Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 02, 2020 | Nov. 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 2, 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 | --01-01 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | TRMB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 250,175,639 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 02, 2020 | Jan. 03, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 184 | $ 189.2 |
Accounts receivable, net | 488.9 | 608.2 |
Inventories | 318.5 | 312.1 |
Other current assets | 109.2 | 102.3 |
Total current assets | 1,100.6 | 1,211.8 |
Property and equipment, net | 251.6 | 241.4 |
Operating lease right-of-use assets | 131.2 | 140.3 |
Goodwill | 3,837.4 | 3,680.6 |
Other purchased intangible assets, net | 610.1 | 678.7 |
Deferred income tax assets | 456.5 | 475.5 |
Other non-current assets | 236.9 | 212.4 |
Total assets | 6,624.3 | 6,640.7 |
Current liabilities: | ||
Short-term debt | 279.6 | 219 |
Accounts payable | 131.4 | 159.3 |
Accrued compensation and benefits | 152.7 | 123.5 |
Deferred revenue | 445.2 | 490.4 |
Other current liabilities | 182.6 | 198.1 |
Total current liabilities | 1,191.5 | 1,190.3 |
Long-term debt | 1,390.6 | 1,624.2 |
Deferred revenue, non-current | 56.4 | 51.5 |
Deferred income tax liabilities | 309.4 | 318.2 |
Income taxes payable | 61.8 | 69.1 |
Operating lease liabilities | 111.5 | 114.1 |
Other non-current liabilities | 151.8 | 152.9 |
Total liabilities | 3,273 | 3,520.3 |
Commitments and contingencies (Note 14) | ||
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; 250.2 and 249.9 shares issued and outstanding at the end of the third quarter of 2020 and fiscal year end 2019, respectively | 0.3 | 0.2 |
Additional paid-in-capital | 1,778.7 | 1,692.8 |
Retained earnings | 1,732 | 1,602.8 |
Accumulated other comprehensive loss | (161) | (176.8) |
Total Trimble Inc. stockholders' equity | 3,350 | 3,119 |
Noncontrolling interests | 1.3 | 1.4 |
Total stockholders' equity | 3,351.3 | 3,120.4 |
Total liabilities and stockholders' equity | $ 6,624.3 | $ 6,640.7 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 02, 2020 | Jan. 03, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 360,000,000 | 360,000,000 |
Common stock, shares issued (in shares) | 250,200,000 | 249,900,000 |
Common stock, shares outstanding (in shares) | 250,200,000 | 249,900,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | |
Revenue: | ||||
Revenue | $ 792.1 | $ 783.9 | $ 2,318 | $ 2,440.3 |
Cost of sales: | ||||
Cost of Sales | 352.4 | 361.9 | 1,031.6 | 1,119.4 |
Amortization of purchased intangible assets | 23.3 | 23.3 | 70 | 71.3 |
Gross margin | 439.7 | 422 | 1,286.4 | 1,320.9 |
Operating expense: | ||||
Research and development | 117.9 | 112.3 | 350.1 | 350.1 |
Sales and marketing | 111.6 | 119.7 | 346.9 | 375.9 |
General and administrative | 79.4 | 77.2 | 221.2 | 239.9 |
Restructuring charges | 12.1 | 3.6 | 20.1 | 10 |
Amortization of purchased intangible assets | 16.7 | 17.5 | 50.2 | 57.3 |
Total operating expense | 337.7 | 330.3 | 988.5 | 1,033.2 |
Operating income | 102 | 91.7 | 297.9 | 287.7 |
Non-operating expense, net: | ||||
Interest expense, net | (19.6) | (19.7) | (59.7) | (62.2) |
Income from equity method investments, net | 10.8 | 8.8 | 29.9 | 30.5 |
Other income (expense), net | 3.2 | (1.9) | (1.4) | 13.5 |
Total non-operating expense, net | (5.6) | (12.8) | (31.2) | (18.2) |
Income before taxes | 96.4 | 78.9 | 266.7 | 269.5 |
Income tax provision | 11.6 | 0.8 | 56.8 | 34.4 |
Net income | 84.8 | 78.1 | 209.9 | 235.1 |
Net income attributable to noncontrolling interests | 0.1 | $ 0 | 0.3 | 0.1 |
Net income attributable to Trimble Inc. | $ 84.7 | $ 209.6 | $ 235 | |
Earnings per share attributable to Trimble Inc.: | ||||
Basic (in dollars per share) | $ 0.34 | $ 0.31 | $ 0.84 | $ 0.94 |
Diluted (in dollars per share) | $ 0.34 | $ 0.31 | $ 0.83 | $ 0.93 |
Shares used in calculating earnings per share: | ||||
Basic (in shares) | 250.7 | 250.4 | 250.4 | 251.2 |
Diluted (in shares) | 252.8 | 252.1 | 251.9 | 253.4 |
Retained Earnings | ||||
Non-operating expense, net: | ||||
Net income | $ 84.7 | $ 78.1 | ||
Product | ||||
Revenue: | ||||
Revenue | 461.4 | 458.8 | $ 1,337.6 | $ 1,468.3 |
Cost of sales: | ||||
Cost of Sales | 221.2 | 230.8 | 630.7 | 718.5 |
Service | ||||
Revenue: | ||||
Revenue | 160.7 | 168 | 479.7 | 501.8 |
Cost of sales: | ||||
Cost of Sales | 55.5 | 58.9 | 175.1 | 192.2 |
Subscription | ||||
Revenue: | ||||
Revenue | 170 | 157.1 | 500.7 | 470.2 |
Cost of sales: | ||||
Cost of Sales | $ 52.4 | $ 48.9 | $ 155.8 | $ 137.4 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 84.8 | $ 78.1 | $ 209.9 | $ 235.1 |
Foreign currency translation adjustments, net of tax | 37.3 | (26.9) | 15.6 | (21.4) |
Net unrealized income, net of tax | 0 | 0 | 0.2 | 0.2 |
Comprehensive income | 122.1 | 51.2 | 225.7 | 213.9 |
Comprehensive income attributable to noncontrolling interests | 0.1 | 0 | 0.3 | 0.1 |
Comprehensive income attributable to Trimble Inc. | $ 122 | $ 51.2 | $ 225.4 | $ 213.8 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | Noncontrolling Interest |
Beginning balance at Dec. 28, 2018 | $ 2,674.8 | $ 0.3 | $ 1,591.9 | $ 1,268.3 | $ (186.1) | $ 2,674.4 | $ 0.4 |
Beginning balance (in shares) at Dec. 28, 2018 | 250.9 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 62.4 | 62.3 | 62.3 | 0.1 | |||
Other comprehensive income | 3.6 | 3.6 | 3.6 | ||||
Comprehensive income | 66 | 65.9 | |||||
Issuance of common stock under employee plans, net of tax withholdings (in shares) | 1.6 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 25.6 | 33.3 | (7.7) | 25.6 | |||
Stock repurchases (in shares) | (1) | ||||||
Stock repurchases | (40) | (6.5) | (33.5) | (40) | |||
Stock-based compensation | 16.6 | 16.6 | 16.6 | ||||
Non-controlling interest investment | 0 | (0.8) | (0.8) | 0.8 | |||
Ending balance (in shares) at Mar. 29, 2019 | 251.5 | ||||||
Ending balance at Mar. 29, 2019 | 2,743 | $ 0.3 | 1,634.5 | 1,289.4 | (182.5) | 2,741.7 | 1.3 |
Beginning balance at Dec. 28, 2018 | 2,674.8 | $ 0.3 | 1,591.9 | 1,268.3 | (186.1) | 2,674.4 | 0.4 |
Beginning balance (in shares) at Dec. 28, 2018 | 250.9 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 235.1 | ||||||
Comprehensive income | 213.9 | ||||||
Ending balance (in shares) at Sep. 27, 2019 | 249.1 | ||||||
Ending balance at Sep. 27, 2019 | 2,788.1 | $ 0.2 | 1,661.6 | 1,332.3 | (207.3) | 2,786.8 | 1.3 |
Beginning balance at Mar. 29, 2019 | 2,743 | $ 0.3 | 1,634.5 | 1,289.4 | (182.5) | 2,741.7 | 1.3 |
Beginning balance (in shares) at Mar. 29, 2019 | 251.5 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 94.6 | 94.6 | 94.6 | ||||
Other comprehensive income | 2.1 | 2.1 | 2.1 | ||||
Comprehensive income | 96.7 | 96.7 | |||||
Issuance of common stock under employee plans, net of tax withholdings (in shares) | 0.7 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | (11.8) | 1.7 | (13.5) | (11.8) | |||
Stock repurchases (in shares) | (0.4) | ||||||
Stock repurchases | (19) | (2.9) | (16.1) | (19) | |||
Stock-based compensation | 16.4 | 16.4 | 16.4 | ||||
Ending balance (in shares) at Jun. 28, 2019 | 251.8 | ||||||
Ending balance at Jun. 28, 2019 | 2,825.3 | $ 0.3 | 1,649.7 | 1,354.4 | (180.4) | 2,824 | 1.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 78.1 | 78.1 | 78.1 | ||||
Other comprehensive income | (26.9) | (26.9) | (26.9) | ||||
Comprehensive income | 51.2 | 51.2 | |||||
Issuance of common stock under employee plans, net of tax withholdings (in shares) | 0.6 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 14.8 | 15.5 | (0.7) | 14.8 | |||
Stock repurchases (in shares) | (3.3) | ||||||
Stock repurchases | (120.8) | $ (0.1) | (21.2) | (99.5) | (120.8) | ||
Stock-based compensation | 17.6 | 17.6 | 17.6 | ||||
Ending balance (in shares) at Sep. 27, 2019 | 249.1 | ||||||
Ending balance at Sep. 27, 2019 | 2,788.1 | $ 0.2 | 1,661.6 | 1,332.3 | (207.3) | 2,786.8 | 1.3 |
Beginning balance at Jan. 03, 2020 | $ 3,120.4 | $ 0.2 | 1,692.8 | 1,602.8 | (176.8) | 3,119 | 1.4 |
Beginning balance (in shares) at Jan. 03, 2020 | 249.9 | 249.9 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 61.9 | 61.9 | 61.9 | ||||
Other comprehensive income | (54.1) | (54.1) | (54.1) | ||||
Comprehensive income | 7.8 | 7.8 | |||||
Issuance of common stock under employee plans, net of tax withholdings (in shares) | 1 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 12.7 | 20.4 | (7.7) | 12.7 | |||
Stock repurchases (in shares) | (1.2) | ||||||
Stock repurchases | (50) | (8.4) | (41.6) | (50) | |||
Stock-based compensation | 11.8 | 11.8 | 11.8 | ||||
Noncontrolling interest investments | (0.4) | (0.4) | |||||
Ending balance (in shares) at Apr. 03, 2020 | 249.7 | ||||||
Ending balance at Apr. 03, 2020 | 3,102.3 | $ 0.2 | 1,716.6 | 1,615.4 | (230.9) | 3,101.3 | 1 |
Beginning balance at Jan. 03, 2020 | $ 3,120.4 | $ 0.2 | 1,692.8 | 1,602.8 | (176.8) | 3,119 | 1.4 |
