UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 FORM 10-K/A
 (Amendment No. 1)

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 29, 2023

 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from to

 Commission File Number: 001-14845

 (Exact name of Registrant as specified in its charter)

 Delaware
 (State or other jurisdiction of incorporation or organization)

 94-2802192
 (I.R.S. Employer Identification Number)

 10368 Westmoor Drive, Westminster, CO 80021
 (Address of principal executive offices) (Zip Code)
 ( 720) 887-6100
 (Registrant's telephone number, including area code)

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class
 Trading Symbol(s)
 Name of each exchange on which registered

 Common Stock, $0.001 par value
 TRMB
 NASDAQ Global Select Market

 Securities registered pursuant to Section 12(g) of the Act: NONE

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
 Yes No
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
 Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.

 Large Accelerated Filer

 Accelerated Filer

 Non-accelerated Filer

 Smaller Reporting Company

 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.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
 As of June 30, 2023, the aggregate market value of the common stock held by non-affiliates of the registrant was approximately $ 13.1 billion based on the closing price as reported on the NASDAQ Global Select Market. Shares of common stock held by each officer and director of the registrant have been excluded in that such person may be deemed to be an affiliate. This determination of affiliate status is not necessarily a conclusive determination for any other purpose.
 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 Class

 Outstanding at February 20, 2024

 Common stock, $0.001 par value

 245,687,181
 shares

 EXPLANATORY NOTE
 Trimble Inc. ("Trimble" or "the Company" or "we" or "our" or "us") is filing this Amendment No. 1 on Form 10-K/A (this "Amendment") to our Annual Report on Form 10-K for the year ended December 29, 2023, which was filed with the Securities and Exchange Commission (the "SEC") on February 26, 2024 (the "Original Form 10-K") to make certain changes, as described below.
 As previously disclosed in Item 8.01 of the Company's Current Report on Form 8-K filed with the SEC on May 3, 2024, Ernst & Young LLP ("EY"), the Company's independent registered public accounting firm, informed the Company that in preparing for an upcoming Public Company Accounting Oversight Board ("PCAOB") inspection, EY had identified concerns regarding the design and execution of certain controls.
 The Company's management has determined that additional material weaknesses in its internal control over financial reporting existed that were not previously disclosed in Management's Annual Report on Internal Control over Financial Reporting in the Original Form 10-K related to certain information technology general controls ("ITGCs"), undue reliance on controls over information technology ("IT") interfaces, and the evaluation of standalone selling prices of performance obligations utilized in accounting for revenue. As a result, we are (i) including in Part II, Item 8 of this Amendment a revised opinion from EY on our internal control over financial reporting as of December 29, 2023 and (ii) replacing Part II, Item 9A, "Controls and Procedures" in this Amendment to update the conclusions regarding the effectiveness of our internal control over financial reporting as of December 29, 2023. The material weaknesses did not result in any change to the Company's consolidated financial statements as set forth in the Original Form 10-K.
 Pursuant to Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment contains the complete text of Part II, Item 8. "Financial Statements and Supplementary Data". Part IV, Item 15. "Exhibits and Financial Statement Schedules" has been amended to include (i) current certifications of the Company's Chief Executive Officer and Chief Financial Officer as required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, each dated as of the date of this Amendment, and attached as Exhibits 31.1, 31.2, 32.1, and 32.2, (ii) an updated Consent of Independent Registered Public Accounting Firm, attached as Exhibit 23.1, and (iii) updated inline XBRL exhibits, as applicable.
 The only changes to the Original Form 10-K are those related to the matters described above. Except as described above, this Amendment does not amend, update, or change (i) the Company's consolidated financial statements or (ii) any other item or disclosure in the Original Form 10-K and does not purport to reflect any information or event subsequent to the filing. As such, this Amendment speaks only as of the date that the Original Form 10-K was filed, and the Company has not undertaken to amend, update, or change any information contained in the Original Form 10-K to give effect to any subsequent event, other than as expressly indicated in this Amendment. Accordingly, this Amendment should be read in conjunction with the Original Form 10-K and any subsequent filings with the SEC.

 2023 FORM 10-K/A

 Item 8
 Financial Statements and Supplementary Data

 Item 9A
 Controls and Procedures

 Item 15
 Exhibits and Financial Statement Schedules

 Signatures

 Item 8. Financial Statements and Supplementary Data
 INDEX TO FINANCIAL STATEMENTS

 Consolidated Balance Sheets

 Consolidated Statements of Income

 Consolidated Statements of Comprehensive Income

 Consolidated Statements of Stockholders' Equity

 Consolidated Statements of Cash Flows

 Notes to Consolidated Financial Statements

 Note 1. Description of Business and Accounting Policies

 Note 2. Earnings per Share

 Note 3. Acquisitions

 Note 4. Divestitures

 Note 5. Intangible Assets and Goodwill

 Note 6. Certain Balance Sheet Components

 Note 7. Reporting Segment and Geographic Information

 Note 8. Debt

 Note 9. Leases

 Note 10. Commitments and Contingencies

 Note 11. Fair Value Measurements

 Note 12. Deferred Revenue and Remaining Performance Obligations

 Note 13. Income Taxes

 Note 14. Employee Stock Benefit Plans

 Note 15. Common Stock Repurchase

 Note 16. Subsequent Event

 Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)

 CONSOLIDATED BALANCE SHEETS

 2023
 2022

 (In millions, except par value)

 ASSETS

 Current assets:

 Cash and cash equivalents
 $
 229.8
 $
 271.0

 706.6
 643.3

 235.7
 402.5

 Prepaid expenses
 89.8
 73.7

 Other current assets
 147.8
 127.7

 Assets held for sale
 421.2
 —

 Total current assets
 1,830.9
 1,518.2

 Property and equipment, net
 202.5
 219.0

 Operating lease right-of-use assets
 124.0
 121.2

 5,350.6
 4,137.9

 Other purchased intangible assets, net
 1,243.5
 498.1

 Deferred income tax assets
 412.3
 438.4

 Other non-current assets
 375.5
 336.2

 Total assets
 $
 9,539.3
 $
 7,269.0

 LIABILITIES AND STOCKHOLDERS' EQUITY

 Current liabilities:

 Short-term debt
 $
 530.4
 $
 300.0

 Accounts payable
 165.3
 175.5

 Accrued compensation and benefits
 181.2
 159.4

 Deferred revenue
 663.1
 639.1

 Income taxes payable
 39.7
 23.7

 Other current liabilities
 201.3
 164.4

 Liabilities held for sale
 48.3
 —

 Total current liabilities
 1,829.3
 1,462.1

 Long-term debt
 2,536.2
 1,220.0

 Deferred revenue, non-current
 98.3
 98.5

 Deferred income tax liabilities
 287.8
 157.8

 Operating lease liabilities
 121.9
 105.1

 Other non-current liabilities
 165.7
 175.3

 Total liabilities
 5,039.2
 3,218.8

 Commitments and contingencies (Note 10)

 Stockholders' equity:

 Preferred stock, $ 0.001 par value; 3.0 shares authorized; none issued and outstanding

 —
 —

 Common stock, $ 0.001 par value; 360.0 shares authorized; 246.5 and 246.9 shares issued and outstanding at the end of 2023 and 2022

 0.2
 0.2

 Additional paid-in-capital
 2,214.6
 2,054.9

 Retained earnings
 2,437.4
 2,230.0

 Accumulated other comprehensive loss
 ( 152.1)
 ( 234.9)

 Total stockholders' equity
 4,500.1
 4,050.2

 Total liabilities and stockholders' equity
 $
 9,539.3
 $
 7,269.0

 CONSOLIDATED STATEMENTS OF INCOME

 (In millions, except per share amounts)
 2023
 2022
 2021

 Revenue:

 $
 1,771.7
 $
 1,986.1
 $
 2,135.2

 Subscription and services
 2,027.0
 1,690.2
 1,523.9

 Total revenue
 3,798.7
 3,659.1

 Cost of sales:

 875.0
 1,040.8
 1,086.4

 Subscription and services
 482.2
 444.9
 450.3

 Amortization of purchased intangible assets
 108.7
 85.0
 87.7

 Total cost of sales
 1,465.9
 1,570.7
 1,624.4

 Gross margin
 2,332.8
 2,105.6
 2,034.7

 Operating expense:

 Research and development
 664.3
 542.1
 536.6

 Sales and marketing
 583.0
 553.6
 506.8

 General and administrative
 487.5
 422.2
 369.1

 Restructuring
 45.6
 30.2
 10.3

 Amortization of purchased intangible assets
 103.6
 46.6
 50.9

 Total operating expense
 1,884.0
 1,594.7
 1,473.7

 Operating income
 448.8
 510.9
 561.0

 Non-operating income (expense), net:

 Divestitures gain, net
 9.2
 99.0
 41.4

 Interest expense, net
 ( 161.0)
 ( 71.1)
 ( 65.4)

 Income from equity method investments, net
 28.1
 31.1
 37.7

 Other income (expense), net
 31.9
 ( 0.8)
 ( 0.1)

 Total non-operating income (expense), net
 ( 91.8)
 58.2
 13.6

 Income before taxes
 357.0
 569.1
 574.6

 Income tax provision
 45.7
 119.4
 81.8

 311.3
 449.7
 $
 492.8

 Net income attributable to noncontrolling interests
 —
 —
 0.1

 Net income attributable to Trimble Inc.
 $
 311.3
 $
 449.7
 492.7

 Earnings per share:

 Basic
 $
 1.26
 $
 1.81
 $
 1.96

 Diluted
 $
 1.25
 $
 1.80
 $
 1.94

 Shares used in calculating earnings per share:

 Basic
 247.9
 248.6
 251.4

 Diluted
 249.1
 250.2
 254.3

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 2023
 2022
 2021

 $
 311.3
 $
 449.7
 $
 492.8

 Other comprehensive income (loss), net of tax

 Foreign currency translation adjustments
 86.4
 ( 81.6)
 ( 64.0)

 Net change related to derivatives and other
 ( 3.6)
 8.4
 0.8

 Comprehensive income
 394.1
 376.5
 429.6

 Comprehensive income attributable to noncontrolling interests
 —
 —
 0.1

 Comprehensive income attributable to Trimble Inc.

