0000864749-23-000077 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 30, 2022
Current assets:
Cash and cash equivalents	$ 1,038.1	$ 271.0
Accounts receivable, net	578.8	643.3
Inventories	409.4	402.5
Other current assets	212.6	201.4
Total current assets	2,238.9	1,518.2
Property and equipment, net	215.1	219.0
Operating lease right-of-use assets	113.2	121.2
Goodwill	4,176.6	4,137.9
Other purchased intangible assets, net	484.3	498.1
Deferred income tax assets	432.4	438.4
Other non-current assets	352.4	336.2
Total assets	8,012.9	7,269.0
Current liabilities:
Short-term debt	300.0	300.0
Accounts payable	166.5	175.5
Accrued compensation and benefits	130.8	159.4
Deferred revenue	659.3	639.1
Other current liabilities	224.3	188.1
Total current liabilities	1,480.9	1,462.1
Long-term debt	1,786.9	1,220.0
Deferred revenue, non-current	101.5	98.5
Deferred income tax liabilities	119.9	157.8
Income taxes payable	40.9	40.9
Operating lease liabilities	99.6	105.1
Other non-current liabilities	138.0	134.4
Total liabilities	3,767.7	3,218.8
Commitments and contingencies (Note 11)
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; 247.4 and 246.9 shares issued and outstanding at the end of the first quarter of 2023 and year end 2022	0.2	0.2
Additional paid-in-capital	2,107.5	2,054.9
Retained earnings	2,355.9	2,230.0
Accumulated other comprehensive loss	(218.4)	(234.9)
Total stockholders' equity	4,245.2	4,050.2
Total liabilities and stockholders' equity	$ 8,012.9	$ 7,269.0

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Earnings Per Share and Effect on Weighted-Average Number of Shares

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


	First Quarter of
	2023		2022
(In millions, except per share amounts)
Numerator:
Net income	$	128.8	$	110.3
Denominator:
Weighted-average number of common shares used in basic earnings per share	247.2		250.8
Effect of dilutive securities	1.5		2.0
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share	248.7		252.8

Basic earnings per share	$	0.52	$	0.44
Diluted earnings per share	$	0.52	$	0.44

Antidilutive weighted-average shares (1)	1.6		0.7

(1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share.

Segment Information (Segment Select Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 30, 2022
Segment Reporting Information [Line Items]
Accounts receivable, net	$ 578.8	$ 643.3
Inventories	409.4	402.5
Goodwill	4,176.6	4,137.9
Buildings and Infrastructure
Segment Reporting Information [Line Items]
Accounts receivable, net	231.9	305.1
Inventories	94.0	93.2
Goodwill	2,329.2	2,300.1
Geospatial
Segment Reporting Information [Line Items]
Accounts receivable, net	126.8	137.2
Inventories	149.7	146.1
Goodwill	384.3	382.1
Resources and Utilities
Segment Reporting Information [Line Items]
Accounts receivable, net	89.7	79.2
Inventories	106.0	100.3
Goodwill	478.0	471.8
Transportation
Segment Reporting Information [Line Items]
Accounts receivable, net	130.4	121.8
Inventories	59.7	62.9
Goodwill	$ 985.1	$ 983.9

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Fair Value Measurements (Additional Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2022	Mar. 31, 2023
Foreign Exchange Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 1,999.4	$ 2,021.3
Derivatives assets	10.4	38.0
Interest Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 400.0
Term of contract	10 years
Fair value of derivatives	$ 7.2
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets	18.0	38.3
Debt \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt outstanding	$ 1,500.0	$ 2,100.0

Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 32.3	$ 31.5
Derivatives assets	38.3	18.0
Contingent consideration assets	1.9	3.1
Total assets measured at fair value	72.5	52.6
Deferred compensation plan liabilities	32.3	31.5
Derivatives liabilities	0.9	0.2
Total liabilities measured at fair value	33.2	31.7
(Level I)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	32.3	31.5
Derivatives assets	0.0	0.0
Contingent consideration assets	0.0	0.0
Total assets measured at fair value	32.3	31.5
Deferred compensation plan liabilities	32.3	31.5
Derivatives liabilities	0.0	0.0
Total liabilities measured at fair value	32.3	31.5
(Level II)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0.0	0.0
Derivatives assets	38.3	18.0
Contingent consideration assets	0.0	0.0
Total assets measured at fair value	38.3	18.0
Deferred compensation plan liabilities	0.0	0.0
Derivatives liabilities	0.9	0.2
Total liabilities measured at fair value	0.9	0.2
(Level III)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0.0	0.0
Derivatives assets	0.0	0.0
Contingent consideration assets	1.9	3.1
Total assets measured at fair value	1.9	3.1
Deferred compensation plan liabilities	0.0	0.0
Derivatives liabilities	0.0	0.0
Total liabilities measured at fair value	$ 0.0	$ 0.0

