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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 October 2, 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 FilerýAccelerated 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareTRMBNASDAQ Global Select Market
As of November 4, 2020, there were 250,175,639 shares of Common Stock, par value $0.001 per share, outstanding.


Table of Contents
TRIMBLE INC.
FORM 10-Q for the Quarter Ended October 2, 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

Table of Contents
PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TRIMBLE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
Third Quarter ofFiscal Year End
As of20202019
(In millions, except par value)  
ASSETS
Current assets:
Cash and cash equivalents$184.0 $189.2 
Accounts receivable, net488.9 608.2 
Inventories318.5 312.1 
Other current assets109.2 102.3 
Total current assets1,100.6 1,211.8 
Property and equipment, net251.6 241.4 
Operating lease right-of-use assets131.2 140.3 
Goodwill3,837.4 3,680.6 
Other purchased intangible assets, net610.1 678.7 
Deferred income tax assets456.5 475.5 
Other non-current assets236.9 212.4 
Total assets$6,624.3 $6,640.7 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt$279.6 $219.0 
Accounts payable131.4 159.3 
Accrued compensation and benefits152.7 123.5 
Deferred revenue445.2 490.4 
Other current liabilities182.6 198.1 
Total current liabilities1,191.5 1,190.3 
Long-term debt1,390.6 1,624.2 
Deferred revenue, non-current56.4 51.5 
Deferred income tax liabilities309.4 318.2 
Income taxes payable61.8 69.1 
Operating lease liabilities111.5 114.1 
Other non-current liabilities151.8 152.9 
Total liabilities3,273.0 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; 250.2 and 249.9 shares issued and outstanding at the end of the third quarter of 2020 and fiscal year end 2019, respectively
0.3 0.2 
Additional paid-in-capital1,778.7 1,692.8 
Retained earnings1,732.0 1,602.8 
Accumulated other comprehensive loss(161.0)(176.8)
Total Trimble Inc. stockholders' equity3,350.0 3,119.0 
Noncontrolling interests1.3 1.4 
Total stockholders' equity3,351.3 3,120.4 
Total liabilities and stockholders' equity$6,624.3 $6,640.7 
See accompanying Notes to the Condensed Consolidated Financial Statements.
3

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
  Third Quarter ofFirst Three Quarters of
(In millions, except per share amounts) 2020201920202019
Revenue:
Product$461.4 $458.8 $1,337.6 $1,468.3 
Service160.7 168.0 479.7 501.8 
Subscription170.0 157.1 500.7 470.2 
Total revenue792.1 783.9 2,318.0 2,440.3 
Cost of sales:
Product221.2 230.8 630.7 718.5 
Service55.5 58.9 175.1 192.2 
Subscription52.4 48.9 155.8 137.4 
Amortization of purchased intangible assets23.3 23.3 70.0 71.3 
Total cost of sales352.4 361.9 1,031.6 1,119.4 
Gross margin439.7 422.0 1,286.4 1,320.9 
Operating expense:
Research and development117.9 112.3 350.1 350.1 
Sales and marketing111.6 119.7 346.9 375.9 
General and administrative79.4 77.2 221.2 239.9 
Restructuring charges12.1 3.6 20.1 10.0 
Amortization of purchased intangible assets16.7 17.5 50.2 57.3 
Total operating expense337.7 330.3 988.5 1,033.2 
Operating income 102.0 91.7 297.9 287.7 
Non-operating expense, net:
Interest expense, net(19.6)(19.7)(59.7)(62.2)
Income from equity method investments, net10.8 8.8 29.9 30.5 
Other income (expense), net3.2 (1.9)(1.4)13.5 
Total non-operating expense, net(5.6)(12.8)(31.2)(18.2)
Income before taxes96.4 78.9 266.7 269.5 
Income tax provision11.6 0.8 56.8 34.4 
Net income84.8 78.1 209.9 235.1 
Net income attributable to noncontrolling interests 0.1  0.3 0.1 
Net income attributable to Trimble Inc.$84.7 $78.1 $209.6 $235.0 
Earnings per share attributable to Trimble Inc.:
Basic$0.34 $0.31 $0.84 $0.94 
Diluted$0.34 $0.31 $0.83 $0.93 
Shares used in calculating earnings per share:
Basic250.7 250.4 250.4 251.2 
Diluted252.8 252.1 251.9 253.4 
See accompanying Notes to the Condensed Consolidated Financial Statements.
4

