TRIMBLE INC., 10-Q filed on 11/3/2023
Quarterly Report
v3.23.3
Cover Page - shares
 9 Months Ended
Sep. 29, 2023
Oct. 30, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 29, 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, $0.001 par value per share  
Trading Symbol TRMB  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   248,767,565
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000864749  
Current Fiscal Year End Date --12-29  
v3.23.3
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Millions
Sep. 29, 2023
Dec. 30, 2022
Current assets:    
Cash and cash equivalents $ 216.8 $ 271.0
Accounts receivable, net 641.4 643.3
Inventories 257.2 402.5
Other current assets 196.4 201.4
Total Assets Held for Sale 378.7 0.0
Total current assets 1,690.5 1,518.2
Property and equipment, net 203.7 219.0
Operating lease right-of-use assets 114.5 121.2
Goodwill 5,279.7 4,137.9
Other purchased intangible assets, net 1,259.6 498.1
Deferred income tax assets 418.0 438.4
Other non-current assets 364.7 336.2
Total assets 9,330.7 7,269.0
Current liabilities:    
Short-term debt 58.3  
Short-term debt   300.0
Accounts payable 179.5 175.5
Accrued compensation and benefits 169.9 159.4
Deferred revenue 594.2 639.1
Income taxes payable 104.9 23.7
Other current liabilities 184.3 164.4
Liabilities held for sale 46.9 0.0
Total current liabilities 1,338.0 1,462.1
Long-term debt 2,995.4 1,220.0
Deferred revenue, non-current 98.4 98.5
Deferred income tax liabilities 283.6 157.8
Operating lease liabilities 104.1 105.1
Other non-current liabilities 168.2 175.3
Total liabilities 4,987.7 3,218.8
Commitments and contingencies (Note 13)
Stockholders' equity:    
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding 0.0 0.0
Common stock, $0.001 par value; 360.0 shares authorized; 248.8 and 246.9 shares issued and outstanding at the end of the third quarter of 2023 and year end 2022 0.2 0.2
Additional paid-in-capital 2,201.5 2,054.9
Retained earnings 2,455.4 2,230.0
Accumulated other comprehensive loss (314.1) (234.9)
Total stockholders' equity 4,343.0 4,050.2
Total liabilities and stockholders' equity $ 9,330.7 $ 7,269.0
v3.23.3
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares
Sep. 29, 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) 3,000,000.0 3,000,000.0
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) 360,000,000.0 360,000,000.0
Common stock, shares issued (in shares) 248,800,000 246,900,000
Common stock, shares outstanding (in shares) 248,800,000 246,900,000
v3.23.3
Condensed Consolidated Statements Of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Revenue:        
Total revenue $ 957.3 $ 884.9 $ 2,866.3 $ 2,819.8
Cost of sales:        
Amortization of purchased intangible assets 27.7 19.9 80.9 63.4
Total cost of sales 367.1 369.5 1,110.8 1,217.3
Gross margin 590.2 515.4 1,755.5 1,602.5
Operating expense:        
Research and development 162.5 127.0 496.6 407.4
Sales and marketing 146.2 137.1 436.9 407.9
General and administrative 117.2 109.6 369.2 318.0
Restructuring 11.8 8.2 26.1 20.5
Amortization of purchased intangible assets 31.2 11.1 74.8 34.5
Total operating expense 468.9 393.0 1,403.6 1,188.3
Operating income 121.3 122.4 351.9 414.2
Non-operating income (expense), net:        
Divestitures gain, net 5.5 6.0 10.6 103.1
Interest expense, net (46.8) (15.6) (113.2) (46.9)
Income from equity method investments, net 5.2 6.8 24.6 22.3
Other income (expense), net (5.8) (1.7) 23.6 (14.7)
Total non-operating income (expense), net (41.9) (4.5) (54.4) 63.8
Income before taxes 79.4 117.9 297.5 478.0
Income tax provision 4.5 32.1 49.2 113.9
Net income $ 74.9 $ 85.8 $ 248.3 $ 364.1
Earnings per share:        
Basic (in usd per share) $ 0.30 $ 0.35 $ 1.00 $ 1.46
Diluted (in usd per share) $ 0.30 $ 0.34 $ 1.00 $ 1.45
Shares used in calculating earnings per share:        
Basic (in shares) 248.6 247.5 248.0 249.1
Diluted (in shares) 249.7 248.9 249.1 250.8
Product        
Revenue:        
Total revenue $ 444.0 $ 472.5 $ 1,368.9 $ 1,570.3
Cost of sales:        
Cost of sales 215.6 239.8 665.7 815.5
Subscription and services        
Revenue:        
Total revenue 513.3 412.4 1,497.4 1,249.5
Cost of sales:        
Cost of sales $ 123.8 $ 109.8 $ 364.2 $ 338.4
v3.23.3
Condensed Consolidated Statements Of Comprehensive Income (Loss) (unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 74.9 $ 85.8 $ 248.3 $ 364.1
Foreign currency translation adjustments, net of tax (119.7) (95.6) (75.6) (173.0)
Net change related to derivatives and other, net of tax (0.2) 0.0 (3.6) 0.0
Comprehensive (loss) income $ (45.0) $ (9.8) $ 169.1 $ 191.1
v3.23.3
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 withholdings (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 $ 364.1          
Ending balance (in shares) at Sep. 30, 2022     246.6      
Ending balance at Sep. 30, 2022   3,844.8 $ 0.2 2,027.3 2,152.0 (334.7)
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   168.0     168.0  
Other comprehensive income (loss)   (75.2)       (75.2)
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   (19.4)   (2.3) (17.1)  
Stock repurchases (in shares)     (3.1)      
Stock repurchases   (200.0) $ (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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 85.8 85.8     85.8  
Other comprehensive income (loss)   (95.6)       (95.6)
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   17.0   17.9 (0.9)  
Stock repurchases (in shares)     (1.4)      
Stock repurchases   (90.0)   (11.4) (78.6)  
Stock-based compensation   33.1   33.1    
Ending balance (in shares) at Sep. 30, 2022     246.6      
Ending balance at Sep. 30, 2022   3,844.8 $ 0.2 2,027.3 2,152.0 (334.7)
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 2,230.0 (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 withholdings (in shares)     0.5      
Issuance of common stock under employee plans, net of tax withholdings   14.0   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 2,230.0 (234.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 248.3          
Ending balance (in shares) at Sep. 29, 2023 248.8   248.8      
Ending balance at Sep. 29, 2023 $ 4,343.0 4,343.0 $ 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 income (loss)   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     74.9  
Other comprehensive income (loss)   (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   248.8      
Ending balance at Sep. 29, 2023 $ 4,343.0 $ 4,343.0 $ 0.2 $ 2,201.5 $ 2,455.4 $ (314.1)
v3.23.3
Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Cash flow from operating activities:    
Net income $ 248.3 $ 364.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 29.5 30.1
Amortization expense 155.7 97.9
Deferred income taxes (104.0) (41.3)
Stock-based compensation 112.5 93.2
Divestitures gain, net (10.6) (103.1)
Other, net (5.9) 22.7
(Increase) decrease in assets:    
Accounts receivable, net 24.0 13.2
Inventories 46.3 (99.5)
Other current and non-current assets (35.5) (31.7)
Increase (decrease) in liabilities:    
Accounts payable 5.0 (3.8)
Accrued compensation and benefits 12.3 (52.9)
Deferred revenue (39.7) 14.3
Income taxes payable 62.5 (16.6)
Other current and non-current liabilities (2.2) (1.5)
Net cash provided by operating activities 498.2 285.1
Cash flow from investing activities:    
Acquisitions of businesses, net of cash acquired (2,088.9) (318.1)
Purchases of property and equipment (32.2) (36.6)
Net proceeds from divestitures 15.1 214.3
Other, net 41.6 (11.8)
Net cash used in investing activities (2,064.4) (152.2)
Cash flow from financing activities:    
Issuance of common stock, net of tax withholdings 8.0 (4.8)
Repurchases of common stock 0.0 (394.7)
Proceeds from debt and revolving credit lines 3,398.8 529.3
Payments on debt and revolving credit lines (1,856.8) (235.9)
Other, net (29.3) (8.9)
Net cash provided by (used in) financing activities 1,520.7 (115.0)
Effect of exchange rate changes on cash and cash equivalents (2.6) (34.9)
Net decrease in cash and cash equivalents (48.1) (17.0)
Cash and cash equivalents - beginning of period 271.0 325.7
Cash and cash equivalents - end of period [1] $ 222.9 $ 308.7
[1] (1) Includes $6.1 million of cash and cash equivalents classified as held for sale as of September 29, 2023.
