Company Quick10K Filing
Trimble
Price38.63 EPS1
Shares253 P/E42
MCap9,789 P/FCF30
Net Debt1,566 EBIT270
TEV11,355 TEV/EBIT42
TTM 2019-09-27, in MM, except price, ratios
10-Q 2021-04-02 Filed 2021-05-07
10-K 2021-01-01 Filed 2021-02-26
10-Q 2020-10-02 Filed 2020-11-06
10-Q 2020-07-03 Filed 2020-08-10
10-Q 2020-04-03 Filed 2020-05-08
10-K 2020-01-03 Filed 2020-02-28
10-Q 2019-09-27 Filed 2019-11-04
10-Q 2019-06-28 Filed 2019-08-02
10-Q 2019-03-29 Filed 2019-05-07
10-K 2018-12-28 Filed 2019-02-22
10-Q 2018-09-28 Filed 2018-11-05
10-Q 2018-06-29 Filed 2018-08-03
10-Q 2018-03-30 Filed 2018-05-09
10-K 2017-12-29 Filed 2018-02-27
10-Q 2017-09-29 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-30 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-07-01 Filed 2016-08-10
10-Q 2016-04-01 Filed 2016-05-10
10-K 2016-01-01 Filed 2016-02-24
10-Q 2015-10-02 Filed 2015-11-10
10-Q 2015-07-03 Filed 2015-08-12
10-Q 2015-04-03 Filed 2015-05-12
10-K 2015-01-02 Filed 2015-02-25
10-Q 2014-10-03 Filed 2014-11-07
10-Q 2014-07-04 Filed 2014-08-08
10-Q 2014-04-04 Filed 2014-05-12
10-K 2014-01-03 Filed 2014-02-25
10-Q 2013-09-27 Filed 2013-11-05
10-Q 2013-06-28 Filed 2013-08-05
10-Q 2013-03-29 Filed 2013-05-02
10-K 2012-12-28 Filed 2013-02-25
10-Q 2012-09-28 Filed 2012-11-07
10-Q 2012-06-29 Filed 2012-08-07
10-Q 2012-03-30 Filed 2012-05-08
10-K 2011-12-30 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-07-01 Filed 2011-08-09
10-Q 2011-04-01 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-10-01 Filed 2010-11-09
10-Q 2010-07-02 Filed 2010-08-10
10-Q 2010-04-02 Filed 2010-05-07
10-K 2010-01-01 Filed 2010-02-26
8-K 2020-11-04
8-K 2020-10-16
8-K 2020-09-29
8-K 2020-08-05
8-K 2020-05-27
8-K 2020-05-06
8-K 2020-05-04
8-K 2020-02-12
8-K 2019-12-13
8-K 2019-11-18
8-K 2019-11-12
8-K 2019-10-30
8-K 2019-10-27
8-K 2019-07-31
8-K 2019-05-07
8-K 2019-05-01
8-K 2019-02-06
8-K 2018-11-01
8-K 2018-10-02
8-K 2018-08-01
8-K 2018-07-02
8-K 2018-06-15
8-K 2018-06-07
8-K 2018-06-04
8-K 2018-05-15
8-K 2018-05-07
8-K 2018-05-01
8-K 2018-04-30
8-K 2018-04-23
8-K 2018-02-08
8-K 2018-02-02
8-K 2018-02-01
8-K 2018-01-03

TRMB 10Q Quarterly Report

Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1. Overview and Accounting Policies
Note 2. Stockholders' Equity
Note 3. Business Combinations
Note 4. Inventories
Note 5. Segment Information
Note 6. Debt
Note 7. Fair Value Measurements
Note 8. Deferred Costs To Obtain Customer Contracts
Note 9. Product Warranties
Note 10. Deferred Revenue and Remaining Performance Obligations
Note 11. Earnings per Share
Note 12. Income Taxes
Note 13. Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 trmb-1stq2021xex311.htm
EX-31.2 trmb-1stq2021xex312.htm
EX-32.1 trmb-1stq2021xex321.htm
EX-32.2 trmb-1stq2021xex322.htm

