Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Jan. 01, 2021 | Feb. 24, 2021 | Jul. 03, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 1, 2021 | ||
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 | FY | ||
Amendment Flag | false | ||
Entity Address, Address Line One | 935 Stewart Drive | ||
Entity Address, City or Town | Sunnyvale | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94085 | ||
City Area Code | 408 | ||
Local Phone Number | 481-8000 | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | TRMB | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10.8 | ||
Entity Common Stock, Shares Outstanding | 250,974,620 | ||
Documents Incorporated by Reference | Certain parts of Trimble Inc. Proxy Statement relating to the annual meeting of stockholders to be held on May 12, 2021 (th e “Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 237.7 | $ 189.2 |
Accounts receivable, net | 620.5 | 608.2 |
Inventories | 301.7 | 312.1 |
Other current assets | 121.5 | 102.3 |
Total current assets | 1,281.4 | 1,211.8 |
Property and equipment, net | 251.8 | 241.4 |
Operating lease right-of-use assets | 128.9 | 140.3 |
Goodwill | 3,876.5 | 3,680.6 |
Other purchased intangible assets, net | 580.1 | 678.7 |
Deferred income tax assets | 510.2 | 475.5 |
Other non-current assets | 248 | 212.4 |
Total assets | 6,876.9 | 6,640.7 |
Current liabilities: | ||
Short-term debt | 255.8 | 219 |
Accounts payable | 143.2 | 159.3 |
Accrued compensation and benefits | 166.8 | 123.5 |
Deferred revenue | 560.5 | 490.4 |
Other current liabilities | 185 | 198.1 |
Total current liabilities | 1,311.3 | 1,190.3 |
Long-term debt | 1,291.4 | 1,624.2 |
Deferred revenue, non-current | 53.3 | 51.5 |
Deferred income tax liabilities | 300.3 | 318.2 |
Income taxes payable | 62.2 | 69.1 |
Operating lease liabilities | 109.2 | 114.1 |
Other non-current liabilities | 150.6 | 152.9 |
Total liabilities | 3,278.3 | 3,520.3 |
Commitments and contingencies (Note 8) | ||
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; 250.8 and 249.9 shares issued and outstanding at the end of fiscal 2020 and 2019, respectively | 0.3 | 0.2 |
Additional paid-in-capital | 1,801.7 | 1,692.8 |
Retained earnings | 1,893.4 | 1,602.8 |
Accumulated other comprehensive loss | (98.5) | (176.8) |
Total Trimble Inc. stockholders’ equity | 3,596.9 | 3,119 |
Noncontrolling interests | 1.7 | 1.4 |
Total stockholders' equity | 3,598.6 | 3,120.4 |
Total liabilities and stockholders’ equity | $ 6,876.9 | $ 6,640.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 01, 2021 | 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) | 250,800,000 | 249,900,000 |
Common stock, shares outstanding (in shares) | 250,800,000 | 249,900,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Revenue: | |||
Total revenue | $ 3,147.7 | $ 3,264.3 | $ 3,108.4 |
Cost of sales: | |||
Amortization of purchased intangible assets | 92.3 | 94.1 | 103.2 |
Total cost of sales | 1,392.8 | 1,483.4 | 1,427.4 |
Gross margin | 1,754.9 | 1,780.9 | 1,681 |
Operating expense: | |||
Research and development | 475.9 | 469.7 | 446.1 |
Sales and marketing | 467 | 504.2 | 479.8 |
General and administrative | 300.9 | 330.6 | 349.8 |
Restructuring charges | 25.8 | 26.8 | 8.2 |
Amortization of purchased intangible assets | 65.5 | 73.7 | 76.4 |
Total operating expense | 1,335.1 | 1,405 | 1,360.3 |
Operating income | 419.8 | 375.9 | 320.7 |
Non-operating expense, net: | |||
Interest expense, net | (77.6) | (82.4) | (73.2) |
Income from equity method investments, net | 39.4 | 35.8 | 28.7 |
Other income, net | 13.4 | 15.5 | 1.8 |
Total non-operating expense, net | (24.8) | (31.1) | (42.7) |
Income before taxes | 395 | 344.8 | 278 |
Income tax provision (benefit) | 4.4 | (169.7) | (5.3) |
Net income | 390.6 | 514.5 | 283.3 |
Net gain attributable to noncontrolling interests | 0.7 | 0.2 | 0.5 |
Net income attributable to Trimble Inc. | $ 389.9 | $ 514.3 | $ 282.8 |
Earnings per share attributable to Trimble Inc.: | |||
Basic (in dollars per share) | $ 1.56 | $ 2.05 | $ 1.13 |
Diluted (in dollars per share) | $ 1.55 | $ 2.03 | $ 1.12 |
Shares used in calculating earnings per share: | |||
Basic (in shares) | 250.5 | 250.8 | 250 |
Diluted (in shares) | 252.3 | 252.9 | 253.4 |
Product | |||
Revenue: | |||
Total revenue | $ 1,828 | $ 1,934.8 | $ 1,999.9 |
Cost of sales: | |||
Total cost of sales | 855 | 939.4 | 938.9 |
Service | |||
Revenue: | |||
Total revenue | 644.8 | 686.2 | 588.7 |
Cost of sales: | |||
Total cost of sales | 234.5 | 253.9 | 247.3 |
Subscription | |||
Revenue: | |||
Total revenue | 674.9 | 643.3 | 519.8 |
Cost of sales: | |||
Total cost of sales | $ 211 | $ 196 | $ 138 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 390.6 | $ 514.5 | $ 283.3 |
Foreign currency translation adjustments, net of tax $0.5 in 2020, and $0.1 in 2019 and 2018, respectively | 77.1 | 10.3 | (55.6) |
Net unrealized gain (loss), net of tax | 1.2 | (1) | 0.9 |
Comprehensive income | 468.9 | 523.8 | 228.6 |
Comprehensive income attributable to noncontrolling interests | 0.7 | 0.2 | 0.5 |
Comprehensive income attributable to Trimble Inc. | $ 468.2 | $ 523.6 | $ 228.1 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Supplemental Income Statement Elements [Abstract] | |||
Foreign currency translation tax | $ 0.5 | $ 0.1 | $ 0.1 |
Consolidated Statements Of Stoc
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. 29, 2017 | $ 2,414.5 | $ 0.2 | $ 1,461.1 | $ 1,084.6 | $ (131.4) | $ 2,414.5 | $ 0 |
Beginning balance (in shares) at Dec. 29, 2017 | 248.9 | ||||||
Net income | 283.3 | 282.8 | 282.8 | 0.5 | |||
Other comprehensive loss | (54.7) | (54.7) | (54.7) | ||||
Comprehensive income | 228.6 | 228.1 | |||||
Issuance of common stock under employee plans, net of tax withholdings | 40.2 | $ 0.1 | 67.5 | (27.4) | 40.2 | ||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 4.4 | ||||||
Stock repurchases | (90) | $ 0 | (14.7) | (75.3) | (90) | ||
Stock repurchases (in shares) | (2.4) | ||||||
Stock-based compensation | 78 | 78 | 78 | ||||
Noncontrolling interest investments | 0.1 | 0.1 | |||||
Tax benefit from stock option exercises | 3.6 | 3.6 | 3.6 | ||||
Ending balance at Dec. 28, 2018 | 2,674.8 | $ 0.3 | 1,591.9 | 1,268.3 | (186.1) | 2,674.4 | 0.4 |
Ending balance (in shares) at Dec. 28, 2018 | 250.9 | ||||||
Net income | 514.5 | 514.3 | 514.3 | 0.2 | |||
Other comprehensive loss | 9.3 | 9.3 | 9.3 | ||||
Comprehensive income | 523.8 | 523.6 | |||||
Issuance of common stock under employee plans, net of tax withholdings | 29.1 | $ 0 | 59.8 | (30.7) | 29.1 | ||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 3.7 | ||||||
Stock repurchases | (179.8) | $ (0.1) | (30.6) | (149.1) | (179.8) | ||
Stock repurchases (in shares) | (4.7) | ||||||
Stock-based compensation | 72.5 | 72.5 | 72.5 | ||||
Noncontrolling interest investments | 0 | (0.8) | (0.8) | 0.8 | |||
Ending balance at Jan. 03, 2020 | $ 3,120.4 | $ 0.2 | 1,692.8 | 1,602.8 | (176.8) | 3,119 | 1.4 |
Ending balance (in shares) at Jan. 03, 2020 | 249.9 | 249.9 | |||||
Net income | $ 390.6 | 389.9 | 389.9 | 0.7 | |||
Other comprehensive loss | 78.3 | 78.3 | 78.3 | ||||
Comprehensive income | 468.9 | 468.2 | |||||
Issuance of common stock under employee plans, net of tax withholdings | 10 | $ 0.1 | 40.6 | (30.7) | 10 | ||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 2.8 | ||||||
Stock repurchases | (81.6) | $ 0 | (13) | (68.6) | (81.6) | ||
Stock repurchases (in shares) | (1.9) | ||||||
Stock-based compensation | 81.3 | 81.3 | 81.3 | ||||
Noncontrolling interest investments | (0.4) | (0.4) | |||||
Ending balance at Jan. 01, 2021 | $ 3,598.6 | $ 0.3 | $ 1,801.7 | $ 1,893.4 | $ (98.5) | $ 3,596.9 | $ 1.7 |
Ending balance (in shares) at Jan. 01, 2021 | 250.8 | 250.8 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 390.6 | $ 514.5 | $ 283.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 39.7 | 39.4 | 35.6 |
Amortization expense | 157.8 | 167.8 | 179.6 |
Provision for credit losses | 7.1 | 6.5 | 3.4 |
Deferred income taxes | (52.9) | (220.2) | (47.6) |
Non-cash restructuring expense | 11.4 | 2.1 | 0.5 |
Stock-based compensation | 83 | 75 | 76.9 |
(Income) loss from equity method investments, net of dividends | (21) | (7.8) | 1.9 |
Provision for excess and obsolete inventories | 16.2 | 7.3 | 7.2 |
Other, net | 16.5 | (10.4) | 10.2 |
(Increase) decrease in assets: | |||
Accounts receivable, net | (14) | (96) | (51) |
Inventories | (5) | (21.3) | (45) |
Other current and non-current assets | 2.5 | 11 | (17.6) |
Increase (decrease) in liabilities: | |||
Accounts payable | (15.7) | 14.5 | (2) |
Accrued compensation and benefits | 34.9 | (46.4) | 18.6 |
Deferred revenue | 65.7 | 148.2 | 76.3 |
Other current and non-current liabilities | (44.8) | 0.8 | (43.6) |
Net cash provided by operating activities | 672 | 585 | 486.7 |
Cash flow from investing activities: | |||
Acquisitions of businesses, net of cash acquired | (201.9) | (220.8) | (1,763.5) |
Purchases of property and equipment | (56.8) | (69) | (67.6) |
Purchases of short-term investments | 0 | 0 | (24) |
Proceeds from maturities of short-term investments | 0 | 0 | 6.2 |
Proceeds from sales of short-term investments | 0 | 0 | 196.8 |
Other, net | 26.9 | 14.5 | 2.5 |
Net cash used in investing activities | (231.8) | (275.3) | (1,649.6) |
Cash flows from financing activities: | |||
Issuance of common stock, net of tax withholdings | 10 | 29.1 | 40.2 |
Repurchase of common stock | (81.6) | (179.8) | (93) |
Proceeds from debt and revolving credit lines | 1,173.8 | 1,195.4 | 2,976.4 |
Payments on debt and revolving credit lines | (1,486) | (1,322.9) | (1,925.1) |
Other, net | (16.5) | (14.4) | (9.1) |
Net cash provided by (used in) financing activities | (400.3) | (292.6) | 989.4 |
Effect of exchange rate changes on cash and cash equivalents | 8.6 | (0.4) | (12.5) |
Net increase (decrease) in cash and cash equivalents | 48.5 | 16.7 | (186) |
Cash and cash equivalents - beginning of fiscal year | 189.2 | 172.5 | 358.5 |
Cash and cash equivalents - end of fiscal year | 237.7 | 189.2 | 172.5 |
Supplemental cash flow disclosure: | |||
Cash paid for income taxes, net | 59 | 63.1 | 62.3 |
Interest paid | $ 71.8 | $ 79.2 | $ 69.3 |
Description Of Business And Acc
Description Of Business And Accounting Policies | 12 Months Ended |
Jan. 01, 2021 | |
Accounting Policies [Abstract] | |
Description Of Business And Accounting Policies | DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES Trimble Inc., (“we” or “our” or “us”) is incorporated in the State of Delaware since October 2016. We are a leading provider of technology solutions that enable professionals and field mobile workers to improve or transform their work processes. We focus on transforming the way the world works by delivering products and services that connect the physical and digital worlds. We generate revenue primarily through the sale of our hardware, software, maintenance and support, professional services, and subscriptions. Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the 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 (“SSP”) of performance obligations, provision for credit losses, 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. We base our estimates on historical experience and various other assumptions we believe to be reasonable and i nputs into our estimates consider the economic implications of COVID-19. Actual results that we experience may differ materially from our estimates. Basis of Presentation We use a 52-53 week fiscal year ending on the Friday nearest to December 31. Fiscal 2020 and 2018 were both 52-week years ending on January 1, 2021 and December 28, 2018, respectively. Fiscal 2019 was a 53-week year ended on January 3, 2020. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods. These Consolidated Financial Statements include our results of our consolidated subsidiaries. Intercompany 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. We present revenue and cost of sales separately for products, services, and subscriptions. Product revenue includes hardware and software licenses; service revenue includes maintenance and support for hardware and software products and professional services; subscription revenue includes software as a service (“SaaS”), data, and hosting services. Reportable Segments We report our financial performance, including revenue and operating income, based on four reportable segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation. Our Chief Executive Officer and Chief Operating Decision Maker views and evaluates operations based on the results of our reportable operating segments under our management reporting system. These results are not necessarily in conformance with U.S. GAAP. Revenue Recognition Significant Judgments Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognized net of allowance for returns and any taxes collected from customers. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Judgment is required to determine SSP for each distinct performance obligation. We use a range of amounts to estimate SSP when products and services are sold separately, and determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, we determine SSP using information that may include market conditions and other observable inputs. Nature of Goods and Services We generate revenue primarily from products, services, and subscriptions; each of which is a distinct performance obligation. Descriptions are as follows: Product Hardwar e is recognized when the control of the product transfers to the customer, which is generally when the product is shipped. We recognize shipping fees reimbursed by customers as revenue and the cost for shipping as an expense in Cost of sales when control over products has transferred to the customer. Software including perpetual and term licenses is recognized upon delivery and commencement of license term. In general, our contracts do not provide for customer specific acceptances. Services Hardware maintenance and support, commonly called extended warranty, entitles the customer to receive replacement parts and repair services. Extended warranty is separately priced and is recognized on a straight-line basis over the extended service period, which begins after the standard warranty period, ranging from one Software maintenance and support entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Software maintenance is recognized on a straight-line basis commencing upon product delivery over the post-contract support term, which ranges from one Professional services include installation, training, configuration, project management, system integrations, customization, data migration/conversion, and other implementation services. The majority of professional services are not complex, can be provided by other vendors, and are readily available and billed on a time-and-material basis. Revenue for distinct professional services is recognized over time, based on work performed. In some contracts, products and professional services may be combined into a single performance obligation. This generally arises when products or subscriptions are sold with significant customization, modification, or integration services. Revenue for the combined performance is recognized over time as the work progresses because of the continuous transfer of control to the customer. Subscription SaaS may be sold with devices used to collect, generate, and transmit data. SaaS is distinct from the related devices. In addition, we may host the software that the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms generally range from month-to-month to three years. Subscription revenue is recognized monthly over the subscription term, commencing from activation. Deferred Costs to Obtain Customer Contracts Our incremental cost of obtaining contracts, which consists of sales commissions related to customer contracts that include maintenance or subscription revenue, are deferred if the contractual term is greater than a year or if renewals are expected, and the renewal commission is not commensurate with the initial commission. These commission costs are deferred and amortized over the benefit period, which is either the contract term or the shorter of customer or product life that ranges from three Remaining Performance Obligations Remaining performance obligations represent contracted revenue for which goods or services have not been delivered. The contracted revenue, which will be recognized in future periods, includes both invoiced amounts in deferred revenue as well as amounts that are not yet invoiced. Foreign Currency Translation Assets and liabilities of non-U.S. subsidiaries that operate in local currencies are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments, net of tax, recorded in Accumulated other comprehensive loss within the Stockholders’ Equity section of the Consolidated Balance Sheets. Income and expense accounts are translated at average monthly exchange rates during the year. Derivative Financial Instruments We enter into foreign exchange forward contracts to minimize the short-term impact of foreign currency fluctuations on cash and certain trade and intercompany receivables and payables, primarily denominated in New Zealand Dollars, Brazil Real, Canadian Dollars, Norwegian Krone, and Euro. T hese contracts reduce the exposure to fluctuations in foreign currency exchange rate movements, as the gains and losses associated with foreign currency balances