Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 03, 2020 | Feb. 26, 2020 | Jun. 28, 2019 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 3, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-14845 | ||
Entity Registrant Name | TRIMBLE INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-2802192 | ||
Entity Central Index Key | 0000864749 | ||
Current Fiscal Year End Date | --01-03 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Address, Address Line One | 935 Stewart Drive | ||
Entity Address, City or Town | Sunnyvale | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94085 | ||
City Area Code | 408 | ||
Local Phone Number | 481-8000 | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | TRMB | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 11.4 | ||
Entity Common Stock, Shares Outstanding | 250,166,168 | ||
Documents Incorporated by Reference | Certain parts of Trimble Inc. Proxy Statement relating to the annual meeting of stockholders to be held on May 27, 2020 (the “Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 189.2 | $ 172.5 |
Accounts receivable, net | 608.2 | 512.6 |
Inventories | 312.1 | 298 |
Other current assets | 102.3 | 106 |
Total current assets | 1,211.8 | 1,089.1 |
Property and equipment, net | 241.4 | 212.9 |
Operating lease right-of-use assets | 140.3 | |
Goodwill | 3,680.6 | 3,540 |
Other purchased intangible assets, net | 678.7 | 744.3 |
Deferred income tax assets | 475.5 | 12.2 |
Other non-current assets | 212.4 | 177.9 |
Total assets | 6,640.7 | 5,776.4 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Short-term debt | 219 | 256.2 |
Accounts payable | 159.3 | 147.6 |
Accrued compensation and benefits | 123.5 | 169.2 |
Deferred revenue | 490.4 | 348.4 |
Other current liabilities | 198.1 | 133.8 |
Total current liabilities | 1,190.3 | 1,055.2 |
Long-term debt | 1,624.2 | 1,712.3 |
Deferred revenue, non-current | 51.5 | 38.8 |
Deferred income tax liabilities | 318.2 | 73.8 |
Income taxes payable | 69.1 | 71.3 |
Operating lease liabilities | 114.1 | |
Other non-current liabilities | 152.9 | 150.2 |
Total liabilities | 3,520.3 | 3,101.6 |
Commitments and contingencies (Note 9) | ||
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; 249.9 and 250.9 shares issued and outstanding at the end of fiscal 2019 and 2018, respectively | 0.2 | 0.3 |
Additional paid-in-capital | 1,692.8 | 1,591.9 |
Retained earnings | 1,602.8 | 1,268.3 |
Accumulated other comprehensive loss | (176.8) | (186.1) |
Total Trimble Inc. stockholders’ equity | 3,119 | 2,674.4 |
Noncontrolling interests | 1.4 | 0.4 |
Total stockholders' equity | 3,120.4 | 2,674.8 |
Total liabilities and stockholders’ equity | $ 6,640.7 | $ 5,776.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 03, 2020 | Dec. 28, 2018 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 3,000,000 | 3,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 360,000,000 | 360,000,000 |
Common stock, shares issued | 249,900,000 | 250,900,000 |
Common stock, shares outstanding | 249,900,000 | 250,900,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Revenue | $ 3,264.3 | $ 3,108.4 | $ 2,646.5 |
Cost of Sales | 1,483.4 | 1,427.4 | 1,268.9 |
Amortization of purchased intangible assets | 94.1 | 103.2 | 85.8 |
Gross margin | 1,780.9 | 1,681 | 1,377.6 |
Operating expense: | |||
Research and development | 469.7 | 446.1 | 370.2 |
Sales and marketing | 504.2 | 479.8 | 400.1 |
General and administrative | 330.6 | 349.8 | 301.7 |
Restructuring charges | 26.8 | 8.2 | 6.9 |
Amortization of purchased intangible assets | 73.7 | 76.4 | 63 |
Total operating expense | 1,405 | 1,360.3 | 1,141.9 |
Operating income | 375.9 | 320.7 | 235.7 |
Non-operating income (expense), net: | |||
Interest expense, net | (82.4) | (73.2) | (25.2) |
Income from equity method investments, net | 35.8 | 28.7 | 29.5 |
Other income, net | 15.5 | 1.8 | 8.2 |
Total non-operating income (expense), net | (31.1) | (42.7) | 12.5 |
Income before taxes | 344.8 | 278 | 248.2 |
Income tax provision (benefit) | (169.7) | (5.3) | 129.7 |
Net income | 514.5 | 283.3 | 118.5 |
Net gain attributable to noncontrolling interests | 0.2 | 0.5 | 0.1 |
Net income attributable to Trimble Inc. | $ 514.3 | $ 282.8 | $ 118.4 |
Basic earnings per share | $ 2.05 | $ 1.13 | $ 0.47 |
Shares used in calculating basic earnings per share | 250.8 | 250 | 252.1 |
Diluted earnings per share | $ 2.03 | $ 1.12 | $ 0.46 |
Shares used in calculating diluted earnings per share | 252.9 | 253.4 | 256.7 |
Product [Member] | |||
Revenue | $ 1,934.8 | $ 1,999.9 | $ 1,763.8 |
Cost of Sales | 939.4 | 938.9 | 875.6 |
Service [Member] | |||
Revenue | 686.2 | 588.7 | 475.4 |
Cost of Sales | 253.9 | 247.3 | 194.4 |
Subscription [Member] | |||
Revenue | 643.3 | 519.8 | 407.3 |
Cost of Sales | $ 196 | $ 138 | $ 113.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Net income | $ 514.5 | $ 283.3 | $ 118.5 |
Foreign currency translation adjustments, net of tax $0.1 in 2019 and 2018, respectively and $3.7 in 2017 | 10.3 | (55.6) | 90.9 |
Net unrealized gain (loss), net of tax | (1) | 0.9 | (0.5) |
Comprehensive income | 523.8 | 228.6 | 208.9 |
Comprehensive income attributable to noncontrolling interests | 0.2 | 0.5 | 0.1 |
Comprehensive income attributable to Trimble Inc. | $ 523.6 | $ 228.1 | $ 208.8 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Supplemental Income Statement Elements [Abstract] | |||
Foreign currency translation adjustments, net of tax $0.1 in 2019 and 2018, respectively and $3.7 in 2017 | $ 0.1 | $ 0.1 | $ 3.7 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 30, 2016 | $ 2,355.2 | $ 0.3 | $ 1,348.3 | $ 1,228.5 | $ (221.8) | $ 2,355.3 | $ (0.1) |
Balance, shares at Dec. 30, 2016 | 251.3 | ||||||
Net Income (Loss) Attributable to Parent | 118.4 | 118.4 | |||||
Net income | 118.5 | ||||||
Net gain attributable to noncontrolling interests | 0.1 | 0.1 | |||||
Other comprehensive income | 90.4 | 90.4 | 90.4 | ||||
Comprehensive income attributable to Trimble Inc. | 208.8 | 208.8 | |||||
Comprehensive income | 208.9 | ||||||
Issuance of common stock under employee plans, net of tax withholding - Shares | 5 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 73.3 | 90 | 73.3 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (16.7) | ||||||
Stock Repurchase, Shares | (7.4) | ||||||
Stock repurchase | (288.3) | $ (0.1) | (42.2) | (246) | (288.3) | ||
Stock based compensation | 65 | 65 | 65 | ||||
Tax benefit from stock option exercises | 0.4 | 0 | 0.4 | 0.4 | |||
Balance at Dec. 29, 2017 | 2,414.5 | $ 0.2 | 1,461.1 | 1,084.6 | (131.4) | 2,414.5 | 0 |
Balance, shares at Dec. 29, 2017 | 248.9 | ||||||
Net Income (Loss) Attributable to Parent | 282.8 | 282.8 | |||||
Net income | 283.3 | ||||||
Net gain attributable to noncontrolling interests | 0.5 | 0.5 | |||||
Other comprehensive income | (54.7) | (54.7) | (54.7) | ||||
Comprehensive income attributable to Trimble Inc. | 228.1 | 228.1 | |||||
Comprehensive income | 228.6 | ||||||
Issuance of common stock under employee plans, net of tax withholding - Shares | 4.4 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 40.2 | $ 0.1 | 67.5 | 40.2 | |||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (27.4) | ||||||
Stock Repurchase, Shares | (2.4) | ||||||
Stock repurchase | (90) | $ 0 | (14.7) | (75.3) | (90) | ||
Stock based compensation | 78 | 78 | 78 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (0.1) | 0 | (0.1) | ||||
Tax benefit from stock option exercises | 3.6 | ||||||
Tax benefit from stock option exercises | Accounting Standards Update 2016-16 [Member] | 3.6 | 3.6 | |||||
Balance at Dec. 28, 2018 | $ 2,674.8 | $ 0.3 | 1,591.9 | 1,268.3 | (186.1) | 2,674.4 | 0.4 |
Balance, shares at Dec. 28, 2018 | 250.9 | 250.9 | |||||
Net Income (Loss) Attributable to Parent | $ 514.3 | 514.3 | |||||
Net income | 514.5 | ||||||
Net gain attributable to noncontrolling interests | 0.2 | 0.2 | |||||
Other comprehensive income | 9.3 | 9.3 | 9.3 | ||||
Comprehensive income attributable to Trimble Inc. | 523.6 | 523.6 | |||||
Comprehensive income | 523.8 | ||||||
Issuance of common stock under employee plans, net of tax withholding - Shares | 3.7 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 29.1 | $ 0 | 59.8 | 29.1 | |||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (30.7) | ||||||
Stock Repurchase, Shares | (4.7) | ||||||
Stock repurchase | (179.8) | $ (0.1) | (30.6) | (149.1) | (179.8) | ||
Stock based compensation | 72.5 | 72.5 | 72.5 | ||||
Noncontrolling interest investments | 0 | (0.8) | (0.8) | 0.8 | |||
Balance at Jan. 03, 2020 | $ 3,120.4 | $ 0.2 | $ 1,692.8 | $ 1,602.8 | $ (176.8) | $ 3,119 | $ 1.4 |
Balance, shares at Jan. 03, 2020 | 249.9 | 249.9 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 514.5 | $ 283.3 | $ 118.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 39.4 | 35.6 | 34.6 |
Amortization expense | 167.8 | 179.6 | 148.8 |
Deferred income taxes | (220.2) | (47.6) | (16.1) |
Stock-based compensation | 75 | 76.9 | 64.8 |
Income (loss) from equity method investments, net of dividends | (7.8) | 1.9 | (11.4) |
Other, net | 5.5 | 21.3 | 5.5 |
(Increase) decrease in assets: | |||
Accounts receivable, net | (96) | (51) | (42.7) |
Inventories | (21.3) | (45) | (37.3) |
Other current and non-current assets | 11 | (17.6) | (15.6) |
Increase (decrease) in liabilities: | |||
Accounts payable | 14.5 | (2) | 25.7 |
Accrued compensation and benefits | (46.4) | 18.6 | 34 |
Deferred revenue | 148.2 | 76.3 | 19.3 |
Other current and non-current liabilities | 0.8 | (43.6) | 101.6 |
Net cash provided by operating activities | 585 | 486.7 | 429.7 |
Cash flow from investing activities: | |||
Acquisitions of businesses, net of cash acquired | (220.8) | (1,763.5) | (280.2) |
Acquisitions of property and equipment | (69) | (67.6) | (43.7) |
Purchases of short-term investments | 0 | (24) | (288) |
Proceeds from maturities of short-term investments | 0 | 6.2 | 122.1 |
Proceeds from sales of short-term investments | 0 | 196.8 | 97.7 |
Other, net | 14.5 | 2.5 | 20.9 |
Net cash used in investing activities | (275.3) | (1,649.6) | (371.2) |
Cash flows from financing activities: | |||
Issuance of common stock, net of tax withholdings | 29.1 | 40.2 | 73.8 |
Repurchase of common stock | (179.8) | (93) | (285.3) |
Proceeds from debt and revolving credit lines | 1,195.4 | 2,976.4 | 786 |
Payments on debt and revolving credit lines | (1,322.9) | (1,925.1) | (495.4) |
Other, net | (14.4) | (9.1) | (12.6) |
Net cash provided by (used in) financing activities | (292.6) | 989.4 | 66.5 |
Effect of exchange rate changes on cash and cash equivalents | (0.4) | (12.5) | 17.4 |
Net increase (decrease) in cash and cash equivalents | 16.7 | (186) | 142.4 |
Cash and cash equivalents - beginning of fiscal year | 172.5 | 358.5 | 216.1 |
Cash and cash equivalents - end of fiscal year | $ 189.2 | $ 172.5 | $ 358.5 |
Description Of Business
Description Of Business | 12 Months Ended |
Jan. 03, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business | DESCRIPTION OF BUSINESS Trimble 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. Trimble is a leading provider of technology solutions that enable professionals and field mobile workers to improve or transform their work processes. Our comprehensive work process solutions are used across a range of industries including agriculture, architecture, civil engineering, survey and land administration, construction, geospatial, government, natural resources, transportation, and utilities. Representative Trimble customers include engineering and construction firms, contractors, owners, surveying companies, farmers and agricultural companies, trucking companies, energy, utility companies, and state, federal, and municipal governments. Trimble focuses in transforming the way the world works by delivering products and services that connect the physical and digital worlds. Core technologies used in positioning, modeling, connectivity, and data analytics enable customers to improve productivity, quality, safety, and sustainability. Products are sold based on return on investment and provide benefits such as lower operational costs, higher productivity, improved quality, enhanced safety and regulatory compliance, and reduced environmental impact. Representative products include equipment that automates and enables increased precision within large industrial equipment such as tractors and bulldozers; integrated systems that track fleets of vehicles and workers and provide real-time information and analytics to the back-office; data collection systems that enable the management of large amounts of geo-referenced information; software solutions that connect all aspects of a construction site or a farm; and building information modeling ("BIM") software that is used throughout the design, build, and operation of buildings. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Jan. 03, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates 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, 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. Basis of Presentation The Company has a 52-53 week fiscal year, ending on the Friday nearest to December 31. Fiscal 2019 is a 53-week year and ended on January 3, 2020 , and 2018 and 2017 were 52-week years, ended on December 28, 2018 and December 29, 2017 , respectively. Unless otherwise stated, all dates refer to the Company’s fiscal year. These 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 Company has presented revenue and cost of sales separately for products, service, and subscriptions. Product revenue includes hardware, software licenses, parts and accessories; service revenue includes maintenance and support for hardware and software products, training, and professional services; subscription revenue includes software as a service ("SaaS"), data, and hosting services. Reportable Segments The Company reports its financial performance, including revenue and operating income, based on four reportable segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation. The Company's Chief Executive Officer (chief operating decision maker) views and evaluates operations based on the results of the Company’s reportable operating segments under its management reporting system. These results are not necessarily in conformance with U.S. GAAP. 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 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 software maintenance, 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 recognizes 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 software 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, and 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. Software maintenance entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Software maintenance 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. 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. 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 that the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms generally range from month-to-month to five years . Subscription revenue is recognized monthly over the service duration, commencing from activation. Deferred Costs to Obtain Customer Contracts The Company's incremental cost of obtaining contracts, which consists of sales commissions related to customer contracts that include maintenance or subscription 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 commission costs are deferred and amortized 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. Remaining Performance Obligations Remaining performance obligations represent contracted revenue for which goods or services have not been delivered. The contracted revenue, which will be recognized in future periods, includes both invoiced amounts in deferred revenue as well as amounts that are not yet invoiced. Foreign Currency Translation Assets and liabilities of non-U.S. subsidiaries that operate in local currencies are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments, net of tax, recorded in Accumulated other comprehensive loss within the stockholders’ equity section of the Consolidated Balance Sheets. Income and expense accounts are translated at average monthly exchange rates during the year. Derivative Financial Instruments The Company enters into foreign exchange forward contracts to minimize the short-term impact of foreign currency fluctuations on cash and certain trade and inter-company receivables and payables, primarily denominated in Euro, British pound, New Zealand dollars, Australian dollars, Brazil real, and Canadian dollars. These contracts reduce the exposure to fluctuations in foreign currency exchange rate movements, as the gains and losses associated with foreign currency balances are generally offset with the gains and losses on the forward contracts. These instruments are marked-to-market through earnings every period and generally range from one to two months in original maturity. The Company occasionally enters into foreign currency forward contracts to hedge the purchase price of some of our larger business acquisitions. The Company does not enter into foreign currency forward contracts for trading purposes. As of the fiscal years ended 2019 and 2018 , there were no derivative financial instruments outstanding that were accounted for as hedges. Concentrations of Risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and therefore bear minimal credit risk. The Company is also exposed to credit risk in the Company’s trade receivables, which are derived from sales to end-user customers in diversified industries as well as various resellers. The Company performs ongoing credit evaluations of its customers’ financial conditions and limits the amount of credit extended, when deemed necessary, but generally does not require collateral. In addition, the Company relies on a limited number of suppliers for a number of its critical components. Accounts Receivable, Net Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceeds the amount billed to the 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 unbilled receivables were $129.5 million and $22.3 million at the end of fiscal 2019 and 2018, respectively. 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 $5.9 million and $4.6 million at the end of the fiscal 2019 and 2018, respectively. Inventories Inventories are stated at the lower of cost or net realizable value. Adjustments are also made to reduce the cost of inventory for estimated excess or obsolete balances. Factors influencing these adjustments include declines in demand that impact inventory purchasing forecasts, technological changes, product life cycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If the Company's estimates used to reserve for excess and obsolete inventory differ from what it expected, the Company may be required to recognize additional reserves, which would negatively impact its gross margin. Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the shorter of the estimated useful lives or the lease terms when applicable. Useful lives generally range from four to six years for machinery and equipment, five to ten years for furniture and fixtures, two to five years for computer equipment and software, thirty-nine years for buildings, and the life of the lease for leasehold improvements. The Company capitalizes eligible costs to acquire or develop certain internal use software that are incurred subsequent to the preliminary project stage. Capitalized costs related to internal-use software are amortized using the straight-line method over the estimated useful lives of the assets, which range generally from two to five years . The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Depreciation expense was $39.4 million in fiscal 2019 , $35.6 million in fiscal 2018 and $34.6 million in fiscal 2017 . Leases The Company determines if an arrangement is a lease at inception. Operating leases with lease terms greater than one year are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Present value is determined by using the Company's incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset includes adjustments made for uneven rents and lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease agreements that include both lease and non-lease components are accounted for as part of the overall lease arrangement. Business Combinations The Company allocates the fair value of purchase consideration to the assets acquired, liabilities assumed, and non-controlling interests in the acquiree based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed, and non-controlling interests in the acquiree is recorded as goodwill. When determining the fair values of assets acquired, liabilities assumed, and non-controlling interests in the acquiree, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include expected future cash flows based on consideration of future growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates. Fair value estimates are based on the assumptions management believes a market participant would use in pricing the asset or liability. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. Goodwill and Purchased Intangible Assets Goodwill represents the excess of the purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets acquired individually, with a group of other assets, or in a business combination are recorded at fair value. Identifiable intangible assets are comprised of technology, patents, licenses, customer contracts, acquired backlog, trademarks, and in-process research and development. Identifiable intangible assets are amortized over the period of estimated benefit using the straight-line method and have estimated useful lives ranging from three years to ten years with a weighted average useful life of 6.6 years. Goodwill is not subject to amortization, but is subject to, at a minimum, an annual assessment for impairment. Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets The Company evaluates goodwill on an annual basis or more frequently if indicators of potential impairment exist. The annual goodwill impairment test is performed at the reporting unit level in the fourth fiscal quarter of each year. We utilize either a qualitative assessment or a quantitative test to assess the likelihood of an impairment. In performing the qualitative assessment, we consider macroeconomic conditions, industry and market considerations, overall financial performance, and other relevant events and factors that may impact the reporting units. When the Company performs a quantitative test, the estimation of the fair value of a reporting unit involves the use of certain estimates and assumptions including expected future operating performance using risk-adjusted discount rates. Identifiable intangible assets are amortized over their estimated useful lives on a straight-line basis. Changes in circumstances such as technological advances, changes to business models, or changes in the capital strategy could result in a revised useful life. If the useful life of an asset is revised, the net book value of the estimated residual value is amortized over its revised remaining useful life. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable based on their future cash flows. The estimated future cash flows are primarily based upon assumptions about expected future operating performance. Warranty 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 cost is primarily estimated based upon historical trends in the volume of product returns within the warranty period and the cost to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging from one year to two years . Accrued warranty expenses of $16.3 million and $15.3 million is included in Other current liabilities in the Consolidated Balance Sheets at the end of fiscal 2019 and 2018. Guarantees, Including Indirect Guarantees of Indebtedness of Others In the normal course of business to facilitate sales of our products, the Company indemnifies other parties, including customers, lessors, and parties to other transactions with us with respect to certain matters. The Company may agree to hold the other party harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In connection with divesting some of the Company's businesses or assets, the Company may also indemnify purchasers for certain matters in the normal course of business, such as breaches of representations, covenants, or excluded liabilities. In addition, the Company entered into indemnification agreements with our officers and directors, and the Company’s bylaws contain similar indemnification obligations to the Company’s agents. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements were not material, and no liabilities have been recorded for these obligations on the Consolidated Balance Sheets at the end of fiscal 2019 and 2018 . Advertising and Promotional Costs The Company expenses all advertising and promotional costs as incurred. Advertising and promotional expense was approximately $42.7 million , $42.7 million , and $37.2 million , in fiscal 2019 , 2018 , and 2017 , respectively. Research and Development Costs Research and development costs are charged to expense as incurred. Costs of software developed for external sale subsequent to reaching technical feasibility were not significant and were expensed as incurred. The Company received third-party funding of approximately $16.5 million , $19.5 million , and $18.1 million in fiscal 2019 , 2018 , and 2017 , respectively. The Company offsets research and development expense with any unconditional third-party funding earned and retains the rights to any technology developed under such arrangements. Stock-Based Compensation Stock-based compensation expense recognized in the Consolidated Statements of Income is based on the grant date fair value of the stock-based awards, net of estimated forfeitures. The Company attributes the fair value of stock options and restricted stock units ("RSUs") to expense using the straight-line method. The fair value for RSUs with service conditions and performance-based conditions is measured at the grant date using the fair value of Trimble’s common stock. Total expense for performance-based RSUs is based upon the probable expected achievement of the underlying performance goals as adjusted in future periods for changes in expectations and actual achievement. The fair value for market-based RSUs is measured at the grant date using a Monte Carlo model. The grant date fair value for stock options and rights to purchase shares under the Company's Employee Stock Purchase Plan ("ESPP") is estimated using the Black-Scholes option pricing model. The Company estimates forfeitures at the date of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical and current information to estimate forfeitures. Income Taxes Income taxes are accounted for under the liability method, whereby deferred tax assets or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not such assets will not be realized. The Company’s valuation allowance is primarily attributable to foreign net operating losses and state research and development credit carryforwards. Management believes that it is more likely than not that the Company will not realize certain of these deferred tax assets, and, accordingly, a valuation allowance has been provided for such amounts. Valuation allowance adjustments associated with an acquisition after the measurement period are recorded through income tax expense. Relative to uncertain tax positions, the Company only recognizes a tax benefit if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual tax audit outcomes. Determining whether an uncertain tax position is effectively settled requires judgment. Changes in recognition or measurement of the Company's uncertain tax positions would result in the recognition of a tax benefit or an additional charge to the tax provision. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to income taxes in the U.S. and numerous other countries and is subject to routine corporate income tax audits in many of these jurisdictions. The Company generally believes that positions taken on its tax returns are more likely than not to be sustained upon audit, but tax authorities in some circumstance have, and may in the future, successfully challenge these positions. Accordingly, the Company’s income tax provision includes amounts intended to satisfy assessments that may result from these challenges. Determining the income tax provision for these potential assessments and recording the related effects requires management judgments and estimates. The amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in the Company’s income tax provision and, therefore, could have a material impact on its income tax provision, net income, and cash flows. The Company’s accrual for uncertain tax positions includes uncertainties concerning the tax treatment of our international operations, including the allocation of income among different jurisdictions, intercompany transactions, and related interest. Computation of Earnings Per Share The number of shares used in the calculation of basic earnings per share represents the weighted average common shares outstanding during the period and excludes any potentially dilutive securities. The dilutive effects of outstanding stock options, restricted stock units, and shares to be purchased under the Company’s employee stock purchase plan are included in diluted earnings per share unless they are anti-dilutive. Recent Accounting Pronouncements Fiscal 2019 Adoption Leases In February 2016, the FASB issued a new lease standard that requires a lessee to recognize lease assets and lease liabilities on the balance sheet for most leases and provide enhanced disclosures. The Company adopted the new standard at the beginning of fiscal year 2019 by applying a modified retrospective method without restating comparative periods. Upon adoption, certain practical expedients were used to carry forward existing leases as previously defined and classified. Leases containing both lease and non-lease components are accounted for as part of the overall lease arrangement. Operating leases with lease terms greater than one year are included in ROU assets, Other current liabilities, and Operating lease liabilities on the Company's Consolidated Balance Sheets. Those ROU assets and liabilities are recognized at the present value of lease payments over the lease terms by utilizing the Company’s incremental borrowing rate. The standard had a material impact on the Company’s Consolidated Balance Sheets but did not have an impact on its Consolidated Income Statements or Statement of Cash Flows. The most significant impact was the recognition of $123.5 million ROU assets and $126.1 million lease liabilities for its operating leases at the adoption date. Fiscal 2020 Adoption 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. Furthermore, 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 applied on a modified-retrospective basis and is effective for the Company beginning in fiscal 2020. The Company currently anticipates that the adoption will not have a material impact 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 applied on a prospective basis and is effective for the Company beginning in fiscal 2020. The Company currently anticipates that the adoption will not have a material impact on its Consolidated Financial Statements. Intangibles - Internal-Use Software In August 2018, the FASB issued new guidance that clarifies the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the accounting for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software. The Company is required to adopt the guidance in the first quarter of fiscal year 2020 on a prospective basis for all implementation costs incurred after the date of adoption. The Company currently anticipates that the adoption will not have a material impact on its Consolidated Financial Statements. Future Adoption Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued amendments to the accounting for Income Taxes to reduce complexity by removing certain exceptions and implementing targeted simplifications. The new standard is effective for the Company beginning in fiscal 2021. Early adoption is permitted. The Company is currently evaluating the effect of the amendments on its Consolidated Financial Statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 03, 2020 | |
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 potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, restricted stock units, contingently issuable shares, and shares to be purchased under the Company’s employee stock purchase plan. The following table shows the computation of basic and diluted earnings per share: Fiscal Years 2019 2018 2017 (In millions, except per share data) Numerator: Net income attributable to Trimble Inc. $ 514.3 $ 282.8 $ 118.4 Denominator: Weighted average number of common shares used in basic earnings per share 250.8 250.0 252.1 Effect of dilutive securities 2.1 3.4 4.6 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 252.9 253.4 256.7 Basic earnings per share $ 2.05 $ 1.13 $ 0.47 Diluted earnings per share $ 2.03 $ 1.12 $ 0.46 For fiscal 2019 , 2018 , and 2017 , the Company excluded an insignificant number of shares from the calculation of diluted earnings per share because their effect would have been antidilutive. |
Business Combinations
Business Combinations | 12 Months Ended |
Jan. 03, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS During fiscal 2019 , 2018 , and 2017 , the Company acquired multiple businesses, all with cash consideration. The Consolidated Statements of Income include the operating results of the businesses from the dates of acquisition. During fiscal 2019, the Company acquired four businesses, with total purchase consideration of $247.0 million . The acquisitions were not significant individually or in the aggregate. The largest acquisition was Azteca Systems LLC (dba "Cityworks"), a privately-held company that provides enterprise asset management (EAM) software for utilities and local government, based in Sandy, Utah. In the aggregate, the businesses acquired during fiscal 2019 collectively contributed less than 1% percent to the Company's total revenue during fiscal 2019. During fiscal 2018, the Company acquired six businesses, with total purchase consideration of $1.8 billion , including the acquisitions of Waterfall Holdings, Inc., the holding company of Viewpoint, Inc. (“Viewpoint”), and e-Builder, Inc. ("e-Builder") having cash transactions valued at $1,212.1 million and $485.5 million , respectively. In the aggregate, the businesses acquired during fiscal 2018 contributed approximately 5% percent to the Company's total revenue during fiscal 2018. During fiscal 2017, the Company acquired ten businesses, with total purchase consideration of $331.2 million . The largest acquisition was Müller-Elektronik, a privately held German company specializing in implement control and precision farming solutions. In the aggregate, the businesses acquired during fiscal 2017 contributed less than 2% percent to the Company's total revenue during fiscal 2017. 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 each acquisition. 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. For the acquisitions in fiscal 2019, the preliminary fair values of net tangible assets and intangible assets acquired were based on preliminary valuations and estimates, and assumptions are subject to change within the measurement period (up to one year from the acquisition date). Acquisition costs of $20.5 million , $38.9 million , and $7.4 million in fiscal 2019 , 2018 , and 2017 , respectively, were expensed as incurred and are included in General and administrative expenses in the Consolidated Statements of Income. The following table summarizes the Company’s business combinations completed during fiscal 2019 , 2018 , and 2017 : Fiscal Years 2019 2018 2017 (In millions) Fair value of total purchase consideration $ 247.0 $ 1,782.9 $ 331.2 Less fair value of net assets acquired: Net tangible assets acquired 6.7 5.0 29.7 Identified intangible assets 104.6 568.3 166.7 Deferred taxes (3.4 ) (89.2 ) (5.8 ) Goodwill $ 139.1 $ 1,298.8 $ 140.6 Intangible Assets The following table presents details of the Company’s total intangible assets: At the End of Fiscal 2019 At the End of Fiscal 2018 (In millions) Weighted-Average Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed product technology 6 $ 1,266.7 $ (923.4 ) $ 343.3 $ 1,220.3 $ (825.3 ) $ 395.0 Trade names and trademarks 5 74.8 (59.8 ) 15.0 72.9 (53.3 ) 19.6 Customer relationships 8 769.8 (465.6 ) 304.2 715.1 (406.5 ) 308.6 Distribution rights and other intellectual properties 6 79.7 (63.5 ) 16.2 84.4 (63.3 ) 21.1 $ 2,191.0 $ (1,512.3 ) $ 678.7 $ 2,092.7 $ (1,348.4 ) $ 744.3 The estimated future amortization expense of intangible assets at the end of fiscal 2019 is as follows (in millions): 2020 $ 152.7 2021 131.6 2022 112.4 2023 98.8 2024 73.1 Thereafter 110.1 Total $ 678.7 Goodwill The changes in the carrying amount of goodwill by segment for fiscal 2019 are as follows: (In millions) Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total At the end of fiscal 2018 $ 1,970.2 $ 403.1 $ 305.7 $ 861.0 $ 3,540.0 Additions due to acquisitions 0.3 — 138.8 — 139.1 Purchase price and foreign currency translation adjustments 2.5 (1.6 ) 0.9 (0.3 ) 1.5 At the end of fiscal 2019 $ 1,973.0 $ 401.5 $ 445.4 $ 860.7 $ 3,680.6 Viewpoint and e-Builder acquisitions On February 2, 2018, the Company completed the acquisition of e-Builder in an all-cash transaction valued at $485.5 million . e-Builder is a SaaS-based construction program management solution for capital program owners and program management firms that provides an integrated project delivery solution for owners, program managers, and contractors across the design, construct, and operate life cycle. On July 2, 2018, the Company acquired all of the outstanding shares of Viewpoint, in an all-cash transaction valued at $1,212.1 million . Viewpoint is a provider of construction management software, which integrates a contractor’s financial and resource management to their project operations in the field. The integration across the office, team, and field workflows enable contractors to employ Viewpoint to effectively manage and gain visibility over data and workflows that span the construction life cycle from pre-production planning, to product operations and supply chain management, through project hand over and asset operation and maintenance. Viewpoint and e-Builder’s results of operations since their respective acquisition dates have been included in the Company’s Consolidated Statements of Income since their respective acquisitions dates. Both Viewpoint and e-Builder's performance are reported under the Buildings and Infrastructure segment. The two acquisitions were funded through the use of approximately $211.2 million of the Company’s existing cash, with the remainder funded through the issuance of senior notes and the Company’s 2018 Credit Facility. The following table summarizes the consideration transferred to acquire Viewpoint and 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: Viewpoint e-Builder (In millions) Total purchase consideration $ 1,212.1 $ 485.5 Net tangible assets (liabilities) acquired (0.6 ) 2.0 Intangible assets acquired: Estimated Useful Life Estimated Useful Life Developed product technology 225.4 6 years 60.5 7 years In-Process Research & Development 12.9 n/a — Order backlog — 1.7 6 months Customer relationships 158.6 10 years 42.4 10 years Trade name 8.9 5 years 4.8 7 years Favorable Lease 4.3 4 - 9 years — Subtotal 410.1 109.4 Deferred tax liability (61.2 ) (18.2 ) Less fair value of all assets/liabilities acquired 348.3 93.2 Goodwill $ 863.8 $ 392.3 Goodwill consisted of 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 $863.8 million and $392.3 million |
Certain Balance Sheet Component
Certain Balance Sheet Components | 12 Months Ended |
Jan. 03, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Components | CERTAIN BALANCE SHEET COMPONENTS The following tables provide details of selected balance sheet items: At the End of Fiscal Year 2019 2018 (In millions) Inventories: Raw materials $ 95.8 $ 96.2 Work-in-process 13.2 12.6 Finished goods 203.1 189.2 Total inventories $ 312.1 $ 298.0 Finished goods includes $5.6 million at the end of fiscal year 2019 and $7.3 million at the end of fiscal year 2018 for costs of sales that have been deferred in connection with deferred revenue arrangements. At the End of Fiscal Year 2019 2018 (In millions) Property and equipment, net: Machinery and equipment $ 165.3 $ 134.2 Software and licenses 143.0 135.9 Buildings 115.3 106.5 Leasehold improvements 49.9 40.7 Construction in progress 38.3 16.4 Furniture and fixtures 35.7 31.4 Land 10.1 9.9 557.6 475.0 Less: accumulated depreciation (316.2 ) (262.1 ) Total property and equipment, net $ 241.4 $ 212.9 At the End of Fiscal Year 2019 2018 (In millions) Other non-current liabilities: Unrecognized tax benefits $ 66.4 $ 65.8 Deferred compensation 36.2 28.5 Pension 20.2 19.2 Other 30.1 36.7 Total other non-current liabilities $ 152.9 $ 150.2 |
Reporting Segment And Geographi
Reporting Segment And Geographic Information | 12 Months Ended |
