falsedesktopTRMB2020-10-02000086474920000148{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "PART I.\tFinancial Information\tPage\nITEM 1.\tFinancial Statements (Unaudited):\t\n\tCondensed Consolidated Balance Sheets\t3\n\tCondensed Consolidated Statements of Income\t4\n\tCondensed Consolidated Statements of Comprehensive Income\t5\n\tCondensed Consolidated Statements of Stockholders' Equity\t6\n\tCondensed Consolidated Statements of Cash Flows\t8\n\tNotes to Condensed Consolidated Financial Statements\t9\nITEM 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t20\nITEM 3.\tQuantitative and Qualitative Disclosures about Market Risk\t35\nITEM 4.\tControls and Procedures\t36\nPART II.\tOther Information\t\nITEM 1.\tLegal Proceedings\t36\nITEM 1A.\tRisk Factors\t36\nITEM 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t36\nITEM 3.\tDefaults Upon Senior Securities\t37\nITEM 4.\tMine Safety Disclosures\t37\nITEM 5.\tOther Information\t37\nITEM 6.\tExhibits\t38\nSIGNATURES\t\t39\n", "q10k_tbl_1": "\tThird Quarter of\tFiscal Year End\nAs of\t2020\t2019\n(In millions except par value)\t\t\nASSETS\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t184.0\t189.2\nAccounts receivable net\t488.9\t608.2\nInventories\t318.5\t312.1\nOther current assets\t109.2\t102.3\nTotal current assets\t1100.6\t1211.8\nProperty and equipment net\t251.6\t241.4\nOperating lease right-of-use assets\t131.2\t140.3\nGoodwill\t3837.4\t3680.6\nOther purchased intangible assets net\t610.1\t678.7\nDeferred income tax assets\t456.5\t475.5\nOther non-current assets\t236.9\t212.4\nTotal assets\t6624.3\t6640.7\nLIABILITIES AND STOCKHOLDERS' EQUITY\t\t\nCurrent liabilities:\t\t\nShort-term debt\t279.6\t219.0\nAccounts payable\t131.4\t159.3\nAccrued compensation and benefits\t152.7\t123.5\nDeferred revenue\t445.2\t490.4\nOther current liabilities\t182.6\t198.1\nTotal current liabilities\t1191.5\t1190.3\nLong-term debt\t1390.6\t1624.2\nDeferred revenue non-current\t56.4\t51.5\nDeferred income tax liabilities\t309.4\t318.2\nIncome taxes payable\t61.8\t69.1\nOperating lease liabilities\t111.5\t114.1\nOther non-current liabilities\t151.8\t152.9\nTotal liabilities\t3273.0\t3520.3\nCommitments and contingencies (Note 14)\t\t\nStockholders' equity:\t\t\nPreferred stock $0.001 par value; 3.0 shares authorized; none issued and outstanding\t0\t0\nCommon stock $0.001 par value; 360.0 shares authorized; 250.2 and 249.9 shares issued and outstanding at the end of the third quarter of 2020 and fiscal year end 2019 respectively\t0.3\t0.2\nAdditional paid-in-capital\t1778.7\t1692.8\nRetained earnings\t1732.0\t1602.8\nAccumulated other comprehensive loss\t(161.0)\t(176.8)\nTotal Trimble Inc. stockholders' equity\t3350.0\t3119.0\nNoncontrolling interests\t1.3\t1.4\nTotal stockholders' equity\t3351.3\t3120.4\nTotal liabilities and stockholders' equity\t6624.3\t6640.7\n", "q10k_tbl_2": "\tThird Quarter of\t\tFirst Three Quarters of\t\n(In millions except per share amounts)\t2020\t2019\t2020\t2019\nRevenue:\t\t\t\t\nProduct\t461.4\t458.8\t1337.6\t1468.3\nService\t160.7\t168.0\t479.7\t501.8\nSubscription\t170.0\t157.1\t500.7\t470.2\nTotal revenue\t792.1\t783.9\t2318.0\t2440.3\nCost of sales:\t\t\t\t\nProduct\t221.2\t230.8\t630.7\t718.5\nService\t55.5\t58.9\t175.1\t192.2\nSubscription\t52.4\t48.9\t155.8\t137.4\nAmortization of purchased intangible assets\t23.3\t23.3\t70.0\t71.3\nTotal cost of sales\t352.4\t361.9\t1031.6\t1119.4\nGross margin\t439.7\t422.0\t1286.4\t1320.9\nOperating expense:\t\t\t\t\nResearch and development\t117.9\t112.3\t350.1\t350.1\nSales and marketing\t111.6\t119.7\t346.9\t375.9\nGeneral and administrative\t79.4\t77.2\t221.2\t239.9\nRestructuring charges\t12.1\t3.6\t20.1\t10.0\nAmortization of purchased intangible assets\t16.7\t17.5\t50.2\t57.3\nTotal operating expense\t337.7\t330.3\t988.5\t1033.2\nOperating income\t102.0\t91.7\t297.9\t287.7\nNon-operating expense net:\t\t\t\t\nInterest expense net\t(19.6)\t(19.7)\t(59.7)\t(62.2)\nIncome from equity method investments net\t10.8\t8.8\t29.9\t30.5\nOther income (expense) net\t3.2\t(1.9)\t(1.4)\t13.5\nTotal non-operating expense net\t(5.6)\t(12.8)\t(31.2)\t(18.2)\nIncome before taxes\t96.4\t78.9\t266.7\t269.5\nIncome tax provision\t11.6\t0.8\t56.8\t34.4\nNet income\t84.8\t78.1\t209.9\t235.1\nNet income attributable to noncontrolling interests\t0.1\t0\t0.3\t0.1\nNet income attributable to Trimble Inc.