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Segment Information | 9 Months Ended
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Sep. 27, 2019
Text Block [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company's operating segments were determined based on how the Company's chief operating decision maker views and evaluates operations. 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 long haul trucking, field service management, rail, and military aviation.
The following Reporting Segment tables reflect the results of the Company’s reportable operating segments under its management reporting system. These results are not necessarily in conformity with U.S. GAAP. The Company presents segment revenue and income excluding the effects of certain acquired deferred revenue that was written down to fair value in purchase accounting. Segment income presented also excludes the effects of certain acquired capitalized commissions that were eliminated in purchase accounting, along with other adjustments that have historically been excluded in prior periods, as though the acquired companies operated independently in the periods presented. This is consistent with the way the chief operating decision maker evaluates each of the segment's performance and allocates resources.
| Reporting Segments
| Buildings and Infrastructure |  | Geospatial |  | Resources and Utilities |  | Transportation |  | Total
(In millions) |  |  |  |  |  |  |  |  |
Third Quarter of Fiscal 2019 |  |  |  |  |  |  |  |  |
Revenue | $ | 309.6 |  |  | $ | 155.1 |  |  | $ | 120.9 |  |  | $ | 198.3 |  |  | $ | 783.9 |
Acquired deferred revenue adjustment | 0.2 |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.4 |
Segment revenue | $ | 309.8 |  |  | $ | 155.1 |  |  | $ | 121.1 |  |  | $ | 198.3 |  |  | $ | 784.3 |
Operating income | $ | 83.0 |  |  | $ | 30.6 |  |  | $ | 34.3 |  |  | $ | 31.2 |  |  | $ | 179.1 |
Acquired deferred revenue adjustment | 0.2 |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.4 |
Amortization of acquired capitalized commissions | (1.5 | ) |  | — |  |  | — |  |  | — |  |  | (1.5 | )
Segment operating income | $ | 81.7 |  |  | $ | 30.6 |  |  | $ | 34.5 |  |  | $ | 31.2 |  |  | $ | 178.0 |
Depreciation expense | $ | 1.9 |  |  | $ | 1.5 |  |  | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | 5.4 |
Third Quarter of Fiscal 2018 |  |  |  |  |  |  |  |  |
Revenue | $ | 286.6 |  |  | $ | 185.4 |  |  | $ | 133.0 |  |  | $ | 190.2 |  |  | $ | 795.2 |
Acquired deferred revenue adjustment | 9.2 |  |  | — |  |  | 0.2 |  |  | 0.1 |  |  | 9.5 |
Segment revenue | $ | 295.8 |  |  | $ | 185.4 |  |  | $ | 133.2 |  |  | $ | 190.3 |  |  | $ | 804.7 |
Operating income | $ | 60.9 |  |  | $ | 47.4 |  |  | $ | 38.3 |  |  | $ | 37.0 |  |  | $ | 183.6 |
Acquired deferred revenue adjustment | 9.2 |  |  | — |  |  | 0.2 |  |  | 0.1 |  |  | 9.5 |
Amortization of acquired capitalized commissions | (1.8 | ) |  | — |  |  | — |  |  | — |  |  | (1.8 | )
Segment operating income | $ | 68.3 |  |  | $ | 47.4 |  |  | $ | 38.5 |  |  | $ | 37.1 |  |  | $ | 191.3 |
