Document
false--01-03Q320192019-09-270000864749P9YP4Y0000.0010.001360000000.03600000002509000002491000002509000002491000000.0490.04750.0415000.0010.001300000030000000000 0000864749 2018-12-29 2019-09-27 0000864749 trmb:ViewpointandeBuilderMember 2018-12-29 2019-09-27 0000864749 2019-11-01 0000864749 2018-12-28 0000864749 2019-09-27 0000864749 2019-06-29 2019-09-27 0000864749 2018-06-30 2018-09-28 0000864749 us-gaap:ServiceMember 2018-12-29 2019-09-27 0000864749 us-gaap:ProductMember 2018-06-30 2018-09-28 0000864749 trmb:SubscriptionMember 2019-06-29 2019-09-27 0000864749 2017-12-30 2018-09-28 0000864749 trmb:SubscriptionMember 2018-12-29 2019-09-27 0000864749 trmb:SubscriptionMember 2017-12-30 2018-09-28 0000864749 us-gaap:ProductMember 2018-12-29 2019-09-27 0000864749 us-gaap:ServiceMember 2018-06-30 2018-09-28 0000864749 us-gaap:ProductMember 2019-06-29 2019-09-27 0000864749 us-gaap:ProductMember 2017-12-30 2018-09-28 0000864749 trmb:SubscriptionMember 2018-06-30 2018-09-28 0000864749 us-gaap:ServiceMember 2017-12-30 2018-09-28 0000864749 us-gaap:ServiceMember 2019-06-29 2019-09-27 0000864749 us-gaap:CommonStockMember 2017-12-29 0000864749 us-gaap:NoncontrollingInterestMember 2017-12-29 0000864749 us-gaap:RetainedEarningsMember 2017-12-29 0000864749 us-gaap:ParentMember 2017-12-29 0000864749 us-gaap:AdditionalPaidInCapitalMember 2018-09-28 0000864749 us-gaap:AdditionalPaidInCapitalMember 2017-12-30 2018-03-30 0000864749 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 2018-09-28 0000864749 us-gaap:AdditionalPaidInCapitalMember 2018-06-29 0000864749 2017-12-30 2018-03-30 0000864749 us-gaap:ParentMember 2018-06-30 2018-09-28 0000864749 2018-03-31 2018-06-29 0000864749 us-gaap:ParentMember 2018-03-31 2018-06-29 0000864749 us-gaap:RetainedEarningsMember 2018-06-29 0000864749 us-gaap:RetainedEarningsMember 2017-12-30 2018-03-30 0000864749 us-gaap:RetainedEarningsMember 2018-09-28 0000864749 us-gaap:ParentMember 2017-12-30 2018-03-30 0000864749 2018-03-30 0000864749 us-gaap:RetainedEarningsMember 2018-03-31 2018-06-29 0000864749 us-gaap:ParentMember 2018-03-30 0000864749 us-gaap:NoncontrollingInterestMember 2018-06-29 0000864749 us-gaap:CommonStockMember 2018-03-31 2018-06-29 0000864749 us-gaap:CommonStockMember 2018-06-30 2018-09-28 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-30 0000864749 us-gaap:RetainedEarningsMember 2018-06-30 2018-09-28 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 2018-09-28 0000864749 us-gaap:CommonStockMember 2018-03-30 0000864749 us-gaap:CommonStockMember 2018-06-29 0000864749 us-gaap:CommonStockMember 2017-12-30 2018-03-30 0000864749 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 2018-06-29 0000864749 2018-09-28 0000864749 us-gaap:CommonStockMember 2018-09-28 0000864749 us-gaap:NoncontrollingInterestMember 2018-03-30 0000864749 2018-06-29 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-29 0000864749 us-gaap:AdditionalPaidInCapitalMember 2018-03-30 0000864749 us-gaap:ParentMember 2018-09-28 0000864749 us-gaap:ParentMember 2018-06-29 0000864749 us-gaap:AdditionalPaidInCapitalMember 2017-12-29 0000864749 us-gaap:NoncontrollingInterestMember 2018-09-28 0000864749 2017-12-29 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 2018-06-29 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-30 2018-03-30 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-28 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-29 0000864749 us-gaap:RetainedEarningsMember 2018-03-30 0000864749 us-gaap:ParentMember 2019-06-29 2019-09-27 0000864749 2019-03-30 2019-06-28 0000864749 us-gaap:CommonStockMember 2018-12-29 2019-03-29 0000864749 us-gaap:CommonStockMember 2019-03-29 0000864749 2018-12-29 2019-03-29 0000864749 us-gaap:AdditionalPaidInCapitalMember 2018-12-29 2019-03-29 0000864749 us-gaap:NoncontrollingInterestMember 2019-09-27 0000864749 us-gaap:ParentMember 2018-12-29 2019-03-29 0000864749 us-gaap:CommonStockMember 2019-09-27 0000864749 2019-03-29 0000864749 2019-06-28 0000864749 us-gaap:CommonStockMember 2019-06-29 2019-09-27 0000864749 us-gaap:ParentMember 2019-09-27 0000864749 us-gaap:AdditionalPaidInCapitalMember 2019-06-29 2019-09-27 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-30 2019-06-28 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-29 0000864749 us-gaap:AdditionalPaidInCapitalMember 2019-09-27 0000864749 us-gaap:RetainedEarningsMember 2019-06-29 2019-09-27 0000864749 us-gaap:NoncontrollingInterestMember 2018-12-29 2019-03-29 0000864749 us-gaap:RetainedEarningsMember 2019-03-30 2019-06-28 0000864749 us-gaap:CommonStockMember 2018-12-28 0000864749 us-gaap:RetainedEarningsMember 2018-12-29 2019-03-29 0000864749 us-gaap:AdditionalPaidInCapitalMember 2019-03-30 2019-06-28 0000864749 us-gaap:ParentMember 2019-03-30 2019-06-28 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-29 2019-09-27 0000864749 us-gaap:RetainedEarningsMember 2019-06-28 0000864749 us-gaap:CommonStockMember 2019-03-30 2019-06-28 0000864749 us-gaap:AdditionalPaidInCapitalMember 2018-12-28 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-27 0000864749 us-gaap:AdditionalPaidInCapitalMember 2019-06-28 0000864749 us-gaap:RetainedEarningsMember 2019-03-29 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-28 0000864749 us-gaap:CommonStockMember 2019-06-28 0000864749 us-gaap:NoncontrollingInterestMember 2019-03-29 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-28 0000864749 us-gaap:ParentMember 2018-12-28 0000864749 us-gaap:AdditionalPaidInCapitalMember 2019-03-29 0000864749 us-gaap:ParentMember 2019-06-28 0000864749 us-gaap:NoncontrollingInterestMember 2018-12-28 0000864749 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-29 2019-03-29 0000864749 us-gaap:ParentMember 2019-03-29 0000864749 us-gaap:RetainedEarningsMember 2018-12-28 0000864749 us-gaap:RetainedEarningsMember 2019-09-27 0000864749 us-gaap:NoncontrollingInterestMember 2019-06-28 0000864749 us-gaap:AccountingStandardsUpdate201602Member 2018-12-31 0000864749 srt:MinimumMember