0000864749-21-000050 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Apr. 02, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 02, 2021
Document Transition Report	false
Entity File Number	001-14845
Entity Registrant Name	TRIMBLE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2802192
Entity Central Index Key	0000864749
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Address, Address Line One	935 Stewart Drive
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94085
City Area Code	408
Local Phone Number	481-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	TRMB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		250,965,073

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 02, 2021	Jan. 01, 2021
Current assets:
Cash and cash equivalents	$ 264.6	$ 237.7
Accounts receivable, net	576.6	620.5
Inventories	298.7	301.7
Other current assets	120.1	121.5
Total current assets	1,260.0	1,281.4
Property and equipment, net	251.6	251.8
Operating lease right-of-use assets	121.1	128.9
Goodwill	3,848.0	3,876.5
Other purchased intangible assets, net	543.0	580.1
Deferred income tax assets	502.7	510.2
Other non-current assets	254.1	248.0
Total assets	6,780.5	6,876.9
Current liabilities:
Short-term debt	97.5	255.8
Accounts payable	157.9	143.2
Accrued compensation and benefits	145.2	166.8
Deferred revenue	561.4	560.5
Other current liabilities	189.6	185.0
Total current liabilities	1,151.6	1,311.3
Long-term debt	1,291.9	1,291.4
Deferred revenue, non-current	57.5	53.3
Deferred income tax liabilities	292.2	300.3
Income taxes payable	61.8	62.2
Operating lease liabilities	101.9	109.2
Other non-current liabilities	150.0	150.6
Total liabilities	3,106.9	3,278.3
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 360.0 shares authorized; 250.9 and 250.8 shares issued and outstanding at the end of the first quarter of 2021 and fiscal year end 2020, respectively	0.3	0.3
Additional paid-in-capital	1,841.5	1,801.7
Retained earnings	1,961.8	1,893.4
Accumulated other comprehensive loss	(130.0)	(98.5)
Total Trimble Inc. stockholders' equity	3,673.6	3,596.9
Noncontrolling interests	0.0	1.7
Total stockholders' equity	3,673.6	3,598.6
Total liabilities and stockholders' equity	$ 6,780.5	$ 6,876.9

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 02, 2021	Jan. 01, 2021
Statement of Financial Position [Abstract]
Preferred Stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	3,000,000.0	3,000,000.0
Preferred Stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	360,000,000.0	360,000,000.0
Common stock, shares issued (in shares)	250,900,000	250,800,000
Common stock, shares outstanding (in shares)	250,900,000	250,800,000

Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Revenue:
Revenue	$ 886.5	$ 792.3
Cost of sales:
Cost of Sales	393.2	351.3
Amortization of purchased intangible assets	22.1	23.5
Gross margin	493.3	441.0
Operating expense:
Research and development	129.4	118.2
Sales and marketing	122.4	131.7
General and administrative	85.4	73.0
Restructuring	1.5	2.9
Amortization of purchased intangible assets	13.7	16.9
Total operating expense	352.4	342.7
Operating income	140.9	98.3
Non-operating expense, net:
Interest expense, net	(16.9)	(20.5)
Income from equity method investments, net	11.8	9.4
Other income (expense), net	1.6	(7.8)
Total non-operating expense, net	(3.5)	(18.9)
Income before taxes	137.4	79.4
Income tax provision	22.8	17.5
Net income	114.6	61.9
Net income attributable to noncontrolling interests	0.1	0.0
Net income attributable to Trimble Inc.	$ 114.5	$ 61.9
Earnings per share attributable to Trimble Inc.:
Basic (in dollars per share)	$ 0.46	$ 0.25
Diluted (in dollars per share)	$ 0.45	$ 0.25
Shares used in calculating earnings per share:
Basic (in shares)	251.1	249.9
Diluted (in shares)	254.3	251.7
Product
Revenue:
Revenue	$ 539.4	$ 463.8
Cost of sales:
Cost of Sales	255.7	210.1
Service
Revenue:
Revenue	162.3	162.4
Cost of sales:
Cost of Sales	59.6	63.6
Subscription
Revenue:
Revenue	184.8	166.1
Cost of sales:
Cost of Sales	$ 55.8	$ 54.1

