Cover Page
Cover Page - shares | 3 Months Ended | |
Apr. 01, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 1, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-14845 | |
Entity Registrant Name | TRIMBLE INC. | |
Entity Address, Address Line One | 935 Stewart Drive | |
Entity Address, City or Town | Sunnyvale | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94085 | |
City Area Code | 408 | |
Local Phone Number | 481-8000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | TRMB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 250,142,472 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000864749 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-2802192 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Apr. 01, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 357.2 | $ 325.7 |
Accounts receivable, net | 655.7 | 624.8 |
Inventories | 401 | 363.3 |
Other current assets | 151.6 | 136.8 |
Total current assets | 1,565.5 | 1,450.6 |
Property and equipment, net | 235 | 233.2 |
Operating lease right-of-use assets | 146.9 | 141 |
Goodwill | 3,971 | 3,981.5 |
Other purchased intangible assets, net | 468.7 | 506.6 |
Deferred income tax assets | 494.9 | 502 |
Other non-current assets | 295.4 | 284.7 |
Total assets | 7,177.4 | 7,099.6 |
Current liabilities: | ||
Accounts payable | 213.3 | 207.3 |
Accrued compensation and benefits | 144.6 | 231 |
Deferred revenue | 622.7 | 548.8 |
Other current liabilities | 266.4 | 201.5 |
Total current liabilities | 1,247 | 1,188.6 |
Long-term debt | 1,293.7 | 1,293.2 |
Deferred revenue, non-current | 81.2 | 83 |
Deferred income tax liabilities | 237.6 | 263.1 |
Income taxes payable | 54.5 | 54.5 |
Operating lease liabilities | 127.8 | 121.4 |
Other non-current liabilities | 147.7 | 151.1 |
Total liabilities | 3,189.5 | 3,154.9 |
Commitments and contingencies (Note 12) | ||
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; 250.1 and 250.9 shares issued and outstanding at the end of the first quarter of 2022 and year end 2021 | 0.3 | 0.3 |
Additional paid-in-capital | 1,981.2 | 1,935.6 |
Retained earnings | 2,170.3 | 2,170.5 |
Accumulated other comprehensive loss | (163.9) | (161.7) |
Total stockholders' equity | 3,987.9 | 3,944.7 |
Total liabilities and stockholders' equity | $ 7,177.4 | $ 7,099.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Apr. 01, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value per share (in usd 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) | 250,100,000 | 250,900,000 |
Common stock, shares outstanding (in shares) | 250,100,000 | 250,900,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Apr. 01, 2022 | Apr. 02, 2021 | |
Revenue: | ||
Revenue | $ 993.7 | $ 886.5 |
Cost of sales: | ||
Amortization of purchased intangible assets | 22.5 | 22.1 |
Total cost of sales | 444.1 | 393.2 |
Gross margin | 549.6 | 493.3 |
Operating expense: | ||
Research and development | 140.3 | 129.4 |
Sales and marketing | 131.9 | 122.4 |
General and administrative | 101.5 | 85.4 |
Restructuring | 6.9 | 1.5 |
Amortization of purchased intangible assets | 12.1 | 13.7 |
Total operating expense | 392.7 | 352.4 |
Operating income | 156.9 | 140.9 |
Non-operating expense, net: | ||
Interest expense, net | (16) | (16.9) |
Income from equity method investments, net | 9.7 | 11.8 |
Other income (expense), net | (12.1) | 1.6 |
Total non-operating expense, net | (18.4) | (3.5) |
Income before taxes | 138.5 | 137.4 |
Income tax provision | 28.2 | 22.8 |
Net income | 110.3 | 114.6 |
Net income attributable to noncontrolling interests | 0 | 0.1 |
Net income attributable to Trimble Inc. | $ 110.3 | $ 114.5 |
Earnings per share attributable to Trimble Inc.: | ||
Basic (in usd per share) | $ 0.44 | $ 0.46 |
Diluted (in usd per share) | $ 0.44 | $ 0.45 |
Shares used in calculating earnings per share: | ||
Basic (in shares) | 250.8 | 251.1 |
Diluted (in shares) | 252.8 | 254.3 |
Product | ||
Revenue: | ||
Revenue | $ 621.6 | $ 539.4 |
Cost of sales: | ||
Cost of sales, excluding amortization | 308.4 | 255.7 |
Service | ||
Revenue: | ||
Revenue | 161.1 | 162.3 |
Cost of sales: | ||
Cost of sales, excluding amortization | 63.3 | 59.6 |
Subscription | ||
Revenue: | ||
Revenue | 211 | 184.8 |
Cost of sales: | ||
Cost of sales, excluding amortization | $ 49.9 | $ 55.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2022 | Apr. 02, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 110.3 | $ 114.6 |
Foreign currency translation adjustments, net of tax | (2.2) | (31.5) |
Comprehensive income | 108.1 | 83.1 |
Comprehensive income attributable to noncontrolling interests | 0 | 0.1 |
Comprehensive income attributable to Trimble Inc. | $ 108.1 | $ 83 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions | Total | Total Stockholders’ Equity | Common stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
Beginning balance (in shares) at Jan. 01, 2021 | 250.8 | ||||||
Beginning balance at Jan. 01, 2021 | $ 3,598.6 | $ 3,596.9 | $ 0.3 | $ 1,801.7 | $ 1,893.4 | $ (98.5) | $ 1.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 114.6 | 114.5 | 114.5 | 0.1 | |||
Other comprehensive income (loss) | (31.5) | (31.5) | (31.5) | ||||
Comprehensive income | 83.1 | 83 | |||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.7 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 8 | 8 | 18.2 | (10.2) | |||
Stock repurchases (in shares) | (0.6) | ||||||
Stock repurchases | (40) | (40) | (4.1) | (35.9) | |||
Stock-based compensation | 25.1 | 25.1 | 25.1 | ||||
Noncontrolling interest investment | (1.2) | 0.6 | 0.6 | (1.8) | |||
Ending balance (in shares) at Apr. 02, 2021 | 250.9 | ||||||
Ending balance at Apr. 02, 2021 | $ 3,673.6 | 3,673.6 | $ 0.3 | 1,841.5 | 1,961.8 | (130) | 0 |
Beginning balance (in shares) at Dec. 31, 2021 | 250.9 | 250.9 | |||||
Beginning balance at Dec. 31, 2021 | $ 3,944.7 | 3,944.7 | $ 0.3 | 1,935.6 | 2,170.5 | (161.7) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 110.3 | 110.3 | 110.3 | ||||
Other comprehensive income (loss) | (2.2) | (2.2) | (2.2) | ||||