 $
 394.1
 $
 376.5
 $
 429.5

 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

 Common stock
 Retained
Earnings
 Accumulated
Other
Comprehensive
Loss
 Total
Stockholders'
Equity
 Noncontrolling
Interest
 Total

 Shares
 Additional Paid-In Capital

 Balance at the end of 2020
 250.8
 $
 0.3
 $
 1,801.7
 $
 1,893.4
 $
 ( 98.5)
 $
 3,596.9
 $
 1.7
 $
 3,598.6

 —
 —
 —
 492.7
 —
 492.7
 0.1
 492.8

 Other comprehensive loss

 —
 —
 —
 —
 ( 63.2)
 ( 63.2)
 —
 ( 63.2)

 Comprehensive income
 429.5
 429.6

 Issuance of common stock under employee plans, net of tax withholdings
 2.2
 —
 36.2
 ( 51.3)
 —
 ( 15.1)
 —
 ( 15.1)

 Stock repurchases
 ( 2.1)
 —
 ( 15.7)
 ( 164.3)
 —
 ( 180.0)
 —
 ( 180.0)

 —
 —
 112.8
 —
 —
 112.8
 —
 112.8

 Noncontrolling interest investments
 —
 —
 0.6
 —
 —
 0.6
 ( 1.8)
 ( 1.2)

 Balance at the end of 2021
 250.9
 $
 0.3
 $
 1,935.6
 $
 2,170.5
 $
 ( 161.7)
 $
 3,944.7
 $
 —
 $
 3,944.7

 449.7
 449.7
 —
 449.7

 Other comprehensive loss
 —
 —
 —
 —
 ( 73.2)
 ( 73.2)
 —
 ( 73.2)

 Comprehensive income
 376.5
 376.5

 Issuance of common stock under employee plans, net of tax withholdings
 2.0
 —
 29.6
 ( 43.2)
 —
 ( 13.6)
 —
 ( 13.6)

 Stock repurchases
 ( 6.0)
 ( 0.1)
 ( 47.6)
 ( 347.0)
 —
 ( 394.7)
 —
 ( 394.7)

 —
 —
 137.3
 —
 —
 137.3
 —
 137.3

 Balance at the end of 2022
 246.9
 $
 0.2
 $
 2,054.9
 $
 2,230.0
 $
 ( 234.9)
 $
 4,050.2
 $
 —
 $
 4,050.2

 —
 —
 —
 311.3
 —
 311.3
 —
 311.3

 Other comprehensive income
 —
 —
 —
 —
 82.8
 82.8
 —
 82.8

 Comprehensive income
 394.1
 394.1

 Issuance of common stock under employee plans, net of tax withholdings
 2.0
 —
 31.6
 ( 24.9)
 —
 6.7
 —
 6.7

 Stock repurchases
 ( 2.4)
 —
 ( 21.0)
 ( 79.0)
 —
 ( 100.0)
 —
 ( 100.0)

 —
 —
 149.1
 —
 —
 149.1
 —
 149.1

 Balance at the end of 2023
 246.5
 $
 0.2
 $
 2,214.6
 $
 2,437.4
 $
 ( 152.1)
 $ 4,500.1
 $
 —
 $
 4,500.1

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 2023
 2022
 2021

 Cash flow from operating activities:

 $
 311.3
 $
 449.7
 $
 492.8

 Adjustments to reconcile net income to net cash provided by operating activities:

 Depreciation expense
 38.3
 40.2
 41.3

 Amortization expense
 212.3
 131.6
 138.6

 Deferred income taxes
 ( 104.6)
 ( 40.0)
 ( 26.9)

 145.4
 120.4
 122.6

 Divestitures gain, net
 ( 9.2)
 ( 99.0)
 ( 43.9)

 Other, net
 11.6
 41.7
 19.2

 (Increase) decrease in assets:

 ( 36.4)
 ( 55.4)
 ( 9.0)

 67.6
 ( 113.5)
 ( 72.9)

 Other current and non-current assets
 ( 67.2)
 ( 46.3)
 ( 30.2)

 Increase (decrease) in liabilities:

 Accounts payable
 ( 12.4)
 ( 24.8)
 60.3

 Accrued compensation and benefits
 20.8
 ( 54.2)
 54.1

 Deferred revenue
 26.0
 108.6
 27.4

 Income taxes payable
 ( 4.0)
 ( 38.3)
 ( 2.9)

 Other current and non-current liabilities
 ( 2.4)
 ( 29.5)
 ( 20.0)

 Net cash provided by operating activities
 597.1
 391.2
 750.5

 Cash flow from investing activities:

 Acquisitions of businesses, net of cash acquired
 ( 2,088.9)
 ( 373.5)
 ( 236.1)

 Purchases of property and equipment
 ( 42.0)
 ( 43.2)
 ( 46.1)

 Net proceeds from divestitures
 17.0
 215.4
 67.3

 Other, net
 45.8
 ( 25.0)
 11.4

 Net cash used in investing activities
 ( 2,068.1)
 ( 226.3)
 ( 203.5)

 Cash flow from financing activities:

 Issuance of common stock, net of tax withholdings
 6.7
 ( 13.6)
 ( 15.1)

 Repurchases of common stock
 ( 100.0)
 ( 394.7)
 ( 180.0)

 Proceeds from debt and revolving credit lines
 3,847.1
 814.8
 198.9

 Payments on debt and revolving credit lines
 ( 2,292.9)
 ( 590.2)
 ( 449.9)

 Other, net
 ( 29.4)
 ( 15.3)
 ( 1.6)

 Net cash provided by (used in) financing activities
 1,431.5
 ( 199.0)
 ( 447.7)

 Effect of exchange rate changes on cash and cash equivalents
 7.4
 ( 20.6)
 ( 11.3)

 Net (decrease) increase in cash and cash equivalents
 ( 32.1)
 ( 54.7)
 88.0

 Cash and cash equivalents - beginning of period
 271.0
 325.7
 237.7

 Cash and cash equivalents - end of period (1)

 $
 238.9
 $
 271.0
 $
 325.7

 Supplemental cash flow disclosure:

 Cash paid for income taxes, net
 $
 168.0
 $
 197.3
 $
 98.3

 Cash paid for interest
 $
 133.7
 $
 73.1
 $
 61.8

 (1) Includes $ 9.1 million of cash and cash equivalents classified as held for sale as of December 29, 2023.

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 NOTE 1: DESCRIPTION OF BUSINESS AND ACCOUNTING POLICIES
 Trimble Inc., ("we" or "our" or "us") is incorporated in the State of Delaware since October 2016.
 We are a leading provider of technology solutions that enable professionals and field mobile workers to improve or transform their work processes. We focus on transforming the way the world works by delivering products and services that connect the physical and digital worlds. We generate revenue primarily through the sale of our hardware, software, maintenance and support, professional services, and subscriptions.

 Basis of Presentation
 These Consolidated Financial Statements include our results of our consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. Noncontrolling interests represent the noncontrolling stockholders' proportionate share of the net assets and results of operations of our consolidated subsidiaries.
 We use a 52–53 week fiscal year ending on the Friday nearest to December 31. Fiscal 2023, 2022, and 2021 were all 52-week years ending on December 29, 2023, December 30, 2022, and December 31, 2021. Unless otherwise stated, all dates refer to our fiscal year and fiscal periods.
 Use of Estimates
 The preparation of financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates and assumptions are used for (i) revenue recognition, including determining the nature and timing of satisfaction of performance obligations and determining standalone selling price ("SSP") of performance obligations; (ii) inventory valuation; (iii) valuation of long-lived assets and their estimated useful lives; (iv) goodwill and other long-lived asset impairment analyses; (v) stock-based compensation; and (vi) income taxes. We base our estimates on historical experience and various other assumptions we believe to be reasonable. Actual results that we experience may differ materially from our estimates.
 Change in Presentation
 During the first quarter of 2023, we changed the presentation of revenue and cost of sales in the Consolidated Statements of Income. This change was made to better reflect our Connect and Scale strategy and business model evolution with a continued shift toward a more significant mix of recurring revenues, which includes subscription, maintenance and support, and term licenses. As such, we revised our presentation, including (i) the combination of subscription and services into one line item, and (ii) moving term licenses from product to subscription and services. The subscription and services line item is more aligned with our performance measures, how we manage our business, and is helpful to investors and others to better understand our results.
 Previously, we presented revenue and cost of sales on three lines as follows:
 • product, which included hardware and software licenses (both perpetual and term licenses);
 • service, which included hardware and software maintenance and support and professional services;
 • subscription, which included SaaS, data, and hosting services.
 The revised categories are as follows:
 • product, which includes hardware and perpetual software licenses;
 • subscription and services, which includes SaaS, data, and hosting services, as well as term licenses, hardware and software maintenance and support, and professional services.
 Prior period amounts have been revised to conform to the current period presentation. This change in presentation did not affect the total revenue or total cost of sales. The effect of the change on the Consolidated Statements of Income for 2022 and 2021 was as follows:

 2022
 2021

 As Previously Reported
 Effect of Change in Presentation
 As Reported Herein
 As Previously Reported
 Effect of Change in Presentation
 As Reported Herein

 Revenue:

 $
 2,152.0
 $
 ( 165.9)
 $
 1,986.1
 $
 2,247.5
 $
 ( 112.3)
 $
 2,135.2

 Subscription and services
 —
 1,690.2
 1,690.2
 —
 1,523.9
 1,523.9

 Service
 641.3
 ( 641.3)
 —
 649.4
 ( 649.4)
 —

 Subscription
 883.0
 ( 883.0)
 —
 762.2
 ( 762.2)
 —

 Total revenue
 $
 $
 —
 $
 $
 3,659.1
 $
 —
 $
 3,659.1

 Cost of sales:

 $
 1,046.1
 $
 ( 5.3)
 $
 1,040.8
 $
 1,090.1
 $
 ( 3.7)
 $
 1,086.4

 Subscription and services
 —
 444.9
 444.9
 —
 450.3
 450.3

 Service
 235.7
 ( 235.7)
 —
 229.9
 ( 229.9)
 —

 Subscription
 203.9
 ( 203.9)
 —
 216.7
 ( 216.7)
 —

 Amortization of purchased intangible assets
 85.0
 —
 85.0
 87.7
 —
 87.7

 Total cost of sales
 $
 1,570.7
 $
 —
 $
 1,570.7
 $
 1,624.4
 $
 —
 $
 1,624.4

 Reportable Segments
 We report our financial performance, including revenue and operating income, based on four reportable segments: Buildings and Infrastructure, Geospatial, Resources and Utilities, and Transportation.
 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. These results are not necessarily in conformance with U.S. GAAP.
 Revenue Recognition
 Significant Judgments
 Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognized net of allowance for returns and any taxes collected from customers. We enter into contracts that may include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations; however, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment.
 Judgment is required to determine SSP for each performance obligation. We use a range of amounts to estimate SSP when products and services are sold separately and determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, we estimate SSP considering multiple factors including but not limited to, our internal cost, pricing practices, sales channel, competitive positioning, and overall market and business environments. As our offerings and markets change, we may be required to reassess our estimated SSP and, as a result, the timing and classification of our revenue could be affected.
 Nature of Goods and Services
 We generate revenue primarily from products and services and subscriptions; each of which is a distinct performance obligation. Descriptions are as follows:
 Product revenue includes hardware and perpetual software licenses.
 Hardware is recognized when the control of the product transfers to the customer, which is generally when the product is shipped. We recognize shipping fees reimbursed by customers as revenue and the cost for shipping as an expense in Cost of sales when control over products has transferred to the customer.
 Software including perpetual licenses is recognized upon delivery and commencement of the license term. In general, our contracts do not provide for customer specific acceptances.

 Subscription and Services
 Subscription and services revenue includes SaaS and hosting services, term licenses, hardware and software maintenance, and support and professional services.
 SaaS may be sold with devices used to collect, generate, and transmit data. SaaS is distinct from the related devices. SaaS is provided on either a subscription or a consumption basis. In addition, we may host the software that the customer has separately licensed. Hosting services are distinct from the underlying software. Subscription terms generally range from month-to-month to one to three years. Subscription revenue is recognized monthly over the subscription term, commencing from activation. Revenue related to SaaS on a consumption basis is recognized when the customer utilizes the service based on the quantity of the services consumed.
 Term license subscriptions contain an on-premise term license component as well as maintenance and support. Term licenses are distinct and recognized upon transfer and commencement of the subscription license term. Maintenance and support are recognized ratably over the subscription term. The subscription term generally ranges from one to three years.
 Hardware maintenance and support, commonly called extended warranty, entitles the customer to receive replacement parts and repair services. Extended warranty is separately priced and is recognized on a straight-line basis over the extended service period, which begins after the standard warranty period, ranging from one to two years depending on the product line.
 Software maintenance and support entitles the customer to receive software product upgrades and enhancements on a when and if available basis and technical support. Software maintenance is recognized on a straight-line basis commencing upon product delivery over the post-contract support term, which ranges from one to three years, with one year being most common.
 Professional services include installation, training, configuration, project management, system integrations, customization, data migration/conversion, and other implementation services. The majority of professional services are not complex, can be provided by other vendors, and are readily available and billed on a time-and-material basis. Revenue for distinct professional services is recognized over time, based on work performed.
 Accounts Receivable, Net
 Accounts receivable, net, includes billed and unbilled amounts due from customers. Unbilled receivables include revenue recognized that exceeds the amount billed to the customer, provided the billing is not contingent upon future performance, and we have the unconditional right to future payment with only the passage of time required. Both billed and unbilled amounts due are stated at their net estimated realizable value.
 We maintain an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. Each reporting period, we evaluate the collectability of our trade accounts receivable based on a number of factors, such as age of the accounts receivable balances, credit quality, historical experience, and current and future economic conditions that may affect a customer's ability to pay. At the end of 2023 and 2022, the allowances for credit losses were immaterial.
 Inventories are stated at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost. Adjustments are also made to reduce the cost of inventory for estimated excess or obsolete balances. Factors influencing these adjustments include declines in demand that impact inventory purchasing forecasts, technological changes, product lifecycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If our estimate used to reserve for excess and obsolete inventory differs from what is expected, we may be required to recognize additional reserves, which would negatively impact our gross margin.
 Property and Equipment, Net
 Property and equipment are depreciated using the straight-line method over the shorter of the estimated useful lives or the lease terms when applicable. Useful lives generally range from four to six years for machinery and equipment, five to ten years for furniture and fixtures, two to five years for computer equipment and software, thirty-nine years for buildings, and the life of the lease for leasehold improvements. We capitalize eligible costs to acquire or develop certain internal-use software and amortize those assets using the straight-line method over the estimated useful lives of the assets, which range from two to five years.
 Leases
 We determine if an arrangement is a lease at inception. Operating leases with lease terms greater than one year are included in Operating lease right-of-use ("ROU") assets, Other current liabilities, and Operating lease liabilities in our Consolidated Balance Sheets.

 ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Present value is determined by using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowings over a similar term of the lease payments at the commencement date. The operating lease ROU assets include adjustments made for uneven rents, lease incentives, and lease impairments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
 Lease agreements that include both lease and non-lease components are accounted for as part of the overall lease arrangement.
 Business Combinations
 We allocate the fair value of purchase consideration to the assets acquired, liabilities assumed, and any noncontrolling interest based on their fair values at the acquisition date. When determining the fair values, we make significant estimates and assumptions, especially concerning intangible assets. Critical estimates when valuing intangible assets include expected future cash flows based on consideration of revenue and revenue growth rates and margins, customer attrition rates, future changes in technology and brand awareness, loyalty and position, and discount rates. Any purchase consideration in excess of the fair values of the net assets acquired is recorded as goodwill.
 Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available.
 Acquisition costs are expensed as incurred.
 We evaluate goodwill on an annual basis or more frequently if indicators of potential impairment exist. To determine whether goodwill is impaired, we first assess qualitative factors. Qualitative factors include but are not limited to macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, or other relevant company-specific events. If it is determined more likely than not that the fair value of a goodwill reporting unit is less than its carrying amount, we perform a quantitative analysis. Alternatively, we may bypass the qualitative assessment and perform a quantitative impairment test.
 When performing a quantitative approach, we compare the reporting unit's carrying amount, including goodwill, to the reporting unit's fair value. The estimation of a reporting unit's fair value involves using estimates and assumptions, including expected future operating performance using risk-adjusted discount rates. If the reporting unit's carrying amount exceeds its fair value, an impairment loss is recognized.
 Intangible Assets
 Intangible assets acquired in a business combination are recorded at fair value. Our intangible assets are amortized over the period of estimated benefit using the straight-line method over their estimated useful lives, which range from three to ten years and have a weighted-average useful life of approximately seven years. We write off fully amortized intangible assets when those assets are no longer used.
 We review intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable based on their future cash flows. The estimated future cash flows are primarily based upon assumptions about expected future operating performance.
 Foreign Currency Translation
 Assets and liabilities recorded in foreign currency are translated to U.S. dollars at the exchange rates on the balance sheet date. Revenue and expense are translated at average monthly exchange rates during the year. Translation adjustments resulting from this process are recorded to other comprehensive income.
 Stock-Based Compensation
 Stock-based compensation expense is based on the measurement date fair value of the awards, net of expected forfeitures. Expense is generally recognized on a straight-line basis over the requisite service period of the stock awards. The estimate of the forfeiture rate is based on historical experience.
 Research and Development Costs
 Research and development costs are expensed as incurred. Development costs for software to be sold subsequent to reaching technical feasibility were not significant and were expensed as incurred. We offset research and development expense with any unconditional third party funding earned and retain the rights to any technology developed under such arrangements.

