Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 30, 2022 | Feb. 14, 2023 | Jul. 01, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 30, 2022 | ||
Current Fiscal Year End Date | --12-30 | ||
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 Address, Address Line One | 10368 Westmoor Dr | ||
Entity Address, City or Town | Westminster | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80021 | ||
City Area Code | 720 | ||
Local Phone Number | 887-6100 | ||
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 | $ 14.3 | ||
Entity Common Stock, Shares Outstanding | 246,951,697 | ||
Documents Incorporated by Reference | Certain parts of Trimble Inc. Proxy Statement relating to the annual meeting of stockholders to be held on June 1, 2023 (the “Proxy Statement”) are incorporated by reference into Part III of this report. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Entity Central Index Key | 0000864749 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 30, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | San Jose, California |
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 271 | $ 325.7 |
Accounts receivable, net | 643.3 | 624.8 |
Inventories | 402.5 | 363.3 |
Other current assets | 201.4 | 136.8 |
Total current assets | 1,518.2 | 1,450.6 |
Property and equipment, net | 219 | 233.2 |
Operating lease right-of-use assets | 121.2 | 141 |
Goodwill | 4,137.9 | 3,981.5 |
Other purchased intangible assets, net | 498.1 | 506.6 |
Deferred income tax assets | 438.4 | 502 |
Other non-current assets | 336.2 | 284.7 |
Total assets | 7,269 | 7,099.6 |
Current liabilities: | ||
Short-term debt | 300 | 0 |
Accounts payable | 175.5 | 207.3 |
Accrued compensation and benefits | 159.4 | 231 |
Deferred revenue | 639.1 | 548.8 |
Other current liabilities | 188.1 | 201.5 |
Total current liabilities | 1,462.1 | 1,188.6 |
Long-term debt | 1,220 | 1,293.2 |
Deferred revenue, non-current | 98.5 | 83 |
Deferred income tax liabilities | 157.8 | 263.1 |
Income taxes payable | 40.9 | 54.5 |
Operating lease liabilities | 105.1 | 121.4 |
Other non-current liabilities | 134.4 | 151.1 |
Total liabilities | 3,218.8 | 3,154.9 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 360.0 shares authorized; 246.9 and 250.9 shares issued and outstanding at the end of 2022 and 2021 | 0.2 | 0.3 |
Additional paid-in-capital | 2,054.9 | 1,935.6 |
Retained earnings | 2,230 | 2,170.5 |
Accumulated other comprehensive loss | (234.9) | (161.7) |
Total Trimble Inc. stockholders’ equity | 4,050.2 | 3,944.7 |
Total liabilities and stockholders’ equity | $ 7,269 | $ 7,099.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 30, 2022 | Dec. 31, 2021 |
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) | 246,900,000 | 250,900,000 |
Common stock, shares outstanding (in shares) | 246,900,000 | 250,900,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Revenue: | |||
Total revenue | $ 3,676.3 | $ 3,659.1 | $ 3,147.7 |
Cost of sales: | |||
Amortization of purchased intangible assets | 85 | 87.7 | 92.3 |
Total cost of sales | 1,570.7 | 1,624.4 | 1,392.8 |
Gross margin | 2,105.6 | 2,034.7 | 1,754.9 |
Operating expense: | |||
Research and development | 542.1 | 536.6 | 475.9 |
Sales and marketing | 553.6 | 506.8 | 467 |
General and administrative | 422.2 | 369.1 | 300.9 |
Restructuring charges | 30.2 | 10.3 | 25.8 |
Amortization of purchased intangible assets | 46.6 | 50.9 | 65.5 |
Total operating expense | 1,594.7 | 1,473.7 | 1,335.1 |
Operating income | 510.9 | 561 | 419.8 |
Non-operating income (expense), net: | |||
Divestitures gain, net | 99 | 41.4 | 13.1 |
Interest expense, net | (71.1) | (65.4) | (77.6) |
Income from equity method investments, net | 31.1 | 37.7 | 39.4 |
Other income (expense), net | (0.8) | (0.1) | 0.3 |
Total non-operating income (expense), net | 58.2 | 13.6 | (24.8) |
Income before taxes | 569.1 | 574.6 | 395 |
Income tax provision | 119.4 | 81.8 | 4.4 |
Net income | 449.7 | 492.8 | 390.6 |
Net income attributable to noncontrolling interests | 0 | 0.1 | 0.7 |
Net income attributable to Trimble Inc. | $ 449.7 | $ 492.7 | $ 389.9 |
Earnings per share attributable to Trimble Inc.: | |||
Basic (in dollars per share) | $ 1.81 | $ 1.96 | $ 1.56 |
Diluted (in dollars per share) | $ 1.80 | $ 1.94 | $ 1.55 |
Shares used in calculating earnings per share: | |||
Basic (in shares) | 248.6 | 251.4 | 250.5 |
Diluted (in shares) | 250.2 | 254.3 | 252.3 |
Product | |||
Revenue: | |||
Total revenue | $ 2,152 | $ 2,247.5 | $ 1,828 |
Cost of sales: | |||
Cost of goods and service excluding amortization | 1,046.1 | 1,090.1 | 855 |
Service | |||
Revenue: | |||
Total revenue | 641.3 | 649.4 | 644.8 |
Cost of sales: | |||
Cost of goods and service excluding amortization | 235.7 | 229.9 | 234.5 |
Subscription | |||
Revenue: | |||
Total revenue | 883 | 762.2 | 674.9 |
Cost of sales: | |||
Cost of goods and service excluding amortization | $ 203.9 | $ 216.7 | $ 211 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 449.7 | $ 492.8 | $ 390.6 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | (81.6) | (64) | 77.1 |
Net change related to derivatives and other | 0.8 | 1.2 | |
Net change related to derivatives and other | 8.4 | ||
Comprehensive income | 376.5 | 429.6 | 468.9 |
Comprehensive income attributable to noncontrolling interests | 0 | 0.1 | 0.7 |
Comprehensive income attributable to Trimble Inc. | $ 376.5 | $ 429.5 | $ 468.2 |
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 (in shares) at Jan. 03, 2020 | 249.9 | ||||||
Beginning balance at Jan. 03, 2020 | $ 3,120.4 | $ 0.2 | $ 1,692.8 | $ 1,602.8 | $ (176.8) | $ 3,119 | $ 1.4 |
Net income | 390.6 | 389.9 | 389.9 | 0.7 | |||
Other comprehensive income (loss) | 78.3 | 78.3 | 78.3 | ||||
Comprehensive income | 468.9 | 468.2 | |||||
Issuance of common stock under employee plans, net of tax withholdings (in shares) | 2.8 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 10 | $ 0.1 | 40.6 | (30.7) | 10 | ||
Stock repurchases (in shares) | (1.9) | ||||||
Stock repurchases | (81.6) | (13) | (68.6) | (81.6) | |||
Stock-based compensation | 81.3 | 81.3 | 81.3 | ||||
Noncontrolling interest investments | (0.4) | (0.4) | |||||
Ending balance (in shares) at Jan. 01, 2021 | 250.8 | ||||||
Ending balance at Jan. 01, 2021 | 3,598.6 | $ 0.3 | 1,801.7 | 1,893.4 | (98.5) | 3,596.9 | 1.7 |
Net income | 492.8 | 492.7 | 492.7 | 0.1 | |||
Other comprehensive income (loss) | (63.2) | (63.2) | (63.2) | ||||
Comprehensive income | 429.6 | 429.5 | |||||
Issuance of common stock under employee plans, net of tax withholdings (in shares) | 2.2 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | (15.1) | 36.2 | (51.3) | (15.1) | |||
Stock repurchases (in shares) | (2.1) | ||||||
Stock repurchases | (180) | (15.7) | (164.3) | (180) | |||
Stock-based compensation | 112.8 | 112.8 | 112.8 | ||||
Noncontrolling interest investments | $ (1.2) | 0.6 | 0.6 | (1.8) | |||
Ending balance (in shares) at Dec. 31, 2021 | 250.9 | 250.9 | |||||
Ending balance at Dec. 31, 2021 | $ 3,944.7 | $ 0.3 | 1,935.6 | 2,170.5 | (161.7) | 3,944.7 | 0 |
Net income | 449.7 | 449.7 | 449.7 | 0 | |||
Other comprehensive income (loss) | (73.2) | (73.2) | (73.2) | ||||
Comprehensive income | 376.5 | 376.5 | |||||
Issuance of common stock under employee plans, net of tax withholdings (in shares) | 2 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | (13.6) | 29.6 | (43.2) | (13.6) | |||
Stock repurchases (in shares) | (6) | ||||||
Stock repurchases | (394.7) | $ (0.1) | (47.6) | (347) | (394.7) | ||
Stock-based compensation | $ 137.3 | 137.3 | 137.3 | ||||
Ending balance (in shares) at Dec. 30, 2022 | 246.9 | 246.9 | |||||
Ending balance at Dec. 30, 2022 | $ 0.2 | $ 2,054.9 | $ 2,230 | $ (234.9) | $ 4,050.2 | $ 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 449.7 | $ 492.8 | $ 390.6 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 40.2 | 41.3 | 39.7 |
Amortization expense | 131.6 | 138.6 | 157.8 |
Deferred income taxes | (40) | (26.9) | (52.9) |
Stock-based compensation | 120.4 | 122.6 | 83 |
Divestitures gain, net | (99) | (43.9) | (12.2) |
Other, net | 41.7 | 19.2 | 42.4 |
(Increase) decrease in assets: | |||
Accounts receivable, net | (55.4) | (9) | (14) |
Inventories | (113.5) | (72.9) | (5) |
Other current and non-current assets | (46.3) | (30.2) | 2.5 |
Increase (decrease) in liabilities: | |||
Accounts payable | (24.8) | 60.3 | (15.7) |
Accrued compensation and benefits | (54.2) | 54.1 | 34.9 |
Deferred revenue | 108.6 | 27.4 | 65.7 |
Other current and non-current liabilities | (67.8) | (22.9) | (44.8) |
Net cash provided by operating activities | 391.2 | 750.5 | 672 |
Cash flow from investing activities: | |||
Acquisitions of businesses, net of cash acquired | (373.5) | (236.1) | (201.9) |
Purchases of property and equipment | (43.2) | (46.1) | (56.8) |
Net proceeds from divestitures | 215.4 | 67.3 | 27.5 |
Other, net | (25) | 11.4 | (0.6) |
Net cash used in investing activities | (226.3) | (203.5) | (231.8) |
Cash flows from financing activities: | |||
Issuance of common stock, net of tax withholdings | (13.6) | (15.1) | 10 |
Repurchases of common stock | (394.7) | (180) | (81.6) |
Proceeds from debt and revolving credit lines | 814.8 | 198.9 | 1,173.8 |
Payments on debt and revolving credit lines | (590.2) | (449.9) | (1,486) |
Other, net | (15.3) | (1.6) | (16.5) |
Net cash used in financing activities | (199) | (447.7) | (400.3) |
Effect of exchange rate changes on cash and cash equivalents | (20.6) | (11.3) | 8.6 |
Net (decrease) increase in cash and cash equivalents | (54.7) | 88 | 48.5 |
Cash and cash equivalents - beginning of year | 325.7 | 237.7 | 189.2 |
Cash and cash equivalents - end of year | 271 | 325.7 | 237.7 |
Supplemental cash flow disclosure: | |||
Cash paid for income taxes, net | 197.3 | 98.3 | 59 |
Cash paid for interest | $ 73.1 | $ 61.8 | $ 71.8 |
Description Of Business And Acc
Description Of Business And Accounting Policies | 12 Months Ended |
Dec. 30, 2022 | |
Accounting Policies [Abstract] | |
Description Of Business And Accounting Policies | NOTE 1: 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. Basis of Presentation 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 use a 52–53 week fiscal year ending on the Friday nearest to December 31. Fiscal 2022, 2021, and 2020 were all 52-week years ending on December 30, 2022, December 31, 2021, and January 1, 2021. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods. 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 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. 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 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 Product revenue includes hardware and software licenses. 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. Service Service revenue includes hardware and software maintenance and support and professional 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. Subscription Subscription revenue includes Software as a Service (“SaaS”), data, and hosting services. 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 one 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 $33.6 million and $39.5 million at the end of 2022 and 2021. 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. At the end of 2022 and 2021, our allowance for credit losses was $5.9 million and $7.0 million. The provision for credit losses for the years ended 2022, 2021, and 2020 were $7.7 million, $2.6 million, and $7.1 million. Deferred Costs to Obtain Customer Contracts Sales commissions incurred in obtaining 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 estimated benefit period, which is either the contract term or the shorter of customer life or product life that ranges from three At the end of 2022 and 2021, deferred costs to obtain customer contracts were $74.7 million and $59.7 million. These costs are included in Other non-current assets in the Consolidated Balance Sheets. Amortization expense related to deferred costs to obtain customer contracts was $32.0 million, $25.9 million, and $22.8 million, for 2022, 2021, and 2020. This expense is included in Sales and marketing expense in our Consolidated Statements of Income. 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 lifecycle 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 are depreciated 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 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 any noncontrolling interest based on their fair values at the acquisition date. When determining the fair values, we make significant estimates and assumptions, especially concerning 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. Any purchase consideration in excess of the fair values of the net assets acquired is recorded as goodwill. 