Trimble (TRMB) 10-Q 15 Jan 25 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 27, 2024	Jan. 09, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2024
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		245,792,054
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000864749
Current Fiscal Year End Date	--01-03

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Current assets:
Cash and cash equivalents	$ 1,036.9	$ 229.8
Accounts receivable, net	525.6	706.6
Inventories	192.1	235.7
Prepaid expenses	95.3	89.8
Other current assets	149.1	147.8
Assets held for sale	311.7	421.2
Total current assets	2,310.7	1,830.9
Property and equipment, net	191.9	202.5
Operating lease right-of-use assets	125.4	124
Goodwill	5,141.8	5,350.6
Other purchased intangible assets, net	1,103.1	1,243.5
Deferred income tax assets	311.5	412.3
Equity investments	424.7	127.7
Other non-current assets	257.6	247.8
Total assets	9,866.7	9,539.3
Current liabilities:
Short-term debt	400
Short-term debt		530.4
Accounts payable	177.3	165.3
Accrued compensation and benefits	194.7	181.2
Deferred revenue	661.8	663.1
Income taxes payable	313.8	39.7
Other current liabilities	197.4	201.3
Liabilities held for sale	41.6	48.3
Total current liabilities	1,986.6	1,829.3
Long-term debt	1,390.2	2,536.2
Deferred revenue, non-current	95.4	98.3
Deferred income tax liabilities	235.9	287.8
Operating lease liabilities	121.8	121.9
Other non-current liabilities	161.7	165.7
Total liabilities	3,991.6	5,039.2
Commitments and contingencies (Note 13)
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; 245.8 and 246.5 shares issued and outstanding at the end of the third quarter of 2024 and year end 2023	0.2	0.2
Additional paid-in-capital	2,330.9	2,214.6
Retained earnings	3,668.3	2,437.4
Accumulated other comprehensive loss	(124.3)	(152.1)
Total stockholders’ equity	5,875.1	4,500.1
Total liabilities and stockholders’ equity	$ 9,866.7	$ 9,539.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 27, 2024	Dec. 29, 2023
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)	245,800,000	246,500,000
Common stock, shares outstanding (in shares)	245,800,000	246,500,000

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Revenue:
Total revenue	$ 875.8	$ 957.3	$ 2,699.9	$ 2,866.3
Cost of sales:
Amortization of purchased intangible assets	18.9	27.7	74.7	80.9
Total cost of sales	300.2	367.1	984.8	1,110.8
Gross margin	575.6	590.2	1,715.1	1,755.5
Operating expense:
Research and development	155.6	162.5	487.3	496.6
Sales and marketing	147.1	146.2	436.4	436.9
General and administrative	127.6	117.2	410.4	369.2
Restructuring	2.4	11.8	14.1	26.1
Amortization of purchased intangible assets	26.5	31.2	79.7	74.8
Total operating expense	459.2	468.9	1,427.9	1,403.6
Operating income	116.4	121.3	287.2	351.9
Non-operating (expense) income, net:
Divestitures (loss) gain, net	(22.6)	5.5	1,695	10.6
Interest expense, net	(14.1)	(46.8)	(77.4)	(113.2)
(Loss) income from equity method investments, net	(0.6)	5.2	9.3	24.6
Other (loss) income, net	(6)	(5.8)	(6)	23.6
Total non-operating (expense) income, net	(43.3)	(41.9)	1,620.9	(54.4)
Income before taxes	73.1	79.4	1,908.1	297.5
Income tax provision	32.5	4.5	493.9	49.2
Net income	$ 40.6	$ 74.9	$ 1,414.2	$ 248.3
Earnings per share:
Basic (in usd per share)	$ 0.17	$ 0.30	$ 5.76	$ 1
Diluted (in usd per share)	$ 0.16	$ 0.30	$ 5.73	$ 1
Shares used in calculating earnings per share:
Basic (in shares)	245.6	248.6	245.4	248
Diluted (in shares)	246.9	249.7	246.9	249.1
Product
Revenue:
Total revenue	$ 307.6	$ 444	$ 995.1	$ 1,368.9
Cost of sales:
Cost of sales	160.7	215.6	544.7	665.7
Subscription and services
Revenue:
Total revenue	568.2	513.3	1,704.8	1,497.4
Cost of sales:
Cost of sales	$ 120.6	$ 123.8	$ 365.4	$ 364.2

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 40.6	$ 74.9	$ 1,414.2	$ 248.3
Foreign currency translation adjustments, net of tax	146.3	(119.7)	29.3	(75.6)
Net change related to derivatives and other, net of tax	(0.2)	(0.2)	(1.5)	(3.6)
Comprehensive income (loss)	$ 186.7	$ (45)	$ 1,442	$ 169.1

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 30, 2022		246.9
Beginning balance at Dec. 30, 2022	$ 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 (loss) income	16.5				16.5
Issuance of common stock under employee plans, net of tax withholdings (in shares)		0.5
Issuance of common stock under employee plans, net of tax withholdings	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
Beginning balance at Dec. 30, 2022	4,050.2	$ 0.2	2,054.9	2,230	(234.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	248.3
Ending balance (in shares) at Sep. 29, 2023		248.8
Ending balance at Sep. 29, 2023	4,343	$ 0.2	2,201.5	2,455.4	(314.1)
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
Other comprehensive (loss) income	24.2				24.2
Issuance of common stock under employee plans, net of tax withholdings (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
Ending balance at Jun. 30, 2023	4,331.3	$ 0.2	2,144.2	2,381.1	(194.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	74.9			74.9
Other comprehensive (loss) income	(119.9)				(119.9)
Issuance of common stock under employee plans, net of tax withholdings (in shares)		0.5
Issuance of common stock under employee plans, net of tax withholdings	17.6		18.2	(0.6)
Stock-based compensation	39.1		39.1
Ending balance (in shares) at Sep. 29, 2023		248.8
Ending balance at Sep. 29, 2023	$ 4,343	$ 0.2	2,201.5	2,455.4	(314.1)
Beginning balance (in shares) at Dec. 29, 2023	246.5	246.5
Beginning balance at Dec. 29, 2023	$ 4,500.1	$ 0.2	2,214.6	2,437.4	(152.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57.2			57.2
Other comprehensive (loss) income	(80.5)				(80.5)
Issuance of common stock under employee plans, net of tax withholdings (in shares)		0.6
Issuance of common stock under employee plans, net of tax withholdings	12		16.7	(4.7)
Stock repurchases (in shares)		(2.9)
Stock repurchases	(176.5)		(27.4)	(149.1)
Stock-based compensation	36.8		36.8
Ending balance (in shares) at Mar. 29, 2024		244.2
Ending balance at Mar. 29, 2024	$ 4,349.1	$ 0.2	2,240.7	2,340.8	(232.6)
Beginning balance (in shares) at Dec. 29, 2023	246.5	246.5
Beginning balance at Dec. 29, 2023	$ 4,500.1	$ 0.2	2,214.6	2,437.4	(152.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 1,414.2
Ending balance (in shares) at Sep. 27, 2024	245.8	245.8
Ending balance at Sep. 27, 2024	$ 5,875.1	$ 0.2	2,330.9	3,668.3	(124.3)
Beginning balance (in shares) at Mar. 29, 2024		244.2
Beginning balance at Mar. 29, 2024	4,349.1	$ 0.2	2,240.7	2,340.8	(232.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,316.4			1,316.4
Other comprehensive (loss) income	(37.8)				(37.8)
Issuance of common stock under employee plans, net of tax withholdings (in shares)		1.2
Issuance of common stock under employee plans, net of tax withholdings	(34.2)		(5.4)	(28.8)
Stock repurchases	0.7		0.7
Stock-based compensation	39.2		39.2
Ending balance (in shares) at Jun. 28, 2024		245.4
Ending balance at Jun. 28, 2024	5,633.4	$ 0.2	2,275.2	3,628.4	(270.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40.6			40.6
Other comprehensive (loss) income	146.1				146.1
Issuance of common stock under employee plans, net of tax withholdings (in shares)		0.4
Issuance of common stock under employee plans, net of tax withholdings	16.4		17.1	(0.7)
Stock repurchases	0.6		0.6
Stock-based compensation	$ 38		38
Ending balance (in shares) at Sep. 27, 2024	245.8	245.8
Ending balance at Sep. 27, 2024	$ 5,875.1	$ 0.2	$ 2,330.9	$ 3,668.3	$ (124.3)