Beginning balance (in shares) at Jan. 03, 2020 | 249.9 | 249.9 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 209.9 | ||||||
Comprehensive income | $ 225.7 | ||||||
Ending balance (in shares) at Oct. 02, 2020 | 250.2 | 250.2 | |||||
Ending balance at Oct. 02, 2020 | $ 3,351.3 | $ 0.3 | 1,778.7 | 1,732 | (161) | 3,350 | 1.3 |
Beginning balance at Apr. 03, 2020 | 3,102.3 | $ 0.2 | 1,716.6 | 1,615.4 | (230.9) | 3,101.3 | 1 |
Beginning balance (in shares) at Apr. 03, 2020 | 249.7 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 63.2 | 63 | 63 | 0.2 | |||
Other comprehensive income | 32.6 | 32.6 | 32.6 | ||||
Comprehensive income | 95.8 | 95.6 | |||||
Issuance of common stock under employee plans, net of tax withholdings (in shares) | 0.5 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | (4.1) | 1.9 | (6) | (4.1) | |||
Stock-based compensation | 19.1 | 19.1 | 19.1 | ||||
Ending balance (in shares) at Jul. 03, 2020 | 250.2 | ||||||
Ending balance at Jul. 03, 2020 | 3,213.1 | $ 0.2 | 1,737.6 | 1,672.4 | (198.3) | 3,211.9 | 1.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 84.8 | 84.7 | 84.7 | ||||
Other comprehensive income | 37.3 | 37.3 | 37.3 | ||||
Comprehensive income | 122.1 | 122 | |||||
Issuance of common stock under employee plans, net of tax withholdings (in shares) | 0.6 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 16.7 | $ 0.1 | 17.8 | (1.2) | 16.7 | ||
Stock repurchases (in shares) | (0.6) | ||||||
Stock repurchases | (28) | (4.1) | (23.9) | (28) | |||
Stock-based compensation | $ 27.4 | 27.4 | 27.4 | ||||
Ending balance (in shares) at Oct. 02, 2020 | 250.2 | 250.2 | |||||
Ending balance at Oct. 02, 2020 | $ 3,351.3 | $ 0.3 | $ 1,778.7 | $ 1,732 | $ (161) | $ 3,350 | $ 1.3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Oct. 02, 2020 | Sep. 27, 2019 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 209.9 | $ 235.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 29.4 | 29.7 |
Amortization expense | 120.2 | 128.6 |
Provision for doubtful accounts | 7.8 | 5.4 |
Deferred income taxes | 12.1 | 4.4 |
Non-cash restructuring expense | 8.7 | 2.6 |
Stock-based compensation | 57.1 | 52.1 |
Income from equity method investments, net of dividends | (22.4) | (9.5) |
Provision for excess and obsolete inventories | 13.3 | 4.8 |
Other, net | 21.3 | (8.5) |
(Increase) decrease in assets: | ||
Accounts receivable, net | 108.4 | 16.8 |
Inventories | (19.1) | 1.7 |
Other current and non-current assets | 12.3 | 10.4 |
Increase (decrease) in liabilities: | ||
Accounts payable | (26.7) | 13.6 |
Accrued compensation and benefits | 26.1 | (52.3) |
Deferred revenue | (42) | 33.4 |
Other current and non-current liabilities | (32.7) | (5.5) |
Net cash provided by operating activities | 483.7 | 462.8 |
Cash flow from investing activities: | ||
Acquisitions of businesses, net of cash acquired | (198.9) | (28.6) |
Acquisitions of property and equipment | (45.1) | (54.6) |
Other, net | (0.1) | 14.5 |
Net cash used in investing activities | (244.1) | (68.7) |
Cash flow from financing activities: | ||
Issuance of common stock, net of tax withholdings | 25.3 | 28.4 |
Repurchases of common stock | (78) | (179.8) |
Proceeds from debt and revolving credit lines | 1,030.1 | 818 |
Payments on debt and revolving credit lines | (1,209.6) | (1,033.6) |
Other, net | (10.9) | (10.2) |
Net cash used in financing activities | (243.1) | (377.2) |
Effect of exchange rate changes on cash and cash equivalents | (1.7) | (4.8) |
Net increase (decrease) in cash and cash equivalents | (5.2) | 12.1 |
Cash and cash equivalents - beginning of period | 189.2 | 172.5 |
Cash and cash equivalents - end of period | $ 184 | $ 184.6 |
Overview And Basis Of Presentat
Overview And Basis Of Presentation | 9 Months Ended |
Oct. 02, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
OVERVIEW AND BASIS OF PRESENTATION | OVERVIEW AND BASIS OF PRESENTATION Company and Background 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" or “we” or “our” or “us”) and changed its state of incorporation from the State of California to the State of Delaware. Basis of Presentation We use a 52- to 53-week fiscal year ending on the Friday nearest to December 31. Fiscal 2020 is a 52-week year ending on January 1, 2021, and fiscal 2019 was a 53-week year ended on January 3, 2020. The quarters ended October 2, 2020 and September 27, 2019 each included 13 weeks. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods. The Condensed Consolidated Financial Statements include our results and our 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 our consolidated subsidiaries. The unaudited interim Condensed Consolidated Financial Statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, the unaudited interim Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for the full year. The information included in this Form 10-Q should be read in conjunction with information included in Trimble's Form 10-K filed with the U.S. Securities and Exchange Commission on February 28, 2020. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in its Condensed Consolidated Financial Statements and accompanying notes. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price of performance obligations, allowances for doubtful accounts, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangibles impairments, other long-lived asset impairments, stock-based compensation, and income taxes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. The global economic climate and unanticipated effects from the COVID-19 pandemic make these estimates more complex, and actual results could differ materially from those estimates. |
Updates to Significant Accounti
Updates to Significant Accounting Policies | 9 Months Ended |
Oct. 02, 2020 | |
Accounting Policies [Abstract] | |
UPDATES TO SIGNIFICANT ACCOUNTING POLICIES | UPDATES TO SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies There have been no material changes to our significant accounting polices during the first three quarters of fiscal 2020 from those disclosed in our most recent Form 10-K, except for the adoption of the standards discussed below. Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued a new standard that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected. Application of this standard replaces the incurred loss impairment methodology with a methodology that reflects all expected credit losses. Additionally, credit losses on available-for-sale debt securities are recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. We adopted the new standard at the beginning of fiscal year 2020 by applying a modified retrospective method without restating comparative periods. The adoption did not have a material impact on our Condensed Consolidated Financial Statements. We continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses. 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. We adopted the new standard on a prospective basis at the beginning of fiscal year 2020. The adoption did not have a material impact on our Condensed 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. We adopted the guidance on a prospective basis for all implementation costs incurred after the beginning of fiscal year 2020. The adoption of the new guidance did not have a material impact on our Condensed Consolidated Financial Statements. Recently issued Accounting Pronouncements not yet adopted 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 us beginning in fiscal 2021. Early adoption is permitted. We are currently evaluating the effect of the amendments and do not expect the adoption to have a material impact on our Condensed Consolidated Financial Statements. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Oct. 02, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchase Activities In November 2017, our Board of Directors approved a stock repurchase program ("2017 Stock Repurchase Program") authorizing the Company to repurchase up to $600.0 million of Trimble’s common stock. Under the 2017 Stock Repurchase Program, we 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 are determined by management based on their evaluation of market conditions, share price, legal requirements, and other factors. The program may be suspended, modified, or discontinued at any time without prior notice. During the third quarter and first three quarters of fiscal 2020, we repurchased approximately 0.6 million and 1.8 million, respectively, shares of common stock in open market purchases at an average price of $48.70 per share and $43.03 per share for a total of $28.0 million and $78.0 million, respectively, under the 2017 Stock Repurchase Program. |
Business Combinations
Business Combinations | 9 Months Ended |
