trmb-20211001
false2021Q3000086474912/3100008647492021-01-022021-10-01xbrli:shares00008647492021-11-01iso4217:USD00008647492021-10-0100008647492021-01-01iso4217:USDxbrli:shares0000864749us-gaap:ProductMember2021-07-032021-10-010000864749us-gaap:ProductMember2020-07-042020-10-020000864749us-gaap:ProductMember2021-01-022021-10-010000864749us-gaap:ProductMember2020-01-042020-10-020000864749us-gaap:ServiceMember2021-07-032021-10-010000864749us-gaap:ServiceMember2020-07-042020-10-020000864749us-gaap:ServiceMember2021-01-022021-10-010000864749us-gaap:ServiceMember2020-01-042020-10-020000864749trmb:SubscriptionMember2021-07-032021-10-010000864749trmb:SubscriptionMember2020-07-042020-10-020000864749trmb:SubscriptionMember2021-01-022021-10-010000864749trmb:SubscriptionMember2020-01-042020-10-0200008647492021-07-032021-10-0100008647492020-07-042020-10-0200008647492020-01-042020-10-020000864749us-gaap:CommonStockMember2021-01-010000864749us-gaap:AdditionalPaidInCapitalMember2021-01-010000864749us-gaap:RetainedEarningsMember2021-01-010000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-010000864749us-gaap:ParentMember2021-01-010000864749us-gaap:NoncontrollingInterestMember2021-01-010000864749us-gaap:RetainedEarningsMember2021-01-022021-04-020000864749us-gaap:ParentMember2021-01-022021-04-020000864749us-gaap:NoncontrollingInterestMember2021-01-022021-04-0200008647492021-01-022021-04-020000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-022021-04-020000864749us-gaap:CommonStockMember2021-01-022021-04-020000864749us-gaap:AdditionalPaidInCapitalMember2021-01-022021-04-020000864749us-gaap:CommonStockMember2021-04-020000864749us-gaap:AdditionalPaidInCapitalMember2021-04-020000864749us-gaap:RetainedEarningsMember2021-04-020000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-020000864749us-gaap:ParentMember2021-04-020000864749us-gaap:NoncontrollingInterestMember2021-04-0200008647492021-04-020000864749us-gaap:RetainedEarningsMember2021-04-032021-07-020000864749us-gaap:ParentMember2021-04-032021-07-0200008647492021-04-032021-07-020000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-032021-07-020000864749us-gaap:CommonStockMember2021-04-032021-07-020000864749us-gaap:AdditionalPaidInCapitalMember2021-04-032021-07-020000864749us-gaap:CommonStockMember2021-07-020000864749us-gaap:AdditionalPaidInCapitalMember2021-07-020000864749us-gaap:RetainedEarningsMember2021-07-020000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-020000864749us-gaap:ParentMember2021-07-020000864749us-gaap:NoncontrollingInterestMember2021-07-0200008647492021-07-020000864749us-gaap:RetainedEarningsMember2021-07-032021-10-010000864749us-gaap:ParentMember2021-07-032021-10-010000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-032021-10-010000864749us-gaap:CommonStockMember2021-07-032021-10-010000864749us-gaap:AdditionalPaidInCapitalMember2021-07-032021-10-010000864749us-gaap:CommonStockMember2021-10-010000864749us-gaap:AdditionalPaidInCapitalMember2021-10-010000864749us-gaap:RetainedEarningsMember2021-10-010000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-010000864749us-gaap:ParentMember2021-10-010000864749us-gaap:NoncontrollingInterestMember2021-10-010000864749us-gaap:CommonStockMember2020-01-030000864749us-gaap:AdditionalPaidInCapitalMember2020-01-030000864749us-gaap:RetainedEarningsMember2020-01-030000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-030000864749us-gaap:ParentMember2020-01-030000864749us-gaap:NoncontrollingInterestMember2020-01-0300008647492020-01-030000864749us-gaap:RetainedEarningsMember2020-01-042020-04-030000864749us-gaap:ParentMember2020-01-042020-04-0300008647492020-01-042020-04-030000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-042020-04-030000864749us-gaap:CommonStockMember2020-01-042020-04-030000864749us-gaap:AdditionalPaidInCapitalMember2020-01-042020-04-030000864749us-gaap:NoncontrollingInterestMember2020-01-042020-04-030000864749us-gaap:CommonStockMember2020-04-030000864749us-gaap:AdditionalPaidInCapitalMember2020-04-030000864749us-gaap:RetainedEarningsMember2020-04-030000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-030000864749us-gaap:ParentMember2020-04-030000864749us-gaap:NoncontrollingInterestMember2020-04-0300008647492020-04-030000864749us-gaap:RetainedEarningsMember2020-04-042020-07-030000864749us-gaap:ParentMember2020-04-042020-07-030000864749us-gaap:NoncontrollingInterestMember2020-04-042020-07-0300008647492020-04-042020-07-030000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-042020-07-030000864749us-gaap:CommonStockMember2020-04-042020-07-030000864749us-gaap:AdditionalPaidInCapitalMember2020-04-042020-07-030000864749us-gaap:CommonStockMember2020-07-030000864749us-gaap:AdditionalPaidInCapitalMember2020-07-030000864749us-gaap:RetainedEarningsMember2020-07-030000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-030000864749us-gaap:ParentMember2020-07-030000864749us-gaap:NoncontrollingInterestMember2020-07-0300008647492020-07-030000864749us-gaap:RetainedEarningsMember2020-07-042020-10-020000864749us-gaap:ParentMember2020-07-042020-10-020000864749us-gaap:NoncontrollingInterestMember2020-07-042020-10-020000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-042020-10-020000864749us-gaap:CommonStockMember2020-