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 114.6	$ 61.9
Foreign currency translation adjustments, net of tax	(31.5)	(54.3)
Net unrealized gain, net of tax	0.0	0.2
Comprehensive income	83.1	7.8
Comprehensive income attributable to noncontrolling interests	0.1	0.0
Comprehensive income attributable to Trimble Inc.	$ 83.0	$ 7.8

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Stockholders’ Equity	Noncontrolling Interest
Beginning balance at Jan. 03, 2020	$ 3,120.4	$ 0.2	$ 1,692.8	$ 1,602.8	$ (176.8)	$ 3,119.0	$ 1.4
Beginning balance (in shares) at Jan. 03, 2020		249.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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 (in shares)		1.0
Issuance of common stock under employee plans, net of tax withholdings	12.7		20.4	(7.7)		12.7
Stock repurchases (in shares)		(1.2)
Stock repurchases	(50.0)		(8.4)	(41.6)		(50.0)
Stock-based compensation	11.8		11.8			11.8
Noncontrolling interest investment	(0.4)						(0.4)
Ending balance (in shares) at Apr. 03, 2020		249.7
Ending balance at Apr. 03, 2020	3,102.3	$ 0.2	1,716.6	1,615.4	(230.9)	3,101.3	1.0
Beginning balance at Jan. 01, 2021	$ 3,598.6	$ 0.3	1,801.7	1,893.4	(98.5)	3,596.9	1.7
Beginning balance (in shares) at Jan. 01, 2021	250.8	250.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 114.6			114.5		114.5	0.1
Other comprehensive income	(31.5)				(31.5)	(31.5)
Comprehensive income	83.1					83.0
Issuance of common stock under employee plans, net of tax withholdings (in shares)		0.7
Issuance of common stock under employee plans, net of tax withholdings	8.0		18.2	(10.2)		8.0
Stock repurchases (in shares)		(0.6)
Stock repurchases	(40.0)		(4.1)	(35.9)		(40.0)
Stock-based compensation	25.1		25.1			25.1
Noncontrolling interest investment	$ (1.2)		0.6			0.6	(1.8)
Ending balance (in shares) at Apr. 02, 2021	250.9	250.9
Ending balance at Apr. 02, 2021	$ 3,673.6	$ 0.3	$ 1,841.5	$ 1,961.8	$ (130.0)	$ 3,673.6	$ 0.0

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Apr. 03, 2020
Statement of Cash Flows [Abstract]
Net income	$ 114.6	$ 61.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	10.3	9.8
Amortization expense	35.8	40.4
Provision for credit losses	(0.8)	6.4
Deferred income taxes	0.4	4.8
Stock-based compensation	27.2	10.7
Income from equity method investments, net of dividends	(3.8)	(5.6)
Other, net	0.8	8.5
(Increase) decrease in assets:
Accounts receivable, net	40.0	47.9
Inventories	(0.9)	(20.4)
Other current and non-current assets	2.8	16.8
Increase (decrease) in liabilities:
Accounts payable	14.5	(12.8)
Accrued compensation and benefits	(25.0)	(12.6)
Deferred revenue	9.2	15.6
Other current and non-current liabilities	3.1	(15.7)
Net cash provided by operating activities	228.2	155.7
Cash flow from investing activities:
Acquisitions of businesses, net of cash acquired	(1.2)	(198.0)
Purchases of property and equipment	(10.6)	(16.7)
Other, net	2.6	0.3
Net cash used in investing activities	(9.2)	(214.4)
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings	8.0	12.7
Repurchases of common stock	(40.0)	(50.0)
Proceeds from debt and revolving credit lines	180.8	657.5
Payments on debt and revolving credit lines	(335.7)	(520.2)
Other, net	0.0	(0.4)
Net cash (used in) provided by financing activities	(186.9)	99.6
Effect of exchange rate changes on cash and cash equivalents	(5.2)	(13.3)
Net increase in cash and cash equivalents	26.9	27.6
Cash and cash equivalents - beginning of period	237.7	189.2
Cash and cash equivalents - end of period	$ 264.6	$ 216.8