Comprehensive income | 108.1 | 108.1 | |||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.7 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | (2.4) | (2.4) | 15.2 | (17.6) | |||
Stock repurchases (in shares) | (1.5) | ||||||
Stock repurchases | (104.7) | (104.7) | (11.8) | (92.9) | |||
Stock-based compensation | $ 42.2 | 42.2 | 42.2 | ||||
Ending balance (in shares) at Apr. 01, 2022 | 250.1 | 250.1 | |||||
Ending balance at Apr. 01, 2022 | $ 3,987.9 | $ 3,987.9 | $ 0.3 | $ 1,981.2 | $ 2,170.3 | $ (163.9) | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2022 | Apr. 02, 2021 | |
Cash flow from operating activities: | ||
Net income | $ 110.3 | $ 114.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 10 | 10.3 |
Amortization expense | 34.6 | 35.8 |
Deferred income taxes | (16.8) | 0.4 |
Stock-based compensation | 28.3 | 27.2 |
Other, net | 16.7 | (3.8) |
(Increase) decrease in assets: | ||
Accounts receivable, net | (34.6) | 40 |
Inventories | (42.7) | (0.9) |
Other current and non-current assets | (14.6) | 2.8 |
Increase (decrease) in liabilities: | ||
Accounts payable | 7.8 | 14.5 |
Accrued compensation and benefits | (75.6) | (25) |
Deferred revenue | 73.3 | 9.2 |
Other current and non-current liabilities | 56.3 | 3.1 |
Net cash provided by operating activities | 153 | 228.2 |
Cash flow from investing activities: | ||
Purchases of property and equipment | (14.5) | (10.6) |
Other, net | 1.1 | 1.4 |
Net cash used in investing activities | (13.4) | (9.2) |
Cash flow from financing activities: | ||
Issuance of common stock, net of tax withholdings | 8 | |
Issuance of common stock, net of tax withholdings | (2.4) | |
Repurchases of common stock | (104.7) | (40) |
Proceeds from debt and revolving credit lines | 118.8 | 180.8 |
Payments on debt and revolving credit lines | (118.8) | (335.7) |
Other, net | (2.6) | 0 |
Net cash used in financing activities | (109.7) | (186.9) |
Effect of exchange rate changes on cash and cash equivalents | 1.6 | (5.2) |
Net increase in cash and cash equivalents | 31.5 | 26.9 |
Cash and cash equivalents - beginning of period | 325.7 | 237.7 |
Cash and cash equivalents - end of period | $ 357.2 | $ 264.6 |
Overview And Accounting Policie
Overview And Accounting Policies | 3 Months Ended |
Apr. 01, 2022 | |
Accounting Policies [Abstract] | |
Overview And Accounting Policies | OVERVIEW AND ACCOUNTING POLICIES Basis of Presentation The Condensed 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 use a 52- to 53-week year ending on the Friday nearest to December 31. Both 2022 and 2021 are 52-week years. The first quarter of 2022 and 2021 ended on April 1, 2022 and April 2, 2021. Unless otherwise stated, all dates refer to these periods. Use of Estimates We prepared our interim Condensed Consolidated Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our Form 10-K filed with the U.S. Securities and Exchange Commission on February 23, 2022 (the “2021 Form 10-K”). The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2021 Form 10-K that includes additional information about our significant accounting policies and the methods and assumptions used in our 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 intangible asset impairment analysis, other long-lived asset impairment analysis, stock-based compensation, and income taxes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates. Recently issued Accounting Pronouncements not yet Adopted There are no recently issued accounting pronouncements applicable to us not yet adopted. Recently Adopted Accounting Pronouncements |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 01, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchase Activities In August 2021, our Board of Directors approved a new share repurchase program (“2021 Stock Repurchase Program”) authorizing up to $750.0 million in repurchases of our common stock. Under the 2021 Stock Repurchase Program, the share repurchase authorization does not have an expiration date and supersedes and replaces the $600.0 million share repurchase authorization approved by our Board of Directors in November 2017 (“2017 Stock Repurchase Program”), of which $50.7 million was remaining and has been cancelled. Under the 2021 Stock Repurchase Program, we may repurchase shares from time to time, subject to business and market conditions and other investment opportunities, through open market transactions, privately-negotiated transactions, accelerated stock repurchase plans, or by other means. The timing and actual number of any shares repurchased will depend on a variety of factors, including market conditions, our share price, other available uses of capital, applicable legal requirements, and other factors. The 2021 Stock Repurchase Program may be suspended, modified, or discontinued at any time at the Company’s discretion without notice. During the first quarter of 2022, we repurchased approximately 1.5 million shares of common stock in open market purchases at an average price of $68.49 per share for a total of $104.7 million under the 2021 Stock Repurchase Program. At the end of the first quarter of 2022, the 2021 Stock Repurchase Program had remaining authorized funds of $505.3 million. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Apr. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents a summary of our intangible assets: First Quarter of 2022 Year End 2021 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 1,009.1 $ (767.6) $ 241.5 $ 1,011.9 $ (748.2) $ 263.7 Customer relationships 649.5 (431.9) 217.6 667.8 (428.9) 238.9 Trade names and trademarks 47.9 (39.3) 8.6 48.0 (45.0) 3.0 Distribution rights and other intellectual property 10.0 (9.0) 1.0 10.0 (9.0) 1.0 $ 1,716.5 $ (1,247.8) $ 468.7 $ 1,737.7 $ (1,231.1) $ 506.6 The estimated future amortization expense of intangible assets at the end of the first quarter of 2022 was as follows: (In millions) 2022 (Remaining) $ 91.4 2023 113.4 2024 89.8 2025 56.0 2026 49.7 Thereafter 68.4 Total $ 468.7 Goodwill The changes in the carrying amount of goodwill by segment for the first quarter of 2022 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of year end 2021 $ 2,141.4 $ 403.6 $ 440.8 $ 995.7 $ 3,981.5 Foreign currency translation and other adjustments (6.5) (1.5) 0.6 (3.1) (10.5) Balance as of the end of the first quarter of 2022 $ 2,134.9 $ 402.1 $ 441.4 $ 992.6 $ 3,971.0 |