07-042020-10-020000864749us-gaap:AdditionalPaidInCapitalMember2020-07-042020-10-020000864749us-gaap:CommonStockMember2020-10-020000864749us-gaap:AdditionalPaidInCapitalMember2020-10-020000864749us-gaap:RetainedEarningsMember2020-10-020000864749us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-020000864749us-gaap:ParentMember2020-10-020000864749us-gaap:NoncontrollingInterestMember2020-10-0200008647492020-10-020000864749trmb:TwoThousandTwentyOneStockRepurchaseProgramMember2021-08-190000864749srt:MaximumMembertrmb:TwoThousandSeventeenStockRepurchaseProgramMember2017-11-300000864749trmb:TwoThousandSeventeenStockRepurchaseProgramMember2021-08-190000864749trmb:TwoThousandTwentyOneStockRepurchaseProgramMembertrmb:OpenMarketPurchasesMember2021-07-032021-10-010000864749trmb:OpenMarketPurchasesMembertrmb:TwoThousandTwentyOneAndTwoThousandSeventeenStockRepurchaseProgramMember2021-01-022021-10-010000864749trmb:TwoThousandTwentyOneStockRepurchaseProgramMembertrmb:OpenMarketPurchasesMember2021-10-010000864749trmb:OpenMarketPurchasesMembertrmb:TwoThousandSeventeenStockRepurchaseProgramMember2020-07-042020-10-020000864749trmb:OpenMarketPurchasesMembertrmb:TwoThousandSeventeenStockRepurchaseProgramMember2020-01-042020-10-020000864749us-gaap:DevelopedTechnologyRightsMember2021-10-010000864749us-gaap:DevelopedTechnologyRightsMember2021-01-010000864749us-gaap:CustomerRelationshipsMember2021-10-010000864749us-gaap:CustomerRelationshipsMember2021-01-010000864749us-gaap:TrademarksAndTradeNamesMember2021-10-010000864749us-gaap:TrademarksAndTradeNamesMember2021-01-010000864749us-gaap:DistributionRightsMember2021-10-010000864749us-gaap:DistributionRightsMember2021-01-010000864749trmb:BuildingsandInfrastructureMember2021-01-010000864749trmb:GeospatialMember2021-01-010000864749trmb:ResourcesandUtilitiesMember2021-01-010000864749trmb:TransportationMember2021-01-010000864749trmb:BuildingsandInfrastructureMember2021-01-022021-10-010000864749trmb:GeospatialMember2021-01-022021-10-010000864749trmb:ResourcesandUtilitiesMember2021-01-022021-10-010000864749trmb:TransportationMember2021-01-022021-10-010000864749trmb:BuildingsandInfrastructureMember2021-10-010000864749trmb:GeospatialMember2021-10-010000864749trmb:ResourcesandUtilitiesMember2021-10-010000864749trmb:TransportationMember2021-10-010000864749trmb:BuildingsandInfrastructureMember2021-07-032021-10-010000864749trmb:GeospatialMember2021-07-032021-10-010000864749trmb:ResourcesandUtilitiesMember2021-07-032021-10-010000864749trmb:TransportationMember2021-07-032021-10-010000864749us-gaap:MaterialReconcilingItemsMembertrmb:BuildingsandInfrastructureMember2021-07-032021-10-010000864749us-gaap:MaterialReconcilingItemsMembertrmb:GeospatialMember2021-07-032021-10-010000864749us-gaap:MaterialReconcilingItemsMembertrmb:ResourcesandUtilitiesMember2021-07-032021-10-010000864749us-gaap:MaterialReconcilingItemsMembertrmb:TransportationMember2021-07-032021-10-010000864749us-gaap:MaterialReconcilingItemsMember2021-07-032021-10-010000864749us-gaap:OperatingSegmentsMembertrmb:BuildingsandInfrastructureMember2021-07-032021-10-010000864749trmb:GeospatialMemberus-gaap:OperatingSegmentsMember2021-07-032021-10-010000864749trmb:ResourcesandUtilitiesMemberus-gaap:OperatingSegmentsMember2021-07-032021-10-010000864749trmb:TransportationMemberus-gaap:OperatingSegmentsMember2021-07-032021-10-010000864749us-gaap:OperatingSegmentsMember2021-07-032021-10-010000864749trmb:BuildingsandInfrastructureMember2020-07-042020-10-020000864749trmb:GeospatialMember2020-07-042020-10-020000864749trmb:ResourcesandUtilitiesMember2020-07-042020-10-020000864749trmb:TransportationMember2020-07-042020-10-020000864749us-gaap:MaterialReconcilingItemsMembertrmb:BuildingsandInfrastructureMember2020-07-042020-10-020000864749us-gaap:MaterialReconcilingItemsMembertrmb:GeospatialMember2020-07-042020-10-020000864749us-gaap:MaterialReconcilingItemsMembertrmb:ResourcesandUtilitiesMember2020-07-042020-10-020000864749us-gaap:MaterialReconcilingItemsMembertrmb:TransportationMember2020-07-042020-10-020000864749us-gaap:MaterialReconcilingItemsMember2020-07-042020-10-020000864749us-gaap:OperatingSegmentsMembertrmb:BuildingsandInfrastructureMember2020-07-042020-10-020000864749trmb:GeospatialMemberus-gaap:OperatingSegmentsMember2020-07-042020-10-020000864749trmb:ResourcesandUtilitiesMemberus-gaap:OperatingSegmentsMember2020-07-042020-10-020000864749trmb:TransportationMemberus-gaap:OperatingSegmentsMember2020-07-042020-10-020000864749us-gaap:OperatingSegmentsMember2020-07-042020-10-020000864749us-gaap:MaterialReconcilingItemsMembertrmb:BuildingsandInfrastructureMember2021-01-022021-10-010000864749us-gaap:MaterialReconcilingItemsMembertrmb:GeospatialMember2021-01-022021-10-010000864749us-gaap:MaterialReconcilingItemsMembertrmb:ResourcesandUtilitiesMember2021-01-022021-10-010000864749us-gaap:MaterialReconcilingItemsMembertrmb:TransportationMember2021-01-022021-10-010000864749us-gaap:MaterialReconcilingItemsMember2021-01-022021-10-010000864749us-gaap:OperatingSegmentsMembertrmb:BuildingsandInfrastructureMember2021-01-022021-10-010000864749trmb:GeospatialMemberus-gaap:OperatingSegmentsMember2021-01-022021-10-010000864749trmb:ResourcesandUtilitiesMemberus-gaap:OperatingSegmentsMember2021-01-022021-10-010000864