Overview And Accounting Policies	3 Months Ended
Overview And Accounting Policies	Apr. 02, 2021
Accounting Policies [Abstract]
Overview And Accounting Policies	OVERVIEW AND ACCOUNTING POLICIES Company and Background Trimble Inc., (“we” or “our” or “us”) is incorporated in the State of Delaware since October 2016. Basis of Presentation We use a 52- to 53-week fiscal year ending on the Friday nearest to December 31. The first quarter of fiscal 2021 and 2020 ended on April 2, 2021 and April 3, 2020, respectively. Both fiscal 2021 and 2020 are 52-week years. 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. Intercompany accounts and transactions have been eliminated. Noncontrolling interests represent the noncontrolling stockholders’ proportionate share of the net assets and results of operations of our consolidated subsidiaries. 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 our Form 10-K filed with the U.S. Securities and Exchange Commission on February 26, 2021 (the “2020 Form 10-K”). Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates. For a complete discussion of our estimates and assumptions, refer to Note 1 “Description of Business and Accounting Policies” of the 2020 Form 10-K. Summary of Significant Accounting Policies There have been no material changes to our significant accounting polices during the first quarter of 2021. For a complete discussion of our policies, refer to Note 1 “Description of Business and Accounting Policies” of the 2020 Form 10-K. Recently Adopted Accounting Pronouncements Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (FASB) issued amendments to the accounting for Income Taxes to reduce complexity by removing certain exceptions and implementing targeted simplifications. We adopted the new standard on a prospective basis at the beginning of fiscal year 2021. The adoption did not have a material impact on our Condensed Consolidated Financial Statements. Recently issued Accounting Pronouncements not yet adopted There are no recently issued accounting pronouncements applicable to us not yet adopted.

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Apr. 02, 2021
Equity [Abstract]
STOCKHOLDERS' EQUITY	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 an evaluation of market conditions, share price, legal requirements, and other factors. The 2017 Stock Repurchase Program may be suspended, modified, or discontinued at any time without prior notice. During the first quarter of fiscal 2021, we repurchased approximately 0.6 million shares of common stock in open market purchases at an average price of $71.24 per share for a total of $40.0 million. At the end of the first quarter of fiscal 2021, the 2017 Stock Repurchase Program had remaining authorized funds of $50.7 million. Stock repurchases are reflected as a decrease to common stock 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 program are recorded based upon the trade date for accounting purposes.

Business Combinations

3 Months Ended

Apr. 02, 2021

Business Combinations [Abstract]

BUSINESS COMBINATIONS

We did not acquire any businesses during the first quarter of fiscal 2021.

Intangible Assets

The following table presents a summary of our total intangible assets:


As of	First Quarter of Fiscal 2021						Fiscal Year End 2020
	Gross						Gross
	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
(In millions)	Amount		Amortization		Amount		Amount		Amortization		Amount
Developed product technology	$	1,093.8	$	(813.1)	$	280.7	$	1,118.2	$	(811.1)	$	307.1
Customer relationships	671.1		(419.1)		252.0		681.1		(419.3)		261.8
Trade names and trademarks	56.2		(51.2)		5.0		58.3		(51.9)		6.4
Distribution rights and other intellectual property	42.5		(37.2)		5.3		45.8		(41.0)		4.8
	$	1,863.6	$	(1,320.6)	$	543.0	$	1,903.4	$	(1,323.3)	$	580.1

The estimated future amortization expense of purchased intangible assets as of the end of the first quarter of fiscal 2021 was as follows:


(In millions)
2021 (Remaining)	$	104.1
2022	118.1
2023	105.6
2024	80.0
2025	45.8
Thereafter	89.4
Total	$	543.0

Goodwill

The changes in the carrying amount of goodwill by segment for the first quarter of fiscal 2021 were as follows:


	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
Balance as of fiscal year end 2020	$	1,997.4	$	415.7	$	453.8	$	1,009.6	$	3,876.5

Foreign currency translation and other adjustments	(5.0)		(6.9)		(4.6)		(12.0)		(28.5)

Balance as of the end of the first quarter of fiscal 2021	$	1,992.4	$	408.8	$	449.2	$	997.6	$	3,848.0

Inventories

3 Months Ended

Apr. 02, 2021

Inventory, Net [Abstract]

INVENTORIES

Inventories consisted of the following:


	First Quarter of		Fiscal Year End
As of	2021		2020
(In millions)
Raw materials	$	90.3	$	95.6
Work-in-process	12.6		16.0
Finished goods	195.8		190.1
Total inventories	$	298.7	$	301.7

Segment Information

3 Months Ended

Apr. 02, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

Our operating segments are determined based on how our chief operating decision maker (“CODM”) views and evaluates operations. Our reportable segments are described below:

•Buildings and Infrastructure: This segment primarily serves customers working in architecture, engineering, construction, and operations and maintenance.