us-gaap:AccountingStandardsUpdate201602Member 2018-12-31 0000864749 us-gaap:AccountingStandardsUpdate201602Member us-gaap:OperatingIncomeLossMember 2018-12-31 2018-12-31 0000864749 us-gaap:AccountingStandardsUpdate201602Member 2018-12-31 2018-12-31 0000864749 trmb:OpenMarketPurchasesMember trmb:TwoThousandSeventeenStockRepurchaseProgramMember 2018-12-29 2019-09-27 0000864749 trmb:OpenMarketPurchasesMember trmb:TwoThousandSeventeenStockRepurchaseProgramMember 2019-06-29 2019-09-27 0000864749 trmb:TwoThousandSeventeenStockRepurchaseProgramMember 2019-09-27 0000864749 us-gaap:RetainedEarningsMember 2018-12-29 2019-09-27 0000864749 srt:MaximumMember trmb:TwoThousandSeventeenStockRepurchaseProgramMember 2017-11-30 0000864749 trmb:WaterfallHoldingsMember 2018-07-02 0000864749 trmb:EBuilderMember us-gaap:TradeNamesMember 2018-02-02 0000864749 trmb:WaterfallHoldingsMember 2018-07-02 2018-07-02 0000864749 trmb:EBuilderMember us-gaap:DevelopedTechnologyRightsMember 2018-02-02 2018-02-02 0000864749 trmb:EBuilderMember us-gaap:OrderOrProductionBacklogMember 2018-02-02 2018-02-02 0000864749 trmb:EBuilderMember us-gaap:CustomerRelationshipsMember 2018-02-02 2018-02-02 0000864749 trmb:WaterfallHoldingsMember us-gaap:DevelopedTechnologyRightsMember 2018-07-02 2018-07-02 0000864749 trmb:EBuilderMember 2018-02-02 0000864749 trmb:WaterfallHoldingsMember us-gaap:CustomerRelationshipsMember 2018-07-02 2018-07-02 0000864749 trmb:EBuilderMember us-gaap:OrderOrProductionBacklogMember 2018-02-02 0000864749 trmb:WaterfallHoldingsMember us-gaap:TradeNamesMember 2018-07-02 2018-07-02 0000864749 trmb:WaterfallHoldingsMember us-gaap:CustomerRelationshipsMember 2018-07-02 0000864749 trmb:EBuilderMember us-gaap:TradeNamesMember 2018-02-02 2018-02-02 0000864749 trmb:EBuilderMember us-gaap:DevelopedTechnologyRightsMember 2018-02-02 0000864749 trmb:EBuilderMember us-gaap:CustomerRelationshipsMember 2018-02-02 0000864749 trmb:EBuilderMember 2018-02-02 2018-02-02 0000864749 trmb:WaterfallHoldingsMember us-gaap:TradeNamesMember 2018-07-02 0000864749 trmb:WaterfallHoldingsMember us-gaap:DevelopedTechnologyRightsMember 2018-07-02 0000864749 trmb:WaterfallHoldingsMember us-gaap:OffMarketFavorableLeaseMember 2018-07-02 0000864749 us-gaap:CustomerRelationshipsMember 2019-09-27 0000864749 us-gaap:DevelopedTechnologyRightsMember 2019-09-27 0000864749 trmb:TradeNamesAndTrademarksMember 2019-09-27 0000864749 us-gaap:DistributionRightsMember 2018-12-28 0000864749 us-gaap:CustomerRelationshipsMember 2018-12-28 0000864749 trmb:TradeNamesAndTrademarksMember 2018-12-28 0000864749 us-gaap:DistributionRightsMember 2019-09-27 0000864749 us-gaap:DevelopedTechnologyRightsMember 2018-12-28 0000864749 trmb:ResourcesandUtilitiesMember 2018-12-29 2019-09-27 0000864749 trmb:BuildingsandInfrastructureMember 2019-09-27 0000864749 trmb:GeospatialMember 2019-09-27 0000864749 trmb:ResourcesandUtilitiesMember 2019-09-27 0000864749 trmb:BuildingsandInfrastructureMember 2018-12-28 0000864749 trmb:BuildingsandInfrastructureMember 2018-12-29 2019-09-27 0000864749 trmb:TransportationMember 2019-09-27 0000864749 trmb:ResourcesandUtilitiesMember 2018-12-28 0000864749 trmb:TransportationMember 2018-12-28 0000864749 trmb:GeospatialMember 2018-12-28 0000864749 trmb:GeospatialMember 2018-12-29 2019-09-27 0000864749 trmb:TransportationMember 2018-12-29 2019-09-27 0000864749 us-gaap:CashAndCashEquivalentsMember trmb:ViewpointandeBuilderMember 2017-12-30 2018-12-28 0000864749 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2018-12-29 2019-09-27 0000864749 trmb:WaterfallHoldingsMember 2019-09-27 0000864749 srt:MinimumMember trmb:WaterfallHoldingsMember us-gaap:OffMarketFavorableLeaseMember 2018-07-02 2018-07-02 0000864749 srt:MaximumMember trmb:WaterfallHoldingsMember us-gaap:OffMarketFavorableLeaseMember 2018-07-02 2018-07-02 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:TransportationMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:ResourcesandUtilitiesMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:GeospatialMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:ResourcesandUtilitiesMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:TransportationMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:GeospatialMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:TransportationMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:GeospatialMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:GeospatialMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:BuildingsandInfrastructureMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:BuildingsandInfrastructureMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:GeospatialMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:TransportationMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:GeospatialMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:GeospatialMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:TransportationMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:BuildingsandInfrastructureMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:GeospatialMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:TransportationMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:ResourcesandUtilitiesMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:TransportationMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:TransportationMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:ResourcesandUtilitiesMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:ResourcesandUtilitiesMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:BuildingsandInfrastructureMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:TransportationMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:ResourcesandUtilitiesMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:GeospatialMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:TransportationMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:TransportationMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:ResourcesandUtilitiesMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:BuildingsandInfrastructureMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:BuildingsandInfrastructureMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:GeospatialMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:BuildingsandInfrastructureMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:ResourcesandUtilitiesMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:BuildingsandInfrastructureMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:TransportationMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:ResourcesandUtilitiesMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:BuildingsandInfrastructureMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:ResourcesandUtilitiesMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:ResourcesandUtilitiesMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:TransportationMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:GeospatialMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:BuildingsandInfrastructureMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:BuildingsandInfrastructureMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:TransportationMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:BuildingsandInfrastructureMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:GeospatialMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:GeospatialMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:GeospatialMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:TransportationMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:BuildingsandInfrastructureMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:ResourcesandUtilitiesMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:ResourcesandUtilitiesMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:GeospatialMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:BuildingsandInfrastructureMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:GeospatialMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:ResourcesandUtilitiesMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:TransportationMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:GeospatialMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:TransportationMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:BuildingsandInfrastructureMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:GeospatialMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:ResourcesandUtilitiesMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:ResourcesandUtilitiesMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:BuildingsandInfrastructureMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:BuildingsandInfrastructureMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:TransportationMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:ResourcesandUtilitiesMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:BuildingsandInfrastructureMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:ResourcesandUtilitiesMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:TransportationMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember trmb:BuildingsandInfrastructureMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:ResourcesandUtilitiesMember 2018-12-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:ResourcesandUtilitiesMember 2018-06-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember trmb:GeospatialMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:GeospatialMember 2017-12-30 2018-09-28 0000864749 us-gaap:OperatingSegmentsMember trmb:RestofWorldMember trmb:BuildingsandInfrastructureMember 2019-06-29 2019-09-27 0000864749 us-gaap:OperatingSegmentsMember srt:EuropeMember trmb:TransportationMember 2019-06-29 2019-09-27 0000864749 trmb:ResourcesandUtilitiesMember 2017-12-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember 2019-06-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:GeospatialMember 2018-06-30 2018-09-28 0000864749 trmb:ResourcesandUtilitiesMember 2018-06-30 2018-09-28 0000864749 trmb:BuildingsandInfrastructureMember 2017-12-30 2018-09-28 0000864749 trmb:BuildingsandInfrastructureMember 2019-06-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:ResourcesandUtilitiesMember 2018-06-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember 2017-12-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:TransportationMember 2019-06-29 2019-09-27 0000864749 trmb:TransportationMember 2017-12-30 2018-09-28 0000864749 trmb:TransportationMember 2019-06-29 2019-09-27 0000864749 trmb:BuildingsandInfrastructureMember 2018-06-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember 2018-12-29 2019-09-27 0000864749 trmb:ResourcesandUtilitiesMember 2019-06-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:GeospatialMember 2017-12-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember 2018-06-30 2018-09-28 0000864749 trmb:GeospatialMember 2017-12-30 2018-09-28 0000864749 trmb:TransportationMember 2018-06-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:TransportationMember 2018-12-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:BuildingsandInfrastructureMember 2017-12-30 2018-09-28 0000864749 trmb:GeospatialMember 2018-06-30 2018-09-28 0000864749 trmb:GeospatialMember 2019-06-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:ResourcesandUtilitiesMember 2017-12-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:ResourcesandUtilitiesMember 2019-06-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:GeospatialMember 2018-12-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:GeospatialMember 2019-06-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:BuildingsandInfrastructureMember 2019-06-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:TransportationMember 2018-06-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:TransportationMember 2017-12-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:BuildingsandInfrastructureMember 