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. Acquisition costs are expensed as incurred. Goodwill We evaluate goodwill on an annual basis or more frequently if indicators of potential impairment exist. To determine whether goodwill is impaired, we first assess qualitative factors. Qualitative factors include but are not limited to macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, or other relevant company-specific events. If it is determined more likely than not that the fair value of a goodwill reporting unit is less than its carrying amount, we perform a quantitative analysis. Alternatively, we may bypass the qualitative assessment and perform a quantitative impairment test. When performing a quantitative approach, we compare the reporting unit’s carrying amount, including goodwill, to the reporting unit's fair value. The estimation of a reporting unit's fair value involves using estimates and assumptions, including expected future operating performance using risk-adjusted discount rates. If the reporting unit's carrying amount exceeds its fair value, an impairment loss is recognized. Intangible Assets Intangible assets acquired in a business combination are recorded at fair value. Our intangible assets are amortized over the period of estimated benefit using the straight-line method over their estimated useful lives, which range from three years to ten years and have a weighted-average useful life of approximately seven years. We write off fully amortized intangible assets when those assets are no longer used. We review intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable based on their future cash flows. The estimated future cash flows are primarily based upon assumptions about expected future operating performance. Warranty 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 $11.7 million and $17.1 million are included in Other current liabilities in the Consolidated Balance Sheets at the end of 2022 and 2021. Foreign Currency Translation Assets and liabilities recorded in foreign currency are translated to U.S. dollars at the exchange rate s on the balance sheet date. Revenue and expense are translated at average monthly exchange rates during the year. Translation adjustments resulting from this process are recorded to other comprehensive income. Stock-Based Compensation Stock-based 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. Research and Development Costs Research and development costs are expensed as incurred. Development costs for software to be sold subsequent to reaching technical feasibility were not significant and were expensed as incurred. We offset research and development expense with any unconditional third party funding earned and retain the rights to any technology developed under such arrangements. 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. 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. 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 2022 and 2021. 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. We occasionally enter into foreign currency contracts to minimize the impact of foreign currency fluctuations on the purchase price of pending acquisitions, including the fourth quarter of 2022 foreign currency contract for the €1.88 billion or $2.0 billion pending acquisition of Transporeon. The above-mentioned foreign currency contracts are marked-to-market through earnings every reporting period and generally range in maturity from one four In the fourth quarter of 2022, in conjunction with the pending acquisition of Transporeon, we entered into a contract to offset the changes in the price of U.S. Treasury Notes with an original maturity of 10 years (“Treasury Rate Lock”). The purpose of the Treasury Rate Lock is to minimize the impact of interest rate fluctuations on new fixed-rate debt expected to be issued in connection with this acquisition. This derivative contract is accounted for as a cash flow hedge and is marked-to-market each period with gains or losses recorded through other comprehensive income. Upon issuance of the debt, the derivative is settled, and the other comprehensive income is amortized as interest expense over the 10-year debt term by use of the effective interest rate method. At the end of 2021, there were no derivatives outstanding that were accounted for as hedges. Recently issued Accounting Pronouncements not yet Adopted There are no recently issued accounting pronouncements applicable or material to us not yet adopted. Recent Adopted Accounting Pronouncements There are no recently adopted accounting pronouncements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 2: 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, 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: 2022 2021 2020 (In millions, except per share data) Numerator: Net income attributable to Trimble Inc. $ 449.7 $ 492.7 $ 389.9 Denominator: Weighted average number of common shares used in basic earnings per share 248.6 251.4 250.5 Effect of dilutive securities 1.6 2.9 1.8 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 250.2 254.3 252.3 Basic earnings per share $ 1.81 $ 1.96 $ 1.56 Diluted earnings per share $ 1.80 $ 1.94 $ 1.55 Antidilutive weighted-average shares (1) 1.3 0.1 0.5 (1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share. |
Acquisitions And Divestitures
Acquisitions And Divestitures | 12 Months Ended |
Dec. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions And Divestitures | NOTE 3: ACQUISITIONS AND DIVESTITURES Acquisitions In December 2022, we entered into a definitive agreement to acquire Transporeon in an all-cash transaction valued at approximately €1.88 billion or $2.0 billion. Transporeon, a Germany-based company, is a leading cloud-based transportation management software platform that connects key stakeholders across the industry lifecycle to positively impact the optimization of global supply chains, in alignment with our Connect and Scale strategy. We believe the acquisition will advance our sustainability strategy by reducing under-utilized carrier capacity and “empty miles” and increase our international footprint and long-term Transportation opportunities. The acquisition will be funded through a combination of cash on hand and new debt. We expect this acquisition to close in the first half of 2023, subject to customary closing conditions including regulatory approvals in certain international countries. Following the closing, we intend to integrate Transporeon into our Transportation segment for financial reporting purposes. In 2022, we acquired two businesses, with total purchase consideration of $379.5 million. The largest acquisition was Bid2Win Software, LLC, a leading provider of estimating and operations solutions for the heavy civil construction industry. In the aggregate, the businesses acquired contributed less than 1% of our total revenue during 2022. The Condensed Consolidated Statements of Income include the operating results of the acquired businesses from the date of acquisitions. During 2021, we acquired AgileAssets , with total purchase consideration of $237.5 million . AgileAssets is a provider of SaaS solutions for transportation asset lifecycle management. The acquisition contributed less than 1% of our total revenue during 2021. During 2020, we acquired three businesses, with total purchase consideration of $205.1 million. The acquisitions were not significant individually or in the aggregate. In the aggregate, the businesses acquired contributed less than 1% of our total revenue during 2020. Acquisition costs of $20.4 million , $13.6 million, and $20.3 million in 2022, 2021, and 2020, 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: 2022 2021 2020 (In millions) Fair value of total purchase consideration $ 379.5 $ 237.5 $ 205.1 Less fair value of net assets acquired: Net tangible assets acquired (9.2) (5.2) (1.6) Identified intangible assets 131.4 67.2 56.7 Deferred taxes (0.8) — 0.7 Goodwill $ 258.1 $ 175.5 $ 149.3 Divestitures In 2022, we divested six businesses with total proceeds of $226.3 million. The largest divestiture was the sale of Time and Frequency, LOADRITE, Spectra Precision Tools, and SECO accessories businesses to Precisional LLC, an affiliate of The Jordan Company (“TJC”), for $205.1 million in cash, which included a working capital adjustment. |
Intangible Assets And Goodwill
Intangible Assets And Goodwill | 12 Months Ended |
Dec. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets And Goodwill | NOTE 4: INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents a summary of our intangible assets: At the End of 2022 At the End of 2021 (In millions) Weighted-Average Useful Lives (in years) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Developed product technology 6 $ 1,004.8 $ (722.7) $ 282.1 $ 1,011.9 $ (748.2) $ 263.7 Customer relationships 8 654.1 (445.9) 208.2 667.8 (428.9) 238.9 Trade names and trademarks 6 39.5 (32.7) 6.8 48.0 (45.0) 3.0 Distribution rights and other intellectual properties 4 8.0 (7.0) 1.0 10.0 (9.0) 1.0 $ 1,706.4 $ (1,208.3) $ 498.1 $ 1,737.7 $ (1,231.1) $ 506.6 As of the end of 2022 and 2021, $79.9 million and $160.1 million of fully amortized intangible assets were written off. The estimated future amortization expense of intangible assets at the end of 2022 was as follows: (In millions) 2023 $ 133.5 2024 109.0 2025 73.5 2026 67.2 2027 53.5 Thereafter 61.4 Total $ 498.1 Goodwill The changes in the carrying amount of goodwill by segment 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 Additions due to acquisition 214.4 — 43.7 — 258.1 Decrease from divestitures (23.9) (6.9) — (6.9) (37.7) Foreign currency translation and other adjustments (31.8) (14.6) (12.7) (4.9) (64.0) Balance as of year end 2022 $ 2,300.1 $ 382.1 $ 471.8 $ 983.9 $ 4,137.9 |
Certain Balance Sheet Component
Certain Balance Sheet Components | 12 Months Ended |
Dec. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Components | NOTE 5: CERTAIN BALANCE SHEET COMPONENTS The components of inventory, net were as follows: At the End of Year 2022 2021 (In millions) Inventories: Raw materials $ 154.9 $ 129.6 Work-in-process 13.1 12.4 Finished goods 234.5 221.3 Total inventories $ 402.5 $ 363.3 Finished goods includes $16.9 million and $13.7 million at the end of 2022 and 2021 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 Year 2022 2021 (In millions) Property and equipment, net: Land, building, furniture, and leasehold improvements $ 244.4 $ 238.8 Machinery and equipment 177.6 185.8 Software and licenses 146.4 150.9 Construction in progress 10.1 20.7 578.5 596.2 Less: accumulated depreciation (359.5) (363.0) Total property and equipment, net $ 219.0 $ 233.2 The components of accumulated other comprehensive loss, net of related tax were as follows: At the End of Year 2022 2021 (In millions) Accumulated foreign currency translation adjustments $ (241.6) $ (160.0) Gain on cash flow hedge 5.4 — Net unrealized actuarial gains (losses) 1.3 (1.7) Total accumulated other comprehensive loss $ (234.9) $ (161.7) |
Reporting Segment And Geographi
Reporting Segment And Geographic Information | 12 Months Ended |
Dec. 30, 2022 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Reporting Segment And Geographic Information | NOTE 6: 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) 2022 Segment revenue $ 1,494.0 $ 756.5 $ 821.6 $ 604.2 $ 3,676.3 Segment operating income 406.3 221.4 278.3 58.8 964.8 2021 Segment revenue $ 1,422.7 $ 828.9 $ 771.3 $ 636.5 $ 3,659.4 Segment operating income 411.7 244.1 264.0 43.4 963.2 2020 Segment revenue $ 1,231.0 $ 650.5 $ 630.0 $ 640.5 $ 3,152.0 Segment operating income 338.1 184.4 221.0 50.1 793.6 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of Year End 2022 Accounts receivable, net $ 305.1 $ 137.2 $ 79.2 $ 121.8 $ 643.3 Inventories 93.2 146.1 100.3 62.9 402.5 Goodwill 2,300.1 382.1 471.8 983.9 4,137.9 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 As of 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 A reconciliation of our consolidated segment operating income to consolidated income before income taxes was as follows: 2022 2021 2020 (In millions) Consolidated segment operating income $ 964.8 $ 963.2 $ 793.6 Unallocated general corporate expenses (123.3) (106.2) (74.0) Purchase accounting adjustments (131.6) (134.5) (156.6) Acquisition / divestiture items (32.8) (21.8) (21.4) Stock-based compensation / deferred compensation (112.0) (128.6) (90.4) Restructuring and other costs (54.2) (11.1) (31.4) Consolidated operating income 510.9 561.0 419.8 Total non-operating income (expense), net 58.2 13.6 (24.8) Consolidated income before taxes $ 569.1 $ 574.6 $ 395.0 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) 2022 North America $ 938.1 $ 320.7 $ 227.0 $ 469.4 $ 1,955.2 Europe 337.1 247.8 374.3 78.7 1,037.9 Asia Pacific 192.8 140.3 51.7 30.3 415.1 Rest of World 26.0 47.7 168.6 25.8 268.1 Total segment revenue $ 1,494.0 $ 756.5 $ 821.6 $ 604.2 $ 3,676.3 2021 North America $ 823.5 $ 337.3 $ 212.2 $ 493.1 $ 1,866.1 Europe 386.6 282.3 368.4 87.3 1,124.6 Asia Pacific 188.4 161.4 67.3 30.2 447.3 Rest of World 24.2 47.9 123.4 25.9 221.4 Total segment revenue $ 1,422.7 $ 828.9 $ 771.3 $ 636.5 $ 3,659.4 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 Total revenue in the United States as included in the Consolidated Statements of Income was $1,777.4 million, $1,687.4 million, and $1,502.3 million in 2022, 2021, and 2020. No single customer or country other than the United States accounted for 10% or more of our total revenue in 2022, 2021, and 2020. No single customer accounted for 10% or more of our accounts receivable at the end of 2022 and 2021. Property and equipment, net by geographic area were as follows: At the End of Year 2022 2021 (In millions) Property and equipment, net: United States $ 157.7 $ 171.3 Europe 40.3 44.8 Asia Pacific and Rest of World 21.0 17.1 Total property and equipment, net $ 219.0 $ 233.2 |