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Millions		9 Months Ended
		Sep. 27, 2024	Sep. 29, 2023
Cash flow from operating activities:
Net income		$ 1,414.2	$ 248.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		179.2	185.2
Deferred income taxes		31.2	(104)
Stock-based compensation		110.3	112.5
Divestitures gain, net		(1,695)	(10.6)
Other, net		42.5	(5.9)
(Increase) decrease in assets:
Accounts receivable, net		103.9	24
Inventories		17	46.3
Other current and non-current assets		(51.6)	(35.5)
Increase (decrease) in liabilities:
Accounts payable		18	5
Accrued compensation and benefits		7.6	12.3
Deferred revenue		12	(39.7)
Income taxes payable		250.7	62.5
Other current and non-current liabilities		(23.7)	(2.2)
Net cash provided by operating activities		416.3	498.2
Cash flow from investing activities:
Proceeds from divestitures		1,923.2	15.1
Acquisitions of businesses, net of cash acquired		(22)	(2,088.9)
Purchases of property and equipment		(27.5)	(32.2)
Other, net		(13.7)	41.6
Net cash provided by (used in) investing activities		1,860	(2,064.4)
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings		(6)	8
Repurchases of common stock		(175)	0
Proceeds from debt and revolving credit lines		521.2	3,398.8
Payments on debt and revolving credit lines		(1,799.3)	(1,856.8)
Other, net		(4.6)	(29.3)
Net cash (used in) provided by financing activities		(1,463.7)	1,520.7
Effect of exchange rate changes on cash and cash equivalents		2.5	(2.6)
Net increase (decrease) in cash and cash equivalents		815.1	(48.1)
Cash and cash equivalents - beginning of period	[1]	238.9	271
Cash and cash equivalents - end of period	[1]	1,054	222.9
Supplemental cash flow disclosure:
Cash tax paid, net, excluding tax for the Ag divestiture		81.6	72.5
Cash tax paid for the Ag divestiture		$ 87.1	$ 0
[1] (1) Includes $17.1 million, $9.1 million, and $6.1 million of cash and cash equivalents classified as held for sale as of September 27, 2024, December 29, 2023, and September 29, 2023.

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023	Sep. 29, 2023
Held-for-sale
Cash and cash equivalents	$ 17.1	$ 9.1	$ 6.1

Overview And Accounting Policie

Overview And Accounting Policies	9 Months Ended
	Sep. 27, 2024
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. 2024 is a 53 -week year and 2023 was a 52 -week year. The third quarter of 2024 and 2023 ended on September 27, 2024 and September 29, 2023. 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 2023 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 2023 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 (i) revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price of performance obligations; (ii) inventory valuation; (iii) valuation of investments; (iv) valuation of long-lived assets and their estimated useful lives; (v) goodwill and other long-lived asset impairment analyses; (vi) stock-based compensation; and (vii) 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. New Segment Structure As a result of the Ag divestiture and our Chief Operating Decision Maker’s (“CODM”) revised organizational structure, effective in the first quarter of 2024, we reorganized our businesses under a new segment structure. This structure brings similar businesses together, which is expected to enhance our ability to achieve scale and growth consistent with our strategy. The updated segment structure is comprised of (i) Architects, Engineers, Construction and Owners (“AECO”), (ii) Field Systems, and (iii) Transportation and Logistics (“T&L”). Prior-year information has been adjusted to reflect the change in segment reporting. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses . The ASU requires additional disclosures by disaggregating the costs and expense line items that are presented on the face of the income statement. The disaggregation includes: (i) amounts of purchased inventory, employee compensation, depreciation, amortization, and other related costs and expenses; (ii) an explanation of costs and expenses that are not disaggregated on a quantitative basis; and (iii) the definition and total amount of selling expenses. The ASU is effective for our Annual Report on Form 10-K beginning in 2027 and subsequent interim reports. Early adoption is permitted. The ASU should be applied prospectively. Retrospective application is permitted for all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU updates reportable segment disclosure requirements primarily through (i) enhanced disclosures about significant segment expenses, (ii) the composition of other segment items, and (iii) optional disclosures of more than one measure of segment profit or loss if the CODM uses those measures to assess segment performance and allocate resources. The ASU is effective for our Annual Report on Form 10-K beginning in 2024 and subsequent interim reports. Early adoption is permitted. The ASU should be applied retrospectively to all prior periods presented in the financial statements. Adoption of this ASU will result in additional disclosures related to the reportable segments. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The ASU updates the annual income tax disclosures by requiring (i) specific categories and greater disaggregation of information in the rate reconciliation, (ii) income taxes paid disaggregated by taxing authority and jurisdiction, and (iii) disclosures of pretax income (or loss) and income tax expense (or benefit). Additionally, certain existing disclosure requirements are removed. The ASU is effective for our Annual Report on Form 10-K beginning in 2025 and is applied prospectively. Early adoption and retrospective application are permitted. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures. Recently Adopted Accounting Pronouncements

Common Stock Repurchase

Common Stock Repurchase	9 Months Ended
	Sep. 27, 2024
Equity [Abstract]
Common Stock Repurchase	NOTE 2. COMMON STOCK REPURCHASE On January 28, 2024, our Board of Directors approved a new stock repurchase program (the “2024 Stock Repurchase Program”) authorizing up to $800.0 million in repurchases of our common stock. The 2024 Stock Repurchase Program replaced the prior stock repurchase program, which was approved in August 2021 and has been cancelled. Under the 2024 Stock Repurchase Program, we may repurchase stock from time to time through accelerated share repurchase programs, open market transactions, privately negotiated transactions, block purchases, tender offers, 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 2024 Stock Repurchase Program may be suspended, modified, or discontinued at any time without prior notice . At the end of the third quarter of 2024, there were remaining authorized funds of $625.0 million. The stock repurchase authorization does not have an expiration date. There were no stock repurchases during the third quarter of 2024. During the first three quarters of 2024, we repurchased approximately 2.9 million shares of common stock in open market purchases at an average price of $60.97 per share for a total of $175.0 million. There were no stock repurchases during the first three quarters of 2023.