are generally offset with the gains and losses on the forward contracts. These instruments are marked-to-market through earnings every reporting period and generally range from one ntracts to hedge the purchase price of some of our larger business acquisitions. We do not enter into foreign currency forward contracts for trading purposes. As of the fiscal years ended 2020 and 2019, there were no derivative financial instruments outstanding that were accounted for as hedges. Concentrations of Risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and therefore bear minimal credit risk. We are also exposed to credit risk in our trade receivables, which are derived from sales to end-user customers in diversified industries as well as various resellers. We perform ongoing credit evaluations of our customers’ financial conditions and limit the amount of credit extended, when deemed necessary, but generally do not require collateral. In addition, we rely on a limited number of suppliers for a number of our critical components. Accounts Receivable, Net Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceeds the amount billed to the customer, provided the billing is not contingent upon future performance, and we have the unconditional right to future payment with only the passage of time required. Both billed and unbilled amounts due are stated at their net estimated realizable value. The unbilled receivables were $138.7 million and $129.5 million at the end of fiscal 2020 and 2019, respectively. We maintain an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. Each reporting period, we evaluate the collectability of our trade accounts receivable based on a number of factors such as age of the accounts receivable balances, credit quality, historical experience, and current and future economic conditions that may affect a customer’s ability to pay. Changes in our allowance for credit losses at the end of fiscal 2020, 2019 and 2018 were as follows: Fiscal Years 2020 2019 2018 (In millions) Balance at beginning of period $ 5.9 $ 4.6 $ 3.6 Acquired allowances — 0.2 1.6 Provision for credit losses 7.1 6.5 3.4 Write-offs, net of recoveries (6.0) (5.4) (4.0) Balance at end of period $ 7.0 $ 5.9 $ 4.6 Inventories Inventories are stated at the lower of cost or net realizable value. Adjustments are also made to reduce the cost of inventory for estimated excess or obsolete balances. Factors influencing these adjustments include declines in demand that impact inventory purchasing forecasts, technological changes, product life cycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If our estimate used to reserve for excess and obsolete inventory differs from what is expected, we may be required to recognize additional reserves, which would negatively impact our gross margin. Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the shorter of the estimated useful lives or the lease terms when applicable. Useful lives generally range from four five two two , $39.4 million and $35.6 million in fiscal 2020, 2019 and 2018, respectively. Leases We determine if an arrangement is a lease at inception. Operating leases with lease terms greater than one year are included in Operating lease right-of-use (“ROU”) assets, in both Other current liabilities, and Operating lease liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Present value is determined by using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowings over a similar term of the lease payments at commencement date. The operating lease ROU asset includes adjustments made for uneven rents, lease incentives, and lease impairments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease agreements that include both lease and non-lease components are accounted for as part of the overall lease arrangement. Business Combinations We allocate the fair value of purchase consideration to the assets acquired, liabilities assumed, and non-controlling interests in the acquiree based on their fair values at the acquisition date, with any excess purchase price recognized as goodwill. When determining the fair values of assets acquired, liabilities assumed, and non-controlling interests in the acquiree, we make significant estimates and assumptions, especially with respect to intangible assets. Critical estimates when valuing intangible assets include expected future cash flows based on consideration of future growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates. Fair value estimates are based on the assumptions we believe a market participant would use in pricing the asset or liability. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition as additional information about conditions existing at the acquisition date becomes available. Goodwill and Purchased Intangible Assets Goodwill represents the excess of the purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets acquired individually, with a group of other assets, or in a business combination are recorded at fair value. Identifiable intangible assets are comprised of technology, patents, licenses, customer contracts, acquired backlog, trademarks, and in-process research and development. Identifiable intangible assets are amortized over the period of estimated benefit using the straight-line method and have estimated useful lives ranging from three years to ten years with a weighted average useful life of approximately seven years. We write off fully amortized intangible assets when those assets are no longer used. Goodwill is not subject to amortization, but is subject to, at a minimum, an annual assessment for impairment. Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets We evaluate goodwill on an annual basis or more frequently if indicators of potential impairment exist. We utilize either a qualitative or quantitative approach to assess the likelihood of impairment as of the first day of the fourth quarter. When performing the qualitative assessment, we consider macroeconomic conditions, industry and market considerations, overall financial performance, and other relevant events and factors that may impact the reporting units. When performing the quantitative assessment, we compare the reporting unit’s carrying amount, including goodwill, to the reporting unit's fair value. When we perform a quantitative test, the estimation of the fair value of a reporting unit involves the use of certain estimates and assumptions including expected future operating performance using risk-adjusted discount rates. Actual future results may differ from those estimates. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized. Identifiable intangible assets and long-lived assets with finite lives are amortized over their estimated useful lives on a straight-line basis. Changes in circumstances such as technological advances, changes to business models, or changes in the capital strategy could result in a revised useful life. If the useful life of an asset is revised, the net book value of the estimated residual value is amortized over its revised remaining useful life. Intangible assets and long-lived assets are evaluated for impairment according to their asset groups whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable based on their future cash flows. The estimated future cash flows are primarily based upon assumptions about expected future operating performance. Assets held for disposal are measured at fair value less selling costs, and assets that are no longer in use are written off entirely at their cease-use dates. Stock-Based Compensation Stock compensation expense is based on the measurement date fair value of the awards, net of expected forfeitures. Expense is generally recognized on a straight-line basis over the requisite service period of the stock awards. The estimate of the forfeiture rate is based on historical experience. Warranty 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 cost is primarily estimated based upon historical trends in the volume of product returns within the warranty period and the cost to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging from one year to two years. Accrued warranty expenses o f $13.8 million and $16.3 million are included in Other current liabilities in the Consolidated Balance Sheets at the end of fiscal 2020 and 2019, respectively. Guarantees, Including Indirect Guarantees of Indebtedness of Others In the normal course of business to facilitate sales of our products, we indemnify other parties, including customers, lessors, and parties to other transactions with us with respect to certain matters. We may agree to hold the other party harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In connection with divesting some of our businesses or assets, we may also indemnify purchasers for certain matters in the normal course of business, such as breaches of representations, covenants, or excluded liabilities. In addition, we entered into indemnification agreements with our officers and directors, and our bylaws contain similar indemnification obligations to our agents. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made under these agreements were not material, and no liabilities have been recorded for these obligations in the Consolidated Balance Sheets at the end of fiscal 2020 and 2019. Advertising and Promotional Costs We expense all advertising and promotional costs as incurred. Advertising and promotional expense was approximately $28.6 million, $42.7 million, and $42.7 million, in fiscal 2020, 2019, and 2018, respectively. Research and Development Costs Research and development costs are charged to expense as incurred. Costs of software developed for external sale subsequent to reaching technical feasibility were not significant and were expensed as incurred. We received third-party funding of approximately $16.3 million , $16.5 million, and $19.5 million in fiscal 2020, 2019, and 2018, respectively. We offset research and development expense with any unconditional third-party funding earned and retain the rights to any technology developed under such arrangements. Computation of Earnings Per Share The number of shares used in the calculation of basic earnings per share represents the weighted-average common shares outstanding during the period and excludes any potentially dilutive securities. The dilutive effects of outstanding stock options, restricted stock units (“RSUs”), and shares to be purchased under our Employee Stock Purchase Plan (“ESPP”) are included in diluted earnings per share unless they are anti-dilutive. Income Taxes Income taxes are accounted for under the liability method, whereby deferred tax assets or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not such assets will not be realized. Our valuation allowance is primarily attributable to foreign net operating losses and state research and development credit carryforwards. Relative to uncertain tax positions, we only recognize a tax benefit if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual tax audit outcomes. Changes in recognition or measurement of our uncertain tax positions would result in the recognition of a tax benefit or an additional charge to the tax provision. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. We are subject to income taxes in the U.S. and numerous other countries and are subject to routine corporate income tax audits in many of these jurisdictions. We generally believe that positions taken on our tax returns are more likely than not to be sustained upon audit, but tax authorities in some circumstance have, and may in the future, successfully challenge these positions. Accordingly, our income tax provision includes amounts intended to satisfy assessments that may result from these challenges. The amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in our income tax provision and, therefore, could have a material impact on our income tax provision, net income, and cash flows. Recent Accounting Pronouncements Fiscal 2020 Adoption 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 2020 by applying a modified retrospective method without restating comparative periods. The adoption did not have a material impact on our Consolidated Financial Statements. Intangibles - Goodwill and Other In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test. The impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. We adopted the new standard on a prospective basis at the beginning of fiscal 2020. The adoption did not have a material impact on our 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 2020. The adoption of the new guidance did not have a material impact on our Consolidated Financial Statements. Future Adoption Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued amendments to the accounting for Income Taxes to reduce complexity by removing certain exceptions and implementing targeted simplifications. The new standard is effective for us beginning in fiscal 2021. Early adoption is permitted. We do not expect the adoption to have a material impact on our Consolidated Financial Statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 01, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is computed by dividing Net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing Net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, RSUs, contingently issuable shares, and shares to be purchased under our ESPP. The following table shows the computation of basic and diluted earnings per share: Fiscal Years 2020 2019 2018 (In millions, except per share data) Numerator: Net income attributable to Trimble Inc. $ 389.9 $ 514.3 $ 282.8 Denominator: Weighted average number of common shares used in basic earnings per share 250.5 250.8 250.0 Effect of dilutive securities 1.8 2.1 3.4 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 252.3 252.9 253.4 Basic earnings per share $ 1.56 $ 2.05 $ 1.13 Diluted earnings per share $ 1.55 $ 2.03 $ 1.12 For fiscal 2020, 2019, and 2018, 0.5 million, 0.1 million, and 0.7 million, respectively, of shares were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive. |
Business Combinations
Business Combinations | 12 Months Ended |
Jan. 01, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS During fiscal 2020, 2019, and 2018, we acquired multiple businesses, all with cash consideration. The Consolidated Statements of Income include the operating results of the businesses from the dates of acquisition. During fiscal 2020, we acquired three businesses, with total purchase consideration of $205.1 million . The acquisitions were not significant individually or in the aggregate. The largest acquisition was Kuebix, a transportation management system provider. In the aggregate, the businesses acquired contributed less than 1% of our total revenue during fiscal 2020. During fiscal 2019, we acquired four businesses, with total purchase consideration of $247.0 million. The acquisitions were not significant individually or in the aggregate. The largest acquisition was Cityworks, a company that provides enterprise asset management (EAM) software for utilities and local government. In the aggregate, the businesses acquired contributed less than 1% of our total revenue during fiscal 2019. During fiscal 2018, we acquired six businesses, with total purchase consideration of $1.8 billion, including e-Builder and Viewpoint, having cash transactions valued at $485.5 million and $1,212.1 million, respectively. In the aggregate, the businesses acquired contributed approximately 5% of our total revenue during fiscal 2018. We determined the total consideration paid for each of our acquisitions as well as the fair value of the assets acquired and liabilities assumed as of the date of each acquisition. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis. For the acquisitions in fiscal 2020, the preliminary fair values of net tangible assets and intangible assets acquired were based on preliminary valuations and estimates, and assumptions are subject to change within the measurement period (up to one year from the acquisition date). Acquisition costs of $21.4 million , $20.5 million, and $38.9 million in fiscal 2020, 2019, and 2018, respectively, were expensed as incurred and are included in Cost of sales and General and administrative expenses in our Consolidated Statements of Income. The following table summarizes the business combinations completed during the periods indicated: Fiscal Years 2020 2019 2018 (In millions) Fair value of total purchase consideration $ 205.1 $ 247.0 $ 1,782.9 Less fair value of net assets acquired: Net tangible assets acquired (1.6) 6.7 5.0 Identified intangible assets 56.7 104.6 568.3 Deferred taxes 0.7 (3.4) (89.2) Goodwill $ 149.3 $ 139.1 $ 1,298.8 Intangible Assets The following table presents details of total intangible assets. As of the end of fiscal 2020, $338.3 million of fully amortized intangible assets were written off. Amounts reported at the end of fiscal 2019 have been adjusted to conform to the current presentation. At the End of Fiscal 2020 At the End of Fiscal 2019 (In millions) Weighted-Average Useful Lives (in years) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Developed product technology 6 $ 1,118.2 $ (811.1) $ 307.1 $ 1,191.9 $ (848.6) $ 343.3 Trade names and trademarks 5 58.3 (51.9) 6.4 73.1 (58.1) 15.0 Customer relationships 8 681.1 (419.3) 261.8 750.8 (446.6) 304.2 Distribution rights and other intellectual properties 7 45.8 (41.0) 4.8 68.7 (52.5) 16.2 $ 1,903.4 $ (1,323.3) $ 580.1 $ 2,084.5 $ (1,405.8) $ 678.7 The estimated future amortization expense of intangible assets at the end of fiscal 2020 is as follows (in millions): 2021 $ 139.8 2022 119.9 2023 106.4 2024 82.9 2025 46.1 Thereafter 85.0 Total $ 580.1 Goodwill The changes in the carrying amount of goodwill by segment were as follows: (In millions) Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total At the end of fiscal 2019 $ 1,973.0 $ 401.5 $ 445.4 $ 860.7 $ 3,680.6 Additions due to acquisitions 1.3 — 0.4 147.6 149.3 Purchase price and foreign currency translation adjustments 23.1 14.2 8.0 1.3 46.6 At the end of fiscal 2020 $ 1,997.4 $ 415.7 $ 453.8 $ 1,009.6 $ 3,876.5 |