Debt
Debt | 12 Months Ended |
Dec. 30, 2022 | |
Long-Term Debt, Current and Noncurrent [Abstract] | |
Debt | NOTE 7: DEBT Debt consisted of the following: At the End of Year Effective interest rate (In millions, except percentages) Date of Issuance for 2022 2022 2021 Senior Notes: Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ 300.0 $ 300.0 Senior Notes, 4.75%, due December 2024 November 2014 4.95% 400.0 400.0 Senior Notes, 4.90%, due June 2028 June 2018 5.04% 600.0 600.0 Credit Facilities: 2022 Revolving Credit Facility, due March 2027 September 2022 5.54% 225.0 — Unamortized discount and issuance costs (5.0) (6.8) Total debt 1,520.0 1,293.2 Less: Short-term debt 300.0 — Long-term debt $ 1,220.0 $ 1,293.2 Debt Maturities At the end of 2022, our debt maturities based on outstanding principal were as follows: (In million) 2023 $ 300.0 2024 400.0 2025 — 2026 — 2027 225.0 Thereafter 600.0 Total $ 1,525.0 Senior Notes All series of senior notes in the above table bear interest that is payable semi-annually in June and December of each year. For the 2023 and 2028 senior notes, the interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes. Senior Notes are unsecured and rank equally in right of payment with all of 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. Credit Facilities Bridge Facility On December 11, 2022, we entered into a bridge facility commitment letter (the “Bridge Facility”) in connection with the pending acquisition of Transporeon. Under the Bridge Facility, the lender committed to provide a 364-day senior unsecured term loan up to an aggregate amount of €1.88 billion that may be drawn only upon the acquisition of Transporeon. On December 27, 2022, the Bridge Facility was automatically reduced to €500 million upon entering into the 2022 Term Loan Agreement and the 2022 Credit Facility Amendment (as described below). If not terminated sooner, the commitment under the Bridge Facility expires on July 10, 2023. Borrowings under the Bridge Facility will bear interest at the following rates, in each case, plus an applicable margin: (a) for Euro loans, EURIBOR and (b) for U.S dollar loans, the option of either (i) an adjusted Term SOFR or (ii) the alternate base rate (“ABR”). The applicable margin varies based on the Company’s credit ratings and ranges from 1.250% to 2.125% for EURIBOR and Term SOFR loans, and from 0.250% to 1.125% for ABR loans. The applicable margin will increase by 0.25% on each of the 90th, 180th, and 270th day after the closing date of the Bridge Facility. ABR is defined as the greater of the prime rate or the federal funds rate plus 0.50%. Term loans are prepayable without penalty. In the fourth quarter of 2022, we incurred $7.3 million fees related to the Bridge Facility of which $5.9 million was recorded as Interest expense, net, and $1.4 million was deferred. 2022 Term Loan Credit Agreement On December 27, 2022, we entered into a credit agreement (the “2022 Term Loan Credit Agreement”) providing for an unsecured delayed draw term loan facility in the aggregate principal amount of $1.0 billion, comprised of commitments for a 3-year tranche for $500.0 million and a 5-year tranche for $500.0 million. The 2022 Term Loan Credit Agreement was entered into in connection with, and the proceeds of any loans must be used for, the pending acquisition of Transporeon. No amounts were drawn at the end of 2022. The 3-year loan would be due and payable on the third anniversary of the funding date. The Company would be required to repay the 5-year loan in quarterly installments equal to: • 0% of the principal amount for the first twelve calendar quarters following the funding date; • 1.25% of the principal amount for each of the next four calendar quarters; and • 2.5% of the principal amount for each calendar quarter thereafter, with the remaining principal amount due and payable on the fifth anniversary of the funding date. Borrowings under the 2022 Term Loan Credit Agreement will bear interest, at the Company’s option, at either: (a) an adjusted Term SOFR or (b) the ABR, in each case, plus the applicable margin. The applicable margin varies based on the Company’s credit ratings and ranges as follows: (a) for the 3-year tranche, (i) from 1.125% to 2.000% for a Term SOFR loan, and (ii) from 0.125% to 1.000% for an ABR loan; and (b) for the 5-year tranche, (i) from 1.250% to 2.125% for a Term SOFR loan, and (ii) from 0.250% to 1.125% for an ABR loan. ABR is defined as the greatest of the prime rate, the federal funds rate plus 0.50%, or the adjusted Term SOFR plus 1.00%. Term loans are prepayable without penalty. 2022 Credit Facility and Amendment On March 24, 2022, we entered into a credit agreement that provides for an unsecured revolving loan facility in the aggregate principal amount of $1.25 billion (the “2022 Credit Facility”). The proceeds of the revolving loans may be used by the Company for working capital and general corporate purposes, including the financing of acquisitions. Under the terms of the credit agreement, our interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets. At the end of 2022, the interest rate charged on any outstanding borrowings was the prevailing Term SOFR for the applicable interest period plus 1.225%, and the commitment fee was 0.125% of the total undrawn commitment. At the end of 2022, $225.0 million was 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. On December 27, 2022, we entered into an amendment to the 2022 Credit Facility (the “2022 Credit Facility Amendment”) that made $600.0 million of the existing commitments under the Credit Facility available for the pending acquisition of Transporeon and increased our maximum permitted leverage ratio following the closing of the acquisition. Uncommitted Facilities At the end 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 our Consolidated Balance Sheet. Covenants The 2022 Term Loan Credit Agreement and 2022 Credit Facility, as amended, contain customary covenants including, among other requirements, limitations that restrict the Company’s and its subsidiaries’ ability to create liens and enter into sale and |
Leases
Leases | 12 Months Ended |
Dec. 30, 2022 | |
Leases [Abstract] | |
Leases | NOTE 8: 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 14 years, and certain leases include options to extend the lease for up to 9 years. We consider options to extend the lease in determining the lease term. Operating lease expense consisted of: At the End of Year 2022 2021 (In millions) Operating lease expense $ 36.3 $ 35.5 Short-term lease expense and other 14.8 17.8 Total lease expense $ 51.1 $ 53.3 Supplemental cash flow information related to leases was as follows: At the End of Year 2022 2021 (In millions) Cash paid for liabilities included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 35.0 $ 35.9 Right-of-use assets obtained in exchange for Operating lease liabilities: $ 26.3 $ 49.5 (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 Year 2022 2021 (In millions) Operating lease right-of-use assets $ 121.2 $ 141.0 Other current liabilities $ 35.0 $ 35.0 Operating lease liabilities 105.1 121.4 Total operating lease liabilities $ 140.1 $ 156.4 Weighted-average discount rate 3.30 % 3.31 % Weighted-average remaining lease term 6 years 7 years At the end of 2022, the maturities of lease liabilities were as follows: (In millions) 2023 $ 37.3 2024 30.3 2025 22.2 2026 16.9 2027 13.3 Thereafter 35.8 Total lease payments $ 155.8 Less: imputed interest 15.7 Total $ 140.1 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9: COMMITMENTS AND CONTINGENCIES At the end of 2022, we had unconditional purchase obligations of approximately $858.8 million as compared to $710.8 million at the end of 2021. 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, 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 |
Dec. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 10: 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 2022 Fair Values as of 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) $ 31.5 $ — $ — $ 31.5 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 18.0 — 18.0 — 0.1 — 0.1 Contingent consideration (3) — — 3.1 3.1 — — — — Total assets measured at fair value $ 31.5 $ 18.0 $ 3.1 $ 52.6 $ 44.7 $ 0.1 $ — $ 44.8 Liabilities Deferred compensation plan (1) $ 31.5 $ — $ — $ 31.5 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.2 — 0.2 — 0.2 — 0.2 Contingent consideration (3) — — — — — — 12.8 12.8 Total liabilities measured at fair value $ 31.5 $ 0.2 $ — $ 31.7 $ 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 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 and a Treasury Rate Lock contract that are included in Other current assets (3) Represents arrangements to receive payments from buyers of our divested companies or pay former owners of acquired companies that are included in Other current and non-current assets or Other current liabilities on our Consolidated Balance Sheets. The fair values are estimated using scenario-based methods based upon estimated future milestones. Derivative assets include a Treasury Rate Lock contract and a foreign currency exchange contract, both related to the pending acquisition of Transporeon. The Treasury Rate Lock contract is a cash flow hedge with gains or losses reported as a component of other comprehensive income and subsequently amortized to interest expense over the term of the associated debt. At the end of 2022, the notional amount of the interest rate-lock contract was $400.0 million, and the fair value of the contract was $7.2 million. The foreign currency exchange contract is to economically hedge the euro-denominated purchase price of Transporeon. The gains or losses are recognized in other income (expense), net. The notional amount of the foreign currency exchange contract was $1,999.4 million, and the fair value of this contract was $10.4 million. 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 $1.5 billion and $1.4 billion at the end of 2022 and 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 any of this debt. |
Deferred Revenue and Remaining
Deferred Revenue and Remaining Performance | 12 Months Ended |
Dec. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue and Remaining Performance Obligations | NOTE 11: DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in our deferred revenue during 2022 and 2021 were as follows: 2022 2021 (In millions) Beginning balance of the period $ 631.8 $ 613.8 Revenue recognized from prior year-end (511.5) (533.8) Billings net of revenue recognized from current year 617.3 551.8 Ending balance of the period $ 737.6 $ 631.8 Remaining Performance Obligations At the end of 2022, approximately $1.6 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 $1.2 billion or 72% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12: INCOME TAXES Income before taxes and the provision (benefit) for taxes consisted of the following: 2022 2021 2020 (In millions) Income before taxes: United States $ 117.7 $ 144.0 $ 24.7 Foreign 451.4 430.6 370.3 Total $ 569.1 $ 574.6 $ 395.0 Provision (benefit) for taxes: U.S. Federal: Current $ 98.4 $ 27.1 $ (5.8) Deferred (97.7) (22.9) (16.3) 0.7 4.2 (22.1) U.S. State: Current 12.6 5.6 0.8 Deferred (5.0) (2.5) 7.1 7.6 3.1 7.9 Foreign: Current 48.4 76.0 62.2 Deferred 62.7 (1.5) (43.6) 111.1 74.5 18.6 Income tax provision $ 119.4 $ 81.8 $ 4.4 Effective tax rate 21.0 % 14.2 % 1.1 % 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: 2022 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in tax rate resulting from: Foreign income taxed at different rates 4.4 % 0.5 % 1.7 % Change in valuation allowance — % — % 2.0 % U.S. State income taxes 1.0 % 1.1 % 0.5 % Stock-based compensation 1.8 % 1.7 % 1.5 % Excess tax benefit related to stock-based compensation (0.6) % (2.5) % (1.5) % Other U.S. taxes on foreign operations (3.5) % (1.6) % (1.0) % U.S. Federal research and development credits (2.2) % (2.1) % (2.3) % Tax reserve releases (1.8) % (2.1) % (4.8) % Intellectual property restructuring and tax law changes — % (2.5) % (16.2) % Other 0.9 % 0.7 % 0.2 % Effective tax rate 21.0 % 14.2 % 1.1 % Our effective income tax rates for 2022 and 2021 were 21.0% and 14.2%. The effective income tax rate in 2022 increased compared to 2021 primarily due to a one-time tax benefit recorded in 2021 related to the revaluation of the Netherlands deferred tax assets mentioned below and lower stock-based compensation deductions during 2022. In December 2021, due to a change in the Netherlands tax law, the statutory tax rate was increased from 25.0% to 25.8% effective January 1, 2022. As a result, we recorded a one-time tax benefit of $14.4 million in 2021 due to the revaluation of the Netherlands deferred tax assets. 