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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 April 3, 2020
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 May 6, 2020, there were 249,761,853 shares of Common Stock, par value $0.001 per share, outstanding.



TRIMBLE INC.
FORM 10-Q for the Quarter Ended April 3, 2020
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


PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TRIMBLE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
First Quarter of
 
Fiscal Year End
As of
2020
 
2019
(In millions, except par value)
 
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
216.8

 
$
189.2

Accounts receivable, net
546.6

 
608.2

Inventories
327.2

 
312.1

Other current assets
102.0

 
102.3

Total current assets
1,192.6

 
1,211.8

Property and equipment, net
244.8

 
241.4

Operating lease right-of-use assets
129.8

 
140.3

Goodwill
3,783.6

 
3,680.6

Other purchased intangible assets, net
681.2

 
678.7

Deferred income tax assets
466.1

 
475.5

Other non-current assets
207.6

 
212.4

Total assets
$
6,705.7

 
$
6,640.7

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Short-term debt
$
280.7

 
$
219.0

Accounts payable
145.4

 
159.3

Accrued compensation and benefits
110.3

 
123.5

Deferred revenue
498.2

 
490.4

Other current liabilities
192.3

 
198.1

Total current liabilities
1,226.9

 
1,190.3

Long-term debt
1,694.7

 
1,624.2

Deferred revenue, non-current
53.3

 
51.5

Deferred income tax liabilities
310.1

 
318.2

Income taxes payable
69.1

 
69.1

Operating lease liabilities
104.9

 
114.1

Other non-current liabilities
144.4

 
152.9

Total liabilities
3,603.4

 
3,520.3

Commitments and contingencies (Note 14)

 

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; 249.7 and 249.9 shares issued and outstanding at the end of the first quarter of 2020 and fiscal year end 2019, respectively
0.2

 
0.2

Additional paid-in-capital
1,716.6

 
1,692.8

Retained earnings
1,615.4

 
1,602.8

Accumulated other comprehensive loss
(230.9
)
 
(176.8
)
Total Trimble Inc. stockholders' equity
3,101.3

 
3,119.0

Noncontrolling interests
1.0

 
1.4

Total stockholders' equity
3,102.3

 
3,120.4

Total liabilities and stockholders' equity
$
6,705.7

 
$
6,640.7


See accompanying Notes to the Condensed Consolidated Financial Statements.

3


TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
  
First Quarter of
(In millions, except per share amounts)
2020
 
2019
Revenue:
 
 
 
Product
$
463.8

 
$
488.4

Service
162.4

 
159.2

Subscription
166.1

 
154.0

Total revenue
792.3

 
801.6

Cost of sales:
 
 
 
Product
210.1

 
230.7

Service
63.6

 
64.0

Subscription
54.1

 
44.4

Amortization of purchased intangible assets
23.5

 
24.2

Total cost of sales
351.3

 
363.3

Gross margin
441.0

 
438.3

Operating expense:
 
 
 
Research and development
118.2

 
118.2

Sales and marketing
131.7

 
127.4

General and administrative
73.0

 
82.8

Restructuring charges
2.9

 
3.5

Amortization of purchased intangible assets
16.9

 
20.1

Total operating expense
342.7

 
352.0

Operating income
98.3

 
86.3

Non-operating expense, net:
 
 
 
Interest expense, net
(20.5
)
 
(21.9
)
Income from equity method investments, net
9.4

 
8.8

Other income (expense), net
(7.8
)
 
2.0

Total non-operating expense, net
(18.9
)
 
(11.1
)
Income before taxes
79.4

 
75.2

Income tax provision
17.5

 
12.8

Net income
61.9

 
62.4

Net income attributable to noncontrolling interests

 
0.1

Net income attributable to Trimble Inc.
$
61.9

 
$
62.3

Basic earnings per share
$
0.25

 
$
0.25

Shares used in calculating basic earnings per share
249.9

 
251.5

Diluted earnings per share
$
0.25

 
$
0.25

Shares used in calculating diluted earnings per share
251.7

 
254.0


See accompanying Notes to the Condensed Consolidated Financial Statements.

