ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 28, 2018 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
Delaware | 94-2802192 | |
(State or other jurisdiction of | (I.R.S. Employer Identification Number) | |
incorporation or organization) |
Large Accelerated Filer | ý | Accelerated Filer | ¨ | |
Non-accelerated Filer | ¨ | Smaller Reporting Company | ¨ | |
Emerging Growth Company | ¨ |
PART I. | Page | |
ITEM 1. | ||
ITEM 2. | ||
ITEM 3. | ||
ITEM 4. | ||
PART II. | ||
ITEM 1. | ||
ITEM 1A. | ||
ITEM 2. | ||
ITEM 4. | ||
ITEM 6. | ||
Third Quarter of | Fiscal Year End | ||||||
As of | 2018 | 2017 | |||||
*As Adjusted | |||||||
(In millions, except par value) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 205.4 | $ | 358.5 | |||
Short-term investments | — | 178.9 | |||||
Accounts receivable, net | 476.0 | 427.7 | |||||
Other receivables | 27.2 | 42.8 | |||||
Inventories | 286.3 | 264.6 | |||||
Other current assets | 66.3 | 39.2 | |||||
Total current assets | 1,061.2 | 1,311.7 | |||||
Property and equipment, net | 206.1 | 174.0 | |||||
Goodwill | 3,548.6 | 2,287.1 | |||||
Other purchased intangible assets, net | 780.0 | 364.8 | |||||
Deferred costs, non-current | 37.2 | 35.0 | |||||
Other non-current assets | 149.1 | 143.7 | |||||
Total assets | $ | 5,782.2 | $ | 4,316.3 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt | $ | 226.1 | $ | 128.4 | |||
Accounts payable | 155.7 | 146.0 | |||||
Accrued compensation and benefits | 137.5 | 143.9 | |||||
Deferred revenue | 326.1 | 237.6 | |||||
Accrued warranty expense | 16.4 | 18.3 | |||||
Other current liabilities | 117.5 | 99.2 | |||||
Total current liabilities | 979.3 | 773.4 | |||||
Long-term debt | 1,786.6 | 785.5 | |||||
Non-current deferred revenue | 38.2 | 39.0 | |||||
Deferred income tax liabilities | 88.5 | 47.8 | |||||
Income taxes payable | 72.4 | 94.1 | |||||
Other non-current liabilities | 168.6 | 162.0 | |||||
Total liabilities | 3,133.6 | 1,901.8 | |||||
Commitments and contingencies (Note 15) | |||||||
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; 251.1 and 248.9 shares issued and outstanding as of the end of the third quarter of fiscal 2018 and fiscal year end 2017, respectively | 0.3 | 0.2 | |||||
Additional paid-in-capital | 1,574.8 | 1,461.1 | |||||
Retained earnings | 1,227.2 | 1,084.6 | |||||
Accumulated other comprehensive loss | (153.9 | ) | (131.4 | ) | |||
Total Trimble Inc. stockholders' equity | 2,648.4 | 2,414.5 | |||||
Noncontrolling interests | 0.2 | — | |||||
Total stockholders' equity | 2,648.6 | 2,414.5 | |||||
Total liabilities and stockholders' equity | $ | 5,782.2 | $ | 4,316.3 |
Third Quarter of | First Three Quarters of | ||||||||||||||
(In millions, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
Revenue: | |||||||||||||||
Product | $ | 499.7 | $ | 449.4 | $ | 1,528.5 | $ | 1,304.4 | |||||||
Service | 156.5 | 124.3 | 421.4 | 342.8 | |||||||||||
Subscription | 139.0 | 102.5 | 373.0 | 299.5 | |||||||||||
Total revenue | 795.2 | 676.2 | 2,322.9 | 1,946.7 | |||||||||||
Cost of sales: | |||||||||||||||
Product | 237.5 | 226.8 | 723.1 | 642.6 | |||||||||||
Service | 64.6 | 46.9 | 183.8 | 141.1 | |||||||||||
Subscription | 38.0 | 28.3 | 95.0 | 82.4 | |||||||||||
Amortization of purchased intangible assets | 28.2 | 23.0 | 75.2 | 62.5 | |||||||||||
Total cost of sales | 368.3 | 325.0 | 1,077.1 | 928.6 | |||||||||||
Gross margin | 426.9 | 351.2 | 1,245.8 | 1,018.1 | |||||||||||
Operating expense: | |||||||||||||||
Research and development | 114.1 | 92.6 | 333.5 | 272.1 | |||||||||||
Sales and marketing | 119.7 | 100.0 | 354.6 | 294.5 | |||||||||||
General and administrative | 91.6 | 74.0 | 262.6 | 218.4 | |||||||||||
Restructuring charges | 2.5 | 1.3 | 6.3 | 6.5 | |||||||||||
Amortization of purchased intangible assets | 21.6 | 17.0 | 57.7 | 46.6 | |||||||||||
Total operating expense | 349.5 | 284.9 | 1,014.7 | 838.1 | |||||||||||
Operating income | 77.4 | 66.3 | 231.1 | 180.0 | |||||||||||
Non-operating income (expense), net: | |||||||||||||||
Interest expense, net | (22.7 | ) | (6.3 | ) | (50.8 | ) | (18.4 | ) | |||||||
Foreign currency transaction gain (loss), net | (0.1 | ) | 1.6 | 0.6 | 3.0 | ||||||||||
Income from equity method investments, net | 8.8 | 8.7 | 23.2 | 22.8 | |||||||||||
Other income, net | 0.7 | 1.6 | 5.9 | 12.2 | |||||||||||
Total non-operating income (expense), net | (13.3 | ) | 5.6 | (21.1 | ) | 19.6 | |||||||||
Income before taxes | 64.1 | 71.9 | 210.0 | 199.6 | |||||||||||
Income tax provision (benefit) | (9.6 | ) | 14.7 | 13.5 | 45.3 | ||||||||||
Net income | 73.7 | 57.2 | 196.5 | 154.3 | |||||||||||
Net gain attributable to noncontrolling interests | — | — | 0.2 | — | |||||||||||
Net income attributable to Trimble Inc. | $ | 73.7 | $ | 57.2 | $ | 196.3 | $ | 154.3 | |||||||
Basic earnings per share | $ | 0.29 | $ | 0.23 | $ | 0.79 | $ | 0.61 | |||||||
Shares used in calculating basic earnings per share | 250.5 | 252.6 | 249.6 | 252.5 | |||||||||||
Diluted earnings per share | $ | 0.29 | $ | 0.22 | $ | 0.78 | $ | 0.60 | |||||||
Shares used in calculating diluted earnings per share | 253.6 | 257.9 | 253.0 | 257.0 |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
(In millions) | |||||||||||||||
Net income | $ | 73.7 | $ | 57.2 | $ | 196.5 | $ | 154.3 | |||||||
Foreign currency translation adjustments, net of tax | 7.4 | 30.0 | (22.8 | ) | 91.3 | ||||||||||
Net unrealized gain (loss) on short-term investments, net of tax | (0.1 | ) | 0.1 | 0.1 | — | ||||||||||
Net unrealized actuarial gain (loss), net of tax | — | (0.1 | ) | 0.2 | (0.3 | ) | |||||||||
Comprehensive income | 81.0 | 87.2 | 174.0 | 245.3 | |||||||||||
Comprehensive gain attributable to noncontrolling interests | — | — | 0.2 | — | |||||||||||
Comprehensive income attributable to Trimble Inc. | $ | 81.0 | $ | 87.2 | $ | 173.8 | $ | 245.3 |
First Three Quarters of | |||||||
(In millions) | 2018 | 2017 | |||||
*As Adjusted | |||||||
Cash flow from operating activities: | |||||||
Net income | $ | 196.5 | $ | 154.3 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation expense | 26.2 | 26.4 | |||||
Amortization expense | 132.9 | 109.1 | |||||
Stock-based compensation | 53.1 | 45.0 | |||||
Income from equity method investments | (0.2 | ) | (9.9 | ) | |||
Other non-cash items | 6.9 | (6.3 | ) | ||||
Increase in assets: | |||||||
Accounts receivable, net | (15.8 | ) | (33.9 | ) | |||
Inventories | (29.0 | ) | (18.3 | ) | |||
Other current and non-current assets | (15.7 | ) | (16.7 | ) | |||
Increase (decrease) in liabilities: | |||||||
Accounts payable | 9.2 | 27.7 | |||||
Accrued compensation and benefits | (13.8 | ) | 7.7 | ||||
Deferred revenue | 53.8 | 27.7 | |||||
Other liabilities | (19.3 | ) | 9.8 | ||||
Net cash provided by operating activities | 384.8 | 322.6 | |||||
Cash flow from investing activities: | |||||||
Acquisitions of businesses, net of cash acquired | (1,741.4 | ) | (279.0 | ) | |||
Acquisitions of property and equipment | (53.1 | ) | (26.4 | ) | |||
Purchases of short-term investments | (24.0 | ) | (220.0 | ) | |||
Proceeds from maturities of short-term investments | 6.2 | 84.6 | |||||
Proceeds from sales of short-term investments | 196.8 | 92.1 | |||||
Other | 2.7 | 20.5 | |||||
Net cash used in investing activities | (1,612.8 | ) | (328.2 | ) | |||
Cash flow from financing activities: | |||||||
Issuance of common stock, net of tax withholdings | 52.3 | 73.0 | |||||
Repurchases of common stock | (53.0 | ) | (111.5 | ) | |||
Proceeds from debt and revolving credit lines | 2,592.0 | 517.0 | |||||
Payments on debt and revolving credit lines | (1,499.4 | ) | (444.3 | ) | |||
Other | (8.9 | ) | (7.3 | ) | |||
Net cash provided by financing activities | 1,083.0 | 26.9 | |||||
Effect of exchange rate changes on cash and cash equivalents | (8.1 | ) | 17.6 | ||||
Net increase (decrease) in cash and cash equivalents | (153.1 | ) | 38.9 | ||||
Cash and cash equivalents - beginning of period | 358.5 | 216.1 | |||||
Cash and cash equivalents - end of period | $ | 205.4 | $ | 255.0 |
Third Quarter of Fiscal 2017 | First Three Quarters of Fiscal 2017 | ||||||||||||||||||||||
(In millions, except per share amounts) | As Previously Reported | Adjustments a | As Adjusted | As Previously Reported | Adjustments a | As Adjusted | |||||||||||||||||
Revenue | $ | 670.0 | $ | 6.2 | $ | 676.2 | $ | 1,945.8 | $ | 0.9 | $ | 1,946.7 | |||||||||||
Gross margin | 349.5 | 1.7 | 351.2 | 1,022.6 | (4.5 | ) | 1,018.1 | ||||||||||||||||
Operating income | 64.0 | 2.3 | 66.3 | 183.2 | (3.2 | ) | 180.0 | ||||||||||||||||
Income tax provision | 13.9 | 0.8 | 14.7 | 46.7 | (1.4 | ) | 45.3 | ||||||||||||||||
Net Income attributable to Trimble Inc. | $ | 55.7 | $ | 1.5 | $ | 57.2 | $ | 156.1 | $ | (1.8 | ) | $ | 154.3 | ||||||||||
Diluted earnings per share | $ | 0.22 | $ | — | $ | 0.22 | $ | 0.61 | $ | (0.01 | ) | $ | 0.60 |
Fiscal Year End 2017 | |||||||||||
(In millions) | As Previously Reported | Adjustments a | As Adjusted | ||||||||
Accounts receivable, net | $ | 414.8 | $ | 12.9 | $ | 427.7 | |||||
Inventories | 271.8 | (7.2 | ) | 264.6 | |||||||
Deferred costs, non-current | — | 35.0 | 35.0 | ||||||||
Other current and non-current assets | 205.5 | (22.6 | ) | 182.9 | |||||||
Current and non-current deferred revenue | 313.4 | (36.8 | ) | 276.6 | |||||||
Other current liabilities | 101.0 | (1.8 | ) | 99.2 | |||||||
Deferred income tax liabilities | 40.4 | 7.4 | 47.8 | ||||||||
Stockholders' equity | $ | 2,366.0 | $ | 48.5 | $ | 2,414.5 |
First Three Quarters of Fiscal 2017 | |||||||||
(In millions) | As Previously Reported | Adjustments b | As Adjusted | ||||||
Net cash provided by operating activities | $ | 310.0 | $ | 12.6 | $ | 322.6 | |||
Net cash used in investing activities | (322.9 | ) | (5.3 | ) | (328.2 | ) | |||
Net cash provided by financing activities | $ | 34.2 | $ | (7.3 | ) | $ | 26.9 |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions) | |||||||||||||||
Cost of sales | $ | 1.1 | $ | 1.1 | $ | 3.3 | $ | 2.8 | |||||||
Research and development | 3.9 | 2.7 | 10.2 | 7.7 | |||||||||||
Sales and marketing | 2.5 | 2.4 | 7.2 | 7.0 | |||||||||||
General and administrative | 11.3 | 9.9 | 32.4 | 27.5 | |||||||||||
Total operating expense | 17.7 | 15.0 | 49.8 | 42.2 | |||||||||||
Total stock-based compensation expense | $ | 18.8 | $ | 16.1 | $ | 53.1 | $ | 45.0 |
First Three Quarters of | |||
2018 | |||
(In millions) | |||
Fair value of total purchase consideration | $ | 1,753.9 | |
Less fair value of net assets acquired: | |||
Net tangible assets acquired | 5.1 | ||
Identifiable intangible assets | 551.5 | ||
Deferred income taxes | (83.2 | ) | |
Goodwill | $ | 1,280.5 |
As of | Third Quarter of Fiscal 2018 | Fiscal Year End 2017 | |||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||
Carrying | Accumulated | Net Carrying | Carrying | Accumulated | Net Carrying | ||||||||||||||||||
(In millions) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||
Developed product technology | $ | 1,218.8 | $ | (806.8 | ) | $ | 412.0 | $ | 915.3 | $ | (729.9 | ) | $ | 185.4 | |||||||||
Trade names and trademarks | 73.0 | (52.2 | ) | 20.8 | 58.7 | (48.6 | ) | 10.1 | |||||||||||||||
Customer relationships | 717.2 | (393.1 | ) | 324.1 | 512.1 | (351.3 | ) | 160.8 | |||||||||||||||
Distribution rights and other intellectual property | 86.3 | (63.2 | ) | 23.1 | 69.2 | (60.7 | ) | 8.5 | |||||||||||||||
$ | 2,095.3 | $ | (1,315.3 | ) | $ | 780.0 | $ | 1,555.3 | $ | (1,190.5 | ) | $ | 364.8 |
(In millions) | |||
2018 (Remaining) | $ | 46.0 | |
2019 | 166.8 | ||
2020 | 138.2 | ||
2021 | 116.6 | ||
2022 | 98.4 | ||
Thereafter | 214.0 | ||
Total | $ | 780.0 |
Buildings and Infrastructure | Geospatial | Resources and Utilities | Transportation | Total | |||||||||||||||
(In millions) | |||||||||||||||||||
Balance as of fiscal year end 2017 | $ | 706.8 | $ | 415.3 | $ | 314.5 | $ | 850.5 | $ | 2,287.1 | |||||||||
Additions due to acquisitions | 1,280.5 | — | — | — | 1,280.5 | ||||||||||||||
Purchase price adjustments- prior years' acquisitions | — | — | (0.4 | ) | (0.7 | ) | (1.1 | ) | |||||||||||
Foreign currency translation adjustments | (4.2 | ) | (5.4 | ) | (4.1 | ) | (2.4 | ) | (16.1 | ) | |||||||||
Divestiture (1) | — | (1.8 | ) | — | — | (1.8 | ) | ||||||||||||
Balance as of the end of the third quarter of fiscal 2018 | $ | 1,983.1 | $ | 408.1 | $ | 310.0 | $ | 847.4 | $ | 3,548.6 |
(In millions) | Viewpoint | e-Builder | ||||||||||
Total purchase consideration | $ | 1,211.2 | $ | 485.2 | ||||||||
Net tangible assets acquired | 3.5 | 1.3 | ||||||||||
Intangible assets acquired: | Estimated Useful Life | Estimated Useful Life | ||||||||||
Developed product technology | 222.0 | 6 years | 60.5 | 7 years | ||||||||
In-Process Research & Development | 12.8 | n/a | — | |||||||||
Order backlog | — | 1.7 | 6 months | |||||||||
Customer relationships | 158.6 | 10 years | 42.4 | 10 years | ||||||||
Trade name | 8.9 | 5 years | 4.8 | 7 years | ||||||||
Favorable Lease | 4.3 | 4 - 9 years | — | |||||||||
Subtotal | 406.6 | 109.4 | ||||||||||
Deferred tax liability | (58.2 | ) | (18.4 | ) | ||||||||
Less fair value of all assets/liabilities acquired | 351.9 | 92.3 | ||||||||||
Goodwill | $ | 859.3 | $ | 392.9 | ||||||||
Viewpoint | e-Builder | |||||||
As of July 2, 2018 | As of February 2, 2018 | |||||||
(In millions) | ||||||||
Cash and cash equivalents | $ | 9.1 | $ | 2.5 | ||||
Accounts receivable, net | 19.8 | 14.4 | ||||||
Other receivables | 1.7 | 43.3 | ||||||
Other current assets | 9.6 | 0.7 | ||||||
Property and equipment, net | 7.6 | — | ||||||
Other non-current assets | 3.2 | 0.2 | ||||||
Accounts payable | (1.3 | ) | (8.4 | ) | ||||
Accrued compensation and benefits | (8.7 | ) | — | |||||
Deferred revenue | (23.9 | ) | (11.8 | ) | ||||
Other current liabilities | (11.4 | ) | (39.6 | ) | ||||
Other non-current liabilities | (2.2 | ) | — | |||||
Net tangible assets acquired | $ | 3.5 | $ | 1.3 | ||||
Third Quarter of | First Three Quarters of | ||||||||||||||
Fiscal Period | 2018 | 2017 | 2018 | 2017 | |||||||||||
(in millions, except per share data) | |||||||||||||||
Revenue | $ | 795.2 | $ | 728.3 | $ | 2,420.0 | $ | 2,091.9 | |||||||
Net income attributable to Trimble Inc. | 81.9 | 42.2 | 189.5 | 108.6 | |||||||||||
Basic earnings per share | 0.33 | 0.17 | 0.76 | 0.43 | |||||||||||
Diluted earnings per share | 0.32 | 0.16 | 0.75 | 0.42 |
Third Quarter of | Fiscal Year End | ||||||
As of | 2018 | 2017 | |||||
*As Adjusted | |||||||
(In millions) | |||||||
Raw materials | $ | 93.3 | $ | 85.2 | |||
Work-in-process | 13.2 | 12.4 | |||||
Finished goods | 179.8 | 167.0 | |||||
Total inventories | $ | 286.3 | $ | 264.6 |
• | 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, government and land management. |
• | 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, field service management, rail and military aviation. |
Reporting Segments | |||||||||||||||||||
Buildings and Infrastructure | Geospatial | Resources and Utilities | Transportation | Total | |||||||||||||||
(In millions) | |||||||||||||||||||
Third Quarter of Fiscal 2018 | |||||||||||||||||||
Revenue | $ | 286.6 | $ | 185.4 | $ | 133.0 | $ | 190.2 | $ | 795.2 | |||||||||
Acquired deferred revenue adjustment | 9.2 | — | 0.2 | 0.1 | 9.5 | ||||||||||||||
Segment revenue | $ | 295.8 | $ | 185.4 | $ | 133.2 | $ | 190.3 | $ | 804.7 | |||||||||
Operating income | $ | 60.9 | $ | 47.4 | $ | 38.3 | $ | 37.0 | $ | 183.6 | |||||||||
Acquired deferred revenue adjustment | 9.2 | — | 0.2 | 0.1 | 9.5 | ||||||||||||||
Amortization of acquired capitalized commissions | (1.8 | ) | — | — | — | (1.8 | ) | ||||||||||||
Segment operating income | $ | 68.3 | $ | 47.4 | $ | 38.5 | $ | 37.1 | $ | 191.3 | |||||||||
Depreciation expense | $ | 1.8 | $ | 1.5 | $ | 1.1 | $ | 1.1 | $ | 5.5 | |||||||||
Third Quarter of Fiscal 2017 | |||||||||||||||||||
Revenue (*As Adjusted) | $ | 217.9 | $ | 169.4 | $ | 117.2 | $ | 171.7 | $ | 676.2 | |||||||||
Acquired deferred revenue adjustment | 0.1 | — | 0.4 | 0.2 | 0.7 | ||||||||||||||
Segment revenue | $ | 218.0 | $ | 169.4 | $ | 117.6 | $ | 171.9 | $ | 676.9 | |||||||||
Operating income (*As Adjusted) | $ | 55.1 | $ | 36.3 | $ | 27.2 | $ | 30.3 | $ | 148.9 | |||||||||
Acquired deferred revenue adjustment | 0.1 | — | 0.4 | 0.2 | 0.7 | ||||||||||||||
Amortization of acquired capitalized commissions | (0.2 | ) | — | — | — | (0.2 | ) | ||||||||||||
Segment operating income | $ | 55.0 | $ | 36.3 | $ | 27.6 | $ | 30.5 | $ | 149.4 | |||||||||
Depreciation expense | $ | 1.4 | $ | 1.5 | $ | 0.9 | $ | 1.3 | $ | 5.1 |
Reporting Segments | |||||||||||||||||||
Buildings and Infrastructure | Geospatial | Resources and Utilities | Transportation | Total | |||||||||||||||
(In millions) | |||||||||||||||||||
First Three Quarters of Fiscal 2018 | |||||||||||||||||||
Revenue | $ | 785.6 | $ | 544.3 | $ | 437.2 | $ | 555.8 | $ | 2,322.9 | |||||||||
Acquired deferred revenue adjustment | 15.1 | — | 0.8 | 0.3 | 16.2 | ||||||||||||||
Segment revenue | $ | 800.7 | $ | 544.3 | $ | 438.0 | $ | 556.1 | $ | 2,339.1 | |||||||||
Operating income | $ | 171.8 | $ | 126.3 | $ | 132.3 | $ | 98.5 | $ | 528.9 | |||||||||
Acquired deferred revenue adjustment | 15.1 | — | 0.8 | 0.3 | 16.2 | ||||||||||||||
Amortization of acquired capitalized commissions | (2.7 | ) | — | (0.2 | ) | — | (2.9 | ) | |||||||||||
Segment operating income | $ | 184.2 | $ | 126.3 | $ | 132.9 | $ | 98.8 | $ | 542.2 | |||||||||
Depreciation expense | $ | 4.6 | $ | 4.4 | $ | 3.1 | $ | 3.4 | $ | 15.5 | |||||||||
First Three Quarters of Fiscal 2017 | |||||||||||||||||||
Revenue (*As Adjusted) | $ | 625.0 | $ | 483.6 | $ | 349.0 | $ | 489.1 | $ | 1,946.7 | |||||||||
Acquired deferred revenue adjustment | 0.4 | — | 0.6 | 0.5 | 1.5 | ||||||||||||||
Segment revenue | $ | 625.4 | $ | 483.6 | $ | 349.6 | $ | 489.6 | $ | 1,948.2 | |||||||||
Operating income (*As Adjusted) | $ | 134.6 | $ | 94.0 | $ | 104.8 | $ | 79.2 | $ | 412.6 | |||||||||
Acquired deferred revenue adjustment | 0.4 | — | 0.6 | 0.5 | 1.5 | ||||||||||||||
Amortization of acquired capitalized commissions | (0.7 | ) | — | (0.1 | ) | (0.1 | ) | (0.9 | ) | ||||||||||
Segment operating income | $ | 134.3 | $ | 94.0 | $ | 105.3 | $ | 79.6 | $ | 413.2 | |||||||||
Depreciation expense | $ | 4.7 | $ | 4.3 | $ | 2.1 | $ | 4.1 | $ | 15.2 |
Reporting Segments | |||||||||||||||||||
Buildings and Infrastructure | Geospatial | Resources and Utilities | Transportation | Total | |||||||||||||||
(In millions) | |||||||||||||||||||
As of the Third Quarter of Fiscal 2018 | |||||||||||||||||||
Accounts receivable, net | $ | 165.1 | $ | 125.8 | $ | 71.0 | $ | 114.1 | $ | 476.0 | |||||||||
Inventories | 66.5 | 131.4 | 45.5 | 42.9 | 286.3 | ||||||||||||||
Goodwill | 1,983.1 | 408.1 | 310.0 | 847.4 | 3,548.6 | ||||||||||||||
As of Fiscal Year End 2017 | |||||||||||||||||||
Accounts receivable, net (*As Adjusted) | 120.1 | 121.5 | 78.5 | 107.6 | 427.7 | ||||||||||||||
Inventories (*As Adjusted) | 62.1 | 110.3 | 46.0 | 46.2 | 264.6 | ||||||||||||||
Goodwill | $ | 706.8 | $ | 415.3 | $ | 314.5 | $ | 850.5 | $ | 2,287.1 |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
(In millions) | |||||||||||||||
Consolidated segment operating income | $ | 191.3 | $ | 149.4 | $ | 542.2 | $ | 413.2 | |||||||
Unallocated corporate expense | (24.3 | ) | (23.0 | ) | (70.2 | ) | (61.8 | ) | |||||||
Restructuring charges | (2.6 | ) | (1.6 | ) | (6.8 | ) | (7.8 | ) | |||||||
Acquired deferred revenue adjustment | (9.5 | ) | (0.7 | ) | (16.2 | ) | (1.5 | ) | |||||||
Amortization of purchased intangible assets | (49.8 | ) | (40.0 | ) | (132.9 | ) | (109.1 | ) | |||||||
Stock-based compensation | (18.8 | ) | (16.1 | ) | (53.1 | ) | (45.0 | ) | |||||||
Amortization of acquired capitalized commissions | 1.8 | 0.2 | 2.9 | 0.9 | |||||||||||
Amortization of acquisition-related inventory step-up | — | (2.2 | ) | — | (2.8 | ) | |||||||||
Acquisition / divestiture items | (10.7 | ) | 0.3 | (34.8 | ) | (6.1 | ) | ||||||||
Consolidated operating income | 77.4 | 66.3 | 231.1 | 180.0 | |||||||||||
Non-operating income (expense), net: | (13.3 | ) | 5.6 | (21.1 | ) | 19.6 | |||||||||
Consolidated income before taxes | $ | 64.1 | $ | 71.9 | $ | 210.0 | $ | 199.6 |
Reporting Segments | |||||||||||||||||||
Buildings and Infrastructure | Geospatial | Resources and Utilities | Transportation | Total | |||||||||||||||
(In millions) | |||||||||||||||||||
Third Quarter of Fiscal 2018 | |||||||||||||||||||
North America | $ | 167.8 | $ | 83.4 | $ | 43.5 | $ | 156.7 | $ | 451.4 | |||||||||
Europe | 77.7 | 48.8 | 55.3 | 21.7 | 203.5 | ||||||||||||||
Asia Pacific | 45.0 | 42.2 | 12.1 | 11.5 | 110.8 | ||||||||||||||
Rest of World | 5.3 | 11.0 | 22.3 | 0.4 | 39.0 | ||||||||||||||
