Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 Drive | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | TRMB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 248,321,667 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000864749 | |
Current Fiscal Year End Date | --12-29 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 237.3 | $ 271 |
Accounts receivable, net | 664.1 | 643.3 |
Inventories | 371.4 | 402.5 |
Other current assets | 189.4 | 201.4 |
Total current assets | 1,462.2 | 1,518.2 |
Property and equipment, net | 224 | 219 |
Operating lease right-of-use assets | 123.1 | 121.2 |
Goodwill | 5,559.9 | 4,137.9 |
Other purchased intangible assets, net | 1,403.4 | 498.1 |
Deferred income tax assets | 426.1 | 438.4 |
Other non-current assets | 357.6 | 336.2 |
Total assets | 9,556.3 | 7,269 |
Current liabilities: | ||
Short-term debt | 4.3 | |
Short-term debt | 300 | |
Accounts payable | 180.2 | 175.5 |
Accrued compensation and benefits | 172 | 159.4 |
Deferred revenue | 640.5 | 639.1 |
Other current liabilities | 304.1 | 188.1 |
Total current liabilities | 1,301.1 | 1,462.1 |
Long-term debt | 3,184.7 | 1,220 |
Deferred revenue, non-current | 105.1 | 98.5 |
Deferred income tax liabilities | 352.9 | 157.8 |
Income taxes payable | 22.7 | 40.9 |
Operating lease liabilities | 111.6 | 105.1 |
Other non-current liabilities | 146.9 | 134.4 |
Total liabilities | 5,225 | 3,218.8 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 360.0 shares authorized; 248.3 and 246.9 shares issued and outstanding at the end of the second quarter of 2023 and year end 2022 | 0.2 | 0.2 |
Additional paid-in-capital | 2,144.2 | 2,054.9 |
Retained earnings | 2,381.1 | 2,230 |
Accumulated other comprehensive loss | (194.2) | (234.9) |
Total stockholders' equity | 4,331.3 | 4,050.2 |
Total liabilities and stockholders' equity | $ 9,556.3 | $ 7,269 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 360,000,000 | 360,000,000 |
Common stock, shares issued (in shares) | 248,300,000 | 246,900,000 |
Common stock, shares outstanding (in shares) | 248,300,000 | 246,900,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Revenue: | ||||
Total revenue | $ 993.6 | $ 941.2 | $ 1,909 | $ 1,934.9 |
Cost of sales: | ||||
Amortization of purchased intangible assets | 30.2 | 21 | 53.2 | 43.5 |
Total cost of sales | 389.1 | 403.7 | 743.7 | 847.8 |
Gross margin | 604.5 | 537.5 | 1,165.3 | 1,087.1 |
Operating expense: | ||||
Research and development | 174.8 | 140.1 | 334.1 | 280.4 |
Sales and marketing | 155.3 | 138.9 | 290.7 | 270.8 |
General and administrative | 141.3 | 106.9 | 252 | 208.4 |
Restructuring | 7.6 | 5.4 | 14.3 | 12.3 |
Amortization of purchased intangible assets | 31.9 | 11.3 | 43.6 | 23.4 |
Total operating expense | 510.9 | 402.6 | 934.7 | 795.3 |
Operating income | 93.6 | 134.9 | 230.6 | 291.8 |
Non-operating income (expense), net: | ||||
Divestitures gain, net | 1.1 | 106 | 5.1 | 97.1 |
Interest expense, net | (46.7) | (15.3) | (66.4) | (31.3) |
Income from equity method investments, net | 8 | 5.8 | 19.4 | 15.5 |
Other income (expense), net | 1.5 | (9.8) | 29.4 | (13) |
Total non-operating income (expense), net | (36.1) | 86.7 | (12.5) | 68.3 |
Income before taxes | 57.5 | 221.6 | 218.1 | 360.1 |
Income tax provision | 12.9 | 53.6 | 44.7 | 81.8 |
Net income | $ 44.6 | $ 168 | $ 173.4 | $ 278.3 |
Earnings per share: | ||||
Basic (in usd per share) | $ 0.18 | $ 0.67 | $ 0.70 | $ 1.11 |
Diluted (in usd per share) | $ 0.18 | $ 0.67 | $ 0.70 | $ 1.11 |
Shares used in calculating earnings per share: | ||||
Basic (in shares) | 248.1 | 249.2 | 247.7 | 250 |
Diluted (in shares) | 249 | 250.7 | 248.9 | 251.7 |
Product | ||||
Revenue: | ||||
Total revenue | $ 490.5 | $ 531 | $ 924.9 | $ 1,097.8 |
Cost of sales: | ||||
Cost of sales | 233.9 | 268.8 | 450.1 | 575.7 |
Subscription and services | ||||
Revenue: | ||||
Total revenue | 503.1 | 410.2 | 984.1 | 837.1 |
Cost of sales: | ||||
Cost of sales | $ 125 | $ 113.9 | $ 240.4 | $ 228.6 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 44.6 | $ 168 | $ 173.4 | $ 278.3 |
Foreign currency translation adjustments, net of tax | 24.4 | (75.2) | 44.1 | (77.4) |
Net change related to derivatives and other, net of tax | (0.2) | 0 | (3.4) | 0 |
Comprehensive income | $ 68.8 | $ 92.8 | $ 214.1 | $ 200.9 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions | Total | Total Stockholders’ Equity | Common stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2021 | 250.9 | |||||
Beginning balance at Dec. 31, 2021 | $ 3,944.7 | $ 0.3 | $ 1,935.6 | $ 2,170.5 | $ (161.7) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 110.3 | 110.3 | ||||
Other comprehensive income (loss) | (2.2) | (2.2) | ||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.7 | |||||
Issuance of common stock under employee plans, net of tax withholdings | (2.4) | 15.2 | (17.6) | |||
Stock repurchases (in shares) | (1.5) | |||||
Stock repurchases | (104.7) | (11.8) | (92.9) | |||
Stock-based compensation | 42.2 | 42.2 | ||||
Ending balance (in shares) at Apr. 01, 2022 | 250.1 | |||||
Ending balance at Apr. 01, 2022 | 3,987.9 | $ 0.3 | 1,981.2 | 2,170.3 | (163.9) | |
Beginning balance (in shares) at Dec. 31, 2021 | 250.9 | |||||
Beginning balance at Dec. 31, 2021 | 3,944.7 | $ 0.3 | 1,935.6 | 2,170.5 | (161.7) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 278.3 | |||||
Ending balance (in shares) at Jul. 01, 2022 | 247.6 | |||||
Ending balance at Jul. 01, 2022 | 3,894.5 | $ 0.2 | 1,987.7 | 2,145.7 | (239.1) | |
Beginning balance (in shares) at Apr. 01, 2022 | 250.1 | |||||
Beginning balance at Apr. 01, 2022 | 3,987.9 | $ 0.3 | 1,981.2 | 2,170.3 | (163.9) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 168 | 168 | 168 | |||
Other comprehensive income (loss) | (75.2) | (75.2) | ||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.6 | |||||
Issuance of common stock under employee plans, net of tax withholdings | (19.4) | (2.3) | (17.1) | |||
Stock repurchases (in shares) | (3.1) | |||||
Stock repurchases | (200) | $ (0.1) | (24.4) | (175.5) | ||
Stock-based compensation | 33.2 | 33.2 | ||||
Ending balance (in shares) at Jul. 01, 2022 | 247.6 | |||||
Ending balance at Jul. 01, 2022 | 3,894.5 | $ 0.2 | 1,987.7 | 2,145.7 | (239.1) | |
Beginning balance (in shares) at Dec. 30, 2022 | 246.9 | 246.9 | ||||
Beginning balance at Dec. 30, 2022 | $ 4,050.2 | 4,050.2 | $ 0.2 | 2,054.9 | 2,230 | (234.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 128.8 | 128.8 | ||||
Other comprehensive income (loss) | 16.5 | 16.5 | ||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.5 | |||||
Issuance of common stock under employee plans, net of tax withholdings | 14 | 16.9 | (2.9) | |||
Stock-based compensation | 35.7 | 35.7 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 247.4 | |||||
Ending balance at Mar. 31, 2023 | 4,245.2 | $ 0.2 | 2,107.5 | 2,355.9 | (218.4) | |
Beginning balance (in shares) at Dec. 30, 2022 | 246.9 | 246.9 | ||||
Beginning balance at Dec. 30, 2022 | $ 4,050.2 | 4,050.2 | $ 0.2 | 2,054.9 | 2,230 | (234.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 173.4 | |||||
Ending balance (in shares) at Jun. 30, 2023 | 248.3 | 248.3 | ||||
Ending balance at Jun. 30, 2023 | $ 4,331.3 | 4,331.3 | $ 0.2 | 2,144.2 | 2,381.1 | (194.2) |
Beginning balance (in shares) at Mar. 31, 2023 | 247.4 | |||||
Beginning balance at Mar. 31, 2023 | 4,245.2 | $ 0.2 | 2,107.5 | 2,355.9 | (218.4) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 44.6 | 44.6 | 44.6 | |||
Other comprehensive income (loss) | 24.2 | 24.2 | ||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.9 | |||||
Issuance of common stock under employee plans, net of tax withholdings | (23.6) | (4.2) | (19.4) | |||
Stock-based compensation | 40.9 | 40.9 | ||||
Ending balance (in shares) at Jun. 30, 2023 | 248.3 | 248.3 | ||||
Ending balance at Jun. 30, 2023 | $ 4,331.3 | $ 4,331.3 | $ 0.2 | $ 2,144.2 | $ 2,381.1 | $ (194.2) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jul. 01, 2022 | |
Cash flow from operating activities: | ||
Net income | $ 173.4 | $ 278.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 19.9 | 20 |
Amortization expense | 96.8 | 66.9 |
Deferred income taxes | (61.8) | (24.9) |
Stock-based compensation | 73.9 | 61.3 |
Change in fair value of derivatives | (27.2) | (0.7) |
Divestitures gain, net | (5.1) | (97.1) |
Other, net | 17.8 | 13.3 |
(Increase) decrease in assets: | ||
Accounts receivable, net | 20.2 | (1.5) |
Inventories | 24.2 | (72.4) |
Other current and non-current assets | (19.3) | (25.6) |