Acquisition

Acquisition	9 Months Ended
	Sep. 27, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	NOTE 3. ACQUISITION On April 3, 2023, we acquired Transporeon GmbH 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. Transporeon is reported as part of our T&L 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. In allocating the purchase price, we recorded $1,390.1 million of goodwill, $939.8 million of identifiable intangible assets, $9.3 million of net tangible assets, and $256.6 million of deferred tax liability. See Note 3 “Acquisitions” of the 2023 Form 10-K for additional information. Pro Forma Financial Information The unaudited pro forma financial information presented in the following table was determined 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 beginning in the first quarter of 2022. This information is presented for informational purposes only, and it 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. First Three Quarters of 2023 (In millions) Total revenue $ 2,906.8 Net income 210.0

Divestitures

Divestitures	9 Months Ended
	Sep. 27, 2024
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	NOTE 4. DIVESTITURES Pending Mobility Divestiture On September 14, 2024, we entered into a definitive agreement with Platform Science to sell our Mobility business, which is part of our T&L segment. The pending transaction aims to enhance driver experience, fleet safety, efficiency, and compliance by combining two cutting-edge in-cab commercial vehicle ecosystems, which will give customers access to more applications and offerings. As part of the agreement, we will own , and have rights to acquire, 32.5% of Platform Science’s expanded business upon the closing of the pending transaction, for an approximate fair value of $248.7 million. We will receive (i) shares of preferred stock of Platform Science, with certain liquidation preferences, that represent 28.5% of Platform Science’s expanded business and (ii) warrants allowing us the rights to acquire 4% of Platform Science’s expanded business. We expect the pending transaction to close in the first half of 2025, subject to customary closing conditions and regulatory approval. Upon the closing, our equity ownership interest will be reported at cost under the measurement alternative election for equity investments. The assets and liabilities of Mobility are classified as held for sale beginning in the third quarter of 2024. A valuation allowance was established to reduce the carrying value of the disposal group assets to fair value. The fair value of the disposal group was determined based on unobservable inputs, including discounted cash flow projections, market comparables, and an option pricing model. As a result, in the third quarter of 2024, we recorded a pre-tax loss of approximately $23.5 million included within Divestitures (loss) gain, net in our Condensed Consolidated Statements of Income. The following table presents the major classes of assets and liabilities classified as held for sale as of the third quarter of 2024, including the valuation allowance. As of Third Quarter of 2024 (In millions) Cash and cash equivalents $ 17.1 Accounts receivable, net 65.1 Inventories, net 25.2 Other current assets 9.5 Goodwill 147.3 Other non-current assets 61.0 Valuation allowance (13.5) Total Assets held for sale $ 311.7 Accounts payable $ 4.1 Deferred revenue, current 12.0 Other current liabilities 13.7 Deferred revenue, non-current 5.2 Other non-current liabilities 6.6 Total Liabilities held for sale $ 41.6 Ag Divestiture On September 28, 2023, we executed a Sale and Contribution Agreement with AGCO that provided for the formation of a joint venture, called PTx Trimble, that operates in the mixed fleet precision agriculture market. The agreement was amended and restated on March 31, 2024, and the transaction closed on April 1, 2024. Under the terms of the agreement, we contributed our Ag business, excluding certain GNSS and guidance technologies, to PTx Trimble, an LLC. Following the closing of the transaction, we own 15% and AGCO owns 85% of PTx Trimble. The agreement provides AGCO with a call option and Trimble with a put option with respect to our retained interest in PTx Trimble. Ag was reported as a part of our Field Systems segment. Upon closing of the transaction in the second quarter of 2024, we received $1.9 billion of cash proceeds from AGCO, subject to working capital adjustments. As a result, we deconsolidated $457.3 million of net assets, including $357.4 million of goodwill, and recognized a pre-tax gain of $1.7 billion. The gain included $275.6 million for our retained 15% ownership interest in PTx Trimble, which is reported as an equity method investment. The fair value of our equity method investment was determined by using a combination of the equity value, primarily based on the transaction price, and an option pricing model for a put and call option. In addition to forming PTx Trimble, the parties concurrently entered into agreements that included the following: • a seven-year renewable supply agreement (the “Supply Agreement”) through which we will provide key GNSS and guidance technologies to PTx Trimble for use in professional agriculture machines sold by AGCO, on an exclusive basis with limited exceptions; • a technology transfer and license agreement to govern the licensing of certain non-divested intellectual property and technology for use by PTx Trimble in the agriculture field and, upon expiration of the Supply Agreement, to govern fixed and variable royalty payments made to us by PTx Trimble; • a trademark license agreement to govern the licensing of certain Trimble trademarks for use by PTx Trimble in the agriculture field; • a master sale and distribution agreement through which PTx Trimble will serve as our channel partner for positioning services in the agriculture market; and • a transition services agreement to provide contract manufacturing services for the divested products for two years following the closing of the transaction.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	NOTE 5. INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents a summary of our intangible assets: As of Third Quarter of 2024 Year End 2023 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 874.9 $ (587.9) $ 287.0 $ 908.5 $ (554.1) $ 354.4 Customer relationships 1,242.7 (428.6) 814.1 1,358.4 (474.5) 883.9 Trade names and other intellectual properties 41.3 (39.3) 2.0 48.0 (42.8) 5.2 $ 2,158.9 $ (1,055.8) $ 1,103.1 $ 2,314.9 $ (1,071.4) $ 1,243.5 The estimated future amortization expense of intangible assets at the end of the third quarter of 2024 was as follows: (In millions) 2024 (Remaining) $ 45.9 2025 170.6 2026 165.5 2027 152.2 2028 138.1 Thereafter 430.8 Total $ 1,103.1 Goodwill The changes in the carrying amount of goodwill by segment for the first three quarters of 2024 were as follows: AECO Field Systems T&L Total (In millions) Balance as of year end 2023 $ 1,996.9 $ 1,063.5 $ 2,290.2 $ 5,350.6 Additions due to acquisitions 16.2 — — 16.2 Assets held for sale — — (147.3) (147.3) Decreases due to divestitures (0.8) (91.7) — (92.5) Foreign currency translation and other adjustments 7.5 (2.6) 9.9 14.8 Balance as of the end of the third quarter of 2024 $ 2,019.8 $ 969.2 $ 2,152.8 $ 5,141.8

Inventories

Inventories	9 Months Ended
	Sep. 27, 2024
Inventory, Net [Abstract]
Inventories	NOTE 6. INVENTORIES The components of inventory, net were as follows: As of Third Quarter of Year End 2024 2023 (In millions) Raw materials $ 75.9 $ 88.4 Work-in-process 5.0 3.0 Finished goods 111.2 144.3 Total inventories $ 192.1 $ 235.7