2018-12-29 2019-09-27 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:BuildingsandInfrastructureMember 2018-06-30 2018-09-28 0000864749 us-gaap:MaterialReconcilingItemsMember trmb:ResourcesandUtilitiesMember 2018-12-29 2019-09-27 0000864749 us-gaap:CorporateNonSegmentMember 2018-06-30 2018-09-28 0000864749 us-gaap:CorporateNonSegmentMember 2019-06-29 2019-09-27 0000864749 us-gaap:CorporateNonSegmentMember 2018-12-29 2019-09-27 0000864749 us-gaap:CorporateNonSegmentMember 2017-12-30 2018-09-28 0000864749 trmb:UncommittedRevolvingCreditFacilities100millioneurosMember 2019-09-27 0000864749 trmb:JPMorganChaseBankN.A.Member trmb:DelayedDrawTermLoanMember trmb:TwoThousandEighteenCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-05-15 0000864749 trmb:JPMorganChaseBankN.A.Member trmb:RevolvingCreditFacilitydueMay2023Member trmb:TwoThousandEighteenCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-05-15 0000864749 trmb:JPMorganChaseBankN.A.Member trmb:AdditionalLoanFacilityMember trmb:TwoThousandEighteenCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-05-15 0000864749 trmb:UncommittedRevolvingCreditFacilities75millionMember 2019-09-27 0000864749 trmb:JPMorganChaseBankN.A.Member us-gaap:RevolvingCreditFacilityMember trmb:TwoThousandEighteenCreditFacilityMember us-gaap:UnsecuredDebtMember 2018-05-15 0000864749 trmb:UncommittedFacilitiesMember 2019-09-27 0000864749 trmb:TwoThousandTwentyFourSeniorNotesMember us-gaap:SeniorNotesMember 2019-09-27 0000864749 trmb:TermLoanMember trmb:TermLoandueMay2021Member us-gaap:RevolvingCreditFacilityMember 2019-09-27 0000864749 trmb:TwoThousandTwentyThreeSeniorNotesMember us-gaap:SeniorNotesMember 2018-12-28 0000864749 trmb:UncommittedFacilitiesMember 2018-12-28 0000864749 trmb:TwoThousandTwentyEightSeniorNotesMember us-gaap:SeniorNotesMember 2019-09-27 0000864749 trmb:TwoThousandTwentyEightSeniorNotesMember us-gaap:SeniorNotesMember 2018-12-28 0000864749 trmb:TwoThousandTwentyThreeSeniorNotesMember us-gaap:SeniorNotesMember 2019-09-27 0000864749 trmb:PromissoryNotesAndOtherMember 2019-09-27 0000864749 trmb:PromissoryNotesAndOtherMember 2018-12-28 0000864749 trmb:TermLoanMember trmb:TermLoandueMay2021Member us-gaap:RevolvingCreditFacilityMember 2018-12-28 0000864749 trmb:TwoThousandTwentyFourSeniorNotesMember us-gaap:SeniorNotesMember 2018-12-28 0000864749 srt:MaximumMember 2019-09-27 0000864749 srt:MinimumMember 2019-09-27 0000864749 us-gaap:FairValueInputsLevel1Member trmb:DeferredCompensationPlanLiabilitiesMember 2018-12-28 0000864749 us-gaap:FairValueInputsLevel2Member us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember 2019-09-27 0000864749 trmb:DeferredCompensationPlanLiabilitiesMember 2019-09-27 0000864749 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-27 0000864749 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-27 0000864749 us-gaap:FairValueInputsLevel3Member 2019-09-27 0000864749 trmb:DeferredCompensationPlanAssetsMember 2019-09-27 0000864749 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-28 0000864749 us-gaap:FairValueMeasurementsRecurringMember 2019-09-27 0000864749 us-gaap:FairValueInputsLevel1Member trmb:DeferredCompensationPlanLiabilitiesMember 2019-09-27 0000864749 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-28 0000864749 us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember 2019-09-27 0000864749 trmb:DeferredCompensationPlanAssetsMember 2018-12-28 0000864749 us-gaap:DerivativeFinancialInstrumentsAssetsMember 2018-12-28 0000864749 us-gaap:FairValueInputsLevel3Member 2018-12-28 0000864749 trmb:DeferredCompensationPlanAssetsMember us-gaap:FairValueInputsLevel1Member 2018-12-28 0000864749 us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel2Member 2018-12-28 0000864749 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-28 0000864749 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-27 0000864749 us-gaap:DerivativeFinancialInstrumentsAssetsMember 2019-09-27 0000864749 trmb:DeferredCompensationPlanAssetsMember us-gaap:FairValueInputsLevel1Member 2019-09-27 0000864749 us-gaap:FairValueMeasurementsRecurringMember 2018-12-28 0000864749 us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel2Member 2019-09-27 0000864749 trmb:DeferredCompensationPlanLiabilitiesMember 2018-12-28 0000864749 us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtMember 2018-12-28 0000864749 us-gaap:FairValueMeasurementsRecurringMember us-gaap:DebtMember 2019-09-27 0000864749 us-gaap:SellingAndMarketingExpenseMember 2018-12-29 2019-09-27 0000864749 us-gaap:SellingAndMarketingExpenseMember 2018-06-30 2018-09-28 0000864749 us-gaap:SellingAndMarketingExpenseMember 2017-12-30 2018-09-28 0000864749 trmb:DeferredCommissionMember 2019-06-29 2019-09-27 0000864749 us-gaap:SellingAndMarketingExpenseMember 2019-06-29 2019-09-27 0000864749 trmb:DeferredCommissionMember 2018-12-29 2019-09-27 0000864749 trmb:DeferredCommissionMember 2018-06-30 2018-09-28 0000864749 trmb:DeferredCommissionMember 2017-12-30 2018-09-28 0000864749 srt:MaximumMember 2018-12-29 2019-09-27 0000864749 srt:MinimumMember 2018-12-29 2019-09-27 0000864749 trmb:RevenueRecognitionOverRemainingObligationsOverNext12MonthsMember 2019-09-27 0000864749 trmb:RevenueRecognitionOverRemainingObligationsOverNext24MonthsMember 2019-09-27 0000864749 us-gaap:OtherNoncurrentLiabilitiesMember 2019-09-27 0000864749 us-gaap:OtherNoncurrentLiabilitiesMember 2018-12-28 0000864749 us-gaap:InternalRevenueServiceIRSMember trmb:TaxYear2010and2011Member 2017-12-30 2018-03-30 iso4217:USD xbrli:shares xbrli:shares xbrli:pure trmb:acquisition iso4217:USD trmb:loan iso4217:EUR
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________ 
FORM 10-Q
___________________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 27, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM             TO             
Commission file number: 001-14845
TRIMBLE INC.
(Exact name of registrant as specified in its charter)
___________________________________________________ 
Delaware
 