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 Address, Address Line One	10368 Westmoor Drive
Entity Address, City or Town	Westminster
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	720
Local Phone Number	887-6100
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		247,746,800
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000864749
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements Of Income (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Revenue:
Total revenue	$ 915.4	$ 993.7
Cost of sales:
Amortization of purchased intangible assets	23.0	22.5
Total cost of sales	354.6	444.1
Gross margin	560.8	549.6
Operating expense:
Research and development	159.3	140.3
Sales and marketing	135.4	131.9
General and administrative	110.7	101.5
Restructuring	6.7	6.9
Amortization of purchased intangible assets	11.7	12.1
Total operating expense	423.8	392.7
Operating income	137.0	156.9
Non-operating income (expense), net:
Interest expense, net	(19.7)	(16.0)
Income from equity method investments, net	11.4	9.7
Other income (expense), net	31.9	(12.1)
Total non-operating income (expense), net	23.6	(18.4)
Income before taxes	160.6	138.5
Income tax provision	31.8	28.2
Net income	$ 128.8	$ 110.3
Earnings per share:
Basic (in usd per share)	$ 0.52	$ 0.44
Diluted (in usd per share)	$ 0.52	$ 0.44
Shares used in calculating earnings per share:
Basic (in shares)	247.2	250.8
Diluted (in shares)	248.7	252.8
Product
Revenue:
Total revenue	$ 434.4	$ 566.8
Cost of sales:
Cost of sales	216.2	306.9
Subscription and services
Revenue:
Total revenue	481.0	426.9
Cost of sales:
Cost of sales	$ 115.4	$ 114.7

Overview And Accounting Policies (Schedule of Error Corrections and Prior Period Adjustments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Reclassification [Line Items]
Total revenue	$ 915.4	$ 993.7
Amortization of purchased intangible assets	23.0	22.5
Total cost of sales	354.6	444.1
As Previously Reported
Reclassification [Line Items]
Total revenue		993.7
Amortization of purchased intangible assets		22.5
Total cost of sales		444.1
Product
Reclassification [Line Items]
Total revenue	434.4	566.8
Cost of sales:	216.2	306.9
Product \| As Previously Reported
Reclassification [Line Items]
Total revenue		621.6
Cost of sales:		308.4
Product \| Effect of Change in Presentation
Reclassification [Line Items]
Total revenue		(54.8)
Cost of sales:		(1.5)
Subscription and services
Reclassification [Line Items]
Total revenue	481.0	426.9
Cost of sales:	$ 115.4	114.7
Subscription and services \| Effect of Change in Presentation
Reclassification [Line Items]
Total revenue		426.9
Cost of sales:		114.7
Service \| As Previously Reported
Reclassification [Line Items]
Total revenue		161.1
Cost of sales:		63.3
Service \| Effect of Change in Presentation
Reclassification [Line Items]
Total revenue		(161.1)
Cost of sales:		(63.3)
Subscription \| As Previously Reported
Reclassification [Line Items]
Total revenue		211.0
Cost of sales:		49.9
Subscription \| Effect of Change in Presentation
Reclassification [Line Items]
Total revenue		(211.0)
Cost of sales:		$ (49.9)