Jan. 03, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Reporting Segment And Geographic Information | REPORTING SEGMENT AND GEOGRAPHIC INFORMATION The Company's operating segments were determined based on how the Company's chief operating decision maker views and evaluates operations. Various factors, including market separation and customer specific applications, go-to market channels, and products and services, were considered in determining these operating segments. Segment operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to each segment and to assess performance. In each of its segments, the Company sells many individual products. For this reason, it is impracticable to segregate and identify revenue for each of the individual products or group of products. The 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 long haul trucking, field service management, rail, and military aviation. The following Reporting Segment tables reflect the results of the Company’s reportable operating segments under its management reporting system. These results are not necessarily in conformity with U.S. GAAP. This is consistent with the way the chief operating decision maker evaluates each of the segment's performance and allocates resources. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Fiscal 2019 Revenue $ 1,254.2 $ 649.4 $ 568.4 $ 792.3 $ 3,264.3 Acquired deferred revenue adjustment 4.0 — 3.0 — 7.0 Segment revenue $ 1,258.2 $ 649.4 $ 571.4 $ 792.3 $ 3,271.3 Operating income $ 322.1 $ 132.2 $ 166.2 $ 125.9 $ 746.4 Acquired deferred revenue adjustment 4.0 — 3.0 — 7.0 Amortization of acquired capitalized commissions (6.2 ) — (0.1 ) — (6.3 ) Segment operating income $ 319.9 $ 132.2 $ 169.1 $ 125.9 $ 747.1 Depreciation expense $ 8.1 $ 6.3 $ 4.4 $ 4.4 $ 23.2 Fiscal 2018 Revenue $ 1,065.5 $ 723.1 $ 567.1 $ 752.7 $ 3,108.4 Acquired deferred revenue adjustment 22.2 — 1.0 0.4 23.6 Segment revenue $ 1,087.7 $ 723.1 $ 568.1 $ 753.1 $ 3,132.0 Operating income $ 239.0 $ 166.4 $ 167.4 $ 142.9 $ 715.7 Acquired deferred revenue adjustment 22.2 — 1.0 0.4 23.6 Amortization of acquired capitalized commissions (4.5 ) — (0.2 ) — (4.7 ) Segment operating income $ 256.7 $ 166.4 $ 168.2 $ 143.3 $ 734.6 Depreciation expense $ 6.4 $ 6.0 $ 4.2 $ 4.5 $ 21.1 Fiscal 2017 Revenue $ 829.4 $ 658.5 $ 481.0 $ 677.6 $ 2,646.5 Acquired deferred revenue adjustment 1.1 — 1.0 0.7 2.8 Segment revenue $ 830.5 $ 658.5 $ 482.0 $ 678.3 $ 2,649.3 Operating income $ 176.0 $ 129.4 $ 137.0 $ 114.4 $ 556.8 Acquired deferred revenue adjustment 1.1 — 1.0 0.7 2.8 Amortization of acquired capitalized commissions (0.9 ) — (0.1 ) (0.3 ) (1.3 ) Segment operating income $ 176.2 $ 129.4 $ 137.9 $ 114.8 $ 558.3 Depreciation expense $ 6.2 $ 5.4 $ 3.2 $ 5.2 $ 20.0 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of Fiscal Year End 2019 Accounts receivable, net $ 232.0 $ 115.5 $ 93.3 $ 167.4 $ 608.2 Inventories 67.1 125.0 45.5 74.5 312.1 Goodwill 1,973.0 401.5 445.4 860.7 3,680.6 As of Fiscal Year End 2018 Accounts receivable, net $ 177.5 $ 118.7 $ 83.8 $ 132.6 $ 512.6 Inventories 70.3 133.5 46.2 48.0 298.0 Goodwill $ 1,970.2 $ 403.1 $ 305.7 $ 861.0 3,540.0 As of Fiscal Year End 2017 Accounts receivable, net $ 120.1 $ 121.5 $ 78.5 $ 107.6 $ 427.7 Inventories 62.1 110.3 46.0 46.2 264.6 Goodwill 706.8 415.3 314.5 850.5 2,287.1 A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows: Fiscal Years 2019 2018 2017 (In millions) Consolidated segment operating income $ 747.1 $ 734.6 $ 558.3 Unallocated corporate expense (1) (79.3 ) (90.7 ) (86.8 ) Acquired deferred revenue adjustment (7.0 ) (23.6 ) (2.8 ) Restructuring charges (27.9 ) (8.7 ) (10.5 ) Amortization of purchased intangible assets (167.8 ) (179.6 ) (148.8 ) Stock-based compensation (75.0 ) (76.9 ) (64.8 ) Amortization of acquisition-related inventory step-up — (0.2 ) (2.8 ) Acquisition and divestiture items (20.5 ) (38.9 ) (7.4 ) Amortization of acquired capitalized commissions 6.3 4.7 1.3 Consolidated operating income 375.9 320.7 235.7 Non-operating income (expense), net: (31.1 ) (42.7 ) 12.5 Consolidated income before taxes $ 344.8 $ 278.0 $ 248.2 (1) Unallocated corporate expense includes general corporate expense. On a total Company basis, the disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and excludes the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting, consistent with the Reporting Segment tables above. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Fiscal 2019 North America $ 722.7 $ 263.0 $ 173.3 $ 636.3 $ 1,795.3 Europe 338.7 217.5 273.6 90.4 920.2 Asia Pacific 165.3 122.7 47.4 39.7 375.1 Rest of World 31.5 46.2 77.1 25.9 180.7 Total segment revenue $ 1,258.2 $ 649.4 $ 571.4 $ 792.3 $ 3,271.3 Fiscal 2018 North America $ 595.0 $ 290.6 $ 175.0 $ 609.4 $ 1,670.0 Europe 312.1 211.2 260.0 90.2 873.5 Asia Pacific 152.7 171.7 46.4 47.5 418.3 Rest of World 27.9 49.6 86.7 6.0 170.2 Total segment revenue $ 1,087.7 $ 723.1 $ 568.1 $ 753.1 $ 3,132.0 Fiscal 2017 North America $ 428.5 $ 257.5 $ 163.7 $ 562.9 $ 1,412.6 Europe 237.9 187.1 189.5 72.7 687.2 Asia Pacific 127.2 162.5 52.6 37.7 380.0 Rest of World 36.9 51.4 76.2 5.0 169.5 Total segment revenue $ 830.5 $ 658.5 $ 482.0 $ 678.3 $ 2,649.3 No single customer or country other than the United States accounted for 10% or more of Trimble’s total revenue in fiscal years 2019 , 2018 and 2017 . No single customer accounted for 10% or more of Trimble's accounts receivable as of fiscal years ended 2019 and 2018 . Property and equipment, net by geographic area was as follows: At the End of Fiscal Year 2019 2018 (In millions) Property and equipment, net: United States $ 192.7 $ 170.1 Europe 38.6 34.2 Asia Pacific and Rest of World 10.1 8.6 Total property and equipment, net $ 241.4 $ 212.9 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Jan. 03, 2020 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Long-Term Debt | DEBT Debt consisted of the following: At the End of Fiscal Year Effective interest rate (In millions, except percentages) Date of Issuance for fiscal 2019 2019 2018 Senior Notes: 2023 Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ 300.0 $ 300.0 2028 Senior Notes, 4.90%, due June 2028 June 2018 5.04% 600.0 600.0 2024 Senior Notes, 4.75%, due December 2024 November 2014 4.95% 400.0 400.0 Credit Facilities: 2018 Credit Facility, floating rate: Term Loan, due May 2021 May 2018 3.25% 225.0 425.0 Revolving Credit Facility, due May 2023 May 2018 3.47% 110.0 — Uncommitted facilities, floating rate 1.54% 218.7 255.9 Promissory notes and other debt 0.3 1.0 Unamortized discount and issuance costs (10.8 ) (13.4 ) Total debt 1,843.2 1,968.5 Less: Short-term debt 219.0 256.2 Long-term debt $ 1,624.2 $ 1,712.3 Each of the Company's debt agreements requires it to maintain compliance with certain debt covenants, all of which the Company was in compliance with at the end of fiscal 2019. Debt Maturities: At the end of fiscal 2019, the Company's debt maturities based on outstanding principal were as follows (in millions): Year Payable 2020 $ 219.0 2021 225.0 2022 — 2023 410.0 2024 400.0 Thereafter 600.0 Total $ 1,854.0 Senior Notes: All series of Senior Notes in the above table bear interest that is payable semi-annually in June and December of each year. For the 2023 and 2028 Senior Notes, the interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes. Senior Notes are unsecured and rank equally in right of payment with all of the Company's other senior unsecured indebtedness. The Company may redeem the notes of each series of Senior Notes at its option in whole or in part at any time. Such indenture also contains covenants limiting the Company’s ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer, or lease all or substantially all of the Company’s properties and assets, each subject to certain exceptions. 2018 Credit Facility: The Credit Facility in the above table provides for unsecured credit facilities in the aggregate principal amount of $1.75 billion , which is comprised of $1.25 billion revolving credit facility maturing May 2023 and $500.0 million delayed draw term loan facility that matures on the third anniversary of the funding date. The Company may request an additional loan facility up to $500.0 million prior to the maturity of the Credit Facility and subject to approval. The Company may borrow funds under the 2018 Credit Facility in U.S. Dollars in the case of the Term Loan and U.S. Dollars, Euros, or in certain other agreed currencies in the case of the Revolving Credit Facility. Borrowings will bear interest, at the Company’s option, at either: (a) the alternate base rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds rate then in effect, plus 0.50% per annum, or (iii) an adjusted LIBOR rate determined on the basis of a one -month interest period, plus 1.00% , in each case, plus a margin of between 0.00% and 0.875% ; (b) an adjusted LIBOR rate (based on one , two , three or six -month interest periods), plus a margin of between 1.00% and 1.875% ; or (c) an adjusted EURIBOR rate (based on one , two , three or six -month interest periods), plus a margin of between 1.00% and 1.875% . The applicable margin in each case is determined based on either the Company’s credit rating at such time or the Company’s leverage ratio as of its most recently ended fiscal quarter, whichever results in more favorable pricing to the Company. Interest is payable quarterly in arrears with respect to borrowings bearing interest at the alternate base rate, or on the last day of an interest period, but at least every three months, with respect to borrowings bearing interest at LIBOR rate or EURIBOR rate. The 2018 Credit Facility also contains customary affirmative and negative covenants including, among other requirements, negative covenants that restrict the Company’s and its subsidiaries’ ability to create liens and enter into sale and leaseback transactions and that restrict its subsidiaries’ ability to incur indebtedness. Further, the 2018 Credit Facility contains financial covenants that require the Company to maintain a minimum interest coverage of not less than 3.50 :1.00 and a current maximum leverage ratio of not greater than 3.75 :1.00. Uncommitted Facilities: The Company has two $75.0 million and one €100.0 million revolving credit facilities, which are uncommitted (the "Uncommitted Facilities") at the end of fiscal 2019. Generally, these uncommitted facilities may be redeemed upon demand. Uncommitted facilities are classified as short-term debt in the Consolidated Balance Sheet. The weighted average interest rate was 1.54% and 2.16% at the end of fiscal 2019 and 2018, respectively. Promissory Notes and Other Debt At the end of fiscal 2019 the Company had promissory notes and other notes payable totaling approximately $0.3 million classified as short-term in the Consolidated Balance Sheet. At the end of fiscal 2018, the Company had promissory notes and other payables totaling $1.0 million , of which $0.3 million was classified as short-term in the Consolidated Balance Sheet. |
Leases
Leases | 12 Months Ended |
Jan. 03, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The Company has operating leases primarily for certain of its major facilities, including corporate offices, research and development facilities, and manufacturing facilities. The remaining lease terms range from 1 to 10 years , and certain leases include options to extend the lease for up to 9 years . The Company considers options to extend the lease in determining the lease term. Operating lease expense consisted of: At the End of Fiscal Year 2019 (In millions) Operating lease expense $ 38.3 Short-term lease expense and other 18.4 Total lease expense $ 56.7 Supplemental cash flow information related to leases was as follows: At the End of Fiscal Year 2019 (In millions) Cash paid for liabilities included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 37.9 Right-of-use assets obtained in exchange for Operating lease liabilities: $ 53.2 (1) Excludes cash payments for short-term leases, which are not capitalized. Supplemental balance sheet information related to leases was as follows: At the End of Fiscal Year 2019 (In millions) Operating lease right-of-use assets $ 140.3 Other current liabilities $ 28.9 Operating lease liabilities 114.1 Total operating lease liabilities $ 143.0 Weighted-average discount rate 4.23 % Weighted-average remaining lease term 6 years At the end of fiscal year 2019, the Company's maturities of lease liabilities were as follows (in millions): Year Payable 2020 $ 34.0 2021 32.2 2022 25.8 2023 20.3 2024 15.0 Thereafter 33.5 Total lease payments $ 160.8 Less imputed interest 17.8 Total $ 143.0 The Company signed operating leases for real estate of approximately $39.4 million that have not yet commenced at the end of fiscal 2019, and as such, have not been recognized on the Company’s Consolidated Balance Sheets. These operating leases are expected to commence in 2020 and 2021 with lease terms ranging from 1 to 13 years . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jan. 03, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES At the end of fiscal 2019, the Company had unconditional purchase obligations of approximately $324.7 million . These unconditional purchase obligations primarily represent open non-cancelable purchase orders for material purchases with the Company’s vendors. Litigation From time to time, the Company is involved in litigation arising out of the ordinary course of its business. There are no 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 03, 2020 | |
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. Hierarchical levels 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. At the End of Fiscal Year 2019 2018 (In millions) Level I Level II Level III Total Level I Level II Level III Total Assets Deferred compensation plan assets (1) $ 36.2 $ — $ — $ 36.2 $ 28.5 $ — $ — $ 28.5 Derivative assets (2) — 0.3 — 0.3 — 0.4 — 0.4 Total assets measured at fair value $ 36.2 $ 0.3 $ — $ 36.5 $ 28.5 $ 0.4 $ — $ 28.9 Liabilities Deferred compensation plan liabilities (1) $ 36.2 $ — $ — $ 36.2 $ 28.5 $ — $ — $ 28.5 Derivative liabilities (2) — 1.0 — 1.0 — — — — Contingent consideration liabilities (3) — — 19.9 19.9 — — 5.6 5.6 Total liabilities measured at fair value $ 36.2 $ 1.0 $ 19.9 $ 57.1 $ 28.5 $ — $ 5.6 $ 34.1 (1) The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities, respectively, on the Company's Consolidated Balance Sheets. (2) Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Consolidated Balance Sheets. (3) Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that Trimble acquired. The undiscounted maximum payment under the arrangements is $33.7 million at the end of fiscal 2019. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenue, gross margin, or other milestones. At the end of fiscal 2019, the Company had $13.7 million included in Other current liabilities and $6.2 million included in Other non-current liabilities on the Company's Consolidated Balance Sheets. Additional Fair Value Information The total estimated fair value of all outstanding financial instruments that are not recorded at fair value on a recurring basis (debt) was approximately $1.9 billion and $2.0 billion at the end of fiscal year 2019 and 2018, respectively, consistent with the carrying values. The fair value of the Senior 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 by 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 | 12 Months Ended |
Jan. 03, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Deferred costs to obtain customer contracts | DEFERRED COSTS TO OBTAIN CUSTOMER CONTRACTS Deferred cost to obtain customer contracts of $45.4 million and $41.3 million is included in Other non-current assets in the Consolidated Balance Sheets at the end of fiscal 2019 and 2018, respectively. Amortization expense related to deferred costs to obtain customer contracts, for fiscal 2019, 2018, and 2017, was $22.3 million , $23.6 million , and $21.3 million , respectively. This expense was included in Sales and marketing expenses in the Company’s Consolidated Statements of Income. There were no impairment losses related to the deferred commissions for the periods presented. |
Deferred Revenue and Remaining
Deferred Revenue and Remaining Performance | 12 Months Ended |
Jan. 03, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue and Remaining Obligations | DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in the Company’s deferred revenue during fiscal 2019 and 2018 are as follows: Fiscal Years 2019 2018 (In millions) Beginning balance of the period $ 387.2 $ 276.6 Revenue recognized (341.3 ) (226.9 ) Acquired deferred revenue 6.1 50.3 Net deferred revenue activity 489.9 287.2 Ending balance of the period $ 541.9 $ 387.2 Remaining Performance Obligations As of the end of fiscal 2019, approximately $1.2 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 71% and 17% on these remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 03, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income before taxes and the provision (benefit) for taxes consisted of the following: Fiscal Years 2019 2018 2017 (In millions) Income before taxes: United States $ 43.0 $ 25.4 $ 33.2 Foreign 301.8 252.6 215.0 Total $ 344.8 $ 278.0 $ 248.2 Provision (benefit) for taxes: U.S. Federal: Current $ (3.8 ) $ (19.7 ) $ 98.6 Deferred 252.3 (25.8 ) (6.1 ) 248.5 (45.5 ) 92.5 U.S. State: Current 5.1 5.0 4.5 Deferred (0.7 ) (3.6 ) (1.0 ) 4.4 1.4 3.5 Foreign: Current 49.2 57.0 42.7 Deferred (471.8 ) (18.2 ) (9.0 ) (422.6 ) 38.8 33.7 Income tax provision (benefit) $ (169.7 ) $ (5.3 ) $ 129.7 Effective tax rate (49 )% (2 )% 52 % The difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit) as a percentage of income before taxes ("effective tax rate") was as follows: Fiscal Years 2019 2018 2017 Statutory federal income tax rate 21 % 21 % 35 % Increase (reduction) in tax rate resulting from: Foreign income taxed at different rates (7 )% (7 )% (15 )% U.S. State income taxes 2 % 1 % 1 % U.S. Federal research and development credits (3 )% (4 )% (3 )% Stock-based compensation 1 % 1 % 2 % Excess tax benefit related to stock-based compensation (2 )% (3 )% (4 )% Effect of U.S. tax law change — % (8 )% 33 % Other US taxes on foreign operations 1 % 2 % — % Tax reserve releases (5 )% (9 )% — % Intercompany transfer of intellectual property (60 )% — % — % Other 3 % 4 % 3 % Effective tax rate (49 )% (2 )% 52 % Tax Cuts and Jobs Act (the "Tax Act") reduced the U.S. federal tax rate from 35% to 21% , imposed a one-time transition tax on accumulated foreign earnings, and created new taxes on certain foreign-sourced earnings referred to as Global Intangible Low-Taxed Income ("GILTI"). As a result, the Company recorded a provisional net income tax expense of $80.2 million in fiscal 2017. In fiscal 2018, the Company completed the accounting for the tax effects of the Tax Act and made immaterial adjustments to the provisional amounts recorded previously. Additionally, in fiscal 2018, the Company finalized its accounting policy election to record GILTI deferred taxes and recorded a $15.1 million one-time tax benefit. To align with its international business operations, in the fourth quarter of 2019, the Company completed a non-U.S. intercompany transfer of its intellectual property to a subsidiary in the Netherlands. The transaction resulted in deferred tax assets in the Netherlands and GILTI deferred tax liabilities in the U.S., recorded at the applicable statutory tax rates, resulting in a one-time income tax benefit of approximately $206.3 million . The effective income tax rates in fiscal 2019 decreased compared to 2018 primarily due to the one-time tax benefit from the non-U.S. intercompany transfer of intellectual property. The effective income tax rates in fiscal 2018 decreased compared to 2017 primarily due to the one-time impacts from the Tax Act, benefits from reserve releases due to the expiration of the U.S. federal statute of limitations for certain tax years, and a one-time benefit from deferred taxes in relation to GILTI. Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of the Company’s deferred tax assets and liabilities are as follows: At the End of Fiscal Year 2019 2018 (In millions) Deferred tax liabilities: Purchased intangibles $ 158.7 $ 177.1 Global intangible low-taxed income 233.7 — Operating lease right-of-use assets 35.3 — Other 12.8 13.8 Total deferred tax liabilities 440.5 190.9 Deferred tax assets: Expenses not currently deductible 28.0 33.4 Depreciation and amortization 471.5 7.3 U.S. tax credit carryforwards 34.2 30.3 U.S. net operating loss carryforwards 9.8 20.8 Foreign net operating loss carryforwards 16.2 16.9 Stock-based compensation 13.3 20.3 Global intangible low-taxed income — 13.4 Operating lease liabilities 36.0 — Other 14.1 14.7 Total deferred tax assets 623.1 157.1 Valuation allowance (25.3 ) (27.8 ) Total deferred tax assets 597.8 129.3 Total net deferred tax assets $ 157.3 $ (61.6 ) Reported as: Non-current deferred income tax assets $ 475.5 $ 12.2 Non-current deferred income tax liabilities (318.2 ) (73.8 ) Net deferred tax assets (liabilities) $ 157.3 $ (61.6 ) At the end of fiscal 2019, the Company has U.S. federal and foreign net operating loss carryforwards, or NOLs, of approximately $21.5 million and $81.0 million , respectively. The U.S. federal NOLs will begin to expire in 2026 . There is, generally, no expiration for the foreign NOLs. Utilization of the Company’s U.S. federal and state NOLs is subject to annual limitations in accordance with the applicable tax code. The Company has determined that it is more likely than not that the Company will not realize a portion of the foreign NOLs and, accordingly, a valuation allowance has been established for such amount. The Company has U.S. federal and California research and development credit carryforwards of approximately $11.1 million and $33.0 million , respectively. The U.S. federal tax credit carryforwards will expire beginning 2031 . The California research tax credits have an indefinite carryforward period. The Company believes that it is more likely than not that the Company will not realize a portion of the California research and development credit carryforwards and, accordingly, a valuation allowance has been established for such amount. As a result of the Tax Act, the Company can repatriate foreign earnings back to the U.S. when needed with minimal U.S. income tax consequences, other than the transition tax and GILTI tax. The Company reinvested a large portion of its undistributed foreign earnings in acquisitions and other investments and intends to bring back a portion of foreign cash which was subject to the transition tax and GILTI. During fiscal 2019, the Company repatriated $239.4 million of its foreign earnings to the U.S. The total amount of the unrecognized tax benefits at the end of fiscal 2019 was $71.6 million . A reconciliation of gross unrecognized tax benefit is as follows: Fiscal Years 2019 2018 2017 (In millions) Beginning balance $ 69.1 $ 82.4 $ 72.9 Increase (decrease) related to prior years' tax positions 3.8 4.5 (0.6 ) Increase related to current year tax positions 12.6 10.0 12.1 Lapse of statute of limitations (8.2 ) (18.9 ) (1.6 ) Settlement with taxing authorities (5.7 ) (8.9 ) (0.4 ) Ending balance $ 71.6 $ 69.1 $ 82.4 The Company's total unrecognized tax benefits that, if recognized, would affect its effective tax rate were $59.5 million and $60.5 million at the end of fiscal 2019 and 2018 , respectively. The Company and its subsidiaries are subject to U.S. federal, state, and foreign income taxes. The Company's tax years are substantially closed for all U.S. federal and state income taxes for audit purposes through 2014. Non-U.S. income tax matters have been concluded for years through 2007. The Company is currently in various stages of multiple year examinations state, and foreign (multiple jurisdictions) taxing authorities. While the Company generally believes it is more likely than not that its tax positions will be sustained, it is reasonably possible that future obligations related to these matters could arise. The Company believes that its reserves are adequate to cover any potential assessments that may result from the examinations and negotiations. In the first quarter of fiscal 2018, the Company had received a formal Notice of Deficiency from the Internal Revenue Service for fiscal year 2011, assessing tax and penalties totaling $51.2 million . In the third quarter of fiscal 2019, the Company received a decision from U.S. Tax Court resulting in no change to its federal income tax liability for fiscal 2011. There are no federal income tax returns currently under examination. Although timing of the resolution and/or closure of audits is not certain, the Company does not believe that its gross unrecognized tax benefits would materially change in the next twelve months. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company’s liability for unrecognized tax benefits including interest and penalties was recorded in Other non-current liabilities in the accompanying Consolidated Balance Sheets. At the end of fiscal 2019 and 2018 , the Company had accrued $11.5 million and $11.0 million , respectively, for payment of interest and penalties. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Jan. 03, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss, net of related tax were as follows: At the End of Fiscal Year 2019 2018 (In millions) Accumulated foreign currency translation adjustments $ (173.1 ) $ (183.4 ) Net unrealized actuarial losses (3.7 ) (2.7 ) Total accumulated other comprehensive loss $ (176.8 ) $ (186.1 ) |
Employee Stock Benefit Plans
Employee Stock Benefit Plans | 12 Months Ended |
Jan. 03, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Employee Stock Benefit Plans | EMPLOYEE STOCK BENEFIT PLANS 2002 Stock Plan Trimble’s 2002 Stock Plan provides for the granting of incentive and non-statutory stock options and RSUs for up to 74.6 million shares. At the end of fiscal 2019, the remaining number of shares available for grant under the 2002 stock plan was 8.1 million . Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense recognized in the Company’s Consolidated Statements of Income for the periods indicated: Fiscal Years 2019 2018 2017 (In millions) Restricted stock units $ 67.3 $ 68.9 $ 53.3 Stock options 0.6 1.5 5.7 ESPP 7.1 6.5 5.8 Total stock-based compensation expense $ 75.0 $ 76.9 $ 64.8 At the end of fiscal 2019, total unamortized stock-based compensation expense was $174.4 million , with a weighted-average recognition period of 2.4 years . Restricted Stock Units The Company grants RSUs containing only service conditions as well as performance stock units ("PSUs") containing a combination of service, performance, and/or market conditions. RSUs containing only service conditions vest ratably over a three to four year service period. PSUs are granted to executive officers and other senior employees and vest after a two to three year service period. For PSUs granted prior to 2019, the number of shares received at vesting will range from 0% to 200% of the target grant amount based on either (1) market conditions or (2) performance conditions. Market conditions consider the achievement of the Company’s relative total stockholder return ("TSR") of its common stock as compared to the TSR of the constituents of the S&P 500 over the vesting period. Performance conditions consider the achievement of the Company's financial results over the vesting period. PSUs granted during fiscal 2019 contain both performance and market conditions, and the number of shares received at vesting will range from 0% to 250% of the target grant amount. 2019 Restricted Stock Units Outstanding Number of Units (1) Weighted Average (In millions, except for per share data) Outstanding at the beginning of year 4.9 $ 35.94 Granted (2) 3.7 $ 41.38 Shares vested, net (2.4 ) $ 31.41 Canceled and forfeited (0.5 ) $ 38.61 Outstanding at the end of year 5.7 $ 39.62 (1) Includes 1.9 million PSUs granted, 1.3 million PSUs vested, and 2.0 million PSUs outstanding at the end of the year. (2) Includes 0.6 million PSUs related to performance adjustments above target levels at the vesting date. The weighted-average grant date fair value of all RSUs granted during fiscal years 2019, 2018, and 2017 was $41.38 , $37.43 , and $40.19 per share, respectively. The fair value of all RSUs vested during fiscal years 2019, 2018, and 2017 was $75.7 million , $73.9 million , and $40.4 million , respectively. Stock options Employee stock options vest over three years with annual or monthly vesting and expire seven to ten years from the date of grant. The following table summarizes information about stock options outstanding at the end of fiscal 2019: Number Of Shares (in millions) Weighted- Average Exercise Price per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at the beginning of year 2.4 $ 28.26 Options granted 0.1 40.57 Options exercised (1.4 ) 27.75 Cancelled and forfeited — 23.53 Outstanding at the end of year 1.1 29.96 2.0 $ 12.0 Options exercisable 0.9 $ 28.61 1.2 $ 11.4 The total intrinsic value of options exercised during fiscal years 2019, 2018, and 2017 was $16.4 million , $30.0 million , and $41.1 million , respectively. The weighted-average grant date fair value per share of stock options granted during fiscal years 2019 and 2018 was $12.92 , and $10.62 , respectively. The fair value of all stock options vested during fiscal years 2019, 2018, and 2017 was $0.2 million , $1.9 million , and $6.5 million , respectively. Employee Stock Purchase Plan The Company has an ESPP under which the stockholders have approved an aggregate of 39.0 million shares of Common Stock for issuance to eligible employees. The plan permits eligible employees to purchase Common Stock through payroll deductions at 85% of the lower of the fair market value of the Common Stock at the beginning or at the end of each offering period, which is generally six months . Rights to purchase shares are granted during the first and third quarter of each fiscal year. The ESPP terminates on March 15, 2027. In fiscal 2019, 2018, and 2017, 0.8 million shares were issued, in each fiscal year respectively, representing $25.7 million , $24.0 million , and $20.4 million in cash received for the issuance of stock under the Purchase Plan. At the end of fiscal 2019, the number of shares reserved for future purchases was 7.4 million . |
Common Stock Repurchase
Common Stock Repurchase | 12 Months Ended |
Jan. 03, 2020 | |
Statement of Stockholders' Equity [Abstract] | |
Stockholders' Equity Note Disclosure | COMMON STOCK REPURCHASE In November 2014, the Company's Board of Directors approved a stock repurchase program ("2014 Stock Repurchase Program"), authorizing the Company to repurchase up to $300.0 million of Trimble’s common stock. In August 2015, the Company’s Board of Directors approved a stock repurchase program ("2015 Stock Repurchase Program"), authorizing the Company to repurchase up to $400.0 million of Trimble’s common stock, replacing the 2014 Stock Repurchase Program. 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. The stock repurchase authorization does not have an expiration date and replaces the 2015 Stock Repurchase Program, which was completed. Under the stock 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. At the end of fiscal 2019 , the 2017 Stock Repurchase Program had remaining authorized funds of $172.4 million . During fiscal 2019, the Company repurchased approximately 4.7 million shares of common stock in open market purchases, at an average price of $38.51 per share, for a total of $179.8 million under the 2017 Stock Repurchase Program. During fiscal 2018, the Company repurchased approximately 2.4 million shares of common stock in open market purchases, at an average price of $37.23 per share, for a total of $90.0 million under the 2017 Stock Repurchase Program. During fiscal 2017, the Company repurchased approximately 7.4 million shares of common stock in open market purchases, at an average price of $39.18 per share, for a total of $288.3 million under the 2017 and 2015 Stock Repurchase Programs. Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-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 was charged to retained earnings. As a result of the 2019 repurchases, retained earnings was reduced by $149.1 million in fiscal 2019 |
Statement Of Cash Flow Data
Statement Of Cash Flow Data | 12 Months Ended |
Jan. 03, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Statement Of Cash Flow Data | STATEMENT OF CASH FLOW DATA Fiscal Years 2019 2018 2017 (In millions) Supplemental disclosure of cash flow information: Interest paid $ 79.2 $ 69.3 $ 28.4 Income taxes paid $ 63.1 $ 62.3 $ 46.6 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Jan. 03, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Trimble has a 52-53 week fiscal year, ending on the Friday nearest to December 31. Fiscal 2019 was a 53-week year and 2018 was a 52-week year. Therefore, the fourth quarter of fiscal 2019 included the 53 rd week. First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Period 2019 2019 2019 2019 (In millions, except per share data) Revenue $ 801.6 $ 854.8 $ 783.9 $ 824.0 Gross margin 438.3 460.6 422.0 460.0 Net income attributable to Trimble Inc. 62.3 94.6 78.1 279.3 Basic net income per share 0.25 0.38 0.31 1.12 Diluted net income per share 0.25 0.37 0.31 1.11 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Period 2018 2018 2018 2018 (In millions, except per share data) Revenue $ 742.2 $ 785.5 $ 795.2 $ 785.5 Gross margin 396.2 422.7 426.9 435.2 Net income attributable to Trimble Inc. 58.5 64.1 73.7 86.5 Basic net income per share 0.24 0.26 0.29 0.34 Diluted net income per share 0.23 0.25 0.29 0.34 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Jan. 03, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | SCHEDULE II TRIMBLE INC. VALUATION AND QUALIFYING ACCOUNTS Fiscal Years 2019 2018 2017 (In millions) Allowance for doubtful accounts: Balance at beginning of period $ 4.6 $ 3.6 $ 5.0 Acquired allowance 0.2 1.6 0.3 Bad debt expense 6.5 3.4 1.2 Write-offs, net of recoveries (5.4 ) (4.0 ) (2.9 ) Balance at end of period $ 5.9 $ 4.6 $ 3.6 |
Accounting Policies (Policy)
Accounting Policies (Policy) | 12 Months Ended |
Jan. 03, 2020 | |
Accounting Policies [Abstract] | |
Use Of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates 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, 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. |
Basis Of Presentation | Basis of Presentation The Company has a 52-53 week fiscal year, ending on the Friday nearest to December 31. Fiscal 2019 is a 53-week year and ended on January 3, 2020 , and 2018 and 2017 were 52-week years, ended on December 28, 2018 and December 29, 2017 , respectively. Unless otherwise stated, all dates refer to the Company’s fiscal year. These 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 Company has presented revenue and cost of sales separately for products, service, and subscriptions. Product revenue includes hardware, software licenses, parts and accessories; service revenue includes maintenance and support for hardware and software products, training, and professional services; subscription revenue includes software as a service ("SaaS"), data, and hosting services. |
Reportable Segments | Reportable Segments The Company reports its financial performance, including revenue and operating income, based on four reportable segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation. The Company's Chief Executive Officer (chief operating decision maker) views and evaluates operations based on the results of the Company’s reportable operating segments under its management reporting system. These results are not necessarily in conformance with U.S. GAAP. |
Revenue Recognition | 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 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 software maintenance, 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 recognizes 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 software 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, and 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. Software maintenance entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Software maintenance 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. 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. 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 that the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms generally range from month-to-month to five years . Subscription revenue is recognized monthly over the service duration, commencing from activation. |
Deferred Costs to Obtain Customer Contracts | Deferred Costs to Obtain Customer Contracts The Company's incremental cost of obtaining contracts, which consists of sales commissions related to customer contracts that include maintenance or subscription 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 commission costs are deferred and amortized 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. |
Remaining Performance Obligation | Remaining Performance Obligations Remaining performance obligations represent contracted revenue for which goods or services have not been delivered. The contracted revenue, which will be recognized in future periods, includes both invoiced amounts in deferred revenue as well as amounts that are not yet invoiced. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of non-U.S. subsidiaries that operate in local currencies are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments, net of tax, recorded in Accumulated other comprehensive loss within the stockholders’ equity section of the Consolidated Balance Sheets. Income and expense accounts are translated at average monthly exchange rates during the year. |
Derivative Financial Instruments | Derivative Financial Instruments The Company enters into foreign exchange forward contracts to minimize the short-term impact of foreign currency fluctuations on cash and certain trade and inter-company receivables and payables, primarily denominated in Euro, British pound, New Zealand dollars, Australian dollars, Brazil real, and Canadian dollars. These contracts reduce the exposure to fluctuations in foreign currency exchange rate movements, as the gains and losses associated with foreign currency balances are generally offset with the gains and losses on the forward contracts. These instruments are marked-to-market through earnings every period and generally range from one to two months in original maturity. The Company occasionally enters into foreign currency forward contracts to hedge the purchase price of some of our larger business acquisitions. The Company does not enter into foreign currency forward contracts for trading purposes. As of the fiscal years ended 2019 and 2018 , there were no derivative financial instruments outstanding that were accounted for as hedges. |
Concentration Of Risk | Concentrations of Risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and therefore bear minimal credit risk. The Company is also exposed to credit risk in the Company’s trade receivables, which are derived from sales to end-user customers in diversified industries as well as various resellers. The Company performs ongoing credit evaluations of its customers’ financial conditions and limits the amount of credit extended, when deemed necessary, but generally does not require collateral. In addition, the Company relies on a limited number of suppliers for a number of its critical components. |
Allowance For Doubtful Accounts | Accounts Receivable, Net Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceeds the amount billed to the 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 unbilled receivables were $129.5 million and $22.3 million at the end of fiscal 2019 and 2018, respectively. 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 $5.9 million and $4.6 million |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Adjustments are also made to reduce the cost of inventory for estimated excess or obsolete balances. Factors influencing these adjustments include declines in demand that impact inventory purchasing forecasts, technological changes, product life cycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If the Company's estimates used to reserve for excess and obsolete inventory differ from what it expected, the Company may be required to recognize additional reserves, which would negatively impact its gross margin. |
Property And Equipment, Net | Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the shorter of the estimated useful lives or the lease terms when applicable. Useful lives generally range from four to six years for machinery and equipment, five to ten years for furniture and fixtures, two to five years for computer equipment and software, thirty-nine years for buildings, and the life of the lease for leasehold improvements. The Company capitalizes eligible costs to acquire or develop certain internal use software that are incurred subsequent to the preliminary project stage. Capitalized costs related to internal-use software are amortized using the straight-line method over the estimated useful lives of the assets, which range generally from two to five years . The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Depreciation expense was $39.4 million in fiscal 2019 , $35.6 million in fiscal 2018 and $34.6 million in fiscal 2017 |
Lease Obligations | Leases The Company determines if an arrangement is a lease at inception. Operating leases with lease terms greater than one year are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Present value is determined by using the Company's incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset includes adjustments made for uneven rents and lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease agreements that include both lease and non-lease components are accounted for as part of the overall lease arrangement. |
Business Combinations | Business Combinations The Company allocates the fair value of purchase consideration to the assets acquired, liabilities assumed, and non-controlling interests in the acquiree based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed, and non-controlling interests in the acquiree is recorded as goodwill. When determining the fair values of assets acquired, liabilities assumed, and non-controlling interests in the acquiree, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include expected future cash flows based on consideration of future growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates. Fair value estimates are based on the assumptions management believes a market participant would use in pricing the asset or liability. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. 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 each acquisition. 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. For the acquisitions in fiscal 2019, the preliminary fair values of net tangible assets and intangible assets acquired were based on preliminary valuations and estimates, and assumptions are subject to change within the measurement period (up to one year from the acquisition date). Acquisition costs of $20.5 million , $38.9 million , and $7.4 million in fiscal 2019 , 2018 , and 2017 , respectively, were expensed as incurred and are included in General and administrative expenses in the Consolidated Statements of Income. |