94-2802192
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
935 Stewart Drive, Sunnyvale, CA 94085
(Address of principal executive offices) (Zip Code)
Telephone Number (408481-8000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
ý
Accelerated Filer
¨

Non-accelerated Filer
¨
Smaller Reporting Company
 
 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value per share
TRMB
NASDAQ Global Select Market
As of November 1, 2019, there were 249,133,702 shares of Common Stock, par value $0.001 per share, outstanding.


Table of Contents

TRIMBLE INC.
FORM 10-Q for the Quarter Ended September 27, 2019
TABLE OF CONTENTS
 
PART I.
Page
 
 
 
ITEM 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ITEM 2.
 
 
 
ITEM 3.
 
 
 
ITEM 4.
 
 
 
PART II.
 
 
 
 
ITEM 1.
 
 
 
ITEM 1A.
 
 
 
ITEM 2.
 
 
 
ITEM 3.
 
 
 
ITEM 4.
 
 
 
ITEM 5.
 
 
 
ITEM 6.
 
 

2

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TRIMBLE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
Third Quarter of
 
Fiscal Year End
As of
2019
 
2018
(In millions, except par value)
 
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
184.6

 
$
172.5

Accounts receivable, net
488.9

 
512.6

Other receivables
27.2

 
33.2

Inventories
290.1

 
298.0

Other current assets
71.0

 
72.8

Total current assets
1,061.8

 
1,089.1

Property and equipment, net
229.0

 
212.9

Operating lease right-of-use assets
133.7

 

Goodwill
3,534.4

 
3,540.0

Other purchased intangible assets, net
627.3

 
744.3

Deferred costs, non-current
41.9

 
41.3

Other non-current assets
175.8

 
148.8

Total assets
$
5,803.9

 
$
5,776.4

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Short-term debt
$
236.3

 
$
256.2

Accounts payable
156.7

 
147.6

Accrued compensation and benefits
115.1

 
169.2

Deferred revenue
375.1

 
348.4

Accrued warranty expense
14.9

 
15.3

Other current liabilities
161.2

 
118.5

Total current liabilities
1,059.3

 
1,055.2

Long-term debt
1,514.0

 
1,712.3

Deferred revenue, non-current
43.9

 
38.8

Deferred income tax liabilities
75.7

 
73.8

Income taxes payable
73.3

 
71.3

Operating lease liabilities
109.0

 

Other non-current liabilities
140.6

 
150.2

Total liabilities
3,015.8

 
3,101.6

Commitments and contingencies (Note 15)

 

Stockholders' equity:
 
 
 
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding

 

Common stock, $0.001 par value; 360.0 shares authorized; 249.1 and 250.9 shares issued and outstanding third quarter of 2019 and fiscal year end 2018
0.2

 
0.3

Additional paid-in-capital
1,661.6

 
1,591.9

Retained earnings
1,332.3

 
1,268.3

Accumulated other comprehensive loss
(207.3
)
 
(186.1
)
Total Trimble Inc. stockholders' equity
2,786.8

 
2,674.4

Noncontrolling interests
1.3

 
0.4

Total stockholders' equity
2,788.1

 
2,674.8

Total liabilities and stockholders' equity
$
5,803.9

 
$
5,776.4


See accompanying Notes to the Condensed Consolidated Financial Statements.

3

Table of Contents

TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
  
Third Quarter of
 
First Three Quarters of
(In millions, except per share amounts)
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
Product
$
458.8

 
$
499.7

 
$
1,468.3

 
$
1,528.5

Service
168.0

 
156.5

 
501.8

 
421.4

Subscription
157.1

 
139.0

 
470.2

 
373.0

Total revenue
783.9

 
795.2

 
2,440.3

 
2,322.9

Cost of sales:
 
 
 
 
 
 
 
Product
230.8

 
237.5

 
718.5

 
723.1

Service
58.9

 
64.6

 
192.2

 
183.8

Subscription
48.9

 
38.0

 
137.4

 
95.0

Amortization of purchased intangible assets
23.3

 
28.2

 
71.3

 
75.2

Total cost of sales
361.9

 
368.3

 
1,119.4

 
1,077.1

Gross margin
422.0

 
426.9

 
1,320.9

 
1,245.8

Operating expense:
 
 
 
 
 
 
 
Research and development
112.3

 
114.1

 
350.1

 
333.5

Sales and marketing
119.7

 
119.7

 
375.9

 
354.6

General and administrative
77.2

 
91.6

 
239.9

 
262.6

Restructuring charges
3.6

 
2.5

 
10.0

 
6.3

Amortization of purchased intangible assets
17.5

 
21.6

 
57.3

 
57.7

Total operating expense
330.3

 
349.5

 
1,033.2

 
1,014.7

Operating income
91.7

 
77.4

 
287.7

 
231.1

Non-operating expense, net:
 
 
 
 
 
 
 
Interest expense, net
(19.7
)
 
(22.7
)
 
(62.2
)
 
(50.8
)
Foreign currency transaction gain (loss), net
(1.5
)
 
(0.1
)
 
(3.4
)
 
0.6

Income from equity method investments, net
8.8

 
8.8

 
30.5

 
23.2

Other income (expense), net
(0.4
)
 
0.7

 
16.9

 
5.9

Total non-operating expense, net
(12.8
)
 
(13.3
)
 
(18.2
)
 
(21.1
)
Income before taxes
78.9

 
64.1

 
269.5

 
210.0

Income tax provision (benefit)
0.8

 
(9.6
)
 
34.4

 
13.5

Net income
78.1

 
73.7

 
235.1

 
196.5

Net gain attributable to noncontrolling interests

 

 
0.1

 
0.2

Net income attributable to Trimble Inc.
$
78.1

 
$
73.7

 
$
235.0

 
$
196.3

Basic earnings per share
$
0.31

 
$
0.29

 
$
0.94

 
$
0.79

Shares used in calculating basic earnings per share
250.4

 
250.5

 
251.2

 
249.6

Diluted earnings per share
$
0.31

 
$
0.29

 
$
0.93

 
$
0.78

Shares used in calculating diluted earnings per share
252.1

 
253.6

 
253.4

 
253.0


See accompanying Notes to the Condensed Consolidated Financial Statements.