749trmb:TransportationMemberus-gaap:OperatingSegmentsMember2021-01-022021-10-010000864749us-gaap:OperatingSegmentsMember2021-01-022021-10-010000864749trmb:BuildingsandInfrastructureMember2020-01-042020-10-020000864749trmb:GeospatialMember2020-01-042020-10-020000864749trmb:ResourcesandUtilitiesMember2020-01-042020-10-020000864749trmb:TransportationMember2020-01-042020-10-020000864749us-gaap:MaterialReconcilingItemsMembertrmb:BuildingsandInfrastructureMember2020-01-042020-10-020000864749us-gaap:MaterialReconcilingItemsMembertrmb:GeospatialMember2020-01-042020-10-020000864749us-gaap:MaterialReconcilingItemsMembertrmb:ResourcesandUtilitiesMember2020-01-042020-10-020000864749us-gaap:MaterialReconcilingItemsMembertrmb:TransportationMember2020-01-042020-10-020000864749us-gaap:MaterialReconcilingItemsMember2020-01-042020-10-020000864749us-gaap:OperatingSegmentsMembertrmb:BuildingsandInfrastructureMember2020-01-042020-10-020000864749trmb:GeospatialMemberus-gaap:OperatingSegmentsMember2020-01-042020-10-020000864749trmb:ResourcesandUtilitiesMemberus-gaap:OperatingSegmentsMember2020-01-042020-10-020000864749trmb:TransportationMemberus-gaap:OperatingSegmentsMember2020-01-042020-10-020000864749us-gaap:OperatingSegmentsMember2020-01-042020-10-020000864749us-gaap:CorporateNonSegmentMember2021-07-032021-10-010000864749us-gaap:CorporateNonSegmentMember2020-07-042020-10-020000864749us-gaap:CorporateNonSegmentMember2021-01-022021-10-010000864749us-gaap:CorporateNonSegmentMember2020-01-042020-10-020000864749srt:NorthAmericaMembertrmb:BuildingsandInfrastructureMember2021-07-032021-10-010000864749srt:NorthAmericaMembertrmb:GeospatialMember2021-07-032021-10-010000864749srt:NorthAmericaMembertrmb:ResourcesandUtilitiesMember2021-07-032021-10-010000864749trmb:TransportationMembersrt:NorthAmericaMember2021-07-032021-10-010000864749srt:NorthAmericaMember2021-07-032021-10-010000864749srt:EuropeMembertrmb:BuildingsandInfrastructureMember2021-07-032021-10-010000864749srt:EuropeMembertrmb:GeospatialMember2021-07-032021-10-010000864749srt:EuropeMembertrmb:ResourcesandUtilitiesMember2021-07-032021-10-010000864749trmb:TransportationMembersrt:EuropeMember2021-07-032021-10-010000864749srt:EuropeMember2021-07-032021-10-010000864749srt:AsiaPacificMembertrmb:BuildingsandInfrastructureMember2021-07-032021-10-010000864749srt:AsiaPacificMembertrmb:GeospatialMember2021-07-032021-10-010000864749srt:AsiaPacificMembertrmb:ResourcesandUtilitiesMember2021-07-032021-10-010000864749trmb:TransportationMembersrt:AsiaPacificMember2021-07-032021-10-010000864749srt:AsiaPacificMember2021-07-032021-10-010000864749trmb:BuildingsandInfrastructureMembertrmb:RestofWorldMember2021-07-032021-10-010000864749trmb:GeospatialMembertrmb:RestofWorldMember2021-07-032021-10-010000864749trmb:ResourcesandUtilitiesMembertrmb:RestofWorldMember2021-07-032021-10-010000864749trmb:TransportationMembertrmb:RestofWorldMember2021-07-032021-10-010000864749trmb:RestofWorldMember2021-07-032021-10-010000864749srt:NorthAmericaMembertrmb:BuildingsandInfrastructureMember2020-07-042020-10-020000864749srt:NorthAmericaMembertrmb:GeospatialMember2020-07-042020-10-020000864749srt:NorthAmericaMembertrmb:ResourcesandUtilitiesMember2020-07-042020-10-020000864749trmb:TransportationMembersrt:NorthAmericaMember2020-07-042020-10-020000864749srt:NorthAmericaMember2020-07-042020-10-020000864749srt:EuropeMembertrmb:BuildingsandInfrastructureMember2020-07-042020-10-020000864749srt:EuropeMembertrmb:GeospatialMember2020-07-042020-10-020000864749srt:EuropeMembertrmb:ResourcesandUtilitiesMember2020-07-042020-10-020000864749trmb:TransportationMembersrt:EuropeMember2020-07-042020-10-020000864749srt:EuropeMember2020-07-042020-10-020000864749srt:AsiaPacificMembertrmb:BuildingsandInfrastructureMember2020-07-042020-10-020000864749srt:AsiaPacificMembertrmb:GeospatialMember2020-07-042020-10-020000864749srt:AsiaPacificMembertrmb:ResourcesandUtilitiesMember2020-07-042020-10-020000864749trmb:TransportationMembersrt:AsiaPacificMember2020-07-042020-10-020000864749srt:AsiaPacificMember2020-07-042020-10-020000864749trmb:BuildingsandInfrastructureMembertrmb:RestofWorldMember2020-07-042020-10-020000864749trmb:GeospatialMembertrmb:RestofWorldMember2020-07-042020-10-020000864749trmb:ResourcesandUtilitiesMembertrmb:RestofWorldMember2020-07-042020-10-020000864749trmb:TransportationMembertrmb:RestofWorldMember2020-07-042020-10-020000864749trmb:RestofWorldMember2020-07-042020-10-020000864749srt:NorthAmericaMembertrmb:BuildingsandInfrastructureMember2021-01-022021-10-010000864749srt:NorthAmericaMembertrmb:GeospatialMember2021-01-022021-10-010000864749srt:NorthAmericaMembertrmb:ResourcesandUtilitiesMember2021-01-022021-10-010000864749trmb:TransportationMembersrt:NorthAmericaMember2021-01-022021-10-010000864749srt:NorthAmericaMember2021-01-022021-10-010000864749srt:EuropeMembertrmb:BuildingsandInfrastructureMember2021-01-022021-10-010000864749srt:EuropeMembertrmb:GeospatialMember2021-01-022021-10-010000864749srt:EuropeMembertrmb:ResourcesandUtilitiesMember2021-01-022021-10-010000864749trmb:TransportationMembersrt:EuropeMember2021-01-022021-10-010000864749srt:EuropeMember2021-01-022021-10-010000864749srt:AsiaPacificMembertrmb:BuildingsandInfrastructureMember2021-01-022021-10-010000864749srt