Increase (decrease) in liabilities: | ||
Accounts payable | (1.7) | (7.9) |
Accrued compensation and benefits | 4.5 | (46.4) |
Deferred revenue | (13.3) | 67.3 |
Other current and non-current liabilities | 48.8 | (28.8) |
Net cash provided by operating activities | 351.1 | 201.8 |
Cash flow from investing activities: | ||
Acquisitions of businesses, net of cash acquired | (2,080.5) | 0 |
Purchases of property and equipment | (19) | (28.5) |
Net proceeds from divestitures | 9.2 | 210.5 |
Other, net | 40.1 | (9.7) |
Net cash (used in) provided by investing activities | (2,050.2) | 172.3 |
Cash flow from financing activities: | ||
Issuance of common stock, net of tax withholdings | (9.6) | (21.7) |
Repurchases of common stock | 0 | (304.7) |
Proceeds from debt and revolving credit lines | 3,010.8 | 138.2 |
Payments on debt and revolving credit lines | (1,332.7) | (138.2) |
Other, net | (6.5) | (8.9) |
Net cash provided by (used in) financing activities | 1,662 | (335.3) |
Effect of exchange rate changes on cash and cash equivalents | 3.4 | (14.4) |
Net (decrease) increase in cash and cash equivalents | (33.7) | 24.4 |
Cash and cash equivalents - beginning of period | 271 | 325.7 |
Cash and cash equivalents - end of period | $ 237.3 | $ 350.1 |
Overview And Accounting Policie
Overview And Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Overview And Accounting Policies | NOTE 1. OVERVIEW AND ACCOUNTING POLICIES Basis of Presentation The Condensed Consolidated Financial Statements include our results of our consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. We use a 52- to 53-week year ending on the Friday nearest to December 31. Both 2023 and 2022 are 52-week years. The second quarter of 2023 and 2022 ended on June 30, 2023 and July 1, 2022. Unless otherwise stated, all dates refer to these periods. Use of Estimates We prepared our interim Condensed Consolidated Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our Form 10-K filed with the U.S. Securities and Exchange Commission on February 17, 2023 (the “2022 Form 10-K”). The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2022 Form 10-K that includes additional information about our significant accounting policies and the methods and assumptions used in our estimates. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price (“SSP”) of performance obligations, provision for credit losses, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangible asset impairment analysis, other long-lived asset impairment analysis, stock-based compensation, and income taxes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates. Change in Presentation During the first quarter of 2023, we changed the presentation of revenue and cost of sales in the Condensed Consolidated Statements of Income. This change was made to better reflect our Connect and Scale strategy and business model evolution with a continued shift toward a more significant mix of recurring revenue, which includes subscription, maintenance and support, recurring transactions, and term licenses. As such, we revised our presentation, including (a) the combination of subscription and services into one line item, and (b) moving term licenses from product to subscription and services. The subscription and services line item is more aligned with our performance measures, how we manage our business, and is helpful to investors and others to better understand our results. Previously, we presented revenue and cost of sales on three lines as follows: • product, which included hardware and software licenses (both perpetual and term licenses); • service, which included hardware and software maintenance and support and professional services; • subscription, which included Software as a Service (“SaaS”), data, and hosting services. The revised categories are as follows: • product, which includes hardware and perpetual software licenses; • subscription and services, which includes SaaS, data, and hosting services, as well as term licenses, hardware and software maintenance and support, and professional services. Prior period amounts have been revised to conform to the current period presentation. This change in presentation did not affect the total revenue or total cost of sales. The effect of the changes on the Condensed Consolidated Statements of Income for the second quarter and first two quarters of 2022 were as follows: Second Quarter of 2022 First Two Quarters of 2022 (In millions) As Previously Reported Effect of Change in Presentation As Reported Herein As Previously Reported Effect of Change in Presentation As Reported Herein Revenue: Product $ 564.5 $ (33.5) $ 531.0 $ 1,186.1 $ (88.3) $ 1,097.8 Subscription and services — 410.2 410.2 — 837.1 837.1 Service 158.0 (158.0) — 319.1 (319.1) — Subscription 218.7 (218.7) — 429.7 (429.7) — Total revenue $ 941.2 $ — $ 941.2 $ 1,934.9 $ — $ 1,934.9 Cost of sales: Product $ 269.9 $ (1.1) $ 268.8 $ 578.3 $ (2.6) $ 575.7 Subscription and services — 113.9 113.9 — 228.6 228.6 Service 63.4 (63.4) — 126.7 (126.7) — Subscription 49.4 (49.4) — 99.3 (99.3) — Amortization of purchased intangible assets 21.0 — 21.0 43.5 — 43.5 Total cost of sales $ 403.7 $ — $ 403.7 $ 847.8 $ — $ 847.8 Recently issued Accounting Pronouncements not yet Adopted There are no recently issued accounting pronouncements applicable to us not yet adopted. Recently Adopted Accounting Pronouncements |
Common Stock Repurchase
Common Stock Repurchase | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common Stock Repurchase | NOTE 2. COMMON STOCK REPURCHASE In August 2021, our Board of Directors approved a new stock repurchase program (“2021 Stock Repurchase Program”), authorizing up to $750.0 million in repurchases of our common stock. The 2021 Stock Repurchase Program’s authorization does not have an expiration date. Under the 2021 Stock Repurchase Program, we may repurchase stock from time to time through open market transactions, privately-negotiated transactions, accelerated stock repurchase plans, or by other means. The timing and actual number of any stock repurchased will depend on a variety of factors, including market conditions, our stock 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. At the end of the second quarter of 2023, the 2021 Stock Repurchase Program had remaining authorized funds of $215.3 million. Because of the additional outstanding indebtedness we incurred in connection with the Transporeon acquisition, beginning in the fourth quarter of 2022, we have temporarily discontinued our stock repurchases . See Note 3 “Acquisition” of this report for information regarding our acquisition of Transporeon. During the second quarter and first two quarters of 2022, we repurchased approximately 3.1 million and 4.6 million shares of common stock in open market purchases at an average price of $65.38 and $66.42 per share for a total of $200.0 million and $304.7 million under the 2021 Stock Repurchase Program. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | NOTE 3. ACQUISITION On April 3, 2023, we acquired all of the issued and outstanding shares of TP Group Holding GmbH and Sixfold GmbH, which owned Transporeon, in an all-cash transaction. Transporeon is a Germany-based company and leading cloud-based transportation management software platform that connects key stakeholders across the industry lifecycle to positively impact the optimization of global supply chains, which aligns with our Connect and Scale strategy. We believe the acquisition will increase our international footprint and long-term Transportation opportunities. We also believe it will advance our sustainability strategy by reducing under-utilized carrier capacity and “empty miles”. Transporeon is reported as part of our Transportation segment. The total purchase consideration was €1.9 billion or $2.1 billion, which included the repayment of outstanding Transporeon debt of $339.6 million. The acquisition was funded through a combination of cash on hand and debt. See Note 7 “Debt” of this report for more information. Purchase Price Allocation The fair value of identifiable assets acquired and liabilities assumed was determined under the acquisition method of accounting for business combinations. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis. The following table summarizes the consideration transferred to acquire Transporeon and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed, as well as the estimated useful lives of the identifiable intangible assets as of the date of the acquisition. The allocation of the purchase price is still preliminary as we finalize deferred income taxes, certain tangible assets and liabilities acquired, and valuations of intangible assets. Preliminary estimates will be finalized within one year of the acquisition date. (In millions) Fair Value as of the Acquisition Date Estimated Useful Life Total purchase consideration $ 2,082.6 Net tangible assets acquired: Cash and cash equivalents 12.9 Accounts receivable, net 41.8 Other current assets 28.0 Non-current assets 24.1 Accounts payable (4.1) Accrued compensation and benefits (9.7) Deferred revenue (16.5) Other current liabilities (47.2) Non-current liabilities (22.3) Total net tangible assets acquired 7.0 Intangible assets acquired: Customer relationships 759.8 11 years Developed product technology 203.3 7 years Trade name 11.9 1 year Total intangible assets acquired 975.0 Deferred tax liability (266.4) Fair value of all assets/liabilities acquired 715.6 Goodwill $ 1,367.0 Goodwill consists of growth potential, synergies, and economies of scale expected from combining Transporeon’s operations with ours, together with the highly skilled and valuable assembled workforce. We do not expect the goodwill to be deductible for income tax purposes. Financial Information The Condensed Consolidated Statements of Income for the second quarter and first two quarters of 2023 include revenue of $40.5 million and net loss of $14.6 million resulting from Transporeon since the acquisition date, which includes the effects of purchase accounting, primarily amortization of intangible assets and other adjustments. We incurred approximately $23.5 million and $25.7 million of acquisition costs related to Transporeon in the second quarter and first two quarters of 2023, which were expensed as incurred in General and administrative expense. Pro Forma Financial Information The pro forma financial information presented in the following table was computed by combining the historical financial information of Trimble and Transporeon along with the effects from business combination accounting and the associated debt resulting from this acquisition as if the companies were combined on January 1, 2022. This information is presented for informational purposes only, and is not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated as of that date. This information should not be used as a predictive measure of our future financial position, results of operations, or liquidity. Second Quarter of First Two Quarters of 2023 2022 2023 2022 (In millions) Total revenue $ 994.0 $ 979.5 $ 1,949.5 $ 2,013.6 Net income 62.0 129.6 135.1 195.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2023 | |
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: Second Quarter of 2023 Year End 2022 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 1,102.7 $ (649.4) $ 453.3 $ 1,004.8 $ (722.7) $ 282.1 Customer relationships 1,404.7 (468.6) 936.1 654.1 (445.9) 208.2 Trade names and trademarks 49.6 (36.7) 12.9 39.5 (32.7) 6.8 Distribution rights and other intellectual property 6.2 (5.1) 1.1 8.0 (7.0) 1.0 $ 2,563.2 $ (1,159.8) $ 1,403.4 $ 1,706.4 $ (1,208.3) $ 498.1 The estimated future amortization expense of intangible assets at the end of the second quarter of 2023 was as follows: (In millions) 2023 (Remaining) $ 122.7 2024 213.7 2025 175.1 2026 168.8 2027 155.0 Thereafter 568.1 Total $ 1,403.4 Goodwill The changes in the carrying amount of goodwill by segment for the first two quarters of 2023 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of year end 2022 $ 2,300.1 $ 382.1 $ 471.8 $ 983.9 $ 4,137.9 Additions due to acquisitions 22.5 — — 1,367.0 1,389.5 Foreign currency translation and other adjustments 12.3 1.6 8.5 10.1 32.5 Balance as of the end of the second quarter of 2023 $ 2,334.9 $ 383.7 $ 480.3 $ 2,361.0 $ 5,559.9 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory, Net [Abstract] | |
Inventories | NOTE 5. INVENTORIES The components of inventory, net were as follows: Second Quarter of Year End As of 2023 2022 (In millions) Raw materials $ 135.9 $ 154.9 Work-in-process 19.5 13.1 Finished goods 216.0 234.5 Total inventories $ 371.4 $ 402.5 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 6. SEGMENT INFORMATION We determined our operating segments based on how our Chief Operating Decision Maker (“CODM”) views and evaluates operations. Our reportable segments are described below: • Buildings and Infrastructure . This segment primarily serves customers working in architecture, engineering, construction, and operations and maintenance. • Geospatial . This segment primarily serves customers working in surveying, engineering, and government. • Resources and Utilities . This segment primarily serves customers working in agriculture, forestry, and utilities. • Transportation . This segment primarily serves customers working in long haul trucking and freight shipper markets. The following Reporting Segment tables reflect the results of our reportable operating segments under our management reporting system. These results are not necessarily in conformity with U.S. GAAP. This is consistent with the way the CODM evaluates each of the segment's performance and allocates resources. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Second Quarter of 2023 Segment revenue $ 410.0 $ 192.9 $ 196.0 $ 194.7 $ 993.6 Segment operating income 105.8 67.1 61.3 30.8 265.0 Second Quarter of 2022 Segment revenue $ 382.6 $ 193.7 $ 214.8 $ 150.1 $ 941.2 Segment operating income 101.4 57.8 73.0 11.8 244.0 First Two Quarters of 2023 Segment revenue $ 809.5 $ 345.3 $ 404.6 $ 349.6 $ 1,909.0 Segment operating income 219.1 104.4 140.4 54.2 518.1 First Two Quarters of 2022 Segment revenue $ 780.2 $ 401.2 $ 444.7 $ 308.8 $ 1,934.9 Segment operating income 222.1 115.7 148.1 21.0 506.9 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of the end of the Second Quarter of 2023 Accounts receivable, net $ 261.5 $ 146.5 $ 84.4 $ 171.7 $ 664.1 Inventories 78.2 134.7 98.4 60.1 371.4 Goodwill 2,334.9 383.7 480.3 2,361.0 5,559.9 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 A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: Second Quarter of First Two Quarters of 2023 2022 2023 2022 (In millions) Consolidated segment operating income $ 265.0 $ 244.0 $ 518.1 $ 506.9 Unallocated general corporate expenses (34.0) (33.3) (61.0) (63.1) Amortization of purchased intangible assets (62.1) (32.3) (96.8) (66.9) Acquisition / divestiture items (26.5) (7.3) (33.5) (11.2) Stock-based compensation / deferred compensation (42.1) (26.2) (77.5) (51.2) Restructuring and other costs (6.7) (10.0) (18.7) (22.7) Consolidated operating income 93.6 134.9 230.6 291.8 Total non-operating income (expense), net (36.1) 86.7 (12.5) 68.3 Consolidated income before taxes $ 57.5 $ 221.6 $ 218.1 $ 360.1 The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and is consistent with the Reporting Segment tables above. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Second Quarter of 2023 North America $ 268.0 $ 89.5 $ 49.8 $ 118.3 $ 525.6 Europe 86.9 55.4 81.2 59.2 282.7 Asia Pacific 49.0 39.1 14.5 8.0 110.6 Rest of World 6.1 8.9 50.5 9.2 74.7 Total segment revenue $ 410.0 $ 192.9 $ 196.0 $ 194.7 $ 993.6 Second Quarter of 2022 North America $ 242.9 $ 87.9 $ 64.3 $ 117.8 $ 512.9 Europe 84.0 61.3 97.7 18.4 261.4 Asia Pacific 49.9 32.8 13.5 7.6 103.8 Rest of World 5.8 11.7 39.3 6.3 63.1 Total segment revenue $ 382.6 $ 193.7 $ 214.8 $ 150.1 $ 941.2 First Two Quarters of 2023 North America $ 517.8 $ 147.2 $ 104.7 $ 237.7 $ 1,007.4 Europe 181.1 107.6 180.3 81.5 550.5 Asia Pacific 97.1 71.5 30.5 14.6 213.7 Rest of World 13.5 19.0 89.1 15.8 137.4 Total segment revenue $ 809.5 $ 345.3 $ 404.6 $ 349.6 $ 1,909.0 First Two Quarters of 2022 North America $ 474.8 $ 171.3 $ 123.3 $ 241.9 $ 1,011.3 Europe 196.3 132.5 211.7 40.1 580.6 Asia Pacific 96.8 74.8 32.7 15.0 219.3 Rest of World 12.3 22.6 77.0 11.8 123.7 Total segment revenue $ 780.2 $ 401.2 $ 444.7 $ 308.8 $ 1,934.9 Total revenue in the United States as included in the Condensed Consolidated Statements of Income wa s $485.1 million and $467.4 million for the second quarter of 2023 and 2022, and $922.6 million and $914.4 million for the first two quarters of 2023 and 2022. No single customer or country other than the |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 7. DEBT Debt consisted of the following: Second Quarter of Year End Instrument Date of Issuance 2023 2022 (In millions) Effective