Segment Information

Segment Information	9 Months Ended
	Sep. 27, 2024
Segment Reporting [Abstract]
Segment Information	NOTE 7. SEGMENT INFORMATION Our Chief Executive Officer, who is our CODM, views and evaluates operations based on the results of our reportable operating segments under our management reporting system. Our reportable segments are described below: • Architects, Engineers, Construction and Owners (“AECO”) . This segment primarily provides software solutions that sell primarily through a direct channel to customers in the construction industry. • Field Systems . This segment primarily provides hardware and associated software solutions that sell primarily through dealer partner channels. • Transportation and Logistics (“T&L”) . This segment primarily provides solutions for 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. This is consistent with the way the CODM evaluates each of the segment’s performance and allocates resources. Reporting Segments AECO Field Systems T&L Total (In millions) Third Quarter of 2024 Segment revenue $ 306.0 $ 374.6 $ 195.2 $ 875.8 Segment operating income 89.0 123.7 41.0 253.7 Third Quarter of 2023 Segment revenue $ 269.6 $ 495.4 $ 192.3 $ 957.3 Segment operating income 77.8 165.0 33.6 276.4 First Three Quarters of 2024 Segment revenue $ 944.8 $ 1,173.1 $ 582.0 $ 2,699.9 Segment operating income 294.8 331.8 113.2 739.8 First Three Quarters of 2023 Segment revenue $ 821.8 $ 1,515.9 $ 528.6 $ 2,866.3 Segment operating income 235.6 478.3 80.6 794.5 Reporting Segments AECO Field Systems T&L Total (In millions) As of the end of the Third Quarter of 2024 Accounts receivable, net $ 154.5 $ 260.9 $ 110.2 $ 525.6 Inventories 1.0 190.8 0.3 192.1 Goodwill 2,019.8 969.2 2,152.8 5,141.8 As of Year End 2023 Accounts receivable, net $ 222.5 $ 309.8 $ 174.3 $ 706.6 Inventories 3.2 202.7 29.8 235.7 Goodwill 1,996.9 1,063.5 2,290.2 5,350.6 A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: Third Quarter of First Three Quarters of 2024 2023 2024 2023 (In millions) Consolidated segment operating income $ 253.7 $ 276.4 $ 739.8 $ 794.5 Unallocated general corporate expenses (28.9) (25.4) (86.2) (86.4) Amortization of purchased intangible assets (45.4) (58.9) (154.4) (155.7) Acquisition / divestiture items (17.4) (22.0) (75.2) (55.5) Stock-based compensation / deferred compensation (38.1) (37.9) (115.0) (115.4) Restructuring and other costs (7.5) (10.9) (21.8) (29.6) Consolidated operating income 116.4 121.3 287.2 351.9 Total non-operating (expense) income, net (43.3) (41.9) 1,620.9 (54.4) Consolidated income before taxes $ 73.1 $ 79.4 $ 1,908.1 $ 297.5 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 AECO Field Systems T&L Total (In millions) Third Quarter of 2024 North America $ 197.5 $ 210.0 $ 117.0 $ 524.5 Europe 78.0 88.9 65.7 232.6 Asia Pacific 24.1 48.2 2.9 75.2 Rest of World 6.4 27.5 9.6 43.5 Total segment revenue $ 306.0 $ 374.6 $ 195.2 $ 875.8 Third Quarter of 2023 North America $ 159.6 $ 238.1 $ 120.7 $ 518.4 Europe 66.7 134.7 59.3 260.7 Asia Pacific 24.6 79.0 2.3 105.9 Rest of World 18.7 43.6 10.0 72.3 Total segment revenue $ 269.6 $ 495.4 $ 192.3 $ 957.3 First Three Quarters of 2024 North America $ 582.1 $ 592.4 $ 351.6 $ 1,526.1 Europe 249.3 325.6 186.3 761.2 Asia Pacific 86.1 172.3 11.9 270.3 Rest of World 27.3 82.8 32.2 142.3 Total segment revenue $ 944.8 $ 1,173.1 $ 582.0 $ 2,699.9 First Three Quarters of 2023 North America $ 486.1 $ 687.1 $ 352.6 $ 1,525.8 Europe 217.9 449.2 144.1 811.2 Asia Pacific 72.8 241.2 5.6 319.6 Rest of World 45.0 138.4 26.3 209.7 Total segment revenue $ 821.8 $ 1,515.9 $ 528.6 $ 2,866.3 Total revenue in the United States, as included in the Condensed Consolid

Debt

Debt	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Debt	NOTE 8. DEBT Debt consisted of the following: As of Third Quarter of Year End Instrument Date of Issuance 2024 2023 (In millions) Effective interest rate Senior Notes: 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% 800.0 800.0 Credit Facilities: 2022 Revolving Credit Facility, due March 2027 September 2022 — 150.0 Term Loan, due April 2026 April 2023 — 500.0 Term Loan, due April 2028 April 2023 — 500.0 Uncommitted Credit Facilities, floating rate — 130.4 Unamortized discount and issuance costs (9.8) (13.8) Total debt $ 1,790.2 $ 3,066.6 Less: Short-term debt 400.0 530.4 Long-term debt $ 1,390.2 $ 2,536.2 Debt Maturities At the end of the third quarter of 2024, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2024 (Remaining) $ 400.0 2025 — 2026 — 2027 — 2028 600.0 Thereafter 800.0 Total $ 1,800.0 Senior Notes All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year, except for the interest on the 2033 senior notes payable in March and September. Additional details are unchanged from the information disclosed in Note 8 “Debt” of the 2023 Form 10-K. Credit Facilities 2023 Term Loans In 2023, we entered into two unsecured, variable-rate term loans comprised of a 3-year tranche for $500.0 million and a 5-year tranche for $500.0 million. In the second quarter of 2024, we repaid the term loans in full using a portion of the funds received in connection with the Ag divestiture. 2022 Credit Facility In 2022, we entered into a five-year, unsecured, revolving credit facility in the aggregate principal amount of $1.25 billion. Subject to approval, we may increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The variable interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets. Uncommitted Facilities At the end of the third quarter of 2024, we had two $75.0 million and one €100.0 million revolving credit facilities, which are uncommitted. Generally, these variable-rate, uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet. Covenants The 2022 credit facility contains customary covenants, including, among other requirements, limitations that restrict our and our subsidiaries’ ability to create liens and enter into sale and leaseback transactions, and restrictions on the ability of the subsidiaries to incur indebtedness. The facility contains financial covenants that require the maintenance of maximum leverage and minimum interest coverage ratios, as well as the timely delivery of quarterly financial reports and compliance certificates. At the end of the third quarter of 2024, we were in compliance with our debt covenants under a waiver of the financial reporting covenants.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 27, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 9. FAIR VALUE MEASUREMENTS Fair value is measured by using observable or, to the extent necessary, unobservable inputs. Financial instruments recorded at fair value include our deferred compensation plan. The fair value was $31.9 million and $31.2 million at the end of the third quarter of 2024 and the end of 2023, and is included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. The fair value was measured by using quoted prices in active markets. Financial instruments not recorded at fair value on a recurring basis (debt) had an estimated fair value of $1.9 billion and $3.1 billion at the end of the third quarter of 2024 and the end of 2023. The fair value of the debt was determined based on observable market prices in less active markets. 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	9 Months Ended
	Sep. 27, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Deferred Revenue And Remaining Performance Obligations	NOTE 10. DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in our deferred revenue during the third quarter and the first three quarters of 2024 and 2023 were as follows: Third Quarter of First Three Quarters of (In millions) 2024 2023 2024 2023 Beginning balance of the period $ 813.6 $ 745.6 $ 761.4 $ 737.6 Revenue recognized from prior year-end (113.4) (107.8) (585.9) (543.0) Billings net of revenue recognized from current year and other 57.0 54.8 581.7 498.0 Ending balance of the period $ 757.2 $ 692.6 $ 757.2 $ 692.6 Remaining Performance Obligations At the end of the third quarter of 2024, approximately $1.5 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 $1.1 billion or 71% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter. The remaining performance obligations exclude $0.2 billion for the pending Mobility divestiture.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 11. 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 shares of common stock include outstanding stock options, restricted stock units, contingently issuable shares, and shares to be purchased under our employee stock purchase plan. The following table shows the computation of basic and diluted earnings per share: Third Quarter of First Three Quarters of 2024 2023 2024 2023 (In millions, except per share amounts) Numerator: Net income $ 40.6 $ 74.9 $ 1,414.2 $ 248.3 Denominator: Weighted-average shares of common stock outstanding - basic 245.6 248.6 245.4 248.0 Effect of dilutive securities 1.3 1.1 1.5 1.1 Weighted-average shares of common stock outstanding - diluted 246.9 249.7 246.9 249.1 Basic earnings per share $ 0.17 $ 0.30 $ 5.76 $ 1.00 Diluted earnings per share $ 0.16 $ 0.30 $ 5.73 $ 1.00 Antidilutive weighted-average shares (1) 1.8 1.3 1.8 1.7 (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	9 Months Ended
	Sep. 27, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 12. INCOME TAXES For the third quarter, our effective income tax rate was 44.5%, as compared to 5.7% in the corresponding period in 2023, primarily due to certain disallowed losses related to the pending Mobility divestiture. For the first three quarters, our effective income tax rate was 25.9%, as compared to 16.5% in the prior year, primarily due to a geographic mix of gains from the Ag divestiture.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 13. COMMITMENTS AND CONTINGENCIES Commitments At the end of the third quarter of 2024, we had unconditional purchase obligations of approxima tely $500.9 million. These unconditional purchase obligations primarily represent (i) open non-cancellable purchase orders for material purchases with our inventory vendors, and (ii) various non-cancelable agreements with certain service providers with minimum or fixed commitments. 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 are a party, or to which any of our or our subsidiaries’ property is subject.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 27, 2024	Jun. 28, 2024	Mar. 29, 2024	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 27, 2024	Sep. 29, 2023
Pay vs Performance Disclosure
Net income	$ 40.6	$ 1,316.4	$ 57.2	$ 74.9	$ 44.6	$ 128.8	$ 1,414.2	$ 248.3