Oct. 02, 2020 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS During the first quarter of fiscal 2020, we acquired Kuebix with total purchase consideration of $201.1 million. There were no other material acquisitions during the first three quarters of fiscal 2020. Kuebix is a leading transportation management system provider and creator of North America's largest connected shipping community. This acquisition will enable us to create a new platform for planning, execution, and freight demand-capacity matching. The Condensed Consolidated Statements of Income include the operating results of the acquired business from the date of acquisition. The acquisition contributed less than 1% to our total revenue during the first three quarters of fiscal 2020. The fair value of identifiable assets acquired and liabilities assumed were determined under the acquisition method of accounting for business combinations as of the date of 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 determined based on a discounted cash flow analysis. For the acquisition in the first quarter of fiscal 2020, the preliminary fair value of net tangible assets and intangible assets acquired was based on preliminary valuations and estimates, and assumptions are subject to change within the measurement period (up to one year from the acquisition date). Intangible Assets The following table presents details of the Company’s total intangible assets: As of Third Quarter of Fiscal 2020 Fiscal Year End 2019 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 1,318.7 $ (993.4) $ 325.3 $ 1,266.7 $ (923.4) $ 343.3 Trade names and trademarks 76.4 (68.4) 8.0 74.8 (59.8) 15.0 Customer relationships 779.8 (507.7) 272.1 769.8 (465.6) 304.2 Distribution rights and other intellectual property 68.7 (64.0) 4.7 79.7 (63.5) 16.2 $ 2,243.6 $ (1,633.5) $ 610.1 $ 2,191.0 $ (1,512.3) $ 678.7 The estimated future amortization expense of purchased intangible assets as of the end of the third quarter of fiscal 2020 was as follows: (In millions) 2020 (Remaining) $ 37.8 2021 138.1 2022 118.9 2023 105.6 2024 80.1 Thereafter 129.6 Total $ 610.1 Goodwill The changes in the carrying amount of goodwill by segment for the first three quarters of fiscal 2020 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of fiscal year end 2019 $ 1,973.0 $ 401.5 $ 445.4 $ 860.7 $ 3,680.6 Additions due to acquisitions — — 0.4 147.6 148.0 Purchase price and foreign currency translation adjustments 9.1 4.0 (0.4) (3.9) 8.8 Balance as of the end of the third quarter of fiscal 2020 $ 1,982.1 $ 405.5 $ 445.4 $ 1,004.4 $ 3,837.4 |
Inventories
Inventories | 9 Months Ended |
Oct. 02, 2020 | |
Inventory, Net [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: Third Quarter of Fiscal Year End As of 2020 2019 (In millions) Raw materials $ 95.7 $ 95.8 Work-in-process 16.1 13.2 Finished goods 206.7 203.1 Total inventories $ 318.5 $ 312.1 |
Segment Information
Segment Information | 9 Months Ended |
Oct. 02, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our operating segments are determined based on how the Company's chief operating decision maker views and evaluates operations. Our 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 our reportable operating segments under our management reporting system. These results are not necessarily in conformity with U.S. GAAP. We present segment revenue and income excluding the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting. Segment income presented also excludes the effects of certain acquired capitalized commissions that were eliminated in purchase accounting, as though the acquired companies operated independently in the periods presented. 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) Third Quarter of Fiscal 2020 Revenue $ 317.4 $ 165.6 $ 150.2 $ 158.9 $ 792.1 Acquired deferred revenue adjustment — — 0.4 0.3 0.7 Segment revenue $ 317.4 $ 165.6 $ 150.6 $ 159.2 $ 792.8 Operating income $ 97.2 $ 51.4 $ 53.9 $ 8.3 $ 210.8 Acquired deferred revenue adjustment — — 0.4 0.3 0.7 Amortization of acquired capitalized commissions (1.3) — — — (1.3) Segment operating income $ 95.9 $ 51.4 $ 54.3 $ 8.6 $ 210.2 Depreciation expense $ 2.0 $ 1.5 $ 1.5 $ 0.9 $ 5.9 Third Quarter of Fiscal 2019 Revenue $ 309.6 $ 155.1 $ 120.9 $ 198.3 $ 783.9 Acquired deferred revenue adjustment 0.2 — 0.2 — 0.4 Segment revenue $ 309.8 $ 155.1 $ 121.1 $ 198.3 $ 784.3 Operating income $ 83.0 $ 30.6 $ 34.3 $ 31.2 $ 179.1 Acquired deferred revenue adjustment 0.2 — 0.2 — 0.4 Amortization of acquired capitalized commissions (1.5) — — — (1.5) Segment operating income $ 81.7 $ 30.6 $ 34.5 $ 31.2 $ 178.0 Depreciation expense $ 1.9 $ 1.5 $ 1.0 $ 1.0 $ 5.4 First Three Quarters of Fiscal 2020 Revenue $ 909.4 $ 457.0 $ 472.1 $ 479.5 $ 2,318.0 Acquired deferred revenue adjustment 0.2 — 2.6 1.2 4.0 Segment revenue $ 909.6 $ 457.0 $ 474.7 $ 480.7 $ 2,322.0 Operating income $ 245.9 $ 119.3 $ 167.8 $ 38.8 $ 571.8 Acquired deferred revenue adjustment 0.2 — 2.6 1.2 4.0 Amortization of acquired capitalized commissions (4.0) — (0.1) (0.1) (4.2) Segment operating income $ 242.1 $ 119.3 $ 170.3 $ 39.9 $ 571.6 Depreciation expense $ 6.1 $ 4.4 $ 4.1 $ 3.1 $ 17.7 First Three Quarters of Fiscal 2019 Revenue $ 940.6 $ 480.7 $ 432.8 $ 586.2 $ 2,440.3 Acquired deferred revenue adjustment 3.8 — 0.5 — $ 4.3 Segment revenue $ 944.4 $ 480.7 $ 433.3 $ 586.2 $ 2,444.6 Operating income $ 229.7 $ 91.1 $ 130.7 $ 95.3 546.8 Acquired deferred revenue adjustment 3.8 — 0.5 — 4.3 Amortization of acquired capitalized commissions (4.7) — (0.1) — (4.8) Segment operating income $ 228.8 $ 91.1 $ 131.1 $ 95.3 $ 546.3 Depreciation expense $ 6.1 $ 4.7 $ 3.2 $ 3.3 $ 17.3 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of the end of the Third Quarter of Fiscal 2020 Accounts receivable, net $ 169.9 $ 106.7 $ 75.2 $ 137.1 $ 488.9 Inventories 59.6 125.0 46.4 87.5 318.5 Goodwill 1,982.1 405.5 445.4 1,004.4 3,837.4 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 A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes is as follows: Third Quarter of First Three Quarters of 2020 2019 2020 2019 (In millions) Consolidated segment operating income $ 210.2 $ 178.0 $ 571.6 $ 546.3 Unallocated corporate expense (18.4) (16.1) (48.7) (52.9) Restructuring charges / executive transition costs (13.5) (3.6) (21.9) (10.2) COVID-19 expenses (1.2) — (4.8) — Acquired deferred revenue adjustment (0.7) (0.4) (4.0) (4.3) Amortization of purchased intangible assets (40.0) (40.8) (120.2) (128.6) Stock-based compensation / deferred compensation (32.0) (18.5) (61.9) (55.9) Amortization of acquired capitalized commissions 1.3 1.5 4.2 4.8 Acquisition / divestiture items (3.7) (8.4) (16.4) (11.5) Consolidated operating income 102.0 91.7 297.9 287.7 Non-operating expense, net (5.6) (12.8) (31.2) (18.2) Consolidated income before taxes $ 96.4 $ 78.9 $ 266.7 $ 269.5 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) Third Quarter of Fiscal 2020 North America $ 179.5 $ 64.8 $ 42.5 $ 128.4 $ 415.2 Europe 85.5 56.9 62.5 18.5 223.4 Asia Pacific 45.3 35.0 16.8 8.7 105.8 Rest of World 7.1 8.9 28.8 3.6 48.4 Total consolidated revenue $ 317.4 $ 165.6 $ 150.6 $ 159.2 $ 792.8 Third Quarter of Fiscal 2019 North America $ 180.9 $ 63.4 $ 35.9 $ 157.5 $ 437.7 Europe 79.9 49.5 54.2 21.9 205.5 Asia Pacific 41.3 30.4 10.4 9.3 91.4 Rest of World 7.7 11.8 20.6 9.6 49.7 Total consolidated revenue $ 309.8 $ 155.1 $ 121.1 $ 198.3 $ 784.3 First Three Quarters of Fiscal 2020 North America $ 527.2 $ 179.3 $ 148.0 $ 377.2 $ 1,231.7 Europe 245.1 152.7 216.2 58.3 672.3 Asia Pacific 118.8 97.1 48.3 26.2 290.4 Rest of World 18.5 27.9 62.2 19.0 127.6 Total consolidated revenue $ 909.6 $ 457.0 $ 474.7 $ 480.7 $ 2,322.0 First Three Quarters of Fiscal 2019 North America $ 545.7 $ 197.6 $ 130.7 $ 471.4 $ 1,345.4 Europe 253.8 160.2 211.1 65.9 691.0 Asia Pacific 121.9 88.3 35.0 29.6 274.8 Rest of World 23.0 34.6 56.5 19.3 133.4 Total consolidated revenue $ 944.4 $ 480.7 $ 433.3 $ 586.2 $ 2,444.6 |
Debt
Debt | 9 Months Ended |