v3.23.3
Condensed Consolidated Statements Of Cash Flows (unaudited) (Parenthetical)
$ in Millions
Sep. 29, 2023
USD ($)
Held-for-sale | Trimble Ag  
Cash and cash equivalents $ 6.1
v3.23.3
Overview And Accounting Policies
 9 Months Ended
Sep. 29, 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 third quarter of 2023 and 2022 ended on September 29, 2023 and September 30, 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 third quarter and first three quarters of 2022 were as follows:
Third Quarter of 2022First Three Quarters of 2022
(In millions)
As Previously ReportedEffect of Change in PresentationAs Reported HereinAs Previously ReportedEffect of Change in PresentationAs Reported Herein
Revenue:
Product$503.9 $(31.4)$472.5 $1,690.0 $(119.7)$1,570.3 
Subscription and services— 412.4 412.4 — 1,249.5 1,249.5 
Service158.3 (158.3)— 477.4 (477.4)— 
Subscription222.7 (222.7)— 652.4 (652.4)— 
Total revenue$884.9 $— $884.9 $2,819.8 $— $2,819.8 
Cost of sales:
Product$240.7 $(0.9)$239.8 $819.0 $(3.5)$815.5 
Subscription and services— 109.8 109.8 — 338.4 338.4 
Service53.9 (53.9)— 180.6 (180.6)— 
Subscription55.0 (55.0)— 154.3 (154.3)— 
Amortization of purchased intangible assets19.9 — 19.9 63.4 — 63.4 
Total cost of sales$369.5 $— $369.5 $1,217.3 $— $1,217.3 
Recently issued Accounting Pronouncements not yet Adopted
There are no recently issued accounting pronouncements applicable to us not yet adopted.
Recently Adopted Accounting Pronouncements
There are no recently adopted accounting pronouncements.
v3.23.3
Common Stock Repurchase
 9 Months Ended
Sep. 29, 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 third quarter of 2023, the 2021 Stock Repurchase Program had remaining authorized funds of $215.3 million.
In the fourth quarter of 2023, we plan to reinstate share repurchases, which were temporarily discontinued in the fourth quarter of 2022.
During the third quarter and first three quarters of 2022, we repurchased approximately 1.4 million and 6.0 million shares of common stock in open market purchases at an average price of $64.23 and $65.90 per share for a total of $90.0 million and $394.7 million under the 2021 Stock Repurchase Program.
Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-in-capital, determined by the average book value per share of outstanding stock, calculated at the time of each individual repurchase transaction. The excess of the purchase price over this average for each repurchase was charged to retained earnings. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes.
v3.23.3
ACQUISITION
 9 Months Ended
Sep. 29, 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. 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 8 “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.
Fair Value as of the Acquisition DateEstimated Useful Life
(In millions)
Total purchase consideration$2,082.6 
Net tangible assets acquired:
Cash and cash equivalents12.9 
Accounts receivable, net41.8 
Other current assets28.0 
Non-current assets24.7 
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 acquired7.6 
Intangible assets acquired:
Customer relationships759.5 11 years
Developed product technology168.4 7 years
Trade name11.9 1 year
Total intangible assets acquired939.8 
Deferred tax liability(256.6)
Fair value of all assets/liabilities acquired690.8 
Goodwill$1,391.8 
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 following table presents the amounts of revenue and net loss included in the Condensed Consolidated Statements of Income resulting from Transporeon since the acquisition date, which includes the effects of purchase accounting, primarily amortization of intangible assets and other adjustments.
 Third Quarter of First Three Quarters of
 20232023
(In millions)  
Total revenue$41.0 $81.5 
Net loss
(12.4)(27.0)
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.
 Third Quarter of First Three Quarters of
 2023202220232022
(In millions)    
Total revenue$957.3 $922.7 $2,906.8 $2,936.3 
Net income74.9 56.7 210.0 252.2 
v3.23.3
ASSETS HELD FOR SALE
 9 Months Ended
Sep. 29, 2023
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE
NOTE 4. ASSETS HELD FOR SALE
On September 28, 2023, we executed a definitive agreement with AGCO that provides for the formation of a JV with AGCO in the mixed fleet precision agriculture market (the “Trimble Ag JV Transaction”). Under the terms of the agreement, we will contribute our precision agriculture business (“Trimble Ag”), excluding certain Global Navigation Satellite System (“GNSS”) and guidance technologies, and AGCO will contribute its JCA Technologies business to the JV. We will sell an interest in the JV to AGCO for $2.0 billion in pre-tax cash proceeds, subject to working capital adjustments. Immediately following the closing of the Trimble Ag JV Transaction, we will own 15% of the JV and AGCO will own 85% of the JV.
Additionally, we plan to enter into the following agreements with AGCO as part of the overall transaction:
•a seven-year, renewable Supply Agreement through which we will provide key GNSS and guidance technologies to the JV 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 the JV in the agriculture field and, upon expiration of the Supply Agreement, to govern fixed and variable royalty payments made to us by the JV;
•a Trademark License Agreement to govern the licensing of certain Trimble trademarks for use by the JV in the agriculture field;
•a Positioning Services Agreement through which the JV will serve as our channel partner for the 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.
The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions, including regulatory approvals. Trimble Ag is reported as a part of our Resources and Utilities segment.
Following the closing of the Trimble Ag JV Transaction, our 15% ownership interest in the JV is expected to be reported as an equity method investment.