\t84.7\t78.1\t209.6\t235.0\nEarnings per share attributable to Trimble Inc.:\t\t\t\t\nBasic\t0.34\t0.31\t0.84\t0.94\nDiluted\t0.34\t0.31\t0.83\t0.93\nShares used in calculating earnings per share:\t\t\t\t\nBasic\t250.7\t250.4\t250.4\t251.2\nDiluted\t252.8\t252.1\t251.9\t253.4\n", "q10k_tbl_3": "\tThird Quarter of\t\tFirst Three Quarters of\t\n\t2020\t2019\t2020\t2019\n(In millions)\t\t\t\t\nNet income\t84.8\t78.1\t209.9\t235.1\nForeign currency translation adjustments net of tax\t37.3\t(26.9)\t15.6\t(21.4)\nNet unrealized income net of tax\t0\t0\t0.2\t0.2\nComprehensive income\t122.1\t51.2\t225.7\t213.9\nComprehensive income attributable to noncontrolling interests\t0.1\t0\t0.3\t0.1\nComprehensive income attributable to Trimble Inc.\t122.0\t51.2\t225.4\t213.8\n", "q10k_tbl_4": "\tCommon stock\t\t\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTotal Stockholders' Equity\tNoncontrolling Interest\tTotal\n\tShares\tAmount\tAdditional Paid-In Capital\n(In millions)\t\t\t\t\t\t\t\t\nBalance at the end of fiscal 2019\t249.9\t0.2\t1692.8\t1602.8\t(176.8)\t3119.0\t1.4\t3120.4\nNet income\t0\t0\t0\t61.9\t0\t61.9\t0\t61.9\nOther comprehensive income\t0\t0\t0\t0\t(54.1)\t(54.1)\t0\t(54.1)\nComprehensive income\t\t\t\t\t\t7.8\t\t7.8\nIssuance of common stock under employee plans net of tax withholdings\t1.0\t0\t20.4\t(7.7)\t0\t12.7\t0\t12.7\nStock repurchases\t(1.2)\t0\t(8.4)\t(41.6)\t0\t(50.0)\t0\t(50.0)\nStock-based compensation\t0\t0\t11.8\t0\t0\t11.8\t0\t11.8\nNoncontrolling interest investments\t0\t0\t0\t0\t0\t0\t(0.4)\t(0.4)\nBalance at the end of the first quarter of fiscal 2020\t249.7\t0.2\t1716.6\t1615.4\t(230.9)\t3101.3\t1.0\t3102.3\nNet income\t0\t0\t0\t63.0\t0\t63.0\t0.2\t63.2\nOther comprehensive income\t0\t0\t0\t0\t32.6\t32.6\t0\t32.6\nComprehensive income\t\t\t\t\t\t95.6\t\t95.8\nIssuance of common stock under employee plans net of tax withholdings\t0.5\t0\t1.9\t(6.0)\t0\t(4.1)\t0\t(4.1)\nStock-based compensation\t0\t0\t19.1\t0\t0\t19.1\t0\t19.1\nBalance at the end of the second quarter of fiscal 2020\t250.2\t0.2\t1737.6\t1672.4\t(198.3)\t3211.9\t1.2\t3213.1\nNet income\t0\t0\t0\t84.7\t0\t84.7\t0.1\t84.8\nOther comprehensive income\t0\t0\t0\t0\t37.3\t37.3\t0\t37.3\nComprehensive income\t\t\t\t\t\t122.0\t\t122.1\nIssuance of common stock under employee plans net of tax withholdings\t0.6\t0.1\t17.8\t(1.2)\t0\t16.7\t0\t16.7\nStock repurchases\t(0.6)\t0\t(4.1)\t(23.9)\t0\t(28.0)\t0\t(28.0)\nStock-based compensation\t0\t0\t27.4\t0\t0\t27.4\t0\t27.4\nBalance at the end of the third quarter of fiscal 2020\t250.2\t0.3\t1778.7\t1732.0\t(161.0)\t3350.0\t1.3\t3351.3\n", "q10k_tbl_5": "\tCommon stock\t\t\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTotal Stockholders' Equity\tNoncontrolling Interest\tTotal\n\tShares\tAmount\tAdditional Paid-In Capital\n(In millions)\t\t\t\t\t\t\t\t\nBalance at the end of fiscal 2018\t250.9\t0.3\t1591.9\t1268.3\t(186.1)\t2674.4\t0.4\t2674.8\nNet income\t0\t0\t0\t62.3\t0\t62.3\t0.1\t62.4\nOther comprehensive income\t0\t0\t0\t0\t3.6\t3.6\t0\t3.6\nComprehensive income\t\t\t\t\t\t65.9\t\t66.0\nIssuance of common stock under employee plans net of tax withholdings\t1.6\t0\t33.3\t(7.7)\t0\t25.6\t0\t25.6\nStock repurchases\t(1.0)\t0\t(6.5)\t(33.5)\t0\t(40.0)\t0\t(40.0)\nStock-based compensation\t0\t0\t16.6\t0\t0\t16.6\t0\t16.6\nNon-controlling interest investment\t0\t0\t(0.8)\t0\t0\t(0.8)\t0.8\t0\nBalance at the end of the first quarter of fiscal 2019\t251.5\t0.3\t1634.5\t1289.4\t(182.5)\t2741.7\t1.3\t2743.0\nNet income\t0\t0\t0\t94.6\t0\t94.6\t0\t94.6\nOther comprehensive income\t0\t0\t0\t0\t2.1\t2.1\t0\t2.1\nComprehensive income\t\t\t\t\t\t96.7\t\t96.7\nIssuance of common stock under employee plans net of tax withholdings\t0.7\t0\t1.7\t(13.5)\t0\t(11.8)\t0\t(11.8)\nStock repurchases\t(0.4)\t0\t(2.9)\t(16.1)\t0\t(19.0)\t0\t(19.0)\nStock-based compensation\t0\t0\t16.4\t0\t0\t16.4\t0\t16.4\nBalance at the end of the second quarter of fiscal 2019\t251.8\t0.3\t1649.7\t1354.4\t(180.4)\t2824.0\t1.3\t2825.3\nNet income\t0\t0\t0\t78.1\t0\t78.1\t0\t78.1\nOther comprehensive income\t0\t0\t0\t0\t(26.9)\t(26.9)\t0\t(26.9)\nComprehensive income\t\t\t\t\t\t51.2\t\t51.2\nIssuance of common stock under employee plans net of tax withholdings\t0.6\t0\t15.5\t(0.7)\t0\t14.8\t0\t14.8\nStock repurchases\t(3.3)\t(0.1)\t(21.2)\t(99.5)\t0\t(120.8)\t\t(120.8)\nStock-based compensation\t0\t0\t17.6\t0\t0\t17.6\t\t17.6\nBalance at the end of the third quarter of fiscal 2019\t249.1\t0.2\t1661.6\t1332.3\t(207.3)\t2786.8\t1.3\t2788.1\n", "q10k_tbl_6": "\tFirst Three Quarters of\t\n(In millions)\t2020\t2019\nCash flow from operating activities:\t\t\nNet income\t209.9\t235.1\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\nDepreciation expense\t29.4\t29.7\nAmortization expense\t120.2\t128.6\nProvision for doubtful accounts\t7.8\t5.4\nDeferred income taxes\t12.1\t4.4\nNon-cash restructuring expense\t8.7\t2.6\nStock-based compensation\t57.1\t52.1\nIncome