4


TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 
First Quarter of
 
2020
 
2019
(In millions)
 
 
 
Net income
$
61.9

 
$
62.4

Foreign currency translation adjustments, net of tax
(54.3
)
 
3.4

Net unrealized income, net of tax
0.2

 
0.2

Comprehensive income
7.8

 
66.0

Comprehensive income attributable to noncontrolling interests

 
0.1

Comprehensive income attributable to Trimble Inc.
$
7.8

 
$
65.9


See accompanying Notes to the Condensed Consolidated Financial Statements.

5


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 2019
249.9

 
$
0.2

 
$
1,692.8

 
$
1,602.8

 
$
(176.8
)
 
$
3,119.0

 
$
1.4

 
$
3,120.4

Net income

 

 

 
61.9

 

 
61.9

 

 
61.9

Other comprehensive income

 

 

 

 
(54.1
)
 
(54.1
)
 

 
(54.1
)
Comprehensive income
 
 
 
 
 
 
 
 
 
 
7.8

 
 
 
7.8

Issuance of common stock under employee plans, net of tax withholdings
1.0

 

 
20.4

 
(7.7
)
 

 
12.7

 

 
12.7

Stock repurchases
(1.2
)
 

 
(8.4
)
 
(41.6
)
 

 
(50.0
)
 

 
(50.0
)
Stock-based compensation

 

 
11.8

 

 

 
11.8

 

 
11.8

Noncontrolling interest investments

 

 

 

 

 

 
(0.4
)
 
(0.4
)
Balance at the end of the first quarter of fiscal 2020
249.7

 
$
0.2

 
$
1,716.6

 
$
1,615.4

 
$
(230.9
)
 
$
3,101.3

 
$
1.0

 
$
3,102.3

 
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

Non-controlling interest investment

 

 
(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

See accompanying Notes to the Condensed Consolidated Financial Statements.


6


TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
First Quarter of
(In millions)
2020
 
2019
Cash flow from operating activities:
 
 
 
Net income
$
61.9

 
$
62.4

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation expense
9.8

 
10.2

Amortization expense
40.4

 
44.3

Deferred income taxes
4.8

 
1.1

Stock-based compensation
10.7

 
16.3

Income from equity method investments, net of dividends
(5.6
)
 
(4.8
)
Other, net
14.9

 
1.8

(Increase) decrease in assets:
 
 
 
Accounts receivable, net
47.9

 
(13.8
)
Inventories
(20.4
)
 
(6.8
)
Other current and non-current assets
16.8

 
6.1

Increase (decrease) in liabilities:
 
 
 
Accounts payable
(12.8
)
 
3.4

Accrued compensation and benefits
(12.6
)
 
(57.0
)
Deferred revenue
15.6

 
77.1

Other current and non-current liabilities
(15.7
)
 
7.3

Net cash provided by operating activities
155.7

 
147.6

Cash flow from investing activities:
 
 
 
Acquisitions of businesses, net of cash acquired
(198.0
)
 
4.9

Acquisitions of property and equipment
(16.7
)
 
(14.5
)
Other, net
0.3

 

Net cash used in investing activities
(214.4
)
 
(9.6
)
Cash flow from financing activities:
 
 
 
Issuance of common stock, net of tax withholdings
12.7

 
25.6

Repurchases of common stock
(50.0
)
 
(40.0
)
Proceeds from debt and revolving credit lines
657.5

 
266.9

Payments on debt and revolving credit lines
(520.2
)
 
(339.7
)
Other, net
(0.4
)
 
(7.1
)
Net cash provided by (used in) financing activities
99.6

 
(94.3
)
Effect of exchange rate changes on cash and cash equivalents
(13.3
)
 
0.5

Net increase in cash and cash equivalents
27.6

 
44.2

Cash and cash equivalents - beginning of period
189.2

 
172.5

Cash and cash equivalents - end of period
$
216.8

 
$
216.7


See accompanying Notes to the Condensed Consolidated Financial Statements.