The assets and liabilities of Trimble Ag that are subject to the transaction were classified as held for sale in the third quarter of 2023. The following table presents the carrying values of the major classes of assets and liabilities classified as held for sale in our Condensed Consolidated Balance Sheets at the end of the third quarter of 2023:
As of
Third Quarter of
(In millions)2023
Cash and cash equivalents$6.1 
Accounts receivable, net11.7 
Inventories, net
85.8 
Other current assets3.0 
Property and equipment, net18.8 
Other purchased intangible assets, net19.3 
Goodwill
231.1 
Other non-current assets2.9 
Total Assets Held for Sale
$378.7 
Accounts payable$3.7 
Deferred revenue, current
13.3 
Other current liabilities14.8 
Deferred revenue, non-current8.3 
Long-term liabilities
6.8 
Total Liabilities Held for Sale
$46.9 
v3.23.3
Intangible Assets and Goodwill
 9 Months Ended
Sep. 29, 2023
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:
Third Quarter of 2023Year End 2022
 Gross  Gross  
CarryingAccumulatedNet CarryingCarryingAccumulatedNet Carrying
(In millions)AmountAmortizationAmountAmountAmortizationAmount
Developed product technology$927.2 $(554.1)$373.1 $1,004.8 $(722.7)$282.1 
Customer relationships1,347.1 (469.8)877.3 654.1 (445.9)208.2 
Trade names and trademarks44.8 (36.6)8.2 39.5 (32.7)6.8 
Distribution rights and other intellectual property4.4 (3.4)1.0 8.0 (7.0)1.0 
$2,323.5 $(1,063.9)$1,259.6 $1,706.4 $(1,208.3)$498.1 
The estimated future amortization expense of intangible assets at the end of the third quarter of 2023 was as follows:
(In millions)
2023 (Remaining)$57.5 
2024200.1 
2025162.8 
2026157.7 
2027144.0 
Thereafter537.5 
Total$1,259.6 
Goodwill
The changes in the carrying amount of goodwill by segment for the first three quarters of 2023 were as follows: 
Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Balance as of year end 2022$2,300.1 $382.1 $471.8 $983.9 $4,137.9 
Additions due to acquisitions28.1 — — 1,391.8 1,419.9 
Assets held for sale
— (1.7)(229.4)— (231.1)
Foreign currency translation and other adjustments(2.2)(3.6)2.0 (43.2)(47.0)
Balance as of the end of the third quarter of 2023$2,326.0 $376.8 $244.4 $2,332.5 $5,279.7 
v3.23.3
Inventories
 9 Months Ended
Sep. 29, 2023
Inventory, Net [Abstract]  
Inventories
NOTE 6. INVENTORIES
The components of inventory, net were as follows:
Third Quarter of Year End
As of20232022
(In millions)  
Raw materials$92.0 $154.9 
Work-in-process9.8 13.1 
Finished goods155.4 234.5 
Total inventories$257.2 $402.5 
v3.23.3
Segment Information
 9 Months Ended
Sep. 29, 2023
Segment Reporting [Abstract]  
Segment Information
NOTE 7. 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 InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Third Quarter of 2023
Segment revenue$395.1 $180.7 $184.9 $196.6 $957.3 
Segment operating income113.5 57.9 69.2 35.8 276.4 
Third Quarter of 2022
Segment revenue$363.6 $184.2 $191.7 $145.4 $884.9 
Segment operating income96.7 61.5 64.2 16.0 238.4 
First Three Quarters of 2023
Segment revenue$1,204.6 $526.0 $589.5 $546.2 $2,866.3 
Segment operating income 332.6 162.3 209.6 90.0 794.5 
First Three Quarters of 2022
Segment revenue$1,143.8 $585.4 $636.4 $454.2 $2,819.8 
Segment operating income 318.8 177.2 212.3 37.0 745.3 
 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
As of the end of the Third Quarter of 2023
Accounts receivable, net$255.9 $133.0 $78.8 $173.7 $641.4 
Inventories68.8 124.0 11.0 53.4 257.2 
Goodwill2,326.0 376.8 244.4 2,332.5 5,279.7 
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 
Goodwill2,300.1 382.1 471.8 983.9 4,137.9 
A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: 
 Third Quarter of First Three Quarters of
 2023202220232022
(In millions)    
Consolidated segment operating income$276.4 $238.4 $794.5 $745.3 
Unallocated general corporate expenses(25.4)(28.5)(86.4)(91.6)
Amortization of purchased intangible assets(58.9)(31.0)(155.7)(97.9)
Acquisition / divestiture items(22.0)(9.1)(55.5)(20.3)
Stock-based compensation / deferred compensation(37.9)(31.7)(115.4)(82.9)
Restructuring and other costs(10.9)(15.7)(29.6)(38.4)
Consolidated operating income121.3 122.4 351.9 414.2 
Total non-operating income (expense), net(41.9)(4.5)(54.4)63.8 
Consolidated income before taxes$79.4 $117.9 $297.5 $478.0 
The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and is consistent with the Reporting Segment tables above.
 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Third Quarter of 2023
North America$256.1 $85.8 $55.1 $121.4 $518.4 
Europe78.3 51.2 74.6 56.6 260.7 
Asia Pacific51.3 33.2 12.1 9.3 105.9 
Rest of World9.4 10.5 43.1 9.3 72.3 
Total segment revenue $395.1 $180.7 $184.9 $196.6 $957.3 
Third Quarter of 2022
North America$235.8 $84.1 $55.5 $113.0 $488.4 
Europe67.6 52.9 79.6 18.1 218.2 
Asia Pacific52.8 33.8 8.6 7.1 102.3 
Rest of World7.4 13.4 48.0 7.2 76.0 
Total segment revenue $363.6 $184.2 $191.7 $145.4 $884.9 
First Three Quarters of 2023
North America$773.9 $233.0 $159.8 $359.1 $1,525.8 
Europe259.4 158.8 254.9 138.1 811.2 
Asia Pacific148.4 104.7 42.6 23.9 319.6 
Rest of World22.9 29.5 132.2 25.1 209.7 
Total segment revenue$1,204.6 $526.0 $589.5 $546.2 $2,866.3 
First Three Quarters of 2022
North America$710.6 $255.4 $178.8 $354.9 $1,499.7 
Europe263.9 185.4 291.3 58.2 798.8 
Asia Pacific149.6 108.6 41.3 22.1 321.6 
Rest of World19.7 36.0 125.0 19.0 199.7 
Total segment revenue$1,143.8 $585.4 $636.4 $454.2 $2,819.8 
Total revenue in the United States as included in the Condensed Consolidated Statements of Income was $478.6 million and $444.5 million for the third quarter of 2023 and 2022, and $1,401.2 million and $1,358.9 million for the first three quarters of 2023 and 2022. No single customer or country other than the United States accounted for 10% or more of our total revenue.
v3.23.3
Debt
 9 Months Ended
Sep. 29, 2023
Debt Disclosure [Abstract]  
Debt
NOTE 8. DEBT
Debt consisted of the following:
Third Quarter of Year End
InstrumentDate of Issuance20232022
(In millions)Effective interest rate
Senior Notes:
   Senior Notes, 4.15%, due June 2023
June 2018$— $300.0 
   Senior Notes, 4.75%, due December 2024
November 20144.95%400.0 400.0 
   Senior Notes, 4.90%, due June 2028
June 20185.04%600.0 600.0 
   Senior Notes, 6.10%, due March 2033
March 20236.13%800.0 — 
Credit Facilities:
2022 Revolving Credit Facility, due March 2027September 20226.68%210.0 225.0 
Term Loan, due April 2026April 20236.94%500.0 — 
Term Loan, due April 2028April 20237.03%500.0 — 
Uncommitted Credit Facilities, floating rate6.38%58.3 — 
Unamortized discount and issuance costs(14.6)(5.0)
Total debt$3,053.7 $1,520.0 
Less: Short-term debt58.3 300.0 
Long-term debt$2,995.4 $1,220.0 
Debt Maturities
At the end of the third quarter of 2023, our debt maturities based on outstanding principal were as follows (in millions):
Year Payable
2023 (Remaining)$58.3 
2024400.0 
2025— 
2026518.8 
2027253.7 
Thereafter1,837.5 
Total$3,068.3 
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 variable-rate 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 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.
On December 27, 2022, we entered into an amendment to the 2022 credit facility that made available up to $600.0 million of the existing commitments 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.
Uncommitted Facilities
At the end of the third 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 variable-rate uncommitted facilities may be redeemed upon demand. Borrowings under the uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet.