Certain Balance Sheet Component
Certain Balance Sheet Components | 12 Months Ended |
Jan. 01, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Components | CERTAIN BALANCE SHEET COMPONENTS The components of inventory, net were as follows: At the End of Fiscal Year 2020 2019 (In millions) Inventories: Raw materials $ 95.6 $ 95.8 Work-in-process 16.0 13.2 Finished goods 190.1 203.1 Total inventories $ 301.7 $ 312.1 Finished goods includes $11.7 million and $5.6 million at the end of fiscal 2020 and 2019, respectively, for costs of sales that have been deferred in connection with deferred revenue arrangements. The components of property and equipment, net were as follows: At the End of Fiscal Year 2020 2019 (In millions) Property and equipment, net: Land, building, furniture, and leasehold improvements $ 253.3 $ 211.0 Machinery and equipment 178.7 165.3 Software and licenses 148.9 143.0 Construction in progress 17.2 38.3 598.1 557.6 Less: accumulated depreciation (346.3) (316.2) Total property and equipment, net 251.8 241.4 The components of other non-current liabilities were as follows: At the End of Fiscal Year 2020 2019 (In millions) Other non-current liabilities: Unrecognized tax benefits $ 55.4 $ 66.4 Deferred compensation 42.0 36.2 Pension 21.9 20.2 Other 31.3 30.1 Total other non-current liabilities $ 150.6 $ 152.9 The components of accumulated other comprehensive loss, net of related tax were as follows: At the End of Fiscal Year 2020 2019 (In millions) Accumulated foreign currency translation adjustments $ (96.0) $ (173.1) Net unrealized actuarial losses (2.5) (3.7) Total accumulated other comprehensive loss $ (98.5) $ (176.8) |
Reporting Segment And Geographi
Reporting Segment And Geographic Information | 12 Months Ended |
Jan. 01, 2021 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Reporting Segment And Geographic Information | REPORTING SEGMENT AND GEOGRAPHIC INFORMATION We determined our operating segments based on how our Chief Operating Decision Maker ("CODM") views and evaluates operations. Various factors, including market separation and customer-specific applications, go-to-market channels, and products and services, were considered in determining these operating segments. Our CODM regularly reviews our segment operating results to make decisions about resources to be allocated to each segment and assess performance. In each of our segments, we sell many individual products. For this reason, it is impracticable to segregate and identify revenue for each of the individual products or group of products we sell. 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, and government. • 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 and freight shipper markets. 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. This is consistent with the way the CODM evaluates each of the segment's performance and allocates resources. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Fiscal 2020 Revenue $ 1,230.7 $ 650.5 $ 627.3 $ 639.2 $ 3,147.7 Acquired deferred revenue adjustment 0.3 — 2.7 1.3 4.3 Segment revenue $ 1,231.0 $ 650.5 $ 630.0 $ 640.5 $ 3,152.0 Operating income $ 343.0 $ 184.4 $ 218.4 $ 49.0 $ 794.8 Acquired deferred revenue adjustment 0.3 — 2.7 1.3 4.3 Amortization of acquired capitalized commissions (5.2) — (0.1) (0.2) (5.5) Segment operating income $ 338.1 $ 184.4 $ 221.0 $ 50.1 $ 793.6 Depreciation expense $ 8.1 $ 6.2 $ 5.6 $ 4.1 $ 24.0 Fiscal 2019 Revenue $ 1,254.2 $ 649.4 $ 568.4 $ 792.3 $ 3,264.3 Acquired deferred revenue adjustment 4.0 — 3.0 — 7.0 Segment revenue $ 1,258.2 $ 649.4 $ 571.4 $ 792.3 $ 3,271.3 Operating income $ 322.1 $ 132.2 $ 166.2 $ 125.9 $ 746.4 Acquired deferred revenue adjustment 4.0 — 3.0 — 7.0 Amortization of acquired capitalized commissions (6.2) — (0.1) — (6.3) Segment operating income $ 319.9 $ 132.2 $ 169.1 $ 125.9 $ 747.1 Depreciation expense $ 8.1 $ 6.3 $ 4.4 $ 4.4 $ 23.2 Fiscal 2018 Revenue $ 1,065.5 $ 723.1 $ 567.1 $ 752.7 $ 3,108.4 Acquired deferred revenue adjustment 22.2 — 1.0 0.4 23.6 Segment revenue $ 1,087.7 $ 723.1 $ 568.1 $ 753.1 $ 3,132.0 Operating income $ 239.0 $ 166.4 $ 167.4 $ 142.9 $ 715.7 Acquired deferred revenue adjustment 22.2 — 1.0 0.4 23.6 Amortization of acquired capitalized commissions (4.5) — (0.2) — (4.7) Segment operating income $ 256.7 $ 166.4 $ 168.2 $ 143.3 $ 734.6 Depreciation expense $ 6.4 $ 6.0 $ 4.2 $ 4.5 $ 21.1 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of Fiscal Year End 2020 Accounts receivable, net $ 260.1 $ 117.5 $ 91.2 $ 151.7 $ 620.5 Inventories 59.1 120.1 49.0 73.5 301.7 Goodwill 1,997.4 415.7 453.8 1,009.6 3,876.5 As of Fiscal Year End 2019 Accounts receivable, net $ 232.0 $ 115.5 $ 93.3 $ 167.4 $ 608.2 Inventories 67.1 125.0 45.5 74.5 312.1 Goodwill 1,973.0 401.5 445.4 860.7 3,680.6 As of Fiscal Year End 2018 Accounts receivable, net $ 177.5 $ 118.7 $ 83.8 $ 132.6 $ 512.6 Inventories 70.3 133.5 46.2 48.0 298.0 Goodwill 1,970.2 403.1 305.7 861.0 3,540.0 A reconciliation of our consolidated segment operating income to consolidated income before income taxes was as follows: Fiscal Years 2020 2019 2018 (In millions) Consolidated segment operating income $ 793.6 $ 747.1 $ 734.6 Unallocated corporate expense (74.0) (73.1) (91.9) Acquired deferred revenue adjustment (4.3) (7.0) (23.6) Amortization of acquired capitalized commissions 5.5 6.3 4.7 Amortization of purchased intangible assets (157.8) (167.8) (179.6) Amortization of acquisition-related inventory step-up — — (0.2) Acquisition / divestiture items (21.4) (20.5) (38.9) Stock-based compensation / deferred compensation (90.4) (81.2) (75.7) Restructuring charges / executive transition costs (28.2) (27.9) (8.7) COVID-19 expenses (3.2) — — Consolidated operating income 419.8 375.9 320.7 Total non-operating expense, net (24.8) (31.1) (42.7) Consolidated income before taxes $ 395.0 $ 344.8 $ 278.0 (1) Unallocated corporate expense includes general corporate expense. On a total Company basis, the disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and excludes the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting, consistent with the Reporting Segment tables above. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Fiscal 2020 North America $ 703.4 $ 249.9 $ 191.4 $ 502.5 $ 1,647.2 Europe 337.1 222.3 284.3 78.4 922.1 Asia Pacific 165.7 138.2 64.5 34.9 403.3 Rest of World 24.8 40.1 89.8 24.7 179.4 Total segment revenue $ 1,231.0 $ 650.5 $ 630.0 $ 640.5 $ 3,152.0 Fiscal 2019 North America $ 722.7 $ 263.0 $ 173.3 $ 636.3 $ 1,795.3 Europe 338.7 217.5 273.6 90.4 920.2 Asia Pacific 165.3 122.7 47.4 39.7 375.1 Rest of World 31.5 46.2 77.1 25.9 180.7 Total segment revenue $ 1,258.2 $ 649.4 $ 571.4 $ 792.3 $ 3,271.3 Fiscal 2018 North America $ 595.0 $ 290.6 $ 175.0 $ 609.4 $ 1,670.0 Europe 312.1 211.2 260.0 90.2 873.5 Asia Pacific 152.7 171.7 46.4 47.5 418.3 Rest of World 27.9 49.6 86.7 6.0 170.2 Total segment revenue $ 1,087.7 $ 723.1 $ 568.1 $ 753.1 $ 3,132.0 Total revenue in the United States as included in the Consolidated Statements of Income was $1,502.3 million, $1,641.0 million, and $1,518.1 million in fiscal 2020, 2019, and 2018, respectively. No single customer or country other than the United States accounted for 10% or more of our total revenue in fiscal 2020, 2019 and 2018. No single customer accounted for 10% or more of our accounts receivable at the end of fiscal 2020 and 2019. Property and equipment, net by geographic area were as follows: At the End of Fiscal Year 2020 2019 (In millions) Property and equipment, net: United States $ 200.3 $ 192.7 Europe 41.0 38.6 Asia Pacific and Rest of World 10.5 10.1 Total property and equipment, net $ 251.8 $ 241.4 |
Debt
Debt | 12 Months Ended |
Jan. 01, 2021 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Debt | DEBT Debt consisted of the following: At the End of Fiscal Year Effective interest rate (In millions, except percentages) Date of Issuance for fiscal 2020 2020 2019 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 — — 225.0 Revolving Credit Facility, due May 2023 May 2018 — — 110.0 Uncommitted facilities, floating rate 1.16% 255.8 218.7 Promissory notes and other debt 0.1 0.3 Unamortized discount and issuance costs (8.7) (10.8) Total debt 1,547.2 1,843.2 Less: Short-term debt 255.8 219.0 Long-term debt $ 1,291.4 $ 1,624.2 Each of our debt agreements requires us to maintain compliance with certain debt covenants, all of which we complied with at the end of fiscal 2020. Debt Maturities: At the end of fiscal 2020, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2021 $ 255.8 2022 — 2023 300.1 2024 400.0 2025 — Thereafter 600.0 Total $ 1,555.9 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 Facility: At the end of fiscal 2020, we had access to a $1.25 billion unsecured revolving credit facility maturing in May 2023, which may be used for working capital and general corporate purposes, including permitted acquisitions. As part of the credit facility, we may request an additional term loan facility up to $500.0 million prior to the maturity of the credit facility and subject to approval. There were no amounts outstanding under the revolving credit facility at the end of fiscal 2020. 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 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 our Consolidated Balance Sheet. Promissory Notes and Other Debt |
Leases
Leases | 12 Months Ended |
Jan. 01, 2021 | |
Leases [Abstract] | |
Leases | LEASES We have operating leases primarily for certain of our major facilities, including corporate offices, research and development facilities, and manufacturing facilities. Lease terms range from 1 to 10 years, and certain leases include options to extend the lease for up to 6 years. We consider options to extend the lease in determining the lease term. Operating lease expense consisted of: At the End of Fiscal Year 2020 2019 (In millions) Operating lease expense $ 38.1 $ 38.3 Short-term lease expense and other 15.7 18.4 Total lease expense $ 53.8 $ 56.7 Supplemental cash flow information related to leases was as follows: At the End of Fiscal Year 2020 2019 (In millions) Cash paid for liabilities included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 37.0 $ 37.9 Right-of-use assets obtained in exchange for Operating lease liabilities: $ 29.4 $ 53.2 (1) Excludes cash payments for short-term leases, which are not capitalized. Supplemental balance sheet information related to leases was as follows: At the End of Fiscal Year 2020 2019 (In millions) Operating lease right-of-use assets $ 128.9 $ 140.3 Other current liabilities $ 33.8 $ 28.9 Operating lease liabilities 109.2 114.1 Total operating lease liabilities $ 143.0 $ 143.0 Weighted-average discount rate 3.86 % 4.23 % Weighted-average remaining lease term 6 years 6 years At the end of fiscal 2020, the maturities of lease liabilities were as follows (in millions): Year Payable 2021 $ 37.6 2022 31.9 2023 24.3 2024 18.7 Thereafter 46.4 Total lease payments $ 158.9 Less: imputed interest 15.9 Total $ 143.0 We signed operating leases for real estate of approximately $40.0 million that have not yet commenced at the end of fiscal 2020, and as such, have not been recognized on our Consolidated Balance Sheets. These operating leases are expected to commence in 2021 with lease terms ranging from 1 to 13 years. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jan. 01, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES At the end of fiscal 2020, we had unconditional purchase obligations of approximately $241.1 million. These unconditional purchase obligations primarily represent open non-cancelable purchase orders for material purchases with our vendors. Litigation From time to time, we are involved in litigation arising in 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 is a party or of which any of our or our subsidiaries' property is subject. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 01, 2021 | |
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 the period indicated were as follows: At the End of Fiscal Year 2020 2019 (In millions) Level I Level II Level III Total Level I Level II Level III Total Assets Deferred compensation plan assets (1) $ 41.9 $ — $ — $ 41.9 $ 36.2 $ — $ — $ 36.2 Derivative assets (2) — 0.9 — 0.9 — 0.3 — 0.3 Total assets measured at fair value $ 41.9 $ 0.9 $ — $ 42.8 $ 36.2 $ 0.3 $ — $ 36.5 Liabilities Deferred compensation plan liabilities (1) $ 41.9 $ — $ — $ 41.9 $ 36.2 $ — $ — $ 36.2 Derivative liabilities (2) — 0.5 — 0.5 — 1.0 — 1.0 Contingent consideration liabilities (3) — — 12.3 12.3 — — 19.9 19.9 Total liabilities measured at fair value $ 41.9 $ 0.5 $ 12.3 $ 54.7 $ 36.2 $ 1.0 $ 19.9 $ 57.1 (1) We have a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities on our Consolidated Balance Sheets, respectively. (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 our Consolidated Balance Sheets, respectively. (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. At the end of fiscal 2020, we have $12.3 million included in Other current liabilities on our Consolidated Balance Sheet. The undiscounted maximum payment under the arrangements is $18.3 million at the end of fiscal 2020. 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 fiscal 2020 and 2019, respectively, consistent with the carrying values. The fair value of our 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 | 12 Months Ended |
Jan. 01, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Costs to Obtain Customer Contracts | DEFERRED COSTS TO OBTAIN CUSTOMER CONTRACTS Deferred cost to obtain customer contracts of $51.3 million and $45.4 million is included in Other non-current assets in the Consolidated Balance Sheets at the end of fiscal 2020 and 2019, respectively. Amortization expense related to deferred costs to obtain customer contracts was $22.8 million, $22.3 million, and $23.6 million, for fiscal 2020, 2019 and 2018, respectively. This expense was included in Sales and marketing expense in our Consolidated Statements of Income. There were no impairment losses related to the deferred costs for the periods presented. |
Deferred Revenue and Remaining
Deferred Revenue and Remaining Performance | 12 Months Ended |