 Income Taxes
 Income taxes are accounted for under the liability method, whereby deferred tax assets or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not such assets will not be realized. Our valuation allowance is primarily attributable to foreign net operating losses and state research and development credit carryforwards.
 Relative to uncertain tax positions, we only recognize a tax benefit if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and may not accurately forecast actual tax audit outcomes. Changes in recognition or measurement of our uncertain tax positions would result in the recognition of a tax benefit or an additional charge to the tax provision. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense.
 We are subject to income taxes in the U.S. and numerous other countries and are subject to routine corporate income tax audits in many of these jurisdictions. We generally believe that positions taken on our tax returns are more likely than not to be sustained upon audit, but tax authorities in some circumstance have, and may in the future, successfully challenge these positions. Accordingly, our income tax provision includes amounts intended to satisfy assessments that may result from these challenges. The amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in our income tax provision and, therefore, could have a material impact on our income tax provision, net income, and cash flows.
 Concentrations of Risk
 Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and therefore bear minimal credit risk.
 We are also exposed to credit risk in our trade receivables, which are derived from sales to end-user customers in diversified industries as well as various resellers. We perform ongoing credit evaluations of our customers' financial conditions and limit the amount of credit extended, when deemed necessary, but generally do not require collateral.
 In addition, we rely on a limited number of suppliers for a number of our critical components.
 Guarantees, Including Indirect Guarantees of Indebtedness of Others
 In the normal course of business to facilitate sales of our products, we indemnify other parties, including customers, lessors, and parties to other transactions with us with respect to certain matters. We may agree to hold the other party harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. In connection with divesting some of our businesses or assets, we may also indemnify purchasers for certain matters in the normal course of business, such as breaches of representations, covenants, or excluded liabilities. In addition, we entered into indemnification agreements with our officers and directors, and our bylaws contain similar indemnification obligations to our agents.
 It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made under these agreements were not material, and no liabilities have been recorded for these obligations in the Consolidated Balance Sheets at the end of 2023 and 2022.
 Derivative Financial Instruments
 We enter into foreign exchange forward contracts to minimize the short-term impact of foreign currency fluctuations on cash and certain trade and intercompany receivables and payables, primarily denominated in Euro, Canadian Dollars, New Zealand Dollars, British Pound, and Brazilian Real. These contracts reduce the exposure to fluctuations in foreign currency exchange rate movements, as the gains and losses associated with foreign currency balances are generally offset with the gains and losses on the forward contracts. We occasionally enter into foreign currency contracts to minimize the impact of foreign currency fluctuations on the purchase price of pending acquisitions. We do not enter into foreign currency forward contracts for trading purposes.
 At the end of 2023 and 2022, there were no derivatives outstanding that were accounted for as hedges.

 Recently issued Accounting Pronouncements not yet Adopted
 In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU updates reportable segment disclosure requirements primarily through (i) enhanced disclosures about significant segment expenses, (ii) the composition of other segment items, and (iii) optional disclosure of more than one measure of segment profit or loss if the CODM uses those measures to assess segment performance and allocate resources. The ASU is effective for our Annual Report on Form 10-K beginning in 2024 and, afterward, interim reports. Early adoption is permitted. The ASU should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures.
 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU updates the annual income tax disclosures by requiring (i) specific categories and greater disaggregation of information in the rate reconciliation, (ii) income taxes paid disaggregated by taxing authority and jurisdiction, and (iii) disclosures of pretax income (or loss) and income tax expense (or benefit). Additionally, certain existing disclosure requirements are removed. The ASU is effective for our Annual Report on Form 10-K beginning in 2025 and is applied prospectively. Early adoption and retrospective application are permitted. We are currently evaluating the impact of adopting this ASU on our financial reporting disclosures.
 Recent Adopted Accounting Pronouncements
 There are no recently adopted accounting pronouncements.

 NOTE 2: EARNINGS PER SHARE
 Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period plus additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive common shares include outstanding stock options, restricted stock units ("RSUs"), contingently issuable shares, and shares to be purchased under our employee stock purchase plan.
 The following table shows the computation of basic and diluted earnings per share:

 2023
 2022
 2021

 (In millions, except per share amounts)

 Numerator:

 Net income attributable to Trimble Inc.
 $
 311.3
 $
 449.7
 $
 492.7

 Denominator:

 Weighted-average number of common shares used in basic earnings per share
 247.9
 248.6
 251.4

 Effect of dilutive securities
 1.2
 1.6
 2.9

 Weighted-average number of common shares and dilutive potential common shares used in diluted earnings per share
 249.1
 250.2
 254.3

 Basic earnings per share
 $
 1.26
 $
 1.81
 $
 1.96

 Diluted earnings per share
 $
 1.25
 $
 1.80
 $
 1.94

 Antidilutive weighted-average shares (1)

 1.9
 1.3
 0.1

 (1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share.

 NOTE 3: ACQUISITIONS
 On April 3, 2023, we acquired all of the issued and outstanding shares of TP Group Holding GmbH and Sixfold GmbH, which owned Transporeon, in an all-cash transaction. Transporeon is a Germany-based company and leading cloud-based transportation management software platform that connects key stakeholders across the industry lifecycle to positively impact the optimization of global supply chains, which aligns with our Connect and Scale strategy. Transporeon is reported as part of our Transportation segment.
 The total purchase consideration was 1.9 billion or $ 2.1 billion, which included the repayment of outstanding Transporeon debt of $ 339.6 million. The acquisition was funded through a combination of cash on hand and debt. See Note 8 "Debt" of this report for more information.
 In addition to Transporeon, we acquired two businesses in 2023 with total purchase consideration of $ 47.0 million. In the

 aggregate, the two businesses acquired contributed less than 1 % of our total revenue during 2023.
 In 2022, we acquired two businesses, with total purchase consideration of $ 379.5 million. The largest acquisition was Bid2Win Software, LLC, a leading provider of estimating and operations solutions for the heavy civil construction industry. In the aggregate, the businesses acquired contributed less than 1 % of our total revenue during 2022.
 In 2021, we acquired AgileAssets, with total purchase consideration of $ 237.5 million. AgileAssets is a provider of SaaS solutions for transportation asset lifecycle management. The acquisition contributed less than 1 % of our total revenue during 2021.
 Acquisition costs of $ 35.0 million, $ 20.4 million, and $ 13.6 million in 2023, 2022, and 2021, were expensed as incurred and are included in Cost of sales and General and administrative expenses in our Consolidated Statements of Income.
 Purchase Price Allocation
 The fair value of identifiable assets acquired and liabilities assumed was determined under the acquisition method of accounting for business combinations. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis.
 The following table summarizes the consideration transferred to acquire Transporeon and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed, as well as the estimated useful lives of the identifiable intangible assets as of the date of the acquisition. The allocation of the purchase price is still preliminary as we finalize deferred income taxes. Preliminary estimates will be finalized within one year of the acquisition date.

 Fair Value as of the Acquisition Date
 Estimated Useful Life

 Total purchase consideration
 $
 2,082.6

 Net tangible assets acquired:

 Cash and cash equivalents
 12.9

 41.8

 Other current assets
 28.0

 Non-current assets
 24.7

 Accounts payable
 ( 4.1)

 Accrued compensation and benefits
 ( 9.7)

 Deferred revenue
 ( 16.5)

 Other current liabilities
 ( 47.2)

 Non-current liabilities
 ( 20.6)

 Total net tangible assets acquired
 9.3

 Intangible assets acquired:

 Customer relationships
 759.5
 11 years

 Developed product technology
 168.4
 7 years

 Trade name
 11.9
 5 years

 Total intangible assets acquired
 939.8

 Deferred tax liability
 ( 256.6)

 Fair value of all assets/liabilities acquired
 692.5

 $
 1,390.1

 Goodwill consists of growth potential, synergies, and economies of scale expected from combining Transporeon's operations with ours, together with the highly skilled and valuable assembled workforce. We do not expect the goodwill to be deductible for income tax purposes.
 The Company corrected an error which resulted in an adjustment of $ 34 million between goodwill and developed technology intangibles, net of tax.

 Financial Information
 The following table presents the amounts of revenue and net loss included in the Consolidated Statements of Income resulting from Transporeon since the acquisition date, which includes the effects of purchase accounting, primarily amortization of intangible assets and other adjustments.

 Year of

 2023

 Total revenue
 $
 124.7

 Net loss

 ( 42.3)

 Pro Forma Financial Information
 The unaudited pro forma financial information presented in the following table was computed by combining the historical financial information of Trimble and Transporeon along with the effects from business combination accounting and the associated debt resulting from this acquisition as if the companies were combined on January 1, 2022. This information is presented for informational purposes only, and it is not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated as of that date. This information should not be used as a predictive measure of our future financial position, results of operations, or liquidity.

 Year of

 2023
 2022

 Total revenue
 $
 3,839.2
 $
 3,831.2

 273.0
 308.6

 NOTE 4: DIVESTITURES
 Pending Divestiture
 On September 28, 2023, we executed a definitive agreement with AGCO that provides for the formation of a JV with AGCO in the mixed fleet precision agriculture market. Under the terms of the agreement, we will contribute the Trimble Ag business, excluding certain GNSS and guidance technologies, and AGCO will contribute its JCA Technologies business to the JV. We will sell an interest in the JV to AGCO for $ 2.0 billion in pre-tax cash proceeds, subject to working capital adjustments. Immediately following the closing of this proposed transaction, we will own 15 % of the JV and AGCO will own 85 % of the JV.
 Additionally, we plan to enter into the following agreements with AGCO as part of the overall transaction:
 • a seven-year, renewable Supply Agreement through which we will provide key GNSS and guidance technologies to the JV for use in professional agriculture machines sold by AGCO, on an exclusive basis with limited exceptions;
 • a Technology Transfer and License Agreement to govern the licensing of certain non-divested intellectual property and technology for use by the JV in the agriculture field and, upon expiration of the Supply Agreement, to govern fixed and variable royalty payments made to us by the JV;
 • a Trademark License Agreement to govern the licensing of certain Trimble trademarks for use by the JV in the agriculture field;
 • a Positioning Services Agreement through which the JV will serve as our channel partner for the positioning services in the agriculture market; and
 • a Transition Services Agreement to provide contract manufacturing services for the divested products for two years following the closing of the proposed transaction.
 The proposed transaction is expected to close in the first half of 2024 and is subject to customary closing conditions, including regulatory approvals. Trimble Ag is reported as a part of our Resources and Utilities segment.
 Following the closing of this proposed transaction, our 15 % ownership interest in the JV is expected to be reported as an equity method investment.
 The assets and liabilities of Trimble Ag that are subject to the proposed transaction were classified as held for sale at the end of 2023. The following table presents the carrying values of the major classes of assets and liabilities classified as held for sale in our Consolidated Balance Sheets at the end of 2023:

 2023

 Cash and cash equivalents
 $
 9.1

 12.1

 Inventories, net

 84.2

 Other current assets
 3.4

 Property and equipment, net
 20.7

 Other purchased intangible assets, net
 20.3

 268.1

 Other non-current assets
 3.3

 Total Assets Held for Sale

 $
 421.2

 Accounts payable
 $
 1.8

 Deferred revenue, current

 14.3

 Other current liabilities
 16.0

 Deferred revenue, non-current
 8.3

 Other non-current liabilities
 7.9

 Total Liabilities Held for Sale

 $
 48.3

 Other Divestitures
 In addition to the pending Trimble Ag JV Transaction, we divested five businesses in 2023 with total proceeds of $ 18.7 million.
 In 2022, we divested six businesses with total proceeds of $ 226.3 million. The largest divestiture was the sale of Time and Frequency, LOADRITE, Spectra Precision Tools, and SECO accessories businesses to Precisional LLC, an affiliate of The Jordan Company ("TJC"), for $ 205.1 million in cash, which included a working capital adjustment.
 In 2021, divestitures were not material to the financial statements.

 NOTE 5: INTANGIBLE ASSETS AND GOODWILL
 Intangible Assets
 The following table presents a summary of our intangible assets:

 At the End of 2023
 At the End of 2022

 Weighted-Average Useful Lives (in years)
 Gross Carrying
 Accumulated
Amortization
 Net Carrying
 Gross Carrying
 Accumulated
Amortization
 Net Carrying

 Developed product technology
 $
 908.5
 $
 ( 554.1)
 $
 354.4
 $
 1,004.8
 $
 ( 722.7)
 $
 282.1

 Customer relationships
 1,358.4
 ( 474.5)
 883.9
 654.1
 ( 445.9)
 208.2

 Trade names and trademarks
 43.8
 ( 38.6)
 5.2
 39.5
 ( 32.7)
 6.8

 Distribution rights and other intellectual property
 4.2
 ( 4.2)
 —
 8.0
 ( 7.0)
 1.0

 $
 2,314.9
 $
 ( 1,071.4)
 $
 1,243.5
 $
 1,706.4
 $
 ( 1,208.3)
 $
 498.1

 As of the end of 2023 and 2022, $ 267.8 million and $ 79.9 million of fully amortized intangible assets were written off.

 The estimated future amortization expense of intangible assets at the end of 2023 was as follows:

 2024
 $
 200.4

 2025
 168.6

 2026
 163.4

 2027
 149.7

 2028
 135.6

 Thereafter
 425.8

 Total
 $
 1,243.5

 The changes in the carrying amount of goodwill by segment for 2023 were as follows:

 Buildings and Infrastructure
 Geospatial
 Resources and Utilities
 Transportation
 Total

 Balance as of year end 2022
 $
 2,300.1
 $
 382.1
 $
 471.8
 $
 983.9
 $
 4,137.9

 Additions due to acquisitions
 27.7
 —
 —
 1,390.1
 1,417.8

 Assets held for sale
 —
 ( 1.9)
 ( 266.2)
 —
 ( 268.1)

 Foreign currency translation and other adjustments
 19.5
 4.9
 10.8
 27.8
 63.0

 Balance as of year end 2023
 $
 2,347.3
 $
 385.1
 $
 216.4
 $
 2,401.8
 $
 5,350.6

 NOTE 6: CERTAIN BALANCE SHEET COMPONENTS
 The components of inventory, net were as follows:

 2023
 2022

 Inventories:

 Raw materials
 $
 88.4
 $
 154.9

 Work-in-process
 3.0
 13.1

 Finished goods
 144.3
 234.5

 Total inventories
 $
 235.7
 $
 402.5

 Finished goods includes $ 11.3 million and $ 16.9 million at the end of 2023 and 2022 for costs of sales that have been deferred in connection with deferred revenue arrangements.
 The components of property and equipment, net were as follows:

 2023
 2022

 Property and equipment, net:

 Land, building, furniture, and leasehold improvements
 $
 237.4
 $
 244.4

 Machinery and equipment
 170.0
 177.6

 Software and licenses
 131.6
 146.4

 Construction in progress
 14.0
 10.1

 553.0
 578.5

 Less: accumulated depreciation
 ( 350.5)
 ( 359.5)

 Total property and equipment, net
 $
 202.5
 $
 219.0

 The components of accumulated other comprehensive loss, net of related tax were as follows:

 2023
 2022

 Accumulated foreign currency translation adjustments
 $
 ( 158.0)
 $
 ( 241.6)

 Gain on cash flow hedge
 4.7
 5.4

 Net unrealized actuarial gains

 1.2
 1.3

 Total accumulated other comprehensive loss
 $
 ( 152.1)
 $
 ( 234.9)

 NOTE 7: REPORTING SEGMENT AND GEOGRAPHIC INFORMATION
 We determined our operating segments based on how our CODM views and evaluates operations. Various factors, including market separation and customer-specific applications, go-to-market channels, and products and services, were considered in determining these operating segments. Our CODM regularly reviews our segment operating results to make decisions about resources that are allocated to each segment and to assess performance. In each of our segments, we sell many individual products. For this reason, it is impracticable to segregate and identify revenue for each of the individual products or group of products we sell.
 Our 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, and government.
 • 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 and freight shipper markets.
 The following Reporting Segment tables reflect the results of our reportable operating segments under our management reporting system. These results are not necessarily in conformity with U.S. GAAP. This is consistent with the way the CODM evaluates each of the segment's performance and allocates resources.

 Reporting Segments

 Buildings and Infrastructure
 Geospatial
 Resources and Utilities
 Transportation
 Total

 2023

 Segment revenue
 $
 1,593.1
 $
 695.5
 $
 769.1
 $
 741.0
 $
 3,798.7

 Segment operating income
 440.8
 209.1
 270.6
 130.2
 $
 1,050.7

 2022

 Segment revenue
 $
 1,494.0
 $
 756.5
 $
 821.6
 $
 604.2
 $

 Segment operating income
 406.3
 221.4
 278.3
 58.8
 964.8

 2021

 Segment revenue
 $
 1,422.7
 $
 828.9
 $
 771.3
 $
 636.5
 $
 3,659.4

 Segment operating income
 411.7
 244.1
 264.0
 43.4
 963.2

 Reporting Segments

 Buildings and Infrastructure
 Geospatial
 Resources and Utilities
 Transportation
 Total

 As of Year End 2023

 $
 314.1
 $
 125.0
 $
 92.5
 $
 175.0
 $
 706.6

 65.0
 115.8
 11.1
 43.8
 235.7

 2,347.3
 385.1
 216.4
 2,401.8
 5,350.6

 As of Year End 2022

 $
 305.1
 $
 137.2
 $
 79.2
 $
 121.8
 $
 643.3

 93.2
 146.1
 100.3
 62.9
 402.5

 2,300.1
 382.1
 471.8
 983.9
 4,137.9

 As of Year End 2021

 $
 246.8
 $
 134.0
 $
 112.9
 $
 131.1
 $
 624.8

 79.3
 136.4
 67.4
 80.2
 363.3

 2,141.4
 403.6
 440.8
 995.7
 3,981.5

 A reconciliation of our consolidated segment operating income to consolidated income before income taxes was as follows:

 2023
 2022
 2021

 Consolidated segment operating income
 $
 1,050.7
 $
 964.8
 $
 963.2

 Unallocated general corporate expenses
 ( 116.0)
 ( 123.3)
 ( 106.2)

 Purchase accounting adjustments
 ( 212.3)
 ( 131.6)
 ( 134.5)

 Acquisition / divestiture items
 ( 72.4)
 ( 32.8)
 ( 21.8)

 Stock-based compensation / deferred compensation
 ( 151.1)
 ( 112.0)
 ( 128.6)

 Restructuring and other costs
 ( 50.1)
 ( 54.2)
 ( 11.1)

 Consolidated operating income
 448.8
 510.9
 561.0

 Total non-operating income (expense), net
 ( 91.8)
 58.2
 13.6

 Consolidated income before taxes
 $
 357.0
 $
 569.1
 $
 574.6

 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 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