Total consolidated revenue | $ | 295.8 | $ | 185.4 | $ | 133.2 | $ | 190.3 | $ | 804.7 | |||||||||
Third Quarter of Fiscal 2017 (*As Adjusted) | |||||||||||||||||||
North America | $ | 111.9 | $ | 74.9 | $ | 37.4 | $ | 142.3 | $ | 366.5 | |||||||||
Europe | 60.1 | 44.1 | 45.4 | 18.5 | 168.1 | ||||||||||||||
Asia Pacific | 37.1 | 39.4 | 13.4 | 9.3 | 99.2 | ||||||||||||||
Rest of World | 8.9 | 11.0 | 21.4 | 1.8 | 43.1 | ||||||||||||||
Total consolidated revenue | $ | 218.0 | $ | 169.4 | $ | 117.6 | $ | 171.9 | $ | 676.9 | |||||||||
First Three Quarters of Fiscal 2018 | |||||||||||||||||||
North America | $ | 433.2 | $ | 223.0 | $ | 140.3 | $ | 455.0 | $ | 1,251.5 | |||||||||
Europe | 236.9 | 154.6 | 197.6 | 64.4 | 653.5 | ||||||||||||||
Asia Pacific | 111.6 | 130.4 | 35.7 | 35.0 | 312.7 | ||||||||||||||
Rest of World | 19.0 | 36.3 | 64.4 | 1.7 | 121.4 | ||||||||||||||
Total consolidated revenue | $ | 800.7 | $ | 544.3 | $ | 438.0 | $ | 556.1 | $ | 2,339.1 | |||||||||
First Three Quarters of Fiscal 2017 (*As Adjusted) | |||||||||||||||||||
North America | $ | 326.8 | $ | 194.3 | $ | 125.1 | $ | 406.6 | $ | 1,052.8 | |||||||||
Europe | 180.3 | 131.5 | 131.9 | 52.1 | 495.8 | ||||||||||||||
Asia Pacific | 91.9 | 119.4 | 35.7 | 26.8 | 273.8 | ||||||||||||||
Rest of World | 26.4 | 38.4 | 56.9 | 4.1 | 125.8 | ||||||||||||||
Total consolidated revenue | $ | 625.4 | $ | 483.6 | $ | 349.6 | $ | 489.6 | $ | 1,948.2 |
As of | Third Quarter of | Fiscal Year End | ||||||||
Instrument | Date of Issuance | 2018 | 2017 | |||||||
(In millions) | Amount | Amount | ||||||||
Senior Notes: | ||||||||||
2023 Senior Notes, 4.15%, due June 2023 | June 2018 | $ | 300.0 | $ | — | |||||
2028 Senior Notes, 4.90%, due June 2028 | June 2018 | 600.0 | — | |||||||
2024 Senior Notes, 4.75%, due December 2024 | November 2014 | 400.0 | 400.0 | |||||||
Credit Facilities: | ||||||||||
2014 Credit Facility, floating rate, retired | November 2014 | — | 389.0 | |||||||
2018 Credit Facility, floating rate: | ||||||||||
Term Loan, due May 2021 | May 2018 | 500.0 | — | |||||||
Revolving Credit Facility, due May 2023 | May 2018 | — | — | |||||||
Uncommitted facilities, floating rate | 225.8 | 128.0 | ||||||||
Promissory notes and other debt | 1.1 | 1.2 | ||||||||
Unamortized discount and issuance costs | (14.2 | ) | (4.3 | ) | ||||||
Total debt | 2,012.7 | 913.9 | ||||||||
Less: Short-term debt | 226.1 | 128.4 | ||||||||
Long-term debt | $ | 1,786.6 | $ | 785.5 |
Year Payable | |||
2018 (Remaining) | $ | 0.3 | |
2019 | 226.2 | ||
2020 | 0.3 | ||
2021 | 500.1 | ||
2022 | — | ||
Thereafter | 1,300.0 | ||
Total | $ | 2,026.9 |
At the end of Fiscal 2017 | |||
(In millions) | |||
Available-for-sale securities: | |||
U.S. Treasury securities | $ | 9.6 | |
Corporate debt securities | 96.0 | ||
Commercial paper | 100.1 | ||
Total available-for-sale securities | $ | 205.7 | |
Reported as: | |||
Cash and cash equivalents | $ | 26.8 | |
Short-term investments | 178.9 | ||
Total | $ | 205.7 |
Fair Values as of the end of the Third Quarter of Fiscal 2018 | Fair Values as of Fiscal Year End 2017 | ||||||||||||||||||||||||||||||
(In millions) | Level I | Level II | Level III | Total | Level I | Level II | Level III | Total | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||||
U.S. Treasury securities (1) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9.6 | $ | — | $ | 9.6 | |||||||||||||||
Corporate debt securities (1) | — | — | — | — | — | 96.0 | — | 96.0 | |||||||||||||||||||||||
Commercial paper (1) | — | — | — | — | — | 100.1 | — | 100.1 | |||||||||||||||||||||||
Total available-for-sale securities | — | — | — | — | — | 205.7 | — | 205.7 | |||||||||||||||||||||||
Deferred compensation plan assets (2) | 32.8 | — | — | 32.8 | 27.1 | — | — | 27.1 | |||||||||||||||||||||||
Derivative assets (3) | — | 0.1 | — | 0.1 | — | 0.5 | — | 0.5 | |||||||||||||||||||||||
Total assets measured at fair value | $ | 32.8 | $ | 0.1 | $ | — | $ | 32.9 | $ | 27.1 | $ | 206.2 | $ | — | $ | 233.3 | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Deferred compensation plan liabilities (2) | $ | 32.8 | $ | — | $ | — | $ | 32.8 | $ | 27.1 | $ | — | $ | — | $ | 27.1 | |||||||||||||||
Derivative liabilities (3) | — | 0.5 | — | 0.5 | — | 0.1 | — | 0.1 | |||||||||||||||||||||||
Contingent consideration liabilities (4) | — | — | 4.8 | 4.8 | — | — | 14.2 | 14.2 | |||||||||||||||||||||||
Total liabilities measured at fair value | $ | 32.8 | $ | 0.5 | $ | 4.8 | $ | 38.1 | $ | 27.1 | $ | 0.1 | $ | 14.2 | $ | 41.4 |
(1) | The Company’s available-for sale securities are valued using readily available pricing sources for comparable instruments, or model-driven valuations using significant inputs derived from or corroborated by observable market data, including yield curves and credit ratings. |
(2) | The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities, respectively, on the Company's Condensed Consolidated Balance Sheets. |
(3) | Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter- |
(4) | Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that Trimble acquired. The undiscounted maximum payment under the arrangements is $52.6 million at the end of the third quarter of fiscal 2018. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins or other milestones. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets. |
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
As of | Third Quarter of Fiscal 2018 | Fiscal Year End 2017 | |||||||||||||
(In millions) | |||||||||||||||
Liabilities: | |||||||||||||||
2023 Senior Notes | $ | 300.0 | $ | 299.6 | $ | — | $ | — | |||||||
2024 Senior Notes | 400.0 | 404.4 | 400.0 | 430.4 | |||||||||||
2028 Senior Notes | 600.0 | 605.0 | — | — | |||||||||||
2014 Credit Facility, retired | — | — | 389.0 | 389.0 | |||||||||||
2018 Term Loan | 500.0 | 500.0 | — | — | |||||||||||
Uncommitted facilities | 225.8 | 225.8 | 128.0 | 128.0 | |||||||||||
Promissory notes and other debt | 1.1 | 1.1 | 1.2 | 1.2 |
(In millions) | |||
Balance as of fiscal year end 2017 | $ | 18.3 | |
Acquired warranties | — | ||
Accruals for warranties issued | 11.8 | ||
Changes in estimates | (0.9 | ) | |
Warranty settlements (in cash or in kind) | (12.8 | ) | |
Balance as of the end of the third quarter of fiscal 2018 | $ | 16.4 |
Third Quarter of | First Three Quarters of | ||||||||||||||
(In millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
Beginning balance of the period | $ | 356.2 | $ | 307.3 | $ | 276.6 | 246.4 | ||||||||
Revenue recognized | (41.5 | ) | (43.3 | ) | (201.7 | ) | (185.8 | ) | |||||||
Acquired deferred revenue | 26.6 | 1.5 | 50.3 | 6.1 | |||||||||||
Net deferred revenue activity | 23.0 | 19.4 | 239.1 | 218.2 | |||||||||||
Ending balance of the period | $ | 364.3 | $ | 284.9 | $ | 364.3 | $ | 284.9 |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Numerator: | |||||||||||||||
Net income attributable to Trimble Inc. | $ | 73.7 | $ | 57.2 | $ | 196.3 | $ | 154.3 | |||||||
Denominator: | |||||||||||||||
Weighted average number of common shares used in basic earnings per share | 250.5 | 252.6 | 249.6 | 252.5 | |||||||||||
Effect of dilutive securities | 3.1 | 5.3 | 3.4 | 4.5 | |||||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share | 253.6 | 257.9 | 253.0 | 257.0 | |||||||||||
Basic earnings per share | $ | 0.29 | $ | 0.23 | $ | 0.79 | $ | 0.61 | |||||||
Diluted earnings per share | $ | 0.29 | $ | 0.22 | $ | 0.78 | $ | 0.60 |
2018 (Remaining) | $ | 11.1 | |
2019 | 37.6 | ||
2020 | 30.7 | ||
2021 | 25.3 | ||
2022 | 20.6 | ||
Thereafter | 33.7 | ||
Total | $ | 159.0 |
• | the portion of our revenue expected to come from sales to customers located in countries outside of the U.S.; |
• | seasonal fluctuations in our construction equipment revenues, sales to U.S. governmental agencies, agricultural equipment business revenues, global macroeconomic conditions and expectations that we may experience less seasonality in the future; |
• | 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, recurring revenue and services; |
• | our belief that increases in recurring revenue from our software and solutions will provide us with enhanced business visibility over time; |
• | our belief that our cash and cash equivalents and short-term investments, 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 the acquisitions of e-Builder and Viewpoint and our ability to successfully integrate e-Builder and Viewpoint businesses; |
• | fluctuations in interest rates and foreign currency exchange rates; and |
• | 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. |
• | Focus on attractive markets with significant growth and profitability potential -We focus on large markets historically underserved by technology that offer significant potential for long-term revenue growth, profitability and market leadership. Our core industries such as construction, agriculture and transportation markets are each multi-trillion dollar global industries which operate in increasingly demanding environments with technology adoption in the early phases relative to other industries. With the emergence of mobile computing capabilities, the increasing technological know-how of end users and the compelling return on investment to our customers, we believe many of our markets are attractive for substituting Trimble’s technology and solutions in place of traditional operating methods. |
• | Domain knowledge and technological innovation that benefit a diverse customer base - We have redefined our technological focus from hardware-driven point solutions to integrated work process solutions by developing domain expertise and heavily reinvesting in R&D and acquisitions. We have been spending approximately 14% of revenue over the past two years on R&D and currently have over 1,200 unique patents. We intend to continue to take advantage of our technology portfolio and deep domain knowledge to quickly and cost-effectively deliver specific, targeted solutions to each of the vertical markets we serve. We look for opportunities where the opportunity for technological change is high and which have a requirement for the integration of multiple technologies into complete vertical solutions. |
• | Increasing focus on software and services - Software and services are increasingly important elements of our solutions and are core to our growth strategy. Trimble has an open application programming interface philosophy and open vendor environment which leads to increased adoption of our software offerings. We believe that increased recurring revenue from these solutions will provide us with enhanced business visibility over time. Professional services constitute an additional growth channel that helps our customers integrate and optimize the use of our offerings in their environment. |
• | Geographic expansion with localization strategy - We view international expansion as an important element of our strategy and we continue to position ourselves in geographic markets that will serve as important sources of future growth. We currently have a physical presence in over 40 countries and distribution channels in over 100 countries. In the third quarter of 2018, approximately half of our sales were to customers located in countries outside of the U.S. |
• | Optimized go to market strategies to best access our markets - We utilize vertically-focused distribution channels that leverage domain expertise to best serve the needs of individual markets domestically and abroad. These channels include independent dealers, joint ventures, original equipment manufacturers ("OEM") sales and distribution alliances with key partners, such as CNH Global, Caterpillar and Nikon, as well as direct sales to end-users, that provide us with broad market reach and localization capabilities to effectively serve our markets. |
• | Strategic acquisitions - Organic growth continues to be our primary focus, while acquisitions serve to enhance our market position. We acquire businesses that bring domain expertise, technology, products or distribution capabilities that augment |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
(In millions) | |||||||||||||||
Revenue: | |||||||||||||||
Product | $ | 499.7 | $ | 449.4 | $ | 1,528.5 | $ | 1,304.4 | |||||||
Service | 156.5 | 124.3 | 421.4 | 342.8 | |||||||||||
Subscription | 139.0 | 102.5 | 373.0 | 299.5 | |||||||||||
Total revenue | $ | 795.2 | $ | 676.2 | 2,322.9 | 1,946.7 | |||||||||
Gross margin | $ | 426.9 | $ | 351.2 | $ | 1,245.8 | $ | 1,018.1 | |||||||
Gross margin % | 53.7 | % | 51.9 | % | 53.6 | % | 52.3 | % | |||||||
Operating income | $ | 77.4 | $ | 66.3 | $ | 231.1 | $ | 180.0 | |||||||
Operating income % | 9.7 | % | 9.8 | % | 9.9 | % | 9.2 | % |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
(In millions) | |||||||||||||||
Research and development | $ | 114.1 | $ | 92.6 | $ | 333.5 | $ | 272.1 | |||||||
Percentage of revenue | 14 | % | 14 | % | 14 | % | 14 | % | |||||||
Sales and marketing | $ | 119.7 | $ | 100.0 | $ | 354.6 | $ | 294.5 | |||||||
Percentage of revenue | 15 | % | 15 | % | 15 | % | 15 | % | |||||||
General and administrative | $ | 91.6 | $ | 74.0 | $ | 262.6 | $ | 218.4 | |||||||
Percentage of revenue | 12 | % | 11 | % | 11 | % | 11 | % | |||||||
Total | $ | 325.4 | $ | 266.6 | $ | 950.7 | $ | 785.0 |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions) | |||||||||||||||
Cost of sales | $ | 28.2 | $ | 23.0 | $ | 75.2 | $ | 62.5 | |||||||
Operating expenses | 21.6 | 17.0 | 57.7 | 46.6 | |||||||||||
Total amortization expense of purchased intangibles | $ | 49.8 | $ | 40.0 | $ | 132.9 | $ | 109.1 |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In millions) | |||||||||||||||
Interest expense, net | $ | (22.7 | ) | $ | (6.3 | ) | $ | (50.8 | ) | $ | (18.4 | ) | |||
Foreign currency transaction gain (loss), net | (0.1 | ) | 1.6 | 0.6 | 3.0 | ||||||||||
Income from equity method investments, net | 8.8 | 8.7 | 23.2 | 22.8 | |||||||||||
Other income, net | 0.7 | 1.6 | 5.9 | 12.2 | |||||||||||
Total non-operating income (expense), net | $ | (13.3 | ) | $ | 5.6 | $ | (21.1 | ) | $ | 19.6 |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
(In millions) | |||||||||||||||
Buildings and Infrastructure | |||||||||||||||
Segment revenue | $ | 295.8 | $ | 218.0 | $ | 800.7 | $ | 625.4 | |||||||
Segment revenue as a percent of total segment revenue | 37 | % | 33 | % | 34 | % | 32 | % | |||||||
Segment operating income | $ | 68.3 | $ | 55.0 | $ | 184.2 | $ | 134.3 | |||||||
Segment operating income as a percent of segment revenue | 23 | % | 25 | % | 23 | % | 21 | % | |||||||
Geospatial | |||||||||||||||
Segment revenue | $ | 185.4 | $ | 169.4 | $ | 544.3 | $ | 483.6 | |||||||
Segment revenue as a percent of total segment revenue | 23 | % | 25 | % | 23 | % | 25 | % | |||||||
Segment operating income | $ | 47.4 | $ | 36.3 | $ | 126.3 | $ | 94.0 | |||||||
Segment operating income as a percent of segment revenue | 26 | % | 21 | % | 23 | % | 19 | % | |||||||
Resources and Utilities | |||||||||||||||
Segment revenue | $ | 133.2 | $ | 117.6 | $ | 438.0 | $ | 349.6 | |||||||
Segment revenue as a percent of total segment revenue | 16 | % | 17 | % | 19 | % | 18 | % | |||||||
Segment operating income | $ | 38.5 | $ | 27.6 | $ | 132.9 | 105.3 | ||||||||
Segment operating income as a percent of segment revenue | 29 | % | 23 | % | 30 | % | 30 | % | |||||||
Transportation | |||||||||||||||
Segment revenue | $ | 190.3 | $ | 171.9 | $ | 556.1 | $ | 489.6 | |||||||
Segment revenue as a percent of total segment revenue | 24 | % | 25 | % | 24 | % | 25 | % | |||||||
Segment operating income | $ | 37.1 | $ | 30.5 | $ | 98.8 | $ | 79.6 | |||||||
Segment operating income as a percent of segment revenue | 19 | % | 18 | % | 18 | % | 16 | % |
Third Quarter of | First Three Quarters of | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
(In millions) | |||||||||||||||
Consolidated segment operating income | $ | 191.3 | $ | 149.4 | $ | 542.2 | $ | 413.2 | |||||||
Unallocated corporate expense | (24.3 | ) | (23.0 | ) | (70.2 | ) | (61.8 | ) | |||||||
Restructuring charges | (2.6 | ) | (1.6 | ) | (6.8 | ) | (7.8 | ) | |||||||
Acquired deferred revenue adjustment | (9.5 | ) | (0.7 | ) | (16.2 | ) | (1.5 | ) | |||||||
Amortization of purchased intangible assets | (49.8 | ) | (40.0 | ) | (132.9 | ) | (109.1 | ) | |||||||
Stock-based compensation | (18.8 | ) | (16.1 | ) | (53.1 | ) | (45.0 | ) | |||||||
Amortization of acquired capitalized commissions | 1.8 | 0.2 | 2.9 | 0.9 | |||||||||||
Amortization of acquisition-related inventory step-up | — | (2.2 | ) | — | (2.8 | ) | |||||||||
Acquisition / divestiture items | (10.7 | ) | 0.3 | (34.8 | ) | (6.1 | ) | ||||||||
Consolidated operating income | 77.4 | 66.3 | 231.1 | 180.0 | |||||||||||
Non-operating income (expense), net: | (13.3 | ) | 5.6 | (21.1 | ) | 19.6 | |||||||||
Consolidated income before taxes | $ | 64.1 | $ | 71.9 | $ | 210.0 | $ | 199.6 |
Third Quarter of | Fiscal Year End | ||||||
As of | 2018 | 2017 | |||||
(In millions, except percentages) | |||||||
Cash and cash equivalents and short-term investments | $ | 205.4 | $ | 537.4 | |||
As a percentage of total assets | 3.6 | % | 12.5 | % | |||
Principal balance of outstanding debt | $ | 2,026.9 | $ | 918.2 | |||
First Three Quarters of | |||||||
2018 | 2017 | ||||||
*As Adjusted | |||||||
(In millions) | |||||||
Cash provided by operating activities | $ | 384.8 | $ | 322.6 | |||
Cash used in investing activities | (1,612.8 | ) | (328.2 | ) | |||
Cash provided by financing activities | 1,083.0 | 26.9 | |||||
Effect of exchange rate changes on cash and cash equivalents | (8.1 | ) | 17.6 | ||||
Net increase in cash and cash equivalents | $ | (153.1 | ) | $ | 38.9 |
Third Quarter of | Fiscal Year End | ||||
As of | 2018 | 2017 | |||
*As Adjusted | |||||
Accounts receivable days sales outstanding | 54 | 56 | |||
Inventory turns per year | 5.1 | 5.4 |
Payments Due By Period | |||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||
(in millions) | |||||||||||||||||||
Principal payments on debt (1) | $ | 2,026.9 | $ | 226.1 | $ | 500.8 | $ | 300.0 | $ | 1,000.0 | |||||||||
Interest payments on debt (2) | 529.1 | 83.4 | 222.1 | 107.3 | 116.3 |
(1) | Amount represents principal payments over the life of the debt obligations. (See Note 7 of the Notes to the Condensed Consolidated Financial Statements for further financial information regarding our debt.) |
(2) | Amount represents the expected interest payments relating to our debt. On November 24, 2014, we issued $400.0 million of 4.75% Senior Notes due December 1, 2024. On June 15, 2018, we issued $300.0 million of 4.15% Senior Notes due June 15, 2023 and $600.0 million of 4.90% Senior Notes due June 15, 2028. Interest on our Term Loan, Revolving Credit Facility and Uncommitted Facilities was estimated to be 3.72%, 2.55% and 1.80% per annum, respectively, based upon recent trends and is payable at least quarterly. |
Third Quarter | First Three Quarters of | ||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||||||||||||
Dollar | % of | Dollar | % of | Dollar | % of | Dollar | % of | ||||||||||||||||||
(In millions, except per share amounts) | Amount | Revenue | Amount | Revenue | Amount | Revenue | Amount | Revenue | |||||||||||||||||
REVENUE: | |||||||||||||||||||||||||
GAAP revenue: | $ | 795.2 | $ | 676.2 | $ | 2,322.9 | $ | 1,946.7 | |||||||||||||||||
Acquired deferred revenue adjustment | ( A ) | 9.5 | 0.7 | 16.2 | 1.5 | ||||||||||||||||||||
Non-GAAP Revenue: | $ | 804.7 | $ | 676.9 | $ | 2,339.1 | $ | 1,948.2 | |||||||||||||||||
GROSS MARGIN: | |||||||||||||||||||||||||
GAAP gross margin: | $ | 426.9 | 53.7 | % | $ | 351.2 | 51.9 | % | $ | 1,245.8 | 53.6 | % | $ | 1,018.1 | 52.3 | % | |||||||||
Acquired deferred revenue adjustment | ( A ) | 9.5 | 0.7 | 16.2 | 1.5 | ||||||||||||||||||||
Restructuring charges | ( B ) | 0.1 | 0.3 | 0.5 | 1.3 | ||||||||||||||||||||
Amortization of purchased intangible assets | ( C ) | 28.2 | 23.0 | 75.2 | 62.5 | ||||||||||||||||||||
Stock-based compensation | ( D ) | 1.1 | 1.1 | 3.3 | 2.8 | ||||||||||||||||||||
Amortization of acquisition-related inventory step-up | ( E ) | — | 2.2 | — | 2.8 | ||||||||||||||||||||
Acquisition / divestiture items | ( F ) | — | — | 2.0 | — | ||||||||||||||||||||
Non-GAAP gross margin: | $ | 465.8 | 57.9 | % | $ | 378.5 | 55.9 | % | $ | 1,343.0 | 57.4 | % | $ | 1,089.0 | 55.9 | % | |||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||
GAAP operating expenses: | $ | 349.5 | 44.0 | % | $ | 284.9 | 42.1 | % | $ | 1,014.7 | 43.7 | % | $ | 838.1 | 43.1 | % | |||||||||
Restructuring charges | ( B ) | (2.5 | ) | (1.3 | ) | (6.3 | ) | (6.5 | ) | ||||||||||||||||
Amortization of purchased intangible assets | ( C ) | (21.6 | ) | (17.0 | ) | (57.7 | ) | (46.6 | ) | ||||||||||||||||