Inventories
Inventories | 3 Months Ended |
Apr. 01, 2022 | |
Inventory, Net [Abstract] | |
INVENTORIES | INVENTORIES The components of inventory, net were as follows: First Quarter of Year End As of 2022 2021 (In millions) Raw materials $ 145.4 $ 129.6 Work-in-process 13.5 12.4 Finished goods 242.1 221.3 Total inventories $ 401.0 $ 363.3 |
Segment Information
Segment Information | 3 Months Ended |
Apr. 01, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We determined our operating segments based on how our Chief Operating Decision Maker (“CODM”) views and evaluates operations. Our reportable segments are described below: • Buildings and Infrastructure . This segment primarily serves customers working in architecture, engineering, construction, and operations and maintenance. • Geospatial . This segment primarily serves customers working in surveying, engineering, 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) First Quarter of 2022 Segment revenue $ 397.6 $ 207.5 $ 229.9 $ 158.7 $ 993.7 Segment operating income $ 120.7 $ 57.9 $ 75.1 $ 9.2 $ 262.9 Depreciation expense $ 1.6 $ 1.6 $ 1.5 $ 1.0 $ 5.7 First Quarter of 2021 Segment revenue $ 343.1 $ 181.7 $ 205.2 $ 156.7 $ 886.7 Segment operating income $ 96.4 $ 48.7 $ 80.1 $ 8.4 $ 233.6 Depreciation expense $ 1.8 $ 1.7 $ 1.5 $ 0.9 $ 5.9 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of the end of the First Quarter of 2022 Accounts receivable, net $ 228.0 $ 140.2 $ 137.0 $ 150.5 $ 655.7 Inventories 93.9 140.6 87.9 78.6 401.0 Goodwill 2,134.9 402.1 441.4 992.6 3,971.0 As of Year End 2021 Accounts receivable, net $ 246.8 $ 134.0 $ 112.9 $ 131.1 $ 624.8 Inventories 79.3 136.4 67.4 80.2 363.3 Goodwill 2,141.4 403.6 440.8 995.7 3,981.5 A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: First Quarter of 2022 2021 (In millions) Consolidated segment operating income $ 262.9 $ 233.6 Unallocated general corporate expenses (29.8) (24.4) Purchase accounting adjustments (34.6) (34.8) Acquisition / divestiture items (3.9) (3.5) Stock-based compensation / deferred compensation (25.0) (28.7) Restructuring and other costs (12.7) (1.3) Consolidated operating income 156.9 140.9 Total non-operating expense, net (18.4) (3.5) Consolidated income before taxes $ 138.5 $ 137.4 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 is consistent with the Reporting Segment tables above. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) First Quarter of 2022 North America $ 231.9 $ 83.4 $ 59.0 $ 124.1 $ 498.4 Europe 112.3 71.2 114.0 21.7 319.2 Asia Pacific 46.9 42.0 19.2 7.4 115.5 Rest of World 6.5 10.9 37.7 5.5 60.6 Total segment revenue $ 397.6 $ 207.5 $ 229.9 $ 158.7 $ 993.7 First Quarter of 2021 North America $ 199.8 $ 72.5 $ 53.6 $ 124.5 $ 450.4 Europe 94.3 60.4 105.8 19.7 280.2 Asia Pacific 43.6 37.5 21.0 7.7 109.8 Rest of World 5.4 11.3 24.8 4.8 46.3 Total segment revenue $ 343.1 $ 181.7 $ 205.2 $ 156.7 $ 886.7 Total revenue in the United States as included in the Condensed Consolidated Statements of Income was $447.0 million and $406.8 million for the first quarter of 2022 and 2021. No single customer or country other than the |
Debt
Debt | 3 Months Ended |
Apr. 01, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consisted of the following: First Quarter of Year End Instrument Date of Issuance 2022 2021 (In millions) Effective interest rate Senior Notes: 2023 Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ 300.0 $ 300.0 2028 Senior Notes, 4.90%, due June 2028 June 2018 5.04% 600.0 600.0 2024 Senior Notes, 4.75%, due December 2024 November 2014 4.95% 400.0 400.0 Unamortized discount and issuance costs (6.3) (6.8) Total long-term debt $ 1,293.7 $ 1,293.2 Each of our debt agreements, including our credit facilities, requires us to maintain compliance with certain debt covenants, all of which we complied with at the end of the first quarter of 2022. Debt Maturities At the end of the first quarter of 2022, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2022 (Remaining) $ — 2023 300.0 2024 400.0 2025 — 2026 — Thereafter 600.0 Total $ 1,300.0 Senior Notes All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year. Additional details are unchanged from the information disclosed in Note 6, “Debt” of the 2021 Form 10-K. Credit Facilities On March 24, 2022, we entered into a new credit agreement with a group of lenders (the “2022 Credit Facility”). The 2022 Credit Facility replaces the prior credit facility (the “2018 Credit Facility”), maturing in May 2023, which was terminated concurrently with entering into the 2022 Credit Facility. The 2022 Credit Facility provides for a five-year, The interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings and our leverage ratio. At the end of the first quarter of 2022, the interest rate charged on any outstanding borrowings was the prevailing term secured overnight financing rate for the applicable interest period plus 1.125%, and the commitment fee was 0.125% of the total undrawn commitment. As of April 1, 2022, no amounts were outstanding under the 2022 Credit Facility. The commitment fee and interest rates are subject to upward or downward adjustments if we achieve, or fail to achieve, certain specified sustainability targets concerning greenhouse gas emission reductions and gender diversity. Such upward or downward adjustments may be up to 0.01% per annum for the commitment fee and up to 0.05% per annum for the interest rate. Uncommitted Facilities At the end of the first quarter of 2022, we had two $75.0 million, one €100.0 million, and one £55.0 million revolving credit facilities, which are uncommitted (the “uncommitted facilities”). Generally, these uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 01, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs: Fair Values as of the end of the First Quarter of 2022 Fair Values at the end of 2021 Quoted prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Quoted prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) (Level I) (Level II) (Level III) Total (Level I) (Level II) (Level III) Total Assets Deferred compensation plan (1) $ 40.4 $ — $ — $ 40.4 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.4 — 0.4 — 0.1 — 0.1 Total assets measured at fair value $ 40.4 $ 0.4 $ — $ 40.8 $ 44.7 $ 0.1 $ — $ 44.8 Liabilities Deferred compensation plan (1) $ 40.4 $ — $ — $ 40.4 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.4 — 0.4 — 0.2 — 0.2 Contingent consideration (3) — — 13.2 13.2 — — 12.8 12.8 Total liabilities measured at fair value $ 40.4 $ 0.4 $ 13.2 $ 54.0 $ 44.7 $ 0.2 $ 12.8 $ 57.7 (1) Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. (2) Represents forward currency exchange contracts that are included in Other current assets and Other current liabilities on our Condensed Consolidated Balance Sheets. (3) Represents arrangements to pay the former owners of certain companies that we acquired that are included in Other current liabilities on our Condensed Consolidated Balance Sheets. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins, or other milestones. 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 $1.3 billion and $1.4 billion at the end of the first quarter of 2022 and at the end of 2021 . The fair value of the senior notes was determined based on observable market prices in less active markets and is categorized accordingly as Level II. The fair values do not indicate the amount we would currently have to pay to extinguish the debt. |
Product Warranties
Product Warranties | 3 Months Ended |
Apr. 01, 2022 | |
Product Warranties Disclosures [Abstract] | |
PRODUCT WARRANTIES | PRODUCT WARRANTIESWe accrue for warranty costs as part of our cost of sales based on associated material product costs, technical support, labor costs, and costs incurred by third parties performing work on our behalf. Our expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two years. Accrued warranty expense at the end of the first quarter of 2022 and at the end of 2021 was $16.7 million |
Deferred Revenue And Remaining
Deferred Revenue And Remaining Performance Obligations | 3 Months Ended |
Apr. 01, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS | DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in our deferred revenue during the first quarter of 2022 and 2021 were as follows: First Quarter of (In millions) 2022 2021 Beginning balance of the period $ 631.8 $ 613.8 Revenue recognized (234.6) (247.3) Billing and other net activities 306.7 252.4 Ending balance of the period $ 703.9 $ 618.9 Remaining Performance Obligations At the end of the first quarter of 2022, approximately $1.7 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, and software maintenance, and to a lesser extent, hardware and professional services contracts. We expect to recognize $1.3 billion or 75% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 01, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period plus additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive common shares include outstanding stock options, restricted stock units, contingently issuable shares, and shares to be purchased under our employee stock purchase plan. The following table shows the computation of basic and diluted earnings per share: First Quarter of 2022 2021 (In millions, except per share amounts) Numerator: Net income attributable to Trimble Inc. $ 110.3 $ 114.5 Denominator: Weighted average number of common shares used in basic earnings per share 250.8 251.1 Effect of dilutive securities 2.0 3.2 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 252.8 254.3 Basic earnings per share $ 0.44 $ 0.46 Diluted earnings per share $ 0.44 $ 0.45 Anti-dilutive stock-based awards excluded from the calculations of diluted earnings per share were immaterial during the periods presented. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Our effective income tax rate for the first quarter of 2022 was 20.4% , as compared to 16.6% in the corresponding period in 2021. The increase was primarily due to a one-time tax benefit from foreign income tax refunds in 2021. We and our subsidiaries are subject to U.S. federal, state, and foreign income taxes. Currently, we are in different stages of multiple year examinations by various state and foreign taxing authorities. While we believe our reserves are more likely than not to be adequate to cover final resolution of all open tax matters, it is reasonably possible that future obligations related to these matters could arise. Unrecognized tax benefits of $49.9 million and $42.3 million at the end of the first quarter of 2022 and at the end of 2021, if recognized, would favorably affect the effective income tax rate in future periods. At the end of the first quarter of 2022 and at the end of 2021, we accrued interest and penalties of $10.5 million and $9.2 million. 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. Income tax payable at the end of the first quarter of 2022 and at the end of 2021 was $63.4 million and $47.1 million, and is included in Other current liabilities in our Condensed Consolidated Balance Sheet. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Apr. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments At the end of the first quarter of 2022, we had unconditional purchase obligations of approximately $752.2 million. These unconditional purchase obligations primarily represent open non-cancellable purchase orders for material purchases with our vendors and investments in our platform associated with our Connect and Scale strategy. 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, that we or any of our subsidiaries is a party, or that any of our or our subsidiaries' property is subject. |
Overview And Accounting Polic_2