4

Table of Contents

TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 
Third Quarter of
 
First Three Quarters of
 
2019
 
2018
 
2019
 
2018
(In millions)
 
 
 
 
 
 
 
Net income
$
78.1

 
$
73.7

 
$
235.1

 
$
196.5

Foreign currency translation adjustments, net of tax
(26.9
)
 
7.4

 
(21.4
)
 
(22.8
)
Net unrealized gain (loss), net of tax

 
(0.1
)
 
0.2

 
0.3

Comprehensive income
51.2

 
81.0

 
213.9

 
174.0

Comprehensive gain attributable to noncontrolling interests

 

 
0.1

 
0.2

Comprehensive income attributable to Trimble Inc.
$
51.2

 
$
81.0

 
$
213.8

 
$
173.8


See accompanying Notes to the Condensed Consolidated Financial Statements.

5

Table of Contents

TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
 
Common stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders’
Equity
 
Noncontrolling
Interest
 
Total
 
Shares
 
Amount
 
Additional Paid-In Capital
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at the end of fiscal 2018
250.9

 
$
0.3

 
$
1,591.9

 
$
1,268.3

 
$
(186.1
)
 
$
2,674.4

 
$
0.4

 
$
2,674.8

Net income

 

 

 
62.3

 

 
62.3

 
0.1

 
62.4

Other comprehensive income

 

 

 

 
3.6

 
3.6

 

 
3.6

Comprehensive income
 
 
 
 
 
 
 
 
 
 
65.9

 
 
 
66.0

Issuance of common stock under employee plans, net of tax withholdings
1.6

 

 
33.3

 
(7.7
)
 

 
25.6

 

 
25.6

Stock repurchases
(1.0
)
 

 
(6.5
)
 
(33.5
)
 

 
(40.0
)
 

 
(40.0
)
Stock-based compensation

 

 
16.6

 

 

 
16.6

 

 
16.6

Noncontrolling interest investments

 

 
(0.8
)
 

 

 
(0.8
)
 
0.8

 

Balance at the end of the first quarter of fiscal 2019
251.5

 
$
0.3

 
$
1,634.5

 
$
1,289.4

 
$
(182.5
)
 
$
2,741.7

 
$
1.3

 
$
2,743.0

Net income

 

 

 
94.6

 

 
94.6

 

 
94.6

Other comprehensive income

 

 

 

 
2.1

 
2.1

 

 
2.1

Comprehensive income
 
 
 
 
 
 
 
 
 
 
96.7

 
 
 
96.7

Issuance of common stock under employee plans, net of tax withholdings
0.7

 

 
1.7

 
(13.5
)
 

 
(11.8
)
 

 
(11.8
)
Stock repurchases
(0.4
)
 

 
(2.9
)
 
(16.1
)
 

 
(19.0
)
 

 
(19.0
)
Stock-based compensation

 

 
16.4

 

 

 
16.4

 

 
16.4

Balance at the end of the second quarter of fiscal 2019
251.8

 
0.3

 
1,649.7

 
1,354.4

 
(180.4
)
 
2,824.0

 
1.3

 
2,825.3

Net income

 

 

 
78.1

 

 
78.1

 

 
78.1

Other comprehensive income

 

 

 

 
(26.9
)
 
(26.9
)
 

 
(26.9
)
Comprehensive income
 
 
 
 
 
 
 
 
 
 
51.2

 
 
 
51.2

Issuance of common stock under employee plans, net of tax withholdings
0.6

 

 
15.5

 
(0.7
)
 

 
14.8

 

 
14.8

Stock repurchases
(3.3
)
 
(0.1
)
 
(21.2
)
 
(99.5
)
 

 
(120.8
)
 

 
(120.8
)
Stock-based compensation

 

 
17.6

 

 

 
17.6

 

 
17.6

Balance at the end of the third quarter of fiscal 2019
249.1

 
$
0.2

 
$
1,661.6

 
$
1,332.3

 
$
(207.3
)
 
$
2,786.8

 
$
1.3

 
$
2,788.1


6

Table of Contents

 
Common stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders’
Equity
 
Noncontrolling
Interest
 
Total
 
Shares
 
Amount
 
Additional Paid-In Capital
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at the end of fiscal 2017
248.9

 
$
0.2

 
$
1,461.1

 
$
1,084.6

 
$
(131.4
)
 
$
2,414.5

 
$

 
$
2,414.5

Net income

 

 

 
58.5

 

 
58.5

 
0.2

 
58.7

Other comprehensive income

 

 

 

 
30.3

 
30.3

 

 
30.3

Comprehensive income
 
 
 
 
 
 
 
 
 
 
88.8

 
 
 
89.0

Issuance of common stock under employee plans, net of tax withholdings
1.1

 

 
25.8

 
3.0

 

 
28.8

 

 
28.8

Stock repurchases
(1.3
)
 

 
(7.5
)
 
(42.5
)
 

 
(50.0
)
 

 
(50.0
)
Stock-based compensation

 

 
17.6

 

 

 
17.6

 

 
17.6

Balance at the end of the first quarter of fiscal 2018
248.7

 
$
0.2

 
$
1,497.0

 
$
1,103.6

 
$
(101.1
)
 
$
2,499.7

 
$
0.2

 
$
2,499.9

Net income

 

 

 
64.1

 

 
64.1

 

 
64.1

Other comprehensive income

 

 

 

 
(60.1
)
 
(60.1
)
 

 
(60.1
)
Comprehensive income
 
 
 
 
 
 
 
 
 
 
4.0

 
 
 
4.0

Issuance of common stock under employee plans, net of tax withholdings
1.2

 