Trimble Earnings 2021-04-02

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.90.70.50.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.80.4-0.0-0.5-0.9-1.32012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________ 
FORM 10-Q
___________________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED April 2, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM             TO             
Commission file number: 001-14845
trmb-20210402_g1.jpg
TRIMBLE INC.
(Exact name of registrant as specified in its charter)
___________________________________________________ 
Delaware 94-2802192
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
935 Stewart Drive, Sunnyvale, CA 94085
(Address of principal executive offices) (Zip Code)
Telephone Number (408481-8000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated FilerýAccelerated Filer
¨

Non-accelerated Filer
¨
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareTRMBNASDAQ Global Select Market
As of May 5, 2021, there were 250,965,073 shares of Common Stock, par value $0.001 per share, outstanding.


Table of Contents
TRIMBLE INC.
FORM 10-Q for the Quarter Ended April 2, 2021
TABLE OF CONTENTS
 
Page
PART I.
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
2

Table of Contents
PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TRIMBLE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
First Quarter ofFiscal Year End
As of20212020
(In millions, except par value)  
ASSETS
Current assets:
Cash and cash equivalents$264.6 $237.7 
Accounts receivable, net576.6 620.5 
Inventories298.7 301.7 
Other current assets120.1 121.5 
Total current assets1,260.0 1,281.4 
Property and equipment, net251.6 251.8 
Operating lease right-of-use assets121.1 128.9 
Goodwill3,848.0 3,876.5 
Other purchased intangible assets, net543.0 580.1 
Deferred income tax assets502.7 510.2 
Other non-current assets254.1 248.0 
Total assets$6,780.5 $6,876.9 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt$97.5 $255.8 
Accounts payable157.9 143.2 
Accrued compensation and benefits145.2 166.8 
Deferred revenue561.4 560.5 
Other current liabilities189.6 185.0 
Total current liabilities1,151.6 1,311.3 
Long-term debt1,291.9 1,291.4 
Deferred revenue, non-current57.5 53.3 
Deferred income tax liabilities292.2 300.3 
Income taxes payable61.8 62.2 
Operating lease liabilities101.9 109.2 
Other non-current liabilities150.0 150.6 
Total liabilities3,106.9 3,278.3 
Commitments and contingencies (Note 13)
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; 250.9 and 250.8 shares issued and outstanding at the end of the first quarter of 2021 and fiscal year end 2020, respectively
0.3 0.3 
Additional paid-in-capital1,841.5 1,801.7 
Retained earnings1,961.8 1,893.4 
Accumulated other comprehensive loss(130.0)(98.5)
Total Trimble Inc. stockholders' equity3,673.6 3,596.9 
Noncontrolling interests 1.7 
Total stockholders' equity3,673.6 3,598.6 
Total liabilities and stockholders' equity$6,780.5 $6,876.9 
See accompanying Notes to the Condensed Consolidated Financial Statements.
3