Debt (Schedule Of Debt) (Details) - USD ($)	Mar. 31, 2023	Dec. 30, 2022
Debt Instrument [Line Items]
Unamortized discount and issuance costs	$ (13,100,000)	$ (5,000,000.0)
Total debt	2,086,900,000	1,520,000,000
Short-term debt	300,000,000.0	300,000,000.0
Long-term debt	$ 1,786,900,000	1,220,000,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Effective interest rate	5.54%
Debt, gross	$ 0	225,000,000.0
Senior Notes, 4.15%, due June 2023 \| Senior Notes
Debt Instrument [Line Items]
Fixed rate	4.15%
Effective interest rate	4.36%
Debt, gross	$ 300,000,000.0	300,000,000.0
Senior Notes, 4.75%, due December 2024 \| Senior Notes
Debt Instrument [Line Items]
Fixed rate	4.75%
Effective interest rate	4.95%
Debt, gross	$ 400,000,000.0	400,000,000.0
Senior Notes, 4.90%, due June 2028 \| Senior Notes
Debt Instrument [Line Items]
Fixed rate	4.90%
Effective interest rate	5.04%
Debt, gross	$ 600,000,000.0	600,000,000.0
Senior Notes, 6.10%, due March 2033 \| Senior Notes
Debt Instrument [Line Items]
Fixed rate	6.10%
Effective interest rate	6.13%
Debt, gross	$ 800,000,000.0	$ 0

Deferred Revenue And Remaining Performance Obligations

3 Months Ended

Mar. 31, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Deferred Revenue And Remaining Performance Obligations

DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Deferred Revenue

Changes in our deferred revenue during the first quarter of 2023 and 2022 were as follows:



	First Quarter of
(In millions)	2023		2022
Beginning balance of the period	$	737.6	$	631.8
Revenue recognized from prior year-end	(293.5)		(234.6)
Billings net of revenue recognized from current year	316.7		306.7
Ending balance of the period	$	760.8	$	703.9

Remaining Performance Obligations

At the end of the first quarter of 2023, approximately $1.6 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, and software maintenance, and to a lesser extent, hardware and professional services contracts. We expect to recognize $1.2 billion or 72% 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 https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

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 2023
Segment revenue	$	399.5	$	152.4	$	208.6	$	154.9	$	915.4

Segment operating income	$	113.3	$	37.3	$	79.1	$	23.4	$	253.1

First Quarter of 2022
Segment revenue	$	397.6	$	207.5	$	229.9	$	158.7	$	993.7

Segment operating income	$	120.7	$	57.9	$	75.1	$	9.2	$	262.9


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
As of the end of the First Quarter of 2023
Accounts receivable, net	$	231.9	$	126.8	$	89.7	$	130.4	$	578.8
Inventories	94.0		149.7		106.0		59.7		409.4
Goodwill	2,329.2		384.3		478.0		985.1		4,176.6
As of Year End 2022
Accounts receivable, net	$	305.1	$	137.2	$	79.2	$	121.8	$	643.3
Inventories	93.2		146.1		100.3		62.9		402.5
Goodwill	2,300.1		382.1		471.8		983.9		4,137.9

Reconciliation of Our Condensed Consolidated Segment Operating Income to Condensed Consolidated Income Before Income Taxes

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


	First Quarter of
	2023		2022
(In millions)
Consolidated segment operating income	$	253.1	$	262.9
Unallocated general corporate expenses	(27.0)		(29.8)
Amortization of purchased intangible assets	(34.7)		(34.6)
Acquisition / divestiture items	(7.0)		(3.9)
Stock-based compensation / deferred compensation	(35.4)		(25.0)
Restructuring and other costs	(12.0)		(12.7)
Consolidated operating income	137.0		156.9
Total non-operating income (expense), net	23.6		(18.4)
Consolidated income before taxes	$	160.6	$	138.5

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

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 is consistent with the Reporting Segment tables above.


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
First Quarter of 2023
North America	$	249.8	$	57.7	$	54.9	$	119.4	$	481.8
Europe	94.2		52.2		99.1		22.3		267.8
Asia Pacific	48.1		32.4		16.0		6.6		103.1
Rest of World	7.4		10.1		38.6		6.6		62.7
Total segment revenue	$	399.5	$	152.4	$	208.6	$	154.9	$	915.4
First Quarter of 2022
North America	$	231.9	$	83.4	$	59.0	$	124.1	$	498.4
Europe	112.3		71.2		114.0		21.7		319.2
Asia Pacific	46.9		42.0		19.2		7.4		115.5
Rest of World	6.5		10.9		37.7		5.5		60.6
Total segment revenue	$	397.6	$	207.5	$	229.9	$	158.7	$	993.7

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory, Net [Abstract]

Schedule of Components of Net Inventories

The components of inventory, net were as follows:


	First Quarter of		Year End
As of	2023		2022
(In millions)
Raw materials	$	149.0	$	154.9
Work-in-process	16.1		13.1
Finished goods	244.3		234.5
Total inventories	$	409.4	$	402.5