Stock-based compensation | ( D ) | (17.7 | ) | (15.0 | ) | (49.8 | ) | (42.2 | ) | ||||||||||||||||
Acquisition / divestiture items | ( F ) | (10.7 | ) | 0.3 | (32.8 | ) | (6.1 | ) |
Amortization of acquired capitalized commissions | ( G ) | 1.8 | $ | 0.2 | 2.9 | 0.9 | |||||||||||||||||||
Non-GAAP operating expenses: | $ | 298.8 | 37.1 | % | $ | 252.1 | 37.2 | % | $ | 871.0 | 37.2 | % | $ | 737.6 | 37.9 | % | |||||||||
OPERATING INCOME: | |||||||||||||||||||||||||
GAAP operating income: | $ | 77.4 | 9.7 | % | $ | 66.3 | 9.8 | % | $ | 231.1 | 9.9 | % | $ | 180.0 | 9.2 | % | |||||||||
Acquired deferred revenue adjustment | ( A ) | 9.5 | 0.7 | 16.2 | 1.5 | ||||||||||||||||||||
Restructuring charges | ( B ) | 2.6 | 1.6 | 6.8 | 7.8 | ||||||||||||||||||||
Amortization of purchased intangible assets | ( C ) | 49.8 | 40.0 | 132.9 | 109.1 | ||||||||||||||||||||
Stock-based compensation | ( D ) | 18.8 | 16.1 | 53.1 | 45.0 | ||||||||||||||||||||
Amortization of acquisition-related inventory step-up | ( E ) | — | 2.2 | — | 2.8 | ||||||||||||||||||||
Acquisition / divestiture items | ( F ) | 10.7 | (0.3 | ) | 34.8 | 6.1 | |||||||||||||||||||
Amortization of acquired capitalized commissions | ( G ) | (1.8 | ) | (0.2 | ) | (2.9 | ) | (0.9 | ) | ||||||||||||||||
Non-GAAP operating income: | $ | 167.0 | 20.8 | % | $ | 126.4 | 18.7 | % | $ | 472.0 | 20.2 | % | $ | 351.4 | 18.0 | % | |||||||||
NON-OPERATING INCOME (EXPENSE), NET: | |||||||||||||||||||||||||
GAAP non-operating income (expense), net: | $ | (13.3 | ) | $ | 5.6 | $ | (21.1 | ) | $ | 19.6 | |||||||||||||||
Acquisition / divestiture items | ( F ) | 0.8 | — | (1.3 | ) | (8.9 | ) | ||||||||||||||||||
Debt issuance costs | ( H ) | — | — | 6.7 | — | ||||||||||||||||||||
Non-GAAP non-operating income (expense), net: | $ | (12.5 | ) | $ | 5.6 | $ | (15.7 | ) | $ | 10.7 | |||||||||||||||
GAAP and Non-GAAP Tax Rate % | GAAP and Non-GAAP Tax Rate % | GAAP and Non-GAAP Tax Rate % | GAAP and Non-GAAP Tax Rate % | ||||||||||||||||||||||
( M ) | ( M ) | ( M ) | ( M ) | ||||||||||||||||||||||
INCOME TAX PROVISION (BENEFIT): | |||||||||||||||||||||||||
GAAP income tax provision (benefit): | $ | (9.6 | ) | (15 | )% | $ | 14.7 | 20 | % | $ | 13.5 | 6 | % | $ | 45.3 | 23 | % | ||||||||
Non-GAAP items tax effected | ( I ) | 12.4 | 12.0 | 36.8 | 36.8 | ||||||||||||||||||||
Difference in GAAP and Non-GAAP tax rate | ( J ) | 8.1 | 3.7 | 18.0 | 1.2 | ||||||||||||||||||||
Tax reform impacts | ( K ) | 3.6 | — | 3.6 | — | ||||||||||||||||||||
Reserve release upon statute of limitations expiration | ( L ) | 14.8 | — | 14.8 | — | ||||||||||||||||||||
Non-GAAP income tax provision: | $ | 29.3 | 19 | % | $ | 30.4 | 23 | % | $ | 86.7 | 19 | % | $ | 83.3 | 23 | % | |||||||||
NET INCOME: | |||||||||||||||||||||||||
GAAP net income attributable to Trimble Inc.: | $ | 73.7 | $ | 57.2 | $ | 196.3 | $ | 154.3 | |||||||||||||||||
Acquired deferred revenue adjustment | ( A ) | 9.5 | 0.7 | 16.2 | 1.5 | ||||||||||||||||||||
Restructuring charges | ( B ) | 2.6 | 1.6 | 6.8 | 7.8 | ||||||||||||||||||||
Amortization of purchased intangible assets | ( C ) | 49.8 | 40.0 | 132.9 | 109.1 | ||||||||||||||||||||
Stock-based compensation | ( D ) | 18.8 | 16.1 | 53.1 | 45.0 | ||||||||||||||||||||
Amortization of acquisition-related inventory step-up | ( E ) | — | 2.2 | — | 2.8 | ||||||||||||||||||||
Acquisition / divestiture items | ( F ) | 11.5 | (0.3 | ) | 33.5 | (2.8 | ) | ||||||||||||||||||
Amortization of acquired capitalized commissions | ( G ) | (1.8 | ) | (0.2 | ) | (2.9 | ) | (0.9 | ) | ||||||||||||||||
Debt issuance costs | ( H ) | — | — | 6.7 | — | ||||||||||||||||||||
Non-GAAP tax adjustments | ( I ) + ( J ) + ( K ) + ( L ) | (38.9 | ) | (15.7 | ) | (73.2 | ) | (38.0 | ) | ||||||||||||||||
Non-GAAP net income attributable to Trimble Inc.: | $ | 125.2 | $ | 101.6 | $ | 369.4 | $ | 278.8 | |||||||||||||||||
DILUTED NET INCOME PER SHARE: |
GAAP diluted net income per share attributable to Trimble Inc.: | $ | 0.29 | $ | 0.22 | $ | 0.78 | $ | 0.60 | |||||||||||||||||
Acquired deferred revenue adjustment | ( A ) | 0.04 | — | 0.06 | 0.01 | ||||||||||||||||||||
Restructuring charges | ( B ) | 0.01 | 0.01 | 0.03 | 0.03 | ||||||||||||||||||||
Amortization of purchased intangible assets | ( C ) | 0.20 | 0.15 | 0.52 | 0.42 | ||||||||||||||||||||
Stock-based compensation | ( D ) | 0.07 | 0.06 | 0.21 | 0.17 | ||||||||||||||||||||
Amortization of acquisition-related inventory step-up | ( E ) | — | 0.01 | — | 0.01 | ||||||||||||||||||||
Acquisition / divestiture items | ( F ) | 0.04 | — | 0.13 | (0.01 | ) | |||||||||||||||||||
Amortization of acquired capitalized commissions | ( G ) | (0.01 | ) | — | (0.01 | ) | — | ||||||||||||||||||
Debt issuance costs | ( H ) | — | — | 0.03 | — | ||||||||||||||||||||
Non-GAAP tax adjustments | ( I ) + ( J ) + ( K ) + ( L ) | (0.15 | ) | (0.06 | ) | (0.29 | ) | (0.15 | ) | ||||||||||||||||
Non-GAAP diluted net income per share attributable to Trimble Inc.: | $ | 0.49 | $ | 0.39 | $ | 1.46 | $ | 1.08 | |||||||||||||||||
ADJUSTED EBITDA: | |||||||||||||||||||||||||
Non-GAAP operating income: | $ | 167.0 | $ | 126.4 | $ | 472.0 | $ | 351.4 | |||||||||||||||||
Depreciation expense | 9.0 | 8.7 | 26.2 | 26.4 | |||||||||||||||||||||
Income from equity method investments, net | 8.8 | 8.7 | 23.2 | 22.8 | |||||||||||||||||||||
Adjusted EBITDA | $ | 184.8 | $ | 143.8 | $ | 521.4 | $ | 400.6 |
(A). | Acquired deferred revenue adjustment. Purchase accounting generally requires us to write-down acquired deferred revenue to fair value. Our GAAP revenue includes the fair value impact from purchase accounting for post contract support and subscriptions contracts assumed in connection with our acquisitions. The non-GAAP adjustment to our revenue is intended to reflect the full amount of such revenue. We believe this adjustment is useful to investors as a measure of the ongoing performance of our business and facilitates analysis of revenue growth and business trends. |
(B). | Restructuring charges. Included in our GAAP presentation of cost of sales and operating expenses, restructuring charges recorded are primarily for employee compensation resulting from reductions in employee headcount in connection with our company restructurings. We exclude restructuring charges from our non-GAAP measures because we believe they do not reflect expected future operating expenses, they are not indicative of our core operating performance, and they are not meaningful in comparisons to our past operating performance. We have incurred restructuring expense in each of the periods presented. However the amount incurred can vary significantly based on whether a restructuring has occurred in the period and the timing of headcount reductions. |
(C). | Amortization of purchased intangible assets. Included in our GAAP presentation of gross margin and operating expenses is amortization of purchased intangible assets. U.S. GAAP accounting requires that intangible assets are recorded at fair value and amortized over their useful lives. Consequently, the timing and size of our acquisitions will cause our operating results to vary from period to period, making a comparison to past performance difficult for investors. This accounting treatment may cause differences when comparing our results to companies that grow internally because the fair value assigned to the intangible assets acquired through acquisition may significantly exceed the equivalent expenses that a company may incur for similar efforts when performed internally. Furthermore, the useful life that we use to amortize our intangible assets over may be substantially different from the time period that an internal growth company incurs and recognizes such expenses. We believe that by excluding the amortization of purchased intangible assets, which primarily represents technology and/or customer relationships already developed, it provides an alternative way for investors to compare our operations pre-acquisition to those post-acquisition and to those of our competitors that have pursued internal growth strategies. However, we note that companies that grow internally will incur costs to develop intangible assets that will be expensed in the period incurred, which may make a direct comparison more difficult. |
(D). | Stock-based compensation. Included in our GAAP presentation of cost of sales and operating expenses, stock-based compensation consists of expenses for employee stock options and awards and purchase rights under our employee stock purchase plan. We exclude stock-based compensation expense from our non-GAAP measures because some investors may view it as not reflective of our core operating performance as it is a non-cash expense. For the third quarter and first three quarters of fiscal years 2018 and 2017, stock-based compensation was allocated as follows: |
Third Quarter | First Three Quarters of | ||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Cost of sales | $ | 1.1 | $ | 1.1 | $ | 3.3 | $ | 2.8 | |||||||
Research and development | 3.9 | 2.7 | 10.2 | 7.7 | |||||||||||
Sales and Marketing | 2.5 | 2.4 | 7.2 | 7.0 | |||||||||||
General and administrative | 11.3 | 9.9 | 32.4 | 27.5 | |||||||||||
Total stock-based compensation expense | $ | 18.8 | $ | 16.1 | $ | 53.1 | $ | 45.0 |
(E). | Amortization of acquisition-related inventory step-up. The purchase accounting entries associated with our business acquisitions require us to record inventory at its fair value, which is sometimes greater than the previous book value of the inventory. Included in our GAAP presentation, the increase in inventory value is amortized to cost of sales over the period that the related product is sold. We exclude inventory step-up amortization from our non-GAAP measures because it is a non-cash expense that we do not believe is indicative of our ongoing operating results. We further believe that excluding this item from our non-GAAP results is useful to investors in that it allows for period-over-period comparability. |
(F). | Acquisition / divestiture items. Included in our GAAP presentation of cost of sales and operating expenses, acquisition costs consist of external and incremental costs resulting directly from merger and acquisition and strategic investment activities such as legal, due diligence, integration and other closing costs, including the acceleration of acquisition stock options, as well as adjustments to the fair value of earn-out liabilities. Included in our GAAP presentation of non-operating income (expense), net, acquisition/divestiture items includes unusual acquisition, investment and/or divestiture gains/losses. Although we do numerous acquisitions, the costs that have been excluded from the non-GAAP measures are costs specific to particular acquisitions. These are one-time costs that vary significantly in amount and timing and are not indicative of our core operating performance. |
(G). | Amortization of acquired capitalized commissions. Purchase accounting generally requires us to eliminate capitalized sales commissions balances as of the acquisition date. Our GAAP sales and marketing expenses generally do not reflect the amortization of these capitalized sales commissions balances. The non-GAAP adjustment to increase our sales and marketing expenses is intended to reflect the full amount of amortization related to such balances as though the acquired companies operated independently in the periods presented. We believe this adjustment to sales and marketing expenses is useful to investors as a measure of the ongoing performance of our business. |
(H). | Debt issuance costs. Included in our non-operating income (loss), net this amount represents incurred costs in connection with the Bridge Facility, costs associated with the issuance of new credit facilities and Senior Notes that were not capitalized as debt issuance costs and a write-off of debt issuance costs for terminated and/or modified credit facilities. We excluded the debt issuance cost write-off from our non-GAAP measures. We believe that investors benefit from excluding this item from our non-operating income to facilitate an evaluation of our non-operating income trends. |
(I). | Non-GAAP items tax effected. This amount adjusts the provision for income taxes to reflect the effect of the non-GAAP items ( A ) - ( H ) on non-GAAP net income. We believe this information is useful to investors because it provides for consistent treatment of the excluded items in this non-GAAP presentation. |
(J). | Difference in GAAP and Non-GAAP tax rate. This amount represents the difference between the GAAP and Non-GAAP tax rates applied to the Non-GAAP operating income plus the Non-GAAP non-operating income (expense), net. We believe that investors benefit from excluding this amount from our non-GAAP income tax provision because it facilitates a comparison of the non-GAAP tax provision in the current and prior periods. |
(K). | Tax reform impacts. This amount represents the provision for income taxes recorded as a result of the Tax Act enacted in December 22, 2017. The provision primarily includes a one-time transition tax on accumulated foreign earnings and related adjustments to deferred taxes and reserves, and revaluation of deferred taxes due to the reduction of U.S. income tax rate. We are required to recognize the effect of the tax law changes in the period of enactment. We excluded this item as it is a non-recurring expense. We believe that investors benefit from excluding this item from our non-GAAP income tax provision because it allows for period-over-period comparability. |
(L). | Reserve release upon statute of limitations expiration. This amount represents a one time benefit of $14.8 million in the third quarter of 2018 resulting from a reserve release due to the expiration of year 2010 and 2014 statute of limitations. We excluded this because it is non-recurring and is not indicative of our core operating performance. |
(M). | GAAP and non-GAAP tax rate percentages. These percentages are defined as GAAP income tax provision as a percentage of GAAP income before taxes and non-GAAP income tax provision as a percentage of non-GAAP income before taxes. We believe that investors benefit from a presentation of non-GAAP tax rate percentage as a way of facilitating a comparison to non-GAAP tax rates in prior periods. |
Third Quarter of Fiscal 2018 | Fiscal Year End 2017 | ||||||||||||||
Nominal Amount | Fair Value | Nominal Amount | Fair Value | ||||||||||||
Forward contracts: | |||||||||||||||
Purchased | $ | (77.0 | ) | $ | (0.1 | ) | $ | (54.3 | ) | $ | (0.1 | ) | |||
Sold | $ | 130.0 | $ | (0.3 | ) | $ | 217.8 | $ | 0.5 |
• | requiring us to dedicate a portion of our cash flow from operations and other capital resources to debt service, thereby reducing our ability to fund working capital, capital expenditures, general corporate purposes and other cash requirements, particularly if the ratings assigned to our debt securities by rating organizations were revised downward, |
• | increasing our vulnerability to adverse economic and industry conditions, |
• | reducing our ability to make investments and acquisitions which support the growth of the company, or to repurchase shares of our common stock, |
• | placing us at a competitive disadvantage as compared to our competitors, to the extent that they are not as highly leveraged, |
• | limiting our flexibility in planning for, or reacting to, changes and opportunities in, our industry, which may place us at a competitive disadvantage and |
• | limiting our ability to incur additional debt on acceptable terms, if at all. |
TRIMBLE INC. | ||
(Registrant) | ||
By: | /s/ Robert G. Painter | |
Robert G. Painter | ||
Chief Financial Officer | ||
(Authorized Officer and Principal | ||
Financial Officer) |
3.1 | |
3.2 | |
4.1 | |
31.1 | |
31.2 | |
32.1 | |
32.2 | |
101.INS | XBRL Instance Document. |
101.SCH | XBRL Taxonomy Extension Schema Document. |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | XBRL Taxonomy Extension Definition Document. |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
(1) | Incorporated by reference to exhibit 3.1 to the Company’s Current Report on Form 8-K filed October 3, 2016. |
(2) | Incorporated by reference to exhibit 3.2 to the Company’s Current Report on Form 8-K filed October 3, 2016. |
(3) | Incorporated by reference to exhibit 4.1 to the Company’s Current Report on Form 8-K filed October 3, 2016. |
(4) | Furnished or filed herewith. |
1. | I have reviewed this quarterly report on Form 10-Q of Trimble Navigation Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 5, 2018 | /s/ Steven W. Berglund |
Steven W. Berglund | ||
Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Trimble Navigation Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 5, 2018 | /s/ Robert G. Painter |
Robert G. Painter | ||
Chief Financial Officer |
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Steven W. Berglund |
Steven W. Berglund |
Chief Executive Officer |
(1) | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Robert G. Painter |
Robert G. Painter |
Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 28, 2018 |
Nov. 02, 2018 |
|
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 28, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TRMB | |
Entity Registrant Name | TRIMBLE INC. | |
Entity Central Index Key | 0000864749 | |
Current Fiscal Year End Date | --12-28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 251,146,789 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
---|---|---|
Preferred Stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 3.0 | 3.0 |
Preferred Stock, Shares Issued | 0.0 | 0.0 |
Preferred stock, shares outstanding | 0.0 | 0.0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 360.0 | 360.0 |
Common stock, shares issued | 251.1 | 248.9 |
Common stock, shares outstanding | 251.1 | 248.9 |
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
Sep. 28, 2018 |
Sep. 29, 2017 |
|||||||||||
Revenue: | ||||||||||||||
Revenue | $ 795.2 | $ 676.2 | [1] | $ 2,322.9 | $ 1,946.7 | [1] | ||||||||
Cost of sales: | ||||||||||||||
Cost of Sales | 368.3 | 325.0 | [1] | 1,077.1 | 928.6 | [1] | ||||||||
Amortization of purchased intangible assets | 28.2 | 23.0 | [1] | 75.2 | 62.5 | [1] | ||||||||
Gross Profit | 426.9 | 351.2 | [1] | 1,245.8 | 1,018.1 | [1] | ||||||||
Operating expense: | ||||||||||||||
Research and development | 114.1 | 92.6 | [1] | 333.5 | 272.1 | [1] | ||||||||
Sales and marketing | 119.7 | 100.0 | [1] | 354.6 | 294.5 | [1] | ||||||||
General and administrative | 91.6 | 74.0 | [1] | 262.6 | 218.4 | [1] | ||||||||
Restructuring charges | 2.5 | 1.3 | [1] | 6.3 | 6.5 | [1] | ||||||||
Amortization of purchased intangible assets | 21.6 | 17.0 | [1] | 57.7 | 46.6 | [1] | ||||||||
Total operating expense | 349.5 | 284.9 | [1] | 1,014.7 | 838.1 | [1] | ||||||||
Operating income | 77.4 | 66.3 | [1],[2] | 231.1 | 180.0 | [1],[2] | ||||||||
Non-operating income (expense), net: | ||||||||||||||
Interest expense, net | (22.7) | (6.3) | [1] | (50.8) | (18.4) | [1] | ||||||||
Foreign currency transaction gain (loss), net | (0.1) | 1.6 | [1] | 0.6 | 3.0 | [1] | ||||||||
Income from equity method investments, net | 8.8 | 8.7 | [1] | 23.2 | 22.8 | [1] | ||||||||
Other income, net | 0.7 | 1.6 | [1] | 5.9 | 12.2 | [1] | ||||||||
Total non-operating income (expense), net | (13.3) | 5.6 | [1],[2] | (21.1) | 19.6 | [1],[2] | ||||||||
Income before taxes | 64.1 | 71.9 | [1],[2] | 210.0 | 199.6 | [1],[2] | ||||||||
Income tax provision (benefit) | (9.6) | 14.7 | [1] | 13.5 | 45.3 | [1] | ||||||||
Net income | 73.7 | 57.2 | [1],[3] | 196.5 | 154.3 | [1],[3],[4] | ||||||||
Net gain attributable to noncontrolling interests | 0.0 | 0.0 | [3] | 0.2 | 0.0 | [3] | ||||||||
Net income attributable to Trimble Inc. | $ 73.7 | $ 57.2 | [1] | $ 196.3 | $ 154.3 | [1] | ||||||||
Basic earnings per share | $ 0.29 | $ 0.23 | [1] | $ 0.79 | $ 0.61 | [1] | ||||||||
Shares used in calculating basic earnings per share | 250.5 | 252.6 | [1] | 249.6 | 252.5 | [1] | ||||||||
Diluted earnings per share | $ 0.29 | $ 0.22 | [1] | $ 0.78 | $ 0.60 | [1] | ||||||||
Shares used in calculating diluted earnings per share | 253.6 | 257.9 | [1] | 253.0 | 257.0 | [1] | ||||||||
Product [Member] | ||||||||||||||
Revenue: | ||||||||||||||
Revenue | $ 499.7 | $ 449.4 | [1] | $ 1,528.5 | $ 1,304.4 | [1] | ||||||||
Cost of sales: | ||||||||||||||
Cost of Sales | 237.5 | 226.8 | [1] | 723.1 | 642.6 | [1] | ||||||||
Service [Member] | ||||||||||||||
Revenue: | ||||||||||||||
Revenue | 156.5 | 124.3 | [1] | 421.4 | 342.8 | [1] | ||||||||
Cost of sales: | ||||||||||||||