Goodwill And Purchased Intangible Assets | Goodwill and Purchased Intangible Assets Goodwill represents the excess of the purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets acquired individually, with a group of other assets, or in a business combination are recorded at fair value. Identifiable intangible assets are comprised of technology, patents, licenses, customer contracts, acquired backlog, trademarks, and in-process research and development. Identifiable intangible assets are amortized over the period of estimated benefit using the straight-line method and have estimated useful lives ranging from three years to ten years with a weighted average useful life of 6.6 years. Goodwill is not subject to amortization, but is subject to, at a minimum, an annual assessment for impairment. |
Impairment Of Goodwill, Intangible Assets And Other Long-Lived Assets | Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets The Company evaluates goodwill on an annual basis or more frequently if indicators of potential impairment exist. The annual goodwill impairment test is performed at the reporting unit level in the fourth fiscal quarter of each year. We utilize either a qualitative assessment or a quantitative test to assess the likelihood of an impairment. In performing the qualitative assessment, we consider macroeconomic conditions, industry and market considerations, overall financial performance, and other relevant events and factors that may impact the reporting units. When the Company performs a quantitative test, the estimation of the fair value of a reporting unit involves the use of certain estimates and assumptions including expected future operating performance using risk-adjusted discount rates. Identifiable intangible assets are amortized over their estimated useful lives on a straight-line basis. Changes in circumstances such as technological advances, changes to business models, or changes in the capital strategy could result in a revised useful life. If the useful life of an asset is revised, the net book value of the estimated residual value is amortized over its revised remaining useful life. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable based on their future cash flows. The estimated future cash flows are primarily based upon assumptions about expected future operating performance. |
Warranty | Warranty 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 cost is primarily estimated based upon historical trends in the volume of product returns within the warranty period and the cost to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging from one year to two years . Accrued warranty expenses of $16.3 million and $15.3 million is included in Other current liabilities in the Consolidated Balance Sheets at the end of fiscal 2019 and 2018. |
Guarantees, Including Indirect Guarantees Of Indebtedness Of Others | Guarantees, Including Indirect Guarantees of Indebtedness of Others In the normal course of business to facilitate sales of our products, the Company indemnifies other parties, including customers, lessors, and parties to other transactions with us with respect to certain matters. The Company may agree to hold the other party harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In connection with divesting some of the Company's businesses or assets, the Company may also indemnify purchasers for certain matters in the normal course of business, such as breaches of representations, covenants, or excluded liabilities. In addition, the Company entered into indemnification agreements with our officers and directors, and the Company’s bylaws contain similar indemnification obligations to the Company’s agents. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements were not material, and no liabilities have been recorded for these obligations on the Consolidated Balance Sheets at the end of fiscal 2019 and 2018 . |
Advertising and Promotional Costs | Advertising and Promotional Costs The Company expenses all advertising and promotional costs as incurred. Advertising and promotional expense was approximately $42.7 million , $42.7 million , and $37.2 million , in fiscal 2019 , 2018 , and 2017 , respectively. |
Research And Development Costs | Research and Development Costs Research and development costs are charged to expense as incurred. Costs of software developed for external sale subsequent to reaching technical feasibility were not significant and were expensed as incurred. The Company received third-party funding of approximately $16.5 million , $19.5 million , and $18.1 million in fiscal 2019 , 2018 , and 2017 , respectively. The Company offsets research and development expense with any unconditional third-party funding earned and retains the rights to any technology developed under such arrangements. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense recognized in the Consolidated Statements of Income is based on the grant date fair value of the stock-based awards, net of estimated forfeitures. The Company attributes the fair value of stock options and restricted stock units ("RSUs") to expense using the straight-line method. The fair value for RSUs with service conditions and performance-based conditions is measured at the grant date using the fair value of Trimble’s common stock. Total expense for performance-based RSUs is based upon the probable expected achievement of the underlying performance goals as adjusted in future periods for changes in expectations and actual achievement. The fair value for market-based RSUs is measured at the grant date using a Monte Carlo model. The grant date fair value for stock options and rights to purchase shares under the Company's Employee Stock Purchase Plan ("ESPP") is estimated using the Black-Scholes option pricing model. The Company estimates forfeitures at the date of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical and current information to estimate forfeitures. |
Income Taxes | Income Taxes Income taxes are accounted for under the liability method, whereby deferred tax assets or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not such assets will not be realized. The Company’s valuation allowance is primarily attributable to foreign net operating losses and state research and development credit carryforwards. Management believes that it is more likely than not that the Company will not realize certain of these deferred tax assets, and, accordingly, a valuation allowance has been provided for such amounts. Valuation allowance adjustments associated with an acquisition after the measurement period are recorded through income tax expense. Relative to uncertain tax positions, the Company only recognizes a tax benefit if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual tax audit outcomes. Determining whether an uncertain tax position is effectively settled requires judgment. Changes in recognition or measurement of the Company's uncertain tax positions would result in the recognition of a tax benefit or an additional charge to the tax provision. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to income taxes in the U.S. and numerous other countries and is subject to routine corporate income tax audits in many of these jurisdictions. The Company generally believes that positions taken on its tax returns are more likely than not to be sustained upon audit, but tax authorities in some circumstance have, and may in the future, successfully challenge these positions. Accordingly, the Company’s income tax provision includes amounts intended to satisfy assessments that may result from these challenges. Determining the income tax provision for these potential assessments and recording the related effects requires management judgments and estimates. The amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in the Company’s income tax provision and, therefore, could have a material impact on its income tax provision, net income, and cash flows. The Company’s accrual for uncertain tax positions includes uncertainties concerning the tax treatment of our international operations, including the allocation of income among different jurisdictions, intercompany transactions, and related interest. |
Computation Of Earnings Per Share | Computation of Earnings Per Share The number of shares used in the calculation of basic earnings per share represents the weighted average common shares outstanding during the period and excludes any potentially dilutive securities. The dilutive effects of outstanding stock options, restricted stock units, and shares to be purchased under the Company’s employee stock purchase plan are included in diluted earnings per share unless they are anti-dilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Fiscal 2019 Adoption Leases In February 2016, the FASB issued a new lease standard that requires a lessee to recognize lease assets and lease liabilities on the balance sheet for most leases and provide enhanced disclosures. The Company adopted the new standard at the beginning of fiscal year 2019 by applying a modified retrospective method without restating comparative periods. Upon adoption, certain practical expedients were used to carry forward existing leases as previously defined and classified. Leases containing both lease and non-lease components are accounted for as part of the overall lease arrangement. Operating leases with lease terms greater than one year are included in ROU assets, Other current liabilities, and Operating lease liabilities on the Company's Consolidated Balance Sheets. Those ROU assets and liabilities are recognized at the present value of lease payments over the lease terms by utilizing the Company’s incremental borrowing rate. The standard had a material impact on the Company’s Consolidated Balance Sheets but did not have an impact on its Consolidated Income Statements or Statement of Cash Flows. The most significant impact was the recognition of $123.5 million ROU assets and $126.1 million lease liabilities for its operating leases at the adoption date. Fiscal 2020 Adoption 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. Furthermore, 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 applied on a modified-retrospective basis and is effective for the Company beginning in fiscal 2020. The Company currently anticipates that the adoption will not have a material impact 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 applied on a prospective basis and is effective for the Company beginning in fiscal 2020. The Company currently anticipates that the adoption will not have a material impact on its Consolidated Financial Statements. Intangibles - Internal-Use Software In August 2018, the FASB issued new guidance that clarifies the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the accounting for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software. The Company is required to adopt the guidance in the first quarter of fiscal year 2020 on a prospective basis for all implementation costs incurred after the date of adoption. The Company currently anticipates that the adoption will not have a material impact on its Consolidated Financial Statements. Future Adoption Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued amendments to the accounting for Income Taxes to reduce complexity by removing certain exceptions and implementing targeted simplifications. The new standard is effective for the Company beginning in fiscal 2021. Early adoption is permitted. The Company is currently evaluating the effect of the amendments on its Consolidated Financial Statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
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: Fiscal Years 2019 2018 2017 (In millions, except per share data) Numerator: Net income attributable to Trimble Inc. $ 514.3 $ 282.8 $ 118.4 Denominator: Weighted average number of common shares used in basic earnings per share 250.8 250.0 252.1 Effect of dilutive securities 2.1 3.4 4.6 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 252.9 253.4 256.7 Basic earnings per share $ 2.05 $ 1.13 $ 0.47 Diluted earnings per share $ 2.03 $ 1.12 $ 0.46 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Business Acquisition [Line Items] | |
Schedule of Business Combination, Separately Recognized Transactions | The following table summarizes the Company’s business combinations completed during fiscal 2019 , 2018 , and 2017 : Fiscal Years 2019 2018 2017 (In millions) Fair value of total purchase consideration $ 247.0 $ 1,782.9 $ 331.2 Less fair value of net assets acquired: Net tangible assets acquired 6.7 5.0 29.7 Identified intangible assets 104.6 568.3 166.7 Deferred taxes (3.4 ) (89.2 ) (5.8 ) Goodwill $ 139.1 $ 1,298.8 $ 140.6 |
Schedule Of Total Intangible Assets | The following table presents details of the Company’s total intangible assets: At the End of Fiscal 2019 At the End of Fiscal 2018 (In millions) Weighted-Average Useful Lives (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed product technology 6 $ 1,266.7 $ (923.4 ) $ 343.3 $ 1,220.3 $ (825.3 ) $ 395.0 Trade names and trademarks 5 74.8 (59.8 ) 15.0 72.9 (53.3 ) 19.6 Customer relationships 8 769.8 (465.6 ) 304.2 715.1 (406.5 ) 308.6 Distribution rights and other intellectual properties 6 79.7 (63.5 ) 16.2 84.4 (63.3 ) 21.1 $ 2,191.0 $ (1,512.3 ) $ 678.7 $ 2,092.7 $ (1,348.4 ) $ 744.3 |
Schedule Of Estimated Future Amortization Expense Of Intangible Assets | The estimated future amortization expense of intangible assets at the end of fiscal 2019 is as follows (in millions): 2020 $ 152.7 2021 131.6 2022 112.4 2023 98.8 2024 73.1 Thereafter 110.1 Total $ 678.7 |
Schedule of Goodwill | The changes in the carrying amount of goodwill by segment for fiscal 2019 are as follows: (In millions) Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total At the end of fiscal 2018 $ 1,970.2 $ 403.1 $ 305.7 $ 861.0 $ 3,540.0 Additions due to acquisitions 0.3 — 138.8 — 139.1 Purchase price and foreign currency translation adjustments 2.5 (1.6 ) 0.9 (0.3 ) 1.5 At the end of fiscal 2019 $ 1,973.0 $ 401.5 $ 445.4 $ 860.7 $ 3,680.6 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Viewpoint and 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: Viewpoint e-Builder (In millions) Total purchase consideration $ 1,212.1 $ 485.5 Net tangible assets (liabilities) acquired (0.6 ) 2.0 Intangible assets acquired: Estimated Useful Life Estimated Useful Life Developed product technology 225.4 6 years 60.5 7 years In-Process Research & Development 12.9 n/a — Order backlog — 1.7 6 months Customer relationships 158.6 10 years 42.4 10 years Trade name 8.9 5 years 4.8 7 years Favorable Lease 4.3 4 - 9 years — Subtotal 410.1 109.4 Deferred tax liability (61.2 ) (18.2 ) Less fair value of all assets/liabilities acquired 348.3 93.2 Goodwill $ 863.8 $ 392.3 |
Certain Balance Sheet Compone_2
Certain Balance Sheet Components (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Components Of Net Inventories | The following tables provide details of selected balance sheet items: At the End of Fiscal Year 2019 2018 (In millions) Inventories: Raw materials $ 95.8 $ 96.2 Work-in-process 13.2 12.6 Finished goods 203.1 189.2 Total inventories $ 312.1 $ 298.0 |
Components Of Property And Equipment | At the End of Fiscal Year 2019 2018 (In millions) Property and equipment, net: Machinery and equipment $ 165.3 $ 134.2 Software and licenses 143.0 135.9 Buildings 115.3 106.5 Leasehold improvements 49.9 40.7 Construction in progress 38.3 16.4 Furniture and fixtures 35.7 31.4 Land 10.1 9.9 557.6 475.0 Less: accumulated depreciation (316.2 ) (262.1 ) Total property and equipment, net $ 241.4 $ 212.9 |
Components of Other Noncurrent Liabilities | At the End of Fiscal Year 2019 2018 (In millions) Other non-current liabilities: Unrecognized tax benefits $ 66.4 $ 65.8 Deferred compensation 36.2 28.5 Pension 20.2 19.2 Other 30.1 36.7 Total other non-current liabilities $ 152.9 $ 150.2 |
Reporting Segment And Geograp_2
Reporting Segment And Geographic Information (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule Of Revenue, Operating Income And Identifiable Assets By Segment | Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Fiscal 2019 Revenue $ 1,254.2 $ 649.4 $ 568.4 $ 792.3 $ 3,264.3 Acquired deferred revenue adjustment 4.0 — 3.0 — 7.0 Segment revenue $ 1,258.2 $ 649.4 $ 571.4 $ 792.3 $ 3,271.3 Operating income $ 322.1 $ 132.2 $ 166.2 $ 125.9 $ 746.4 Acquired deferred revenue adjustment 4.0 — 3.0 — 7.0 Amortization of acquired capitalized commissions (6.2 ) — (0.1 ) — (6.3 ) Segment operating income $ 319.9 $ 132.2 $ 169.1 $ 125.9 $ 747.1 Depreciation expense $ 8.1 $ 6.3 $ 4.4 $ 4.4 $ 23.2 Fiscal 2018 Revenue $ 1,065.5 $ 723.1 $ 567.1 $ 752.7 $ 3,108.4 Acquired deferred revenue adjustment 22.2 — 1.0 0.4 23.6 Segment revenue $ 1,087.7 $ 723.1 $ 568.1 $ 753.1 $ 3,132.0 Operating income $ 239.0 $ 166.4 $ 167.4 $ 142.9 $ 715.7 Acquired deferred revenue adjustment 22.2 — 1.0 0.4 23.6 Amortization of acquired capitalized commissions (4.5 ) — (0.2 ) — (4.7 ) Segment operating income $ 256.7 $ 166.4 $ 168.2 $ 143.3 $ 734.6 Depreciation expense $ 6.4 $ 6.0 $ 4.2 $ 4.5 $ 21.1 Fiscal 2017 Revenue $ 829.4 $ 658.5 $ 481.0 $ 677.6 $ 2,646.5 Acquired deferred revenue adjustment 1.1 — 1.0 0.7 2.8 Segment revenue $ 830.5 $ 658.5 $ 482.0 $ 678.3 $ 2,649.3 Operating income $ 176.0 $ 129.4 $ 137.0 $ 114.4 $ 556.8 Acquired deferred revenue adjustment 1.1 — 1.0 0.7 2.8 Amortization of acquired capitalized commissions (0.9 ) — (0.1 ) (0.3 ) (1.3 ) Segment operating income $ 176.2 $ 129.4 $ 137.9 $ 114.8 $ 558.3 Depreciation expense $ 6.2 $ 5.4 $ 3.2 $ 5.2 $ 20.0 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of Fiscal Year End 2019 Accounts receivable, net $ 232.0 $ 115.5 $ 93.3 $ 167.4 $ 608.2 Inventories 67.1 125.0 45.5 74.5 312.1 Goodwill 1,973.0 401.5 445.4 860.7 3,680.6 As of Fiscal Year End 2018 Accounts receivable, net $ 177.5 $ 118.7 $ 83.8 $ 132.6 $ 512.6 Inventories 70.3 133.5 46.2 48.0 298.0 Goodwill $ 1,970.2 $ 403.1 $ 305.7 $ 861.0 3,540.0 As of Fiscal Year End 2017 Accounts receivable, net $ 120.1 $ 121.5 $ 78.5 $ 107.6 $ 427.7 Inventories 62.1 110.3 46.0 46.2 264.6 Goodwill 706.8 415.3 314.5 850.5 2,287.1 |
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: Fiscal Years 2019 2018 2017 (In millions) Consolidated segment operating income $ 747.1 $ 734.6 $ 558.3 Unallocated corporate expense (1) (79.3 ) (90.7 ) (86.8 ) Acquired deferred revenue adjustment (7.0 ) (23.6 ) (2.8 ) Restructuring charges (27.9 ) (8.7 ) (10.5 ) Amortization of purchased intangible assets (167.8 ) (179.6 ) (148.8 ) Stock-based compensation (75.0 ) (76.9 ) (64.8 ) Amortization of acquisition-related inventory step-up — (0.2 ) (2.8 ) Acquisition and divestiture items (20.5 ) (38.9 ) (7.4 ) Amortization of acquired capitalized commissions 6.3 4.7 1.3 Consolidated operating income 375.9 320.7 235.7 Non-operating income (expense), net: (31.1 ) (42.7 ) 12.5 Consolidated income before taxes $ 344.8 $ 278.0 $ 248.2 (1) Unallocated corporate expense includes general corporate expense. |
Schedule Of Revenue From Customers by Geographic Area | Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Fiscal 2019 North America $ 722.7 $ 263.0 $ 173.3 $ 636.3 $ 1,795.3 Europe 338.7 217.5 273.6 90.4 920.2 Asia Pacific 165.3 122.7 47.4 39.7 375.1 Rest of World 31.5 46.2 77.1 25.9 180.7 Total segment revenue $ 1,258.2 $ 649.4 $ 571.4 $ 792.3 $ 3,271.3 Fiscal 2018 North America $ 595.0 $ 290.6 $ 175.0 $ 609.4 $ 1,670.0 Europe 312.1 211.2 260.0 90.2 873.5 Asia Pacific 152.7 171.7 46.4 47.5 418.3 Rest of World 27.9 49.6 86.7 6.0 170.2 Total segment revenue $ 1,087.7 $ 723.1 $ 568.1 $ 753.1 $ 3,132.0 Fiscal 2017 North America $ 428.5 $ 257.5 $ 163.7 $ 562.9 $ 1,412.6 Europe 237.9 187.1 189.5 72.7 687.2 Asia Pacific 127.2 162.5 52.6 37.7 380.0 Rest of World 36.9 51.4 76.2 5.0 169.5 Total segment revenue $ 830.5 $ 658.5 $ 482.0 $ 678.3 $ 2,649.3 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Property and equipment, net by geographic area was as follows: At the End of Fiscal Year 2019 2018 (In millions) Property and equipment, net: United States $ 192.7 $ 170.1 Europe 38.6 34.2 Asia Pacific and Rest of World 10.1 8.6 Total property and equipment, net $ 241.4 $ 212.9 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Schedule Of Debt | Debt consisted of the following: At the End of Fiscal Year Effective interest rate (In millions, except percentages) Date of Issuance for fiscal 2019 2019 2018 Senior Notes: 2023 Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ 300.0 $ 300.0 2028 Senior Notes, 4.90%, due June 2028 June 2018 5.04% 600.0 600.0 2024 Senior Notes, 4.75%, due December 2024 November 2014 4.95% 400.0 400.0 Credit Facilities: 2018 Credit Facility, floating rate: Term Loan, due May 2021 May 2018 3.25% 225.0 425.0 Revolving Credit Facility, due May 2023 May 2018 3.47% 110.0 — Uncommitted facilities, floating rate 1.54% 218.7 255.9 Promissory notes and other debt 0.3 1.0 Unamortized discount and issuance costs (10.8 ) (13.4 ) Total debt 1,843.2 1,968.5 Less: Short-term debt 219.0 256.2 Long-term debt $ 1,624.2 $ 1,712.3 |