 2023

 North America
 $
 1,026.0
 $
 300.2
 $
 217.5
 $
 474.8
 $
 2,018.5

 Europe
 338.1
 213.3
 328.9
 195.9
 1,076.2

 Asia Pacific
 196.6
 141.9
 56.9
 33.5
 428.9

 Rest of World
 32.4
 40.1
 165.8
 36.8
 275.1

 Total segment revenue
 $
 1,593.1
 $
 695.5
 $
 769.1
 $
 741.0
 $
 3,798.7

 2022

 North America
 $
 938.1
 $
 320.7
 $
 227.0
 $
 469.4
 $
 1,955.2

 Europe
 337.1
 247.8
 374.3
 78.7
 1,037.9

 Asia Pacific
 192.8
 140.3
 51.7
 30.3
 415.1

 Rest of World
 26.0
 47.7
 168.6
 25.8
 268.1

 Total segment revenue
 $
 1,494.0
 $
 756.5
 $
 821.6
 $
 604.2
 $

 2021

 North America
 $
 823.5
 $
 337.3
 $
 212.2
 $
 493.1
 $
 1,866.1

 Europe
 386.6
 282.3
 368.4
 87.3
 1,124.6

 Asia Pacific
 188.4
 161.4
 67.3
 30.2
 447.3

 Rest of World
 24.2
 47.9
 123.4
 25.9
 221.4

 Total segment revenue
 $
 1,422.7
 $
 828.9
 $
 771.3
 $
 636.5
 $
 3,659.4

 Total revenue in the United States as included in the Consolidated Statements of Income was $ 1,855.2 million, $ 1,777.4 million, and $ 1,687.4 million in 2023, 2022, and 2021. No single customer or country other than the United States accounted for 10% or more of our total revenue in 2023, 2022, and 2021. No single customer accounted for 10% or more of our accounts receivable at the end of 2023 and 2022.
 Property and equipment, net by geographic area were as follows:

 2023
 2022

 Property and equipment, net:

 United States
 $
 153.8
 $
 157.7

 Europe
 28.0
 40.3

 Asia Pacific and Rest of World
 20.7
 21.0

 Total property and equipment, net
 $
 202.5
 $
 219.0

 NOTE 8: DEBT
 Debt consisted of the following:

 Effective interest rate

 (In millions, except percentages)
 Date of Issuance
 End of 2023

 2023
 2022

 Senior Notes:

 Senior Notes, 4.15 %, due June 2023

 June 2018
 $
 —
 $
 300.0

 Senior Notes, 4.75 %, due December 2024

 November 2014
 4.95 %
 400.0
 400.0

 Senior Notes, 4.90 %, due June 2028

 June 2018
 5.04 %
 600.0
 600.0

 Senior Notes, 6.10 %, due March 2033

 March 2023
 6.13 %
 800.0
 —

 Credit Facilities:

 2022 Revolving Credit Facility, due March 2027
 September 2022
 6.71 %
 150.0
 225.0

 Term Loan, due April 2026
 April 2023
 6.99 %
 500.0
 —

 Term Loan, due April 2028
 April 2023
 7.12 %
 500.0
 —

 Uncommitted Credit Facilities, floating rate
 5.06 %
 130.4
 —

 Unamortized discount and issuance costs
 ( 13.8)
 ( 5.0)

 Total debt
 $
 3,066.6
 $
 1,520.0

 Less: Short-term debt
 530.4
 300.0

 Long-term debt
 $
 2,536.2
 $
 1,220.0

 Debt Maturities
 At the end of 2023, our debt maturities based on outstanding principal were as follows (in millions):

 Year Payable

 2024
 $
 530.4

 2025
 —

 2026
 518.8

 2027
 193.7

 2028
 1,037.5

 Thereafter
 800.0

 Total
 $
 3,080.4

 Senior Notes
 All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year, except for the interest on the 2033 Senior Notes payable in March and September (as next described). For the 2028 and 2033 senior notes, the interest rate is subject to adjustment from time to time if Moody's or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes.
 Senior Notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness. We may redeem the notes of each series of senior notes at our option in whole or in part at any time. Such indenture also contains covenants limiting our ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, each subject to certain exceptions.
 2033 Senior Notes
 In March 2023, we issued an aggregate principal amount of $ 800.0 million in senior notes (the "2033 Senior Notes") that will mature in March 2033 and bear interest at a fixed rate of 6.1 % per annum. The interest is payable semi-annually in March and September of each year, commencing in September 2023. The interest rate is subject to adjustment from time to time upon a rating agency downgrade or upgrade of the credit rating assigned to the 2033 Senior Notes. The 2033 Senior Notes were sold at 99.843 % of the aggregate principal amount. The 2033 Senior Notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness.

 Credit Facilities
 Bridge Facility
 On December 11, 2022, we entered into a bridge facility commitment letter (the "Bridge Facility") in connection with the acquisition of Transporeon. Under the Bridge Facility, the lender committed to provide a term loan up to an aggregate amount of 1.88 billion. On December 27, 2022, the Bridge Facility was automatically reduced to 500 million upon entering into the 2022 Term Loan Agreement and the 2022 Credit Facility Amendment (as next described). On March 9, 2023, as a result of completing the issuance of the 2033 Senior Notes, the remaining 500 million was automatically terminated with no amounts having been drawn.
 2022 Term Loan Credit Agreement
 On December 27, 2022, we entered into a $ 1.0 billion unsecured, delayed draw term loan credit agreement comprised of commitments for a 3-year tranche for $ 500.0 million and a 5-year tranche for $ 500.0 million. On April 3, 2023, both variable-rate term loans were drawn to fund the acquisition of Transporeon.
 Prepayments are allowed without penalty and cannot be reborrowed.
 2022 Credit Facility and Amendment
 In March 2022, we entered into a credit agreement (the "2022 Credit Facility") maturing in March 2027. The 2022 Credit Facility provides for a five-year, unsecured revolving credit facility in the aggregate principal amount of $ 1.25 billion, and permits us, subject to the satisfaction of certain conditions, to increase the commitments for revolving loans by an aggregate principal amount of up to $ 500.0 million. The variable interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets.
 On December 27, 2022, we entered into an amendment to the 2022 Credit Facility (the "2022 Credit Facility Amendment") that made $ 600.0 million of the existing commitments under the Credit Facility available for the acquisition of Transporeon and increased our maximum permitted leverage ratio following the closing of the acquisition. On April 3, 2023, we borrowed $ 225.0 million as part of the proceeds to finance the acquisition. For additional information related to the Transporeon acquisition, see Note 3 "Acquisitions" of this report.
 Uncommitted Facilities
 At the end of 2023, we had two $ 75.0 million and one 100.0 million revolving credit facilities, which are uncommitted (the "uncommitted facilities"). Generally, these variable-rate uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Consolidated Balance Sheet.
 Covenants
 The 2022 term loan credit agreement and 2022 credit facility, as amended, contain customary covenants including, among other requirements, limitations that restrict the Company's and its subsidiaries' ability to create liens and enter into sale and leaseback transactions, and restrictions on the ability of the subsidiaries to incur indebtedness. Further, both debt agreements contain financial covenants that require the maintenance of maximum leverage and minimum interest coverage ratios. At the end of 2023, we were in compliance with the covenants for each of our debt agreements.

 NOTE 9: LEASES
 We have operating leases primarily for certain of our major facilities, including corporate offices, research and development facilities, and manufacturing facilities. Lease terms range from 1 to 12 years, and certain leases include options to extend the lease for up to 10 years. We consider options to extend the lease in determining the lease term.
 Operating lease expense consisted of:

 2023
 2022
 2021

 Operating lease expense
 $
 33.5
 $
 36.3
 $
 35.5

 Short-term lease expense and other
 17.1
 14.8
 17.8

 Total lease expense
 $
 50.6
 $
 51.1
 $
 53.3

 Supplemental cash flow information related to leases was as follows:

 2023
 2022
 2021

 Cash paid for liabilities included in the measurement of lease liabilities:

 Operating cash flows from operating leases (1)

 $
 31.0
 $
 35.0
 $
 35.9

 Right-of-use assets obtained in exchange for Operating lease liabilities:
 $
 47.0
 $
 26.3
 $
 49.5

 (1)Excludes cash payments for short-term leases, which are not capitalized.
 Supplemental balance sheet information related to leases was as follows:

 2023
 2022

 Operating lease right-of-use assets
 $
 124.0
 $
 121.2

 Other current liabilities
 $
 29.1
 $
 35.0

 Operating lease liabilities
 121.9
 105.1

 Total operating lease liabilities
 $
 151.0
 $
 140.1

 Weighted-average discount rate
 4.27
 %
 3.30
 %

 Weighted-average remaining lease term
 7 years
 6 years

 At the end of 2023, the maturities of lease liabilities were as follows:

 2024
 $
 34.6

 2025
 29.3

 2026
 25.0

 2027
 20.3

 2028
 16.4

 Thereafter
 47.9

 Total lease payments
 $
 173.5

 Less: imputed interest
 22.5

 Total
 $
 151.0

 We signed operating leases for real estate of approximately $ 21.5 million that have not yet commenced at the end of 2023, and as such, have not been recognized on our Consolidated Balance Sheets. These operating leases are expected to commence in 2024 with lease terms ranging from 1 to 11 years.

 NOTE 10: COMMITMENTS AND CONTINGENCIES
 Commitments
 At the end of 2023, we had unconditional purchase obligations of approximately $ 618.9 million as compared to $ 858.8 million at the end of 2022. These unconditional purchase obligations primarily represent (i) open non-cancellable purchase orders for material purchases with our inventory vendors, and (ii) various non-cancelable agreements with certain service providers with minimum or fixed commitments.
 Litigation
 From time to time, we are involved in litigation arising in the ordinary course of our business. There are no material legal proceedings, other than ordinary routine litigation incidental to the business, that we or any of our subsidiaries is a party, or that any of our or our subsidiaries' property is subject.