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 Third Quarter ofFirst Three Quarters of
 2020201920202019
(In millions)    
Net income$84.8 $78.1 $209.9 $235.1 
Foreign currency translation adjustments, net of tax37.3 (26.9)15.6 (21.4)
Net unrealized income, net of tax  0.2 0.2 
Comprehensive income122.1 51.2 225.7 213.9 
Comprehensive income attributable to noncontrolling interests0.1  0.3 0.1 
Comprehensive income attributable to Trimble Inc.$122.0 $51.2 $225.4 $213.8 
See accompanying Notes to the Condensed Consolidated Financial Statements.
5

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
 Common stockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interest
Total
 SharesAmountAdditional Paid-In Capital
(In millions)       
Balance at the end of fiscal 2019249.9 $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 income7.8 7.8 
Issuance of common stock under employee plans, net of tax withholdings1.0 — 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 2020249.7 0.2 1,716.6 1,615.4 (230.9)3,101.3 1.0 3,102.3 
Net income— — — 63.0 — 63.0 0.2 63.2 
Other comprehensive income— — — — 32.6 32.6 — 32.6 
Comprehensive income95.6 95.8 
Issuance of common stock under employee plans, net of tax withholdings0.5 — 1.9 (6.0)— (4.1)— (4.1)
Stock-based compensation— — 19.1 — — 19.1 — 19.1 
Balance at the end of the second quarter of fiscal 2020250.2 0.2 1,737.6 1,672.4 (198.3)3,211.9 1.2 3,213.1 
Net income— — — 84.7 — 84.7 0.1 84.8 
Other comprehensive income— — — — 37.3 37.3 — 37.3 
Comprehensive income122.0 122.1 
Issuance of common stock under employee plans, net of tax withholdings0.6 0.1 17.8 (1.2)— 16.7 — 16.7 
Stock repurchases(0.6)— (4.1)(23.9)— (28.0)— (28.0)
Stock-based compensation— — 27.4 — — 27.4 — 27.4 
Balance at the end of the third quarter of fiscal 2020250.2 $0.3 $1,778.7 $1,732.0 $(161.0)$3,350.0 $1.3 $3,351.3 
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 Common stockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interest
Total
 SharesAmountAdditional Paid-In Capital
(In millions)       
Balance at the end of fiscal 2018250.9 $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 income65.9 66.0 
Issuance of common stock under employee plans, net of tax withholdings1.6 — 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 2019251.5 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 income96.7 96.7 
Issuance of common stock under employee plans, net of tax withholdings0.7 — 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 2019251.8 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 income51.2 51.2 
Issuance of common stock under employee plans, net of tax withholdings0.6 — 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 2019249.1 $0.2 $1,661.6 $1,332.3 $(207.3)$2,786.8$1.3 $2,788.1 
See accompanying Notes to the Condensed Consolidated Financial Statements.