Jan. 01, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue and Remaining Performance Obligations | DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in our deferred revenue during fiscal 2020 and 2019 were as follows: Fiscal Years 2020 2019 (In millions) Beginning balance of the period $ 541.9 $ 387.2 Revenue recognized (476.9) (341.3) Net deferred revenue activity 548.8 496.0 Ending balance of the period $ 613.8 $ 541.9 Remaining Performance Obligations As of the end of fiscal 2020, approximately $1.3 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, maintenance and support, and to a lesser extent, hardware and professional services. We expect to recognize $1.0 billion or 73% of our remaining performance obligations as revenue during the next 12 months. We expect to recognize the remaining $0.3 billion or 27% of our remaining performance obligations as revenue thereafter. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income before taxes and the provision (benefit) for taxes consisted of the following: Fiscal Years 2020 2019 2018 (In millions) Income before taxes: United States $ 24.7 $ 43.0 $ 25.4 Foreign 370.3 301.8 252.6 Total $ 395.0 344.8 278.0 Provision (benefit) for taxes: U.S. Federal: Current $ (5.8) $ (3.8) $ (19.7) Deferred (16.3) 252.3 (25.8) (22.1) 248.5 (45.5) U.S. State: Current 0.8 5.1 5.0 Deferred 7.1 (0.7) (3.6) 7.9 4.4 1.4 Foreign: Current 62.2 49.2 57.0 Deferred (43.6) (471.8) (18.2) 18.6 (422.6) 38.8 Income tax provision (benefit) $ 4.4 $ (169.7) $ (5.3) Effective tax rate 1.1 % (49.2) % (1.9) % The difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit) as a percentage of income before taxes ("effective tax rate") was as follows: Fiscal Years 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in tax rate resulting from: Foreign income taxed at different rates 1.7 % (7.3) % (6.7) % Change in valuation allowance 2.0 % — % — % U.S. State income taxes 0.5 % 1.5 % 1.0 % Stock-based compensation 1.5 % 1.2 % 1.1 % Excess tax benefit related to stock-based compensation (1.5) % (2.4) % (3.2) % Effect of U.S. tax law change — % — % (7.6) % Other U.S. taxes on foreign operations (1.0) % 1.3 % 1.6 % U.S. Federal research and development credits (2.3) % (2.8) % (3.7) % Tax reserve releases (4.8) % (4.9) % (8.7) % Intellectual property restructuring and tax law changes (16.2) % (59.8) % — % Other 0.2 % 3.0 % 3.3 % Effective tax rate 1.1 % (49.2) % (1.9) % 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 fourth quarter of fiscal 2020. In December 2020, due to a change in the Netherlands tax law, the statutory tax rate was increased from 21.7% to 25.0%, effective January 1, 2021. As a result, we recorded a one-time tax benefit of $64.0 million due to the revaluation of the Netherlands deferred tax assets. In December 2019, to align with our international business operations, we completed a non-U.S. intercompany transfer of our intellectual property to a subsidiary in the Netherlands. The transaction resulted in deferred tax assets in the Netherlands and GILTI deferred tax liabilities in the U.S., recorded at the applicable statutory tax rates, resulting in a one-time income tax benefit of approximately $206.3 million in the fourth quarter of fiscal 2019. Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred tax assets and liabilities were as follows: At the End of Fiscal Year 2020 2019 (In millions) Deferred tax liabilities: Global intangible low-taxed income $ 219.7 $ 233.7 Purchased intangibles 138.1 158.7 Operating lease right-of-use assets 32.3 35.3 Other 11.3 12.8 Total deferred tax liabilities 401.4 440.5 Deferred tax assets: Depreciation and amortization 497.1 471.5 Operating lease liabilities 35.0 36.0 U.S. tax credit carryforwards 32.8 34.2 Expenses not currently deductible 32.3 28.0 Foreign net operating loss carryforwards 16.8 16.2 Stock-based compensation 10.6 13.3 U.S. net operating loss carryforwards 7.4 9.8 Other 20.6 14.1 Total deferred tax assets 652.6 623.1 Valuation allowance (41.3) (25.3) Total deferred tax assets 611.3 597.8 Total net deferred tax assets $ 209.9 $ 157.3 Reported as: Non-current deferred income tax assets $ 510.2 $ 475.5 Non-current deferred income tax liabilities (300.3) (318.2) Net deferred tax assets $ 209.9 $ 157.3 At the end of fiscal 2020, we have U.S. federal and foreign net operating loss carryforwards, or NOLs, of approximately $16.7 million and $83.4 million, respectively. The U.S. federal NOLs will begin to expire in 2026. There is generally no expiration for the foreign NOLs. Utilization of our U.S. federal and state NOLs is subject to annual limitations in accordance wit h the applicable tax code. We have determined that it is more likely than not that we will not realize a portion of the foreign NOLs and, accordingly, a valuation allowance has been established for such amount. We have U.S. federal and California research and development credit carryforwards of approximatel y $11.8 million and $33.1 million, respectively. The U.S. federal tax credit carryforwards will expire beginning 2040. The California research tax credits have an indefinite carryforward period. We believe that it is more likely than not that we will not r ealize a significant portion of the California research and development credit carryforwards and, accordingly, a valuation allowance has been established for such amount. As a result of the Tax Act, we can repatriate foreign earnings back to the U.S. when needed with minimal U.S. income tax consequences, other than the transition tax and GILTI tax. We reinvested a large portion of our undistributed foreign earnings in acquisitions and other investments and inte nd to bring back a portion of foreign cash that was subject to the transition tax and GILTI. During fiscal 2020, we repatriated $272.7 million of our foreign earnings to the U.S. The total amount of the unrecognized tax benefits at the end of fiscal 2020 was $64.1 million. A reconciliation of gross unrecognized tax benefit was as follows: Fiscal Years 2020 2019 2018 (In millions) Beginning balance $ 71.6 $ 69.1 $ 82.4 Increase related to current year tax positions 8.0 12.6 10.0 (Decrease) increase related to prior years' tax positions (0.4) 3.8 4.5 Settlement with taxing authorities (0.5) (5.7) (8.9) Lapse of statute of limitations (14.6) (8.2) (18.9) Ending balance $ 64.1 $ 71.6 $ 69.1 Total unrecognized tax benefits that, if recognized, would affect our effective tax rate were $47.8 million and $59.5 million at the end of fiscal 2020 and 2019, respectively. We and our subsidiaries are subject to U.S. federal, state, and foreign income taxes. Our tax years are substantially closed for all U.S. federal and state income taxes for audit purposes through 2014. Non-U.S. income tax matters have been concluded for years through 2007. We are currently in various stages of multiple year examinations state, and foreign (multiple jurisdictions) taxing authorities. While we generally believe it is more likely than not that our tax positions will be sustained, it is reasonably possible that future obligations related to these matters could arise. We believe that our reserves are adequate to cover any potential assessments that may result from the examinations and negotiations. Although timing of the resolution and/or closure of audits is not certain, we do not believe that our gross unrecognized tax benefits would materially change in the next twelve months. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. Our liability for unrecognized tax benefits including interest and penalties was recorded in Other non-current liabilities on our Consolidated Balance Sheets. At the end of fiscal 2020 and 2019, we accrued $9.6 million and $11.5 million, respectively, for interest and penalties. |
Employee Stock Benefit Plans
Employee Stock Benefit Plans | 12 Months Ended |
Jan. 01, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Employee Stock Benefit Plans | NOTE 13: EMPLOYEE STOCK BENEFIT PLANS Amended and Restated 2002 Stock Plan On November 20, 2020, our stockholders approved an amendment to the 2002 Stock Plan to increase the number of shares of common stock available for issuance by 18.0 million shares. As such, our Amended and Restated 2002 Stock Plan provides for the granting of incentive and non-statutory stock options and RSUs for up to 92.6 million shares. At the end of fiscal 2020, the remaining number of shares available for grant under the 2002 stock plan was 21.1 million. Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense recognized in our Consolidated Statements of Income for the periods indicated: Fiscal Years 2020 2019 2018 (In millions) Restricted stock units $ 73.2 $ 67.3 $ 68.9 Stock options 1.5 0.6 1.5 ESPP 8.3 7.1 6.5 Total stock-based compensation expense $ 83.0 $ 75.0 $ 76.9 Stock-based compensation expense was allocated as follows: Fiscal Years 2020 2019 2018 (In millions) Cost of sales $ 6.7 $ 5.6 $ 4.5 Research and development 22.1 16.7 15.0 Sales and marketing 16.2 13.0 10.0 General and administrative 38.0 39.7 47.4 Total stock-based compensation expense $ 83.0 $ 75.0 $ 76.9 At the end of fiscal 2020, total unamortized stock-based compensation expense was $164.5 million, with a weighted-average recognition period of 2.4 years. Restricted Stock Units We grant RSUs containing only service conditions and RSUs containing a combination of service, performance, and/or market conditions (“PSUs”). RSUs containing only service conditions typically vest ratably over a three two The fair value at the grant date is determined by (1) the closing pr ice of our common stock for awards containing only service or both service and performance conditions, or (2) the Monte Carlo valuation model for awards containing both service and market conditions. For PSUs granted prior to and during fiscal 2020, the number of shares received at vesting will range from 0% to 200% of the target grant amount based on either (1) market conditions, (2) performance conditions, or (3) both. Market conditions consider our relative total stockholder return (“TSR”) of our common stock as compared to the TSR of the constituents of either the S&P 500 or S&P 400 over the vesting period. Performance conditions consider the achievement of our financial results over the vesting period. 2020 Restricted Stock Units Outstanding Number of Units (1) Weighted Average (In millions, except for per share data) Outstanding at the beginning of year 5.7 $ 39.62 Granted (2) 1.9 42.50 Shares vested, net (2) (1.8) 38.94 Canceled and forfeited (0.4) 41.55 Outstanding at the end of year 5.4 $ 44.25 (1) Includes 0.2 million PSUs granted, 0.5 million PSUs vested, and 1.3 million PSUs outstanding at the end of the year. (2) Excludes approximately 0.2 million PSUs related to achievement above target levels at the vesting date. The weighted-average grant date fair value of all RSUs granted during fiscal 2020, 2019, and 2018 was $42.50 , $41.38, and $37.43 per share, respectively. The fair value of all RSUs vested during fiscal 2020, 2019, and 2018 was $78.0 million , $75.7 million, and $73.9 million, respectively. Stock options Employee stock options generally vest after three years, or after five years for certain executive awards, with expiration seven Number Of Shares (in millions) Weighted- Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at the beginning of year 1.1 $ 29.96 Options granted 0.2 41.58 Options exercised (0.7) 29.01 Cancelled and forfeited — 28.08 Outstanding at the end of year 0.6 35.42 5.1 $ 18.6 Options exercisable 0.2 $ 27.88 1.2 $ 9.0 The total intrinsic value of options exercised during fiscal 2020, 2019, and 2018 was $11.5 million, $16.4 million, and $30.0 million, respectively. The weighted-average grant date fair value per share of stock options granted during fiscal 2020, 2019 and 2018 was $14.30, $12.92, and $10.62, respectively. The fair value of all stock options vested during fiscal 2020, 2019, and 2018 was $0.2 million , $0.2 million, and $1.9 million, respectively. Employee Stock Purchase Plan We have an ESPP under which the stockholders have approved an aggregate of 39.0 million shares of common stock for issuance to eligible employees. The fair value at the grant date is based on the Black-Scholes valuation model. The plan permits eligible employees to purchase common stock through payroll deductions at 85% of the lower of the fair market value of the common stock at the beginning or at the end of each offering period, which is six months. Rights to purchase shares are granted during the first and third quarter of each fiscal year. The ESPP terminates on March 15, 2027. In fiscal 2020, 2019, and 2018, 0.8 million shares were issued, in each fiscal year respectively, representing $26.9 million, $25.7 million, and $24.0 million in cash received for the issuance of stock under the ESPP. At the end of fiscal 2020, the number of shares reserved for future purchases was 6.6 million. |
Common Stock Repurchase
Common Stock Repurchase | 12 Months Ended |
Jan. 01, 2021 | |
Equity [Abstract] | |
Common Stock Repurchase | COMMON STOCK REPURCHASE In November 2017, our Board of Directors approved a stock repurchase program (“2017 Stock Repurchase Program”), authorizing us to repurchase up to $600.0 million of our common stock. The 2017 Stock Repurchase Program does not have an expiration date. Under the 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 will be determined by our management based on our evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontin ued at any time without prior notice. At the end of fiscal 2020, the 2017 Stock Repurchase Program had remaining authorized funds of $90.7 million. During fiscal 2020, 2019, and 2018, we repurchased approximately 1.9 million, 4.7 million, and 2.4 million shares of common stock in open market purchases, at an average price of $43.40, $38.51, and $37.23 per share, for a total of $81.6 million, $179.8 million, and $90.0 million, respectively, under the 2017 Stock Repurchase Program. |
Description Of Business And A_2
Description Of Business And Accounting Policies (Policy) | 12 Months Ended |
Jan. 01, 2021 | |
Accounting Policies [Abstract] | |
Use Of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the 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 (“SSP”) of performance obligations, provision for credit losses, 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. We base our estimates on historical experience and various other assumptions we believe to be reasonable and i nputs into our estimates consider the economic implications of COVID-19. Actual results that we experience may differ materially from our estimates. |
Basis Of Presentation | Basis of Presentation We use a 52-53 week fiscal year ending on the Friday nearest to December 31. Fiscal 2020 and 2018 were both 52-week years ending on January 1, 2021 and December 28, 2018, respectively. Fiscal 2019 was a 53-week year ended on January 3, 2020. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods. These Consolidated Financial Statements include our results of our consolidated subsidiaries. Intercompany 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. |
Reportable Segments | Reportable Segments We report our financial performance, including revenue and operating income, based on four reportable segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation. |
Revenue Recognition | Revenue Recognition Significant Judgments Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognized net of allowance for returns and any taxes collected from customers. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Judgment is required to determine SSP for each distinct performance obligation. We use a range of amounts to estimate SSP when products and services are sold separately, and determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, we determine SSP using information that may include market conditions and other observable inputs. Nature of Goods and Services We generate revenue primarily from products, services, and subscriptions; each of which is a distinct performance obligation. Descriptions are as follows: Product Hardwar e is recognized when the control of the product transfers to the customer, which is generally when the product is shipped. We recognize shipping fees reimbursed by customers as revenue and the cost for shipping as an expense in Cost of sales when control over products has transferred to the customer. Software including perpetual and term licenses is recognized upon delivery and commencement of license term. In general, our contracts do not provide for customer specific acceptances. Services Hardware maintenance and support, commonly called extended warranty, entitles the customer to receive replacement parts and repair services. Extended warranty is separately priced and is recognized on a straight-line basis over the extended service period, which begins after the standard warranty period, ranging from one Software maintenance and support entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Software maintenance is recognized on a straight-line basis commencing upon product delivery over the post-contract support term, which ranges from one Professional services include installation, training, configuration, project management, system integrations, customization, data migration/conversion, and other implementation services. The majority of professional services are not complex, can be provided by other vendors, and are readily available and billed on a time-and-material basis. Revenue for distinct professional services is recognized over time, based on work performed. In some contracts, products and professional services may be combined into a single performance obligation. This generally arises when products or subscriptions are sold with significant customization, modification, or integration services. Revenue for the combined performance is recognized over time as the work progresses because of the continuous transfer of control to the customer. Subscription SaaS may be sold with devices used to collect, generate, and transmit data. SaaS is distinct from the related devices. In addition, we may host the software that the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms generally range from month-to-month to three years. Subscription revenue is recognized monthly over the subscription term, commencing from activation. Deferred Costs to Obtain Customer Contracts three |
Remaining Performance Obligation | Remaining Performance Obligations Remaining performance obligations represent contracted revenue for which goods or services have not been delivered. The contracted revenue, which will be recognized in future periods, includes both invoiced amounts in deferred revenue as well as amounts that are not yet invoiced. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of non-U.S. subsidiaries that operate in local currencies are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments, net of tax, recorded in Accumulated other comprehensive loss within the Stockholders’ Equity section of the Consolidated Balance Sheets. Income and expense accounts are translated at average monthly exchange rates during the year. |
Derivative Financial Instruments | Derivative Financial Instruments We enter into foreign exchange forward contracts to minimize the short-term impact of foreign currency fluctuations on cash and certain trade and intercompany receivables and payables, primarily denominated in New Zealand Dollars, Brazil Real, Canadian Dollars, Norwegian Krone, and Euro. T hese contracts reduce the exposure to fluctuations in foreign currency exchange rate movements, as the gains and losses associated with foreign currency balances are generally offset with the gains and losses on the forward contracts. These instruments are marked-to-market through earnings every reporting period and generally range from one ntracts to hedge the purchase price of some of our larger business acquisitions. We do not enter into foreign currency forward contracts for trading purposes. As of the fiscal years ended 2020 and 2019, there were no derivative financial instruments outstanding that were accounted for as hedges. |