 NOTE 11: FAIR VALUE MEASUREMENTS
 The following table summarizes the fair values of financial instruments at fair value on a recurring basis for the periods indicated and determined using the following inputs:

 Fair Values at the end of 2023

 Fair Values at the end of 2022

 Quoted prices in Active Markets for Identical Assets
 Significant Other Observable Inputs
 Significant Unobservable Inputs
 Quoted prices in Active Markets for Identical Assets
 Significant Other Observable Inputs
 Significant Unobservable Inputs

 (Level I)
 (Level II)
 (Level III)
 Total
 (Level I)
 (Level II)
 (Level III)
 Total

 Assets

 Deferred compensation plan (1)

 $
 31.2
 $
 —
 $
 —
 $
 31.2
 $
 31.5
 $
 —
 $
 —
 $
 31.5

 Derivatives (2)

 —
 0.3
 —
 0.3
 —
 18.0
 —
 18.0

 Contingent consideration (3)

 —
 —
 0.3
 0.3
 —
 —
 3.1
 3.1

 Total assets measured at fair value
 $
 31.2
 $
 0.3
 $
 0.3
 $
 31.8
 $
 31.5
 $
 18.0
 $
 3.1
 $
 52.6

 Liabilities

 Deferred compensation plan (1)

 $
 31.2
 $
 —
 $
 —
 $
 31.2
 $
 31.5
 $
 —
 $
 —
 $
 31.5

 Derivatives (2)

 —
 0.3
 —
 0.3
 —
 0.2
 —
 0.2

 Total liabilities measured at fair value
 $
 31.2
 $
 0.3
 $
 —
 $
 31.5
 $
 31.5
 $
 0.2
 $
 —
 $
 31.7

 (1)Represents a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees included in Other non-current assets and Other non-current liabilities on our Consolidated Balance Sheets. The plan is invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets.
 (2)Represents forward currency exchange contracts, and for 2022, a treasury rate lock contract, all that are included in Other current assets and Other current liabilities on our Consolidated Balance Sheets.
 (3) Represents arrangements to receive payments from buyers of our divested companies that are included in Other current assets on our Consolidated Balance Sheets. The fair values are estimated using scenario-based methods based upon estimated future milestones.
 At the end of 2022, derivative assets included foreign currency exchange contracts and a treasury rate lock contract, both related to the acquisition of Transporeon and associated debt and were settled in the first two quarters of 2023.
 Additional Fair Value Information
 The total estimated fair value of all outstanding financial instruments that are not recorded at fair value on a recurring basis (debt) was approximately $ 3.1 billion and $ 1.5 billion at the end of 2023 and 2022.
 The fair value of the senior notes was determined based on observable market prices in less active markets and is categorized accordingly as Level II. The fair values do not indicate the amount we would currently have to pay to extinguish the debt.

 NOTE 12: DEFERRED REVENUE AND REMAINING PERFORMANCE OBLIGATIONS
 Deferred Revenue
 Changes in our deferred revenue during 2023 and 2022 were as follows:

 2023
 2022

 Beginning balance of the period
 $
 737.6
 $
 631.8

 Revenue recognized from prior year-end
 ( 607.8)
 ( 511.5)

 Billings net of revenue recognized from current year
 631.6
 617.3

 Ending balance of the period
 $
 761.4
 $
 737.6

 Remaining Performance Obligations
 At the end of 2023, approximately $ 1.8 billion of revenue is expected to be recognized from remaining performance obligations for which goods or services have not been delivered, primarily subscription, software, and software maintenance, and to a lesser extent, hardware and professional services contracts. We expect to recognize $ 1.2 billion or 70 % of our remaining performance obligations as revenue during the next 12 months and the remainder thereafter.

 NOTE 13: INCOME TAXES
 Income before taxes and the provision (benefit) for taxes consisted of the following:

 2023
 2022
 2021

 Income before taxes:

 United States
 $
 26.9
 $
 117.7
 $
 144.0

 Foreign
 330.1
 451.4
 430.6

 Total
 $
 357.0
 $
 569.1
 $
 574.6

 Provision (benefit) for taxes:

 U.S. Federal:

 Current
 $
 57.1
 $
 98.4
 $
 27.1

 Deferred
 ( 92.5)
 ( 97.7)
 ( 22.9)

 ( 35.4)
 0.7
 4.2

 U.S. State:

 Current
 12.8
 12.6
 5.6

 Deferred
 ( 6.6)
 ( 5.0)
 ( 2.5)

 6.2
 7.6
 3.1

 Foreign:

 Current
 80.4
 48.4
 76.0

 Deferred
 ( 5.5)
 62.7
 ( 1.5)

 74.9
 111.1
 74.5

 Income tax provision
 $
 45.7
 $
 119.4
 $
 81.8

 Effective tax rate
 12.8
 %
 21.0
 %
 14.2
 %

 The difference between the tax provision (benefit) at the statutory federal income tax rate and the tax provision (benefit) as a percentage of income before taxes ("effective tax rate") was as follows:

 2023
 2022
 2021

 Statutory federal income tax rate
 21.0
 %
 21.0
 %
 21.0
 %

 Increase (reduction) in tax rate resulting from:

 Foreign income taxed at different rates
 0.8
 %
 4.4
 %
 0.5
 %

 U.S. State income taxes
 1.0
 %
 1.0
 %
 1.1
 %

 4.8
 %
 1.2
 %
 ( 0.8)
 %

 Other U.S. taxes on foreign operations
 ( 4.4)
 %
 ( 3.1)
 %
 ( 1.6)
 %

 Foreign-derived intangible income

 ( 3.9)
 %
 ( 0.4)
 %
 —
 %

 U.S. Federal research and development credits
 ( 5.4)
 %
 ( 2.2)
 %
 ( 2.1)
 %

 Tax reserve releases
 ( 2.5)
 %
 ( 1.8)
 %
 ( 2.1)
 %

 Intellectual property restructuring and tax law changes
 —
 %
 —
 %
 ( 2.5)
 %

 Other
 1.4
 %
 0.9
 %
 0.7
 %

 Effective tax rate
 12.8
 %
 21.0
 %
 14.2
 %

 Our effective income tax rates for 2023 and 2022 were 12.8 % and 21.0 %. The decrease was primarily due to increases in tax benefits from U.S. federal R&D credits and FDII in 2023, and a change in the geographic mix of earnings, partially offset by lower stock-based compensation deductions in the current year.

 Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred tax assets and liabilities were as follows:

 2023
 2022

 Deferred tax liabilities:

 Global intangible low-taxed income
 $
 105.8
 $
 137.8

 Purchased intangibles
 373.6
 121.1

 Operating lease right-of-use assets
 30.2
 29.0

 Other
 19.7
 16.1

 Total deferred tax liabilities
 529.3
 304.0

 Deferred tax assets:

 Depreciation and amortization
 368.2
 400.0

 Capitalized research and development
 98.4
 67.5

 Operating lease liabilities

 36.2
 32.8

 U.S. tax credit carryforwards
 23.5
 25.6

 Expenses not currently deductible
 26.5
 30.9

 Net operating loss carryforwards

 17.9
 20.0

 16.7
 13.8

 Intercompany prepayments

 36.6
 —

 Other
 60.8
 36.6

 Total deferred tax assets
 684.8
 627.2

 Valuation allowance
 ( 31.0)
 ( 42.6)

 Total deferred tax assets
 653.8
 584.6

 Total net deferred tax assets
 $
 124.5
 $
 280.6

 Reported as:

 Non-current deferred income tax assets
 $
 412.3
 $
 438.4

 Non-current deferred income tax liabilities
 ( 287.8)
 ( 157.8)

 Net deferred tax assets
 $
 124.5
 $
 280.6

 At the end of 2023, we have U.S. federal and foreign net operating loss carryforwards, or NOLs, of approximately $ 19.1 million and $ 86.3 million, respectively. The U.S. federal NOLs will begin to expire in 2026. There is generally no expiration for the foreign NOLs. Utilization of our U.S. federal NOLs is subject to annual limitations in accordance with the applicable tax code. We have determined that it is more likely than not that we will not realize a portion of the foreign NOLs and, accordingly, a valuation allowance has been established for such amount.
 We have California research and development credit carryforwards of approximately $ 35.3 million, which have an indefinite carryforward period. We believe that it is more likely than not that we will not realize a significant portion of the California research and development credit carryforwards and, accordingly, a valuation allowance has been established for such amount.
 As a result of the Tax Act, we can repatriate foreign earnings back to the U.S. when needed with minimal U.S. income tax consequences. We reinvested a large portion of our undistributed foreign earnings in acquisitions and other investments and intend to bring back a portion of foreign cash that was subject to the transition tax and the global intangible low-taxed income tax. During 2023, we repatriated $ 371.3 million of our foreign earnings to the U.S.

 The total amount of unrecognized tax benefits at the end of 2023 was $ 88.3 million. A reconciliation of gross unrecognized tax benefits was as follows:

 2023
 2022
 2021

 Beginning balance
 $
 76.5
 $
 64.2
 $
 64.1

 Increase related to current year tax positions
 12.4
 23.0
 9.6

 (Decrease) increase related to prior years' tax positions
 7.6
 ( 0.7)
 1.3

 Settlement with taxing authorities
 —
 —
 ( 1.3)

 Lapse of statute of limitations
 ( 8.2)
 ( 10.0)
 ( 9.5)

 Ending balance
 $
 88.3
 $
 76.5
 $
 64.2

 Total unrecognized tax benefits that, if recognized, would affect our effective tax rate were $ 59.5 million and $ 51.6 million at the end of 2023 and 2022.
 We and our subsidiaries are subject to U.S. federal, state, and foreign income taxes. Our tax years are substantially closed for all U.S. federal and state income taxes for audit purposes through 2015. Non-U.S. income tax matters have been concluded for years through 2008. We are currently in various stages of multiple year examinations from state and foreign (multiple jurisdictions) taxing authorities. While we generally believe it is more likely than not that our tax positions will be sustained, it is reasonably possible that future obligations related to these matters could arise. We believe that our reserves are adequate to cover any potential assessments that may result from the examinations and negotiations.
 Although timing of the resolution and/or closure of audits is not certain, we do not believe that our gross unrecognized tax benefits would materially change in the next twelve months.
 Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. Our liability for unrecognized tax benefits including interest and penalties was recorded in Other non-current liabilities on our Consolidated Balance Sheets. At the end of 2023 and 2022, we accrued $ 9.9 million and $ 8.4 million for interest and penalties.