from equity method investments net of dividends\t(22.4)\t(9.5)\nProvision for excess and obsolete inventories\t13.3\t4.8\nOther net\t21.3\t(8.5)\n(Increase) decrease in assets:\t\t\nAccounts receivable net\t108.4\t16.8\nInventories\t(19.1)\t1.7\nOther current and non-current assets\t12.3\t10.4\nIncrease (decrease) in liabilities:\t\t\nAccounts payable\t(26.7)\t13.6\nAccrued compensation and benefits\t26.1\t(52.3)\nDeferred revenue\t(42.0)\t33.4\nOther current and non-current liabilities\t(32.7)\t(5.5)\nNet cash provided by operating activities\t483.7\t462.8\nCash flow from investing activities:\t\t\nAcquisitions of businesses net of cash acquired\t(198.9)\t(28.6)\nAcquisitions of property and equipment\t(45.1)\t(54.6)\nOther net\t(0.1)\t14.5\nNet cash used in investing activities\t(244.1)\t(68.7)\nCash flow from financing activities:\t\t\nIssuance of common stock net of tax withholdings\t25.3\t28.4\nRepurchases of common stock\t(78.0)\t(179.8)\nProceeds from debt and revolving credit lines\t1030.1\t818.0\nPayments on debt and revolving credit lines\t(1209.6)\t(1033.6)\nOther net\t(10.9)\t(10.2)\nNet cash used in financing activities\t(243.1)\t(377.2)\nEffect of exchange rate changes on cash and cash equivalents\t(1.7)\t(4.8)\nNet increase (decrease) in cash and cash equivalents\t(5.2)\t12.1\nCash and cash equivalents - beginning of period\t189.2\t172.5\nCash and cash equivalents - end of period\t184.0\t184.6\n", "q10k_tbl_7": "As of\tThird Quarter of Fiscal 2020\t\t\tFiscal Year End 2019\t\t\n\tGross\t\t\tGross\t\t\n\tCarrying\tAccumulated\tNet Carrying\tCarrying\tAccumulated\tNet Carrying\n(In millions)\tAmount\tAmortization\tAmount\tAmount\tAmortization\tAmount\nDeveloped product technology\t1318.7\t(993.4)\t325.3\t1266.7\t(923.4)\t343.3\nTrade names and trademarks\t76.4\t(68.4)\t8.0\t74.8\t(59.8)\t15.0\nCustomer relationships\t779.8\t(507.7)\t272.1\t769.8\t(465.6)\t304.2\nDistribution rights and other intellectual property\t68.7\t(64.0)\t4.7\t79.7\t(63.5)\t16.2\n\t2243.6\t(1633.5)\t610.1\t2191.0\t(1512.3)\t678.7\n", "q10k_tbl_8": "(In millions)\t\n2020 (Remaining)\t37.8\n2021\t138.1\n2022\t118.9\n2023\t105.6\n2024\t80.1\nThereafter\t129.6\nTotal\t610.1\n", "q10k_tbl_9": "\tBuildings and Infrastructure\tGeospatial\tResources and Utilities\tTransportation\tTotal\n(In millions)\t\t\t\t\t\nBalance as of fiscal year end 2019\t1973.0\t401.5\t445.4\t860.7\t3680.6\nAdditions due to acquisitions\t0\t0\t0.4\t147.6\t148.0\nPurchase price and foreign currency translation adjustments\t9.1\t4.0\t(0.4)\t(3.9)\t8.8\nBalance as of the end of the third quarter of fiscal 2020\t1982.1\t405.5\t445.4\t1004.4\t3837.4\n", "q10k_tbl_10": "\tThird Quarter of\tFiscal Year End\nAs of\t2020\t2019\n(In millions)\t\t\nRaw materials\t95.7\t95.8\nWork-in-process\t16.1\t13.2\nFinished goods\t206.7\t203.1\nTotal inventories\t318.5\t312.1\n", "q10k_tbl_11": "\tReporting Segments\t\t\t\t\n\tBuildings and Infrastructure\tGeospatial\tResources and Utilities\tTransportation\tTotal\n(In millions)\t\t\t\t\t\nThird Quarter of Fiscal 2020\t\t\t\t\t\nRevenue\t317.4\t165.6\t150.2\t158.9\t792.1\nAcquired deferred revenue adjustment\t0\t0\t0.4\t0.3\t0.7\nSegment revenue\t317.4\t165.6\t150.6\t159.2\t792.8\nOperating income\t97.2\t51.4\t53.9\t8.3\t210.8\nAcquired deferred revenue adjustment\t0\t0\t0.4\t0.3\t0.7\nAmortization of acquired capitalized commissions\t(1.3)\t0\t0\t0\t(1.3)\nSegment operating income\t95.9\t51.4\t54.3\t8.6\t210.2\nDepreciation expense\t2.0\t1.5\t1.5\t0.9\t5.9\nThird Quarter of Fiscal 2019\t\t\t\t\t\nRevenue\t309.6\t155.1\t120.9\t198.3\t783.9\nAcquired deferred revenue adjustment\t0.2\t0\t0.2\t0\t0.4\nSegment revenue\t309.8\t155.1\t121.1\t198.3\t784.3\nOperating income\t83.0\t30.6\t34.3\t31.2\t179.1\nAcquired deferred revenue adjustment\t0.2\t0\t0.2\t0\t0.4\n", "q10k_tbl_12": "Amortization of acquired capitalized commissions\t(1.5)\t0\t0\t0\t(1.5)\nSegment operating income\t81.7\t30.6\t34.5\t31.2\t178.0\nDepreciation expense\t1.9\t1.5\t1.0\t1.0\t5.4\nFirst Three Quarters of Fiscal 2020\t\t\t\t\t\nRevenue\t909.4\t457.0\t472.1\t479.5\t2318.0\nAcquired deferred revenue adjustment\t0.2\t0\t2.6\t1.2\t4.0\nSegment revenue\t909.6\t457.0\t474.7\t480.7\t2322.0\nOperating income\t245.9\t119.3\t167.8\t38.8\t571.8\nAcquired deferred revenue adjustment\t0.2\t0\t2.6\t1.2\t4.0\nAmortization of acquired capitalized commissions\t(4.0)\t0\t(0.1)\t(0.1)\t(4.2)\nSegment operating income\t242.1\t119.3\t170.3\t39.9\t571.6\nDepreciation expense\t6.1\t4.4\t4.1\t3.1\t17.7\nFirst Three Quarters of Fiscal 2019\t\t\t\t\t\nRevenue\t940.6\t480.7\t432.8\t586.2\t2440.3\nAcquired deferred revenue adjustment\t3.8\t0\t0.5\t0\t4.3\nSegment