no material changes to the Company’s significant accounting polices during the first quarter of fiscal 2018 from those disclosed in the Company’s most recent Form 10-K, except for significant changes to our accounting policies as a result of adopting the new revenue recognition standard as discussed below: Revenue Recognition Significant Judgments Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is generally recognized net of allowance for returns and any taxes collected from customers. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Judgment is required to determine stand alone selling price ("SSP") for each distinct performance obligation. The Company uses a range of amounts to estimate SSP when products and services are sold separately and determines whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, the Company determines SSP using information that may include market conditions and other observable inputs. Nature of Goods and Services The Company generates revenue primarily from products, services and subscriptions; each of which is a distinct performance obligation. Product revenue includes hardware and software. Services including post contract services and extended warranty and subscriptions are performance obligations generally recognized over time. Descriptions are as follows: Product Revenue for hardware is recognized when the control of the product transfers to the customer, which is generally when the product is shipped. The Company elected to recognize shipping fees reimbursed by the customer as revenue and the cost for shipping as an expense in Cost of sales when control over products has transferred to the customer. Revenue for perpetual and term licenses is recognized upon delivery and commencement of license term. In general, the Company’s contracts do not provide for customer specific acceptances. A small amount of revenue is derived from the licensing of software to OEM customers. Royalty revenue is recognized as and when the sales or usage occurs, which generally is at the time the OEM ships products incorporating the Company’s software. Services Professional services include installation, training, configuration, project management, system integrations, customization, data migration/conversion and other implementation services. The majority of professional services are not complex, can be provided by other vendors, are readily available and billed on a time-and-material basis. Revenue for distinct professional services is recognized over time, based on work performed. In some contracts, products and professional services may be combined into a single performance obligation. This generally arises when products or subscriptions are sold with significant customization, modification, or integration services. Revenue for the combined performance is recognized over time as the work progresses because of the continuous transfer of control to the customer. When the Company is unable to reasonably estimate the total costs for the performance obligation, but expects to recover the costs incurred, revenue is recognized to the extent of the costs incurred (zero margin) until such time the Company can reasonably measure the expected costs. Extended warranty entitles the customer to receive replacement parts and repair services. Extended warranty is separately priced and is recognized on a straight-line basis over the extended service period which begins after the standard warranty period, ranging from one to two years depending on the product line. Post contract support entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Post contract support is recognized on a straight-line basis commencing upon product delivery over the post contract support term, which ranges from one to three years, with one year term being most common. Subscription The Company’s software as a service ("SaaS") performance obligations may be sold with devices used to collect, generate, and transmit data. SaaS is distinct from the related devices. In addition, the Company may host the software which the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms range from month-to-month to five years . Subscription revenue is recognized monthly over the service duration, commencing from activation. See Note 6 - Segment Information for disaggregation of revenue by geography. Accounts receivable, net Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceed the amount billed to customer, provided the billing is not contingent upon future performance, and the company has the unconditional right to future payment with only the passage of time required. Both billed and unbilled amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. Each reporting period, the Company evaluates the collectibility of its trade accounts receivable based on a number of factors such as age of the accounts receivable balances, credit quality, historical experience, and current economic conditions that may affect a customer’s ability to pay. The allowance for doubtful accounts was $5.0 million and $3.6 million at the end of the first quarter of fiscal 2018 and end of fiscal 2017, respectively. Deferred Costs to Obtain Customer Contracts Our incremental cost of obtaining contracts, which consists of sales commissions related to customer contracts that include maintenance or subscriptions revenue, are deferred if the contractual term is greater than a year or if renewals are expected and the renewal commission is not commensurate with the initial commission. These commissions costs are deferred and amortized on a straight-line basis over a benefit period, either the contract term or the shorter of customer or product life, which is generally between three to seven years. The Company has elected the practical expedient to exclude contracts with an amortization period of a year or less from this deferral requirement. See Note 10 - Deferred Costs to Obtain Customer Contracts for further information. Remaining Performance Obligations Remaining performance obligations represents contracted revenue for which goods or services have not been delivered. The contracted revenue, that will be recognized in future periods, includes both invoiced amounts in deferred revenue as well as amounts that are not yet invoiced. See Note 12 - Deferred Revenue and Remaining Performance Obligations for further information. Recently Adopted Accounting Pronouncements Financial Instruments - Overall In January 2016, the FASB issued new guidance that will require entities to measure equity investments currently accounted for under the cost method at fair value and recognize any changes in fair value in net income. For equity investments without readily determinable fair values, an entity may elect an alternative measurement method at cost minus impairment, if any, plus or minus any adjustments from observable market transactions. The Company adopted the guidance in the first quarter of fiscal 2018 on a prospective basis for equity investments without readily determinable fair values by electing the alternative measurement method. The Company’s equity investments are immaterial on its consolidated balance sheets; therefore, adoption of this guidance does not have a material impact. Statement of Cash Flows In August 2016, the FASB issued new guidance related to statement of cash flows. This guidance amended the existing accounting standards for the statement of cash flows and provided guidance on certain classification issues related to the statement of cash flows. The Company adopted the amendments retrospectively to all periods presented in the first quarter of fiscal 2018. The impact of adoption on the Company’s statements of cash flows is presented along with adoption of Revenue from Contracts with Customers. Accounting for Income Taxes - Intra-Entity Asset Transfers In October 2016, the FASB issued new guidance related to income taxes. This standard requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The Company adopted the guidance beginning in the first quarter of fiscal 2018. The adoption did not have a material impact on the Company's consolidated financial statements. Other Income – Gains and Losses from the Derecognition of Non-financial Assets and Definition of a Business In February 2017, the FASB issued new guidance clarifying the scope and application of existing guidance related to the sale or transfer of non-financial assets to non-customers, including partial sales. In January 2017, the FASB issued amendments to the definition of a business for companies that sell or acquire businesses. The Company adopted both of these amendments beginning in the first quarter of fiscal 2018. The adoption did not have a material impact on the Company's consolidated financial statements. Compensation - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued new guidance to improve the presentation for components of defined benefit pension cost, which requires employers to report the service cost component of net periodic pension cost in the same line item as other compensation expense arising from services rendered during the period. The standard also requires the other components of net periodic cost be presented in the income statement separately from the service cost component and outside of a subtotal of income from operations. The Company adopted the guidance retrospectively to all periods presented beginning in the first quarter of fiscal 2018. The Company has defined benefit pension plans that are immaterial for its consolidated financial statements; therefore, adoption of this guidance did not have a material impact. Revenue from Contracts with Customers In May 2014, the FASB issued a comprehensive new revenue recognition standard that replaces the prior revenue recognition guidance under U.S. GAAP. The new standard requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the requirements of the new standard starting the first quarter of fiscal 2018, utilizing the full retrospective method of transition. Adoption of the new standard resulted in changes to the Company's accounting policies for revenue recognition and accounts receivable, net and deferred costs to obtain customer contracts as described in Note 2 above. The Company applied the new standard using a practical expedient where the remaining performance obligations and an explanation of when it expects to recognize that amount as revenue for all reporting periods presented before the date of the initial application is not disclosed. In addition, the Company did not restate revenue for contracts that begin and end in the same fiscal year. The impact of adopting the new standard on the Consolidated Statements of Income for fiscal 2017 and 2016 is not material. The majority of revenue, which is related to hardware, software perpetual licenses, SaaS, and other service and support offerings, remains substantially unchanged. The primary revenue impacts related to the new standard are earlier recognition of software term licenses, certain professional service contracts, and non-standard terms and conditions. Previously, the Company expensed the majority of its commission expense as incurred. Under the new standard, the Company capitalizes and amortizes incremental commission costs to obtain the contract over a benefit period. The Company has elected a practical expedient to exclude contracts with a benefit period of a year or less from this deferral requirement for both retrospective and future financial statement periods. The impact of adoption the new standard on the Consolidated Balance Sheets for fiscal 2017 and 2016 is material with the primary impacts due to a reduction in deferred revenue for revenue streams that are recognized sooner under the new standard and capitalization of incremental costs to obtain customer contracts. Adoption of the new standard had no impact to cash provided by or used in operating, financing, or investing activities on the Statements of Cash Flows for fiscal 2017 and 2016, although cash provided from operating activities had offsetting adjustments within accounts. Impacts to Previously Reported Results Adoption of the standard using the full retrospective method required the Company to restate certain previously reported results primarily related to revenue and cost of sales, accounts receivable, net, deferred costs to obtain customer contracts, and deferred income taxes as shown in the Company's previously reported results below. Adoption of Revenue from Contracts with Customers standards and the new Statement of Cash Flows impacted Company's previously reported results as follows: First quarter of fiscal 2017 (In millions, except per share amounts) As Previously Reported Adjustments a As Adjusted Revenue $ 613.9 $ (3.3 ) $ 610.6 Gross margin 326.6 (2.3 ) 324.3 Operating income 56.6 (1.9 ) 54.7 Income tax provision 15.1 (1.2 ) 13.9 Net Income attributable to Trimble Inc. $ 50.5 $ (0.7 ) $ 49.8 Diluted earnings per share $ 0.20 $ (0.01 ) $ 0.19 Fiscal Year End 2017 (In millions) As Previously Reported Adjustments a As Adjusted Accounts receivable, net $ 414.8 $ 12.9 $ 427.7 Inventories 271.8 (7.2 ) 264.6 Deferred costs, non-current — 35.0 35.0 Other current and non-current assets 205.5 (22.6 ) 182.9 Current and non-current deferred revenue 313.4 (36.8 ) 276.6 Other current liabilities 101.0 (1.8 ) 99.2 Deferred income tax liabilities 40.4 7.4 47.8 Stockholders' equity $ 2,366.0 $ 48.5 $ 2,414.5 a. Adjusted to reflect the adoption of Revenue from Contracts with Customers . Fiscal Year End 2017 (In millions) As Previously Reported Adjustments b As Adjusted Net cash provided by operating activities $ 411.9 $ 17.8 $ 429.7 Net cash used in investing activities (366.0 ) (5.2 ) (371.2 ) Net cash provided by financing activities $ 79.1 $ (12.6 ) $ 66.5 b. Adjusted to reflect the adoption of Statement of Cash Flows. Recently issued Accounting Pronouncements not yet adopted Leases In February 2016, the FASB issued new guidance that requires a lessee to recognize lease assets and lease liabilities on the balance sheet for most leases and provide enhanced disclosures. Most prominent is the recognition of assets and liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP. Under the new standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Leases will continue to be classified as either finance or operating leases, and for both, the initial lease liabilities should be measured at the present value of the lease payments. Right of use assets for leases are measured based on the lease liability adjusted for deferred and prepaid rent as well as lease incentives paid. This new guidance is effective beginning in fiscal 2019, although early adoption is permitted. Currently, companies are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and there are certain practical expedients that companies may elect, including an accounting policy election to not recognize lease assets and liabilities for leases with a term of twelve months or less. At its November 29, 2017 meeting, the FASB announced that it plans to allow a simplified transition approach for companies to elect not to restate their comparative periods in the period of adoption when transitioning to the new lease accounting. The Company plans to elect the simplified transition approach upon final issuance of the update. While the Company is continuing to assess all potential impacts of the standard, it currently anticipates that the standard will have a material effect on its consolidated balance sheets, with the most significant impact related to the accounting for real estate lease assets and liabilities. The Company plans to adopt the standard in fiscal 2019 and is evaluating the use of optional practical expedients. Currently, the Company is evaluating all of its leases to determine the overall accounting impacts and the lease system requirements to provide the new accounting and reporting for leases. Financial Instruments - Credit Losses In June 2016, the FASB issued new guidance that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected, not based on incurred losses. Further, credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. The new standard is effective for the Company beginning in fiscal 2020. Early adoption for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 is permitted. The Company is currently evaluating the effect of the updated standard on its consolidated financial statements. Intangibles - Goodwill and Other In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test. The impairment test is performed by comparing the fair value of a reporting unit with its carrying amount and an impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is to be applied on a prospective basis and is effective for the Company beginning in fiscal 2020 and early adoption is permitted. The Company currently anticipates that the adoption will not have a material impact on its consolidated financial statements. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 30, 2018 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchase Activities In November 2017, the Company’s Board of Directors approved a stock repurchase program ("2017 Stock Repurchase Program"), authorizing the Company to repurchase up to $600.0 million of Trimble’s common stock. 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. During the first quarter of fiscal 2018 , the Company repurchased approximately 1.3 million shares of common stock in open market purchases, at an average price of $39.43 per share, for a total of $50.0 million under the 2017 Stock Repurchase Program. Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-in-capital 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 is charged to retained earnings. As a result of the repurchases, retained earnings was reduced by $42.5 million in the first quarter of fiscal 2018 . Common stock repurchases under the program were recorded based upon the trade date for accounting purposes. At the end of the first quarter of fiscal 2018 , the 2017 Stock Repurchase Program had remaining authorized funds of $392.2 million . The Company has temporarily suspended its stock repurchase program. Stock-Based Compensation Expense Stock compensation expense is recognized 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 following table summarizes stock-based compensation expense for the first quarter of fiscal 2018 and 2017 : First Quarter of 2018 2017 (In millions) Cost of sales $ 1.1 $ 0.8 Research and development 3.1 2.4 Sales and marketing 2.3 2.2 General and administrative 10.9 8.3 Total operating expense 16.3 12.9 Total stock-based compensation expense $ 17.4 $ 13.7 |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 30, 2018 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS During the first quarter of fiscal 2018, the Company acquired two businesses, with total cash consideration of $526.9 million . 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. In the aggregate, the businesses acquired during the first quarter of fiscal 2018 contributed less than two percent to the Company's total revenue during the first quarter of fiscal 2018. 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. The fair value of liabilities assumed includes deferred revenue which is written down to the cost, plus a reasonable profit margin, to fulfill customer contractual obligations. For certain acquisitions completed in the last three quarters of fiscal 2017 and the first quarter of fiscal 2018 , 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 all acquisitions, including the changes in the fair value of the contingent consideration liabilities, a net expense of $16.0 million and $2.1 million for the first quarter of fiscal 2018 and 2017 , respectively, were expensed as incurred. The following table summarizes the Company’s business combinations completed during the first quarter of fiscal 2018 including e-Builder (the acquisition of which is described below): First Quarter of 2018 (In millions) Fair value of total purchase consideration $ 526.9 Less fair value of net assets acquired: Net tangible assets acquired 2.6 Identifiable intangible assets 135.0 Deferred income taxes (26.3 ) Goodwill $ 415.6 Intangible Assets The following table presents details of the Company’s total intangible assets: As of First Quarter of Fiscal 2018 Fiscal Year End 2017 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 1,006.7 $ (762.7 ) $ 244.0 $ 915.3 $ (729.9 ) $ 185.4 Trade names and trademarks 64.8 (49.9 ) 14.9 58.7 (48.6 ) 10.1 Customer relationships 564.8 (367.5 ) 197.3 512.1 (351.3 ) 160.8 Distribution rights and other intellectual properties 71.6 (61.6 ) 10.0 69.2 (60.7 ) 8.5 $ 1,707.9 $ (1,241.7 ) $ 466.2 $ 1,555.3 $ (1,190.5 ) $ 364.8 The estimated future amortization expense of purchased intangible assets as of the end of the first quarter of fiscal 2018 was as follows: (In millions) 2018 (Remaining) $ 111.1 2019 110.0 2020 80.6 2021 58.7 2022 40.4 Thereafter 65.4 Total $ 466.2 Goodwill The changes in the carrying amount of goodwill by segment for the first quarter of fiscal 2018 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of fiscal year end 2017 $ 706.8 $ 415.3 $ 314.5 $ 850.5 $ 2,287.1 Additions due to acquisitions 415.6 — — — 415.6 Purchase price adjustments- prior years' acquisitions — — — (0.2 ) (0.2 ) Foreign currency translation adjustments 17.3 3.0 3.9 1.5 25.7 Divestiture (1) — (1.8 ) — — (1.8 ) Balance as of the end of the first quarter of fiscal 2018 $ 1,139.7 $ 416.5 $ 318.4 $ 851.8 $ 2,726.4 (1) In the first quarter of 2018, the Company sold its Geoline business, which was part of the Geospatial segment. e-Builder, Inc. On February 2, 2018, the Company completed the acquisition of e-Builder, Inc., a Florida corporation (“e-Builder”). e-Builder is a SaaS-based construction program management solution for capital program owners and program management firms that is expected to extend the Company’s ability to accelerate industry transformation by providing an integrated project delivery solution for owners, program managers and contractors across the design, construct and operate lifecycle. Trimble acquired all of the issued and outstanding shares of common stock of e-Builder for a total purchase price of $485.2 million , subject to certain adjustments described in the purchase agreement. The Company incurred approximately $18.6 million in acquisition-related costs primarily comprising compensation costs incurred post-closing associated with options which were accelerated in connection with the acquisition transaction, which were expensed as incurred and included in Cost of Sales - Service, Research and development, Sales and marketing, and General and administrative expense. e-Builder’s results of operations since February 2, 2018 have been included in the Company’s Condensed Consolidated Statements of Income for the first quarter of fiscal 2018. e-Builder's performance is reported under the Buildings and Infrastructure segment. The acquisition was funded through the use of approximately $200.0 million of the Company’s existing cash, with the remainder funded through the Company’s credit facilities. The following table summarizes the consideration transferred to acquire e-Builder, the assets acquired and liabilities assumed and the estimated useful lives of the identifiable intangible assets as of the date of the acquisition: Estimated (In millions) Fair Value Total purchase consideration $ 485.2 Net tangible assets acquired 1.5 Intangible assets acquired: Estimated Useful Life Developed product technology 60.5 7 years Order backlog 1.7 6 months Customer relationships 42.4 10 years Trade name 4.8 7 years Subtotal 109.4 Deferred tax liability (19.6 ) Less fair value of all assets/liabilities acquired 91.3 Goodwill $ 393.9 Details of the net assets acquired are as follows: As of February 2, 2018 (In millions) Cash and cash equivalents $ 2.5 Accounts receivable 14.2 Other receivables 43.9 Other current assets 0.7 Property and equipment, net 0.1 Other non-current assets 0.1 Accounts payable (8.4 ) Accrued liabilities (39.9 ) Deferred revenue liability (11.7 ) Net tangible assets acquired $ 1.5 Goodwill represents the excess of the fair value of consideration paid over the fair value of the underlying net tangible and intangible assets acquired. Goodwill consisted of e-Builder’s highly skilled and valuable assembled workforce, a proven ability to generate new products and services to drive future revenue, and a premium paid by the Company for synergies unique to its business. The Company recorded $393.9 million of goodwill from this acquisition. None of the goodwill recognized is expected to be deductible for income tax purposes. During the first quarter of fiscal 2018, e-Builder contributed $5.0 million of revenue and recorded $1.5 million of operating loss within the business segment. The following table presents pro forma results of operations of the Company and e-Builder, as if the companies had been combined as of the beginning of the earliest period presented. The unaudited pro forma results of operations are not necessarily indicative of results that would have occurred had the acquisition taken place on the first day of fiscal 2017, or of future results. Included in the pro forma results are fair value adjustments based on the fair values of assets acquired and liabilities assumed as of the acquisition date of February 2, 2018. For the first quarter of fiscal 2018 and 2017, the pro-forma results include amortization of intangible assets related to the acquisition, impacts from adoption of Revenue from Contracts with Customers, interest expense for debt used to purchase e-Builder, and income tax effects. The pro forma information for the first quarter of fiscal 2018 and 2017 is as follows: First Quarter of Fiscal Period 2018 2017 (in millions, except per share data) Revenue $ 750.5 $ 620.9 Net income attributable to Trimble Inc. 74.4 47.1 Basic earnings per share 0.30 0.19 Diluted earnings per share 0.29 0.19 |
Inventories
Inventories | 3 Months Ended |
Mar. 30, 2018 | |
Inventory, Net [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: First Quarter of Fiscal Year End As of 2018 2017 *As Adjusted (In millions) Raw materials $ 91.0 $ 85.2 Work-in-process 11.7 12.4 Finished goods 186.4 167.0 Total inventories $ 289.1 $ 264.6 * See Note 2 for a summary of adjustments Finished goods includes $7.8 million and $8.7 million at the end of the first quarter of fiscal 2018 and fiscal year end 2017 for costs of sales that have been deferred in connection with deferred revenue arrangements. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 30, 2018 | |
Text Block [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities for which separate financial information is available and evaluated by the Company's Chief Executive Officer (our chief operating decision maker or "CODM") in deciding how to allocate resources and assess performance. The CODM evaluates each segment’s performance and allocates resources based on segment operating income before income taxes and 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. 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 CODM evaluates each segment's performance and allocates resources. The Company’s reportable segments are described below: • Buildings and Infrastructure: This segment primarily serves customers working in architecture, engineering, construction, and operations and maintenance. • Geospatial: This segment primarily serves customers working in surveying, engineering, government, and land management. • Resources and Utilities: This segment primarily serves customers working in agriculture, forestry, and utilities. • Transportation: This segment primarily serves customers working in transportation, including transportation and logistics, automotive, rail, and military aviation. The following tables present revenue, operating income, depreciation expense and identifiable assets for the four reportable segments. Operating income is revenue less cost of sales and operating expense, excluding unallocated corporate expenses, restructuring charges, amortization of purchased intangible assets, stock-based compensation, amortization of acquisition-related inventory step-up, and acquisition and divestiture items. The identifiable assets that the CODM views by segment are accounts receivable, inventories and goodwill. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) First Quarter of Fiscal 2018 Revenue $ 224.7 $ 174.5 $ 159.2 $ 183.8 $ 742.2 Operating income 43.5 37.3 51.7 30.4 162.9 Depreciation expense 1.4 1.4 1.0 1.1 4.9 First Quarter of Fiscal 2017 Revenue (*As Adjusted) $ 186.5 $ 149.6 $ 120.2 $ 154.3 $ 610.6 Operating income (*As Adjusted) 31.7 27.9 42.6 23.5 125.7 Depreciation expense 1.8 1.3 0.6 1.4 5.1 As of the First Quarter of Fiscal 2018 Accounts receivable, net $ 148.0 $ 124.0 $ 99.1 $ 104.6 $ 475.7 Inventories 66.3 121.8 48.6 52.4 289.1 Goodwill 1,139.7 416.5 318.4 851.8 2,726.4 As of Fiscal Year End 2017 Accounts receivable, net (*As Adjusted) $ 120.1 $ 121.5 $ 78.5 $ 107.6 $ 427.7 Inventories (*As Adjusted) 62.1 110.3 46.0 46.2 264.6 Goodwill 706.8 415.3 314.5 850.5 2,287.1 * See Note 2 for a summary of adjustments A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows: First Quarter of 2018 2017 *As Adjusted (In millions) Consolidated segment operating income $ 162.9 $ 125.7 Unallocated corporate expense (23.4 ) (18.4 ) Restructuring charges (1.4 ) (3.4 ) Amortization of purchased intangible assets (40.5 ) (33.3 ) Stock-based compensation (17.4 ) (13.7 ) Amortization of acquisition-related inventory step-up — (0.1 ) Acquisition and divestiture items (16.0 ) (2.1 ) Consolidated operating income 64.2 54.7 Non-operating income, net: 2.5 9.0 Consolidated income before taxes $ 66.7 $ 63.7 * See Note 2 for a summary of adjustments The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers is attributed to countries based on the location of the customer. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) First Quarter of Fiscal 2018 North America $ 113.3 $ 69.4 $ 48.4 $ 151.2 $ 382.3 Europe 75.6 49.6 79.9 21.3 226.4 Asia Pacific 29.2 43.3 11.3 10.8 94.6 Rest of World 6.6 12.2 19.6 0.5 38.9 Total consolidated revenue 224.7 174.5 159.2 183.8 742.2 First Quarter of Fiscal 2017 (*As Adjusted) North America $ 96.7 $ 55.2 $ 42.1 $ 127.7 $ 321.7 Europe 57.5 41.5 49.2 16.2 164.4 Asia Pacific 23.6 40.4 11.3 9.2 84.5 Rest of World 8.7 12.5 17.6 1.2 40.0 Total consolidated revenue 186.5 149.6 120.2 154.3 610.6 * Adjusted to reflect adoption of the new revenue recognition standard, Revenue from Contracts with Customers. For further information, see Note 2. |
Debt
Debt | 3 Months Ended |
Mar. 30, 2018 | |
Text Block [Abstract] | |