•Geospatial: This segment primarily serves customers working in surveying, engineering, and government.

•Resources and Utilities: This segment primarily serves customers working in agriculture, forestry, and utilities.

•Transportation: This segment primarily serves customers working in long haul trucking and freight shipper markets.

The following Reporting Segment tables reflect the results of our reportable operating segments under our management reporting system. These results are not necessarily in conformity with U.S. GAAP. This is consistent with the way the CODM evaluates each of the segment's performance and allocates resources.


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
First Quarter of Fiscal 2021
Revenue	$	343.0	$	181.7	$	205.2	$	156.6	$	886.5
Acquired deferred revenue adjustment	0.1		—		—		0.1		0.2
Segment revenue	$	343.1	$	181.7	$	205.2	$	156.7	$	886.7

Operating income	$	97.4	$	48.7	$	80.1	$	8.4	$	234.6
Acquired deferred revenue adjustment	0.1		—		—		0.1		0.2
Amortization of acquired capitalized commissions	(1.1)		—		—		(0.1)		(1.2)
Segment operating income	$	96.4	$	48.7	$	80.1	$	8.4	$	233.6

Depreciation expense	$	1.8	$	1.7	$	1.5	$	0.9	$	5.9

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


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
As of the end of the First Quarter of Fiscal 2021
Accounts receivable, net	$	202.4	$	110.2	$	120.5	$	143.5	$	576.6
Inventories	57.1		127.1		51.7		62.8		298.7
Goodwill	1,992.4		408.8		449.2		997.6		3,848.0
As of Fiscal Year End 2020
Accounts receivable, net	$	260.1	$	117.5	$	91.2	$	151.7	$	620.5
Inventories	59.1		120.1		49.0		73.5		301.7
Goodwill	1,997.4		415.7		453.8		1,009.6		3,876.5

A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows:


	First Quarter of
	2021		2020
(In millions)
Consolidated segment operating income	$	233.6	$	175.1
Unallocated general corporate expenses	(24.4)		(13.9)
Acquired deferred revenue adjustment	(0.2)		(1.7)
Amortization of acquired capitalized commissions	1.2		1.5
Amortization of purchased intangible assets	(35.8)		(40.4)
Acquisition / divestiture items	(3.5)		(10.8)
Stock-based compensation / deferred compensation	(28.7)		(4.5)
Restructuring and other exit costs	(1.5)		(3.2)
COVID-19 expenses	0.2		(3.8)
Consolidated operating income	140.9		98.3
Total non-operating expense, net	(3.5)		(18.9)
Consolidated income before taxes	$	137.4	$	79.4

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 2021
North America	$	199.8	$	72.5	$	53.6	$	124.5	$	450.4
Europe	94.3		60.4		105.8		19.7		280.2
Asia Pacific	43.6		37.5		21.0		7.7		109.8
Rest of World	5.4		11.3		24.8		4.8		46.3
Total segment revenue	$	343.1	$	181.7	$	205.2	$	156.7	$	886.7
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 segment revenue	$	296.9	$	146.2	$	180.3	$	170.6	$	794.0

Total revenue in the United States as included in the Condensed Consolidated Statements of Income was $406.8 million and $378.8 million for the first quarter of fiscal 2021 and 2020, respectively. No single customer or country other than the United States accounted for 10% or more of Trimble’s total revenue.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

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+ Details

Debt

3 Months Ended

Apr. 02, 2021

Debt Disclosure [Abstract]

DEBT

Debt consisted of the following:


As of		First Quarter of				Fiscal Year End
Instrument	Date of Issuance	2021			2020
(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:




Uncommitted facilities, floating rate		1.14%	97.5			255.8
Promissory notes and other debt			0.1			0.1
Unamortized discount and issuance costs			(8.2)			(8.7)
Total debt			1,389.4			1,547.2
Less: Short-term debt			97.5			255.8
Long-term debt			$	1,291.9		$	1,291.4

Each of our debt agreements requires us to maintain compliance with certain debt covenants, all of which we complied with at the end of the first quarter of fiscal 2021.