Oct. 02, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consisted of the following: As of Third Quarter of Fiscal Year End Instrument Date of Issuance 2020 2019 (In millions) Effective interest rate 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 July 2022 May 2018 3.33% 100.0 225.0 Revolving Credit Facility, due May 2023 May 2018 1.55% — 110.0 Uncommitted facilities, floating rate 1.16% 279.6 218.7 Promissory notes and other debt 0.1 0.3 Unamortized discount and issuance costs (9.5) (10.8) Total debt 1,670.2 1,843.2 Less: Short-term debt 279.6 219.0 Long-term debt $ 1,390.6 $ 1,624.2 Each of our debt agreements requires us to maintain compliance with certain debt covenants. We were compliant with all debt covenants at the end of the third quarter of fiscal 2020. Debt Maturities At the end of the third quarter of fiscal 2020, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2020 (Remaining) $ 279.6 2021 0.1 2022 100.0 2023 300.0 2024 400.0 Thereafter 600.0 Total $ 1,679.7 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 our other senior unsecured indebtedness. We may redeem the notes of each series of Senior Notes at our option in whole or in part at any time. Such indenture also contains covenants limiting our 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 our properties and assets, each subject to certain exceptions. 2018 Credit Facilities 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 is fully prepayable. As part of the Credit Facility, we may request an additional loan facility up to $500.0 million prior to the maturity of the Credit Facility and subject to approval. On Ma y 4, 2020, we entered into a loan amendment to extend the maturity date of the remaining term loan amount of $225.0 million to July 2, 2022. The applicable margin for the term loan was changed as part of the loan amendment. The term loan bears interest, at the Company’s option, at either the alternate base rate (determined in accordance with the Credit Agreement), plus a margin of between 0.750% and 1.625%; (b) an adjusted LIBOR rate (based on one, two, three or six-month interest periods), plus a margin of between 1.750% and 2.625%, with a 1.0% LIBOR rate floor; or (c) an adjusted EURIBOR rate (based on one, two, three or six-month interest periods), plus a margin of between 1.750% and 2.625%, with a 1.0% EURIBOR rate floor. 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. At the end of the third quarter of fiscal 2020, $100.0 million was outstanding under the Term Loan. Uncommitted Facilities On February 24, 2020 we entered into a line of credit to borrow an amount up to £55.0 million. At the end of the third quarter of fiscal 2020, we had one £55.0 million, two $75.0 million, and one €100.0 million revolving credit facilities, which are uncommitted (the "Uncommitted Facilities"). Generally, these uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet. For further information, refer to Note 7 of the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for fiscal year 2019. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 02, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We determine 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 The fair value of assets and liabilities measured and recorded at fair value on a recurring basis at the end of period were as follows: Fair Values as of the end of the Third Quarter of Fiscal 2020 Fair Values as of Fiscal Year End 2019 (In millions) Level I Level II Level III Total Level I Level II Level III Total Assets Deferred compensation plan assets (1) $ 37.2 $ — $ — $ 37.2 $ 36.2 $ — $ — $ 36.2 Derivatives assets (2) — 0.4 — 0.4 — 0.3 — 0.3 Total assets measured at fair value $ 37.2 $ 0.4 $ — $ 37.6 $ 36.2 $ 0.3 $ — $ 36.5 Liabilities Deferred compensation plan liabilities (1) $ 37.2 $ — $ — $ 37.2 $ 36.2 $ — $ — $ 36.2 Derivatives liabilities (2) — 0.3 — 0.3 — 1.0 — 1.0 Contingent consideration liabilities (3) — — 8.8 8.8 — — 19.9 19.9 Total liabilities measured at fair value $ 37.2 $ 0.3 $ 8.8 $ 46.3 $ 36.2 $ 1.0 $ 19.9 $ 57.1 1. We maintain a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities, respectively, on the Company's Condensed Consolidated Balance Sheets. 2. Derivative assets and liabilities primarily represent forward currency exchange contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Condensed Consolidated Balance Sheets. 3. Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that we acquired. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins, or other milestones. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. Additional Fair Value Information The total estimated fair value of all outstanding financial instruments that are not recorded at fair value on a recurring basis (debt) was approximately $1.8 billion and $1.9 billion at the end of the third quarter of fiscal 2020 and at the end of fiscal 2019, respectively, relatively 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 we 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 we would currently have to pay to extinguish any of this debt. |
Deferred Costs to Obtain Custom
Deferred Costs to Obtain Customer Contracts | 9 Months Ended |
Oct. 02, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
DEFERRED COSTS TO OBTAIN CUSTOMER CONTRACTS | DEFERRED COSTS TO OBTAIN CUSTOMER CONTRACTS Deferred cost to obtain customer contracts of $47.3 million and $45.4 million is included in Other non-current assets in the Condensed Consolidated Balance Sheets at the end of the third quarter of fiscal 2020 and fiscal year end 2019, respectively. Amortization expense related to deferred costs to obtain customer contracts for the third quarter and the first three quarters of fiscal 2020 and 2019 was $5.7 million and $16.8 million and $5.3 million and $16.2 million, respectively. This expense was included in Sales and marketing expenses in the Condensed Consolidated Statements of Income. There was no impairment loss related to the deferred commissions for either period presented. |
Product Warranties
Product Warranties | 9 Months Ended |
Oct. 02, 2020 | |
Product Warranties Disclosures [Abstract] | |
PRODUCT WARRANTIES | PRODUCT WARRANTIESWe accrue for warranty costs as part of our cost of sales based on associated material product costs, technical support, labor costs, and costs incurred by third parties performing work on our behalf. Our expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two years. Accrued warranty expenses of $14.1 million and $16.3 million is included in Other current liabilities in the Condensed Consolidated Balance Sheets at the end of the third quarter of fiscal 2020 and at the end of fiscal 2019. |
Deferred Revenue And Remaining
Deferred Revenue And Remaining Performance Obligations | 9 Months Ended |
Oct. 02, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS | DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes to our deferred revenue during the third quarter and first three quarters of fiscal 2020 and 2019 were as follows: Third Quarter of First Three Quarters of (In millions) 2020 2019 2020 2019 Beginning balance of the period $ 531.0 $ 452.4 $ 541.9 $ 387.2 Revenue recognized (87.6) (76.7) (419.5) (300.5) Net deferred revenue activity 58.2 43.3 379.2 332.3 Ending balance of the period $ 501.6 $ 419.0 $ 501.6 $ 419.0 Remaining Performance Obligations |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 02, 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 the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan, restricted stock units, and contingently issuable shares. The following table shows the computation of basic and diluted earnings per share: Third Quarter of First Three Quarters of 2020 2019 2020 2019 (In millions, except per share amounts) Numerator: Net income attributable to Trimble Inc. $ 84.7 $ 78.1 $ 209.6 $ 235.0 Denominator: Weighted average number of common shares used in basic earnings per share 250.7 250.4 250.4 251.2 Effect of dilutive securities 2.1 1.7 1.5 2.2 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 252.8 252.1 251.9 253.4 Basic earnings per share $ 0.34 $ 0.31 $ 0.84 $ 0.94 Diluted earnings per share $ 0.34 $ 0.31 $ 0.83 $ 0.93 For the third quarter and the first three quarters of fiscal 2020 and 2019, 0.3 million and 1.1 million and 0.1 million and 0.3 million, respectively, of shares were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 02, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), enacted on March 27, 2020, provides tax relief to individuals and businesses in light of the impacts of COVID-19. It did not result in material adjustments to our income tax provision or to our net deferred tax assets as of the end of the third quarter of fiscal 2020. For the third quarter of fiscal 2020, our effective income tax rate was 12.0%, as compared to 1.0% in the corresponding period in fiscal 2019; the increase was primarily due to a lower tax benefit from reserve releases due to expiration of the U.S. federal statute of limitations for certain tax years. For the first three quarters of fiscal 2020, our effective income tax rate was 21.3%, as compared to 12.8% in the corresponding period in fiscal 2019; the increase was primarily due to a one-time charge related to increased valuation allowance arising from California tax legislation, a lower tax benefit from reserve releases due to expiration of the U.S. federal statute of limitations for certain tax years, and geographic income mix. We and our subsidiaries are subject to U.S. federal and state and foreign income tax. Currently, we are in different stages of multiple year examinations by various state and foreign taxing authorities. We believe our reserves are more likely than not to be adequate to cover final resolution of all open tax matters. Although timing of the resolution and/or closure of audits in other jurisdictions is not certain, we do not believe that our gross unrecognized tax benefits would materially change in the next twelve months. Unrecognized tax benefits of $56.4 million and $59.5 million as of the end of the third quarter of fiscal 2020 and fiscal year end 2019, respectively, if recognized, would favorably affect the effective income tax rate in future periods. Unrecognized tax benefits are recorded in Other non-current liabilities and in Deferred income tax liabilities or assets on our Condensed Consolidated Balance Sheets. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of the end of the third quarter of fiscal 2020 and fiscal year end 2019, we accrued $11.1 million and $11.5 million, respectively, for interest and penalties, which are recorded in Other non-current liabilities on our Condensed Consolidated Balance Sheets. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Oct. 02, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments As of the end of the third quarter of fiscal 2020, we had unconditional purchase obligations of approximately $234.7 million. These unconditional purchase obligations primarily represent open non-cancellable purchase orders for material purchases with our vendors. Litigation From time to time, we are involved in litigation arising out of the ordinary course of our business. There are no material legal proceedings, other than ordinary routine litigation incidental to the business, to which we or any of our subsidiaries are a party or of which any of the Company's or its subsidiaries' property is subject. |