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 Year 2022 2021 (In millions) Deferred tax liabilities: Global intangible low-taxed income $ 137.8 $ 207.6 Purchased intangibles 121.1 115.8 Operating lease right-of-use assets 29.0 33.5 Other 16.1 12.7 Total deferred tax liabilities 304.0 369.6 Deferred tax assets: Depreciation and amortization 400.0 474.9 Capitalized research and development 67.5 6.9 Operating lease liabilities 32.8 36.4 U.S. tax credit carryforwards 25.6 25.8 Expenses not currently deductible 30.9 43.7 Foreign net operating loss carryforwards 15.3 18.0 Stock-based compensation 13.8 13.9 U.S. net operating loss carryforwards 4.7 5.8 Other 36.6 28.8 Total deferred tax assets 627.2 654.2 Valuation allowance (42.6) (45.7) Total deferred tax assets 584.6 608.5 Total net deferred tax assets $ 280.6 $ 238.9 Reported as: Non-current deferred income tax assets $ 438.4 $ 502.0 Non-current deferred income tax liabilities (157.8) (263.1) Net deferred tax assets $ 280.6 $ 238.9 At the end of 2022, we have U.S. federal and foreign net operating loss carryforwards, or NOLs, of approximately $9.8 million and $82.4 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 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 California research and development credit carryforwards of approximately $33.6 million, which have an indefinite carryforward period. We believe that it is more likely than not that we will not realize 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. We reinvested a large portion of our undistributed foreign earnings in acquisitions and other investments and intend to bring back a portion of foreign cash that was subject to the transition tax and the global intangible low-taxed income tax. During 2022, we repatriated $350.3 million of our foreign earnings to the U.S. The total amount of unrecognized tax benefits at the end of 2022 was $76.5 million . A reconciliation of gross unrecognized tax benefits was as follows: 2022 2021 2020 (In millions) Beginning balance $ 64.2 $ 64.1 $ 71.6 Increase related to current year tax positions 23.0 9.6 8.0 (Decrease) increase related to prior years' tax positions (0.7) 1.3 (0.4) Settlement with taxing authorities — (1.3) (0.5) Lapse of statute of limitations (10.0) (9.5) (14.6) Ending balance $ 76.5 $ 64.2 $ 64.1 Total unrecognized tax benefits that, if recognized, would affect our effective tax rate were $51.6 million and $42.3 million at the end of 2022 and 2021. 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 2015. Non-U.S. income tax matters have been concluded for years through 2008. We are currently in various stages of multiple year examinations from 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 2022 and 2021, we accrued $8.4 million and $9.2 million for interest and penalties. On August 16, 2022, the U.S. federal government enacted the Inflation Reduction Act (“IRA”) of 2022. The IRA includes a 15% corporate alternative minimum tax effective in 2024 for certain large corporations, a 1% excise tax on net share repurchases after December 31, 2022, and several tax incentives to promote clean energy. We do not expect the provisions of the IRA to have a material impact on our financial results. |
Employee Stock Benefit Plans
Employee Stock Benefit Plans | 12 Months Ended |
Dec. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Stock Benefit Plans | NOTE 13: EMPLOYEE STOCK BENEFIT PLANS Amended and Restated 2002 Stock Plan In May 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 Restricted Stock Units (“RSUs”) for up to 92.6 million shares. At the end of 2022, the remaining number of shares available for grant under the 2002 stock plan was 17.6 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: 2022 2021 2020 (In millions) Restricted stock units $ 108.7 $ 110.5 $ 73.2 Stock options 1.1 1.3 1.5 ESPP 10.6 10.8 8.3 Total stock-based compensation expense $ 120.4 $ 122.6 $ 83.0 Stock-based compensation expense was allocated as follows: 2022 2021 2020 (In millions) Cost of sales $ 12.6 $ 9.5 $ 6.7 Research and development 28.0 29.5 22.1 Sales and marketing 24.6 21.5 16.2 General and administrative 55.2 62.1 38.0 Total stock-based compensation expense $ 120.4 $ 122.6 $ 83.0 At the end of 2022, total unamortized stock-based compensation expense was $186.9 million, with a weighted-average recognition period of 1.9 years. Restricted Stock Units We grant RSUs containing only service conditions and RSUs containing a combination of service, performance, and 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 (a) the closing pr ice of our common stock for awards containing only service or both service and performance conditions, or (b) the Monte Carlo valuation model for awards containing both service and market conditions. For PSUs, the number of shares received at vesting will range from 0% to 200% of the target grant amount based on either market conditions or performance conditions. Market conditions consider our relative total stockholder return (“TSR”) of our common stock as compared to the TSR of the constituents of the S&P 500 over the vesting period. Performance conditions consider the achievement of our financial results over the vesting period. 2022 Restricted Stock Units Outstanding Number of Units (1) Weighted Average (In millions, except for per share data) Outstanding at the beginning of year 4.3 $ 56.96 Granted (2) 2.3 73.32 Shares vested, net (2) (1.9) 52.21 Canceled and forfeited (0.7) 63.02 Outstanding at the end of year 4.0 $ 67.32 (1) Includes 0.3 million PSUs granted, 0.5 million PSUs vested, 0.3 million PSUs cancelled and forfeited, and 0.6 million PSUs outstanding at the end of the year. (2) Excludes approximately 0.1 million PSUs related to achievement above target levels at the vesting date. The weighted-average grant date fair value of all RSUs granted during 2022, 2021, and 2020 was $73.32, $78.44, and $42.50 per share. The fair value of all RSUs vested during 2022, 2021, and 2020 was $108.3 million, $81.4 million, and $78.0 million. Employee Stock Purchase Plan We have an ESPP under which our 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 year. The ESPP terminates on March 15, 2027. In 2022, 2021, and 2020, 0.6 million, 0.6 million, and 0.8 million shares were issued, representing $34.7 million, $33.4 million, and $26.9 million in cash received for the issuance of stock under the ESPP. At the end of 2022, the number of shares reserved for future purchases was 5.4 million. |
Common Stock Repurchase
Common Stock Repurchase | 12 Months Ended |
Dec. 30, 2022 | |
Equity [Abstract] | |
Common Stock Repurchase | NOTE 14: COMMON STOCK REPURCHASE 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 2022, 2021, and 2020, we repurchased approximately 6.0 million, 2.1 million, and 1.9 million shares of common stock in open market purchases under our 2017 and 2021 Stock Repurchase Programs, at an average price of $65.90, $85.75, and $43.40 per share, for a total of $394.7 million, $180.0 million, and $81.6 million. At the end of 2022, the 2021 Stock Repurchase Program had remaining authorized funds of $215.3 million . Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-in-capital, based on the average book value per share for all outstanding shares calculated at the time of each individual repurchase transaction. The excess of the purchase price over this average for each repurchase was charged to retained earnings. As a result of the 2022 repurchases, retained earnings was reduced by $347.0 million in 2022. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes. Because of the additional outstanding indebtedness we have and expect to incur in connection with the pending Transporeon acquisition, we have temporarily discontinued our share repurchases. See Note 3 “Acquisition and Divestitures” of this report for future information regarding our intended acquisition of Transporeon. |
Description Of Business And A_2
Description Of Business And Accounting Policies (Policy) | 12 Months Ended |
Dec. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation 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 use a 52–53 week fiscal year ending on the Friday nearest to December 31. Fiscal 2022, 2021, and 2020 were all 52-week years ending on December 30, 2022, December 31, 2021, and January 1, 2021. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods. |
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 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. |
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 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 Product revenue includes hardware and software licenses. 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. Service Service revenue includes hardware and software maintenance and support and professional 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. Subscription Subscription revenue includes Software as a Service (“SaaS”), data, and hosting services. 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 one |
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 $33.6 million and $39.5 million at the end of 2022 and 2021. 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 |
Deferred Costs to Obtain Customer Contracts | Deferred Costs to Obtain Customer ContractsSales commissions incurred in obtaining 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 estimated benefit period, which is either the contract term or the shorter of customer life or product life that ranges from three |
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 lifecycle 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 Property and equipment are depreciated 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 |
Leases | 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 any noncontrolling interest based on their fair values at the acquisition date. When determining the fair values, we make significant estimates and assumptions, especially concerning 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. Any purchase consideration in excess of the fair values of the net assets acquired is recorded as goodwill. 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. Acquisition costs are expensed as incurred. |
Goodwill | Goodwill We evaluate goodwill on an annual basis or more frequently if indicators of potential impairment exist. To determine whether goodwill is impaired, we first assess qualitative factors. Qualitative factors include but are not limited to macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, or other relevant company-specific events. If it is determined more likely than not that the fair value of a goodwill reporting unit is less than its carrying amount, we perform a quantitative analysis. Alternatively, we may bypass the qualitative assessment and perform a quantitative impairment test. |
Intangible Assets | Intangible Assets Intangible assets acquired in a business combination are recorded at fair value. Our intangible assets are amortized over the period of estimated benefit using the straight-line method over their estimated useful lives, which range from three years to ten years and have a weighted-average useful life of approximately seven years. We write off fully amortized intangible assets when those assets are no longer used. |
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. Accrued warranty expenses o f $11.7 million and $17.1 million are included in Other current liabilities in the Consolidated Balance Sheets at the end of 2022 and 2021. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities recorded in foreign currency are translated to U.S. dollars at the exchange rate s on the balance sheet date. Revenue and expense are translated at average monthly exchange rates during the year. Translation adjustments resulting from this process are recorded to other comprehensive income. |
Stock-Based Compensation | Stock-Based Compensation Stock-based 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 |
Research And Development Costs | Research and Development Costs Research and development costs are expensed as incurred. Development costs for software to be sold subsequent to reaching technical feasibility were not significant and were expensed as incurred. We offset research and development expense with any unconditional third party funding earned and retain the rights to any technology developed under such arrangements. |
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. 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. |