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TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 First Three Quarters of
(In millions)20202019
Cash flow from operating activities:
Net income$209.9 $235.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense29.4 29.7 
Amortization expense120.2 128.6 
Provision for doubtful accounts7.8 5.4 
Deferred income taxes12.1 4.4 
Non-cash restructuring expense8.7 2.6 
Stock-based compensation57.1 52.1 
Income from equity method investments, net of dividends(22.4)(9.5)
Provision for excess and obsolete inventories13.3 4.8 
Other, net21.3 (8.5)
(Increase) decrease in assets:
Accounts receivable, net108.4 16.8 
Inventories(19.1)1.7 
Other current and non-current assets12.3 10.4 
Increase (decrease) in liabilities:
Accounts payable(26.7)13.6 
Accrued compensation and benefits26.1 (52.3)
Deferred revenue(42.0)33.4 
Other current and non-current liabilities(32.7)(5.5)
Net cash provided by operating activities483.7 462.8 
Cash flow from investing activities:
Acquisitions of businesses, net of cash acquired(198.9)(28.6)
Acquisitions of property and equipment(45.1)(54.6)
Other, net(0.1)14.5 
Net cash used in investing activities(244.1)(68.7)
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings25.3 28.4 
Repurchases of common stock(78.0)(179.8)
Proceeds from debt and revolving credit lines1,030.1 818.0 
Payments on debt and revolving credit lines(1,209.6)(1,033.6)
Other, net(10.9)(10.2)
Net cash used in financing activities(243.1)(377.2)
Effect of exchange rate changes on cash and cash equivalents(1.7)(4.8)
Net increase (decrease) in cash and cash equivalents(5.2)12.1 
Cash and cash equivalents - beginning of period189.2 172.5 
Cash and cash equivalents - end of period$184.0 $184.6 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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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 is 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 October 2, 2020 and September 27, 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, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangibles impairments, other long-lived asset impairments, 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 three quarters 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. The adoption did not have a material impact on our Condensed Consolidated Financial Statements. We continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses.
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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 and do not expect the adoption to have a material impact 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 third quarter and first three quarters of fiscal 2020, we repurchased approximately 0.6 million and 1.8 million, respectively, shares of common stock in open market purchases at an average price of $48.70 per share and $43.03 per share for a total of $28.0 million and $78.0 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. Common stock repurchases under the 2017 Stock Repurchase Program were recorded based upon the trade date for accounting purposes. At the end of the third quarter of fiscal 2020, the 2017 Stock Repurchase Program had remaining authorized funds of $94.4 million.
NOTE 4. BUSINESS COMBINATIONS
During the first quarter of fiscal 2020, we acquired Kuebix with total purchase consideration of $201.1 million. There were no other material acquisitions during the first three quarters of fiscal 2020. 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 during the first three quarters of fiscal 2020.
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
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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).
Intangible Assets
The following table presents details of the Company’s total intangible assets: 
As ofThird Quarter of Fiscal 2020Fiscal Year End 2019
 Gross  Gross  
CarryingAccumulatedNet CarryingCarryingAccumulatedNet Carrying
(In millions)AmountAmortizationAmountAmountAmortizationAmount
Developed product technology$1,318.7 $(993.4)$325.3 $1,266.7 $(923.4)$343.3 
Trade names and trademarks76.4 (68.4)8.0 74.8 (59.8)15.0 
Customer relationships779.8 (507.7)272.1 769.8 (465.6)304.2 
Distribution rights and other intellectual property68.7 (64.0)4.7 79.7 (63.5)16.2 
$2,243.6 $(1,633.5)$610.1 $2,191.0 $(1,512.3)$678.7 
The estimated future amortization expense of purchased intangible assets as of the end of the third quarter of fiscal 2020 was as follows:
(In millions)
2020 (Remaining)$37.8 
2021138.1 
2022118.9 
2023105.6 
202480.1 
Thereafter129.6 
Total$610.1 
Goodwill
The changes in the carrying amount of goodwill by segment for the first three quarters of fiscal 2020 were as follows: 
Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(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   0.4 147.6 148.0 
Purchase price and foreign currency translation adjustments9.1 4.0 (0.4)(3.9)8.8 
Balance as of the end of the third quarter of fiscal 2020$1,982.1 $405.5 $445.4 $1,004.4 $3,837.4 
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NOTE 5. INVENTORIES
Inventories consisted of the following: 
Third Quarter ofFiscal Year End
As of20202019
(In millions)  
Raw materials$95.7 $95.8 
Work-in-process16.1 13.2 
Finished goods206.7 203.1 
Total inventories$318.5 $312.1 
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, 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 InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Third Quarter of Fiscal 2020
Revenue$317.4 $165.6 $150.2 $158.9 $792.1 
Acquired deferred revenue adjustment  0.4 0.3 0.7 
Segment revenue$317.4 $165.6 $150.6 $159.2 $792.8 
Operating income $97.2 $51.4 $53.9 $8.3 $210.8 
Acquired deferred revenue adjustment  0.4 0.3 0.7 
Amortization of acquired capitalized commissions(1.3)   (1.3)
Segment operating income $95.9 $