Concentration Of Risk | Concentrations of Risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and therefore bear minimal credit risk. We are also exposed to credit risk in our trade receivables, which are derived from sales to end-user customers in diversified industries as well as various resellers. We perform ongoing credit evaluations of our customers’ financial conditions and limit the amount of credit extended, when deemed necessary, but generally do not require collateral. In addition, we rely on a limited number of suppliers for a number of our critical components. |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceeds the amount billed to the customer, provided the billing is not contingent upon future performance, and we have the unconditional right to future payment with only the passage of time required. Both billed and unbilled amounts due are stated at their net estimated realizable value. The unbilled receivables were $138.7 million and $129.5 million at the end of fiscal 2020 and 2019, respectively. We maintain an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. Each reporting period, we evaluate the collectability of our trade accounts receivable based on a number of factors such as age of the accounts receivable balances, credit quality, historical experience, and current and future |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Adjustments are also made to reduce the cost of inventory for estimated excess or obsolete balances. Factors influencing these adjustments include declines in demand that impact inventory purchasing forecasts, technological changes, product life cycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If our estimate used to reserve for excess and obsolete inventory differs from what is expected, we may be required to recognize additional reserves, which would negatively impact our gross margin. |
Property and Equipment, Net | Property and Equipment, NetProperty and equipment, net is stated at cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the shorter of the estimated useful lives or the lease terms when applicable. Useful lives generally range from four five two two |
Lease | Leases We determine if an arrangement is a lease at inception. Operating leases with lease terms greater than one year are included in Operating lease right-of-use (“ROU”) assets, in both Other current liabilities, and Operating lease liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Present value is determined by using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowings over a similar term of the lease payments at commencement date. The operating lease ROU asset includes adjustments made for uneven rents, lease incentives, and lease impairments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
Business Combinations | Business Combinations We allocate the fair value of purchase consideration to the assets acquired, liabilities assumed, and non-controlling interests in the acquiree based on their fair values at the acquisition date, with any excess purchase price recognized as goodwill. When determining the fair values of assets acquired, liabilities assumed, and non-controlling interests in the acquiree, we make significant estimates and assumptions, especially with respect to intangible assets. Critical estimates when valuing intangible assets include expected future cash flows based on consideration of future growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates. Fair value estimates are based on the assumptions we believe a market participant would use in pricing the asset or liability. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition as additional information about conditions existing at the acquisition date becomes available. We determined the total consideration paid for each of our acquisitions as well as the fair value of the assets acquired and liabilities assumed as of the date of each acquisition. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis. For the acquisitions in fiscal 2020, the preliminary fair values of net tangible assets and intangible assets acquired were based on preliminary valuations and estimates, and assumptions are subject to change within the measurement period (up to one year from the acquisition date). Acquisition costs of $21.4 million , $20.5 million, and $38.9 million in fiscal 2020, 2019, and 2018, respectively, were expensed as incurred and are included in Cost of sales and General and administrative expenses in our Consolidated Statements of Income. |
Goodwill And Purchased Intangible Assets | Goodwill and Purchased Intangible AssetsGoodwill represents the excess of the purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets acquired individually, with a group of other assets, or in a business combination are recorded at fair value. Identifiable intangible assets are comprised of technology, patents, licenses, customer contracts, acquired backlog, trademarks, and in-process research and development. Identifiable intangible assets are amortized over the period of estimated benefit using the straight-line method and have estimated useful lives ranging from three years to ten years with a weighted average useful life of approximately seven years. We write off fully amortized intangible assets when those assets are no longer used. Goodwill is not subject to amortization, but is subject to, at a minimum, an annual assessment for impairment. |
Impairment Of Goodwill, Intangible Assets And Other Long-Lived Assets | Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets We evaluate goodwill on an annual basis or more frequently if indicators of potential impairment exist. We utilize either a qualitative or quantitative approach to assess the likelihood of impairment as of the first day of the fourth quarter. When performing the qualitative assessment, we consider macroeconomic conditions, industry and market considerations, overall financial performance, and other relevant events and factors that may impact the reporting units. When performing the quantitative assessment, we compare the reporting unit’s carrying amount, including goodwill, to the reporting unit's fair value. When we perform a quantitative test, the estimation of the fair value of a reporting unit involves the use of certain estimates and assumptions including expected future operating performance using risk-adjusted discount rates. Actual future results may differ from those estimates. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized. Identifiable intangible assets and long-lived assets with finite lives are amortized over their estimated useful lives on a straight-line basis. Changes in circumstances such as technological advances, changes to business models, or changes in the capital strategy could result in a revised useful life. If the useful life of an asset is revised, the net book value of the estimated residual value is amortized over its revised remaining useful life. Intangible assets and long-lived assets are evaluated for impairment according to their asset groups whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable based on their future cash flows. The estimated future cash flows are primarily based upon assumptions about expected future operating performance. Assets held for disposal are measured at fair value less selling costs, and assets that are no longer in use are written off entirely at their cease-use dates. |
Warranty | Warranty 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 cost is primarily estimated based upon historical trends in the volume of product returns within the warranty period and the cost to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging from one year to two years. |
Stock-Based Compensation | Stock-Based Compensation Stock compensation expense is based on the measurement date fair value of the awards, net of expected forfeitures. Expense is generally recognized on a straight-line basis over |
Guarantees, Including Indirect Guarantees Of Indebtedness Of Others | Guarantees, Including Indirect Guarantees of Indebtedness of Others In the normal course of business to facilitate sales of our products, we indemnify other parties, including customers, lessors, and parties to other transactions with us with respect to certain matters. We may agree to hold the other party harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In connection with divesting some of our businesses or assets, we may also indemnify purchasers for certain matters in the normal course of business, such as breaches of representations, covenants, or excluded liabilities. In addition, we entered into indemnification agreements with our officers and directors, and our bylaws contain similar indemnification obligations to our agents. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made under these agreements were not material, and no liabilities have been recorded for these obligations in the Consolidated Balance Sheets at the end of fiscal 2020 and 2019. |
Advertising and Promotional Costs | Advertising and Promotional CostsWe expense all advertising and promotional costs as incurred. |
Research And Development Costs | Research and Development Costs Research and development costs are charged to expense as incurred. Costs of software developed for external sale subsequent to reaching technical feasibility were not significant and were expensed as incurred. We received third-party funding of approximately $16.3 million , $16.5 million, and $19.5 million in fiscal 2020, 2019, and 2018, respectively. We offset research and development expense with any unconditional third-party funding earned and retain the rights to any technology developed under such arrangements. |
Computation Of Earnings Per Share | Computation of Earnings Per Share The number of shares used in the calculation of basic earnings per share represents the weighted-average common shares outstanding during the period and excludes any potentially dilutive securities. The dilutive effects of outstanding stock options, restricted stock units (“RSUs”), and shares to be purchased under our Employee Stock Purchase Plan (“ESPP”) are included in diluted earnings per share unless they are anti-dilutive. |
Income Taxes | Income Taxes Income taxes are accounted for under the liability method, whereby deferred tax assets or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not such assets will not be realized. Our valuation allowance is primarily attributable to foreign net operating losses and state research and development credit carryforwards. Relative to uncertain tax positions, we only recognize a tax benefit if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual tax audit outcomes. Changes in recognition or measurement of our uncertain tax positions would result in the recognition of a tax benefit or an additional charge to the tax provision. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Fiscal 2020 Adoption 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 2020 by applying a modified retrospective method without restating comparative periods. The adoption did not have a material impact on our Consolidated Financial Statements. Intangibles - Goodwill and Other In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test. The impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. We adopted the new standard on a prospective basis at the beginning of fiscal 2020. The adoption did not have a material impact on our 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 2020. The adoption of the new guidance did not have a material impact on our Consolidated Financial Statements. Future Adoption Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued amendments to the accounting for Income Taxes to reduce complexity by removing certain exceptions and implementing targeted simplifications. The new standard is effective for us beginning in fiscal 2021. Early adoption is permitted. We do not expect the adoption to have a material impact on our Consolidated Financial Statements. |
Description Of Business And A_3
Description Of Business And Accounting Policies (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Accounting Policies [Abstract] | |
Allowance for Doubtful Accounts | Changes in our allowance for credit losses at the end of fiscal 2020, 2019 and 2018 were as follows: Fiscal Years 2020 2019 2018 (In millions) Balance at beginning of period $ 5.9 $ 4.6 $ 3.6 Acquired allowances — 0.2 1.6 Provision for credit losses 7.1 6.5 3.4 Write-offs, net of recoveries (6.0) (5.4) (4.0) Balance at end of period $ 7.0 $ 5.9 $ 4.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares | The following table shows the computation of basic and diluted earnings per share: Fiscal Years 2020 2019 2018 (In millions, except per share data) Numerator: Net income attributable to Trimble Inc. $ 389.9 $ 514.3 $ 282.8 Denominator: Weighted average number of common shares used in basic earnings per share 250.5 250.8 250.0 Effect of dilutive securities 1.8 2.1 3.4 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 252.3 252.9 253.4 Basic earnings per share $ 1.56 $ 2.05 $ 1.13 Diluted earnings per share $ 1.55 $ 2.03 $ 1.12 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Business Combinations [Abstract] | |
Schedule of Business Combination, Separately Recognized Transactions | The following table summarizes the business combinations completed during the periods indicated: Fiscal Years 2020 2019 2018 (In millions) Fair value of total purchase consideration $ 205.1 $ 247.0 $ 1,782.9 Less fair value of net assets acquired: Net tangible assets acquired (1.6) 6.7 5.0 Identified intangible assets 56.7 104.6 568.3 Deferred taxes 0.7 (3.4) (89.2) Goodwill $ 149.3 $ 139.1 $ 1,298.8 |
Schedule Of Intangible Assets | The following table presents details of total intangible assets. As of the end of fiscal 2020, $338.3 million of fully amortized intangible assets were written off. Amounts reported at the end of fiscal 2019 have been adjusted to conform to the current presentation. At the End of Fiscal 2020 At the End of Fiscal 2019 (In millions) Weighted-Average Useful Lives (in years) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Developed product technology 6 $ 1,118.2 $ (811.1) $ 307.1 $ 1,191.9 $ (848.6) $ 343.3 Trade names and trademarks 5 58.3 (51.9) 6.4 73.1 (58.1) 15.0 Customer relationships 8 681.1 (419.3) 261.8 750.8 (446.6) 304.2 Distribution rights and other intellectual properties 7 45.8 (41.0) 4.8 68.7 (52.5) 16.2 $ 1,903.4 $ (1,323.3) $ 580.1 $ 2,084.5 $ (1,405.8) $ 678.7 |
Schedule Of Estimated Future Amortization Expense | The estimated future amortization expense of intangible assets at the end of fiscal 2020 is as follows (in millions): 2021 $ 139.8 2022 119.9 2023 106.4 2024 82.9 2025 46.1 Thereafter 85.0 Total $ 580.1 |
Schedule Of Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill by segment were as follows: (In millions) Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total At the end of fiscal 2019 $ 1,973.0 $ 401.5 $ 445.4 $ 860.7 $ 3,680.6 Additions due to acquisitions 1.3 — 0.4 147.6 149.3 Purchase price and foreign currency translation adjustments 23.1 14.2 8.0 1.3 46.6 At the end of fiscal 2020 $ 1,997.4 $ 415.7 $ 453.8 $ 1,009.6 $ 3,876.5 |
Certain Balance Sheet Compone_2
Certain Balance Sheet Components (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Components Of Net Inventories | The components of inventory, net were as follows: At the End of Fiscal Year 2020 2019 (In millions) Inventories: Raw materials $ 95.6 $ 95.8 Work-in-process 16.0 13.2 Finished goods 190.1 203.1 Total inventories $ 301.7 $ 312.1 |
Components Of Property And Equipment | The components of property and equipment, net were as follows: At the End of Fiscal Year 2020 2019 (In millions) Property and equipment, net: Land, building, furniture, and leasehold improvements $ 253.3 $ 211.0 Machinery and equipment 178.7 165.3 Software and licenses 148.9 143.0 Construction in progress 17.2 38.3 598.1 557.6 Less: accumulated depreciation (346.3) (316.2) Total property and equipment, net 251.8 241.4 Property and equipment, net by geographic area were as follows: At the End of Fiscal Year 2020 2019 (In millions) Property and equipment, net: United States $ 200.3 $ 192.7 Europe 41.0 38.6 Asia Pacific and Rest of World 10.5 10.1 Total property and equipment, net $ 251.8 $ 241.4 |
Components of Other Noncurrent Liabilities | The components of other non-current liabilities were as follows: At the End of Fiscal Year 2020 2019 (In millions) Other non-current liabilities: Unrecognized tax benefits $ 55.4 $ 66.4 Deferred compensation 42.0 36.2 Pension 21.9 20.2 Other 31.3 30.1 Total other non-current liabilities $ 150.6 $ 152.9 |
Components of Accumulated Other Comprehensive Loss, Net | The components of accumulated other comprehensive loss, net of related tax were as follows: At the End of Fiscal Year 2020 2019 (In millions) Accumulated foreign currency translation adjustments $ (96.0) $ (173.1) Net unrealized actuarial losses (2.5) (3.7) Total accumulated other comprehensive loss $ (98.5) $ (176.8) |
Reporting Segment And Geograp_2