DEBT, COMMITMENTS AND CONTINGENCIES | DEBT Debt consisted of the following: First Quarter of Fiscal Year End As of 2018 2017 (In millions) Notes: Principal amount $ 400.0 $ 400.0 Unamortized discount on Notes (2.1 ) (2.2 ) Debt issuance costs (2.0 ) (2.1 ) Credit Facilities: 2014 Credit Facility 295.0 389.0 2018 Interim Credit facilities 300.0 — Uncommitted facilities 130.0 128.0 Promissory notes and other debt 1.4 1.2 Total debt 1,122.3 913.9 Less: Short-term debt 430.5 128.4 Long-term debt $ 691.8 $ 785.5 Notes In November 2014, the Company issued $400.0 million of Senior Notes (the "Notes") in a public offering registered with the Securities and Exchange Commission. 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. The Notes are classified as long-term in the Condensed Consolidated Balance Sheet and are presented net of unamortized discount and debt issuance costs. The discount and debt issuance costs are being amortized to interest expense using the effective interest rate method over the term of the Notes. In connection with the Notes offering, Trimble entered into an Indenture with U.S. Bank National Association, as trustee. Trimble may redeem the Notes at its option at any time, in accordance with the terms and conditions set forth in the Indenture. The Indenture contains no financial covenants. Further details regarding the terms of the Notes, including the redemption rights, and the Indenture, are provided in the Company’s fiscal 2017 Annual Report on Form 10-K. Credit Facilities 2014 Credit Facility In November 2014, the Company entered into a five -year credit agreement with a group of lenders, which provides for an unsecured revolving loan facility of $1.0 billion (the "2014 Credit Facility"). 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. The interest rate on the non-current debt outstanding under the 2014 Credit Facility was 2.85% and 2.55% at the end of the first quarter of fiscal 2018 and fiscal year end 2017 , respectively, and is payable on a quarterly basis. Amounts not borrowed under the revolving facility will be subject to a commitment fee. The outstanding balance of $295.0 million as of the end of the first quarter of fiscal 2018 and $389.0 million at the end of fiscal 2017 are classified as long-term debt in the Condensed Consolidated Balance Sheet. Unamortized debt issuance costs associated with the 2014 Credit Facility are presented as assets in the Condensed Consolidated Balance sheet and are being amortized to interest expense using the effective interest rate method over the term of the 2014 Credit Facility. In February 2016, the Company entered into an amendment to the 2014 Credit Facility to facilitate the Company's reincorporation from California to Delaware and to effect other non-financial terms. In August 2016, the Company entered into a second amendment to revise a definition used in determining when a change of control of the Company may occur. The Company was in compliance with all covenants pertaining to the 2014 Credit Facility at the end of the first quarter of fiscal 2018 . Uncommitted Facilities The Company has two $75.0 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 $130.0 million outstanding at the end of the first quarter of fiscal 2018 and the $128.0 million outstanding at the end of fiscal 2017 under the Uncommitted Facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet. The weighted average interest rate on the Uncommitted Facilities was 2.27% at the end of the first quarter of fiscal 2018 and 2.24% at the end of fiscal 2017 and is payable on a monthly basis. Interim Credit Facility On February 2, 2018, the Company entered into a $300.0 million Revolving Credit Agreement (the “2018 Interim Credit Facility”), by and between the Company and The Bank of Nova Scotia in connection with the acquisition of e-Builder, Inc., a Florida corporation. The Company may borrow, repay and reborrow funds under the 2018 Interim Credit Facility until its maturity on January 31, 2019. Borrowings under the 2018 Interim Credit Facility 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 Bank of Nova Scotia’s prime rate; (b) 0.50% per annum above the federal funds effective rate; and (c) LIBOR for an interest period of one month ; plus a margin equal to 0.125% , (ii) a fixed per annum rate based on LIBOR plus a margin of 1.125% or (iii) an interest rate agreed between us and The Bank of Nova Scotia. The 2018 Interim Credit Facility contains various customary representations and warranties and affirmative and negative covenants that are substantially the same as those contained in the 2014 Credit Facility. The outstanding balance of $300.0 million as of the end of the first quarter of fiscal 2018 is classified as short-term debt in the Condensed Consolidated Balance Sheet. The interest rate under the 2018 Interim Credit Facility was 2.75% at the end of the first quarter of fiscal 2018 and is payable on a monthly basis. The Company was in compliance with all covenants pertaining to the 2018 Credit Facility at the end of the first quarter of fiscal 2018 . Promissory Notes and Other Debt At the end of the first quarter of fiscal 2018 and the year end of fiscal 2017 , the Company had promissory notes and other notes payable totaling approximately $1.4 million and $1.2 million , respectively, of which $0.9 million and $0.8 million , respectively, was classified as long-term in the Condensed Consolidated Balance Sheet. Debt Maturities At the end of the first quarter of fiscal 2018 , the Company's debt maturities based on outstanding principal were as follows (in millions): Year Payable 2018 (Remaining) $ 130.5 2019 595.5 2020 0.4 2021 — 2022 — Thereafter 400.0 Total $ 1,126.4 On April 23, 2018, the Company entered into a definitive agreement to acquire privately-held Viewpoint from Bain Capital in an all-cash transaction valued at $1.2 billion . The all-cash purchase price of $1.2 billion is expected to be funded through a combination of cash on hand and new borrowings. For additional discussion, see Note 16 to the consolidated financial statements. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 3 Months Ended |
Mar. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash, Cash Equivalents, and Short-term Investments | CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS The Company sold its available-for-sale securities to fund its acquisitions during the first quarter of fiscal 2018. The following table summarizes the Company’s available-for-sale securities at the end of fiscal 2017. At the end of Fiscal 2017 (In millions) Available-for-sale securities: U.S. Treasury securities $ 9.6 Corporate debt securities 96.0 Commercial paper 100.1 Total available-for-sale securities $ 205.7 Reported as: Cash and cash equivalents $ 26.8 Short-term investments 178.9 Total $ 205.7 The gross realized gains or losses on the Company's available-for-sale investments for the first quarter of fiscal 2018 and 2017 were not significant. The gross unrealized losses on the Company's available-for-sale investments at the end of the first quarter of fiscal 2017 was not significant. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
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 at the measurement date. 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. 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 2018 Fair Values as of Fiscal Year End 2017 (In millions) Level I Level II Level III Total Level I Level II Level III Total Assets Available-for-sale securities: U.S. Treasury securities (1) $ — $ — $ — $ — $ — $ 9.6 $ — $ 9.6 Corporate debt securities (1) — — — — — 96.0 — 96.0 Commercial paper (1) — — — — — 100.1 — 100.1 Total available-for-sale securities — — — — — 205.7 — 205.7 Deferred compensation plan assets (2) 29.7 — — 29.7 27.1 — — 27.1 Derivative assets (3) — 0.7 — 0.7 — 0.5 — 0.5 Total assets measured at fair value $ 29.7 $ 0.7 $ — $ 30.4 $ 27.1 $ 206.2 $ — $ 233.3 Liabilities Deferred compensation plan liabilities (2) $ 29.7 $ — $ — $ 29.7 $ 27.1 $ — $ — $ 27.1 Derivative liabilities (3) — 0.2 — 0.2 — 0.1 — 0.1 Contingent consideration liabilities (4) — — 6.2 6.2 — — 14.2 14.2 Total liabilities measured at fair value $ 29.7 $ 0.2 $ 6.2 $ 36.1 $ 27.1 $ 0.1 $ 14.2 $ 41.4 (1) The Company’s available-for sale securities are valued using readily available pricing sources for comparable instruments, or model-driven valuations using significant inputs derived from or corroborated by observable market data, including yield curves and credit ratings. (2) 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, respectively, on the Company's Condensed Consolidated Balance Sheets. (3) 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. (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 $53.4 million at the end of the first quarter of fiscal 2018 . The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins or other milestones. 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 outstanding financial instruments: Carrying Amount Fair Value Carrying Amount Fair Value As of First Quarter of Fiscal 2018 Fiscal Year End 2017 (In millions) Liabilities: Notes $ 400.0 $ 418.5 $ 400.0 $ 430.4 2014 Credit Facility 295.0 295.0 389.0 389.0 2018 Interim Credit Facility 300.0 300.0 — — Uncommitted facilities 130.0 130.0 128.0 128.0 Promissory notes and other debt 1.4 1.4 1.2 1.2 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. |
Deferred Costs to Obtain Custom
Deferred Costs to Obtain Customer Contracts | 3 Months Ended |
Mar. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | DEFERRED COSTS TO OBTAIN CUSTOMER CONTRACTS We classify all deferred costs to obtain customer contracts, which consists of deferred commissions, as a non-current asset, included in Deferred Costs, non-current on the Company’s condensed consolidated balance sheets. As of the end of first quarter of fiscal 2018 and fiscal year end 2017, we had $35.6 million and $35.0 million of deferred costs to obtain customer contracts, respectively. Amortization expense related to deferred costs to obtain customer contracts, in the first quarter of fiscal 2018 and 2017, was $5.4 million and $4.9 million , respectively. Amortization expense is included in sales and marketing expenses in the Company’s condensed consolidated statements of income. There was no impairment loss related to the deferred commissions for either period presented. |
Product Warranties
Product Warranties | 3 Months Ended |
Mar. 30, 2018 | |
Product Warranties Disclosures [Abstract] | |
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. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two 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 2018 are as follows: (In millions) Balance as of fiscal year end 2017 $ 18.3 Acquired warranties — Accruals for warranties issued 4.7 Changes in estimates (0.9 ) Warranty settlements (in cash or in kind) (3.2 ) Balance as of the end of the first quarter of fiscal 2018 $ 18.9 |
Deferred Revenue And Performanc
Deferred Revenue And Performance Obligations | 3 Months Ended |
Mar. 30, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue Disclosure [Text Block] | DEFERRED REVENUE AND PERFORMANCE OBLIGATIONS Deferred Revenue Changes in the Company’s deferred revenue during the first quarter of fiscal 2018 and 2017 are as follows: First Quarter of 2018 2017 *As Adjusted (In millions) Balance as of prior fiscal year end $ 276.6 246.4 Revenue recognized from prior fiscal year end (98.0 ) (87.8 ) Acquired deferred revenue 22.3 4.0 Net deferred revenue activity 159.5 139.9 Balance as of the end of the first quarter 360.4 302.5 * See Note 2 for a summary of adjustments Remaining Performance Obligations As of the end of first quarter of fiscal 2018, approximately $1.0 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily hardware, subscription, software maintenance and professional services contracts. The Company expects to recognize revenue of approximately 73% and 16% on these remaining performance obligations over the next 12 and 24 months , respectively, with the remainder recognized thereafter. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is computed by dividing Net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing Net income attributable to Trimble Inc.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, restricted stock units and contingently issuable shares. The dilutive effect of potentially dilutive securities is reflected in diluted earnings 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 earnings per share: First Quarter of 2018 2017 *As Adjusted (In millions, except per share amounts) Numerator: Net income attributable to Trimble Inc. $ 58.5 $ 49.8 Denominator: Weighted average number of common shares used in basic earnings per share 248.8 252.0 Effect of dilutive securities 4.4 3.9 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 253.2 255.9 Basic earnings per share $ 0.24 $ 0.20 Diluted earnings per share $ 0.23 $ 0.19 For the first quarter of fiscal 2018 and 2017 , the Company excluded insignificant shares of outstanding stock options from the calculation of diluted earnings per share because their effect would have been antidilutive. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Effective in 2018, the Tax Cuts and Jobs Act (“Tax Act”) reduced U.S. federal tax from 35% to 21% and created new taxes on certain foreign-source earnings (referred to as “GILTI”) and certain related-party payments. The Company recorded reasonable estimates as provisional amounts arising from the Tax Act in the fourth quarter of fiscal 2017. As of the first quarter of fiscal 2018, the Company has not made adjustments with regard to the 2017 provisional amounts. The Company will continue to perform additional analysis regarding historical foreign earnings and taxes as well as other necessary potential adjustments and will complete the analysis by incorporating ongoing legislative guidance and accounting interpretations. Additionally, the Company has not yet determined its policy election as to whether it will recognize deferred taxes for basis differences expected to reverse as GILTI or whether GILTI will be accounted for as a period cost. The Company expects to complete its analysis for the tax effects of the Tax Act in fiscal 2018. For the first quarter of fiscal 2018 , the Company’s effective income tax rate was 12% , compared to 22% in the corresponding period in fiscal 2017 , primarily due to the reduced U.S. federal tax rate of approximately seven percentage points, tax benefit from foreign deferred tax adjustments and other discrete items of approximately five percentage points, partially offset by U.S. tax on certain foreign earnings of three percentage points related mainly to a provisional GILTI tax. The Company's effective tax rate of 12% is lower than the newly enacted U.S. federal statutory rate of 21% primarily due to favorable tax rates associated with certain earnings from operations in lower-tax jurisdictions, a benefit from U.S. federal R&D credit, and stock based compensation deductions. 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 (the "IRS") as well as various state and foreign taxing authorities. In the first quarter of fiscal 2015, the Company received a Notice of Proposed Adjustment from the IRS for the fiscal years 2010 and 2011. The proposed adjustments primarily relate to the valuations of intercompany transfers of acquired intellectual property. The assessments of tax and penalties for the years in question total $67.0 million . In January 2018, the Company and IRS reached agreement to settle certain aspects of the assessments constituting $15.8 million of the total $67.0 million assessment. The Company paid approximately $5.0 million in March, 2018 in accordance with the agreement. The Company’s reserves were adequate to cover the partial agreement. On March 7, 2018 the Company received a Notice of Deficiency for fiscal year 2011, assessing tax and penalties totaling $51.0 million . The Company does not agree with the IRS position on the remaining issues. The Company intends to legally contest the IRS position, and expects to file a Tax Court petition during the second quarter of fiscal 2018. The Company believes that its reserves are adequate to cover any final judgment. Although timing of the resolution and/or closure of audits is not certain, the Company believes it is reasonably possible that its gross unrecognized tax benefits could decrease (whether by payment, release or a combination of both) in the next 12 months by up to $3.2 million primarily related to the IRS partial settlement discussed above. Unrecognized tax benefits of $71.6 million and $68.5 million as of the end of the first quarter of fiscal 2018 and fiscal year end 2017, 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. As of the end of the first quarter of fiscal 2018 and fiscal year end 2017, the Company had accrued $13.8 million and $12.7 million , respectively, for interest and penalties, which are recorded in Other non-current liabilities in the accompanying Condensed Consolidated Balance Sheets. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Leases and Other Commitments The estimated future minimum operating lease commitments as of the end of the first quarter of fiscal 2018 are as follows (in millions): 2018 (Remaining) $ 29.5 2019 31.5 2020 24.3 2021 21.8 2022 16.9 Thereafter 28.0 Total $ 152.0 As of the end of the first quarter of fiscal 2018 , the Company had unconditional purchase obligations of approximately $215.3 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. Additionally, the Company has certain acquisitions which include additional earn-out cash payments based on estimated future revenues, gross margins or other milestones. As of the end of the first quarter of fiscal 2018 , the Company had $6.2 million included in Other current liabilities and Other non-current liabilities related to these earn-outs, representing the fair value of the contingent consideration. Litigation On September 2, 2011, Recreational Data Services, LLC filed a lawsuit in the Superior Court for the State of Alaska in Anchorage against Trimble Navigation Limited, Cabela’s Incorporated, AT&T Mobility and Alascom, Inc., alleging breach of contract, breach of fiduciary duty, interference with contract, promissory estoppel, fraud, and negligent misrepresentation. The case was tried in front of a jury in Alaska beginning on September 9, 2014. On September 26, 2014, the jury returned a verdict in favor of the plaintiff and awarded the plaintiff damages of $51.3 million . On January 29, 2015, the court granted our Motion for Judgment Notwithstanding the Verdict, and on March 18, 2015, the Court awarded the Company a portion of its incurred attorneys’ fees and costs, and entered final judgment in the Company’s favor in the amount of $0.6 million . The Judgment also provides that the plaintiff take nothing on its claims. On April 17, 2015, the plaintiff filed a Notice of Appeal to the Alaska Supreme Court. On March 24, 2017, the Alaska Supreme Court affirmed, in part, and reversed, in part, the trial court's decision. The Alaska Supreme Court affirmed the trial court's determination that the plaintiff had not proven damages and was not entitled to recover any lost profits, and remanded the case to the trial court for an award of nominal damages to the plaintiff. On December 8, 2017, the trial court entered judgment awarding nominal damages of one dollar to the plaintiff. On December 22, 2017, the plaintiff filed a Petition for Writ of Certiorari with the U.S. Supreme Court seeking further review of the Alaska Supreme Court’s decision, which was denied. The trial court entered final judgment on the award of nominal damages of one dollar on March 16, 2018, and the parties have entered into a settlement agreement with respect to attorney's fees, and resolved all outstanding issues in the case via mutual releases. From time to time, the Company is also involved in litigation arising out of the ordinary course of its 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On April 23, 2018, the Company entered into a definitive agreement to acquire privately-held Viewpoint from Bain Capital in an all-cash transaction valued at $1.2 billion . Viewpoint is highly complementary to Trimble’s e-Builder business, and will extend Trimble's ability to provide more complete and integrated project, field and business workflows across the construction lifecycle. Viewpoint is a leading provider of construction management software, which integrates a contractor’s financial and resource management to their project operations and to their jobsite and field. The integration across the office, team and field workflows enables contractors to employ Viewpoint to effectively manage and gain visibility over data and workflows that span the construction lifecycle from pre-production planning, to product operations and supply chain management, through project hand over and asset operation and maintenance. The acquisition is highly complementary to Trimble’s construction technology portfolio and positions Trimble to further its strategy to lead the industry’s transformation. With Viewpoint, Trimble will be able to offer customers a central workflow platform for delivering integrated, end-to-end construction management, while further enabling connectivity across the complete construction lifecycle. In addition, Viewpoint will complement Trimble’s recent acquisition of e-Builder, a leading SaaS-based construction program management solution for capital program owners and program management firms. Viewpoint will further extend these capabilities with focus on general, specialty and heavy civil contractors, and linking project data into the owner-facing e-Builder suite for end-to-end project transparency. The transaction, which is expected to be completed in the third quarter of 2018, is subject to regulatory approvals, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, as well as other customary closing conditions. On April 23, 2018, the Company entered into a bridge loan commitment letter with a group of lenders (the “Bridge Commitment Letter”) in connection with the acquisition of Viewpoint. Pursuant to the Bridge Commitment Letter, the lenders party thereto has committed to provide a 364 -day senior unsecured bridge term loan credit facility in an aggregate principal amount of up to $1.2 billion and, in the case of one lender, a $1.0 billion backstop revolving credit facility. The commitments under the Bridge Commitment Letter will expire on August 28, 2018. Any loan under the Bridge Commitment Letter would bear interest at (i) adjusted LIBOR plus a margin ranging from 1.000% to 1.875% or (ii) the adjusted base rate plus the applicable adjusted LIBOR margin minus 1.000% . The initial maturity date for the bridge facility is 364 days after the draw down date. The commitments under the Bridge Commitment Letter will be reduced by the amount of the term loan facility described below, once effective, and the net cash proceeds of a securities offering. In addition, on April 23, 2018, the Company entered a term loan commitment letter with a group of lenders (the “Term Commitment Letter”). Pursuant to the Term Commitment Letter, the lenders party thereto has committed to provide, subject to the terms and conditions thereof, a portion of a delayed draw term loan facility in an aggregate principal amount of up to $500 million , which would refinance and replace our 2014 Credit Facility. The term loan facility would bear interest at (i) adjusted LIBOR plus a margin ranging from 1.000% to 1.875% or (ii) the adjusted base rate plus the applicable adjusted LIBOR margin minus 1.000% . The maturity date for the term loan facility is three years after the date of funding. The Viewpoint business will be reported as part of Trimble’s Buildings and Infrastructure Segment. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2018 | |
Accounting Policies [Abstract] | |
Reclassification Policy, Reportable Segments | Certain prior period amounts reported in the Company's condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation. |
Use of Estimates, Policy | Use of Estimates 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. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price of performance obligations, allowances for doubtful accounts, sales returns reserve, allowances for inventory valuation, warranty costs, investments, goodwill impairment, intangibles impairment, purchased intangibles, useful lives for tangible and intangible assets, stock-based compensation, and income taxes among others. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Actual results and outcomes may differ from management's estimates and assumptions. |
Revenue Recognition, Policy | Revenue Recognition Significant Judgments Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is generally recognized net of allowance for returns and any taxes collected from customers. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Judgment is required to determine stand alone selling price ("SSP") for each distinct performance obligation. The Company uses a range of amounts to estimate SSP when products and services are sold separately and determines whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, the Company determines SSP using information that may include market conditions and other observable inputs. Nature of Goods and Services The Company generates revenue primarily from products, services and subscriptions; each of which is a distinct performance obligation. Product revenue includes hardware and software. Services including post contract services and extended warranty and subscriptions are performance obligations generally recognized over time. Descriptions are as follows: Product Revenue for hardware is recognized when the control of the product transfers to the customer, which is generally when the product is shipped. The Company elected to recognize shipping fees reimbursed by the customer as revenue and the cost for shipping as an expense in Cost of sales when control over products has transferred to the customer. Revenue for perpetual and term licenses is recognized upon delivery and commencement of license term. In general, the Company’s contracts do not provide for customer specific acceptances. A small amount of revenue is derived from the licensing of software to OEM customers. Royalty revenue is recognized as and when the sales or usage occurs, which generally is at the time the OEM ships products incorporating the Company’s software. Services Professional services include installation, training, configuration, project management, system integrations, customization, data migration/conversion and other implementation services. The majority of professional services are not complex, can be provided by other vendors, are readily available and billed on a time-and-material basis. Revenue for distinct professional services is recognized over time, based on work performed. In some contracts, products and professional services may be combined into a single performance obligation. This generally arises when products or subscriptions are sold with significant customization, modification, or integration services. Revenue for the combined performance is recognized over time as the work progresses because of the continuous transfer of control to the customer. When the Company is unable to reasonably estimate the total costs for the performance obligation, but expects to recover the costs incurred, revenue is recognized to the extent of the costs incurred (zero margin) until such time the Company can reasonably measure the expected costs. Extended warranty entitles the customer to receive replacement parts and repair services. Extended warranty is separately priced and is recognized on a straight-line basis over the extended service period which begins after the standard warranty period, ranging from one to two years depending on the product line. Post contract support entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Post contract support is recognized on a straight-line basis commencing upon product delivery over the post contract support term, which ranges from one to three years, with one year term being most common. Subscription The Company’s software as a service ("SaaS") performance obligations may be sold with devices used to collect, generate, and transmit data. SaaS is distinct from the related devices. In addition, the Company may host the software which the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms range from month-to-month to five years . Subscription revenue is recognized monthly over the service duration, commencing from activation. See Note 6 - Segment Information for disaggregation of revenue by geography. |
Accounts Receivable, Net, Policy | Accounts receivable, net Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceed the amount billed to customer, provided the billing is not contingent upon future performance, and the company has the unconditional right to future payment with only the passage of time required. Both billed and unbilled amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. Each reporting period, the Company evaluates the collectibility of its trade accounts receivable based on a number of factors such as age of the accounts receivable balances, credit quality, historical experience, and current economic conditions that may affect a customer’s ability to pay. The allowance for doubtful accounts was $5.0 million and $3.6 million at the end of the first quarter of fiscal 2018 and end of fiscal 2017, respectively. |
Deferred Costs to Obtain Customer Contracts, Policy | Deferred Costs to Obtain Customer Contracts Our incremental cost of obtaining contracts, which consists of sales commissions related to customer contracts that include maintenance or subscriptions revenue, are deferred if the contractual term is greater than a year or if renewals are expected and the renewal commission is not commensurate with the initial commission. These commissions costs are deferred and amortized on a straight-line basis over a benefit period, either the contract term or the shorter of customer or product life, which is generally between three to seven years. The Company has elected the practical expedient to exclude contracts with an amortization period of a year or less from this deferral requirement. See Note 10 - Deferred Costs to Obtain Customer Contracts for further information. |
Remaining Performance Obligations, Policy | Remaining Performance Obligations Remaining performance obligations represents contracted revenue for which goods or services have not been delivered. The contracted revenue, that will be recognized in future periods, includes both invoiced amounts in deferred revenue as well as amounts that are not yet invoiced. See Note 12 - Deferred Revenue and Remaining Performance Obligations for further information. |