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Overview And Accounting Polic_2

Overview And Accounting Policies (Policies)	9 Months Ended
	Sep. 27, 2024
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. 2024 is a 53 -week year and 2023 was a 52 -week year. The third quarter of 2024 and 2023 ended on September 27, 2024 and September 29, 2023. 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 2023 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 2023 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 (i) revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price of performance obligations; (ii) inventory valuation; (iii) valuation of investments; (iv) valuation of long-lived assets and their estimated useful lives; (v) goodwill and other long-lived asset impairment analyses; (vi) stock-based compensation; and (vii) 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.
New Segment Structure	New Segment Structure As a result of the Ag divestiture and our Chief Operating Decision Maker’s (“CODM”) revised organizational structure, effective in the first quarter of 2024, we reorganized our businesses under a new segment structure. This structure brings similar businesses together, which is expected to enhance our ability to achieve scale and growth consistent with our strategy. The updated segment structure is comprised of (i) Architects, Engineers, Construction and Owners (“AECO”), (ii) Field Systems, and (iii) Transportation and Logistics (“T&L”). Prior-year information has been adjusted to reflect the change in segment reporting.
Recently Issued Accounting Pronouncements Not Yet Adopted and Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses . The ASU requires additional disclosures by disaggregating the costs and expense line items that are presented on the face of the income statement. The disaggregation includes: (i) amounts of purchased inventory, employee compensation, depreciation, amortization, and other related costs and expenses; (ii) an explanation of costs and expenses that are not disaggregated on a quantitative basis; and (iii) the definition and total amount of selling expenses. The ASU is effective for our Annual Report on Form 10-K beginning in 2027 and subsequent interim reports. Early adoption is permitted. The ASU should be applied prospectively. Retrospective application is permitted for all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU updates reportable segment disclosure requirements primarily through (i) enhanced disclosures about significant segment expenses, (ii) the composition of other segment items, and (iii) optional disclosures of more than one measure of segment profit or loss if the CODM uses those measures to assess segment performance and allocate resources. The ASU is effective for our Annual Report on Form 10-K beginning in 2024 and subsequent interim reports. Early adoption is permitted. The ASU should be applied retrospectively to all prior periods presented in the financial statements. Adoption of this ASU will result in additional disclosures related to the reportable segments. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The ASU updates the annual income tax disclosures by requiring (i) specific categories and greater disaggregation of information in the rate reconciliation, (ii) income taxes paid disaggregated by taxing authority and jurisdiction, and (iii) disclosures of pretax income (or loss) and income tax expense (or benefit). Additionally, certain existing disclosure requirements are removed. The ASU is effective for our Annual Report on Form 10-K beginning in 2025 and is applied prospectively. Early adoption and retrospective application are permitted. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures. Recently Adopted Accounting Pronouncements

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Sep. 27, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Pro-Forma Financial Information	The unaudited pro forma financial information presented in the following table was determined 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 beginning in the first quarter of 2022. This information is presented for informational purposes only, and it 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. First Three Quarters of 2023 (In millions) Total revenue $ 2,906.8 Net income 210.0

Divestitures (Tables)

Divestitures (Tables)	9 Months Ended
	Sep. 27, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets And Liabilities Held For Sale Included in Consolidated Balance Sheets	The following table presents the major classes of assets and liabilities classified as held for sale as of the third quarter of 2024, including the valuation allowance. As of Third Quarter of 2024 (In millions) Cash and cash equivalents $ 17.1 Accounts receivable, net 65.1 Inventories, net 25.2 Other current assets 9.5 Goodwill 147.3 Other non-current assets 61.0 Valuation allowance (13.5) Total Assets held for sale $ 311.7 Accounts payable $ 4.1 Deferred revenue, current 12.0 Other current liabilities 13.7 Deferred revenue, non-current 5.2 Other non-current liabilities 6.6 Total Liabilities held for sale $ 41.6

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following table presents a summary of our intangible assets: As of Third Quarter of 2024 Year End 2023 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 874.9 $ (587.9) $ 287.0 $ 908.5 $ (554.1) $ 354.4 Customer relationships 1,242.7 (428.6) 814.1 1,358.4 (474.5) 883.9 Trade names and other intellectual properties 41.3 (39.3) 2.0 48.0 (42.8) 5.2 $ 2,158.9 $ (1,055.8) $ 1,103.1 $ 2,314.9 $ (1,071.4) $ 1,243.5
Schedule of Estimated Future Amortization Expense	The estimated future amortization expense of intangible assets at the end of the third quarter of 2024 was as follows: (In millions) 2024 (Remaining) $ 45.9 2025 170.6 2026 165.5 2027 152.2 2028 138.1 Thereafter 430.8 Total $ 1,103.1
Schedule of Changes in Carrying Amount of Goodwill by Operating Segment	The changes in the carrying amount of goodwill by segment for the first three quarters of 2024 were as follows: AECO Field Systems T&L Total (In millions) Balance as of year end 2023 $ 1,996.9 $ 1,063.5 $ 2,290.2 $ 5,350.6 Additions due to acquisitions 16.2 — — 16.2 Assets held for sale — — (147.3) (147.3) Decreases due to divestitures (0.8) (91.7) — (92.5) Foreign currency translation and other adjustments 7.5 (2.6) 9.9 14.8 Balance as of the end of the third quarter of 2024 $ 2,019.8 $ 969.2 $ 2,152.8 $ 5,141.8