Overview And Accounting Policies (Policies) | 3 Months Ended |
Apr. 01, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed 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. |
Use of Estimates | Use of Estimates We prepared our interim Condensed Consolidated Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our Form 10-K filed with the U.S. Securities and Exchange Commission on February 23, 2022 (the “2021 Form 10-K”). The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2021 Form 10-K that includes additional information about our significant accounting policies and the methods and assumptions used in our 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 intangible asset impairment analysis, other long-lived asset impairment analysis, stock-based compensation, and income taxes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates. |
Recently Adopted Accounting Pronouncements | Recently issued Accounting Pronouncements not yet Adopted There are no recently issued accounting pronouncements applicable to us not yet adopted. Recently Adopted Accounting Pronouncements |
Product Warranties | We accrue for warranty costs as part of our cost of sales based on associated material product costs, technical support, labor costs, and costs incurred by third parties performing work on our behalf. Our expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two years. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Apr. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets | The following table presents a summary of our intangible assets: First Quarter of 2022 Year End 2021 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 1,009.1 $ (767.6) $ 241.5 $ 1,011.9 $ (748.2) $ 263.7 Customer relationships 649.5 (431.9) 217.6 667.8 (428.9) 238.9 Trade names and trademarks 47.9 (39.3) 8.6 48.0 (45.0) 3.0 Distribution rights and other intellectual property 10.0 (9.0) 1.0 10.0 (9.0) 1.0 $ 1,716.5 $ (1,247.8) $ 468.7 $ 1,737.7 $ (1,231.1) $ 506.6 |
Schedule Of Estimated Future Amortization Expense | The estimated future amortization expense of intangible assets at the end of the first quarter of 2022 was as follows: (In millions) 2022 (Remaining) $ 91.4 2023 113.4 2024 89.8 2025 56.0 2026 49.7 Thereafter 68.4 Total $ 468.7 |
Changes In Carrying Amount Of Goodwill By Operating Segment | The changes in the carrying amount of goodwill by segment for the first quarter of 2022 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of year end 2021 $ 2,141.4 $ 403.6 $ 440.8 $ 995.7 $ 3,981.5 Foreign currency translation and other adjustments (6.5) (1.5) 0.6 (3.1) (10.5) Balance as of the end of the first quarter of 2022 $ 2,134.9 $ 402.1 $ 441.4 $ 992.6 $ 3,971.0 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 01, 2022 | |
Inventory, Net [Abstract] | |
Components Of Net Inventories | The components of inventory, net were as follows: First Quarter of Year End As of 2022 2021 (In millions) Raw materials $ 145.4 $ 129.6 Work-in-process 13.5 12.4 Finished goods 242.1 221.3 Total inventories $ 401.0 $ 363.3 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 01, 2022 | |
Segment Reporting [Abstract] | |
Schedule Of Revenue, Operating Income And Identifiable Assets By Segment | Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) First Quarter of 2022 Segment revenue $ 397.6 $ 207.5 $ 229.9 $ 158.7 $ 993.7 Segment operating income $ 120.7 $ 57.9 $ 75.1 $ 9.2 $ 262.9 Depreciation expense $ 1.6 $ 1.6 $ 1.5 $ 1.0 $ 5.7 First Quarter of 2021 Segment revenue $ 343.1 $ 181.7 $ 205.2 $ 156.7 $ 886.7 Segment operating income $ 96.4 $ 48.7 $ 80.1 $ 8.4 $ 233.6 Depreciation expense $ 1.8 $ 1.7 $ 1.5 $ 0.9 $ 5.9 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of the end of the First Quarter of 2022 Accounts receivable, net $ 228.0 $ 140.2 $ 137.0 $ 150.5 $ 655.7 Inventories 93.9 140.6 87.9 78.6 401.0 Goodwill 2,134.9 402.1 441.4 992.6 3,971.0 As of Year End 2021 Accounts receivable, net $ 246.8 $ 134.0 $ 112.9 $ 131.1 $ 624.8 Inventories 79.3 136.4 67.4 80.2 363.3 Goodwill 2,141.4 403.6 440.8 995.7 3,981.5 |
Reconciliation Of Our Condensed Consolidated Segment Operating Income To Condensed Consolidated Income Before Income Taxes | A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: First Quarter of 2022 2021 (In millions) Consolidated segment operating income $ 262.9 $ 233.6 Unallocated general corporate expenses (29.8) (24.4) Purchase accounting adjustments (34.6) (34.8) Acquisition / divestiture items (3.9) (3.5) Stock-based compensation / deferred compensation (25.0) (28.7) Restructuring and other costs (12.7) (1.3) Consolidated operating income 156.9 140.9 Total non-operating expense, net (18.4) (3.5) Consolidated income before taxes $ 138.5 $ 137.4 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and is consistent with the Reporting Segment tables above. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) First Quarter of 2022 North America $ 231.9 $ 83.4 $ 59.0 $ 124.1 $ 498.4 Europe 112.3 71.2 114.0 21.7 319.2 Asia Pacific 46.9 42.0 19.2 7.4 115.5 Rest of World 6.5 10.9 37.7 5.5 60.6 Total segment revenue $ 397.6 $ 207.5 $ 229.9 $ 158.7 $ 993.7 First Quarter of 2021 North America $ 199.8 $ 72.5 $ 53.6 $ 124.5 $ 450.4 Europe 94.3 60.4 105.8 19.7 280.2 Asia Pacific 43.6 37.5 21.0 7.7 109.8 Rest of World 5.4 11.3 24.8 4.8 46.3 Total segment revenue $ 343.1 $ 181.7 $ 205.2 $ 156.7 $ 886.7 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Apr. 01, 2022 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Debt consisted of the following: First Quarter of Year End Instrument Date of Issuance 2022 2021 (In millions) Effective interest rate Senior Notes: 2023 Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ 300.0 $ 300.0 2028 Senior Notes, 4.90%, due June 2028 June 2018 5.04% 600.0 600.0 2024 Senior Notes, 4.75%, due December 2024 November 2014 4.95% 400.0 400.0 Unamortized discount and issuance costs (6.3) (6.8) Total long-term debt $ 1,293.7 $ 1,293.2 |