Covenants
The 2022 term loan credit agreement and 2022 credit facility, as amended, contain customary covenants including, among other requirements, limitations that restrict the Company’s and its subsidiaries’ ability to create liens and enter into sale and 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 third quarter of 2023, we were in compliance with the covenants for each of our debt agreements.
v3.23.3
Fair Value Measurements
 9 Months Ended
Sep. 29, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements
NOTE 9. 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 at the end of the third quarter of 2023
Fair Values at the end of 2022
Quoted prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsQuoted prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(In millions)(Level I)(Level II)(Level III)Total(Level I)(Level II)(Level III)Total
Assets
Deferred compensation plan (1)
$29.2$—$—$29.2$31.5$—$—$31.5
Derivatives (2)
—0.1—0.1—18.0—18.0
Contingent consideration (3)
——1.01.0——3.13.1
Total assets measured at fair value$29.2$0.1$1.0$30.3$31.5$18.0$3.1$52.6
Liabilities
Deferred compensation plan (1)
$29.2$—$—$29.2$31.5$—$—$31.5
Derivatives (2)
—0.4—0.4—0.2—0.2
Total liabilities measured at fair value$29.2$0.4$—$29.6$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 $3.0 billion and $1.5 billion at the end of the third 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.
v3.23.3
Deferred Revenue And Remaining Performance Obligations
 9 Months Ended
Sep. 29, 2023
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 of 2023 and 2022 were as follows: 
  Third Quarter of First Three Quarters of
(In millions) 2023202220232022
Beginning balance of the period$745.6 $685.2 $737.6 $631.8 
Revenue recognized from prior year-end(107.8)(92.0)(543.0)(453.8)
Billings net of revenue recognized from current year and other
54.8 43.6 498.0 458.8 
Ending balance of the period$692.6 $636.8 $692.6 $636.8 
Remaining Performance Obligations
At the end of the third quarter of 2023, 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 70% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter. The remaining performance obligations exclude $43.5 million related to the pending Trimble Ag JV Transaction.
v3.23.3
Earnings Per Share
 9 Months Ended
Sep. 29, 2023
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 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:
 Third Quarter of First Three Quarters of
 2023202220232022
(In millions, except per share amounts)     
Numerator:
Net income$74.9 $85.8 $248.3 $364.1 
Denominator:
Weighted-average number of common shares used in basic earnings per share248.6 247.5 248.0 249.1 
Effect of dilutive securities1.1 1.4 1.1 1.7 
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share249.7 248.9 249.1 250.8 
Basic earnings per share$0.30 $0.35 $1.00 $1.46 
Diluted earnings per share$0.30 $0.34 $1.00 $1.45 
Antidilutive weighted-average shares (1)
1.3 1.7 1.7 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.
v3.23.3
Income Taxes
 9 Months Ended
Sep. 29, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 12. INCOME TAXES
For the third quarter, our effective income tax rate was 5.7%, as compared to 27.2% in the corresponding period in 2022. The decrease was primarily due to increases in tax benefit from U.S. federal R&D credit and foreign-derived intangible income in 2023, favorable geographic mix of earnings, and a tax charge associated with prior year divestiture gains. For the first three quarters, our effective income tax rate was 16.5%, as compared to 23.8% in the prior year. The decrease was primarily due to the same factors in the third quarter, partially offset by lower stock-based compensation deductions in the current year.
Unrecognized tax benefits of $62.0 million and $51.6 million at the end of the third quarter of 2023 and at the end of 2022, if recognized, would favorably affect the effective income tax rate in future periods. At the end of the third quarter of 2023 and at the end of 2022, we accrued interest and penalties of $10.9 million and $8.4 million. Although the timing of the resolution and/or closure of audits is not certain, we do not believe that our gross unrecognized tax benefits would materially change in the next twelve months.
v3.23.3
Commitments and Contingencies
 9 Months Ended
Sep. 29, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
NOTE 13. COMMITMENTS AND CONTINGENCIES
Commitments
At the end of the third quarter of 2023, we had unconditional purchase obligations of approximately $683.1 million. These unconditional purchase obligations primarily represent (i) open non-cancellable purchase orders for material purchases with our inventory vendors, and (ii) various non-cancelable agreements with certain service providers with minimum or fixed commitments.
Litigation
From time to time, we are involved in litigation arising in the ordinary course of our business. There are no material legal proceedings, other than ordinary routine litigation incidental to the business, that we or any of our subsidiaries is a party, or that any of our or our subsidiaries’ property is subject.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net income $ 74.9 $ 85.8 $ 248.3 $ 364.1
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 29, 2023
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
v3.23.3
Overview And Accounting Policies (Policies)
 9 Months Ended
Sep. 29, 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 third quarter of 2023 and 2022 ended on September 29, 2023 and September 30, 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
There are no recently adopted accounting pronouncements.
v3.23.3
Overview And Accounting Policies (Tables)
 9 Months Ended
Sep. 29, 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 third quarter and first three quarters of 2022 were as follows:
Third Quarter of 2022First Three Quarters of 2022
(In millions)
As Previously ReportedEffect of Change in PresentationAs Reported HereinAs Previously ReportedEffect of Change in PresentationAs Reported Herein
Revenue:
Product$503.9 $(31.4)$472.5 $1,690.0 $(119.7)$1,570.3 
Subscription and services— 412.4 412.4 — 1,249.5 1,249.5 
Service158.3 (158.3)— 477.4 (477.4)— 
Subscription222.7 (222.7)— 652.4 (652.4)— 
Total revenue$884.9 $— $884.9 $2,819.8 $— $2,819.8 
Cost of sales:
Product$240.7 $(0.9)$239.8 $819.0 $(3.5)$815.5 
Subscription and services— 109.8 109.8 — 338.4 338.4 
Service53.9 (53.9)— 180.6 (180.6)— 
Subscription55.0 (55.0)— 154.3 (154.3)— 
Amortization of purchased intangible assets19.9 — 19.9 63.4 — 63.4 
Total cost of sales$369.5 $— $369.5 $1,217.3 $— $1,217.3 
v3.23.3
ACQUISITION (Tables)
 9 Months Ended
Sep. 29, 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.
Fair Value as of the Acquisition DateEstimated Useful Life
(In millions)
Total purchase consideration$2,082.6 
Net tangible assets acquired:
Cash and cash equivalents12.9 
Accounts receivable, net41.8 
Other current assets28.0 
Non-current assets24.7 
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 acquired7.6 
Intangible assets acquired:
Customer relationships759.5 11 years
Developed product technology168.4 7 years
Trade name11.9 1 year
Total intangible assets acquired939.8 
Deferred tax liability(256.6)
Fair value of all assets/liabilities acquired690.8 
Goodwill$1,391.8 
Schedule of Pro-Forma Financial Information The following table presents the amounts of revenue and net loss included in the Condensed Consolidated Statements of Income resulting from Transporeon since the acquisition date, which includes the effects of purchase accounting, primarily amortization of intangible assets and other adjustments.
 Third Quarter of First Three Quarters of
 20232023
(In millions)  
Total revenue$41.0 $81.5 
Net loss
(12.4)(27.0)
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.
