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Segment Information | 3 Months Ended
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Mar. 29, 2024
Segment Reporting [Abstract] |
Segment Information | NOTE 7. SEGMENT INFORMATION 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. Our reportable segments are described below: •Architects, Engineers, Construction and Owners (“AECO”). This segment primarily provides software solutions that sell primarily through a direct channel to customers in the construction industry. •Field Systems. This segment primarily provides hardware and associated software solutions that sell primarily through dealer partner channels. •Transportation and Logistics (“T&L”). This segment primarily provides solutions for 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. This is consistent with the way the CODM evaluates each of the segment’s performance and allocates resources.
| Reporting Segments
| AECO |  | Field Systems |  | T&L |  | Total
(In millions) |  |  |  |  |  |  |
First Quarter of 2024 |  |  |  |  |  |  |
Segment revenue | $ | 339.1 |  |  | $ | 419.2 |  |  | $ | 195.0 |  |  | $ | 953.3 |
Segment operating income | 126.7 |  |  | 98.3 |  |  | 36.3 |  |  | 261.3 |
First Quarter of 2023 |  |  |  |  |  |  |
Segment revenue | $ | 288.1 |  |  | $ | 479.9 |  |  | $ | 147.4 |  |  | $ | 915.4 |
Segment operating income | 95.4 |  |  | 137.4 |  |  | 20.3 |  |  | 253.1 |
| Reporting Segments
| AECO |  | Field Systems |  | T&L |  | Total
(In millions) |  |  |  |  |  |  |
As of the end of the First Quarter of 2024 |  |  |  |  |  |  |
Accounts receivable, net | $ | 163.3 |  |  | $ | 295.2 |  |  | $ | 174.5 |  |  | $ | 633.0 |
Inventories | 1.2 |  |  | 200.5 |  |  | 28.3 |  |  | 230.0 |
Goodwill | 1,984.0 |  |  | 957.2 |  |  | 2,254.5 |  |  | 5,195.7 |
As of Year End 2023 |  |  |  |  |  |  |
Accounts receivable, net | $ | 222.5 |  |  | $ | 309.8 |  |  | $ | 174.3 |  |  | $ | 706.6 |
Inventories | 3.2 |  |  | 202.7 |  |  | 29.8 |  |  | 235.7 |
Goodwill | 1,996.9 |  |  | 1,063.5 |  |  | 2,290.2 |  |  | 5,350.6 |
A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows:
| First Quarter of |  |
| 2024 |  | 2023 |  |  |  |
(In millions) |  |  |  |  |  |  |
Consolidated segment operating income | $ | 261.3 |  |  | $ | 253.1 |  |  |  |  |
Unallocated general corporate expenses | (26.9) |  |  | (27.0) |  |  |  |  |
Amortization of purchased intangible assets | (54.5) |  |  | (34.7) |  |  |  |  |
Acquisition / divestiture items | (23.9) |  |  | (7.0) |  |  |  |  |
Stock-based compensation / deferred compensation | (38.8) |  |  | (35.4) |  |  |  |  |
Restructuring and other costs | (8.0) |  |  | (12.0) |  |  |  |  |
Consolidated operating income | 109.2 |  |  | 137.0 |  |  |  |  |
Total non-operating (expense) income, net | (36.2) |  |  | 23.6 |  |  |  |  |
Consolidated income before taxes | $ | 73.0 |  |  | $ | 160.6 |  |  |  |  |
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 is consistent with the Reporting Segment tables above.
| Reporting Segments
| AECO |  | Field Systems |  | T&L |  | Total
(In millions) |  |  |  |  |  |  |
First Quarter of 2024 |  |  |  |  |  |  |
North America | $ | 193.1 |  |  | $ | 182.0 |  |  | $ | 119.7 |  |  | $ | 494.8 |
Europe | 100.0 |  |  | 140.5 |  |  | 56.7 |  |  | 297.2 |
Asia Pacific | 35.0 |  |  | 65.0 |  |  | 5.7 |  |  | 105.7 |
Rest of World | 11.0 |  |  | 31.7 |  |  | 12.9 |  |  | 55.6 |
Total segment revenue | $ | 339.1 |  |  | $ | 419.2 |  |  | $ | 195.0 |  |  | $ | 953.3 |
First Quarter of 2023 |  |  |  |  |  |  |
North America | $ | 167.9 |  |  | $ | 198.5 |  |  | $ | 115.4 |  |  | $ | 481.8 |
Europe | 84.0 |  |  | 160.2 |  |  | 23.6 |  |  | 267.8 |
Asia Pacific | 25.5 |  |  | 76.1 |  |  | 1.5 |  |  | 103.1 |
Rest of World | 10.7 |  |  | 45.1 |  |  | 6.9 |  |  | 62.7 |
Total segment revenue | $ | 288.1 |  |  | $ | 479.9 |  |  | $ | 147.4 |  |  | $ | 915.4 |
Total revenue in the United States as included in the Condensed Consolidated Statements of Income was $456.9 million and $437.5 million for the first quarter of 2024 and 2023. No single customer or country other than the United States accounted for 10% or more of our total revenue.

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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