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. |
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 2022 and 2021. |
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. We occasionally enter into foreign currency contracts to minimize the impact of foreign currency fluctuations on the purchase price of pending acquisitions, including the fourth quarter of 2022 foreign currency contract for the €1.88 billion or $2.0 billion pending acquisition of Transporeon. The above-mentioned foreign currency contracts are marked-to-market through earnings every reporting period and generally range in maturity from one four In the fourth quarter of 2022, in conjunction with the pending acquisition of Transporeon, we entered into a contract to offset the changes in the price of U.S. Treasury Notes with an original maturity of 10 years (“Treasury Rate Lock”). The purpose of the Treasury Rate Lock is to minimize the impact of interest rate fluctuations on new fixed-rate debt expected to be issued in connection with this acquisition. This derivative contract is accounted for as a cash flow hedge and is marked-to-market each period with gains or losses recorded through other comprehensive income. Upon issuance of the debt, the derivative is settled, and the other comprehensive income is amortized as interest expense over the 10-year debt term by use of the effective interest rate method. At the end of 2021, there were no derivatives outstanding that were accounted for as hedges. |
Recently issued Accounting Pronouncements not yet Adopted and Recent Adopted Accounting Pronouncements | Recently issued Accounting Pronouncements not yet Adopted There are no recently issued accounting pronouncements applicable or material to us not yet adopted. Recent Adopted Accounting Pronouncements There are no recently adopted accounting pronouncements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 30, 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: 2022 2021 2020 (In millions, except per share data) Numerator: Net income attributable to Trimble Inc. $ 449.7 $ 492.7 $ 389.9 Denominator: Weighted average number of common shares used in basic earnings per share 248.6 251.4 250.5 Effect of dilutive securities 1.6 2.9 1.8 Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share 250.2 254.3 252.3 Basic earnings per share $ 1.81 $ 1.96 $ 1.56 Diluted earnings per share $ 1.80 $ 1.94 $ 1.55 Antidilutive weighted-average shares (1) 1.3 0.1 0.5 (1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share. |
Acquisitions And Divestitures (
Acquisitions And Divestitures (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Combination, Separately Recognized Transactions | The following table summarizes the business combinations completed during the periods indicated: 2022 2021 2020 (In millions) Fair value of total purchase consideration $ 379.5 $ 237.5 $ 205.1 Less fair value of net assets acquired: Net tangible assets acquired (9.2) (5.2) (1.6) Identified intangible assets 131.4 67.2 56.7 Deferred taxes (0.8) — 0.7 Goodwill $ 258.1 $ 175.5 $ 149.3 |
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets | The following table presents a summary of our intangible assets: At the End of 2022 At the End of 2021 (In millions) Weighted-Average Useful Lives (in years) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Developed product technology 6 $ 1,004.8 $ (722.7) $ 282.1 $ 1,011.9 $ (748.2) $ 263.7 Customer relationships 8 654.1 (445.9) 208.2 667.8 (428.9) 238.9 Trade names and trademarks 6 39.5 (32.7) 6.8 48.0 (45.0) 3.0 Distribution rights and other intellectual properties 4 8.0 (7.0) 1.0 10.0 (9.0) 1.0 $ 1,706.4 $ (1,208.3) $ 498.1 $ 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 2022 was as follows: (In millions) 2023 $ 133.5 2024 109.0 2025 73.5 2026 67.2 2027 53.5 Thereafter 61.4 Total $ 498.1 |
Schedule Of Changes In Carrying Amount Of Goodwill By Operating Segment | The changes in the carrying amount of goodwill by segment 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 Additions due to acquisition 214.4 — 43.7 — 258.1 Decrease from divestitures (23.9) (6.9) — (6.9) (37.7) Foreign currency translation and other adjustments (31.8) (14.6) (12.7) (4.9) (64.0) Balance as of year end 2022 $ 2,300.1 $ 382.1 $ 471.8 $ 983.9 $ 4,137.9 |
Certain Balance Sheet Compone_2
Certain Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Components Of Net Inventories | The components of inventory, net were as follows: At the End of Year 2022 2021 (In millions) Inventories: Raw materials $ 154.9 $ 129.6 Work-in-process 13.1 12.4 Finished goods 234.5 221.3 Total inventories $ 402.5 $ 363.3 |
Components Of Property And Equipment | The components of property and equipment, net were as follows: At the End of Year 2022 2021 (In millions) Property and equipment, net: Land, building, furniture, and leasehold improvements $ 244.4 $ 238.8 Machinery and equipment 177.6 185.8 Software and licenses 146.4 150.9 Construction in progress 10.1 20.7 578.5 596.2 Less: accumulated depreciation (359.5) (363.0) Total property and equipment, net $ 219.0 $ 233.2 Property and equipment, net by geographic area were as follows: At the End of Year 2022 2021 (In millions) Property and equipment, net: United States $ 157.7 $ 171.3 Europe 40.3 44.8 Asia Pacific and Rest of World 21.0 17.1 Total property and equipment, net $ 219.0 $ 233.2 |
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 Year 2022 2021 (In millions) Accumulated foreign currency translation adjustments $ (241.6) $ (160.0) Gain on cash flow hedge 5.4 — Net unrealized actuarial gains (losses) 1.3 (1.7) Total accumulated other comprehensive loss $ (234.9) $ (161.7) |
Reporting Segment And Geograp_2
Reporting Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
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) 2022 Segment revenue $ 1,494.0 $ 756.5 $ 821.6 $ 604.2 $ 3,676.3 Segment operating income 406.3 221.4 278.3 58.8 964.8 2021 Segment revenue $ 1,422.7 $ 828.9 $ 771.3 $ 636.5 $ 3,659.4 Segment operating income 411.7 244.1 264.0 43.4 963.2 2020 Segment revenue $ 1,231.0 $ 650.5 $ 630.0 $ 640.5 $ 3,152.0 Segment operating income 338.1 184.4 221.0 50.1 793.6 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of Year End 2022 Accounts receivable, net $ 305.1 $ 137.2 $ 79.2 $ 121.8 $ 643.3 Inventories 93.2 146.1 100.3 62.9 402.5 Goodwill 2,300.1 382.1 471.8 983.9 4,137.9 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 As of 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 |
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: 2022 2021 2020 (In millions) Consolidated segment operating income $ 964.8 $ 963.2 $ 793.6 Unallocated general corporate expenses (123.3) (106.2) (74.0) Purchase accounting adjustments (131.6) (134.5) (156.6) Acquisition / divestiture items (32.8) (21.8) (21.4) Stock-based compensation / deferred compensation (112.0) (128.6) (90.4) Restructuring and other costs (54.2) (11.1) (31.4) Consolidated operating income 510.9 561.0 419.8 Total non-operating income (expense), net 58.2 13.6 (24.8) Consolidated income before taxes $ 569.1 $ 574.6 $ 395.0 |
Schedule Of Revenue From Customers by Geographic Area | Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) 2022 North America $ 938.1 $ 320.7 $ 227.0 $ 469.4 $ 1,955.2 Europe 337.1 247.8 374.3 78.7 1,037.9 Asia Pacific 192.8 140.3 51.7 30.3 415.1 Rest of World 26.0 47.7 168.6 25.8 268.1 Total segment revenue $ 1,494.0 $ 756.5 $ 821.6 $ 604.2 $ 3,676.3 2021 North America $ 823.5 $ 337.3 $ 212.2 $ 493.1 $ 1,866.1 Europe 386.6 282.3 368.4 87.3 1,124.6 Asia Pacific 188.4 161.4 67.3 30.2 447.3 Rest of World 24.2 47.9 123.4 25.9 221.4 Total segment revenue $ 1,422.7 $ 828.9 $ 771.3 $ 636.5 $ 3,659.4 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 |
Components Of Property And Equipment | The components of property and equipment, net were as follows: At the End of Year 2022 2021 (In millions) Property and equipment, net: Land, building, furniture, and leasehold improvements $ 244.4 $ 238.8 Machinery and equipment 177.6 185.8 Software and licenses 146.4 150.9 Construction in progress 10.1 20.7 578.5 596.2 Less: accumulated depreciation (359.5) (363.0) Total property and equipment, net $ 219.0 $ 233.2 Property and equipment, net by geographic area were as follows: At the End of Year 2022 2021 (In millions) Property and equipment, net: United States $ 157.7 $ 171.3 Europe 40.3 44.8 Asia Pacific and Rest of World 21.0 17.1 Total property and equipment, net $ 219.0 $ 233.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
Long-Term Debt, Current and Noncurrent [Abstract] | |
Schedule Of Debt | Debt consisted of the following: At the End of Year Effective interest rate (In millions, except percentages) Date of Issuance for 2022 2022 2021 Senior Notes: Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ 300.0 $ 300.0 Senior Notes, 4.75%, due December 2024 November 2014 4.95% 400.0 400.0 Senior Notes, 4.90%, due June 2028 June 2018 5.04% 600.0 600.0 Credit Facilities: 2022 Revolving Credit Facility, due March 2027 September 2022 5.54% 225.0 — Unamortized discount and issuance costs (5.0) (6.8) Total debt 1,520.0 1,293.2 Less: Short-term debt 300.0 — Long-term debt $ 1,220.0 $ 1,293.2 |
Schedule of Maturities of Long-term Debt | Debt Maturities At the end of 2022, our debt maturities based on outstanding principal were as follows: (In million) 2023 $ 300.0 2024 400.0 2025 — 2026 — 2027 225.0 Thereafter 600.0 Total $ 1,525.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
Leases [Abstract] | |
Schedule Of Lease Costs | Operating lease expense consisted of: At the End of Year 2022 2021 (In millions) Operating lease expense $ 36.3 $ 35.5 Short-term lease expense and other 14.8 17.8 Total lease expense $ 51.1 $ 53.3 Supplemental cash flow information related to leases was as follows: At the End of Year 2022 2021 (In millions) Cash paid for liabilities included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 35.0 $ 35.9 Right-of-use assets obtained in exchange for Operating lease liabilities: $ 26.3 $ 49.5 (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 Year 2022 2021 (In millions) Operating lease right-of-use assets $ 121.2 $ 141.0 Other current liabilities $ 35.0 $ 35.0 Operating lease liabilities 105.1 121.4 Total operating lease liabilities $ 140.1 $ 156.4 Weighted-average discount rate 3.30 % 3.31 % Weighted-average remaining lease term 6 years 7 years |
Operating Lease Maturities | At the end of 2022, the maturities of lease liabilities were as follows: (In millions) 2023 $ 37.3 2024 30.3 2025 22.2 2026 16.9 2027 13.3 Thereafter 35.8 Total lease payments $ 155.8 Less: imputed interest 15.7 Total $ 140.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | Fair Values as of the end of 2022 Fair Values as of 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) $ 31.5 $ — $ — $ 31.5 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 18.0 — 18.0 — 0.1 — 0.1 Contingent consideration (3) — — 3.1 3.1 — — — — Total assets measured at fair value $ 31.5 $ 18.0 $ 3.1 $ 52.6 $ 44.7 $ 0.1 $ — $ 44.8 Liabilities Deferred compensation plan (1) $ 31.5 $ — $ — $ 31.5 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.2 — 0.2 — 0.2 — 0.2 Contingent consideration (3) — — — — — — 12.8 12.8 Total liabilities measured at fair value $ 31.5 $ 0.2 $ — $ 31.7 $ 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 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 and a Treasury Rate Lock contract that are included in Other current assets |
Deferred Revenue and Remainin_2
Deferred Revenue and Remaining Performance Obligations (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer Rollforward | Changes in our deferred revenue during 2022 and 2021 were as follows: 2022 2021 (In millions) Beginning balance of the period $ 631.8 $ 613.8 Revenue recognized from prior year-end (511.5) (533.8) Billings net of revenue recognized from current year 617.3 551.8 Ending balance of the period $ 737.6 $ 631.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income Before Taxes | Income before taxes and the provision (benefit) for taxes consisted of the following: 2022 2021 2020 (In millions) Income before taxes: United States $ 117.7 $ 144.0 $ 24.7 Foreign 451.4 430.6 370.3 Total $ 569.1 $ 574.6 $ 395.0 Provision (benefit) for taxes: U.S. Federal: Current $ 98.4 $ 27.1 $ (5.8) Deferred (97.7) (22.9) (16.3) 0.7 4.2 (22.1) U.S. State: Current 12.6 5.6 0.8 Deferred (5.0) (2.5) 7.1 7.6 3.1 7.9 Foreign: Current 48.4 76.0 62.2 Deferred 62.7 (1.5) (43.6) 111.1 74.5 18.6 Income tax provision $ 119.4 $ 81.8 $ 4.4 Effective tax rate 21.0 % 14.2 % 1.1 % |
Schedule Of Provision For Taxes | Income before taxes and the provision (benefit) for taxes consisted of the following: 2022 2021 2020 (In millions) Income before taxes: United States $ 117.7 $ 144.0 $ 24.7 Foreign 451.4 430.6 370.3 Total $ 569.1 $ 574.6 $ 395.0 Provision (benefit) for taxes: U.S. Federal: Current $ 98.4 $ 27.1 $ (5.8) Deferred (97.7) (22.9) (16.3) 0.7 4.2 (22.1) U.S. State: Current 12.6 5.6 0.8 Deferred (5.0) (2.5) 7.1 7.6 3.1 7.9 Foreign: Current 48.4 76.0 62.2 Deferred 62.7 (1.5) (43.6) 111.1 74.5 18.6 Income tax provision $ 119.4 $ 81.8 $ 4.4 Effective tax rate 21.0 % 14.2 % 1.1 % |