Debt Maturities

At the end of the first quarter of fiscal 2021, our debt maturities based on outstanding principal were as follows (in millions):


Year Payable
2021 (Remaining)	$	97.5
2022	—
2023	300.1
2024	400.0
2025	—
Thereafter	600.0
Total	$	1,397.6

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 leaseback 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.

2018 Credit Facilities

At the end of the first quarter of fiscal 2021, we had access to a $1.25 billion unsecured revolving credit facility maturing in May 2023, which may be used for working capital and general corporate purposes, including permitted acquisitions. As part of the credit facility, we may request an additional term loan facility up to $500.0 million prior to the maturity of the credit facility and subject to approval.

Uncommitted Facilities

At the end of the first quarter of fiscal 2021, we had two $75.0 million, one €100.0 million, and one £55.0 million revolving credit facilities, which are uncommitted (the “uncommitted facilities”). Generally, these uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet.

For further information, refer to Note 6 “Debt” of the 2020 Form 10-K.

Fair Value Measurements

3 Months Ended

Apr. 02, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs:


	Fair Values as of the end of the First Quarter of Fiscal 2021								Fair Values at the end of Fiscal 2020
	Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)	(Level I)		(Level II)		(Level III)		Total		(Level I)		(Level II)		(Level III)		Total
Assets
Deferred compensation plan (1)	$	42.7	$	—	$	—	$	42.7	$	41.9	$	—	$	—	$	41.9
Derivatives (2)	—		0.2		—		0.2		—		0.9		—		0.9
Total assets measured at fair value	$	42.7	$	0.2	$	—	$	42.9	$	41.9	$	0.9	$	—	$	42.8

Liabilities
Deferred compensation plan (1)	$	42.7	$	—	$	—	$	42.7	$	41.9	$	—	$	—	$	41.9
Derivatives (2)	—		0.3		—		0.3		—		0.5		—		0.5
Contingent consideration (3)	—		—		13.6		13.6		—		—		12.3		12.3
Total liabilities measured at fair value	$	42.7	$	0.3	$	13.6	$	56.6	$	41.9	$	0.5	$	12.3	$	54.7

(1) Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees that are included in Other non-current assets and Other non-current liabilities on our Condensed Consolidated Balance Sheets, respectively. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets.

(2) Represents forward currency exchange contracts that are included in Other current assets and Other current liabilities on our Condensed Consolidated Balance Sheets, respectively.

(3) Represents arrangements to pay the former owners of certain companies that we acquired that are included in Other current liabilities on our Condensed Consolidated Balance Sheets. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins, or other milestones.

Additional Fair Value Information

The total estimated fair value of all outstanding financial instruments that are not recorded at fair value on a recurring basis (debt) was approximately $1.5 billion and $1.8 billion at the end of the first quarter of fiscal 2021 and at the end of fiscal 2020, respectively.

The fair value of the senior notes was determined based on observable market prices in less active markets and is categorized accordingly as Level II. The uncommitted facilities, promissory notes, and other debt are all short-term in nature; therefore, the amounts reported in our Condensed Balance Sheet approximate their fair value. The fair values do not indicate the amount we would currently have to pay to extinguish any of this debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Deferred Costs To Obtain Customer Contracts	3 Months Ended
Deferred Costs To Obtain Customer Contracts	Apr. 02, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DEFERRED COSTS TO OBTAIN CUSTOMER CONTRACTS	DEFERRED COSTS TO OBTAIN CUSTOMER CONTRACTS Deferred costs to obtain customer contracts at the end of the first quarter of fiscal 2021 and fiscal year end 2020 were $52.8 million and $51.3 million, respectively. These costs are included in Other non-current assets in the Condensed Consolidated Balance Sheets. Amortization expense related to deferred costs to obtain customer contracts for the first quarter of fiscal 2021 and 2020 was $6.1 million and $5.5 million, respectively. This expense is included in Sales and marketing expenses in the Condensed Consolidated Statements of Income. There was no impairment loss related to the deferred costs to obtain customer contracts for either period presented.