:AsiaPacificMembertrmb:GeospatialMember2021-01-022021-10-010000864749srt:AsiaPacificMembertrmb:ResourcesandUtilitiesMember2021-01-022021-10-010000864749trmb:TransportationMembersrt:AsiaPacificMember2021-01-022021-10-010000864749srt:AsiaPacificMember2021-01-022021-10-010000864749trmb:BuildingsandInfrastructureMembertrmb:RestofWorldMember2021-01-022021-10-010000864749trmb:GeospatialMembertrmb:RestofWorldMember2021-01-022021-10-010000864749trmb:ResourcesandUtilitiesMembertrmb:RestofWorldMember2021-01-022021-10-010000864749trmb:TransportationMembertrmb:RestofWorldMember2021-01-022021-10-010000864749trmb:RestofWorldMember2021-01-022021-10-010000864749srt:NorthAmericaMembertrmb:BuildingsandInfrastructureMember2020-01-042020-10-020000864749srt:NorthAmericaMembertrmb:GeospatialMember2020-01-042020-10-020000864749srt:NorthAmericaMembertrmb:ResourcesandUtilitiesMember2020-01-042020-10-020000864749trmb:TransportationMembersrt:NorthAmericaMember2020-01-042020-10-020000864749srt:NorthAmericaMember2020-01-042020-10-020000864749srt:EuropeMembertrmb:BuildingsandInfrastructureMember2020-01-042020-10-020000864749srt:EuropeMembertrmb:GeospatialMember2020-01-042020-10-020000864749srt:EuropeMembertrmb:ResourcesandUtilitiesMember2020-01-042020-10-020000864749trmb:TransportationMembersrt:EuropeMember2020-01-042020-10-020000864749srt:EuropeMember2020-01-042020-10-020000864749srt:AsiaPacificMembertrmb:BuildingsandInfrastructureMember2020-01-042020-10-020000864749srt:AsiaPacificMembertrmb:GeospatialMember2020-01-042020-10-020000864749srt:AsiaPacificMembertrmb:ResourcesandUtilitiesMember2020-01-042020-10-020000864749trmb:TransportationMembersrt:AsiaPacificMember2020-01-042020-10-020000864749srt:AsiaPacificMember2020-01-042020-10-020000864749trmb:BuildingsandInfrastructureMembertrmb:RestofWorldMember2020-01-042020-10-020000864749trmb:GeospatialMembertrmb:RestofWorldMember2020-01-042020-10-020000864749trmb:ResourcesandUtilitiesMembertrmb:RestofWorldMember2020-01-042020-10-020000864749trmb:TransportationMembertrmb:RestofWorldMember2020-01-042020-10-020000864749trmb:RestofWorldMember2020-01-042020-10-020000864749country:US2021-07-032021-10-010000864749country:US2021-01-022021-10-010000864749country:US2020-07-042020-10-020000864749country:US2020-01-042020-10-02xbrli:pure0000864749us-gaap:SeniorNotesMembertrmb:TwoThousandTwentyThreeSeniorNotesMember2021-10-010000864749us-gaap:SeniorNotesMembertrmb:TwoThousandTwentyThreeSeniorNotesMember2021-01-010000864749us-gaap:SeniorNotesMembertrmb:TwoThousandTwentyEightSeniorNotesMember2021-10-010000864749us-gaap:SeniorNotesMembertrmb:TwoThousandTwentyEightSeniorNotesMember2021-01-010000864749trmb:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMember2021-10-010000864749trmb:TwoThousandTwentyFourSeniorNotesMemberus-gaap:SeniorNotesMember2021-01-010000864749trmb:UncommittedFacilitiesMember2021-10-010000864749trmb:UncommittedFacilitiesMember2021-01-010000864749trmb:PromissoryNotesAndOtherMember2021-10-010000864749trmb:PromissoryNotesAndOtherMember2021-01-010000864749trmb:RevolvingCreditFacilitydueMay2023Memberus-gaap:UnsecuredDebtMembertrmb:TwoThousandEighteenCreditFacilityMember2021-10-010000864749trmb:AdditionalLoanFacilityMemberus-gaap:UnsecuredDebtMembertrmb:TwoThousandEighteenCreditFacilityMember2021-10-01trmb:loan0000864749trmb:UncommittedRevolvingCreditFacilities75millionMember2021-10-010000864749trmb:UncommittedRevolvingCreditFacilities100millioneurosMember2021-10-01iso4217:EUR0000864749trmb:UncommittedRevolvingCreditFacilities55millionpoundsMember2021-10-01iso4217:GBP0000864749us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-10-010000864749us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-10-010000864749us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-10-010000864749us-gaap:FairValueMeasurementsRecurringMember2021-10-010000864749us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-01-010000864749us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-01-010000864749us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-010000864749us-gaap:FairValueMeasurementsRecurringMember2021-01-010000864749us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:DebtMember2021-10-010000864749us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:DebtMember2021-01-010000864749us-gaap:SellingAndMarketingExpenseMember2021-07-032021-10-010000864749us-gaap:SellingAndMarketingExpenseMember2021-01-022021-10-010000864749us-gaap:SellingAndMarketingExpenseMember2020-07-042020-10-020000864749us-gaap:SellingAndMarketingExpenseMember2020-01-042020-10-020000864749srt:MinimumMember2021-01-022021-10-010000864749srt:MaximumMember2021-01-022021-10-010000864749us-gaap:OtherCurrentLiabilitiesMember2021-10-010000864749us-gaap:OtherCurrentLiabilitiesMember2021-01-0100008647492021-10-022021-10-010000864749us-gaap:OtherNoncurrentLiabilitiesMember2021-10-010000864749us-gaap:OtherNoncurrentLiabilitiesMember2021-01-01
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 1, 2021
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
https://cdn.kscope.io/8aba45bd16100937a6ae37c5b57aff08-trmb-20211001_g1.jpg
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 1, 2021, there were 251,008,389 shares of Common Stock, par value $0.001 per share, outstanding.