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: 2022 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase (reduction) in tax rate resulting from: Foreign income taxed at different rates 4.4 % 0.5 % 1.7 % Change in valuation allowance — % — % 2.0 % U.S. State income taxes 1.0 % 1.1 % 0.5 % Stock-based compensation 1.8 % 1.7 % 1.5 % Excess tax benefit related to stock-based compensation (0.6) % (2.5) % (1.5) % Other U.S. taxes on foreign operations (3.5) % (1.6) % (1.0) % U.S. Federal research and development credits (2.2) % (2.1) % (2.3) % Tax reserve releases (1.8) % (2.1) % (4.8) % Intellectual property restructuring and tax law changes — % (2.5) % (16.2) % Other 0.9 % 0.7 % 0.2 % Effective tax rate 21.0 % 14.2 % 1.1 % |
Schedule Of Deferred Tax Assets And Liabilities | The significant components of deferred tax assets and liabilities were as follows: At the End of Year 2022 2021 (In millions) Deferred tax liabilities: Global intangible low-taxed income $ 137.8 $ 207.6 Purchased intangibles 121.1 115.8 Operating lease right-of-use assets 29.0 33.5 Other 16.1 12.7 Total deferred tax liabilities 304.0 369.6 Deferred tax assets: Depreciation and amortization 400.0 474.9 Capitalized research and development 67.5 6.9 Operating lease liabilities 32.8 36.4 U.S. tax credit carryforwards 25.6 25.8 Expenses not currently deductible 30.9 43.7 Foreign net operating loss carryforwards 15.3 18.0 Stock-based compensation 13.8 13.9 U.S. net operating loss carryforwards 4.7 5.8 Other 36.6 28.8 Total deferred tax assets 627.2 654.2 Valuation allowance (42.6) (45.7) Total deferred tax assets 584.6 608.5 Total net deferred tax assets $ 280.6 $ 238.9 Reported as: Non-current deferred income tax assets $ 438.4 $ 502.0 Non-current deferred income tax liabilities (157.8) (263.1) Net deferred tax assets $ 280.6 $ 238.9 |
Schedule Of Reconciliation Of Unrecognized Tax Benefit | The total amount of unrecognized tax benefits at the end of 2022 was $76.5 million . A reconciliation of gross unrecognized tax benefits was as follows: 2022 2021 2020 (In millions) Beginning balance $ 64.2 $ 64.1 $ 71.6 Increase related to current year tax positions 23.0 9.6 8.0 (Decrease) increase related to prior years' tax positions (0.7) 1.3 (0.4) Settlement with taxing authorities — (1.3) (0.5) Lapse of statute of limitations (10.0) (9.5) (14.6) Ending balance $ 76.5 $ 64.2 $ 64.1 |
Employee Stock Benefit Plans (T
Employee Stock Benefit Plans (Tables) | 12 Months Ended |
Dec. 30, 2022 | |
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: 2022 2021 2020 (In millions) Restricted stock units $ 108.7 $ 110.5 $ 73.2 Stock options 1.1 1.3 1.5 ESPP 10.6 10.8 8.3 Total stock-based compensation expense $ 120.4 $ 122.6 $ 83.0 Stock-based compensation expense was allocated as follows: 2022 2021 2020 (In millions) Cost of sales $ 12.6 $ 9.5 $ 6.7 Research and development 28.0 29.5 22.1 Sales and marketing 24.6 21.5 16.2 General and administrative 55.2 62.1 38.0 Total stock-based compensation expense $ 120.4 $ 122.6 $ 83.0 |
Summary of Performance of Our Financial Results | 2022 Restricted Stock Units Outstanding Number of Units (1) Weighted Average (In millions, except for per share data) Outstanding at the beginning of year 4.3 $ 56.96 Granted (2) 2.3 73.32 Shares vested, net (2) (1.9) 52.21 Canceled and forfeited (0.7) 63.02 Outstanding at the end of year 4.0 $ 67.32 (1) Includes 0.3 million PSUs granted, 0.5 million PSUs vested, 0.3 million PSUs cancelled and forfeited, and 0.6 million PSUs outstanding at the end of the year. (2) Excludes approximately 0.1 million PSUs related to achievement above target levels at the vesting date. |
Description Of Business And A_3
Description Of Business And Accounting Policies (Narrative) (Details) € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 30, 2022 EUR (€) | Dec. 30, 2022 USD ($) | Dec. 30, 2022 EUR (€) | Dec. 30, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Jan. 01, 2021 USD ($) | |
Accounting Policies [Line Items] | ||||||
Reportable segments | segment | 4 | |||||
Unbilled receivables | $ 33,600,000 | $ 33,600,000 | $ 39,500,000 | |||
Accounts receivable, allowance for credit loss | 5,900,000 | 5,900,000 | 7,000,000 | |||
Accounts receivable, credit loss expense (reversal) | 7,700,000 | 2,600,000 | $ 7,100,000 | |||
Deferred costs to obtain customer contracts | 74,700,000 | 74,700,000 | 59,700,000 | |||
Accrued warranty expenses | 11,700,000 | 11,700,000 | 17,100,000 | |||
Payments to acquire businesses, gross | $ 379,500,000 | 205,100,000 | ||||
Transporeon | ||||||
Accounting Policies [Line Items] | ||||||
Payments to acquire businesses, gross | € 1,880 | $ 2,000,000,000 | € 1,880 | |||
Forward contracts | ||||||
Accounting Policies [Line Items] | ||||||
Derivative financial instruments accounted for as hedges | 0 | |||||
Land, building, furniture, and leasehold improvements | ||||||
Accounting Policies [Line Items] | ||||||
Useful life of asset, in years | 39 years | |||||
Selling and Marketing Expense | ||||||
Accounting Policies [Line Items] | ||||||
Amortization expense related to deferred costs to obtain customer contracts | $ 32,000,000 | $ 25,900,000 | $ 22,800,000 | |||
Minimum | ||||||
Accounting Policies [Line Items] | ||||||
Product warranty term | 1 year | |||||
Post contract | 1 year | |||||
Subscription revenue term | 1 year | |||||
Amortization period | 3 years | 3 years | ||||
Weighted-Average Useful Lives (in years) | 3 years | |||||
Warranty periods for products sold | 1 year | |||||
Maturity period of derivative financial instrument, minimum, in months | 1 month | |||||
Minimum | Transporeon | ||||||
Accounting Policies [Line Items] | ||||||
Maturity period of derivative financial instrument, minimum, in months | 4 months | |||||
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 | |||||
Subscription revenue term | 3 years | |||||
Amortization period | 7 years | 7 years | ||||
Weighted-Average Useful Lives (in years) | 10 years | |||||
Warranty periods for products sold | 2 years | |||||
Maturity period of derivative financial instrument, minimum, in months | 2 months | |||||
Maximum | Transporeon | ||||||
Accounting Policies [Line Items] | ||||||
Maturity period of derivative financial instrument, minimum, in months | 6 months | |||||
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] | ||||||
Weighted-Average Useful Lives (in years) | 7 years |
Description Of Business And A_4
Description Of Business And Accounting Policies (Guarantees) (Details) - USD ($) | Dec. 30, 2022 | Dec. 31, 2021 |
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 | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Numerator: | |||
Net income attributable to Trimble Inc. | $ 449.7 | $ 492.7 | $ 389.9 |
Denominator: | |||
Weighted average number of common shares used in basic earnings per share (in shares) | 248.6 | 251.4 | 250.5 |
Effect of dilutive securities (in shares) | 1.6 | 2.9 | 1.8 |
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares) | 250.2 | 254.3 | 252.3 |
Basic (in dollars per share) | $ 1.81 | $ 1.96 | $ 1.56 |
Diluted (in dollars per share) | $ 1.80 | $ 1.94 | $ 1.55 |
Antidilutive weighted-average shares (in shares) | 1.3 | 0.1 | 0.5 |
Acquisitions And Divestitures_2
Acquisitions And Divestitures (Narrative) (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 30, 2022 EUR (€) | May 30, 2022 USD ($) | Dec. 30, 2022 USD ($) | Dec. 30, 2022 EUR (€) | Dec. 30, 2022 USD ($) acquisition business | Dec. 31, 2021 USD ($) | Jan. 01, 2021 USD ($) acquisition | |
Business Acquisition [Line Items] | |||||||
Total purchase consideration | $ 379.5 | $ 205.1 | |||||
Number of businesses acquired | acquisition | 2 | 3 | |||||
Acquisition-related costs | $ 20.4 | $ 13.6 | $ 20.3 | ||||
Net proceeds from divestitures | $ 215.4 | 67.3 | $ 27.5 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Business Acquisition [Line Items] | |||||||
Number of business disposed | business | 6 | ||||||
Net proceeds from divestitures | $ 226.3 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Time and Frequency, LOADRITE, Spectra Precision Tools, and SECO | |||||||
Business Acquisition [Line Items] | |||||||
Net proceeds from divestitures | $ 205.1 | ||||||
Transporeon | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase consideration | € 1,880 | $ 2,000 | € 1,880 | ||||
Agile Assets | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase consideration | $ 237.5 | ||||||
Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Total revenue percentage | 1% | 1% | |||||
Maximum | Agile Assets | |||||||
Business Acquisition [Line Items] | |||||||
Total revenue percentage | 1% |
Acquisitions And Divestitures_3
Acquisitions And Divestitures (Schedule of Complete Business Combinations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 4,137.9 | $ 3,981.5 | $ 3,876.5 |
Series of Individually Immaterial Business Acquisitions | |||
Business Acquisition [Line Items] | |||
Fair value of total purchase consideration | 379.5 | 237.5 | 205.1 |
Net tangible assets acquired | (9.2) | (5.2) | (1.6) |
Identified intangible assets | 131.4 | 67.2 | 56.7 |
Deferred taxes | (0.8) | ||
Deferred taxes | 0 | 0.7 | |
Goodwill | $ 258.1 | $ 175.5 | $ 149.3 |
Intangible Assets And Goodwil_2
Intangible Assets And Goodwill (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2022 | Dec. 31, 2021 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,706.4 | $ 1,737.7 |
Accumulated Amortization | (1,208.3) | (1,231.1) |
Total | 498.1 | 506.6 |
Write off of assets | $ 79.9 | 160.1 |
Impairment Of Intangible Asset Finite Lived, Statement Of Income Or Comprehensive Income, Extensible Enumeration Not Disclosed Flag | 160.1 million | |
Developed product technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (in years) | 6 years | |
Gross Carrying Amount | $ 1,004.8 | 1,011.9 |
Accumulated Amortization | (722.7) | (748.2) |
Total | $ 282.1 | 263.7 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (in years) | 8 years | |
Gross Carrying Amount | $ 654.1 | 667.8 |
Accumulated Amortization | (445.9) | (428.9) |
Total | $ 208.2 | 238.9 |
Trade names and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (in years) | 6 years | |
Gross Carrying Amount | $ 39.5 | 48 |
Accumulated Amortization | (32.7) | (45) |
Total | $ 6.8 | 3 |
Distribution rights and other intellectual properties | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Useful Lives (in years) | 4 years | |
Gross Carrying Amount | $ 8 | 10 |
Accumulated Amortization | (7) | (9) |
Total | $ 1 | $ 1 |
Intangible Assets And Goodwil_3
Intangible Assets And Goodwill (Schedule Of Estimated Future Amortization Expense) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 133.5 | |
2024 | 109 | |
2025 | 73.5 | |
2026 | 67.2 | |
2027 | 53.5 | |
Thereafter | 61.4 | |
Total | $ 498.1 | $ 506.6 |
Intangible Assets And Goodwil_4
Intangible Assets And Goodwill (Changes In Carrying Amount Of Goodwill By Operating Segment) (Details) $ in Millions | 12 Months Ended |
Dec. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | $ 3,981.5 |
Additions due to acquisition | 258.1 |
Decrease from divestitures | (37.7) |
Foreign currency translation and other adjustments | (64) |
Ending Balance | 4,137.9 |
Buildings and Infrastructure | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 2,141.4 |
Additions due to acquisition | 214.4 |
Decrease from divestitures | (23.9) |
Foreign currency translation and other adjustments | (31.8) |
Ending Balance | 2,300.1 |
Geospatial | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 403.6 |
Additions due to acquisition | 0 |
Decrease from divestitures | (6.9) |
Foreign currency translation and other adjustments | (14.6) |
Ending Balance | 382.1 |
Resources and Utilities | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 440.8 |
Additions due to acquisition | 43.7 |
Decrease from divestitures | 0 |
Foreign currency translation and other adjustments | (12.7) |
Ending Balance | 471.8 |
Transportation | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 995.7 |
Additions due to acquisition | 0 |
Decrease from divestitures | (6.9) |
Foreign currency translation and other adjustments | (4.9) |
Ending Balance | $ 983.9 |
Certain Balance Sheet Compone_3
Certain Balance Sheet Components (Components Of Net Inventories) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Balance Sheet Related Disclosures [Abstract] | |||
Raw materials | $ 154.9 | $ 129.6 | |
Work-in-process | 13.1 | 12.4 | |
Finished goods | 234.5 | 221.3 | |
Total inventories | 402.5 | 363.3 | $ 301.7 |
Deferred costs, current | $ 16.9 | $ 13.7 |
Certain Balance Sheet Compone_4
Certain Balance Sheet Components (Components Of Property And Equipment) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 578.5 | $ 596.2 |