interest rate Senior Notes: Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ — $ 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 Senior Notes, 6.10%, due March 2033 March 2023 6.13% 800.0 — Credit Facilities: 2022 Revolving Credit Facility, due March 2027 September 2022 6.50% 400.0 225.0 Term Loan, due April 2026 April 2023 6.58% 500.0 — Term Loan, due April 2028 April 2023 6.70% 500.0 — Uncommitted Credit Facilities, floating rate 6.40% 4.3 — Unamortized discount and issuance costs (15.3) (5.0) Total debt $ 3,189.0 $ 1,520.0 Less: Short-term debt 4.3 300.0 Long-term debt $ 3,184.7 $ 1,220.0 Debt Maturities At the end of the second quarter of 2023, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2023 (Remaining) $ 4.3 2024 400.0 2025 — 2026 518.8 2027 443.7 Thereafter 1,837.5 Total $ 3,204.3 Senior Notes All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year, except for the interest on the 2033 senior notes payable in March and September. Additional details are unchanged from the information disclosed in Note 7 “Debt” of the 2022 Form 10-K. During the second quarter of 2023, the $300 million senior notes due June 2023 matured and were repaid in full. 2033 Senior Notes In March 2023, we issued an aggregate principal amount of $800.0 million in senior notes that will mature in March 2033. The proceeds were partly used to finance our acquisition of Transporeon. The interest is payable semi-annually in March and September of each year, commencing in September 2023. Credit Facilities 2022 Term Loan Credit Agreement On December 27, 2022, we entered into a $1.0 billion unsecured, delayed draw term loan credit agreement comprised of commitments for a 3-year tranche of $500.0 million and a 5-year tranche of $500.0 million. On April 3, 2023, both term loans were drawn to fund the acquisition of Transporeon. Prepayments are allowed without penalty and cannot be reborrowed. 2022 Credit Facility and Amendment In March 2022, we entered into a credit agreement maturing in March 2027. The 2022 credit facility provides for a five-year, unsecured revolving credit facility in an aggregate principal amount of $1.25 billion, and permits us, subject to the satisfaction of certain conditions, to increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets. On December 27, 2022, we entered into an amendment to the 2022 credit facility that made up to $600.0 million of the existing commitments available for the acquisition of Transporeon and increased our maximum permitted leverage ratio following the closing of the acquisition. On April 3, 2023, we borrowed $225.0 million as part of the proceeds to finance the acquisition. For additional information related to the Transporeon acquisition, see Note 3 “Acquisition” of this report. As of June 30, 2023, $400.0 million was outstanding under the 2022 credit facility, as amended. Uncommitted Facilities At the end of the second quarter of 2023, we had two $75.0 million, one €100.0 million, and one £55.0 million revolving credit facilities, which are uncommitted. Generally, these uncommitted facilities may be redeemed upon demand. Borrowings under the uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet. As of June 30, 2023, $4.3 million was outstanding under the uncommitted facilities. 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 leaseback transactions, and restrictions on the ability of the subsidiaries to incur indebtedness. Further, both debt agreements contain financial covenants that require the maintenance of maximum leverage and minimum interest coverage ratios. At the end of the second quarter of 2023, we were in compliance with the covenants for each of our debt agreements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 8. FAIR VALUE MEASUREMENTS The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs: Fair Values as of the end of the second quarter of 2023 Fair Values at the end of 2022 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) $ 30.8 $ — $ — $ 30.8 $ 31.5 $ — $ — $ 31.5 Derivatives (2) — 0.4 — 0.4 — 18.0 — 18.0 Contingent consideration (3) — — 1.9 1.9 — — 3.1 3.1 Total assets measured at fair value $ 30.8 $ 0.4 $ 1.9 $ 33.1 $ 31.5 $ 18.0 $ 3.1 $ 52.6 Liabilities Deferred compensation plan (1) $ 30.8 $ — $ — $ 30.8 $ 31.5 $ — $ — $ 31.5 Derivatives (2) — 0.6 — 0.6 — 0.2 — 0.2 Total liabilities measured at fair value $ 30.8 $ 0.6 $ — $ 31.4 $ 31.5 $ 0.2 $ — $ 31.7 (1) Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. (2) Represents forward currency exchange contracts, and for 2022, a treasury rate lock contract, all that are included in Other current assets and Other current liabilities on our Condensed Consolidated Balance Sheets. (3) Represents arrangements to receive payments from buyers of our divested companies that are included in Other current assets on our Condensed Consolidated Balance Sheets. The fair values are estimated using scenario-based methods based upon estimated future milestones. At the end of 2022, derivative assets included foreign currency exchange contracts and a treasury rate lock contract, both related to the acquisition of Transporeon and associated debt and were settled in the first two quarters of 2023. See Note 10 “Fair Value Measurements” of the 2022 Form 10-K for additional details. 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 $3.2 billion and $1.5 billion at the end of the second quarter of 2023 and the end of 2022 . The fair value of the senior notes was determined based on observable market prices in less active markets and is categorized accordingly as Level II. The fair values do not indicate the amount we would currently have to pay to extinguish the debt. |
Deferred Revenue And Remaining
Deferred Revenue And Remaining Performance Obligations | 6 Months Ended |
Jun. 30, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue And Remaining Performance Obligations | NOTE 9. DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in our deferred revenue during the second quarter of 2023 and 2022 were as follows: Second Quarter of First Two Quarters of (In millions) 2023 2022 2023 2022 Beginning balance of the period $ 760.8 $ 703.9 $ 737.6 $ 631.8 Revenue recognized from prior year-end (141.7) (127.2) (435.2) (361.8) Billings net of revenue recognized from current year 126.5 108.5 443.2 415.2 Ending balance of the period $ 745.6 $ 685.2 $ 745.6 $ 685.2 Remaining Performance Obligations At the end of the second quarter of 2023, 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 71% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 10. 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 securities include outstanding stock options, restricted stock units, contingently issuable stock, and stock to be purchased under our employee stock purchase plan. The following table shows the computation of basic and diluted earnings per share: Second Quarter of First Two Quarters of 2023 2022 2023 2022 (In millions, except per share amounts) Numerator: Net income $ 44.6 $ 168.0 $ 173.4 $ 278.3 Denominator: Weighted-average number of common shares used in basic earnings per share 248.1 249.2 247.7 250.0 Effect of dilutive securities 0.9 1.5 1.2 1.7 Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share 249.0 250.7 248.9 251.7 Basic earnings per share $ 0.18 $ 0.67 $ 0.70 $ 1.11 Diluted earnings per share $ 0.18 $ 0.67 $ 0.70 $ 1.11 Antidilutive weighted-average shares (1) 3.8 2.1 1.9 1.5 (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. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11. INCOME TAXES For the second quarter, our effective income tax rate was 22.4%, as compared to 24.2% in the corresponding period in 2022. For the first two quarters, our effective income tax rate was 20.5%, as compared to 22.7% in the prior year. The decreases were primarily due to an increase in tax benefits from foreign-derived intangible income, favorable geographic mix of earnings, and a tax charge associated with prior year divestiture gains, partially offset by lower stock-based compensation deductions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12. COMMITMENTS AND CONTINGENCIES Commitments At the end of the second quarter of 2023, we had unconditional purchase obligations of approxima tely $731.7 million. These unconditional purchase obligations primarily represent open non-cancellable purchase orders for material purchases with our vendors and investments in our platform associated with our Connect and Scale strategy. Litigation From time to time, we are involved in litigation arising in the ordinary course of our business. There are no material legal proceedings, other than ordinary routine litigation incidental to the business, that we or any of our subsidiaries is a party, or that any of our or our subsidiaries’ property is subject. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 44.6 | $ 168 | $ 173.4 | $ 278.3 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 shares | Jun. 30, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Peter Large [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On May 23, 2023, Peter Large, Senior Vice President and an officer for purposes of Section 16 of the Exchange Act, entered into a prearranged stock trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The trading plan was entered into during an open trading window and provides for potential sales of our common stock up to 7,213 shares between August 22, 2023 and May 22, 2024. | |