Table of Contents
SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the “safe harbor” created by those sections. These statements include, among other things:
impact of the COVID-19 pandemic, including upon global or local macroeconomic conditions, our results of operations, and estimates or judgments;
supply chain shortages and disruptions, resulting in increases in costs and reduced revenue;
seasonal fluctuations in our hardware revenue, sales to U.S. governmental agencies, and expectations that we will experience less seasonality in the future;
changes in global macroeconomic conditions;
the portion of our revenue expected to come from sales to customers located in countries outside of the U.S.;
our plans to continue to invest in research and development to actively develop and introduce new products and to deliver targeted solutions to the markets we serve;
a continued shift in revenue towards a more significant mix of software and recurring revenue, including subscription, maintenance and support, and service revenue;
our belief that increases in recurring revenue, including from our software and subscription solutions, will provide us with enhanced business visibility over time;
our belief that our cash and cash equivalents, together with borrowings under the commitments for our credit facilities and senior notes, will be sufficient to meet our anticipated operating cash needs, debt service, and planned capital expenditures for at least the next twelve months;
any anticipated benefits to us from our acquisitions and our ability to successfully integrate the acquired businesses;
fluctuations in interest rates and foreign currency exchange rates;
our belief that our gross unrecognized tax benefits will not materially change in the next twelve months;
our growth strategy, including our focus on historically underserved large markets, the relative importance of organic growth versus strategic acquisitions, and the reasons that we acquire businesses;
our discretion to conduct, suspend, or discontinue our share repurchase program subject to the discretion of our management; and
our ability to convert backlog to revenue.
The forward-looking statements regarding future events and the future results of Trimble Inc. (“the Company” or “we” or “our” or “us”) are based on current expectations, estimates, forecasts, and projections about the industries in which we operate, our current tax structure, including where our assets are deemed to reside for tax purposes, and the beliefs and assumptions of our management. Discussions containing such forward-looking statements may be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of this Form 10-Q. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These forward-looking statements involve certain risks and uncertainties that could cause actual results, levels of activity, performance, achievements, and events to differ materially from those implied by such forward-looking statements, including but not limited to those discussed in this report under the section entitled “Risk Factors” and elsewhere, and in other reports we file with the Securities and Exchange Commission (“SEC”), specifically the most recent Form 10-K for 2020 (the “2020 Form 10-K”) and in other reports we file with the SEC, each as it may be amended from time to time. These forward-looking statements are made as of the date of this Quarterly Report on Form 10-Q. We reserve the right to update these forward-looking statements for any reason, including the occurrence of material events, but assume no duty to update these statements to reflect subsequent events.