Less: accumulated depreciation | (359.5) | (363) |
Total property and equipment, net | 219 | 233.2 |
Land, building, furniture, and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 244.4 | 238.8 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 177.6 | 185.8 |
Software and licenses | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 146.4 | 150.9 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 10.1 | $ 20.7 |
Certain Balance Sheet Compone_5
Certain Balance Sheet Components (Components Of Accumulated Other Comprehensive Loss, Net Of Related Tax) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Accumulated foreign currency translation adjustments | $ (241.6) | $ (160) |
Gain on cash flow hedge | 5.4 | 0 |
Net unrealized actuarial gains (losses) | 1.3 | (1.7) |
Total accumulated other comprehensive loss | $ (234.9) | $ (161.7) |
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 | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Segment Reporting Information [Line Items] | |||
Segment revenue | $ 3,676.3 | $ 3,659.4 | $ 3,152 |
Segment operating income | 510.9 | 561 | 419.8 |
Segments Revenue | |||
Segment Reporting Information [Line Items] | |||
Segment operating income | 964.8 | 963.2 | 793.6 |
Buildings and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Segment revenue | 1,494 | 1,422.7 | 1,231 |
Buildings and Infrastructure | Segments Revenue | |||
Segment Reporting Information [Line Items] | |||
Segment operating income | 406.3 | 411.7 | 338.1 |
Geospatial | |||
Segment Reporting Information [Line Items] | |||
Segment revenue | 756.5 | 828.9 | 650.5 |
Geospatial | Segments Revenue | |||
Segment Reporting Information [Line Items] | |||
Segment operating income | 221.4 | 244.1 | 184.4 |
Resources and Utilities | |||
Segment Reporting Information [Line Items] | |||
Segment revenue | 821.6 | 771.3 | 630 |
Resources and Utilities | Segments Revenue | |||
Segment Reporting Information [Line Items] | |||
Segment operating income | 278.3 | 264 | 221 |
Transportation | |||
Segment Reporting Information [Line Items] | |||
Segment revenue | 604.2 | 636.5 | 640.5 |
Transportation | Segments Revenue | |||
Segment Reporting Information [Line Items] | |||
Segment operating income | $ 58.8 | $ 43.4 | $ 50.1 |
Reporting Segment And Geograp_4
Reporting Segment And Geographic Information (Segment Select Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | $ 643.3 | $ 624.8 | $ 620.5 |
Inventories | 402.5 | 363.3 | 301.7 |
Goodwill | 4,137.9 | 3,981.5 | 3,876.5 |
Buildings and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 305.1 | 246.8 | 260.1 |
Inventories | 93.2 | 79.3 | 59.1 |
Goodwill | 2,300.1 | 2,141.4 | 1,997.4 |
Geospatial | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 137.2 | 134 | 117.5 |
Inventories | 146.1 | 136.4 | 120.1 |
Goodwill | 382.1 | 403.6 | 415.7 |
Resources and Utilities | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 79.2 | 112.9 | 91.2 |
Inventories | 100.3 | 67.4 | 49 |
Goodwill | 471.8 | 440.8 | 453.8 |
Transportation | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, net | 121.8 | 131.1 | 151.7 |
Inventories | 62.9 | 80.2 | 73.5 |
Goodwill | $ 983.9 | $ 995.7 | $ 1,009.6 |
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 | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Consolidated operating income | $ 510.9 | $ 561 | $ 419.8 |
Unallocated general corporate expenses | (1,594.7) | (1,473.7) | (1,335.1) |
Purchase accounting adjustments | (131.6) | (134.5) | (156.6) |
Acquisition / divestiture items | (32.8) | (21.8) | (21.4) |
Stock-based compensation / deferred compensation | (112) | (128.6) | (90.4) |
Restructuring and other costs | (54.2) | (11.1) | (31.4) |
Total non-operating income (expense), net | 58.2 | 13.6 | (24.8) |
Consolidated income before taxes | 569.1 | 574.6 | 395 |
Segments Revenue | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Consolidated operating income | 964.8 | 963.2 | 793.6 |
Non-Segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Unallocated general corporate expenses | $ (123.3) | $ (106.2) | $ (74) |
Reporting Segment And Geograp_6
Reporting Segment And Geographic Information (Segment Revenue by Geography) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Revenue from External Customer [Line Items] | |||
Segment revenue | $ 3,676.3 | $ 3,659.4 | $ 3,152 |
Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 1,494 | 1,422.7 | 1,231 |
Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 756.5 | 828.9 | 650.5 |
Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 821.6 | 771.3 | 630 |
Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 604.2 | 636.5 | 640.5 |
North America | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 1,955.2 | 1,866.1 | 1,647.2 |
North America | Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 938.1 | 823.5 | 703.4 |
North America | Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 320.7 | 337.3 | 249.9 |
North America | Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 227 | 212.2 | 191.4 |
North America | Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 469.4 | 493.1 | 502.5 |
Europe | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 1,037.9 | 1,124.6 | 922.1 |
Europe | Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 337.1 | 386.6 | 337.1 |
Europe | Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 247.8 | 282.3 | 222.3 |
Europe | Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 374.3 | 368.4 | 284.3 |
Europe | Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 78.7 | 87.3 | 78.4 |
Asia Pacific | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 415.1 | 447.3 | 403.3 |
Asia Pacific | Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 192.8 | 188.4 | 165.7 |
Asia Pacific | Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 140.3 | 161.4 | 138.2 |
Asia Pacific | Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 51.7 | 67.3 | 64.5 |
Asia Pacific | Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 30.3 | 30.2 | 34.9 |
Rest of World | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 268.1 | 221.4 | 179.4 |
Rest of World | Buildings and Infrastructure | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 26 | 24.2 | 24.8 |
Rest of World | Geospatial | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 47.7 | 47.9 | 40.1 |
Rest of World | Resources and Utilities | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | 168.6 | 123.4 | 89.8 |
Rest of World | Transportation | |||
Revenue from External Customer [Line Items] | |||
Segment revenue | $ 25.8 | $ 25.9 | $ 24.7 |
Reporting Segment And Geograp_7
Reporting Segment And Geographic Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Segment Reporting Information [Line Items] | |||
Segment revenue | $ 3,676.3 | $ 3,659.4 | $ 3,152 |
United States | |||
Segment Reporting Information [Line Items] | |||
Segment revenue | $ 1,777.4 | $ 1,687.4 | $ 1,502.3 |
Reporting Segment And Geograp_8
Reporting Segment And Geographic Information (Schedule Of Long-Lived Assets) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 219 | $ 233.2 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 157.7 | 171.3 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | 40.3 | 44.8 |
Asia Pacific and Rest of World | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and equipment, net | $ 21 | $ 17.1 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Unamortized discount and issuance costs | $ (5) | $ (6.8) |
Total debt | 1,520 | 1,293.2 |
Less: Short-term debt | 300 | 0 |
Long-term debt | $ 1,220 | 1,293.2 |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 5.54% | |
Long-term debt, gross | $ 225 | 0 |
Long-term debt | $ 225 | |
Senior Notes, 4.15%, due June 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, percentage bearing fixed interest, percentage rate | 4.15% | |
Effective interest rate | 4.36% | |
Long-term debt, gross | $ 300 | 300 |
Senior Notes, 4.75%, due December 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, percentage bearing fixed interest, percentage rate | 4.75% | |
Effective interest rate | 4.95% | |
Long-term debt, gross | $ 400 | 400 |
Senior Notes, 4.90%, due June 2028 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, percentage bearing fixed interest, percentage rate | 4.90% | |
Effective interest rate | 5.04% | |
Long-term debt, gross | $ 600 | $ 600 |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Millions | Dec. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 300 |
2024 | 400 |
2025 | 0 |
2026 | 0 |
2027 | 225 |
Thereafter | 600 |
Total | $ 1,525 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, £ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 27, 2022 USD ($) | Dec. 11, 2022 EUR (€) | Mar. 24, 2022 USD ($) | Dec. 30, 2022 USD ($) loan | Dec. 30, 2022 USD ($) loan | Dec. 30, 2022 EUR (€) loan | Dec. 30, 2022 GBP (£) loan | Dec. 27, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 1,220,000,000 | $ 1,220,000,000 | $ 1,293,200,000 | ||||||
Bridge Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | € | € 500 | ||||||||
Debt instrument, increased in margin rate | 0.25% | ||||||||
Debt issuance costs, net | 7,300,000 | 7,300,000 | |||||||
Interest expense, debt | 5,900,000 | ||||||||
Deferred debt issuance costs | $ 1,400,000 | $ 1,400,000 | |||||||
Bridge Loan | Federal Funds | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 0.50% | ||||||||
Unsecured Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, term | 364 days | ||||||||
Line of credit facility, maximum borrowing capacity | € | € 1,880 | ||||||||
Uncommitted Revolving Credit Facilities $75 million | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of revolving loan facilities | loan | 2 | 2 | 2 | 2 | |||||
Current borrowing capacity | $ 75,000,000 | $ 75,000,000 | |||||||
Uncommitted Revolving Credit Facilities 100 million euros | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | 1 | |||||
Current borrowing capacity | € | € 100 | ||||||||
Uncommitted Revolving Credit Facilities 55 million pounds GBP | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | 1 | |||||
Current borrowing capacity | £ | £ 55 | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement | Federal Funds | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 0.50% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement | SOFR | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 1% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Three Year Tranche | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, term | 3 years | ||||||||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Three Year Tranche | SOFR | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 1.125% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Three Year Tranche | SOFR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 2% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Three Year Tranche | Alternative Base Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 0.125% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Three Year Tranche | Alternative Base Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 1% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Five Year Tranche | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, term | 5 years | ||||||||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Five Year Tranche | Scenario 1 | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal payment | 0% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Five Year Tranche | Scenario 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal payment | 1.25% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Five Year Tranche | Scenario 3 | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal payment | 2.50% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Five Year Tranche | SOFR | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 1.25% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Five Year Tranche | SOFR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 2.125% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Five Year Tranche | Alternative Base Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 0.25% | ||||||||
Line of Credit | 2022 Term Loan Credit Agreement, Five Year Tranche | Alternative Base Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 1.125% | ||||||||
Line of Credit | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | $ 1,250,000,000 | |||||||
Variable rate | 0.05% | ||||||||
Unused commitment fee percentage | 0.125% | ||||||||
Long-term debt | $ 225,000,000 | $ 225,000,000 | |||||||
Change in unused capacity commitment fee | 0.01% | ||||||||
Line of Credit | Revolving Credit Facility | SOFR | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 1.225% | ||||||||
Bridge Loan | SOFR | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 1.25% | ||||||||
Bridge Loan | SOFR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 2.125% | ||||||||
Bridge Loan | Alternative Base Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 0.25% | ||||||||