Schedule of Maturities of Long-term Debt | At the end of the first quarter of 2022, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2022 (Remaining) $ — 2023 300.0 2024 400.0 2025 — 2026 — Thereafter 600.0 Total $ 1,300.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 01, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs: Fair Values as of the end of the First Quarter of 2022 Fair Values at the end of 2021 Quoted prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Quoted prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) (Level I) (Level II) (Level III) Total (Level I) (Level II) (Level III) Total Assets Deferred compensation plan (1) $ 40.4 $ — $ — $ 40.4 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.4 — 0.4 — 0.1 — 0.1 Total assets measured at fair value $ 40.4 $ 0.4 $ — $ 40.8 $ 44.7 $ 0.1 $ — $ 44.8 Liabilities Deferred compensation plan (1) $ 40.4 $ — $ — $ 40.4 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.4 — 0.4 — 0.2 — 0.2 Contingent consideration (3) — — 13.2 13.2 — — 12.8 12.8 Total liabilities measured at fair value $ 40.4 $ 0.4 $ 13.2 $ 54.0 $ 44.7 $ 0.2 $ 12.8 $ 57.7 (1) Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. (2) Represents forward currency exchange contracts that are included in Other current assets and Other current liabilities on our Condensed Consolidated Balance Sheets. |
Deferred Revenue And Remainin_2
Deferred Revenue And Remaining Performance Obligations (Tables) | 3 Months Ended |
Apr. 01, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue And Performance Obligations | Changes in our deferred revenue during the first quarter of 2022 and 2021 were as follows: First Quarter of (In millions) 2022 2021 Beginning balance of the period $ 631.8 $ 613.8 Revenue recognized (234.6) (247.3) Billing and other net activities 306.7 252.4 Ending balance of the period $ 703.9 $ 618.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 01, 2022 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares | The following table shows the computation of basic and diluted earnings per share: First Quarter of 2022 2021 (In millions, except per share amounts) Numerator: Net income attributable to Trimble Inc. $ 110.3 $ 114.5 Denominator: Weighted average number of common shares used in basic earnings per share 250.8 251.1 Effect of dilutive securities 2.0 3.2 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 252.8 254.3 Basic earnings per share $ 0.44 $ 0.46 Diluted earnings per share $ 0.44 $ 0.45 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | ||
Apr. 01, 2022 | Apr. 02, 2021 | Aug. 31, 2021 | |
Equity, Class of Stock [Line Items] | |||
Stock repurchases | $ 104,700,000 | $ 40,000,000 | |
Two Thousand Twenty One Stock Repurchased Program | |||
Equity, Class of Stock [Line Items] | |||
Stock repurchase program approved amount | $ 750,000,000 | ||
Two Thousand Seventeen Stock Repurchase Program | |||
Equity, Class of Stock [Line Items] | |||
Remaining amount authorized | 50,700,000 | ||
Maximum | Two Thousand Seventeen Stock Repurchase Program | |||
Equity, Class of Stock [Line Items] | |||
Stock repurchase program approved amount | $ 600,000,000 | ||
Open Market Purchases | Two Thousand Twenty One Stock Repurchased Program | |||
Equity, Class of Stock [Line Items] | |||
Remaining amount authorized | $ 505,300,000 | ||
Stock repurchased (in shares) | 1.5 | ||
Shares repurchased (in usd per share) | $ 68.49 | ||
Stock repurchases | $ 104,700,000 | ||
Open Market Purchases | Two Thousand Seventeen Stock Repurchase Program | |||
Equity, Class of Stock [Line Items] | |||
Stock repurchased (in shares) | 0.6 | ||
Shares repurchased (in usd per share) | $ 71.24 | ||
Stock repurchases | $ 40,000,000 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions | Apr. 01, 2022 | Dec. 31, 2021 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,716.5 | $ 1,737.7 |
Accumulated amortization | (1,247.8) | (1,231.1) |
Total | 468.7 | 506.6 |
Developed product technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,009.1 | 1,011.9 |
Accumulated amortization | (767.6) | (748.2) |
Total | 241.5 | 263.7 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 649.5 | 667.8 |
Accumulated amortization | (431.9) | (428.9) |
Total | 217.6 | 238.9 |
Trade names and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 47.9 | 48 |
Accumulated amortization | (39.3) | (45) |
Total | 8.6 | 3 |
Distribution rights and other intellectual property | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 10 | 10 |
Accumulated amortization | (9) | (9) |
Total | $ 1 | $ 1 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Schedule Of Estimated Future Amortization Expense) (Detail) - USD ($) $ in Millions | Apr. 01, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 (Remaining) | $ 91.4 | |
2023 | 113.4 | |
2024 | 89.8 | |
2025 | 56 | |
2026 | 49.7 | |
Thereafter | 68.4 | |
Total | $ 468.7 | $ 506.6 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill (Changes In Carrying Amount Of Goodwill By Operating Segment) (Detail) $ in Millions | 3 Months Ended |
Apr. 01, 2022USD ($) | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | $ 3,981.5 |
Foreign currency translation and other adjustments | (10.5) |
Balance as of the end of the first quarter of 2022 | 3,971 |
Buildings and Infrastructure | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 2,141.4 |
Foreign currency translation and other adjustments | (6.5) |
Balance as of the end of the first quarter of 2022 | 2,134.9 |
Geospatial | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 403.6 |
Foreign currency translation and other adjustments | (1.5) |
Balance as of the end of the first quarter of 2022 | 402.1 |
Resources and Utilities | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 440.8 |
Foreign currency translation and other adjustments | 0.6 |
Balance as of the end of the first quarter of 2022 | 441.4 |
Transportation | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 995.7 |
Foreign currency translation and other adjustments | (3.1) |
Balance as of the end of the first quarter of 2022 | $ 992.6 |