Updates to Significant Accoun_2
Updates to Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 02, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in its Condensed Consolidated Financial Statements and accompanying notes. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price of performance obligations, allowances for doubtful accounts, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangibles impairments, other long-lived asset impairments, stock-based compensation, and income taxes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. The global economic climate and unanticipated effects from the COVID-19 pandemic make these estimates more complex, and actual results could differ materially from those estimates. |
Recently Adopted Accounting Pronouncements/Recently Issued Account Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, the FASB issued a new standard that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected. Application of this standard replaces the incurred loss impairment methodology with a methodology that reflects all expected credit losses. Additionally, credit losses on available-for-sale debt securities are recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. We adopted the new standard at the beginning of fiscal year 2020 by applying a modified retrospective method without restating comparative periods. The adoption did not have a material impact on our Condensed Consolidated Financial Statements. We continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses. 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. We adopted the new standard on a prospective basis at the beginning of fiscal year 2020. The adoption did not have a material impact on our Condensed 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. We adopted the guidance on a prospective basis for all implementation costs incurred after the beginning of fiscal year 2020. The adoption of the new guidance did not have a material impact on our Condensed Consolidated Financial Statements. Recently issued Accounting Pronouncements not yet adopted 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 us beginning in fiscal 2021. Early adoption is permitted. We are currently evaluating the effect of the amendments and do not expect the adoption to have a material impact on our Condensed Consolidated Financial Statements. |
Business Combinations | The fair value of identifiable assets acquired and liabilities assumed were determined under the acquisition method of accounting for business combinations as of the date of 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 determined based on a discounted cash flow analysis. For the acquisition in the first quarter of fiscal 2020, the preliminary fair value of net tangible assets and intangible assets acquired was based on preliminary valuations and estimates, and assumptions are subject to change within the measurement period (up to one year from the acquisition date). |
Product Warranties | We accrue for warranty costs as part of our cost of sales based on associated material product costs, technical support, labor costs, and costs incurred by third parties performing work on our behalf. Our expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two years. |
Earnings Per Share | Basic earnings per share is computed by dividing Net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing Net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan, restricted stock units, and contingently issuable shares. |
Income Tax | Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Oct. 02, 2020 | |
Business Combinations [Abstract] | |
Schedule Of Intangible Assets | The following table presents details of the Company’s total intangible assets: As of Third Quarter of Fiscal 2020 Fiscal Year End 2019 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 1,318.7 $ (993.4) $ 325.3 $ 1,266.7 $ (923.4) $ 343.3 Trade names and trademarks 76.4 (68.4) 8.0 74.8 (59.8) 15.0 Customer relationships 779.8 (507.7) 272.1 769.8 (465.6) 304.2 Distribution rights and other intellectual property 68.7 (64.0) 4.7 79.7 (63.5) 16.2 $ 2,243.6 $ (1,633.5) $ 610.1 $ 2,191.0 $ (1,512.3) $ 678.7 |
Schedule Of Estimated Future Amortization Expense | The estimated future amortization expense of purchased intangible assets as of the end of the third quarter of fiscal 2020 was as follows: (In millions) 2020 (Remaining) $ 37.8 2021 138.1 2022 118.9 2023 105.6 2024 80.1 Thereafter 129.6 Total $ 610.1 |
Changes In Carrying Amount Of Goodwill By Operating Segment | The changes in the carrying amount of goodwill by segment for the first three quarters of fiscal 2020 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of fiscal year end 2019 $ 1,973.0 $ 401.5 $ 445.4 $ 860.7 $ 3,680.6 Additions due to acquisitions — — 0.4 147.6 148.0 Purchase price and foreign currency translation adjustments 9.1 4.0 (0.4) (3.9) 8.8 Balance as of the end of the third quarter of fiscal 2020 $ 1,982.1 $ 405.5 $ 445.4 $ 1,004.4 $ 3,837.4 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 02, 2020 | |
Inventory, Net [Abstract] | |
Components Of Net Inventories | Inventories consisted of the following: Third Quarter of Fiscal Year End As of 2020 2019 (In millions) Raw materials $ 95.7 $ 95.8 Work-in-process 16.1 13.2 Finished goods 206.7 203.1 Total inventories $ 318.5 $ 312.1 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Oct. 02, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Revenue, Operating Income And Identifiable Assets By Segment | Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Third Quarter of Fiscal 2020 Revenue $ 317.4 $ 165.6 $ 150.2 $ 158.9 $ 792.1 Acquired deferred revenue adjustment — — 0.4 0.3 0.7 Segment revenue $ 317.4 $ 165.6 $ 150.6 $ 159.2 $ 792.8 Operating income $ 97.2 $ 51.4 $ 53.9 $ 8.3 $ 210.8 Acquired deferred revenue adjustment — — 0.4 0.3 0.7 Amortization of acquired capitalized commissions (1.3) — — — (1.3) Segment operating income $ 95.9 $ 51.4 $ 54.3 $ 8.6 $ 210.2 Depreciation expense $ 2.0 $ 1.5 $ 1.5 $ 0.9 $ 5.9 Third Quarter of Fiscal 2019 Revenue $ 309.6 $ 155.1 $ 120.9 $ 198.3 $ 783.9 Acquired deferred revenue adjustment 0.2 — 0.2 — 0.4 Segment revenue $ 309.8 $ 155.1 $ 121.1 $ 198.3 $ 784.3 Operating income $ 83.0 $ 30.6 $ 34.3 $ 31.2 $ 179.1 Acquired deferred revenue adjustment 0.2 — 0.2 — 0.4 Amortization of acquired capitalized commissions (1.5) — — — (1.5) Segment operating income $ 81.7 $ 30.6 $ 34.5 $ 31.2 $ 178.0 Depreciation expense $ 1.9 $ 1.5 $ 1.0 $ 1.0 $ 5.4 First Three Quarters of Fiscal 2020 Revenue $ 909.4 $ 457.0 $ 472.1 $ 479.5 $ 2,318.0 Acquired deferred revenue adjustment 0.2 — 2.6 1.2 4.0 Segment revenue $ 909.6 $ 457.0 $ 474.7 $ 480.7 $ 2,322.0 Operating income $ 245.9 $ 119.3 $ 167.8 $ 38.8 $ 571.8 Acquired deferred revenue adjustment 0.2 — 2.6 1.2 4.0 Amortization of acquired capitalized commissions (4.0) — (0.1) (0.1) (4.2) Segment operating income $ 242.1 $ 119.3 $ 170.3 $ 39.9 $ 571.6 Depreciation expense $ 6.1 $ 4.4 $ 4.1 $ 3.1 $ 17.7 First Three Quarters of Fiscal 2019 Revenue $ 940.6 $ 480.7 $ 432.8 $ 586.2 $ 2,440.3 Acquired deferred revenue adjustment 3.8 — 0.5 — $ 4.3 Segment revenue $ 944.4 $ 480.7 $ 433.3 $ 586.2 $ 2,444.6 Operating income $ 229.7 $ 91.1 $ 130.7 $ 95.3 546.8 Acquired deferred revenue adjustment 3.8 — 0.5 — 4.3 Amortization of acquired capitalized commissions (4.7) — (0.1) — (4.8) Segment operating income $ 228.8 $ 91.1 $ 131.1 $ 95.3 $ 546.3 Depreciation expense $ 6.1 $ 4.7 $ 3.2 $ 3.3 $ 17.3 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of the end of the Third Quarter of Fiscal 2020 Accounts receivable, net $ 169.9 $ 106.7 $ 75.2 $ 137.1 $ 488.9 Inventories 59.6 125.0 46.4 87.5 318.5 Goodwill 1,982.1 405.5 445.4 1,004.4 3,837.4 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 |
