FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
ANNUAL REPORT
PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996:
A. Full title of Plan: Trimble Navigation Savings and Retirement Plan
B. Name of issuer of the securities held pursuant to the Plan and the
address of its principal executive office:
Trimble Navigation Limited
645 N. Mary Avenue
Post Office Box 3642
Sunnyvale, CA 94088-3642
Item 1. Changes in the Plan
During 1996, there was a change in the third party administrator, custodian
and the trustee of the Plan.
Item 2. Changes in investment policy
During 1996, the Company investment options changed with respect to the
funds held under the Plan as a result of the change in custodians.
Item 3. Contributions under the Plan
Trimble Navigation Limited makes discretionary matching cash contributions
to the Plan. The Company's contributions are based on employee contributions up
to a maximum and are allocated ratably among participants based upon the
participant's contributions to the Plan. For purposes of allocation of benefits,
participant contributions in excess of $1,200 are excluded. Company
contributions made during the 1996 and 1995 fiscal year were approximately
$980,000 and $820,000, respectively.
1
Item 4. Participating employees
The Plan had approximately 1,000 participating employees at December 31,
1996.
Item 5. Administration of the Plan
The Plan is administrated by the Company. The trustee of the Plan during
1996 was Connecticut General Life Insurance Company. The Company has contracted
with a third-party administrator to process and maintain records of participant
data.
Name of
trustee Address
Connecticut General Life 525 West Monroe
Insurance Company Suite 1800
Chicago, IL 60661-3626
Item 6. Custodian of investments
Plan assets are held by the following respective investment managers:
Connecticut General Life Insurance Company,
525 West Monroe, Suite 1800, Chicago, IL 60661-3626
Trimble Stock Fund, 645 N. Mary Avenue, Sunnyvale, CA 94086
During the year ended December 31, 1996, the Plan did not pay any
compensation to the custodians of investments, as all fees are paid by the
Company.
Item 7. Reports to participating employees
Participants receive quarterly reports summarizing the transactions and
market value changes.
Item 8. Investment of funds
No brokerage fees were paid to any party on behalf of the Plan.
Item 9. Financial statements and exhibits
a) Financial statements - Audited financial statements of the Trimble
Navigation Savings and Retirement Plan as of and for the years ended December
31, 1996 and 1995.
b) Exhibit 1 - Consent of Mohler, Nixon & Williams, Independent
Accountants.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
administrator has duly caused this annual report to be signed by the undersigned
thereunto duly authorized.
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
May 31, 1997 By: /S/Charles R. Trimble
Charles R. Trimble
3
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 1996 AND 1995
4
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
Financial Statements and
Form 5500 Supplemental Schedule G
Years ended December 31, 1996 and 1995
Table of Contents
Independent Accountants' Report .............................................6
Consent of Independent Accountants...........................................7
Financial Statements:
Statements of Net Assets Available for Plan Benefits ........................8
Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 1996.................................9 & 10
Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 1995................................11 & 12
Notes to Financial Statements...............................................13
Form 5500 Supplemental Schedule G as of and for the year ended
December 31, 1996 .......................................................16
27a, Part I - Schedule of Assets Held for Investment Purposes
27d, Part V - Schedule of Reportable Transactions
5
To the Participants and Plan
Administrator of the Trimble Navigation
Savings and Retirement Plan
INDEPENDENT ACCOUNTANTS' REPORT
We were engaged to audit the financial statements and supplemental
schedules of the Trimble Navigation Savings and Retirement Plan (the Plan) as of
December 31, 1996 and 1995, and for the years then ended, and as listed in the
accompanying table of contents. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan's management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of the Plan
as of December 31, 1996 and 1995, and the changes in net assets available for
plan benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental information
included in Schedule G - Financial Schedules (IRS Form 5500) is presented for
the purpose of additional analysis and is not a required part of the basic
financial statements but is supplementary information required by the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The fund information in the statement of
changes in net assets available for plan benefits is presented for purposes of
additional analysis rather than to present the changes in net assets available
for plan benefits for each fund. The supplemental information and fund
information have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/MOHLER, NIXON & WILLIAMS
MOHLER, NIXON & WILLIAMS
Accountancy Corporation
Campbell, California
May 31, 1997
6
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the use of our name on our report, dated May 31, 1997, with
respect to the financial statements and schedules of the Trimble Navigation
Savings and Retirement Plan for the years ended December 31, 1996 and 1995,
included in the Annual Report on Form 11-K which is filed electronically with
the Securities and Exchange Commission.