Reporting Segment And Geographic Information (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule Of Revenue, Operating Income And Identifiable Assets By Segment | Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Fiscal 2020 Revenue $ 1,230.7 $ 650.5 $ 627.3 $ 639.2 $ 3,147.7 Acquired deferred revenue adjustment 0.3 — 2.7 1.3 4.3 Segment revenue $ 1,231.0 $ 650.5 $ 630.0 $ 640.5 $ 3,152.0 Operating income $ 343.0 $ 184.4 $ 218.4 $ 49.0 $ 794.8 Acquired deferred revenue adjustment 0.3 — 2.7 1.3 4.3 Amortization of acquired capitalized commissions (5.2) — (0.1) (0.2) (5.5) Segment operating income $ 338.1 $ 184.4 $ 221.0 $ 50.1 $ 793.6 Depreciation expense $ 8.1 $ 6.2 $ 5.6 $ 4.1 $ 24.0 Fiscal 2019 Revenue $ 1,254.2 $ 649.4 $ 568.4 $ 792.3 $ 3,264.3 Acquired deferred revenue adjustment 4.0 — 3.0 — 7.0 Segment revenue $ 1,258.2 $ 649.4 $ 571.4 $ 792.3 $ 3,271.3 Operating income $ 322.1 $ 132.2 $ 166.2 $ 125.9 $ 746.4 Acquired deferred revenue adjustment 4.0 — 3.0 — 7.0 Amortization of acquired capitalized commissions (6.2) — (0.1) — (6.3) Segment operating income $ 319.9 $ 132.2 $ 169.1 $ 125.9 $ 747.1 Depreciation expense $ 8.1 $ 6.3 $ 4.4 $ 4.4 $ 23.2 Fiscal 2018 Revenue $ 1,065.5 $ 723.1 $ 567.1 $ 752.7 $ 3,108.4 Acquired deferred revenue adjustment 22.2 — 1.0 0.4 23.6 Segment revenue $ 1,087.7 $ 723.1 $ 568.1 $ 753.1 $ 3,132.0 Operating income $ 239.0 $ 166.4 $ 167.4 $ 142.9 $ 715.7 Acquired deferred revenue adjustment 22.2 — 1.0 0.4 23.6 Amortization of acquired capitalized commissions (4.5) — (0.2) — (4.7) Segment operating income $ 256.7 $ 166.4 $ 168.2 $ 143.3 $ 734.6 Depreciation expense $ 6.4 $ 6.0 $ 4.2 $ 4.5 $ 21.1 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of Fiscal Year End 2020 Accounts receivable, net $ 260.1 $ 117.5 $ 91.2 $ 151.7 $ 620.5 Inventories 59.1 120.1 49.0 73.5 301.7 Goodwill 1,997.4 415.7 453.8 1,009.6 3,876.5 As of Fiscal Year End 2019 Accounts receivable, net $ 232.0 $ 115.5 $ 93.3 $ 167.4 $ 608.2 Inventories 67.1 125.0 45.5 74.5 312.1 Goodwill 1,973.0 401.5 445.4 860.7 3,680.6 As of Fiscal Year End 2018 Accounts receivable, net $ 177.5 $ 118.7 $ 83.8 $ 132.6 $ 512.6 Inventories 70.3 133.5 46.2 48.0 298.0 Goodwill 1,970.2 403.1 305.7 861.0 3,540.0 |
Reconciliation Of The Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes | A reconciliation of our consolidated segment operating income to consolidated income before income taxes was as follows: Fiscal Years 2020 2019 2018 (In millions) Consolidated segment operating income $ 793.6 $ 747.1 $ 734.6 Unallocated corporate expense (74.0) (73.1) (91.9) Acquired deferred revenue adjustment (4.3) (7.0) (23.6) Amortization of acquired capitalized commissions 5.5 6.3 4.7 Amortization of purchased intangible assets (157.8) (167.8) (179.6) Amortization of acquisition-related inventory step-up — — (0.2) Acquisition / divestiture items (21.4) (20.5) (38.9) Stock-based compensation / deferred compensation (90.4) (81.2) (75.7) Restructuring charges / executive transition costs (28.2) (27.9) (8.7) COVID-19 expenses (3.2) — — Consolidated operating income 419.8 375.9 320.7 Total non-operating expense, net (24.8) (31.1) (42.7) Consolidated income before taxes $ 395.0 $ 344.8 $ 278.0 (1) Unallocated corporate expense includes general corporate expense. |
Schedule Of Revenue From Customers by Geographic Area | Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Fiscal 2020 North America $ 703.4 $ 249.9 $ 191.4 $ 502.5 $ 1,647.2 Europe 337.1 222.3 284.3 78.4 922.1 Asia Pacific 165.7 138.2 64.5 34.9 403.3 Rest of World 24.8 40.1 89.8 24.7 179.4 Total segment revenue $ 1,231.0 $ 650.5 $ 630.0 $ 640.5 $ 3,152.0 Fiscal 2019 North America $ 722.7 $ 263.0 $ 173.3 $ 636.3 $ 1,795.3 Europe 338.7 217.5 273.6 90.4 920.2 Asia Pacific 165.3 122.7 47.4 39.7 375.1 Rest of World 31.5 46.2 77.1 25.9 180.7 Total segment revenue $ 1,258.2 $ 649.4 $ 571.4 $ 792.3 $ 3,271.3 Fiscal 2018 North America $ 595.0 $ 290.6 $ 175.0 $ 609.4 $ 1,670.0 Europe 312.1 211.2 260.0 90.2 873.5 Asia Pacific 152.7 171.7 46.4 47.5 418.3 Rest of World 27.9 49.6 86.7 6.0 170.2 Total segment revenue $ 1,087.7 $ 723.1 $ 568.1 $ 753.1 $ 3,132.0 |
Components Of Property And Equipment | The components of property and equipment, net were as follows: At the End of Fiscal Year 2020 2019 (In millions) Property and equipment, net: Land, building, furniture, and leasehold improvements $ 253.3 $ 211.0 Machinery and equipment 178.7 165.3 Software and licenses 148.9 143.0 Construction in progress 17.2 38.3 598.1 557.6 Less: accumulated depreciation (346.3) (316.2) Total property and equipment, net 251.8 241.4 Property and equipment, net by geographic area were as follows: At the End of Fiscal Year 2020 2019 (In millions) Property and equipment, net: United States $ 200.3 $ 192.7 Europe 41.0 38.6 Asia Pacific and Rest of World 10.5 10.1 Total property and equipment, net $ 251.8 $ 241.4 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Long-term Debt, Current and Noncurrent [Abstract] | |
Schedule Of Debt | Debt consisted of the following: At the End of Fiscal Year Effective interest rate (In millions, except percentages) Date of Issuance for fiscal 2020 2020 2019 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 — — 225.0 Revolving Credit Facility, due May 2023 May 2018 — — 110.0 Uncommitted facilities, floating rate 1.16% 255.8 218.7 Promissory notes and other debt 0.1 0.3 Unamortized discount and issuance costs (8.7) (10.8) Total debt 1,547.2 1,843.2 Less: Short-term debt 255.8 219.0 Long-term debt $ 1,291.4 $ 1,624.2 |
Schedule of Maturities of Long-term Debt | Debt Maturities: At the end of fiscal 2020, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2021 $ 255.8 2022 — 2023 300.1 2024 400.0 2025 — Thereafter 600.0 Total $ 1,555.9 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Leases [Abstract] | |
Schedule Of Lease Costs | Operating lease expense consisted of: At the End of Fiscal Year 2020 2019 (In millions) Operating lease expense $ 38.1 $ 38.3 Short-term lease expense and other 15.7 18.4 Total lease expense $ 53.8 $ 56.7 Supplemental cash flow information related to leases was as follows: At the End of Fiscal Year 2020 2019 (In millions) Cash paid for liabilities included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 37.0 $ 37.9 Right-of-use assets obtained in exchange for Operating lease liabilities: $ 29.4 $ 53.2 (1) Excludes cash payments for short-term leases, which are not capitalized. Supplemental balance sheet information related to leases was as follows: At the End of Fiscal Year 2020 2019 (In millions) Operating lease right-of-use assets $ 128.9 $ 140.3 Other current liabilities $ 33.8 $ 28.9 Operating lease liabilities 109.2 114.1 Total operating lease liabilities $ 143.0 $ 143.0 Weighted-average discount rate 3.86 % 4.23 % Weighted-average remaining lease term 6 years 6 years |
Operating Lease Maturities | At the end of fiscal 2020, the maturities of lease liabilities were as follows (in millions): Year Payable 2021 $ 37.6 2022 31.9 2023 24.3 2024 18.7 Thereafter 46.4 Total lease payments $ 158.9 Less: imputed interest 15.9 Total $ 143.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
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 the period indicated were as follows: At the End of Fiscal Year 2020 2019 (In millions) Level I Level II Level III Total Level I Level II Level III Total Assets Deferred compensation plan assets (1) $ 41.9 $ — $ — $ 41.9 $ 36.2 $ — $ — $ 36.2 Derivative assets (2) — 0.9 — 0.9 — 0.3 — 0.3 Total assets measured at fair value $ 41.9 $ 0.9 $ — $ 42.8 $ 36.2 $ 0.3 $ — $ 36.5 Liabilities Deferred compensation plan liabilities (1) $ 41.9 $ — $ — $ 41.9 $ 36.2 $ — $ — $ 36.2 Derivative liabilities (2) — 0.5 — 0.5 — 1.0 — 1.0 Contingent consideration liabilities (3) — — 12.3 12.3 — — 19.9 19.9 Total liabilities measured at fair value $ 41.9 $ 0.5 $ 12.3 $ 54.7 $ 36.2 $ 1.0 $ 19.9 $ 57.1 (1) We have a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities on our Consolidated Balance Sheets, respectively. (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 our Consolidated Balance Sheets, respectively. (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. At the end of fiscal 2020, we have $12.3 million included in Other current liabilities on our Consolidated Balance Sheet. The undiscounted maximum payment under the arrangements is $18.3 million at the end of fiscal 2020. |
Deferred Revenue and Remainin_2
Deferred Revenue and Remaining Performance Obligations (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer Rollforward | Changes in our deferred revenue during fiscal 2020 and 2019 were as follows: Fiscal Years 2020 2019 (In millions) Beginning balance of the period $ 541.9 $ 387.2 Revenue recognized (476.9) (341.3) Net deferred revenue activity 548.8 496.0 Ending balance of the period $ 613.8 $ 541.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Before Taxes | Income before taxes and the provision (benefit) for taxes consisted of the following: Fiscal Years 2020 2019 2018 (In millions) Income before taxes: United States $ 24.7 $ 43.0 $ 25.4 Foreign 370.3 301.8 252.6 Total $ 395.0 344.8 278.0 |
Schedule Of Provision For Taxes | Provision (benefit) for taxes: U.S. Federal: Current $ (5.8) $ (3.8) $ (19.7) Deferred (16.3) 252.3 (25.8) (22.1) 248.5 (45.5) U.S. State: Current 0.8 5.1 5.0 Deferred 7.1 (0.7) (3.6) 7.9 4.4 1.4 Foreign: Current 62.2 49.2 57.0 Deferred (43.6) (471.8) (18.2) 18.6 (422.6) 38.8 Income tax provision (benefit) $ 4.4 $ (169.7) $ (5.3) Effective tax rate 1.1 % (49.2) % (1.9) % |
Schedule Of Difference Between The Tax Provision At The Statutory Federal Income Tax Rate And The Tax Provision As A Percentage Of Income Before Taxes (Effective Tax Rate) | The difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit) as a percentage of income before taxes ("effective tax rate") was as follows: Fiscal Years 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in tax rate resulting from: Foreign income taxed at different rates 1.7 % (7.3) % (6.7) % Change in valuation allowance 2.0 % — % — % U.S. State income taxes 0.5 % 1.5 % 1.0 % Stock-based compensation 1.5 % 1.2 % 1.1 % Excess tax benefit related to stock-based compensation (1.5) % (2.4) % (3.2) % Effect of U.S. tax law change — % — % (7.6) % Other U.S. taxes on foreign operations (1.0) % 1.3 % 1.6 % U.S. Federal research and development credits (2.3) % (2.8) % (3.7) % Tax reserve releases (4.8) % (4.9) % (8.7) % Intellectual property restructuring and tax law changes (16.2) % (59.8) % — % Other 0.2 % 3.0 % 3.3 % Effective tax rate 1.1 % (49.2) % (1.9) % |
Schedule Of Deferred Tax Assets And Liabilities | The significant components of deferred tax assets and liabilities were as follows: At the End of Fiscal Year 2020 2019 (In millions) Deferred tax liabilities: Global intangible low-taxed income $ 219.7 $ 233.7 Purchased intangibles 138.1 158.7 Operating lease right-of-use assets 32.3 35.3 Other 11.3 12.8 Total deferred tax liabilities 401.4 440.5 Deferred tax assets: Depreciation and amortization 497.1 471.5 Operating lease liabilities 35.0 36.0 U.S. tax credit carryforwards 32.8 34.2 Expenses not currently deductible 32.3 28.0 Foreign net operating loss carryforwards 16.8 16.2 Stock-based compensation 10.6 13.3 U.S. net operating loss carryforwards 7.4 9.8 Other 20.6 14.1 Total deferred tax assets 652.6 623.1 Valuation allowance (41.3) (25.3) Total deferred tax assets 611.3 597.8 Total net deferred tax assets $ 209.9 $ 157.3 Reported as: Non-current deferred income tax assets $ 510.2 $ 475.5 Non-current deferred income tax liabilities (300.3) (318.2) Net deferred tax assets $ 209.9 $ 157.3 |
Schedule Of Reconciliation Of Unrecognized Tax Benefit | The total amount of the unrecognized tax benefits at the end of fiscal 2020 was $64.1 million. A reconciliation of gross unrecognized tax benefit was as follows: Fiscal Years 2020 2019 2018 (In millions) Beginning balance $ 71.6 $ 69.1 $ 82.4 Increase related to current year tax positions 8.0 12.6 10.0 (Decrease) increase related to prior years' tax positions (0.4) 3.8 4.5 Settlement with taxing authorities (0.5) (5.7) (8.9) Lapse of statute of limitations (14.6) (8.2) (18.9) Ending balance $ 64.1 $ 71.6 $ 69.1 |
Employee Stock Benefit Plans (T
Employee Stock Benefit Plans (Tables) | 12 Months Ended |
Jan. 01, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summarizes the Components of Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense recognized in our Consolidated Statements of Income for the periods indicated: Fiscal Years 2020 2019 2018 (In millions) Restricted stock units $ 73.2 $ 67.3 $ 68.9 Stock options 1.5 0.6 1.5 ESPP 8.3 7.1 6.5 Total stock-based compensation expense $ 83.0 $ 75.0 $ 76.9 Stock-based compensation expense was allocated as follows: Fiscal Years 2020 2019 2018 (In millions) Cost of sales $ 6.7 $ 5.6 $ 4.5 Research and development 22.1 16.7 15.0 Sales and marketing 16.2 13.0 10.0 General and administrative 38.0 39.7 47.4 Total stock-based compensation expense $ 83.0 $ 75.0 $ 76.9 |
Summary of Performance of Our Financial Results | 2020 Restricted Stock Units Outstanding Number of Units (1) Weighted Average (In millions, except for per share data) Outstanding at the beginning of year 5.7 $ 39.62 Granted (2) 1.9 42.50 Shares vested, net (2) (1.8) 38.94 Canceled and forfeited (0.4) 41.55 Outstanding at the end of year 5.4 $ 44.25 (1) Includes 0.2 million PSUs granted, 0.5 million PSUs vested, and 1.3 million PSUs outstanding at the end of the year. (2) Excludes approximately 0.2 million PSUs related to achievement above target levels at the vesting date. |
Summarizes Information about Stock Options Outstanding | The following table summarizes information about stock options outstanding at the end of fiscal 2020: Number Of Shares (in millions) Weighted- Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in millions) Outstanding at the beginning of year 1.1 $ 29.96 Options granted 0.2 41.58 Options exercised (0.7) 29.01 Cancelled and forfeited — 28.08 Outstanding at the end of year 0.6 35.42 5.1 $ 18.6 Options exercisable 0.2 $ 27.88 1.2 $ 9.0 |
Description Of Business And A_4
Description Of Business And Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Jan. 01, 2021USD ($)segment | Jan. 03, 2020USD ($) | Dec. 28, 2018USD ($) | |
Accounting Policies [Line Items] | |||
Reportable segments | segment | 4 | ||
Subscription revenue term | 3 years | ||
Unbilled receivables | $ 138,700,000 | $ 129,500,000 | |
Depreciation expense | 39,700,000 | 39,400,000 | $ 35,600,000 |
Accrued warranty expenses | 13,800,000 | 16,300,000 | |
Advertising expense | 28,600,000 | 42,700,000 | 42,700,000 |
Research and development expense with third party funding earned | $ 16,300,000 | 16,500,000 | $ 19,500,000 |
Land, building, furniture, and leasehold improvements | |||
Accounting Policies [Line Items] | |||
Useful life of asset, in years | 39 years | ||
Minimum | |||
Accounting Policies [Line Items] | |||
Product Warranty Term | 1 year | ||
Post contract | 1 year | ||
Amortization period | 3 years | ||
Maturity period of derivative financial instrument, minimum, in months | 1 month | ||
Estimated useful lives goodwill and purchased intangible assets, in years | 3 years | ||
Warranty periods for products sold | 1 year | ||
Minimum | Machinery and equipment | |||
Accounting Policies [Line Items] | |||
Useful life of asset, in years | 4 years | ||
Minimum | Furniture and fixtures | |||
Accounting Policies [Line Items] | |||
Useful life of asset, in years | 5 years | ||
Minimum | Computer equipment and software | |||
Accounting Policies [Line Items] | |||
Useful life of asset, in years | 2 years | ||
Minimum | Internal-use of software | |||
Accounting Policies [Line Items] | |||
Useful life of asset, in years | 2 years | ||
Maximum | |||
Accounting Policies [Line Items] | |||
Product Warranty Term | 2 years | ||
Post contract | 3 years | ||
Amortization period | 7 years | ||
Maturity period of derivative financial instrument, minimum, in months | 2 months | ||
Estimated useful lives goodwill and purchased intangible assets, in years | 10 years | ||
Warranty periods for products sold | 2 years | ||
Maximum | Machinery and equipment | |||
Accounting Policies [Line Items] | |||
Useful life of asset, in years | 6 years | ||
Maximum | Furniture and fixtures | |||
Accounting Policies [Line Items] | |||
Useful life of asset, in years | 10 years | ||
Maximum | Computer equipment and software | |||
Accounting Policies [Line Items] | |||
Useful life of asset, in years | 5 years | ||
Maximum | Internal-use of software | |||
Accounting Policies [Line Items] | |||
Useful life of asset, in years | 5 years | ||
Weighted average | |||
Accounting Policies [Line Items] | |||
Estimated useful lives goodwill and purchased intangible assets, in years | 7 years | ||
Forward contracts | |||
Accounting Policies [Line Items] | |||
Derivative financial instruments accounted for as hedges | $ 0 | $ 0 |
Description Of Business And A_5
Description Of Business And Accounting Policies (Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 7 | $ 5.9 | $ 4.6 | $ 3.6 |
Acquired allowances | 0 | 0.2 | 1.6 | |
Provision for credit losses | 7.1 | 6.5 | 3.4 | |
Write-offs, net of recoveries | (6) | (5.4) | (4) | |
Balance at end of period | $ 7 | $ 5.9 | $ 4.6 |
Description Of Business And A_6
Description Of Business And Accounting Policies (Guarantees) (Details) - USD ($) | Jan. 01, 2021 | Jan. 03, 2020 |
Indemnification agreement | ||
Loss Contingencies [Line Items] | ||
Maximum potential exposure indemnification accrual | $ 0 | $ 0 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Numerator: | |||