Bridge Loan | Alternative Base Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate | 1.125% |
Leases (Narratives) (Details)
Leases (Narratives) (Details) | Dec. 30, 2022 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 14 years |
Operating lease, renewal term | 9 years |
Leases (Operating Lease Expense
Leases (Operating Lease Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease expense | $ 36.3 | $ 35.5 |
Short-term lease expense and other | 14.8 | 17.8 |
Total lease expense | $ 51.1 | $ 53.3 |
Leases (Supplement Cash Flow In
Leases (Supplement Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 35 | $ 35.9 |
Right-of-use assets obtained in exchange for Operating lease liabilities: | 26.3 | 49.5 |
Operating lease right-of-use assets | 121.2 | 141 |
Other current liabilities | 35 | 35 |
Operating lease liabilities | 105.1 | 121.4 |
Total operating lease liabilities | $ 140.1 | $ 156.4 |
Weighted-average discount rate | 3.30% | 3.31% |
Weighted-average remaining lease term | 6 years | 7 years |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Leases (Lease Liabilities Matur
Leases (Lease Liabilities Maturity By Year) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 37.3 | |
2024 | 30.3 | |
2025 | 22.2 | |
2026 | 16.9 | |
2027 | 13.3 | |
Thereafter | 35.8 | |
Total lease payments | 155.8 | |
Less: imputed interest | 15.7 | |
Total | $ 140.1 | $ 156.4 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Purchase obligations | $ 858.8 | $ 710.8 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | $ 31.5 | $ 44.7 |
Derivatives assets | 18 | 0.1 |
Contingent consideration assets | 3.1 | 0 |
Total assets measured at fair value | 52.6 | 44.8 |
Deferred compensation plan liabilities | 31.5 | 44.7 |
Derivatives liabilities | 0.2 | 0.2 |
Contingent consideration liabilities | 0 | 12.8 |
Total liabilities measured at fair value | 31.7 | 57.7 |
Fair Value, Recurring | Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 31.5 | 44.7 |
Derivatives assets | 0 | 0 |
Contingent consideration assets | 0 | 0 |
Total assets measured at fair value | 31.5 | 44.7 |
Deferred compensation plan liabilities | 31.5 | 44.7 |
Derivatives liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 31.5 | 44.7 |
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 | 18 | 0.1 |
Contingent consideration assets | 0 | 0 |
Total assets measured at fair value | 18 | 0.1 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0.2 | 0.2 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 0.2 | 0.2 |
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 |
Contingent consideration assets | 3.1 | 0 |
Total assets measured at fair value | 3.1 | 0 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 12.8 |
Total liabilities measured at fair value | $ 0 | $ 12.8 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Foreign Exchange Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, notional amount | $ 1,999.4 | |
Derivative asset | 10.4 | |
Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, notional amount | 400 | |
Derivative asset | 7.2 | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives liabilities | 0.2 | $ 0.2 |
Derivative asset | 18 | 0.1 |
Long term debt, fair value | $ 1,500 | $ 1,400 |
Deferred Revenue and Remainin_3
Deferred Revenue and Remaining Performance Obligations (Changes in Deferred Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2022 | Dec. 31, 2021 | |
Contract With Customer, Asset And Liability [Roll Forward] | ||
Beginning balance of the period | $ 631.8 | $ 613.8 |
Revenue recognized from prior year-end | (511.5) | (533.8) |
Billings net of revenue recognized from current year | 617.3 | 551.8 |
Ending balance of the period | $ 737.6 | $ 631.8 |
Deferred Revenue and Remainin_4
Deferred Revenue and Remaining Performance Obligations (Narrative) (Details) $ in Billions | Dec. 30, 2022 USD ($) |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Remaining performance obligation | $ 1.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-31 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Remaining performance obligation | $ 1.2 |
Remaining performance obligation, percentage | 72% |
Remaining performance obligation, period | 12 months |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income before taxes, united states | $ 117.7 | $ 144 | $ 24.7 |
Income before taxes, foreign | 451.4 | 430.6 | 370.3 |
Income before taxes | 569.1 | 574.6 | 395 |
U.S. Federal: | |||
Current | 98.4 | 27.1 | (5.8) |
Deferred | (97.7) | (22.9) | (16.3) |
US federal, income tax provision | 0.7 | 4.2 | (22.1) |
U.S. State: | |||
Current | 12.6 | 5.6 | 0.8 |
Deferred | (5) | (2.5) | 7.1 |
US state, income tax provision | 7.6 | 3.1 | 7.9 |
Foreign: | |||
Current | 48.4 | 76 | 62.2 |
Deferred | 62.7 | (1.5) | (43.6) |
Foreign, income tax provision | 111.1 | 74.5 | 18.6 |
Income tax provision | $ 119.4 | $ 81.8 | $ 4.4 |
Effective tax rate | 21% | 14.20% | 1.10% |
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 | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Foreign income taxed at different rates | 4.40% | 0.50% | 1.70% |
Change in valuation allowance | 0% | 0% | 2% |
U.S. State income taxes | 1% | 1.10% | 0.50% |
Stock-based compensation | 1.80% | 1.70% | 1.50% |
Excess tax benefit related to stock-based compensation | (0.60%) | (2.50%) | (1.50%) |
Other U.S. taxes on foreign operations | (3.50%) | (1.60%) | (1.00%) |
U.S. Federal research and development credits | (2.20%) | (2.10%) | (2.30%) |
Tax reserve releases | (1.80%) | (2.10%) | (4.80%) |
Intellectual property restructuring and tax law changes | 0% | (2.50%) | (16.20%) |
Other | 0.90% | 0.70% | 0.20% |
Effective tax rate | 21% | 14.20% | 1.10% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Jan. 03, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||
Effective tax rate | 21% | 14.20% | 1.10% | |
Statutory federal income tax rate | 21% | 21% | 21% | |
Foreign earnings repatriated | $ 350.3 | |||
Unrecognized tax benefits | 76.5 | $ 64.2 | $ 64.1 | $ 71.6 |
Unrecognized tax benefits that would impact effective tax rate | 51.6 | 42.3 | ||
Payment of interest and penalties | 8.4 | 9.2 | ||
NETHERLANDS | ||||
Operating Loss Carryforwards [Line Items] | ||||
Foreign change in tax rate, income tax expense (benefit) | $ 14.4 | |||
IRS | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 9.8 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 82.4 | |||
Research Tax Credit Carryforward | California Franchise Tax Board | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforward | $ 33.6 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 30, 2022 | Dec. 31, 2021 |
Deferred tax liabilities: | ||
Global intangible low-taxed income | $ 137.8 | $ 207.6 |
Purchased intangibles | 121.1 | 115.8 |
Operating lease right-of-use assets | 29 | 33.5 |
Other | 16.1 | 12.7 |
Total deferred tax liabilities | 304 | 369.6 |
Deferred tax assets: | ||
Depreciation and amortization | 400 | 474.9 |
Capitalized research and development | 67.5 | 6.9 |
Operating lease liabilities | 32.8 | 36.4 |
U.S. tax credit carryforwards | 25.6 | 25.8 |
Expenses not currently deductible | 30.9 | 43.7 |
Foreign net operating loss carryforwards | 15.3 | 18 |
Stock-based compensation | 13.8 | 13.9 |
U.S. net operating loss carryforwards | 4.7 | 5.8 |
Other | 36.6 | 28.8 |
Total deferred tax assets | 627.2 | 654.2 |
Valuation allowance | (42.6) | (45.7) |
Total deferred tax assets | 584.6 | 608.5 |
Total net deferred tax assets | 280.6 | 238.9 |
Non-current deferred income tax assets | 438.4 | 502 |
Non-current deferred income tax liabilities | $ (157.8) | $ (263.1) |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 64.2 | $ 64.1 | $ 71.6 |
Increase related to current year tax positions | 23 | 9.6 | 8 |
(Decrease) increase related to prior years' tax positions | (0.7) | (0.4) | |
(Decrease) increase related to prior years' tax positions | 1.3 | ||
Settlement with taxing authorities | 0 | (1.3) | (0.5) |
Lapse of statute of limitations | (10) | (9.5) | (14.6) |
Ending balance | $ 76.5 | $ 64.2 | $ 64.1 |
Employee Stock Benefit Plans (N
Employee Stock Benefit Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | May 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized stock-based compensation expense | $ 186.9 | |||
Unamortized compensation expense weighted-average recognition period, in years | 1 year 10 months 24 days | |||
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, number of shares available (in shares) | 17,600,000 | |||
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 | |||
PSUs | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of the target grant amount received at vesting | 0% | |||
PSUs | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of the target grant amount received at vesting | 200% | |||
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 | |||
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) | $ 73.32 | $ 78.44 | $ 42.50 | |
Share-based compensation, equity instruments other than options, vested in period, fair value | $ 108.3 | $ 81.4 | $ 78 | |
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, number of shares available (in shares) | 5,400,000 | |||
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% | |||
Employee stock options granted term, in months | 6 months | |||
Stock issued during period, shares, employee stock purchase plans (in shares) | 600,000 | 600,000 | 800,000 | |
Stock issued during period, value, employee stock purchase plan | $ 34.7 | $ 33.4 | $ 26.9 |
Employee Stock Benefit Plans (C
Employee Stock Benefit Plans (Components of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 120.4 | $ 122.6 | $ 83 |
Cost of sales | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 12.6 | 9.5 | 6.7 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 28 | 29.5 | 22.1 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 24.6 | 21.5 | 16.2 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 55.2 | 62.1 | 38 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 108.7 | 110.5 | 73.2 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1.1 | 1.3 | 1.5 |
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 10.6 | $ 10.8 | $ 8.3 |
Employee Stock Benefit Plans (S
Employee Stock Benefit Plans (Schedule Of Restricted Stock Units Activity) (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Restricted stock units | |||
Number of Units | |||
Number of units, outstanding at the beginning of year (in shares) | 4.3 | ||
Number of units, granted (in shares) | 2.3 | ||
Number of units, shares vested, net (in shares) | (1.9) | ||
Number of units, cancelled and forfeited (in shares) | (0.7) | ||
Number of units, outstanding at the end of year (in shares) | 4 | 4.3 | |
Weighted Average Grant-Date Fair Value per Share | |||
Weighted average grant-date fair value, outstanding at the beginning of year (in dollars per share) | $ 56.96 | ||
weighted average grant-date fair value, granted (in dollars per share) | 73.32 | $ 78.44 | $ 42.50 |
Weighted average grant-date fair value, shares vested, net (in dollars per share) | 52.21 | ||
Weighted average grant-date fair value, canceled and forfeited (in dollars per share) | 63.02 | ||
Weighted average grant-date fair value, outstanding at the end of year (in dollars per share) | $ 67.32 | $ 56.96 | |
PSUs | |||
Number of Units | |||
Number of units, granted (in shares) | 0.3 | ||
Number of units, shares vested, net (in shares) | (0.5) | ||
Number of units, cancelled and forfeited (in shares) | (0.3) | ||
Number of units, outstanding at the end of year (in shares) | 0.6 | ||
PSUs, Achievement Of Company Performance Metrics | |||
Weighted Average Grant-Date Fair Value per Share | |||
Performance adjustments above target levels at vesting date (in shares) | 0.1 |
Common Stock Repurchase (Narrat
Common Stock Repurchase (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Aug. 31, 2021 | Nov. 30, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Common stock repurchased during period | $ 394.7 | $ 180 | $ 81.6 | ||
Retained Earnings | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common stock repurchased during period | $ 347 | $ 164.3 | $ 68.6 | ||
2017 and 2021 Stock Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common stock repurchased during period (in shares) | 6 | 2.1 | |||
Common stock repurchased average price (in dollars per share) | $ 65.90 | $ 85.75 | |||
Common stock repurchased during period | $ 394.7 | $ 180 | |||
2021 Stock Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program authorized amount | $ 750 | ||||
Stock repurchase program, remaining authorized fund | $ 215.3 | ||||
2017 Stock Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program authorized amount | $ 600 | ||||
Stock repurchase program, remaining authorized fund | $ 50.7 | ||||
Common stock repurchased during period (in shares) | 1.9 | ||||
Common stock repurchased average price (in dollars per share) | $ 43.40 | ||||
Common stock repurchased during period | $ 81.6 |