Cover Page
Cover Page - shares | 6 Months Ended | |
Jul. 01, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 01, 2022 | |
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 | 935 Stewart Drive | |
Entity Address, City or Town | Sunnyvale | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94085 | |
City Area Code | 408 | |
Local Phone Number | 481-8000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | TRMB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 247,657,418 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000864749 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Jul. 01, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 350.1 | $ 325.7 |
Accounts receivable, net | 589.3 | 624.8 |
Inventories | 371.7 | 363.3 |
Other current assets | 163.9 | 136.8 |
Total current assets | 1,475 | 1,450.6 |
Property and equipment, net | 228.5 | 233.2 |
Operating lease right-of-use assets | 133.2 | 141 |
Goodwill | 3,886 | 3,981.5 |
Other purchased intangible assets, net | 432.9 | 506.6 |
Deferred income tax assets | 464 | 502 |
Other non-current assets | 299.9 | 284.7 |
Total assets | 6,919.5 | 7,099.6 |
Current liabilities: | ||
Short-term debt | 300 | 0 |
Accounts payable | 191.7 | 207.3 |
Accrued compensation and benefits | 168.4 | 231 |
Deferred revenue | 599.2 | 548.8 |
Other current liabilities | 190.2 | 201.5 |
Total current liabilities | 1,449.5 | 1,188.6 |
Long-term debt | 994.1 | 1,293.2 |
Deferred revenue, non-current | 86 | 83 |
Deferred income tax liabilities | 198.4 | 263.1 |
Income taxes payable | 40.9 | 54.5 |
Operating lease liabilities | 114.4 | 121.4 |
Other non-current liabilities | 141.7 | 151.1 |
Total liabilities | 3,025 | 3,154.9 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 360.0 shares authorized; 247.6 and 250.9 shares issued and outstanding at the end of the second quarter of 2022 and year end 2021 | 0.2 | 0.3 |
Additional paid-in-capital | 1,987.7 | 1,935.6 |
Retained earnings | 2,145.7 | 2,170.5 |
Accumulated other comprehensive loss | (239.1) | (161.7) |
Total stockholders' equity | 3,894.5 | 3,944.7 |
Total liabilities and stockholders' equity | $ 6,919.5 | $ 7,099.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jul. 01, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in 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) | 247,600,000 | 250,900,000 |
Common stock, shares outstanding (in shares) | 247,600,000 | 250,900,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Jul. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021 | |
Revenue: | ||||
Total revenue | $ 941.2 | $ 945.2 | $ 1,934.9 | $ 1,831.7 |
Cost of sales: | ||||
Amortization of purchased intangible assets | 21 | 22 | 43.5 | 44.1 |
Total cost of sales | 403.7 | 419.8 | 847.8 | 813 |
Gross margin | 537.5 | 525.4 | 1,087.1 | 1,018.7 |
Operating expense: | ||||
Research and development | 140.1 | 138.3 | 280.4 | 267.7 |
Sales and marketing | 138.9 | 125.2 | 270.8 | 247.6 |
General and administrative | 106.9 | 99.6 | 208.4 | 185 |
Restructuring | 5.4 | 4.5 | 12.3 | 6 |
Amortization of purchased intangible assets | 11.3 | 13 | 23.4 | 26.7 |
Total operating expense | 402.6 | 380.6 | 795.3 | 733 |
Operating income | 134.9 | 144.8 | 291.8 | 285.7 |
Non-operating income, net: | ||||
Divestitures gain, net | 106 | 20.4 | 97.1 | 22.4 |
Interest expense, net | (15.3) | (16.6) | (31.3) | (33.5) |
Income from equity method investments, net | 5.8 | 10 | 15.5 | 21.8 |
Other income (expense), net | (9.8) | 3.8 | (13) | 3.4 |
Total non-operating income, net | 86.7 | 17.6 | 68.3 | 14.1 |
Income before taxes | 221.6 | 162.4 | 360.1 | 299.8 |
Income tax provision | 53.6 | 23.5 | 81.8 | 46.3 |
Net income | 168 | 138.9 | 278.3 | 253.5 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0.1 |
Net income attributable to Trimble Inc. | $ 168 | $ 138.9 | $ 278.3 | $ 253.4 |
Earnings per share attributable to Trimble Inc.: | ||||
Basic (in usd per share) | $ 0.67 | $ 0.55 | $ 1.11 | $ 1.01 |
Diluted (in usd per share) | $ 0.67 | $ 0.55 | $ 1.11 | $ 1 |
Shares used in calculating earnings per share: | ||||
Basic (in shares) | 249.2 | 251.5 | 250 | 251.3 |
Diluted (in shares) | 250.7 | 254.2 | 251.7 | 254.2 |
Product | ||||
Revenue: | ||||
Total revenue | $ 564.5 | $ 594.9 | $ 1,186.1 | $ 1,134.3 |
Cost of sales: | ||||
Cost of sales, excluding amortization | 269.9 | 286 | 578.3 | 541.7 |
Service | ||||
Revenue: | ||||
Total revenue | 158 | 162.1 | 319.1 | 324.4 |
Cost of sales: | ||||
Cost of sales, excluding amortization | 63.4 | 58 | 126.7 | 117.6 |
Subscription | ||||
Revenue: | ||||
Total revenue | 218.7 | 188.2 | 429.7 | 373 |
Cost of sales: | ||||
Cost of sales, excluding amortization | $ 49.4 | $ 53.8 | $ 99.3 | $ 109.6 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Jul. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 168 | $ 138.9 | $ 278.3 | $ 253.5 |
Foreign currency translation adjustments, net of tax | (75.2) | 18.1 | (77.4) | (13.4) |
Comprehensive income | 92.8 | 157 | 200.9 | 240.1 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0.1 |
Comprehensive income attributable to Trimble Inc. | $ 92.8 | $ 157 | $ 200.9 | $ 240 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions | Total | Total Stockholders’ Equity | Common stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
Beginning balance (in shares) at Jan. 01, 2021 | 250.8 | ||||||
Beginning balance at Jan. 01, 2021 | $ 3,598.6 | $ 3,596.9 | $ 0.3 | $ 1,801.7 | $ 1,893.4 | $ (98.5) | $ 1.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 114.6 | 114.5 | 114.5 | 0.1 | |||
Other comprehensive (loss) income | (31.5) | (31.5) | (31.5) | ||||
Comprehensive income | 83.1 | 83 | |||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.7 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | 8 | 8 | 18.2 | (10.2) | |||
Stock repurchases (in shares) | (0.6) | ||||||
Stock repurchases | (40) | (40) | (4.1) | (35.9) | |||
Stock-based compensation | 25.1 | 25.1 | 25.1 | ||||
Noncontrolling interest investment | (1.2) | 0.6 | 0.6 | (1.8) | |||
Ending balance (in shares) at Apr. 02, 2021 | 250.9 | ||||||
Ending balance at Apr. 02, 2021 | 3,673.6 | 3,673.6 | $ 0.3 | 1,841.5 | 1,961.8 | (130) | 0 |
Beginning balance (in shares) at Jan. 01, 2021 | 250.8 | ||||||
Beginning balance at Jan. 01, 2021 | 3,598.6 | 3,596.9 | $ 0.3 | 1,801.7 | 1,893.4 | (98.5) | 1.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 253.5 | ||||||
Comprehensive income | 240.1 | ||||||
Ending balance (in shares) at Jul. 02, 2021 | 251.6 | ||||||
Ending balance at Jul. 02, 2021 | 3,838.6 | 3,838.6 | $ 0.3 | 1,873 | 2,077.2 | (111.9) | 0 |
Beginning balance (in shares) at Apr. 02, 2021 | 250.9 | ||||||
Beginning balance at Apr. 02, 2021 | 3,673.6 | 3,673.6 | $ 0.3 | 1,841.5 | 1,961.8 | (130) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 138.9 | 138.9 | 138.9 | ||||
Other comprehensive (loss) income | 18.1 | 18.1 | 18.1 | ||||
Comprehensive income | 157 | 157 | |||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.7 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | (25.3) | (25.3) | (1.8) | (23.5) | |||