Net income attributable to Trimble Inc. | $ 389.9 | $ 514.3 | $ 282.8 |
Denominator: | |||
Weighted average number of common shares used in basic earnings per share (in shares) | 250.5 | 250.8 | 250 |
Effect of dilutive securities (in shares) | 1.8 | 2.1 | 3.4 |
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares) | 252.3 | 252.9 | 253.4 |
Basic (in dollars per share) | $ 1.56 | $ 2.05 | $ 1.13 |
Diluted (in dollars per share) | $ 1.55 | $ 2.03 | $ 1.12 |
Antidilutive shares (in shares) | 0.5 | 0.1 | 0.7 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021USD ($)acquisition | Jan. 03, 2020USD ($)acquisition | Dec. 28, 2018USD ($)acquisition | |
Business Acquisition [Line Items] | |||
Number of businesses acquired | acquisition | 3 | 4 | 6 |
Total purchase consideration | $ 205.1 | $ 247 | $ 1,800 |
Total revenue percentage | 5.00% | ||
Acquisition-related costs | $ 21.4 | $ 20.5 | $ 38.9 |
Maximum | |||
Business Acquisition [Line Items] | |||
Total revenue percentage | 1.00% | 1.00% | |
e-Builder | |||
Business Acquisition [Line Items] | |||
Total purchase consideration | 485.5 | ||
Viewpoint | |||
Business Acquisition [Line Items] | |||
Total purchase consideration | $ 1,212.1 |
Business Combinations (Schedule
Business Combinations (Schedule of Complete Business Combinations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,876.5 | $ 3,680.6 | $ 3,540 |
Completed business acquisitions in last three fiscal years | |||
Business Acquisition [Line Items] | |||
Fair value of total purchase consideration | 205.1 | 247 | 1,782.9 |
Net tangible assets acquired | (1.6) | 6.7 | 5 |
Identified intangible assets | 56.7 | 104.6 | 568.3 |
Deferred taxes | 0.7 | ||
Deferred taxes | (3.4) | (89.2) | |
Goodwill | $ 149.3 | $ 139.1 | $ 1,298.8 |
Business Combinations (Schedu_2
Business Combinations (Schedule Of Total Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 01, 2021 | Jan. 03, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Write off of assets | $ 338.3 | |
Gross Carrying Amount | 1,903.4 | $ 2,084.5 |
Accumulated Amortization | (1,323.3) | (1,405.8) |
Total | $ 580.1 | 678.7 |
Developed product technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (in years) | 6 years | |
Gross Carrying Amount | $ 1,118.2 | 1,191.9 |
Accumulated Amortization | (811.1) | (848.6) |
Total | $ 307.1 | 343.3 |
Trade names and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (in years) | 5 years | |
Gross Carrying Amount | $ 58.3 | 73.1 |
Accumulated Amortization | (51.9) | (58.1) |
Total | $ 6.4 | 15 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (in years) | 8 years | |
Gross Carrying Amount | $ 681.1 | 750.8 |
Accumulated Amortization | (419.3) | (446.6) |
Total | $ 261.8 | 304.2 |
Distribution rights and other intellectual properties | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (in years) | 7 years | |
Gross Carrying Amount | $ 45.8 | 68.7 |
Accumulated Amortization | (41) | (52.5) |
Total | $ 4.8 | $ 16.2 |
Business Combinations (Schedu_3
Business Combinations (Schedule Of Estimated Future Amortization Expense Of Intangible Assets) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Business Combinations [Abstract] | ||
2021 | $ 139.8 | |
2022 | 119.9 | |
2023 | 106.4 | |
2024 | 82.9 | |
2025 | 46.1 | |
Thereafter | 85 | |
Total | $ 580.1 | $ 678.7 |
Business Combinations (Schedu_4
Business Combinations (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) $ in Millions | 12 Months Ended |
Jan. 01, 2021USD ($) | |
Goodwill [Roll Forward] | |
Beginning Balance | $ 3,680.6 |
Additions due to acquisitions | 149.3 |
Purchase price and foreign currency translation adjustments | 46.6 |
Ending Balance | 3,876.5 |
Buildings and Infrastructure | |
Goodwill [Roll Forward] | |
Beginning Balance | 1,973 |
Additions due to acquisitions | 1.3 |
Purchase price and foreign currency translation adjustments | 23.1 |
Ending Balance | 1,997.4 |
Geospatial | |
Goodwill [Roll Forward] | |
Beginning Balance | 401.5 |
Additions due to acquisitions | 0 |
Purchase price and foreign currency translation adjustments | 14.2 |
Ending Balance | 415.7 |
Resources and Utilities | |
Goodwill [Roll Forward] | |
Beginning Balance | 445.4 |
Additions due to acquisitions | 0.4 |
Purchase price and foreign currency translation adjustments | 8 |
Ending Balance | 453.8 |
Transportation | |
Goodwill [Roll Forward] | |
Beginning Balance | 860.7 |
Additions due to acquisitions | 147.6 |
Purchase price and foreign currency translation adjustments | 1.3 |
Ending Balance | $ 1,009.6 |
Certain Balance Sheet Compone_3
Certain Balance Sheet Components (Components Of Net Inventories) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 |
Balance Sheet Related Disclosures [Abstract] | |||
Raw materials | $ 95.6 | $ 95.8 | |
Work-in-process | 16 | 13.2 | |
Finished goods | 190.1 | 203.1 | |
Total inventories | 301.7 | 312.1 | $ 298 |
Deferred Costs, Current | $ 11.7 | $ 5.6 |
Certain Balance Sheet Compone_4
Certain Balance Sheet Components (Components Of Property And Equipment) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 598.1 | $ 557.6 |
Less: accumulated depreciation | (346.3) | (316.2) |
Total property and equipment, net | 251.8 | 241.4 |
Land, building, furniture, and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 253.3 | 211 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 178.7 | 165.3 |
Software and licenses | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 148.9 | 143 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 17.2 | $ 38.3 |
Certain Balance Sheet Compone_5
Certain Balance Sheet Components (Components Of Other Non-Current Liabilities) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Unrecognized tax benefits | $ 55.4 | $ 66.4 |
Deferred compensation | 42 | 36.2 |
Pension | 21.9 | 20.2 |
Other | 31.3 | 30.1 |
Total other non-current liabilities | $ 150.6 | $ 152.9 |
Certain Balance Sheet Compone_6
Certain Balance Sheet Components (Components Of Accumulated Other Comprehensive Loss, Net Of Related Tax) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accumulated foreign currency translation adjustments | $ (96) | $ (173.1) |
Net unrealized actuarial losses | (2.5) | (3.7) |
Total accumulated other comprehensive loss | $ (98.5) | $ (176.8) |
Reporting Segment And Geograp_3
Reporting Segment And Geographic Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 3,147.7 | $ 3,264.3 | $ 3,108.4 |
Acquired deferred revenue adjustment | 4.3 | 7 | 23.6 |
Segment revenue | 3,152 | 3,271.3 | 3,132 |
Amortization of acquired capitalized commissions | (5.5) | (6.3) | (4.7) |
Operating income | 419.8 | 375.9 | 320.7 |
Depreciation expense | 39.7 | 39.4 | 35.6 |
Buildings and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,230.7 | 1,254.2 | 1,065.5 |
Acquired deferred revenue adjustment | 0.3 | 4 | 22.2 |
Segment revenue | 1,231 | 1,258.2 | 1,087.7 |
Amortization of acquired capitalized commissions | (5.2) | (6.2) | (4.5) |
Geospatial | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 650.5 | 649.4 | 723.1 |
Acquired deferred revenue adjustment | 0 | 0 | 0 |
Segment revenue | 650.5 | 649.4 | 723.1 |
Amortization of acquired capitalized commissions | 0 | 0 | 0 |
Resources and Utilities | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 627.3 | 568.4 | 567.1 |
Acquired deferred revenue adjustment | 2.7 | 3 | 1 |
Segment revenue | 630 | 571.4 | 568.1 |
Amortization of acquired capitalized commissions | (0.1) | (0.1) | (0.2) |
Transportation | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 639.2 | 792.3 | 752.7 |
Acquired deferred revenue adjustment | 1.3 | 0 | 0.4 |
Segment revenue | 640.5 | 792.3 | 753.1 |
Amortization of acquired capitalized commissions | (0.2) | 0 | 0 |
Operating Income | |||
Segment Reporting Information [Line Items] | |||
Operating income | 794.8 | 746.4 | 715.7 |
Operating Income | Buildings and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating income | 343 | 322.1 | 239 |
Operating Income | Geospatial | |||
Segment Reporting Information [Line Items] | |||
Operating income | 184.4 | 132.2 | 166.4 |
Operating Income | Resources and Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating income | 218.4 | 166.2 | 167.4 |
Operating Income | Transportation | |||
Segment Reporting Information [Line Items] | |||
Operating income | 49 | 125.9 | 142.9 |
Segments Revenue | |||
Segment Reporting Information [Line Items] | |||
Operating income | 793.6 | 747.1 | 734.6 |
Depreciation expense | 24 | 23.2 | 21.1 |
Segments Revenue | Buildings and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating income | 338.1 | 319.9 | 256.7 |
Depreciation expense | 8.1 | 8.1 | 6.4 |
Segments Revenue | Geospatial | |||
Segment Reporting Information [Line Items] | |||
Operating income | 184.4 | 132.2 | 166.4 |
Depreciation expense | 6.2 | 6.3 | 6 |
Segments Revenue | Resources and Utilities | |||
Segment Reporting Information [Line Items] | |||
Operating income | 221 | 169.1 | 168.2 |
Depreciation expense | 5.6 | 4.4 | 4.2 |
Segments Revenue | Transportation | |||
Segment Reporting Information [Line Items] | |||
Operating income | 50.1 | 125.9 | 143.3 |
Depreciation expense | $ 4.1 | $ 4.4 | $ 4.5 |
Reporting Segment And Geograp_4
Reporting Segment And Geographic Information (Segment Select Balance Sheet) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 |
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | $ 620.5 | $ 608.2 | $ 512.6 |
Inventories | 301.7 | 312.1 | 298 |
Goodwill | 3,876.5 | 3,680.6 | 3,540 |
Buildings and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 260.1 | 232 | 177.5 |
Inventories | 59.1 | 67.1 | 70.3 |
Goodwill | 1,997.4 | 1,973 | 1,970.2 |
Geospatial | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 117.5 | 115.5 | 118.7 |
Inventories | 120.1 | 125 | 133.5 |
Goodwill | 415.7 | 401.5 | 403.1 |
Resources and Utilities | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 91.2 | 93.3 | 83.8 |
Inventories | 49 | 45.5 | 46.2 |
Goodwill | 453.8 | 445.4 | 305.7 |
Transportation | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 151.7 | 167.4 | 132.6 |
Inventories | 73.5 | 74.5 | 48 |
Goodwill | $ 1,009.6 | $ 860.7 | $ 861 |
Reporting Segment And Geograp_5
Reporting Segment And Geographic Information (Reconciliation Of The Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Consolidated operating income | $ 419.8 | $ 375.9 | $ 320.7 |
Unallocated corporate expense | (1,335.1) | (1,405) | (1,360.3) |
Acquired deferred revenue adjustment | (4.3) | (7) | (23.6) |
Amortization of acquired capitalized commissions | 5.5 | 6.3 | 4.7 |
Amortization of purchased intangible assets | (157.8) | (167.8) | (179.6) |
Amortization of acquisition-related inventory step-up | 0 | 0 | (0.2) |
Acquisition / divestiture items | (21.4) | (20.5) | (38.9) |
Stock-based compensation / deferred compensation | (90.4) | (81.2) | (75.7) |
Restructuring charges / executive transition costs | (28.2) | (27.9) | (8.7) |
COVID-19 expenses | (3.2) | 0 | 0 |
Total non-operating expense, net | (24.8) | (31.1) | (42.7) |
Consolidated income before taxes | 395 | 344.8 | 278 |
Segments Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Consolidated operating income | 793.6 | 747.1 | 734.6 |
Non-Segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Unallocated corporate expense | $ (74) | $ (73.1) | $ (91.9) |
Reporting Segment And Geograp_6
Reporting Segment And Geographic Information (Segment Revenue by Geography) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Revenue from External Customer [Line Items] | |||
Segment revenue | $ 3,152 | $ 3,271.3 | $ 3,132 |
Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 1,231 | 1,258.2 | 1,087.7 |
Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 650.5 | 649.4 | 723.1 |
Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 630 | 571.4 | 568.1 |
Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 640.5 | 792.3 | 753.1 |
North America | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 1,647.2 | 1,795.3 | 1,670 |
North America | Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 703.4 | 722.7 | 595 |
North America | Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 249.9 | 263 | 290.6 |
North America | Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 191.4 | 173.3 | 175 |
North America | Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 502.5 | 636.3 | 609.4 |
Europe | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 922.1 | 920.2 | 873.5 |
Europe | Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 337.1 | 338.7 | 312.1 |
Europe | Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 222.3 | 217.5 | 211.2 |
Europe | Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 284.3 | 273.6 | 260 |
Europe | Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 78.4 | 90.4 | 90.2 |
Asia Pacific | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 403.3 | 375.1 | 418.3 |
Asia Pacific | Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 165.7 | 165.3 | 152.7 |
Asia Pacific | Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 138.2 | 122.7 | 171.7 |
Asia Pacific | Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 64.5 | 47.4 | 46.4 |
Asia Pacific | Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 34.9 | 39.7 | 47.5 |
Rest of World | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 179.4 | 180.7 | 170.2 |
Rest of World | Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 24.8 | 31.5 | 27.9 |
Rest of World | Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 40.1 | 46.2 | 49.6 |
Rest of World | Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 89.8 | 77.1 | 86.7 |
Rest of World | Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 24.7 | 25.9 | 6 |
United States | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | $ 1,502.3 | $ 1,641 | $ 1,518.1 |
Reporting Segment And Geograp_7
Reporting Segment And Geographic Information (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 251.8 | $ 241.4 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 200.3 | 192.7 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 41 | $ 38.6 |
Reporting Segment And Geograp_8
Reporting Segment And Geographic Information (Schedule Of Long-Lived Assets) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 251.8 | $ 241.4 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 200.3 | 192.7 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 41 | 38.6 |
Asia Pacific and Rest of World | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 10.5 | $ 10.1 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Debt Instrument [Line Items] | ||
2021 | $ 255.8 | |
Unamortized discount and issuance costs | (8.7) | $ (10.8) |
Total | 1,547.2 | 1,843.2 |
Total debt | 1,291.4 | 1,624.2 |
Less: Short-term debt | 255.8 | 219 |
Long-term debt | $ 1,291.4 | 1,624.2 |
Uncommitted Facilities | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 1.16% | |
2021 | $ 255.8 | 218.7 |
Promissory Notes and Other | ||
Debt Instrument [Line Items] | ||
2021 | 0.3 | |
Senior Notes | Two Thousand Twenty Three Senior Notes | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 4.36% | |
Long-term debt, gross | $ 300 | 300 |
Long-term debt, percentage bearing fixed interest, percentage rate | 4.15% | |
Senior Notes | Two Thousand Twenty Eight Senior Notes | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 5.04% | |
Long-term debt, gross | $ 600 | 600 |
Long-term debt, percentage bearing fixed interest, percentage rate | 4.90% | |
Senior Notes | Two Thousand Twenty Four Senior Notes | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 4.95% | |
Long-term debt, gross | $ 400 | 400 |
Long-term debt, percentage bearing fixed interest, percentage rate | 4.75% | |
Revolving Credit Facility | Revolving Credit Facility, due May 2023 | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 0.00% | |
Long-term debt, gross | $ 0 | 110 |
Promissory Notes and Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0.1 | |
Term Loan | Revolving Credit Facility | Term Loan due July 2022 | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 0.00% | |
Long-term debt, gross | $ 0 | $ 225 |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Millions | Jan. 01, 2021USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 255.8 |
2022 | 0 |
2023 | 300.1 |
2024 | 400 |
2025 | 0 |
Thereafter | 600 |
Total | $ 1,555.9 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) £ in Millions | Jan. 01, 2021USD ($)loan | Jan. 01, 2021GBP (£)loan | Feb. 24, 2020GBP (£) | Jan. 03, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Debt outstanding | $ 1,291,400,000 | $ 1,624,200,000 | ||
Uncommitted Revolving Credit Facilities 55 million pounds GBP | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | £ | £ 55 | £ 55 | ||
Number of revolving loan facilities | loan | 1 | 1 | ||
Uncommitted Revolving Credit Facilities $75 million | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | $ 75,000,000 | |||
Number of revolving loan facilities | loan | 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 | ||
Promissory Notes and Other | ||||
Debt Instrument [Line Items] | ||||
Promissory notes and other debt | $ 100,000 | $ 300,000 | ||
Two Thousand Eighteen Credit Facility | JPMorgan Chase Bank | Unsecured Debt | Revolving Credit Facility, due May 2023 | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | 1,250,000,000 | |||
Two Thousand Eighteen Credit Facility | JPMorgan Chase Bank | Unsecured Debt | Additional Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | 500,000,000 | |||