Debt (Narrative) (Details) € in Millions, £ in Millions			1 Months Ended	3 Months Ended
Debt (Narrative) (Details) € in Millions, £ in Millions	Mar. 09, 2023 EUR (€)	Dec. 27, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) loan	Mar. 31, 2023 EUR (€) loan	Mar. 31, 2023 GBP (£) loan	Dec. 27, 2022 EUR (€)	Dec. 11, 2022 EUR (€)
Debt Instrument [Line Items]
Debt outstanding				$ 300,000,000.0
Bridge Loan
Debt Instrument [Line Items]
Extinguishment of debt, amount \| €	€ 500.0
Principal amount \| €							€ 500.0
Uncommitted Facilities, floating rate
Debt Instrument [Line Items]
Debt outstanding				0
Senior Notes \| Senior Notes Due 2033
Debt Instrument [Line Items]
Debt amount				$ 800,000,000
Debt instrument, interest rate, stated percentage				6.10%	6.10%	6.10%
Debt instrument, redemption price, percentage of principal amount redeemed				99.843%
Unsecured Facility \| Line of Credit
Debt Instrument [Line Items]
Principal amount \| €								€ 1,880.0
2022 Term Loan Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Principal amount		$ 1,000,000,000
2022 Term Loan Credit Agreement, Three Year Tranche \| Line of Credit
Debt Instrument [Line Items]
Principal amount		$ 500,000,000
Debt instrument, term		3 years
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Principal amount		$ 600,000,000	$ 1,250,000,000
Debt instrument, term			5 years
Additional capacity			$ 500,000,000
Uncommitted Revolving Credit Facilities $75 million
Debt Instrument [Line Items]
Number of revolving loan facilities \| loan				2	2	2
Current borrowing capacity				$ 75,000,000
Uncommitted Revolving Credit Facilities 100 million euros
Debt Instrument [Line Items]
Number of revolving loan facilities \| loan				1	1	1
Current borrowing capacity \| €					€ 100.0
Uncommitted Revolving Credit Facilities 55 million GBP
Debt Instrument [Line Items]
Number of revolving loan facilities \| loan				1	1	1
Current borrowing capacity \| £						£ 55.0
2022 Term Loan Credit Agreement, Five Year Tranche \| Line of Credit
Debt Instrument [Line Items]
Principal amount		$ 500,000,000
Debt instrument, term		5 years

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the first quarter, our effective income tax rate was 19.8%, as compared to 20.4% in the corresponding period in 2022. The decrease was primarily due to an increase in tax benefits from foreign-derived intangible income, partially offset by a one-time tax benefit from a deferred tax liability write-off in 2022. 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 $52.3 million and $51.6 million at the end of the first quarter of 2023 and at the end of 2022, if recognized, would favorably affect the effective income tax rate in future periods. At the end of the first quarter of 2023 and at the end of 2022, we accrued interest and penalties of $9.8 million and $8.4 million. Although the 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period plus additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, restricted stock units, contingently issuable stock, and stock to be purchased under our employee stock purchase plan.

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


	First Quarter of
	2023		2022
(In millions, except per share amounts)
Numerator:
Net income	$	128.8	$	110.3
Denominator:
Weighted-average number of common shares used in basic earnings per share	247.2		250.8
Effect of dilutive securities	1.5		2.0
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share	248.7		252.8

Basic earnings per share	$	0.52	$	0.44
Diluted earnings per share	$	0.52	$	0.44

Antidilutive weighted-average shares (1)	1.6		0.7

(1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share.

Condensed Consolidated Statements Of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Cash flow from operating activities:
Net income	$ 128.8	$ 110.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	9.8	10.0
Amortization expense	34.7	34.6
Deferred income taxes	(33.8)	(16.8)
Stock-based compensation	33.5	28.3
Change in fair value of derivatives	(26.9)	(0.1)
Other, net	(0.9)	16.8
(Increase) decrease in assets:
Accounts receivable, net	62.1	(34.6)
Inventories	(11.1)	(42.7)
Other current and non-current assets	(6.2)	(14.6)
Increase (decrease) in liabilities:
Accounts payable	(9.1)	7.8
Accrued compensation and benefits	(26.5)	(75.6)
Deferred revenue	19.5	73.3
Other current and non-current liabilities	34.8	56.3
Net cash provided by operating activities	208.7	153.0
Cash flow from investing activities:
Acquisitions of businesses, net of cash acquired	(33.3)	0.0
Purchases of property and equipment	(6.4)	(14.5)
Other, net	12.0	1.1
Net cash used in investing activities	(27.7)	(13.4)
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings	14.0	(2.4)
Repurchases of common stock	0.0	(104.7)
Proceeds from debt and revolving credit lines	1,097.1	118.8
Payments on debt and revolving credit lines	(523.4)	(118.8)
Other, net	(4.3)	(2.6)
Net cash provided by (used in) financing activities	583.4	(109.7)
Effect of exchange rate changes on cash and cash equivalents	2.7	1.6
Net increase in cash and cash equivalents	767.1	31.5
Cash and cash equivalents - beginning of period	271.0	325.7
Cash and cash equivalents - end of period	$ 1,038.1	$ 357.2