Reconciliation Of The Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes | A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes is as follows: Third Quarter of First Three Quarters of 2020 2019 2020 2019 (In millions) Consolidated segment operating income $ 210.2 $ 178.0 $ 571.6 $ 546.3 Unallocated corporate expense (18.4) (16.1) (48.7) (52.9) Restructuring charges / executive transition costs (13.5) (3.6) (21.9) (10.2) COVID-19 expenses (1.2) — (4.8) — Acquired deferred revenue adjustment (0.7) (0.4) (4.0) (4.3) Amortization of purchased intangible assets (40.0) (40.8) (120.2) (128.6) Stock-based compensation / deferred compensation (32.0) (18.5) (61.9) (55.9) Amortization of acquired capitalized commissions 1.3 1.5 4.2 4.8 Acquisition / divestiture items (3.7) (8.4) (16.4) (11.5) Consolidated operating income 102.0 91.7 297.9 287.7 Non-operating expense, net (5.6) (12.8) (31.2) (18.2) Consolidated income before taxes $ 96.4 $ 78.9 $ 266.7 $ 269.5 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | 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) Third Quarter of Fiscal 2020 North America $ 179.5 $ 64.8 $ 42.5 $ 128.4 $ 415.2 Europe 85.5 56.9 62.5 18.5 223.4 Asia Pacific 45.3 35.0 16.8 8.7 105.8 Rest of World 7.1 8.9 28.8 3.6 48.4 Total consolidated revenue $ 317.4 $ 165.6 $ 150.6 $ 159.2 $ 792.8 Third Quarter of Fiscal 2019 North America $ 180.9 $ 63.4 $ 35.9 $ 157.5 $ 437.7 Europe 79.9 49.5 54.2 21.9 205.5 Asia Pacific 41.3 30.4 10.4 9.3 91.4 Rest of World 7.7 11.8 20.6 9.6 49.7 Total consolidated revenue $ 309.8 $ 155.1 $ 121.1 $ 198.3 $ 784.3 First Three Quarters of Fiscal 2020 North America $ 527.2 $ 179.3 $ 148.0 $ 377.2 $ 1,231.7 Europe 245.1 152.7 216.2 58.3 672.3 Asia Pacific 118.8 97.1 48.3 26.2 290.4 Rest of World 18.5 27.9 62.2 19.0 127.6 Total consolidated revenue $ 909.6 $ 457.0 $ 474.7 $ 480.7 $ 2,322.0 First Three Quarters of Fiscal 2019 North America $ 545.7 $ 197.6 $ 130.7 $ 471.4 $ 1,345.4 Europe 253.8 160.2 211.1 65.9 691.0 Asia Pacific 121.9 88.3 35.0 29.6 274.8 Rest of World 23.0 34.6 56.5 19.3 133.4 Total consolidated revenue $ 944.4 $ 480.7 $ 433.3 $ 586.2 $ 2,444.6 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 02, 2020 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Debt consisted of the following: As of Third Quarter of Fiscal Year End Instrument Date of Issuance 2020 2019 (In millions) Effective interest rate 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 July 2022 May 2018 3.33% 100.0 225.0 Revolving Credit Facility, due May 2023 May 2018 1.55% — 110.0 Uncommitted facilities, floating rate 1.16% 279.6 218.7 Promissory notes and other debt 0.1 0.3 Unamortized discount and issuance costs (9.5) (10.8) Total debt 1,670.2 1,843.2 Less: Short-term debt 279.6 219.0 Long-term debt $ 1,390.6 $ 1,624.2 |
Schedule of Maturities of Long-term Debt | At the end of the third quarter of fiscal 2020, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2020 (Remaining) $ 279.6 2021 0.1 2022 100.0 2023 300.0 2024 400.0 Thereafter 600.0 Total $ 1,679.7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 02, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The fair value of assets and liabilities measured and recorded at fair value on a recurring basis at the end of period were as follows: Fair Values as of the end of the Third Quarter of Fiscal 2020 Fair Values as of Fiscal Year End 2019 (In millions) Level I Level II Level III Total Level I Level II Level III Total Assets Deferred compensation plan assets (1) $ 37.2 $ — $ — $ 37.2 $ 36.2 $ — $ — $ 36.2 Derivatives assets (2) — 0.4 — 0.4 — 0.3 — 0.3 Total assets measured at fair value $ 37.2 $ 0.4 $ — $ 37.6 $ 36.2 $ 0.3 $ — $ 36.5 Liabilities Deferred compensation plan liabilities (1) $ 37.2 $ — $ — $ 37.2 $ 36.2 $ — $ — $ 36.2 Derivatives liabilities (2) — 0.3 — 0.3 — 1.0 — 1.0 Contingent consideration liabilities (3) — — 8.8 8.8 — — 19.9 19.9 Total liabilities measured at fair value $ 37.2 $ 0.3 $ 8.8 $ 46.3 $ 36.2 $ 1.0 $ 19.9 $ 57.1 1. We maintain a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities, respectively, on the Company's Condensed Consolidated Balance Sheets. 2. Derivative assets and liabilities primarily represent forward currency exchange contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Condensed Consolidated Balance Sheets. 3. Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that we acquired. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins, or other milestones. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. |
Deferred Revenue And Remainin_2
Deferred Revenue And Remaining Performance Obligations (Tables) | 9 Months Ended |
Oct. 02, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue And Performance Obligations | Changes to our deferred revenue during the third quarter and first three quarters of fiscal 2020 and 2019 were as follows: Third Quarter of First Three Quarters of (In millions) 2020 2019 2020 2019 Beginning balance of the period $ 531.0 $ 452.4 $ 541.9 $ 387.2 Revenue recognized (87.6) (76.7) (419.5) (300.5) Net deferred revenue activity 58.2 43.3 379.2 332.3 Ending balance of the period $ 501.6 $ 419.0 $ 501.6 $ 419.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 02, 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: Third Quarter of First Three Quarters of 2020 2019 2020 2019 (In millions, except per share amounts) Numerator: Net income attributable to Trimble Inc. $ 84.7 $ 78.1 $ 209.6 $ 235.0 Denominator: Weighted average number of common shares used in basic earnings per share 250.7 250.4 250.4 251.2 Effect of dilutive securities 2.1 1.7 1.5 2.2 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 252.8 252.1 251.9 253.4 Basic earnings per share $ 0.34 $ 0.31 $ 0.84 $ 0.94 Diluted earnings per share $ 0.34 $ 0.31 $ 0.83 $ 0.93 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 9 Months Ended | |||||
Oct. 02, 2020 | Apr. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Oct. 02, 2020 | Nov. 30, 2017 | |
Equity, Class of Stock [Line Items] | |||||||
Share repurchases | $ 28,000,000 | $ 50,000,000 | $ 120,800,000 | $ 19,000,000 | $ 40,000,000 | ||
2017 Stock Repurchase Program | |||||||
Equity, Class of Stock [Line Items] | |||||||
Remaining amount authorized | $ 94,400,000 | $ 94,400,000 | |||||
Maximum | 2017 Stock Repurchase Program | |||||||
Equity, Class of Stock [Line Items] | |||||||
Stock repurchase program approved amount | $ 600,000,000 | ||||||
Open Market Purchases | 2017 Stock Repurchase Program | |||||||
Equity, Class of Stock [Line Items] | |||||||
Stock repurchased (in shares) | 0.6 | 1.8 | |||||
Shares repurchased (in dollars per share) | $ 48.70 | $ 43.03 | |||||
Share repurchases | $ 28,000,000 | $ 78,000,000 |
Business Combinations (Narrativ
Business Combinations (Narratives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Apr. 03, 2020 | Oct. 02, 2020 | |
Business Acquisition [Line Items] | ||
Purchase consideration | $ 201.1 | |
Maximum | ||
Business Acquisition [Line Items] | ||
Percentage of revenue | 1.00% |
Business Combinations (Schedule
Business Combinations (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions | Oct. 02, 2020 | Jan. 03, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 2,243.6 | $ 2,191 |
Accumulated amortization | (1,633.5) | (1,512.3) |
Total | 610.1 | 678.7 |
Developed product technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,318.7 | 1,266.7 |
Accumulated amortization | (993.4) | (923.4) |
Total | 325.3 | 343.3 |
Trade names and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 76.4 | 74.8 |
Accumulated amortization | (68.4) | (59.8) |
Total | 8 | 15 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 779.8 | 769.8 |
Accumulated amortization | (507.7) | (465.6) |
Total | 272.1 | 304.2 |
Distribution rights and other intellectual property | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 68.7 | 79.7 |
Accumulated amortization | (64) | (63.5) |
Total | $ 4.7 | $ 16.2 |
Business Combinations (Schedu_2
Business Combinations (Schedule Of Estimated Future Amortization Expense) (Detail) - USD ($) $ in Millions | Oct. 02, 2020 | Jan. 03, 2020 |
Business Combinations [Abstract] | ||
2020 (Remaining) | $ 37.8 | |
2021 | 138.1 | |
2022 | 118.9 | |
2023 | 105.6 | |
2024 | 80.1 | |
Thereafter | 129.6 | |
Total | $ 610.1 | $ 678.7 |
Business Combinations (Changes
Business Combinations (Changes In Carrying Amount Of Goodwill By Operating Segment) (Detail) $ in Millions | 9 Months Ended |
Oct. 02, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balance as of fiscal year end 2019 | $ 3,680.6 |
Additions due to acquisitions | 148 |
Purchase price and foreign currency translation adjustments | 8.8 |
Balance as of the end of the third quarter of fiscal 2020 | 3,837.4 |
Buildings and Infrastructure | |
Goodwill [Roll Forward] | |
Balance as of fiscal year end 2019 | 1,973 |
Additions due to acquisitions | 0 |
Purchase price and foreign currency translation adjustments | 9.1 |
Balance as of the end of the third quarter of fiscal 2020 | 1,982.1 |
Geospatial | |
Goodwill [Roll Forward] | |
Balance as of fiscal year end 2019 | 401.5 |
Additions due to acquisitions | 0 |