Name | Peter Large | |
Title | Senior Vice President | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 23, 2023 | |
Arrangement Duration | 274 days | |
Aggregate Available | 7,213 | 7,213 |
Overview And Accounting Polic_2
Overview And Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements include our results of our consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. We use a 52- to 53-week year ending on the Friday nearest to December 31. Both 2023 and 2022 are 52-week years. The second quarter of 2023 and 2022 ended on June 30, 2023 and July 1, 2022. Unless otherwise stated, all dates refer to these periods. |
Use of Estimates | Use of Estimates We prepared our interim Condensed Consolidated Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our Form 10-K filed with the U.S. Securities and Exchange Commission on February 17, 2023 (the “2022 Form 10-K”). The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2022 Form 10-K that includes additional information about our significant accounting policies and the methods and assumptions used in our estimates. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price (“SSP”) of performance obligations, provision for credit losses, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangible asset impairment analysis, other long-lived asset impairment analysis, stock-based compensation, and income taxes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates. |
Recently issued Accounting Pronouncements not yet Adopted And Recently Adopted Accounting Pronouncements | Recently issued Accounting Pronouncements not yet Adopted There are no recently issued accounting pronouncements applicable to us not yet adopted. Recently Adopted Accounting Pronouncements |
Overview And Accounting Polic_3
Overview And Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The effect of the changes on the Condensed Consolidated Statements of Income for the second quarter and first two quarters of 2022 were as follows: Second Quarter of 2022 First Two Quarters of 2022 (In millions) As Previously Reported Effect of Change in Presentation As Reported Herein As Previously Reported Effect of Change in Presentation As Reported Herein Revenue: Product $ 564.5 $ (33.5) $ 531.0 $ 1,186.1 $ (88.3) $ 1,097.8 Subscription and services — 410.2 410.2 — 837.1 837.1 Service 158.0 (158.0) — 319.1 (319.1) — Subscription 218.7 (218.7) — 429.7 (429.7) — Total revenue $ 941.2 $ — $ 941.2 $ 1,934.9 $ — $ 1,934.9 Cost of sales: Product $ 269.9 $ (1.1) $ 268.8 $ 578.3 $ (2.6) $ 575.7 Subscription and services — 113.9 113.9 — 228.6 228.6 Service 63.4 (63.4) — 126.7 (126.7) — Subscription 49.4 (49.4) — 99.3 (99.3) — Amortization of purchased intangible assets 21.0 — 21.0 43.5 — 43.5 Total cost of sales $ 403.7 $ — $ 403.7 $ 847.8 $ — $ 847.8 |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Transporeon and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed, as well as the estimated useful lives of the identifiable intangible assets as of the date of the acquisition. The allocation of the purchase price is still preliminary as we finalize deferred income taxes, certain tangible assets and liabilities acquired, and valuations of intangible assets. Preliminary estimates will be finalized within one year of the acquisition date. (In millions) Fair Value as of the Acquisition Date Estimated Useful Life Total purchase consideration $ 2,082.6 Net tangible assets acquired: Cash and cash equivalents 12.9 Accounts receivable, net 41.8 Other current assets 28.0 Non-current assets 24.1 Accounts payable (4.1) Accrued compensation and benefits (9.7) Deferred revenue (16.5) Other current liabilities (47.2) Non-current liabilities (22.3) Total net tangible assets acquired 7.0 Intangible assets acquired: Customer relationships 759.8 11 years Developed product technology 203.3 7 years Trade name 11.9 1 year Total intangible assets acquired 975.0 Deferred tax liability (266.4) Fair value of all assets/liabilities acquired 715.6 Goodwill $ 1,367.0 |
Schedule of Pro-Forma Results | The pro forma financial information presented in the following table was computed by combining the historical financial information of Trimble and Transporeon along with the effects from business combination accounting and the associated debt resulting from this acquisition as if the companies were combined on January 1, 2022. This information is presented for informational purposes only, and is not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated as of that date. This information should not be used as a predictive measure of our future financial position, results of operations, or liquidity. Second Quarter of First Two Quarters of 2023 2022 2023 2022 (In millions) Total revenue $ 994.0 $ 979.5 $ 1,949.5 $ 2,013.6 Net income 62.0 129.6 135.1 195.5 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table presents a summary of our intangible assets: Second Quarter of 2023 Year End 2022 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 1,102.7 $ (649.4) $ 453.3 $ 1,004.8 $ (722.7) $ 282.1 Customer relationships 1,404.7 (468.6) 936.1 654.1 (445.9) 208.2 Trade names and trademarks 49.6 (36.7) 12.9 39.5 (32.7) 6.8 Distribution rights and other intellectual property 6.2 (5.1) 1.1 8.0 (7.0) 1.0 $ 2,563.2 $ (1,159.8) $ 1,403.4 $ 1,706.4 $ (1,208.3) $ 498.1 |
Schedule of Estimated Future Amortization Expense | The estimated future amortization expense of intangible assets at the end of the second quarter of 2023 was as follows: (In millions) 2023 (Remaining) $ 122.7 2024 213.7 2025 175.1 2026 168.8 2027 155.0 Thereafter 568.1 Total $ 1,403.4 |
Schedule of Changes in Carrying Amount of Goodwill by Operating Segment | The changes in the carrying amount of goodwill by segment for the first two quarters of 2023 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of year end 2022 $ 2,300.1 $ 382.1 $ 471.8 $ 983.9 $ 4,137.9 Additions due to acquisitions 22.5 — — 1,367.0 1,389.5 Foreign currency translation and other adjustments 12.3 1.6 8.5 10.1 32.5 Balance as of the end of the second quarter of 2023 $ 2,334.9 $ 383.7 $ 480.3 $ 2,361.0 $ 5,559.9 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory, Net [Abstract] | |
Schedule of Components of Net Inventories | The components of inventory, net were as follows: Second Quarter of Year End As of 2023 2022 (In millions) Raw materials $ 135.9 $ 154.9 Work-in-process 19.5 13.1 Finished goods 216.0 234.5 Total inventories $ 371.4 $ 402.5 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue, Operating Income and Identifiable Assets by Segment | Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Second Quarter of 2023 Segment revenue $ 410.0 $ 192.9 $ 196.0 $ 194.7 $ 993.6 Segment operating income 105.8 67.1 61.3 30.8 265.0 Second Quarter of 2022 Segment revenue $ 382.6 $ 193.7 $ 214.8 $ 150.1 $ 941.2 Segment operating income 101.4 57.8 73.0 11.8 244.0 First Two Quarters of 2023 Segment revenue $ 809.5 $ 345.3 $ 404.6 $ 349.6 $ 1,909.0 Segment operating income 219.1 104.4 140.4 54.2 518.1 First Two Quarters of 2022 Segment revenue $ 780.2 $ 401.2 $ 444.7 $ 308.8 $ 1,934.9 Segment operating income 222.1 115.7 148.1 21.0 506.9 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of the end of the Second Quarter of 2023 Accounts receivable, net $ 261.5 $ 146.5 $ 84.4 $ 171.7 $ 664.1 Inventories 78.2 134.7 98.4 60.1 371.4 Goodwill 2,334.9 383.7 480.3 2,361.0 5,559.9 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 |