Table of Contents
TRIMBLE INC.
FORM 10-Q for the Quarter Ended October 1, 2021
TABLE OF CONTENTS
 
Page
PART I.
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.

3

Table of Contents
PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TRIMBLE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
Third Quarter ofYear End
As of20212020
(In millions, except par value)  
ASSETS
Current assets:
Cash and cash equivalents$513.2 $237.7 
Accounts receivable, net580.5 620.5 
Inventories323.4 301.7 
Other current assets143.4 121.5 
Total current assets1,560.5 1,281.4 
Property and equipment, net228.5 251.8 
Operating lease right-of-use assets147.1 128.9 
Goodwill3,823.6 3,876.5 
Other purchased intangible assets, net473.5 580.1 
Deferred income tax assets496.0 510.2 
Other non-current assets274.2 248.0 
Total assets$7,003.4 $6,876.9 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt$29.1 $255.8 
Accounts payable193.4 143.2 
Accrued compensation and benefits199.5 166.8 
Deferred revenue511.7 560.5 
Other current liabilities207.5 185.0 
Total current liabilities1,141.2 1,311.3 
Long-term debt1,292.8 1,291.4 
Deferred revenue, non-current77.3 53.3 
Deferred income tax liabilities277.6 300.3 
Income taxes payable54.5 62.2 
Operating lease liabilities128.5 109.2 
Other non-current liabilities149.7 150.6 
Total liabilities3,121.6 3,278.3 
Commitments and contingencies (Note 13)
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; 251.0 and 250.8 shares issued and outstanding at the end of the third quarter of 2021 and year end 2020
0.3 0.3 
Additional paid-in-capital1,914.4 1,801.7 
Retained earnings2,107.7 1,893.4 
Accumulated other comprehensive loss(140.6)(98.5)
Total Trimble Inc. stockholders' equity3,881.8 3,596.9 
Noncontrolling interests 1.7 
Total stockholders' equity3,881.8 3,598.6 
Total liabilities and stockholders' equity$7,003.4 $6,876.9 
See accompanying Notes to the Condensed Consolidated Financial Statements.
4

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
  Third Quarter ofFirst Three Quarters of
(In millions, except per share amounts) 2021202020212020
Revenue:
Product$551.2 $461.4 $1,685.5 $1,337.6 
Service159.9 160.7 484.3 479.7 
Subscription190.3 170.0 563.3 500.7 
Total revenue901.4 792.1 2,733.1 2,318.0 
Cost of sales:
Product266.7 221.2 808.4 630.7 
Service55.5 55.5 173.1 175.1 
Subscription52.7 52.4 162.3 155.8 
Amortization of purchased intangible assets22.0 23.3 66.1 70.0 
Total cost of sales396.9 352.4 1,209.9 1,031.6 
Gross margin504.5 439.7 1,523.2 1,286.4 
Operating expense:
Research and development132.5 117.9 400.2 350.1 
Sales and marketing125.5 111.6 373.1 346.9 
General and administrative85.2 79.4 270.2 221.2 
Restructuring1.5 12.1 7.5 20.1 
Amortization of purchased intangible assets12.3 16.7 39.0 50.2 
Total operating expense357.0 337.7 1,090.0 988.5 
Operating income 147.5 102.0 433.2 297.9 
Non-operating income (expense), net:
Interest expense, net(15.9)(19.6)(49.4)(59.7)
Income from equity method investments, net8.5 10.8 30.3 29.9 
Other income (expense), net16.6 3.2 42.4 (1.4)
Total non-operating income (expense), net9.2 (5.6)23.3 (31.2)
Income before taxes156.7 96.4 456.5 266.7 
Income tax provision32.7 11.6 79.0 56.8 
Net income124.0 84.8 377.5 209.9 
Net income attributable to noncontrolling interests  0.1 0.1 0.3 
Net income attributable to Trimble Inc.$124.0 $84.7 $377.4 $209.6 
Earnings per share attributable to Trimble Inc.:
Basic$0.49 $0.34 $1.50 $0.84 
Diluted$0.49 $0.34 $1.48 $0.83 
Shares used in calculating earnings per share:
Basic251.8 250.7 251.5 250.4 
Diluted254.5 252.8 254.3 251.9 
See accompanying Notes to the Condensed Consolidated Financial Statements.
5