Stock-based compensation | 33.3 | 33.3 | 33.3 | ||||
Ending balance (in shares) at Jul. 02, 2021 | 251.6 | ||||||
Ending balance at Jul. 02, 2021 | $ 3,838.6 | 3,838.6 | $ 0.3 | 1,873 | 2,077.2 | (111.9) | 0 |
Beginning balance (in shares) at Dec. 31, 2021 | 250.9 | 250.9 | |||||
Beginning balance at Dec. 31, 2021 | $ 3,944.7 | 3,944.7 | $ 0.3 | 1,935.6 | 2,170.5 | (161.7) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 110.3 | 110.3 | 110.3 | ||||
Other comprehensive (loss) income | (2.2) | (2.2) | (2.2) | ||||
Comprehensive income | 108.1 | 108.1 | |||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.7 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | (2.4) | (2.4) | 15.2 | (17.6) | |||
Stock repurchases (in shares) | (1.5) | ||||||
Stock repurchases | (104.7) | (104.7) | (11.8) | (92.9) | |||
Stock-based compensation | 42.2 | 42.2 | 42.2 | ||||
Ending balance (in shares) at Apr. 01, 2022 | 250.1 | ||||||
Ending balance at Apr. 01, 2022 | $ 3,987.9 | 3,987.9 | $ 0.3 | 1,981.2 | 2,170.3 | (163.9) | 0 |
Beginning balance (in shares) at Dec. 31, 2021 | 250.9 | 250.9 | |||||
Beginning balance at Dec. 31, 2021 | $ 3,944.7 | 3,944.7 | $ 0.3 | 1,935.6 | 2,170.5 | (161.7) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 278.3 | ||||||
Comprehensive income | $ 200.9 | ||||||
Ending balance (in shares) at Jul. 01, 2022 | 247.6 | 247.6 | |||||
Ending balance at Jul. 01, 2022 | $ 3,894.5 | 3,894.5 | $ 0.2 | 1,987.7 | 2,145.7 | (239.1) | 0 |
Beginning balance (in shares) at Apr. 01, 2022 | 250.1 | ||||||
Beginning balance at Apr. 01, 2022 | 3,987.9 | 3,987.9 | $ 0.3 | 1,981.2 | 2,170.3 | (163.9) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 168 | 168 | 168 | ||||
Other comprehensive (loss) income | (75.2) | (75.2) | (75.2) | ||||
Comprehensive income | 92.8 | 92.8 | |||||
Issuance of common stock under employee plans, net of tax withholding (in shares) | 0.6 | ||||||
Issuance of common stock under employee plans, net of tax withholdings | (19.4) | (19.4) | (2.3) | (17.1) | |||
Stock repurchases (in shares) | (3.1) | ||||||
Stock repurchases | (200) | (200) | $ (0.1) | (24.4) | (175.5) | ||
Stock-based compensation | $ 33.2 | 33.2 | 33.2 | ||||
Ending balance (in shares) at Jul. 01, 2022 | 247.6 | 247.6 | |||||
Ending balance at Jul. 01, 2022 | $ 3,894.5 | $ 3,894.5 | $ 0.2 | $ 1,987.7 | $ 2,145.7 | $ (239.1) | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jul. 01, 2022 | Jul. 02, 2021 | |
Cash flow from operating activities: | ||
Net income | $ 278.3 | $ 253.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 20 | 20.8 |
Amortization expense | 66.9 | 70.8 |
Deferred income taxes | (24.9) | (4.9) |
Stock-based compensation | 61.3 | 62.8 |
Divestitures gain, net | (97.1) | (24) |
Other, net | 12.6 | 3.6 |
(Increase) decrease in assets: | ||
Accounts receivable, net | (1.5) | 35.2 |
Inventories | (72.4) | (0.3) |
Other current and non-current assets | (25.6) | (22.4) |
Increase (decrease) in liabilities: | ||
Accounts payable | (7.9) | 39.2 |
Accrued compensation and benefits | (46.4) | 6.3 |
Deferred revenue | 67.3 | 3.9 |
Other current and non-current liabilities | (28.8) | (15.7) |
Net cash provided by operating activities | 201.8 | 428.8 |
Cash flow from investing activities: | ||
Purchases of property and equipment | (28.5) | (21.4) |
Net proceeds from sale of businesses | 210.5 | 46 |
Net proceeds from sale of property and equipment | 0.1 | 20.7 |
Other, net | (9.8) | (2.4) |
Net cash provided by investing activities | 172.3 | 42.9 |
Cash flow from financing activities: | ||
Issuance of common stock, net of tax withholdings | (21.7) | (17.3) |
Repurchases of common stock | (304.7) | (40) |
Proceeds from debt and revolving credit lines | 138.2 | 198.9 |
Payments on debt and revolving credit lines | (138.2) | (363.3) |
Other, net | (8.9) | (1.4) |
Net cash used in financing activities | (335.3) | (223.1) |
Effect of exchange rate changes on cash and cash equivalents | (14.4) | (1.9) |
Net increase in cash and cash equivalents | 24.4 | 246.7 |
Cash and cash equivalents - beginning of period | 325.7 | 237.7 |
Cash and cash equivalents - end of period | $ 350.1 | $ 484.4 |
Overview And Accounting Policie
Overview And Accounting Policies | 6 Months Ended |
Jul. 01, 2022 | |
Accounting Policies [Abstract] | |
Overview And Accounting Policies | OVERVIEW AND ACCOUNTING POLICIES Basis of Presentation The Condensed Consolidated Financial Statements include our results of our consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. Noncontrolling interests represent the noncontrolling stockholders’ proportionate share of the net assets and results of operations of our consolidated subsidiaries. We use a 52- to 53-week year ending on the Friday nearest to December 31. Both 2022 and 2021 are 52-week years. The second quarter of 2022 and 2021 ended on July 1, 2022 and July 2, 2021. Unless otherwise stated, all dates refer to these periods. Use of Estimates We prepared our interim Condensed Consolidated Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our Form 10-K filed with the U.S. Securities and Exchange Commission on February 23, 2022 (the “2021 Form 10-K”). The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2021 Form 10-K that includes additional information about our significant accounting policies and the methods and assumptions used in our estimates. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price (“SSP”) of performance obligations, provision for credit losses, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangible asset impairment analysis, other long-lived asset impairment analysis, stock-based compensation, and income taxes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates. Recently issued Accounting Pronouncements not yet Adopted There are no recently issued accounting pronouncements applicable to us not yet adopted. Recently Adopted Accounting Pronouncements |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jul. 01, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Stock Repurchase Activities In August 2021, our Board of Directors approved a new share repurchase program (“2021 Stock Repurchase Program”) authorizing up to $750.0 million in repurchases of our common stock. Under the 2021 Stock Repurchase Program, the share repurchase authorization does not have an expiration date and supersedes and replaces the $600.0 million share repurchase authorization approved by our Board of Directors in November 2017 (“2017 Stock Repurchase Program”), of which $50.7 million was remaining and cancelled. Under the 2021 Stock Repurchase Program, we may repurchase shares 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 shares repurchased will depend on a variety of factors, including market conditions, our share price, other available uses of capital, applicable legal requirements, and other factors. The 2021 Stock Repurchase Program may be suspended, modified, or discontinued at any time at the Company’s discretion without notice. During the second quarter and first two quarters of 2022, we repurchased approximately 3.1 million and 4.6 million shares of common stock in open market purchases at an average price of $65.38 and $66.42 per share for a total of $200.0 million and $304.7 million under the 2021 Stock Repurchase Program. At the end of the second quarter of 2022, the 2021 Stock Repurchase Program had remaining authorized funds of $305.3 million. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jul. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents a summary of our intangible assets: Second Quarter of 2022 Year End 2021 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 948.5 $ (729.3) $ 219.2 $ 1,011.9 $ (748.2) $ 263.7 Customer relationships 632.7 (427.0) 205.7 667.8 (428.9) 238.9 Trade names and trademarks 45.6 (38.6) 7.0 48.0 (45.0) 3.0 Distribution rights and other intellectual property 9.2 (8.2) 1.0 10.0 (9.0) 1.0 $ 1,636.0 $ (1,203.1) $ 432.9 $ 1,737.7 $ (1,231.1) $ 506.6 The estimated future amortization expense of intangible assets at the end of the second quarter of 2022 was as follows: (In millions) 2022 (Remaining) $ 58.4 2023 112.5 2024 89.1 2025 55.6 2026 49.3 Thereafter 68.0 Total $ 432.9 Goodwill The changes in the carrying amount of goodwill by segment for the first two quarters of 2022 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of year end 2021 $ 2,141.4 $ 403.6 $ 440.8 $ 995.7 $ 3,981.5 Decrease from the sale of businesses (23.9) (6.9) — (6.9) (37.7) Foreign currency translation and other adjustments (33.8) (11.4) (8.5) (4.1) (57.8) Balance as of the end of the second quarter of 2022 $ 2,083.7 $ 385.3 $ 432.3 $ 984.7 $ 3,886.0 |
Divestitures
Divestitures | 6 Months Ended |
Jul. 01, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | DIVESTITURES In May 2022, we completed the sale of the Time and Frequency, LOADRITE, Spectra Precision Tools, and SECO accessories businesses to Precisional LLC, an affiliate of The Jordan Company (“TJC”), for $204.1 million in cash, subject to a working capital adjustment. These businesses are reported as part of our Buildings and Infrastructure and Geospatial segments. Upon the closing of the transaction, we recognized a pre-tax gain of $105.7 million and wrote off $98.4 million of net assets primarily comprised of $40.6 million of inventory, $25.4 million of accounts receivable, and $30.8 million of goodwill. In connection with the sale of these businesses, we and TJC entered into a transition services agreement (“TSA”) for us to provide certain services to TJC on a cost-reimbursement basis. The costs and reimbursements associated with the TSA were immaterial for the second quarter of 2022. |
Inventories
Inventories | 6 Months Ended |
Jul. 01, 2022 | |
Inventory, Net [Abstract] | |
Inventories | INVENTORIES The components of inventory, net were as follows: Second Quarter of Year End As of 2022 2021 (In millions) Raw materials $ 127.6 $ 129.6 Work-in-process 9.9 12.4 Finished goods 234.2 221.3 Total inventories $ 371.7 $ 363.3 |
Segment Information
Segment Information | 6 Months Ended |
Jul. 01, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We determined our operating segments based on how our Chief Operating Decision Maker (“CODM”) views and evaluates operations. Our reportable segments are described below: • Buildings and Infrastructure . This segment primarily serves customers working in architecture, engineering, construction, and operations and maintenance. • Geospatial . This segment primarily serves customers working in surveying, engineering, and government. • Resources and Utilities . This segment primarily serves customers working in agriculture, forestry, and utilities. • Transportation . This segment primarily serves customers working in long haul trucking and freight shipper markets. The following Reporting Segment tables reflect the results of our reportable operating segments under our management reporting system. These results are not necessarily in conformity with U.S. GAAP. This is consistent with the way the CODM evaluates each of the segment's performance and allocates resources. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Second Quarter of 2022 Segment revenue $ 382.6 $ 193.7 $ 214.8 $ 150.1 $ 941.2 Segment operating income 101.4 57.8 73.0 11.8 244.0 Depreciation expense 1.6 1.5 1.4 0.9 5.4 Second Quarter of 2021 Segment revenue $ 364.8 $ 219.7 $ 197.5 $ 163.3 $ 945.3 Segment operating income 104.1 66.1 70.5 12.8 253.5 Depreciation expense 1.8 1.8 1.5 1.1 6.2 First Two Quarters of 2022 Segment revenue $ 780.2 $ 401.2 $ 444.7 $ 308.8 $ 1,934.9 Segment operating income 222.1 115.7 148.1 21.0 506.9 Depreciation expense 3.2 3.1 2.9 1.9 11.1 First Two Quarters of 2021 Segment revenue $ 707.9 $ 401.4 $ 402.7 $ 320.0 $ 1,832.0 Segment operating income 200.5 114.8 150.6 21.2 487.1 Depreciation expense 3.6 3.5 3.0 2.0 12.1 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of the end of the Second Quarter of 2022 Accounts receivable, net $ 214.6 $ 108.8 $ 119.5 $ 146.4 $ 589.3 Inventories 74.8 137.3 86.6 73.0 371.7 Goodwill 2,083.7 385.3 432.3 984.7 3,886.0 As of Year End 2021 Accounts receivable, net $ 246.8 $ 134.0 $ 112.9 $ 131.1 $ 624.8 Inventories 79.3 136.4 67.4 80.2 363.3 Goodwill 2,141.4 403.6 440.8 995.7 3,981.5 A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: Second Quarter of First Two Quarters of 2022 2021 2022 2021 (In millions) Consolidated segment operating income $ 244.0 $ 253.5 $ 506.9 $ 487.1 Unallocated general corporate expenses (33.3) (24.9) (63.1) (49.3) Purchase accounting adjustments (32.3) (34.0) (66.9) (68.8) Acquisition / divestiture items (7.3) (6.6) (11.2) (10.1) Stock-based compensation / deferred compensation (26.2) (38.3) (51.2) (67.0) Restructuring and other costs (10.0) (4.9) (22.7) (6.2) Consolidated operating income 134.9 144.8 291.8 285.7 Total non-operating income, net 86.7 17.6 68.3 14.1 Consolidated income before taxes $ 221.6 $ 162.4 $ 360.1 $ 299.8 The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and is consistent with the Reporting Segment tables above. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Second Quarter of 2022 North America $ 242.9 $ 87.9 $ 64.3 $ 117.8 $ 512.9 Europe 84.0 61.3 97.7 18.4 261.4 Asia Pacific 49.9 32.8 13.5 7.6 103.8 Rest of World 5.8 11.7 39.3 6.3 63.1 Total segment revenue $ 382.6 $ 193.7 $ 214.8 $ 150.1 $ 941.2 Second Quarter of 2021 North America $ 212.2 $ 97.2 $ 60.4 $ 123.3 $ 493.1 Europe 101.0 72.2 93.6 25.1 291.9 Asia Pacific 45.8 39.5 15.1 7.6 108.0 Rest of World 5.8 10.8 28.4 7.3 52.3 Total segment revenue $ 364.8 $ 219.7 $ 197.5 $ 163.3 $ 945.3 First Two Quarters of 2022 North America $ 474.8 $ 171.3 $ 123.3 $ 241.9 $ 1,011.3 Europe 196.3 132.5 211.7 40.1 580.6 Asia Pacific 96.8 74.8 32.7 15.0 219.3 Rest of World 12.3 22.6 77.0 11.8 123.7 Total segment revenue $ 780.2 $ 401.2 $ 444.7 $ 308.8 $ 1,934.9 First Two Quarters of 2021 North America $ 412.0 $ 169.7 $ 114.0 $ 247.8 $ 943.5 Europe 195.3 132.6 199.4 44.8 572.1 Asia Pacific 89.4 77.0 36.1 15.3 217.8 Rest of World 11.2 22.1 53.2 12.1 98.6 Total segment revenue $ 707.9 $ 401.4 $ 402.7 $ 320.0 $ 1,832.0 Total revenue in the United States as included in the Condensed Consolidated Statements of Income wa s $467.4 million and $443.3 million for the second quarter of 2022 and 2021, and $914.4 million and $850.1 million for the first two quarters of 2022 and 2021. No single customer or country other than the |