/S/MOHLER, NIXON & WILLIAMS
MOHLER, NIXON & WILLIAMS
Accountancy Corporation
Campbell, California
May 31, 1997
7
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31,
-------------------------------
1996 1995
-------------- ---------------
Investments, at fair value $28,346,151 $15,418,944
Investments, at contract value 7,590,325
Cash 122,452
-------------- ---------------
Assets held for investment purposes 28,346,151 23,131,721
Employer's contribution receivable 72,109
Participants' contributions receivable 248,297
--------------
Total assets 320,406
-------------- ---------------
Net assets available for plan benefits $28,666,557 $23,131,721
============== ===============
See independent accountants' report and
accompanying notes to financial statements.
8
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
For the year ended December 31, 1996
Net assets available Participants' Withdrawals Dividends
for plan benefits at Employer's contributions/ and and
31-Dec-95 contribution rollovers distributions interest Subtotal
Cash $122,452 $122,452
GIC Fund 7,590,325 29,872 7,590,325
Janus Fund 3,622,595 3,622,595
Twentieth Century Growth Fund 802,453 802,453
Aim Aggressive Fund 3,888,043 3,888,043
Linder Dividend Fund 354,086 354,086
Fidelity Bond Fund 799,111 8,559 799,111
Berger 100 Fund 700,446 700,446
Schaeffer Value Fund 1,171,880 1,171,880
Trimble Stock Fund 2,939,887 99,206 505,292 (148,060) 3,396,325
Fixed Fund - 338,108 1,309,077 (779,253) 867,932
Lifetime 20 Fund - 4,815 17,048 (577) 21,286
Lifetime 30 Fund - 4,030 38,855 42,885
Lifetime 40 Fund - 3,857 13,369 17,226
Lifetime 50 Fund - 1,358 18,623 19,981
Lifetime 60 Fund - 1,999 9,952 11,951
Fidelity Equity Income II Fund - 29,922 265,455 (56,873) 238,504
Fidelity Contrafund Fund - 136,144 713,423 (347,985) 501,582
Fidelity Magellan Fund - 8,165 79,955 (74,126) 13,994
AIM Aggressive Fund - 216,603 1,448,027 (407,016) 287,262 1,257,614
Warburg Pincus Emerging Growth Fund - 15,715 163,052 (13,298) 165,469
Twentieth Century Ultra Fund - 44,703 270,847 (33,516) 282,034
Contributions Receivable - 72,109 248,297 320,406
Participant Loans 1,140,443 (110,804) 83,811 1,029,639
Totals $23,131,721 $976,734 $5,101,272 ($1,971,508) $409,504 $27,238,219
See independent accountants' report and
accompanying notes to financial statements.
9
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
For the year ended December 31, 1996
Net appreciation Net assets
(depreciation) Expenses Increase available for
in fair value of Net loan and Transfers (decrease)in plan benefits
Subtotal investments activities adjustments in (out) net assets at 31-Dec-96
Cash $122,452 ($122,452) ($122,452) -
GIC Fund 7,590,325 (7,620,197) (7,590,325) -
Janus Fund 3,622,595 285,825 (50) (3,908,370) (3,622,595) -
Twentieth Century Growth Fund 802,453 51,262 (853,715) (802,453) -
Aim Aggressive Fund 3,888,043 (50) (3,887,993) (3,888,043) -
Linder Dividend Fund 354,086 17,083 (371,169) (354,086) -
Fidelity Bond Fund 799,111 17,784 (825,454) (799,111) -
Berger 100 Fund 700,446 34,091 (734,537) (700,446) -
Schaeffer Value Fund 1,171,880 46,809 (1,218,689) (1,171,880) -
Trimble Stock Fund 3,396,325 (1,296,360) (26,657) (2,925) 215,200 (654,304) 2,285,583
Fixed Fund 867,932 363,507 (60,242) (3,594) 7,433,497 8,601,100 8,601,100
Lifetime 20 Fund 21,286 1,090 351 6,492 29,219 29,219
Lifetime 30 Fund 42,885 3,422 26,360 72,667 72,667
Lifetime 40 Fund 17,226 5,170 1,742 (5) 61,623 85,756 85,756
Lifetime 50 Fund 19,981 6,845 503 (1) 108,298 135,626 135,626
Lifetime 60 Fund 11,951 8,023 (23) 102,071 122,022 122,022
Fidelity Equity Income II Fund 238,504 90,435 (638) (616) 616,114 943,799 943,799
Fidelity Contrafund Fund 501,582 902,186 (22,167) (939) 5,079,586 6,460,248 6,460,248
Fidelity Magellan Fund 13,994 85,897 (15,011) (39) 852,642 937,483 937,483
AIM Aggressive Fund 1,257,614 291,867 (83,275) (105) 4,176,068 5,929,431 5,929,431
Warburg Pincus Emerging Growth
Fund 165,469 (668) (9,000) (20) 107,391 263,172 263,172
Twentieth Century Ultra Fund 282,034 112,808 (79) 102 757,234 1,152,099 1,152,099
Contributions Receivable 320,406 320,406 320,406
Participant Loans 1,029,639 214,496 187,503 1,327,946
Totals $27,238,219 $1,027,076 $- ($8,242) $- $5,534,836 $28,666,557
See independent accountants' report and
accompanying notes to financial statements.