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 Third Quarter ofFirst Three Quarters of
 2021202020212020
(In millions)    
Net income$124.0 $84.8 $377.5 $209.9 
Foreign currency translation adjustments, net of tax(28.7)37.3 (42.1)15.6 
Net unrealized gain, net of tax   0.2 
Comprehensive income95.3 122.1 335.4 225.7 
Comprehensive income attributable to noncontrolling interests 0.1 0.1 0.3 
Comprehensive income attributable to Trimble Inc.$95.3 $122.0 $335.3 $225.4 
See accompanying Notes to the Condensed Consolidated Financial Statements.
6

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 2020250.8 $0.3 $1,801.7 $1,893.4 $(98.5)$3,596.9 $1.7 $3,598.6 
Net income— — — 114.5 — 114.5 0.1 114.6 
Other comprehensive loss— — — — (31.5)(31.5)— (31.5)
Comprehensive income83.0 83.1 
Issuance of common stock under employee plans, net of tax withholdings0.7 — 18.2 (10.2)— 8.0 — 8.0 
Stock repurchases(0.6)— (4.1)(35.9)— (40.0)— (40.0)
Stock-based compensation— — 25.1 — — 25.1 — 25.1 
Noncontrolling interest investment— — 0.6 — — 0.6 (1.8)(1.2)
Balance at the end of the first quarter of 2021250.9 $0.3 $1,841.5 $1,961.8 $(130.0)$3,673.6 $ $3,673.6 
Net income— — — 138.9 — 138.9 — 138.9 
Other comprehensive income— — — — 18.1 18.1 — 18.1 
Comprehensive income157.0 157.0 
Issuance of common stock under employee plans, net of tax withholdings0.7 — (1.8)(23.5)— (25.3)— (25.3)
Stock-based compensation— — 33.3 — — 33.3 — 33.3 
Balance at the end of the second quarter of 2021251.6 $0.3 $1,873.0 $2,077.2 $(111.9)$3,838.6 $ $3,838.6 
Net income— — — 124.0 — 124.0 — 124.0 
Other comprehensive income— — — — (28.7)(28.7)— (28.7)
Comprehensive income95.3 95.3 
Issuance of common stock under employee plans, net of tax withholdings0.4 — 20.0 (1.6)— 18.4 — 18.4 
Stock repurchases(1.0)— (8.1)(91.9)— (100.0)— (100.0)
Stock-based compensation— — 29.5 — — 29.5 — 29.5 
Balance at the end of the third quarter of 2021251.0 $0.3 $1,914.4 $2,107.7 $(140.6)$3,881.8 $ $3,881.8 
7

Table of Contents
 Common stockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interest
Total
 SharesAmountAdditional Paid-In Capital
(In millions)       
Balance at the end of 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 loss— — — — (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 investment— — — — — — (0.4)(0.4)
Balance at the end of the first quarter of 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 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 2020250.2 $0.3 $1,778.7 $1,732.0 $(161.0)$3,350.0$1.3 $3,351.3 
See accompanying Notes to the Condensed Consolidated Financial Statements.

8

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 First Three Quarters of
(In millions)20212020
Cash flow from operating activities:
Net income$377.5 $209.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense30.9 29.4 
Amortization expense105.1 120.2 
Deferred income taxes(8.9)12.1 
Stock-based compensation95.1 57.1 
Divestitures (gain) loss, net(43.6)2.5 
Other, net5.7 26.2 
(Increase) decrease in assets:
Accounts receivable, net33.7 108.4 
Inventories(28.4)(19.1)
Other current and non-current assets(42.5)12.3 
Increase (decrease) in liabilities:
Accounts payable50.8 (26.7)
Accrued compensation and benefits25.1 26.1 
Deferred revenue(8.4)(42.0)
Other current and non-current liabilities3.1 (32.7)
Net cash provided by operating activities595.2 483.7 
Cash flow from investing activities:
Acquisitions of businesses, net of cash acquired(1.2)(198.9)
Purchases of property and equipment(31.4)(45.1)
Net proceeds from sale of businesses67.3  
Net proceeds from sale of property and equipment20.7 0.4 
Other, net(4.4)(0.5)
Net cash provided by (used in) investing activities51.0 (244.1)
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings1.1 25.3 
Repurchases of common stock(140.0)(78.0)
Proceeds from debt and revolving credit lines198.9 1,030.1 
Payments on debt and revolving credit lines(421.7)(1,209.6)
Other, net(1.5)(10.9)
Net cash used in financing activities(363.2)(243.1)
Effect of exchange rate changes on cash and cash equivalents(7.5)(1.7)
Net increase (decrease) in cash and cash equivalents275.5 (5.2)
Cash and cash equivalents - beginning of period237.7 189.2 
Cash and cash equivalents - end of period$513.2 $184.0 
See accompanying Notes to the Condensed Consolidated Financial Statements.
9