Cost of Sales | 64.6 | 46.9 | [1] | 183.8 | 141.1 | [1] | ||||||||
Subscription Arrangement [Member] | ||||||||||||||
Revenue: | ||||||||||||||
Revenue | 139.0 | 102.5 | [1] | 373.0 | 299.5 | [1] | ||||||||
Cost of sales: | ||||||||||||||
Cost of Sales | $ 38.0 | $ 28.3 | [1] | $ 95.0 | $ 82.4 | [1] | ||||||||
|
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
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Sep. 28, 2018 |
Sep. 29, 2017 |
[2] | Sep. 28, 2018 |
Sep. 29, 2017 |
[2] | |||||||
Net income | $ 73.7 | $ 57.2 | [1] | $ 196.5 | $ 154.3 | [1],[3] | ||||||
Foreign currency translation adjustments, net of tax | 7.4 | 30.0 | (22.8) | 91.3 | ||||||||
Net unrealized gain (loss) on short-term investments, net of tax | (0.1) | 0.1 | 0.1 | 0.0 | ||||||||
Net unrealized actuarial gain (loss), net of tax | 0.0 | (0.1) | 0.2 | (0.3) | ||||||||
Comprehensive income | 81.0 | 87.2 | 174.0 | 245.3 | ||||||||
Comprehensive gain attributable to noncontrolling interests | 0.0 | 0.0 | 0.2 | 0.0 | ||||||||
Comprehensive income attributable to Trimble Inc. | $ 81.0 | $ 87.2 | $ 173.8 | $ 245.3 | ||||||||
|
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
9 Months Ended | ||||||||||
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Sep. 28, 2018 |
Sep. 29, 2017 |
[3] | |||||||||
Cash flow from operating activities: | |||||||||||
Net income | $ 196.5 | $ 154.3 | [1],[2] | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation expense | 26.2 | 26.4 | |||||||||
Amortization expense | 132.9 | 109.1 | [4] | ||||||||
Stock-based compensation | 53.1 | 45.0 | [4] | ||||||||
Income from equity method investments | (0.2) | (9.9) | |||||||||
Other non-cash items | 6.9 | (6.3) | |||||||||
Increase in assets: | |||||||||||
Accounts receivable, net | (15.8) | (33.9) | |||||||||
Inventories | (29.0) | (18.3) | |||||||||
Other current and non-current assets | (15.7) | (16.7) | |||||||||
Increase (decrease) in liabilities: | |||||||||||
Accounts payable | 9.2 | 27.7 | |||||||||
Accrued compensation and benefits | (13.8) | 7.7 | |||||||||
Deferred revenue | 53.8 | 27.7 | |||||||||
Other liabilities | (19.3) | 9.8 | |||||||||
Net cash provided by operating activities | 384.8 | 322.6 | |||||||||
Cash flow from investing activities: | |||||||||||
Acquisitions of businesses, net of cash acquired | (1,741.4) | (279.0) | |||||||||
Acquisitions of property and equipment | (53.1) | (26.4) | |||||||||
Purchases of short-term investments | (24.0) | (220.0) | |||||||||
Proceeds from maturities of short-term investments | 6.2 | 84.6 | |||||||||
Proceeds from sales of short-term investments | 196.8 | 92.1 | |||||||||
Other | 2.7 | 20.5 | |||||||||
Net cash used in investing activities | (1,612.8) | (328.2) | |||||||||
Cash flow from financing activities: | |||||||||||
Issuance of common stock, net of tax withholdings | 52.3 | 73.0 | |||||||||
Repurchases of common stock | (53.0) | (111.5) | |||||||||
Proceeds from debt and revolving credit lines | 2,592.0 | 517.0 | |||||||||
Payments on debt and revolving credit lines | (1,499.4) | (444.3) | |||||||||
Other | (8.9) | (7.3) | |||||||||
Net cash provided by financing activities | 1,083.0 | 26.9 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (8.1) | 17.6 | |||||||||
Net increase (decrease) in cash and cash equivalents | (153.1) | 38.9 | |||||||||
Cash and cash equivalents - beginning of period | 358.5 | 216.1 | |||||||||
Cash and cash equivalents - end of period | $ 205.4 | $ 255.0 | |||||||||
|
Overview And Basis Of Presentation |
9 Months Ended |
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Sep. 28, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview And Basis Of Presentation | OVERVIEW AND BASIS OF PRESENTATION Company and Background The Company began operations in 1978 and was originally incorporated in California as Trimble Navigation Limited in 1981. On October 1, 2016, Trimble Navigation Limited changed its name to Trimble Inc. ("Trimble" or the "Company") and changed its state of incorporation from the State of California to the State of Delaware. Other than the change in corporate domicile, the reincorporation did not result in any change in the business, physical location, management, assets, liabilities or total stockholders' equity of the Company, nor did it result in any change in location of the Company's employees, including the Company's management. Basis of Presentation The Company has a 52-53 week fiscal year, ending on the Friday nearest to December 31, which for fiscal 2017 was December 29, 2017. The third quarter of fiscal 2018 and 2017 ended on September 28, 2018 and September 29, 2017, respectively. Both fiscal 2018 and 2017 are 52-week years. Unless otherwise stated, all dates refer to the Company’s fiscal year and fiscal periods. The Condensed Consolidated Financial Statements include the results of the Company and its consolidated subsidiaries. Inter-company accounts and transactions have been eliminated. Noncontrolling interests represent the noncontrolling stockholders’ proportionate share of the net assets and results of operations of the Company’s consolidated subsidiaries. The unaudited interim Condensed Consolidated Financial Statements and accompanying notes are prepared in accordance with U.S generally accepted accounting principles ("GAAP"). In the opinion of management, the unaudited interim Condensed Consolidated Financial Statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of results for the full year. The information included in this Form 10-Q should be read in conjunction with information included in Trimble's Form 10-K filed with the U.S. Securities and Exchange Commission on February 27, 2018. Effective the first quarter of fiscal 2018, the Company adopted the new revenue recognition standard, Revenue from Contracts with Customers, and several other new standards as discussed in Note 2. All amounts and disclosures set forth in this Form 10-Q have been updated to comply with the new standards. Certain prior period amounts reported in the Company's Condensed Consolidated Financial Statements and notes thereto have been reclassified to conform to the current presentation. Segment Information The Company's Chief Executive Officer (chief operating decision maker) views and evaluates operations based on the results of the Company’s reportable operating segments under its management reporting system. These results are not necessarily in conformity with U.S. GAAP. Beginning with the third quarter of fiscal 2018, the Company presented segment revenue and income excluding the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting. Segment income presented also excludes the effects of certain acquired capitalized commissions that were eliminated in purchase accounting, along with other adjustments that have historically been excluded in prior periods, as though the acquired companies operated independently in the periods presented. This is consistent with the way the chief operating decision maker evaluates each of the segment's performance and allocates resources. Comparative period financial information by reportable segment has been recast to conform with the current presentation. See Note 6 of the Notes to the Condensed Consolidated Financial Statements for further information. Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in its Condensed Consolidated 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 of performance obligations, allowances for doubtful accounts, sales returns reserve, allowances for inventory valuation, warranty costs, investments, goodwill impairment, intangibles impairment, purchased intangibles, useful lives for tangible and intangible assets, stock-based compensation and income taxes among others. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Actual results and outcomes may differ from management's estimates and assumptions. |
Updates to Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Updates To Significant Accounting Policies | UPDATES TO SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies There have been no material changes to the Company’s significant accounting polices during the first three quarters of fiscal 2018 from those disclosed in the Company’s most recent Form 10-K, except for significant changes to our accounting policies as a result of adopting the new revenue recognition standard as discussed below: Revenue Recognition Significant Judgments Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is generally recognized net of allowance for returns and any taxes collected from customers. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Judgment is required to determine stand alone selling price ("SSP") for each distinct performance obligation. The Company uses a range of amounts to estimate SSP when products and services are sold separately and determines whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, the Company determines SSP using information that may include market conditions and other observable inputs. Nature of Goods and Services The Company generates revenue primarily from products, services and subscriptions; each of which is a distinct performance obligation. Product revenue includes hardware and software. Services, including post contract support and extended warranty, and subscriptions are performance obligations generally recognized over time. Descriptions are as follows: Product Revenue for hardware is recognized when the control of the product transfers to the customer, which is generally when the product is shipped. The Company recognizes shipping fees reimbursed by the customer as revenue and the cost for shipping as an expense in Cost of sales when control over products has transferred to the customer. Revenue for perpetual and term software licenses is recognized upon delivery and commencement of license term. In general, the Company’s contracts do not provide for customer specific acceptances. A small amount of revenue is derived from the licensing of software to OEM customers. Royalty revenue is recognized as and when the sales or usage occurs, which generally is at the time the OEM ships products incorporating the Company’s software. Services Professional services include installation, training, configuration, project management, system integrations, customization, data migration/conversion and other implementation services. The majority of professional services are not complex, can be provided by other vendors, are readily available and billed on a time-and-material basis. Revenue for distinct professional services is recognized over time, based on work performed. In some contracts, products and professional services may be combined into a single performance obligation. This generally arises when products or subscriptions are sold with significant customization, modification, or integration services. Revenue for the combined performance is recognized over time as the work progresses because of the continuous transfer of control to the customer. When the Company is unable to reasonably estimate the total costs for the performance obligation, but expects to recover the costs incurred, revenue is recognized to the extent of the costs incurred (zero margin) until such time the Company can reasonably measure the expected costs. Post contract support entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Post contract support is recognized on a straight-line basis commencing upon product delivery over the post contract support term, which ranges from one to three years, with one year term being most common. Extended warranty entitles the customer to receive replacement parts and repair services. Extended warranty is separately priced and is recognized on a straight-line basis over the extended service period which begins after the standard warranty period, ranging from one to two years depending on the product line. Subscription The Company’s software as a service ("SaaS") performance obligations may be sold with devices used to collect, generate and transmit data. SaaS is distinct from the related devices. In addition, the Company may host the software which the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms range from month-to-month to five years. Subscription revenue is recognized monthly over the service duration, commencing from activation. See Note 6 - Segment Information for disaggregation of revenue by geography. Accounts receivable, net Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceed the amount billed to customer, provided the billing is not contingent upon future performance and the company has the unconditional right to future payment with only the passage of time required. Both billed and unbilled amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. Each reporting period, the Company evaluates the collectibility of its trade accounts receivable based on a number of factors such as age of the accounts receivable balances, credit quality, historical experience and current economic conditions that may affect a customer’s ability to pay. The allowance for doubtful accounts was $5.6 million and $3.6 million at the end of the third quarter of fiscal 2018 and end of fiscal 2017, respectively. Deferred Costs to Obtain Customer Contracts Our incremental cost of obtaining contracts, which consists of sales commissions related to customer contracts that include maintenance or subscriptions revenue, are deferred if the contractual term is greater than a year or if renewals are expected and the renewal commission is not commensurate with the initial commission. These commission costs are deferred and amortized on a straight-line basis over a benefit period, either the contract term or the shorter of customer or product life, which is generally between three to seven years. The Company has elected the practical expedient to exclude contracts with an amortization period of a year or less from this deferral requirement. See Note 10 - Deferred Costs to Obtain Customer Contracts for further information. Remaining Performance Obligations Remaining performance obligations represents contracted revenue for which goods or services have not been delivered. The contracted revenue, that will be recognized in future periods, includes both invoiced amounts in deferred revenue as well as amounts that are not yet invoiced. See Note 12 - Deferred Revenue and Remaining Performance Obligations for further information. Recently Adopted Accounting Pronouncements Financial Instruments - Overall In January 2016, the FASB issued new guidance that will require entities to measure equity investments currently accounted for under the cost method at fair value and recognize any changes in fair value in net income. For equity investments without readily determinable fair values, an entity may elect an alternative measurement method at cost minus impairment, if any, plus or minus any adjustments from observable market transactions. The Company adopted the guidance in the first quarter of fiscal 2018 on a prospective basis for equity investments without readily determinable fair values by electing the alternative measurement method. The Company’s equity investments are immaterial on its Condensed Consolidated Balance Sheets, therefore, adoption of this guidance does not have a material impact. Statement of Cash Flows In August 2016, the FASB issued new guidance related to statement of cash flows. This guidance amended the existing accounting standards for the statement of cash flows and provided guidance on certain classification issues related to the statement of cash flows. The Company adopted the amendments retrospectively to all periods presented in the first quarter of fiscal 2018. The impact of adoption on the Company’s Condensed Consolidated Statements of Cash Flows is presented along with adoption of Revenue from Contracts with Customers. Accounting for Income Taxes - Intra-Entity Asset Transfers In October 2016, the FASB issued new guidance related to income taxes. This standard requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The Company adopted the guidance beginning in the first quarter of fiscal 2018. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements. Other Income – Gains and Losses from the Derecognition of Non-financial Assets and Definition of a Business In February 2017, the FASB issued new guidance clarifying the scope and application of existing guidance related to the sale or transfer of non-financial assets to non-customers, including partial sales. In January 2017, the FASB issued amendments to the definition of a business for companies that sell or acquire businesses. The Company adopted both of these amendments beginning in the first quarter of fiscal 2018. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements. Compensation - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued new guidance to improve the presentation for components of defined benefit pension cost, which requires employers to report the service cost component of net periodic pension cost in the same line item as other compensation expense arising from services rendered during the period. The standard also requires the other components of net periodic cost be presented in the income statement separately from the service cost component and outside of a subtotal of income from operations. The Company adopted the guidance retrospectively to all periods presented beginning in the first quarter of fiscal 2018. The Company has defined benefit pension plans that are immaterial for its Condensed Consolidated Financial Statements, therefore, adoption of this guidance did not have a material impact. Revenue from Contracts with Customers In May 2014, the FASB issued a comprehensive new revenue recognition standard that replaces the prior revenue recognition guidance under U.S. GAAP. The new standard requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the requirements of the new standard starting the first quarter of fiscal 2018, utilizing the full retrospective method of transition. Adoption of the new standard resulted in changes to the Company's accounting policies for revenue recognition and accounts receivable, net and deferred costs to obtain customer contracts as described in Note 2 above. The Company applied the new standard using a practical expedient where the remaining performance obligations and an explanation of when it expects to recognize that amount as revenue for all reporting periods presented before the date of the initial application is not disclosed. In addition, the Company did not restate revenue for contracts that begin and end in the same fiscal year. The impact of adopting the new standard on the Consolidated Statements of Income for fiscal 2017 and 2016 is not material. The majority of revenue, which is related to hardware, software perpetual licenses, SaaS and other service and support offerings, remains substantially unchanged. The primary revenue impacts related to the new standard are earlier recognition of software term licenses, certain professional service contracts and non-standard terms and conditions. Previously, the Company expensed the majority of its commission expense as incurred. Under the new standard, the Company capitalizes and amortizes incremental commission costs to obtain the contract over a benefit period. The Company has elected a practical expedient to exclude contracts with a benefit period of a year or less from this deferral requirement for both retrospective and future financial statement periods. The impact of adoption of the new standard on the Consolidated Balance Sheets for fiscal 2017 and 2016 is material with the primary impacts due to a reduction in deferred revenue for revenue streams that are recognized sooner under the new standard and capitalization of incremental costs to obtain customer contracts. Adoption of the new standard had no impact to cash provided by or used in operating, financing or investing activities on the Statements of Cash Flows for fiscal 2017 and 2016, although cash provided from operating activities had offsetting adjustments within accounts. Impacts to Previously Reported Results Adoption of the standard using the full retrospective method required the Company to restate certain previously reported results primarily related to revenue and cost of sales, accounts receivable, net, deferred costs to obtain customer contracts and deferred income taxes as shown in the Company's previously reported results below. Adoption of Revenue from Contracts with Customers standards and the new Statement of Cash Flows impacted Company's previously reported results as follows:
a. Adjusted to reflect the adoption of Revenue from Contracts with Customers .