10
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
For the year ended December 31, 1995
Twentieth
Century Trimble Aim
GIC Janus Growth Stock Aggressive
Cash Fund Fund Fund Fund Fund Subtotal
Net assets available for Plan
benefits at December 31, 1994 $64,979 $5,926,737 $2,521,019 $892,723 $2,801,021 $1,400,898 $13,607,377
Participants' contributions/rollovers 1,369,149 509,605 129 541,919 1,054,615 3,475,417
Employer contribution 322,666 90,272 88,162 176,974 678,074
Withdrawals/distributions (288,416) (54,656) (95,534) (182,892) (53,733) (675,231)
Dividends and interest 424,347 424,347
Net appreciation in fair value
of investments 768,921 159,825 309,028 826,138 2,063,912
Net loan activities (179,019) (88,826) (9,494) (22,049) (54,527) (353,915)
Transfers in (out) 57,473 14,861 (123,740) (145,196) (595,302) 537,678 (254,226)
Increase (decrease) in net assets 57,473 1,663,588 1,101,576 (90,270) 138,866 2,487,145 5,358,378
Net assets available for Plan
benefits at December 31, 1995 $122,452 $7,590,325 $3,622,595 $802,453 $2,939,887 $3,888,043 $18,965,755
See independent accountants' report and
accompanying notes to financial statements.
11
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
For the year ended December 31, 1995
Linder Fidelity Berger Schaeffer
Dividend Bond 100 Value Participant
Subtotal Fund Fun Fund Fund Loans Total
Net assets available for Plan
benefits at December 31, 1994 $13,607,377 $166,157 $344,357 $334,151 $499,731 $758,063 $15,709,836
Participants' contributions/rollovers 3,475,417 96,489 262,938 188,211 276,700 4,299,755
Employer contribution 678,074 16,314 41,125 32,880 51,700 820,093
Withdrawals/distributions (675,231) (7,769) (8,733) (8,353) (8,391) (18,063) (726,540)
Dividends and interest 424,347 77,974 502,321
Net appreciation in fair value
of investments 2,063,912 47,308 93,926 96,885 224,225 2,526,256
Net loan activities (353,915) 10,379 11,851 5,553 3,663 322,469 -
Transfers in (out) (254,226) 25,208 53,647 51,119 124,252 -
Increase (decrease) in net assets 5,358,378 187,929 454,754 366,295 672,149 382,380 7,421,885
Net assets available for Plan
benefits at December 31, 1995 $18,965,755 $354,086 $799,111 $700,446 $1,171,880 $1,140,443 23,131,721
See independent accountants' report and
accompanying notes to financial statements.
12
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1996 and 1995
Note 1 - The Plan and its significant accounting policies:
The following description of the Trimble Navigation (the Company) Savings
and Retirement Plan (the Plan) provides only general information. Participants
should refer to the Plan agreement for a more complete description of the Plan's
provisions.
The Plan is a defined contribution plan that was established in 1988 by the
Company to provide benefits to eligible employees. The Plan covers all full-time
employees of the Company who are not covered by a collective bargaining
agreement.
The Plan administrator believes that the Plan is currently designed and
being operated in compliance with the applicable requirements of the Internal
Revenue Code and the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
Administration -
The Company contracted with American Stock Transfer & Trust Company to act
as the trustee as of October 1994. The Company has appointed an Administrative
Committee (the Committee) to control the operation and administration of the
Plan. A third-party administrator, appointed by the Committee, processes and
maintains the records of participant data. During 1995, the Company had
contracted with Preferred Benefits Corporation to act as third-party
administrator. Effective January 1996, the Company contracted with Connecticut
General Life Insurance Company (CIGNA) to act as third-party administrator and
trustee. Substantially all expenses incurred for administering the Plan are paid
by the Company.