New Accounting Pronouncements, Policy | Recently Adopted Accounting Pronouncements Financial Instruments - Overall In January 2016, the FASB issued new guidance that will require entities to measure equity investments currently accounted for under the cost method at fair value and recognize any changes in fair value in net income. For equity investments without readily determinable fair values, an entity may elect an alternative measurement method at cost minus impairment, if any, plus or minus any adjustments from observable market transactions. The Company adopted the guidance in the first quarter of fiscal 2018 on a prospective basis for equity investments without readily determinable fair values by electing the alternative measurement method. The Company’s equity investments are immaterial on its consolidated balance sheets; therefore, adoption of this guidance does not have a material impact. Statement of Cash Flows In August 2016, the FASB issued new guidance related to statement of cash flows. This guidance amended the existing accounting standards for the statement of cash flows and provided guidance on certain classification issues related to the statement of cash flows. The Company adopted the amendments retrospectively to all periods presented in the first quarter of fiscal 2018. The impact of adoption on the Company’s statements of cash flows is presented along with adoption of Revenue from Contracts with Customers. Accounting for Income Taxes - Intra-Entity Asset Transfers In October 2016, the FASB issued new guidance related to income taxes. This standard requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The Company adopted the guidance beginning in the first quarter of fiscal 2018. The adoption did not have a material impact on the Company's consolidated financial statements. Other Income – Gains and Losses from the Derecognition of Non-financial Assets and Definition of a Business In February 2017, the FASB issued new guidance clarifying the scope and application of existing guidance related to the sale or transfer of non-financial assets to non-customers, including partial sales. In January 2017, the FASB issued amendments to the definition of a business for companies that sell or acquire businesses. The Company adopted both of these amendments beginning in the first quarter of fiscal 2018. The adoption did not have a material impact on the Company's consolidated financial statements. Compensation - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued new guidance to improve the presentation for components of defined benefit pension cost, which requires employers to report the service cost component of net periodic pension cost in the same line item as other compensation expense arising from services rendered during the period. The standard also requires the other components of net periodic cost be presented in the income statement separately from the service cost component and outside of a subtotal of income from operations. The Company adopted the guidance retrospectively to all periods presented beginning in the first quarter of fiscal 2018. The Company has defined benefit pension plans that are immaterial for its consolidated financial statements; therefore, adoption of this guidance did not have a material impact. Revenue from Contracts with Customers In May 2014, the FASB issued a comprehensive new revenue recognition standard that replaces the prior revenue recognition guidance under U.S. GAAP. The new standard requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the requirements of the new standard starting the first quarter of fiscal 2018, utilizing the full retrospective method of transition. Adoption of the new standard resulted in changes to the Company's accounting policies for revenue recognition and accounts receivable, net and deferred costs to obtain customer contracts as described in Note 2 above. The Company applied the new standard using a practical expedient where the remaining performance obligations and an explanation of when it expects to recognize that amount as revenue for all reporting periods presented before the date of the initial application is not disclosed. In addition, the Company did not restate revenue for contracts that begin and end in the same fiscal year. The impact of adopting the new standard on the Consolidated Statements of Income for fiscal 2017 and 2016 is not material. The majority of revenue, which is related to hardware, software perpetual licenses, SaaS, and other service and support offerings, remains substantially unchanged. The primary revenue impacts related to the new standard are earlier recognition of software term licenses, certain professional service contracts, and non-standard terms and conditions. Previously, the Company expensed the majority of its commission expense as incurred. Under the new standard, the Company capitalizes and amortizes incremental commission costs to obtain the contract over a benefit period. The Company has elected a practical expedient to exclude contracts with a benefit period of a year or less from this deferral requirement for both retrospective and future financial statement periods. The impact of adoption the new standard on the Consolidated Balance Sheets for fiscal 2017 and 2016 is material with the primary impacts due to a reduction in deferred revenue for revenue streams that are recognized sooner under the new standard and capitalization of incremental costs to obtain customer contracts. Adoption of the new standard had no impact to cash provided by or used in operating, financing, or investing activities on the Statements of Cash Flows for fiscal 2017 and 2016, although cash provided from operating activities had offsetting adjustments within accounts. Impacts to Previously Reported Results Adoption of the standard using the full retrospective method required the Company to restate certain previously reported results primarily related to revenue and cost of sales, accounts receivable, net, deferred costs to obtain customer contracts, and deferred income taxes as shown in the Company's previously reported results below. Adoption of Revenue from Contracts with Customers standards and the new Statement of Cash Flows impacted Company's previously reported results as follows: First quarter of fiscal 2017 (In millions, except per share amounts) As Previously Reported Adjustments a As Adjusted Revenue $ 613.9 $ (3.3 ) $ 610.6 Gross margin 326.6 (2.3 ) 324.3 Operating income 56.6 (1.9 ) 54.7 Income tax provision 15.1 (1.2 ) 13.9 Net Income attributable to Trimble Inc. $ 50.5 $ (0.7 ) $ 49.8 Diluted earnings per share $ 0.20 $ (0.01 ) $ 0.19 Fiscal Year End 2017 (In millions) As Previously Reported Adjustments a As Adjusted Accounts receivable, net $ 414.8 $ 12.9 $ 427.7 Inventories 271.8 (7.2 ) 264.6 Deferred costs, non-current — 35.0 35.0 Other current and non-current assets 205.5 (22.6 ) 182.9 Current and non-current deferred revenue 313.4 (36.8 ) 276.6 Other current liabilities 101.0 (1.8 ) 99.2 Deferred income tax liabilities 40.4 7.4 47.8 Stockholders' equity $ 2,366.0 $ 48.5 $ 2,414.5 a. Adjusted to reflect the adoption of Revenue from Contracts with Customers . Fiscal Year End 2017 (In millions) As Previously Reported Adjustments b As Adjusted Net cash provided by operating activities $ 411.9 $ 17.8 $ 429.7 Net cash used in investing activities (366.0 ) (5.2 ) (371.2 ) Net cash provided by financing activities $ 79.1 $ (12.6 ) $ 66.5 b. Adjusted to reflect the adoption of Statement of Cash Flows. Recently issued Accounting Pronouncements not yet adopted Leases In February 2016, the FASB issued new guidance that requires a lessee to recognize lease assets and lease liabilities on the balance sheet for most leases and provide enhanced disclosures. Most prominent is the recognition of assets and liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP. Under the new standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. Leases will continue to be classified as either finance or operating leases, and for both, the initial lease liabilities should be measured at the present value of the lease payments. Right of use assets for leases are measured based on the lease liability adjusted for deferred and prepaid rent as well as lease incentives paid. This new guidance is effective beginning in fiscal 2019, although early adoption is permitted. Currently, companies are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and there are certain practical expedients that companies may elect, including an accounting policy election to not recognize lease assets and liabilities for leases with a term of twelve months or less. At its November 29, 2017 meeting, the FASB announced that it plans to allow a simplified transition approach for companies to elect not to restate their comparative periods in the period of adoption when transitioning to the new lease accounting. The Company plans to elect the simplified transition approach upon final issuance of the update. While the Company is continuing to assess all potential impacts of the standard, it currently anticipates that the standard will have a material effect on its consolidated balance sheets, with the most significant impact related to the accounting for real estate lease assets and liabilities. The Company plans to adopt the standard in fiscal 2019 and is evaluating the use of optional practical expedients. Currently, the Company is evaluating all of its leases to determine the overall accounting impacts and the lease system requirements to provide the new accounting and reporting for leases. Financial Instruments - Credit Losses In June 2016, the FASB issued new guidance that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected, not based on incurred losses. Further, credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. The new standard is effective for the Company beginning in fiscal 2020. Early adoption for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 is permitted. The Company is currently evaluating the effect of the updated standard on its consolidated financial statements. Intangibles - Goodwill and Other In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test. The impairment test is performed by comparing the fair value of a reporting unit with its carrying amount and an impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is to be applied on a prospective basis and is effective for the Company beginning in fiscal 2020 and early adoption is permitted. The Company currently anticipates that the adoption will not have a material impact on its consolidated financial statements. |
Share-based Compensation Policy | Stock compensation expense is recognized 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. |
Business Combinations Policy | 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. |
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. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two 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. |
Earnings Per Share, Policy | Basic earnings per share is computed by dividing Net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing Net income attributable to Trimble Inc.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, restricted stock units and contingently issuable shares. The dilutive effect of potentially dilutive securities is reflected in diluted earnings 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. |
Updates to Significant Accoun24
Updates to Significant Accounting Policies - Impact On Financial Statements (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Accounting Standards Update 2014-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | First quarter of fiscal 2017 (In millions, except per share amounts) As Previously Reported Adjustments a As Adjusted Revenue $ 613.9 $ (3.3 ) $ 610.6 Gross margin 326.6 (2.3 ) 324.3 Operating income 56.6 (1.9 ) 54.7 Income tax provision 15.1 (1.2 ) 13.9 Net Income attributable to Trimble Inc. $ 50.5 $ (0.7 ) $ 49.8 Diluted earnings per share $ 0.20 $ (0.01 ) $ 0.19 Fiscal Year End 2017 (In millions) As Previously Reported Adjustments a As Adjusted Accounts receivable, net $ 414.8 $ 12.9 $ 427.7 Inventories 271.8 (7.2 ) 264.6 Deferred costs, non-current — 35.0 35.0 Other current and non-current assets 205.5 (22.6 ) 182.9 Current and non-current deferred revenue 313.4 (36.8 ) 276.6 Other current liabilities 101.0 (1.8 ) 99.2 Deferred income tax liabilities 40.4 7.4 47.8 Stockholders' equity $ 2,366.0 $ 48.5 $ 2,414.5 |
Accounting Standards Update 2016-15 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Fiscal Year End 2017 (In millions) As Previously Reported Adjustments b As Adjusted Net cash provided by operating activities $ 411.9 $ 17.8 $ 429.7 Net cash used in investing activities (366.0 ) (5.2 ) (371.2 ) Net cash provided by financing activities $ 79.1 $ (12.6 ) $ 66.5 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Equity [Abstract] | |
Summary Of Stock-Based Compensation Expense, Net Of Tax | The following table summarizes stock-based compensation expense for the first quarter of fiscal 2018 and 2017 : First Quarter of 2018 2017 (In millions) Cost of sales $ 1.1 $ 0.8 Research and development 3.1 2.4 Sales and marketing 2.3 2.2 General and administrative 10.9 8.3 Total operating expense 16.3 12.9 Total stock-based compensation expense $ 17.4 $ 13.7 |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Schedule Of Intangible Assets | The following table presents details of the Company’s total intangible assets: As of First Quarter of Fiscal 2018 Fiscal Year End 2017 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 1,006.7 $ (762.7 ) $ 244.0 $ 915.3 $ (729.9 ) $ 185.4 Trade names and trademarks 64.8 (49.9 ) 14.9 58.7 (48.6 ) 10.1 Customer relationships 564.8 (367.5 ) 197.3 512.1 (351.3 ) 160.8 Distribution rights and other intellectual properties 71.6 (61.6 ) 10.0 69.2 (60.7 ) 8.5 $ 1,707.9 $ (1,241.7 ) $ 466.2 $ 1,555.3 $ (1,190.5 ) $ 364.8 |
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 2018 was as follows: (In millions) 2018 (Remaining) $ 111.1 2019 110.0 2020 80.6 2021 58.7 2022 40.4 Thereafter 65.4 Total $ 466.2 |
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 2018 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of fiscal year end 2017 $ 706.8 $ 415.3 $ 314.5 $ 850.5 $ 2,287.1 Additions due to acquisitions 415.6 — — — 415.6 Purchase price adjustments- prior years' acquisitions — — — (0.2 ) (0.2 ) Foreign currency translation adjustments 17.3 3.0 3.9 1.5 25.7 Divestiture (1) — (1.8 ) — — (1.8 ) Balance as of the end of the first quarter of fiscal 2018 $ 1,139.7 $ 416.5 $ 318.4 $ 851.8 $ 2,726.4 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire e-Builder, the assets acquired and liabilities assumed and the estimated useful lives of the identifiable intangible assets as of the date of the acquisition: Estimated (In millions) Fair Value Total purchase consideration $ 485.2 Net tangible assets acquired 1.5 Intangible assets acquired: Estimated Useful Life Developed product technology 60.5 7 years Order backlog 1.7 6 months Customer relationships 42.4 10 years Trade name 4.8 7 years Subtotal 109.4 Deferred tax liability (19.6 ) Less fair value of all assets/liabilities acquired 91.3 Goodwill $ 393.9 Details of the net assets acquired are as follows: As of February 2, 2018 (In millions) Cash and cash equivalents $ 2.5 Accounts receivable 14.2 Other receivables 43.9 Other current assets 0.7 Property and equipment, net 0.1 Other non-current assets 0.1 Accounts payable (8.4 ) Accrued liabilities (39.9 ) Deferred revenue liability (11.7 ) Net tangible assets acquired $ 1.5 |
Business Acquisition, Pro Forma Information | The pro forma information for the first quarter of fiscal 2018 and 2017 is as follows: First Quarter of Fiscal Period 2018 2017 (in millions, except per share data) Revenue $ 750.5 $ 620.9 Net income attributable to Trimble Inc. 74.4 47.1 Basic earnings per share 0.30 0.19 Diluted earnings per share 0.29 0.19 |
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 2018 including e-Builder (the acquisition of which is described below): First Quarter of 2018 (In millions) Fair value of total purchase consideration $ 526.9 Less fair value of net assets acquired: Net tangible assets acquired 2.6 Identifiable intangible assets 135.0 Deferred income taxes (26.3 ) Goodwill $ 415.6 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Inventory, Net [Abstract] | |
Components Of Net Inventories | Inventories consisted of the following: First Quarter of Fiscal Year End As of 2018 2017 *As Adjusted (In millions) Raw materials $ 91.0 $ 85.2 Work-in-process 11.7 12.4 Finished goods 186.4 167.0 Total inventories $ 289.1 $ 264.6 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Text Block [Abstract] | |