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 27, 2024
Inventory, Net [Abstract]
Schedule of Components of Net Inventories	The components of inventory, net were as follows: As of Third Quarter of Year End 2024 2023 (In millions) Raw materials $ 75.9 $ 88.4 Work-in-process 5.0 3.0 Finished goods 111.2 144.3 Total inventories $ 192.1 $ 235.7

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 27, 2024
Segment Reporting [Abstract]
Schedule of Revenue, Operating Income and Identifiable Assets by Segment	The following reporting segment tables reflect the results of our reportable operating segments under our management reporting system. This is consistent with the way the CODM evaluates each of the segment’s performance and allocates resources. Reporting Segments AECO Field Systems T&L Total (In millions) Third Quarter of 2024 Segment revenue $ 306.0 $ 374.6 $ 195.2 $ 875.8 Segment operating income 89.0 123.7 41.0 253.7 Third Quarter of 2023 Segment revenue $ 269.6 $ 495.4 $ 192.3 $ 957.3 Segment operating income 77.8 165.0 33.6 276.4 First Three Quarters of 2024 Segment revenue $ 944.8 $ 1,173.1 $ 582.0 $ 2,699.9 Segment operating income 294.8 331.8 113.2 739.8 First Three Quarters of 2023 Segment revenue $ 821.8 $ 1,515.9 $ 528.6 $ 2,866.3 Segment operating income 235.6 478.3 80.6 794.5 Reporting Segments AECO Field Systems T&L Total (In millions) As of the end of the Third Quarter of 2024 Accounts receivable, net $ 154.5 $ 260.9 $ 110.2 $ 525.6 Inventories 1.0 190.8 0.3 192.1 Goodwill 2,019.8 969.2 2,152.8 5,141.8 As of Year End 2023 Accounts receivable, net $ 222.5 $ 309.8 $ 174.3 $ 706.6 Inventories 3.2 202.7 29.8 235.7 Goodwill 1,996.9 1,063.5 2,290.2 5,350.6
Schedule of 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: Third Quarter of First Three Quarters of 2024 2023 2024 2023 (In millions) Consolidated segment operating income $ 253.7 $ 276.4 $ 739.8 $ 794.5 Unallocated general corporate expenses (28.9) (25.4) (86.2) (86.4) Amortization of purchased intangible assets (45.4) (58.9) (154.4) (155.7) Acquisition / divestiture items (17.4) (22.0) (75.2) (55.5) Stock-based compensation / deferred compensation (38.1) (37.9) (115.0) (115.4) Restructuring and other costs (7.5) (10.9) (21.8) (29.6) Consolidated operating income 116.4 121.3 287.2 351.9 Total non-operating (expense) income, net (43.3) (41.9) 1,620.9 (54.4) Consolidated income before taxes $ 73.1 $ 79.4 $ 1,908.1 $ 297.5
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 AECO Field Systems T&L Total (In millions) Third Quarter of 2024 North America $ 197.5 $ 210.0 $ 117.0 $ 524.5 Europe 78.0 88.9 65.7 232.6 Asia Pacific 24.1 48.2 2.9 75.2 Rest of World 6.4 27.5 9.6 43.5 Total segment revenue $ 306.0 $ 374.6 $ 195.2 $ 875.8 Third Quarter of 2023 North America $ 159.6 $ 238.1 $ 120.7 $ 518.4 Europe 66.7 134.7 59.3 260.7 Asia Pacific 24.6 79.0 2.3 105.9 Rest of World 18.7 43.6 10.0 72.3 Total segment revenue $ 269.6 $ 495.4 $ 192.3 $ 957.3 First Three Quarters of 2024 North America $ 582.1 $ 592.4 $ 351.6 $ 1,526.1 Europe 249.3 325.6 186.3 761.2 Asia Pacific 86.1 172.3 11.9 270.3 Rest of World 27.3 82.8 32.2 142.3 Total segment revenue $ 944.8 $ 1,173.1 $ 582.0 $ 2,699.9 First Three Quarters of 2023 North America $ 486.1 $ 687.1 $ 352.6 $ 1,525.8 Europe 217.9 449.2 144.1 811.2 Asia Pacific 72.8 241.2 5.6 319.6 Rest of World 45.0 138.4 26.3 209.7 Total segment revenue $ 821.8 $ 1,515.9 $ 528.6 $ 2,866.3

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Schedule Of Debt	Debt consisted of the following: As of Third Quarter of Year End Instrument Date of Issuance 2024 2023 (In millions) Effective interest rate Senior Notes: 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% 800.0 800.0 Credit Facilities: 2022 Revolving Credit Facility, due March 2027 September 2022 — 150.0 Term Loan, due April 2026 April 2023 — 500.0 Term Loan, due April 2028 April 2023 — 500.0 Uncommitted Credit Facilities, floating rate — 130.4 Unamortized discount and issuance costs (9.8) (13.8) Total debt $ 1,790.2 $ 3,066.6 Less: Short-term debt 400.0 530.4 Long-term debt $ 1,390.2 $ 2,536.2
Schedule of Maturities of Long-term Debt	At the end of the third quarter of 2024, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2024 (Remaining) $ 400.0 2025 — 2026 — 2027 — 2028 600.0 Thereafter 800.0 Total $ 1,800.0

Deferred Revenue And Remainin_2

Deferred Revenue And Remaining Performance Obligations (Tables)	9 Months Ended
	Sep. 27, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Deferred Revenue and Performance Obligations	Changes in our deferred revenue during the third quarter and the first three quarters of 2024 and 2023 were as follows: Third Quarter of First Three Quarters of (In millions) 2024 2023 2024 2023 Beginning balance of the period $ 813.6 $ 745.6 $ 761.4 $ 737.6 Revenue recognized from prior year-end (113.4) (107.8) (585.9) (543.0) Billings net of revenue recognized from current year and other 57.0 54.8 581.7 498.0 Ending balance of the period $ 757.2 $ 692.6 $ 757.2 $ 692.6

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Earnings Per Share and Effect on Weighted-Average Number of Shares	The following table shows the computation of basic and diluted earnings per share: Third Quarter of First Three Quarters of 2024 2023 2024 2023 (In millions, except per share amounts) Numerator: Net income $ 40.6 $ 74.9 $ 1,414.2 $ 248.3 Denominator: Weighted-average shares of common stock outstanding - basic 245.6 248.6 245.4 248.0 Effect of dilutive securities 1.3 1.1 1.5 1.1 Weighted-average shares of common stock outstanding - diluted 246.9 249.7 246.9 249.1 Basic earnings per share $ 0.17 $ 0.30 $ 5.76 $ 1.00 Diluted earnings per share $ 0.16 $ 0.30 $ 5.73 $ 1.00 Antidilutive weighted-average shares (1) 1.8 1.3 1.8 1.7 (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.