b. Adjusted to reflect the adoption of Statement of Cash Flows Recently issued Accounting Pronouncements not yet adopted Leases In February 2016, the FASB issued new guidance that requires a lessee to recognize lease assets and lease liabilities on the balance sheet for most leases and provide enhanced disclosures. This new guidance is effective beginning in fiscal 2019 with early adoption permitted. In July 2018, the FASB issued additional guidance for companies to elect transition using either (1) a modified retrospective approach for leases that exist upon adoption and in the comparative periods presented, or (2) an optional transition approach to initially apply the new lease guidance upon the adoption date, without adjusting the comparative periods presented. The Company plans to elect the optional transition approach and will adopt the standard beginning in fiscal 2019 by applying certain of the available practical expedients upon transition. Currently, the Company is in the process of implementing changes to its systems, processes and controls in conjunction with adoption of the new standard. While the Company continues to evaluate the effect of adopting this guidance on its Condensed Consolidated Financial Statements, the Company expects its operating leases, as disclosed in Note 15: Commitments and Contingencies, will be subject to the new standard, which will increase its total assets and liabilities. Financial Instruments - Credit Losses In June 2016, the FASB issued new guidance that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected, not based on incurred losses. Further, credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. The new standard is effective for the Company beginning in fiscal 2020. Early adoption for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 is permitted. The Company is currently evaluating the effect of the updated standard on its Condensed Consolidated Financial Statements. Intangibles - Goodwill and Other In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test. The impairment test is performed by comparing the fair value of a reporting unit with its carrying amount and an impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is to be applied on a prospective basis and is effective for the Company beginning in fiscal 2020 and early adoption is permitted. The Company currently anticipates that the adoption will not have a material impact on its Condensed Consolidated Financial Statements. Intangibles - Internal-Use Software In August 2018, the FASB issued new guidance that clarifies the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the accounting for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Early adoption is permitted. The Company is currently evaluating the effect of the new guidance on its Condensed Consolidated Financial Statements. |
Shareholders' Equity |
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SHAREHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchase Activities In November 2017, the Company’s Board of Directors approved a stock repurchase program ("2017 Stock Repurchase Program"), authorizing the Company to repurchase up to $600.0 million of Trimble’s common stock. Under the share repurchase program, the Company may repurchase shares from time to time in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions will be determined by the Company’s management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time, without prior notice. During the first quarter of fiscal 2018, the Company repurchased approximately 1.3 million shares of common stock in open market purchases, at an average price of $39.43 per share, for a total of $50.0 million under the 2017 Stock Repurchase Program. The Company temporarily suspended its stock repurchase program in April 2018. There were no shares repurchased during the second quarter and third quarter of fiscal 2018. 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 is charged to retained earnings. As a result of the repurchases, retained earnings was reduced by $42.5 million in the first quarter of fiscal 2018. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes. At the end of the third quarter of fiscal 2018, the 2017 Stock Repurchase Program had remaining authorized funds of $392.2 million. Stock-Based Compensation Expense Stock compensation expense is recognized based on the fair value of the portion of share-based payment awards that is expected to vest during the period and is net of estimated forfeitures. The following table summarizes stock-based compensation expense for the third quarter and first three quarters of fiscal 2018 and 2017:
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS During the first three quarters of fiscal 2018, the Company acquired five businesses, with total cash consideration of $1,753.9 million, including the acquisitions of Waterfall Holdings, Inc., the holding company of Viewpoint, Inc. (“Viewpoint”) and e-Builder, Inc. ("e-Builder") in all cash transactions valued at $1,211.2 million and $485.2 million, respectively. The Condensed Consolidated Statements of Income include the operating results of the businesses from the dates of acquisition. The businesses acquired during the first three quarters of fiscal 2018 contributed less than three percent to the Company's total revenue during the first three quarters of fiscal 2018. The Company determined the total consideration paid for each of its acquisitions as well as the fair value of the assets acquired and liabilities assumed as of the date of acquisition. The fair value of liabilities assumed includes deferred revenue which is written down to the cost, plus a reasonable profit margin, to fulfill customer contractual obligations. For certain acquisitions completed in the first three quarters of fiscal 2018, the fair value of the assets acquired and liabilities assumed are preliminary and may be adjusted as the Company obtains additional information, primarily related to adjustments for the true-up of acquired net working capital in accordance with certain purchase agreements, and estimated values of certain net tangible assets and liabilities including tax balances, pending the completion of final studies and analyses. If there are adjustments made for these items, the fair value of intangible assets and goodwill could be impacted. Thus, the provisional measurements of fair value are subject to change. Such changes could be significant. The Company expects to finalize the valuation of the net tangible and intangible assets as soon as practicable, but not later than one year from the acquisition date. The fair value, of identifiable assets acquired and liabilities assumed, was determined under the acquisition method of accounting for business combinations. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis. Acquisition costs directly related to all acquisitions, including the changes in the fair value of the contingent consideration liabilities, a net expense of $10.7 million and $34.8 million for the third quarter and the first three quarters of fiscal 2018, respectively, and a net benefit of $0.3 million and a net expense of $6.1 million for the third quarter and the first three quarters of fiscal 2017, respectively, were recorded as incurred. The following table summarizes the Company’s business combinations completed during the first three quarters of fiscal 2018 including Viewpoint and e-Builder (the acquisitions of which are described below):
Intangible Assets The following table presents details of the Company’s total intangible assets:
The estimated future amortization expense of purchased intangible assets as of the end of the third quarter of fiscal 2018 was as follows:
Goodwill The changes in the carrying amount of goodwill by segment for the first three quarters of fiscal 2018 were as follows:
(1) In the first quarter of 2018, the Company sold its Geoline business, which was part of the Geospatial segment. Viewpoint and e-Builder acquisitions On July 2, 2018, the Company acquired all of the outstanding shares of Viewpoint, Inc., in an all-cash transaction valued at $1,211.2 million (the “Viewpoint acquisition”). Viewpoint is a provider of construction management software, which integrates a contractor’s financial and resource management to their project operations in the field. The integration across the office, team and field workflows enables contractors to employ Viewpoint to effectively manage and gain visibility over data and workflows that span the construction lifecycle from pre-production planning, to product operations and supply chain management, through project hand over and asset operation and maintenance. The Company incurred approximately $17.5 million in acquisition-related costs, which were expensed as incurred in General and administrative expense. On February 2, 2018, the Company completed the acquisition of e-Builder. e-Builder is a SaaS-based construction program management solution for capital program owners and program management firms that provides an integrated project delivery solution for owners, program managers and contractors across the design, construct and operate lifecycle. Trimble acquired all of the issued and outstanding shares of common stock of e-Builder for a total purchase price of $485.2 million, subject to certain adjustments described in the purchase agreement. The Company incurred approximately $18.6 million in acquisition-related costs, primarily comprising compensation costs incurred post-closing associated with options which were accelerated in connection with the acquisition transaction, which were expensed as incurred and included in Cost of Sales - Service, Research and development, Sales and marketing and General and administrative expense. Viewpoint and e-Builder’s results of operations since their respective acquisition dates have been included in the Company’s Condensed Consolidated Statements of Income for the first three quarters of fiscal 2018. Both Viewpoint and e-Builder's performance are reported under the Buildings and Infrastructure segment. The two acquisitions were funded through the use of approximately $211.2 million of the Company’s existing cash, with the remainder funded through the issuance of senior notes and the Company’s 2018 Credit Facilities (as defined below). The following table summarizes the consideration transferred to acquire Viewpoint and e-Builder, the assets acquired and liabilities assumed and the estimated useful lives of the identifiable intangible assets as of the date of the acquisition:
Details of the net assets acquired are as follows:
Goodwill represents the excess of the fair value of consideration paid over the fair value of the underlying net tangible and intangible assets acquired. Goodwill consisted of highly skilled and valuable assembled workforce, a proven ability to generate new products and services to drive future revenue and a premium paid by the Company for synergies unique to its business. The Company recorded $859.3 million and $392.9 million of goodwill from Viewpoint and e-Builder acquisitions, respectively. Of the third quarter of fiscal 2018 goodwill balance, $95.8 million for Viewpoint is expected to be deductible for tax purposes. During the third quarter and the first three quarters of fiscal 2018, Viewpoint and e-Builder contributed $50.3 million and $65.9 million of revenue, respectively, and recorded $3.0 million and $1.5 million of operating income, respectively. The following table presents pro forma results of operations of the Company, Viewpoint and e-Builder, as if the companies had been combined as of the beginning of the earliest period presented. The unaudited pro forma results of operations are not necessarily indicative of results that would have occurred had the acquisitions taken place on the first day of fiscal 2017, or of future results. Included in the pro forma results are fair value adjustments based on the fair values of assets acquired and liabilities assumed as of the applicable acquisition dates. For the third quarter and first three quarters of fiscal 2018 and 2017, the major impacts for the pro-forma results include amortization of intangible assets related to the acquisitions, impacts from adoption of Revenue from Contracts with Customers, interest expense for debt used to purchase Viewpoint and e-Builder, income tax effects, and other adjustments to reflect fair value. The pro forma information for the third quarter and first three quarters of fiscal 2018 and 2017 is as follows:
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INVENTORIES | INVENTORIES Inventories consisted of the following:
* See Note 2 for a summary of adjustments Finished goods includes $7.6 million and $8.7 million at the end of the third quarter of fiscal 2018 and fiscal year end 2017 for costs of sales that have been deferred in connection with deferred revenue arrangements. |
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SEGMENT INFORMATION | SEGMENT INFORMATION The Company's operating segments were determined based on how the Company's chief operating decision maker views and evaluates operations. Various factors, including market separation and customer specific applications, go-to market channels, and products and services, were considered in determining these operating segments. Segment operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to each segment and to assess performance. In each of its segments, the Company sells many individual products. For this reason it is impracticable to segregate and identify revenue for each of the individual products or group of products. The Company’s reportable segments are described below:
The following Reporting Segment tables reflect the results of the Company’s reportable operating segments under its management reporting system. These results are not necessarily in conformity with U.S. GAAP. Beginning with the third quarter of fiscal 2018, the Company presented segment revenue and income excluding the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting. Segment income presented also excludes the effects of certain acquired capitalized commissions that were eliminated in purchase accounting, along with other adjustments that have historically been excluded in prior periods, as though the acquired companies operated independently in the periods presented. This is consistent with the way the chief operating decision maker evaluates each of the segment's performance and allocates resources. Comparative period financial information by reportable segment has been recast to conform with the current presentation.
* See Note 2 for a summary of adjustments A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows:
* See Note 2 for a summary of adjustments On a total Company basis, the disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and excludes the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting, consistent with the Reporting Segment tables above.
* Adjusted to reflect adoption of the new revenue recognition standard, Revenue from Contracts with Customers. For further information, see Note 2. |
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Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT, COMMITMENTS AND CONTINGENCIES | DEBT Debt consisted of the following:
Each of the Company's debt agreements requires it to maintain compliance with certain debt covenants, all of which the Company was in compliance with at the end of the third quarter of fiscal 2018. Debt Maturities At the end of the third quarter of fiscal 2018, the Company's debt maturities based on outstanding principal were as follows (in millions):
Senior Notes: 2023 Senior Notes In June 2018, the Company issued an aggregate principal amount of $300.0 million in senior notes (the "2023 Senior Notes") that will mature in June 2023 and bear interest at a fixed rate of 4.15 percent per annum. The interest is payable semi-annually in June and December of each year, commencing in December 2018. The interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the 2023 Senior Notes, as set of forth in the applicable indenture. The 2023 Senior Notes were sold at 99.964 percent of the aggregate principal amount. The Company incurred issuance costs of $0.9 million in connection with the 2023 Senior Notes that, along with the debt discount upon issuance, are being amortized to interest expense over the term of the 2023 Senior Notes. The 2023 Senior Notes are unsecured and rank equally in right of payment with all of the Company's other senior unsecured indebtedness. 2028 Senior Notes In June 2018, the Company issued an aggregate principal amount of $600.0 million in senior notes (the "2028 Senior Notes") that will mature in June 2028 and bear interest at a fixed rate of 4.90 percent per annum. The interest is payable semi-annually in June and December of each year, commencing in December 2018. The interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the 2028 Senior Notes, as set of forth in the applicable indenture. The 2028 Senior Notes were sold at 99.867 percent of the aggregate principal amount. The Company incurred issuance costs of $1.8 million in connection with the 2028 Senior Notes that, along with the debt discount upon issuance, are being amortized to interest expense over the term of the 2028 Senior Notes. The 2028 Senior Notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness. 2024 Senior Notes In November 2014, the Company issued an aggregate principal amount of $400.0 million in senior notes (the "2024 Senior Notes") that will mature in December 2024 and bear interest at a fixed rate of 4.75 percent per annum. The interest is payable semi-annually in December and June of each year. The Company incurred issuance costs of $3.0 million in connection with the 2024 Senior Notes that, along with the debt discount upon issuance, are being amortized to interest expense over the term of the senior notes. The 2024 Senior Notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness. The 2023 Senior Notes, the 2028 Senior Notes and the 2024 Senior Notes are collectively referred to herein as the “Senior Notes.” The Company may redeem the notes of each series of Senior Notes at its option in whole or in part at any time, in accordance with the terms and conditions set forth in the indenture governing such series. Such indenture also contains covenants limiting the Company’s ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer or lease all or substantially all of the Company’s properties and assets, each subject to certain exceptions. The Senior Notes are classified as long-term debt in the Consolidated Balance Sheets. Credit facilities: Bridge Facility: In April 2018, the Company entered into a bridge loan commitment letter with a group of lenders (the “Bridge Facility”) that was subsequently terminated in June 2018 upon the issuance of the 2023 Senior Notes, the 2028 Senior Notes and after entering into the 2018 Credit Facility (as defined below). The Company incurred costs in connection with the Bridge Facility of $5.8 million that were recorded to Interest expense, net. 2018 Credit Facility In May 2018, the Company entered into a new credit agreement, (the “2018 Credit Facility”), with JPMorgan Chase Bank, N.A. and certain other institutional lenders that provides for unsecured credit facilities in the aggregate principal amount of $1.75 billion, comprised of a five-year revolving loan facility of $1.25 billion (the “Revolving Credit Facility”) and a delayed draw three-year term loan facility of $500.0 million (the “Term Loan”). Subject to the terms of the 2018 Credit Facility, the Company may request an additional loan facility up to $500.0 million. At the end of third quarter of fiscal 2018, $500 million was outstanding under the Term Loan and no amounts were outstanding under the 2018 Credit Facility. The Company may use the proceeds of future borrowings under the Revolving Credit Facility for refinancing other indebtedness, working capital, capital expenditures and other general corporate purposes, including permitted acquisitions. The Company recognized $4.9 million of debt issuance costs associated with the 2018 Credit Facility that, along with prior unamortized costs, are being amortized to interest expense over the term of the 2018 Credit Facility. The Company may borrow funds under the 2018 Credit Facility in U.S. Dollars in the case of the Term Loan and U.S. Dollars, Euros or in certain other agreed currencies in the case of the Revolving Credit Facility. Borrowings will bear interest, at the Company’s option, at either: (a) the alternate base rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the prime rate then in effect, (ii) the federal funds rate then in effect, plus 0.50% per annum, or (iii) an adjusted LIBOR rate determined on the basis of a one-month interest period, plus 1.00%, in each case, plus a margin of between 0.00% and 0.875%; (b) an adjusted LIBOR rate (based on one, two, three or six-month interest periods), plus a margin of between 1.00% and 1.875%; or (c) an adjusted EURIBOR rate (based on one, two, three or six-month interest periods), plus a margin of between 1.00% and 1.875%. The applicable margin in each case is determined based on either the Company’s credit rating at such time or the Company’s leverage ratio as of its most recently ended fiscal quarter, whichever results in more favorable pricing to the Company. Interest is payable quarterly in arrears with respect to borrowings bearing interest at the alternate base rate, or on the last day of an interest period, but at least every three months, with respect to borrowings bearing interest at LIBOR rate or EURIBOR rate. The 2018 Credit Facility contains various customary representations and warranties by the Company, which include customary use of materiality, material adverse effect and knowledge qualifiers. The 2018 Credit Facility also contains customary affirmative and negative covenants including, among other requirements, negative covenants that restrict the Company's and its subsidiaries’ ability to create liens and enter into sale and leaseback transactions and that restrict its subsidiaries’ ability to incur indebtedness. Further, the 2018 Credit Facility contains financial covenants that require the maintenance of minimum interest coverage and maximum leverage ratios. Specifically, the Company must maintain as of the end of each fiscal quarter a ratio of (a) EBITDA (as defined in the 2018 Credit Facility) to (b) interest expense for the most recently ended period of four fiscal quarters (adjusted for proforma effects of the Viewpoint acquisition) of not less than 3.50 to 1.00. The Company must also maintain a Leverage Ratio (as defined in the 2018 Credit Facility) of not greater than 3.50:1.00; provided that (i) the maximum Leverage Ratio permitted at the end of the third quarter of fiscal 2018 and at the end of each of the three fiscal quarters immediately following the third quarter of fiscal 2018 shall be 4.25:1.00 and the maximum Leverage Ratio permitted at the end of each of the next two fiscal quarters immediately following thereafter shall be 3.75:1.00, and (ii) in the event the Company or any subsidiary shall complete any Material Acquisition (as defined in the 2018 Credit Facility) (other than the Viewpoint acquisition) in which the cash consideration paid by it exceeds $100.0 million, the Company may, by a notice delivered to the administrative agent (which shall furnish a copy thereof to each Lender), increase to 3.75:1.00 the maximum Leverage Ratio permitted at the end of the fiscal quarter during which such Material Acquisition shall have occurred and each of the three immediately following fiscal quarters (but not for any subsequent fiscal quarter). The 2018 Credit Facility contains events of default that include, among others, non-payment of principal, interest or fees, breach of covenants, inaccuracy of representations and warranties, cross defaults to certain other indebtedness, bankruptcy and insolvency events, material judgments and events constituting a change of control. If any principal is not paid when due, interest on such amount will accrue at an increased rate. Upon the occurrence and during the continuance of an event of default, the lenders may accelerate the Company's obligations under the 2018 Credit Facility; however, that acceleration will be automatic in the case of bankruptcy and insolvency events of default involving the Company. Uncommitted Facilities The Company has two $75.0 million and one €100.0 million revolving credit facilities which are uncommitted (the "Uncommitted Facilities") at the end of the third quarter of fiscal 2018. The $225.8 million outstanding under the Uncommitted Facilities at the end of the third quarter of fiscal 2018 and $128.0 million outstanding at the end of fiscal 2017 are classified as short-term debt in the Condensed Consolidated Balance Sheet. The weighted average interest rate was 1.80% and 2.24% at the end of the third quarter of fiscal 2018 and fiscal 2017, respectively. Promissory Notes and Other Debt At the end of the third quarter of fiscal 2018 and the year end of fiscal 2017, the Company had promissory notes and other notes payable totaling approximately $1.1 million and $1.2 million, respectively, of which $0.8 million in both periods was classified as long-term in the Condensed Consolidated Balance Sheet. |
Cash Equivalents and Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, and Short-term Investments | CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS The Company sold its available-for-sale securities to fund its acquisitions during the first quarter of fiscal 2018. The following table summarizes the Company’s available-for-sale securities at the end of fiscal 2017.
The gross realized gains or losses on the Company's available-for-sale investments for the first three quarters of fiscal 2018 and 2017 were not significant. The gross unrealized losses on the Company's available-for-sale investments at the end of fiscal 2017 was de minimis. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters. Where observable prices or inputs are not available, valuation models are applied. Hierarchical levels, defined by the guidance on fair value measurements, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities and are as follows: Level I—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities. Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level III—Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations.