Common Stock Repurchase (Details) - 2021 Stock Repurchased Program - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Apr. 01, 2022	Mar. 31, 2023	Aug. 31, 2021
Equity, Class of Stock [Line Items]
Stock repurchase program approved amount			$ 750,000,000
Remaining amount authorized		$ 215,300,000
Stock repurchased (in shares)	1.5
Average price (in dollars per share)	$ 68.49
Stock repurchased	$ 104,700,000

Intangible Assets and Goodwill (Changes In Carrying Amount Of Goodwill By Operating Segment) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance as of year end 2022	$ 4,137.9
Additions due to acquisitions	22.5
Foreign currency translation and other adjustments	16.2
Balance as of the end of the first quarter of 2023	4,176.6
Buildings and Infrastructure
Goodwill [Roll Forward]
Balance as of year end 2022	2,300.1
Additions due to acquisitions	22.5
Foreign currency translation and other adjustments	6.6
Balance as of the end of the first quarter of 2023	2,329.2
Geospatial
Goodwill [Roll Forward]
Balance as of year end 2022	382.1
Additions due to acquisitions	0.0
Foreign currency translation and other adjustments	2.2
Balance as of the end of the first quarter of 2023	384.3
Resources and Utilities
Goodwill [Roll Forward]
Balance as of year end 2022	471.8
Additions due to acquisitions	0.0
Foreign currency translation and other adjustments	6.2
Balance as of the end of the first quarter of 2023	478.0
Transportation
Goodwill [Roll Forward]
Balance as of year end 2022	983.9
Additions due to acquisitions	0.0
Foreign currency translation and other adjustments	1.2
Balance as of the end of the first quarter of 2023	$ 985.1

- Definition

+ References + Details

Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Segment Reporting Information [Line Items]
Segment operating income	$ 137.0	$ 156.9
Operating segment
Segment Reporting Information [Line Items]
Segment revenue	915.4	993.7
Segment operating income	253.1	262.9
Buildings and Infrastructure \| Operating segment
Segment Reporting Information [Line Items]
Segment revenue	399.5	397.6
Segment operating income	113.3	120.7
Geospatial \| Operating segment
Segment Reporting Information [Line Items]
Segment revenue	152.4	207.5
Segment operating income	37.3	57.9
Resources and Utilities \| Operating segment
Segment Reporting Information [Line Items]
Segment revenue	208.6	229.9
Segment operating income	79.1	75.1
Transportation \| Operating segment
Segment Reporting Information [Line Items]
Segment revenue	154.9	158.7
Segment operating income	$ 23.4	$ 9.2

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

The following table presents a summary of our intangible assets:


	First Quarter of 2023						Year End 2022
	Gross						Gross
	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
(In millions)	Amount		Amortization		Amount		Amount		Amortization		Amount
Developed product technology	$	1,024.0	$	(745.4)	$	278.6	$	1,004.8	$	(722.7)	$	282.1
Customer relationships	638.8		(439.8)		199.0		654.1		(445.9)		208.2
Trade names and trademarks	39.0		(33.6)		5.4		39.5		(32.7)		6.8
Distribution rights and other intellectual property	6.4		(5.1)		1.3		8.0		(7.0)		1.0
	$	1,708.2	$	(1,223.9)	$	484.3	$	1,706.4	$	(1,208.3)	$	498.1

The estimated future amortization expense of intangible assets at the end of the first quarter of 2023 was as follows:


(In millions)
2023 (Remaining)	$	101.7
2024	111.8
2025	76.2
2026	70.0
2027	56.3
Thereafter	68.3
Total	$	484.3