Common Stock Repurchase (Detail

Common Stock Repurchase (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Mar. 29, 2024	Sep. 27, 2024	Sep. 29, 2023	Jan. 28, 2024
Equity, Class of Stock [Line Items]
Stock repurchased		$ 176,500,000
2024 Stock Repurchase Program
Equity, Class of Stock [Line Items]
Stock repurchase program approved amount					$ 800,000,000
Remaining amount authorized	$ 625,000,000		$ 625,000,000
Stock repurchased (in shares)	0		2,900,000	0
Average price (in usd per share)			$ 60.97
Stock repurchased			$ 175,000,000

Acquisition (Narratives) (Detai

Acquisition (Narratives) (Details) $ in Millions, € in Billions			9 Months Ended
	Apr. 03, 2023 USD ($)	Apr. 03, 2023 EUR (€)	Sep. 27, 2024 USD ($)	Sep. 29, 2023 USD ($)	Dec. 29, 2023 USD ($)
Business Acquisition [Line Items]
Repayments of long-term debt			$ 1,799.3	$ 1,856.8
Goodwill			$ 5,141.8		$ 5,350.6
Transporeon
Business Acquisition [Line Items]
Total purchase consideration	$ 2,100	€ 1.9
Repayments of long-term debt	339.6
Goodwill	1,390.1
Identifiable intangible assets	939.8
Net tangible assets	9.3
Deferred tax liabilities	$ 256.6

Acquisition (Schedule of Pro-Fo

Acquisition (Schedule of Pro-Forma Financial Information) (Details) - Transporeon $ in Millions	9 Months Ended
	Sep. 29, 2023 USD ($)
Business Acquisition [Line Items]
Total revenue	$ 2,906.8
Net income	$ 210

Divestitures - Narrative (Detai

Divestitures - Narrative (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
	Apr. 01, 2024	Sep. 27, 2024	Jun. 28, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Sep. 14, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from equity method investments, net		$ (0.6)		$ 5.2	$ 9.3	$ 24.6
Held for sale | Global Transportation Telematics ("Mobility")
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax (loss) gain on disposal		$ (23.5)
Held for sale | Trimble Ag
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax (loss) gain on disposal			$ 1,700
Disposal group, including discontinued operation, consideration	$ 1,900
Net assets, wrote off	457.3
Goodwill	$ 357.4
Platform Science
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage							32.50%
Equity investments							$ 248.7
Platform Science | Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage							28.50%
Platform Science | Warrant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage							4%
PTx Trimble
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	15%
(Loss) income from equity method investments, net	$ 275.6
Supply agreement term (in years)	7 years
Contract manufacturing services period of the divested products (in years)	2 years
PTx Trimble | AGCO Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	85%

Divestitures - Balance Sheet (D

Divestitures - Balance Sheet (Details) - Held-for-sale - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023	Sep. 29, 2023
Assets
Cash and cash equivalents	$ 17.1	$ 9.1	$ 6.1
Accounts receivable, net	65.1
Inventories	25.2
Other current assets	9.5
Goodwill	147.3
Other non-current assets	61
Valuation allowance	(13.5)
Total Assets held for sale	311.7
Liabilities
Accounts payable	4.1
Deferred revenue, current	12
Other current liabilities	13.7
Deferred revenue, non-current	5.2
Other non-current liabilities	6.6
Liabilities held for sale	$ 41.6

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,158.9	$ 2,314.9
Accumulated amortization	(1,055.8)	(1,071.4)
Total	1,103.1	1,243.5
Developed product technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	874.9	908.5
Accumulated amortization	(587.9)	(554.1)
Total	287	354.4
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,242.7	1,358.4
Accumulated amortization	(428.6)	(474.5)
Total	814.1	883.9
Trade names and other intellectual properties
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	41.3	48
Accumulated amortization	(39.3)	(42.8)
Total	$ 2	$ 5.2

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Schedule Of Estimated Future Amortization Expense) (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (Remaining)	$ 45.9
2025	170.6
2026	165.5
2027	152.2
2028	138.1
Thereafter	430.8
Total	$ 1,103.1	$ 1,243.5

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill (Schedule of Changes In Carrying Amount Of Goodwill By Operating Segment) (Details) $ in Millions	9 Months Ended
	Sep. 27, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 5,350.6
Additions due to acquisitions	16.2
Decreases due to divestitures	(92.5)
Foreign currency translation and other adjustments	14.8
Goodwill, ending balance	5,141.8
Held-for-sale
Goodwill [Roll Forward]
Decreases due to divestitures	(147.3)
AECO
Goodwill [Roll Forward]
Goodwill, beginning balance	1,996.9
Additions due to acquisitions	16.2
Decreases due to divestitures	(0.8)
Foreign currency translation and other adjustments	7.5
Goodwill, ending balance	2,019.8
AECO | Held-for-sale
Goodwill [Roll Forward]
Decreases due to divestitures	0
Field Systems
Goodwill [Roll Forward]
Goodwill, beginning balance	1,063.5
Additions due to acquisitions	0
Decreases due to divestitures	(91.7)
Foreign currency translation and other adjustments	(2.6)
Goodwill, ending balance	969.2
Field Systems | Held-for-sale
Goodwill [Roll Forward]
Decreases due to divestitures	0
T&L
Goodwill [Roll Forward]
Goodwill, beginning balance	2,290.2
Additions due to acquisitions	0
Decreases due to divestitures	0
Foreign currency translation and other adjustments	9.9
Goodwill, ending balance	2,152.8
T&L | Held-for-sale
Goodwill [Roll Forward]
Decreases due to divestitures	$ (147.3)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Inventory, Net [Abstract]
Raw materials	$ 75.9	$ 88.4
Work-in-process	5	3
Finished goods	111.2	144.3
Total inventories	$ 192.1	$ 235.7

Segment Information (Schedule O

Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 875.8	$ 957.3	$ 2,699.9	$ 2,866.3
Segment operating income	116.4	121.3	287.2	351.9
Operating segment
Segment Reporting Information [Line Items]
Segment operating income	253.7	276.4	739.8	794.5
AECO
Segment Reporting Information [Line Items]
Total revenue	306	269.6	944.8	821.8
AECO | Operating segment
Segment Reporting Information [Line Items]
Segment operating income	89	77.8	294.8	235.6
Field Systems
Segment Reporting Information [Line Items]
Total revenue	374.6	495.4	1,173.1	1,515.9
Field Systems | Operating segment
Segment Reporting Information [Line Items]
Segment operating income	123.7	165	331.8	478.3
T&L
Segment Reporting Information [Line Items]
Total revenue	195.2	192.3	582	528.6
T&L | Operating segment
Segment Reporting Information [Line Items]
Segment operating income	$ 41	$ 33.6	$ 113.2	$ 80.6

Segment Information (Schedule_2

Segment Information (Schedule of Segment Select Balance Sheet) (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Segment Reporting Information [Line Items]
Accounts receivable, net	$ 525.6	$ 706.6
Inventories	192.1	235.7
Goodwill	5,141.8	5,350.6
AECO
Segment Reporting Information [Line Items]
Accounts receivable, net	154.5	222.5
Inventories	1	3.2
Goodwill	2,019.8	1,996.9
Field Systems
Segment Reporting Information [Line Items]
Accounts receivable, net	260.9	309.8
Inventories	190.8	202.7
Goodwill	969.2	1,063.5
T&L
Segment Reporting Information [Line Items]
Accounts receivable, net	110.2	174.3
Inventories	0.3	29.8
Goodwill	$ 2,152.8	$ 2,290.2