Schedule of Maturities of Long-term Debt | Debt Maturities: At the end of fiscal 2019, the Company's debt maturities based on outstanding principal were as follows (in millions): Year Payable 2020 $ 219.0 2021 225.0 2022 — 2023 410.0 2024 400.0 Thereafter 600.0 Total $ 1,854.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Leases [Abstract] | |
Lessee, Operating Lease, Disclosure | Operating lease expense consisted of: At the End of Fiscal Year 2019 (In millions) Operating lease expense $ 38.3 Short-term lease expense and other 18.4 Total lease expense $ 56.7 |
Lease, Cost | Supplemental cash flow information related to leases was as follows: At the End of Fiscal Year 2019 (In millions) Cash paid for liabilities included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 37.9 Right-of-use assets obtained in exchange for Operating lease liabilities: $ 53.2 (1) Excludes cash payments for short-term leases, which are not capitalized. Supplemental balance sheet information related to leases was as follows: At the End of Fiscal Year 2019 (In millions) Operating lease right-of-use assets $ 140.3 Other current liabilities $ 28.9 Operating lease liabilities 114.1 Total operating lease liabilities $ 143.0 Weighted-average discount rate 4.23 % Weighted-average remaining lease term 6 years |
Schedule of Future Minimum Rental Payments for Operating Leases | At the end of fiscal year 2019, the Company's maturities of lease liabilities were as follows (in millions): Year Payable 2020 $ 34.0 2021 32.2 2022 25.8 2023 20.3 2024 15.0 Thereafter 33.5 Total lease payments $ 160.8 Less imputed interest 17.8 Total $ 143.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
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. At the End of Fiscal Year 2019 2018 (In millions) Level I Level II Level III Total Level I Level II Level III Total Assets Deferred compensation plan assets (1) $ 36.2 $ — $ — $ 36.2 $ 28.5 $ — $ — $ 28.5 Derivative assets (2) — 0.3 — 0.3 — 0.4 — 0.4 Total assets measured at fair value $ 36.2 $ 0.3 $ — $ 36.5 $ 28.5 $ 0.4 $ — $ 28.9 Liabilities Deferred compensation plan liabilities (1) $ 36.2 $ — $ — $ 36.2 $ 28.5 $ — $ — $ 28.5 Derivative liabilities (2) — 1.0 — 1.0 — — — — Contingent consideration liabilities (3) — — 19.9 19.9 — — 5.6 5.6 Total liabilities measured at fair value $ 36.2 $ 1.0 $ 19.9 $ 57.1 $ 28.5 $ — $ 5.6 $ 34.1 (1) The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities, respectively, on the Company's Consolidated Balance Sheets. (2) Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Consolidated Balance Sheets. (3) Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that Trimble acquired. The undiscounted maximum payment under the arrangements is $33.7 million at the end of fiscal 2019. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenue, gross margin, or other milestones. At the end of fiscal 2019, the Company had $13.7 million included in Other current liabilities and $6.2 million included in Other non-current liabilities on the Company's Consolidated Balance Sheets. |
Deferred Revenue and Remainin_2
Deferred Revenue and Remaining Performance Obligations (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue, by Arrangement, Disclosure | Changes in the Company’s deferred revenue during fiscal 2019 and 2018 are as follows: Fiscal Years 2019 2018 (In millions) Beginning balance of the period $ 387.2 $ 276.6 Revenue recognized (341.3 ) (226.9 ) Acquired deferred revenue 6.1 50.3 Net deferred revenue activity 489.9 287.2 Ending balance of the period $ 541.9 $ 387.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Before Taxes, United States And Foreign | Income before taxes and the provision (benefit) for taxes consisted of the following: Fiscal Years 2019 2018 2017 (In millions) Income before taxes: United States $ 43.0 $ 25.4 $ 33.2 Foreign 301.8 252.6 215.0 Total $ 344.8 $ 278.0 $ 248.2 |
Schedule Of Provision For Taxes | Provision (benefit) for taxes: U.S. Federal: Current $ (3.8 ) $ (19.7 ) $ 98.6 Deferred 252.3 (25.8 ) (6.1 ) 248.5 (45.5 ) 92.5 U.S. State: Current 5.1 5.0 4.5 Deferred (0.7 ) (3.6 ) (1.0 ) 4.4 1.4 3.5 Foreign: Current 49.2 57.0 42.7 Deferred (471.8 ) (18.2 ) (9.0 ) (422.6 ) 38.8 33.7 Income tax provision (benefit) $ (169.7 ) $ (5.3 ) $ 129.7 Effective tax rate (49 )% (2 )% 52 % |
Schedule Of Difference Between The Tax Provision At The Statutory Federal Income Tax Rate And The Tax Provision As A Percentage Of Income Before Taxes (Effective Tax Rate) | The difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit) as a percentage of income before taxes ("effective tax rate") was as follows: Fiscal Years 2019 2018 2017 Statutory federal income tax rate 21 % 21 % 35 % Increase (reduction) in tax rate resulting from: Foreign income taxed at different rates (7 )% (7 )% (15 )% U.S. State income taxes 2 % 1 % 1 % U.S. Federal research and development credits (3 )% (4 )% (3 )% Stock-based compensation 1 % 1 % 2 % Excess tax benefit related to stock-based compensation (2 )% (3 )% (4 )% Effect of U.S. tax law change — % (8 )% 33 % Other US taxes on foreign operations 1 % 2 % — % Tax reserve releases (5 )% (9 )% — % Intercompany transfer of intellectual property (60 )% — % — % Other 3 % 4 % 3 % Effective tax rate (49 )% (2 )% 52 % |
Schedule Of Deferred Tax Assets And Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows: At the End of Fiscal Year 2019 2018 (In millions) Deferred tax liabilities: Purchased intangibles $ 158.7 $ 177.1 Global intangible low-taxed income 233.7 — Operating lease right-of-use assets 35.3 — Other 12.8 13.8 Total deferred tax liabilities 440.5 190.9 Deferred tax assets: Expenses not currently deductible 28.0 33.4 Depreciation and amortization 471.5 7.3 U.S. tax credit carryforwards 34.2 30.3 U.S. net operating loss carryforwards 9.8 20.8 Foreign net operating loss carryforwards 16.2 16.9 Stock-based compensation 13.3 20.3 Global intangible low-taxed income — 13.4 Operating lease liabilities 36.0 — Other 14.1 14.7 Total deferred tax assets 623.1 157.1 Valuation allowance (25.3 ) (27.8 ) Total deferred tax assets 597.8 129.3 Total net deferred tax assets $ 157.3 $ (61.6 ) Reported as: Non-current deferred income tax assets $ 475.5 $ 12.2 Non-current deferred income tax liabilities (318.2 ) (73.8 ) Net deferred tax assets (liabilities) $ 157.3 $ (61.6 ) |
Schedule Of Reconciliation Of Unrecognized Tax Benefit | The total amount of the unrecognized tax benefits at the end of fiscal 2019 was $71.6 million . A reconciliation of gross unrecognized tax benefit is as follows: Fiscal Years 2019 2018 2017 (In millions) Beginning balance $ 69.1 $ 82.4 $ 72.9 Increase (decrease) related to prior years' tax positions 3.8 4.5 (0.6 ) Increase related to current year tax positions 12.6 10.0 12.1 Lapse of statute of limitations (8.2 ) (18.9 ) (1.6 ) Settlement with taxing authorities (5.7 ) (8.9 ) (0.4 ) Ending balance $ 71.6 $ 69.1 $ 82.4 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Components Of Accumulated Other Comprehensive Income, Net Of Related Tax | The components of accumulated other comprehensive loss, net of related tax were as follows: At the End of Fiscal Year 2019 2018 (In millions) Accumulated foreign currency translation adjustments $ (173.1 ) $ (183.4 ) Net unrealized actuarial losses (3.7 ) (2.7 ) Total accumulated other comprehensive loss $ (176.8 ) $ (186.1 ) |
Employee Stock Benefit Plans (T
Employee Stock Benefit Plans (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Stock-Based Compensation Expense, Net Of Tax, Related To Employee Stock-Based Compensation (For All Plans) | The following table summarizes the components of stock-based compensation expense recognized in the Company’s Consolidated Statements of Income for the periods indicated: Fiscal Years 2019 2018 2017 (In millions) Restricted stock units $ 67.3 $ 68.9 $ 53.3 Stock options 0.6 1.5 5.7 ESPP 7.1 6.5 5.8 Total stock-based compensation expense $ 75.0 $ 76.9 $ 64.8 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | 2019 Restricted Stock Units Outstanding Number of Units (1) Weighted Average (In millions, except for per share data) Outstanding at the beginning of year 4.9 $ 35.94 Granted (2) 3.7 $ 41.38 Shares vested, net (2.4 ) $ 31.41 Canceled and forfeited (0.5 ) $ 38.61 Outstanding at the end of year 5.7 $ 39.62 (1) Includes 1.9 million PSUs granted, 1.3 million PSUs vested, and 2.0 million PSUs outstanding at the end of the year. (2) Includes 0.6 million PSUs related to performance adjustments above target levels at the vesting date. |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | The following table summarizes information about stock options outstanding at the end of fiscal 2019: Number Of Shares (in millions) Weighted- Average Exercise Price per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at the beginning of year 2.4 $ 28.26 Options granted 0.1 40.57 Options exercised (1.4 ) 27.75 Cancelled and forfeited — 23.53 Outstanding at the end of year 1.1 29.96 2.0 $ 12.0 Options exercisable 0.9 $ 28.61 1.2 $ 11.4 |
Statement Of Cash Flow Data (Ta
Statement Of Cash Flow Data (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule Of Supplemental Disclosure Of Cash Flow Information | Fiscal Years 2019 2018 2017 (In millions) Supplemental disclosure of cash flow information: Interest paid $ 79.2 $ 69.3 $ 28.4 Income taxes paid $ 63.1 $ 62.3 $ 46.6 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Selected Quarterly Financial Data | First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Period 2019 2019 2019 2019 (In millions, except per share data) Revenue $ 801.6 $ 854.8 $ 783.9 $ 824.0 Gross margin 438.3 460.6 422.0 460.0 Net income attributable to Trimble Inc. 62.3 94.6 78.1 279.3 Basic net income per share 0.25 0.38 0.31 1.12 Diluted net income per share 0.25 0.37 0.31 1.11 First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Period 2018 2018 2018 2018 (In millions, except per share data) Revenue $ 742.2 $ 785.5 $ 795.2 $ 785.5 Gross margin 396.2 422.7 426.9 435.2 Net income attributable to Trimble Inc. 58.5 64.1 73.7 86.5 Basic net income per share 0.24 0.26 0.29 0.34 Diluted net income per share 0.23 0.25 0.29 0.34 |
Accounting Policies (Narrative)
Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Jan. 03, 2020USD ($)segment | Dec. 28, 2018USD ($) | Dec. 29, 2017USD ($) | Dec. 31, 2018USD ($) | |
Accounting Policies [Line Items] | ||||
Number of Reportable Segments | segment | 4 | |||
Subscription revenue term | 5 years | |||
Unbilled Receivables, Current | $ 129.5 | $ 22.3 | ||
Accounts Receivable, Allowance for Doubtful Accounts | 5.9 | 4.6 | ||
Depreciation | $ 39.4 | 35.6 | $ 34.6 | |
Business Combination Valuation Remeasurement Window | 1 year | |||
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false] | true | |||
Accrued Warranty Expenses | $ 16.3 | 15.3 | ||
Advertising expense | 42.7 | 42.7 | 37.2 | |
Research and Development expense with third party funding earned | 16.5 | 19.5 | $ 18.1 | |
Operating Lease, Right-of-Use Asset | 140.3 | |||
Operating Lease, Liability | $ 143 | |||
Building [Member] | ||||
Accounting Policies [Line Items] | ||||
Useful life of asset, in years | 39 years | |||
Leasehold Improvements [Member] | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Estimated Useful Lives | the life of the lease | |||
Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Post Contract Support Term | 1 year | |||
Capitalized Contract Cost, Amortization Period | 3 years | |||
Maturity period of derivative financial instrument, minimum, in months | 1 month | |||
Estimated useful lives goodwill and purchased intangible assets, in years | 3 years | |||
Warranty periods for products sold | 1 year | |||
Minimum [Member] | Machinery And Equipment [Member] | ||||
Accounting Policies [Line Items] | ||||
Useful life of asset, in years | 4 years | |||
Minimum [Member] | Furniture And Fixtures [Member] | ||||
Accounting Policies [Line Items] | ||||
Useful life of asset, in years | 5 years | |||
Minimum [Member] | Computer Equipment And Software [Member] | ||||
Accounting Policies [Line Items] | ||||
Useful life of asset, in years | 2 years | |||
Minimum [Member] | Internal-Use Of Software [Member] | ||||
Accounting Policies [Line Items] | ||||
Useful life of asset, in years | 2 years | |||
Maximum [Member] | ||||
Accounting Policies [Line Items] | ||||
Post Contract Support Term | 3 years | |||
Capitalized Contract Cost, Amortization Period | 7 years | |||
Maturity period of derivative financial instrument, minimum, in months | 2 months | |||
Estimated useful lives goodwill and purchased intangible assets, in years | 10 years | |||
Warranty periods for products sold | 2 years | |||
Maximum [Member] | Machinery And Equipment [Member] | ||||
Accounting Policies [Line Items] | ||||
Useful life of asset, in years | 6 years | |||
Maximum [Member] | Furniture And Fixtures [Member] | ||||
Accounting Policies [Line Items] | ||||
Useful life of asset, in years | 10 years | |||
Maximum [Member] | Computer Equipment And Software [Member] | ||||
Accounting Policies [Line Items] | ||||
Useful life of asset, in years | 5 years | |||
Maximum [Member] | Internal-Use Of Software [Member] | ||||
Accounting Policies [Line Items] | ||||
Useful life of asset, in years | 5 years | |||
Weighted Average [Member] | ||||
Accounting Policies [Line Items] | ||||
Estimated useful lives goodwill and purchased intangible assets, in years | 6 years 7 months 6 days | |||
Forward Contracts [Member] | ||||
Accounting Policies [Line Items] | ||||
Derivative Financial Instruments Accounted for as Hedges | $ 0 | 0 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Accounting Policies [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 123.5 | |||
Operating Lease, Liability | $ 126.1 | |||
Not Designated as Hedging Instrument, Trading [Member] | Forward Contracts [Member] | ||||
Accounting Policies [Line Items] | ||||
Derivative Financial Instruments Accounted for as Hedges | $ 0 | $ 0 | ||
Not a Lease At Inception [Member] | Maximum [Member] | ||||
Accounting Policies [Line Items] | ||||
Lease term to determine if arrangement is a lease at inception | 1 year |
Accounting Policies (Guarantees
Accounting Policies (Guarantees) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 |
Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum potential exposure indemnification accrual | $ 0 | $ 0 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Net income attributable to Trimble Inc. | $ 279.3 | $ 78.1 | $ 94.6 | $ 62.3 | $ 86.5 | $ 73.7 | $ 64.1 | $ 58.5 | $ 514.3 | $ 282.8 | $ 118.4 |
Weighted average number of common shares used in basic earnings per share | 250.8 | 250 | 252.1 | ||||||||
Effect of dilutive securities | 2.1 | 3.4 | 4.6 | ||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share | 252.9 | 253.4 | 256.7 | ||||||||
Basic earnings per share | $ 1.12 | $ 0.31 | $ 0.38 | $ 0.25 | $ 0.34 | $ 0.29 | $ 0.26 | $ 0.24 | $ 2.05 | $ 1.13 | $ 0.47 |
Diluted earnings per share | $ 1.11 | $ 0.31 | $ 0.37 | $ 0.25 | $ 0.34 | $ 0.29 | $ 0.25 | $ 0.23 | $ 2.03 | $ 1.12 | $ 0.46 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Millions | Jul. 02, 2018USD ($) | Feb. 02, 2018USD ($) | Jan. 03, 2020USD ($)acquisition | Dec. 28, 2018USD ($)acquisition | Dec. 29, 2017USD ($)acquisition |
Business Acquisition [Line Items] | |||||
Number of Businesses Acquired | acquisition | 4 | 6 | 10 | ||
Payments to Acquire Businesses, Gross | $ 247 | $ 1,800 | $ 331.2 | ||
Acquisition-related costs | 20.5 | $ 38.9 | 7.4 | ||
Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual Percentage Of Total Revenue | 5.00% | ||||
Goodwill | $ 3,680.6 | $ 3,540 | $ 2,287.1 | ||
Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual Percentage Of Total Revenue | 1.00% | 2.00% | |||
Waterfall Holdings [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 1,212.1 | 1,212.1 | |||
Goodwill | $ 863.8 | ||||
eBuilder [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 485.5 | 485.5 | |||
Goodwill | $ 392.3 | ||||
Cash and Cash Equivalents [Member] | Viewpoint and e-Builder [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 211.2 |
Business Combinations (Schedule
Business Combinations (Schedule of Complete Business Combinations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,680.6 | $ 3,540 | $ 2,287.1 |
Completed business acquisitions in last three fiscal years [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of total purchase consideration | 247 | 1,782.9 | 331.2 |
Net tangible assets acquired | 6.7 | 5 | 29.7 |
Identified intangible assets | 104.6 | 568.3 | 166.7 |
Deferred taxes | (3.4) | (89.2) | (5.8) |
Goodwill | $ 139.1 | $ 1,298.8 | $ 140.6 |
Business Combinations (Schedu_2
Business Combinations (Schedule Of Total Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 03, 2020 | Dec. 28, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,191 | $ 2,092.7 |
Accumulated Amortization | (1,512.3) | (1,348.4) |
Total | 678.7 | 744.3 |
Developed Product Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,266.7 | 1,220.3 |
Accumulated Amortization | (923.4) | (825.3) |
Total | $ 343.3 | 395 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | |
Trade Names And Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 74.8 | 72.9 |
Accumulated Amortization | (59.8) | (53.3) |
Total | $ 15 | 19.6 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 769.8 | 715.1 |
Accumulated Amortization | (465.6) | (406.5) |
Total | $ 304.2 | 308.6 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |
Distribution Rights And Other Intellectual Properties [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 79.7 | 84.4 |
Accumulated Amortization | (63.5) | (63.3) |
Total | $ 16.2 | $ 21.1 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years |
Business Combinations (Schedu_3
Business Combinations (Schedule Of Estimated Future Amortization Expense Of Intangible Assets) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 |
Business Combinations [Abstract] | ||
2020 | $ 152.7 | |
2021 | 131.6 | |
2022 | 112.4 | |
2023 | 98.8 | |
2024 | 73.1 | |
Thereafter | 110.1 | |
Total | $ 678.7 | $ 744.3 |
Business Combinations (Schedu_4
Business Combinations (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) $ in Millions | 12 Months Ended |
Jan. 03, 2020USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 3,540 |
Additions due to acquisitions | 139.1 |
Purchase price and foreign currency translation adjustments | 1.5 |
Ending Balance | 3,680.6 |
Building and Infrastructure [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 1,970.2 |
Additions due to acquisitions | 0.3 |
Purchase price and foreign currency translation adjustments | 2.5 |
Ending Balance | 1,973 |
Geospatial [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 403.1 |
Additions due to acquisitions | 0 |
Purchase price and foreign currency translation adjustments | (1.6) |
Ending Balance | 401.5 |
Resources and Utilities [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 305.7 |
Additions due to acquisitions | 138.8 |
Purchase price and foreign currency translation adjustments | 0.9 |
Ending Balance | 445.4 |
Transportation [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 861 |
Additions due to acquisitions | 0 |
Purchase price and foreign currency translation adjustments | (0.3) |
Ending Balance | $ 860.7 |
Business Combinations (Schedu_5
Business Combinations (Schedule Of Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net ) (Details) - USD ($) $ in Millions | Jul. 02, 2018 | Feb. 02, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 |
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Total purchase consideration | $ 247 | $ 1,800 | $ 331.2 | ||
Goodwill | $ 3,680.6 | 3,540 | $ 2,287.1 | ||
Waterfall Holdings [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Total purchase consideration | $ 1,212.1 | 1,212.1 | |||
Net tangible assets (liabilities) acquired | (0.6) | ||||
Intangible assets acquired | 410.1 | ||||
Research and Development in Process | 12.9 | ||||
Deferred tax liability | (61.2) | ||||
Less fair value of all assets/liabilities acquired | 348.3 | ||||
Goodwill | 863.8 | ||||
eBuilder [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Total purchase consideration | $ 485.5 | $ 485.5 | |||
Net tangible assets (liabilities) acquired | 2 | ||||
Intangible assets acquired | 109.4 | ||||
Deferred tax liability | (18.2) | ||||
Less fair value of all assets/liabilities acquired | 93.2 | ||||
Goodwill | 392.3 | ||||
Developed Product Technology | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Estimated Useful Life | 6 years | ||||
Developed Product Technology | Waterfall Holdings [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Intangible assets acquired | $ 225.4 | ||||
Estimated Useful Life | 6 years | ||||
Developed Product Technology | eBuilder [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Intangible assets acquired | $ 60.5 | ||||
