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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
https://cdn.kscope.io/6e181e7f75480531729c25274d3b3433-trmb-20220701_g1.jpg
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 1, 2022
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
(State or other jurisdiction of incorporation or organization)
 
94-2802192
(I.R.S. Employer Identification Number)
935 Stewart Drive, Sunnyvale, CA 94085
(Address of principal executive offices) (Zip Code)
(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 August 2, 2022, there were 247,657,418 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 supply chain shortages and disruptions, as well as general inflationary pressures, on our costs and operations;
potential impact of volatility and conflict in the political and economic environment, including the Russian invasion of Ukraine and its direct and indirect impact on our business;
impact of the COVID-19 pandemic, including upon global or local macroeconomic conditions, our supply chain, our results of operations, and estimates or judgments;
the portion of our revenue expected to come from sales to customers located in countries outside of the U.S.;
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 in the foreseeable future to meet our anticipated operating cash needs, debt service, and planned capital expenditures;
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; and
our discretion to conduct, suspend, or discontinue our stock repurchase program subject to the discretion of our management.
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 2021 (the “2021 Form 10-K”), our Quarterly Report on Form 10-Q for the quarterly period ended April 1, 2022, 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 July 1, 2022
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.

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PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TRIMBLE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
Second Quarter ofYear End
As of20222021
(In millions, except par value)  
ASSETS
Current assets:
Cash and cash equivalents$350.1 $325.7 
Accounts receivable, net589.3 624.8 
Inventories371.7 363.3 
Other current assets163.9 136.8 
Total current assets1,475.0 1,450.6 
Property and equipment, net228.5 233.2 
Operating lease right-of-use assets133.2 141.0 
Goodwill3,886.0 3,981.5 
Other purchased intangible assets, net432.9 506.6 
Deferred income tax assets464.0 502.0 
Other non-current assets299.9 284.7 
Total assets$6,919.5 $7,099.6 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt$300.0 $ 
Accounts payable191.7 207.3 
Accrued compensation and benefits168.4 231.0 
Deferred revenue599.2 548.8 
Other current liabilities190.2 201.5 
Total current liabilities1,449.5 1,188.6 
Long-term debt994.1 1,293.2 
Deferred revenue, non-current86.0 83.0 
Deferred income tax liabilities198.4 263.1 
Income taxes payable40.9 54.5 
Operating lease liabilities114.4 121.4 
Other non-current liabilities141.7 151.1 
Total liabilities3,025.0 3,154.9 
Commitments and contingencies (Note 12)
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; 247.6 and 250.9 shares issued and outstanding at the end of the second quarter of 2022 and year end 2021
0.2 0.3 
Additional paid-in-capital1,987.7 1,935.6 
Retained earnings2,145.7 2,170.5 
Accumulated other comprehensive loss(239.1)(161.7)
Total stockholders' equity3,894.5 3,944.7 
Total liabilities and stockholders' equity$6,919.5 $7,099.6 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
  Second Quarter ofFirst Two Quarters of
(In millions, except per share amounts) 2022202120222021
Revenue:
Product$564.5 $594.9 $1,186.1 $1,134.3 
Service158.0 162.1 319.1 324.4 
Subscription218.7 188.2 429.7 373.0 
Total revenue941.2 945.2 1,934.9 1,831.7 
Cost of sales:
Product269.9 286.0 578.3 541.7 
Service63.4 58.0 126.7 117.6 
Subscription49.4 53.8 99.3 109.6 
Amortization of purchased intangible assets21.0 22.0 43.5 44.1 
Total cost of sales403.7 419.8 847.8 813.0 
Gross margin537.5 525.4 1,087.1 1,018.7 
Operating expense:
Research and development140.1 138.3 280.4 267.7 
Sales and marketing138.9 125.2 270.8 247.6 
General and administrative106.9 99.6 208.4 185.0 
Restructuring5.4 4.5 12.3 6.0 
Amortization of purchased intangible assets11.3 13.0 23.4 26.7 
Total operating expense402.6 380.6 795.3 733.0 
Operating income 134.9 144.8 291.8 285.7 
Non-operating income, net:
Divestitures gain, net106.0 20.4 97.1 22.4 
Interest expense, net(15.3)(16.6)(31.3)(33.5)
Income from equity method investments, net5.8 10.0 15.5 21.8 
Other income (expense), net(9.8)3.8 (13.0)3.4 
Total non-operating income, net86.7 17.6 68.3 14.1 
Income before taxes221.6 162.4 360.1 299.8 
Income tax provision53.6 23.5 81.8 46.3 
Net income168.0 138.9 278.3 253.5 
Net income attributable to noncontrolling interests    0.1 
Net income attributable to Trimble Inc.$168.0 $138.9 $278.3 $253.4 
Earnings per share attributable to Trimble Inc.:
Basic$0.67 $0.55 $1.11 $1.01 
Diluted$0.67 $0.55 $1.11 $1.00 
Shares used in calculating earnings per share:
Basic249.2 251.5 250.0 251.3 
Diluted250.7 254.2 251.7 254.2 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 Second Quarter ofFirst Two Quarters of
 2022202120222021
(In millions)    
Net income$168.0 $138.9 $278.3 $253.5 