 Third Quarter of First Three Quarters of
 2023202220232022
(In millions)    
Total revenue$957.3 $922.7 $2,906.8 $2,936.3 
Net income74.9 56.7 210.0 252.2 
v3.23.3
ASSETS HELD FOR SALE (Tables)
 9 Months Ended
Sep. 29, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Assets And Liabilities Held For Sale Included in Consolidated Balance Sheets The following table presents the carrying values of the major classes of assets and liabilities classified as held for sale in our Condensed Consolidated Balance Sheets at the end of the third quarter of 2023:
As of
Third Quarter of
(In millions)2023
Cash and cash equivalents$6.1 
Accounts receivable, net11.7 
Inventories, net
85.8 
Other current assets3.0 
Property and equipment, net18.8 
Other purchased intangible assets, net19.3 
Goodwill
231.1 
Other non-current assets2.9 
Total Assets Held for Sale
$378.7 
Accounts payable$3.7 
Deferred revenue, current
13.3 
Other current liabilities14.8 
Deferred revenue, non-current8.3 
Long-term liabilities
6.8 
Total Liabilities Held for Sale
$46.9 
v3.23.3
Intangible Assets and Goodwill (Tables)
 9 Months Ended
Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
The following table presents a summary of our intangible assets:
Third Quarter of 2023Year End 2022
 Gross  Gross  
CarryingAccumulatedNet CarryingCarryingAccumulatedNet Carrying
(In millions)AmountAmortizationAmountAmountAmortizationAmount
Developed product technology$927.2 $(554.1)$373.1 $1,004.8 $(722.7)$282.1 
Customer relationships1,347.1 (469.8)877.3 654.1 (445.9)208.2 
Trade names and trademarks44.8 (36.6)8.2 39.5 (32.7)6.8 
Distribution rights and other intellectual property4.4 (3.4)1.0 8.0 (7.0)1.0 
$2,323.5 $(1,063.9)$1,259.6 $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 third quarter of 2023 was as follows:
(In millions)
2023 (Remaining)$57.5 
2024200.1 
2025162.8 
2026157.7 
2027144.0 
Thereafter537.5 
Total$1,259.6 
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 2023 were as follows: 
Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Balance as of year end 2022$2,300.1 $382.1 $471.8 $983.9 $4,137.9 
Additions due to acquisitions28.1 — — 1,391.8 1,419.9 
Assets held for sale
— (1.7)(229.4)— (231.1)
Foreign currency translation and other adjustments(2.2)(3.6)2.0 (43.2)(47.0)
Balance as of the end of the third quarter of 2023$2,326.0 $376.8 $244.4 $2,332.5 $5,279.7 
v3.23.3
Inventories (Tables)
 9 Months Ended
Sep. 29, 2023
Inventory, Net [Abstract]  
Schedule of Components of Net Inventories
The components of inventory, net were as follows:
Third Quarter of Year End
As of20232022
(In millions)  
Raw materials$92.0 $154.9 
Work-in-process9.8 13.1 
Finished goods155.4 234.5 
Total inventories$257.2 $402.5 
v3.23.3
Segment Information (Tables)
 9 Months Ended
Sep. 29, 2023
Segment Reporting [Abstract]  
Schedule of Revenue, Operating Income and Identifiable Assets by Segment
 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Third Quarter of 2023
Segment revenue$395.1 $180.7 $184.9 $196.6 $957.3 
Segment operating income113.5 57.9 69.2 35.8 276.4 
Third Quarter of 2022
Segment revenue$363.6 $184.2 $191.7 $145.4 $884.9 
Segment operating income96.7 61.5 64.2 16.0 238.4 
First Three Quarters of 2023
Segment revenue$1,204.6 $526.0 $589.5 $546.2 $2,866.3 
Segment operating income 332.6 162.3 209.6 90.0 794.5 
First Three Quarters of 2022
Segment revenue$1,143.8 $585.4 $636.4 $454.2 $2,819.8 
Segment operating income 318.8 177.2 212.3 37.0 745.3 
 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
As of the end of the Third Quarter of 2023
Accounts receivable, net$255.9 $133.0 $78.8 $173.7 $641.4 
Inventories68.8 124.0 11.0 53.4 257.2 
Goodwill2,326.0 376.8 244.4 2,332.5 5,279.7 
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 
Goodwill2,300.1 382.1 471.8 983.9 4,137.9 
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
 2023202220232022
(In millions)    
Consolidated segment operating income$276.4 $238.4 $794.5 $745.3 
Unallocated general corporate expenses(25.4)(28.5)(86.4)(91.6)
Amortization of purchased intangible assets(58.9)(31.0)(155.7)(97.9)
Acquisition / divestiture items(22.0)(9.1)(55.5)(20.3)
Stock-based compensation / deferred compensation(37.9)(31.7)(115.4)(82.9)
Restructuring and other costs(10.9)(15.7)(29.6)(38.4)
Consolidated operating income121.3 122.4 351.9 414.2 
Total non-operating income (expense), net(41.9)(4.5)(54.4)63.8 
Consolidated income before taxes$79.4 $117.9 $297.5 $478.0 
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 InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Third Quarter of 2023
North America$256.1 $85.8 $55.1 $121.4 $518.4 
Europe78.3 51.2 74.6 56.6 260.7 
Asia Pacific51.3 33.2 12.1 9.3 105.9 
Rest of World9.4 10.5 43.1 9.3 72.3 
Total segment revenue $395.1 $180.7 $184.9 $196.6 $957.3 
Third Quarter of 2022
North America$235.8 $84.1 $55.5 $113.0 $488.4 
Europe67.6 52.9 79.6 18.1 218.2 
Asia Pacific52.8 33.8 8.6 7.1 102.3 
Rest of World7.4 13.4 48.0 7.2 76.0 
Total segment revenue $363.6 $184.2 $191.7 $145.4 $884.9 
First Three Quarters of 2023
North America$773.9 $233.0 $159.8 $359.1 $1,525.8 
Europe259.4 158.8 254.9 138.1 811.2 
Asia Pacific148.4 104.7 42.6 23.9 319.6 
Rest of World22.9 29.5 132.2 25.1 209.7 
Total segment revenue$1,204.6 $526.0 $589.5 $546.2 $2,866.3 
First Three Quarters of 2022
North America$710.6 $255.4 $178.8 $354.9 $1,499.7 
Europe263.9 185.4 291.3 58.2 798.8 
Asia Pacific149.6 108.6 41.3 22.1 321.6 
Rest of World19.7 36.0 125.0 19.0 199.7 
Total segment revenue$1,143.8 $585.4 $636.4 $454.2 $2,819.8 
v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 29, 2023
Debt Disclosure [Abstract]  
Schedule Of Debt
Debt consisted of the following:
Third Quarter of Year End
InstrumentDate of Issuance20232022
(In millions)Effective interest rate
Senior Notes:
   Senior Notes, 4.15%, due June 2023
June 2018$— $300.0 
   Senior Notes, 4.75%, due December 2024
November 20144.95%400.0 400.0 
   Senior Notes, 4.90%, due June 2028
June 20185.04%600.0 600.0 
   Senior Notes, 6.10%, due March 2033
March 20236.13%800.0 — 
Credit Facilities:
2022 Revolving Credit Facility, due March 2027September 20226.68%210.0 225.0 
Term Loan, due April 2026April 20236.94%500.0 — 
Term Loan, due April 2028April 20237.03%500.0 — 
Uncommitted Credit Facilities, floating rate6.38%58.3 — 
Unamortized discount and issuance costs(14.6)(5.0)
Total debt$3,053.7 $1,520.0 
Less: Short-term debt58.3 300.0 
Long-term debt$2,995.4 $1,220.0 
Schedule of Maturities of Long-term Debt
At the end of the third quarter of 2023, our debt maturities based on outstanding principal were as follows (in millions):
Year Payable
2023 (Remaining)$58.3 
2024400.0 
2025— 
2026518.8 
2027253.7 
Thereafter1,837.5 
Total$3,068.3 
v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 29, 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 at the end of the third quarter of 2023
Fair Values at the end of 2022
Quoted prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable InputsQuoted prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(In millions)(Level I)(Level II)(Level III)Total(Level I)(Level II)(Level III)Total
Assets
Deferred compensation plan (1)
$29.2$—$—$29.2$31.5$—$—$31.5
Derivatives (2)
—0.1—0.1—18.0—18.0
Contingent consideration (3)
——1.01.0——3.13.1
Total assets measured at fair value$29.2$0.1$1.0$30.3$31.5$18.0$3.1$52.6
Liabilities
Deferred compensation plan (1)
$29.2$—$—$29.2$31.5$—$—$31.5
Derivatives (2)
—0.4—0.4—0.2—0.2
Total liabilities measured at fair value$29.2$0.4$—$29.6$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.