Additional Fair Value Information The following table provides additional fair value information relating to the Company’s outstanding financial instruments:
The fair value of the Senior Notes was determined based on observable market prices in less active markets and is categorized accordingly as Level II in the fair value hierarchy. The fair value of the bank borrowings and promissory notes has been calculated using an estimate of the interest rate the Company would have had to pay on the issuance of notes with a similar maturity and discounting the cash flows at that rate and is categorized as Level II in the fair value hierarchy. The fair values do not give an indication of the amount that the Company would currently have to pay to extinguish any of this debt. |
Deferred Costs to Obtain Customer Contracts |
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Sep. 28, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure [Text Block] | DEFERRED COSTS TO OBTAIN CUSTOMER CONTRACTS We classify all deferred costs to obtain customer contracts, which consists of deferred commissions, as a non-current asset, included in Deferred Costs, non-current on the Company’s Condensed Consolidated Balance Sheets. At the end of the third quarter of fiscal 2018 and fiscal year end 2017, we had $37.2 million and $35.0 million of deferred costs to obtain customer contracts, respectively. Amortization expense related to deferred costs to obtain customer contracts, for the third quarter and first three quarters of fiscal 2018, was $6.2 million and $17.2 million, respectively, and was $5.3 million and $15.2 million, respectively, for the third quarter and first three quarters of fiscal 2017. It was included in sales and marketing expenses in the Company’s Condensed Consolidated Statements of Income. There was no impairment loss related to the deferred commissions for either period presented. |
Product Warranties |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||
PRODUCT WARRANTIES | PRODUCT WARRANTIES The Company accrues for warranty costs as part of its cost of sales based on associated material product costs, technical support, labor costs and costs incurred by third parties performing work on the Company’s behalf. The Company’s expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two years. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, its warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from the estimates, revisions to the estimated warranty accrual and related costs may be required. Changes in the Company’s product warranty liability during the first three quarters of fiscal 2018 are as follows:
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Deferred Revenue And Performance Obligations |
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Deferred Revenue Disclosure [Text Block] | DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS Deferred Revenue Changes in the Company’s deferred revenue during the third quarter and first three quarters of fiscal 2018 and 2017 are as follows:
* See Note 2 for a summary of adjustments Remaining Performance Obligations As of the end of the third quarter of fiscal 2018, approximately $1.0 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily hardware, subscription, software maintenance and professional services contracts. The Company expects to recognize revenue of approximately 73% and 16% on these remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. |
Earnings Per Share |
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EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is computed by dividing Net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing Net income attributable to Trimble Inc.by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan, restricted stock units and contingently issuable shares. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. The following table shows the computation of basic and diluted earnings per share:
* See Note 2 for a summary of adjustments For the third quarter and the first three quarters of fiscal 2018 and 2017, the Company excluded insignificant shares of outstanding stock options from the calculation of diluted earnings per share because their effect would have been antidilutive. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Effective 2018, the Tax Cuts and Jobs Act (“Tax Act”) reduced U.S. federal tax from 35% to 21% and created new taxes on certain foreign-source earnings (referred to as “GILTI”) and certain related-party payments. The Company recorded reasonable estimates as provisional amounts arising from the Tax Act in the fourth quarter of fiscal 2017. As of the third quarter of fiscal 2018, the Company made immaterial adjustments to its provisional tax estimates to reflect the impact of additional analysis of the transition tax liability. The Company continues to perform necessary analysis by incorporating ongoing legislative guidance and accounting interpretations. Additionally, the Company has not yet determined its policy election as to whether it will recognize deferred taxes for basis differences expected to reverse as GILTI or whether GILTI will be accounted for as a period cost. The accounting remains provisional and the Company expects to complete its analysis for the tax effects of the Tax Act by the end of fiscal 2018. For the third quarter of fiscal 2018, the Company’s effective income tax rate resulted in a benefit of 15%, compared to an expense of 20% in the corresponding period in fiscal 2017. The change is primarily due to a benefit from reserve releases due to expiration of the U.S. federal statute of limitations for certain tax years of approximately twenty-two percentage points, a benefit from the 2017 federal return to provision adjustments of approximately nine percentage points, and a benefit from the reduced U.S. federal tax rate of approximately eight percentage points, partially offset by increased U.S. tax on certain foreign earnings of four percentage points related mainly to a provisional GILTI tax. For the first three quarters of fiscal 2018, the Company’s effective income tax rate was 6% as compared to 23% in the corresponding period in fiscal 2017, primarily due to the reduced U.S. federal tax rate of approximately eight percentage points, a benefit from reserve releases of approximately seven percentage points due to expiration of the U.S. federal statute of limitations, a benefit from 2017 federal return to provision adjustments of approximately three percentage points, and a benefit from other items of approximately two percentage points, partially offset by increased U.S. tax on certain foreign earnings of three percentage points related mainly to a provisional GILTI tax. The Company's effective tax rate is lower than the newly enacted U.S. federal statutory rate of 21% primarily due to reserve releases, favorable tax rates associated with certain earnings from operations in lower-tax jurisdictions, a benefit from U.S. federal R&D credit and stock-based compensation deductions. The Company and its subsidiaries are subject to U.S. federal and state and foreign income tax. The Company is currently in different stages of multiple year examinations by the Internal Revenue Service (the "IRS") as well as various state and foreign taxing authorities. In addition, as discussed below, the Company has a pending matter in U.S. tax court regarding fiscal 2011. The Company believes its reserves are more likely than not to be adequate to cover final resolution of all open tax matters. In the first quarter of fiscal 2015, the Company received a Notice of Proposed Adjustment from the IRS for the fiscal years 2010 and 2011. The proposed adjustments primarily relate to the valuations of intercompany transfers of acquired intellectual property. The assessments of tax and penalties for the years in question total $67.0 million. In January 2018, the Company and IRS reached agreement to settle certain aspects of the assessments constituting $15.8 million of the total $67.0 million assessment. The Company has paid $8.6 million during 2018 to settle the $15.8 million assessment. The Company’s reserves were adequate to cover the partial agreement. On March 7, 2018 the Company received a formal Notice of Deficiency for fiscal year 2011, assessing tax and penalties totaling $51.2 million for the remainder of the assessment. The Company does not agree with the IRS position. Accordingly, on June 1, 2018, the Company filed a petition with the U.S. tax court relating to the Notice of Deficiency. On August 3, 2018, the IRS filed its response to the Company’s petition, with no changes to its position. Although timing of the resolution and/or closure of audits is not certain, the Company believes it is reasonably possible that its gross unrecognized tax benefits could decrease (whether by payment, release or a combination of both) in the next 12 months by up to $7.0 million primarily related to release of U.S. federal tax reserve due to the statute of limitation expiration of fiscal year 2013. Unrecognized tax benefits of $62.9 million and $68.5 million as of the end of the third quarter of fiscal 2018 and fiscal year end 2017, respectively, if recognized, would favorably affect the effective income tax rate in future periods. Unrecognized tax benefits are recorded in Other non-current liabilities and in the deferred tax accounts in the accompanying Condensed Consolidated Balance Sheets. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of the end of the third quarter of fiscal 2018 and fiscal year end 2017, the Company had accrued $12.0 million and $12.7 million, respectively, for interest and penalties, which are recorded in Other non-current liabilities in the accompanying Condensed Consolidated Balance Sheets. |
Commitment and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Leases and Other Commitments The estimated future minimum operating lease commitments as of the end of the third quarter of fiscal 2018 are as follows (in millions):
As of the end of the third quarter of fiscal 2018, the Company had unconditional purchase obligations of approximately $226.4 million. These unconditional purchase obligations primarily represent open non-cancelable purchase orders for material purchases with the Company’s vendors. Purchase obligations exclude agreements that are cancelable without penalty. Additionally, the Company has certain acquisitions which include additional earn-out cash payments based on estimated future revenues, gross margins or other milestones. As of the end of the third quarter of fiscal 2018, the Company had $4.8 million included in Other current liabilities and Other non-current liabilities related to these earn-outs, representing the fair value of the contingent consideration. Litigation From time to time, the Company is also involved in litigation arising out of the ordinary course of its business. There are no other material legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company or any of its subsidiaries is a party or of which any of the Company's or its subsidiaries' property is subject. |
Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification Policy, Reportable Segments | Certain prior period amounts reported in the Company's Condensed Consolidated Financial Statements and notes thereto have been reclassified to conform to the current presentation. |
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Use of Estimates, Policy | Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in its Condensed Consolidated 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 of performance obligations, allowances for doubtful accounts, sales returns reserve, allowances for inventory valuation, warranty costs, investments, goodwill impairment, intangibles impairment, purchased intangibles, useful lives for tangible and intangible assets, stock-based compensation and income taxes among others. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Actual results and outcomes may differ from management's estimates and assumptions. |
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Revenue Recognition, Policy | Revenue Recognition Significant Judgments Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. Revenue is generally recognized net of allowance for returns and any taxes collected from customers. The Company enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Judgment is required to determine stand alone selling price ("SSP") for each distinct performance obligation. The Company uses a range of amounts to estimate SSP when products and services are sold separately and determines whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, the Company determines SSP using information that may include market conditions and other observable inputs. Nature of Goods and Services The Company generates revenue primarily from products, services and subscriptions; each of which is a distinct performance obligation. Product revenue includes hardware and software. Services, including post contract support and extended warranty, and subscriptions are performance obligations generally recognized over time. Descriptions are as follows: Product Revenue for hardware is recognized when the control of the product transfers to the customer, which is generally when the product is shipped. The Company recognizes shipping fees reimbursed by the customer as revenue and the cost for shipping as an expense in Cost of sales when control over products has transferred to the customer. Revenue for perpetual and term software licenses is recognized upon delivery and commencement of license term. In general, the Company’s contracts do not provide for customer specific acceptances. A small amount of revenue is derived from the licensing of software to OEM customers. Royalty revenue is recognized as and when the sales or usage occurs, which generally is at the time the OEM ships products incorporating the Company’s software. Services Professional services include installation, training, configuration, project management, system integrations, customization, data migration/conversion and other implementation services. The majority of professional services are not complex, can be provided by other vendors, are readily available and billed on a time-and-material basis. Revenue for distinct professional services is recognized over time, based on work performed. In some contracts, products and professional services may be combined into a single performance obligation. This generally arises when products or subscriptions are sold with significant customization, modification, or integration services. Revenue for the combined performance is recognized over time as the work progresses because of the continuous transfer of control to the customer. When the Company is unable to reasonably estimate the total costs for the performance obligation, but expects to recover the costs incurred, revenue is recognized to the extent of the costs incurred (zero margin) until such time the Company can reasonably measure the expected costs. Post contract support entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Post contract support is recognized on a straight-line basis commencing upon product delivery over the post contract support term, which ranges from one to three years, with one year term being most common. Extended warranty entitles the customer to receive replacement parts and repair services. Extended warranty is separately priced and is recognized on a straight-line basis over the extended service period which begins after the standard warranty period, ranging from one to two years depending on the product line. Subscription The Company’s software as a service ("SaaS") performance obligations may be sold with devices used to collect, generate and transmit data. SaaS is distinct from the related devices. In addition, the Company may host the software which the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms range from month-to-month to five years. Subscription revenue is recognized monthly over the service duration, commencing from activation. See Note 6 - Segment Information for disaggregation of revenue by geography. |
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Accounts Receivable, Net, Policy | Accounts receivable, net Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceed the amount billed to customer, provided the billing is not contingent upon future performance and the company has the unconditional right to future payment with only the passage of time required. Both billed and unbilled amounts due are stated at their net estimated realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. Each reporting period, the Company evaluates the collectibility of its trade accounts receivable based on a number of factors such as age of the accounts receivable balances, credit quality, historical experience and current economic conditions that may affect a customer’s ability to pay. The allowance for doubtful accounts was $5.6 million and $3.6 million at the end of the third quarter of fiscal 2018 and end of fiscal 2017, respectively. |
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Deferred Costs to Obtain Customer Contracts, Policy | Deferred Costs to Obtain Customer Contracts Our incremental cost of obtaining contracts, which consists of sales commissions related to customer contracts that include maintenance or subscriptions revenue, are deferred if the contractual term is greater than a year or if renewals are expected and the renewal commission is not commensurate with the initial commission. These commission costs are deferred and amortized on a straight-line basis over a benefit period, either the contract term or the shorter of customer or product life, which is generally between three to seven years. The Company has elected the practical expedient to exclude contracts with an amortization period of a year or less from this deferral requirement. See Note 10 - Deferred Costs to Obtain Customer Contracts for further information. |
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Remaining Performance Obligations, Policy | Remaining Performance Obligations Remaining performance obligations represents contracted revenue for which goods or services have not been delivered. The contracted revenue, that will be recognized in future periods, includes both invoiced amounts in deferred revenue as well as amounts that are not yet invoiced. See Note 12 - Deferred Revenue and Remaining Performance Obligations for further information. |
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New Accounting Pronouncements, Policy | Recently Adopted Accounting Pronouncements Financial Instruments - Overall In January 2016, the FASB issued new guidance that will require entities to measure equity investments currently accounted for under the cost method at fair value and recognize any changes in fair value in net income. For equity investments without readily determinable fair values, an entity may elect an alternative measurement method at cost minus impairment, if any, plus or minus any adjustments from observable market transactions. The Company adopted the guidance in the first quarter of fiscal 2018 on a prospective basis for equity investments without readily determinable fair values by electing the alternative measurement method. The Company’s equity investments are immaterial on its Condensed Consolidated Balance Sheets, therefore, adoption of this guidance does not have a material impact. Statement of Cash Flows In August 2016, the FASB issued new guidance related to statement of cash flows. This guidance amended the existing accounting standards for the statement of cash flows and provided guidance on certain classification issues related to the statement of cash flows. The Company adopted the amendments retrospectively to all periods presented in the first quarter of fiscal 2018. The impact of adoption on the Company’s Condensed Consolidated Statements of Cash Flows is presented along with adoption of Revenue from Contracts with Customers. Accounting for Income Taxes - Intra-Entity Asset Transfers In October 2016, the FASB issued new guidance related to income taxes. This standard requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The Company adopted the guidance beginning in the first quarter of fiscal 2018. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements. Other Income – Gains and Losses from the Derecognition of Non-financial Assets and Definition of a Business In February 2017, the FASB issued new guidance clarifying the scope and application of existing guidance related to the sale or transfer of non-financial assets to non-customers, including partial sales. In January 2017, the FASB issued amendments to the definition of a business for companies that sell or acquire businesses. The Company adopted both of these amendments beginning in the first quarter of fiscal 2018. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements. Compensation - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued new guidance to improve the presentation for components of defined benefit pension cost, which requires employers to report the service cost component of net periodic pension cost in the same line item as other compensation expense arising from services rendered during the period. The standard also requires the other components of net periodic cost be presented in the income statement separately from the service cost component and outside of a subtotal of income from operations. The Company adopted the guidance retrospectively to all periods presented beginning in the first quarter of fiscal 2018. The Company has defined benefit pension plans that are immaterial for its Condensed Consolidated Financial Statements, therefore, adoption of this guidance did not have a material impact. Revenue from Contracts with Customers In May 2014, the FASB issued a comprehensive new revenue recognition standard that replaces the prior revenue recognition guidance under U.S. GAAP. The new standard requires companies to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the requirements of the new standard starting the first quarter of fiscal 2018, utilizing the full retrospective method of transition. Adoption of the new standard resulted in changes to the Company's accounting policies for revenue recognition and accounts receivable, net and deferred costs to obtain customer contracts as described in Note 2 above. The Company applied the new standard using a practical expedient where the remaining performance obligations and an explanation of when it expects to recognize that amount as revenue for all reporting periods presented before the date of the initial application is not disclosed. In addition, the Company did not restate revenue for contracts that begin and end in the same fiscal year. The impact of adopting the new standard on the Consolidated Statements of Income for fiscal 2017 and 2016 is not material. The majority of revenue, which is related to hardware, software perpetual licenses, SaaS and other service and support offerings, remains substantially unchanged. The primary revenue impacts related to the new standard are earlier recognition of software term licenses, certain professional service contracts and non-standard terms and conditions. Previously, the Company expensed the majority of its commission expense as incurred. Under the new standard, the Company capitalizes and amortizes incremental commission costs to obtain the contract over a benefit period. The Company has elected a practical expedient to exclude contracts with a benefit period of a year or less from this deferral requirement for both retrospective and future financial statement periods. The impact of adoption of the new standard on the Consolidated Balance Sheets for fiscal 2017 and 2016 is material with the primary impacts due to a reduction in deferred revenue for revenue streams that are recognized sooner under the new standard and capitalization of incremental costs to obtain customer contracts. Adoption of the new standard had no impact to cash provided by or used in operating, financing or investing activities on the Statements of Cash Flows for fiscal 2017 and 2016, although cash provided from operating activities had offsetting adjustments within accounts. Impacts to Previously Reported Results Adoption of the standard using the full retrospective method required the Company to restate certain previously reported results primarily related to revenue and cost of sales, accounts receivable, net, deferred costs to obtain customer contracts and deferred income taxes as shown in the Company's previously reported results below. Adoption of Revenue from Contracts with Customers standards and the new Statement of Cash Flows impacted Company's previously reported results as follows:
a. Adjusted to reflect the adoption of Revenue from Contracts with Customers .
b. Adjusted to reflect the adoption of Statement of Cash Flows Recently issued Accounting Pronouncements not yet adopted Leases In February 2016, the FASB issued new guidance that requires a lessee to recognize lease assets and lease liabilities on the balance sheet for most leases and provide enhanced disclosures. This new guidance is effective beginning in fiscal 2019 with early adoption permitted. In July 2018, the FASB issued additional guidance for companies to elect transition using either (1) a modified retrospective approach for leases that exist upon adoption and in the comparative periods presented, or (2) an optional transition approach to initially apply the new lease guidance upon the adoption date, without adjusting the comparative periods presented. The Company plans to elect the optional transition approach and will adopt the standard beginning in fiscal 2019 by applying certain of the available practical expedients upon transition. Currently, the Company is in the process of implementing changes to its systems, processes and controls in conjunction with adoption of the new standard. While the Company continues to evaluate the effect of adopting this guidance on its Condensed Consolidated Financial Statements, the Company expects its operating leases, as disclosed in Note 15: Commitments and Contingencies, will be subject to the new standard, which will increase its total assets and liabilities. Financial Instruments - Credit Losses In June 2016, the FASB issued new guidance that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected, not based on incurred losses. Further, credit losses on available-for-sale debt securities should be recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost. The new standard is effective for the Company beginning in fiscal 2020. Early adoption for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 is permitted. The Company is currently evaluating the effect of the updated standard on its Condensed Consolidated Financial Statements. Intangibles - Goodwill and Other In January 2017, the FASB issued new guidance that simplifies the accounting for goodwill impairment by requiring impairment charges to be based on the first step in the current two-step impairment test. The impairment test is performed by comparing the fair value of a reporting unit with its carrying amount and an impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is to be applied on a prospective basis and is effective for the Company beginning in fiscal 2020 and early adoption is permitted. The Company currently anticipates that the adoption will not have a material impact on its Condensed Consolidated Financial Statements. Intangibles - Internal-Use Software In August 2018, the FASB issued new guidance that clarifies the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the accounting for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software. The Company is required to adopt the guidance in the first quarter of fiscal year 2020. Early adoption is permitted. The Company is currently evaluating the effect of the new guidance on its Condensed Consolidated Financial Statements. |
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Share-based Compensation Policy | Stock compensation expense is recognized based on the fair value of the portion of share-based payment awards that is expected to vest during the period and is net of estimated forfeitures. |
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Business Combinations Policy | The Company determined the total consideration paid for each of its acquisitions as well as the fair value of the assets acquired and liabilities assumed as of the date of acquisition. The fair value of liabilities assumed includes deferred revenue which is written down to the cost, plus a reasonable profit margin, to fulfill customer contractual obligations. For certain acquisitions completed in the first three quarters of fiscal 2018, the fair value of the assets acquired and liabilities assumed are preliminary and may be adjusted as the Company obtains additional information, primarily related to adjustments for the true-up of acquired net working capital in accordance with certain purchase agreements, and estimated values of certain net tangible assets and liabilities including tax balances, pending the completion of final studies and analyses. If there are adjustments made for these items, the fair value of intangible assets and goodwill could be impacted. Thus, the provisional measurements of fair value are subject to change. Such changes could be significant. The Company expects to finalize the valuation of the net tangible and intangible assets as soon as practicable, but not later than one year from the acquisition date. The fair value, of identifiable assets acquired and liabilities assumed, was determined under the acquisition method of accounting for business combinations. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis. |
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Derivatives Asset and Liabilities Policy | Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Condensed Consolidated Balance Sheets. |
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Product Warranties Policy | The Company accrues for warranty costs as part of its cost of sales based on associated material product costs, technical support, labor costs and costs incurred by third parties performing work on the Company’s behalf. The Company’s expected future costs are primarily estimated based upon historical trends in the volume of product returns within the warranty period and the costs to repair or replace the equipment. When products sold include warranty provisions, they are covered by a warranty for periods ranging generally from one year to two years. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, its warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from the estimates, revisions to the estimated warranty accrual and related costs may be required. |
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Earnings Per Share, Policy | Basic earnings per share is computed by dividing Net income attributable to Trimble Inc. by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing Net income attributable to Trimble Inc.by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan, restricted stock units and contingently issuable shares. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. |
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Income Tax, Policy | The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. |
Updates to Significant Accounting Policies - Impact On Financial Statements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles |
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Accounting Standards Update 2016-15 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles |
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Shareholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Stock-Based Compensation Expense, Net Of Tax | The following table summarizes stock-based compensation expense for the third quarter and first three quarters of fiscal 2018 and 2017:
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Business Combinations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Intangible Assets | The following table presents details of the Company’s total intangible assets:
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Schedule Of Estimated Future Amortization Expense | The estimated future amortization expense of purchased intangible assets as of the end of the third quarter of fiscal 2018 was as follows:
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Changes In Carrying Amount Of Goodwill By Operating Segment | The changes in the carrying amount of goodwill by segment for the first three quarters of fiscal 2018 were as follows:
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Viewpoint and e-Builder, the assets acquired and liabilities assumed and the estimated useful lives of the identifiable intangible assets as of the date of the acquisition:
Details of the net assets acquired are as follows:
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Business Acquisition, Pro Forma Information | The pro forma information for the third quarter and first three quarters of fiscal 2018 and 2017 is as follows:
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Series of Individually Immaterial Business Acquisitions [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions | The following table summarizes the Company’s business combinations completed during the first three quarters of fiscal 2018 including Viewpoint and e-Builder (the acquisitions of which are described below):
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 28, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Inventories | Inventories consisted of the following:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule Of Revenue, Operating Income And Identifiable Assets By Segment |
* See Note 2 for a summary of adjustments |
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Reconciliation Of The Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes | A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows:
* See Note 2 for a summary of adjustments |
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | he disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and excludes the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting, consistent with the Reporting Segment tables above.
* Adjusted to reflect adoption of the new revenue recognition standard, Revenue from Contracts with Customers. For further information, see Note 2. |
Debt (Tables) |
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Schedule Of Debt | Debt consisted of the following:
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Schedule of Maturities of Long-term Debt | At the end of the third quarter of fiscal 2018, the Company's debt maturities based on outstanding principal were as follows (in millions):
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Cash Equivalents and Investments (Tables) |
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Sep. 28, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | The following table summarizes the Company’s available-for-sale securities at the end of fiscal 2017.
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations.