revenue\t944.4\t480.7\t433.3\t586.2\t2444.6\nOperating income\t229.7\t91.1\t130.7\t95.3\t546.8\nAcquired deferred revenue adjustment\t3.8\t0\t0.5\t0\t4.3\nAmortization of acquired capitalized commissions\t(4.7)\t0\t(0.1)\t0\t(4.8)\nSegment operating income\t228.8\t91.1\t131.1\t95.3\t546.3\nDepreciation expense\t6.1\t4.7\t3.2\t3.3\t17.3\n", "q10k_tbl_13": "\tReporting Segments\t\t\t\t\n\tBuildings and Infrastructure\tGeospatial\tResources and Utilities\tTransportation\tTotal\n(In millions)\t\t\t\t\t\nAs of the end of the Third Quarter of Fiscal 2020\t\t\t\t\t\nAccounts receivable net\t169.9\t106.7\t75.2\t137.1\t488.9\nInventories\t59.6\t125.0\t46.4\t87.5\t318.5\nGoodwill\t1982.1\t405.5\t445.4\t1004.4\t3837.4\nAs of Fiscal Year End 2019\t\t\t\t\t\nAccounts receivable net\t232.0\t115.5\t93.3\t167.4\t608.2\nInventories\t67.1\t125.0\t45.5\t74.5\t312.1\nGoodwill\t1973.0\t401.5\t445.4\t860.7\t3680.6\n", "q10k_tbl_14": "\tThird Quarter of\t\tFirst Three Quarters of\t\n\t2020\t2019\t2020\t2019\n(In millions)\t\t\t\t\nConsolidated segment operating income\t210.2\t178.0\t571.6\t546.3\nUnallocated corporate expense\t(18.4)\t(16.1)\t(48.7)\t(52.9)\nRestructuring charges / executive transition costs\t(13.5)\t(3.6)\t(21.9)\t(10.2)\nCOVID-19 expenses\t(1.2)\t0\t(4.8)\t0\nAcquired deferred revenue adjustment\t(0.7)\t(0.4)\t(4.0)\t(4.3)\nAmortization of purchased intangible assets\t(40.0)\t(40.8)\t(120.2)\t(128.6)\nStock-based compensation / deferred compensation\t(32.0)\t(18.5)\t(61.9)\t(55.9)\nAmortization of acquired capitalized commissions\t1.3\t1.5\t4.2\t4.8\nAcquisition / divestiture items\t(3.7)\t(8.4)\t(16.4)\t(11.5)\nConsolidated operating income\t102.0\t91.7\t297.9\t287.7\nNon-operating expense net\t(5.6)\t(12.8)\t(31.2)\t(18.2)\nConsolidated income before taxes\t96.4\t78.9\t266.7\t269.5\n", "q10k_tbl_15": "\tReporting Segments\t\t\t\t\n\tBuildings and Infrastructure\tGeospatial\tResources and Utilities\tTransportation\tTotal\n(In millions)\t\t\t\t\t\nThird Quarter of Fiscal 2020\t\t\t\t\t\nNorth America\t179.5\t64.8\t42.5\t128.4\t415.2\nEurope\t85.5\t56.9\t62.5\t18.5\t223.4\nAsia Pacific\t45.3\t35.0\t16.8\t8.7\t105.8\nRest of World\t7.1\t8.9\t28.8\t3.6\t48.4\nTotal consolidated revenue\t317.4\t165.6\t150.6\t159.2\t792.8\nThird Quarter of Fiscal 2019\t\t\t\t\t\nNorth America\t180.9\t63.4\t35.9\t157.5\t437.7\nEurope\t79.9\t49.5\t54.2\t21.9\t205.5\nAsia Pacific\t41.3\t30.4\t10.4\t9.3\t91.4\nRest of World\t7.7\t11.8\t20.6\t9.6\t49.7\nTotal consolidated revenue\t309.8\t155.1\t121.1\t198.3\t784.3\nFirst Three Quarters of Fiscal 2020\t\t\t\t\t\nNorth America\t527.2\t179.3\t148.0\t377.2\t1231.7\nEurope\t245.1\t152.7\t216.2\t58.3\t672.3\nAsia Pacific\t118.8\t97.1\t48.3\t26.2\t290.4\nRest of World\t18.5\t27.9\t62.2\t19.0\t127.6\nTotal consolidated revenue\t909.6\t457.0\t474.7\t480.7\t2322.0\nFirst Three Quarters of Fiscal 2019\t\t\t\t\t\nNorth America\t545.7\t197.6\t130.7\t471.4\t1345.4\nEurope\t253.8\t160.2\t211.1\t65.9\t691.0\nAsia Pacific\t121.9\t88.3\t35.0\t29.6\t274.8\nRest of World\t23.0\t34.6\t56.5\t19.3\t133.4\nTotal consolidated revenue\t944.4\t480.7\t433.3\t586.2\t2444.6\n", "q10k_tbl_16": "As of\t\tThird Quarter of\t\t\tFiscal Year End\nInstrument\tDate of Issuance\t2020\t\t2019\n(In millions)\t\tEffective interest rate\t\t\t\t\t\t\nSenior Notes:\t\t\t\t\t\t\t\t\n2023 Senior Notes 4.15% due June 2023\tJune 2018\t4.36%\t300.0\t\t300.0\t\t\t\n2028 Senior Notes 4.90% due June 2028\tJune 2018\t5.04%\t600.0\t\t600.0\t\t\t\n2024 Senior Notes 4.75% due December 2024\tNovember 2014\t4.95%\t400.0\t\t400.0\t\t\t\nCredit Facilities:\t\t\t\t\t\t\t\t\n2018 Credit Facility floating rate:\t\t\t\t\t\t\t\t\nTerm Loan due July 2022\tMay 2018\t3.33%\t100.0\t\t225.0\t\t\t\nRevolving Credit Facility due May 2023\tMay 2018\t1.55%\t0\t\t110.0\t\t\t\nUncommitted facilities floating rate\t\t1.16%\t279.6\t\t218.7\t\t\t\nPromissory notes and other debt\t\t\t0.1\t\t0.3\t\t\t\nUnamortized discount and issuance costs\t\t\t(9.5)\t\t(10.8)\t\t\t\nTotal debt\t\t\t1670.2\t\t1843.2\t\t\t\nLess: Short-term debt\t\t\t279.6\t\t219.0\t\t\t\nLong-term debt\t\t\t1390.6\t\t1624.2\t\t\t\n", "q10k_tbl_17": "Year Payable\t\n2020 (Remaining)\t279.6\n2021\t0.1\n2022\t100.0\n2023\t300.0\n2024\t400.0\nThereafter\t600.0\nTotal\t1679.7\n", "q10k_tbl_18": "\tFair Values as of the end of the Third Quarter of Fiscal 2020\t\t\t\tFair Values as of Fiscal Year End 2019\t\t\t\n(In millions)\tLevel I\tLevel II\tLevel III\tTotal\tLevel I\tLevel II\tLevel III\tTotal\nAssets\t\t\t\t\t\t\t\t\nDeferred compensation plan assets (1)\t37.2\t0\t0\t37.2\t36.2\t0\t0\t36.2\nDerivatives assets (2)\t0\t0.4\t0\t0.4\t0\t0.3\t0\t0.3\nTotal assets measured at fair value\t37.2\t0.4\t0\t37.6\t36.2\t0.3\t0\t36.5\nLiabilities\t\t\t\t\t\t\t\t\nDeferred compensation plan liabilities (1)\t37.2\t0\t0\t37.2\t36.2\t0\t0\t36.2\nDerivatives liabilities (2)\t0\t0.3\t0\t0.3\t0\t1.0\t0\t1.0\nContingent consideration liabilities (3)\t0\t0\t8.8\t8.8\t0\t0\t19.9\t19.9\nTotal liabilities measured at fair value\t37.2\t0.3\t8.8\t46.3\t36.2\t1.0\t19.9\t57.1\n", "q10k_tbl_19": "\tThird Quarter of\t\tFirst Three Quarters of\t\n(In millions)\t2020\t2019\t2020\t2019\nBeginning balance of the period\t531.0\t452.4\t541.9\t387.2\nRevenue recognized\t(87.6)\t(76.7)\t(419.5)\t(300.5)\nNet deferred revenue activity\t58.2\t43.3\t379.2\t332.3\nEnding balance of the period\t501.6\t419.0\t501.6\t419.0\n", "q10k_tbl_20": "\tThird Quarter of\t\tFirst Three Quarters of\t\n\t2020\t2019\t2020\t2019\n(In millions except per share amounts)\t\t\t\t\nNumerator:\t\t\t\t\nNet income attributable to Trimble Inc.\t84.7\t78.1\t209.6\t235.0\nDenominator:\t\t\t\t\nWeighted average number of common shares used in basic earnings per share\t250.7\t250.4\t250.4\t251.2\nEffect of dilutive securities\t2.1\t1.7\t1.5\t2.2\nWeighted average number of common shares and dilutive potential common shares used in diluted earnings per share\t252.8\t252.1\t251.9\t253.4\nBasic earnings per share\t0.34\t0.31\t0.84\t0.94\nDiluted earnings per share\t0.34\t0.31\t0.83\t0.93\n", "q10k_tbl_21": "\tThird Quarter of\t\tFirst Three Quarters of\t\n\t2020\t2019\t2020\t2019\n(In millions except per share amounts)\t\t\t\t\nRevenue:\t\t\t\t\nProduct\t461.4\t458.8\t1337.6\t1468.3\nService\t160.7\t168.0\t479.7\t501.8\nSubscription\t170.0\t157.1\t500.7\t470.2\nTotal revenue\t792.1\t783.9\t2318.0\t2440.3\nGross margin\t439.7\t422.0\t1286.4\t1320.9\nGross margin as a % of revenue\t55.5%\t53.8%\t55.5%\t54.1%\nOperating income\t102.0\t91.7\t297.9\t287.7\nOperating income as a % of revenue\t12.9%\t11.7%\t12.9%\t11.8%\nDiluted earnings per share\t0.34\t0.31\t0.83\t0.93\nTotal non-GAAP revenue *\t792.8\t784.3\t2322.0\t2444.6\nNon-GAAP operating income *\t191.8\t161.9\t522.9\t493.4\nNon-GAAP operating income as a % of Non-GAAP Revenue*\t24.2%\t20.6%\t22.5%\t20.2%\nNon-GAAP diluted earnings per share *\t0.60\t0.48\t1.61\t1.45\n", "q10k_tbl_22": "\tThird Quarter of\t\tFirst Three Quarters of\t\n\t2020\t2019\t2020\t2019\n(In millions)\t\t\t\t\nResearch and development\t117.9\t112.3\t350.1\t350.1\nPercentage of revenue\t14.9%\t14.3%\t15.1%\t14.3%\nSales and marketing\t111.6\t119.7\t346.9\t375.9\nPercentage of revenue\t14.1%\t15.3%\t15.0%\t15.4%\nGeneral and administrative\t79.4\t77.2\t221.2\t239.9\nPercentage of revenue\t10.0%\t9.8%\t9.5%\t9.8%\nTotal\t308.9\t309.2\t918.2\t965.9\n", "q10k_tbl_23": "\tThird Quarter of\t\tFirst Three Quarters of\t\n\t2020\t2019\t2020\t2019\n(In millions)\t\t\t\t\nCost of sales\t23.3\t23.3\t70.0\t71.3\nOperating expenses\t16.7\t17.5\t50.2\t57.3\nTotal amortization expense of purchased intangibles\t40.0\t40.8\t120.2\t128.6\n", "q10k_tbl_24": "\tThird Quarter of\t\tFirst Three Quarters of\t\n\t2020\t2019\t2020\t2019\n(In millions)\t\t\t\t\nInterest expense net\t(19.6)\t(19.7)\t(59.7)\t(62.2)\nIncome from equity method investments net\t10.8\t8.8\t29.9\t30.5\nOther income (expense) net\t3.2\t(1.9)\t(1.4)\t13.5\nTotal non-operating expense net\t(5.6)\t(12.8)\t(31.2)\t(18.2)\n", "q10k_tbl_25": "\tThird Quarter of\t\tFirst Three Quarters of\t\n\t2020\t2019\t2020\t2019\n(In millions)\t\t\t\t\nBuildings and Infrastructure\t\t\t\t\nSegment revenue\t317.4\t309.8\t909.6\t944.4\nSegment revenue as a percent of total revenue\t40%\t40%\t39%\t39%\nSegment operating income\t95.9\t81.7\t242.1\t228.8\nSegment operating income as a percent of segment revenue\t30.2%\t26.4%\t26.6%\t24.2%\nGeospatial\t\t\t\t\nSegment revenue\t165.6\t155.1\t457.0\t480.7\nSegment revenue as a percent of total revenue\t21%\t20%\t20%\t20%\nSegment operating income\t51.4\t30.6\t119.3\t91.1\nSegment operating income as a percent of segment revenue\t31.0%\t19.7%\t26.1%\t19.0%\nResources and Utilities\t\t\t\t\nSegment revenue\t150.6\t121.1\t474.7\t433.3\nSegment revenue as a percent of total revenue\t19%\t15%\t20%\t18%\nSegment operating income\t54.3\t34.5\t170.3\t131.1\nSegment operating income as a percent of segment revenue\t36.1%\t28.5%\t35.9%\t30.3%\nTransportation\t\t\t\t\nSegment revenue\t159.2\t198.3\t480.7\t586.2\nSegment revenue as a percent of total revenue\t20%\t25%\t21%\t24%\nSegment operating income\t8.6\t31.2\t39.9\t95.3\nSegment operating income as a percent of segment revenue\t5.4%\t15.7%\t8.3%\t16.3%\n", "q10k_tbl_26": "\tThird Quarter of\t\tFirst Three Quarters of\t\n\t2020\t2019\t2020\t2019\n(In millions)\t\t\t\t\nConsolidated segment operating income\t210.2\t178.0\t571.6\t546.3\nUnallocated corporate expense\t(18.4)\t(16.1)\t(48.7)\t(52.9)\nRestructuring charges / executive transition costs\t(13.5)\t(3.6)\t(21.9)\t(10.2)\nCOVID-19 expenses\t(1.2)\t0\t(4.8)\t0\nAcquired deferred revenue adjustment\t(0.7)\t(0.4)\t(4.0)\t(4.3)\nAmortization of purchased intangible assets\t(40.0)\t(40.8)\t(120.2)\t(128.6)\nStock-based compensation / deferred compensation\t(32.0)\t(18.5)\t(61.9)\t(55.9)\nAmortization of acquired capitalized commissions\t1.3\t1.5\t4.2\t4.8\nAcquisition / divestiture items\t(3.7)\t(8.4)\t(16.4)\t(11.5)\nConsolidated operating income\t102.0\t91.7\t297.9\t287.7\nNon-operating expense net\t(5.6)\t(12.8)\t(31.2)\t(18.2)\nConsolidated income before taxes\t96.4\t78.9\t266.7\t269.5\n", "q10k_tbl_27": "\tThird Quarter of\tFiscal Year End\nAs of\t2020\t2019\n(In millions except percentages)\t\t\nCash and cash equivalents\t184.0\t189.2\nAs a percentage of total assets\t2.8%\t2.8%\nPrincipal balance of outstanding debt\t1679.7\t1854.0\n\tFirst Three Quarters of\t\n\t2020\t2019\n(In millions)\t\t\nCash provided by operating activities\t483.7\t462.8\nCash used in investing activities\t(244.1)\t(68.7)\nCash used in financing activities\t(243.1)\t(377.2)\nEffect of exchange rate changes on cash and cash equivalents\t(1.7)\t(4.8)\nNet increase (decrease) in cash and cash equivalents\t(5.2)\t12.1\n", "q10k_tbl_28": "\t\tThird Quarter of\t\t\t\tFirst Three Quarters of\t\t\t\n\t\t2020\t\t2019\t\t2020\t\t2019\t\n\t\tDollar\t% of\tDollar\t% of\tDollar\t% of\tDollar\t% of\n(In millions except per share amounts)\t\tAmount\tRevenue\tAmount\tRevenue\tAmount\tRevenue\tAmount\tRevenue\nREVENUE:\t\t\t\t\t\t\t\t\t\nGAAP revenue:\t\t792.1\t\t783.9\t\t2318.0\t\t2440.3\t\nAcquired deferred revenue adjustment\t(A)\t0.7\t\t0.4\t\t4\t\t4.3\t\nNon-GAAP Revenue:\t\t792.8\t\t784.3\t\t2322.0\t\t2444.6\t\nGROSS MARGIN:\t\t\t\t\t\t\t\t\t\nGAAP gross margin:\t\t439.7\t55.5%\t422.0\t53.8%\t1286.4\t55.5%\t1320.9\t54.1%\nAcquired deferred revenue adjustment\t(A)\t0.7\t\t0.4\t\t4.0\t\t4.3\t\nRestructuring charges\t(B)\t0.3\t\t0\t\t0.7\t\t0.2\t\nCOVID-19 expenses\t(C)\t0\t\t0\t\t0.3\t\t0\t\nAmortization of purchased intangible assets\t(D)\t23.3\t\t23.3\t\t70.0\t\t71.3\t\nStock-based compensation / deferred compensation\t(E)\t2.5\t\t1.5\t\t5.2\t\t4.4\t\nAcquisition / divestiture items\t(F)\t0\t\t0\t\t1.7\t\t0\t\nNon-GAAP gross margin:\t\t466.5\t58.8%\t447.2\t57.0%\t1368.3\t58.9%\t1401.1\t57.3%\nOPERATING EXPENSES:\t\t\t\t\t\t\t\t\t\nGAAP operating expenses:\t\t337.7\t42.6%\t330.3\t42.1%\t988.5\t42.6%\t1033.2\t42.3%\nRestructuring charges / executive transition costs\t(B)\t(13.2)\t\t(3.6)\t\t(21.2)\t\t(10.0)\t\nCOVID-19 expenses\t(C)\t(1.2)\t\t0\t\t(4.5)\t\t0\t\nAmortization of purchased intangible assets\t(D)\t(16.7)\t\t(17.5)\t\t(50.2)\t\t(57.3)\t\nStock-based compensation / deferred compensation\t(E)\t(29.5)\t\t(17.0)\t\t(56.7)\t\t(51.5)\t\nAcquisition / divestiture items\t(F)\t(3.7)\t\t(8.4)\t\t(14.7)\t\t(11.5)\t\nAmortization of acquired capitalized commissions\t(G)\t1.3\t\t1.5\t\t4.2\t\t4.8\t\nNon-GAAP operating expenses:\t\t274.7\t34.6%\t285.3\t36.4%\t845.4\t36.4%\t907.7\t37.1%\nOPERATING INCOME:\t\t\t\t\t\t\t\t\t\nGAAP operating income:\t\t102.0\t12.9%\t91.7\t11.7%\t297.9\t12.9%\t287.7\t11.8%\nAcquired deferred revenue adjustment\t(A)\t0.7\t\t0.4\t\t4.0\t\t4.3\t\nRestructuring charges / executive transition costs\t(B)\t13.5\t\t3.6\t\t21.9\t\t10.2\t\nCOVID-19 expenses\t(C)\t1.2\t\t0\t\t4.8\t\t0\t\nAmortization of purchased intangible assets\t(D)\t40.0\t\t40.8\t\t120.2\t\t128.6\t\nStock-based compensation / deferred compensation\t(E)\t32.0\t\t18.5\t\t61.9\t\t55.9\t\nAcquisition / divestiture items\t(F)\t3.7\t\t8.4\t\t16.4\t\t11.5\t\nAmortization of acquired capitalized commissions\t(G)\t(1.3)\t\t(1.5)\t\t(4.2)\t\t(4.8)\t\nNon-GAAP operating income:\t\t191.8\t24.2%\t161.9\t20.6%\t522.9\t22.5%\t493.4\t20.2%\nNON-OPERATING EXPENSE NET:\t\t\t\t\t\t\t\t\t\nGAAP non-operating expense net:\t\t(5.6)\t\t(12.8)\t\t(31.2)\t\t(18.2)\t\n", "q10k_tbl_29": "Deferred compensation\t(E)\t(4.2)\t\t0.1\t\t(4.8)\t\t(3.8)\t\nAcquisition / divestiture items\t(F)\t0.1\t\t0.3\t\t2.5\t\t(12.5)\t\nNon-GAAP non-operating expense net:\t\t(9.7)\t\t(12.4)\t\t(33.5)\t\t(34.5)\t\n\t\t\tGAAP and Non-GAAP Tax Rate %\t\tGAAP and Non-GAAP Tax Rate %\t\tGAAP and Non-GAAP Tax Rate %\t\tGAAP and Non-GAAP Tax Rate %\n\t\t\t(J)\t\t(J)\t\t(J)\t\t(J)\nINCOME TAX PROVISION:\t\t\t\t\t\t\t\t\t\nGAAP income tax provision:\t\t11.6\t12.0%\t0.8\t1.0%\t56.8\t21.3%\t34.4\t12.8%\nNon-GAAP items tax effected\t(H)\t10.3\t\t0.7\t\t46.2\t\t21.4\t\nDifference in GAAP and Non-GAAP tax rate\t(I)\t7.3\t\t26.9\t\t(20.7)\t\t34.5\t\nNon-GAAP income tax provision:\t\t29.2\t16.0%\t28.4\t19.0%\t82.3\t16.8%\t90.3\t19.7%\nNET INCOME:\t\t\t\t\t\t\t\t\t\nGAAP net income attributable to Trimble Inc.:\t\t84.7\t\t78.1\t\t209.6\t\t235.0\t\nAcquired deferred revenue adjustment\t(A)\t0.7\t\t0.4\t\t4.0\t\t4.3\t\nRestructuring charges / executive transition costs\t(B)\t13.5\t\t3.6\t\t21.9\t\t10.2\t\nCOVID-19 expenses\t(C)\t1.2\t\t0\t\t4.8\t\t0\t\nAmortization of purchased intangible assets\t(D)\t40.0\t\t40.8\t\t120.2\t\t128.6\t\nStock-based compensation / deferred compensation\t(E)\t27.8\t\t18.6\t\t57.1\t\t52.1\t\nAcquisition / divestiture items\t(F)\t3.8\t\t8.7\t\t18.9\t\t(1.0)\t\nAmortization of acquired capitalized commissions\t(G)\t(1.3)\t\t(1.5)\t\t(4.2)\t\t(4.8)\t\nNon-GAAP tax adjustments\t(H)-(I)\t(17.6)\t\t(27.6)\t\t(25.5)\t\t(55.9)\t\nNon-GAAP net income attributable to Trimble Inc.:\t\t152.8\t\t121.1\t\t406.8\t\t368.5\t\nDILUTED NET INCOME PER SHARE:\t\t\t\t\t\t\t\t\t\nGAAP diluted net income per share attributable to Trimble Inc.:\t\t0.34\t\t0.31\t\t0.83\t\t0.93\t\nAcquired deferred revenue adjustment\t(A)\t0\t\t0\t\t0.02\t\t0.01\t\nRestructuring charges / executive transition costs\t(B)\t0.05\t\t0.01\t\t0.08\t\t0.04\t\nCOVID-19 expenses\t(C)\t0\t\t0\t\t0.02\t\t0\t\nAmortization of purchased intangible assets\t(D)\t0.16\t\t0.16\t\t0.48\t\t0.51\t\nStock-based compensation / deferred compensation\t(E)\t0.11\t\t0.07\t\t0.23\t\t0.20\t\nAcquisition / divestiture items\t(F)\t0.02\t\t0.03\t\t0.07\t\t0\t\nAmortization of acquired capitalized commissions\t(G)\t(0.01)\t\t0\t\t(0.02)\t\t(0.02)\t\nNon-GAAP tax adjustments\t(H)-(I)\t(0.07)\t\t(0.10)\t\t(0.10)\t\t(0.22)\t\nNon-GAAP diluted net income per share attributable to Trimble Inc.:\t\t0.60\t\t0.48\t\t1.61\t\t1.45\t\nADJUSTED EBITDA:\t\t\t\t\t\t\t\t\t\nGAAP net income attributable to Trimble Inc.:\t\t84.7\t\t78.1\t\t209.6\t\t235.0\t\nNon-operating expense net income tax provision and net gain attributable to noncontrolling interests\t\t17.3\t\t13.6\t\t88.3\t\t52.7\t\nGAAP operating income:\t\t102.0\t\t91.7\t\t297.9\t\t287.7\t\nAcquired deferred revenue adjustment\t(A)\t0.7\t\t0.4\t\t4.0\t\t4.3\t\nRestructuring charges / executive transition costs\t(B)\t13.5\t\t3.6\t\t21.9\t\t10.2\t\nCOVID-19 expenses\t(C)\t1.2\t\t0\t\t4.8\t\t0\t\n", "q10k_tbl_30": "Amortization of purchased intangible assets\t(D)\t40.0\t40.8\t120.2\t128.6\nStock-based compensation / deferred compensation\t(E)\t32.0\t18.5\t61.9\t55.9\nAcquisition / divestiture items\t(F)\t3.7\t8.4\t16.4\t11.5\nAmortization of acquired capitalized commissions\t(G)\t(1.3)\t(1.5)\t(4.2)\t(4.8)\nNon-GAAP operating income:\t\t191.8\t161.9\t522.9\t493.4\nDepreciation expense\t\t9.9\t9.4\t29.4\t29.7\nIncome from equity method investments net\t\t10.8\t8.8\t29.9\t30.5\nAdjusted EBITDA\t\t212.5\t180.1\t582.2\t553.6\n", "q10k_tbl_31": "\tThird Quarter of Fiscal 2020\t\tFiscal Year End 2019\t\n\tNominal Amount\tFair Value\tNominal Amount\tFair Value\nForward contracts:\t\t\t\t\nPurchased\t(141.0)\t0.3\t(84.3)\t0.3\nSold\t49.2\t(0.2)\t159.2\t(1.0)\n", "q10k_tbl_32": "\tTotal Number of Shares Purchased\tAverage Price Paid per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Program\tMaximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program\nJuly 4 2020 - August 7 2020\t0\t0\t0\t122360954\nAugust 8 2020 - September 4 2020\t0\t0\t0\t122360954\nSeptember 5 2020 - October 2 2020\t574973\t48.70\t574973\t94361434\nTotal\t574973\t\t574973\t\n", "q10k_tbl_33": "3.1\tCertificate of Incorporation of the Company. (1)\n3.2\tBylaws of the Company. (2)\n4.1\tSpecimen copy of certificate for shares of Common Stock of the Company. (3)\n10.1\tBoard of Directors Compensation Policy as amended August 24 2020. (4) (+)\n10.2\tDeferred Compensation Plan as amended August 26 2020. (4) (+)\n31.1\tCertification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated November 6 2020. (4)\n31.2\tCertification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated November 6 2020. (4)\n32.1\tCertification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated November 62020. (4)\n32.2\tCertification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 dated November 6 2020. (4)\n101\tThe following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended October 2 2020 formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets (ii) Condensed Consolidated Statements of Income (iii) Condensed Consolidated Statements of Comprehensive Income (iv) Condensed Consolidated Statements of Stockholders' Equity (v) Condensed Consolidated Statements of Cash Flows and (vi) Notes to Condensed Consolidated Financial Statements tagged as blocks of text and including detailed tags.\n104\tThe cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 2 2020 formatted in Inline XBRL.\n"}{"bs": "q10k_tbl_1", "is": "q10k_tbl_2", "cf": "q10k_tbl_6"}None
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
935 Stewart Drive, Sunnyvale, CA94085
(Address of principal executive offices) (Zip Code)
Telephone Number (408) 481-8000
(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. Yesý 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). Yesý 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 Filer
ý
Accelerated 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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value per share
TRMB
NASDAQ Global Select Market
As of November 4, 2020, there were 250,175,639 shares of Common Stock, par value $0.001 per share, outstanding.
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding
—
—
Common stock, $0.001 par value; 360.0 shares authorized; 250.2 and 249.9 shares issued and outstanding at the end of the third quarter of 2020 and fiscal year end 2019, respectively
0.3
0.2
Additional paid-in-capital
1,778.7
1,692.8
Retained earnings
1,732.0
1,602.8
Accumulated other comprehensive loss
(161.0)
(176.8)
Total Trimble Inc. stockholders' equity
3,350.0
3,119.0
Noncontrolling interests
1.3
1.4
Total stockholders' equity
3,351.3
3,120.4
Total liabilities and stockholders' equity
$
6,624.3
$
6,640.7
See accompanying Notes to the Condensed Consolidated Financial Statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – UNAUDITED
NOTE 1. OVERVIEW AND BASIS OF PRESENTATION
Company and Background
Trimble 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" or “we” or “our” or “us”) and changed its state of incorporation from the State of California to the State of Delaware.
Basis of Presentation
We use a 52- to 53-week fiscal year ending on the Friday nearest to December 31. Fiscal 2020 is a 52-week year ending on January 1, 2021, and fiscal 2019 was a 53-week year ended on January 3, 2020. The quarters ended October 2, 2020 and September 27, 2019 each included 13 weeks. 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. 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 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 Trimble's Form 10-K filed with the U.S. Securities and Exchange Commission on February 28, 2020.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP 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, inventory valuation, warranty costs, investments, acquired intangibles, goodwill and intangibles impairments, other long-lived asset impairments, stock-based compensation, and income taxes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. The global economic climate and unanticipated effects from the COVID-19 pandemic make these estimates more complex, and actual results could differ materially from those estimates.
NOTE 2. UPDATES TO SIGNIFICANT ACCOUNTING POLICIES
Summary of Significant Accounting Policies
There have been no material changes to our significant accounting polices during the first three quarters of fiscal 2020 from those disclosed in our most recent Form 10-K, except for the adoption of the standards discussed below.
Recently Adopted Accounting Pronouncements
Financial Instruments - Credit Losses
In June 2016, the FASB issued a new standard that requires credit losses on financial assets measured at amortized cost basis to be presented based on the net amount expected to be collected. Application of this standard replaces the incurred loss impairment methodology with a methodology that reflects all expected credit losses. Additionally, credit losses on available-for-sale debt securities are recorded through an allowance for credit losses limited to the amount by which fair value is below amortized cost.
We adopted the new standard at the beginning of fiscal year 2020 by applying a modified retrospective method without restating comparative periods. The adoption did not have a material impact on our Condensed Consolidated Financial Statements. We continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses.
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.
We adopted the new standard on a prospective basis at the beginning of fiscal year 2020. The adoption did not have a material impact on our 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.
We adopted the guidance on a prospective basis for all implementation costs incurred after the beginning of fiscal year 2020. The adoption of the new guidance did not have a material impact on our Condensed Consolidated Financial Statements.