Purchase price and foreign currency translation adjustments | 4 |
Balance as of the end of the third quarter of fiscal 2020 | 405.5 |
Resources and Utilities | |
Goodwill [Roll Forward] | |
Balance as of fiscal year end 2019 | 445.4 |
Additions due to acquisitions | 0.4 |
Purchase price and foreign currency translation adjustments | (0.4) |
Balance as of the end of the third quarter of fiscal 2020 | 445.4 |
Transportation | |
Goodwill [Roll Forward] | |
Balance as of fiscal year end 2019 | 860.7 |
Additions due to acquisitions | 147.6 |
Purchase price and foreign currency translation adjustments | (3.9) |
Balance as of the end of the third quarter of fiscal 2020 | $ 1,004.4 |
Inventories - Components Of Net
Inventories - Components Of Net Inventories (Details) - USD ($) $ in Millions | Oct. 02, 2020 | Jan. 03, 2020 |
Inventory, Net [Abstract] | ||
Raw materials | $ 95.7 | $ 95.8 |
Work-in-process | 16.1 | 13.2 |
Finished goods | 206.7 | 203.1 |
Total inventories | $ 318.5 | $ 312.1 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 792.1 | $ 783.9 | $ 2,318 | $ 2,440.3 |
Acquired deferred revenue adjustment | 0.7 | 0.4 | 4 | 4.3 |
Segment revenue | 792.8 | 784.3 | 2,322 | 2,444.6 |
Amortization of acquired capitalized commissions | (1.3) | (1.5) | (4.2) | (4.8) |
Consolidated segment operating income | 102 | 91.7 | 297.9 | 287.7 |
Depreciation expense | 29.4 | 29.7 | ||
Segment Reconciling | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 210.8 | 179.1 | 571.8 | 546.8 |
Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 210.2 | 178 | 571.6 | 546.3 |
Depreciation expense | 5.9 | 5.4 | 17.7 | 17.3 |
Buildings and Infrastructure | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 317.4 | 309.6 | 909.4 | 940.6 |
Acquired deferred revenue adjustment | 0 | 0.2 | 0.2 | 3.8 |
Segment revenue | 317.4 | 309.8 | 909.6 | 944.4 |
Amortization of acquired capitalized commissions | (1.3) | (1.5) | (4) | (4.7) |
Buildings and Infrastructure | Segment Reconciling | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 97.2 | 83 | 245.9 | 229.7 |
Buildings and Infrastructure | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 95.9 | 81.7 | 242.1 | 228.8 |
Depreciation expense | 2 | 1.9 | 6.1 | 6.1 |
Geospatial | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 165.6 | 155.1 | 457 | 480.7 |
Acquired deferred revenue adjustment | 0 | 0 | 0 | 0 |
Segment revenue | 165.6 | 155.1 | 457 | 480.7 |
Amortization of acquired capitalized commissions | 0 | 0 | 0 | 0 |
Geospatial | Segment Reconciling | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 51.4 | 30.6 | 119.3 | 91.1 |
Geospatial | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 51.4 | 30.6 | 119.3 | 91.1 |
Depreciation expense | 1.5 | 1.5 | 4.4 | 4.7 |
Resources and Utilities | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 150.2 | 120.9 | 472.1 | 432.8 |
Acquired deferred revenue adjustment | 0.4 | 0.2 | 2.6 | 0.5 |
Segment revenue | 150.6 | 121.1 | 474.7 | 433.3 |
Amortization of acquired capitalized commissions | 0 | 0 | (0.1) | (0.1) |
Resources and Utilities | Segment Reconciling | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 53.9 | 34.3 | 167.8 | 130.7 |
Resources and Utilities | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 54.3 | 34.5 | 170.3 | 131.1 |
Depreciation expense | 1.5 | 1 | 4.1 | 3.2 |
Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 158.9 | 198.3 | 479.5 | 586.2 |
Acquired deferred revenue adjustment | 0.3 | 0 | 1.2 | 0 |
Segment revenue | 159.2 | 198.3 | 480.7 | 586.2 |
Amortization of acquired capitalized commissions | 0 | 0 | (0.1) | 0 |
Transportation | Segment Reconciling | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 8.3 | 31.2 | 38.8 | 95.3 |
Transportation | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated segment operating income | 8.6 | 31.2 | 39.9 | 95.3 |
Depreciation expense | $ 0.9 | $ 1 | $ 3.1 | $ 3.3 |
Segment Information (Segment Se
Segment Information (Segment Select Balance Sheet) (Details) - USD ($) $ in Millions | Oct. 02, 2020 | Jan. 03, 2020 |
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | $ 488.9 | $ 608.2 |
Inventories | 318.5 | 312.1 |
Goodwill | 3,837.4 | 3,680.6 |
Buildings and Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 169.9 | 232 |
Inventories | 59.6 | 67.1 |
Goodwill | 1,982.1 | 1,973 |
Geospatial | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 106.7 | 115.5 |
Inventories | 125 | 125 |
Goodwill | 405.5 | 401.5 |
Resources and Utilities | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 75.2 | 93.3 |
Inventories | 46.4 | 45.5 |
Goodwill | 445.4 | 445.4 |
Transportation | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 137.1 | 167.4 |
Inventories | 87.5 | 74.5 |
Goodwill | $ 1,004.4 | $ 860.7 |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | |
Segment Reporting Information [Line Items] | ||||
Consolidated operating income | $ 102 | $ 91.7 | $ 297.9 | $ 287.7 |
Unallocated corporate expense | (337.7) | (330.3) | (988.5) | (1,033.2) |
Restructuring charges / executive transition costs | (13.5) | (3.6) | (21.9) | (10.2) |
COVID-19 expenses | (1.2) | 0 | (4.8) | 0 |
Acquired deferred revenue adjustment | (0.7) | (0.4) | (4) | (4.3) |
Amortization of purchased intangible assets | (40) | (40.8) | (120.2) | (128.6) |
Stock-based compensation / deferred compensation | (32) | (18.5) | (61.9) | (55.9) |
Amortization of acquired capitalized commissions | 1.3 | 1.5 | 4.2 | 4.8 |
Acquisition / divestiture items | (3.7) | (8.4) | (16.4) | (11.5) |
Non-operating expense, net | (5.6) | (12.8) | (31.2) | (18.2) |
Consolidated income before taxes | 96.4 | 78.9 | 266.7 | 269.5 |
Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated operating income | 210.2 | 178 | 571.6 | 546.3 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Unallocated corporate expense | $ (18.4) | $ (16.1) | $ (48.7) | $ (52.9) |
Segment Information - Segment R
Segment Information - Segment Revenue by Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 792.8 | $ 784.3 | $ 2,322 | $ 2,444.6 |
North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 415.2 | 437.7 | 1,231.7 | 1,345.4 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 223.4 | 205.5 | 672.3 | 691 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 105.8 | 91.4 | 290.4 | 274.8 |
Rest of World | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 48.4 | 49.7 | 127.6 | 133.4 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 377.5 | 404.1 | 1,125 | 1,228.8 |
Buildings and Infrastructure | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 317.4 | 309.8 | 909.6 | 944.4 |
Buildings and Infrastructure | North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 179.5 | 180.9 | 527.2 | 545.7 |
Buildings and Infrastructure | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 85.5 | 79.9 | 245.1 | 253.8 |
Buildings and Infrastructure | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 45.3 | 41.3 | 118.8 | 121.9 |
Buildings and Infrastructure | Rest of World | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 7.1 | 7.7 | 18.5 | 23 |
Geospatial | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 165.6 | 155.1 | 457 | 480.7 |
Geospatial | North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 64.8 | 63.4 | 179.3 | 197.6 |
Geospatial | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 56.9 | 49.5 | 152.7 | 160.2 |
Geospatial | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 35 | 30.4 | 97.1 | 88.3 |
Geospatial | Rest of World | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8.9 | 11.8 | 27.9 | 34.6 |
Resources and Utilities | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 150.6 | 121.1 | 474.7 | 433.3 |
Resources and Utilities | North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 42.5 | 35.9 | 148 | 130.7 |
Resources and Utilities | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 62.5 | 54.2 | 216.2 | 211.1 |
Resources and Utilities | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 16.8 | 10.4 | 48.3 | 35 |
Resources and Utilities | Rest of World | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 28.8 | 20.6 | 62.2 | 56.5 |
Transportation | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 159.2 | 198.3 | 480.7 | 586.2 |
Transportation | North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 128.4 | 157.5 | 377.2 | 471.4 |
Transportation | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 18.5 | 21.9 | 58.3 | 65.9 |
Transportation | Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8.7 | 9.3 | 26.2 | 29.6 |
Transportation | Rest of World | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3.6 | $ 9.6 | $ 19 | $ 19.3 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Oct. 02, 2020 | Jan. 03, 2020 |
Debt Instrument [Line Items] | ||
Uncommitted facilities, floating rate | $ 279.6 | |
Unamortized discount and issuance costs | (9.5) | $ (10.8) |
Total | 1,670.2 | 1,843.2 |
Less: Short-term debt | 279.6 | 219 |
Long-term debt | $ 1,390.6 | 1,624.2 |