Reconciliation of Our Condensed Consolidated Segment Operating Income to Condensed Consolidated Income Before Income Taxes | A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: Second Quarter of First Two Quarters of 2023 2022 2023 2022 (In millions) Consolidated segment operating income $ 265.0 $ 244.0 $ 518.1 $ 506.9 Unallocated general corporate expenses (34.0) (33.3) (61.0) (63.1) Amortization of purchased intangible assets (62.1) (32.3) (96.8) (66.9) Acquisition / divestiture items (26.5) (7.3) (33.5) (11.2) Stock-based compensation / deferred compensation (42.1) (26.2) (77.5) (51.2) Restructuring and other costs (6.7) (10.0) (18.7) (22.7) Consolidated operating income 93.6 134.9 230.6 291.8 Total non-operating income (expense), net (36.1) 86.7 (12.5) 68.3 Consolidated income before taxes $ 57.5 $ 221.6 $ 218.1 $ 360.1 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and is consistent with the Reporting Segment tables above. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Second Quarter of 2023 North America $ 268.0 $ 89.5 $ 49.8 $ 118.3 $ 525.6 Europe 86.9 55.4 81.2 59.2 282.7 Asia Pacific 49.0 39.1 14.5 8.0 110.6 Rest of World 6.1 8.9 50.5 9.2 74.7 Total segment revenue $ 410.0 $ 192.9 $ 196.0 $ 194.7 $ 993.6 Second Quarter of 2022 North America $ 242.9 $ 87.9 $ 64.3 $ 117.8 $ 512.9 Europe 84.0 61.3 97.7 18.4 261.4 Asia Pacific 49.9 32.8 13.5 7.6 103.8 Rest of World 5.8 11.7 39.3 6.3 63.1 Total segment revenue $ 382.6 $ 193.7 $ 214.8 $ 150.1 $ 941.2 First Two Quarters of 2023 North America $ 517.8 $ 147.2 $ 104.7 $ 237.7 $ 1,007.4 Europe 181.1 107.6 180.3 81.5 550.5 Asia Pacific 97.1 71.5 30.5 14.6 213.7 Rest of World 13.5 19.0 89.1 15.8 137.4 Total segment revenue $ 809.5 $ 345.3 $ 404.6 $ 349.6 $ 1,909.0 First Two Quarters of 2022 North America $ 474.8 $ 171.3 $ 123.3 $ 241.9 $ 1,011.3 Europe 196.3 132.5 211.7 40.1 580.6 Asia Pacific 96.8 74.8 32.7 15.0 219.3 Rest of World 12.3 22.6 77.0 11.8 123.7 Total segment revenue $ 780.2 $ 401.2 $ 444.7 $ 308.8 $ 1,934.9 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Debt consisted of the following: Second Quarter of Year End Instrument Date of Issuance 2023 2022 (In millions) Effective interest rate Senior Notes: Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ — $ 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 Senior Notes, 6.10%, due March 2033 March 2023 6.13% 800.0 — Credit Facilities: 2022 Revolving Credit Facility, due March 2027 September 2022 6.50% 400.0 225.0 Term Loan, due April 2026 April 2023 6.58% 500.0 — Term Loan, due April 2028 April 2023 6.70% 500.0 — Uncommitted Credit Facilities, floating rate 6.40% 4.3 — Unamortized discount and issuance costs (15.3) (5.0) Total debt $ 3,189.0 $ 1,520.0 Less: Short-term debt 4.3 300.0 Long-term debt $ 3,184.7 $ 1,220.0 |
Schedule of Maturities of Long-term Debt | At the end of the second quarter of 2023, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2023 (Remaining) $ 4.3 2024 400.0 2025 — 2026 518.8 2027 443.7 Thereafter 1,837.5 Total $ 3,204.3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value On a Recurring Basis | The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs: Fair Values as of the end of the second quarter of 2023 Fair Values at the end of 2022 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) $ 30.8 $ — $ — $ 30.8 $ 31.5 $ — $ — $ 31.5 Derivatives (2) — 0.4 — 0.4 — 18.0 — 18.0 Contingent consideration (3) — — 1.9 1.9 — — 3.1 3.1 Total assets measured at fair value $ 30.8 $ 0.4 $ 1.9 $ 33.1 $ 31.5 $ 18.0 $ 3.1 $ 52.6 Liabilities Deferred compensation plan (1) $ 30.8 $ — $ — $ 30.8 $ 31.5 $ — $ — $ 31.5 Derivatives (2) — 0.6 — 0.6 — 0.2 — 0.2 Total liabilities measured at fair value $ 30.8 $ 0.6 $ — $ 31.4 $ 31.5 $ 0.2 $ — $ 31.7 (1) Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. (2) Represents forward currency exchange contracts, and for 2022, a treasury rate lock contract, all that are included in Other current assets and Other current liabilities on our Condensed Consolidated Balance Sheets. |
Deferred Revenue And Remainin_2
Deferred Revenue And Remaining Performance Obligations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of Deferred Revenue and Performance Obligations | Changes in our deferred revenue during the second quarter of 2023 and 2022 were as follows: Second Quarter of First Two Quarters of (In millions) 2023 2022 2023 2022 Beginning balance of the period $ 760.8 $ 703.9 $ 737.6 $ 631.8 Revenue recognized from prior year-end (141.7) (127.2) (435.2) (361.8) Billings net of revenue recognized from current year 126.5 108.5 443.2 415.2 Ending balance of the period $ 745.6 $ 685.2 $ 745.6 $ 685.2 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: Second Quarter of First Two Quarters of 2023 2022 2023 2022 (In millions, except per share amounts) Numerator: Net income $ 44.6 $ 168.0 $ 173.4 $ 278.3 Denominator: Weighted-average number of common shares used in basic earnings per share 248.1 249.2 247.7 250.0 Effect of dilutive securities 0.9 1.5 1.2 1.7 Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share 249.0 250.7 248.9 251.7 Basic earnings per share $ 0.18 $ 0.67 $ 0.70 $ 1.11 Diluted earnings per share $ 0.18 $ 0.67 $ 0.70 $ 1.11 Antidilutive weighted-average shares (1) 3.8 2.1 1.9 1.5 (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. |
Overview And Accounting Polic_4
Overview And Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Reclassification [Line Items] | ||||
Total revenue | $ 993.6 | $ 941.2 | $ 1,909 | $ 1,934.9 |
Amortization of purchased intangible assets | 30.2 | 21 | 53.2 | 43.5 |
Total cost of sales | 389.1 | 403.7 | 743.7 | 847.8 |
As Previously Reported | ||||
Reclassification [Line Items] | ||||
Total revenue | 941.2 | 1,934.9 | ||
Amortization of purchased intangible assets | 21 | 43.5 | ||
Total cost of sales | 403.7 | 847.8 | ||
Product | ||||
Reclassification [Line Items] | ||||
Total revenue | 490.5 | 531 | 924.9 | 1,097.8 |
Cost of sales: | 233.9 | 268.8 | 450.1 | 575.7 |
Product | As Previously Reported | ||||
Reclassification [Line Items] | ||||
Total revenue | 564.5 | 1,186.1 | ||
Cost of sales: | 269.9 | 578.3 | ||
Product | Effect of Change in Presentation | ||||
Reclassification [Line Items] | ||||
Total revenue | (33.5) | (88.3) | ||
Cost of sales: | (1.1) | (2.6) | ||
Subscription and services | ||||
Reclassification [Line Items] | ||||
Total revenue | 503.1 | 410.2 | 984.1 | 837.1 |
Cost of sales: | $ 125 | 113.9 | $ 240.4 | 228.6 |
Subscription and services | Effect of Change in Presentation | ||||
Reclassification [Line Items] | ||||
Total revenue | 410.2 | 837.1 | ||
Cost of sales: | 113.9 | 228.6 | ||
Service | As Previously Reported | ||||
Reclassification [Line Items] | ||||
Total revenue | 158 | 319.1 | ||
Cost of sales: | 63.4 | 126.7 | ||
Service | Effect of Change in Presentation | ||||
Reclassification [Line Items] | ||||
Total revenue | (158) | (319.1) | ||
Cost of sales: | (63.4) | (126.7) | ||
Subscription | As Previously Reported | ||||
Reclassification [Line Items] | ||||
Total revenue | 218.7 | 429.7 | ||
Cost of sales: | 49.4 | 99.3 | ||
Subscription | Effect of Change in Presentation | ||||
Reclassification [Line Items] | ||||
Total revenue | (218.7) | (429.7) | ||
Cost of sales: | $ (49.4) | $ (99.3) |
Common Stock Repurchase (Detail
Common Stock Repurchase (Details) - 2021 Stock Repurchased Program - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Jul. 01, 2022 | Jun. 30, 2023 | Aug. 31, 2021 | |
Equity, Class of Stock [Line Items] | ||||
Stock repurchase program approved amount | $ 750,000,000 | |||
Remaining amount authorized | $ 215,300,000 | |||
Stock repurchased (in shares) | 3.1 | 4.6 | ||
Average price (in dollars per share) | $ 65.38 | $ 66.42 | ||
Stock repurchased | $ 200,000,000 | $ 304,700,000 |
Acquisition (Narratives) (Detai
Acquisition (Narratives) (Details) € in Billions | 3 Months Ended | 6 Months Ended | ||||
Apr. 03, 2023 USD ($) | Apr. 03, 2023 EUR (€) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jul. 01, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||||
Repayments of long-term debt | $ 1,332,700,000 | $ 138,200,000 | ||||
Transporeon | ||||||
Business Acquisition [Line Items] | ||||||
Total purchase consideration | $ 2,082,600,000 | € 1.9 | ||||
Repayments of long-term debt | 339,600,000 | |||||
Revenue | $ 40,500,000 | |||||
Net loss | $ 14,600,000 | |||||
Related costs | $ 23,500,000 | $ 25,700,000 | ||||
Business acquisition, goodwill, expected tax deductible amount | $ 0 |
Acquisition (Recognized Identif