Estimated Useful Life | 7 years | ||||
Order or Production Backlog [Member] | eBuilder [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Intangible assets acquired | $ 1.7 | ||||
Estimated Useful Life | 6 months | ||||
Customer Relationships [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Estimated Useful Life | 8 years | ||||
Customer Relationships [Member] | Waterfall Holdings [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Intangible assets acquired | $ 158.6 | ||||
Estimated Useful Life | 10 years | ||||
Customer Relationships [Member] | eBuilder [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Intangible assets acquired | $ 42.4 | ||||
Estimated Useful Life | 10 years | ||||
Trade Names [Member] | Waterfall Holdings [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Intangible assets acquired | $ 8.9 | ||||
Estimated Useful Life | 5 years | ||||
Trade Names [Member] | eBuilder [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Intangible assets acquired | $ 4.8 | ||||
Estimated Useful Life | 7 years | ||||
Off-Market Favorable Lease [Member] | Waterfall Holdings [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Intangible assets acquired | $ 4.3 | ||||
Minimum [Member] | Off-Market Favorable Lease [Member] | Waterfall Holdings [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Estimated Useful Life | 4 years | ||||
Maximum [Member] | Off-Market Favorable Lease [Member] | Waterfall Holdings [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Estimated Useful Life | 9 years |
Certain Balance Sheet Compone_3
Certain Balance Sheet Components (Components Of Net Inventories) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 |
Balance Sheet Related Disclosures [Abstract] | |||
Raw materials | $ 95.8 | $ 96.2 | |
Work-in-process | 13.2 | 12.6 | |
Finished goods | 203.1 | 189.2 | |
Total inventories | 312.1 | 298 | $ 264.6 |
Deferred Costs, Current | $ 5.6 | $ 7.3 |
Certain Balance Sheet Compone_4
Certain Balance Sheet Components (Components Of Property And Equipment) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 557.6 | $ 475 |
Less: accumulated depreciation | (316.2) | (262.1) |
Total | 241.4 | 212.9 |
Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 165.3 | 134.2 |
Software License Arrangement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 143 | 135.9 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 115.3 | 106.5 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 49.9 | 40.7 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 38.3 | 16.4 |
Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 35.7 | 31.4 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 10.1 | $ 9.9 |
Certain Balance Sheet Compone_5
Certain Balance Sheet Components (Components Of Other Non-Current Liabilities) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Unrecognized tax benefits | $ 66.4 | $ 65.8 |
Deferred compensation | 36.2 | 28.5 |
Pension | 20.2 | 19.2 |
Other | 30.1 | 36.7 |
Total | $ 152.9 | $ 150.2 |
Reporting Segment And Geograp_3
Reporting Segment And Geographic Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 824 | $ 783.9 | $ 854.8 | $ 801.6 | $ 785.5 | $ 795.2 | $ 785.5 | $ 742.2 | $ 3,264.3 | $ 3,108.4 | $ 2,646.5 |
Acquired deferred revenue adjustment | 7 | 23.6 | 2.8 | ||||||||
Operating Income (Loss) | 375.9 | 320.7 | 235.7 | ||||||||
Amortization of Deferred Sales Commissions | (6.3) | (4.7) | (1.3) | ||||||||
Depreciation | 39.4 | 35.6 | 34.6 | ||||||||
Building and Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,254.2 | 1,065.5 | 829.4 | ||||||||
Acquired deferred revenue adjustment | 4 | 22.2 | 1.1 | ||||||||
Amortization of Deferred Sales Commissions | (6.2) | (4.5) | (0.9) | ||||||||
Geospatial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 649.4 | 723.1 | 658.5 | ||||||||
Acquired deferred revenue adjustment | 0 | 0 | 0 | ||||||||
Resources and Utilities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 568.4 | 567.1 | 481 | ||||||||
Acquired deferred revenue adjustment | 3 | 1 | 1 | ||||||||
Amortization of Deferred Sales Commissions | (0.1) | (0.2) | (0.1) | ||||||||
Transportation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 792.3 | 752.7 | 677.6 | ||||||||
Acquired deferred revenue adjustment | 0 | 0.4 | 0.7 | ||||||||
Amortization of Deferred Sales Commissions | 0 | (0.3) | |||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,271.3 | 3,132 | 2,649.3 | ||||||||
Operating Income (Loss) | 747.1 | 734.6 | 558.3 | ||||||||
Depreciation | 23.2 | 21.1 | 20 | ||||||||
Operating Segments [Member] | Building and Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,258.2 | 1,087.7 | 830.5 | ||||||||
Operating Income (Loss) | 319.9 | 256.7 | 176.2 | ||||||||
Depreciation | 8.1 | 6.4 | 6.2 | ||||||||
Operating Segments [Member] | Geospatial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 649.4 | 723.1 | 658.5 | ||||||||
Operating Income (Loss) | 132.2 | 166.4 | 129.4 | ||||||||
Depreciation | 6.3 | 6 | 5.4 | ||||||||
Operating Segments [Member] | Resources and Utilities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 571.4 | 568.1 | 482 | ||||||||
Operating Income (Loss) | 169.1 | 168.2 | 137.9 | ||||||||
Depreciation | 4.4 | 4.2 | 3.2 | ||||||||
Operating Segments [Member] | Transportation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 792.3 | 753.1 | 678.3 | ||||||||
Operating Income (Loss) | 125.9 | 143.3 | 114.8 | ||||||||
Depreciation | 4.4 | 4.5 | 5.2 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 746.4 | 715.7 | 556.8 | ||||||||
Segment Reconciling Items [Member] | Building and Infrastructure [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 322.1 | 239 | 176 | ||||||||
Segment Reconciling Items [Member] | Geospatial [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 132.2 | 166.4 | 129.4 | ||||||||
Segment Reconciling Items [Member] | Resources and Utilities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 166.2 | 167.4 | 137 | ||||||||
Segment Reconciling Items [Member] | Transportation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | $ 125.9 | $ 142.9 | $ 114.4 |
Reporting Segment And Geograp_4
Reporting Segment And Geographic Information (Segment Select Balance Sheet) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 |
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | $ 608.2 | $ 512.6 | $ 427.7 |
Inventories | 312.1 | 298 | 264.6 |
Goodwill | 3,680.6 | 3,540 | 2,287.1 |
Building and Infrastructure [Member] | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 232 | 177.5 | 120.1 |
Inventories | 67.1 | 70.3 | 62.1 |
Goodwill | 1,973 | 1,970.2 | 706.8 |
Geospatial [Member] | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 115.5 | 118.7 | 121.5 |
Inventories | 125 | 133.5 | 110.3 |
Goodwill | 401.5 | 403.1 | 415.3 |
Resources and Utilities [Member] | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 93.3 | 83.8 | 78.5 |
Inventories | 45.5 | 46.2 | 46 |
Goodwill | 445.4 | 305.7 | 314.5 |
Transportation [Member] | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 167.4 | 132.6 | 107.6 |
Inventories | 74.5 | 48 | 46.2 |
Goodwill | $ 860.7 | $ 861 | $ 850.5 |
Reporting Segment And Geograp_5
Reporting Segment And Geographic Information (Reconciliation Of The Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Unallocated Corporate Expenses | $ (1,405) | $ (1,360.3) | $ (1,141.9) | |
Acquired deferred revenue adjustment | (7) | (23.6) | (2.8) | |
Restructuring Charges | (27.9) | (8.7) | (10.5) | |
Amortization of purchased intangible assets | (167.8) | (179.6) | (148.8) | |
Stock-based Compensation | (75) | (76.9) | (64.8) | |
Amortization of acquisition-related inventory set-up | 0 | (0.2) | (2.8) | |
Acquisition and divestiture items | (20.5) | (38.9) | (7.4) | |
Amortization of acquired capitalized commissions | 6.3 | 4.7 | 1.3 | |
Consolidated Operating income | 375.9 | 320.7 | 235.7 | |
Non-operating income (expense), net | (31.1) | (42.7) | 12.5 | |
Consolidated Income Before Taxes | 344.8 | 278 | 248.2 | |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated Operating income | 747.1 | 734.6 | 558.3 | |
Corporate, Non-Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Unallocated Corporate Expenses | [1] | $ (79.3) | $ (90.7) | $ (86.8) |
[1] | Unallocated corporate expense includes general corporate expense. |
Reporting Segment And Geograp_6
Reporting Segment And Geographic Information (Segment Revenue by Geography) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 824 | $ 783.9 | $ 854.8 | $ 801.6 | $ 785.5 | $ 795.2 | $ 785.5 | $ 742.2 | $ 3,264.3 | $ 3,108.4 | $ 2,646.5 |
Building and Infrastructure [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 1,254.2 | 1,065.5 | 829.4 | ||||||||
Geospatial [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 649.4 | 723.1 | 658.5 | ||||||||
Resources and Utilities [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 568.4 | 567.1 | 481 | ||||||||
Transportation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 792.3 | 752.7 | 677.6 | ||||||||
Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 3,271.3 | 3,132 | 2,649.3 | ||||||||
Operating Segments [Member] | Building and Infrastructure [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 1,258.2 | 1,087.7 | 830.5 | ||||||||
Operating Segments [Member] | Geospatial [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 649.4 | 723.1 | 658.5 | ||||||||
Operating Segments [Member] | Resources and Utilities [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 571.4 | 568.1 | 482 | ||||||||
Operating Segments [Member] | Transportation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 792.3 | 753.1 | 678.3 | ||||||||
North America [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 1,795.3 | 1,670 | 1,412.6 | ||||||||
North America [Member] | Operating Segments [Member] | Building and Infrastructure [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 722.7 | 595 | 428.5 | ||||||||
North America [Member] | Operating Segments [Member] | Geospatial [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 263 | 290.6 | 257.5 | ||||||||
North America [Member] | Operating Segments [Member] | Resources and Utilities [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 173.3 | 175 | 163.7 | ||||||||
North America [Member] | Operating Segments [Member] | Transportation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 636.3 | 609.4 | 562.9 | ||||||||
Europe [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 920.2 | 873.5 | 687.2 | ||||||||
Europe [Member] | Operating Segments [Member] | Building and Infrastructure [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 338.7 | 312.1 | 237.9 | ||||||||
Europe [Member] | Operating Segments [Member] | Geospatial [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 217.5 | 211.2 | 187.1 | ||||||||
Europe [Member] | Operating Segments [Member] | Resources and Utilities [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 273.6 | 260 | 189.5 | ||||||||
Europe [Member] | Operating Segments [Member] | Transportation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 90.4 | 90.2 | 72.7 | ||||||||
Asia Pacific [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 375.1 | 418.3 | 380 | ||||||||
Asia Pacific [Member] | Operating Segments [Member] | Building and Infrastructure [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 165.3 | 152.7 | 127.2 | ||||||||
Asia Pacific [Member] | Operating Segments [Member] | Geospatial [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 122.7 | 171.7 | 162.5 | ||||||||
Asia Pacific [Member] | Operating Segments [Member] | Resources and Utilities [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 47.4 | 46.4 | 52.6 | ||||||||
Asia Pacific [Member] | Operating Segments [Member] | Transportation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 39.7 | 47.5 | 37.7 | ||||||||
Rest of World [Member] | Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 180.7 | 170.2 | 169.5 | ||||||||
Rest of World [Member] | Operating Segments [Member] | Building and Infrastructure [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 31.5 | 27.9 | 36.9 | ||||||||
Rest of World [Member] | Operating Segments [Member] | Geospatial [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 46.2 | 49.6 | 51.4 | ||||||||
Rest of World [Member] | Operating Segments [Member] | Resources and Utilities [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 77.1 | 86.7 | 76.2 | ||||||||
Rest of World [Member] | Operating Segments [Member] | Transportation [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 25.9 | $ 6 | $ 5 |
Reporting Segment And Geograp_7
Reporting Segment And Geographic Information - Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 824 | $ 783.9 | $ 854.8 | $ 801.6 | $ 785.5 | $ 795.2 | $ 785.5 | $ 742.2 | $ 3,264.3 | $ 3,108.4 | $ 2,646.5 |
Ten Percent Customer member [Member] | Revenue Benchmark [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | ||||||||
Ten Percent Customer member [Member] | Customer Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 | ||||||||
Ten Percent Accounts Receivable member [Member] | Accounts Receivable [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | |||||||||
Ten Percent Accounts Receivable member [Member] | Customer Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 0 | $ 0 | |||||||||
Ten percent geographic area other than the U.S. [Member] | Geographic Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 |
Reporting Segment And Geograp_8
Reporting Segment And Geographic Information (Schedule Of Long-Lived Assets) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, Net | $ 241.4 | $ 212.9 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, Net | 192.7 | 170.1 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, Net | 38.6 | 34.2 |
Asia Pacific And Other Non-US Countries [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, Net | $ 10.1 | $ 8.6 |
Long-Term Debt (Schedule Of Deb
Long-Term Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 |
Debt Instrument [Line Items] | ||
Unamortized discount and issuance costs, Net | $ (10.8) | $ (13.4) |
Total Debt | 1,843.2 | 1,968.5 |
Less: Short-term debt | 219 | 256.2 |
Long-term Debt | $ 1,624.2 | 1,712.3 |
Senior Notes [Member] | Two Thousand Twenty Three Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.15% | |
Effective Interest Rate | 4.36% | |
Debt Instrument, Face Amount | $ 300 | 300 |
Senior Notes [Member] | Two Thousand Twenty Eight Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.90% | |
Effective Interest Rate | 5.04% | |
Debt Instrument, Face Amount | $ 600 | 600 |
Senior Notes [Member] | Two Thousand Twenty Four Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | |
Effective Interest Rate | 4.95% | |
Debt Instrument, Face Amount | $ 400 | 400 |
Revolving Credit Facility [Member] | Revolving Credit Facility, due May 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 3.47% | |
Total Debt | $ 110 | |
Uncommitted Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 1.54% | |
Total Debt | $ 218.7 | 255.9 |
Promissory Notes And Other [Member] | ||
Debt Instrument [Line Items] | ||
Promissory notes and other debt | $ 0.3 | 1 |
Term Loan [Member] | Revolving Credit Facility [Member] | Term Loan, due May 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 3.25% | |
Total Debt | $ 225 | $ 425 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Schedule of Debt Maturities) (Details) $ in Millions | Jan. 03, 2020USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 219 |
2021 | 225 |
2022 | 0 |
2023 | 410 |
2024 | 400 |
Thereafter | 600 |
Total | $ 1,854 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Jan. 03, 2020USD ($) | Sep. 27, 2019USD ($)loan | Sep. 27, 2019EUR (€)loan | Dec. 28, 2018USD ($) | May 15, 2018USD ($) | |
Uncommitted Revolving Credit Facilities $75 million [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving Credit Facility, Current Borrowing Capacity | $ 75 | ||||
Number Of Revolving Loan Facilities | loan | 2 | 2 | |||
Uncommitted Revolving Credit Facilities 100 million euros [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving Credit Facility, Current Borrowing Capacity | € | € 100 | ||||
Number Of Revolving Loan Facilities | loan | 1 | 1 | |||
Uncommitted Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term Debt, Weighted Average Interest Rate | 1.54% | 2.16% | |||
Promissory Notes And Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Payable | $ 0.3 | $ 1 | |||
Two Thousand Eighteen Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Covenant Ratio - Minimum Interest Coverage | 3.50 | ||||
Current Maximum Leverage Ratio | 3.75 | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.50% | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Reserve Adjusted One Month LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Maturity Period, Variable Rate | 1 month | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted LIBOR Rate One Month Interest Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.00% | ||||
Interest Maturity Period, Variable Rate | 1 month | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted LIBOR Rate One Month Interest Period [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest margin on stated base rate | 0.00% | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted LIBOR Rate One Month Interest Period [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest margin on stated base rate | 0.875% | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted LIBOR Rate Two Month Interest Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Maturity Period, Variable Rate | 2 months | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted LIBOR Rate Three Month Interest Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Maturity Period, Variable Rate | 3 months | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted LIBOR Rate Six Month Interest Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Maturity Period, Variable Rate | 6 months | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjustment LIBOR Rate One, Two, Three Or Six Month Interest Periods [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest margin on stated base rate | 1.00% | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjustment LIBOR Rate One, Two, Three Or Six Month Interest Periods [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest margin on stated base rate | 1.875% | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted EURIBOR Rate One Month Interest Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Maturity Period, Variable Rate | 1 month | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted EURIBOR Rate Two Month Interest Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Maturity Period, Variable Rate | 2 months | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted EURIBOR Rate Three Month Interest Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Maturity Period, Variable Rate | 3 months | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted EURIBOR Rate Six Month Interest Period [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Maturity Period, Variable Rate | 6 months | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted EURIBOR Rate, One, Two, Three Or Six Months Interest Periods [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest margin on stated base rate | 1.00% | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Adjusted EURIBOR Rate, One, Two, Three Or Six Months Interest Periods [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility interest margin on stated base rate | 1.875% | ||||
Two Thousand Eighteen Credit Facility [Member] | Revolving Credit Facility [Member] | Alternative Base Rate | |||||
Debt Instrument [Line Items] | |||||
Interest Payable Periods On Borrowings | 3 months | ||||
Two Thousand Eighteen Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Unsecured Debt [Member] | Revolving Credit Facility, due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving Credit Facility, Current Borrowing Capacity | $ 1,250 | ||||
Two Thousand Eighteen Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Unsecured Debt [Member] | Delayed Draw Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving Credit Facility, Current Borrowing Capacity | 500 | ||||
Two Thousand Eighteen Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Unsecured Debt [Member] | Additional Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving Credit Facility, Current Borrowing Capacity | 500 | ||||
Two Thousand Eighteen Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving Credit Facility, Current Borrowing Capacity | $ 1,750 | ||||
Two Thousand Twenty Three Senior Notes [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.15% | ||||
Two Thousand Twenty Eight Senior Notes [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.90% | ||||
Two Thousand Twenty Four Senior Notes [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | ||||
Short-term Debt [Member] | Promissory Notes And Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Payable | $ 0.3 | $ 0.3 |
Leases Narratives (Details)