Debt
Debt | 6 Months Ended |
Jul. 01, 2022 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Debt consisted of the following: Second Quarter of Year End Instrument Date of Issuance 2022 2021 (In millions) Effective interest rate Senior Notes: 2023 Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ 300.0 $ 300.0 2024 Senior Notes, 4.75%, due December 2024 November 2014 4.95% 400.0 400.0 2028 Senior Notes, 4.90%, due June 2028 June 2018 5.04% 600.0 600.0 Unamortized discount and issuance costs (5.9) (6.8) Total debt $ 1,294.1 $ 1,293.2 Less: Short-term debt 300.0 — Long-term debt $ 994.1 $ 1,293.2 Each of our debt agreements, including our credit facilities, requires us to maintain compliance with certain debt covenants, all of which we complied with at the end of the second quarter of 2022. Debt Maturities At the end of the second quarter of 2022, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2022 (Remaining) $ — 2023 300.0 2024 400.0 2025 — 2026 — Thereafter 600.0 Total $ 1,300.0 Senior Notes All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year. Additional details are unchanged from the information disclosed in Note 6, “Debt” of the 2021 Form 10-K. Credit Facilities In March 2022, we entered into a credit agreement (the “2022 Credit Facility”) maturing in March 2027. The 2022 Credit Facility provides for a five-year, Uncommitted Facilities At the end of the second quarter of 2022, we had two $75.0 million, one €100.0 million, and one £55.0 million revolving credit facilities, which are uncommitted (the “uncommitted facilities”). Generally, these uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 01, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs: Fair Values as of the end of the Second Quarter of 2022 Fair Values at the end of 2021 Quoted prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Quoted prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) (Level I) (Level II) (Level III) Total (Level I) (Level II) (Level III) Total Assets Deferred compensation plan (1) $ 33.4 $ — $ — $ 33.4 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.7 — 0.7 — 0.1 — 0.1 Total assets measured at fair value $ 33.4 $ 0.7 $ — $ 34.1 $ 44.7 $ 0.1 $ — $ 44.8 Liabilities Deferred compensation plan (1) $ 33.4 $ — $ — $ 33.4 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.1 — 0.1 — 0.2 — 0.2 Contingent consideration (3) — — — — — — 12.8 12.8 Total liabilities measured at fair value $ 33.4 $ 0.1 $ — $ 33.5 $ 44.7 $ 0.2 $ 12.8 $ 57.7 (1) Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. (2) Represents forward currency exchange contracts that are included in Other current assets and Other current liabilities on our Condensed Consolidated Balance Sheets. (3) Represents arrangements to pay the former owners of certain companies that we acquired that are included in Other current liabilities on our Condensed Consolidated Balance Sheets. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins, or other milestones. Additional Fair Value Information The total estimated fair value of all outstanding financial instruments that are not recorded at fair value on a recurring basis (debt) was approximately $1.3 billion and $1.4 billion at the end of the second quarter of 2022 and at the end of 2021 . The fair value of the senior notes was determined based on observable market prices in less active markets and is categorized accordingly as Level II. The fair values do not indicate the amount we would currently have to pay to extinguish the debt. |
Deferred Revenue And Remaining
Deferred Revenue And Remaining Performance Obligations | 6 Months Ended |
Jul. 01, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue And Remaining Performance Obligations | DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in our deferred revenue during the second quarter and first two quarters of 2022 and 2021 were as follows: Second Quarter of First Two Quarters of (In millions) 2022 2021 2022 2021 Beginning balance of the period $ 703.9 $ 618.9 $ 631.8 $ 613.8 Revenue recognized (127.2) (132.4) (361.8) (379.6) Billing and other net activities 108.5 119.6 415.2 371.9 Ending balance of the period $ 685.2 $ 606.1 $ 685.2 $ 606.1 Remaining Performance Obligations At the end of the second quarter of 2022, approximately $1.6 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, and software maintenance, and to a lesser extent, hardware and professional services contracts. We expect to recognize $1.2 billion or 74% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 01, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period plus additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive common shares include outstanding stock options, restricted stock units, contingently issuable shares, and shares to be purchased under our employee stock purchase plan. The following table shows the computation of basic and diluted earnings per share: Second Quarter of First Two Quarters of 2022 2021 2022 2021 (In millions, except per share amounts) Numerator: Net income attributable to Trimble Inc. $ 168.0 $ 138.9 $ 278.3 $ 253.4 Denominator: Weighted-average number of common shares used in basic earnings per share 249.2 251.5 250.0 251.3 Effect of dilutive securities 1.5 2.7 1.7 2.9 Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share 250.7 254.2 251.7 254.2 Basic earnings per share $ 0.67 $ 0.55 $ 1.11 $ 1.01 Diluted earnings per share $ 0.67 $ 0.55 $ 1.11 $ 1.00 Antidilutive weighted-average shares 2.1 0.1 1.5 0.2 Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES For the second quarter, our effective income tax rate was 24.2%, as compared to 14.5% in the prior year. For the first two quarters, our effective income tax rate was 22.7%, as compared to 15.4% in the prior year. The increases were primarily associated with current quarter divestiture gains and a prior year rate decrease due to a one-time tax benefit from a foreign deferred tax asset. We and our subsidiaries are subject to U.S. federal, state, and foreign income taxes. Currently, we are in different stages of multiple year examinations by various state and foreign taxing authorities. While we believe our reserves are more likely than not to be adequate to cover final resolution of all open tax matters, it is reasonably possible that future obligations related to these matters could arise. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jul. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | COMMITMENTS AND CONTINGENCIES Commitments At the end of the second quarter of 2022, we had unconditional purchase obligations of approximately $685.1 million. These unconditional purchase obligations primarily represent open non-cancellable purchase orders for material purchases with our vendors and investments in our platform associated with our Connect and Scale strategy. Litigation From time to time, we are involved in litigation arising in the ordinary course of our business. There are no material legal proceedings, other than ordinary routine litigation incidental to the business, that we or any of our subsidiaries is a party, or that any of our or our subsidiaries’ property is subject. |