Acquisition (Recognized Identified Assets Acquired and Liabilities Assumed) (Details) $ in Millions, € in Billions | Apr. 03, 2023 EUR (€) | Apr. 03, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 30, 2022 USD ($) |
Net tangible assets acquired: | ||||
Goodwill | $ 5,559.9 | $ 4,137.9 | ||
Transporeon | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total purchase consideration | € 1.9 | $ 2,082.6 | ||
Net tangible assets acquired: | ||||
Cash and cash equivalents | 12.9 | |||
Accounts receivable, net | 41.8 | |||
Other current assets | 28 | |||
Non-current assets | 24.1 | |||
Accounts payable | (4.1) | |||
Accrued compensation and benefits | (9.7) | |||
Deferred revenue | (16.5) | |||
Other current liabilities | (47.2) | |||
Non-current liabilities | (22.3) | |||
Total net tangible assets acquired | 7 | |||
Intangible assets acquired: | 975 | |||
Deferred tax liability | (266.4) | |||
Fair value of all assets/liabilities acquired | 715.6 | |||
Goodwill | 1,367 | |||
Transporeon | Customer relationships | ||||
Net tangible assets acquired: | ||||
Intangible assets acquired: | $ 759.8 | |||
Estimated Useful Life | 11 years | 11 years | ||
Transporeon | Developed product technology | ||||
Net tangible assets acquired: | ||||
Intangible assets acquired: | $ 203.3 | |||
Estimated Useful Life | 7 years | 7 years | ||
Transporeon | Trade name | ||||
Net tangible assets acquired: | ||||
Intangible assets acquired: | $ 11.9 | |||
Estimated Useful Life | 1 year | 1 year |
Acquisition (Pro-Forma Financia
Acquisition (Pro-Forma Financial Information) (Details) - Transporeon - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenue | $ 994 | $ 979.5 | $ 1,949.5 | $ 2,013.6 |
Net income | $ 62 | $ 129.6 | $ 135.1 | $ 195.5 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 30, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 2,563.2 | $ 1,706.4 |
Accumulated amortization | (1,159.8) | (1,208.3) |
Total | 1,403.4 | 498.1 |
Developed product technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,102.7 | 1,004.8 |
Accumulated amortization | (649.4) | (722.7) |
Total | 453.3 | 282.1 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,404.7 | 654.1 |
Accumulated amortization | (468.6) | (445.9) |
Total | 936.1 | 208.2 |
Trade names and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 49.6 | 39.5 |
Accumulated amortization | (36.7) | (32.7) |
Total | 12.9 | 6.8 |
Distribution rights and other intellectual property | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6.2 | 8 |
Accumulated amortization | (5.1) | (7) |
Total | $ 1.1 | $ 1 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Schedule Of Estimated Future Amortization Expense) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 (Remaining) | $ 122.7 | |
2024 | 213.7 | |
2025 | 175.1 | |
2026 | 168.8 | |
2027 | 155 | |
Thereafter | 568.1 | |
Total | $ 1,403.4 | $ 498.1 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill (Changes In Carrying Amount Of Goodwill By Operating Segment) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 4,137.9 |
Additions due to acquisitions | 1,389.5 |
Foreign currency translation and other adjustments | 32.5 |
Goodwill, ending balance | 5,559.9 |
Buildings and Infrastructure | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 2,300.1 |
Additions due to acquisitions | 22.5 |
Foreign currency translation and other adjustments | 12.3 |
Goodwill, ending balance | 2,334.9 |
Geospatial | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 382.1 |
Additions due to acquisitions | 0 |
Foreign currency translation and other adjustments | 1.6 |
Goodwill, ending balance | 383.7 |
Resources and Utilities | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 471.8 |
Additions due to acquisitions | 0 |
Foreign currency translation and other adjustments | 8.5 |
Goodwill, ending balance | 480.3 |
Transportation | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 983.9 |
Additions due to acquisitions | 1,367 |
Foreign currency translation and other adjustments | 10.1 |
Goodwill, ending balance | $ 2,361 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 30, 2022 |
Inventory, Net [Abstract] | ||
Raw materials | $ 135.9 | $ 154.9 |
Work-in-process | 19.5 | 13.1 |
Finished goods | 216 | 234.5 |
Total inventories | $ 371.4 | $ 402.5 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Segment Reporting Information [Line Items] | ||||
Segment operating income | $ 93.6 | $ 134.9 | $ 230.6 | $ 291.8 |
Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 993.6 | 941.2 | 1,909 | 1,934.9 |
Segment operating income | 265 | 244 | 518.1 | 506.9 |
Buildings and Infrastructure | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 410 | 382.6 | 809.5 | 780.2 |
Segment operating income | 105.8 | 101.4 | 219.1 | 222.1 |
Geospatial | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 192.9 | 193.7 | 345.3 | 401.2 |
Segment operating income | 67.1 | 57.8 | 104.4 | 115.7 |
Resources and Utilities | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 196 | 214.8 | 404.6 | 444.7 |
Segment operating income | 61.3 | 73 | 140.4 | 148.1 |
Transportation | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 194.7 | 150.1 | 349.6 | 308.8 |
Segment operating income | $ 30.8 | $ 11.8 | $ 54.2 | $ 21 |
Segment Information (Segment Se
Segment Information (Segment Select Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 30, 2022 |
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | $ 664.1 | $ 643.3 |
Inventories | 371.4 | 402.5 |
Goodwill | 5,559.9 | 4,137.9 |
Buildings and Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 261.5 | 305.1 |
Inventories | 78.2 | 93.2 |
Goodwill | 2,334.9 | 2,300.1 |
Geospatial | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 146.5 | 137.2 |
Inventories | 134.7 | 146.1 |
Goodwill | 383.7 | 382.1 |
Resources and Utilities | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 84.4 | 79.2 |
Inventories | 98.4 | 100.3 |
Goodwill | 480.3 | 471.8 |
Transportation | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 171.7 | 121.8 |
Inventories | 60.1 | 62.9 |
Goodwill | $ 2,361 | $ 983.9 |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Our Condensed Consolidated Segment Operating Income To Condensed Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income | $ 93.6 | $ 134.9 | $ 230.6 | $ 291.8 |
Unallocated general corporate expenses | (510.9) | (402.6) | (934.7) | (795.3) |
Amortization of purchased intangible assets | (62.1) | (32.3) | (96.8) | (66.9) |
Acquisition / divestiture items | (26.5) | (7.3) | (33.5) | (11.2) |
Stock-based compensation / deferred compensation | (42.1) | (26.2) | (77.5) | (51.2) |
Restructuring and other costs | (6.7) | (10) | (18.7) | (22.7) |
Total non-operating income (expense), net | (36.1) | 86.7 | (12.5) | 68.3 |
Consolidated income before taxes | 57.5 | 221.6 | 218.1 | 360.1 |
Operating segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income | 265 | 244 | 518.1 | 506.9 |
Non-Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Unallocated general corporate expenses | $ (34) | $ (33.3) | $ (61) | $ (63.1) |
Segment Information (Segment Re
Segment Information (Segment Revenue by Geographic Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 993.6 | $ 941.2 | $ 1,909 | $ 1,934.9 |
North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 525.6 | 512.9 | 1,007.4 | 1,011.3 |
Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 282.7 | 261.4 | 550.5 | 580.6 |
Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 110.6 | 103.8 | 213.7 | 219.3 |
Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 74.7 | 63.1 | 137.4 | 123.7 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 485.1 | 467.4 | 922.6 | 914.4 |
Buildings and Infrastructure | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 410 | 382.6 | 809.5 | 780.2 |
Buildings and Infrastructure | North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 268 | 242.9 | 517.8 | 474.8 |
Buildings and Infrastructure | Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 86.9 | 84 | 181.1 | 196.3 |
Buildings and Infrastructure | Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 49 | 49.9 | 97.1 | 96.8 |
Buildings and Infrastructure | Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6.1 | 5.8 | 13.5 | 12.3 |
Geospatial | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 192.9 | 193.7 | 345.3 | 401.2 |
Geospatial | North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 89.5 | 87.9 | 147.2 | 171.3 |
Geospatial | Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 55.4 | 61.3 | 107.6 | 132.5 |