7


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED
NOTE 1. OVERVIEW AND BASIS OF PRESENTATION
Company and Background
Trimble 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" or “we” or “our” or “us”) and changed its state of incorporation from the State of California to the State of Delaware.
Basis of Presentation
We use a 52- to 53-week fiscal year ending on the Friday nearest to December 31. Fiscal 2020 will be a 52-week year ending on January 1, 2021, and fiscal 2019 was a 53-week year ended on January 3, 2020. The quarters ended April 3, 2020 and March 29, 2019, each included 13 weeks. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods.
The Condensed Consolidated Financial Statements include our results and our 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 our 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 28, 2020.
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. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. The global economic climate and unanticipated effects from the COVID-19 pandemic make these estimates more complex, and actual results could differ materially from those estimates.
NOTE 2. UPDATES TO SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies
There have been no material changes to our significant accounting polices during the first quarter of fiscal 2020 from those disclosed in our most recent Form 10-K, except for the adoption of the standards discussed below.
Recently Adopted Accounting Pronouncements
Financial Instruments - Credit Losses
In June 2016, the FASB issued a new standard that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected. Application of this standard replaces the incurred loss impairment methodology with a methodology that reflects all expected credit losses. Additionally, credit losses on available-for-sale debt securities are recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost.
We adopted the new standard at the beginning of fiscal year 2020 by applying a modified retrospective method without restating comparative periods. For the first quarter of fiscal 2020, the adoption did not have a material impact on our Condensed Consolidated Financial Statements. We will continue to actively monitor the impact of the recent COVID-19 pandemic on expected credit losses.

8


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.
We adopted the new standard on a prospective basis at the beginning of fiscal year 2020. The adoption did not have a material impact on our 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.
We adopted the guidance on a prospective basis for all implementation costs incurred after the beginning of fiscal year 2020. The adoption of the new guidance did not have a material impact on our Condensed Consolidated Financial Statements.
Recently issued Accounting Pronouncements not yet adopted
Income Taxes - Simplifying the Accounting for Income Taxes
In December 2019, the FASB issued amendments to the accounting for Income Taxes to reduce complexity by removing certain exceptions and implementing targeted simplifications. The new standard is effective for us beginning in fiscal 2021. Early adoption is permitted. We are currently evaluating the effect of the amendments on our Condensed Consolidated Financial Statements.
NOTE 3. STOCKHOLDERS’ EQUITY
Stock Repurchase Activities
In November 2017, our 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 2017 Stock Repurchase Program, we 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 are determined by management based on their 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 first quarter of fiscal 2020, we repurchased approximately 1.2 million shares of common stock in open market purchases, at an average price of $40.40 per share for a total of $50.0 million, 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 $41.6 million in the first quarter of fiscal 2020. Common stock repurchases under the 2017 Stock Repurchase Program were recorded based upon the trade date for accounting purposes. At the end of the first quarter of fiscal 2020, the 2017 Stock Repurchase Program had remaining authorized funds of $122.4 million.
NOTE 4. BUSINESS COMBINATIONS
During the first quarter of fiscal 2020, we acquired privately held Kuebix for cash consideration of $201.1 million. Kuebix is a leading transportation management system provider and creator of North America's largest connected shipping community. This acquisition will enable us to create a new platform for planning, execution, and freight demand-capacity matching. The Condensed Consolidated Statements of Income include the operating results of the acquired business from the date of acquisition. The acquisition contributed less than 1% to our total revenue.
The fair value of identifiable assets acquired and liabilities assumed were determined under the acquisition method of accounting for business combinations 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 determined based on a discounted cash flow analysis. For the acquisition in the first quarter of fiscal 2020, the preliminary fair value of net tangible assets and intangible assets acquired was based on preliminary valuations and estimates, and assumptions are subject to change within the measurement period (up to one year from the acquisition date).
The following table summarizes the Company’s business combination completed during the first quarter of fiscal 2020:
(In millions)
First Quarter of 2020
Fair value of total purchase consideration
$
201.1