Overview And Accounting Polic_2
Overview And Accounting Policies (Policies) | 6 Months Ended |
Jul. 01, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements include our results of our consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. Noncontrolling interests represent the noncontrolling stockholders’ proportionate share of the net assets and results of operations of our consolidated subsidiaries. We use a 52- to 53-week year ending on the Friday nearest to December 31. Both 2022 and 2021 are 52-week years. The second quarter of 2022 and 2021 ended on July 1, 2022 and July 2, 2021. 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 23, 2022 (the “2021 Form 10-K”). The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2021 Form 10-K that includes additional information about our significant accounting policies and the methods and assumptions used in our estimates. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates and assumptions are used for revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price (“SSP”) of performance obligations, provision for credit losses, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangible asset impairment analysis, other long-lived asset impairment analysis, stock-based compensation, and income taxes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates. |
Recently Adopted Accounting Pronouncements | Recently issued Accounting Pronouncements not yet Adopted There are no recently issued accounting pronouncements applicable to us not yet adopted. Recently Adopted Accounting Pronouncements |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jul. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table presents a summary of our intangible assets: Second Quarter of 2022 Year End 2021 Gross Gross Carrying Accumulated Net Carrying Carrying Accumulated Net Carrying (In millions) Amount Amortization Amount Amount Amortization Amount Developed product technology $ 948.5 $ (729.3) $ 219.2 $ 1,011.9 $ (748.2) $ 263.7 Customer relationships 632.7 (427.0) 205.7 667.8 (428.9) 238.9 Trade names and trademarks 45.6 (38.6) 7.0 48.0 (45.0) 3.0 Distribution rights and other intellectual property 9.2 (8.2) 1.0 10.0 (9.0) 1.0 $ 1,636.0 $ (1,203.1) $ 432.9 $ 1,737.7 $ (1,231.1) $ 506.6 |
Schedule of Estimated Future Amortization Expense | The estimated future amortization expense of intangible assets at the end of the second quarter of 2022 was as follows: (In millions) 2022 (Remaining) $ 58.4 2023 112.5 2024 89.1 2025 55.6 2026 49.3 Thereafter 68.0 Total $ 432.9 |
Schedule of Changes in Carrying Amount of Goodwill by Operating Segment | The changes in the carrying amount of goodwill by segment for the first two quarters of 2022 were as follows: Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Balance as of year end 2021 $ 2,141.4 $ 403.6 $ 440.8 $ 995.7 $ 3,981.5 Decrease from the sale of businesses (23.9) (6.9) — (6.9) (37.7) Foreign currency translation and other adjustments (33.8) (11.4) (8.5) (4.1) (57.8) Balance as of the end of the second quarter of 2022 $ 2,083.7 $ 385.3 $ 432.3 $ 984.7 $ 3,886.0 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jul. 01, 2022 | |
Inventory, Net [Abstract] | |
Schedule of Components of Net Inventories | The components of inventory, net were as follows: Second Quarter of Year End As of 2022 2021 (In millions) Raw materials $ 127.6 $ 129.6 Work-in-process 9.9 12.4 Finished goods 234.2 221.3 Total inventories $ 371.7 $ 363.3 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jul. 01, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Revenue, Operating Income and Identifiable Assets by Segment | Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Second Quarter of 2022 Segment revenue $ 382.6 $ 193.7 $ 214.8 $ 150.1 $ 941.2 Segment operating income 101.4 57.8 73.0 11.8 244.0 Depreciation expense 1.6 1.5 1.4 0.9 5.4 Second Quarter of 2021 Segment revenue $ 364.8 $ 219.7 $ 197.5 $ 163.3 $ 945.3 Segment operating income 104.1 66.1 70.5 12.8 253.5 Depreciation expense 1.8 1.8 1.5 1.1 6.2 First Two Quarters of 2022 Segment revenue $ 780.2 $ 401.2 $ 444.7 $ 308.8 $ 1,934.9 Segment operating income 222.1 115.7 148.1 21.0 506.9 Depreciation expense 3.2 3.1 2.9 1.9 11.1 First Two Quarters of 2021 Segment revenue $ 707.9 $ 401.4 $ 402.7 $ 320.0 $ 1,832.0 Segment operating income 200.5 114.8 150.6 21.2 487.1 Depreciation expense 3.6 3.5 3.0 2.0 12.1 Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) As of the end of the Second Quarter of 2022 Accounts receivable, net $ 214.6 $ 108.8 $ 119.5 $ 146.4 $ 589.3 Inventories 74.8 137.3 86.6 73.0 371.7 Goodwill 2,083.7 385.3 432.3 984.7 3,886.0 As of Year End 2021 Accounts receivable, net $ 246.8 $ 134.0 $ 112.9 $ 131.1 $ 624.8 Inventories 79.3 136.4 67.4 80.2 363.3 Goodwill 2,141.4 403.6 440.8 995.7 3,981.5 |
Reconciliation of Our Condensed Consolidated Segment Operating Income to Condensed Consolidated Income Before Income Taxes | A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: Second Quarter of First Two Quarters of 2022 2021 2022 2021 (In millions) Consolidated segment operating income $ 244.0 $ 253.5 $ 506.9 $ 487.1 Unallocated general corporate expenses (33.3) (24.9) (63.1) (49.3) Purchase accounting adjustments (32.3) (34.0) (66.9) (68.8) Acquisition / divestiture items (7.3) (6.6) (11.2) (10.1) Stock-based compensation / deferred compensation (26.2) (38.3) (51.2) (67.0) Restructuring and other costs (10.0) (4.9) (22.7) (6.2) Consolidated operating income 134.9 144.8 291.8 285.7 Total non-operating income, net 86.7 17.6 68.3 14.1 Consolidated income before taxes $ 221.6 $ 162.4 $ 360.1 $ 299.8 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and is consistent with the Reporting Segment tables above. Reporting Segments Buildings and Infrastructure Geospatial Resources and Utilities Transportation Total (In millions) Second Quarter of 2022 North America $ 242.9 $ 87.9 $ 64.3 $ 117.8 $ 512.9 Europe 84.0 61.3 97.7 18.4 261.4 Asia Pacific 49.9 32.8 13.5 7.6 103.8 Rest of World 5.8 11.7 39.3 6.3 63.1 Total segment revenue $ 382.6 $ 193.7 $ 214.8 $ 150.1 $ 941.2 Second Quarter of 2021 North America $ 212.2 $ 97.2 $ 60.4 $ 123.3 $ 493.1 Europe 101.0 72.2 93.6 25.1 291.9 Asia Pacific 45.8 39.5 15.1 7.6 108.0 Rest of World 5.8 10.8 28.4 7.3 