Segment Information (Schedule_3

Segment Information (Schedule of Reconciliation Of Our Condensed Consolidated Segment Operating Income To Condensed Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income	$ 116.4	$ 121.3	$ 287.2	$ 351.9
Unallocated general corporate expenses	(459.2)	(468.9)	(1,427.9)	(1,403.6)
Amortization of purchased intangible assets	(45.4)	(58.9)	(154.4)	(155.7)
Acquisition / divestiture items	(17.4)	(22)	(75.2)	(55.5)
Stock-based compensation / deferred compensation	(38.1)	(37.9)	(115)	(115.4)
Restructuring and other costs	(7.5)	(10.9)	(21.8)	(29.6)
Total non-operating (expense) income, net	(43.3)	(41.9)	1,620.9	(54.4)
Consolidated income before taxes	73.1	79.4	1,908.1	297.5
Operating segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income	253.7	276.4	739.8	794.5
Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Unallocated general corporate expenses	$ (28.9)	$ (25.4)	$ (86.2)	$ (86.4)

Segment Information (Schedule_4

Segment Information (Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 875.8	$ 957.3	$ 2,699.9	$ 2,866.3
North America
Segment Reporting Information [Line Items]
Total revenue	524.5	518.4	1,526.1	1,525.8
Europe
Segment Reporting Information [Line Items]
Total revenue	232.6	260.7	761.2	811.2
Asia Pacific
Segment Reporting Information [Line Items]
Total revenue	75.2	105.9	270.3	319.6
Rest of World
Segment Reporting Information [Line Items]
Total revenue	43.5	72.3	142.3	209.7
United States
Segment Reporting Information [Line Items]
Total revenue	483.3	478.6	1,407.1	1,401.2
AECO
Segment Reporting Information [Line Items]
Total revenue	306	269.6	944.8	821.8
AECO | North America
Segment Reporting Information [Line Items]
Total revenue	197.5	159.6	582.1	486.1
AECO | Europe
Segment Reporting Information [Line Items]
Total revenue	78	66.7	249.3	217.9
AECO | Asia Pacific
Segment Reporting Information [Line Items]
Total revenue	24.1	24.6	86.1	72.8
AECO | Rest of World
Segment Reporting Information [Line Items]
Total revenue	6.4	18.7	27.3	45
Field Systems
Segment Reporting Information [Line Items]
Total revenue	374.6	495.4	1,173.1	1,515.9
Field Systems | North America
Segment Reporting Information [Line Items]
Total revenue	210	238.1	592.4	687.1
Field Systems | Europe
Segment Reporting Information [Line Items]
Total revenue	88.9	134.7	325.6	449.2
Field Systems | Asia Pacific
Segment Reporting Information [Line Items]
Total revenue	48.2	79	172.3	241.2
Field Systems | Rest of World
Segment Reporting Information [Line Items]
Total revenue	27.5	43.6	82.8	138.4
T&L
Segment Reporting Information [Line Items]
Total revenue	195.2	192.3	582	528.6
T&L | North America
Segment Reporting Information [Line Items]
Total revenue	117	120.7	351.6	352.6
T&L | Europe
Segment Reporting Information [Line Items]
Total revenue	65.7	59.3	186.3	144.1
T&L | Asia Pacific
Segment Reporting Information [Line Items]
Total revenue	2.9	2.3	11.9	5.6
T&L | Rest of World
Segment Reporting Information [Line Items]
Total revenue	$ 9.6	$ 10	$ 32.2	$ 26.3

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Debt Instrument [Line Items]
Uncommitted Credit Facilities, floating rate	$ 400
Unamortized discount and issuance costs	(9.8)	$ (13.8)
Total debt	1,790.2	3,066.6
Short-term debt	400
Less: Short-term debt		530.4
Long-term debt	$ 1,390.2	2,536.2
Uncommitted Facilities, floating rate
Debt Instrument [Line Items]
Effective interest rate
Uncommitted Credit Facilities, floating rate	$ 0	130.4
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Effective interest rate
Debt, gross	$ 0	150
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	800
Term Loan, due April 2026 | Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Effective interest rate
Debt, gross	$ 0	500
Term Loan, due April 2028 | Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Effective interest rate
Debt, gross	$ 0	$ 500

Debt (Schedule of Debt Maturiti

Debt (Schedule of Debt Maturities) (Details) $ in Millions	Sep. 27, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (Remaining)	$ 400
2025	0
2026	0
2027	0
2028	600
Thereafter	800
Total	$ 1,800

Debt (Narrative) (Details)

Debt (Narrative) (Details) € in Millions	12 Months Ended
	Dec. 29, 2023 USD ($) loan	Dec. 30, 2022 USD ($)	Sep. 27, 2024 USD ($) loan	Sep. 27, 2024 EUR (€) loan
Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Number of loans | loan	2
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		$ 1,250,000,000
Debt instrument, term		5 years
Additional capacity		$ 500,000,000
Uncommitted Revolving Credit Facilities $75 million
Debt Instrument [Line Items]
Number of revolving loan facilities | loan			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
Current borrowing capacity | €				€ 100

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Sep. 27, 2024	Dec. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets, fair value disclosure	$ 31.9	$ 31.2
Deferred compensation plan liabilities, fair value disclosure	31.9	31.2
Long-term debt, including current portion	$ 1,900	$ 3,100

Deferred Revenue And Remainin_3

Deferred Revenue And Remaining Performance Obligations (Schedule of Deferred Revenue and Performance Obligations) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Contract With Customer, Asset And Liability [Roll Forward]
Beginning balance of the period	$ 813.6	$ 745.6	$ 761.4	$ 737.6
Revenue recognized from prior year-end	(113.4)	(107.8)	(585.9)	(543)
Billings net of revenue recognized from current year and other	57	54.8	581.7	498
Ending balance of the period	$ 757.2	$ 692.6	$ 757.2	$ 692.6

Deferred Revenue And Remainin_4

Deferred Revenue And Remaining Performance Obligations (Narratives) (Details) $ in Billions	Sep. 27, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1.5
Excluded performance obligation	0.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1.1
Remaining performance obligation, percentage	71%
Period of recognition	12 months

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 27, 2024	Jun. 28, 2024	Mar. 29, 2024	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 27, 2024	Sep. 29, 2023
Numerator:
Net income	$ 40.6	$ 1,316.4	$ 57.2	$ 74.9	$ 44.6	$ 128.8	$ 1,414.2	$ 248.3
Denominator:
Weighted-average shares of common stock outstanding - basic (in shares)	245.6			248.6			245.4	248
Effect of dilutive securities (in shares)	1.3			1.1			1.5	1.1
Weighted-average shares of common stock outstanding - diluted (in shares)	246.9			249.7			246.9	249.1
Basic earnings per share (in usd per share)	$ 0.17			$ 0.30			$ 5.76	$ 1
Diluted earnings per share (in usd per share)	$ 0.16			$ 0.30			$ 5.73	$ 1
Antidilutive weighted-average shares (in shares)	1.8			1.3			1.8	1.7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Dec. 29, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	44.50%	5.70%	25.90%	16.50%
Unrecognized tax benefits that would impact effective tax rate	$ 59.9		$ 59.9		$ 59.5
Unrecognized tax benefit liabilities include interest and penalties	$ 12.4		$ 12.4		$ 9.9

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 27, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unconditional purchase obligations	$ 500.9