v3.23.3
Deferred Revenue And Remaining Performance Obligations (Tables)
 9 Months Ended
Sep. 29, 2023
Revenue Recognition and Deferred Revenue [Abstract]  
Schedule of Deferred Revenue and Performance Obligations
Changes in our deferred revenue during the third quarter of 2023 and 2022 were as follows: 
  Third Quarter of First Three Quarters of
(In millions) 2023202220232022
Beginning balance of the period$745.6 $685.2 $737.6 $631.8 
Revenue recognized from prior year-end(107.8)(92.0)(543.0)(453.8)
Billings net of revenue recognized from current year and other
54.8 43.6 498.0 458.8 
Ending balance of the period$692.6 $636.8 $692.6 $636.8 
v3.23.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 29, 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:
 Third Quarter of First Three Quarters of
 2023202220232022
(In millions, except per share amounts)     
Numerator:
Net income$74.9 $85.8 $248.3 $364.1 
Denominator:
Weighted-average number of common shares used in basic earnings per share248.6 247.5 248.0 249.1 
Effect of dilutive securities1.1 1.4 1.1 1.7 
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share249.7 248.9 249.1 250.8 
Basic earnings per share$0.30 $0.35 $1.00 $1.46 
Diluted earnings per share$0.30 $0.34 $1.00 $1.45 
Antidilutive weighted-average shares (1)
1.3 1.7 1.7 1.5 
(1)    Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share.
v3.23.3
Overview And Accounting Policies (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Reclassification [Line Items]        
Total revenue $ 957.3 $ 884.9 $ 2,866.3 $ 2,819.8
Amortization of purchased intangible assets 27.7 19.9 80.9 63.4
Total cost of sales 367.1 369.5 1,110.8 1,217.3
As Previously Reported        
Reclassification [Line Items]        
Total revenue   884.9   2,819.8
Amortization of purchased intangible assets   19.9   63.4
Total cost of sales   369.5   1,217.3
Product        
Reclassification [Line Items]        
Total revenue 444.0 472.5 1,368.9 1,570.3
Cost of sales 215.6 239.8 665.7 815.5
Product | As Previously Reported        
Reclassification [Line Items]        
Total revenue   503.9   1,690.0
Cost of sales   240.7   819.0
Product | Effect of Change in Presentation        
Reclassification [Line Items]        
Total revenue   (31.4)   (119.7)
Cost of sales   (0.9)   (3.5)
Subscription and services        
Reclassification [Line Items]        
Total revenue 513.3 412.4 1,497.4 1,249.5
Cost of sales $ 123.8 109.8 $ 364.2 338.4
Subscription and services | Effect of Change in Presentation        
Reclassification [Line Items]        
Total revenue   412.4   1,249.5
Cost of sales   109.8   338.4
Service | As Previously Reported        
Reclassification [Line Items]        
Total revenue   158.3   477.4
Cost of sales   53.9   180.6
Service | Effect of Change in Presentation        
Reclassification [Line Items]        
Total revenue   (158.3)   (477.4)
Cost of sales   (53.9)   (180.6)
Subscription | As Previously Reported        
Reclassification [Line Items]        
Total revenue   222.7   652.4
Cost of sales   55.0   154.3
Subscription | Effect of Change in Presentation        
Reclassification [Line Items]        
Total revenue   (222.7)   (652.4)
Cost of sales   $ (55.0)   $ (154.3)
v3.23.3
Common Stock Repurchase (Details) - 2021 Stock Repurchased Program - USD ($)
$ / shares in Units, shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Sep. 29, 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) 1.4 6.0    
Average price (in dollars per share) $ 64.23 $ 65.90    
Stock repurchased $ 90,000,000 $ 394,700,000    
v3.23.3
ACQUISITION (Narratives) (Details)
€ in Billions
 9 Months Ended
Apr. 03, 2023
USD ($)
Apr. 03, 2023
EUR (€)
Sep. 29, 2023
USD ($)
Sep. 30, 2022
USD ($)
Business Acquisition [Line Items]        
Repayments of long-term debt     $ 1,856,800,000 $ 235,900,000
Transporeon        
Business Acquisition [Line Items]        
Total purchase consideration $ 2,082,600,000 € 1.9    
Repayments of long-term debt 339,600,000      
Business acquisition, goodwill, expected tax deductible amount $ 0      
v3.23.3
ACQUISITION (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details)
$ in Millions, € in Billions
Apr. 03, 2023
USD ($)
Apr. 03, 2023
EUR (€)
Sep. 29, 2023
USD ($)
Dec. 30, 2022
USD ($)
Net tangible assets acquired:        
Goodwill     $ 5,279.7 $ 4,137.9
Transporeon        
Business Acquisition [Line Items]        
Total purchase consideration $ 2,082.6 € 1.9    
Net tangible assets acquired:        
Cash and cash equivalents 12.9      
Accounts receivable, net 41.8      
Other current assets 28.0      
Non-current assets 24.7      
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 7.6      
Identifiable assets acquired 939.8      
Deferred tax liability (256.6)      
Fair value of all assets/liabilities acquired 690.8      
Goodwill 1,391.8      
Transporeon | Customer relationships        
Net tangible assets acquired:        
Identifiable assets acquired $ 759.5      
Estimated Useful Life 11 years 11 years    
Transporeon | Developed product technology        
Net tangible assets acquired:        
Identifiable assets acquired $ 168.4      
Estimated Useful Life 7 years 7 years    
Transporeon | Trade name        
Net tangible assets acquired:        
Identifiable assets acquired $ 11.9      
Estimated Useful Life 1 year 1 year    
v3.23.3
ACQUISITION (Financial Information) (Details) - Transporeon - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 29, 2023
Business Acquisition [Line Items]    
Total revenue $ 41.0 $ 81.5
Net loss $ (12.4) $ (27.0)
v3.23.3
ACQUISITION (Schedule of Pro-Forma Financial Information) (Details) - Transporeon - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Business Acquisition [Line Items]        
Total revenue $ 957.3 $ 922.7 $ 2,906.8 $ 2,936.3
Net income $ 74.9 $ 56.7 $ 210.0 $ 252.2
v3.23.3
ASSETS HELD FOR SALE - Narrative (Details)
$ in Billions
Sep. 28, 2023
USD ($)
Joint Venture  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Ownership percentage 15.00%
Supply agreement term 7 years
Joint Venture | AGCO Corporation  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Ownership percentage 85.00%
Trimble Ag | Held-for-sale  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Pre-tax cash proceeds $ 2.0
v3.23.3
ASSETS HELD FOR SALE - Assets and Liabilities Classified As Held For Sale (Details) - Trimble Ag - Held-for-sale
$ in Millions
Sep. 29, 2023
USD ($)
Assets  
Cash and cash equivalents $ 6.1
Accounts receivable, net 11.7
Inventories, net 85.8
Other current assets 3.0
Property and equipment, net 18.8
Other purchased intangible assets, net 19.3
Goodwill 231.1
Other non-current assets 2.9
Total Assets Held for Sale 378.7
Liabilities  
Accounts payable 3.7
Deferred revenue, current 13.3
Other current liabilities 14.8
Deferred revenue, non-current 8.3
Long-term liabilities 6.8
Liabilities held for sale $ 46.9
v3.23.3
Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Details) - USD ($)
$ in Millions
Sep. 29, 2023
Dec. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 2,323.5 $ 1,706.4
Accumulated amortization (1,063.9) (1,208.3)
Total 1,259.6 498.1