Less fair value of net assets acquired:
 
Net tangible assets acquired
(1.5
)
Identifiable intangible assets
54.3

Deferred income taxes
0.7

Goodwill
$
147.6


Intangible Assets
The following table presents details of the Company’s total intangible assets: 
As of
First Quarter of Fiscal 2020
 
Fiscal Year End 2019
 
Gross
 
 
 
 
 
Gross
 
 
 
 
 
Carrying
 
Accumulated
 
Net Carrying
 
Carrying
 
Accumulated
 
Net Carrying
(In millions)
Amount
 
Amortization
 
Amount
 
Amount
 
Amortization
 
Amount
Developed product technology
$
1,298.1

 
$
(934.0
)
 
$
364.1

 
$
1,266.7

 
$
(923.4
)
 
$
343.3

Trade names and trademarks
75.7

 
(62.0
)
 
13.7

 
74.8

 
(59.8
)
 
15.0

Customer relationships
767.6

 
(472.7
)
 
294.9

 
769.8

 
(465.6
)
 
304.2

Distribution rights and other intellectual property
71.6

 
(63.1
)
 
8.5

 
79.7

 
(63.5
)
 
16.2

 
$
2,213.0

 
$
(1,531.8
)
 
$
681.2

 
$
2,191.0

 
$
(1,512.3
)
 
$
678.7


The estimated future amortization expense of purchased intangible assets as of the end of the first quarter of fiscal 2020 was as follows:
(In millions)
 
2020 (Remaining)
$
116.3

2021
136.4

2022
117.6

2023
104.7

2024
79.4

Thereafter
126.8

Total
$
681.2


Goodwill
The changes in the carrying amount of goodwill by segment for the first quarter of fiscal 2020 were as follows: 
 
Buildings and Infrastructure
 
Geospatial
 
Resources and Utilities
 
Transportation
 
Total
(In millions)
 
 
 
 
 
 
 
 
 
Balance as of fiscal year end 2019
$
1,973.0

 
$
401.5

 
$
445.4

 
$
860.7

 
$
3,680.6

Additions due to acquisitions

 

 

 
147.6

 
147.6

Purchase price and foreign currency translation adjustments
(18.1
)
 
(7.7
)
 
(10.8
)
 
(8.0
)
 
(44.6
)
Balance as of the end of the first quarter of fiscal 2020
$
1,954.9

 
$
393.8

 
$
434.6

 
$
1,000.3

 
$
3,783.6



9


NOTE 5. INVENTORIES
Inventories consisted of the following: 
 
First Quarter of
 
Fiscal Year End
As of
2020
 
2019
(In millions)
 
 
 
Raw materials
$
97.7

 
$
95.8

Work-in-process
13.1

 
13.2

Finished goods
216.4

 
203.1

Total inventories
$
327.2

 
$
312.1



10


NOTE 6. SEGMENT INFORMATION
Our operating segments are determined based on how the Company's chief operating decision maker 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, government, and land management.
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, field service management, rail, and military aviation.
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. We present segment revenue and income excluding the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting. Segment income presented also excludes the effects of certain acquired capitalized commissions that were eliminated in purchase accounting, along with other adjustments that have historically been excluded in prior periods, as though the acquired companies operated independently in the periods presented. This is consistent with the way the chief operating decision maker evaluates each of the segment's performance and allocates resources.
 
Reporting Segments
 
Buildings and Infrastructure
 
Geospatial
 
Resources and Utilities
 
Transportation
 
Total
(In millions)
 
 
 
 
 
 
 
 
 
First Quarter of Fiscal 2020
 
 
 
 
 
 
 
 
 
Revenue
$
296.8

 
$
146.2

 
$
179.0

 
$
170.3

 
$
792.3

Acquired deferred revenue adjustment
0.1

 

 
1.3

 
0.3

 
1.7

Segment revenue
$
296.9

 
$
146.2

 
$
180.3

 
$
170.6

 
$
794.0

 
 
 
 
 
 
 
 
 
 