 
10.2

 
(13.7
)
 

 
(3.5
)
 

 
(3.5
)
Stock repurchases

 

 

 

 

 

 

 

Stock-based compensation

 

 
17.2

 

 

 
17.2

 

 
17.2

Balance at the end of the second quarter of fiscal 2018
249.9

 
0.2

 
1,524.4

 
1,154.0

 
(161.2
)
 
2,517.4

 
0.2

 
2,517.6

Net income

 

 

 
73.7

 

 
73.7

 

 
73.7

Other comprehensive income

 

 

 

 
7.3

 
7.3

 

 
7.3

Comprehensive income
 
 
 
 
 
 
 
 
 
 
81.0

 
 
 
81.0

Issuance of common stock under employee plans, net of tax withholdings
1.2

 
0.1

 
31.2

 
(0.5
)
 

 
30.8

 

 
30.8

Stock repurchases

 

 

 

 

 

 
 
 

Stock-based compensation

 

 
19.2

 

 

 
19.2

 
 
 
19.2

Balance at the end of the third quarter of fiscal 2018
251.1

 
$
0.3

 
$
1,574.8

 
$
1,227.2

 
$
(153.9
)
 
$2,648.4
 
$
0.2

 
$
2,648.6

See accompanying Notes to the Condensed Consolidated Financial Statements.


7

Table of Contents

TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
First Three Quarters of
(In millions)
2019
 
2018
Cash flow from operating activities:
 
 
 
Net income
$
235.1

 
$
196.5

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation expense
29.7

 
26.2

Amortization expense
128.6

 
132.9

Deferred income taxes
4.4

 
(27.4
)
Stock-based compensation
52.1

 
53.1

Income from equity method investments, net of dividends
(9.5
)
 
(0.2
)
Other, net
4.3

 
14.4

(Increase) decrease in assets:
 
 
 
Accounts receivable, net
16.8

 
(15.8
)
Inventories
1.7

 
(29.0
)
Other current and non-current assets
10.4

 
(4.1
)
Increase (decrease) in liabilities:
 
 
 
Accounts payable
13.6

 
9.2

Accrued compensation and benefits
(52.3
)
 
(13.8
)
Deferred revenue
33.4

 
53.8

Other current and non-current liabilities
(5.5
)
 
(11.0
)
Net cash provided by operating activities
462.8

 
384.8

Cash flow from investing activities:
 
 
 
Acquisitions of businesses, net of cash acquired
(28.6
)
 
(1,741.4
)
Acquisitions of property and equipment
(54.6
)
 
(53.1
)
Purchases of short-term investments

 
(24.0
)
Proceeds from maturities of short-term investments

 
6.2

Proceeds from sales of short-term investments

 
196.8

Other, net
14.5

 
2.7

Net cash used in investing activities
(68.7
)
 
(1,612.8
)
Cash flow from financing activities:
 
 
 
Issuance of common stock, net of tax withholdings
28.4

 
52.3

Repurchases of common stock
(179.8
)
 
(53.0
)
Proceeds from debt and revolving credit lines
818.0

 
2,694.8

Payments on debt and revolving credit lines
(1,033.6
)
 
(1,602.2
)
Other, net
(10.2
)
 
(8.9
)
Net cash provided by (used in) financing activities
(377.2
)
 
1,083.0

Effect of exchange rate changes on cash and cash equivalents
(4.8
)
 
(8.1
)
Net increase (decrease) in cash and cash equivalents
12.1

 
(153.1
)
Cash and cash equivalents - beginning of period
172.5

 
358.5

Cash and cash equivalents - end of period
$
184.6

 
$
205.4


See accompanying Notes to the Condensed Consolidated Financial Statements.

8

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED
NOTE 1. OVERVIEW AND BASIS OF PRESENTATION
Company and Background
The Company began operations in 1978 and was originally incorporated in California as Trimble Navigation Limited in 1981. On October 1, 2016, Trimble Navigation Limited changed its name to Trimble Inc. ("Trimble" or the "Company") and changed its state of incorporation from the State of California to the State of Delaware. Other than the change in corporate domicile, the reincorporation did not result in any change in the business, physical location, management, assets, liabilities, or total stockholders' equity of the Company, nor did it result in any change in location of the Company's employees, including the Company's management.
Basis of Presentation
The Company has a 52-53 week fiscal year, ending on the Friday nearest to December 31, which for fiscal 2019 is January 3, 2020 and for fiscal 2018 was December 28, 2018. The third quarter of fiscal 2019 and 2018 ended on September 27, 2019 and September 28, 2018, respectively. Fiscal 2019 is 53-week year and 2018 is 52-week year. Unless otherwise stated, all dates refer to the Company’s fiscal year and fiscal periods.
The Condensed Consolidated Financial Statements include the results of the Company and its consolidated subsidiaries. Inter-company accounts and transactions have been eliminated. Noncontrolling interests represent the noncontrolling stockholders’ proportionate share of the net assets and results of operations of the Company’s consolidated subsidiaries.
The unaudited interim Condensed Consolidated Financial Statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In the opinion of management, the unaudited interim Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for the full year. The information included in this Form 10-Q should be read in conjunction with information included in Trimble's Form 10-K filed with the U.S. Securities and Exchange Commission on February 21, 2019.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in its Condensed Consolidated 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 of performance obligations, allowances for doubtful accounts, sales returns reserve, allowances for inventory valuation, warranty costs, investments, goodwill impairment, intangibles impairment, purchased intangibles, useful lives for tangible and intangible assets, stock-based compensation, and income taxes among others. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Actual results and outcomes may differ from management's estimates and assumptions.
NOTE 2. UPDATES TO SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies
There have been no material changes to the Company’s significant accounting polices during the first three quarters of fiscal 2019 from those disclosed in the Company’s most recent Form 10-K, except for the adoption of the new lease standard during the first quarter of fiscal 2019, as discussed below.

