trmb-20240412
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 12, 2024
Trimble Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-14845 94-2802192
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
I.D. No.)
10368 Westmoor Dr, Westminster, CO 80021
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (720) 887-6100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareTRMBNASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ 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.  ☐



Item 2.02 Results of Operations and Financial Condition.
In the first quarter of 2024, Trimble Inc. (the “Company”) effected a change in its financial reporting segments to reflect its revised organizational structure and joint venture transaction with AGCO Corporation. The new 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 Chief Operating Decision Maker (CODM) assesses performance and allocates resources. The three new reportable segments are – Architecture, Engineering, Construction and Owners Software (AECO), Field Systems, and Transportation and Logistics.
See Exhibit 99.1 for more details about the new segment structure and Exhibit 99.2 for a recast of historical quarterly financial results by segment under the new structure.
We are furnishing this Form 8-K to provide a description of our new reporting structure and present summary financial information and historical data on a basis consistent with the new structure. Beginning with the quarter ending March 29, 2024, our financial statements will reflect the new reporting structure with prior periods adjusted accordingly.
The information in this Current Report on Form 8-K, including the exhibit, is furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this current report on Form 8-K shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
    (d) Exhibits.
Exhibit No. Description
99.1 
99.2
104
The cover page from this Report on Form 8-K, formatted in Inline XBRL



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 TRIMBLE INC.
 a Delaware corporation
   
    
Dated: April 12, 2024
By:/s/ David G. Barnes 
  David G. Barnes 
  Chief Financial Officer 



Exhibit 99.1
Trimble Announces New Reporting Segments
WESTMINSTER, Colo., Apr 12, 2024—Trimble (NASDAQ: TRMB) announced today that it will change the reporting of its segment financial results to better reflect the Company’s organizational structure and business models. Starting with first quarter 2024 results, Trimble will report revenue and operating income based on three operating segments as follows:
•Architects, Engineers, Construction and Owners (“AECO”). 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.
Financial segment information for the four quarters and the full year for fiscal years 2023 and 2022, as if reported under the new structure, will be available in an 8-K filed today and is posted in the Investor Relations section of the Company’s web site at: http://investor.trimble.com. Also available at http://investor.trimble.com will be pre-recorded prepared remarks and an accompanying slide presentation on the new reporting segments. The new segment financial results for 2022 and 2023 include the Company’s agriculture business, which was contributed to its joint venture with AGCO, which closed on April 1, 2024.
About Trimble
Trimble is transforming the ways people move, build and live. Core technologies in positioning, modeling and data analytics connect the digital and physical worlds to improve our customers’ productivity, quality, safety, transparency and sustainability. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.

FTRMB


Exhibit 99.2
REPORTING SEGMENTS
(Dollars in millions)
(Unaudited)
  Three Months EndedYear
Q1Q2Q3Q4
20232023202320232023
AECO
Segment revenue$288.1 $264.1 $269.6 $288.7 $1,110.5 
Segment operating income$95.4 $62.4 $77.8 $93.4 $329.0 
Segment operating income as a % of segment revenue33.1 %23.6 %28.9 %32.4 %29.6 %
Field Systems
Segment revenue$479.9 $540.6 $495.4 $452.0 $1,967.9 
Segment operating income$137.4 $175.9 $165.0 $125.2 $603.5 
Segment operating income as a % of segment revenue28.6 %32.5 %33.3 %27.7 %30.7 %
Transportation and Logistics
Segment revenue$147.4 $188.9 $192.3 $191.7 $720.3 
Segment operating income$20.3 $26.7 $33.6 $37.6 $118.2 
Segment operating income as a % of segment revenue13.8 %14.1 %17.5 %19.6 %16.4 %
CORPORATE SUMMARY
Segment Revenues:
AECO$288.1 $264.1 $269.6 $288.7 $1,110.5 
Field Systems479.9 540.6 495.4 452.0 1,967.9 
Transportation and Logistics147.4 188.9 192.3 191.7 720.3 
Total Segment Revenue$915.4 $993.6 $957.3 $932.4 $3,798.7 
Segment Operating Income:
AECO$95.4 $62.4 $77.8 $93.4 $329.0 
Field Systems137.4 175.9 165.0 125.2 603.5 
Transportation and Logistics20.3 26.7 33.6 37.6 118.2 
Total segment operating income before corporate allocations$253.1 $265.0 $276.4 $256.2 $1,050.7 
Corporate and Other Charges:
Unallocated Corporate Expense$(27.0)$(34.0)$(25.4)$(29.6)$(116.0)
Purchase accounting adjustments(34.7)(62.1)(58.9)(56.6)(212.3)
Acquisition / divestiture items(7.0)(26.5)(22.0)(16.9)(72.4)
Stock-based compensation / deferred compensation(35.4)(42.1)(37.9)(35.7)(151.1)
Restructuring and other costs(12.0)(6.7)(10.9)(20.5)(50.1)
Consolidated Operating Income137.0 93.6 121.3 96.9 448.8 
Non-operating income (expense) and income taxes(8.2)(49.0)(46.4)(33.9)(137.5)
Net income$128.8 $44.6 $74.9 $63.0 $311.3 


REPORTING SEGMENTS
(Dollars in millions)
(Unaudited)
  Three Months EndedYear
Q1Q2Q3Q4
20222022202220222022
AECO
Segment revenue$242.9 $221.6 $226.0 $251.2 $941.7 
Segment operating income$77.2 $48.1 $59.8 $74.0 $259.1 
Segment operating income as a % of segment revenue31.8 %21.7 %26.5 %29.5 %27.5 %
Field Systems
Segment revenue$595.9 $574.7 $519.7 $461.0 $2,151.3 
Segment operating income$177.3 $186.6 $165.4 $126.6 $655.9 
Segment operating income as a % of segment revenue29.8 %32.5 %31.8 %27.5 %30.5 %
Transportation and Logistics
Segment revenue$154.9 $144.9 $139.2 $144.3 $583.3 
Segment operating income$8.4 $9.3 $13.2 $18.9 $49.8 
Segment operating income as a % of segment revenue5.4 %6.4 %9.5 %13.1 %8.5 %
CORPORATE SUMMARY
Segment Revenues:
AECO$242.9 $221.6 $226.0 $251.2 $941.7 
Field Systems595.9 574.7 519.7 461.0 2,151.3 
Transportation and Logistics154.9 144.9 139.2 144.3 583.3 
Total Segment Revenue$993.7 $941.2 $884.9 $856.5 $3,676.3 
Segment Operating Income:
AECO$77.2 $48.1 $59.8 $74.0 $259.1 
Field Systems177.3 186.6 165.4 126.6 655.9 
Transportation and Logistics8.4 9.3 13.2 18.9 49.8 
Total segment operating income before corporate allocations$262.9 $244.0 $238.4 $219.5 $964.8 
Corporate and Other Charges:
Unallocated Corporate Expense$(29.8)$(33.3)$(28.5)$(31.7)$(123.3)
Purchase accounting adjustments(34.6)(32.3)(31.0)(33.7)(131.6)
Acquisition / divestiture items(3.9)(7.3)(9.1)(12.5)(32.8)
Stock-based compensation / deferred compensation(25.0)(26.2)(31.7)(29.1)(112.0)
Restructuring and other costs(12.7)(10.0)(15.7)(15.8)(54.2)
Consolidated Operating Income156.9 134.9 122.4 96.7 510.9 
Non-operating income (expense) and income taxes(46.6)33.1 (36.6)(11.1)(61.2)
Net income$110.3 $168.0 $85.8 $85.6 $449.7