Schedule Of Revenue, Operating Income And Identifiable Assets By Segment | The following tables present revenue, operating income, depreciation expense and identifiable assets for the four reportable segments. Operating income is revenue less cost of sales and operating expense, excluding unallocated corporate expenses, restructuring charges, amortization of purchased intangible assets, stock-based compensation, amortization of acquisition-related inventory step-up, and acquisition and divestiture items. The identifiable assets that the CODM views by segment are accounts receivable, inventories and goodwill. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) First Quarter of Fiscal 2018 Revenue $ 224.7 $ 174.5 $ 159.2 $ 183.8 $ 742.2 Operating income 43.5 37.3 51.7 30.4 162.9 Depreciation expense 1.4 1.4 1.0 1.1 4.9 First Quarter of Fiscal 2017 Revenue (*As Adjusted) $ 186.5 $ 149.6 $ 120.2 $ 154.3 $ 610.6 Operating income (*As Adjusted) 31.7 27.9 42.6 23.5 125.7 Depreciation expense 1.8 1.3 0.6 1.4 5.1 As of the First Quarter of Fiscal 2018 Accounts receivable, net $ 148.0 $ 124.0 $ 99.1 $ 104.6 $ 475.7 Inventories 66.3 121.8 48.6 52.4 289.1 Goodwill 1,139.7 416.5 318.4 851.8 2,726.4 As of Fiscal Year End 2017 Accounts receivable, net (*As Adjusted) $ 120.1 $ 121.5 $ 78.5 $ 107.6 $ 427.7 Inventories (*As Adjusted) 62.1 110.3 46.0 46.2 264.6 Goodwill 706.8 415.3 314.5 850.5 2,287.1 * See Note 2 for a summary of adjustments |
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 2018 2017 *As Adjusted (In millions) Consolidated segment operating income $ 162.9 $ 125.7 Unallocated corporate expense (23.4 ) (18.4 ) Restructuring charges (1.4 ) (3.4 ) Amortization of purchased intangible assets (40.5 ) (33.3 ) Stock-based compensation (17.4 ) (13.7 ) Amortization of acquisition-related inventory step-up — (0.1 ) Acquisition and divestiture items (16.0 ) (2.1 ) Consolidated operating income 64.2 54.7 Non-operating income, net: 2.5 9.0 Consolidated income before taxes $ 66.7 $ 63.7 * See Note 2 for a summary of adjustments |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers is attributed to countries based on the location of the customer. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) First Quarter of Fiscal 2018 North America $ 113.3 $ 69.4 $ 48.4 $ 151.2 $ 382.3 Europe 75.6 49.6 79.9 21.3 226.4 Asia Pacific 29.2 43.3 11.3 10.8 94.6 Rest of World 6.6 12.2 19.6 0.5 38.9 Total consolidated revenue 224.7 174.5 159.2 183.8 742.2 First Quarter of Fiscal 2017 (*As Adjusted) North America $ 96.7 $ 55.2 $ 42.1 $ 127.7 $ 321.7 Europe 57.5 41.5 49.2 16.2 164.4 Asia Pacific 23.6 40.4 11.3 9.2 84.5 Rest of World 8.7 12.5 17.6 1.2 40.0 Total consolidated revenue 186.5 149.6 120.2 154.3 610.6 * Adjusted to reflect adoption of the new revenue recognition standard, Revenue from Contracts with Customers. For further information, see Note 2. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Text Block [Abstract] | |
Schedule Of Debt | Debt consisted of the following: First Quarter of Fiscal Year End As of 2018 2017 (In millions) Notes: Principal amount $ 400.0 $ 400.0 Unamortized discount on Notes (2.1 ) (2.2 ) Debt issuance costs (2.0 ) (2.1 ) Credit Facilities: 2014 Credit Facility 295.0 389.0 2018 Interim Credit facilities 300.0 — Uncommitted facilities 130.0 128.0 Promissory notes and other debt 1.4 1.2 Total debt 1,122.3 913.9 Less: Short-term debt 430.5 128.4 Long-term debt $ 691.8 $ 785.5 |
Schedule of Maturities of Long-term Debt | At the end of the first quarter of fiscal 2018 , the Company's debt maturities based on outstanding principal were as follows (in millions): Year Payable 2018 (Remaining) $ 130.5 2019 595.5 2020 0.4 2021 — 2022 — Thereafter 400.0 Total $ 1,126.4 |
Cash Equivalents and Investme30
Cash Equivalents and Investments (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The following table summarizes the Company’s available-for-sale securities at the end of fiscal 2017. At the end of Fiscal 2017 (In millions) Available-for-sale securities: U.S. Treasury securities $ 9.6 Corporate debt securities 96.0 Commercial paper 100.1 Total available-for-sale securities $ 205.7 Reported as: Cash and cash equivalents $ 26.8 Short-term investments 178.9 Total $ 205.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
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 2018 Fair Values as of Fiscal Year End 2017 (In millions) Level I Level II Level III Total Level I Level II Level III Total Assets Available-for-sale securities: U.S. Treasury securities (1) $ — $ — $ — $ — $ — $ 9.6 $ — $ 9.6 Corporate debt securities (1) — — — — — 96.0 — 96.0 Commercial paper (1) — — — — — 100.1 — 100.1 Total available-for-sale securities — — — — — 205.7 — 205.7 Deferred compensation plan assets (2) 29.7 — — 29.7 27.1 — — 27.1 Derivative assets (3) — 0.7 — 0.7 — 0.5 — 0.5 Total assets measured at fair value $ 29.7 $ 0.7 $ — $ 30.4 $ 27.1 $ 206.2 $ — $ 233.3 Liabilities Deferred compensation plan liabilities (2) $ 29.7 $ — $ — $ 29.7 $ 27.1 $ — $ — $ 27.1 Derivative liabilities (3) — 0.2 — 0.2 — 0.1 — 0.1 Contingent consideration liabilities (4) — — 6.2 6.2 — — 14.2 14.2 Total liabilities measured at fair value $ 29.7 $ 0.2 $ 6.2 $ 36.1 $ 27.1 $ 0.1 $ 14.2 $ 41.4 (1) The Company’s available-for sale securities are valued using readily available pricing sources for comparable instruments, or model-driven valuations using significant inputs derived from or corroborated by observable market data, including yield curves and credit ratings. (2) 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, respectively, on the Company's Condensed Consolidated Balance Sheets. (3) 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. (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 $53.4 million at the end of the first quarter of fiscal 2018 . The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins or other milestones. 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 outstanding financial instruments: Carrying Amount Fair Value Carrying Amount Fair Value As of First Quarter of Fiscal 2018 Fiscal Year End 2017 (In millions) Liabilities: Notes $ 400.0 $ 418.5 $ 400.0 $ 430.4 2014 Credit Facility 295.0 295.0 389.0 389.0 2018 Interim Credit Facility 300.0 300.0 — — Uncommitted facilities 130.0 130.0 128.0 128.0 Promissory notes and other debt 1.4 1.4 1.2 1.2 |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Product Warranties Disclosures [Abstract] | |
Changes In Product Warranty Liability | Changes in the Company’s product warranty liability during the first quarter of fiscal 2018 are as follows: (In millions) Balance as of fiscal year end 2017 $ 18.3 Acquired warranties — Accruals for warranties issued 4.7 Changes in estimates (0.9 ) Warranty settlements (in cash or in kind) (3.2 ) Balance as of the end of the first quarter of fiscal 2018 $ 18.9 |
Deferred Revenue And Performa33
Deferred Revenue And Performance Obligations (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue And Performance Obligations | Changes in the Company’s deferred revenue during the first quarter of fiscal 2018 and 2017 are as follows: First Quarter of 2018 2017 *As Adjusted (In millions) Balance as of prior fiscal year end $ 276.6 246.4 Revenue recognized from prior fiscal year end (98.0 ) (87.8 ) Acquired deferred revenue 22.3 4.0 Net deferred revenue activity 159.5 139.9 Balance as of the end of the first quarter 360.4 302.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares | The following table shows the computation of basic and diluted earnings per share: First Quarter of 2018 2017 *As Adjusted (In millions, except per share amounts) Numerator: Net income attributable to Trimble Inc. $ 58.5 $ 49.8 Denominator: Weighted average number of common shares used in basic earnings per share 248.8 252.0 Effect of dilutive securities 4.4 3.9 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 253.2 255.9 Basic earnings per share $ 0.24 $ 0.20 Diluted earnings per share $ 0.23 $ 0.19 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Leases and Other Commitments The estimated future minimum operating lease commitments as of the end of the first quarter of fiscal 2018 are as follows (in millions): 2018 (Remaining) $ 29.5 2019 31.5 2020 24.3 2021 21.8 2022 16.9 Thereafter 28.0 Total $ 152.0 |
Updates to Significant Accoun36
Updates to Significant Accounting Policies - Impact On Financial Statements Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2018 | Mar. 31, 2017 | [1] | Dec. 29, 2017 | Dec. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net cash provided by operating activities | $ 82.9 | $ 104 | $ 429.7 | ||
Net cash used in investing activities | (353.5) | (95.3) | (371.2) | ||
Net cash provided by financing activities | $ 180.3 | $ 51 | 66.5 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net cash provided by operating activities | 0 | $ 0 | |||
Net cash used in investing activities | 0 | 0 | |||
Net cash provided by financing activities | $ 0 | $ 0 | |||
[1] | See Note 2 for a summary of adjustments |
Updates to Significant Accoun37
Updates to Significant Accounting Policies - Revenue Recognition And Deferred Revenue Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2018 | Dec. 29, 2017 | |
Deferred Revenue Arrangement [Line Items] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 5 | $ 3.6 |
Weighted Average [Member] | Software Service, Support and Maintenance Arrangement [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue Contract Term | 1 year | |
Maximum | ||
Deferred Revenue Arrangement [Line Items] | ||
Warranty Period On Products Sold | 2 years | |
Customer or Product Life | 7 years | |
Maximum | Software Service, Support and Maintenance Arrangement [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue Contract Term | 3 years | |
Maximum | Subscription Arrangement [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue Contract Term | 5 years | |
Minimum | ||
Deferred Revenue Arrangement [Line Items] | ||
Warranty Period On Products Sold | 1 year | |
Customer or Product Life | 3 years | |
Minimum | Software Service, Support and Maintenance Arrangement [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue Contract Term | 1 year |
Updates to Significant Accoun38
Updates to Significant Accounting Policies - Revenue From Contract With Customer (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||||
Mar. 30, 2018 | Mar. 31, 2017 | Dec. 29, 2017 | Dec. 30, 2016 | [7] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||
Revenue | $ 742.2 | $ 610.6 | [1],[2],[3] | |||||
Gross margin | 396.2 | 324.3 | [2] | |||||
Consolidated operating income | 64.2 | 54.7 | [2],[4] | |||||
Income tax provision | 8 | 13.9 | [2] | |||||
Net income attributable to Trimble Inc. | $ 58.5 | $ 49.8 | [2] | |||||
Diluted earnings per share | $ 0.23 | $ 0.19 | [2] | |||||
Accounts receivable | $ 475.7 | $ 427.7 | [3],[5] | |||||
Inventories | 289.1 | 264.6 | [3],[5],[6] | |||||
Deferred costs, non-current | 35.6 | 35 | [5] | |||||
Other current adn non-current assets | 182.9 | |||||||
Current and non-current deferred revenue | 360.4 | $ 302.5 | [7] | 276.6 | $ 246.4 | |||
Other current liabilities | 110 | 99.2 | [5] | |||||
Deferred income tax liabilities | 49.8 | 47.8 | [5] | |||||
Total stockholders' equity | $ 2,499.9 | 2,414.5 | [5] | |||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||
Revenue | 613.9 | |||||||
Gross margin | 326.6 | |||||||
Consolidated operating income | 56.6 | |||||||
Income tax provision | 15.1 | |||||||
Net income attributable to Trimble Inc. | $ 50.5 | |||||||
Diluted earnings per share | $ 0.20 | |||||||
Accounts receivable | 414.8 | |||||||
Inventories | 271.8 | |||||||
Deferred costs, non-current | 0 | |||||||
Other current adn non-current assets | 205.5 | |||||||
Current and non-current deferred revenue | 313.4 | |||||||
Other current liabilities | 101 | |||||||
Deferred income tax liabilities | 40.4 | |||||||
Total stockholders' equity | 2,366 | |||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||
Revenue | [8] | $ (3.3) | ||||||
Gross margin | [8] | (2.3) | ||||||
Consolidated operating income | [8] | (1.9) | ||||||
Income tax provision | [8] | (1.2) | ||||||
Net income attributable to Trimble Inc. | [8] | $ (0.7) | ||||||
Diluted earnings per share | [8] | $ (0.01) | ||||||
Accounts receivable | [8] | 12.9 | ||||||
Inventories | [8] | (7.2) | ||||||
Deferred costs, non-current | [8] | 35 | ||||||
Other current adn non-current assets | [8] | (22.6) | ||||||
Current and non-current deferred revenue | [8] | (36.8) | ||||||
Other current liabilities | [8] | (1.8) | ||||||
Deferred income tax liabilities | [8] | 7.4 | ||||||
Total stockholders' equity | [8] | $ 48.5 | ||||||
[1] | Adjusted to reflect adoption of the new revenue recognition standard, Revenue from Contracts with Customers. For further information, see Note 2. | |||||||
[2] | See Note 2 for a summary of adjustments | |||||||
[3] | See Note 2 for a summary of adjustments | |||||||
[4] | See Note 2 for a summary of adjustments | |||||||
[5] | See Note 2 for a summary of adjustments | |||||||
[6] | See Note 2 for a summary of adjustments | |||||||
[7] | See Note 2 for a summary of adjustments | |||||||
[8] | Adjusted to reflect the adoption of Revenue from Contracts with Customers |
Updates to Significant Accoun39
Updates to Significant Accounting Policies - Financial Impact On Cash Flow (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2018 | Mar. 31, 2017 | [1] | Dec. 29, 2017 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net cash provided by operating activities | $ 82.9 | $ 104 | $ 429.7 | ||
Net cash used in investing activities | (353.5) | (95.3) | (371.2) | ||
Net cash provided by financing activities | $ 180.3 | $ 51 | 66.5 | ||
Scenario, Previously Reported [Member] | Accounting Standards Update 2016-15 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net cash provided by operating activities | 411.9 | ||||
Net cash used in investing activities | (366) | ||||
Net cash provided by financing activities | 79.1 | ||||
Restatement Adjustment [Member] | Accounting Standards Update 2016-15 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net cash provided by operating activities | [2] | 17.8 | |||
Net cash used in investing activities | [2] | (5.2) | |||
Net cash provided by financing activities | [2] | $ (12.6) | |||
[1] | See Note 2 for a summary of adjustments | ||||
[2] | Adjusted to reflect the adoption of Statement of Cash Flows |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 30, 2018 | Nov. 30, 2017 | |
Two Thousand Seventeen Stock Repurchase Program [Member] | ||
Equity, Class of Stock [Line Items] | ||
Stock repurchase program approved amount | $ 600 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 392.2 | |
Retained Earnings [Member] | ||
Equity, Class of Stock [Line Items] | ||
Stock Repurchased During Period, Value | $ 42.5 | |
Open Market Purchases [Member] | Two Thousand Seventeen Stock Repurchase Program [Member] | ||
Equity, Class of Stock [Line Items] | ||
Stock Repurchased During Period, Shares | 1.3 | |
Accelerated Share Repurchases, Final Price Paid Per Share | $ 39.43 | |
Stock Repurchased During Period, Value | $ 50 |
Shareholders' Equity (Summary O
Shareholders' Equity (Summary Of Stock-Based Compensation Expense) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 17.4 | $ 13.7 |
Cost Of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 1.1 | 0.8 |
Research And Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 3.1 | 2.4 |