Table of Contents
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED
NOTE 1. 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
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.
We prepared our interim Condensed Consolidated Financial Statements that accompany these notes in conformity with U.S. generally accepted accounting principles (“GAAP”), consistent in all material respects with those applied in our Form 10-K filed with the U.S. Securities and Exchange Commission on February 26, 2021 (the “2020 Form 10-K”).
We have made estimates and judgments affecting the amounts reported in our Condensed Consolidated Financial Statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2020 Form 10-K where we include additional information about our significant accounting policies and the methods and assumptions used in our estimates.
We use a 52- to 53-week year ending on the Friday nearest to December 31. The third quarter of 2021 and 2020 ended on October 1, 2021 and October 2, 2020. Both 2021 and 2020 are 52-week years. Unless otherwise stated, all dates refer to these periods.
Recently Issued Accounting Pronouncements not yet Adopted
Business Combinations - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the Financial Accounting Standards Board (FASB) issued amendments to improve, simplify, and provide consistency for recognition and measurement of acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments require that an acquirer recognize and measure such contract assets and contract liabilities under Topic 606, Revenue from Contracts with Customers, as if it had originated the contracts. The amendments also allow for election of certain practical expedients, which are applied on an acquisition-by-acquisition basis. The new accounting amendments are effective for the Company beginning in 2023 with prospective application. Early adoption is permitted, including in any interim period, and if elected, the amendments are applied retrospectively for any acquisitions that occurred in the year of interim adoption.
We will evaluate the impacts of the amendments on our Condensed Consolidated Financial Statements based on the timing and nature of any future acquisitions.
Recently Adopted Accounting Pronouncements
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. We adopted the new standard on a prospective basis at the beginning of 2021. The adoption did not have a material impact on our Condensed Consolidated Financial Statements.
10

Table of Contents
NOTE 2. STOCKHOLDERS’ EQUITY
Stock Repurchase Activities
In August 2021, our Board of Directors approved a new share repurchase program (“2021 Stock Repurchase Program”) authorizing up to $750.0 million in repurchases of our common stock. Under the 2021 Stock Repurchase Program, the share repurchase authorization does not have an expiration date and supersedes and replaces the $600.0 million share repurchase authorization approved by our Board of Directors in November 2017 (“2017 Stock Repurchase Program”), of which $50.7 million was remaining and has been cancelled.
Under the 2021 Stock Repurchase Program, we may repurchase shares from time to time, subject to business and market conditions and other investment opportunities, through open market transactions, privately-negotiated transactions, accelerated stock repurchase plans, or by other means. The timing and actual number of any shares repurchased will depend on a variety of factors, including market conditions, our share price, other available uses of capital, applicable legal requirements, and other factors. The 2021 Stock Repurchase Program may be suspended, modified, or discontinued at any time at the Company’s discretion without notice.
During the third quarter and first three quarters of 2021, we repurchased approximately 1.0 million and 1.6 million shares of common stock in open market purchases at an average price of $92.74 and $85.38 per share for a total of $100.0 million and $140.0 million. At the end of the third quarter of 2021, the 2021 Stock Repurchase Program had remaining authorized funds of $650.0 million.
During the third quarter and first three quarters of 2020, we repurchased approximately 0.6 million and 1.8 million shares of common stock in open market purchases at an average price of $48.70 and $43.03 per share for a total of $28.0 million and $78.0 million under the 2017 Stock Repurchase Program.
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.
11

Table of Contents
NOTE 3. INTANGIBLE ASSETS AND GOODWILL
Intangible Assets
The following table presents a summary of our total intangible assets:
As ofThird Quarter of 2021Year End 2020
 Gross  Gross  
CarryingAccumulatedNet CarryingCarryingAccumulatedNet Carrying
(In millions)AmountAmortizationAmountAmountAmortizationAmount
Developed product technology$973.6 $(733.4)$240.2 $1,118.2 $(811.1)$307.1 
Customer relationships652.0 (419.7)232.3 681.1 (419.3)261.8 
Trade names and trademarks46.6 (46.6) 58.3 (51.9)6.4 
Distribution rights and other intellectual property38.2 (37.2)1.0 45.8 (41.0)4.8 
$1,710.4 $(1,236.9)$473.5 $1,903.4 $(1,323.3)$580.1 
The estimated future amortization expense of purchased intangible assets as of the end of the third quarter of 2021 was as follows:
(In millions)
2021 (Remaining)$33.3 
2022118.7 
2023106.8 
202481.3 
202547.1 
Thereafter86.3 
Total$473.5 
Goodwill
The changes in the carrying amount of goodwill by segment for the first three quarters of 2021 were as follows: 
Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Balance as of year end 2020$1,997.4 $415.7 $453.8 $1,009.6 $3,876.5 
Decrease from the sale of businesses(14.7) (3.3) (18.0)
Foreign currency translation and other adjustments(8.2)(7.9)(6.6)(12.2)(34.9)
Balance as of the end of the third quarter of 2021$1,974.5 $407.8 $443.9 $997.4 $3,823.6 
12

Table of Contents
NOTE 4. INVENTORIES
Inventories consisted of the following: 
Third Quarter ofYear End
As of20212020
(In millions)  
Raw materials$112.2 $95.6 
Work-in-process13.2 16.0 
Finished goods198.0 190.1 
Total inventories$323.4 $301.7 
NOTE 5. 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 InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Third Quarter of 2021
Revenue$349.7 $205.4 $184.8 $161.5 $901.4 
Acquired deferred revenue adjustment     
Segment revenue$349.7 $205.4 $184.8 $161.5 $901.4 
Operating income $101.6 $64.9 $60.6 $15.4 $242.5 
Acquired deferred revenue adjustment     
Amortization of acquired capitalized commissions(1.0)  (0.1)(1.1)