Debt outstanding | $ 0 |
Leases (Narratives) (Details)
Leases (Narratives) (Details) $ in Millions | Jan. 01, 2021USD ($) |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 10 years |
Operating lease, renewal term | 6 years |
Real Estates | |
Lessee, Lease, Description [Line Items] | |
Operating leases, lease not yet commenced for real estate | $ 40 |
Real Estates | Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease not yet commenced, lease term | 1 year |
Real Estates | Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease not yet commenced, lease term | 13 years |
Leases (Operating Lease Expense
Leases (Operating Lease Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 01, 2021 | Jan. 03, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 38.1 | $ 38.3 |
Short-term lease expense and other | 15.7 | 18.4 |
Total lease expense | $ 53.8 | $ 56.7 |
Leases (Supplement Cash Flow In
Leases (Supplement Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 01, 2021 | Jan. 03, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 37 | $ 37.9 |
Right-of-use assets obtained in exchange for Operating lease liabilities: | 29.4 | 53.2 |
Operating lease right-of-use assets | 128.9 | 140.3 |
Other current liabilities | 33.8 | 28.9 |
Operating lease liabilities | 109.2 | 114.1 |
Total operating lease liabilities | $ 143 | $ 143 |
Weighted-average discount rate | 3.86% | 4.23% |
Weighted-average remaining lease term | 6 years | 6 years |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Leases (Lease Liabilities Matur
Leases (Lease Liabilities Maturity By Year) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Leases [Abstract] | ||
2021 | $ 37.6 | |
2022 | 31.9 | |
2023 | 24.3 | |
2024 | 18.7 | |
Thereafter | 46.4 | |
Total lease payments | 158.9 | |
Less: imputed interest | 15.9 | |
Total | $ 143 | $ 143 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | Jan. 01, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligations | $ 241.1 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other current liabilities | $ 12.3 | |
Contingent consideration, undiscounted maximum payment | 18.3 | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 41.9 | $ 36.2 |
Derivatives assets | 0.9 | 0.3 |
Total assets measured at fair value | 42.8 | 36.5 |
Deferred compensation plan liabilities | 41.9 | 36.2 |
Derivatives liabilities | 0.5 | 1 |
Contingent consideration liabilities | 12.3 | 19.9 |
Total liabilities measured at fair value | 54.7 | 57.1 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 41.9 | 36.2 |
Derivatives assets | 0 | 0 |
Total assets measured at fair value | 41.9 | 36.2 |
Deferred compensation plan liabilities | 41.9 | 36.2 |
Derivatives liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 41.9 | 36.2 |
Fair Value, Recurring | Level II | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | 0 |
Derivatives assets | 0.9 | 0.3 |
Total assets measured at fair value | 0.9 | 0.3 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0.5 | 1 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 0.5 | 1 |
Fair Value, Recurring | 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 | 12.3 | 19.9 |
Total liabilities measured at fair value | $ 12.3 | $ 19.9 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt outstanding | $ 1,291.4 | $ 1,624.2 |
Fair Value, Recurring | Debt | ||
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 (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Capitalized Contract Cost [Line Items] | |||
Deferred costs to obtain customer contracts | $ 51,300,000 | $ 45,400,000 | |
Deferred Commission | |||
Capitalized Contract Cost [Line Items] | |||
Impairment loss related to deferred commissions | 0 | 0 | $ 0 |
Selling and Marketing Expense | |||
Capitalized Contract Cost [Line Items] | |||
Amortization expense related to deferred costs to obtain customer contracts | $ 22,800,000 | $ 22,300,000 | $ 23,600,000 |
Deferred Revenue and Remainin_3
Deferred Revenue and Remaining Performance Obligations - Changes in Deferred Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 01, 2021 | Jan. 03, 2020 | |
Contract With Customer, Asset And Liability [Roll Forward] | ||
Beginning balance of the period | $ 541.9 | $ 387.2 |
Revenue recognized | (476.9) | (341.3) |
Net deferred revenue activity | 548.8 | 496 |
Ending balance of the period | $ 613.8 | $ 541.9 |
Deferred Revenue and Remainin_4
Deferred Revenue and Remaining Performance Obligations (Narrative) (Details) $ in Billions | Jan. 01, 2021USD ($) |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Remaining performance obligation | $ 1.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-02 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, percentage | 73.00% |
Remaining performance obligation, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Remaining performance obligation | $ 0.3 |
Remaining performance obligation, percentage | 27.00% |
Remaining performance obligation, period |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Taxes, United States And Foreign) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 24.7 | $ 43 | $ 25.4 |
Foreign | 370.3 | 301.8 | 252.6 |
Income before taxes | $ 395 | $ 344.8 | $ 278 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
U.S. Federal: | |||
Current | $ (5.8) | $ (3.8) | $ (19.7) |
Deferred | (16.3) | 252.3 | (25.8) |
US federal, income tax provision | (22.1) | 248.5 | (45.5) |
U.S. State: | |||
Current | 0.8 | 5.1 | 5 |
Deferred | 7.1 | (0.7) | (3.6) |
US state, income tax provision | 7.9 | 4.4 | 1.4 |
Foreign: | |||
Current | 62.2 | 49.2 | 57 |
Deferred | (43.6) | (471.8) | (18.2) |
Foreign, income tax provision | 18.6 | (422.6) | 38.8 |
Income tax provision (benefit) | $ 4.4 | $ (169.7) | $ (5.3) |
Effective tax rate | 1.10% | (49.20%) | (1.90%) |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Difference Between The Tax Provision At The Statutory Federal Income Tax Rate And The Tax Provision As A Percentage Of Income Before Taxes (Effective Tax Rate)) (Details) | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
Foreign income taxed at different rates | 1.70% | (7.30%) | (6.70%) |
Change in valuation allowance | 2.00% | 0.00% | 0.00% |
U.S. State income taxes | 0.50% | 1.50% | 1.00% |
Stock-based compensation | 1.50% | 1.20% | 1.10% |
Excess tax benefit related to stock-based compensation | (1.50%) | (2.40%) | (3.20%) |
Effect of U.S. tax law change | 0.00% | 0.00% | (7.60%) |
Other U.S. taxes on foreign operations | (0.010) | 0.013 | 0.016 |
U.S. Federal research and development credits | (2.30%) | (2.80%) | (3.70%) |
Tax reserve releases | (4.80%) | (4.90%) | (8.70%) |
Intellectual property restructuring and tax law changes | 16.20% | 59.80% | 0.00% |
Other | 0.20% | 3.00% | 3.30% |
Effective tax rate | 1.10% | (49.20%) | (1.90%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jan. 01, 2021 | Jan. 03, 2020 | Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | |||
Foreign Change in Tax Rate, Income Tax Expense (Benefit) | $ (64) | |||||
Intellectual Property And Restructuring, Income Tax Expense (Benefit) | $ (206.3) | |||||
Increased statutory tax rate | 21.00% | 21.00% | 21.00% | |||
Foreign earnings repatriated | $ 272.7 | |||||
Unrecognized tax benefits | 64.1 | 71.6 | 64.1 | $ 71.6 | $ 69.1 | $ 82.4 |
Unrecognized tax benefits that would impact effective tax rate | 47.8 | 59.5 | 47.8 | 59.5 | ||
Payment of interest and penalties | 9.6 | $ 11.5 | $ 9.6 | $ 11.5 | ||
Minimum | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Statutory federal income tax rate | 21.70% | |||||
Increased statutory tax rate | 21.70% | |||||
Maximum | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Statutory federal income tax rate | 25.00% | |||||
Increased statutory tax rate | 25.00% | |||||
IRS | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | 16.7 | $ 16.7 | ||||
Foreign Tax Authority | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | 83.4 | 83.4 | ||||
Research Tax Credit Carryforward | IRS | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax credit carryforward | 11.8 | 11.8 | ||||
Research Tax Credit Carryforward | California Franchise Tax Board | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax credit carryforward | $ 33.1 | $ 33.1 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 03, 2020 |
Deferred tax liabilities: | ||
Global intangible low-taxed income | $ 219.7 | $ 233.7 |
Purchased intangibles | 138.1 | 158.7 |
Operating lease right-of-use assets | 32.3 | 35.3 |
Other | 11.3 | 12.8 |
Total deferred tax liabilities | 401.4 | 440.5 |
Deferred tax assets: | ||
Depreciation and amortization | 497.1 | 471.5 |
Operating lease liabilities | 35 | 36 |
U.S. tax credit carryforwards | 32.8 | 34.2 |
Expenses not currently deductible | 32.3 | 28 |
Foreign net operating loss carryforwards | 16.8 | 16.2 |
Stock-based compensation | 10.6 | 13.3 |
U.S. net operating loss carryforwards | 7.4 | 9.8 |
Other | 20.6 | 14.1 |
Total deferred tax assets | 652.6 | 623.1 |
Valuation allowance | (41.3) | (25.3) |
Total deferred tax assets | 611.3 | 597.8 |
Total net deferred tax assets | 209.9 | 157.3 |
Non-current deferred income tax assets | 510.2 | 475.5 |
Non-current deferred income tax liabilities | $ (300.3) | $ (318.2) |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 71.6 | $ 69.1 | $ 82.4 |
Increase related to current year tax positions | 8 | 12.6 | 10 |
(Decrease) increase related to prior years' tax positions | (0.4) | ||
(Decrease) increase related to prior years' tax positions | 3.8 | 4.5 | |
Settlement with taxing authorities | (0.5) | (5.7) | (8.9) |
Lapse of statute of limitations | (14.6) | (8.2) | (18.9) |
Ending balance | $ 64.1 | $ 71.6 | $ 69.1 |
Employee Stock Benefit Plans (N
Employee Stock Benefit Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | Nov. 20, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized stock-based compensation expense | $ 164.5 | |||
Unamortized compensation expense weighted-average recognition period, in years | 2 years 4 months 24 days | |||
Total intrinsic value of options exercised | $ 11.5 | $ 16.4 | $ 30 | |
Weighted average grant-date fair value of stock options granted (in dollars per share) | $ 14.30 | $ 12.92 | $ 10.62 | |
Fair value of stock options vested | $ 0.2 | $ 0.2 | $ 1.9 | |
Common stock, shares authorized (in shares) | 360,000,000 | 360,000,000 | ||
2002 Stock Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares authorized for grant (in shares) | 92,600,000 | 18,000,000 | ||
Share-based compensation, remaining number of shares available (in shares) | 21,100,000 | |||
PSUs | 2002 Stock Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units granted vesting period, in years | 2 years | |||
PSUs | 2002 Stock Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units granted vesting period, in years | 3 years | |||
Time Based Restricted Stock Units | 2002 Stock Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units granted vesting period, in years | 3 years | |||
Time Based Restricted Stock Units | 2002 Stock Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units granted vesting period, in years | 4 years | |||
Performance Stock Units (PSU) Granted Prior to 2019 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of the target grant amount received at vesting | 0.00% | |||
Performance Stock Units (PSU) Granted Prior to 2019 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of the target grant amount received at vesting | 200.00% | |||
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant-date fair value, granted (in dollars per share) | $ 42.50 | $ 41.38 | $ 37.43 | |
Share-based compensation, equity instruments other than options, vested in period, fair value | $ 78 | $ 75.7 | $ 73.9 | |
Stock options | 2002 Stock Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units granted vesting period, in years | 3 years | |||
Share-based payment award, expiration period | 7 years | |||
Stock options | 2002 Stock Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share units granted vesting period, in years | 5 years | |||
Share-based payment award, expiration period | 10 years | |||
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares authorized (in shares) | 39,000,000 | |||
Percentage of lower fair market value to be purchased of common stock through payroll deductions | 85.00% | |||
Employee stock options granted term, in months (in shares) | 6 months | |||
Stock issued during period, shares, employee stock purchase plans (in shares) | 800,000 | 800,000 | 800,000 | |
Stock issued during period, value, employee stock purchase plan | $ 26.9 | $ 25.7 | $ 24 | |
Number of shares reserved for future purchases (in shares) | 6,600,000 |
Employee Stock Benefit Plans (C
Employee Stock Benefit Plans (Components of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 83 | $ 75 | $ 76.9 |
Cost of sales | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 6.7 | 5.6 | 4.5 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 22.1 | 16.7 | 15 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 16.2 | 13 | 10 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 38 | 39.7 | 47.4 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 73.2 | 67.3 | 68.9 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.5 | 0.6 | 1.5 |
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 8.3 | $ 7.1 | $ 6.5 |
Employee Stock Benefit Plans (S
Employee Stock Benefit Plans (Schedule Of Restricted Stock Units Activity) (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | |
Restricted stock units | |||
Number of Units | |||
Number of units, outstanding at the beginning of year (in shares) | 5.7 | ||
Number of units, granted (in shares) | 1.9 | ||
Number of units, shares vested, net (in shares) | (1.8) | ||
Number of units, cancelled and forfeited (in shares) | (0.4) | ||
Number of units, outstanding at the end of year (in shares) | 5.4 | 5.7 | |
Weighted Average Grant-Date Fair Value per Share | |||
Weighted average grant-date fair value, outstanding at the beginning of year (in dollars per share) | $ 39.62 | ||
weighted average grant-date fair value, granted (in dollars per share) | 42.50 | $ 41.38 | $ 37.43 |
Weighted average grant-date fair value, shares vested, net (in dollars per share) | 38.94 | ||
Weighted average grant-date fair value, canceled and forfeited (in dollars per share) | 41.55 | ||
Weighted average grant-date fair value, outstanding at the end of year (in dollars per share) | $ 44.25 | $ 39.62 | |
PSUs | |||
Number of Units | |||
Number of units, granted (in shares) | 0.2 | ||
Number of units, shares vested, net (in shares) | (0.5) | ||
Number of units, outstanding at the end of year (in shares) | 1.3 | ||
Performance-Based Stock Units, Achievement Of Company Performance Metrics | |||
Weighted Average Grant-Date Fair Value per Share | |||
Performance adjustments above target levels at vesting date (in shares) | 0.2 |
Employee Stock Benefit Plans _2
Employee Stock Benefit Plans (Schedule Of Options Outstanding And Expected To Vest) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Jan. 01, 2021USD ($)$ / sharesshares | |
Number Of Shares (in millions) | |
Number of shares, outstanding at the beginning of year (in shares) | shares | 1.1 |
Number of units, options granted (in shares) | shares | 0.2 |
Number of units, option exercised (in shares) | shares | (0.7) |
Number of units, cancelled and forfeited (in shares) | shares | 0 |
Number of shares, outstanding at the end of year (in shares) | shares | 0.6 |
Number of units, options exercisable (in shares) | shares | 0.2 |
Weighted- Average Exercise Price per Share | |
Weighted-average exercise price per share, outstanding at the beginning of year (in dollars per share) | $ / shares | $ 29.96 |
Weighted-average exercise price per share, options granted (in dollars per share) | $ / shares | 41.58 |
Weighted-average exercise price per share, options exercised (in dollars per share) | $ / shares | 29.01 |
Weighted-average exercise price per share, cancelled and forfeited (in dollars per share) | $ / shares | 28.08 |
Weighted-average exercise price per share, outstanding at the end of year (in dollars per share) | $ / shares | 35.42 |
Weighted-average exercise price per share, options exercisable (in dollars per share) | $ / shares | $ 27.88 |
Weighted-average remaining contractual term, outstanding (in years) | 5 years 1 month 6 days |
Weighted-average remaining contractual term, options exercisable (in years) | 1 year 2 months 12 days |
Aggregate intrinsic value, outstanding | $ | $ 18.6 |
Aggregate intrinsic value, options exercisable | $ | $ 9 |
Common Stock Repurchase (Narrat
Common Stock Repurchase (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | |||
Jan. 01, 2021 | Jan. 03, 2020 | Dec. 28, 2018 | Nov. 30, 2017 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchases | $ 81,600,000 | $ 179,800,000 | $ 90,000,000 | |
Retained Earnings | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchases | $ 68,600,000 | $ 149,100,000 | $ 75,300,000 | |
2017 Stock Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program authorized amount | $ 600,000,000 | |||
Common stock repurchased during period(in shares) | 1.9 | 4.7 | 2.4 | |
Common stock repurchased average price (in dollars per share) | $ 43.40 | $ 38.51 | $ 37.23 | |
Stock repurchases | $ 81,600,000 | $ 179,800,000 | $ 90,000,000 | |
Stock repurchase program, remaining authorized fund | $ 90,700,000 |