Table of Contents
TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
  First Quarter of
(In millions, except per share amounts) 20212020
Revenue:
Product$539.4 $463.8 
Service162.3 162.4 
Subscription184.8 166.1 
Total revenue886.5 792.3 
Cost of sales:
Product255.7 210.1 
Service59.6 63.6 
Subscription55.8 54.1 
Amortization of purchased intangible assets22.1 23.5 
Total cost of sales393.2 351.3 
Gross margin493.3 441.0 
Operating expense:
Research and development129.4 118.2 
Sales and marketing122.4 131.7 
General and administrative85.4 73.0 
Restructuring1.5 2.9 
Amortization of purchased intangible assets13.7 16.9 
Total operating expense352.4 342.7 
Operating income 140.9 98.3 
Non-operating expense, net:
Interest expense, net(16.9)(20.5)
Income from equity method investments, net11.8 9.4 
Other income (expense), net1.6 (7.8)
Total non-operating expense, net(3.5)(18.9)
Income before taxes137.4 79.4 
Income tax provision22.8 17.5 
Net income114.6 61.9 
Net income attributable to noncontrolling interests 0.1  
Net income attributable to Trimble Inc.$114.5 $61.9 
Earnings per share attributable to Trimble Inc.:
Basic$0.46 $0.25 
Diluted$0.45 $0.25 
Shares used in calculating earnings per share:
Basic251.1 249.9 
Diluted254.3 251.7 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 First Quarter of
 20212020
(In millions)  
Net income$114.6 $61.9 
Foreign currency translation adjustments, net of tax(31.5)(54.3)
Net unrealized gain, net of tax 0.2 
Comprehensive income83.1 7.8 
Comprehensive income attributable to noncontrolling interests0.1  
Comprehensive income attributable to Trimble Inc.$83.0 $7.8 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
 Common stockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interest
Total
 SharesAmountAdditional Paid-In Capital
(In millions)       
Balance at the end of fiscal 2020250.8 $0.3 $1,801.7 $1,893.4 $(98.5)$3,596.9 $1.7 $3,598.6 
Net income— — — 114.5 — 114.5 0.1 114.6 
Other comprehensive income— — — — (31.5)(31.5)— (31.5)
Comprehensive income83.0 83.1 
Issuance of common stock under employee plans, net of tax withholdings0.7 — 18.2 (10.2)— 8.0 — 8.0 
Stock repurchases(0.6)— (4.1)(35.9)— (40.0)— (40.0)
Stock-based compensation— — 25.1 — — 25.1 — 25.1 
Noncontrolling interest investment— — 0.6 — — 0.6 (1.8)(1.2)
Balance at the end of the first quarter of fiscal 2021250.9 $0.3 $1,841.5 $1,961.8 $(130.0)$3,673.6 $ $3,673.6 
 Common stockRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interest
Total
 SharesAmountAdditional Paid-In Capital
(In millions)       
Balance at the end of fiscal 2019249.9 $0.2 $1,692.8 $1,602.8 $(176.8)$3,119.0 $1.4 $3,120.4 
Net income— — — 61.9 — 61.9 — 61.9 
Other comprehensive income— — — — (54.1)(54.1)— (54.1)
Comprehensive income7.8 7.8 
Issuance of common stock under employee plans, net of tax withholdings1.0 — 20.4 (7.7)— 12.7 — 12.7 
Stock repurchases(1.2)— (8.4)(41.6)— (50.0)— (50.0)
Stock-based compensation— — 11.8 — — 11.8 — 11.8 
Noncontrolling interest investment— — — — — — (0.4)(0.4)
Balance at the end of the first quarter of fiscal 2020249.7 $0.2 $1,716.6 $1,615.4 $(230.9)$3,101.3 $1.0 $3,102.3 
See accompanying Notes to the Condensed Consolidated Financial Statements.