52.3 Total segment revenue $ 364.8 $ 219.7 $ 197.5 $ 163.3 $ 945.3 First Two Quarters of 2022 North America $ 474.8 $ 171.3 $ 123.3 $ 241.9 $ 1,011.3 Europe 196.3 132.5 211.7 40.1 580.6 Asia Pacific 96.8 74.8 32.7 15.0 219.3 Rest of World 12.3 22.6 77.0 11.8 123.7 Total segment revenue $ 780.2 $ 401.2 $ 444.7 $ 308.8 $ 1,934.9 First Two Quarters of 2021 North America $ 412.0 $ 169.7 $ 114.0 $ 247.8 $ 943.5 Europe 195.3 132.6 199.4 44.8 572.1 Asia Pacific 89.4 77.0 36.1 15.3 217.8 Rest of World 11.2 22.1 53.2 12.1 98.6 Total segment revenue $ 707.9 $ 401.4 $ 402.7 $ 320.0 $ 1,832.0 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 01, 2022 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Debt consisted of the following: Second Quarter of Year End Instrument Date of Issuance 2022 2021 (In millions) Effective interest rate Senior Notes: 2023 Senior Notes, 4.15%, due June 2023 June 2018 4.36% $ 300.0 $ 300.0 2024 Senior Notes, 4.75%, due December 2024 November 2014 4.95% 400.0 400.0 2028 Senior Notes, 4.90%, due June 2028 June 2018 5.04% 600.0 600.0 Unamortized discount and issuance costs (5.9) (6.8) Total debt $ 1,294.1 $ 1,293.2 Less: Short-term debt 300.0 — Long-term debt $ 994.1 $ 1,293.2 |
Schedule of Maturities of Long-term Debt | At the end of the second quarter of 2022, our debt maturities based on outstanding principal were as follows (in millions): Year Payable 2022 (Remaining) $ — 2023 300.0 2024 400.0 2025 — 2026 — Thereafter 600.0 Total $ 1,300.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 01, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value On a Recurring Basis | The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs: Fair Values as of the end of the Second Quarter of 2022 Fair Values at the end of 2021 Quoted prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Quoted prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In millions) (Level I) (Level II) (Level III) Total (Level I) (Level II) (Level III) Total Assets Deferred compensation plan (1) $ 33.4 $ — $ — $ 33.4 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.7 — 0.7 — 0.1 — 0.1 Total assets measured at fair value $ 33.4 $ 0.7 $ — $ 34.1 $ 44.7 $ 0.1 $ — $ 44.8 Liabilities Deferred compensation plan (1) $ 33.4 $ — $ — $ 33.4 $ 44.7 $ — $ — $ 44.7 Derivatives (2) — 0.1 — 0.1 — 0.2 — 0.2 Contingent consideration (3) — — — — — — 12.8 12.8 Total liabilities measured at fair value $ 33.4 $ 0.1 $ — $ 33.5 $ 44.7 $ 0.2 $ 12.8 $ 57.7 (1) Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. (2) Represents forward currency exchange contracts that are included in Other current assets and Other current liabilities on our Condensed Consolidated Balance Sheets. |
Deferred Revenue And Remainin_2
Deferred Revenue And Remaining Performance Obligations (Tables) | 6 Months Ended |
Jul. 01, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of Deferred Revenue and Performance Obligations | Changes in our deferred revenue during the second quarter and first two quarters of 2022 and 2021 were as follows: Second Quarter of First Two Quarters of (In millions) 2022 2021 2022 2021 Beginning balance of the period $ 703.9 $ 618.9 $ 631.8 $ 613.8 Revenue recognized (127.2) (132.4) (361.8) (379.6) Billing and other net activities 108.5 119.6 415.2 371.9 Ending balance of the period $ 685.2 $ 606.1 $ 685.2 $ 606.1 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 01, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Earnings Per Share and Effect on Weighted-Average Number of Shares | The following table shows the computation of basic and diluted earnings per share: Second Quarter of First Two Quarters of 2022 2021 2022 2021 (In millions, except per share amounts) Numerator: Net income attributable to Trimble Inc. $ 168.0 $ 138.9 $ 278.3 $ 253.4 Denominator: Weighted-average number of common shares used in basic earnings per share 249.2 251.5 250.0 251.3 Effect of dilutive securities 1.5 2.7 1.7 2.9 Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share 250.7 254.2 251.7 254.2 Basic earnings per share $ 0.67 $ 0.55 $ 1.11 $ 1.01 Diluted earnings per share $ 0.67 $ 0.55 $ 1.11 $ 1.00 Antidilutive weighted-average shares 2.1 0.1 1.5 0.2 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jul. 01, 2022 | Apr. 01, 2022 | Jul. 02, 2021 | Apr. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021 | Aug. 31, 2021 | |
Equity, Class of Stock [Line Items] | |||||||
Stock repurchases | $ 200,000,000 | $ 104,700,000 | $ 40,000,000 | ||||
Two Thousand Twenty One Stock Repurchased Program | |||||||
Equity, Class of Stock [Line Items] | |||||||
Stock repurchase program approved amount | $ 750,000,000 | ||||||
Two Thousand Seventeen Stock Repurchase Program | |||||||
Equity, Class of Stock [Line Items] | |||||||
Remaining amount authorized | 50,700,000 | ||||||
Maximum | Two Thousand Seventeen Stock Repurchase Program | |||||||
Equity, Class of Stock [Line Items] | |||||||
Stock repurchase program approved amount | $ 600,000,000 | ||||||
Open Market Purchases | Two Thousand Twenty One Stock Repurchased Program | |||||||
Equity, Class of Stock [Line Items] | |||||||
Remaining amount authorized | $ 305,300,000 | $ 305,300,000 | |||||
Stock repurchased (in shares) | 3,100,000 | 4,600,000 | |||||
Shares repurchased (in usd per share) | $ 65.38 | $ 66.42 | |||||
Stock repurchases | $ 200,000,000 | $ 304,700,000 | |||||
Open Market Purchases | Two Thousand Seventeen Stock Repurchase Program | |||||||
Equity, Class of Stock [Line Items] | |||||||
Stock repurchased (in shares) | 0 | 600,000 | |||||
Shares repurchased (in usd per share) | $ 71.24 | ||||||
Stock repurchases | $ 40,000,000 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Jul. 01, 2022 | Dec. 31, 2021 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 1,636 | $ 1,737.7 |
Accumulated amortization | (1,203.1) | (1,231.1) |
Total | 432.9 | 506.6 |
Developed product technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 948.5 | 1,011.9 |
Accumulated amortization | (729.3) | (748.2) |
Total | 219.2 | 263.7 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 632.7 | 667.8 |
Accumulated amortization | (427) | (428.9) |
Total | 205.7 | 238.9 |
Trade names and trademarks | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 45.6 | 48 |
Accumulated amortization | (38.6) | (45) |
Total | 7 | 3 |
Distribution rights and other intellectual property | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9.2 | 10 |
Accumulated amortization | (8.2) | (9) |
Total | $ 1 | $ 1 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill (Schedule Of Estimated Future Amortization Expense) (Details) - USD ($) $ in Millions | Jul. 01, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 (Remaining) | $ 58.4 | |
2023 | 112.5 | |
2024 | 89.1 | |
2025 | 55.6 | |
2026 | 49.3 | |
Thereafter | 68 | |
Total | $ 432.9 | $ 506.6 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill (Changes In Carrying Amount Of Goodwill By Operating Segment) (Details) $ in Millions | 6 Months Ended |