Depreciation expense | $ | 1.8 |  |  | $ | 1.5 |  |  | $ | 1.1 |  |  | $ | 1.1 |  |  | $ | 5.5 |
First Three Quarters of Fiscal 2019 |  |  |  |  |  |  |  |  |
Revenue | $ | 940.6 |  |  | $ | 480.7 |  |  | $ | 432.8 |  |  | $ | 586.2 |  |  | $ | 2,440.3 |
Acquired deferred revenue adjustment | 3.8 |  |  | — |  |  | 0.5 |  |  | — |  |  | 4.3 |
Segment revenue | $ | 944.4 |  |  | $ | 480.7 |  |  | $ | 433.3 |  |  | $ | 586.2 |  |  | $ | 2,444.6 |
Operating income | $ | 229.7 |  |  | $ | 91.1 |  |  | $ | 130.7 |  |  | $ | 95.3 |  |  | $ | 546.8 |
Acquired deferred revenue adjustment | 3.8 |  |  | — |  |  | 0.5 |  |  | — |  |  | 4.3 |
Amortization of acquired capitalized commissions | (4.7 | ) |  | — |  |  | (0.1 | ) |  | — |  |  | (4.8 | )
Segment operating income | $ | 228.8 |  |  | $ | 91.1 |  |  | $ | 131.1 |  |  | $ | 95.3 |  |  | $ | 546.3 |
Depreciation expense | $ | 6.1 |  |  | $ | 4.7 |  |  | $ | 3.2 |  |  | $ | 3.3 |  |  | $ | 17.3 |
First Three Quarters of Fiscal 2018 |  |  |  |  |  |  |  |  |
Revenue | $ | 785.6 |  |  | $ | 544.3 |  |  | $ | 437.2 |  |  | $ | 555.8 |  |  | $ | 2,322.9 |
Acquired deferred revenue adjustment | 15.1 |  |  | — |  |  | 0.8 |  |  | 0.3 |  |  | $ | 16.2 |
Segment revenue | $ | 800.7 |  |  | $ | 544.3 |  |  | $ | 438.0 |  |  | $ | 556.1 |  |  | $ | 2,339.1 |
Operating income | $ | 171.8 |  |  | $ | 126.3 |  |  | $ | 132.3 |  |  | $ | 98.5 |  |  | 528.9 |
Acquired deferred revenue adjustment | 15.1 |  |  | — |  |  | 0.8 |  |  | 0.3 |  |  | 16.2 |
Amortization of acquired capitalized commissions | (2.7 | ) |  | — |  |  | (0.2 | ) |  | — |  |  | (2.9 | )
Segment operating income | $ | 184.2 |  |  | $ | 126.3 |  |  | $ | 132.9 |  |  | $ | 98.8 |  |  | $ | 542.2 |
Depreciation expense | $ | 4.6 |  |  | $ | 4.4 |  |  | $ | 3.1 |  |  | $ | 3.4 |  |  | $ | 15.5 |
| Reporting Segments
| Buildings and Infrastructure |  | Geospatial |  | Resources and Utilities |  | Transportation |  | Total
(In millions) |  |  |  |  |  |  |  |  |
As of the Third Quarter of Fiscal 2019 |  |  |  |  |  |  |  |  |
Accounts receivable, net | $ | 175.3 |  |  | $ | 109.1 |  |  | $ | 73.7 |  |  | $ | 130.8 |  |  | $ | 488.9 |
Inventories | 61.3 |  |  | 123.0 |  |  | 44.9 |  |  | 60.9 |  |  | 290.1 |
Goodwill | 1,957.3 |  |  | 397.4 |  |  | 321.9 |  |  | 857.8 |  |  | 3,534.4 |
As of Fiscal Year End 2018 |  |  |  |  |  |  |  |  |
Accounts receivable, net | 177.5 |  |  | 118.7 |  |  | 83.8 |  |  | 132.6 |  |  | 512.6 |
Inventories | 70.3 |  |  | 133.5 |  |  | 46.2 |  |  | 48.0 |  |  | 298.0 |
Goodwill | $ | 1,970.2 |  |  | $ | 403.1 |  |  | $ | 305.7 |  |  | $ | 861.0 |  |  | $ | 3,540.0 |
A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows:
| Third Quarter of |  | First Three Quarters of
| 2019 |  | 2018 |  | 2019 |  | 2018
(In millions) |  |  |  |  |  |  |
Consolidated segment operating income | $ | 178.0 |  |  | $ | 191.3 |  |  | $ | 546.3 |  |  | $ | 542.2 |
Unallocated corporate expense | (16.0 | ) |  | (24.3 | ) |  | (56.7 | ) |  | (70.2 | )