Operating income
$
62.1

 
$
30.5

 
$
65.6

 
$
16.7

 
$
174.9

Acquired deferred revenue adjustment
0.1

 

 
1.3

 
0.3

 
1.7

Amortization of acquired capitalized commissions
(1.4
)
 

 

 
(0.1
)
 
(1.5
)
Segment operating income
$
60.8

 
$
30.5

 
$
66.9

 
$
16.9

 
$
175.1

 
 
 
 
 
 
 
 
 
 
  Depreciation expense
$
2.1

 
$
1.4

 
$
1.3

 
$
1.1

 
$
5.9

 
 
 
 
 
 
 
 
 
 
First Quarter of Fiscal 2019
 
 
 
 
 
 
 
 
 
Revenue
292.0

 
$
161.2

 
$
159.3

 
$
189.1

 
$
801.6

Acquired deferred revenue adjustment
2.7

 

 
0.2

 

 
2.9

Segment revenue
$
294.7

 
$
161.2

 
$
159.5

 
$
189.1

 
$
804.5

 
 
 
 
 
 
 
 
 
 
Operating income
$
61.4

 
$
29.4

 
$
51.0

 
$
31.2

 
$
173.0

Acquired deferred revenue adjustment
2.7

 

 
0.2

 

 
2.9

Amortization of acquired capitalized commissions
(1.6
)
 

 
(0.1
)
 

 
(1.7
)
Segment operating income
$
62.5

 
$
29.4

 
$
51.1

 
$
31.2

 
$
174.2

 
 
 
 
 
 
 
 
 
 
  Depreciation expense
$
2.1

 
$
1.6

 
$
1.1

 
$
1.1

 
$
5.9


 
Reporting Segments
 
Buildings and Infrastructure
 
Geospatial
 
Resources and Utilities
 
Transportation
 
Total
(In millions)
 
 
 
 
 
 
 
 
 
As of the end of First Quarter of Fiscal 2020
 
 
 
 
 
 
 
 
 
Accounts receivable, net
$
183.6

 
$
102.7

 
$
104.5

 
$
155.8

 
$
546.6

Inventories
62.8

 
128.5

 
44.2

 
91.7

 
327.2

Goodwill
1,954.9

 
393.8

 
434.6

 
1,000.3

 
3,783.6

As of Fiscal Year End 2019
 
 
 
 
 
 
 
 
 
Accounts receivable, net
232.0

 
115.5

 
93.3

 
167.4

 
608.2

Inventories
67.1

 
125.0

 
45.5

 
74.5

 
312.1

Goodwill
$
1,973.0

 
$
401.5

 
$
445.4

 
$
860.7

 
$
3,680.6


A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes is as follows: 
 
First Quarter of
 
2020
 
2019
(In millions)
 
 
 
Consolidated segment operating income
$
175.1

 
$
174.2

Unallocated corporate expense
(13.9
)
 
(18.5
)
Restructuring charges
(3.2
)
 
(3.7
)
COVID-19 expenses
(3.8
)
 

Acquired deferred revenue adjustment
(1.7
)
 
(2.9
)
Amortization of purchased intangible assets
(40.4
)
 
(44.3
)
Stock-based compensation and deferred compensation
(4.5
)
 
(19.1
)
Amortization of acquired capitalized commissions
1.5

 
1.7

Acquisition / divestiture items
(10.8
)
 
(1.1
)
Consolidated operating income
98.3

 
86.3

Non-operating expense, net
(18.9
)
 
(11.1
)
Consolidated income before taxes
$
79.4

 
$
75.2


On a total Company basis, 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 excludes the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting, consistent with the Reporting Segment tables above.
 
