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 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 2020-10-16 Officers
8-K 2020-09-29 Officers, Amend Bylaw, Exhibits
8-K 2020-08-05 Earnings, Exhibits
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 Basis of Presentation
Note 2. Updates To Significant Accounting Policies
Note 3. Stockholders' Equity
Note 4. Business Combinations
Note 5. Inventories
Note 6. Segment Information
Note 7. Debt
Note 8. Fair Value Measurements
Note 9. Deferred Costs To Obtain Customer Contracts
Note 10. Product Warranties
Note 11. Deferred Revenue and Remaining Performance Obligations
Note 12. Earnings per Share
Note 13. Income Taxes
Note 14. 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-10.2 ex102formprsuofficers2.htm
EX-31.1 trmb-2ndq2020xex311.htm
EX-31.2 trmb-2ndq2020xex312.htm
EX-32.1 trmb-2ndq2020xex321.htm
EX-32.2 trmb-2ndq2020xex322.htm

Trimble Earnings 2020-07-03

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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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 July 3, 2020
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
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 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 August 5, 2020, there were 250,215,769 shares of Common Stock, par value $0.001 per share, outstanding.



TRIMBLE INC.
FORM 10-Q for the Quarter Ended July 3, 2020
TABLE OF CONTENTS
 
PART I.
Page
 
 
 
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


PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TRIMBLE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
Second Quarter of
 
Fiscal Year End
As of
2020
 
2019
(In millions, except par value)
 
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
196.4

 
$
189.2

Accounts receivable, net
478.8

 
608.2

Inventories
338.6

 
312.1

Other current assets
106.2

 
102.3

Total current assets
1,120.0

 
1,211.8

Property and equipment, net
249.8

 
241.4

Operating lease right-of-use assets
135.3

 
140.3

Goodwill
3,807.5

 
3,680.6

Other purchased intangible assets, net
645.3

 
678.7

Deferred income tax assets
462.5

 
475.5

Other non-current assets
224.6

 
212.4

Total assets
$
6,645.0

 
$
6,640.7

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Short-term debt
$
268.2

 
$
219.0

Accounts payable
128.9

 
159.3

Accrued compensation and benefits
133.9

 
123.5

Deferred revenue
481.9

 
490.4

Other current liabilities
157.6

 
198.1

Total current liabilities
1,170.5

 
1,190.3

Long-term debt
1,564.5

 
1,624.2

Deferred revenue, non-current
49.1

 
51.5

Deferred income tax liabilities
317.9

 
318.2

Income taxes payable
61.8

 
69.1

Operating lease liabilities
112.1

 
114.1

Other non-current liabilities
156.0

 
152.9

Total liabilities
3,431.9

 
3,520.3

Commitments and contingencies (Note 14)

 

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; 250.2 and 249.9 shares issued and outstanding at the end of the second quarter of 2020 and fiscal year end 2019, respectively
0.2

 
0.2

Additional paid-in-capital
1,737.6

 
1,692.8

Retained earnings
1,672.4

 
1,602.8

Accumulated other comprehensive loss
(198.3
)
 
(176.8
)
Total Trimble Inc. stockholders' equity
3,211.9

 
3,119.0

Noncontrolling interests
1.2

 
1.4

Total stockholders' equity
3,213.1

 
3,120.4

Total liabilities and stockholders' equity
$
6,645.0

 
$
6,640.7


See accompanying Notes to the Condensed Consolidated Financial Statements.

3


TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
  
Second Quarter of
 
First Two Quarters of
(In millions, except per share amounts)
2020
 
2019
 
2020
 
2019
Revenue:
 
 
 
 
 
 
 
Product
$
412.4

 
$
521.1

 
$
876.2

 
$
1,009.5

Service
156.6

 
174.6

 
319.0

 
333.8

Subscription
164.6

 
159.1

 
330.7

 
313.1

Total revenue
733.6

 
854.8

 
1,525.9

 
1,656.4

Cost of sales:
 
 
 
 
 
 
 
Product
199.4

 
257.0

 
409.5

 
487.7

Service
56.0

 
69.3

 
119.6

 
133.3

Subscription
49.3

 
44.1

 
103.4

 
88.5

Amortization of purchased intangible assets
23.2

 
23.8

 
46.7

 
48.0

Total cost of sales
327.9

 
394.2

 
679.2

 
757.5

Gross margin
405.7

 
460.6

 
846.7

 
898.9

Operating expense:
 
 
 
 
 
 
 
Research and development
114.0

 
119.6

 
232.2

 
237.8

Sales and marketing
103.6

 
128.8

 
235.3

 
256.2

General and administrative
68.8

 
79.9

 
141.8

 
162.7

Restructuring charges
5.1

 
2.9

 
8.0

 
6.4

Amortization of purchased intangible assets
16.6

 
19.7

 
33.5

 
39.8

Total operating expense
308.1

 
350.9

 
650.8

 
702.9

Operating income
97.6

 
109.7

 
195.9

 
196.0

Non-operating income (expense), net:
 
 
 
 
 
 
 
Interest expense, net
(19.6
)
 
(20.6
)
 
(40.1
)
 
(42.5
)
Income from equity method investments, net
9.7

 
12.9

 
19.1

 
21.7

Other income (expense), net
3.2

 
13.4

 
(4.6
)
 
15.4

Total non-operating income (expense), net
(6.7
)
 
5.7

 
(25.6
)
 
(5.4
)
Income before taxes
90.9

 
115.4

 
170.3

 
190.6

Income tax provision
27.7

 
20.8

 
45.2

 
33.6

Net income
63.2

 
94.6

 
125.1

 
157.0

Net income attributable to noncontrolling interests
0.2

 

 
0.2

 
0.1

Net income attributable to Trimble Inc.
$
63.0

 
$
94.6

 
$
124.9

 
$
156.9

Basic earnings per share
$
0.25

 
$
0.38

 
$
0.50

 
$
0.62

Shares used in calculating basic earnings per share
250.0

 
251.7

 
250.0

 
251.6

Diluted earnings per share
$
0.25

 
$
0.37

 
$
0.50

 
$
0.62

Shares used in calculating diluted earnings per share
251.2

 
254.0

 
251.5

 
254.0


See accompanying Notes to the Condensed Consolidated Financial Statements.

4


TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
 
Second Quarter of
 
First Two Quarters of
 
2020
 
2019
 
2020
 
2019
(In millions)
 
 
 
 
 
 
 
Net income
$
63.2

 
$
94.6

 
$
125.1

 
$
157.0

Foreign currency translation adjustments, net of tax
32.6

 
2.1

 
(21.7
)
 
5.6

Net unrealized income, net of tax

 

 
0.2

 
0.1

Comprehensive income
95.8

 
96.7

 
103.6

 
162.7

Comprehensive income attributable to noncontrolling interests
0.2

 

 
0.2

 
0.1

Comprehensive income attributable to Trimble Inc.
$
95.6

 
$
96.7

 
$
103.4

 
$
162.6


See accompanying Notes to the Condensed Consolidated Financial Statements.

5


TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
 
Common stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders’
Equity
 
Noncontrolling
Interest
 
Total
 
Shares
 
Amount
 
Additional Paid-In Capital
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at the end of fiscal 2019
249.9

 
$
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 income
 
 
 
 
 
 
 
 
 
 
7.8

 
 
 
7.8

Issuance of common stock under employee plans, net of tax withholdings
1.0

 

 
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 investments

 

 

 

 

 

 
(0.4
)
 
(0.4
)
Balance at the end of the first quarter of fiscal 2020
249.7

 
$
0.2

 
$
1,716.6

 
$
1,615.4

 
$
(230.9
)
 
$
3,101.3

 
$
1.0

 
$
3,102.3

Net income

 

 

 
63.0

 

 
63.0

 
0.2

 
63.2

Other comprehensive income

 

 

 

 
32.6

 
32.6

 

 
32.6

Comprehensive income
 
 
 
 
 
 
 
 
 
 
95.6

 
 
 
95.8

Issuance of common stock under employee plans, net of tax withholdings
0.5

 

 
1.9

 
(6.0
)
 

 
(4.1
)
 

 
(4.1
)
Stock-based compensation

 

 
19.1

 

 

 
19.1

 

 
19.1

Balance at the end of the second quarter of fiscal 2020
250.2

 
0.2

 
1,737.6

 
1,672.4

 
(198.3
)
 
3,211.9

 
1.2

 
3,213.1


6


 
Common stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Stockholders’
Equity
 
Noncontrolling
Interest
 
Total
 
Shares
 
Amount
 
Additional Paid-In Capital
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at the end of fiscal 2018
250.9

 
$
0.3

 
$
1,591.9

 
$
1,268.3

 
$
(186.1
)
 
$
2,674.4

 
$
0.4

 
$
2,674.8

Net income

 

 

 
62.3

 

 
62.3

 
0.1

 
62.4

Other comprehensive income

 

 

 

 
3.6

 
3.6

 

 
3.6

Comprehensive income
 
 
 
 
 
 
 
 
 
 
65.9

 
 
 
66.0

Issuance of common stock under employee plans, net of tax withholdings
1.6

 

 
33.3

 
(7.7
)
 

 
25.6

 

 
25.6

Stock repurchases
(1.0
)
 

 
(6.5
)
 
(33.5
)
 

 
(40.0
)
 

 
(40.0
)
Stock-based compensation

 

 
16.6

 

 

 
16.6

 

 
16.6

Non-controlling interest investment

 

 
(0.8
)
 

 

 
(0.8
)
 
0.8

 

Balance at the end of the first quarter of fiscal 2019
251.5

 
$
0.3

 
$
1,634.5

 
$
1,289.4

 
$
(182.5
)
 
$
2,741.7

 
$
1.3

 
$
2,743.0

Net income

 

 

 
94.6

 

 
94.6

 

 
94.6

Other comprehensive income

 

 

 

 
2.1

 
2.1

 

 
2.1

Comprehensive income
 
 
 
 
 
 
 
 
 
 
96.7

 
 
 
96.7

Issuance of common stock under employee plans, net of tax withholdings
0.7

 

 
1.7

 
(13.5
)
 

 
(11.8
)
 

 
(11.8
)
Stock repurchases
(0.4
)
 

 
(2.9
)
 
(16.1
)
 

 
(19.0
)
 

 
(19.0
)
Stock-based compensation

 

 
16.4

 

 

 
16.4

 

 
16.4

Balance at the end of the second quarter of fiscal 2019
251.8

 
0.3

 
1,649.7

 
1,354.4

 
(180.4
)
 
2,824.0

 
1.3

 
2,825.3

See accompanying Notes to the Condensed Consolidated Financial Statements.


7


TRIMBLE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
First Two Quarters of
(In millions)
2020
 
2019
Cash flow from operating activities:
 
 
 
Net income
$
125.1

 
$
157.0

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation expense
19.5

 
20.3

Amortization expense
80.2

 
87.8

Deferred income taxes
14.9

 
4.7

Stock-based compensation
29.3

 
33.5

Income from equity method investments, net of dividends
(15.3
)
 
(11.5
)
Other, net
29.0

 
(0.3
)
(Increase) decrease in assets:
 
 
 
Accounts receivable, net
115.7

 
(7.7
)
Inventories
(33.2
)
 
7.4

Other current and non-current assets
9.7

 
1.5

Increase (decrease) in liabilities:
 
 
 
Accounts payable
(31.1
)
 
3.8

Accrued compensation and benefits
9.1

 
(28.5
)
Deferred revenue
(8.4
)
 
64.9

Other current and non-current liabilities
(41.3
)
 
(7.4
)
Net cash provided by operating activities
303.2

 
325.5

Cash flow from investing activities:
 
 
 
Acquisitions of businesses, net of cash acquired
(198.0
)
 
4.6

Acquisitions of property and equipment
(29.6
)
 
(38.5
)
Other, net
0.2

 
14.1

Net cash used in investing activities
(227.4
)
 
(19.8
)
Cash flow from financing activities:
 
 
 
Issuance of common stock, net of tax withholdings
8.7

 
13.4

Repurchases of common stock
(50.0
)
 
(59.0
)
Proceeds from debt and revolving credit lines
857.5

 
530.2

Payments on debt and revolving credit lines
(866.3
)
 
(756.6
)
Other, net
(10.8
)
 
(7.3
)
Net cash used in financing activities
(60.9
)
 
(279.3
)
Effect of exchange rate changes on cash and cash equivalents
(7.7
)
 
0.7

Net increase in cash and cash equivalents
7.2

 
27.1

Cash and cash equivalents - beginning of period
189.2

 
172.5

Cash and cash equivalents - end of period
$
196.4

 
$
199.6


See accompanying Notes to the Condensed Consolidated Financial Statements.

8


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 July 3, 2020 and June 28, 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, allowances for inventory valuation, warranty costs, investments, goodwill impairment, intangibles impairment, purchased intangibles, useful lives for tangible and intangible assets, 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 two 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.

9


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.
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.
Recently issued Accounting Pronouncements not yet adopted
Income Taxes - Simplifying the Accounting for Income Taxes
In December 2019, the FASB issued amendments to the accounting for Income Taxes to reduce complexity by removing certain exceptions and implementing targeted simplifications. The new standard is effective for us beginning in fiscal 2021. Early adoption is permitted. We are currently evaluating the effect of the amendments on our Condensed Consolidated Financial Statements.
NOTE 3. 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 their 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.
There were no stock repurchases during the second quarter of fiscal 2020. During the first two quarters of fiscal 2020, we repurchased approximately 1.2 million shares of common stock in open market purchases, at an average price of $40.40 per share for a total of $50.0 million, under the 2017 Stock Repurchase Program.
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. Common stock repurchases under the 2017 Stock Repurchase Program were recorded based upon the trade date for accounting purposes. At the end of the second quarter of fiscal 2020, the 2017 Stock Repurchase Program had remaining authorized funds of $122.4 million.
NOTE 4. BUSINESS COMBINATIONS
During the first quarter of fiscal 2020, we acquired Kuebix with total purchase consideration of $201.1 million. There were no other acquisitions during the first two quarters of fiscal 2020. Kuebix is a leading transportation management system provider and creator of North America's largest connected shipping community. This acquisition will enable us to create a new platform for planning, execution, and freight demand-capacity matching. The Condensed Consolidated Statements of Income include the operating results of the acquired business from the date of acquisition. The acquisition contributed less than 1% to our total revenue during the first two quarters of fiscal 2020.
The fair value of identifiable assets acquired, and liabilities assumed were determined under the acquisition method of accounting for business combinations as of the date of acquisition. 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 determined based on a discounted cash flow analysis. For the acquisition in the first quarter of fiscal 2020, the preliminary fair value of net tangible assets and intangible assets acquired was based on preliminary valuations and estimates, and assumptions are subject to change within the measurement period (up to one year from the acquisition date).
Intangible Assets
The following table presents details of the Company’s total intangible assets: 
As of
Second Quarter of Fiscal 2020
 
Fiscal Year End 2019
 
Gross
 
 
 
 
 
Gross
 
 
 
 
 
Carrying
 
Accumulated
 
Net Carrying
 
Carrying
 
Accumulated
 
Net Carrying
(In millions)
Amount
 
Amortization
 
Amount
 
Amount
 
Amortization
 
Amount
Developed product technology
$
1,302.5

 
$
(958.1
)
 
$
344.4

 
$
1,266.7

 
$
(923.4
)
 
$
343.3

Trade names and trademarks
74.3

 
(65.1
)
 
9.2

 
74.8

 
(59.8
)
 
15.0

Customer relationships
773.2

 
(489.2
)
 
284.0

 
769.8

 
(465.6
)
 
304.2

Distribution rights and other intellectual property
71.4

 
(63.7
)
 
7.7

 
79.7

 
(63.5
)
 
16.2

 
$
2,221.4

 
$
(1,576.1
)
 
$
645.3

 
$
2,191.0

 
$
(1,512.3
)
 
$
678.7


The estimated future amortization expense of purchased intangible assets as of the end of the second quarter of fiscal 2020 was as follows:
(In millions)
 
2020 (Remaining)
$
77.3

2021
137.2

2022
118.3

2023
105.2

2024
79.8

Thereafter
127.5

Total
$
645.3


Goodwill
The changes in the carrying amount of goodwill by segment for the first two quarters of fiscal 2020 were as follows: 
 
Buildings and Infrastructure
 
Geospatial
 
Resources and Utilities
 
Transportation
 
Total
(In millions)
 
 
 
 
 
 
 
 
 
Balance as of fiscal year end 2019
$
1,973.0

 
$
401.5

 
$
445.4

 
$
860.7

 
$
3,680.6

Additions due to acquisitions