Inventories (Components Of Net
Inventories (Components Of Net Inventories) (Details) - USD ($) $ in Millions | Apr. 01, 2022 | Dec. 31, 2021 |
Inventory, Net [Abstract] | ||
Raw materials | $ 145.4 | $ 129.6 |
Work-in-process | 13.5 | 12.4 |
Finished goods | 242.1 | 221.3 |
Total inventories | $ 401 | $ 363.3 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2022 | Apr. 02, 2021 | |
Segment Reporting Information [Line Items] | ||
Segment operating income | $ 156.9 | $ 140.9 |
Depreciation expense | 10 | 10.3 |
Operating segment | ||
Segment Reporting Information [Line Items] | ||
Segment revenue | 993.7 | 886.7 |
Segment operating income | 262.9 | 233.6 |
Depreciation expense | 5.7 | 5.9 |
Buildings and Infrastructure | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Segment revenue | 397.6 | 343.1 |
Segment operating income | 120.7 | 96.4 |
Depreciation expense | 1.6 | 1.8 |
Geospatial | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Segment revenue | 207.5 | 181.7 |
Segment operating income | 57.9 | 48.7 |
Depreciation expense | 1.6 | 1.7 |
Resources and Utilities | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Segment revenue | 229.9 | 205.2 |
Segment operating income | 75.1 | 80.1 |
Depreciation expense | 1.5 | 1.5 |
Transportation | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Segment revenue | 158.7 | 156.7 |
Segment operating income | 9.2 | 8.4 |
Depreciation expense | $ 1 | $ 0.9 |
Segment Information (Segment Se
Segment Information (Segment Select Balance Sheet) (Details) - USD ($) $ in Millions | Apr. 01, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | $ 655.7 | $ 624.8 |
Inventories | 401 | 363.3 |
Goodwill | 3,971 | 3,981.5 |
Buildings and Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 2,134.9 | 2,141.4 |
Buildings and Infrastructure | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 228 | 246.8 |
Inventories | 93.9 | 79.3 |
Goodwill | 2,141.4 | |
Geospatial | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 402.1 | 403.6 |
Geospatial | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 140.2 | 134 |
Inventories | 140.6 | 136.4 |
Goodwill | 403.6 | |
Resources and Utilities | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 441.4 | 440.8 |
Resources and Utilities | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 137 | 112.9 |
Inventories | 87.9 | 67.4 |
Goodwill | 440.8 | |
Transportation | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 992.6 | 995.7 |
Transportation | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 150.5 | 131.1 |
Inventories | $ 78.6 | 80.2 |
Goodwill | $ 995.7 |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Our Condensed Consolidated Segment Operating Income To Condensed Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2022 | Apr. 02, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | $ 156.9 | $ 140.9 |
Unallocated corporate expenses | (392.7) | (352.4) |
Purchase accounting adjustments | (34.6) | (34.8) |
Acquisition / divestiture items | (3.9) | (3.5) |
Stock-based compensation / deferred compensation | (25) | (28.7) |
Restructuring and other costs | (12.7) | (1.3) |
Total non-operating expense, net | (18.4) | (3.5) |
Consolidated income before taxes | 138.5 | 137.4 |
Operating segment | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated operating income | 262.9 | 233.6 |
Non-Segment | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Unallocated corporate expenses | $ (29.8) | $ (24.4) |
Segment Information (Segment Re
Segment Information (Segment Revenue by Geographic Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2022 | Apr. 02, 2021 | |
Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 993.7 | $ 886.7 |
North America | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 498.4 | 450.4 |
Europe | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 319.2 | 280.2 |
Asia Pacific | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 115.5 | 109.8 |
Rest of World | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 60.6 | 46.3 |
United States | ||
Segment Reporting Information [Line Items] | ||
Revenue | 447 | 406.8 |
Buildings and Infrastructure | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 397.6 | 343.1 |
Buildings and Infrastructure | North America | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 231.9 | 199.8 |
Buildings and Infrastructure | Europe | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 112.3 | 94.3 |
Buildings and Infrastructure | Asia Pacific | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 46.9 | 43.6 |
Buildings and Infrastructure | Rest of World | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6.5 | 5.4 |
Geospatial | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 207.5 | 181.7 |
Geospatial | North America | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 83.4 | 72.5 |
Geospatial | Europe | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 71.2 | 60.4 |
Geospatial | Asia Pacific | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 42 | 37.5 |
Geospatial | Rest of World | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 10.9 | 11.3 |
Resources and Utilities | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 229.9 | 205.2 |
Resources and Utilities | North America | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 59 | 53.6 |
Resources and Utilities | Europe | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 114 | 105.8 |
Resources and Utilities | Asia Pacific | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 19.2 | 21 |
Resources and Utilities | Rest of World | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 37.7 | 24.8 |
Transportation | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 158.7 | 156.7 |
Transportation | North America | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 124.1 | 124.5 |
Transportation | Europe | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 21.7 | 19.7 |
Transportation | Asia Pacific | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 7.4 | 7.7 |