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 | 2.2 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 10.9 | 8.3 |
Total Operating Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 16.3 | $ 12.9 |
Business Combinations (Narrativ
Business Combinations (Narratives) (Details) $ in Millions | Feb. 02, 2018USD ($) | Mar. 30, 2018USD ($)acquisition | Mar. 31, 2017USD ($) | [1] | Dec. 29, 2017USD ($) | [2] |
Business Acquisition [Line Items] | ||||||
Number of Businesses Acquired | acquisition | 2 | |||||
Business Acquisition, Transaction Costs | $ 16 | $ 2.1 | ||||
Goodwill | $ 2,726.4 | $ 2,287.1 | ||||
Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Revenue of Business Acquiree Since Acquisition Date Percentage of Total Revenue | 2.00% | |||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase Consideration | $ 526.9 | |||||
Goodwill | 415.6 | |||||
eBuilder [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase Consideration | $ 485.2 | 485.2 | ||||
Business Acquisition, Transaction Costs | 18.6 | |||||
Goodwill | $ 393.9 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 5 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1.5 | |||||
Cash and Cash Equivalents [Member] | eBuilder [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase Consideration | $ 200 | |||||
[1] | See Note 2 for a summary of adjustments | |||||
[2] | See Note 2 for a summary of adjustments |
Business Combinations (Separate
Business Combinations (Separately Recognized Transactions) (Details) - USD ($) $ in Millions | Feb. 02, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | [1] |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,726.4 | $ 2,287.1 | ||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of total purchase consideration | 526.9 | |||
Net tangible assets acquired | 2.6 | |||
Identifiable intangible assets | 135 | |||
Deferred income taxes | (26.3) | |||
Goodwill | 415.6 | |||
eBuilder [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of total purchase consideration | $ 485.2 | $ 485.2 | ||
Net tangible assets acquired | 91.3 | |||
Goodwill | $ 393.9 | |||
[1] | See Note 2 for a summary of adjustments |
Business Combinations (Schedule
Business Combinations (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions | Mar. 30, 2018 | Dec. 29, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross Carrying Amount | $ 1,707.9 | $ 1,555.3 | |
Intangible Assets, Accumulated Amortization | (1,241.7) | (1,190.5) | |
Total | 466.2 | 364.8 | [1] |
Developed Product Technology [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross Carrying Amount | 1,006.7 | 915.3 | |
Intangible Assets, Accumulated Amortization | (762.7) | (729.9) | |
Total | 244 | 185.4 | |
Trade Names And Trademarks [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross Carrying Amount | 64.8 | 58.7 | |
Intangible Assets, Accumulated Amortization | (49.9) | (48.6) | |
Total | 14.9 | 10.1 | |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross Carrying Amount | 564.8 | 512.1 | |
Intangible Assets, Accumulated Amortization | (367.5) | (351.3) | |
Total | 197.3 | 160.8 | |
Distribution Rights And Other Intellectual Properties [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible Assets, Gross Carrying Amount | 71.6 | 69.2 | |
Intangible Assets, Accumulated Amortization | (61.6) | (60.7) | |
Total | $ 10 | $ 8.5 | |
[1] | See Note 2 for a summary of adjustments |
Business Combinations (Schedu45
Business Combinations (Schedule Of Estimated Future Amortization Expense) (Detail) - USD ($) $ in Millions | Mar. 30, 2018 | Dec. 29, 2017 | [1] |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
2018 (Remaining) | $ 111.1 | ||
2,019 | 110 | ||
2,020 | 80.6 | ||
2,021 | 58.7 | ||
2,022 | 40.4 | ||
Thereafter | 65.4 | ||
Total | $ 466.2 | $ 364.8 | |
[1] | See Note 2 for a summary of adjustments |
Business Combinations (Changes
Business Combinations (Changes In Carrying Amount Of Goodwill By Operating Segment) (Detail) $ in Millions | 3 Months Ended | |
Mar. 30, 2018USD ($) | ||
Goodwill [Line Items] | ||
Balance as of fiscal year 2017 | $ 2,287.1 | [1] |
Additions due to acquisitions | 415.6 | |
Purchase price adjustments- prior years' acquisitions | (0.2) | |
Foreign currency translation adjustments | 25.7 | |
Divestiture (1) | (1.8) | [2] |
Balance as of the end of the first quarter of fiscal 2018 | 2,726.4 | |
Buildings and Infrastructure [Member] | ||
Goodwill [Line Items] | ||
Balance as of fiscal year 2017 | 706.8 | |
Additions due to acquisitions | 415.6 | |
Purchase price adjustments- prior years' acquisitions | 0 | |
Foreign currency translation adjustments | 17.3 | |
Divestiture (1) | 0 | [2] |
Balance as of the end of the first quarter of fiscal 2018 | 1,139.7 | |
Geospatial [Member] | ||
Goodwill [Line Items] | ||
Balance as of fiscal year 2017 | 415.3 | |
Purchase price adjustments- prior years' acquisitions | 0 | |
Foreign currency translation adjustments | 3 | |
Divestiture (1) | (1.8) | [2] |
Balance as of the end of the first quarter of fiscal 2018 | 416.5 | |
Resources and Utilities [Member] | ||
Goodwill [Line Items] | ||
Balance as of fiscal year 2017 | 314.5 | |
Purchase price adjustments- prior years' acquisitions | 0 | |
Foreign currency translation adjustments | 3.9 | |
Divestiture (1) | 0 | [2] |
Balance as of the end of the first quarter of fiscal 2018 | 318.4 | |
Transportation [Member] | ||
Goodwill [Line Items] | ||
Balance as of fiscal year 2017 | 850.5 | |
Purchase price adjustments- prior years' acquisitions | (0.2) | |
Foreign currency translation adjustments | 1.5 | |
Divestiture (1) | 0 | [2] |
Balance as of the end of the first quarter of fiscal 2018 | $ 851.8 | |
[1] | See Note 2 for a summary of adjustments | |
[2] | In the first quarter of 2018, the Company sold its Geoline business, which was part of the Geospatial segment. |
Business Combinations (Allocati
Business Combinations (Allocation of Assets and Liabilitiies) (Details) - USD ($) $ in Millions | Feb. 02, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | [1] |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,726.4 | $ 2,287.1 | ||
eBuilder [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase Consideration | $ 485.2 | $ 485.2 | ||
Intangible Assets Acquired | 109.4 | |||
Deferred Tax Liability | (19.6) | |||
Less fair value of all assets/liabilities acquired | 91.3 | |||
Goodwill | 393.9 | |||
Cash and cash equivalents | 2.5 | |||
Accounts receivable | 14.2 | |||
Other receivables | 43.9 | |||
Other current assets | 0.7 | |||
Property and equipment, net | 0.1 | |||
Other non-current assets | 0.1 | |||
Accounts payable | (8.4) | |||
Accrued liabilities | (39.9) | |||
Deferred revenue liability | (11.7) | |||
Net tangible assets acquired | 1.5 | |||
Developed Product Technology [Member] | eBuilder [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets Acquired | $ 60.5 | |||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 7 years | |||
Order or Production Backlog [Member] | eBuilder [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets Acquired | $ 1.7 | |||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 6 months | |||
Customer Relationships [Member] | eBuilder [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets Acquired | $ 42.4 | |||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 10 years | |||
Trade Names [Member] | eBuilder [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible Assets Acquired | $ 4.8 | |||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 7 years | |||
[1] | See Note 2 for a summary of adjustments |
Business Combination - Proforma
Business Combination - Proforma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Business Combinations [Abstract] | ||
Revenue | $ 750.5 | $ 620.9 |
Net income attributable to Trimble Inc. | $ 74.4 | $ 47.1 |
Basic earnings per share | $ 0.30 | $ 0.19 |
Diluted earnings per share | $ 0.29 | $ 0.19 |
Components Of Net Inventories (
Components Of Net Inventories (Detail) - USD ($) $ in Millions | Mar. 30, 2018 | Dec. 29, 2017 | [1] |
Inventory, Net [Abstract] | |||
Raw materials | $ 91 | $ 85.2 | |
Work-in-process | 11.7 | 12.4 | |
Finished goods | 186.4 | 167 | |
Total inventories | $ 289.1 | $ 264.6 | [2],[3] |
[1] | See Note 2 for a summary of adjustments | ||
[2] | See Note 2 for a summary of adjustments | ||
[3] | See Note 2 for a summary of adjustments |
Inventories Components (Narrati
Inventories Components (Narrative) (Detail) - USD ($) $ in Millions | Mar. 30, 2018 | Dec. 29, 2017 |
Inventory Disclosure [Abstract] | ||
Deferred costs of revenue included in finished goods | $ 7.8 | $ 8.7 |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) | 3 Months Ended |
Mar. 30, 2018segment | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 4 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 30, 2018 | Mar. 31, 2017 | Dec. 29, 2017 | |||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 742.2 | $ 610.6 | [1],[2],[3] | ||
Consolidated segment operating income | 64.2 | 54.7 | [2],[4] | ||
Depreciation expense | 8.5 | 8.9 | [5] | ||
Accounts receivable | 475.7 | $ 427.7 | [3],[6] | ||
Inventories | 289.1 | 264.6 | [3],[6],[7] | ||
Goodwill | 2,726.4 | 2,287.1 | [6] | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated segment operating income | 162.9 | 125.7 | [3],[4] | ||
Depreciation expense | 4.9 | 5.1 | |||
Resources and Utilities [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 159.2 | 120.2 | [1],[3] | ||
Accounts receivable | 99.1 | 78.5 | [3] | ||
Inventories | 48.6 | 46 | [3] | ||
Goodwill | 318.4 | 314.5 | |||
Resources and Utilities [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated segment operating income | 51.7 | 42.6 | [3] | ||
Depreciation expense | 1 | 0.6 | |||
Transportation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 183.8 | 154.3 | [1],[3] | ||
Accounts receivable | 104.6 | 107.6 | [3] | ||
Inventories | 52.4 | 46.2 | [3] | ||
Goodwill | 851.8 | 850.5 | |||
Transportation [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated segment operating income | 30.4 | 23.5 | [3] | ||
Depreciation expense | 1.1 | 1.4 | |||
Buildings and Infrastructure [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 224.7 | 186.5 | [1],[3] | ||
Accounts receivable | 148 | 120.1 | [3] | ||
Inventories | 66.3 | 62.1 | [3] | ||
Goodwill | 1,139.7 | 706.8 | |||
Buildings and Infrastructure [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated segment operating income | 43.5 | 31.7 | [3] | ||
Depreciation expense | 1.4 | 1.8 | |||
Geospatial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 174.5 | 149.6 | [1],[3] | ||
Accounts receivable | 124 | 121.5 | [3] | ||
Inventories | 121.8 | 110.3 | [3] | ||
Goodwill | 416.5 | $ 415.3 | |||
Geospatial [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Consolidated segment operating income | 37.3 | 27.9 | [3] | ||
Depreciation expense | $ 1.4 | $ 1.3 | |||
[1] | Adjusted to reflect adoption of the new revenue recognition standard, Revenue from Contracts with Customers. For further information, see Note 2. | ||||
[2] | See Note 2 for a summary of adjustments | ||||
[3] | See Note 2 for a summary of adjustments | ||||
[4] | See Note 2 for a summary of adjustments | ||||
[5] | See Note 2 for a summary of adjustments | ||||
[6] | See Note 2 for a summary of adjustments | ||||
[7] | See Note 2 for a summary of adjustments |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | $ 64.2 | $ 54.7 | [1],[2] |
Unallocated corporate expense | (332) | (269.6) | [1] |
Restructuring charges | (1.4) | (3.4) | [2] |
Amortization of purchased intangible assets | (40.5) | (33.3) | [2],[3] |
Stock-based compensation | (17.4) | (13.7) | [2],[3] |
Amortization of acquisition-related inventory step-up | 0 | (0.1) | [2] |
Acquisition and divestiture items | (16) | (2.1) | [2] |
Non-operating income, net: | 2.5 | 9 | [1],[2] |
Consolidated income before taxes | 66.7 | 63.7 | [1],[2] |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated operating income | 162.9 | 125.7 | [2],[4] |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Unallocated corporate expense | $ (23.4) | $ (18.4) | [2] |
[1] | See Note 2 for a summary of adjustments | ||
[2] | See Note 2 for a summary of adjustments | ||
[3] | See Note 2 for a summary of adjustments | ||
[4] | See Note 2 for a summary of adjustments |
Segment Information - Segment R
Segment Information - Segment Revenue by Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | [1] | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 742.2 | $ 610.6 | [2],[3] |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 382.3 | 321.7 | |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 226.4 | 164.4 | |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 94.6 | 84.5 | |
Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 38.9 | 40 | |
Buildings and Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 224.7 | 186.5 | [3] |
Buildings and Infrastructure [Member] | North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 113.3 | 96.7 | |
Buildings and Infrastructure [Member] | Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 75.6 | 57.5 | |
Buildings and Infrastructure [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 29.2 | 23.6 | |
Buildings and Infrastructure [Member] | Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 6.6 | 8.7 | |
Geospatial [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 174.5 | 149.6 | [3] |
Geospatial [Member] | North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 69.4 | 55.2 | |
Geospatial [Member] | Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 49.6 | 41.5 | |
Geospatial [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 43.3 | 40.4 | |
Geospatial [Member] | Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 12.2 | 12.5 | |
Resources and Utilities [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 159.2 | 120.2 | [3] |
Resources and Utilities [Member] | North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 48.4 | 42.1 | |
Resources and Utilities [Member] | Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 79.9 | 49.2 | |
Resources and Utilities [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 11.3 | 11.3 | |
Resources and Utilities [Member] | Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 19.6 | 17.6 | |
Transportation [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 183.8 | 154.3 | [3] |
Transportation [Member] | North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 151.2 | 127.7 | |
Transportation [Member] | Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 21.3 | 16.2 | |
Transportation [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 10.8 | 9.2 | |
Transportation [Member] | Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 0.5 | $ 1.2 | |
[1] | Adjusted to reflect adoption of the new revenue recognition standard, Revenue from Contracts with Customers. For further information, see Note 2. | ||
[2] | See Note 2 for a summary of adjustments | ||
[3] | See Note 2 for a summary of adjustments |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Detail) - USD ($) $ in Millions | Mar. 30, 2018 | Dec. 29, 2017 | |
Debt Instrument [Line Items] | |||
Total debt | $ 1,122.3 | $ 913.9 | |
Less: Short-term debt | 430.5 | 128.4 | [1] |
Long-term debt | 691.8 | 785.5 | [1] |
Uncommitted Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 130 | 128 | |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | 400 | 400 | |
Unamortized discount on Notes | (2.1) | (2.2) | |
Debt issuance costs | (2) | (2.1) | |
Promissory Notes And Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | 0.9 | 0.8 | |
Total debt | 1.4 | 1.2 | |
2014 Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 295 | $ 389 | |