Foreign currency translation adjustments, net of tax(75.2)18.1 (77.4)(13.4)
Comprehensive income92.8 157.0 200.9 240.1 
Comprehensive income attributable to noncontrolling interests   0.1 
Comprehensive income attributable to Trimble Inc.$92.8 $157.0 $200.9 $240.0 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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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 2021250.9 $0.3 $1,935.6 $2,170.5 $(161.7)$3,944.7 $ $3,944.7 
Net income— — — 110.3 — 110.3 — 110.3 
Other comprehensive loss— — — — (2.2)(2.2)— (2.2)
Comprehensive income108.1 108.1 
Issuance of common stock under employee plans, net of tax withholdings0.7 — 15.2 (17.6)— (2.4)— (2.4)
Stock repurchases(1.5)— (11.8)(92.9)— (104.7)— (104.7)
Stock-based compensation— — 42.2 — — 42.2 — 42.2 
Balance at the end of the first quarter of 2022250.1 $0.3 $1,981.2 $2,170.3 $(163.9)$3,987.9 $ $3,987.9 
Net income— — — 168.0 — 168.0 — 168.0 
Other comprehensive loss— — — — (75.2)(75.2)— (75.2)
Comprehensive income92.8 92.8 
Issuance of common stock under employee plans, net of tax withholdings0.6 — (2.3)(17.1)— (19.4)— (19.4)
Stock repurchases(3.1)(0.1)(24.4)(175.5)— (200.0)— (200.0)
Stock-based compensation— — 33.2 — — 33.2 — 33.2 
Balance at the end of the second quarter of 2022247.6 $0.2 $1,987.7 $2,145.7 $(239.1)$3,894.5 $ $3,894.5 
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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 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 
See accompanying Notes to the Condensed Consolidated Financial Statements.

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Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 First Two Quarters of
(In millions)20222021
Cash flow from operating activities:
Net income$278.3 $253.5 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense20.0 20.8 
Amortization expense66.9 70.8 
Deferred income taxes(24.9)(4.9)
Stock-based compensation61.3 62.8 
Divestitures gain, net(97.1)(24.0)
Other, net12.6 3.6 
(Increase) decrease in assets:
Accounts receivable, net(1.5)35.2 
Inventories(72.4)(0.3)
Other current and non-current assets(25.6)(22.4)
Increase (decrease) in liabilities:
Accounts payable(7.9)39.2 
Accrued compensation and benefits(46.4)6.3 
Deferred revenue67.3 3.9 
Other current and non-current liabilities(28.8)(15.7)
Net cash provided by operating activities201.8 428.8 
Cash flow from investing activities:
Purchases of property and equipment(28.5)(21.4)
Net proceeds from sale of businesses210.5 46.0 
Net proceeds from sale of property and equipment0.1 20.7 
Other, net(9.8)(2.4)
Net cash provided by investing activities172.3 42.9 
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings(21.7)(17.3)
Repurchases of common stock(304.7)(40.0)
Proceeds from debt and revolving credit lines138.2 198.9 
Payments on debt and revolving credit lines(138.2)(363.3)
Other, net(8.9)(1.4)
Net cash used in financing activities(335.3)(223.1)
Effect of exchange rate changes on cash and cash equivalents(14.4)(1.9)
Net increase in cash and cash equivalents24.4 246.7 
Cash and cash equivalents - beginning of period325.7 237.7 
Cash and cash equivalents - end of period$350.1 $484.4 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED
NOTE 1. OVERVIEW AND ACCOUNTING POLICIES
Basis of Presentation
The Condensed Consolidated Financial Statements include our results of 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 use a 52- to 53-week year ending on the Friday nearest to December 31. Both 2022 and 2021 are 52-week years. The second quarter of 2022 and 2021 ended on July 1, 2022 and July 2, 2021. Unless otherwise stated, all dates refer to these periods.
Use of Estimates
We prepared our interim Condensed Consolidated Financial Statements that accompany these notes in conformity with U.S. 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 23, 2022 (the “2021 Form 10-K”).
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 2021 Form 10-K that includes additional information about our significant accounting policies and the methods and assumptions used in our estimates.
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in the 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 (“SSP”) of performance obligations, provision for credit losses, sales returns reserve, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangible asset impairment analysis, other long-lived asset impairment analysis, stock-based compensation, and income taxes. 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 issued Accounting Pronouncements not yet Adopted
There are no recently issued accounting pronouncements applicable to us not yet adopted.
Recently Adopted Accounting Pronouncements
There are no recently adopted accounting pronouncements.
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 cancelled.
Under the 2021 Stock Repurchase Program, we may repurchase shares from time to time 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 second quarter and first two quarters of 2022, we repurchased approximately 3.1 million and 4.6 million shares of common stock in open market purchases at an average price of $65.38 and $66.42 per share for a total of $200.0 million and $304.7 million under the 2021 Stock Repurchase Program. At the end of the second quarter of 2022, the 2021 Stock Repurchase Program had remaining authorized funds of $305.3 million.