Jul. 01, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | $ 3,981.5 |
Decrease from the sale of businesses | (37.7) |
Foreign currency translation and other adjustments | (57.8) |
Balance as of the end of the second quarter of 2022 | 3,886 |
Buildings and Infrastructure | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 2,141.4 |
Decrease from the sale of businesses | (23.9) |
Foreign currency translation and other adjustments | (33.8) |
Balance as of the end of the second quarter of 2022 | 2,083.7 |
Geospatial | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 403.6 |
Decrease from the sale of businesses | (6.9) |
Foreign currency translation and other adjustments | (11.4) |
Balance as of the end of the second quarter of 2022 | 385.3 |
Resources and Utilities | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 440.8 |
Decrease from the sale of businesses | 0 |
Foreign currency translation and other adjustments | (8.5) |
Balance as of the end of the second quarter of 2022 | 432.3 |
Transportation | |
Goodwill [Roll Forward] | |
Balance as of year end 2021 | 995.7 |
Decrease from the sale of businesses | (6.9) |
Foreign currency translation and other adjustments | (4.1) |
Balance as of the end of the second quarter of 2022 | $ 984.7 |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |
May 30, 2022 | Jul. 01, 2022 | Jul. 02, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds from sale of businesses | $ 210.5 | $ 46 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds from sale of businesses | $ 204.1 | ||
Pre-tax gain on disposal | 105.7 | ||
Divestitures of net assets | 98.4 | ||
Divestitures of inventory | 40.6 | ||
Divestitures of accounts receivable | 25.4 | ||
Divestitures of goodwill | $ 30.8 |
Inventories (Components Of Net
Inventories (Components Of Net Inventories) (Details) - USD ($) $ in Millions | Jul. 01, 2022 | Dec. 31, 2021 |
Inventory, Net [Abstract] | ||
Raw materials | $ 127.6 | $ 129.6 |
Work-in-process | 9.9 | 12.4 |
Finished goods | 234.2 | 221.3 |
Total inventories | $ 371.7 | $ 363.3 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Jul. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021 | |
Segment Reporting Information [Line Items] | ||||
Segment operating income | $ 134.9 | $ 144.8 | $ 291.8 | $ 285.7 |
Depreciation expense | 20 | 20.8 | ||
Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 941.2 | 945.3 | 1,934.9 | 1,832 |
Segment operating income | 244 | 253.5 | 506.9 | 487.1 |
Depreciation expense | 5.4 | 6.2 | 11.1 | 12.1 |
Buildings and Infrastructure | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 382.6 | 364.8 | 780.2 | 707.9 |
Segment operating income | 101.4 | 104.1 | 222.1 | 200.5 |
Depreciation expense | 1.6 | 1.8 | 3.2 | 3.6 |
Geospatial | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 193.7 | 219.7 | 401.2 | 401.4 |
Segment operating income | 57.8 | 66.1 | 115.7 | 114.8 |
Depreciation expense | 1.5 | 1.8 | 3.1 | 3.5 |
Resources and Utilities | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 214.8 | 197.5 | 444.7 | 402.7 |
Segment operating income | 73 | 70.5 | 148.1 | 150.6 |
Depreciation expense | 1.4 | 1.5 | 2.9 | 3 |
Transportation | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenue | 150.1 | 163.3 | 308.8 | 320 |
Segment operating income | 11.8 | 12.8 | 21 | 21.2 |
Depreciation expense | $ 0.9 | $ 1.1 | $ 1.9 | $ 2 |
Segment Information (Segment Se
Segment Information (Segment Select Balance Sheet) (Details) - USD ($) $ in Millions | Jul. 01, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | $ 589.3 | $ 624.8 |
Inventories | 371.7 | 363.3 |
Goodwill | 3,886 | 3,981.5 |
Buildings and Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 214.6 | 246.8 |
Inventories | 74.8 | 79.3 |
Goodwill | 2,083.7 | 2,141.4 |
Geospatial | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 108.8 | 134 |
Inventories | 137.3 | 136.4 |
Goodwill | 385.3 | 403.6 |
Resources and Utilities | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 119.5 | 112.9 |
Inventories | 86.6 | 67.4 |
Goodwill | 432.3 | 440.8 |
Transportation | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, net | 146.4 | 131.1 |
Inventories | 73 | 80.2 |
Goodwill | $ 984.7 | $ 995.7 |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Our Condensed Consolidated Segment Operating Income To Condensed Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Jul. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income | $ 134.9 | $ 144.8 | $ 291.8 | $ 285.7 |
Unallocated general corporate expenses | (402.6) | (380.6) | (795.3) | (733) |
Purchase accounting adjustments | (32.3) | (34) | (66.9) | (68.8) |
Acquisition / divestiture items | (7.3) | (6.6) | (11.2) | (10.1) |
Stock-based compensation / deferred compensation | (26.2) | (38.3) | (51.2) | (67) |
Restructuring and other costs | (10) | (4.9) | (22.7) | (6.2) |
Total non-operating income, net | 86.7 | 17.6 | 68.3 | 14.1 |
Consolidated income before taxes | 221.6 | 162.4 | 360.1 | 299.8 |
Operating segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Consolidated operating income | 244 | 253.5 | 506.9 | 487.1 |
Non-Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Unallocated general corporate expenses | $ (33.3) | $ (24.9) | $ (63.1) | $ (49.3) |
Segment Information (Segment Re
Segment Information (Segment Revenue by Geographic Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Jul. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021 | |
Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 941.2 | $ 945.3 | $ 1,934.9 | $ 1,832 |
North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 512.9 | 493.1 | 1,011.3 | 943.5 |
Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 261.4 | 291.9 | 580.6 | 572.1 |
Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 103.8 | 108 | 219.3 | 217.8 |
Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 63.1 | 52.3 | 123.7 | 98.6 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 467.4 | 443.3 | 914.4 | 850.1 |
Buildings and Infrastructure | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 382.6 | 364.8 | 780.2 | 707.9 |
Buildings and Infrastructure | North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 242.9 | 212.2 | 474.8 | 412 |
Buildings and Infrastructure | Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 84 | 101 | 196.3 | 195.3 |
Buildings and Infrastructure | Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 49.9 | 45.8 | 96.8 | 89.4 |
Buildings and Infrastructure | Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 5.8 | 5.8 | 12.3 | 11.2 |
Geospatial | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 193.7 | 219.7 | 401.2 | 401.4 |
Geospatial | North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 87.9 | 97.2 | 171.3 | 169.7 |
Geospatial | Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 61.3 | 72.2 | 132.5 | 132.6 |
Geospatial | Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 32.8 | 39.5 | 74.8 | 77 |
Geospatial | Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 11.7 | 10.8 | 22.6 | 22.1 |
