XML 34 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
REVISIONS TO PREVIOUSLY REPORTED FINANCIAL INFORMATION
 3 Months Ended
Apr. 01, 2016
Accounting Changes and Error Corrections [Abstract]  
Revisions to Previously Reporting Financial Information
REVISIONS TO PREVIOUSLY REPORTED FINANCIAL INFORMATION

As disclosed in the Company’s fiscal 2015 Annual Report on Form 10-K, the Company identified an error in its previously reported financial statements with regard to a portion of its goodwill balance arising from deferred tax liabilities in foreign jurisdictions that had not been properly translated to U.S. dollars. As a result, both goodwill and the cumulative translation adjustment included in Accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets were overstated and the resulting foreign currency translation adjustment component of Other comprehensive income (loss) was incorrect. There was no impact on net income or cash flows.

The Company evaluated the impact of the error, both quantitatively and qualitatively, and concluded that the differences were not material individually or in the aggregate to any of the prior reporting periods. The impact had no effect on net income or cash flows, but in light of the significance of the cumulative amount of the error on comprehensive income for the third quarter and full fiscal year 2015, the Company revised previously issued financial information, including the first quarter of fiscal 2015 contained in this Quarterly Report on Form 10-Q, to correct for the foreign currency translation figures.

The following table presents the impact of these corrections in the Condensed Consolidated Statements of Comprehensive Income for the first quarter of 2015 (in millions):
 
First Quarter of 2015
Consolidated Statements of Comprehensive Income
As previously
 
 
 
As
Reported
 
Adjustment
 
Revised
 
 
 
 
 
 
Net income
$
34.0

 
$
—

 
$
34.0

   Foreign currency translation
   adjustments
(67.2
)
 
(3.1
)
 
(70.3
)
   Net unrealized actuarial gain
0.1

 
—

 
0.1

Comprehensive loss
(33.1
)
 
(3.1
)
 
(36.2
)
Less: Comprehensive loss attributable to noncontrolling interests
(0.1
)
 
—

 
(0.1
)
Comprehensive loss attributable to Trimble Navigation Limited
$
(33.0
)
 
$
(3.1
)
 
$
(36.1
)