Investments -
Investments of the Plan at December 31, 1995 were held by American Stock
Transfer & Trust Company and invested in various mutual funds, guaranteed
investment contracts, and the Company's common stock, based solely upon
instructions received from participants.
Investments of the Plan at December 31, 1996 are held by CIGNA and invested
in CIGNA general account contract and pooled separate accounts, Fidelity funds
and the Company's common stock, based solely upon instructions received from
participants.
13
The Plan's investments in CIGNA are valued at fair value as of the last day
of the Plan year, as measured by quoted market prices or as reported by CIGNA
for pooled separate accounts.
For the Plan's investment in guaranteed investment contracts, the contracts
were credited with interest at the rate specified in the contract, which ranged
from 6.5% to 8.97% for the year ended December 31, 1995.
Vesting -
Participants are immediately vested in their salary deferral, rollover
contributions, related earnings, and employer's matching contributions.
Income taxes -
The Plan has not been amended since receiving a favorable determination
letter dated November 28, 1995. The Committee believes the Plan continues to
qualify under the applicable requirements of the Internal Revenue Code and
related state statutes, and is exempt from federal income and state franchise
taxes.
Estimates -
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those estimates.
Statement of Position 94-4 -
The Company has adopted Statement of Position 94-4, "Reporting of
Investment Contracts Held by Health and Welfare Benefit Plans and Defined
Contribution Pension Plans" (SOP 94-4), for the Plan year beginning January 1,
1996. Under the new reporting requirements, investment contracts without fully
benefit-responsive features are reported at fair value. The adoption of SOP 94-4
did not have a material financial impact on the Plan.
14
Note 2 - Participation and benefits:
Employee contributions -
Participants may elect to have the Company contribute a percentage, from 1%
to 18%, of their pre-tax compensation up to the amount allowable under current
income tax regulations. Participants who elect to have the Company contribute a
portion of their compensation to the Plan agree to accept an equivalent
reduction in taxable compensation.
Participants are also allowed to make rollover contributions of amounts
received from other qualified employer-sponsored retirement plans. Such
contributions are deposited in the appropriate investment funds in accordance
with the participant's direction and the Plan's provisions.
Employer contributions -
The Company is allowed to make matching contributions as defined in the
Plan and as approved by the Board of Directors. The Company matches 100% of each
participant's contribution up to a maximum of $100 per month and a maximum of
$1,200 per year. Contributions for the years ended December 31, 1996 and 1995
were approximately $980,000 and $820,000, respectively.
Participant accounts -
Each participant's account is credited with the participant's contribution,
Plan earnings and an allocation of the Company's contribution, if any.
Allocation of the Company's contribution is based on the participant
contributions.
Payment of benefits -
Upon termination, the participant or beneficiary will receive benefits in a
lump-sum amount equal to the value of the participant's vested interest in his
or her account.
Loans to participants -
The Plan allows participants to borrow not less than $1,000 and up to the
lesser of $50,000 or 50% of their vested account balance. The loans are secured
by the participant's vested balance. Such loans bear interest at the available
market financing rates and must be repaid to the Plan within a five year period,
unless the loan is used for the purchase of a residence in which case the
maximum repayment period is ten years. The specific terms and conditions of such
loans are established by the Committee.
Note 3 - Party in interest transactions:
As allowed in the Plan, participants may elect to invest a portion of their
accounts in the common stock of the Company. Aggregate investment in Company
common stock at December 31, 1996 and 1995 was as follows:
Date Number of shares Fair value Cost
1996 198,746 $2,285,583 $3,390,936
1995 157,846 $2,939,887 $2,793,892
Note 4 - Investments:
The following table includes the fair values of investments and investment
funds that represent 5% or more of the Plan's net assets at December 31:
1996 1995
Cash $ 122,452
GIC Fund 7,590,325
Janus Fund 3,622,595
Twentieth Century Growth Fund 802,453
Aim Aggressive Fund 3,888,043
Linder Dividend Fund 354,086
Fidelity Bond Fund 799,111
Berger 100 Fund 700,446
Schaeffer Value Fund 1,171,880
Trimble Stock Fund $ 2,285,583 2,939,887
Fixed Fund 8,601,100
Lifetime 20 Fund 29,219
Lifetime 30 Fund 72,667
Lifetime 40 Fund 85,756
Lifetime 50 Fund 135,626
Lifetime 60 Fund 122,022
Fidelity Equity Income II Fund 943,799
Fidelity Contrafund Fund 6,460,248
Fidelity Magellan Fund 937,483
AIM Aggressive Fund 5,929,431
Warburg Pincus Emerging Growth Fund 263,172
Twentieth Century Ultra Fund 1,152,099
Participant Loans 1,327,946 1,140,443
Assets held for investment purposes $28,346,151 $23,131,721
Note 5 - Plan termination and/or modification:
The Company intends to continue the Plan indefinitely for the benefit of
its employees; however, it reserves the right to terminate and/or modify the
Plan at any time by resolution of its Board of Directors and subject to the
provisions of ERISA.