Leases Narratives (Details) $ in Millions | Jan. 03, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Remaining Lease Term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Remaining Lease Term | 10 years |
Lessee, Operating Lease, Renewal Term | 9 years |
Real Estates Lease [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease for Real Estate Not yet Commenced, Amount | $ 39.4 |
Real Estates Lease [Member] | Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Real Estates Lease [Member] | Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 13 years |
Leases - Operating Lease Expens
Leases - Operating Lease Expenses (Details) $ in Millions | 12 Months Ended |
Jan. 03, 2020USD ($) | |
Leases [Abstract] | |
Operating Lease, Expense | $ 38.3 |
Short-term Lease, Cost | 18.4 |
Lease, Cost | $ 56.7 |
Leases - Operating Lease Disclo
Leases - Operating Lease Disclosure (Details) $ in Millions | 12 Months Ended | |
Jan. 03, 2020USD ($) | ||
Leases [Abstract] | ||
Operating cash flows from operating leases (1) | $ 37.9 | [1] |
Right-of-use assets obtained in exchange for Operating lease liabilities: | 53.2 | |
Operating Lease, Right-of-Use Asset | 140.3 | |
Other current liabilities | 28.9 | |
Operating lease liabilities | 114.1 | |
Total operating lease liabilities | $ 143 | |
Weighted-average discount rate | 4.23% | |
Weighted-average remaining lease term | 6 years | |
[1] | Excludes cash payments for short-term leases, which are not capitalized. |
Leases - Lease Liabilities Matu
Leases - Lease Liabilities Maturity By Year (Details) $ in Millions | Jan. 03, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 34 |
2021 | 32.2 |
2022 | 25.8 |
2023 | 20.3 |
2024 | 15 |
Thereafter | 33.5 |
Total lease payments | 160.8 |
Less imputed interest | 17.8 |
Total | $ 143 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | Jan. 03, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unconditional purchase obligations | $ 324.7 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent Consideration, Liabilities | [1] | $ 19.9 | $ 5.6 |
Level III | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent Consideration, Liabilities | [1] | 19.9 | 5.6 |
Deferred Compensation Plan Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Liabilities Fair Value Disclosure | [2] | 36.2 | 28.5 |
Deferred Compensation Plan Liabilities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial Liabilities Fair Value Disclosure | [2] | 36.2 | 28.5 |
Derivative Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [3] | 1 | 0 |
Derivative Liabilities [Member] | Level II | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [3] | 1 | 0 |
Deferred Compensation Plan Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets | [2] | 36.2 | 28.5 |
Deferred Compensation Plan Assets [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets | [2] | 36.2 | 28.5 |
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] | 0.3 | 0.4 |
Derivative Financial Instruments, Assets [Member] | Level II | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | [3] | 0.3 | 0.4 |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets | 36.5 | 28.9 | |
Financial Liabilities Fair Value Disclosure | 57.1 | 34.1 | |
Fair Value, Recurring [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets | 36.2 | 28.5 | |
Financial Liabilities Fair Value Disclosure | 36.2 | 28.5 | |
Fair Value, Recurring [Member] | Level II | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets | 0.3 | 0.4 | |
Financial Liabilities Fair Value Disclosure | 1 | 0 | |
Fair Value, Recurring [Member] | Level III | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Assets | 0 | ||
Financial Liabilities Fair Value Disclosure | $ 19.9 | $ 5.6 | |
[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 $33.7 million at the end of fiscal 2019. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenue, gross margin, or other milestones. At the end of fiscal 2019, the Company had $13.7 million included in Other current liabilities and $6.2 million | ||
[2] | The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities, respectively, on the Company's Consolidated Balance Sheets. | ||
[3] | Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Consolidated Balance Sheets. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Fair Value, Narratives (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | [1] | $ 19.9 | $ 5.6 |
Debt Outstanding | 1,843.2 | 1,968.5 | |
Business Combination, Contingent Consideration, Liability, Current | 13.7 | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 6.2 | ||
Fair Value, Recurring [Member] | Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Outstanding | 1,900 | $ 2,000 | |
Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination, Contingent Consideration, Liability | $ 33.7 | ||
[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 $33.7 million at the end of fiscal 2019. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenue, gross margin, or other milestones. At the end of fiscal 2019, the Company had $13.7 million included in Other current liabilities and $6.2 million |
Deferred costs to obtain cust_2
Deferred costs to obtain customer contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Deferred Commission [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized Contract Cost, Impairment Loss | $ 0 | $ 0 | $ 0 |
Other Noncurrent Assets [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized Contract Cost, Net | 45.4 | 41.3 | |
Selling and Marketing Expense [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized Contract Cost, Amortization | $ 22.3 | $ 23.6 | $ 21.3 |
Deferred Revenue and Remainin_3
Deferred Revenue and Remaining Performance Obligations - Changes in Deferred Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 03, 2020 | Dec. 28, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Beginning balance of the period | $ 387.2 | $ 276.6 |
Revenue Recognized | (341.3) | (226.9) |
Acquired Deferred Revenue | 6.1 | 50.3 |
Net Deferred Revenue Activity | 489.9 | 287.2 |
Ending balance of the period | $ 541.9 | $ 387.2 |
Deferred Revenue (Remaining Per
Deferred Revenue (Remaining Performance Obligations Narratives) (Details) $ in Billions | Jan. 03, 2020USD ($) |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1.2 |
Revenue Recognition Over Remaining Obligations Over Next 12 Months [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 71.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue Recognition Over Remaining Obligations Over Next 24 Months [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 17.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 24 months |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Taxes, United States And Foreign) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 43 | $ 25.4 | $ 33.2 |
Foreign | 301.8 | 252.6 | 215 |
Income before taxes | $ 344.8 | $ 278 | $ 248.2 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (3.8) | $ (19.7) | $ 98.6 |
Deferred | 252.3 | (25.8) | (6.1) |
US Federal, Income tax provision | 248.5 | (45.5) | 92.5 |
Current | 5.1 | 5 | 4.5 |
Deferred | (0.7) | (3.6) | (1) |
US State, Income tax provision | 4.4 | 1.4 | 3.5 |
Current | 49.2 | 57 | 42.7 |
Deferred | (471.8) | (18.2) | (9) |
Foreign, Income tax provision | (422.6) | 38.8 | 33.7 |
Income tax provision (benefit) | $ (169.7) | $ (5.3) | $ 129.7 |
Effective tax rate | (49.00%) | (2.00%) | 52.00% |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Difference Between The Tax Provision At The Statutory Federal Income Tax Rate And The Tax Provision As A Percentage Of Income Before Taxes (Effective Tax Rate)) (Details) | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
Foreign income taxed at different rates | (7.00%) | (7.00%) | (15.00%) |
U.S. State income taxes | 2.00% | 1.00% | 1.00% |
U.S. Federal research and development credits | (3.00%) | (4.00%) | (3.00%) |
Stock-based compensation | 1.00% | 1.00% | 2.00% |
Excess tax benefit related to stock-based compensation | (2.00%) | (3.00%) | (4.00%) |
Effect of U.S. tax law change | 0.00% | (8.00%) | 33.00% |
Other US taxes on foreign operations | 1.00% | 2.00% | |
Tax reserve releases | (5.00%) | (9.00%) | |
Intercompany transfer of intellectual property | (60.00%) | 0.00% | 0.00% |
Other | 3.00% | 4.00% | 3.00% |
Effective tax rate | (49.00%) | (2.00%) | 52.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jan. 03, 2020 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | Mar. 30, 2018 | Dec. 30, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% | |||
Provisional net income tax expense | $ 80.2 | |||||
One-time deferred income tax benefit to record GILTI deferred taxes | $ 15.1 | |||||
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) | $ 206.3 | |||||
Foreign Earnings Repatriated | $ 239.4 | |||||
Unrecognized Tax Benefits | 71.6 | 71.6 | 69.1 | $ 82.4 | $ 72.9 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 59.5 | 59.5 | 60.5 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 11.5 | 11.5 | $ 11 | |||
Internal Revenue Service (IRS) [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Operating Loss Carryforwards | 21.5 | $ 21.5 | ||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2021 | |||||
Foreign Tax Authority [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Operating Loss Carryforwards | 81 | $ 81 | ||||
Research Tax Credit Carryforward [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax Credit Carryforward, Amount | 11.1 | $ 11.1 | ||||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2031 | |||||
Research Tax Credit Carryforward [Member] | California Franchise Tax Board [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax Credit Carryforward, Amount | $ 33 | $ 33 | ||||
Tax Year 2011 [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Income Tax Examination, Penalties and Interest Accrued | $ 51.2 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 |
Income Tax Disclosure [Abstract] | ||
Purchased intangibles | $ 158.7 | $ 177.1 |
Global intangible low-taxed income | 233.7 | |
Operating lease right-of-use assets | 35.3 | |
Other | 12.8 | 13.8 |
Total deferred tax liabilities | 440.5 | 190.9 |
Expenses not currently deductible | 28 | 33.4 |
Depreciation and amortization | 471.5 | 7.3 |
U.S. tax credit carryforwards | 34.2 | 30.3 |
U.S. net operating loss carryforwards | 9.8 | 20.8 |
Foreign net operating loss carryforwards | 16.2 | 16.9 |
Stock-based compensation | 13.3 | 20.3 |
Global intangible low-taxed income | 13.4 | |
Operating lease liabilities | 36 | |
Other | 14.1 | 14.7 |
Total deferred tax assets | 623.1 | 157.1 |
Valuation allowance | (25.3) | (27.8) |
Total deferred tax assets | 597.8 | 129.3 |
Total net deferred tax assets | (61.6) | |
Non-current deferred income tax assets | 475.5 | 12.2 |
Non-current deferred income tax liabilities | (318.2) | $ (73.8) |
Deferred Tax Assets, Net | $ 157.3 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax Benefits, Beginning Balance | $ 69.1 | $ 82.4 | $ 72.9 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (0.6) | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 3.8 | 4.5 | |
Increase related to current year tax positions | 12.6 | 10 | 12.1 |
Lapse of statute of limitations | (8.2) | (18.9) | (1.6) |
Settlement with taxing authorities | (5.7) | (8.9) | (0.4) |
Unrecognized tax Benefits, Ending Balance | $ 71.6 | $ 69.1 | $ 82.4 |
Comprehensive Income (Component
Comprehensive Income (Components Of Accumulated Other Comprehensive Income, Net Of Related Tax) (Details) - USD ($) $ in Millions | Jan. 03, 2020 | Dec. 28, 2018 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Accumulated foreign currency translation adjustments | $ (173.1) | $ (183.4) |
Net unrealized actuarial losses | (3.7) | (2.7) |
Total accumulated other comprehensive income | $ (176.8) | $ (186.1) |
Employee Stock Benefit Plans (N
Employee Stock Benefit Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unamortized Stock-based Compensation Expense | $ 174.4 | ||||
Unamortized compensation expense weighted-average recognition period, in years | 2 years 4 months 24 days | ||||
Total intrinsic value of options exercised | $ 16.4 | $ 30 | $ 41.1 | ||
Weighted average grant-date fair value of stock options granted | $ 12.92 | $ 10.62 | |||
Fair Value of Stock Options Vested | $ 0.2 | $ 1.9 | $ 6.5 | ||
Common Stock, Shares Authorized | 360,000,000 | 360,000,000 | |||
Two Thousand Two Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares authorized for grant | 74,600,000 | ||||
Remaining Number of Shares Available for Grant under the 2002 Stock Plan | 8,100,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | [1],[2] | 3,700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | [2] | 2,400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | [2] | 5,700,000 | 4,900,000 | ||
Weighted Average Grant-Date Fair Value, Granted | $ 41.38 | [2] | $ 37.43 | $ 40.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 75.7 | $ 73.9 | $ 40.4 | ||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Shares Authorized | 39,000,000 | ||||
Percentage of lower fair market value to be purchased of common stock through payroll deductions | 85.00% | ||||
Employee stock options granted term, in months | 6 months | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 800,000 | 800,000 | 800,000 | ||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 25.7 | $ 24 | $ 20.4 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 7,400,000 | ||||
Share-based Payment Arrangement, Option [Member] | Two Thousand Two Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share units granted vesting period, in years | 3 years | ||||
Share-based Payment Arrangement, Option [Member] | Two Thousand Two Stock Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||
Share-based Payment Arrangement, Option [Member] | Two Thousand Two Stock Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Performance-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,900,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,000,000 | ||||
PSUs Related to Performance Adjustments Above Target levels at Vesting Date | 600,000 | ||||
Performance-Based Restricted Stock Units [Member] | Two Thousand Two Stock Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share units granted vesting period, in years | 2 years | ||||
Performance-Based Restricted Stock Units [Member] | Two Thousand Two Stock Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share units granted vesting period, in years | 3 years | ||||
Time Based Restricted Stock Units [Member] | Two Thousand Two Stock Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share units granted vesting period, in years | 3 years | ||||
Time Based Restricted Stock Units [Member] | Two Thousand Two Stock Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share units granted vesting period, in years | 4 years | ||||
Performance Stock Units (PSU) Granted Prior to 2019 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of the Target Grant Amount Received at Vesting | 0.00% | ||||
Performance Stock Units (PSU) Granted Prior to 2019 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of the Target Grant Amount Received at Vesting | 200.00% | ||||
Performance Stock Units (PSU) Granted During Fiscal 2019 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of the Target Grant Amount Received at Vesting | 0.00% | ||||
Performance Stock Units (PSU) Granted During Fiscal 2019 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of the Target Grant Amount Received at Vesting | 250.00% | ||||
[1] | Includes 0.6 million PSUs related to performance adjustments above target levels at the vesting date. | ||||
[2] | Includes 1.9 million PSUs granted, 1.3 million PSUs vested, and 2.0 million PSUs outstanding at the end of the year. |
Employee Stock Benefit Plans (C
Employee Stock Benefit Plans (Components of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation Expense | $ 75 | $ 76.9 | $ 64.8 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation Expense | 67.3 | 68.9 | 53.3 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation Expense | 0.6 | 1.5 | 5.7 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation Expense | $ 7.1 | $ 6.5 | $ 5.8 |
Employee Stock Benefit Plans (S
Employee Stock Benefit Plans (Schedule Of Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Millions | 12 Months Ended | ||||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding, Beginning of Year Number | [1] | 4.9 | |||
Outstanding, Weighted Average Grant Date Fair Value | $ 35.94 | ||||
Granted | [1],[2] | 3.7 | |||
Weighted Average Grant-Date Fair Value, Granted | $ 41.38 | [1] | $ 37.43 | $ 40.19 | |
Shares vested, net | [1] | (2.4) | |||
Shares vested, net, Weighted Average Grant Date Fair Value | $ 31.41 | ||||
Cancelled and Forfeited | [1] | (0.5) | |||
Cancelled and Forfeited, Weighted Average Grant Date Fair Value | $ 38.61 | ||||
Outstanding, End of Year Number | [1] | 5.7 | 4.9 | ||
Outstanding, Weighted Average Grant Date Fair Value | $ 39.62 | $ 35.94 | |||
[1] | Includes 1.9 million PSUs granted, 1.3 million PSUs vested, and 2.0 million PSUs outstanding at the end of the year. | ||||
[2] | Includes 0.6 million PSUs related to performance adjustments above target levels at the vesting date. |
Employee Stock Benefit Plans _2
Employee Stock Benefit Plans (Schedule Of Options Outstanding And Expected To Vest) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Jan. 03, 2020USD ($)$ / sharesshares | |
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Number Of Shares, Options outstanding | shares | 2.4 |
Options, Grants in Period | shares | 0.1 |
Option exercised | shares | (1.4) |
Cancelled and forfeited, number of shares | shares | 0 |
Number Of Shares, Options outstanding | shares | 1.1 |
Options exercisable | shares | 0.9 |
Weighted-Average Exercise Price per Share, Options outstanding | $ / shares | $ 28.26 |
Options granted, Weighted Average Exercise Price per Share | $ / shares | 40.57 |
Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | 27.75 |
Cancelled and forfeited, Weighted Average Exercise Price per Share | $ / shares | 23.53 |
Weighted-Average Exercise Price per Share, Options outstanding | $ / shares | 29.96 |
Options exercisable, Weighted Average Exercise Price | $ / shares | $ 28.61 |
Weighted-Average Remaining Contractual Term (in years), Options outstanding and expected to vest | 2 years |
Weighted-Average Remaining Contractual Term (in years), Options exercisable | 1 year 2 months 12 days |
Aggregate Intrinsic Value, Options outstanding and expected to vest | $ | $ 12 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 11.4 |
Common Stock Repurchase (Detail
Common Stock Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | Nov. 30, 2017 | Aug. 31, 2015 | Nov. 28, 2014 | |
Stock Repurchased and Retired During Period, Value | $ 179.8 | $ 90 | $ 288.3 | |||
Retained Earnings [Member] | ||||||
Stock Repurchased and Retired During Period, Value | $ 149.1 | $ 75.3 | $ 246 | |||
Two Thousand Seventeen Stock Repurchase Program [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 600 | |||||
Stock Repurchased During Period, Shares | 4.7 | 2.4 | ||||
Stock Repurchased and Retired During Period, Value | $ 179.8 | $ 90 | ||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 38.51 | $ 37.23 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 172.4 | |||||
Two Thousand Seventeen and Two Thousand Fifteen Stock Repurchase Programs [Member] | ||||||
Stock Repurchased During Period, Shares | 7.4 | |||||
Stock Repurchased and Retired During Period, Value | $ 288.3 | |||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 39.18 | |||||
Maximum [Member] | Two Thousand Fourteen Stock Repurchase Program [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 300 | |||||
Maximum [Member] | Two Thousand Fifteen Stock Repurchase Program [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 400 |
Statement Of Cash Flow Data (Sc
Statement Of Cash Flow Data (Schedule Of Supplemental Disclosure Of Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 79.2 | $ 69.3 | $ 28.4 |
Income taxes paid | $ 63.1 | $ 62.3 | $ 46.6 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Schedule Of Selected Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 824 | $ 783.9 | $ 854.8 | $ 801.6 | $ 785.5 | $ 795.2 | $ 785.5 | $ 742.2 | $ 3,264.3 | $ 3,108.4 | $ 2,646.5 |
Gross Profit | 460 | 422 | 460.6 | 438.3 | 435.2 | 426.9 | 422.7 | 396.2 | 1,780.9 | 1,681 | 1,377.6 |
Net income attributable to Trimble Inc. | $ 279.3 | $ 78.1 | $ 94.6 | $ 62.3 | $ 86.5 | $ 73.7 | $ 64.1 | $ 58.5 | $ 514.3 | $ 282.8 | $ 118.4 |
Basic net income per share | $ 1.12 | $ 0.31 | $ 0.38 | $ 0.25 | $ 0.34 | $ 0.29 | $ 0.26 | $ 0.24 | $ 2.05 | $ 1.13 | $ 0.47 |
Diluted net income per share | $ 1.11 | $ 0.31 | $ 0.37 | $ 0.25 | $ 0.34 | $ 0.29 | $ 0.25 | $ 0.23 | $ 2.03 | $ 1.12 | $ 0.46 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Details) - Allowance, Doubtful Accounts [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 4.6 | $ 3.6 | $ 5 |
Acquired allowance | 0.2 | 1.6 | 0.3 |
Bad debt expense | 6.5 | 3.4 | 1.2 |
Write-offs, net of recoveries | (5.4) | (4) | (2.9) |
Balance at end of period | $ 5.9 | $ 4.6 | $ 3.6 |