Reporting Segments
 
Buildings and Infrastructure
 
Geospatial
 
Resources and Utilities
 
Transportation
 
Total
(In millions)
 
 
 
 
 
 
 
 
 
First Quarter of Fiscal 2020
 
 
 
 
 
 
 
 
 
North America
$
172.1

 
$
56.8

 
$
53.7

 
$
131.8

 
$
414.4

Europe
81.6

 
50.7

 
90.4

 
19.1

 
241.8

Asia Pacific
37.1

 
28.7

 
17.5

 
10.5

 
93.8

Rest of World
6.1

 
10.0

 
18.7

 
9.2

 
44.0

Total consolidated revenue
$
296.9

 
$
146.2

 
$
180.3

 
$
170.6

 
$
794.0

 
 
 
 
 
 
 
 
 
 
First Quarter of Fiscal 2019
 
 
 
 
 
 
 
 
 
North America
$
165.6

 
$
62.9

 
$
41.9

 
$
152.0

 
$
422.4

Europe
83.9

 
54.7

 
88.9

 
21.1

 
248.6

Asia Pacific
38.5

 
31.7

 
12.7

 
10.5

 
93.4

Rest of World
6.7

 
11.9

 
16.0

 
5.5

 
40.1

Total consolidated revenue
$
294.7

 
$
161.2

 
$
159.5

 
$
189.1

 
$
804.5



11


NOTE 7. DEBT
Debt consisted of the following:
As of
 
 
 
First Quarter of
 
Fiscal Year End
Instrument
 
Date of Issuance
 
2020
 
2019
(In millions)
 
 
 
Effective interest rate
 
 
 
Senior Notes:
 
 
 
 
 
 
 
   2023 Senior Notes, 4.15%, due June 2023
 
June 2018
 
4.36%
$
300.0

 
$
300.0

   2028 Senior Notes, 4.90%, due June 2028
 
June 2018
 
5.04%
600.0

 
600.0

   2024 Senior Notes, 4.75%, due December 2024
 
November 2014
 
4.95%
400.0

 
400.0

Credit Facilities:
 
 
 
 
 
 
 
    2018 Credit Facility, floating rate:
 
 
 
 
 
 
 
        Term Loan, due July 2022
 
May 2018
 
2.50%
225.0

 
225.0

Revolving Credit Facility, due May 2023
 
May 2018
 
2.89%
180.0

 
110.0

    Uncommitted facilities, floating rate
 
 
 
1.40%
280.4

 
218.7

Promissory notes and other debt
 
 
 
 
0.3

 
0.3

Unamortized discount and issuance costs
 
 
 
 
(10.3
)
 
(10.8
)
Total debt
 
 
 
 
1,975.4

 
1,843.2

Less: Short-term debt
 
 
 
 
280.7

 
219.0

Long-term debt
 
 
 
 
$
1,694.7

 
$
1,624.2


Each of our debt agreements requires us to maintain compliance with certain debt covenants. We were compliant with all debt covenants at the end of the first quarter of fiscal 2020.
Debt Maturities
At the end of the first quarter of fiscal 2020, our debt maturities based on outstanding principal were as follows (in millions):
Year Payable
 
2020 (Remaining)
$
280.7

2021

2022
225.0

2023
480.0

2024
400.0

Thereafter
600.0

Total
$
1,985.7


Senior Notes
All series of Senior Notes in the above table bear interest that is payable semi-annually in June and December of each year. For the 2023 and 2028 Senior Notes, the interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes.
Senior Notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness. We may redeem the notes of each series of Senior Notes at our option in whole or in part at any time. Such indenture also contains covenants limiting our ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, each subject to certain exceptions.

12


2018 Credit facilities
The Credit Facility in the above table provides for unsecured credit facilities in the aggregate principal amount of $1.75 billion, which is comprised of $1.25 billion revolving credit facility maturing May 2023 and $500.0 million delayed draw term loan facility that is fully prepayable. On May 4, 2020, we entered into a loan modification to extend the maturity date of the remaining term loan amount of $225.0 million to July 2, 2022. As part of the Credit Facility, we may request an additional loan facility up to $500.0 million prior to the maturity of the Credit Facility and subject to approval.
Uncommitted Facilities
On February 24, 2020 we entered into a line of credit to borrow an amount up to £55.0 million. At the end of the first quarter of fiscal 2020, we had one £55.0 million, two $75.0 million, and one