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Additional Fair Value Information Relating To The Company's Financial Instruments Outstanding | The following table provides additional fair value information relating to the Company’s outstanding financial instruments:
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Product Warranties (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 28, 2018 | |||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||
Changes In Product Warranty Liability | Changes in the Company’s product warranty liability during the first three quarters of fiscal 2018 are as follows:
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Deferred Revenue And Performance Obligations (Tables) |
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Sep. 28, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue And Performance Obligations | Changes in the Company’s deferred revenue during the third quarter and first three quarters of fiscal 2018 and 2017 are as follows:
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Earnings Per Share (Tables) |
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Sep. 28, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Commitment and Contingencies (Tables) |
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Sep. 28, 2018 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Leases and Other Commitments The estimated future minimum operating lease commitments as of the end of the third quarter of fiscal 2018 are as follows (in millions):
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Updates to Significant Accounting Policies - Revenue Recognition And Deferred Revenue Narratives (Details) - USD ($) $ in Millions |
9 Months Ended | |
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Sep. 28, 2018 |
Dec. 29, 2017 |
|
Deferred Revenue Arrangement [Line Items] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 5.6 | $ 3.6 |
Maximum | ||
Deferred Revenue Arrangement [Line Items] | ||
Warranty Period On Products Sold | 2 years | |
Capitalized Contract Cost, Amortization Period | 7 years | |
Maximum | Subscription Arrangement [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue Contract Term | 5 years | |
Minimum | ||
Deferred Revenue Arrangement [Line Items] | ||
Warranty Period On Products Sold | 1 year | |
Capitalized Contract Cost, Amortization Period | 3 years | |
Minimum | Subscription Arrangement [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Revenue Contract Term | 1 month |
Updates to Significant Accounting Policies - Impact On Financial Statements Narratives (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
[1] | Dec. 29, 2017 |
Dec. 30, 2016 |
|||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net cash provided by operating activities | $ 384.8 | $ 322.6 | |||||
Net cash used in investing activities | (1,612.8) | (328.2) | |||||
Net cash provided by financing activities | $ 1,083.0 | $ 26.9 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net cash provided by operating activities | $ 0.0 | $ 0.0 | |||||
Net cash used in investing activities | 0.0 | 0.0 | |||||
Net cash provided by financing activities | $ 0.0 | $ 0.0 | |||||
Maximum | Subscription Arrangement [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Revenue Contract Term | 5 years | ||||||
|
Updates to Significant Accounting Policies - Revenue From Contract With Customer (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
Sep. 28, 2018 |
Sep. 29, 2017 |
Jun. 29, 2018 |
Dec. 29, 2017 |
Jun. 30, 2017 |
[5] | Dec. 30, 2016 |
[5] | |||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||||||||||||||||
Revenue | $ 795.2 | $ 676.2 | [1] | $ 2,322.9 | $ 1,946.7 | [1] | ||||||||||||||||||||
Gross margin | 426.9 | 351.2 | [1] | 1,245.8 | 1,018.1 | [1] | ||||||||||||||||||||
Consolidated operating income | 77.4 | 66.3 | [1],[2] | 231.1 | 180.0 | [1],[2] | ||||||||||||||||||||
Income tax provision (benefit) | (9.6) | 14.7 | [1] | 13.5 | 45.3 | [1] | ||||||||||||||||||||
Net income attributable to Trimble Inc. | $ 73.7 | $ 57.2 | [1] | $ 196.3 | $ 154.3 | [1] | ||||||||||||||||||||
Diluted earnings per share | $ 0.29 | $ 0.22 | [1] | $ 0.78 | $ 0.60 | [1] | ||||||||||||||||||||
Accounts receivable | $ 476.0 | $ 476.0 | $ 427.7 | [3] | ||||||||||||||||||||||
Inventories | 286.3 | 286.3 | 264.6 | [3],[4] | ||||||||||||||||||||||
Deferred costs, non-current | 37.2 | 37.2 | 35.0 | [3] | ||||||||||||||||||||||
Other current adn non-current assets | 182.9 | |||||||||||||||||||||||||
Current and non-current deferred revenue | 364.3 | $ 284.9 | [5] | 364.3 | $ 284.9 | [5] | $ 356.2 | 276.6 | $ 307.3 | $ 246.4 | ||||||||||||||||
Other current liabilities | 117.5 | 117.5 | 99.2 | [3] | ||||||||||||||||||||||
Deferred income tax liabilities | 88.5 | 88.5 | 47.8 | [3] | ||||||||||||||||||||||
Total stockholders' equity | $ 2,648.6 | $ 2,648.6 | 2,414.5 | [3] | ||||||||||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||||||||||||||||
Revenue | 670.0 | 1,945.8 | ||||||||||||||||||||||||
Gross margin | 349.5 | 1,022.6 | ||||||||||||||||||||||||
Consolidated operating income | 64.0 | 183.2 | ||||||||||||||||||||||||
Income tax provision (benefit) | 13.9 | 46.7 | ||||||||||||||||||||||||
Net income attributable to Trimble Inc. | $ 55.7 | $ 156.1 | ||||||||||||||||||||||||
Diluted earnings per share | $ 0.22 | $ 0.61 | ||||||||||||||||||||||||
Accounts receivable | 414.8 | |||||||||||||||||||||||||
Inventories | 271.8 | |||||||||||||||||||||||||
Deferred costs, non-current | 0.0 | |||||||||||||||||||||||||
Other current adn non-current assets | 205.5 | |||||||||||||||||||||||||
Current and non-current deferred revenue | 313.4 | |||||||||||||||||||||||||
Other current liabilities | 101.0 | |||||||||||||||||||||||||
Deferred income tax liabilities | 40.4 | |||||||||||||||||||||||||
Total stockholders' equity | 2,366.0 | |||||||||||||||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||||||||||||||||
Revenue | [6] | $ 6.2 | $ 0.9 | |||||||||||||||||||||||
Gross margin | [6] | 1.7 | (4.5) | |||||||||||||||||||||||
Consolidated operating income | [6] | 2.3 | (3.2) | |||||||||||||||||||||||
Income tax provision (benefit) | [6] | 0.8 | (1.4) | |||||||||||||||||||||||
Net income attributable to Trimble Inc. | [6] | $ 1.5 | $ (1.8) | |||||||||||||||||||||||
Diluted earnings per share | [6] | $ 0.00 | $ (0.01) | |||||||||||||||||||||||
Accounts receivable | [6] | 12.9 | ||||||||||||||||||||||||
Inventories | [6] | (7.2) | ||||||||||||||||||||||||
Deferred costs, non-current | [6] | 35.0 | ||||||||||||||||||||||||
Other current adn non-current assets | [6] | (22.6) | ||||||||||||||||||||||||
Current and non-current deferred revenue | [6] | (36.8) | ||||||||||||||||||||||||
Other current liabilities | [6] | (1.8) | ||||||||||||||||||||||||
Deferred income tax liabilities | [6] | 7.4 | ||||||||||||||||||||||||
Total stockholders' equity | [6] | $ 48.5 | ||||||||||||||||||||||||
|
Updates to Significant Accounting Policies - Financial Impact On Cash Flow (Details) - USD ($) $ in Millions |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
|||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net cash provided by operating activities | $ 384.8 | $ 322.6 | [1] | |||||
Net cash used in investing activities | (1,612.8) | (328.2) | [1] | |||||
Net cash provided by financing activities | $ 1,083.0 | 26.9 | [1] | |||||
Previously Reported [Member] | Accounting Standards Update 2016-15 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net cash provided by operating activities | 310.0 | |||||||
Net cash used in investing activities | (322.9) | |||||||
Net cash provided by financing activities | 34.2 | |||||||
Restatement Adjustment [Member] | Accounting Standards Update 2016-15 [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Net cash provided by operating activities | [2] | 12.6 | ||||||
Net cash used in investing activities | [2] | (5.3) | ||||||
Net cash provided by financing activities | [2] | $ (7.3) | ||||||
|
Shareholders' Equity (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Sep. 28, 2018 |
Jun. 29, 2018 |
Mar. 30, 2018 |
Nov. 30, 2017 |
|
Two Thousand Seventeen Stock Repurchase Program [Member] | ||||
Equity, Class of Stock [Line Items] | ||||
Stock repurchase program approved amount | $ 600.0 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 392.2 | |||
Retained Earnings [Member] | ||||
Equity, Class of Stock [Line Items] | ||||
Stock Repurchased During Period, Value | $ 42.5 | |||
Open Market Purchases [Member] | Two Thousand Seventeen Stock Repurchase Program [Member] | ||||
Equity, Class of Stock [Line Items] | ||||
Stock Repurchased During Period, Shares | 0.0 | 0.0 | 1.3 | |
Accelerated Share Repurchases, Final Price Paid Per Share | $ 39.43 | |||
Stock Repurchased During Period, Value | $ 50.0 |
Shareholders' Equity (Summary Of Stock-Based Compensation Expense) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
Sep. 28, 2018 |
Sep. 29, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 18.8 | $ 16.1 | $ 53.1 | $ 45.0 |
Cost Of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 1.1 | 1.1 | 3.3 | 2.8 |
Research And Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 3.9 | 2.7 | 10.2 | 7.7 |
Sales And Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 2.5 | 2.4 | 7.2 | 7.0 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 11.3 | 9.9 | 32.4 | 27.5 |
Total Operating Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 17.7 | $ 15.0 | $ 49.8 | $ 42.2 |
Business Combinations (Narratives) (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2018
USD ($)
|
Feb. 02, 2018
USD ($)
|
Sep. 28, 2018
USD ($)
|
Sep. 29, 2017
USD ($)
|
[1] |
Sep. 28, 2018
USD ($)
acquisition
|
Sep. 29, 2017
USD ($)
|
[1] |
Dec. 29, 2017
USD ($)
|
[2] | |||||
Business Acquisition [Line Items] | ||||||||||||||
Number of Businesses Acquired | acquisition | 5 | |||||||||||||
Business Acquisition, Transaction Costs | $ 10.7 | $ (0.3) | $ 34.8 | $ 6.1 | ||||||||||
Goodwill | 3,548.6 | $ 3,548.6 | $ 2,287.1 | |||||||||||
Maximum | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Revenue of Business Acquiree Since Acquisition Date Percentage of Total Revenue | 3.00% | |||||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase Consideration | $ 1,753.9 | |||||||||||||
Goodwill | 1,280.5 | 1,280.5 | ||||||||||||
Waterfall Holdings [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase Consideration | $ 1,211.2 | 1,211.2 | ||||||||||||
Goodwill | $ 859.3 | |||||||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 95.8 | 95.8 | ||||||||||||
eBuilder [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase Consideration | $ 485.2 | 485.2 | ||||||||||||
Business Acquisition, Transaction Costs | 18.6 | |||||||||||||
Goodwill | $ 392.9 | |||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 50.3 | 65.9 | ||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 3.0 | 1.5 | ||||||||||||
General and Administrative Expense [Member] | Waterfall Holdings [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Transaction Costs | $ 17.5 | |||||||||||||
Cash and Cash Equivalents [Member] | eBuilder [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase Consideration | $ 211.2 | |||||||||||||
|
Business Combinations (Separately Recognized Transactions) (Details) - USD ($) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Feb. 02, 2018 |
Sep. 28, 2018 |
Dec. 29, 2017 |
[1] | |||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 3,548.6 | $ 2,287.1 | ||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of total purchase consideration | 1,753.9 | |||||
Net tangible assets acquired | 5.1 | |||||
Identifiable intangible assets | 551.5 | |||||
Deferred income taxes | (83.2) | |||||
Goodwill | 1,280.5 | |||||
eBuilder [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of total purchase consideration | $ 485.2 | $ 485.2 | ||||
Net tangible assets acquired | 92.3 | |||||
Goodwill | $ 392.9 | |||||
|
Business Combinations (Schedule Of Intangible Assets) (Detail) - USD ($) $ in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
|||
---|---|---|---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Gross Carrying Amount | $ 2,095.3 | $ 1,555.3 | |||
Intangible Assets, Accumulated Amortization | (1,315.3) | (1,190.5) | |||
Total | 780.0 | 364.8 | [1] | ||
Developed Product Technology [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Gross Carrying Amount | 1,218.8 | 915.3 | |||
Intangible Assets, Accumulated Amortization | (806.8) | (729.9) | |||
Total | 412.0 | 185.4 | |||
Trade Names And Trademarks [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Gross Carrying Amount | 73.0 | 58.7 | |||
Intangible Assets, Accumulated Amortization | (52.2) | (48.6) | |||
Total | 20.8 | 10.1 | |||
Customer Relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Gross Carrying Amount | 717.2 | 512.1 | |||
Intangible Assets, Accumulated Amortization | (393.1) | (351.3) | |||
Total | 324.1 | 160.8 | |||
Distribution Rights And Other Intellectual Property [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Gross Carrying Amount | 86.3 | 69.2 | |||
Intangible Assets, Accumulated Amortization | (63.2) | (60.7) | |||
Total | $ 23.1 | $ 8.5 | |||
|
Business Combinations (Schedule Of Estimated Future Amortization Expense) (Detail) - USD ($) $ in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
[1] | ||
---|---|---|---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
2018 (Remaining) | $ 46.0 | ||||
2019 | 166.8 | ||||
2020 | 138.2 | ||||
2021 | 116.6 | ||||
2022 | 98.4 | ||||
Thereafter | 214.0 | ||||
Total | $ 780.0 | $ 364.8 | |||
|
Business Combinations (Changes In Carrying Amount Of Goodwill By Operating Segment) (Detail) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 28, 2018
USD ($)
| ||||||
Goodwill [Line Items] | ||||||
Balance as of fiscal year 2017 | $ 2,287.1 | [1] | ||||
Additions due to acquisitions | 1,280.5 | |||||
Purchase price adjustments- prior years' acquisitions | (1.1) | |||||
Foreign currency translation adjustments | (16.1) | |||||
Divestiture (1) | (1.8) | [2] | ||||
Balance as of the end of the third quarter of fiscal 2018 | 3,548.6 | |||||
Buildings and Infrastructure [Member] | ||||||
Goodwill [Line Items] | ||||||
Balance as of fiscal year 2017 | 706.8 | |||||
Additions due to acquisitions | 1,280.5 | |||||
Purchase price adjustments- prior years' acquisitions | 0.0 | |||||
Foreign currency translation adjustments | (4.2) | |||||
Divestiture (1) | 0.0 | [2] | ||||
Balance as of the end of the third quarter of fiscal 2018 | 1,983.1 | |||||
Geospatial [Member] | ||||||
Goodwill [Line Items] | ||||||
Balance as of fiscal year 2017 | 415.3 | |||||
Purchase price adjustments- prior years' acquisitions | 0.0 | |||||
Foreign currency translation adjustments | (5.4) | |||||
Divestiture (1) | (1.8) | [2] | ||||
Balance as of the end of the third quarter of fiscal 2018 | 408.1 | |||||
Resources and Utilities [Member] | ||||||
Goodwill [Line Items] | ||||||
Balance as of fiscal year 2017 | 314.5 | |||||
Purchase price adjustments- prior years' acquisitions | (0.4) | |||||
Foreign currency translation adjustments | (4.1) | |||||
Divestiture (1) | 0.0 | [2] | ||||
Balance as of the end of the third quarter of fiscal 2018 | 310.0 | |||||
Transportation [Member] | ||||||
Goodwill [Line Items] | ||||||
Balance as of fiscal year 2017 | 850.5 | |||||
Purchase price adjustments- prior years' acquisitions | (0.7) | |||||
Foreign currency translation adjustments | (2.4) | |||||
Divestiture (1) | 0.0 | [2] | ||||
Balance as of the end of the third quarter of fiscal 2018 | $ 847.4 | |||||
|
Business Combinations (Allocation of Assets and Liabilitiies) (Details) - USD ($) $ in Millions |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jul. 02, 2018 |
Feb. 02, 2018 |
Sep. 28, 2018 |
Dec. 29, 2017 |
[1] | |||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 3,548.6 | $ 2,287.1 | |||||
eBuilder [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase Consideration | $ 485.2 | 485.2 | |||||
Intangible Assets Acquired | 109.4 | ||||||
Deferred Tax Liability | (18.4) | ||||||
Less fair value of all assets/liabilities acquired | 92.3 | ||||||
Goodwill | 392.9 | ||||||
Cash and cash equivalents | 2.5 | ||||||
Accounts receivable, net | 14.4 | ||||||
Other receivables | 43.3 | ||||||
Other current assets | 0.7 | ||||||
Other non-current assets | 0.2 | ||||||
Accounts payable | (8.4) | ||||||
Deferred revenue | (11.8) | ||||||
Other current liabilities | (39.6) | ||||||
Net tangible assets acquired | 1.3 | ||||||
Waterfall Holdings [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase Consideration | $ 1,211.2 | $ 1,211.2 | |||||
Intangible Assets Acquired | 406.6 | ||||||
Research and Development in Process | 12.8 | ||||||
Deferred Tax Liability | (58.2) | ||||||
Less fair value of all assets/liabilities acquired | 351.9 | ||||||
Goodwill | 859.3 | ||||||
Cash and cash equivalents | 9.1 | ||||||
Accounts receivable, net | 19.8 | ||||||
Other receivables | 1.7 | ||||||
Other current assets | 9.6 | ||||||
Property and equipment, net | 7.6 | ||||||
Other non-current assets | 3.2 | ||||||
Accounts payable | (1.3) | ||||||
Accrued compensation and benefits | (8.7) | ||||||
Deferred revenue | (23.9) | ||||||
Other current liabilities | (11.4) | ||||||
Other non-current liabilities | (2.2) | ||||||
Net tangible assets acquired | 3.5 | ||||||
Developed Product Technology [Member] | eBuilder [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible Assets Acquired | $ 60.5 | ||||||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 7 years | ||||||
Developed Product Technology [Member] | Waterfall Holdings [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible Assets Acquired | $ 222.0 | ||||||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 6 years | ||||||
Order or Production Backlog [Member] | eBuilder [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible Assets Acquired | $ 1.7 | ||||||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 6 months | ||||||
Customer Relationships [Member] | eBuilder [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible Assets Acquired | $ 42.4 | ||||||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 10 years | ||||||
Customer Relationships [Member] | Waterfall Holdings [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible Assets Acquired | $ 158.6 | ||||||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 10 years | ||||||
Trade Names [Member] | eBuilder [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible Assets Acquired | $ 4.8 | ||||||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 7 years | ||||||
Trade Names [Member] | Waterfall Holdings [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible Assets Acquired | $ 8.9 | ||||||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 5 years | ||||||
Off-Market Favorable Lease [Member] | Waterfall Holdings [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Intangible Assets Acquired | $ 4.3 | ||||||
Minimum | Off-Market Favorable Lease [Member] | Waterfall Holdings [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 4 years | ||||||
Maximum | Off-Market Favorable Lease [Member] | Waterfall Holdings [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Estimated Useful Life | 9 years | ||||||
|
Business Combination - Proforma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
Sep. 28, 2018 |
Sep. 29, 2017 |
|
Business Combinations [Abstract] | ||||
Revenue | $ 795.2 | $ 728.3 | $ 2,420.0 | $ 2,091.9 |
Net income attributable to Trimble Inc. | $ 81.9 | $ 42.2 | $ 189.5 | $ 108.6 |
Basic earnings per share | $ 0.33 | $ 0.17 | $ 0.76 | $ 0.43 |
Diluted earnings per share | $ 0.32 | $ 0.16 | $ 0.75 | $ 0.42 |
Components Of Net Inventories (Detail) - USD ($) $ in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
[1] | ||||
---|---|---|---|---|---|---|---|
Inventory, Net [Abstract] | |||||||
Raw materials | $ 93.3 | $ 85.2 | |||||
Work-in-process | 13.2 | 12.4 | |||||
Finished goods | 179.8 | 167.0 | |||||
Total inventories | $ 286.3 | $ 264.6 | [2] | ||||
|
Inventories Components (Narrative) (Detail) - USD ($) $ in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Deferred costs of revenue included in finished goods | $ 7.6 | $ 8.7 |
Segment Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
Sep. 28, 2018 |
Sep. 29, 2017 |
|||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | $ 795.2 | $ 676.2 | [1] | $ 2,322.9 | $ 1,946.7 | [1] | ||||||||||
Acquired deferred revenue adjustment | 9.5 | 0.7 | [2] | 16.2 | 1.5 | [2] | ||||||||||
Amortization of acquired capitalized commissions | (1.8) | (0.2) | [2] | (2.9) | (0.9) | [2] | ||||||||||
Consolidated segment operating income | 77.4 | 66.3 | [2],[3] | 231.1 | 180.0 | [2],[3] | ||||||||||
Depreciation expense | 26.2 | 26.4 | [4] | |||||||||||||
Segment Reconciling Items [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Consolidated segment operating income | 183.6 | 148.9 | 528.9 | 412.6 | ||||||||||||
Operating Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 804.7 | 676.9 | [5] | 2,339.1 | 1,948.2 | [5] | ||||||||||
Consolidated segment operating income | 191.3 | 149.4 | [2] | 542.2 | 413.2 | [2] | ||||||||||
Depreciation expense | 5.5 | 5.1 | 15.5 | 15.2 | ||||||||||||
Buildings and Infrastructure [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 286.6 | 217.9 | [1] | 785.6 | 625.0 | [1] | ||||||||||
Acquired deferred revenue adjustment | 9.2 | 0.1 | 15.1 | 0.4 | ||||||||||||
Amortization of acquired capitalized commissions | (1.8) | (0.2) | (2.7) | (0.7) | ||||||||||||
Buildings and Infrastructure [Member] | Segment Reconciling Items [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Consolidated segment operating income | 60.9 | 55.1 | [1] | 171.8 | 134.6 | [1] | ||||||||||
Buildings and Infrastructure [Member] | Operating Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 295.8 | 218.0 | [5] | 800.7 | 625.4 | [5] | ||||||||||
Consolidated segment operating income | 68.3 | 55.0 | 184.2 | 134.3 | ||||||||||||
Depreciation expense | 1.8 | 1.4 | 4.6 | 4.7 | ||||||||||||
Geospatial [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 185.4 | 169.4 | [1] | 544.3 | 483.6 | [1] | ||||||||||
Acquired deferred revenue adjustment | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Geospatial [Member] | Segment Reconciling Items [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Consolidated segment operating income | 47.4 | 36.3 | [1] | 126.3 | 94.0 | [1] | ||||||||||
Geospatial [Member] | Operating Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 185.4 | 169.4 | [5] | 544.3 | 483.6 | [5] | ||||||||||
Consolidated segment operating income | 47.4 | 36.3 | 126.3 | 94.0 | ||||||||||||
Depreciation expense | 1.5 | 1.5 | 4.4 | 4.3 | ||||||||||||
Resources and Utilities [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 133.0 | 117.2 | [1] | 437.2 | 349.0 | [1] | ||||||||||
Acquired deferred revenue adjustment | 0.2 | 0.4 | 0.8 | 0.6 | ||||||||||||
Amortization of acquired capitalized commissions | (0.2) | (0.1) | ||||||||||||||
Resources and Utilities [Member] | Segment Reconciling Items [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Consolidated segment operating income | 38.3 | 27.2 | [1] | 132.3 | 104.8 | [1] | ||||||||||
Resources and Utilities [Member] | Operating Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 133.2 | 117.6 | [5] | 438.0 | 349.6 | [5] | ||||||||||
Consolidated segment operating income | 38.5 | 27.6 | 132.9 | 105.3 | ||||||||||||
Depreciation expense | 1.1 | 0.9 | 3.1 | 2.1 | ||||||||||||
Transportation [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 190.2 | 171.7 | [1] | 555.8 | 489.1 | [1] | ||||||||||
Acquired deferred revenue adjustment | 0.1 | 0.2 | 0.3 | 0.5 | ||||||||||||
Amortization of acquired capitalized commissions | 0.0 | (0.1) | ||||||||||||||
Transportation [Member] | Segment Reconciling Items [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Consolidated segment operating income | 37.0 | 30.3 | [1] | 98.5 | 79.2 | [1] | ||||||||||
Transportation [Member] | Operating Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Revenues | 190.3 | 171.9 | [5] | 556.1 | 489.6 | [5] | ||||||||||
Consolidated segment operating income | 37.1 | 30.5 | 98.8 | 79.6 | ||||||||||||
Depreciation expense | $ 1.1 | $ 1.3 | $ 3.4 | $ 4.1 | ||||||||||||
|
Segment Information (Segment Select Balance Sheet) (Detail) - USD ($) $ in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
|||||
---|---|---|---|---|---|---|---|
Segment Reporting Information [Line Items] | |||||||
Accounts receivable, net | $ 476.0 | $ 427.7 | [1] | ||||
Inventory, Net | 286.3 | 264.6 | [1],[2] | ||||
Goodwill | 3,548.6 | 2,287.1 | [1] | ||||
Buildings and Infrastructure [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Accounts receivable, net | 165.1 | 120.1 | |||||
Inventory, Net | 66.5 | 62.1 | |||||
Goodwill | 1,983.1 | 706.8 | |||||
Geospatial [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Accounts receivable, net | 125.8 | 121.5 | |||||
Inventory, Net | 131.4 | 110.3 | |||||
Goodwill | 408.1 | 415.3 | |||||
Resources and Utilities [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Accounts receivable, net | 71.0 | 78.5 | |||||
Inventory, Net | 45.5 | 46.0 | |||||
Goodwill | 310.0 | 314.5 | |||||
Transportation [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Accounts receivable, net | 114.1 | 107.6 | |||||
Inventory, Net | 42.9 | 46.2 | |||||
Goodwill | $ 847.4 | $ 850.5 | |||||
|
Segment Information (Reconciliation Of Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
Sep. 28, 2018 |
Sep. 29, 2017 |
|||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Consolidated operating income | $ 77.4 | $ 66.3 | [1],[2] | $ 231.1 | $ 180.0 | [1],[2] | ||||||
Unallocated corporate expense | (349.5) | (284.9) | [1] | (1,014.7) | (838.1) | [1] | ||||||
Restructuring charges | (2.6) | (1.6) | [2] | (6.8) | (7.8) | [2] | ||||||
Acquired deferred revenue adjustment | (9.5) | (0.7) | [2] | (16.2) | (1.5) | [2] | ||||||
Amortization of purchased intangible assets | (49.8) | (40.0) | [2] | (132.9) | (109.1) | [2],[3] | ||||||
Stock-based compensation | (18.8) | (16.1) | [2] | (53.1) | (45.0) | [2],[3] | ||||||
Amortization of acquired capitalized commissions | 1.8 | 0.2 | [2] | 2.9 | 0.9 | [2] | ||||||