Product Warranties	3 Months Ended
Product Warranties	Apr. 02, 2021
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTIES	PRODUCT WARRANTIESWe accrue for warranty costs as part of our cost of sales based on associated material product costs, technical support, labor costs, and costs incurred by third parties performing work on our behalf. Our expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two years. Accrued warranty expense at the end of the first quarter of fiscal 2021 and fiscal year end 2020, was $15.0 million and $13.8 million, respectively, and is included in Other current liabilities in our Condensed Consolidated Balance Sheet

Deferred Revenue And Remaining Performance Obligations

3 Months Ended

Apr. 02, 2021

Revenue Recognition and Deferred Revenue [Abstract]

DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Deferred Revenue

Changes to our deferred revenue during the first quarter of fiscal 2021 and 2020 were as follows:



	First Quarter of
(In millions)	2021		2020
Beginning balance of the period	$	613.8	$	541.9
Revenue recognized	(247.3)		(201.8)
Net deferred revenue activity	252.4		211.4
Ending balance of the period	$	618.9	$	551.5

Remaining Performance Obligations

As of the end of the first quarter of fiscal 2021, approximately $1.5 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription and software maintenance, and to a lesser extent, hardware and professional services contracts. We expect to recognize $1.1 billion or 74% of our remaining performance obligations as revenue during the next 12 months, and the remainder thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Earnings Per Share

3 Months Ended

Apr. 02, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan, restricted stock units, and contingently issuable shares.

The following table shows the computation of basic and diluted earnings per share:


	First Quarter of
	2021		2020
(In millions, except per share amounts)
Numerator:
Net income attributable to Trimble Inc.	$	114.5	$	61.9
Denominator:
Weighted average number of common shares used in basic earnings per share	251.1		249.9
Effect of dilutive securities	3.2		1.8
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share	254.3		251.7
Basic earnings per share	$	0.46	$	0.25
Diluted earnings per share	$	0.45	$	0.25

For the first quarter of fiscal 2021 and 2020, 0.1 million and 0.5 million, respectively, of shares was excluded from the calculation of diluted earnings per share because their effect would have been antidilutive.

Income Taxes	3 Months Ended
Income Taxes	Apr. 02, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective income tax rate for the first quarter of fiscal 2021 was 16.6%, as compared to 22.0% in the corresponding period in fiscal 2020. The decrease was primarily due to a one-time tax benefit from foreign income tax refunds and a change in the geographic mix of income. We and our subsidiaries are subject to U.S. federal, state, and foreign income taxes. Currently, we are in different stages of multiple year examinations by various state and foreign taxing authorities. While we believe our reserves are more likely than not to be adequate to cover final resolution of all open tax matters, it is reasonably possible that future obligations related to these matters could arise. Unrecognized tax benefits of $48.3 million and $47.8 million as of the end of the first quarter of fiscal 2021 and fiscal year end 2020, respectively, if recognized, would favorably affect the effective income tax rate in future periods. As of the end of the first quarter of fiscal 2021 and fiscal year end 2020, we accrued interest and penalties of $10.6 million and $9.6 million, respectively. Although timing of the resolution and/or closure of audits is not certain, we do not believe that our gross unrecognized tax benefits would materially change in the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Apr. 02, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments As of the end of the first quarter of fiscal 2021, we had unconditional purchase obligations of approximately $286.4 million. These unconditional purchase obligations primarily represent open non-cancellable purchase orders for material purchases with our vendors. Litigation From time to time, we are involved in litigation arising in the ordinary course of our business. There are no material legal proceedings, other than ordinary routine litigation incidental to the business, that we or any of our subsidiaries is a party, or that any of our or our subsidiaries' property is subject.