Transportation | Rest of World | Operating segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 5.5 | $ 4.8 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Apr. 01, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Unamortized discount and issuance costs | $ (6.3) | $ (6.8) |
Total | $ 1,293.7 | 1,293.2 |
2023 Senior Notes, 4.15%, due June 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.15% | |
Effective interest rate | 4.36% | |
Debt, gross | $ 300 | 300 |
2028 Senior Notes, 4.90%, due June 2028 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.90% | |
Effective interest rate | 5.04% | |
Debt, gross | $ 600 | 600 |
2024 Senior Notes, 4.75%, due December 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.75% | |
Effective interest rate | 4.95% | |
Debt, gross | $ 400 | $ 400 |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Millions | Apr. 01, 2022USD ($) |
Debt Disclosure [Abstract] | |
2022 (Remaining) | $ 0 |
2023 | 300 |
2024 | 400 |
2025 | 0 |
2026 | 0 |
Thereafter | 600 |
Total | $ 1,300 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, £ in Millions | Mar. 24, 2022USD ($) | Apr. 01, 2022USD ($)loan | Apr. 01, 2022EUR (€)loan | Apr. 01, 2022GBP (£)loan | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |||||
Debt outstanding | $ 1,293,700,000 | $ 1,293,200,000 | |||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 5 years | ||||
Principal amount | $ 1,250,000,000 | ||||
Additonal capacity | $ 500,000,000 | ||||
Commitment facility fee | 0.125% | ||||
Debt outstanding | $ 0 | ||||
Commitment fee percentage | 0.01% | ||||
Interest rate | 0.05% | ||||
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Debt Instrument [Line Items] | |||||
Variable rate | 1.125% | ||||
Uncommitted Revolving Credit Facilities $75 million | |||||
Debt Instrument [Line Items] | |||||
Number of revolving loan facilities | loan | 2 | 2 | 2 | ||
Current borrowing capacity | $ 75,000,000 | ||||
Uncommitted Revolving Credit Facilities 100 million euros | |||||
Debt Instrument [Line Items] | |||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | ||
Current borrowing capacity | € | € 100 | ||||
Uncommitted Revolving Credit Facilities 55 million GBP | |||||
Debt Instrument [Line Items] | |||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | ||
Current borrowing capacity | £ | £ 55 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail) - Recurring - USD ($) $ in Millions | Apr. 01, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | $ 40.4 | $ 44.7 |
Derivatives assets | 0.4 | 0.1 |
Total assets measured at fair value | 40.8 | 44.8 |
Deferred compensation plan liabilities | 40.4 | 44.7 |
Derivatives liabilities | 0.4 | 0.2 |
Contingent consideration liabilities | 13.2 | 12.8 |
Total liabilities measured at fair value | 54 | 57.7 |
(Level I) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 40.4 | 44.7 |
Derivatives assets | 0 | 0 |
Total assets measured at fair value | 40.4 | 44.7 |
Deferred compensation plan liabilities | 40.4 | 44.7 |
Derivatives liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 40.4 | 44.7 |
(Level II) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | 0 |
Derivatives assets | 0.4 | 0.1 |
Total assets measured at fair value | 0.4 | 0.1 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0.4 | 0.2 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 0.4 | 0.2 |
(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 | 13.2 | 12.8 |
Total liabilities measured at fair value | $ 13.2 | $ 12.8 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Detail) - USD ($) $ in Millions | Apr. 01, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt outstanding | $ 1,293.7 | $ 1,293.2 |
Debt | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt outstanding | $ 1,300 | $ 1,400 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2022 | Dec. 31, 2021 | |
Other current liabilities | ||
Product Warranty Liability [Line Items] | ||
Accrued warranty expenses | $ 16.7 | $ 17.1 |
Minimum | ||
Product Warranty Liability [Line Items] | ||
Warrant period | 1 year | |
Maximum | ||
Product Warranty Liability [Line Items] | ||
Warrant period | 2 years |
Deferred Revenue And Remainin_3
Deferred Revenue And Remaining Performance Obligations - Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 01, 2022 | Apr. 02, 2021 | |
Contract With Customer, Asset And Liability [Roll Forward] | ||
Beginning balance of the period | $ 631.8 | $ 613.8 |
Revenue recognized | (234.6) | (247.3) |
Billing and other net activities | 306.7 | 252.4 |
Ending balance of the period | $ 703.9 | $ 618.9 |
Deferred Revenue And Performanc
Deferred Revenue And Performance Obligations - Narratives (Details) $ in Billions | Apr. 01, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-02 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.3 |
Remaining performance obligation, percentage | 75.00% |
Period of recognition | 12 months |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Apr. 01, 2022 | Apr. 02, 2021 | |
Numerator: | ||
Net income attributable to Trimble Inc. | $ 110.3 | $ 114.5 |
Denominator: | ||
Weighted average number of common shares used in basic earnings per share (in shares) | 250.8 | 251.1 |
Effect of dilutive securities (in shares) | 2 | 3.2 |
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares) | 252.8 | 254.3 |
Basic earnings per share (in usd per share) | $ 0.44 | $ 0.46 |
DIluted earnings per share (in usd per share) | $ 0.44 | $ 0.45 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 01, 2022 | Apr. 02, 2021 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Effective income tax rate | 20.40% | 16.60% | |
Income taxes payable | $ 63.4 | $ 47.1 | |
Other noncurrent liabilities | |||
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits that would impact effective tax rate | 49.9 | 42.3 | |
Unrecognized tax benefit liabilities include interest and penalties | $ 10.5 | $ 9.2 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | Apr. 01, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unconditional purchase obligations | $ 752.2 |