Developed product technology    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 927.2 1,004.8
Accumulated amortization (554.1) (722.7)
Total 373.1 282.1
Customer relationships    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 1,347.1 654.1
Accumulated amortization (469.8) (445.9)
Total 877.3 208.2
Trade names and trademarks    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 44.8 39.5
Accumulated amortization (36.6) (32.7)
Total 8.2 6.8
Distribution rights and other intellectual property    
Acquired Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 4.4 8.0
Accumulated amortization (3.4) (7.0)
Total $ 1.0 $ 1.0
v3.23.3
Intangible Assets and Goodwill (Schedule Of Estimated Future Amortization Expense) (Details) - USD ($)
$ in Millions
Sep. 29, 2023
Dec. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
2023 (Remaining) $ 57.5  
2024 200.1  
2025 162.8  
2026 157.7  
2027 144.0  
Thereafter 537.5  
Total $ 1,259.6 $ 498.1
v3.23.3
Intangible Assets and Goodwill (Schedule of Changes In Carrying Amount Of Goodwill By Operating Segment) (Details)
$ in Millions
 9 Months Ended
Sep. 29, 2023
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 4,137.9
Additions due to acquisitions 1,419.9
Assets held for sale (231.1)
Foreign currency translation and other adjustments (47.0)
Goodwill, ending balance 5,279.7
Buildings and Infrastructure  
Goodwill [Roll Forward]  
Goodwill, beginning balance 2,300.1
Additions due to acquisitions 28.1
Assets held for sale 0.0
Foreign currency translation and other adjustments (2.2)
Goodwill, ending balance 2,326.0
Geospatial  
Goodwill [Roll Forward]  
Goodwill, beginning balance 382.1
Additions due to acquisitions 0.0
Assets held for sale (1.7)
Foreign currency translation and other adjustments (3.6)
Goodwill, ending balance 376.8
Resources and Utilities  
Goodwill [Roll Forward]  
Goodwill, beginning balance 471.8
Additions due to acquisitions 0.0
Assets held for sale (229.4)
Foreign currency translation and other adjustments 2.0
Goodwill, ending balance 244.4
Transportation  
Goodwill [Roll Forward]  
Goodwill, beginning balance 983.9
Additions due to acquisitions 1,391.8
Assets held for sale 0.0
Foreign currency translation and other adjustments (43.2)
Goodwill, ending balance $ 2,332.5
v3.23.3
Inventories (Details) - USD ($)
$ in Millions
Sep. 29, 2023
Dec. 30, 2022
Inventory, Net [Abstract]    
Raw materials $ 92.0 $ 154.9
Work-in-process 9.8 13.1
Finished goods 155.4 234.5
Total inventories $ 257.2 $ 402.5
v3.23.3
Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Segment operating income $ 121.3 $ 122.4 $ 351.9 $ 414.2
Operating segment        
Segment Reporting Information [Line Items]        
Segment revenue 957.3 884.9 2,866.3 2,819.8
Segment operating income 276.4 238.4 794.5 745.3
Buildings and Infrastructure | Operating segment        
Segment Reporting Information [Line Items]        
Segment revenue 395.1 363.6 1,204.6 1,143.8
Segment operating income 113.5 96.7 332.6 318.8
Geospatial | Operating segment        
Segment Reporting Information [Line Items]        
Segment revenue 180.7 184.2 526.0 585.4
Segment operating income 57.9 61.5 162.3 177.2
Resources and Utilities | Operating segment        
Segment Reporting Information [Line Items]        
Segment revenue 184.9 191.7 589.5 636.4
Segment operating income 69.2 64.2 209.6 212.3
Transportation | Operating segment        
Segment Reporting Information [Line Items]        
Segment revenue 196.6 145.4 546.2 454.2
Segment operating income $ 35.8 $ 16.0 $ 90.0 $ 37.0
v3.23.3
Segment Information (Schedule of Segment Select Balance Sheet) (Details) - USD ($)
$ in Millions
Sep. 29, 2023
Dec. 30, 2022
Segment Reporting Information [Line Items]    
Accounts receivable, net $ 641.4 $ 643.3
Inventories 257.2 402.5
Goodwill 5,279.7 4,137.9
Buildings and Infrastructure    
Segment Reporting Information [Line Items]    
Accounts receivable, net 255.9 305.1
Inventories 68.8 93.2
Goodwill 2,326.0 2,300.1
Geospatial    
Segment Reporting Information [Line Items]    
Accounts receivable, net 133.0 137.2
Inventories 124.0 146.1
Goodwill 376.8 382.1
Resources and Utilities    
Segment Reporting Information [Line Items]    
Accounts receivable, net 78.8 79.2
Inventories 11.0 100.3
Goodwill 244.4 471.8
Transportation    
Segment Reporting Information [Line Items]    
Accounts receivable, net 173.7 121.8
Inventories 53.4 62.9
Goodwill $ 2,332.5 $ 983.9
v3.23.3
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. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Consolidated operating income $ 121.3 $ 122.4 $ 351.9 $ 414.2
Unallocated general corporate expenses (468.9) (393.0) (1,403.6) (1,188.3)
Amortization of purchased intangible assets (58.9) (31.0) (155.7) (97.9)
Acquisition / divestiture items (22.0) (9.1) (55.5) (20.3)
Stock-based compensation / deferred compensation (37.9) (31.7) (115.4) (82.9)
Restructuring and other costs (10.9) (15.7) (29.6) (38.4)
Total non-operating income (expense), net (41.9) (4.5) (54.4) 63.8
Consolidated income before taxes 79.4 117.9 297.5 478.0
Operating segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Consolidated operating income 276.4 238.4 794.5 745.3
Non-Segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Unallocated general corporate expenses $ (25.4) $ (28.5) $ (86.4) $ (91.6)
v3.23.3
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. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Operating segment        
Segment Reporting Information [Line Items]        
Revenue $ 957.3 $ 884.9 $ 2,866.3 $ 2,819.8
North America | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 518.4 488.4 1,525.8 1,499.7
Europe | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 260.7 218.2 811.2 798.8
Asia Pacific | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 105.9 102.3 319.6 321.6
Rest of World | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 72.3 76.0 209.7 199.7
United States        
Segment Reporting Information [Line Items]        
Revenue 478.6 444.5 1,401.2 1,358.9
Buildings and Infrastructure | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 395.1 363.6 1,204.6 1,143.8
Buildings and Infrastructure | North America | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 256.1 235.8 773.9 710.6
Buildings and Infrastructure | Europe | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 78.3 67.6 259.4 263.9
Buildings and Infrastructure | Asia Pacific | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 51.3 52.8 148.4 149.6
Buildings and Infrastructure | Rest of World | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 9.4 7.4 22.9 19.7
Geospatial | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 180.7 184.2 526.0 585.4
Geospatial | North America | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 85.8 84.1 233.0 255.4
Geospatial | Europe | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 51.2 52.9 158.8 185.4
Geospatial | Asia Pacific | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 33.2 33.8 104.7 108.6
Geospatial | Rest of World | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 10.5 13.4 29.5 36.0
Resources and Utilities | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 184.9 191.7 589.5 636.4