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TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 First Quarter of
(In millions)20212020
Cash flow from operating activities:
Net income$114.6 $61.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense10.3 9.8 
Amortization expense35.8 40.4 
Provision for credit losses(0.8)6.4 
Deferred income taxes0.4 4.8 
Stock-based compensation27.2 10.7 
Income from equity method investments, net of dividends(3.8)(5.6)
Other, net0.8 8.5 
(Increase) decrease in assets:
Accounts receivable, net40.0 47.9 
Inventories(0.9)(20.4)
Other current and non-current assets2.8 16.8 
Increase (decrease) in liabilities:
Accounts payable14.5 (12.8)
Accrued compensation and benefits(25.0)(12.6)
Deferred revenue9.2 15.6 
Other current and non-current liabilities3.1 (15.7)
Net cash provided by operating activities228.2 155.7 
Cash flow from investing activities:
Acquisitions of businesses, net of cash acquired(1.2)(198.0)
Purchases of property and equipment(10.6)(16.7)
Other, net2.6 0.3 
Net cash used in investing activities(9.2)(214.4)
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings8.0 12.7 
Repurchases of common stock(40.0)(50.0)
Proceeds from debt and revolving credit lines180.8 657.5 
Payments on debt and revolving credit lines(335.7)(520.2)
Other, net (0.4)
Net cash (used in) provided by financing activities(186.9)99.6 
Effect of exchange rate changes on cash and cash equivalents(5.2)(13.3)
Net increase in cash and cash equivalents26.9 27.6 
Cash and cash equivalents - beginning of period237.7 189.2 
Cash and cash equivalents - end of period$264.6 $216.8 
See accompanying Notes to the Condensed Consolidated Financial Statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED
NOTE 1. OVERVIEW AND ACCOUNTING POLICIES
Company and Background
Trimble Inc., (“we” or “our” or “us”) is incorporated in the State of Delaware since October 2016.
Basis of Presentation
We use a 52- to 53-week fiscal year ending on the Friday nearest to December 31. The first quarter of fiscal 2021 and 2020 ended on April 2, 2021 and April 3, 2020, respectively. Both fiscal 2021 and 2020 are 52-week years. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods.
The Condensed Consolidated Financial Statements include our results and our consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. Noncontrolling interests represent the noncontrolling stockholders’ proportionate share of the net assets and results of operations of our 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 our Form 10-K filed with the U.S. Securities and Exchange Commission on February 26, 2021 (the “2020 Form 10-K”).
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates. For a complete discussion of our estimates and assumptions, refer to Note 1 “Description of Business and Accounting Policies” of the 2020 Form 10-K.
Summary of Significant Accounting Policies
There have been no material changes to our significant accounting polices during the first quarter of 2021. For a complete discussion of our policies, refer to Note 1 “Description of Business and Accounting Policies” of the 2020 Form 10-K.
Recently Adopted Accounting Pronouncements
Income Taxes - Simplifying the Accounting for Income Taxes
In December 2019, the Financial Accounting Standards Board (FASB) issued amendments to the accounting for Income Taxes to reduce complexity by removing certain exceptions and implementing targeted simplifications. We adopted the new standard on a prospective basis at the beginning of fiscal year 2021. The adoption did not have a material impact on our Condensed Consolidated Financial Statements.
Recently issued Accounting Pronouncements not yet adopted
There are no recently issued accounting pronouncements applicable to us not yet adopted.
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NOTE 2. STOCKHOLDERS’ EQUITY
Stock Repurchase Activities
In November 2017, our 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 2017 Stock Repurchase Program, we 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 are determined by management based on an evaluation of market conditions, share price, legal requirements, and other factors. The 2017 Stock Repurchase Program may be suspended, modified, or discontinued at any time without prior notice.
During the first quarter of fiscal 2021, we repurchased approximately 0.6 million shares of common stock in open market purchases at an average price of $71.24 per share for a total of $40.0 million. At the end of the first quarter of fiscal 2021, the 2017 Stock Repurchase Program had remaining authorized funds of $50.7 million.
Stock repurchases are reflected as a decrease to common stock 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. Common stock repurchases under the program are recorded based upon the trade date for accounting purposes.
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NOTE 3. BUSINESS COMBINATIONS
We did not acquire any businesses during the first quarter of fiscal 2021.
Intangible Assets
The following table presents a summary of our total intangible assets:
As ofFirst Quarter of Fiscal 2021Fiscal Year End 2020
 Gross  Gross  
CarryingAccumulatedNet CarryingCarryingAccumulatedNet Carrying
(In millions)AmountAmortizationAmountAmountAmortizationAmount
Developed product technology$1,093.8 $(813.1)$280.7 $1,118.2 $(811.1)$307.1 
Customer relationships671.1 (419.1)252.0 681.1 (419.3)261.8 
Trade names and trademarks56.2 (51.2)5.0 58.3 (51.9)6.4 
Distribution rights and other intellectual property42.5 (37.2)5.3 45.8 (41.0)4.8 
$1,863.6 $(1,320.6)$543.0 $1,903.4 $(1,323.3)$580.1 
The estimated future amortization expense of purchased intangible assets as of the end of the first quarter of fiscal 2021 was as follows:
(In millions)
2021 (Remaining)$104.1 
2022118.1 
2023105.6 
202480.0 
202545.8 
Thereafter89.4 
Total$543.0 
Goodwill
The changes in the carrying amount of goodwill by segment for the first quarter of fiscal 2021 were as follows: 
Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
Balance as of fiscal year end 2020$1,997.4 $415.7 $453.8 $1,009.6 $3,876.5 
Foreign currency translation and other adjustments(5.0)(6.9)(4.6)(12.0)(28.5)
Balance as of the end of the first quarter of fiscal 2021$1,992.4 $408.8 $449.2 $997.6 $3,848.0 
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NOTE 4. INVENTORIES
Inventories consisted of the following: 
First Quarter ofFiscal Year End
As of20212020
(In millions)  
Raw materials$90.3 $95.6 
Work-in-process12.6 16.0 
Finished goods195.8 190.1 
Total inventories$298.7 $301.7 
NOTE 5. SEGMENT INFORMATION
Our operating segments are determined based on how our chief operating decision maker (“CODM”) views and evaluates operations. Our reportable segments are described below:
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, and government.
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 and freight shipper markets.
The following Reporting Segment tables reflect the results of our reportable operating segments under our management reporting system. These results are not necessarily in conformity with U.S. GAAP. This is consistent with the way the CODM evaluates each of the segment's performance and allocates resources.
 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
First Quarter of Fiscal 2021
Revenue$343.0 $181.7 $205.2 $156.6 $886.5 
Acquired deferred revenue adjustment0.1   0.1 0.2 
Segment revenue$343.1 $181.7 $205.2 $156.7 $886.7 
Operating income $97.4 $48.7 $80.1 $8.4 $234.6 
Acquired deferred revenue adjustment0.1   0.1 0.2 
Amortization of acquired capitalized commissions(1.1)  (0.1)(1.2)
Segment operating income $96.4 $48.7 $80.1 $8.4 $233.6 
  Depreciation expense$1.8 $1.7 $1.5 $0.9 $5.9 
First Quarter of Fiscal 2020
Revenue $296.8 $146.2 $179.0 $170.3 $792.3 
Acquired deferred revenue adjustment0.1  1.3 0.3 1.7 
Segment revenue$296.9 $146.2 $180.3 $170.6 $794.0 
Operating income $62.1 $30.5 $65.6 $16.7 $174.9 
Acquired deferred revenue adjustment0.1  1.3 0.3 1.7 
Amortization of acquired capitalized commissions(1.4)  (0.1)(1.5)
Segment operating income $60.8 $30.5 $66.9 $16.9 $175.1 
     Depreciation expense$2.1 $1.4 $1.3 $1.1 $5.9 
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 Reporting Segments
 Buildings and InfrastructureGeospatialResources and UtilitiesTransportationTotal
(In millions)     
As of the end of the First Quarter of Fiscal 2021
Accounts receivable, net$202.4 $110.2 $120.5 $143.5 $576.6 
Inventories57.1 127.1 51.7 62.8 298.7 
Goodwill1,992.4 408.8 449.2 997.6 3,848.0 
As of Fiscal Year End 2020
Accounts receivable, net $260.1 $117.5 $91.2 $151.7 $620.5 
Inventories 59.1 120.1 49.0 73.5 301.7 
Goodwill1,997.4 415.7 453.8 1,009.6 3,876.5 
A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: 
 First Quarter of
 20212020
(In millions)  
Consolidated segment operating income$233.6 $175.1 
Unallocated general corporate expenses(24.4)(13.9)
Acquired deferred revenue adjustment(0.2)(1.7)
Amortization of acquired capitalized commissions1.2 1.5 
Amortization of purchased intangible assets(35.8)(40.4)
Acquisition / divestiture items(3.5)(10.8)
Stock-based compensation / deferred compensation(