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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2017
Text Block [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities for which separate financial information is available and evaluated by the Company's Chief Executive Officer (our chief operating decision maker or "CODM") in deciding how to allocate resources and assess performance. The CODM evaluates each segment’s performance and allocates resources based on segment operating income before income taxes and corporate allocations. The Company and each of its segments employ consistent accounting policies. In each of its segments, the Company sells many individual products. For this reason it is impracticable to segregate and identify revenue for each of the individual products or group of products. Stock-based compensation is shown in the aggregate within unallocated corporate expense and is not reflected in the segment results, which is consistent with the way the CODM evaluates each segment's performance and allocates resources. Prior to fiscal 2017, the Company operated its business in four reportable segments - Engineering and Construction, Field Solutions, Mobile Solutions, and Advanced Devices. In March 2017, the Company effected a change in the reporting of its segment financial results to better reflect the Company’s customer base and end markets. Over time, the Company has experienced significant growth both organically and through strategic business acquisitions, resulting in an increasingly diversified business model. As a result of the Company’s evolution, the CODM changed the information he regularly reviews to allocate resources and assess performance. Beginning with the first fiscal quarter of 2017, the Company reports its financial performance based on four new reportable segments - Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation. The Company’s 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, government, and land management.
• | Resources and Utilities: This segment primarily serves customers working in agriculture, forestry, and utilities.
• | Transportation: This segment primarily serves customers working in transportation, including transportation and logistics, automotive, rail, and military aviation.
The following tables present revenue, operating income, depreciation expense and identifiable assets for the four reportable segments. Operating income is revenue less cost of sales and operating expense, excluding unallocated corporate expenses, restructuring charges, amortization of purchased intangible assets, stock-based compensation, amortization of acquisition-related inventory step-up, acquisition and divestiture items, and executive transition costs. The identifiable assets that the CODM views by segment are accounts receivable, inventories and goodwill.
| Reporting Segments
| Buildings and Infrastructure |  | Geospatial |  | Resources and Utilities |  | Transportation |  | Total
(In millions) |  |  |  |  |  |  |  |  |
Second Quarter of Fiscal 2017 |  |  |  |  |  |  |  |  |
Revenue | $ | 222.7 |  |  | $ | 165.3 |  |  | $ | 111.0 |  |  | $ | 162.9 |  |  | $ | 661.9 |
Operating income | 50.4 |  |  | 30.2 |  |  | 34.8 |  |  | 26.2 |  |  | 141.6 |
Depreciation expense | 1.5 |  |  | 1.5 |  |  | 0.6 |  |  | 1.4 |  |  | 5.0 |
Second Quarter of Fiscal 2016 |  |  |  |  |  |  |  |  |
Revenue | $ | 202.8 |  |  | $ | 163.9 |  |  | $ | 99.0 |  |  | $ | 143.9 |  |  | $ | 609.6 |
Operating income | 38.9 |  |  | 28.5 |  |  | 29.9 |  |  | 20.4 |  |  | 117.7 |
Depreciation expense | 1.9 |  |  | 1.9 |  |  | 0.5 |  |  | 1.3 |  |  | 5.6 |
First Two Quarters of Fiscal 2017 |  |  |  |  |  |  |  |  |
Segment revenue | $ | 410.8 |  |  | $ | 315.1 |  |  | $ | 230.9 |  |  | $ | 319.0 |  |  | $ | 1,275.8 |
Operating income | 83.1 |  |  | 58.1 |  |  | 77.0 |  |  | 51.0 |  |  | 269.2 |
Depreciation expense | 3.3 |  |  | 2.8 |  |  | 1.2 |  |  | 2.8 |  |  | 10.1 |
First Two Quarters of Fiscal 2016 |  |  |  |  |  |  |  |  |
Segment revenue | $ | 376.5 |  |  | $ | 316.1 |  |  | $ | 212.8 |  |  | $ | 287.2 |  |  | $ | 1,192.6 |
Operating income | 61.3 |  |  | 54.6 |  |  | 64.8 |  |  | 44.2 |  |  | 224.9 |
Depreciation expense | 3.7 |  |  | 3.5 |  |  | 1.0 |  |  | 2.6 |  |  | 10.8 |
As of the Second Quarter of Fiscal 2017 |  |  |  |  |  |  |  |  |
Accounts receivable, net | $ | 127.4 |  |  | $ | 118.7 |  |  | $ | 64.7 |  |  | $ | 84.5 |  |  | $ | 395.3 |
Inventories | 50.3 |  |  | 100.9 |  |  | 30.7 |  |  | 41.4 |  |  | 223.3 |
Goodwill | 690.8 |  |  | 409.0 |  |  | 254.7 |  |  | 829.2 |  |  | 2,183.7 |
As of Fiscal Year End 2016 |  |  |  |  |  |  |  |  |
Accounts receivable, net | $ | 104.7 |  |  | $ | 108.3 |  |  | $ | 65.5 |  |  | $ | 76.3 |  |  | $ | 354.8 |
Inventories | 51.3 |  |  | 100.4 |  |  | 31.0 |  |  | 36.1 |  |  | 218.8 |
Goodwill | 663.7 |  |  | 405.1 |  |  | 217.7 |  |  | 791.1 |  |  | 2,077.6 |
A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows:
| Second Quarter of |  | First Two Quarters of
| 2017 |  | 2016 |  | 2017 |  | 2016
(In millions) |  |  |  |  |  |  |
Consolidated segment operating income | $ | 141.6 |  |  | $ | 117.7 |  |  | $ | 269.2 |  |  | $ | 224.9 |
Unallocated corporate expense | (20.4 | ) |  | (18.7 | ) |  | (38.8 | ) |  | (37.4 | )
Restructuring charges | (2.8 | ) |  | (4.9 | ) |  | (6.2 | ) |  | (7.0 | )
Amortization of purchased intangible assets | (35.8 | ) |  | (39.6 | ) |  | (69.1 | ) |  | (79.9 | )
Stock-based compensation | (15.2 | ) |  | (13.0 | ) |  | (28.9 | ) |  | (26.7 | )
Amortization of acquisition-related inventory step-up | (0.5 | ) |  | — |  |  | (0.6 | ) |  | — |
Acquisition and divestiture items | (4.3 | ) |  | (0.9 | ) |  | (6.4 | ) |  | (2.5 | )
Executive transition costs | — |  |  | (0.1 | ) |  | — |  |  | (1.0 | )
Consolidated operating income | 62.6 |  |  | 40.5 |  |  | 119.2 |  |  | 70.4 |
Non-operating income (expense), net: | 5.0 |  |  | (2.2 | ) |  | 14.0 |  |  | (2.7 | )
Consolidated income before taxes | $ | 67.6 |  |  | $ | 38.3 |  |  | $ | 133.2 |  |  | $ | 67.7 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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