Uncommitted Facilities, floating rate | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 1.16% | |
Uncommitted facilities, floating rate | $ 279.6 | 218.7 |
Promissory notes and other debt | ||
Debt Instrument [Line Items] | ||
Uncommitted facilities, floating rate | 0.3 | |
Promissory notes and other debt | ||
Debt Instrument [Line Items] | ||
Debt, gross | $ 0.1 | |
2023 Senior Notes, 4.15%, due June 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 4.36% | |
Debt, gross | $ 300 | 300 |
Fixed rate | 4.15% | |
2028 Senior Notes, 4.90%, due June 2028 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 5.04% | |
Debt, gross | $ 600 | 600 |
Fixed rate | 4.90% | |
2024 Senior Notes, 4.75%, due December 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 4.95% | |
Debt, gross | $ 400 | 400 |
Fixed rate | 4.75% | |
Revolving Credit Facility, due May 2023 | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 1.55% | |
Debt, gross | $ 0 | 110 |
Term Loan, due July 2022 | Term Loan, due July 2022 | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 3.33% | |
Debt, gross | $ 100 | $ 225 |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Millions | Oct. 02, 2020USD ($) |
Debt Disclosure [Abstract] | |
Uncommitted facilities, floating rate | $ 279.6 |
2021 | 0.1 |
2022 | 100 |
2023 | 300 |
2024 | 400 |
Thereafter | 600 |
Total | $ 1,679.7 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, £ in Millions, $ in Millions | May 04, 2020USD ($) | Oct. 02, 2020USD ($)loan | Oct. 02, 2020GBP (£)loan | Oct. 02, 2020EUR (€)loan | Feb. 24, 2020GBP (£) | Jan. 03, 2020USD ($) |
Debt Instrument [Line Items] | ||||||
Debt outstanding | $ 1,390.6 | $ 1,624.2 | ||||
Uncommitted Revolving Credit Facilities 55 million GBP | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | £ | £ 55 | £ 55 | ||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | |||
Uncommitted Revolving Credit Facilities $75 million | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | $ 75 | |||||
Number of revolving loan facilities | loan | 2 | 2 | 2 | |||
Uncommitted Revolving Credit Facilities 100 million euros | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | € | € 100 | |||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | |||
JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | $ 1,750 | |||||
JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Loan Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | $ 225 | |||||
Debt outstanding | 100 | |||||
JPMorgan Chase Bank | Revolving Credit Facility, due May 2023 | Unsecured Debt | 2018 Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | 1,250 | |||||
JPMorgan Chase Bank | Delayed Draw Term Loan | Unsecured Debt | 2018 Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | 500 | |||||
JPMorgan Chase Bank | Additional Loan Facility | Unsecured Debt | 2018 Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Current borrowing capacity | $ 500 | |||||
LIBOR | JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Loan Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Floor rate | 1.00% | |||||
EURIBOR | JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Loan Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Floor rate | 1.00% | |||||
Minimum | Base Rate | JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Loan Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 0.75% | |||||
Minimum | LIBOR | JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Loan Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 1.75% | |||||
Minimum | EURIBOR | JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Loan Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 1.75% | |||||
Maximum | Base Rate | JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Loan Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 1.625% | |||||
Maximum | LIBOR | JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Loan Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 2.625% | |||||
Maximum | EURIBOR | JPMorgan Chase Bank | Revolving Credit Facility | Unsecured Debt | 2018 Loan Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 2.625% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail) - Recurring - USD ($) $ in Millions | Oct. 02, 2020 | Jan. 03, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | $ 37.2 | $ 36.2 |
Derivatives assets | 0.4 | 0.3 |
Total assets measured at fair value | 37.6 | 36.5 |
Deferred compensation plan liabilities | 37.2 | 36.2 |
Derivatives liabilities | 0.3 | 1 |
Contingent consideration liabilities | 8.8 | 19.9 |
Total liabilities measured at fair value | 46.3 | 57.1 |
Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 37.2 | 36.2 |
Derivatives assets | 0 | 0 |
Total assets measured at fair value | 37.2 | 36.2 |
Deferred compensation plan liabilities | 37.2 | 36.2 |
Derivatives liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 37.2 | 36.2 |
Level II | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | 0 |
Derivatives assets | 0.4 | 0.3 |
Total assets measured at fair value | 0.4 | 0.3 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0.3 | 1 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 0.3 | 1 |
Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | 0 |
Derivatives assets | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0 | 0 |
Contingent consideration liabilities | 8.8 | 19.9 |
Total liabilities measured at fair value | $ 8.8 | $ 19.9 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Detail) - USD ($) $ in Millions | Oct. 02, 2020 | Jan. 03, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt outstanding | $ 1,390.6 | $ 1,624.2 |
Debt | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt outstanding | $ 1,800 | $ 1,900 |
Deferred Costs To Obtain Cust_2
Deferred Costs To Obtain Customer Contracts - Narratives (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2020 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | Jan. 03, 2020 | |
Capitalized Contract Cost [Line Items] | |||||
Deferred costs to obtain customer contracts | $ 47,300,000 | $ 47,300,000 | $ 45,400,000 | ||
Deferred commission | |||||
Capitalized Contract Cost [Line Items] | |||||
Impairment loss related to deferred commissions | 0 | $ 0 | 0 | $ 0 | |
Sales and marketing expense | |||||
Capitalized Contract Cost [Line Items] | |||||
Amortization expense related to deferred costs to obtain customer contracts | $ 5,700,000 | $ 5,300,000 | $ 16,800,000 | $ 16,200,000 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 02, 2020 | Jan. 03, 2020 | |
Other current liabilities | ||
Product Warranty Liability [Line Items] | ||
Accrued warranty expenses | $ 14.1 | $ 16.3 |
Minimum | ||
Product Warranty Liability [Line Items] | ||
Warrant period | 1 year | |
Maximum | ||
Product Warranty Liability [Line Items] | ||
Warrant period | 2 years |
Deferred Revenue And Remainin_3
Deferred Revenue And Remaining Performance Obligations - Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | |
Contract With Customer, Asset And Liability [Roll Forward] | ||||
Beginning balance of the period | $ 531 | $ 452.4 | $ 541.9 | $ 387.2 |
Revenue recognized | (87.6) | (76.7) | (419.5) | (300.5) |
Net deferred revenue activity | 58.2 | 43.3 | 379.2 | 332.3 |
Ending balance of the period | $ 501.6 | $ 419 | $ 501.6 | $ 419 |
Deferred Revenue And Performanc
Deferred Revenue And Performance Obligations - Narratives (Details) $ in Billions | Oct. 02, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0.8 |
Remaining performance obligation, percentage | 70.00% |
Remaining performance obligation, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0.4 |
Remaining performance obligation, percentage | 30.00% |
Remaining performance obligation, period |
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 | 9 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | |
Numerator: | ||||
Net income attributable to Trimble Inc. | $ 84.7 | $ 209.6 | $ 235 | |
Denominator: | ||||
Weighted average number of common shares used in basic earnings per share (in shares) | 250.7 | 250.4 | 250.4 | 251.2 |
Effect of dilutive securities (in shares) | 2.1 | 1.7 | 1.5 | 2.2 |
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares) | 252.8 | 252.1 | 251.9 | 253.4 |
Basic earnings per share (in dollars per share) | $ 0.34 | $ 0.31 | $ 0.84 | $ 0.94 |
Diluted (in dollars per share) | $ 0.34 | $ 0.31 | $ 0.83 | $ 0.93 |
Antidilutive shares (in shares) | 0.3 | 0.1 | 1.1 | 0.3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2020 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | Jan. 03, 2020 | |
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 12.00% | 1.00% | 21.30% | 12.80% | |
Other noncurrent liabilities | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits that would impact effective tax rate | $ 56.4 | $ 56.4 | $ 59.5 | ||
Unrecognized tax benefit liabilities include interest and penalties | $ 11.1 | $ 11.1 | $ 11.5 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | Oct. 02, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unconditional purchase obligations | $ 234.7 |