Geospatial | Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39.1 | 32.8 | 71.5 | 74.8 |
Geospatial | Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8.9 | 11.7 | 19 | 22.6 |
Resources and Utilities | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 196 | 214.8 | 404.6 | 444.7 |
Resources and Utilities | North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 49.8 | 64.3 | 104.7 | 123.3 |
Resources and Utilities | Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 81.2 | 97.7 | 180.3 | 211.7 |
Resources and Utilities | Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 14.5 | 13.5 | 30.5 | 32.7 |
Resources and Utilities | Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 50.5 | 39.3 | 89.1 | 77 |
Transportation | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 194.7 | 150.1 | 349.6 | 308.8 |
Transportation | North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 118.3 | 117.8 | 237.7 | 241.9 |
Transportation | Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 59.2 | 18.4 | 81.5 | 40.1 |
Transportation | Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8 | 7.6 | 14.6 | 15 |
Transportation | Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 9.2 | $ 6.3 | $ 15.8 | $ 11.8 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 30, 2022 |
Debt Instrument [Line Items] | ||
Uncommitted Credit Facilities, floating rate | $ 4.3 | |
Unamortized discount and issuance costs | (15.3) | $ (5) |
Total debt | 3,189 | 1,520 |
Short-term debt | 4.3 | |
Less: Short-term debt | 300 | |
Long-term debt | $ 3,184.7 | 1,220 |
Uncommitted Facilities, floating rate | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 6.40% | |
Uncommitted Credit Facilities, floating rate | $ 4.3 | 0 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 6.50% | |
Debt, gross | $ 400 | 225 |
Senior Notes, 4.15%, due June 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.15% | |
Effective interest rate | 4.36% | |
Debt, gross | $ 0 | 300 |
Senior Notes, 4.75%, due December 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.75% | |
Effective interest rate | 4.95% | |
Debt, gross | $ 400 | 400 |
Senior Notes, 4.90%, due June 2028 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.90% | |
Effective interest rate | 5.04% | |
Debt, gross | $ 600 | 600 |
Senior Notes, 6.10%, due March 2033 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 6.10% | |
Effective interest rate | 6.13% | |
Debt, gross | $ 800 | 0 |
Term Loan, due April 2026 | Unsecured Debt | Line of Credit | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 6.58% | |
Debt, gross | $ 500 | 0 |
Term Loan, due April 2028 | Unsecured Debt | Line of Credit | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 6.70% | |
Debt, gross | $ 500 | $ 0 |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 (Remaining) | $ 4.3 |
2024 | 400 |
2025 | 0 |
2026 | 518.8 |
2027 | 443.7 |
Thereafter | 1,837.5 |
Total | $ 3,204.3 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, £ in Millions | 1 Months Ended | 3 Months Ended | ||||||
Apr. 03, 2023 USD ($) | Dec. 27, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) loan | Jun. 30, 2023 EUR (€) loan | Jun. 30, 2023 GBP (£) loan | Mar. 31, 2023 USD ($) | Dec. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Debt outstanding | $ 4,300,000 | |||||||
Uncommitted Facilities, floating rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt outstanding | 4,300,000 | $ 0 | ||||||
Senior Notes | Senior Notes, 4.15%, due June 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of debt, amount | 300,000,000 | |||||||
Senior Notes | Senior Notes, 6.10%, due March 2033 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt amount | $ 800,000,000 | |||||||
Unsecured Debt | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 1,000,000,000 | |||||||
Unsecured Debt | Line of Credit | Term Loan, due April 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 500,000,000 | |||||||
Debt instrument, term | 3 years | |||||||
Unsecured Debt | Line of Credit | Term Loan, due April 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 500,000,000 | |||||||
Debt instrument, term | 5 years | |||||||
Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 600,000,000 | $ 1,250,000,000 | ||||||
Debt instrument, term | 5 years | |||||||
Additional capacity | $ 500,000,000 | |||||||
Proceeds from lines of credit | $ 225,000,000 | |||||||
Debt outstanding | $ 400,000,000 | |||||||
Uncommitted Revolving Credit Facilities $75 million | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of revolving loan facilities | loan | 2 | 2 | 2 | |||||
Current borrowing capacity | $ 75,000,000 | |||||||
Uncommitted Revolving Credit Facilities 100 million euros | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | |||||
Current borrowing capacity | € | € 100 | |||||||
Uncommitted Revolving Credit Facilities 55 million GBP | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | |||||
Current borrowing capacity | £ | £ 55 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Recurring - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | $ 30.8 | $ 31.5 |
Derivatives assets | 0.4 | 18 |
Contingent consideration assets | 1.9 | 3.1 |
Total assets measured at fair value | 33.1 | 52.6 |
Deferred compensation plan liabilities | 30.8 | 31.5 |
Derivatives liabilities | 0.6 | 0.2 |
Total liabilities measured at fair value | 31.4 | 31.7 |
(Level I) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 30.8 | 31.5 |
Derivatives assets | 0 | 0 |
Contingent consideration assets | 0 | 0 |
Total assets measured at fair value | 30.8 | 31.5 |
Deferred compensation plan liabilities | 30.8 | 31.5 |
Derivatives liabilities | 0 | 0 |
Total liabilities measured at fair value | 30.8 | 31.5 |
(Level II) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | 0 |
Derivatives assets | 0.4 | 18 |
Contingent consideration assets | 0 | 0 |
Total assets measured at fair value | 0.4 | 18 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0.6 | 0.2 |
Total liabilities measured at fair value | 0.6 | 0.2 |
(Level III) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | 0 |
Derivatives assets | 0 | 0 |
Contingent consideration assets | 1.9 | 3.1 |
Total assets measured at fair value | 1.9 | 3.1 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0 | 0 |
Total liabilities measured at fair value | $ 0 | $ 0 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Billions | Jun. 30, 2023 | Dec. 30, 2022 |
Debt | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt outstanding | $ 3.2 | $ 1.5 |
Deferred Revenue And Remainin_3
Deferred Revenue And Remaining Performance Obligations (Roll Forward) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Contract With Customer, Asset And Liability [Roll Forward] | ||||
Beginning balance of the period | $ 760.8 | $ 703.9 | $ 737.6 | $ 631.8 |
Revenue recognized from prior year-end | (141.7) | (127.2) | (435.2) | (361.8) |
Billings net of revenue recognized from current year | 126.5 | 108.5 | 443.2 | 415.2 |
Ending balance of the period | $ 745.6 | $ 685.2 | $ 745.6 | $ 685.2 |
Deferred Revenue And Remainin_4
Deferred Revenue And Remaining Performance Obligations (Narratives) (Details) $ in Billions | Jun. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.2 |
Remaining performance obligation, percentage | 71% |
Period of recognition | 12 months |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | |
Numerator: | ||||
Net income | $ 44.6 | $ 168 | $ 173.4 | $ 278.3 |
Denominator: | ||||
Weighted-average number of common shares used in basic earnings per share (in shares) | 248.1 | 249.2 | 247.7 | 250 |
Effect of dilutive securities (in shares) | 0.9 | 1.5 | 1.2 | 1.7 |
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares) | 249 | 250.7 | 248.9 | 251.7 |
Basic earnings per share (in usd per share) | $ 0.18 | $ 0.67 | $ 0.70 | $ 1.11 |
Diluted earnings per share (in usd per share) | $ 0.18 | $ 0.67 | $ 0.70 | $ 1.11 |
Antidilutive weighted-average shares (in shares) | 3.8 | 2.1 | 1.9 | 1.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jul. 01, 2022 | Jun. 30, 2023 | Jul. 01, 2022 | Dec. 30, 2022 | |
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 22.40% | 24.20% | 20.50% | 22.70% | |
Other noncurrent liabilities | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits that would impact effective tax rate | $ 59.2 | $ 59.2 | $ 51.6 | ||
Unrecognized tax benefit liabilities include interest and penalties | $ 10.2 | $ 10.2 | $ 8.4 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unconditional purchase obligations | $ 731.7 |