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There were no stock repurchases during the second quarter of 2021. During the first two quarters of 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 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 was charged to retained earnings. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes.
NOTE 3. INTANGIBLE ASSETS AND GOODWILL
Intangible Assets
The following table presents a summary of our intangible assets:
Second Quarter of 2022Year End 2021
 Gross  Gross  
CarryingAccumulatedNet CarryingCarryingAccumulatedNet Carrying
(In millions)AmountAmortizationAmountAmountAmortizationAmount
Developed product technology$948.5 $(729.3)$219.2 $1,011.9 $(748.2)$263.7 
Customer relationships632.7 (427.0)205.7 667.8 (428.9)238.9 
Trade names and trademarks45.6 (38.6)7.0 48.0 (45.0)3.0 
Distribution rights and other intellectual property9.2 (8.2)1.0 10.0 (9.0)1.0 
$1,636.0 $(1,203.1)$432.9 $1,737.7 $(1,231.1)$506.6 
The estimated future amortization expense of intangible assets at the end of the second quarter of 2022 was as follows:
(In millions)
2022 (Remaining)$58.4 
2023112.5 
202489.1 
202555.6 
202649.3 
Thereafter68.0 
Total$432.9 
Goodwill
The changes in the carrying amount of goodwill by segment for the first two quarters of 2022 were as follows: 
Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Balance as of year end 2021$2,141.4 $403.6 $440.8 $995.7 $3,981.5 
Decrease from the sale of businesses(23.9)(6.9) (6.9)(37.7)
Foreign currency translation and other adjustments(33.8)(11.4)(8.5)(4.1)(57.8)
Balance as of the end of the second quarter of 2022$2,083.7 $385.3 $432.3 $984.7 $3,886.0 

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NOTE 4. DIVESTITURES
In May 2022, we completed the sale of the Time and Frequency, LOADRITE, Spectra Precision Tools, and SECO accessories businesses to Precisional LLC, an affiliate of The Jordan Company (“TJC”), for $204.1 million in cash, subject to a working capital adjustment. These businesses are reported as part of our Buildings and Infrastructure and Geospatial segments. Upon the closing of the transaction, we recognized a pre-tax gain of $105.7 million and wrote off $98.4 million of net assets primarily comprised of $40.6 million of inventory, $25.4 million of accounts receivable, and $30.8 million of goodwill.
In connection with the sale of these businesses, we and TJC entered into a transition services agreement (“TSA”) for us to provide certain services to TJC on a cost-reimbursement basis. The costs and reimbursements associated with the TSA were immaterial for the second quarter of 2022.
NOTE 5. INVENTORIES
The components of inventory, net were as follows:
Second Quarter ofYear End
As of20222021
(In millions)  
Raw materials$127.6 $129.6 
Work-in-process9.9 12.4 
Finished goods234.2 221.3 
Total inventories$371.7 $363.3 
NOTE 6. SEGMENT INFORMATION
We determined our operating segments 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.
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 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Second Quarter of 2022
Segment revenue$382.6 $193.7 $214.8 $150.1 $941.2 
Segment operating income101.4 57.8 73.0 11.8 244.0 
  Depreciation expense1.6 1.5 1.4 0.9 5.4 
Second Quarter of 2021
Segment revenue$364.8 $219.7 $197.5 $163.3 $945.3 
Segment operating income104.1 66.1 70.5 12.8 253.5 
     Depreciation expense1.8 1.8 1.5 1.1 6.2 
First Two Quarters of 2022
Segment revenue$780.2 $401.2 $444.7 $308.8 $1,934.9 
Segment operating income 222.1 115.7 148.1 21.0 506.9 
  Depreciation expense3.2 3.1 2.9 1.9 11.1 
First Two Quarters of 2021
Segment revenue$707.9 $401.4 $402.7 $320.0 $1,832.0 
Segment operating income 200.5 114.8 150.6 21.2 487.1 
     Depreciation expense3.6 3.5 3.0 2.0 12.1 
 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
As of the end of the Second Quarter of 2022
Accounts receivable, net$214.6 $108.8 $119.5 $146.4 $589.3 
Inventories74.8 137.3 86.6 73.0 371.7 
Goodwill2,083.7 385.3 432.3 984.7 3,886.0 
As of Year End 2021
Accounts receivable, net $246.8 $134.0 $112.9 $131.1 $624.8 
Inventories 79.3 136.4 67.4 80.2 363.3 
Goodwill2,141.4 403.6 440.8 995.7 3,981.5 
A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: 
 Second Quarter ofFirst Two Quarters of
 2022202120222021
(In millions)    
Consolidated segment operating income$244.0 $253.5 $506.9 $487.1 
Unallocated general corporate expenses(33.3)(24.9)(63.1)(49.3)
Purchase accounting adjustments(32.3)(34.0)(66.9)(68.8)
Acquisition / divestiture items(