Amortization of acquisition-related inventory step-up | 0.0 | (2.2) | [2] | 0.0 | (2.8) | [2] | ||||||
Acquisition / divestiture items | (10.7) | 0.3 | [2] | (34.8) | (6.1) | [2] | ||||||
Non-operating income (expense), net: | (13.3) | 5.6 | [1],[2] | (21.1) | 19.6 | [1],[2] | ||||||
Consolidated income before taxes | 64.1 | 71.9 | [1],[2] | 210.0 | 199.6 | [1],[2] | ||||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Consolidated operating income | 191.3 | 149.4 | [2] | 542.2 | 413.2 | [2] | ||||||
Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Unallocated corporate expense | $ (24.3) | $ (23.0) | [2] | $ (70.2) | $ (61.8) | [2] | ||||||
|
Segment Information - Segment Revenue by Geographic Areas (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
Sep. 28, 2018 |
Sep. 29, 2017 |
|||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | $ 795.2 | $ 676.2 | [1] | $ 2,322.9 | $ 1,946.7 | [1] | ||||
Buildings and Infrastructure [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 286.6 | 217.9 | [1] | 785.6 | 625.0 | [1] | ||||
Geospatial [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 185.4 | 169.4 | [1] | 544.3 | 483.6 | [1] | ||||
Resources and Utilities [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 133.0 | 117.2 | [1] | 437.2 | 349.0 | [1] | ||||
Transportation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 190.2 | 171.7 | [1] | 555.8 | 489.1 | [1] | ||||
Operating Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 804.7 | 676.9 | [2] | 2,339.1 | 1,948.2 | [2] | ||||
Operating Segments [Member] | North America [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 451.4 | 366.5 | [2] | 1,251.5 | 1,052.8 | [2] | ||||
Operating Segments [Member] | Europe [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 203.5 | 168.1 | [2] | 653.5 | 495.8 | [2] | ||||
Operating Segments [Member] | Asia Pacific [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 110.8 | 99.2 | [2] | 312.7 | 273.8 | [2] | ||||
Operating Segments [Member] | Rest of World [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 39.0 | 43.1 | [2] | 121.4 | 125.8 | [2] | ||||
Operating Segments [Member] | Buildings and Infrastructure [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 295.8 | 218.0 | [2] | 800.7 | 625.4 | [2] | ||||
Operating Segments [Member] | Buildings and Infrastructure [Member] | North America [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 167.8 | 111.9 | [2] | 433.2 | 326.8 | [2] | ||||
Operating Segments [Member] | Buildings and Infrastructure [Member] | Europe [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 77.7 | 60.1 | [2] | 236.9 | 180.3 | [2] | ||||
Operating Segments [Member] | Buildings and Infrastructure [Member] | Asia Pacific [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 45.0 | 37.1 | [2] | 111.6 | 91.9 | [2] | ||||
Operating Segments [Member] | Buildings and Infrastructure [Member] | Rest of World [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 5.3 | 8.9 | [2] | 19.0 | 26.4 | [2] | ||||
Operating Segments [Member] | Geospatial [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 185.4 | 169.4 | [2] | 544.3 | 483.6 | [2] | ||||
Operating Segments [Member] | Geospatial [Member] | North America [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 83.4 | 74.9 | [2] | 223.0 | 194.3 | [2] | ||||
Operating Segments [Member] | Geospatial [Member] | Europe [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 48.8 | 44.1 | [2] | 154.6 | 131.5 | [2] | ||||
Operating Segments [Member] | Geospatial [Member] | Asia Pacific [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 42.2 | 39.4 | [2] | 130.4 | 119.4 | [2] | ||||
Operating Segments [Member] | Geospatial [Member] | Rest of World [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 11.0 | 11.0 | [2] | 36.3 | 38.4 | [2] | ||||
Operating Segments [Member] | Resources and Utilities [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 133.2 | 117.6 | [2] | 438.0 | 349.6 | [2] | ||||
Operating Segments [Member] | Resources and Utilities [Member] | North America [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 43.5 | 37.4 | [2] | 140.3 | 125.1 | [2] | ||||
Operating Segments [Member] | Resources and Utilities [Member] | Europe [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 55.3 | 45.4 | [2] | 197.6 | 131.9 | [2] | ||||
Operating Segments [Member] | Resources and Utilities [Member] | Asia Pacific [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 12.1 | 13.4 | [2] | 35.7 | 35.7 | [2] | ||||
Operating Segments [Member] | Resources and Utilities [Member] | Rest of World [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 22.3 | 21.4 | [2] | 64.4 | 56.9 | [2] | ||||
Operating Segments [Member] | Transportation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 190.3 | 171.9 | [2] | 556.1 | 489.6 | [2] | ||||
Operating Segments [Member] | Transportation [Member] | North America [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 156.7 | 142.3 | [2] | 455.0 | 406.6 | [2] | ||||
Operating Segments [Member] | Transportation [Member] | Europe [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 21.7 | 18.5 | [2] | 64.4 | 52.1 | [2] | ||||
Operating Segments [Member] | Transportation [Member] | Asia Pacific [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 11.5 | 9.3 | [2] | 35.0 | 26.8 | [2] | ||||
Operating Segments [Member] | Transportation [Member] | Rest of World [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | $ 0.4 | $ 1.8 | [2] | $ 1.7 | $ 4.1 | [2] | ||||
|
Debt (Schedule Of Debt) (Detail) - USD ($) $ in Millions |
Sep. 28, 2018 |
Jun. 29, 2018 |
Dec. 29, 2017 |
Nov. 24, 2014 |
|||
---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||
Total debt | $ 2,012.7 | $ 913.9 | |||||
Unamortized discount and issuance costs | (14.2) | (4.3) | |||||
Less: Short-term debt | 226.1 | 128.4 | [1] | ||||
Long-term debt | 1,786.6 | 785.5 | [1] | ||||
Uncommitted Facilities, floating rate | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 225.8 | 128.0 | |||||
Promissory Notes And Other Debt | |||||||
Debt Instrument [Line Items] | |||||||
Promissory Notes and Other Debt, Current and Noncurrent | 1.1 | 1.2 | |||||
2023 Senior Notes, 4.15%, due June 2023 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.15% | ||||||
Debt Instrument, Principal | 300.0 | $ 300.0 | 0.0 | ||||
Total debt | 300.0 | 0.0 | |||||
2028 Senior Notes, 4.9%, due June 2028 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.90% | ||||||
Debt Instrument, Principal | 600.0 | $ 600.0 | 0.0 | ||||
Total debt | $ 600.0 | 0.0 | |||||
2024 Senior Notes, 4.75%, due December 2024 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | 4.75% | |||||
Debt Instrument, Principal | $ 400.0 | 400.0 | $ 400.0 | ||||
Total debt | 400.0 | 400.0 | |||||
2014 Credit Facility, floating rate, retired | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 0.0 | 389.0 | |||||
Revolving Credit Facility, due May 2023 | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 0.0 | 0.0 | |||||
Term Loan [Member] | Term Loan, due May 2021 | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $ 500.0 | $ 0.0 | |||||
|
Debt (Schedule of Debt Maturities) (Details) $ in Millions |
Sep. 28, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2018 (Remaining) | $ 0.3 |
2019 | 226.2 |
2020 | 0.3 |
2021 | 500.1 |
2022 | 0.0 |
Thereafter | 1,300.0 |
Total | $ 2,026.9 |
Debt (Narrative) (Detail) € in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2018
USD ($)
|
Feb. 02, 2018
USD ($)
|
May 31, 2018 |
Sep. 28, 2018
USD ($)
loan
|
Sep. 28, 2018
USD ($)
loan
|
Sep. 28, 2018
EUR (€)
loan
|
Jun. 29, 2018
USD ($)
|
May 15, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
|
Nov. 24, 2014
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||
Debt, Notes, Credit Facilities | $ 2,012.7 | $ 2,012.7 | $ 913.9 | |||||||
Uncommitted Facilities, floating rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, Notes, Credit Facilities | 225.8 | 225.8 | 128.0 | |||||||
Senior Notes | 2023 Senior Notes, 4.15%, due June 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Principal | 300.0 | $ 300.0 | $ 300.0 | 0.0 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.15% | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 99.964% | |||||||||
Debt Issuance Costs, Gross | 0.9 | $ 0.9 | ||||||||
Debt, Notes, Credit Facilities | 300.0 | 300.0 | 0.0 | |||||||
Senior Notes | 2028 Senior Notes, 4.9%, due June 2028 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Principal | 600.0 | $ 600.0 | $ 600.0 | 0.0 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.90% | |||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 99.867% | |||||||||
Debt Issuance Costs, Gross | 1.8 | $ 1.8 | ||||||||
Debt, Notes, Credit Facilities | 600.0 | 600.0 | 0.0 | |||||||
Senior Notes | 2024 Senior Notes, 4.75%, due December 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Principal | $ 400.0 | $ 400.0 | 400.0 | $ 400.0 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | 4.75% | 4.75% | 4.75% | ||||||
Debt Issuance Costs, Gross | $ 3.0 | $ 3.0 | ||||||||
Debt, Notes, Credit Facilities | 400.0 | 400.0 | 400.0 | |||||||
Revolving Credit Facility | 2014 Credit Facility, floating rate, retired | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, Notes, Credit Facilities | $ 0.0 | 0.0 | 389.0 | |||||||
Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Covenant Ratio - Minimum Interest Coverage | 3.50 | |||||||||
Revolving Credit Facility | Revolving Credit Facility, due May 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, Notes, Credit Facilities | $ 0.0 | 0.0 | 0.0 | |||||||
Promissory Notes And Other Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Promissory Notes and Other Debt, Current and Noncurrent | 1.1 | 1.1 | 1.2 | |||||||
Promissory Notes And Other Notes, Noncurrent | 0.8 | |||||||||
Term Loan [Member] | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, Notes, Credit Facilities | 500.0 | 500.0 | ||||||||
Revolving Credit Facility | Uncommitted Facilities, floating rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75.0 | $ 75.0 | ||||||||
Number Of Revolving Loan Facilities | loan | 2 | 2 | 2 | |||||||
Short-term Debt | $ 225.8 | $ 225.8 | $ 128.0 | |||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.80% | 1.80% | 1.80% | 2.24% | ||||||
Revolving Credit Facility | Euro Uncommitted Facilities Three [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | € | € 100.0 | |||||||||
Revolving Credit Facility | Uncommitted Facility Two [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75.0 | $ 75.0 | ||||||||
2018 Credit Facility Maximum Leverage Ratio Permitted At End Of Third Quarter Fiscal 2018 [Member] | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Covenant Ratio - Maximum Leverage | 3.50 | 3.50 | 3.50 | |||||||
2018 Credit Facility Maximum Leverage Ratio Permitted At End Of Three Fiscal Quarters Immediately Following Third Quarter Fiscal 2018 [Member] | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Covenant Ratio - Maximum Leverage | 4.25 | 4.25 | 4.25 | |||||||
2018 Credit Facility Maximum Leverage Ratio Permitted At End Of Next Two Fiscal Quarters Immediately Following Third Quarter Fiscal 2018 [Member] | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Covenant Ratio - Maximum Leverage | 3.75 | 3.75 | 3.75 | |||||||
2018 Credit Facility Leverage Ratio Permitted End Fiscal Quarter Material Acquisition Occurred And Each of Three Immediately Following Fiscal Quarters [Member] | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Covenant Ratio - Maximum Leverage | 3.75 | 3.75 | 3.75 | |||||||
eBuilder [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Purchase Consideration | $ 485.2 | $ 485.2 | ||||||||
Waterfall Holdings [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Purchase Consideration | $ 1,211.2 | 1,211.2 | ||||||||
Waterfall Holdings [Member] | Unsecured Bridge Term Loan [Member] | Bridge Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Periodic Payment, Interest | 5.8 | |||||||||
Material Acquisition [Member] | 2018 Credit Facility Leverage Ratio Permitted End Fiscal Quarter Material Acquisition Occurred And Each of Three Immediately Following Fiscal Quarters [Member] | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Purchase Consideration | $ 100.0 | |||||||||
JPMorgan Chase Bank, N.A. [Member] | Unsecured Debt [Member] | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Issuance Costs, Gross | $ 4.9 | $ 4.9 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,750.0 | |||||||||
JPMorgan Chase Bank, N.A. [Member] | Revolving Credit Facility | Unsecured Debt [Member] | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Term | 5 years | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 1,250.0 | |||||||||
JPMorgan Chase Bank, N.A. [Member] | Delayed Draw Term Loan [Member] | Unsecured Debt [Member] | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Term | 3 years | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 500.0 | |||||||||
JPMorgan Chase Bank, N.A. [Member] | Additional Loan Facility [Member] | Unsecured Debt [Member] | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 500.0 | |||||||||
Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||
Credit facility, Variable Rate Basis Plus Percentage | 1.00% | |||||||||
Reserve Adjusted One Month LIBOR [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Period, Variable Rate | 1 month | |||||||||
Reserve Adjusted One Month LIBOR [Member] | Revolving Credit Facility | Minimum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||||||
Reserve Adjusted One Month LIBOR [Member] | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |||||||||
Adjustment LIBOR Rate One, Two, Three Or Six Month Interest Periods [Member] | Revolving Credit Facility | Minimum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Adjustment LIBOR Rate One, Two, Three Or Six Month Interest Periods [Member] | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||||||||
Adjusted LIBOR Rate One Month Interest Period [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Period, Variable Rate | 1 month | |||||||||
Adjusted LIBOR Rate Two Month Interest Period [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Period, Variable Rate | 2 months | |||||||||
Adjusted LIBOR Rate Three Month Interest Period [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Period, Variable Rate | 3 months | |||||||||
Adjusted LIBOR Rate Six Month Interest Period [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Period, Variable Rate | 6 months | |||||||||
Adjusted EURIBOR Rate, One, Two, Three Or Six Months Interest Periods [Member] | Revolving Credit Facility | Minimum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Adjusted EURIBOR Rate, One, Two, Three Or Six Months Interest Periods [Member] | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||||||||
Adjusted EURIBOR Rate One Month Interest Period [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Period, Variable Rate | 1 month | |||||||||
Adjusted EURIBOR Rate Two Month Interest Period [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Period, Variable Rate | 2 months | |||||||||
Adjusted EURIBOR Rate Three Month Interest Period [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Period, Variable Rate | 3 months | |||||||||
Adjusted EURIBOR Rate Six Month Interest Period [Member] | Revolving Credit Facility | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity Period, Variable Rate | 6 months | |||||||||
EURIBOR Rate | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Payable Periods On Borrowings | 3 months | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility | Maximum | 2018 Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Payable Periods On Borrowings | 3 months |
Cash Equivalents and Investments (Available for sales securities) (Details) - USD ($) $ in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
||||||
---|---|---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities, Fair Value | $ 0.0 | $ 205.7 | ||||||
Cash Equivalents | 26.8 | |||||||
Short-term investments | 0.0 | 178.9 | [1] | |||||
Total available-for-sale securities | 205.7 | |||||||
US Treasury Securities | ||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities, Fair Value | [2] | 0.0 | 9.6 | |||||
Corporate Debt Securities | ||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities, Fair Value | [2] | 0.0 | 96.0 | |||||
Commercial Paper | ||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Available-for-sale Securities, Debt Securities, Fair Value | [2] | $ 0.0 | $ 100.1 | |||||
|
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail) - USD ($) $ in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities, Debt Securities, Fair Value | $ 0.0 | $ 205.7 | |||||||||
Contingent Consideration, Liabilities | [1] | 4.8 | 14.2 | ||||||||
Other Current and Non Current Liabilities [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 52.6 | ||||||||||
Deferred Compensation Plan Assets [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Assets, Fair Value Disclosure | [2] | 32.8 | 27.1 | ||||||||
Derivative Financial Instruments, Assets [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | [3] | 0.1 | 0.5 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Deferred Compensation Plan Assets [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Assets, Fair Value Disclosure | [2] | 32.8 | 27.1 | ||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities, Debt Securities, Fair Value | 0.0 | 205.7 | |||||||||
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | [3] | 0.1 | 0.5 | ||||||||
Fair Value Inputs, Level III [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Contingent Consideration, Liabilities | [1] | 4.8 | 14.2 | ||||||||
Deferred Compensation Plan Liabilities [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Liabilities Fair Value Disclosure | [2] | 32.8 | 27.1 | ||||||||
Deferred Compensation Plan Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Liabilities Fair Value Disclosure | [2] | 32.8 | 27.1 | ||||||||
Derivative Liabilities [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [3] | 0.5 | 0.1 | ||||||||
Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [3] | 0.5 | 0.1 | ||||||||
US Treasury Securities | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0.0 | 9.6 | ||||||||
US Treasury Securities | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0.0 | 9.6 | ||||||||
Corporate Debt Securities | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0.0 | 96.0 | ||||||||
Corporate Debt Securities | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0.0 | 96.0 | ||||||||
Commercial Paper | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0.0 | 100.1 | ||||||||
Commercial Paper | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities, Debt Securities, Fair Value | [4] | 0.0 | 100.1 | ||||||||
Fair Value, Measurements, Recurring [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Assets, Fair Value Disclosure | 32.9 | 233.3 | |||||||||
Liabilities Fair Value Disclosure | 38.1 | 41.4 | |||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Assets, Fair Value Disclosure | 32.8 | 27.1 | |||||||||
Liabilities Fair Value Disclosure | 32.8 | 27.1 | |||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Assets, Fair Value Disclosure | 0.1 | 206.2 | |||||||||
Liabilities Fair Value Disclosure | 0.5 | 0.1 | |||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs, Level III [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Assets, Fair Value Disclosure | 0.0 | 0.0 | |||||||||
Liabilities Fair Value Disclosure | $ 4.8 | $ 14.2 | |||||||||
|
Fair Value Measurements (Additional Fair Value Information Relating To Company's Financial Instruments Outstanding) (Detail) - USD ($) $ in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, Notes, Credit Facilities | $ 2,012.7 | $ 913.9 |
Uncommitted Facilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, Notes, Credit Facilities | 225.8 | 128.0 |
Long-term Debt, Fair Value | 225.8 | 128.0 |
Promissory Notes And Other Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Note Payable Fair Value | 1.1 | 1.2 |
Promissory Notes and Other Debt, Current and Noncurrent | 1.1 | 1.2 |
2023 Senior Notes | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, Notes, Credit Facilities | 300.0 | 0.0 |
Note Payable Fair Value | 299.6 | 0.0 |
2024 Senior Notes | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, Notes, Credit Facilities | 400.0 | 400.0 |
Note Payable Fair Value | 404.4 | 430.4 |
2028 Senior Notes | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, Notes, Credit Facilities | 600.0 | 0.0 |
Note Payable Fair Value | 605.0 | 0.0 |
2014 Credit Facility, retired | Revolving Credit Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, Notes, Credit Facilities | 0.0 | 389.0 |
Line of Credit Facility, Fair Value of Amount Outstanding | 0.0 | $ 389.0 |
2018 Credit Facility | Term Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, Notes, Credit Facilities | 500.0 | |
Long-term Debt, Fair Value | $ 500.0 |
Deferred Costs To Obtain Customer Contracts Narratives (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
Sep. 28, 2018 |
Sep. 29, 2017 |
Dec. 29, 2017 |
|
Deferred Commission [Member] | |||||
Capitalized Contract Cost [Line Items] | |||||
Capitalized Contract Cost, Impairment Loss | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | |
Other Noncurrent Assets [Member] | |||||
Capitalized Contract Cost [Line Items] | |||||
Capitalized Contract Cost, Net | 37.2 | 37.2 | $ 35.0 | ||
Sales And Marketing Expense [Member] | |||||
Capitalized Contract Cost [Line Items] | |||||
Capitalized Contract Cost, Amortization | $ 6.2 | $ 5.3 | $ 17.2 | $ 15.2 |
Product Warranties (Narrative) (Detail) |
9 Months Ended |
---|---|
Sep. 28, 2018 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Warranty Period On Products Sold | 1 year |
Maximum | |
Product Warranty Liability [Line Items] | |
Warranty Period On Products Sold | 2 years |
Product Warranties (Changes In Product Warranty Liability) (Detail) $ in Millions |
9 Months Ended |
---|---|
Sep. 28, 2018
USD ($)
| |
Movement in Standard Product Warranty Accrual [Roll Forward] | |
Balance as of fiscal year end 2017 | $ 18.3 |
Acquired warranties | 0.0 |
Accruals for warranties issued | 11.8 |
Changes in estimates | (0.9) |
Warranty settlements (in cash or in kind) | (12.8) |
Balance as of the end of the third quarter of fiscal 2018 | $ 16.4 |
Deferred Revenue And Performance Obligations - Roll Forward (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
[1] | Sep. 28, 2018 |
Sep. 29, 2017 |
[1] | |||
Revenue Recognition and Deferred Revenue [Abstract] | ||||||||
Beginning Balance of the period | $ 356.2 | $ 307.3 | $ 276.6 | $ 246.4 | ||||
Revenue recognized | (41.5) | (43.3) | (201.7) | (185.8) | ||||
Acquired deferred revenue | 26.6 | 1.5 | 50.3 | 6.1 | ||||
Net deferred revenue activity | 23.0 | 19.4 | 239.1 | 218.2 | ||||
Ending balance of the period | $ 364.3 | $ 284.9 | $ 364.3 | $ 284.9 | ||||
|
Deferred Revenue And Performance Obligations Narratives (Details) $ in Billions |
Sep. 28, 2018
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1.0 |
Revenue Recognition Over Remaining Obligations Over Next 12 Months [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 73.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue Recognition Over Remaining Obligations Over Next 24 Months [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 16.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 24 months |
Earnings Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 28, 2018 |
Sep. 29, 2017 |
[1] | Sep. 28, 2018 |
Sep. 29, 2017 |
[1] | |||
Earnings Per Share Reconciliation [Abstract] | ||||||||
Net income attributable to Trimble Inc. | $ 73.7 | $ 57.2 | $ 196.3 | $ 154.3 | ||||
Weighted average number of common shares used in basic earnings per share | 250.5 | 252.6 | 249.6 | 252.5 | ||||
Effect of dilutive securities | 3.1 | 5.3 | 3.4 | 4.5 | ||||
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share | 253.6 | 257.9 | 253.0 | 257.0 | ||||
Basic earnings per share | $ 0.29 | $ 0.23 | $ 0.79 | $ 0.61 | ||||
Diluted earnings per share | $ 0.29 | $ 0.22 | $ 0.78 | $ 0.60 | ||||
|
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Mar. 30, 2018 |
Sep. 28, 2018 |
Sep. 29, 2017 |
Apr. 03, 2015 |
Sep. 28, 2018 |
Sep. 29, 2017 |
Dec. 29, 2017 |
Mar. 07, 2018 |
Jan. 31, 2018 |
|
Income Tax Contingency [Line Items] | |||||||||
Effective income tax rate | (15.00%) | 20.00% | 6.00% | 23.00% | |||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Domestic, Percent | (22.00%) | (7.00%) | |||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Percent | (9.00%) | (3.00%) | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (8.00%) | (8.00%) | |||||||
Effective Income Tax Rate Reconciliation, Foreign Sourced Earnings, Provisional GILTI Tax, Percent | 4.00% | 3.00% | |||||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent | (2.00%) | ||||||||
Statutory federal income tax rate | 21.00% | 35.00% | |||||||
Unrecognized tax benefits that would impact effective tax rate | $ 62.9 | $ 62.9 | $ 68.5 | ||||||
Unrecognized tax benefit liabilities include interest and penalties | 12.0 | 12.0 | $ 12.7 | ||||||
Tax Year 2010 and 2011 [Member] | Internal Revenue Service (IRS) [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Proposed Adjustments on Income Tax Assessments | $ 67.0 | ||||||||
Loss Contingency Accrual | $ 15.8 | ||||||||
Loss Contingency Accrual, Payments | $ 8.6 | ||||||||
Income Tax Examination, Penalties and Interest Accrued | $ 51.2 | ||||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 7.0 | $ 7.0 |
Commitment and Contingencies (Leases and Other Commitments) (Details) $ in Millions |
Sep. 28, 2018
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2018 (Remaining) | $ 11.1 |
2019 | 37.6 |
2020 | 30.7 |
2021 | 25.3 |
2022 | 20.6 |
Thereafter | 33.7 |
Total | $ 159.0 |
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions |
Sep. 28, 2018 |
Dec. 29, 2017 |
||
---|---|---|---|---|
Loss Contingencies [Line Items] | ||||
Unconditional purchase obligations | $ 226.4 | |||
Business Combination, Contingent Consideration, Liability | [1] | $ 4.8 | $ 14.2 | |
|
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