Restructuring charges | (3.6 | ) |  | (2.6 | ) |  | (10.2 | ) |  | (6.8 | )
Acquired deferred revenue adjustment | (0.4 | ) |  | (9.5 | ) |  | (4.3 | ) |  | (16.2 | )
Amortization of purchased intangible assets | (40.8 | ) |  | (49.8 | ) |  | (128.6 | ) |  | (132.9 | )
Stock-based compensation | (18.6 | ) |  | (18.8 | ) |  | (52.1 | ) |  | (53.1 | )
Amortization of acquired capitalized commissions | 1.5 |  |  | 1.8 |  |  | 4.8 |  |  | 2.9 |
Acquisition / divestiture items | (8.4 | ) |  | (10.7 | ) |  | (11.5 | ) |  | (34.8 | )
Consolidated operating income | 91.7 |  |  | 77.4 |  |  | 287.7 |  |  | 231.1 |
Non-operating expense, net | (12.8 | ) |  | (13.3 | ) |  | (18.2 | ) |  | (21.1 | )
Consolidated income before taxes | $ | 78.9 |  |  | $ | 64.1 |  |  | $ | 269.5 |  |  | $ | 210.0 |
On a total Company basis, 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) |  |  |  |  |  |  |  |  |
Third Quarter of Fiscal 2019 |  |  |  |  |  |  |  |  |
North America | $ | 180.9 |  |  | $ | 63.4 |  |  | $ | 35.9 |  |  | $ | 157.5 |  |  | $ | 437.7 |
Europe | 79.9 |  |  | 49.5 |  |  | 54.2 |  |  | 21.9 |  |  | 205.5 |
Asia Pacific | 41.3 |  |  | 30.4 |  |  | 10.4 |  |  | 9.3 |  |  | 91.4 |
Rest of World | 7.7 |  |  | 11.8 |  |  | 20.6 |  |  | 9.6 |  |  | 49.7 |
Total consolidated revenue | $ | 309.8 |  |  | $ | 155.1 |  |  | $ | 121.1 |  |  | $ | 198.3 |  |  | $ | 784.3 |
Third Quarter of Fiscal 2018 |  |  |  |  |  |  |  |  |
North America | $ | 167.8 |  |  | $ | 83.4 |  |  | $ | 43.5 |  |  | $ | 156.7 |  |  | $ | 451.4 |
Europe | 77.7 |  |  | 48.8 |  |  | 55.3 |  |  | 21.7 |  |  | 203.5 |
Asia Pacific | 45.0 |  |  | 42.2 |  |  | 12.1 |  |  | 11.5 |  |  | 110.8 |
Rest of World | 5.3 |  |  | 11.0 |  |  | 22.3 |  |  | 0.4 |  |  | 39.0 |
Total consolidated revenue | $ | 295.8 |  |  | $ | 185.4 |  |  | $ | 133.2 |  |  | $ | 190.3 |  |  | $ | 804.7 |
First Three Quarters of Fiscal 2019 |  |  |  |  |  |  |  |  |
North America | $ | 545.7 |  |  | $ | 197.6 |  |  | $ | 130.7 |  |  | $ | 471.4 |  |  | $ | 1,345.4 |
Europe | 253.8 |  |  | 160.2 |  |  | 211.1 |  |  | 65.9 |  |  | 691.0 |
Asia Pacific | 121.9 |  |  | 88.3 |  |  | 35.0 |  |  | 29.6 |  |  | 274.8 |
Rest of World | 23.0 |  |  | 34.6 |  |  | 56.5 |  |  | 19.3 |  |  | 133.4 |
Total consolidated revenue | $ | 944.4 |  |  | $ | 480.7 |  |  | $ | 433.3 |  |  | $ | 586.2 |  |  | $ | 2,444.6 |
First Three Quarters of Fiscal 2018 |  |  |  |  |  |  |  |  |
North America | $ | 433.2 |  |  | $ | 223.0 |  |  | $ | 140.3 |  |  | $ | 455.0 |  |  | $ | 1,251.5 |
Europe | 236.9 |  |  | 154.6 |  |  | 197.6 |  |  | 64.4 |  |  | 653.5 |
Asia Pacific | 111.6 |  |  | 130.4 |  |  | 35.7 |  |  | 35.0 |  |  | 312.7 |
Rest of World | 19.0 |  |  | 36.3 |  |  | 64.4 |  |  | 1.7 |  |  | 121.4 |
Total consolidated revenue | $ | 800.7 |  |  | $ | 544.3 |  |  | $ | 438.0 |  |  | $ | 556.1 |  |  | $ | 2,339.1 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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- References No definition available. + Details
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