15
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
FORM 5500
SUPPLEMENTAL SCHEDULE G
DECEMBER 31, 1996
16
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
E.I.N.: 94-2802192
Plan #: 001
ITEM 27a, PART I - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1996
(a) (b) (c) (d) (e)
Description of investment including
Identity of issue, borrower, lessor, maturity date, rate of interest, Current
or similar party collateral, par or maturity value Cost Value
- --------- --------------------------------------------- --------------------------------------- --------------- -------------
Fixed Fund Pooled separate accounts $8,601,100 $8,601,100
Lifetime 20 Fund Pooled separate accounts 28,191 29,219
Lifetime 30 Fund Pooled separate accounts 69,242 72,667
Lifetime 40 Fund Pooled separate accounts 80,588 85,756
Lifetime 50 Fund Pooled separate accounts 128,782 135,626
Lifetime 60 Fund Pooled separate accounts 114,001 122,022
Fidelity Equity Income II Fund Mutual Fund 860,813 943,799
Fidelity Contrafund Fund Mutual Fund 5,565,992 6,460,248
Fidelity Magellan Fund Mutual Fund 857,004 937,483
AIM Aggressive Fund Mutual Fund 5,629,284 5,929,431
Warburg Pincus Emerging Growth Fund Mutual Fund 262,361 263,172
Twentieth Century Ultra Fund Mutual Fund 1,024,387 1,152,099
* Trimble Stock Fund Company Stock 3,390,936 2,285,583
* Participant Loans 3.25%-13.00% 1,327,946
--------------
Total assets held for investment
purposes $28,346,151
==============
* Parties-in-interest
17
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
E.I.N.: 94-2802192
Plan #: 001
ITEM 27d, PART V - SCHEDULE OF REPORTABLE TRANSACTIONS
For the year ended December 31, 1996
(a) (b) (c) (d) (e) (f)
Description of asset Expense
(including interest rate incurred
and maturity in case Purchase Selling Lease with
Identity of party involved of a loan) price price rental transaction
- ------------------------------ -------------------------------- ------------- ------------- ---------- ------------
CIGNA AIM Aggressive Fund $7,055,742
CIGNA AIM Aggressive Fund $1,554,799
CIGNA Fidelity Contrafund Fund 6,371,558
CIGNA Fidelity Contrafund Fund 861,051
CIGNA Fidelity Equity Income II Fund 1,015,740
CIGNA Fidelity Equity Income II Fund 162,543
CIGNA Fixed Fund 9,632,555
CIGNA Fixed Fund 2,267,569
CIGNA Fidelity Magellan Fund 1,020,303
CIGNA Fidelity Magellan Fund 168,634
CIGNA Twentieth Century Ultra Fund 1,309,968
CIGNA Twentieth Century Ultra Fund 302,990
CIGNA Trimble Stock Fund 1,162,027
CIGNA Trimble Stock Fund 564,929
(a) (g) (h) (i)
Current value
of asset on
Cost of transaction Net gain
Identity of party involved asset date or (loss)
- ------------------------------ ------------- -------------- -----------
CIGNA $7,055,742 $7,055,742
CIGNA 1,426,458 1,554,799 $128,341
CIGNA 6,371,558 6,371,558
CIGNA 805,566 861,051 55,485
CIGNA 1,015,740 1,015,740
CIGNA 154,928 162,543 7,616
CIGNA 9,632,555 9,632,555
CIGNA 2,267,569 2,267,569
CIGNA 1,020,303 1,020,303
CIGNA 163,298 168,634 5,336
CIGNA 1,309,968 1,309,968
CIGNA 285,581 302,990 17,409
CIGNA 1,162,027 1,162,027
CIGNA 569,984 564,929 (5,055)
18
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statement
(Form S-8) pertaining to the Trimble Navigation Savings and Retirement Plan of
our report dated May 31, 1997, with respect to the financial statements and
schedules of the Trimble Navigation Savings and Retirement Plan included in this
Annual Report (Form 11-K) for the year ended December 31, 1996.
/S/MOHLER, NIXON & WILLIAMS
MOHLER, NIXON & WILLIAMS
Accountancy Corporation
Campbell, California
May 31, 1997
19