Resources and Utilities | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 214.8 | 197.5 | 444.7 | 402.7 |
Resources and Utilities | North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 64.3 | 60.4 | 123.3 | 114 |
Resources and Utilities | Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 97.7 | 93.6 | 211.7 | 199.4 |
Resources and Utilities | Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 13.5 | 15.1 | 32.7 | 36.1 |
Resources and Utilities | Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39.3 | 28.4 | 77 | 53.2 |
Transportation | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 150.1 | 163.3 | 308.8 | 320 |
Transportation | North America | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 117.8 | 123.3 | 241.9 | 247.8 |
Transportation | Europe | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 18.4 | 25.1 | 40.1 | 44.8 |
Transportation | Asia Pacific | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 7.6 | 7.6 | 15 | 15.3 |
Transportation | Rest of World | Operating segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 6.3 | $ 7.3 | $ 11.8 | $ 12.1 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Jul. 01, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Unamortized discount and issuance costs | $ (5.9) | $ (6.8) |
Total debt | 1,294.1 | 1,293.2 |
Short-term debt | 300 | 0 |
Long-term debt | $ 994.1 | 1,293.2 |
2023 Senior Notes, 4.15%, due June 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.15% | |
Effective interest rate | 4.36% | |
Debt, gross | $ 300 | 300 |
2024 Senior Notes, 4.75%, due December 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.75% | |
Effective interest rate | 4.95% | |
Debt, gross | $ 400 | 400 |
2028 Senior Notes, 4.90%, due June 2028 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Fixed rate | 4.90% | |
Effective interest rate | 5.04% | |
Debt, gross | $ 600 | $ 600 |
Debt (Schedule of Debt Maturiti
Debt (Schedule of Debt Maturities) (Details) $ in Millions | Jul. 01, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2022 (Remaining) | $ 0 |
2023 | 300 |
2024 | 400 |
2025 | 0 |
2026 | 0 |
Thereafter | 600 |
Total | $ 1,300 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, £ in Millions | 1 Months Ended | |||
Mar. 31, 2022 USD ($) | Jul. 01, 2022 USD ($) loan | Jul. 01, 2022 EUR (€) loan | Jul. 01, 2022 GBP (£) loan | |
Revolving Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 5 years | |||
Principal amount | $ 1,250,000,000 | |||
Additonal capacity | $ 500,000,000 | |||
Debt outstanding | $ 0 | |||
Uncommitted Revolving Credit Facilities $75 million | ||||
Debt Instrument [Line Items] | ||||
Number of revolving loan facilities | loan | 2 | 2 | 2 | |
Current borrowing capacity | $ 75,000,000 | |||
Uncommitted Revolving Credit Facilities 100 million euros | ||||
Debt Instrument [Line Items] | ||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | |
Current borrowing capacity | € | € 100 | |||
Uncommitted Revolving Credit Facilities 55 million GBP | ||||
Debt Instrument [Line Items] | ||||
Number of revolving loan facilities | loan | 1 | 1 | 1 | |
Current borrowing capacity | £ | £ 55 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Recurring - USD ($) $ in Millions | Jul. 01, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | $ 33.4 | $ 44.7 |
Derivatives assets | 0.7 | 0.1 |
Total assets measured at fair value | 34.1 | 44.8 |
Deferred compensation plan liabilities | 33.4 | 44.7 |
Derivatives liabilities | 0.1 | 0.2 |
Contingent consideration liabilities | 0 | 12.8 |
Total liabilities measured at fair value | 33.5 | 57.7 |
(Level I) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 33.4 | 44.7 |
Derivatives assets | 0 | 0 |
Total assets measured at fair value | 33.4 | 44.7 |
Deferred compensation plan liabilities | 33.4 | 44.7 |
Derivatives liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 33.4 | 44.7 |
(Level II) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | 0 |
Derivatives assets | 0.7 | 0.1 |
Total assets measured at fair value | 0.7 | 0.1 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0.1 | 0.2 |
Contingent consideration liabilities | 0 | 0 |
Total liabilities measured at fair value | 0.1 | 0.2 |
(Level III) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | 0 | 0 |
Derivatives assets | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Deferred compensation plan liabilities | 0 | 0 |
Derivatives liabilities | 0 | 0 |
Contingent consideration liabilities | 0 | 12.8 |
Total liabilities measured at fair value | $ 0 | $ 12.8 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Billions | Jul. 01, 2022 | Dec. 31, 2021 |
Debt | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt outstanding | $ 1.3 | $ 1.4 |
Deferred Revenue And Remainin_3
Deferred Revenue And Remaining Performance Obligations (Roll Forward) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Jul. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021 | |
Contract With Customer, Asset And Liability [Roll Forward] | ||||
Beginning balance of the period | $ 703.9 | $ 618.9 | $ 631.8 | $ 613.8 |
Revenue recognized | (127.2) | (132.4) | (361.8) | (379.6) |
Billing and other net activities | 108.5 | 119.6 | 415.2 | 371.9 |
Ending balance of the period | $ 685.2 | $ 606.1 | $ 685.2 | $ 606.1 |
Deferred Revenue And Remainin_4
Deferred Revenue And Remaining Performance Obligations (Narratives) (Details) $ in Billions | Jul. 01, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-02 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.2 |
Remaining performance obligation, percentage | 74% |
Period of recognition | 12 months |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 01, 2022 | Jul. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021 | |
Numerator: | ||||
Net income attributable to Trimble Inc. | $ 168 | $ 138.9 | $ 278.3 | $ 253.4 |
Denominator: | ||||
Weighted-average number of common shares used in basic earnings per share (in shares) | 249.2 | 251.5 | 250 | 251.3 |
Effect of dilutive securities (in shares) | 1.5 | 2.7 | 1.7 | 2.9 |
Weighted-average number of common shares used in diluted earnings per share (in shares) | 250.7 | 254.2 | 251.7 | 254.2 |
Basic earnings per share (in usd per share) | $ 0.67 | $ 0.55 | $ 1.11 | $ 1.01 |
Diluted earnings per share (in usd per share) | $ 0.67 | $ 0.55 | $ 1.11 | $ 1 |
Antidilutive weighted-average (in shares) | 2.1 | 0.1 | 1.5 | 0.2 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2022 | Jul. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 24.20% | 14.50% | 22.70% | 15.40% | |
Other noncurrent liabilities | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits that would impact effective tax rate | $ 51.8 | $ 51.8 | $ 42.3 | ||
Unrecognized tax benefit liabilities include interest and penalties | $ 10.2 | $ 10.2 | $ 9.2 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | Jul. 01, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Unconditional purchase obligations | $ 685.1 |