Two Thousand Eighteen Interim Credit Facilities [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Short-term Debt | $ 300 | ||
[1] | See Note 2 for a summary of adjustments |
Debt (Narrative) (Detail)
Debt (Narrative) (Detail) $ in Millions | Apr. 23, 2018USD ($) | Feb. 02, 2018USD ($) | Nov. 24, 2014USD ($) | Mar. 30, 2018USD ($)loan | Dec. 29, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 400 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||
Long-term debt | $ 691.8 | $ 785.5 | [1] | |||
Total debt | 1,122.3 | 913.9 | ||||
2014 Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Term | 5 years | |||||
Uncommitted Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 130 | 128 | ||||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes Payable, Noncurrent | 400 | 400 | ||||
Revolving Credit Facility [Member] | 2014 Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 295 | 389 | ||||
Revolving Credit Facility [Member] | Two Thousand Eighteen Interim Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term Debt | 300 | |||||
Promissory Notes And Other Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 1.4 | 1.2 | ||||
Notes Payable, Noncurrent | 0.9 | 0.8 | ||||
Revolving Credit Facility [Member] | Uncommitted Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75 | |||||
Number Of Revolving Loan Facilities | loan | 2 | |||||
Short-term Debt | $ 130 | $ 128 | ||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.27% | 2.24% | ||||
Revolving Credit Facility [Member] | Unsecured Debt [Member] | 2014 Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000 | |||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.85% | 2.55% | ||||
Long-term debt | $ 295 | $ 389 | ||||
Revolving Credit Facility [Member] | Uncommitted Facility Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | 75 | |||||
eBuilder [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Purchase Consideration | $ 485.2 | $ 485.2 | ||||
The Bank of Nova Scotia [Member] | eBuilder [Member] | Revolving Credit Facility [Member] | Two Thousand Eighteen Interim Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 300 | |||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.75% | |||||
Short-term Debt | $ 300 | |||||
Federal Funds Effective Swap Rate [Member] | eBuilder [Member] | Revolving Credit Facility [Member] | Two Thousand Eighteen Interim Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Reserve Adjusted One Month LIBOR [Member] | eBuilder [Member] | Revolving Credit Facility [Member] | Two Thousand Eighteen Interim Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Federal Home Loan Bank, Advances, Maturity Period, Variable Rate | 1 month | |||||
Credit Facility Incremental Fixed Margin Rate | 0.125% | |||||
Fixed Per Annum Rate LIBOR [Member] | eBuilder [Member] | Revolving Credit Facility [Member] | Two Thousand Eighteen Interim Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |||||
Subsequent Event [Member] | Viewpoint [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Purchase Consideration | $ 1,200 | |||||
[1] | See Note 2 for a summary of adjustments |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Millions | Mar. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
2018 (Remaining) | $ 130.5 |
2,019 | 595.5 |
2,020 | 0.4 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 400 |
Total | $ 1,126.4 |
Cash Equivalents and Investme58
Cash Equivalents and Investments (Available for sales securities) (Details) - USD ($) $ in Millions | Mar. 30, 2018 | Dec. 29, 2017 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Debt Securities, Fair Value | $ 0 | $ 205.7 | ||
Cash Equivalents | 26.8 | |||
Short-term investments | 0 | 178.9 | [1] | |
Total available-for-sale securities | 205.7 | |||
US Treasury Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Debt Securities, Fair Value | [2] | 0 | 9.6 | |
Corporate Debt Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Debt Securities, Fair Value | [2] | 0 | 96 | |
Commercial Paper | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Debt Securities, Fair Value | [2] | $ 0 | $ 100.1 | |
[1] | See Note 2 for a summary of adjustments | |||
[2] | The Company’s available-for sale securities are valued using readily available pricing sources for comparable instruments, or model-driven valuations using significant inputs derived from or corroborated by observable market data, including yield curves and credit ratings. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail) - USD ($) $ in Millions | Mar. 30, 2018 | Dec. 29, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities, Fair Value | $ 0 | $ 205.7 | |
Total Assets Measured at Fair Value, Recurring | 30.4 | 233.3 | |
Contingent Consideration, Liability | [1] | 6.2 | 14.2 |
Total Liabilities Measured at Fair Value, Recurring | 36.1 | 41.4 | |
Other Current and Non Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent Consideration, Liability | 53.4 | ||
Deferred Compensation Plan Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | [2] | 29.7 | 27.1 |
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 | [3] | 0.7 | 0.5 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Assets Measured at Fair Value, Recurring | 29.7 | 27.1 | |
Total Liabilities Measured at Fair Value, Recurring | 29.7 | 27.1 | |
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 Disclosure | [2] | 29.7 | 27.1 |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities, Fair Value | 0 | 205.7 | |
Total Assets Measured at Fair Value, Recurring | 0.7 | 206.2 | |
Total Liabilities Measured at Fair Value, Recurring | 0.2 | 0.1 | |
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 | [3] | 0.7 | 0.5 |
Fair Value Inputs, Level III [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Assets Measured at Fair Value, Recurring | 0 | 0 | |
Contingent Consideration, Liability | [1] | 6.2 | 14.2 |
Total Liabilities Measured at Fair Value, Recurring | 6.2 | 14.2 | |
Deferred Compensation Plan Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan liabilities | [2] | 29.7 | 27.1 |
Deferred Compensation Plan Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation plan liabilities | [2] | 29.7 | 27.1 |
Derivative Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [3] | 0.2 | 0.1 |
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 | [3] | 0.2 | 0.1 |
US Treasury Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0 | 9.6 |
US Treasury Securities | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0 | 9.6 |
Corporate Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0 | 96 |
Corporate Debt Securities | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0 | 96 |
Commercial Paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0 | 100.1 |
Commercial Paper | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | $ 0 | $ 100.1 |
[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 $53.4 million at the end of the first quarter of fiscal 2018. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins or other milestones. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. | ||
[2] | The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities, respectively, on the Company's Condensed Consolidated Balance Sheets. | ||
[3] | Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Condensed Consolidated Balance Sheets. | ||
[4] | The Company’s available-for sale securities are valued using readily available pricing sources for comparable instruments, or model-driven valuations using significant inputs derived from or corroborated by observable market data, including yield curves and credit ratings. |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Fair Value Information Relating To Company's Financial Instruments Outstanding) (Detail) - USD ($) $ in Millions | Mar. 30, 2018 | Dec. 29, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt | $ 1,122.3 | $ 913.9 |
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 | 418.5 | 430.4 |
Uncommitted Facilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt | 130 | 128 |
Long-term Debt, Fair Value | 130 | 128 |
Promissory Notes And Other Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes Payable, Noncurrent | 0.9 | 0.8 |
Note Payable Fair Value | 1.4 | 1.2 |
Total debt | 1.4 | 1.2 |
Two Thousand Fourteen Credit Facility [Member] | Revolving Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt | 295 | 389 |
Line of Credit Facility, Fair Value of Amount Outstanding | 295 | $ 389 |
Two Thousand Eighteen Interim Credit Facilities [Member] | Revolving Credit Facility [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 300 | |
Short-term Debt | $ 300 |
Deferred Costs To Obtain Cust61
Deferred Costs To Obtain Customer Contracts Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Dec. 29, 2017 | |
Deferred Commission [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized Contract Cost, Impairment Loss | $ 0 | $ 0 | |
Other Noncurrent Assets [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized Contract Cost, Net | 35.6 | $ 35 | |
Sales And Marketing Expense [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized Contract Cost, Amortization | $ 5.4 | $ 4.9 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Detail) | 3 Months Ended |
Mar. 30, 2018 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Warranty Period On Products Sold | 1 year |
Maximum | |
Product Warranty Liability [Line Items] | |
Warranty Period On Products Sold | 2 years |
Product Warranties (Changes In
Product Warranties (Changes In Product Warranty Liability) (Detail) $ in Millions | 3 Months Ended |
Mar. 30, 2018USD ($) | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Balance as of fiscal year end 2017 | $ 18.3 |
Acquired warranties | 0 |
Accruals for warranties issued | 4.7 |
Changes in estimates | (0.9) |
Warranty settlements (in cash or in kind) | (3.2) |
Balance as of the end of the first quarter of fiscal 2018 | $ 18.9 |
Deferred Revenue And Performa64
Deferred Revenue And Performance Obligations Narratives (Details) $ in Billions | 3 Months Ended |
Mar. 30, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation | $ 1 |
Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Revenue Recognized Over Respective Periods, Percent | 73.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Revenue Recognized Over Respective Periods, Percent | 16.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 24 months |
Deferred Revenue And Performa65
Deferred Revenue And Performance Obligations - Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | [1] | |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Balance as of prior fiscal year end | $ 276.6 | $ 246.4 | |
Revenue recognized from prior fiscal year end | (98) | (87.8) | |
Acquired deferred revenue | 22.3 | 4 | |
Net deferred revenue activity | 159.5 | 139.9 | |
Balance as of the end of the first quarter | $ 360.4 | $ 302.5 | |
[1] | See Note 2 for a summary of adjustments |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | ||
Earnings Per Share Reconciliation [Abstract] | |||
Net income attributable to Trimble Inc. | $ 58.5 | $ 49.8 | [1] |
Weighted average number of common shares used in basic earnings per share | 248.8 | 252 | [1] |
Effect of dilutive securities | 4.4 | 3.9 | |
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share | 253.2 | 255.9 | [1] |
Basic earnings per share | $ 0.24 | $ 0.20 | [1] |
Diluted earnings per share | $ 0.23 | $ 0.19 | [1] |
[1] | See Note 2 for a summary of adjustments |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 30, 2018 | Mar. 31, 2017 | Apr. 03, 2015 | Dec. 29, 2017 | Mar. 07, 2018 | Jan. 31, 2018 | |
Income Tax Contingency [Line Items] | |||||||
Effective income tax rate | 12.00% | 22.00% | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 7.00% | ||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 5.00% | ||||||
Effective Income Tax Rate Reconciliation, Foreign Sourced Earnings, Provisional GILTI Tax, Percent | 3.00% | ||||||
Statutory federal income tax rate | 21.00% | 35.00% | 35.00% | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 71.6 | $ 68.5 | |||||
Unrecognized tax benefit liabilities include interest and penalties | 13.8 | $ 12.7 | |||||
Tax Year 2010 and 2011 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Proposed Adjustments on Income Tax Assessments | $ 67 | ||||||
Loss Contingency Accrual | $ 15.8 | ||||||
Loss Contingency Accrual, Payments | $ 5 | ||||||
Income Tax Examination, Penalties and Interest Accrued | $ 51 | ||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 3.2 |
Commitment and Contingencies (L
Commitment and Contingencies (Leases and Other Commitments) (Details) $ in Millions | Mar. 30, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2018 (Remaining) | $ 29.5 |
2,019 | 31.5 |
2,020 | 24.3 |
2,021 | 21.8 |
2,022 | 16.9 |
Thereafter | 28 |
Total | $ 152 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) | Mar. 16, 2018 | Dec. 08, 2017 | Sep. 26, 2014 | Mar. 30, 2018 | Dec. 29, 2017 | Mar. 18, 2015 | |
Loss Contingencies [Line Items] | |||||||
Unconditional purchase obligations | $ 215,300,000 | ||||||
Business Combination, Contingent Consideration, Liability | [1] | $ 6,200,000 | $ 14,200,000 | ||||
Pending Litigation [Member] | Recreational Data Services Plaintiff [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Damages Awarded, Value | $ 1 | $ 51,300,000 | |||||
Final Judgment In Favor of Company | $ 600,000 | ||||||
Settled Litigation [Member] | Recreational Data Services Plaintiff [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Damages Awarded, Value | $ 1 | ||||||
[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 $53.4 million at the end of the first quarter of fiscal 2018. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins or other milestones. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Millions | Apr. 23, 2018USD ($) |
Viewpoint [Member] | |
Subsequent Event [Line Items] | |
Purchase Consideration | $ 1,200 |
Term Commitment Letter April 2018 [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Term | 3 years |
Bridge Loan [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | Viewpoint [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Term | 364 days |
Maximum | Backstop Revolving Credit Facility In Case Of One Lender [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | Viewpoint [Member] | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 1,000 |
Maximum | Term Commitment Letter April 2018 [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | 500 |
Maximum | Bridge Loan [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | Viewpoint [Member] | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 1,200 |
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Term Commitment Letter April 2018 [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.875% |
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Bridge Loan [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | Viewpoint [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.875% |
London Interbank Offered Rate (LIBOR) [Member] | Minimum | Term Commitment Letter April 2018 [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
London Interbank Offered Rate (LIBOR) [Member] | Minimum | Bridge Loan [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | Viewpoint [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Adjustment Base Rate Plus Adjusted LIBOR Minus Basis Spread [Member] | Term Commitment Letter April 2018 [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Adjustment Base Rate Plus Adjusted LIBOR Minus Basis Spread [Member] | Bridge Loan [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | Viewpoint [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |