Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

(Amendment No. 1)


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the fiscal year ended December 29, 2023
			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 (State or other jurisdiction of incorporation or organization)						94-2802192 (I.R.S. Employer Identification Number)

10368 Westmoor Drive, Westminster, CO 80021

(Address of principal executive offices) (Zip Code)

(720) 887-6100

(Registrant’s telephone number, including area code)

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	TRMB	NASDAQ Global Select Market

Securities registered pursuant to Section 12(g) of the Act: NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes ☐ No ☒

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 ☒ 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.

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Large Accelerated Filer

☒

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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 30, 2023, the aggregate market value of the common stock held by non-affiliates of the registrant was approximately $13.1 billion based on the closing price as reported on the NASDAQ Global Select Market. Shares of common stock held by each officer and director of the registrant have been excluded in that such person may be deemed to be an affiliate. This determination of affiliate status is not necessarily a conclusive determination for any other purpose.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class	Outstanding at February 20, 2024
Common stock, $0.001 par value	245,687,181	shares

EXPLANATORY NOTE

Trimble Inc. (“Trimble” or “the Company” or “we” or “our” or “us”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment”) to our Annual Report on Form 10-K for the year ended December 29, 2023, which was filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2024 (the “Original Form 10-K”) to make certain changes, as described below.

As previously disclosed in Item 8.01 of the Company’s Current Report on Form 8-K filed with the SEC on May 3, 2024, Ernst & Young LLP (“EY”), the Company’s independent registered public accounting firm, informed the Company that in preparing for an upcoming Public Company Accounting Oversight Board (“PCAOB”) inspection, EY had identified concerns regarding the design and execution of certain controls.

The Company’s management has determined that additional material weaknesses in its internal control over financial reporting existed that were not previously disclosed in Management’s Annual Report on Internal Control over Financial Reporting in the Original Form 10-K related to certain information technology general controls (“ITGCs”), undue reliance on controls over information technology (“IT”) interfaces, and the evaluation of standalone selling prices of performance obligations utilized in accounting for revenue. As a result, we are (i) including in Part II, Item 8 of this Amendment a revised opinion from EY on our internal control over financial reporting as of December 29, 2023 and (ii) replacing Part II, Item 9A, “Controls and Procedures” in this Amendment to update the conclusions regarding the effectiveness of our internal control over financial reporting as of December 29, 2023. The material weaknesses did not result in any change to the Company’s consolidated financial statements as set forth in the Original Form 10-K.

Pursuant to Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment contains the complete text of Part II, Item 8. “Financial Statements and Supplementary Data”. Part IV, Item 15. “Exhibits and Financial Statement Schedules” has been amended to include (i) current certifications of the Company’s Chief Executive Officer and Chief Financial Officer as required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, each dated as of the date of this Amendment, and attached as Exhibits 31.1, 31.2, 32.1, and 32.2, (ii) an updated Consent of Independent Registered Public Accounting Firm, attached as Exhibit 23.1, and (iii) updated inline XBRL exhibits, as applicable.

The only changes to the Original Form 10-K are those related to the matters described above. Except as described above, this Amendment does not amend, update, or change (i) the Company’s consolidated financial statements or (ii) any other item or disclosure in the Original Form 10-K and does not purport to reflect any information or event subsequent to the filing. As such, this Amendment speaks only as of the date that the Original Form 10-K was filed, and the Company has not undertaken to amend, update, or change any information contained in the Original Form 10-K to give effect to any subsequent event, other than as expressly indicated in this Amendment. Accordingly, this Amendment should be read in conjunction with the Original Form 10-K and any subsequent filings with the SEC.

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TRIMBLE INC.

2023 FORM 10-K/A

TABLE OF CONTENTS


	PART II
Item 8	Financial Statements and Supplementary Data	1
Item 9A	Controls and Procedures	32

	PART IV
Item 15	Exhibits and Financial Statement Schedules	35
	Signatures	38

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PART II

Item 8. Financial Statements and Supplementary Data

TRIMBLE INC.

INDEX TO FINANCIAL STATEMENTS



Consolidated Balance Sheets			1
Consolidated Statements of Income			2
Consolidated Statements of Comprehensive Income			3
Consolidated Statements of Stockholders’ Equity			4
Consolidated Statements of Cash Flows			5
Notes to Consolidated Financial Statements			6
Note 1. Description of Business and Accounting Policies			6
Note 2. Earnings per Share			11
Note 3. Acquisitions			11
Note 4. Divestitures			13
Note 5. Intangible Assets and Goodwill			14
Note 6. Certain Balance Sheet Components			15
Note 7. Reporting Segment and Geographic Information			16
Note 8. Debt			19
Note 9. Leases			20
Note 10. Commitments and Contingencies			21
Note 11. Fair Value Measurements			22
Note 12. Deferred Revenue and Remaining Performance Obligations			23
Note 13. Income Taxes			23
Note 14. Employee Stock Benefit Plans			26
Note 15. Common Stock Repurchase			28
Note 16. Subsequent Event			28
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)			29

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Index to Financial Statements

TRIMBLE INC.

CONSOLIDATED BALANCE SHEETS


At the End of Year	2023		2022

(In millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents	$	229.8	$	271.0

Accounts receivable, net	706.6		643.3

Inventories	235.7		402.5
Prepaid expenses	89.8		73.7
Other current assets	147.8		127.7
Assets held for sale	421.2		—
Total current assets	1,830.9		1,518.2
Property and equipment, net	202.5		219.0
Operating lease right-of-use assets	124.0		121.2
Goodwill	5,350.6		4,137.9
Other purchased intangible assets, net	1,243.5		498.1
Deferred income tax assets	412.3		438.4
Other non-current assets	375.5		336.2
Total assets	$	9,539.3	$	7,269.0
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	530.4	$	300.0
Accounts payable	165.3		175.5
Accrued compensation and benefits	181.2		159.4
Deferred revenue	663.1		639.1
Income taxes payable	39.7		23.7
Other current liabilities	201.3		164.4
Liabilities held for sale	48.3		—
Total current liabilities	1,829.3		1,462.1
Long-term debt	2,536.2		1,220.0
Deferred revenue, non-current	98.3		98.5
Deferred income tax liabilities	287.8		157.8

Operating lease liabilities	121.9		105.1
Other non-current liabilities	165.7		175.3
Total liabilities	5,039.2		3,218.8
Commitments and contingencies (Note 10)
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; 246.5 and 246.9 shares issued and outstanding at the end of 2023 and 2022	0.2		0.2
Additional paid-in-capital	2,214.6		2,054.9
Retained earnings	2,437.4		2,230.0
Accumulated other comprehensive loss	(152.1)		(234.9)


Total stockholders' equity	4,500.1		4,050.2
Total liabilities and stockholders' equity	$	9,539.3	$	7,269.0

See accompanying Notes to the Consolidated Financial Statements.

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Index to Financial Statements

TRIMBLE INC.

CONSOLIDATED STATEMENTS OF INCOME


(In millions, except per share amounts)	2023		2022		2021
Revenue:
Product	$	1,771.7	$	1,986.1	$	2,135.2
Subscription and services	2,027.0		1,690.2		1,523.9
Total revenue	3,798.7		3,676.3		3,659.1
Cost of sales:
Product	875.0		1,040.8		1,086.4
Subscription and services	482.2		444.9		450.3
Amortization of purchased intangible assets	108.7		85.0		87.7
Total cost of sales	1,465.9		1,570.7		1,624.4
Gross margin	2,332.8		2,105.6		2,034.7
Operating expense:
Research and development	664.3		542.1		536.6
Sales and marketing	583.0		553.6		506.8
General and administrative	487.5		422.2		369.1
Restructuring	45.6		30.2		10.3
Amortization of purchased intangible assets	103.6		46.6		50.9
Total operating expense	1,884.0		1,594.7		1,473.7
Operating income	448.8		510.9		561.0
Non-operating income (expense), net:
Divestitures gain, net	9.2		99.0		41.4
Interest expense, net	(161.0)		(71.1)		(65.4)

Income from equity method investments, net	28.1		31.1		37.7
Other income (expense), net	31.9		(0.8)		(0.1)
Total non-operating income (expense), net	(91.8)		58.2		13.6
Income before taxes	357.0		569.1		574.6
Income tax provision	45.7		119.4		81.8
Net income	311.3		449.7		$	492.8
Net income attributable to noncontrolling interests	—		—		0.1
Net income attributable to Trimble Inc.	$	311.3	$	449.7	492.7
Earnings per share:
Basic	$	1.26	$	1.81	$	1.96
Diluted	$	1.25	$	1.80	$	1.94
Shares used in calculating earnings per share:
Basic	247.9		248.6		251.4
Diluted	249.1		250.2		254.3

See accompanying Notes to the Consolidated Financial Statements.

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Index to Financial Statements

TRIMBLE INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	2023		2022		2021

(In millions)
Net income	$	311.3	$	449.7	$	492.8
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	86.4		(81.6)		(64.0)
Net change related to derivatives and other	(3.6)		8.4		0.8
Comprehensive income	394.1		376.5		429.6
Comprehensive income attributable to noncontrolling interests	—		—		0.1
Comprehensive income attributable to Trimble Inc.	$	394.1	$	376.5	$	429.5

See accompanying Notes to the Consolidated Financial Statements.

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Index to Financial Statements

TRIMBLE INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY


	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 2020	250.8	$	0.3	$	1,801.7	$	1,893.4	$	(98.5)	$	3,596.9	$	1.7	$	3,598.6
Net income	—	—		—		492.7		—		492.7		0.1		492.8
Other comprehensive loss	—	—		—		—		(63.2)		(63.2)		—		(63.2)
Comprehensive income										429.5				429.6
Issuance of common stock under employee plans, net of tax withholdings	2.2	—		36.2		(51.3)		—		(15.1)		—		(15.1)
Stock repurchases	(2.1)	—		(15.7)		(164.3)		—		(180.0)		—		(180.0)
Stock-based compensation	—	—		112.8		—		—		112.8		—		112.8
Noncontrolling interest investments	—	—		0.6		—		—		0.6		(1.8)		(1.2)
Balance at the end of 2021	250.9	$	0.3	$	1,935.6	$	2,170.5	$	(161.7)	$	3,944.7	$	—	$	3,944.7
Net income						449.7				449.7		—		449.7
Other comprehensive loss	—	—		—		—		(73.2)		(73.2)		—		(73.2)
Comprehensive income										376.5				376.5
Issuance of common stock under employee plans, net of tax withholdings	2.0	—		29.6		(43.2)		—		(13.6)		—		(13.6)
Stock repurchases	(6.0)	(0.1)		(47.6)		(347.0)		—		(394.7)		—		(394.7)
Stock-based compensation	—	—		137.3		—		—		137.3		—		137.3
Balance at the end of 2022	246.9	$	0.2	$	2,054.9	$	2,230.0	$	(234.9)	$	4,050.2	$	—	$	4,050.2
Net income	—	—		—		311.3		—		311.3		—		311.3
Other comprehensive income	—	—		—		—		82.8		82.8		—		82.8
Comprehensive income										394.1				394.1
Issuance of common stock under employee plans, net of tax withholdings	2.0	—		31.6		(24.9)		—		6.7		—		6.7
Stock repurchases	(2.4)	—		(21.0)		(79.0)		—		(100.0)		—		(100.0)
Stock-based compensation	—	—		149.1		—		—		149.1		—		149.1
Balance at the end of 2023	246.5	$	0.2	$	2,214.6	$	2,437.4	$	(152.1)	$4,500.1		$	—	$	4,500.1

See accompanying Notes to the Consolidated Financial Statements.

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Index to Financial Statements

TRIMBLE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


(In millions)	2023		2022		2021
Cash flow from operating activities:
Net income	$	311.3	$	449.7	$	492.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	38.3		40.2		41.3
Amortization expense	212.3		131.6		138.6
Deferred income taxes	(104.6)		(40.0)		(26.9)
Stock-based compensation	145.4		120.4		122.6

Divestitures gain, net	(9.2)		(99.0)		(43.9)
Other, net	11.6		41.7		19.2
(Increase) decrease in assets:
Accounts receivable, net	(36.4)		(55.4)		(9.0)

Inventories	67.6		(113.5)		(72.9)
Other current and non-current assets	(67.2)		(46.3)		(30.2)
Increase (decrease) in liabilities:
Accounts payable	(12.4)		(24.8)		60.3
Accrued compensation and benefits	20.8		(54.2)		54.1
Deferred revenue	26.0		108.6		27.4
Income taxes payable	(4.0)		(38.3)		(2.9)
Other current and non-current liabilities	(2.4)		(29.5)		(20.0)
Net cash provided by operating activities	597.1		391.2		750.5
Cash flow from investing activities:
Acquisitions of businesses, net of cash acquired	(2,088.9)		(373.5)		(236.1)
Purchases of property and equipment	(42.0)		(43.2)		(46.1)





Net proceeds from divestitures	17.0		215.4		67.3

Other, net	45.8		(25.0)		11.4
Net cash used in investing activities	(2,068.1)		(226.3)		(203.5)
Cash flow from financing activities:
Issuance of common stock, net of tax withholdings	6.7		(13.6)		(15.1)
Repurchases of common stock	(100.0)		(394.7)		(180.0)
Proceeds from debt and revolving credit lines	3,847.1		814.8		198.9
Payments on debt and revolving credit lines	(2,292.9)		(590.2)		(449.9)
Other, net	(29.4)		(15.3)		(1.6)
Net cash provided by (used in) financing activities	1,431.5		(199.0)		(447.7)
Effect of exchange rate changes on cash and cash equivalents	7.4		(20.6)		(11.3)
Net (decrease) increase in cash and cash equivalents	(32.1)		(54.7)		88.0
Cash and cash equivalents - beginning of period	271.0		325.7		237.7
Cash and cash equivalents - end of period (1)	$	238.9	$	271.0	$	325.7

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	168.0	$	197.3	$	98.3
Cash paid for interest	$	133.7	$	73.1	$	61.8

(1) Includes $9.1 million of cash and cash equivalents classified as held for sale as of December 29, 2023.

See accompanying Notes to the Consolidated Financial Statements.

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Index to Financial Statements

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Trimble Inc., (“we” or “our” or “us”) is incorporated in the State of Delaware since October 2016.

We are a leading provider of technology solutions that enable professionals and field mobile workers to improve or transform their work processes. We focus on transforming the way the world works by delivering products and services that connect the physical and digital worlds. We generate revenue primarily through the sale of our hardware, software, maintenance and support, professional services, and subscriptions.

Basis of Presentation

These Consolidated Financial Statements include our results of 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.

We use a 52–53 week fiscal year ending on the Friday nearest to December 31. Fiscal 2023, 2022, and 2021 were all 52-week years ending on December 29, 2023, December 30, 2022, and December 31, 2021. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods.

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 financial statements and accompanying notes. Estimates and assumptions are used for (i) revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price (“SSP”) of performance obligations; (ii) inventory valuation; (iii) valuation of long-lived assets and their estimated useful lives; (iv) goodwill and other long-lived asset impairment analyses; (v) stock-based compensation; and (vi) income taxes. 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.

Change in Presentation

During the first quarter of 2023, we changed the presentation of revenue and cost of sales in the Consolidated Statements of Income. This change was made to better reflect our Connect and Scale strategy and business model evolution with a continued shift toward a more significant mix of recurring revenues, which includes subscription, maintenance and support, and term licenses. As such, we revised our presentation, including (i) the combination of subscription and services into one line item, and (ii) moving term licenses from product to subscription and services. The subscription and services line item is more aligned with our performance measures, how we manage our business, and is helpful to investors and others to better understand our results.

Previously, we presented revenue and cost of sales on three lines as follows:

•product, which included hardware and software licenses (both perpetual and term licenses);

•service, which included hardware and software maintenance and support and professional services;

•subscription, which included SaaS, data, and hosting services.

The revised categories are as follows:

•product, which includes hardware and perpetual software licenses;

•subscription and services, which includes SaaS, data, and hosting services, as well as term licenses, hardware and software maintenance and support, and professional services.

Prior period amounts have been revised to conform to the current period presentation. This change in presentation did not affect the total revenue or total cost of sales. The effect of the change on the Consolidated Statements of Income for 2022 and 2021 was as follows:

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Index to Financial Statements


	2022						2021
(In millions)
	As Previously Reported		Effect of Change in Presentation		As Reported Herein		As Previously Reported		Effect of Change in Presentation		As Reported Herein
Revenue:
Product	$	2,152.0	$	(165.9)	$	1,986.1	$	2,247.5	$	(112.3)	$	2,135.2
Subscription and services	—		1,690.2		1,690.2		—		1,523.9		1,523.9
Service	641.3		(641.3)		—		649.4		(649.4)		—
Subscription	883.0		(883.0)		—		762.2		(762.2)		—

Total revenue	$	3,676.3	$	—	$	3,676.3	$	3,659.1	$	—	$	3,659.1

Cost of sales:
Product	$	1,046.1	$	(5.3)	$	1,040.8	$	1,090.1	$	(3.7)	$	1,086.4
Subscription and services	—		444.9		444.9		—		450.3		450.3
Service	235.7		(235.7)		—		229.9		(229.9)		—
Subscription	203.9		(203.9)		—		216.7		(216.7)		—
Amortization of purchased intangible assets	85.0		—		85.0		87.7		—		87.7
Total cost of sales	$	1,570.7	$	—	$	1,570.7	$	1,624.4	$	—	$	1,624.4

Reportable Segments

We report our financial performance, including revenue and operating income, based on four reportable segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation.

Our Chief Executive Officer, who is our CODM, views and evaluates operations based on the results of our reportable operating segments under our management reporting system. These results are not necessarily in conformance with U.S. GAAP.

Revenue Recognition

Significant Judgments

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognized net of allowance for returns and any taxes collected from customers. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment.

Judgment is required to determine SSP for each performance obligation. We use a range of amounts to estimate SSP when products and services are sold separately and determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, we estimate SSP considering multiple factors including but not limited to, our internal cost, pricing practices, sales channel, competitive positioning, and overall market and business environments. As our offerings and markets change, we may be required to reassess our estimated SSP and, as a result, the timing and classification of our revenue could be affected.

Nature of Goods and Services

We generate revenue primarily from products and services and subscriptions; each of which is a distinct performance obligation. Descriptions are as follows:

Product

Product revenue includes hardware and perpetual software licenses.

Hardware is recognized when the control of the product transfers to the customer, which is generally when the product is shipped. We recognize shipping fees reimbursed by customers as revenue and the cost for shipping as an expense in Cost of sales when control over products has transferred to the customer.

Software including perpetual licenses is recognized upon delivery and commencement of the license term. In general, our contracts do not provide for customer specific acceptances.

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Index to Financial Statements

Subscription and Services

Subscription and services revenue includes SaaS and hosting services, term licenses, hardware and software maintenance, and support and professional services.

SaaS may be sold with devices used to collect, generate, and transmit data. SaaS is distinct from the related devices. SaaS is provided on either a subscription or a consumption basis. In addition, we may host the software that the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms generally range from month-to-month to one to three years. Subscription revenue is recognized monthly over the subscription term, commencing from activation. Revenue related to SaaS on a consumption basis is recognized when the customer utilizes the service based on the quantity of the services consumed.

Term license subscriptions contain an on-premise term license component as well as maintenance and support. Term licenses are distinct and recognized upon transfer and commencement of the subscription license term. Maintenance and support are recognized ratably over the subscription term. The subscription term generally ranges from one to three years.

Hardware maintenance and support, commonly called extended warranty, entitles the customer to receive replacement parts and repair services. Extended warranty is separately priced and is recognized on a straight-line basis over the extended service period, which begins after the standard warranty period, ranging from one to two years depending on the product line.

Software maintenance and support entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Software maintenance is recognized on a straight-line basis commencing upon product delivery over the post-contract support term, which ranges from one to three years, with one year being most common.

Professional services include installation, training, configuration, project management, system integrations, customization, data migration/conversion, and other implementation services. The majority of professional services are not complex, can be provided by other vendors, and are readily available and billed on a time-and-material basis. Revenue for distinct professional services is recognized over time, based on work performed.

Accounts Receivable, Net

Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceeds the amount billed to the customer, provided the billing is not contingent upon future performance, and we have the unconditional right to future payment with only the passage of time required. Both billed and unbilled amounts due are stated at their net estimated realizable value.

We maintain an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. Each reporting period, we evaluate the collectability of our trade accounts receivable based on a number of factors, such as age of the accounts receivable balances, credit quality, historical experience, and current and future economic conditions that may affect a customer’s ability to pay. At the end of 2023 and 2022, the allowances for credit losses were immaterial.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost. Adjustments are also made to reduce the cost of inventory for estimated excess or obsolete balances. Factors influencing these adjustments include declines in demand that impact inventory purchasing forecasts, technological changes, product lifecycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If our estimate used to reserve for excess and obsolete inventory differs from what is expected, we may be required to recognize additional reserves, which would negatively impact our gross margin.

Property and Equipment, Net

Property and equipment are depreciated using the straight-line method over the shorter of the estimated useful lives or the lease terms when applicable. Useful lives generally range from four to six years for machinery and equipment, five to ten years for furniture and fixtures, two to five years for computer equipment and software, thirty-nine years for buildings, and the life of the lease for leasehold improvements. We capitalize eligible costs to acquire or develop certain internal-use software and amortize those assets using the straight-line method over the estimated useful lives of the assets, which range from two to five years.

Leases

We determine if an arrangement is a lease at inception. Operating leases with lease terms greater than one year are included in Operating lease right-of-use (“ROU”) assets, Other current liabilities, and Operating lease liabilities in our Consolidated Balance Sheets.

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ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Present value is determined by using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowings over a similar term of the lease payments at the commencement date. The operating lease ROU assets include adjustments made for uneven rents, lease incentives, and lease impairments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Lease agreements that include both lease and non-lease components are accounted for as part of the overall lease arrangement.

Business Combinations

We allocate the fair value of purchase consideration to the assets acquired, liabilities assumed, and any noncontrolling interest based on their fair values at the acquisition date. When determining the fair values, we make significant estimates and assumptions, especially concerning intangible assets. Critical estimates when valuing intangible assets include expected future cash flows based on consideration of revenue and revenue growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates. Any purchase consideration in excess of the fair values of the net assets acquired is recorded as goodwill.

Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.

Acquisition costs are expensed as incurred.

Goodwill

We evaluate goodwill on an annual basis or more frequently if indicators of potential impairment exist. To determine whether goodwill is impaired, we first assess qualitative factors. Qualitative factors include but are not limited to macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, or other relevant company-specific events. If it is determined more likely than not that the fair value of a goodwill reporting unit is less than its carrying amount, we perform a quantitative analysis. Alternatively, we may bypass the qualitative assessment and perform a quantitative impairment test.

When performing a quantitative approach, we compare the reporting unit’s carrying amount, including goodwill, to the reporting unit's fair value. The estimation of a reporting unit's fair value involves using estimates and assumptions, including expected future operating performance using risk-adjusted discount rates. If the reporting unit's carrying amount exceeds its fair value, an impairment loss is recognized.

Intangible Assets

Intangible assets acquired in a business combination are recorded at fair value. Our intangible assets are amortized over the period of estimated benefit using the straight-line method over their estimated useful lives, which range from three to ten years and have a weighted-average useful life of approximately seven years. We write off fully amortized intangible assets when those assets are no longer used.

We review intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable based on their future cash flows. The estimated future cash flows are primarily based upon assumptions about expected future operating performance.

Foreign Currency Translation

Assets and liabilities recorded in foreign currency are translated to U.S. dollars at the exchange rates on the balance sheet date. Revenue and expense are translated at average monthly exchange rates during the year. Translation adjustments resulting from this process are recorded to other comprehensive income.

Stock-Based Compensation

Stock-based compensation expense is based on the measurement date fair value of the awards, net of expected forfeitures. Expense is generally recognized on a straight-line basis over the requisite service period of the stock awards. The estimate of the forfeiture rate is based on historical experience.

Research and Development Costs

Research and development costs are expensed as incurred. Development costs for software to be sold subsequent to reaching technical feasibility were not significant and were expensed as incurred. We offset research and development expense with any unconditional third party funding earned and retain the rights to any technology developed under such arrangements.

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Income Taxes

Income taxes are accounted for under the liability method, whereby deferred tax assets or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not such assets will not be realized. Our valuation allowance is primarily attributable to foreign net operating losses and state research and development credit carryforwards.

Relative to uncertain tax positions, we only recognize a tax benefit if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual tax audit outcomes. Changes in recognition or measurement of our uncertain tax positions would result in the recognition of a tax benefit or an additional charge to the tax provision. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense.

We are subject to income taxes in the U.S. and numerous other countries and are subject to routine corporate income tax audits in many of these jurisdictions. We generally believe that positions taken on our tax returns are more likely than not to be sustained upon audit, but tax authorities in some circumstance have, and may in the future, successfully challenge these positions. Accordingly, our income tax provision includes amounts intended to satisfy assessments that may result from these challenges. The amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in our income tax provision and, therefore, could have a material impact on our income tax provision, net income, and cash flows.

Concentrations of Risk

Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and therefore bear minimal credit risk.

We are also exposed to credit risk in our trade receivables, which are derived from sales to end-user customers in diversified industries as well as various resellers. We perform ongoing credit evaluations of our customers’ financial conditions and limit the amount of credit extended, when deemed necessary, but generally do not require collateral.

In addition, we rely on a limited number of suppliers for a number of our critical components.

Guarantees, Including Indirect Guarantees of Indebtedness of Others

In the normal course of business to facilitate sales of our products, we indemnify other parties, including customers, lessors, and parties to other transactions with us with respect to certain matters. We may agree to hold the other party harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In connection with divesting some of our businesses or assets, we may also indemnify purchasers for certain matters in the normal course of business, such as breaches of representations, covenants, or excluded liabilities. In addition, we entered into indemnification agreements with our officers and directors, and our bylaws contain similar indemnification obligations to our agents.

It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made under these agreements were not material, and no liabilities have been recorded for these obligations in the Consolidated Balance Sheets at the end of 2023 and 2022.

Derivative Financial Instruments

We enter into foreign exchange forward contracts to minimize the short-term impact of foreign currency fluctuations on cash and certain trade and intercompany receivables and payables, primarily denominated in Euro, Canadian Dollars, New Zealand Dollars, British Pound, and Brazilian Real. These contracts reduce the exposure to fluctuations in foreign currency exchange rate movements, as the gains and losses associated with foreign currency balances are generally offset with the gains and losses on the forward contracts. We occasionally enter into foreign currency contracts to minimize the impact of foreign currency fluctuations on the purchase price of pending acquisitions. We do not enter into foreign currency forward contracts for trading purposes.

At the end of 2023 and 2022, there were no derivatives outstanding that were accounted for as hedges.

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Recently issued Accounting Pronouncements not yet Adopted

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU updates reportable segment disclosure requirements primarily through (i) enhanced disclosures about significant segment expenses, (ii) the composition of other segment items, and (iii) optional disclosure of more than one measure of segment profit or loss if the CODM uses those measures to assess segment performance and allocate resources. The ASU is effective for our Annual Report on Form 10-K beginning in 2024 and, afterward, interim reports. Early adoption is permitted. The ASU should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU updates the annual income tax disclosures by requiring (i) specific categories and greater disaggregation of information in the rate reconciliation, (ii) income taxes paid disaggregated by taxing authority and jurisdiction, and (iii) disclosures of pretax income (or loss) and income tax expense (or benefit). Additionally, certain existing disclosure requirements are removed. The ASU is effective for our Annual Report on Form 10-K beginning in 2025 and is applied prospectively. Early adoption and retrospective application are permitted. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures.

Recent Adopted Accounting Pronouncements

There are no recently adopted accounting pronouncements.

NOTE 2: EARNINGS PER SHARE

Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period plus additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive common shares include outstanding stock options, restricted stock units (“RSUs”), contingently issuable shares, and shares to be purchased under our employee stock purchase plan.

The following table shows the computation of basic and diluted earnings per share:


	2023		2022		2021
(In millions, except per share amounts)
Numerator:
Net income attributable to Trimble Inc.	$	311.3	$	449.7	$	492.7
Denominator:
Weighted-average number of common shares used in basic earnings per share	247.9		248.6		251.4
Effect of dilutive securities	1.2		1.6		2.9
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share	249.1		250.2		254.3

Basic earnings per share	$	1.26	$	1.81	$	1.96
Diluted earnings per share	$	1.25	$	1.80	$	1.94

Antidilutive weighted-average shares (1)	1.9		1.3		0.1

(1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share.

NOTE 3: ACQUISITIONS

On April 3, 2023, we acquired all of the issued and outstanding shares of TP Group Holding GmbH and Sixfold GmbH, which owned Transporeon, in an all-cash transaction. Transporeon is a Germany-based company and leading cloud-based transportation management software platform that connects key stakeholders across the industry lifecycle to positively impact the optimization of global supply chains, which aligns with our Connect and Scale strategy. Transporeon is reported as part of our Transportation segment.

The total purchase consideration was €1.9 billion or $2.1 billion, which included the repayment of outstanding Transporeon debt of $339.6 million. The acquisition was funded through a combination of cash on hand and debt. See Note 8 “Debt” of this report for more information.

In addition to Transporeon, we acquired two businesses in 2023 with total purchase consideration of $47.0 million. In the

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aggregate, the two businesses acquired contributed less than 1% of our total revenue during 2023.

In 2022, we acquired two businesses, with total purchase consideration of $379.5 million. The largest acquisition was Bid2Win Software, LLC, a leading provider of estimating and operations solutions for the heavy civil construction industry. In the aggregate, the businesses acquired contributed less than 1% of our total revenue during 2022.

In 2021, we acquired AgileAssets, with total purchase consideration of $237.5 million. AgileAssets is a provider of SaaS solutions for transportation asset lifecycle management. The acquisition contributed less than 1% of our total revenue during 2021.

Acquisition costs of $35.0 million, $20.4 million, and $13.6 million in 2023, 2022, and 2021, were expensed as incurred and are included in Cost of sales and General and administrative expenses in our Consolidated Statements of Income.

Purchase Price Allocation

The fair value of identifiable assets acquired and liabilities assumed was determined under the acquisition method of accounting for business combinations. 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 generally determined based on a discounted cash flow analysis.

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


	Fair Value as of the Acquisition Date		Estimated Useful Life
(In millions)
Total purchase consideration	$	2,082.6

Net tangible assets acquired:
Cash and cash equivalents	12.9
Accounts receivable, net	41.8
Other current assets	28.0
Non-current assets	24.7
Accounts payable	(4.1)
Accrued compensation and benefits	(9.7)
Deferred revenue	(16.5)
Other current liabilities	(47.2)
Non-current liabilities	(20.6)
Total net tangible assets acquired	9.3

Intangible assets acquired:
Customer relationships	759.5		11 years
Developed product technology	168.4		7 years
Trade name	11.9		5 years
Total intangible assets acquired	939.8

Deferred tax liability	(256.6)

Fair value of all assets/liabilities acquired	692.5

Goodwill	$	1,390.1

Goodwill consists of growth potential, synergies, and economies of scale expected from combining Transporeon’s operations with ours, together with the highly skilled and valuable assembled workforce. We do not expect the goodwill to be deductible for income tax purposes.

The Company corrected an error which resulted in an adjustment of $34 million between goodwill and developed technology intangibles, net of tax.

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Financial Information

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


	Year of
	2023
(In millions)
Total revenue	$	124.7
Net loss	(42.3)

Pro Forma Financial Information

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


	Year of
	2023		2022
(In millions)
Total revenue	$	3,839.2	$	3,831.2
Net income	273.0		308.6

NOTE 4: DIVESTITURES

Pending Divestiture

On September 28, 2023, we executed a definitive agreement with AGCO that provides for the formation of a JV with AGCO in the mixed fleet precision agriculture market. Under the terms of the agreement, we will contribute the Trimble Ag business, excluding certain GNSS and guidance technologies, and AGCO will contribute its JCA Technologies business to the JV. We will sell an interest in the JV to AGCO for $2.0 billion in pre-tax cash proceeds, subject to working capital adjustments. Immediately following the closing of this proposed transaction, we will own 15% of the JV and AGCO will own 85% of the JV.

Additionally, we plan to enter into the following agreements with AGCO as part of the overall transaction:

•a seven-year, renewable Supply Agreement through which we will provide key GNSS and guidance technologies to the JV for use in professional agriculture machines sold by AGCO, on an exclusive basis with limited exceptions;

•a Technology Transfer and License Agreement to govern the licensing of certain non-divested intellectual property and technology for use by the JV in the agriculture field and, upon expiration of the Supply Agreement, to govern fixed and variable royalty payments made to us by the JV;

•a Trademark License Agreement to govern the licensing of certain Trimble trademarks for use by the JV in the agriculture field;

•a Positioning Services Agreement through which the JV will serve as our channel partner for the positioning services in the agriculture market; and

•a Transition Services Agreement to provide contract manufacturing services for the divested products for two years following the closing of the proposed transaction.

The proposed transaction is expected to close in the first half of 2024 and is subject to customary closing conditions, including regulatory approvals. Trimble Ag is reported as a part of our Resources and Utilities segment.

Following the closing of this proposed transaction, our 15% ownership interest in the JV is expected to be reported as an equity method investment.

The assets and liabilities of Trimble Ag that are subject to the proposed transaction were classified as held for sale at the end of 2023. The following table presents the carrying values of the major classes of assets and liabilities classified as held for sale in our Consolidated Balance Sheets at the end of 2023:

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	At the End of Year
(In millions)	2023

Cash and cash equivalents	$	9.1
Accounts receivable, net	12.1
Inventories, net	84.2
Other current assets	3.4
Property and equipment, net	20.7
Other purchased intangible assets, net	20.3
Goodwill	268.1
Other non-current assets	3.3
Total Assets Held for Sale	$	421.2

Accounts payable	$	1.8
Deferred revenue, current	14.3
Other current liabilities	16.0
Deferred revenue, non-current	8.3
Other non-current liabilities	7.9
Total Liabilities Held for Sale	$	48.3

Other Divestitures

In addition to the pending Trimble Ag JV Transaction, we divested five businesses in 2023 with total proceeds of $18.7 million.

In 2022, we divested six businesses with total proceeds of $226.3 million. The largest divestiture was the sale of Time and Frequency, LOADRITE, Spectra Precision Tools, and SECO accessories businesses to Precisional LLC, an affiliate of The Jordan Company (“TJC”), for $205.1 million in cash, which included a working capital adjustment.

In 2021, divestitures were not material to the financial statements.

NOTE 5: INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

The following table presents a summary of our intangible assets:


	At the End of 2023							At the End of 2022
(In millions)	Weighted-Average Useful Lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product technology	6	$	908.5	$	(554.1)	$	354.4	$	1,004.8	$	(722.7)	$	282.1
Customer relationships	10	1,358.4		(474.5)		883.9		654.1		(445.9)		208.2
Trade names and trademarks	6	43.8		(38.6)		5.2		39.5		(32.7)		6.8
Distribution rights and other intellectual property	7	4.2		(4.2)		—		8.0		(7.0)		1.0
		$	2,314.9	$	(1,071.4)	$	1,243.5	$	1,706.4	$	(1,208.3)	$	498.1

As of the end of 2023 and 2022, $267.8 million and $79.9 million of fully amortized intangible assets were written off.

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The estimated future amortization expense of intangible assets at the end of 2023 was as follows:


(In millions)
2024	$	200.4
2025	168.6
2026	163.4
2027	149.7
2028	135.6
Thereafter	425.8
Total	$	1,243.5

Goodwill

The changes in the carrying amount of goodwill by segment for 2023 were as follows:


	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
Balance as of year end 2022	$	2,300.1	$	382.1	$	471.8	$	983.9	$	4,137.9
Additions due to acquisitions	27.7		—		—		1,390.1		1,417.8

Assets held for sale	—		(1.9)		(266.2)		—		(268.1)
Foreign currency translation and other adjustments	19.5		4.9		10.8		27.8		63.0

Balance as of year end 2023	$	2,347.3	$	385.1	$	216.4	$	2,401.8	$	5,350.6

NOTE 6: CERTAIN BALANCE SHEET COMPONENTS

The components of inventory, net were as follows:


At the End of Year	2023		2022
(In millions)
Inventories:
Raw materials	$	88.4	$	154.9
Work-in-process	3.0		13.1
Finished goods	144.3		234.5
Total inventories	$	235.7	$	402.5

Finished goods includes $11.3 million and $16.9 million at the end of 2023 and 2022 for costs of sales that have been deferred in connection with deferred revenue arrangements.

The components of property and equipment, net were as follows:


At the End of Year	2023		2022
(In millions)
Property and equipment, net:
Land, building, furniture, and leasehold improvements	$	237.4	$	244.4
Machinery and equipment	170.0		177.6
Software and licenses	131.6		146.4
Construction in progress	14.0		10.1
	553.0		578.5
Less: accumulated depreciation	(350.5)		(359.5)
Total property and equipment, net	$	202.5	$	219.0

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The components of accumulated other comprehensive loss, net of related tax were as follows:


At the End of Year	2023		2022
(In millions)
Accumulated foreign currency translation adjustments	$	(158.0)	$	(241.6)
Gain on cash flow hedge	4.7		5.4
Net unrealized actuarial gains	1.2		1.3
Total accumulated other comprehensive loss	$	(152.1)	$	(234.9)

NOTE 7: REPORTING SEGMENT AND GEOGRAPHIC INFORMATION

We determined our operating segments based on how our CODM views and evaluates operations. Various factors, including market separation and customer-specific applications, go-to-market channels, and products and services, were considered in determining these operating segments. Our CODM regularly reviews our segment operating results to make decisions about resources that are allocated to each segment and to assess performance. In each of our segments, we sell many individual products. For this reason, it is impracticable to segregate and identify revenue for each of the individual products or group of products we sell.

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 Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
2023
Segment revenue	$	1,593.1	$	695.5	$	769.1	$	741.0	$	3,798.7
Segment operating income	440.8		209.1		270.6		130.2		$	1,050.7

2022
Segment revenue	$	1,494.0	$	756.5	$	821.6	$	604.2	$	3,676.3
Segment operating income	406.3		221.4		278.3		58.8		964.8

2021
Segment revenue	$	1,422.7	$	828.9	$	771.3	$	636.5	$	3,659.4
Segment operating income	411.7		244.1		264.0		43.4		963.2

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	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
As of Year End 2023
Accounts receivable, net	$	314.1	$	125.0	$	92.5	$	175.0	$	706.6
Inventories	65.0		115.8		11.1		43.8		235.7
Goodwill	2,347.3		385.1		216.4		2,401.8		5,350.6
As of Year End 2022
Accounts receivable, net	$	305.1	$	137.2	$	79.2	$	121.8	$	643.3
Inventories	93.2		146.1		100.3		62.9		402.5
Goodwill	2,300.1		382.1		471.8		983.9		4,137.9
As of Year End 2021
Accounts receivable, net	$	246.8	$	134.0	$	112.9	$	131.1	$	624.8
Inventories	79.3		136.4		67.4		80.2		363.3
Goodwill	2,141.4		403.6		440.8		995.7		3,981.5

A reconciliation of our consolidated segment operating income to consolidated income before income taxes was as follows:


	2023		2022		2021
(In millions)
Consolidated segment operating income	$	1,050.7	$	964.8	$	963.2
Unallocated general corporate expenses	(116.0)		(123.3)		(106.2)
Purchase accounting adjustments	(212.3)		(131.6)		(134.5)
Acquisition / divestiture items	(72.4)		(32.8)		(21.8)
Stock-based compensation / deferred compensation	(151.1)		(112.0)		(128.6)
Restructuring and other costs	(50.1)		(54.2)		(11.1)
Consolidated operating income	448.8		510.9		561.0
Total non-operating income (expense), net	(91.8)		58.2		13.6
Consolidated income before taxes	$	357.0	$	569.1	$	574.6

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The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and excludes the effects of certain acquired deferred

revenue that was written down to fair value in purchase accounting, consistent with the Reporting Segment tables above.


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
2023
North America	$	1,026.0	$	300.2	$	217.5	$	474.8	$	2,018.5
Europe	338.1		213.3		328.9		195.9		1,076.2
Asia Pacific	196.6		141.9		56.9		33.5		428.9
Rest of World	32.4		40.1		165.8		36.8		275.1
Total segment revenue	$	1,593.1	$	695.5	$	769.1	$	741.0	$	3,798.7
2022
North America	$	938.1	$	320.7	$	227.0	$	469.4	$	1,955.2
Europe	337.1		247.8		374.3		78.7		1,037.9
Asia Pacific	192.8		140.3		51.7		30.3		415.1
Rest of World	26.0		47.7		168.6		25.8		268.1
Total segment revenue	$	1,494.0	$	756.5	$	821.6	$	604.2	$	3,676.3
2021
North America	$	823.5	$	337.3	$	212.2	$	493.1	$	1,866.1
Europe	386.6		282.3		368.4		87.3		1,124.6
Asia Pacific	188.4		161.4		67.3		30.2		447.3
Rest of World	24.2		47.9		123.4		25.9		221.4
Total segment revenue	$	1,422.7	$	828.9	$	771.3	$	636.5	$	3,659.4

Total revenue in the United States as included in the Consolidated Statements of Income was $1,855.2 million, $1,777.4 million, and $1,687.4 million in 2023, 2022, and 2021. No single customer or country other than the United States accounted for 10% or more of our total revenue in 2023, 2022, and 2021. No single customer accounted for 10% or more of our accounts receivable at the end of 2023 and 2022.

Property and equipment, net by geographic area were as follows:


At the End of Year	2023		2022
(In millions)
Property and equipment, net:
United States	$	153.8	$	157.7
Europe	28.0		40.3
Asia Pacific and Rest of World	20.7		21.0
Total property and equipment, net	$	202.5	$	219.0

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NOTE 8: DEBT

Debt consisted of the following:


At the End of Year		Effective interest rate
(In millions, except percentages)	Date of Issuance	End of 2023	2023		2022

Senior Notes:
Senior Notes, 4.15%, due June 2023	June 2018		$	—	$	300.0
Senior Notes, 4.75%, due December 2024	November 2014	4.95%	400.0		400.0
Senior Notes, 4.90%, due June 2028	June 2018	5.04%	600.0		600.0
Senior Notes, 6.10%, due March 2033	March 2023	6.13%	800.0		—
Credit Facilities:
2022 Revolving Credit Facility, due March 2027	September 2022	6.71%	150.0		225.0
Term Loan, due April 2026	April 2023	6.99%	500.0		—
Term Loan, due April 2028	April 2023	7.12%	500.0		—
Uncommitted Credit Facilities, floating rate		5.06%	130.4		—

Unamortized discount and issuance costs			(13.8)		(5.0)
Total debt			$	3,066.6	$	1,520.0
Less: Short-term debt			530.4		300.0
Long-term debt			$	2,536.2	$	1,220.0

Debt Maturities

At the end of 2023, our debt maturities based on outstanding principal were as follows (in millions):


Year Payable
2024	$	530.4
2025	—
2026	518.8
2027	193.7
2028	1,037.5
Thereafter	800.0
Total	$	3,080.4

Senior Notes

All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year, except for the interest on the 2033 Senior Notes payable in March and September (as next described). For the 2028 and 2033 senior notes, the interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes.

Senior Notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness. We may redeem the notes of each series of senior notes at our option in whole or in part at any time. Such indenture also contains covenants limiting our ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, each subject to certain exceptions.

2033 Senior Notes

In March 2023, we issued an aggregate principal amount of $800.0 million in senior notes (the “2033 Senior Notes”) that will mature in March 2033 and bear interest at a fixed rate of 6.1% per annum. The interest is payable semi-annually in March and September of each year, commencing in September 2023. The interest rate is subject to adjustment from time to time upon a rating agency downgrade or upgrade of the credit rating assigned to the 2033 Senior Notes. The 2033 Senior Notes were sold at 99.843% of the aggregate principal amount. The 2033 Senior Notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness.

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Credit Facilities

Bridge Facility

On December 11, 2022, we entered into a bridge facility commitment letter (the “Bridge Facility”) in connection with the acquisition of Transporeon. Under the Bridge Facility, the lender committed to provide a term loan up to an aggregate amount of €1.88 billion. On December 27, 2022, the Bridge Facility was automatically reduced to €500 million upon entering into the 2022 Term Loan Agreement and the 2022 Credit Facility Amendment (as next described). On March 9, 2023, as a result of completing the issuance of the 2033 Senior Notes, the remaining €500 million was automatically terminated with no amounts having been drawn.

2022 Term Loan Credit Agreement

On December 27, 2022, we entered into a $1.0 billion unsecured, delayed draw term loan credit agreement comprised of commitments for a 3-year tranche for $500.0 million and a 5-year tranche for $500.0 million. On April 3, 2023, both variable-rate term loans were drawn to fund the acquisition of Transporeon.

Prepayments are allowed without penalty and cannot be reborrowed.

2022 Credit Facility and Amendment

In March 2022, we entered into a credit agreement (the “2022 Credit Facility”) maturing in March 2027. The 2022 Credit Facility provides for a five-year, unsecured revolving credit facility in the aggregate principal amount of $1.25 billion, and permits us, subject to the satisfaction of certain conditions, to increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The variable interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets.

On December 27, 2022, we entered into an amendment to the 2022 Credit Facility (the “2022 Credit Facility Amendment”) that made $600.0 million of the existing commitments under the Credit Facility available for the acquisition of Transporeon and increased our maximum permitted leverage ratio following the closing of the acquisition. On April 3, 2023, we borrowed $225.0 million as part of the proceeds to finance the acquisition. For additional information related to the Transporeon acquisition, see Note 3 “Acquisitions” of this report.

Uncommitted Facilities

At the end of 2023, we had two $75.0 million and one €100.0 million revolving credit facilities, which are uncommitted (the “uncommitted facilities”). Generally, these variable-rate uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Consolidated Balance Sheet.

Covenants

The 2022 term loan credit agreement and 2022 credit facility, as amended, contain customary covenants including, among other requirements, limitations that restrict the Company’s and its subsidiaries’ ability to create liens and enter into sale and leaseback transactions, and restrictions on the ability of the subsidiaries to incur indebtedness. Further, both debt agreements contain financial covenants that require the maintenance of maximum leverage and minimum interest coverage ratios. At the end of 2023, we were in compliance with the covenants for each of our debt agreements.

NOTE 9: LEASES

We have operating leases primarily for certain of our major facilities, including corporate offices, research and development facilities, and manufacturing facilities. Lease terms range from 1 to 12 years, and certain leases include options to extend the lease for up to 10 years. We consider options to extend the lease in determining the lease term.

Operating lease expense consisted of:


	2023		2022		2021
(In millions)
Operating lease expense	$	33.5	$	36.3	$	35.5
Short-term lease expense and other	17.1		14.8		17.8
Total lease expense	$	50.6	$	51.1	$	53.3

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Index to Financial Statements

Supplemental cash flow information related to leases was as follows:


	2023		2022		2021
(In millions)
Cash paid for liabilities included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	31.0	$	35.0	$	35.9

Right-of-use assets obtained in exchange for Operating lease liabilities:	$	47.0	$	26.3	$	49.5

(1)Excludes cash payments for short-term leases, which are not capitalized.

Supplemental balance sheet information related to leases was as follows:


At the End of Year	2023			2022
(In millions)
Operating lease right-of-use assets	$	124.0		$	121.2

Other current liabilities	$	29.1		$	35.0
Operating lease liabilities	121.9			105.1
Total operating lease liabilities	$	151.0		$	140.1

Weighted-average discount rate	4.27		%	3.30		%
Weighted-average remaining lease term	7 years			6 years

At the end of 2023, the maturities of lease liabilities were as follows:


(In millions)
2024	$	34.6
2025	29.3
2026	25.0
2027	20.3
2028	16.4
Thereafter	47.9
Total lease payments	$	173.5
Less: imputed interest	22.5
Total	$	151.0

We signed operating leases for real estate of approximately $21.5 million that have not yet commenced at the end of 2023, and as such, have not been recognized on our Consolidated Balance Sheets. These operating leases are expected to commence in 2024 with lease terms ranging from 1 to 11 years.

NOTE 10: COMMITMENTS AND CONTINGENCIES

Commitments

At the end of 2023, we had unconditional purchase obligations of approximately $618.9 million as compared to $858.8 million at the end of 2022. These unconditional purchase obligations primarily represent (i) open non-cancellable purchase orders for material purchases with our inventory vendors, and (ii) various non-cancelable agreements with certain service providers with minimum or fixed commitments.

Litigation

From time to time, we are involved in litigation arising in the ordinary course of our business. There are no material legal proceedings, other than ordinary routine litigation incidental to the business, that we or any of our subsidiaries is a party, or that any of our or our subsidiaries’ property is subject.

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NOTE 11: FAIR VALUE MEASUREMENTS

The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs:


	Fair Values at the end of 2023								Fair Values at the end of 2022
	Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)	(Level I)		(Level II)		(Level III)		Total		(Level I)		(Level II)		(Level III)		Total
Assets
Deferred compensation plan (1)	$	31.2	$	—	$	—	$	31.2	$	31.5	$	—	$	—	$	31.5
Derivatives (2)	—		0.3		—		0.3		—		18.0		—		18.0
Contingent consideration (3)	—		—		0.3		0.3		—		—		3.1		3.1
Total assets measured at fair value	$	31.2	$	0.3	$	0.3	$	31.8	$	31.5	$	18.0	$	3.1	$	52.6

Liabilities
Deferred compensation plan (1)	$	31.2	$	—	$	—	$	31.2	$	31.5	$	—	$	—	$	31.5
Derivatives (2)	—		0.3		—		0.3		—		0.2		—		0.2

Total liabilities measured at fair value	$	31.2	$	0.3	$	—	$	31.5	$	31.5	$	0.2	$	—	$	31.7

(1)Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Consolidated Balance Sheets. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets.

(2)Represents forward currency exchange contracts, and for 2022, a treasury rate lock contract, all that are included in Other current assets and Other current liabilities on our Consolidated Balance Sheets.

(3)Represents arrangements to receive payments from buyers of our divested companies that are included in Other current assets on our Consolidated Balance Sheets. The fair values are estimated using scenario-based methods based upon estimated future milestones.

At the end of 2022, derivative assets included foreign currency exchange contracts and a treasury rate lock contract, both related to the acquisition of Transporeon and associated debt and were settled in the first two quarters of 2023.

Additional Fair Value Information

The total estimated fair value of all outstanding financial instruments that are not recorded at fair value on a recurring basis (debt) was approximately $3.1 billion and $1.5 billion at the end of 2023 and 2022.

The fair value of the senior notes was determined based on observable market prices in less active markets and is categorized accordingly as Level II. The fair values do not indicate the amount we would currently have to pay to extinguish the debt.

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NOTE 12: DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Deferred Revenue

Changes in our deferred revenue during 2023 and 2022 were as follows:



(In millions)	2023		2022
Beginning balance of the period	$	737.6	$	631.8
Revenue recognized from prior year-end	(607.8)		(511.5)
Billings net of revenue recognized from current year	631.6		617.3
Ending balance of the period	$	761.4	$	737.6

Remaining Performance Obligations

At the end of 2023, approximately $1.8 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, and software maintenance, and to a lesser extent, hardware and professional services contracts. We expect to recognize $1.2 billion or 70% of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter.

NOTE 13: INCOME TAXES

Income before taxes and the provision (benefit) for taxes consisted of the following:


	2023			2022			2021
(In millions)
Income before taxes:
United States	$	26.9		$	117.7		$	144.0
Foreign	330.1			451.4			430.6
Total	$	357.0		$	569.1		$	574.6

Provision (benefit) for taxes:
U.S. Federal:
Current	$	57.1		$	98.4		$	27.1
Deferred	(92.5)			(97.7)			(22.9)
	(35.4)			0.7			4.2
U.S. State:
Current	12.8			12.6			5.6
Deferred	(6.6)			(5.0)			(2.5)
	6.2			7.6			3.1
Foreign:
Current	80.4			48.4			76.0
Deferred	(5.5)			62.7			(1.5)
	74.9			111.1			74.5
Income tax provision	$	45.7		$	119.4		$	81.8
Effective tax rate	12.8		%	21.0		%	14.2		%

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Index to Financial Statements

The difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit) as a percentage of income before taxes (“effective tax rate”) was as follows:


	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in tax rate resulting from:
Foreign income taxed at different rates	0.8	%	4.4	%	0.5	%

U.S. State income taxes	1.0	%	1.0	%	1.1	%
Stock-based compensation	4.8	%	1.2	%	(0.8)	%


Other U.S. taxes on foreign operations	(4.4)	%	(3.1)	%	(1.6)	%
Foreign-derived intangible income	(3.9)	%	(0.4)	%	—	%
U.S. Federal research and development credits	(5.4)	%	(2.2)	%	(2.1)	%
Tax reserve releases	(2.5)	%	(1.8)	%	(2.1)	%
Intellectual property restructuring and tax law changes	—	%	—	%	(2.5)	%
Other	1.4	%	0.9	%	0.7	%
Effective tax rate	12.8	%	21.0	%	14.2	%

Our effective income tax rates for 2023 and 2022 were 12.8% and 21.0%. The decrease was primarily due to increases in tax benefits from U.S. federal R&D credits and FDII in 2023, and a change in the geographic mix of earnings, partially offset by lower stock-based compensation deductions in the current year.

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Index to Financial Statements

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred tax assets and liabilities were as follows:


At the End of Year	2023		2022
(In millions)
Deferred tax liabilities:
Global intangible low-taxed income	$	105.8	$	137.8
Purchased intangibles	373.6		121.1

Operating lease right-of-use assets	30.2		29.0
Other	19.7		16.1
Total deferred tax liabilities	529.3		304.0

Deferred tax assets:
Depreciation and amortization	368.2		400.0
Capitalized research and development	98.4		67.5
Operating lease liabilities	36.2		32.8
U.S. tax credit carryforwards	23.5		25.6
Expenses not currently deductible	26.5		30.9
Net operating loss carryforwards	17.9		20.0
Stock-based compensation	16.7		13.8
Intercompany prepayments	36.6		—
Other	60.8		36.6
Total deferred tax assets	684.8		627.2
Valuation allowance	(31.0)		(42.6)
Total deferred tax assets	653.8		584.6
Total net deferred tax assets	$	124.5	$	280.6

Reported as:
Non-current deferred income tax assets	$	412.3	$	438.4
Non-current deferred income tax liabilities	(287.8)		(157.8)
Net deferred tax assets	$	124.5	$	280.6

At the end of 2023, we have U.S. federal and foreign net operating loss carryforwards, or NOLs, of approximately $19.1 million and $86.3 million, respectively. The U.S. federal NOLs will begin to expire in 2026. There is generally no expiration for the foreign NOLs. Utilization of our U.S. federal NOLs is subject to annual limitations in accordance with the applicable tax code. We have determined that it is more likely than not that we will not realize a portion of the foreign NOLs and, accordingly, a valuation allowance has been established for such amount.

We have California research and development credit carryforwards of approximately $35.3 million, which have an indefinite carryforward period. We believe that it is more likely than not that we will not realize a significant portion of the California research and development credit carryforwards and, accordingly, a valuation allowance has been established for such amount.

As a result of the Tax Act, we can repatriate foreign earnings back to the U.S. when needed with minimal U.S. income tax consequences. We reinvested a large portion of our undistributed foreign earnings in acquisitions and other investments and intend to bring back a portion of foreign cash that was subject to the transition tax and the global intangible low-taxed income tax. During 2023, we repatriated $371.3 million of our foreign earnings to the U.S.

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The total amount of unrecognized tax benefits at the end of 2023 was $88.3 million. A reconciliation of gross unrecognized tax benefits was as follows:


	2023		2022		2021
(In millions)
Beginning balance	$	76.5	$	64.2	$	64.1
Increase related to current year tax positions	12.4		23.0		9.6
(Decrease) increase related to prior years' tax positions	7.6		(0.7)		1.3
Settlement with taxing authorities	—		—		(1.3)
Lapse of statute of limitations	(8.2)		(10.0)		(9.5)
Ending balance	$	88.3	$	76.5	$	64.2

Total unrecognized tax benefits that, if recognized, would affect our effective tax rate were $59.5 million and $51.6 million at the end of 2023 and 2022.

We and our subsidiaries are subject to U.S. federal, state, and foreign income taxes. Our tax years are substantially closed for all U.S. federal and state income taxes for audit purposes through 2015. Non-U.S. income tax matters have been concluded for years through 2008. We are currently in various stages of multiple year examinations from state and foreign (multiple jurisdictions) taxing authorities. While we generally believe it is more likely than not that our tax positions will be sustained, it is reasonably possible that future obligations related to these matters could arise. We believe that our reserves are adequate to cover any potential assessments that may result from the examinations and negotiations.

Although timing of the resolution and/or closure of audits is not certain, we do not believe that our gross unrecognized tax benefits would materially change in the next twelve months.

Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. Our liability for unrecognized tax benefits including interest and penalties was recorded in Other non-current liabilities on our Consolidated Balance Sheets. At the end of 2023 and 2022, we accrued $9.9 million and $8.4 million for interest and penalties.

NOTE 14: EMPLOYEE STOCK BENEFIT PLANS

Amended and Restated 2002 Stock Plan

In May 2020, our stockholders approved an amendment to the 2002 Stock Plan to increase the number of shares of common stock available for issuance by 18.0 million shares. As such, our Amended and Restated 2002 Stock Plan provides for the granting of incentive and non-statutory stock options and Restricted Stock Units (“RSUs”) for up to 92.6 million shares. At the end of 2023, the remaining number of shares available for grant under the 2002 stock plan was 11.5 million.

Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in our Consolidated Statements of Income for the periods indicated:


	2023		2022		2021
(In millions)
Restricted stock units	$	132.8	$	108.7	$	110.5
Stock options	1.8		1.1		1.3
ESPP	10.8		10.6		10.8
Total stock-based compensation expense	$	145.4	$	120.4	$	122.6

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Stock-based compensation expense was allocated as follows:


	2023		2022		2021
(In millions)
Cost of sales	$	14.6	$	12.6	$	9.5
Research and development	40.7		28.0		29.5
Sales and marketing	27.1		24.6		21.5
General and administrative	63.0		55.2		62.1
Total stock-based compensation expense	$	145.4	$	120.4	$	122.6

At the end of 2023, total unamortized stock-based compensation expense was $214.9 million, with a weighted-average recognition period of 1.8 years.

Restricted Stock Units

We grant RSUs containing only service conditions and RSUs containing a combination of service, performance, and market conditions (“PSUs”). RSUs containing only service conditions typically vest ratably over a two- to three-year service period. PSUs are granted to executive officers and other senior employees and vest after a three-year service period.

The fair value at the grant date is determined by (a) the closing price of our common stock for awards containing only service or both service and performance conditions, or (b) the Monte Carlo valuation model for awards containing both service and market conditions.

For PSUs, the number of shares received at vesting will range from 0% to 220% of the target grant amount based on either market conditions or performance conditions or, in some cases, both. Market conditions consider our relative total stockholder return (“TSR”) of our common stock as compared to the TSR of the constituents of the S&P 500 over the vesting period. Performance conditions consider the achievement of our financial results or metrics over the vesting period.


	2023 Restricted Stock Units Outstanding
	Number of Units (1)	Weighted Average Grant-Date Fair Value per Share
(In millions, except for per share data)
Outstanding at the beginning of year	4.0	$	67.32
Granted (2)	3.9	49.93
Shares vested, net (2)	(1.7)	61.44
Canceled and forfeited	(0.7)	56.39
Outstanding at the end of year	5.5	$	58.23

(1) Includes 0.9 million PSUs granted, 0.1 million PSUs vested, 0.2 million PSUs cancelled and forfeited, and 1.2 million PSUs outstanding at the end of the year.

(2) Excludes approximately 0.1 million PSUs related to achievement above target levels at the vesting date and approximately 0.1 million PSUs related to shares cancelled due to achievement below target levels.

The weighted-average grant date fair value of all RSUs granted during 2023, 2022, and 2021 was $49.93, $73.32, and $78.44 per share. The fair value of all RSUs vested during 2023, 2022, and 2021 was $110.1 million, $108.3 million, and $81.4 million.

Employee Stock Purchase Plan

We have an ESPP under which our stockholders have approved an aggregate of 39.0 million shares of common stock for issuance to eligible employees. The fair value at the grant date is based on the Black-Scholes valuation model. The plan permits eligible employees to purchase common stock through payroll deductions at 85% of the lower of the fair market value of the common stock at the beginning or at the end of each offering period, which is six months. Rights to purchase shares are granted during the first and third quarter of each year. The ESPP terminates on March 15, 2027. In 2023, 2022, and 2021, 0.8 million, 0.6 million, and 0.6 million shares were issued, representing $35.7 million, $34.7 million, and $33.4 million in cash received for the issuance of stock under the ESPP. At the end of 2023, the number of shares reserved for future purchases was 4.6 million.

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NOTE 15: COMMON STOCK REPURCHASE

In August 2021, our Board of Directors approved a stock repurchase program (“2021 Stock Repurchase Program”) authorizing up to $750.0 million in repurchases of our common stock. At the end of 2023, the 2021 Stock Repurchase Program had remaining authorized funds of $115.3 million.

On January 28, 2024, our Board of Directors approved a new stock repurchase program (“2024 Stock Repurchase Program”) authorizing up to $800.0 million in repurchases of our common stock. The 2024 Stock Repurchase Program replaced the 2021 Stock Repurchase Program, which has been cancelled. Under the 2024 Stock Repurchase Program, the stock repurchase authorization does not have an expiration date.

According to the 2024 Stock Repurchase Program, we may repurchase stock from time to time through accelerated share repurchase programs, open market transactions, privately negotiated transactions, block purchases, tender offers, or by other means. The timing and actual number of any shares repurchased will depend on a variety of factors, including market conditions, our share price, other available uses of capital, applicable legal requirements, and other factors. The 2024 Stock Repurchase Program may be suspended, modified, or discontinued at any time without prior notice.

During 2023, 2022, and 2021, we repurchased approximately 2.4 million, 6.0 million, and 2.1 million shares of common stock in open market purchases at an average price of $42.50, $65.90, and $85.75 per share for a total of $100.0 million, $394.7 million, and $180.0 million.

Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-in-capital, determined by the average book value per share of outstanding stock, calculated at the time of each individual repurchase transaction. The excess of the purchase price over this average for each repurchase was charged to retained earnings. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes. As a result of the 2023 repurchases under the 2021 Stock Repurchase Program, retained earnings was reduced by $79.0 million in 2023.

NOTE 16: SUBSEQUENT EVENT

Reporting Segment Change

Considering the pending AGCO JV transaction and our CODM’s revised organizational structure, effective in the first quarter of 2024, we reorganized our businesses under a new structure. This structure brings similar businesses together, which is expected to enhance our ability to achieve scale and growth consistent with our strategy. Beginning with the first quarter of 2024, our reporting segments, and the results of those segments, will be reorganized to reflect how our CODM assesses performance and allocates resources. The new reporting segments will be as follows:

•Architecture, Engineering, and Construction and Owner Software (“AECO Software”). This segment primarily provides software solutions, which sell through a direct channel to customers in the construction industry.

•Field Systems. This segment primarily includes hardware-centric businesses, which sell through dealer partner channels.

•Transportation and Logistics (“T&L”). This segment will primarily maintain the historical businesses from the previous Transportation segment, which serves customers working in long haul trucking and freight shipper markets.

We will report the new segment information beginning in the first quarter of 2024. As of and for the year of 2023, our CODM continued to review financial information at the current segment level; therefore, these changes had no impact on our reporting structure for 2023.

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Trimble Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Trimble Inc. (the Company) as of December 29, 2023 and December 30, 2022, the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 29, 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 29, 2023 and December 30, 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 29, 2023, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 29, 2023, based on criteria established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 26, 2024, except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second and fourth paragraph of that report, as to which the date is January 15, 2025, expressed an adverse opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.


			Revenue Recognition – Stand-alone Selling Prices of Performance Obligations
Description of the Matter			As described in Note 1 to the consolidated financial statements, the Company’s contracts with customers require management to make estimates and assumptions used in revenue recognition, including determining standalone selling prices of performance obligations (“SSP”). Auditing management’s determination of SSP was challenging and complex due to the disaggregation of the Company’s businesses and product offerings, including disparity in pricing and discounting among the various businesses. Because of the disaggregation and variation in pricing and discounting, the Company must apply judgment and consider all reasonably available information, including but not limited to, pricing practices in customer contracts with multiple goods and services and other observable inputs when estimating SSP. Additionally, auditing management’s estimates of SSP was complex as there were material weaknesses in internal controls over the information and judgments used in the estimation of such prices.

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How We Addressed the Matter in Our Audit			After consideration of the material weaknesses, our audit procedures included, among others, testing a sample of the Company’s estimated standalone selling prices for performance obligations throughout the Company’s disaggregated businesses and product and service offerings. For the sample tested, we evaluated the appropriateness of the Company’s estimates based on the Company’s available pricing and discounting information throughout the disaggregated businesses and product and service offerings and we tested the completeness and accuracy of the data used in management’s SSP methodology, including determination of pricing and discounting practices within the various sales channels. For the sample tested, we also evaluated the Company’s identification and consideration of available information and the use of such information in determining SSP and we tested the accuracy of the Company’s calculations of SSP. In addition, for a sample of transactions, we tested the Company’s allocation of the transaction price among performance obligations based on relative SSP.
			Business Combination – Customer Relationships and Developed Technology
Description of the Matter			During fiscal year 2023, the Company completed the acquisition of Transporeon for consideration of $2.1 billion, as disclosed in Note 3 to the consolidated financial statements. The transaction was accounted for as a business combination. Auditing the Company's accounting for its acquisition of Transporeon was complex due to the significant estimation uncertainty in the Company’s determination of the fair value of identified intangible assets, which principally consisted of developed technology and customer relationships. The significant estimation uncertainty was primarily due to the sensitivity of the respective fair values to underlying assumptions about the future performance of the acquired business. The Company used a discounted cash flow model to measure the developed technology and customer relationship intangible assets. The significant assumptions used to estimate the value of these intangible assets included certain assumptions that form the basis of the forecasted results, specifically, critical estimates when valuing intangible assets include expected future cash flows based on consideration of revenue, revenue growth rates, customer attrition rates, royalty rates, and discount rates. These significant assumptions are forward looking and could be affected by future economic and market conditions.
How We Addressed the Matter in Our Audit			To test the estimated fair value of the developed technology and customer relationships intangible assets, we performed audit procedures that included, among others, evaluating the Company's selection of the valuation methodology, evaluating the methods and significant assumptions used by the Company, and evaluating the completeness and accuracy of the underlying data supporting the significant assumptions and estimates. For example, we compared the significant assumptions to current industry, market and economic trends and to the Company's budgets and forecasts, and Transporeon’s historical operating results. We involved our valuation specialists to assist with our evaluation of the methodology used by the Company and significant assumptions included in the fair value estimates. Our valuation specialists’ procedures included, among others, developing a range of independent estimates for the discount rates used in the valuation models and comparing those to the discount rates selected by management.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 1986.

San Jose, California

February 26, 2024, except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second paragraph of the Opinion on the Consolidated Financial Statements and the Critical Audit Matter for Revenue Recognition – Standalone Selling Prices of Performance Obligations described above, as to which the date is January 15, 2025.

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Trimble Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Trimble Inc.’s internal control over financial reporting as of December 29, 2023, based on criteria established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weaknesses described below on the achievement of the objectives of the control criteria, Trimble Inc. (the Company) has not maintained effective internal control over financial reporting as of December 29, 2023, based on the COSO criteria.

In our report dated February 26, 2024, we expressed an adverse opinion that the Company had not maintained effective internal control over financial reporting as of December 29, 2023, based on the COSO criteria. Management subsequently identified deficiencies in controls related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations and further concluded that such deficiencies represented material weaknesses as of December 29, 2023. As a result, management has revised its assessment, as presented in the accompanying Management’s Annual Report on Internal Control over Financial Reporting, to describe these additional material weaknesses as of December 29, 2023. Accordingly, our present opinion on the effectiveness of internal control over financial reporting as of December 29, 2023, as expressed herein, includes additional material weaknesses from that included in our previous report.

As indicated in the accompanying Management’s Annual Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of businesses acquired in 2023, which are included in the 2023 consolidated financial statements of the Company and constituted approximately 3% of both tangible assets and revenue as of and for the year ended December 29, 2023. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of the businesses acquired in 2023.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weaknesses have been identified and included in management’s assessment. Management has identified a material weakness in controls related to the accounting for the Company’s business combination with Transporeon, including lack of appropriate oversight of third-party valuation specialists and insufficient design and operating effectiveness of management review controls, including controls over the completeness and accuracy of certain assumptions used in the valuation of acquired intangible assets. Management also has identified material weaknesses in certain information technology controls related to certain systems that support the Company’s financial reporting processes, controls to ensure the completeness and accuracy of data transferred between the Company’s order processing system and other information systems and controls over the evaluation of standalone selling prices of performance obligations utilized in the Company’s accounting for revenue.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 29, 2023 and December 30, 2022, the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 29, 2023, and the related notes. These material weaknesses were considered in determining the nature, timing and extent of audit tests applied in our audit of the 2023 consolidated financial statements, and this report does not affect our report dated February 26, 2024, except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second paragraph of the Opinion on the Consolidated Financial Statements and the Critical Audit Matter for Revenue Recognition – Standalone Selling Prices of Performance Obligations, as to which the date is January 15, 2025, which expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

San Jose, California
February 26, 2024, except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second and fourth paragraphs above, as to which the date is January 15, 2025

Item 9A. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

Management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), had evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of the end of such period because of the material weaknesses in internal control over financial reporting described below.

Notwithstanding the identified material weaknesses, management has concluded that the consolidated financial statements as originally filed on Form 10-K on February 26, 2024, and as included in the Amendment, present fairly, in all material respects, our financial position at December 29, 2023 and December 30, 2022, and the results of operations and cash flows for each of the three years in the period ended December 29, 2023. There were no restatements to the consolidated financial statements for the periods presented in the Original Form 10-K or for any previously released financial results.

Inherent Limitations on Effectiveness of Controls

Management does not expect that the internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

(b) Management’s Annual Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP.

Management conducted an evaluation of the effectiveness of the internal control over financial reporting based on the Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013

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framework). Based on the assessment by management, it was determined that the Company’s internal control over financial reporting was not effective due to the material weaknesses described below.

•We did not design and maintain effective controls over the accounting for the Company’s business combination with Transporeon. This included lack of appropriate oversight of third-party valuation specialists and insufficient design and operating effectiveness of management review controls, including controls over the completeness and accuracy of certain assumptions used in the valuation of intangible assets.

•We did not design and maintain effective controls over certain ITGCs for certain business systems related to the Company’s financial reporting processes. Specifically, the Company did not design sufficient controls to (i) manage user access to systems, (ii) ensure that program changes made to systems were authorized and approved, or (iii) identify and resolve system issues impacting the financial reporting process. Certain business process controls that are dependent on the ineffective ITGCs, or that rely on data produced from systems impacted by the ineffective ITGCs, could have been adversely impacted, and were also deemed ineffective.

•With respect to certain ITGCs and other controls for systems related to the Company’s financial reporting processes, there was undue reliance on controls over IT interfaces to transfer data between the order processing system and (i) billing system; (ii) financial reporting system; or (iii) revenue calculation system impacting the majority of revenue without effectively designed controls to ensure the completeness and accuracy of data transferred between the different systems. Certain business process controls that rely on data transferred between the different systems could have been adversely impacted and were also deemed ineffective.

•We did not design and maintain effective controls over the evaluation of standalone selling prices of performance obligations utilized in accounting for revenue, including review controls over the establishment and subsequent changes to standard pricing and discounting.

We have excluded the businesses acquired in 2023 from our evaluation of the internal control over financial reporting. The excluded businesses constituted approximately 3% of both tangible assets and revenue as of and for the year ended December 29, 2023.

The effectiveness of our internal control over financial reporting at the end of 2023 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report.

Remediation Plan for Material Weaknesses

Management, with the oversight of the Audit Committee, is currently taking actions to remediate the material weaknesses and is implementing additional processes and controls to address the underlying causes associated with the material weaknesses described above. These efforts include:

•We have finalized the design of review controls over third-party valuation specialists to add greater levels of precision to detect and prevent potential misstatements, including the establishment of process and controls to evaluate adequate review and evidence used in the valuation of acquired intangible assets. The Company had an acquisition with a purchase price of $26 million in the second quarter of 2024 for which the Company successfully tested the operating effectiveness of the remediated design of applicable business combination controls.

•We are in the process of finalizing the design and implementation of controls of certain ITGCs for business systems related to the Company’s financial reporting processes.

•We are in the process of finalizing the design and implementation of certain ITGCs and other controls for systems related to the Company’s financial reporting processes, specifically on the IT interfaces that transfer data between the order processing system and (i) billing system; (ii) financial reporting system; or (iii) revenue calculation system impacting the majority of revenue.

•We are in the process of finalizing the design and implementation of controls over the evaluation of standalone selling prices of performance obligations utilized in accounting for revenue, including review controls over pricing and discounting.

The material weaknesses will not be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. We believe the measures described above will remediate the control deficiencies we have identified and strengthen our internal control over financial reporting. We are committed to continuing to improve our internal control processes and will continue to review, optimize, and enhance our financial reporting controls and procedures.

The process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments, and to expend significant resources to maintain a financial reporting system that is adequate to satisfy our reporting obligations. As we continue to

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evaluate and take actions to improve our internal control over financial reporting, we may determine to take additional actions to address control deficiencies or determine to modify certain of the remediation measures described above.

Changes in Internal Control over Financial Reporting

In addition to the identified material weaknesses noted above, we are implementing a customer relationship management tool across our businesses as a strategic initiative that will replace many legacy systems and that could materially affect our internal control over financial reporting (as such term is defined in Rules 13a - 15(f) and 15d - 15(f) under the Exchange Act). Other than as described above, there have been no changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the period for which this report relates.

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PART IV

Item 15. Exhibits and Financial Statement Schedules.

(1) Financial Statements

The following consolidated financial statements required by this item are included in Part II, Item 8 hereof, under the caption “Financial Statements and Supplementary Data”.


			Page in this Report
Consolidated Balance Sheets			1
Consolidated Statements of Income			2
Consolidated Statements of Comprehensive Income			3
Consolidated Statements of Stockholders’ Equity			4
Consolidated Statements of Cash Flows			5
Notes to Consolidated Financial Statements			6
Reports of Independent Registered Public Accounting Firm			29

(2) Financial Statement Schedules

All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and accompanying notes included in this report.

(3) Exhibits

We have filed, or incorporated into the report by reference, the exhibits listed on the accompanying Index to Exhibits immediately preceding the signature page of this report.

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INDEX TO EXHIBITS


Exh. No.	Description of Exhibit	Filed herewith or incorporated by reference to:
2.1 *	Sale and Purchase Agreement, dated December 11, 2022, by and among the Company, Trimble Trailblazer GmbH and Spider Investments Luxembourg S.à r.l.	Exh. 2.1 to Form 8-K/A filed Dec. 21, 2022
2.2	Sale and Contribution Agreement, dated September 28, 2023, by and among the Company, Trimble Solutions, LLC, and AGCO Corporation	Exh. 10.1 to Form 8-K/A filed Sep. 29, 2023
3.1	Certificate of Incorporation of Trimble Inc.	Exh. 3.1 to Form 8-K filed Oct. 3, 2016
3.2	Amended and Restated By-Laws of Trimble Inc., effective December 6, 2023	Exh. 3.1 to Form 8-K filed Dec. 11, 2023
4.1	Description of Securities of Trimble Inc.	Exh. 4.2 to Form 10-K filed Feb. 28, 2020
4.2(A)	Indenture, dated as of October 30, 2014, between the Company and U.S. Bank National Association	Exh. 4.2 to Form S-3 filed Oct. 30, 2014
4.2(B)	First Supplemental Indenture, dated November 24, 2014, between the Company and U.S. Bank National Association (which includes Form of 4.750% Senior Note due 2024)	Exh. 4.1 to Form 8-K filed Nov. 24, 2014
4.2(C)	Second Supplemental Indenture, dated October 1, 2016, between the Company and U.S. Bank National Association	Exh. 4.2 to Form 8-K filed Oct. 3, 2016
4.2(D)	Third Supplemental Indenture, dated June 15, 2018, between the Company and U.S. Bank National Association (which includes Form of 4.150% Senior Note due 2023 and Form of 4.900% Senior Note due 2028)	Exh. 4.1 to Form 8-K filed Jun. 15, 2018
4.2(E)	Fourth Supplemental Indenture, dated March 9, 2023, between the Company and U.S. Bank National Association (which includes Form of 6.100% Senior Note due 2033)	Exh. 4.1 to Form 8-K filed March 9, 2023
10.1(A)	Credit Agreement, dated March 24, 2022, by and among Trimble Inc., the borrowing subsidiaries party thereto, the lenders party thereto, and Bank of America, N.A., as administrative agent	Exh. 10.1 to Form 8-K filed Mar. 30. 2022
10.1(B)	Amendment No. 1, dated December 27, 2022, to Credit Agreement of March 24, 2022	Exh. 10.2 to Form 8-K filed Dec. 30, 2022
10.1(C)	Amendment No. 2, dated April 28, 2023, to Credit Agreement of March 24, 2022	Exh. 10.1 to Form 10-Q filed Aug. 4, 2023
10.1(D)	Term Loan Credit Agreement, dated December 27, 2022, by and among Trimble Inc., the lenders party thereto, and Bank of America, N.A., as administrative agent	Exh. 10.1 to Form 8-K filed Dec. 30, 2022
10.2+	Form of Indemnification Agreement between the Company and its officers and directors	Exh. 10.1 to Form 8-K filed Nov. 15, 2017
10.3+	Board of Directors Compensation Policy, as amended February 22, 2022	Exh. 10.1 to Form 8-K filed Feb. 28, 2022
10.4+	Incentive Compensation Recoupment Policy, as amended September 24, 2023	Exh. 10.1 to Form 10-Q filed Nov. 3, 2023
10.5+	Deferred Compensation Plan, as amended August 26, 2020	Exh. 10.2 to Form 10-Q filed Nov. 6, 2020
10.6+	Age and Service Equity Vesting Program , as amended March 20, 2023	Exh. 10.5 to Form 10-Q filed May 3, 2023
10.7(A)+	Employee Stock Purchase Plan, as amended March 13, 2017	App. B of Form DEF 14A filed Mar. 23, 2017
10.7(B)+	Employee Stock Purchase Plan - Form of global subscription agreement	Exh. 10.5 to Form 10-Q filed Nov. 10, 2015
10.8(A)+	2002 Stock Plan, as amended April 6, 2020	App. B of Form DEF 14A filed Apr. 15, 2020
10.8(B)+	2002 Stock Plan - Form of stock option agreement (U.S. directors)	Exh. 10.2 to Form 10-Q filed Nov. 7, 2014
10.8(C)+	2002 Stock Plan - Form of stock option agreement (non-U.S. directors)	Exh. 10.3 to Form 10-Q filed Nov. 7, 2014
10.8(D)+	2002 Stock Plan - Form of global stock option agreement (officers)	Exh. 10.1 to Form 10-Q filed Nov. 10, 2015
10.8(E)+	2002 Stock Plan - Form of stock option agreement (officers, 2023 revision)	Exh. 10.2 to Form 10-Q filed May 3, 2023
10.8(F)+	2002 Stock Plan - Form of global restricted stock unit award agreement	Exh. 10.2 to Form 10-Q filed Nov. 10, 2015
10.8(G)+	2002 Stock Plan - Form of global performance restricted stock unit award agreement	Exh. 10.6 to Form 10-Q filed Nov. 10, 2015
10.8(H)+	2002 Stock Plan - Form of global restricted stock unit award agreement (officers)	Exh. 10.30 to Form 10-K filed Feb. 24, 2017

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10.8(I)+	2002 Stock Plan - Form of global performance stock unit award agreement (Operating Income/Revenue)	Exh. 10.4 to Form 10-Q filed Aug. 8, 2017
10.8(J)+	2002 Stock Plan - Form of global performance stock unit award agreement (Total Stockholder Return)	Exh. 10.5 to Form 10-Q filed Aug. 8, 2017
10.8(K)+	2002 Stock Plan - Form of global performance stock unit award agreement (officers)	Exh. 10.1 to Form 10-Q filed Aug. 2, 2019
10.8(L)+	2002 Stock Plan - Performance stock option agreement between the Company and Rob Painter issued January 4, 2020	Exh. 10.9(K) to Form 10-K filed Feb. 28, 2020
10.8(M)+	2002 Stock Plan - Form of performance stock unit award agreement (TSR-based, 2021 revision)	Exh. 10.2 to Form 10-Q filed Aug. 9, 2021
10.8(N)+	2002 Stock Plan - Form of performance stock unit award agreement (TSR-ARR-ESG)	Exh. 10.1 to Form 10-Q filed May 5, 2022
10.8(O)+	2002 Stock Plan - Form of performance RSU award agreement (ARR with P&P Modifier)	Exh. 10.3 to Form 10-Q filed May 3, 2023
10.8(P)+	2002 Stock Plan - Form of performance RSU award agreement (ARR and TSR with P&P Modifier)	Exh. 10.4 to Form 10-Q filed May 3, 2023
10.9+	Trimble OneBonus Plan Description	Exh. 10.1 to Form 8-K filed Feb. 25, 2021
10.10+	Form of Change in Control Severance Agreement between the Company and certain Company officers, together with a schedule identifying material differences in the agreements entered into with specific officers	Exh. 10.1 to Form 10-Q filed Aug. 8, 2017
10.11+	Form of Executive Severance Agreement between the Company and certain Company officers, together with a schedule identifying material differences in the agreements entered into with specific officers	Exh. 10.2 to Form 10-Q filed Aug. 8, 2017
10.12+	Change in Control Severance Agreement between the Company and Robert G. Painter dated January 4, 2020	Exh. 10.15 to Form 10-K filed Feb. 26, 2021
10.13+	Executive Severance Agreement between the Company and Robert G. Painter dated January 4, 2020	Exh. 10.16 to Form 10-K filed Feb. 26, 2021
21.1	Subsidiaries of the Company	E xh . 21.1 to Form 10-K filed Feb. 26, 2024
23.1	Consent of Independent Registered Public Accounting Firm	Filed herewith
24.1	Power of Attorney	Exh. 2 4.1 to Form 10-K filed Feb. 26, 2024
31.1	Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.1	Certification of CEO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
32.2	Certification of CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
101++	The following financial statements from this Annual Report on Form 10-K/A, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags
104++	The cover page from this Annual Report on Form 10-K/A, formatted in Inline XBRL

* Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to supplementally furnish an unredacted copy of this exhibit to the SEC upon request; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, to the extent so furnished.

+ Indicates management contract or compensatory plan or arrangement required to be filed as an exhibit to this Annual Report on Form 10–K/A.

++ Pursuant to applicable securities laws and regulations, the Company is deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits and is not subject to liability under any anti-fraud provisions of the federal securities laws as long as the Company has made a good faith attempt to comply with the submission requirements and promptly amends the interactive data files after becoming aware that the interactive data files fails to comply with the submission requirements.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


						TRIMBLE INC.
			By:			/S/ ROBERT G. PAINTER
						Robert G. Painter, President and Chief Executive Officer
						January 15, 2025

EXHIBIT 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1)Registration Statement (Form S‑8 No. 333-250834) pertaining to the Amended and Restated 2002 Stock Plan of Trimble Inc.,

(2)Registration Statements (Form S‑8 Nos. 333‑161295 and 333‑183229) pertaining to the Amended and Restated Employee Stock Purchase Plan of Trimble Inc., and

(3)Registration Statement (Form S-3 No. 333-264749) and in the related Prospectus of Trimble Inc.;

of our report with respect to the consolidated financial statements of Trimble Inc. dated February 26, 2024 (except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second paragraph of the Opinion on the Consolidated Financial Statements and the Critical Audit Matter for Revenue Recognition – Standalone Selling Prices of Performance Obligations, as to which the date is January 15, 2025) and our report with respect to the effectiveness of internal control over ﬁnancial reporting of Trimble Inc. dated February 26, 2024 (except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second and fourth paragraphs of that report, as to which the date is January 15, 2025) included in this Form 10-K/A of Trimble Inc. for the year ended December 29, 2023.

/s/ Ernst & Young LLP

San Jose, California

January 15, 2025

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Robert G. Painter, certify that:

1.I have reviewed this annual report on Form 10-K/A of Trimble Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:	January 15, 2025	/s/ Robert G. Painter
		Robert G. Painter
		Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Phillip Sawarynski, certify that:

1.I have reviewed this annual report on Form 10-K/A of Trimble Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:	January 15, 2025	/s/ Phillip Sawarynski
		Phillip Sawarynski
		Chief Financial Officer

EXHIBIT 32.1

CERTIFICATION OF CEO PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K/A of Trimble Inc. (the “Company”) for the period ended December 29, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Robert G. Painter, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, that:

•the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

•the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Robert G. Painter
Robert G. Painter
Chief Executive Officer

January 15, 2025

EXHIBIT 32.2

CERTIFICATION OF CFO PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K/A of Trimble Inc. (the “Company”) for the period ended December 29, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Phillip Sawarynski, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, that:

•the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

•the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Phillip Sawarynski
Phillip Sawarynski
Chief Financial Officer

January 15, 2025

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 29, 2023	Feb. 20, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Dec. 29, 2023
Current Fiscal Year End Date	--12-29
Document Transition Report	false
Entity File Number	001-14845
Entity Registrant Name	TRIMBLE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2802192
Entity Address, Address Line One	10368 Westmoor Drive
Entity Address, City or Town	Westminster
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	720
Local Phone Number	887-6100
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	TRMB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 13.1
Entity Common Stock, Shares Outstanding		245,687,181
Amendment Flag	true
Document Fiscal Period Focus	2023
Document Fiscal Year Focus	FY
Entity Central Index Key	0000864749
Amendment Description	Trimble Inc. (“Trimble” or “the Company” or “we” or “our” or “us”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment”) to our Annual Report on Form 10-K for the year ended December 29, 2023, which was filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2024 (the “Original Form 10-K”) to make certain changes, as described below.As previously disclosed in Item 8.01 of the Company’s Current Report on Form 8-K filed with the SEC on May 3, 2024, Ernst & Young LLP (“EY”), the Company’s independent registered public accounting firm, informed the Company that in preparing for an upcoming Public Company Accounting Oversight Board (“PCAOB”) inspection, EY had identified concerns regarding the design and execution of certain controls.The Company’s management has determined that additional material weaknesses in its internal control over financial reporting existed that were not previously disclosed in Management’s Annual Report on Internal Control over Financial Reporting in the Original Form 10-K related to certain information technology general controls (“ITGCs”), undue reliance on controls over information technology (“IT”) interfaces, and the evaluation of standalone selling prices of performance obligations utilized in accounting for revenue. As a result, we are (i) including in Part II, Item 8 of this Amendment a revised opinion from EY on our internal control over financial reporting as of December 29, 2023 and (ii) replacing Part II, Item 9A, “Controls and Procedures” in this Amendment to update the conclusions regarding the effectiveness of our internal control over financial reporting as of December 29, 2023. The material weaknesses did not result in any change to the Company’s consolidated financial statements as set forth in the Original Form 10-K.Pursuant to Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment contains the complete text of Part II, Item 8. “Financial Statements and Supplementary Data”. Part IV, Item 15. “Exhibits and Financial Statement Schedules” has been amended to include (i) current certifications of the Company’s Chief Executive Officer and Chief Financial Officer as required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, each dated as of the date of this Amendment, and attached as Exhibits 31.1, 31.2, 32.1, and 32.2, (ii) an updated Consent of Independent Registered Public Accounting Firm, attached as Exhibit 23.1, and (iii) updated inline XBRL exhibits, as applicable.The only changes to the Original Form 10-K are those related to the matters described above. Except as described above, this Amendment does not amend, update, or change (i) the Company’s consolidated financial statements or (ii) any other item or disclosure in the Original Form 10-K and does not purport to reflect any information or event subsequent to the filing. As such, this Amendment speaks only as of the date that the Original Form 10-K was filed, and the Company has not undertaken to amend, update, or change any information contained in the Original Form 10-K to give effect to any subsequent event, other than as expressly indicated in this Amendment. Accordingly, this Amendment should be read in conjunction with the Original Form 10-K and any subsequent filings with the SEC.

Audit Information	12 Months Ended
Audit Information	Dec. 29, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Jose, California

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Current assets:
Cash and cash equivalents	$ 229.8	$ 271.0
Accounts receivable, net	706.6	643.3
Inventories	235.7	402.5
Prepaid expenses	89.8	73.7
Other current assets	147.8	127.7
Assets held for sale	421.2	0.0
Total current assets	1,830.9	1,518.2
Property and equipment, net	202.5	219.0
Operating lease right-of-use assets	124.0	121.2
Goodwill	5,350.6	4,137.9
Other purchased intangible assets, net	1,243.5	498.1
Deferred income tax assets	412.3	438.4
Other non-current assets	375.5	336.2
Total assets	9,539.3	7,269.0
Current liabilities:
Short-term debt	530.4
Short-term debt		300.0
Accounts payable	165.3	175.5
Accrued compensation and benefits	181.2	159.4
Deferred revenue	663.1	639.1
Income taxes payable	39.7	23.7
Other current liabilities	201.3	164.4
Liabilities held for sale	48.3	0.0
Total current liabilities	1,829.3	1,462.1
Long-term debt	2,536.2	1,220.0
Deferred revenue, non-current	98.3	98.5
Deferred income tax liabilities	287.8	157.8
Operating lease liabilities	121.9	105.1
Other non-current liabilities	165.7	175.3
Total liabilities	5,039.2	3,218.8
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value; 3.0 shares authorized; none issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 360.0 shares authorized; 246.5 and 246.9 shares issued and outstanding at the end of 2023 and 2022	0.2	0.2
Additional paid-in-capital	2,214.6	2,054.9
Retained earnings	2,437.4	2,230.0
Accumulated other comprehensive loss	(152.1)	(234.9)
Total stockholders' equity	4,500.1	4,050.2
Total liabilities and stockholders' equity	$ 9,539.3	$ 7,269.0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 29, 2023	Dec. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	3,000,000.0	3,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	360,000,000.0	360,000,000.0
Common stock, shares issued (in shares)	246,500,000	246,900,000
Common stock, shares outstanding (in shares)	246,500,000	246,900,000

Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Revenue:
Total revenue	$ 3,798.7	$ 3,676.3	$ 3,659.1
Cost of sales:
Amortization of purchased intangible assets	108.7	85.0	87.7
Total cost of sales	1,465.9	1,570.7	1,624.4
Gross margin	2,332.8	2,105.6	2,034.7
Operating expense:
Research and development	664.3	542.1	536.6
Sales and marketing	583.0	553.6	506.8
General and administrative	487.5	422.2	369.1
Restructuring	45.6	30.2	10.3
Amortization of purchased intangible assets	103.6	46.6	50.9
Total operating expense	1,884.0	1,594.7	1,473.7
Operating income	448.8	510.9	561.0
Non-operating income (expense), net:
Divestitures gain, net	9.2	99.0	41.4
Interest expense, net	(161.0)	(71.1)	(65.4)
Income from equity method investments, net	28.1	31.1	37.7
Other income (expense), net	31.9	(0.8)	(0.1)
Total non-operating income (expense), net	(91.8)	58.2	13.6
Income before taxes	357.0	569.1	574.6
Income tax provision	45.7	119.4	81.8
Net income	311.3	449.7	492.8
Net income attributable to noncontrolling interests	0.0	0.0	0.1
Net income attributable to Trimble Inc.	$ 311.3	$ 449.7	$ 492.7
Earnings per share:
Basic (in usd per share)	$ 1.26	$ 1.81	$ 1.96
Diluted (in usd per share)	$ 1.25	$ 1.80	$ 1.94
Shares used in calculating earnings per share:
Basic (in shares)	247.9	248.6	251.4
Diluted (in shares)	249.1	250.2	254.3
Product
Revenue:
Total revenue	$ 1,771.7	$ 1,986.1	$ 2,135.2
Cost of sales:
Cost of sales	875.0	1,040.8	1,086.4
Subscription and services
Revenue:
Total revenue	2,027.0	1,690.2	1,523.9
Cost of sales:
Cost of sales	$ 482.2	$ 444.9	$ 450.3

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 311.3	$ 449.7	$ 492.8
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	86.4	(81.6)	(64.0)
Net change related to derivatives and other	(3.6)	8.4	0.8
Comprehensive income (loss)	394.1	376.5	429.6
Comprehensive income attributable to noncontrolling interests	0.0	0.0	0.1
Comprehensive income attributable to Trimble Inc.	$ 394.1	$ 376.5	$ 429.5

Consolidated Statements Of Stockholders’ Equity - USD ($) shares in Millions, $ in Millions	Total	Total Stockholders’ Equity	Common stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance (in shares) at Jan. 01, 2021			250.8
Beginning balance at Jan. 01, 2021	$ 3,598.6	$ 3,596.9	$ 0.3	$ 1,801.7	$ 1,893.4	$ (98.5)	$ 1.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	492.8	492.7			492.7		0.1
Other comprehensive (loss) income	(63.2)	(63.2)				(63.2)
Comprehensive income (loss)	429.6	429.5
Issuance of common stock under employee plans, net of tax withholding (in shares)			2.2
Issuance of common stock under employee plans, net of tax withholdings	(15.1)	(15.1)		36.2	(51.3)
Stock repurchases (in shares)			(2.1)
Stock repurchases	(180.0)	(180.0)		(15.7)	(164.3)
Stock-based compensation	112.8	112.8		112.8
Noncontrolling interest investments	(1.2)	0.6		0.6			(1.8)
Ending balance (in shares) at Dec. 31, 2021			250.9
Ending balance at Dec. 31, 2021	3,944.7	3,944.7	$ 0.3	1,935.6	2,170.5	(161.7)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	449.7	449.7			449.7
Other comprehensive (loss) income	(73.2)	(73.2)				(73.2)
Comprehensive income (loss)	376.5	376.5
Issuance of common stock under employee plans, net of tax withholding (in shares)			2.0
Issuance of common stock under employee plans, net of tax withholdings	(13.6)	(13.6)		29.6	(43.2)
Stock repurchases (in shares)			(6.0)
Stock repurchases	(394.7)	(394.7)	$ (0.1)	(47.6)	(347.0)
Stock-based compensation	$ 137.3	137.3		137.3
Ending balance (in shares) at Dec. 30, 2022	246.9		246.9
Ending balance at Dec. 30, 2022	$ 4,050.2	4,050.2	$ 0.2	2,054.9	2,230.0	(234.9)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	311.3	311.3			311.3
Other comprehensive (loss) income	82.8	82.8				82.8
Comprehensive income (loss)	394.1	394.1
Issuance of common stock under employee plans, net of tax withholding (in shares)			2.0
Issuance of common stock under employee plans, net of tax withholdings	6.7	6.7		31.6	(24.9)
Stock repurchases (in shares)			(2.4)
Stock repurchases	(100.0)	(100.0)		(21.0)	(79.0)
Stock-based compensation	$ 149.1	149.1		149.1
Ending balance (in shares) at Dec. 29, 2023	246.5		246.5
Ending balance at Dec. 29, 2023	$ 4,500.1	$ 4,500.1	$ 0.2	$ 2,214.6	$ 2,437.4	$ (152.1)	$ 0.0

Consolidated Statements Of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 29, 2023

Dec. 30, 2022

Dec. 31, 2021

Cash flow from operating activities:

Net income

$ 311.3

$ 449.7

$ 492.8

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense

38.3

40.2

41.3

Amortization expense

212.3

131.6

138.6

Deferred income taxes

(104.6)

(40.0)

(26.9)

Stock-based compensation

145.4

120.4

122.6

Divestitures gain, net

(9.2)

(99.0)

(43.9)

Other, net

11.6

41.7

19.2

(Increase) decrease in assets:

Accounts receivable, net

(36.4)

(55.4)

(9.0)

Inventories

67.6

(113.5)

(72.9)

Other current and non-current assets

(67.2)

(46.3)

(30.2)

Increase (decrease) in liabilities:

Accounts payable

(12.4)

(24.8)

60.3

Accrued compensation and benefits

20.8

(54.2)

54.1

Deferred revenue

26.0

108.6

27.4

Income taxes payable

(4.0)

(38.3)

(2.9)

Other current and non-current liabilities

(2.4)

(29.5)

(20.0)

Net cash provided by operating activities

597.1

391.2

750.5

Cash flow from investing activities:

Acquisitions of businesses, net of cash acquired

(2,088.9)

(373.5)

(236.1)

Purchases of property and equipment

(42.0)

(43.2)

(46.1)

Net proceeds from divestitures

17.0

215.4

67.3

Other, net

45.8

(25.0)

11.4

Net cash used in investing activities

(2,068.1)

(226.3)

(203.5)

Cash flow from financing activities:

Issuance of common stock, net of tax withholdings

6.7

(13.6)

(15.1)

Repurchases of common stock

(100.0)

(394.7)

(180.0)

Proceeds from debt and revolving credit lines

3,847.1

814.8

198.9

Payments on debt and revolving credit lines

(2,292.9)

(590.2)

(449.9)

Other, net

(29.4)

(15.3)

(1.6)

Net cash provided by (used in) financing activities

1,431.5

(199.0)

(447.7)

Effect of exchange rate changes on cash and cash equivalents

7.4

(20.6)

(11.3)

Net (decrease) increase in cash and cash equivalents

(32.1)

(54.7)

88.0

Cash and cash equivalents - beginning of period

271.0

^[1]

325.7

^[1]

237.7

Cash and cash equivalents - end of period

^[1]

238.9

271.0

325.7

Supplemental cash flow disclosure:

Cash paid for income taxes, net

168.0

197.3

98.3

Cash paid for interest

$ 133.7

$ 73.1

$ 61.8

[1]	Includes $9.1 million of cash and cash equivalents classified as held for sale as of December 29, 2023.

Consolidated Statements Of Cash Flows(Parenthetical) $ in Millions	Dec. 29, 2023 USD ($)
Held-for-sale \| Trimble Ag
Cash and cash equivalents	$ 9.1

Description Of Business And Accounting Policies

12 Months Ended

Dec. 29, 2023

Accounting Policies [Abstract]

Description Of Business And Accounting Policies

NOTE 1: DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES

Trimble Inc., (“we” or “our” or “us”) is incorporated in the State of Delaware since October 2016.

Basis of Presentation

Use of Estimates

Change in Presentation

Previously, we presented revenue and cost of sales on three lines as follows:

•product, which included hardware and software licenses (both perpetual and term licenses);

•service, which included hardware and software maintenance and support and professional services;

•subscription, which included SaaS, data, and hosting services.

The revised categories are as follows:

•product, which includes hardware and perpetual software licenses;

•subscription and services, which includes SaaS, data, and hosting services, as well as term licenses, hardware and software maintenance and support, and professional services.


	2022						2021
(In millions)
	As Previously Reported		Effect of Change in Presentation		As Reported Herein		As Previously Reported		Effect of Change in Presentation		As Reported Herein
Revenue:
Product	$	2,152.0	$	(165.9)	$	1,986.1	$	2,247.5	$	(112.3)	$	2,135.2
Subscription and services	—		1,690.2		1,690.2		—		1,523.9		1,523.9
Service	641.3		(641.3)		—		649.4		(649.4)		—
Subscription	883.0		(883.0)		—		762.2		(762.2)		—

Total revenue	$	3,676.3	$	—	$	3,676.3	$	3,659.1	$	—	$	3,659.1

Cost of sales:
Product	$	1,046.1	$	(5.3)	$	1,040.8	$	1,090.1	$	(3.7)	$	1,086.4
Subscription and services	—		444.9		444.9		—		450.3		450.3
Service	235.7		(235.7)		—		229.9		(229.9)		—
Subscription	203.9		(203.9)		—		216.7		(216.7)		—
Amortization of purchased intangible assets	85.0		—		85.0		87.7		—		87.7
Total cost of sales	$	1,570.7	$	—	$	1,570.7	$	1,624.4	$	—	$	1,624.4

Reportable Segments

We report our financial performance, including revenue and operating income, based on four reportable segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation.

Revenue Recognition

Significant Judgments

Nature of Goods and Services

We generate revenue primarily from products and services and subscriptions; each of which is a distinct performance obligation. Descriptions are as follows:

Product

Product revenue includes hardware and perpetual software licenses.

Software including perpetual licenses is recognized upon delivery and commencement of the license term. In general, our contracts do not provide for customer specific acceptances.

Subscription and Services

Subscription and services revenue includes SaaS and hosting services, term licenses, hardware and software maintenance, and support and professional services.

Accounts Receivable, Net

Inventories

Property and Equipment, Net

Leases

Lease agreements that include both lease and non-lease components are accounted for as part of the overall lease arrangement.

Business Combinations

Acquisition costs are expensed as incurred.

Goodwill

Intangible Assets

Foreign Currency Translation

Stock-Based Compensation

Research and Development Costs

Income Taxes

Concentrations of Risk

In addition, we rely on a limited number of suppliers for a number of our critical components.

Guarantees, Including Indirect Guarantees of Indebtedness of Others

Derivative Financial Instruments

At the end of 2023 and 2022, there were no derivatives outstanding that were accounted for as hedges.

Recently issued Accounting Pronouncements not yet Adopted

Recent Adopted Accounting Pronouncements

There are no recently adopted accounting pronouncements.

Earnings Per Share

12 Months Ended

Dec. 29, 2023

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 2: EARNINGS PER SHARE

The following table shows the computation of basic and diluted earnings per share:


	2023		2022		2021
(In millions, except per share amounts)
Numerator:
Net income attributable to Trimble Inc.	$	311.3	$	449.7	$	492.7
Denominator:
Weighted-average number of common shares used in basic earnings per share	247.9		248.6		251.4
Effect of dilutive securities	1.2		1.6		2.9
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share	249.1		250.2		254.3

Basic earnings per share	$	1.26	$	1.81	$	1.96
Diluted earnings per share	$	1.25	$	1.80	$	1.94

Antidilutive weighted-average shares (1)	1.9		1.3		0.1

(1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share.

Acquisitions

12 Months Ended

Dec. 29, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

NOTE 3: ACQUISITIONS

In addition to Transporeon, we acquired two businesses in 2023 with total purchase consideration of $47.0 million. In the

aggregate, the two businesses acquired contributed less than 1% of our total revenue during 2023.

Purchase Price Allocation


	Fair Value as of the Acquisition Date		Estimated Useful Life
(In millions)
Total purchase consideration	$	2,082.6

Net tangible assets acquired:
Cash and cash equivalents	12.9
Accounts receivable, net	41.8
Other current assets	28.0
Non-current assets	24.7
Accounts payable	(4.1)
Accrued compensation and benefits	(9.7)
Deferred revenue	(16.5)
Other current liabilities	(47.2)
Non-current liabilities	(20.6)
Total net tangible assets acquired	9.3

Intangible assets acquired:
Customer relationships	759.5		11 years
Developed product technology	168.4		7 years
Trade name	11.9		5 years
Total intangible assets acquired	939.8

Deferred tax liability	(256.6)

Fair value of all assets/liabilities acquired	692.5

Goodwill	$	1,390.1

The Company corrected an error which resulted in an adjustment of $34 million between goodwill and developed technology intangibles, net of tax.

Financial Information


	Year of
	2023
(In millions)
Total revenue	$	124.7
Net loss	(42.3)

Pro Forma Financial Information


	Year of
	2023		2022
(In millions)
Total revenue	$	3,839.2	$	3,831.2
Net income	273.0		308.6

Divestitures

12 Months Ended

Dec. 29, 2023

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

NOTE 4: DIVESTITURES

Pending Divestiture

Additionally, we plan to enter into the following agreements with AGCO as part of the overall transaction:

•a Trademark License Agreement to govern the licensing of certain Trimble trademarks for use by the JV in the agriculture field;

•a Positioning Services Agreement through which the JV will serve as our channel partner for the positioning services in the agriculture market; and

•a Transition Services Agreement to provide contract manufacturing services for the divested products for two years following the closing of the proposed transaction.

Following the closing of this proposed transaction, our 15% ownership interest in the JV is expected to be reported as an equity method investment.


	At the End of Year
(In millions)	2023

Cash and cash equivalents	$	9.1
Accounts receivable, net	12.1
Inventories, net	84.2
Other current assets	3.4
Property and equipment, net	20.7
Other purchased intangible assets, net	20.3
Goodwill	268.1
Other non-current assets	3.3
Total Assets Held for Sale	$	421.2

Accounts payable	$	1.8
Deferred revenue, current	14.3
Other current liabilities	16.0
Deferred revenue, non-current	8.3
Other non-current liabilities	7.9
Total Liabilities Held for Sale	$	48.3

Other Divestitures

In addition to the pending Trimble Ag JV Transaction, we divested five businesses in 2023 with total proceeds of $18.7 million.

In 2021, divestitures were not material to the financial statements.

Intangible Assets and Goodwill

12 Months Ended

Dec. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

NOTE 5: INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

The following table presents a summary of our intangible assets:


	At the End of 2023							At the End of 2022
(In millions)	Weighted-Average Useful Lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product technology	6	$	908.5	$	(554.1)	$	354.4	$	1,004.8	$	(722.7)	$	282.1
Customer relationships	10	1,358.4		(474.5)		883.9		654.1		(445.9)		208.2
Trade names and trademarks	6	43.8		(38.6)		5.2		39.5		(32.7)		6.8
Distribution rights and other intellectual property	7	4.2		(4.2)		—		8.0		(7.0)		1.0
		$	2,314.9	$	(1,071.4)	$	1,243.5	$	1,706.4	$	(1,208.3)	$	498.1

As of the end of 2023 and 2022, $267.8 million and $79.9 million of fully amortized intangible assets were written off.

The estimated future amortization expense of intangible assets at the end of 2023 was as follows:


(In millions)
2024	$	200.4
2025	168.6
2026	163.4
2027	149.7
2028	135.6
Thereafter	425.8
Total	$	1,243.5

Goodwill

The changes in the carrying amount of goodwill by segment for 2023 were as follows:


	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
Balance as of year end 2022	$	2,300.1	$	382.1	$	471.8	$	983.9	$	4,137.9
Additions due to acquisitions	27.7		—		—		1,390.1		1,417.8

Assets held for sale	—		(1.9)		(266.2)		—		(268.1)
Foreign currency translation and other adjustments	19.5		4.9		10.8		27.8		63.0

Balance as of year end 2023	$	2,347.3	$	385.1	$	216.4	$	2,401.8	$	5,350.6

Certain Balance Sheet Components

12 Months Ended

Dec. 29, 2023

Balance Sheet Related Disclosures [Abstract]

Certain Balance Sheet Components

NOTE 6: CERTAIN BALANCE SHEET COMPONENTS

The components of inventory, net were as follows:


At the End of Year	2023		2022
(In millions)
Inventories:
Raw materials	$	88.4	$	154.9
Work-in-process	3.0		13.1
Finished goods	144.3		234.5
Total inventories	$	235.7	$	402.5

Finished goods includes $11.3 million and $16.9 million at the end of 2023 and 2022 for costs of sales that have been deferred in connection with deferred revenue arrangements.

The components of property and equipment, net were as follows:


At the End of Year	2023		2022
(In millions)
Property and equipment, net:
Land, building, furniture, and leasehold improvements	$	237.4	$	244.4
Machinery and equipment	170.0		177.6
Software and licenses	131.6		146.4
Construction in progress	14.0		10.1
	553.0		578.5
Less: accumulated depreciation	(350.5)		(359.5)
Total property and equipment, net	$	202.5	$	219.0

The components of accumulated other comprehensive loss, net of related tax were as follows:


At the End of Year	2023		2022
(In millions)
Accumulated foreign currency translation adjustments	$	(158.0)	$	(241.6)
Gain on cash flow hedge	4.7		5.4
Net unrealized actuarial gains	1.2		1.3
Total accumulated other comprehensive loss	$	(152.1)	$	(234.9)

Reporting Segment And Geographic Information

12 Months Ended

Dec. 29, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Reporting Segment And Geographic Information

NOTE 7: REPORTING SEGMENT AND GEOGRAPHIC INFORMATION

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.


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
2023
Segment revenue	$	1,593.1	$	695.5	$	769.1	$	741.0	$	3,798.7
Segment operating income	440.8		209.1		270.6		130.2		$	1,050.7

2022
Segment revenue	$	1,494.0	$	756.5	$	821.6	$	604.2	$	3,676.3
Segment operating income	406.3		221.4		278.3		58.8		964.8

2021
Segment revenue	$	1,422.7	$	828.9	$	771.3	$	636.5	$	3,659.4
Segment operating income	411.7		244.1		264.0		43.4		963.2


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
As of Year End 2023
Accounts receivable, net	$	314.1	$	125.0	$	92.5	$	175.0	$	706.6
Inventories	65.0		115.8		11.1		43.8		235.7
Goodwill	2,347.3		385.1		216.4		2,401.8		5,350.6
As of Year End 2022
Accounts receivable, net	$	305.1	$	137.2	$	79.2	$	121.8	$	643.3
Inventories	93.2		146.1		100.3		62.9		402.5
Goodwill	2,300.1		382.1		471.8		983.9		4,137.9
As of Year End 2021
Accounts receivable, net	$	246.8	$	134.0	$	112.9	$	131.1	$	624.8
Inventories	79.3		136.4		67.4		80.2		363.3
Goodwill	2,141.4		403.6		440.8		995.7		3,981.5

A reconciliation of our consolidated segment operating income to consolidated income before income taxes was as follows:


	2023		2022		2021
(In millions)
Consolidated segment operating income	$	1,050.7	$	964.8	$	963.2
Unallocated general corporate expenses	(116.0)		(123.3)		(106.2)
Purchase accounting adjustments	(212.3)		(131.6)		(134.5)
Acquisition / divestiture items	(72.4)		(32.8)		(21.8)
Stock-based compensation / deferred compensation	(151.1)		(112.0)		(128.6)
Restructuring and other costs	(50.1)		(54.2)		(11.1)
Consolidated operating income	448.8		510.9		561.0
Total non-operating income (expense), net	(91.8)		58.2		13.6
Consolidated income before taxes	$	357.0	$	569.1	$	574.6

revenue that was written down to fair value in purchase accounting, consistent with the Reporting Segment tables above.


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
2023
North America	$	1,026.0	$	300.2	$	217.5	$	474.8	$	2,018.5
Europe	338.1		213.3		328.9		195.9		1,076.2
Asia Pacific	196.6		141.9		56.9		33.5		428.9
Rest of World	32.4		40.1		165.8		36.8		275.1
Total segment revenue	$	1,593.1	$	695.5	$	769.1	$	741.0	$	3,798.7
2022
North America	$	938.1	$	320.7	$	227.0	$	469.4	$	1,955.2
Europe	337.1		247.8		374.3		78.7		1,037.9
Asia Pacific	192.8		140.3		51.7		30.3		415.1
Rest of World	26.0		47.7		168.6		25.8		268.1
Total segment revenue	$	1,494.0	$	756.5	$	821.6	$	604.2	$	3,676.3
2021
North America	$	823.5	$	337.3	$	212.2	$	493.1	$	1,866.1
Europe	386.6		282.3		368.4		87.3		1,124.6
Asia Pacific	188.4		161.4		67.3		30.2		447.3
Rest of World	24.2		47.9		123.4		25.9		221.4
Total segment revenue	$	1,422.7	$	828.9	$	771.3	$	636.5	$	3,659.4

Property and equipment, net by geographic area were as follows:


At the End of Year	2023		2022
(In millions)
Property and equipment, net:
United States	$	153.8	$	157.7
Europe	28.0		40.3
Asia Pacific and Rest of World	20.7		21.0
Total property and equipment, net	$	202.5	$	219.0

Debt

12 Months Ended

Dec. 29, 2023

Debt Disclosure [Abstract]

Debt

NOTE 8: DEBT

Debt consisted of the following:


At the End of Year		Effective interest rate
(In millions, except percentages)	Date of Issuance	End of 2023	2023		2022

Senior Notes:
Senior Notes, 4.15%, due June 2023	June 2018		$	—	$	300.0
Senior Notes, 4.75%, due December 2024	November 2014	4.95%	400.0		400.0
Senior Notes, 4.90%, due June 2028	June 2018	5.04%	600.0		600.0
Senior Notes, 6.10%, due March 2033	March 2023	6.13%	800.0		—
Credit Facilities:
2022 Revolving Credit Facility, due March 2027	September 2022	6.71%	150.0		225.0
Term Loan, due April 2026	April 2023	6.99%	500.0		—
Term Loan, due April 2028	April 2023	7.12%	500.0		—
Uncommitted Credit Facilities, floating rate		5.06%	130.4		—

Unamortized discount and issuance costs			(13.8)		(5.0)
Total debt			$	3,066.6	$	1,520.0
Less: Short-term debt			530.4		300.0
Long-term debt			$	2,536.2	$	1,220.0

Debt Maturities

At the end of 2023, our debt maturities based on outstanding principal were as follows (in millions):


Year Payable
2024	$	530.4
2025	—
2026	518.8
2027	193.7
2028	1,037.5
Thereafter	800.0
Total	$	3,080.4

Senior Notes

2033 Senior Notes

Credit Facilities

Bridge Facility

2022 Term Loan Credit Agreement

Prepayments are allowed without penalty and cannot be reborrowed.

2022 Credit Facility and Amendment

Uncommitted Facilities

Covenants

Leases

12 Months Ended

Dec. 29, 2023

Leases [Abstract]

Leases

NOTE 9: LEASES

Operating lease expense consisted of:


	2023		2022		2021
(In millions)
Operating lease expense	$	33.5	$	36.3	$	35.5
Short-term lease expense and other	17.1		14.8		17.8
Total lease expense	$	50.6	$	51.1	$	53.3

Supplemental cash flow information related to leases was as follows:


	2023		2022		2021
(In millions)
Cash paid for liabilities included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	31.0	$	35.0	$	35.9

Right-of-use assets obtained in exchange for Operating lease liabilities:	$	47.0	$	26.3	$	49.5

(1)Excludes cash payments for short-term leases, which are not capitalized.

Supplemental balance sheet information related to leases was as follows:


At the End of Year	2023			2022
(In millions)
Operating lease right-of-use assets	$	124.0		$	121.2

Other current liabilities	$	29.1		$	35.0
Operating lease liabilities	121.9			105.1
Total operating lease liabilities	$	151.0		$	140.1

Weighted-average discount rate	4.27		%	3.30		%
Weighted-average remaining lease term	7 years			6 years

At the end of 2023, the maturities of lease liabilities were as follows:


(In millions)
2024	$	34.6
2025	29.3
2026	25.0
2027	20.3
2028	16.4
Thereafter	47.9
Total lease payments	$	173.5
Less: imputed interest	22.5
Total	$	151.0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10: COMMITMENTS AND CONTINGENCIES Commitments At the end of 2023, we had unconditional purchase obligations of approximately $618.9 million as compared to $858.8 million at the end of 2022. These unconditional purchase obligations primarily represent (i) open non-cancellable purchase orders for material purchases with our inventory vendors, and (ii) various non-cancelable agreements with certain service providers with minimum or fixed commitments. Litigation From time to time, we are involved in litigation arising in the ordinary course of our business. There are no material legal proceedings, other than ordinary routine litigation incidental to the business, that we or any of our subsidiaries is a party, or that any of our or our subsidiaries’ property is subject.

Fair Value Measurements

12 Months Ended

Dec. 29, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 11: FAIR VALUE MEASUREMENTS

The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs:


	Fair Values at the end of 2023								Fair Values at the end of 2022
	Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)	(Level I)		(Level II)		(Level III)		Total		(Level I)		(Level II)		(Level III)		Total
Assets
Deferred compensation plan (1)	$	31.2	$	—	$	—	$	31.2	$	31.5	$	—	$	—	$	31.5
Derivatives (2)	—		0.3		—		0.3		—		18.0		—		18.0
Contingent consideration (3)	—		—		0.3		0.3		—		—		3.1		3.1
Total assets measured at fair value	$	31.2	$	0.3	$	0.3	$	31.8	$	31.5	$	18.0	$	3.1	$	52.6

Liabilities
Deferred compensation plan (1)	$	31.2	$	—	$	—	$	31.2	$	31.5	$	—	$	—	$	31.5
Derivatives (2)	—		0.3		—		0.3		—		0.2		—		0.2

Total liabilities measured at fair value	$	31.2	$	0.3	$	—	$	31.5	$	31.5	$	0.2	$	—	$	31.7

Additional Fair Value Information

Deferred Revenue And Remaining Performance Obligations

12 Months Ended

Dec. 29, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Deferred Revenue And Remaining Performance Obligations

NOTE 12: DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS

Deferred Revenue

Changes in our deferred revenue during 2023 and 2022 were as follows:



(In millions)	2023		2022
Beginning balance of the period	$	737.6	$	631.8
Revenue recognized from prior year-end	(607.8)		(511.5)
Billings net of revenue recognized from current year	631.6		617.3
Ending balance of the period	$	761.4	$	737.6

Remaining Performance Obligations

Income Taxes

12 Months Ended

Dec. 29, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 13: INCOME TAXES

Income before taxes and the provision (benefit) for taxes consisted of the following:


	2023			2022			2021
(In millions)
Income before taxes:
United States	$	26.9		$	117.7		$	144.0
Foreign	330.1			451.4			430.6
Total	$	357.0		$	569.1		$	574.6

Provision (benefit) for taxes:
U.S. Federal:
Current	$	57.1		$	98.4		$	27.1
Deferred	(92.5)			(97.7)			(22.9)
	(35.4)			0.7			4.2
U.S. State:
Current	12.8			12.6			5.6
Deferred	(6.6)			(5.0)			(2.5)
	6.2			7.6			3.1
Foreign:
Current	80.4			48.4			76.0
Deferred	(5.5)			62.7			(1.5)
	74.9			111.1			74.5
Income tax provision	$	45.7		$	119.4		$	81.8
Effective tax rate	12.8		%	21.0		%	14.2		%


	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in tax rate resulting from:
Foreign income taxed at different rates	0.8	%	4.4	%	0.5	%

U.S. State income taxes	1.0	%	1.0	%	1.1	%
Stock-based compensation	4.8	%	1.2	%	(0.8)	%


Other U.S. taxes on foreign operations	(4.4)	%	(3.1)	%	(1.6)	%
Foreign-derived intangible income	(3.9)	%	(0.4)	%	—	%
U.S. Federal research and development credits	(5.4)	%	(2.2)	%	(2.1)	%
Tax reserve releases	(2.5)	%	(1.8)	%	(2.1)	%
Intellectual property restructuring and tax law changes	—	%	—	%	(2.5)	%
Other	1.4	%	0.9	%	0.7	%
Effective tax rate	12.8	%	21.0	%	14.2	%


At the End of Year	2023		2022
(In millions)
Deferred tax liabilities:
Global intangible low-taxed income	$	105.8	$	137.8
Purchased intangibles	373.6		121.1

Operating lease right-of-use assets	30.2		29.0
Other	19.7		16.1
Total deferred tax liabilities	529.3		304.0

Deferred tax assets:
Depreciation and amortization	368.2		400.0
Capitalized research and development	98.4		67.5
Operating lease liabilities	36.2		32.8
U.S. tax credit carryforwards	23.5		25.6
Expenses not currently deductible	26.5		30.9
Net operating loss carryforwards	17.9		20.0
Stock-based compensation	16.7		13.8
Intercompany prepayments	36.6		—
Other	60.8		36.6
Total deferred tax assets	684.8		627.2
Valuation allowance	(31.0)		(42.6)
Total deferred tax assets	653.8		584.6
Total net deferred tax assets	$	124.5	$	280.6

Reported as:
Non-current deferred income tax assets	$	412.3	$	438.4
Non-current deferred income tax liabilities	(287.8)		(157.8)
Net deferred tax assets	$	124.5	$	280.6

The total amount of unrecognized tax benefits at the end of 2023 was $88.3 million. A reconciliation of gross unrecognized tax benefits was as follows:


	2023		2022		2021
(In millions)
Beginning balance	$	76.5	$	64.2	$	64.1
Increase related to current year tax positions	12.4		23.0		9.6
(Decrease) increase related to prior years' tax positions	7.6		(0.7)		1.3
Settlement with taxing authorities	—		—		(1.3)
Lapse of statute of limitations	(8.2)		(10.0)		(9.5)
Ending balance	$	88.3	$	76.5	$	64.2

Total unrecognized tax benefits that, if recognized, would affect our effective tax rate were $59.5 million and $51.6 million at the end of 2023 and 2022.

Although timing of the resolution and/or closure of audits is not certain, we do not believe that our gross unrecognized tax benefits would materially change in the next twelve months.

Employee Stock Benefit Plans

12 Months Ended

Dec. 29, 2023

Share-Based Payment Arrangement [Abstract]

Employee Stock Benefit Plans

NOTE 14: EMPLOYEE STOCK BENEFIT PLANS

Amended and Restated 2002 Stock Plan

Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in our Consolidated Statements of Income for the periods indicated:


	2023		2022		2021
(In millions)
Restricted stock units	$	132.8	$	108.7	$	110.5
Stock options	1.8		1.1		1.3
ESPP	10.8		10.6		10.8
Total stock-based compensation expense	$	145.4	$	120.4	$	122.6

Stock-based compensation expense was allocated as follows:


	2023		2022		2021
(In millions)
Cost of sales	$	14.6	$	12.6	$	9.5
Research and development	40.7		28.0		29.5
Sales and marketing	27.1		24.6		21.5
General and administrative	63.0		55.2		62.1
Total stock-based compensation expense	$	145.4	$	120.4	$	122.6

At the end of 2023, total unamortized stock-based compensation expense was $214.9 million, with a weighted-average recognition period of 1.8 years.

Restricted Stock Units


	2023 Restricted Stock Units Outstanding
	Number of Units (1)	Weighted Average Grant-Date Fair Value per Share
(In millions, except for per share data)
Outstanding at the beginning of year	4.0	$	67.32
Granted (2)	3.9	49.93
Shares vested, net (2)	(1.7)	61.44
Canceled and forfeited	(0.7)	56.39
Outstanding at the end of year	5.5	$	58.23

(1) Includes 0.9 million PSUs granted, 0.1 million PSUs vested, 0.2 million PSUs cancelled and forfeited, and 1.2 million PSUs outstanding at the end of the year.

Employee Stock Purchase Plan

Common Stock Repurchase	12 Months Ended
Common Stock Repurchase	Dec. 29, 2023
Equity [Abstract]
Common Stock Repurchase	NOTE 15: COMMON STOCK REPURCHASE In August 2021, our Board of Directors approved a stock repurchase program (“2021 Stock Repurchase Program”) authorizing up to $750.0 million in repurchases of our common stock. At the end of 2023, the 2021 Stock Repurchase Program had remaining authorized funds of $115.3 million. On January 28, 2024, our Board of Directors approved a new stock repurchase program (“2024 Stock Repurchase Program”) authorizing up to $800.0 million in repurchases of our common stock. The 2024 Stock Repurchase Program replaced the 2021 Stock Repurchase Program, which has been cancelled. Under the 2024 Stock Repurchase Program, the stock repurchase authorization does not have an expiration date. According to the 2024 Stock Repurchase Program, we may repurchase stock from time to time through accelerated share repurchase programs, open market transactions, privately negotiated transactions, block purchases, tender offers, or by other means. The timing and actual number of any shares repurchased will depend on a variety of factors, including market conditions, our share price, other available uses of capital, applicable legal requirements, and other factors. The 2024 Stock Repurchase Program may be suspended, modified, or discontinued at any time without prior notice. During 2023, 2022, and 2021, we repurchased approximately 2.4 million, 6.0 million, and 2.1 million shares of common stock in open market purchases at an average price of $42.50, $65.90, and $85.75 per share for a total of $100.0 million, $394.7 million, and $180.0 million. Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-in-capital, determined by the average book value per share of outstanding stock, calculated at the time of each individual repurchase transaction. The excess of the purchase price over this average for each repurchase was charged to retained earnings. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes. As a result of the 2023 repurchases under the 2021 Stock Repurchase Program, retained earnings was reduced by $79.0 million in 2023.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 29, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 16: SUBSEQUENT EVENT Reporting Segment Change Considering the pending AGCO JV transaction and our CODM’s revised organizational structure, effective in the first quarter of 2024, we reorganized our businesses under a new structure. This structure brings similar businesses together, which is expected to enhance our ability to achieve scale and growth consistent with our strategy. Beginning with the first quarter of 2024, our reporting segments, and the results of those segments, will be reorganized to reflect how our CODM assesses performance and allocates resources. The new reporting segments will be as follows: •Architecture, Engineering, and Construction and Owner Software (“AECO Software”). This segment primarily provides software solutions, which sell through a direct channel to customers in the construction industry. •Field Systems. This segment primarily includes hardware-centric businesses, which sell through dealer partner channels. •Transportation and Logistics (“T&L”). This segment will primarily maintain the historical businesses from the previous Transportation segment, which serves customers working in long haul trucking and freight shipper markets. We will report the new segment information beginning in the first quarter of 2024. As of and for the year of 2023, our CODM continued to review financial information at the current segment level; therefore, these changes had no impact on our reporting structure for 2023.

Description Of Business And Accounting Policies (Policies)	12 Months Ended
	Dec. 29, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These Consolidated Financial Statements include our results of 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. We use a 52–53 week fiscal year ending on the Friday nearest to December 31. Fiscal 2023, 2022, and 2021 were all 52-week years ending on December 29, 2023, December 30, 2022, and December 31, 2021. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods.
Use of Estimates	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 financial statements and accompanying notes. Estimates and assumptions are used for (i) revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price (“SSP”) of performance obligations; (ii) inventory valuation; (iii) valuation of long-lived assets and their estimated useful lives; (iv) goodwill and other long-lived asset impairment analyses; (v) stock-based compensation; and (vi) income taxes. 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.
Reportable Segments	Reportable Segments We report our financial performance, including revenue and operating income, based on four reportable segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation. Our Chief Executive Officer, who is our CODM, views and evaluates operations based on the results of our reportable operating segments under our management reporting system. These results are not necessarily in conformance with U.S. GAAP.
Revenue Recognition	Revenue Recognition Significant Judgments Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognized net of allowance for returns and any taxes collected from customers. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Judgment is required to determine SSP for each performance obligation. We use a range of amounts to estimate SSP when products and services are sold separately and determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, we estimate SSP considering multiple factors including but not limited to, our internal cost, pricing practices, sales channel, competitive positioning, and overall market and business environments. As our offerings and markets change, we may be required to reassess our estimated SSP and, as a result, the timing and classification of our revenue could be affected. Nature of Goods and Services We generate revenue primarily from products and services and subscriptions; each of which is a distinct performance obligation. Descriptions are as follows: Product Product revenue includes hardware and perpetual software licenses. Hardware is recognized when the control of the product transfers to the customer, which is generally when the product is shipped. We recognize shipping fees reimbursed by customers as revenue and the cost for shipping as an expense in Cost of sales when control over products has transferred to the customer. Software including perpetual licenses is recognized upon delivery and commencement of the license term. In general, our contracts do not provide for customer specific acceptances. Subscription and Services Subscription and services revenue includes SaaS and hosting services, term licenses, hardware and software maintenance, and support and professional services. SaaS may be sold with devices used to collect, generate, and transmit data. SaaS is distinct from the related devices. SaaS is provided on either a subscription or a consumption basis. In addition, we may host the software that the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms generally range from month-to-month to one to three years. Subscription revenue is recognized monthly over the subscription term, commencing from activation. Revenue related to SaaS on a consumption basis is recognized when the customer utilizes the service based on the quantity of the services consumed. Term license subscriptions contain an on-premise term license component as well as maintenance and support. Term licenses are distinct and recognized upon transfer and commencement of the subscription license term. Maintenance and support are recognized ratably over the subscription term. The subscription term generally ranges from one to three years. Hardware maintenance and support, commonly called extended warranty, entitles the customer to receive replacement parts and repair services. Extended warranty is separately priced and is recognized on a straight-line basis over the extended service period, which begins after the standard warranty period, ranging from one to two years depending on the product line. Software maintenance and support entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Software maintenance is recognized on a straight-line basis commencing upon product delivery over the post-contract support term, which ranges from one to three years, with one year being most common. Professional services include installation, training, configuration, project management, system integrations, customization, data migration/conversion, and other implementation services. The majority of professional services are not complex, can be provided by other vendors, and are readily available and billed on a time-and-material basis. Revenue for distinct professional services is recognized over time, based on work performed.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceeds the amount billed to the customer, provided the billing is not contingent upon future performance, and we have the unconditional right to future payment with only the passage of time required. Both billed and unbilled amounts due are stated at their net estimated realizable value. We maintain an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. Each reporting period, we evaluate the collectability of our trade accounts receivable based on a number of factors, such as age of the accounts receivable balances, credit quality, historical experience, and current and future economic conditions that may affect a customer’s ability to pay.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost. Adjustments are also made to reduce the cost of inventory for estimated excess or obsolete balances. Factors influencing these adjustments include declines in demand that impact inventory purchasing forecasts, technological changes, product lifecycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If our estimate used to reserve for excess and obsolete inventory differs from what is expected, we may be required to recognize additional reserves, which would negatively impact our gross margin.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are depreciated using the straight-line method over the shorter of the estimated useful lives or the lease terms when applicable. Useful lives generally range from four to six years for machinery and equipment, five to ten years for furniture and fixtures, two to five years for computer equipment and software, thirty-nine years for buildings, and the life of the lease for leasehold improvements. We capitalize eligible costs to acquire or develop certain internal-use software and amortize those assets using the straight-line method over the estimated useful lives of the assets, which range from two to five years.
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases with lease terms greater than one year are included in Operating lease right-of-use (“ROU”) assets, Other current liabilities, and Operating lease liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Present value is determined by using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowings over a similar term of the lease payments at the commencement date. The operating lease ROU assets include adjustments made for uneven rents, lease incentives, and lease impairments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease agreements that include both lease and non-lease components are accounted for as part of the overall lease arrangement.
Business Combinations	Business Combinations We allocate the fair value of purchase consideration to the assets acquired, liabilities assumed, and any noncontrolling interest based on their fair values at the acquisition date. When determining the fair values, we make significant estimates and assumptions, especially concerning intangible assets. Critical estimates when valuing intangible assets include expected future cash flows based on consideration of revenue and revenue growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates. Any purchase consideration in excess of the fair values of the net assets acquired is recorded as goodwill. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. Acquisition costs are expensed as incurred.
Goodwill	Goodwill We evaluate goodwill on an annual basis or more frequently if indicators of potential impairment exist. To determine whether goodwill is impaired, we first assess qualitative factors. Qualitative factors include but are not limited to macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, or other relevant company-specific events. If it is determined more likely than not that the fair value of a goodwill reporting unit is less than its carrying amount, we perform a quantitative analysis. Alternatively, we may bypass the qualitative assessment and perform a quantitative impairment test. When performing a quantitative approach, we compare the reporting unit’s carrying amount, including goodwill, to the reporting unit's fair value. The estimation of a reporting unit's fair value involves using estimates and assumptions, including expected future operating performance using risk-adjusted discount rates. If the reporting unit's carrying amount exceeds its fair value, an impairment loss is recognized.
Intangible Assets	Intangible Assets Intangible assets acquired in a business combination are recorded at fair value. Our intangible assets are amortized over the period of estimated benefit using the straight-line method over their estimated useful lives, which range from three to ten years and have a weighted-average useful life of approximately seven years. We write off fully amortized intangible assets when those assets are no longer used. We review intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable based on their future cash flows. The estimated future cash flows are primarily based upon assumptions about expected future operating performance.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities recorded in foreign currency are translated to U.S. dollars at the exchange rates on the balance sheet date. Revenue and expense are translated at average monthly exchange rates during the year. Translation adjustments resulting from this process are recorded to other comprehensive income.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is based on the measurement date fair value of the awards, net of expected forfeitures. Expense is generally recognized on a straight-line basis over the requisite service period of the stock awards. The estimate of the forfeiture rate is based on historical experience.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Development costs for software to be sold subsequent to reaching technical feasibility were not significant and were expensed as incurred. We offset research and development expense with any unconditional third party funding earned and retain the rights to any technology developed under such arrangements.
Income Taxes	Income Taxes Income taxes are accounted for under the liability method, whereby deferred tax assets or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not such assets will not be realized. Our valuation allowance is primarily attributable to foreign net operating losses and state research and development credit carryforwards. Relative to uncertain tax positions, we only recognize a tax benefit if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual tax audit outcomes. Changes in recognition or measurement of our uncertain tax positions would result in the recognition of a tax benefit or an additional charge to the tax provision. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. We are subject to income taxes in the U.S. and numerous other countries and are subject to routine corporate income tax audits in many of these jurisdictions. We generally believe that positions taken on our tax returns are more likely than not to be sustained upon audit, but tax authorities in some circumstance have, and may in the future, successfully challenge these positions. Accordingly, our income tax provision includes amounts intended to satisfy assessments that may result from these challenges. The amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in our income tax provision and, therefore, could have a material impact on our income tax provision, net income, and cash flows.
Concentrations of Risk	Concentrations of Risk Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and therefore bear minimal credit risk. We are also exposed to credit risk in our trade receivables, which are derived from sales to end-user customers in diversified industries as well as various resellers. We perform ongoing credit evaluations of our customers’ financial conditions and limit the amount of credit extended, when deemed necessary, but generally do not require collateral. In addition, we rely on a limited number of suppliers for a number of our critical components.
Guarantees, Including Indirect Guarantees of Indebtedness of Others	Guarantees, Including Indirect Guarantees of Indebtedness of Others In the normal course of business to facilitate sales of our products, we indemnify other parties, including customers, lessors, and parties to other transactions with us with respect to certain matters. We may agree to hold the other party harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In connection with divesting some of our businesses or assets, we may also indemnify purchasers for certain matters in the normal course of business, such as breaches of representations, covenants, or excluded liabilities. In addition, we entered into indemnification agreements with our officers and directors, and our bylaws contain similar indemnification obligations to our agents. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made under these agreements were not material, and no liabilities have been recorded for these obligations in the Consolidated Balance Sheets at the end of 2023 and 2022.
Derivative Financial Instruments	Derivative Financial Instruments We enter into foreign exchange forward contracts to minimize the short-term impact of foreign currency fluctuations on cash and certain trade and intercompany receivables and payables, primarily denominated in Euro, Canadian Dollars, New Zealand Dollars, British Pound, and Brazilian Real. These contracts reduce the exposure to fluctuations in foreign currency exchange rate movements, as the gains and losses associated with foreign currency balances are generally offset with the gains and losses on the forward contracts. We occasionally enter into foreign currency contracts to minimize the impact of foreign currency fluctuations on the purchase price of pending acquisitions. We do not enter into foreign currency forward contracts for trading purposes. At the end of 2023 and 2022, there were no derivatives outstanding that were accounted for as hedges.
Recently issued Accounting Pronouncements not yet Adopted And Recently Adopted Accounting Pronouncements	Recently issued Accounting Pronouncements not yet Adopted In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU updates reportable segment disclosure requirements primarily through (i) enhanced disclosures about significant segment expenses, (ii) the composition of other segment items, and (iii) optional disclosure of more than one measure of segment profit or loss if the CODM uses those measures to assess segment performance and allocate resources. The ASU is effective for our Annual Report on Form 10-K beginning in 2024 and, afterward, interim reports. Early adoption is permitted. The ASU should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU updates the annual income tax disclosures by requiring (i) specific categories and greater disaggregation of information in the rate reconciliation, (ii) income taxes paid disaggregated by taxing authority and jurisdiction, and (iii) disclosures of pretax income (or loss) and income tax expense (or benefit). Additionally, certain existing disclosure requirements are removed. The ASU is effective for our Annual Report on Form 10-K beginning in 2025 and is applied prospectively. Early adoption and retrospective application are permitted. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures. Recent Adopted Accounting Pronouncements There are no recently adopted accounting pronouncements.

Description Of Business And Accounting Policies (Tables)

12 Months Ended

Dec. 29, 2023

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The effect of the change on the Consolidated Statements of Income for 2022 and 2021 was as follows:


	2022						2021
(In millions)
	As Previously Reported		Effect of Change in Presentation		As Reported Herein		As Previously Reported		Effect of Change in Presentation		As Reported Herein
Revenue:
Product	$	2,152.0	$	(165.9)	$	1,986.1	$	2,247.5	$	(112.3)	$	2,135.2
Subscription and services	—		1,690.2		1,690.2		—		1,523.9		1,523.9
Service	641.3		(641.3)		—		649.4		(649.4)		—
Subscription	883.0		(883.0)		—		762.2		(762.2)		—

Total revenue	$	3,676.3	$	—	$	3,676.3	$	3,659.1	$	—	$	3,659.1

Cost of sales:
Product	$	1,046.1	$	(5.3)	$	1,040.8	$	1,090.1	$	(3.7)	$	1,086.4
Subscription and services	—		444.9		444.9		—		450.3		450.3
Service	235.7		(235.7)		—		229.9		(229.9)		—
Subscription	203.9		(203.9)		—		216.7		(216.7)		—
Amortization of purchased intangible assets	85.0		—		85.0		87.7		—		87.7
Total cost of sales	$	1,570.7	$	—	$	1,570.7	$	1,624.4	$	—	$	1,624.4

Earnings Per Share (Tables)

12 Months Ended

Dec. 29, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Earnings Per Share and Effect on Weighted-Average Number of Shares

The following table shows the computation of basic and diluted earnings per share:


	2023		2022		2021
(In millions, except per share amounts)
Numerator:
Net income attributable to Trimble Inc.	$	311.3	$	449.7	$	492.7
Denominator:
Weighted-average number of common shares used in basic earnings per share	247.9		248.6		251.4
Effect of dilutive securities	1.2		1.6		2.9
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share	249.1		250.2		254.3

Basic earnings per share	$	1.26	$	1.81	$	1.96
Diluted earnings per share	$	1.25	$	1.80	$	1.94

Antidilutive weighted-average shares (1)	1.9		1.3		0.1

(1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share.

Acquisitions (Tables)

12 Months Ended

Dec. 29, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Fair Value as of the Acquisition Date		Estimated Useful Life
(In millions)
Total purchase consideration	$	2,082.6

Net tangible assets acquired:
Cash and cash equivalents	12.9
Accounts receivable, net	41.8
Other current assets	28.0
Non-current assets	24.7
Accounts payable	(4.1)
Accrued compensation and benefits	(9.7)
Deferred revenue	(16.5)
Other current liabilities	(47.2)
Non-current liabilities	(20.6)
Total net tangible assets acquired	9.3

Intangible assets acquired:
Customer relationships	759.5		11 years
Developed product technology	168.4		7 years
Trade name	11.9		5 years
Total intangible assets acquired	939.8

Deferred tax liability	(256.6)

Fair value of all assets/liabilities acquired	692.5

Goodwill	$	1,390.1

Schedule of Pro-Forma Financial Information


	Year of
	2023
(In millions)
Total revenue	$	124.7
Net loss	(42.3)


	Year of
	2023		2022
(In millions)
Total revenue	$	3,839.2	$	3,831.2
Net income	273.0		308.6

Divestitures (Tables)

12 Months Ended

Dec. 29, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets And Liabilities Held For Sale Included in Consolidated Balance Sheets

The following table presents the carrying values of the major classes of assets and liabilities classified as held for sale in our Consolidated Balance Sheets at the end of 2023:


	At the End of Year
(In millions)	2023

Cash and cash equivalents	$	9.1
Accounts receivable, net	12.1
Inventories, net	84.2
Other current assets	3.4
Property and equipment, net	20.7
Other purchased intangible assets, net	20.3
Goodwill	268.1
Other non-current assets	3.3
Total Assets Held for Sale	$	421.2

Accounts payable	$	1.8
Deferred revenue, current	14.3
Other current liabilities	16.0
Deferred revenue, non-current	8.3
Other non-current liabilities	7.9
Total Liabilities Held for Sale	$	48.3

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The following table presents a summary of our intangible assets:


	At the End of 2023							At the End of 2022
(In millions)	Weighted-Average Useful Lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed product technology	6	$	908.5	$	(554.1)	$	354.4	$	1,004.8	$	(722.7)	$	282.1
Customer relationships	10	1,358.4		(474.5)		883.9		654.1		(445.9)		208.2
Trade names and trademarks	6	43.8		(38.6)		5.2		39.5		(32.7)		6.8
Distribution rights and other intellectual property	7	4.2		(4.2)		—		8.0		(7.0)		1.0
		$	2,314.9	$	(1,071.4)	$	1,243.5	$	1,706.4	$	(1,208.3)	$	498.1

Schedule of Estimated Future Amortization Expense

The estimated future amortization expense of intangible assets at the end of 2023 was as follows:


(In millions)
2024	$	200.4
2025	168.6
2026	163.4
2027	149.7
2028	135.6
Thereafter	425.8
Total	$	1,243.5

Schedule of Changes in Carrying Amount of Goodwill by Operating Segment

The changes in the carrying amount of goodwill by segment for 2023 were as follows:


	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
Balance as of year end 2022	$	2,300.1	$	382.1	$	471.8	$	983.9	$	4,137.9
Additions due to acquisitions	27.7		—		—		1,390.1		1,417.8

Assets held for sale	—		(1.9)		(266.2)		—		(268.1)
Foreign currency translation and other adjustments	19.5		4.9		10.8		27.8		63.0

Balance as of year end 2023	$	2,347.3	$	385.1	$	216.4	$	2,401.8	$	5,350.6

Certain Balance Sheet Components (Tables)

12 Months Ended

Dec. 29, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Components of Inventory

The components of inventory, net were as follows:


At the End of Year	2023		2022
(In millions)
Inventories:
Raw materials	$	88.4	$	154.9
Work-in-process	3.0		13.1
Finished goods	144.3		234.5
Total inventories	$	235.7	$	402.5

Schedule of Components Of Property and Equipment

The components of property and equipment, net were as follows:


At the End of Year	2023		2022
(In millions)
Property and equipment, net:
Land, building, furniture, and leasehold improvements	$	237.4	$	244.4
Machinery and equipment	170.0		177.6
Software and licenses	131.6		146.4
Construction in progress	14.0		10.1
	553.0		578.5
Less: accumulated depreciation	(350.5)		(359.5)
Total property and equipment, net	$	202.5	$	219.0

Property and equipment, net by geographic area were as follows:


At the End of Year	2023		2022
(In millions)
Property and equipment, net:
United States	$	153.8	$	157.7
Europe	28.0		40.3
Asia Pacific and Rest of World	20.7		21.0
Total property and equipment, net	$	202.5	$	219.0

Schedule of Components of Accumulated Other Comprehensive Loss, Net

The components of accumulated other comprehensive loss, net of related tax were as follows:


At the End of Year	2023		2022
(In millions)
Accumulated foreign currency translation adjustments	$	(158.0)	$	(241.6)
Gain on cash flow hedge	4.7		5.4
Net unrealized actuarial gains	1.2		1.3
Total accumulated other comprehensive loss	$	(152.1)	$	(234.9)

Reporting Segment And Geographic Information (Tables)

12 Months Ended

Dec. 29, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Schedule Of Revenue, Operating Income And Identifiable Assets By Segment


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
2023
Segment revenue	$	1,593.1	$	695.5	$	769.1	$	741.0	$	3,798.7
Segment operating income	440.8		209.1		270.6		130.2		$	1,050.7

2022
Segment revenue	$	1,494.0	$	756.5	$	821.6	$	604.2	$	3,676.3
Segment operating income	406.3		221.4		278.3		58.8		964.8

2021
Segment revenue	$	1,422.7	$	828.9	$	771.3	$	636.5	$	3,659.4
Segment operating income	411.7		244.1		264.0		43.4		963.2


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
As of Year End 2023
Accounts receivable, net	$	314.1	$	125.0	$	92.5	$	175.0	$	706.6
Inventories	65.0		115.8		11.1		43.8		235.7
Goodwill	2,347.3		385.1		216.4		2,401.8		5,350.6
As of Year End 2022
Accounts receivable, net	$	305.1	$	137.2	$	79.2	$	121.8	$	643.3
Inventories	93.2		146.1		100.3		62.9		402.5
Goodwill	2,300.1		382.1		471.8		983.9		4,137.9
As of Year End 2021
Accounts receivable, net	$	246.8	$	134.0	$	112.9	$	131.1	$	624.8
Inventories	79.3		136.4		67.4		80.2		363.3
Goodwill	2,141.4		403.6		440.8		995.7		3,981.5

Schedule of Reconciliation Of Our Condensed Consolidated Segment Operating Income To Consolidated Income Before Income Taxes

A reconciliation of our consolidated segment operating income to consolidated income before income taxes was as follows:


	2023		2022		2021
(In millions)
Consolidated segment operating income	$	1,050.7	$	964.8	$	963.2
Unallocated general corporate expenses	(116.0)		(123.3)		(106.2)
Purchase accounting adjustments	(212.3)		(131.6)		(134.5)
Acquisition / divestiture items	(72.4)		(32.8)		(21.8)
Stock-based compensation / deferred compensation	(151.1)		(112.0)		(128.6)
Restructuring and other costs	(50.1)		(54.2)		(11.1)
Consolidated operating income	448.8		510.9		561.0
Total non-operating income (expense), net	(91.8)		58.2		13.6
Consolidated income before taxes	$	357.0	$	569.1	$	574.6

Schedule Of Revenue From Customers by Geographic Area

revenue that was written down to fair value in purchase accounting, consistent with the Reporting Segment tables above.


	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
2023
North America	$	1,026.0	$	300.2	$	217.5	$	474.8	$	2,018.5
Europe	338.1		213.3		328.9		195.9		1,076.2
Asia Pacific	196.6		141.9		56.9		33.5		428.9
Rest of World	32.4		40.1		165.8		36.8		275.1
Total segment revenue	$	1,593.1	$	695.5	$	769.1	$	741.0	$	3,798.7
2022
North America	$	938.1	$	320.7	$	227.0	$	469.4	$	1,955.2
Europe	337.1		247.8		374.3		78.7		1,037.9
Asia Pacific	192.8		140.3		51.7		30.3		415.1
Rest of World	26.0		47.7		168.6		25.8		268.1
Total segment revenue	$	1,494.0	$	756.5	$	821.6	$	604.2	$	3,676.3
2021
North America	$	823.5	$	337.3	$	212.2	$	493.1	$	1,866.1
Europe	386.6		282.3		368.4		87.3		1,124.6
Asia Pacific	188.4		161.4		67.3		30.2		447.3
Rest of World	24.2		47.9		123.4		25.9		221.4
Total segment revenue	$	1,422.7	$	828.9	$	771.3	$	636.5	$	3,659.4

Schedule of Components Of Property and Equipment

The components of property and equipment, net were as follows:


At the End of Year	2023		2022
(In millions)
Property and equipment, net:
Land, building, furniture, and leasehold improvements	$	237.4	$	244.4
Machinery and equipment	170.0		177.6
Software and licenses	131.6		146.4
Construction in progress	14.0		10.1
	553.0		578.5
Less: accumulated depreciation	(350.5)		(359.5)
Total property and equipment, net	$	202.5	$	219.0

Property and equipment, net by geographic area were as follows:


At the End of Year	2023		2022
(In millions)
Property and equipment, net:
United States	$	153.8	$	157.7
Europe	28.0		40.3
Asia Pacific and Rest of World	20.7		21.0
Total property and equipment, net	$	202.5	$	219.0

Debt (Tables)

12 Months Ended

Dec. 29, 2023

Debt Disclosure [Abstract]

Schedule Of Debt

Debt consisted of the following:


At the End of Year		Effective interest rate
(In millions, except percentages)	Date of Issuance	End of 2023	2023		2022

Senior Notes:
Senior Notes, 4.15%, due June 2023	June 2018		$	—	$	300.0
Senior Notes, 4.75%, due December 2024	November 2014	4.95%	400.0		400.0
Senior Notes, 4.90%, due June 2028	June 2018	5.04%	600.0		600.0
Senior Notes, 6.10%, due March 2033	March 2023	6.13%	800.0		—
Credit Facilities:
2022 Revolving Credit Facility, due March 2027	September 2022	6.71%	150.0		225.0
Term Loan, due April 2026	April 2023	6.99%	500.0		—
Term Loan, due April 2028	April 2023	7.12%	500.0		—
Uncommitted Credit Facilities, floating rate		5.06%	130.4		—

Unamortized discount and issuance costs			(13.8)		(5.0)
Total debt			$	3,066.6	$	1,520.0
Less: Short-term debt			530.4		300.0
Long-term debt			$	2,536.2	$	1,220.0

Schedule of Maturities of Long-term Debt

At the end of 2023, our debt maturities based on outstanding principal were as follows (in millions):


Year Payable
2024	$	530.4
2025	—
2026	518.8
2027	193.7
2028	1,037.5
Thereafter	800.0
Total	$	3,080.4

Leases (Tables)

12 Months Ended

Dec. 29, 2023

Leases [Abstract]

Schedule Of Lease Costs

Operating lease expense consisted of:


	2023		2022		2021
(In millions)
Operating lease expense	$	33.5	$	36.3	$	35.5
Short-term lease expense and other	17.1		14.8		17.8
Total lease expense	$	50.6	$	51.1	$	53.3

Supplemental cash flow information related to leases was as follows:


	2023		2022		2021
(In millions)
Cash paid for liabilities included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	31.0	$	35.0	$	35.9

Right-of-use assets obtained in exchange for Operating lease liabilities:	$	47.0	$	26.3	$	49.5

(1)Excludes cash payments for short-term leases, which are not capitalized.

Supplemental balance sheet information related to leases was as follows:


At the End of Year	2023			2022
(In millions)
Operating lease right-of-use assets	$	124.0		$	121.2

Other current liabilities	$	29.1		$	35.0
Operating lease liabilities	121.9			105.1
Total operating lease liabilities	$	151.0		$	140.1

Weighted-average discount rate	4.27		%	3.30		%
Weighted-average remaining lease term	7 years			6 years

Schedule of Operating Lease Maturities

At the end of 2023, the maturities of lease liabilities were as follows:


(In millions)
2024	$	34.6
2025	29.3
2026	25.0
2027	20.3
2028	16.4
Thereafter	47.9
Total lease payments	$	173.5
Less: imputed interest	22.5
Total	$	151.0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 29, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value On a Recurring Basis

The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs:


	Fair Values at the end of 2023								Fair Values at the end of 2022
	Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs				Quoted prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In millions)	(Level I)		(Level II)		(Level III)		Total		(Level I)		(Level II)		(Level III)		Total
Assets
Deferred compensation plan (1)	$	31.2	$	—	$	—	$	31.2	$	31.5	$	—	$	—	$	31.5
Derivatives (2)	—		0.3		—		0.3		—		18.0		—		18.0
Contingent consideration (3)	—		—		0.3		0.3		—		—		3.1		3.1
Total assets measured at fair value	$	31.2	$	0.3	$	0.3	$	31.8	$	31.5	$	18.0	$	3.1	$	52.6

Liabilities
Deferred compensation plan (1)	$	31.2	$	—	$	—	$	31.2	$	31.5	$	—	$	—	$	31.5
Derivatives (2)	—		0.3		—		0.3		—		0.2		—		0.2

Total liabilities measured at fair value	$	31.2	$	0.3	$	—	$	31.5	$	31.5	$	0.2	$	—	$	31.7

Deferred Revenue And Remaining Performance Obligations (Tables)

12 Months Ended

Dec. 29, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Deferred Revenue and Performance Obligations

Changes in our deferred revenue during 2023 and 2022 were as follows:



(In millions)	2023		2022
Beginning balance of the period	$	737.6	$	631.8
Revenue recognized from prior year-end	(607.8)		(511.5)
Billings net of revenue recognized from current year	631.6		617.3
Ending balance of the period	$	761.4	$	737.6

Income Taxes (Tables)

12 Months Ended

Dec. 29, 2023

Income Tax Disclosure [Abstract]

Schedule Of Income Before Taxes

Income before taxes and the provision (benefit) for taxes consisted of the following:


	2023			2022			2021
(In millions)
Income before taxes:
United States	$	26.9		$	117.7		$	144.0
Foreign	330.1			451.4			430.6
Total	$	357.0		$	569.1		$	574.6

Provision (benefit) for taxes:
U.S. Federal:
Current	$	57.1		$	98.4		$	27.1
Deferred	(92.5)			(97.7)			(22.9)
	(35.4)			0.7			4.2
U.S. State:
Current	12.8			12.6			5.6
Deferred	(6.6)			(5.0)			(2.5)
	6.2			7.6			3.1
Foreign:
Current	80.4			48.4			76.0
Deferred	(5.5)			62.7			(1.5)
	74.9			111.1			74.5
Income tax provision	$	45.7		$	119.4		$	81.8
Effective tax rate	12.8		%	21.0		%	14.2		%

Schedule Of Provision For Taxes

Income before taxes and the provision (benefit) for taxes consisted of the following:


	2023			2022			2021
(In millions)
Income before taxes:
United States	$	26.9		$	117.7		$	144.0
Foreign	330.1			451.4			430.6
Total	$	357.0		$	569.1		$	574.6

Provision (benefit) for taxes:
U.S. Federal:
Current	$	57.1		$	98.4		$	27.1
Deferred	(92.5)			(97.7)			(22.9)
	(35.4)			0.7			4.2
U.S. State:
Current	12.8			12.6			5.6
Deferred	(6.6)			(5.0)			(2.5)
	6.2			7.6			3.1
Foreign:
Current	80.4			48.4			76.0
Deferred	(5.5)			62.7			(1.5)
	74.9			111.1			74.5
Income tax provision	$	45.7		$	119.4		$	81.8
Effective tax rate	12.8		%	21.0		%	14.2		%

Schedule Of Difference Between The Tax Provision At The Statutory Federal Income Tax Rate And The Tax Provision (Benefit) As A Percentage Of Income Before Taxes (Effective Tax Rate)


	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (reduction) in tax rate resulting from:
Foreign income taxed at different rates	0.8	%	4.4	%	0.5	%

U.S. State income taxes	1.0	%	1.0	%	1.1	%
Stock-based compensation	4.8	%	1.2	%	(0.8)	%


Other U.S. taxes on foreign operations	(4.4)	%	(3.1)	%	(1.6)	%
Foreign-derived intangible income	(3.9)	%	(0.4)	%	—	%
U.S. Federal research and development credits	(5.4)	%	(2.2)	%	(2.1)	%
Tax reserve releases	(2.5)	%	(1.8)	%	(2.1)	%
Intellectual property restructuring and tax law changes	—	%	—	%	(2.5)	%
Other	1.4	%	0.9	%	0.7	%
Effective tax rate	12.8	%	21.0	%	14.2	%

Schedule Of Deferred Tax Assets And Liabilities

The significant components of deferred tax assets and liabilities were as follows:


At the End of Year	2023		2022
(In millions)
Deferred tax liabilities:
Global intangible low-taxed income	$	105.8	$	137.8
Purchased intangibles	373.6		121.1

Operating lease right-of-use assets	30.2		29.0
Other	19.7		16.1
Total deferred tax liabilities	529.3		304.0

Deferred tax assets:
Depreciation and amortization	368.2		400.0
Capitalized research and development	98.4		67.5
Operating lease liabilities	36.2		32.8
U.S. tax credit carryforwards	23.5		25.6
Expenses not currently deductible	26.5		30.9
Net operating loss carryforwards	17.9		20.0
Stock-based compensation	16.7		13.8
Intercompany prepayments	36.6		—
Other	60.8		36.6
Total deferred tax assets	684.8		627.2
Valuation allowance	(31.0)		(42.6)
Total deferred tax assets	653.8		584.6
Total net deferred tax assets	$	124.5	$	280.6

Reported as:
Non-current deferred income tax assets	$	412.3	$	438.4
Non-current deferred income tax liabilities	(287.8)		(157.8)
Net deferred tax assets	$	124.5	$	280.6

Schedule Of Reconciliation Of Unrecognized Tax Benefit

The total amount of unrecognized tax benefits at the end of 2023 was $88.3 million. A reconciliation of gross unrecognized tax benefits was as follows:


	2023		2022		2021
(In millions)
Beginning balance	$	76.5	$	64.2	$	64.1
Increase related to current year tax positions	12.4		23.0		9.6
(Decrease) increase related to prior years' tax positions	7.6		(0.7)		1.3
Settlement with taxing authorities	—		—		(1.3)
Lapse of statute of limitations	(8.2)		(10.0)		(9.5)
Ending balance	$	88.3	$	76.5	$	64.2

Employee Stock Benefit Plans (Tables)

12 Months Ended

Dec. 29, 2023

Share-Based Payment Arrangement [Abstract]

Summarizes the Components of Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in our Consolidated Statements of Income for the periods indicated:


	2023		2022		2021
(In millions)
Restricted stock units	$	132.8	$	108.7	$	110.5
Stock options	1.8		1.1		1.3
ESPP	10.8		10.6		10.8
Total stock-based compensation expense	$	145.4	$	120.4	$	122.6

Stock-based compensation expense was allocated as follows:


	2023		2022		2021
(In millions)
Cost of sales	$	14.6	$	12.6	$	9.5
Research and development	40.7		28.0		29.5
Sales and marketing	27.1		24.6		21.5
General and administrative	63.0		55.2		62.1
Total stock-based compensation expense	$	145.4	$	120.4	$	122.6

Summary of Performance of Our Financial Results


	2023 Restricted Stock Units Outstanding
	Number of Units (1)	Weighted Average Grant-Date Fair Value per Share
(In millions, except for per share data)
Outstanding at the beginning of year	4.0	$	67.32
Granted (2)	3.9	49.93
Shares vested, net (2)	(1.7)	61.44
Canceled and forfeited	(0.7)	56.39
Outstanding at the end of year	5.5	$	58.23

(1) Includes 0.9 million PSUs granted, 0.1 million PSUs vested, 0.2 million PSUs cancelled and forfeited, and 1.2 million PSUs outstanding at the end of the year.

Description Of Business And Accounting Policies (Schedule of Error Corrections and Prior Period Adjustments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Reclassification [Line Items]
Total revenue	$ 3,798.7	$ 3,676.3	$ 3,659.1
Amortization of purchased intangible assets	108.7	85.0	87.7
Total cost of sales	1,465.9	1,570.7	1,624.4
As Previously Reported
Reclassification [Line Items]
Total revenue		3,676.3	3,659.1
Amortization of purchased intangible assets		85.0	87.7
Total cost of sales		1,570.7	1,624.4
Product
Reclassification [Line Items]
Total revenue	1,771.7	1,986.1	2,135.2
Cost of sales	875.0	1,040.8	1,086.4
Product \| As Previously Reported
Reclassification [Line Items]
Total revenue		2,152.0	2,247.5
Cost of sales		1,046.1	1,090.1
Product \| Effect of Change in Presentation
Reclassification [Line Items]
Total revenue		(165.9)	(112.3)
Cost of sales		(5.3)	(3.7)
Subscription and services
Reclassification [Line Items]
Total revenue	2,027.0	1,690.2	1,523.9
Cost of sales	$ 482.2	444.9	450.3
Subscription and services \| Effect of Change in Presentation
Reclassification [Line Items]
Total revenue		1,690.2	1,523.9
Cost of sales		444.9	450.3
Service \| As Previously Reported
Reclassification [Line Items]
Total revenue		641.3	649.4
Cost of sales		235.7	229.9
Service \| Effect of Change in Presentation
Reclassification [Line Items]
Total revenue		(641.3)	(649.4)
Cost of sales		(235.7)	(229.9)
Subscription \| As Previously Reported
Reclassification [Line Items]
Total revenue		883.0	762.2
Cost of sales		203.9	216.7
Subscription \| Effect of Change in Presentation
Reclassification [Line Items]
Total revenue		(883.0)	(762.2)
Cost of sales		$ (203.9)	$ (216.7)

Description Of Business And Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 29, 2023 USD ($) segment	Dec. 30, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments \| segment	4
Forward Contracts
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Derivative financial instruments accounted for as hedges \| $	$ 0	$ 0
Building
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of asset (in years)	39 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Subscription revenue term (in years)	1 year
Subscription term (in years)	1 year
Product warranty term (in years)	1 year
Post contract support term (in years)	1 year
Weighted-Average Useful Lives (in years)	3 years
Minimum \| Machinery and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of asset (in years)	4 years
Minimum \| Furniture and Fixtures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of asset (in years)	5 years
Minimum \| Computer Equipment And Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of asset (in years)	2 years
Minimum \| Internal Use Of Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of asset (in years)	2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Subscription revenue term (in years)	3 years
Subscription term (in years)	3 years
Product warranty term (in years)	2 years
Post contract support term (in years)	3 years
Weighted-Average Useful Lives (in years)	10 years
Maximum \| Machinery and equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of asset (in years)	6 years
Maximum \| Furniture and Fixtures
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of asset (in years)	10 years
Maximum \| Computer Equipment And Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of asset (in years)	5 years
Maximum \| Internal Use Of Software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life of asset (in years)	5 years
Weighted Average
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Weighted-Average Useful Lives (in years)	7 years

Earnings Per Share (Schedule Of Computation Of Earnings Per Share And Effect On Weighted-Average Number Of Shares) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Numerator:
Net income attributable to Trimble Inc.	$ 311.3	$ 449.7	$ 492.7
Denominator:
Weighted-average number of common shares used in basic earnings per share (in shares)	247.9	248.6	251.4
Effect of dilutive securities (in shares)	1.2	1.6	2.9
Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share (in shares)	249.1	250.2	254.3
Basic earnings per share (in usd per share)	$ 1.26	$ 1.81	$ 1.96
Diluted earnings per share (in usd per share)	$ 1.25	$ 1.80	$ 1.94
Antidilutive weighted-average shares (in shares)	1.9	1.3	0.1

Acquisitions (Narrative) (Details) € in Billions			12 Months Ended
Acquisitions (Narrative) (Details) € in Billions	Apr. 03, 2023 USD ($)	Apr. 03, 2023 EUR (€)	Dec. 29, 2023 USD ($) acquisition	Dec. 30, 2022 USD ($) acquisition	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Repayments of long-term debt			$ 2,292,900,000	$ 590,200,000	$ 449,900,000
Number of businesses acquired \| acquisition				2
Purchase consideration				$ 379,500,000
Acquisition related costs			35,000,000	$ 20,400,000	13,600,000
Maximum
Business Acquisition [Line Items]
Total revenue percentage				1.00%
Transporeon
Business Acquisition [Line Items]
Total purchase consideration	$ 2,082,600,000	€ 1.9
Repayments of long-term debt	339,600,000
Business acquisition, goodwill, expected tax deductible amount	$ 0
Goodwill adjustment			34,000,000
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Total purchase consideration			$ 47,000,000
Number of businesses acquired \| acquisition			2
Series of Individually Immaterial Business Acquisitions \| Maximum
Business Acquisition [Line Items]
Total revenue percentage			1.00%
Agile Assets
Business Acquisition [Line Items]
Purchase consideration					$ 237,500,000
Agile Assets \| Maximum
Business Acquisition [Line Items]
Total revenue percentage					1.00%

Acquisitions (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) $ in Millions, € in Billions	Apr. 03, 2023 USD ($)	Apr. 03, 2023 EUR (€)	Dec. 29, 2023 USD ($)	Dec. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Net tangible assets acquired:
Goodwill			$ 5,350.6	$ 4,137.9	$ 3,981.5
Transporeon
Business Acquisition [Line Items]
Total purchase consideration	$ 2,082.6	€ 1.9
Net tangible assets acquired:
Cash and cash equivalents	12.9
Accounts receivable, net	41.8
Other current assets	28.0
Non-current assets	24.7
Accounts payable	(4.1)
Accrued compensation and benefits	(9.7)
Deferred revenue	(16.5)
Other current liabilities	(47.2)
Non-current liabilities	(20.6)
Total net tangible assets acquired	9.3
Total intangible assets acquired	939.8
Deferred tax liability	(256.6)
Fair value of all assets/liabilities acquired	692.5
Goodwill	1,390.1
Transporeon \| Customer relationships
Net tangible assets acquired:
Total intangible assets acquired	$ 759.5
Estimated Useful Life	11 years	11 years
Transporeon \| Developed product technology
Net tangible assets acquired:
Total intangible assets acquired	$ 168.4
Estimated Useful Life	7 years	7 years
Transporeon \| Trade name
Net tangible assets acquired:
Total intangible assets acquired	$ 11.9
Estimated Useful Life	5 years	5 years

Acquisitions (Financial Information) (Details) - Transporeon $ in Millions	12 Months Ended
	Dec. 29, 2023 USD ($)
Business Acquisition [Line Items]
Total revenue	$ 124.7
Net loss	$ (42.3)

Acquisitions (Schedule of Pro-Forma Financial Information) (Details) - Transporeon - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Business Acquisition [Line Items]
Total revenue	$ 3,839.2	$ 3,831.2
Net income	$ 273.0	$ 308.6

Divestitures (Narrative) (Details) $ in Millions		12 Months Ended
Divestitures (Narrative) (Details) $ in Millions	Sep. 28, 2023 USD ($)	Dec. 29, 2023 USD ($) business	Dec. 30, 2022 USD ($) business	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from divestitures		$ 17.0	$ 215.4	$ 67.3
Joint Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage (in percent)	15.00%
Supply agreement term (in years)	7 years
Joint Venture \| AGCO Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage (in percent)	85.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of business disposed \| business		5	6
Net proceeds from divestitures		$ 18.7	$ 226.3
Trimble Ag \| Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax cash proceeds	$ 2,000.0
Time and Frequency, LOADRITE, Spectra Precision Tools, and SECO \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from divestitures			$ 205.1

Divestitures (Assets and Liabilities Classified As Held For Sale) (Details) - Trimble Ag - Held-for-sale $ in Millions	Dec. 29, 2023 USD ($)
Assets
Cash and cash equivalents	$ 9.1
Accounts receivable, net	12.1
Inventories, net	84.2
Other current assets	3.4
Property and equipment, net	20.7
Other purchased intangible assets, net	20.3
Goodwill	268.1
Other non-current assets	3.3
Total Assets Held for Sale	421.2
Liabilities
Accounts payable	1.8
Deferred revenue, current	14.3
Other current liabilities	16.0
Deferred revenue, non-current	8.3
Other non-current liabilities	7.9
Total Liabilities Held for Sale	$ 48.3

Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,314.9	$ 1,706.4
Accumulated Amortization	(1,071.4)	(1,208.3)
Total	1,243.5	498.1
Write off of assets	$ 267.8	79.9
Impairment Of Intangible Asset Finite Lived, Statement Of Income Or Comprehensive Income, Extensible Enumeration Not Disclosed Flag	79.9 million
Developed product technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (in years)	6 years
Gross Carrying Amount	$ 908.5	1,004.8
Accumulated Amortization	(554.1)	(722.7)
Total	$ 354.4	282.1
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (in years)	10 years
Gross Carrying Amount	$ 1,358.4	654.1
Accumulated Amortization	(474.5)	(445.9)
Total	$ 883.9	208.2
Trade names and trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (in years)	6 years
Gross Carrying Amount	$ 43.8	39.5
Accumulated Amortization	(38.6)	(32.7)
Total	$ 5.2	6.8
Distribution rights and other intellectual property
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-Average Useful Lives (in years)	7 years
Gross Carrying Amount	$ 4.2	8.0
Accumulated Amortization	(4.2)	(7.0)
Total	$ 0.0	$ 1.0

Intangible Assets and Goodwill (Schedule Of Estimated Future Amortization Expense) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 200.4
2025	168.6
2026	163.4
2027	149.7
2028	135.6
Thereafter	425.8
Total	$ 1,243.5	$ 498.1

Intangible Assets and Goodwill (Changes In Carrying Amount Of Goodwill By Operating Segment) (Details) $ in Millions	12 Months Ended
	Dec. 29, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 4,137.9
Additions due to acquisitions	1,417.8
Assets held for sale	(268.1)
Foreign currency translation and other adjustments	63.0
Goodwill, ending balance	5,350.6
Buildings and Infrastructure
Goodwill [Roll Forward]
Goodwill, beginning balance	2,300.1
Additions due to acquisitions	27.7
Assets held for sale	0.0
Foreign currency translation and other adjustments	19.5
Goodwill, ending balance	2,347.3
Geospatial
Goodwill [Roll Forward]
Goodwill, beginning balance	382.1
Additions due to acquisitions	0.0
Assets held for sale	(1.9)
Foreign currency translation and other adjustments	4.9
Goodwill, ending balance	385.1
Resources and Utilities
Goodwill [Roll Forward]
Goodwill, beginning balance	471.8
Additions due to acquisitions	0.0
Assets held for sale	(266.2)
Foreign currency translation and other adjustments	10.8
Goodwill, ending balance	216.4
Transportation
Goodwill [Roll Forward]
Goodwill, beginning balance	983.9
Additions due to acquisitions	1,390.1
Assets held for sale	0.0
Foreign currency translation and other adjustments	27.8
Goodwill, ending balance	$ 2,401.8

Certain Balance Sheet Components (Components Of Net Inventories) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 88.4	$ 154.9
Work-in-process	3.0	13.1
Finished goods	144.3	234.5
Total inventories	235.7	402.5	$ 363.3
Deferred costs, current	$ 11.3	$ 16.9

Certain Balance Sheet Components (Components Of Property And Equipment) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 553.0	$ 578.5
Less: accumulated depreciation	(350.5)	(359.5)
Total property and equipment, net	202.5	219.0
Land, building, furniture, and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	237.4	244.4
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	170.0	177.6
Software and licenses
Property, Plant and Equipment [Line Items]
Property and equipment, gross	131.6	146.4
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14.0	$ 10.1

Certain Balance Sheet Components (Components Of Accumulated Other Comprehensive Loss, Net Of Related Tax) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Accumulated foreign currency translation adjustments	$ (158.0)	$ (241.6)
Gain on cash flow hedge	4.7	5.4
Net unrealized actuarial gains	1.2	1.3
Total accumulated other comprehensive loss	$ (152.1)	$ (234.9)

Reporting Segment And Geographic Information (Schedule Of Revenue, Operating Income And Identifiable Assets By Segment) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Segment revenue	$ 3,798.7	$ 3,676.3	$ 3,659.4
Segment operating income	448.8	510.9	561.0
Segments Revenue
Segment Reporting Information [Line Items]
Segment revenue	3,798.7	3,676.3	3,659.4
Segment operating income	1,050.7	964.8	963.2
Buildings and Infrastructure
Segment Reporting Information [Line Items]
Segment revenue	1,593.1	1,494.0	1,422.7
Buildings and Infrastructure \| Segments Revenue
Segment Reporting Information [Line Items]
Segment revenue		1,494.0	1,422.7
Segment operating income	440.8	406.3	411.7
Geospatial
Segment Reporting Information [Line Items]
Segment revenue	695.5	756.5	828.9
Geospatial \| Segments Revenue
Segment Reporting Information [Line Items]
Segment revenue		756.5	828.9
Segment operating income	209.1	221.4	244.1
Resources and Utilities
Segment Reporting Information [Line Items]
Segment revenue	769.1	821.6	771.3
Resources and Utilities \| Segments Revenue
Segment Reporting Information [Line Items]
Segment revenue		821.6	771.3
Segment operating income	270.6	278.3	264.0
Transportation
Segment Reporting Information [Line Items]
Segment revenue	741.0	604.2	636.5
Transportation \| Segments Revenue
Segment Reporting Information [Line Items]
Segment revenue		604.2	636.5
Segment operating income	$ 130.2	$ 58.8	$ 43.4

Reporting Segment And Geographic Information (Segment Select Balance Sheet) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Accounts receivable, net	$ 706.6	$ 643.3	$ 624.8
Inventories	235.7	402.5	363.3
Goodwill	5,350.6	4,137.9	3,981.5
Buildings and Infrastructure
Segment Reporting Information [Line Items]
Accounts receivable, net	314.1	305.1	246.8
Inventories	65.0	93.2	79.3
Goodwill	2,347.3	2,300.1	2,141.4
Geospatial
Segment Reporting Information [Line Items]
Accounts receivable, net	125.0	137.2	134.0
Inventories	115.8	146.1	136.4
Goodwill	385.1	382.1	403.6
Resources and Utilities
Segment Reporting Information [Line Items]
Accounts receivable, net	92.5	79.2	112.9
Inventories	11.1	100.3	67.4
Goodwill	216.4	471.8	440.8
Transportation
Segment Reporting Information [Line Items]
Accounts receivable, net	175.0	121.8	131.1
Inventories	43.8	62.9	80.2
Goodwill	$ 2,401.8	$ 983.9	$ 995.7

Reporting Segment And Geographic Information (Reconciliation Of The Company's Consolidated Segment Operating Income To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income	$ 448.8	$ 510.9	$ 561.0
Unallocated general corporate expenses	(1,884.0)	(1,594.7)	(1,473.7)
Purchase accounting adjustments	(212.3)	(131.6)	(134.5)
Acquisition / divestiture items	(72.4)	(32.8)	(21.8)
Stock-based compensation / deferred compensation	(151.1)	(112.0)	(128.6)
Restructuring and other costs	(50.1)	(54.2)	(11.1)
Total non-operating income (expense), net	(91.8)	58.2	13.6
Consolidated income before taxes	357.0	569.1	574.6
Segments Revenue
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income	1,050.7	964.8	963.2
Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Unallocated general corporate expenses	$ (116.0)	$ (123.3)	$ (106.2)

Reporting Segment And Geographic Information (Segment Revenue by Geography) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Segment revenue	$ 3,798.7	$ 3,676.3	$ 3,659.4
Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	3,798.7	3,676.3	3,659.4
Buildings and Infrastructure
Revenue from External Customer [Line Items]
Segment revenue	1,593.1	1,494.0	1,422.7
Buildings and Infrastructure \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue		1,494.0	1,422.7
Geospatial
Revenue from External Customer [Line Items]
Segment revenue	695.5	756.5	828.9
Geospatial \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue		756.5	828.9
Resources and Utilities
Revenue from External Customer [Line Items]
Segment revenue	769.1	821.6	771.3
Resources and Utilities \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue		821.6	771.3
Transportation
Revenue from External Customer [Line Items]
Segment revenue	741.0	604.2	636.5
Transportation \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue		604.2	636.5
North America \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	2,018.5	1,955.2	1,866.1
North America \| Buildings and Infrastructure \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	1,026.0	938.1	823.5
North America \| Geospatial \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	300.2	320.7	337.3
North America \| Resources and Utilities \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	217.5	227.0	212.2
North America \| Transportation \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	474.8	469.4	493.1
Europe \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	1,076.2	1,037.9	1,124.6
Europe \| Buildings and Infrastructure \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	338.1	337.1	386.6
Europe \| Geospatial \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	213.3	247.8	282.3
Europe \| Resources and Utilities \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	328.9	374.3	368.4
Europe \| Transportation \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	195.9	78.7	87.3
Asia Pacific \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	428.9	415.1	447.3
Asia Pacific \| Buildings and Infrastructure \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	196.6	192.8	188.4
Asia Pacific \| Geospatial \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	141.9	140.3	161.4
Asia Pacific \| Resources and Utilities \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	56.9	51.7	67.3
Asia Pacific \| Transportation \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	33.5	30.3	30.2
Rest of World \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	275.1	268.1	221.4
Rest of World \| Buildings and Infrastructure \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	32.4	26.0	24.2
Rest of World \| Geospatial \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	40.1	47.7	47.9
Rest of World \| Resources and Utilities \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	165.8	168.6	123.4
Rest of World \| Transportation \| Segments Revenue
Revenue from External Customer [Line Items]
Segment revenue	$ 36.8	$ 25.8	$ 25.9

Reporting Segment And Geographic Information (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Segment revenue	$ 3,798.7	$ 3,676.3	$ 3,659.4
United States
Segment Reporting Information [Line Items]
Segment revenue	$ 1,855.2	$ 1,777.4	$ 1,687.4

Reporting Segment And Geographic Information (Schedule of Components Of Property and Equipment) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 202.5	$ 219.0
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	153.8	157.7
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	28.0	40.3
Asia Pacific and Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 20.7	$ 21.0

Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Debt Instrument [Line Items]
2024	$ 530.4
Unamortized discount and issuance costs	(13.8)	$ (5.0)
Total debt	3,066.6	1,520.0
Less: Short-term debt	530.4
Less: Short-term debt		300.0
Long-term debt	$ 2,536.2	1,220.0
Uncommitted Facilities, floating rate
Debt Instrument [Line Items]
Effective interest rate	5.06%
2024	$ 130.4	0.0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Effective interest rate	6.71%
Debt, gross	$ 150.0	225.0
Senior Notes, 4.15%, due June 2023 \| Senior Notes
Debt Instrument [Line Items]
Fixed rate	4.15%
Debt, gross	$ 0.0	300.0
Senior Notes, 4.75%, due December 2024 \| Senior Notes
Debt Instrument [Line Items]
Fixed rate	4.75%
Effective interest rate	4.95%
Debt, gross	$ 400.0	400.0
Senior Notes, 4.90%, due June 2028 \| Senior Notes
Debt Instrument [Line Items]
Fixed rate	4.90%
Effective interest rate	5.04%
Debt, gross	$ 600.0	600.0
Senior Notes, 6.10%, due March 2033 \| Senior Notes
Debt Instrument [Line Items]
Fixed rate	6.10%
Effective interest rate	6.13%
Debt, gross	$ 800.0	0.0
Term Loan, due April 2026 \| Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Effective interest rate	6.99%
Debt, gross	$ 500.0	0.0
Term Loan, due April 2028 \| Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Effective interest rate	7.12%
Debt, gross	$ 500.0	$ 0.0

Debt (Schedule of Debt Maturities) (Details) $ in Millions	Dec. 29, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 530.4
2025	0.0
2026	518.8
2027	193.7
2028	1,037.5
Thereafter	800.0
Total	$ 3,080.4

Debt (Narrative) (Details) € in Millions				1 Months Ended
Debt (Narrative) (Details) € in Millions	Apr. 03, 2023 USD ($)	Mar. 09, 2023 EUR (€)	Dec. 27, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 29, 2023 USD ($) loan	Dec. 29, 2023 EUR (€) loan	Dec. 27, 2022 EUR (€)	Dec. 11, 2022 EUR (€)
Bridge Loan
Debt Instrument [Line Items]
Principal amount \| €								€ 500.0
Extinguishment of debt, amount \| €		€ 500.0
Unsecured Facility \| Line of Credit
Debt Instrument [Line Items]
Principal amount \| €									€ 1,880.0
Uncommitted Revolving Credit Facilities $75 million
Debt Instrument [Line Items]
Number of revolving loan facilities \| loan						2	2
Current borrowing capacity						$ 75,000,000.0
Uncommitted Revolving Credit Facilities 100 million euros
Debt Instrument [Line Items]
Number of revolving loan facilities \| loan						1	1
Current borrowing capacity \| €							€ 100.0
Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Principal amount			$ 1,000,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount			600,000,000		$ 1,250,000,000
Debt instrument, term (in years)					5 years
Additional capacity					$ 500,000,000
Proceeds from debt	$ 225,000,000
Senior Notes Due 2033 \| Senior Notes
Debt Instrument [Line Items]
Debt amount				$ 800,000,000
Debt instrument, interest rate (in percent)				6.10%
Debt instrument, redemption price, percentage of principal amount redeemed (in percent)				99.843%
Term Loan, due April 2026 \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Principal amount			$ 500,000,000
Debt instrument, term (in years)			3 years
Term Loan, due April 2028 \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Principal amount			$ 500,000,000
Debt instrument, term (in years)			5 years

Leases (Narratives) (Details) $ in Millions	Dec. 29, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, Liability, leases not commenced	$ 21.5
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	1 year
Lease not yet commenced, term of contract (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term (in years)	12 years
Operating lease, renewal term (in years)	10 years
Lease not yet commenced, term of contract (in years)	11 years

Leases (Operating Lease Expenses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 33.5	$ 36.3	$ 35.5
Short-term lease expense and other	17.1	14.8	17.8
Total lease expense	$ 50.6	$ 51.1	$ 53.3

Leases (Supplement Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 31.0	$ 35.0	$ 35.9
Right-of-use assets obtained in exchange for Operating lease liabilities:	47.0	26.3	$ 49.5
Operating lease right-of-use assets	124.0	121.2
Other current liabilities	29.1	35.0
Operating lease liabilities	121.9	105.1
Total operating lease liabilities	$ 151.0	$ 140.1
Weighted-average discount rate	4.27%	3.30%
Weighted-average remaining lease term	7 years	6 years
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities

Leases (Lease Liabilities Maturity By Year) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Leases [Abstract]
2024	$ 34.6
2025	29.3
2026	25.0
2027	20.3
2028	16.4
Thereafter	47.9
Total lease payments	173.5
Less: imputed interest	22.5
Total	$ 151.0	$ 140.1

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Unconditional purchase obligations	$ 618.9	$ 858.8

Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Other current assets	Other current assets
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 31.2	$ 31.5
Derivatives assets	0.3	18.0
Contingent consideration assets	0.3	3.1
Total assets measured at fair value	31.8	52.6
Deferred compensation plan liabilities	31.2	31.5
Derivatives liabilities	0.3	0.2
Total liabilities measured at fair value	31.5	31.7
Recurring \| (Level I)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	31.2	31.5
Derivatives assets	0.0	0.0
Contingent consideration assets	0.0	0.0
Total assets measured at fair value	31.2	31.5
Deferred compensation plan liabilities	31.2	31.5
Derivatives liabilities	0.0	0.0
Total liabilities measured at fair value	31.2	31.5
Recurring \| (Level II)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0.0	0.0
Derivatives assets	0.3	18.0
Contingent consideration assets	0.0	0.0
Total assets measured at fair value	0.3	18.0
Deferred compensation plan liabilities	0.0	0.0
Derivatives liabilities	0.3	0.2
Total liabilities measured at fair value	0.3	0.2
Recurring \| (Level III)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0.0	0.0
Derivatives assets	0.0	0.0
Contingent consideration assets	0.3	3.1
Total assets measured at fair value	0.3	3.1
Deferred compensation plan liabilities	0.0	0.0
Derivatives liabilities	0.0	0.0
Total liabilities measured at fair value	$ 0.0	$ 0.0

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Billions	Dec. 29, 2023	Dec. 30, 2022
Debt \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt outstanding	$ 3.1	$ 1.5

Deferred Revenue And Remaining Performance Obligations (Schedule of Deferred Revenue and Performance Obligations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022
Contract With Customer, Asset And Liability [Roll Forward]
Beginning balance of the period	$ 737.6	$ 631.8
Revenue recognized from prior year-end	(607.8)	(511.5)
Billings net of revenue recognized from current year	631.6	617.3
Ending balance of the period	$ 761.4	$ 737.6

Deferred Revenue And Remaining Performance Obligations (Narrative) (Details) $ in Billions	Dec. 29, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1.2
Remaining performance obligation, percentage	70.00%
Period of recognition	12 months

Income Taxes (Schedule Of Provision For Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income before taxes, united states	$ 26.9	$ 117.7	$ 144.0
Income before taxes, foreign	330.1	451.4	430.6
Income before taxes	357.0	569.1	574.6
U.S. Federal:
Current	57.1	98.4	27.1
Deferred	(92.5)	(97.7)	(22.9)
US federal, income tax provision	(35.4)	0.7	4.2
U.S. State:
Current	12.8	12.6	5.6
Deferred	(6.6)	(5.0)	(2.5)
US state, income tax provision	6.2	7.6	3.1
Foreign:
Current	80.4	48.4	76.0
Deferred	(5.5)	62.7	(1.5)
Foreign, income tax provision	74.9	111.1	74.5
Income tax provision	$ 45.7	$ 119.4	$ 81.8
Effective tax rate	12.80%	21.00%	14.20%

Income Taxes (Schedule Of Difference Between The Tax Provision At The Statutory Federal Income Tax Rate And The Tax Provision (Benefit) As A Percentage Of Income Before Taxes (Effective Tax Rate)) (Details)	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
Foreign income taxed at different rates	0.80%	4.40%	0.50%
U.S. State income taxes	1.00%	1.00%	1.10%
Stock-based compensation	4.80%	1.20%	(0.80%)
Other U.S. taxes on foreign operations	(4.40%)	(3.10%)	(1.60%)
Foreign-derived intangible income	(3.90%)	(0.40%)	0.00%
U.S. Federal research and development credits	(5.40%)	(2.20%)	(2.10%)
Tax reserve releases	(2.50%)	(1.80%)	(2.10%)
Intellectual property restructuring and tax law changes	0.00%	0.00%	(2.50%)
Other	1.40%	0.90%	0.70%
Effective tax rate	12.80%	21.00%	14.20%

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021	Jan. 01, 2021
Operating Loss Carryforwards [Line Items]
Effective tax rate	12.80%	21.00%	14.20%
Foreign earnings repatriated	$ 371.3
Unrecognized tax benefits	88.3	$ 76.5	$ 64.2	$ 64.1
Unrecognized tax benefits that would impact effective tax rate	59.5	51.6
Payment of interest and penalties	9.9	$ 8.4
IRS
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	19.1
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	86.3
California Franchise Tax Board \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 35.3

Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions	Dec. 29, 2023	Dec. 30, 2022
Deferred tax liabilities:
Global intangible low-taxed income	$ 105.8	$ 137.8
Purchased intangibles	373.6	121.1
Operating lease right-of-use assets	30.2	29.0
Other	19.7	16.1
Total deferred tax liabilities	529.3	304.0
Deferred tax assets:
Depreciation and amortization	368.2	400.0
Capitalized research and development	98.4	67.5
Operating lease liabilities	36.2	32.8
U.S. tax credit carryforwards	23.5	25.6
Expenses not currently deductible	26.5	30.9
Net operating loss carryforwards	17.9	20.0
Stock-based compensation	16.7	13.8
Intercompany prepayments	36.6	0.0
Other	60.8	36.6
Total deferred tax assets	684.8	627.2
Valuation allowance	(31.0)	(42.6)
Total deferred tax assets	653.8	584.6
Total net deferred tax assets	124.5	280.6
Non-current deferred income tax assets	412.3	438.4
Non-current deferred income tax liabilities	$ (287.8)	$ (157.8)

Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 76.5	$ 64.2	$ 64.1
Increase related to current year tax positions	12.4	23.0	9.6
(Decrease) increase related to prior years' tax positions	7.6		1.3
(Decrease) increase related to prior years' tax positions		(0.7)
Settlement with taxing authorities	0.0	0.0	(1.3)
Lapse of statute of limitations	(8.2)	(10.0)	(9.5)
Ending balance	$ 88.3	$ 76.5	$ 64.2

Employee Stock Benefit Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021	May 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation expense	$ 214.9
Unamortized compensation expense weighted-average recognition period (in years)	1 year 9 months 18 days
Common stock, shares authorized (in shares)	360,000,000.0	360,000,000.0
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant-date fair value, granted (in usd per share)	$ 49.93	$ 73.32	$ 78.44
Share-based compensation, equity instruments other than options, vested in period, fair value	$ 110.1	$ 108.3	$ 81.4
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation, number of shares available (in shares)	4,600,000
Common stock, shares authorized (in shares)	39,000,000
Percentage of lower fair market value to be purchased of common stock through payroll deductions (in percent)	85.00%
Employee stock options granted term (in months)	6 months
Stock issued during period, shares, employee stock purchase plans (in shares)	800,000	600,000	600,000
Stock issued during period, value, employee stock purchase plan	$ 35.7	$ 34.7	$ 33.4
Minimum \| Performance-Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of the target grant amount received at vesting (in percent)	0.00%
Maximum \| Performance-Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of the target grant amount received at vesting (in percent)	220.00%
Two Thousand Two Stock Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of shares authorized for grant (in shares)	92,600,000			18,000,000
Share-based compensation, number of shares available (in shares)	11,500,000
Two Thousand Two Stock Plan \| Performance-Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share units granted vesting period (in years)	3 years
Two Thousand Two Stock Plan \| Minimum \| Time Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share units granted vesting period (in years)	2 years
Two Thousand Two Stock Plan \| Maximum \| Time Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share units granted vesting period (in years)	3 years

Employee Stock Benefit Plans (Components of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 145.4	$ 120.4	$ 122.6
Cost of sales
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	14.6	12.6	9.5
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	40.7	28.0	29.5
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	27.1	24.6	21.5
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	63.0	55.2	62.1
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	132.8	108.7	110.5
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1.8	1.1	1.3
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 10.8	$ 10.6	$ 10.8

Employee Stock Benefit Plans (Schedule Of Restricted Stock Units Activity) (Details) - $ / shares shares in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Restricted stock units
Number of Units
Number of units, outstanding at the beginning of year (in shares)	4.0
Number of units, granted (in shares)	3.9
Number of units, shares vested, net (in shares)	(1.7)
Number of units, cancelled and forfeited (in shares)	(0.7)
Number of units, outstanding at the end of year (in shares)	5.5	4.0
Weighted Average Grant-Date Fair Value per Share
Weighted average grant-date fair value, outstanding at the beginning of year (in usd per share)	$ 67.32
Weighted average grant-date fair value, granted (in usd per share)	49.93	$ 73.32	$ 78.44
Weighted average grant-date fair value, shares vested, net (in usd per share)	61.44
Weighted average grant-date fair value, canceled and forfeited (in usd per share)	56.39
Weighted average grant-date fair value, outstanding at the end of year (in usd per share)	$ 58.23	$ 67.32
Performance-Based Restricted Stock Units
Number of Units
Number of units, granted (in shares)	0.9
Number of units, shares vested, net (in shares)	(0.1)
Number of units, cancelled and forfeited (in shares)	(0.2)
Number of units, outstanding at the end of year (in shares)	1.2
Performance-Based Stock Units, Achievement Of Company Performance Metrics
Number of Units
Number of units, cancelled and forfeited (in shares)	(0.1)
Weighted Average Grant-Date Fair Value per Share
Performance adjustments above target levels at vesting date (in shares)	0.1

Common Stock Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021	Jan. 28, 2024	Aug. 31, 2021
Equity, Class of Stock [Line Items]
Stock repurchases	$ 100,000,000.0	$ 394,700,000	$ 180,000,000.0
Retained Earnings
Equity, Class of Stock [Line Items]
Stock repurchases	79,000,000.0	$ 347,000,000.0	$ 164,300,000
2021 Stock Repurchased Program
Equity, Class of Stock [Line Items]
Stock repurchase program approved amount					$ 750,000,000
Remaining amount authorized	$ 115,300,000
Stock repurchased (in shares)	2.4	6.0
Shares repurchased (in usd per share)	$ 42.50	$ 65.90
Stock repurchases	$ 100,000,000	$ 394,700,000
2024 Stock Repurchased Program \| Subsequent Event
Equity, Class of Stock [Line Items]
Stock repurchase program approved amount				$ 800,000,000
2021 and 2017 Stock Repurchased Program
Equity, Class of Stock [Line Items]
Stock repurchased (in shares)			2.1
Shares repurchased (in usd per share)			$ 85.75
Stock repurchases			$ 180,000,000

Subsequent Events (Details)	12 Months Ended
Subsequent Events (Details)	Dec. 29, 2023 segment
Subsequent Event [Line Items]
Number of reportable segments	4

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