9

Table of Contents

Recently Adopted Accounting Pronouncements
Leases
In February 2016, the FASB issued a new lease standard that requires a lessee to recognize lease assets and lease liabilities on the balance sheet for most leases and provide enhanced disclosures. The Company adopted the new standard at the beginning of fiscal year 2019 by applying a modified retrospective method without restating comparative periods. Upon adoption, certain practical expedients were used to carry forward existing leases as previously defined and classified. Leases containing both lease and non-lease components are accounted for as part of the overall lease arrangement.
Operating leases with lease terms greater than one year are included in Operating lease right-of-use (“ROU”) assets, Other current liabilities, and Operating lease liabilities on the Company's Condensed Consolidated Balance Sheets. Those ROU assets and liabilities are recognized at the present value of lease payments over the lease terms by utilizing the Company’s incremental borrowing rate.
The standard had a material impact on the Company’s Condensed Consolidated Balance Sheets but did not have an impact on its Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows. The most significant impact was the recognition of $123.5 million ROU assets and $126.1 million lease liabilities for its operating leases at the adoption date.
Recently issued Accounting Pronouncements not yet adopted
Financial Instruments - Credit Losses
In June 2016, the FASB issued new guidance that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected, not based on incurred losses. Further, credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. The new standard is applied on a modified-retrospective basis and is effective for the Company beginning in fiscal 2020. Early adoption for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 is permitted. The Company currently anticipates that the adoption will not have a material impact on its Condensed Consolidated Financial Statements.
Intangibles - Goodwill and Other
In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test. The impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is applied on a prospective basis and is effective for the Company beginning in fiscal 2020, and early adoption is permitted. The Company currently anticipates that the adoption will not have a material impact on its Condensed Consolidated Financial Statements.
Intangibles - Internal-Use Software
In August 2018, the FASB issued new guidance that clarifies the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the accounting for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software.
The Company is required to adopt the guidance in the first quarter of fiscal year 2020 on a prospective basis for all implementation costs incurred after the date of adoption. Early adoption is permitted. The Company is currently evaluating the effect of the new guidance on its Condensed Consolidated Financial Statements.
NOTE 3. STOCKHOLDERS’ EQUITY
Stock Repurchase Activities
In November 2017, the Company’s Board of Directors approved a stock repurchase program ("2017 Stock Repurchase Program"), authorizing the Company to repurchase up to $600.0 million of Trimble’s common stock.
Under the share repurchase program, the Company may repurchase shares from time to time in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers, or by other means. The timing and amount of repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, share price, legal requirements, and other factors. The program may be suspended, modified, or discontinued at any time without prior notice.
During the third quarter and first three quarters of fiscal 2019, the Company repurchased approximately 3.3 million and 4.7 million shares of common stock in open market purchases, at an average price of $37.57 per share and $38.51 per share for a total of $120.8 million and $179.8 million, respectively, under the 2017 Stock Repurchase Program.
Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-in-capital based on the average book value per share for all outstanding shares, calculated at the time of each individual repurchase transaction. The excess of the purchase price over this average for each repurchase is charged to retained earnings. As a result of the repurchases, retained earnings was reduced by $99.5 million and $149.1 million in the third quarter and first three quarters of fiscal 2019, respectively. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes. At the end of the third quarter of fiscal 2019, the 2017 Stock Repurchase Program had remaining authorized funds of $172.4 million.
NOTE 4. BUSINESS COMBINATIONS

During the first three quarters of fiscal 2019, the Company acquired two businesses for total cash consideration of $40.2 million. The Condensed Consolidated Statements of Income include the operating results of the businesses from the dates of acquisition. The acquisitions were not significant individually or in the aggregate. The businesses acquired during the first three quarters of fiscal 2019 contributed less than 1% to the Company's total revenue.

The Company determined the total consideration paid for each of its acquisitions as well as the fair value of the assets acquired and liabilities assumed as of the date of acquisition. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis. For the acquisitions in the first three quarters of fiscal 2019, the preliminary fair values of net tangible assets and intangible assets acquired were based on preliminary valuations and estimates, and assumptions are subject to change within the measurement period (up to one year from the acquisition date).
Intangible Assets
The following table presents details of the Company’s total intangible assets: 
As of
Third Quarter of Fiscal 2019
 
Fiscal Year End 2018
 
Gross
 
 
 
 
 
Gross
 
 
 
 
 
Carrying
 
Accumulated
 
Net Carrying
 
Carrying
 
Accumulated
 
Net Carrying
(In millions)
Amount
 
Amortization
 
Amount
 
Amount
 
Amortization
 
Amount
Developed product technology
$
1,221.6

 
$
(892.2
)
 
$
329.4

 
$
1,220.3

 
$
(825.3
)
 
$
395.0

Trade names and trademarks
72.6

 
(57.4
)
 
15.2

 
72.9

 
(53.3
)
 
19.6

Customer relationships
717.2

 
(449.2
)
 
268.0

 
715.1

 
(406.5
)
 
308.6

Distribution rights and other intellectual property
77.8

 
(63.1
)
 
14.7

 
84.4

 
(63.3
)
 
21.1

 
$
2,089.2

 
$
(1,461.9
)
 
$
627.3

 
$
2,092.7

 
$
(1,348.4
)
 
$
744.3



The estimated future amortization expense of purchased intangible assets as of the end of the third quarter of fiscal 2019 was as follows:
(In millions)
 
2019 (Remaining)
$
37.2

2020
140.8

2021
119.7

2022
100.8

2023
87.4

Thereafter
141.4

Total
$
627.3


Goodwill
The changes in the carrying amount of goodwill by segment for the first three quarters of fiscal 2019 were as follows: 
 
Buildings and Infrastructure
 
Geospatial
 
Resources and Utilities
 
Transportation
 
Total
(In millions)
 
 
 
 
 
 
 
 
 
Balance as of fiscal year end 2018
$
1,970.2

 
$