ACQUISITION (Tables)

9 Months Ended

Sep. 29, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the consideration transferred to acquire Transporeon and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed, as well as the estimated useful lives of the identifiable intangible assets as of the date of the acquisition. The allocation of the purchase price is still preliminary as we finalize deferred income taxes, certain tangible assets and liabilities acquired, and valuations of intangible assets. Preliminary estimates will be finalized within one year of the acquisition date.

	Fair Value as of the Acquisition Date		Estimated Useful Life
(In millions)
Total purchase consideration	$	2,082.6
Net tangible assets acquired:
Cash and cash equivalents	12.9
Accounts receivable, net	41.8
Other current assets	28.0
Non-current assets	24.7
Accounts payable	(4.1)
Accrued compensation and benefits	(9.7)
Deferred revenue	(16.5)
Other current liabilities	(47.2)
Non-current liabilities	(22.3)
Total net tangible assets acquired	7.6
Intangible assets acquired:
Customer relationships	759.5		11 years
Developed product technology	168.4		7 years
Trade name	11.9		1 year
Total intangible assets acquired	939.8
Deferred tax liability	(256.6)
Fair value of all assets/liabilities acquired	690.8
Goodwill	$	1,391.8

Schedule of Pro-Forma Financial Information

The following table presents the amounts of revenue and net loss included in the Condensed Consolidated Statements of Income resulting from Transporeon since the acquisition date, which includes the effects of purchase accounting, primarily amortization of intangible assets and other adjustments.

	Third Quarter of		First Three Quarters of
	2023		2023
(In millions)
Total revenue	$	41.0	$	81.5
Net loss	(12.4)		(27.0)

The pro forma financial information presented in the following table was computed by combining the historical financial information of Trimble and Transporeon along with the effects from business combination accounting and the associated debt resulting from this acquisition as if the companies were combined on January 1, 2022. This information is presented for informational purposes only, and is not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated as of that date. This information should not be used as a predictive measure of our future financial position, results of operations, or liquidity.

	Third Quarter of				First Three Quarters of
	2023		2022		2023		2022
(In millions)
Total revenue	$	957.3	$	922.7	$	2,906.8	$	2,936.3
Net income	74.9		56.7		210.0		252.2