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Assets Held For Sale | 3 Months Ended
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Mar. 29, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held For Sale | NOTE 4. ASSETS HELD FOR SALE On September 28, 2023, we executed a Sale and Contribution Agreement with AGCO that provided for the formation of a joint venture, called PTx Trimble, that operates in the mixed fleet precision agriculture market. The agreement was amended and restated on March 31, 2024, and the transaction closed in the second quarter of 2024. Under the terms of the agreement, we contributed our Ag business, excluding certain GNSS and guidance technologies, to PTx Trimble, an LLC. Following the closing of the transaction, we own 15% and AGCO owns 85% of PTx Trimble. See No te 14. “Subsequent E vent s” of this report for more information. In the first quarter of 2024, Ag was reported as a part of our Field Systems segment. Following the closing of this transaction, our 15% ownership interest in PTx Trimble will be reported as an equity method investment. The assets and liabilities of Ag business that are subject to the transaction were classified as held for sale beginning in the third quarter of 2023. The following table presents the carrying values of the major classes of assets and liabilities classified as held for sale in our Condensed Consolidated Balance Sheets:
| As of
| First Quarter of 2024 |  | Year End 2023
(In millions) |  |  |
Cash and cash equivalents | $ | 6.5 |  |  | $ | 9.1 |
Accounts receivable, net | 12.3 |  |  | 12.1 |
Inventories, net | 73.9 |  |  | 84.2 |
Other current assets | 5.2 |  |  | 3.4 |
Property and equipment, net | 20.7 |  |  | 20.7 |
Other purchased intangible assets, net | 19.8 |  |  | 20.3 |
Goodwill | 364.8 |  |  | 268.1 |
Other non-current assets | 2.6 |  |  | 3.3 |
Total Assets Held for Sale | $ | 505.8 |  |  | $ | 421.2 |
Accounts payable | $ | 2.1 |  |  | $ | 1.8 |
Deferred revenue, current | 13.5 |  |  | 14.3 |
Other current liabilities | 12.2 |  |  | 16.0 |
Deferred revenue, non-current | 7.6 |  |  | 8.3 |
Other non-current liabilities | 5.2 |  |  | 7.9 |
Total Liabilities Held for Sale | $ | 40.6 |  |  | $ | 48.3 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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