Overview And Accounting Policies (Policies)	3 Months Ended
Overview And Accounting Policies (Policies)	Apr. 02, 2021
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates.
Recently Adopted Accounting Pronouncements/Recently Issued Account Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements Income Taxes - Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (FASB) issued amendments to the accounting for Income Taxes to reduce complexity by removing certain exceptions and implementing targeted simplifications. We adopted the new standard on a prospective basis at the beginning of fiscal year 2021. The adoption did not have a material impact on our Condensed Consolidated Financial Statements. Recently issued Accounting Pronouncements not yet adopted There are no recently issued accounting pronouncements applicable to us not yet adopted.
Product Warranties	We accrue for warranty costs as part of our cost of sales based on associated material product costs, technical support, labor costs, and costs incurred by third parties performing work on our behalf. Our expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two years.
Earnings Per Share	Basic earnings per share is computed by dividing net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan, restricted stock units, and contingently issuable shares.

Business Combinations (Tables)

3 Months Ended

Apr. 02, 2021

Business Combinations [Abstract]

Schedule Of Intangible Assets

The following table presents a summary of our total intangible assets:


As of	First Quarter of Fiscal 2021						Fiscal Year End 2020
	Gross						Gross
	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
(In millions)	Amount		Amortization		Amount		Amount		Amortization		Amount
Developed product technology	$	1,093.8	$	(813.1)	$	280.7	$	1,118.2	$	(811.1)	$	307.1
Customer relationships	671.1		(419.1)		252.0		681.1		(419.3)		261.8
Trade names and trademarks	56.2		(51.2)		5.0		58.3		(51.9)		6.4
Distribution rights and other intellectual property	42.5		(37.2)		5.3		45.8		(41.0)		4.8
	$	1,863.6	$	(1,320.6)	$	543.0	$	1,903.4	$	(1,323.3)	$	580.1

Schedule Of Estimated Future Amortization Expense

The estimated future amortization expense of purchased intangible assets as of the end of the first quarter of fiscal 2021 was as follows:


(In millions)
2021 (Remaining)	$	104.1
2022	118.1
2023	105.6
2024	80.0
2025	45.8
Thereafter	89.4
Total	$	543.0

Changes In Carrying Amount Of Goodwill By Operating Segment

The changes in the carrying amount of goodwill by segment for the first quarter of fiscal 2021 were as follows:


	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
Balance as of fiscal year end 2020	$	1,997.4	$	415.7	$	453.8	$	1,009.6	$	3,876.5

Foreign currency translation and other adjustments	(5.0)		(6.9)		(4.6)		(12.0)		(28.5)

Balance as of the end of the first quarter of fiscal 2021	$	1,992.4	$	408.8	$	449.2	$	997.6	$	3,848.0

Inventories (Tables)

3 Months Ended

Apr. 02, 2021

Inventory, Net [Abstract]

Components Of Net Inventories

Inventories consisted of the following:


	First Quarter of		Fiscal Year End
As of	2021		2020
(In millions)
Raw materials	$	90.3	$	95.6
Work-in-process	12.6		16.0
Finished goods	195.8		190.1
Total inventories	$	298.7	$	301.7

Segment Information (Tables)

3 Months Ended

Apr. 02, 2021

Segment Reporting [Abstract]

Schedule Of Revenue, Operating Income And Identifiable Assets By Segment


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
First Quarter of Fiscal 2021
Revenue	$	343.0	$	181.7	$	205.2	$	156.6	$	886.5
Acquired deferred revenue adjustment	0.1		—		—		0.1		0.2
Segment revenue	$	343.1	$	181.7	$	205.2	$	156.7	$	886.7

Operating income	$	97.4	$	48.7	$	80.1	$	8.4	$	234.6
Acquired deferred revenue adjustment	0.1		—		—		0.1		0.2
Amortization of acquired capitalized commissions	(1.1)		—		—		(0.1)		(1.2)
Segment operating income	$	96.4	$	48.7	$	80.1	$	8.4	$	233.6

Depreciation expense	$	1.8	$	1.7	$	1.5	$	0.9	$	5.9

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


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
As of the end of the First Quarter of Fiscal 2021
Accounts receivable, net	$	202.4	$	110.2	$	120.5	$	143.5	$	576.6
Inventories	57.1		127.1		51.7		62.8		298.7
Goodwill	1,992.4		408.8		449.2		997.6		3,848.0
As of Fiscal Year End 2020
Accounts receivable, net	$	260.1	$	117.5	$	91.2	$	151.7