Goodwill

The changes in the carrying amount of goodwill by segment for the first quarter of 2023 were as follows:


	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
Balance as of year end 2022	$	2,300.1	$	382.1	$	471.8	$	983.9	$	4,137.9
Additions due to acquisitions	22.5		—		—		—		22.5

Foreign currency translation and other adjustments	6.6		2.2		6.2		1.2		16.2

Balance as of the end of the first quarter of 2023	$	2,329.2	$	384.3	$	478.0	$	985.1	$	4,176.6

Subsequent Events (Details) € in Billions				1 Months Ended
Subsequent Events (Details) € in Billions	Apr. 03, 2023 USD ($)	Apr. 03, 2023 EUR (€)	Dec. 27, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
Line of Credit \| 2022 Term Loan Credit Agreement
Subsequent Event [Line Items]
Principal amount			$ 1,000,000,000
Line of Credit \| 2022 Term Loan Credit Agreement, Three Year Tranche
Subsequent Event [Line Items]
Principal amount			$ 500,000,000
Debt instrument, term			3 years
Line of Credit \| 2022 Term Loan Credit Agreement, Five Year Tranche
Subsequent Event [Line Items]
Principal amount			$ 500,000,000
Debt instrument, term			5 years
Line of Credit \| Revolving Credit Facility
Subsequent Event [Line Items]
Principal amount			$ 600,000,000	$ 1,250,000,000
Debt instrument, term				5 years
Subsequent Event \| Line of Credit
Subsequent Event [Line Items]
Draw on debt	$ 1,200,000,000
Subsequent Event \| Line of Credit \| 2022 Term Loan Credit Agreement
Subsequent Event [Line Items]
Draw on debt	1,000,000,000
Subsequent Event \| Line of Credit \| 2022 Term Loan Credit Agreement, Three Year Tranche
Subsequent Event [Line Items]
Principal amount	$ 500,000,000
Debt instrument, term	3 years	3 years
Subsequent Event \| Line of Credit \| 2022 Term Loan Credit Agreement, Five Year Tranche
Subsequent Event [Line Items]
Principal amount	$ 500,000,000
Debt instrument, term	5 years	5 years
Subsequent Event \| Line of Credit \| Revolving Credit Facility
Subsequent Event [Line Items]
Draw on debt	$ 225,000,000
Senior Notes Due 2033 \| Senior Notes
Subsequent Event [Line Items]
Debt amount					$ 800,000,000
Transporeon \| Subsequent Event
Subsequent Event [Line Items]
Purchase consideration	$ 2,100,000,000	€ 1.9

Earnings Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Numerator:
Net income	$ 128.8	$ 110.3
Denominator:
Weighted-average number of common shares used in basic earnings per share (in shares)	247.2	250.8
Effect of dilutive securities (in shares)	1.5	2.0
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	248.7	252.8
Basic earnings per share (in usd per share)	$ 0.52	$ 0.44
Diluted earnings per share (in usd per share)	$ 0.52	$ 0.44
Antidilutive weighted-average shares (in shares)	1.6	0.7

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

Condensed Consolidated Statements Of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 128.8	$ 110.3
Foreign currency translation adjustments, net of tax	19.7	(2.2)
Net change related to derivatives and other, net of tax	(3.2)	0.0
Comprehensive (loss) income attributable to Trimble Inc.	$ 145.3	$ 108.1

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Overview And Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The effect of the change on the Condensed Consolidated Statements of Income for the first quarter of 2022 was as follows:


	First Quarter of 2022
(In millions)
	As Previously Reported		Effect of Change in Presentation		As Reported Herein
Revenue:
Product	$	621.6	$	(54.8)	$	566.8
Subscription and services	—		426.9		426.9
Service	161.1		(161.1)		—
Subscription	211.0		(211.0)		—

Total revenue	$	993.7	$	—	$	993.7

Cost of sales:
Product	$	308.4	$	(1.5)	$	306.9
Subscription and services	—		114.7		114.7
Service	63.3		(63.3)		—
Subscription	49.9		(49.9)		—
Amortization of purchased intangible assets	22.5		—		22.5
Total cost of sales	$	444.1	$	—	$	444.1

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:


		First Quarter of				Year End
Instrument	Date of Issuance	2023			2022
(In millions)		Effective interest rate
Senior Notes:
Senior Notes, 4.15%, due June 2023	June 2018	4.36%	$	300.0		$	300.0
Senior Notes, 4.75%, due December 2024	November 2014	4.95%	400.0			400.0
Senior Notes, 4.90%, due June 2028	June 2018	5.04%	600.0			600.0
Senior Notes, 6.10%, due March 2033	March 2023	6.13%	800.0			—
Credit Facilities:
2022 Revolving Credit Facility, due March 2027	September 2022	5.54%	—			225.0


Unamortized discount and issuance costs			(13.1)			(5.0)
Total debt			$	2,086.9		$	1,520.0
Less: Short-term debt			300.0			300.0
Long-term debt			$	1,786.9		$	1,220.0

Debt Maturities

At the end of the first quarter of 2023, our debt maturities based on outstanding principal were as follows (in millions):


Year Payable
2023 (Remaining)	$	300.0
2024	400.0
2025	—
2026	—
2027	—
Thereafter	1,400.0
Total	$	2,100.0

Senior Notes

All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year, except for the interest on the 2033 Senior Notes payable in March and September (as next described). Additional details are unchanged from the information disclosed in Note 7, “Debt” of the 2022 Form 10-K.

2033 Senior Notes

In March 2023, we issued an aggregate principal amount of $800.0 million in senior notes (the “2033 Senior Notes”) that will mature in March 2033 and bear interest at a fixed rate of 6.1% per annum. The interest is payable semi-annually in March and September of each year, commencing in September 2023. The interest rate is subject to adjustment from time to time upon a rating agency downgrade or upgrade of the credit rating assigned to the 2033 Senior Notes. The 2033 Senior Notes were sold at 99.843% of the aggregate principal amount. The 2033 Senior Notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness.

Credit Facilities

Bridge Facility

On December 11, 2022, we entered into a bridge facility commitment letter (the “Bridge Facility”) in connection with the acquisition of Transporeon. Under the Bridge Facility, the lender committed to provide a term loan up to an aggregate amount of €1.88 billion. On December 27, 2022, the Bridge Facility was automatically reduced to €500 million upon entering into the 2022 Term Loan Agreement and the 2022 Credit Facility Amendment (as next described). On March 9, 2023, as a result of completing the issuance of the 2033 Senior Notes, the remaining €500 million was automatically terminated with no amounts having been drawn.

2022 Term Loan Credit Agreement

On December 27, 2022, we entered into a credit agreement (the “2022 Term Loan Credit Agreement”) providing for an unsecured delayed draw term loan facility in the aggregate principal amount of $1.0 billion, comprised of commitments for a 3-year tranche for $500.0 million and a 5-year tranche for $500.0 million.

The 2022 Term Loan Credit Agreement was entered into in connection with the acquisition of Transporeon. No amounts were drawn at the end of the first quarter of 2023. Additional details are unchanged from the information disclosed in Note 7, “Debt” of the 2022 Form 10-K.

2022 Credit Facility and Amendment

In March 2022, we entered into a credit agreement (the “2022 Credit Facility”) maturing in March 2027. The 2022 Credit Facility provides for a five-year, unsecured revolving credit facility in the aggregate principal amount of $1.25 billion, and permits us, subject to the satisfaction of certain conditions, to increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets. As of March 31, 2023, no amount was outstanding under the 2022 Credit Facility.

On December 27, 2022, we entered into an amendment to the 2022 Credit Facility (the “2022 Credit Facility Amendment”) that made $600.0 million of the existing commitments under the Credit Facility available for the acquisition of Transporeon and increased our maximum permitted leverage ratio following the closing of the acquisition.

For additional information related to debt issued in connection with the Transporeon acquisition on April 3, 2023, see N ote 1 2 “Subsequent Events ” of this report.

Uncommitted Facilities

At the end of the first quarter of 2023, 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. As of March 31, 2023, no amounts were outstanding under the uncommitted facilities.

Covenants

The 2022 Term Loan Credit Agreement and 2022 Credit Facility, as amended, contain customary covenants including, among other requirements, limitations that restrict the Company’s and its subsidiaries’ ability to create liens and enter into sale and leaseback transactions, and restrictions on the ability of the subsidiaries to incur indebtedness. Further, both debt agreements contain financial covenants that require the maintenance of maximum leverage and minimum interest coverage ratios. At the end of the first quarter of 2023, we were in compliance with the covenants for each of our debt agreements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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