Resources and Utilities | North America | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 55.1 55.5 159.8 178.8
Resources and Utilities | Europe | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 74.6 79.6 254.9 291.3
Resources and Utilities | Asia Pacific | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 12.1 8.6 42.6 41.3
Resources and Utilities | Rest of World | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 43.1 48.0 132.2 125.0
Transportation | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 196.6 145.4 546.2 454.2
Transportation | North America | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 121.4 113.0 359.1 354.9
Transportation | Europe | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 56.6 18.1 138.1 58.2
Transportation | Asia Pacific | Operating segment        
Segment Reporting Information [Line Items]        
Revenue 9.3 7.1 23.9 22.1
Transportation | Rest of World | Operating segment        
Segment Reporting Information [Line Items]        
Revenue $ 9.3 $ 7.2 $ 25.1 $ 19.0
v3.23.3
Debt (Schedule Of Debt) (Details) - USD ($)
$ in Millions
Sep. 29, 2023
Dec. 30, 2022
Debt Instrument [Line Items]    
Uncommitted Credit Facilities, floating rate $ 58.3  
Unamortized discount and issuance costs (14.6) $ (5.0)
Total debt 3,053.7 1,520.0
Short-term debt 58.3  
Less: Short-term debt   300.0
Long-term debt $ 2,995.4 1,220.0
Uncommitted Facilities, floating rate    
Debt Instrument [Line Items]    
Effective interest rate 6.38%  
Uncommitted Credit Facilities, floating rate $ 58.3 0.0
Revolving Credit Facility | Line of Credit    
Debt Instrument [Line Items]    
Effective interest rate 6.68%  
Debt, gross $ 210.0 225.0
Senior Notes, 4.15%, due June 2023 | Senior Notes    
Debt Instrument [Line Items]    
Fixed rate 4.15%  
Effective interest rate  
Debt, gross $ 0.0 300.0
Senior Notes, 4.75%, due December 2024 | Senior Notes    
Debt Instrument [Line Items]    
Fixed rate 4.75%  
Effective interest rate 4.95%  
Debt, gross $ 400.0 400.0
Senior Notes, 4.90%, due June 2028 | Senior Notes    
Debt Instrument [Line Items]    
Fixed rate 4.90%  
Effective interest rate 5.04%  
Debt, gross $ 600.0 600.0
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 0.0
Term Loan, due April 2026 | Unsecured Debt | Line of Credit    
Debt Instrument [Line Items]    
Effective interest rate 6.94%  
Debt, gross $ 500.0 0.0
Term Loan, due April 2028 | Unsecured Debt | Line of Credit    
Debt Instrument [Line Items]    
Effective interest rate 7.03%  
Debt, gross $ 500.0 $ 0.0
v3.23.3
Debt (Schedule of Debt Maturities) (Details)
$ in Millions
Sep. 29, 2023
USD ($)
Debt Disclosure [Abstract]  
2023 (Remaining) $ 58.3
2024 400.0
2025 0.0
2026 518.8
2027 253.7
Thereafter 1,837.5
Total $ 3,068.3
v3.23.3
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 ($)
Jun. 30, 2023
USD ($)
Sep. 29, 2023
USD ($)
loan
Sep. 29, 2023
EUR (€)
loan
Sep. 29, 2023
GBP (£)
loan
Mar. 31, 2023
USD ($)
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              
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 | €           € 100.0    
Uncommitted Revolving Credit Facilities 55 million GBP                
Debt Instrument [Line Items]                
Number of revolving loan facilities | loan         1 1 1  
Current borrowing capacity | £             £ 55.0  
v3.23.3
Fair Value Measurements (Schedule of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Recurring - USD ($)
$ in Millions
Sep. 29, 2023
Dec. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets $ 29.2 $ 31.5
Derivatives assets 0.1 18.0
Contingent consideration assets 1.0 3.1
Total assets measured at fair value 30.3 52.6
Deferred compensation plan liabilities 29.2 31.5
Derivatives liabilities 0.4 0.2
Total liabilities measured at fair value 29.6 31.7
(Level I)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 29.2 31.5
Derivatives assets 0.0 0.0
Contingent consideration assets 0.0 0.0
Total assets measured at fair value 29.2 31.5
Deferred compensation plan liabilities 29.2 31.5
Derivatives liabilities 0.0 0.0
Total liabilities measured at fair value 29.2 31.5
(Level II)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 0.0 0.0
Derivatives assets 0.1 18.0
Contingent consideration assets 0.0 0.0
Total assets measured at fair value 0.1 18.0
Deferred compensation plan liabilities 0.0 0.0
Derivatives liabilities 0.4 0.2
Total liabilities measured at fair value 0.4 0.2
(Level III)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 0.0 0.0
Derivatives assets 0.0 0.0
Contingent consideration assets 1.0 3.1
Total assets measured at fair value 1.0 3.1
Deferred compensation plan liabilities 0.0 0.0
Derivatives liabilities 0.0 0.0
Total liabilities measured at fair value $ 0.0 $ 0.0
v3.23.3
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Billions
Sep. 29, 2023
Dec. 30, 2022
Debt | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt outstanding $ 3.0 $ 1.5
v3.23.3
Deferred Revenue And Remaining Performance Obligations (Schedule of Deferred Revenue and Performance Obligations) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Contract With Customer, Asset And Liability [Roll Forward]        
Beginning balance of the period $ 745.6 $ 685.2 $ 737.6 $ 631.8
Revenue recognized from prior year-end (107.8) (92.0) (543.0) (453.8)
Billings net of revenue recognized from current year and other 54.8 43.6 498.0 458.8
Ending balance of the period $ 692.6 $ 636.8 $ 692.6 $ 636.8
v3.23.3
Deferred Revenue And Remaining Performance Obligations (Narratives) (Details)
$ in Millions
Sep. 29, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 1,500.0
Joint Venture  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation 43.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 1,100.0
Remaining performance obligation, percentage 70.00%
Period of recognition 12 months
v3.23.3
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 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Numerator:        
Net income $ 74.9 $ 85.8 $ 248.3 $ 364.1
Denominator:        
Weighted-average number of common shares used in basic earnings per share (in shares) 248.6 247.5 248.0 249.1
Effect of dilutive securities (in shares) 1.1 1.4 1.1 1.7
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares) 249.7 248.9 249.1 250.8
Basic earnings per share (in usd per share) $ 0.30 $ 0.35 $ 1.00 $ 1.46
Diluted earnings per share (in usd per share) $ 0.30 $ 0.34 $ 1.00 $ 1.45
Antidilutive weighted-average shares (in shares) 1.3 1.7 1.7 1.5
v3.23.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 29, 2023
Sep. 30, 2022
Sep. 29, 2023
Sep. 30, 2022
Dec. 30, 2022
Income Tax Contingency [Line Items]          
Effective income tax rate 5.70% 27.20% 16.50% 23.80%  
Other noncurrent liabilities          
Income Tax Contingency [Line Items]          
Unrecognized tax benefits that would impact effective tax rate $ 62.0   $ 62.0   $ 51.6
Unrecognized tax benefit liabilities include interest and penalties $ 10.9   $ 10.9   $ 8.4
v3.23.3
Commitments and Contingencies (Details)
$ in Millions
Sep. 29, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Unconditional purchase obligations $ 683.1