Assets Held For Sale

3 Months Ended

Mar. 29, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets Held For Sale

NOTE 4. ASSETS HELD FOR SALE

On September 28, 2023, we executed a Sale and Contribution Agreement with AGCO that provided for the formation of a joint venture, called PTx Trimble, that operates in the mixed fleet precision agriculture market. The agreement was amended and restated on March 31, 2024, and the transaction closed in the second quarter of 2024. Under the terms of the agreement, we contributed our Ag business, excluding certain GNSS and guidance technologies, to PTx Trimble, an LLC. Following the closing of the transaction, we own 15% and AGCO owns 85% of PTx Trimble. See Note 14. “Subsequent Events” of this report for more information.

In the first quarter of 2024, Ag was reported as a part of our Field Systems segment. Following the closing of this transaction, our 15% ownership interest in PTx Trimble will be reported as an equity method investment.

The assets and liabilities of Ag business that are subject to the transaction were classified as held for sale beginning in the third quarter of 2023. The following table presents the carrying values of the major classes of assets and liabilities classified as held for sale in our Condensed Consolidated Balance Sheets:

	As of
	First Quarter of 2024		Year End 2023
(In millions)
Cash and cash equivalents	$	6.5	$	9.1
Accounts receivable, net	12.3		12.1
Inventories, net	73.9		84.2
Other current assets	5.2		3.4
Property and equipment, net	20.7		20.7
Other purchased intangible assets, net	19.8		20.3
Goodwill	364.8		268.1
Other non-current assets	2.6		3.3
Total Assets Held for Sale	$	505.8	$	421.2
Accounts payable	$	2.1	$	1.8
Deferred revenue, current	13.5		14.3
Other current liabilities	12.2		16.0
Deferred revenue, non-current	7.6		8.3
Other non-current liabilities	5.2		7.9
Total Liabilities Held for Sale	$	40.6	$	48.3