 NOTE 14: EMPLOYEE STOCK BENEFIT PLANS
 Amended and Restated 2002 Stock Plan
 In May 2020, our stockholders approved an amendment to the 2002 Stock Plan to increase the number of shares of common stock available for issuance by 18.0 million shares. As such, our Amended and Restated 2002 Stock Plan provides for the granting of incentive and non-statutory stock options and Restricted Stock Units ("RSUs") for up to 92.6 million shares. At the end of 2023, the remaining number of shares available for grant under the 2002 stock plan was 11.5 million.
 Stock-Based Compensation Expense
 The following table summarizes the components of stock-based compensation expense recognized in our Consolidated Statements of Income for the periods indicated:

 2023
 2022
 2021

 Restricted stock units
 $
 132.8
 $
 108.7
 $
 110.5

 Stock options
 1.8
 1.1
 1.3

 ESPP
 10.8
 10.6
 10.8

 Total stock-based compensation expense
 $
 145.4
 $
 120.4
 $
 122.6

 Stock-based compensation expense was allocated as follows:

 2023
 2022
 2021

 Cost of sales
 $
 14.6
 $
 12.6
 $
 9.5

 Research and development
 40.7
 28.0
 29.5

 Sales and marketing
 27.1
 24.6
 21.5

 General and administrative
 63.0
 55.2
 62.1

 Total stock-based compensation expense
 $
 145.4
 $
 120.4
 $
 122.6

 At the end of 2023, total unamortized stock-based compensation expense was $ 214.9 million, with a weighted-average recognition period of 1.8 years.
 Restricted Stock Units
 We grant RSUs containing only service conditions and RSUs containing a combination of service, performance, and market conditions ("PSUs"). RSUs containing only service conditions typically vest ratably over a two - to three-year service period. PSUs are granted to executive officers and other senior employees and vest after a three-year service period.
 The fair value at the grant date is determined by (a) the closing price of our common stock for awards containing only service or both service and performance conditions, or (b) the Monte Carlo valuation model for awards containing both service and market conditions.
 For PSUs, the number of shares received at vesting will range from 0 % to 220 % of the target grant amount based on either market conditions or performance conditions or, in some cases, both. Market conditions consider our relative total stockholder return ("TSR") of our common stock as compared to the TSR of the constituents of the S&P 500 over the vesting period. Performance conditions consider the achievement of our financial results or metrics over the vesting period.

 2023 Restricted Stock Units Outstanding

 Number of Units (1)

 Weighted Average
Grant-Date Fair Value per Share

 (In millions, except for per share data)

 Outstanding at the beginning of year
 4.0
 $
 67.32

 Granted (2)

 3.9
 49.93

 Shares vested, net (2)

 ( 1.7)
 61.44

 Canceled and forfeited
 ( 0.7)
 56.39

 Outstanding at the end of year
 5.5
 $
 58.23

 (1) Includes 0.9 million PSUs granted, 0.1 million PSUs vested, 0.2 million PSUs cancelled and forfeited, and 1.2 million PSUs outstanding at the end of the year.
 (2) Excludes approximately 0.1 million PSUs related to achievement above target levels at the vesting date and approximately 0.1 million PSUs related to shares cancelled due to achievement below target levels.
 The weighted-average grant date fair value of all RSUs granted during 2023, 2022, and 2021 was $ 49.93, $ 73.32, and $ 78.44 per share. The fair value of all RSUs vested during 2023, 2022, and 2021 was $ 110.1 million, $ 108.3 million, and $ 81.4 million.
 Employee Stock Purchase Plan
 We have an ESPP under which our stockholders have approved an aggregate of 39.0 million shares of common stock for issuance to eligible employees. The fair value at the grant date is based on the Black-Scholes valuation model. The plan permits eligible employees to purchase common stock through payroll deductions at 85 % of the lower of the fair market value of the common stock at the beginning or at the end of each offering period, which is six months. Rights to purchase shares are granted during the first and third quarter of each year. The ESPP terminates on March 15, 2027. In 2023, 2022, and 2021, 0.8 million, 0.6 million, and 0.6 million shares were issued, representing $ 35.7 million, $ 34.7 million, and $ 33.4 million in cash received for the issuance of stock under the ESPP. At the end of 2023, the number of shares reserved for future purchases was 4.6 million.

 NOTE 15: COMMON STOCK REPURCHASE
 In August 2021, our Board of Directors approved a stock repurchase program ("2021 Stock Repurchase Program") authorizing up to $ 750.0 million in repurchases of our common stock. At the end of 2023, the 2021 Stock Repurchase Program had remaining authorized funds of $ 115.3 million.
 On January 28, 2024, our Board of Directors approved a new stock repurchase program ("2024 Stock Repurchase Program") authorizing up to $ 800.0 million in repurchases of our common stock. The 2024 Stock Repurchase Program replaced the 2021 Stock Repurchase Program, which has been cancelled. Under the 2024 Stock Repurchase Program, the stock repurchase authorization does not have an expiration date.
 According to the 2024 Stock Repurchase Program, we may repurchase stock from time to time through accelerated share repurchase programs, open market transactions, privately negotiated transactions, block purchases, tender offers, or by other means. The timing and actual number of any shares repurchased will depend on a variety of factors, including market conditions, our share price, other available uses of capital, applicable legal requirements, and other factors. The 2024 Stock Repurchase Program may be suspended, modified, or discontinued at any time without prior notice.
 During 2023, 2022, and 2021, we repurchased approximately 2.4 million, 6.0 million, and 2.1 million shares of common stock in open market purchases at an average price of $ 42.50, $ 65.90, and $ 85.75 per share for a total of $ 100.0 million, $ 394.7 million, and $ 180.0 million.
 Stock repurchases are reflected as a decrease to common stock based on par value and additional-paid-in-capital, determined by the average book value per share of outstanding stock, calculated at the time of each individual repurchase transaction. The excess of the purchase price over this average for each repurchase was charged to retained earnings. Common stock repurchases under the program were recorded based upon the trade date for accounting purposes. As a result of the 2023 repurchases under the 2021 Stock Repurchase Program, retained earnings was reduced by $ 79.0 million in 2023.

 NOTE 16: SUBSEQUENT EVENT
 Reporting Segment Change
 Considering the pending AGCO JV transaction and our CODM's revised organizational structure, effective in the first quarter of 2024, we reorganized our businesses under a new structure. This 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 CODM assesses performance and allocates resources. The new reporting segments will be as follows:
 • Architecture, Engineering, and Construction and Owner Software ("AECO Software"). 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.
 We will report the new segment information beginning in the first quarter of 2024. As of and for the year of 2023, our CODM continued to review financial information at the current segment level; therefore, these changes had no impact on our reporting structure for 2023.

 Report of Independent Registered Public Accounting Firm
 To the Stockholders and the Board of Directors of Trimble Inc.
 Opinion on the Financial Statements
 We have audited the accompanying consolidated balance sheets of Trimble Inc. (the Company) as of December 29, 2023 and December 30, 2022, the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended December 29, 2023, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 29, 2023 and December 30, 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 29, 2023, in conformity with U.S. generally accepted accounting principles.
 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 29, 2023, based on criteria established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 26, 2024, except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second and fourth paragraph of that report, as to which the date is January 15, 2025, expressed an adverse opinion thereon.
 Basis for Opinion
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 Critical Audit Matters
 The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

 Revenue Recognition – Stand-alone Selling Prices of Performance Obligations

 Description of the Matter
 As described in Note 1 to the consolidated financial statements, the Company's contracts with customers require management to make estimates and assumptions used in revenue recognition, including determining standalone selling prices of performance obligations ("SSP").
 Auditing management's determination of SSP was challenging and complex due to the disaggregation of the Company's businesses and product offerings, including disparity in pricing and discounting among the various businesses. Because of the disaggregation and variation in pricing and discounting, the Company must apply judgment and consider all reasonably available information, including but not limited to, pricing practices in customer contracts with multiple goods and services and other observable inputs when estimating SSP. Additionally, auditing management's estimates of SSP was complex as there were material weaknesses in internal controls over the information and judgments used in the estimation of such prices.

 How We Addressed the Matter in Our Audit
 After consideration of the material weaknesses, our audit procedures included, among others, testing a sample of the Company's estimated standalone selling prices for performance obligations throughout the Company's disaggregated businesses and product and service offerings. For the sample tested, we evaluated the appropriateness of the Company's estimates based on the Company's available pricing and discounting information throughout the disaggregated businesses and product and service offerings and we tested the completeness and accuracy of the data used in management's SSP methodology, including determination of pricing and discounting practices within the various sales channels. For the sample tested, we also evaluated the Company's identification and consideration of available information and the use of such information in determining SSP and we tested the accuracy of the Company's calculations of SSP. In addition, for a sample of transactions, we tested the Company's allocation of the transaction price among performance obligations based on relative SSP.

 Business Combination – Customer Relationships and Developed Technology

 Description of the Matter
 During fiscal year 2023, the Company completed the acquisition of Transporeon for consideration of $2.1 billion, as disclosed in Note 3 to the consolidated financial statements. The transaction was accounted for as a business combination.

 Auditing the Company's accounting for its acquisition of Transporeon was complex due to the significant estimation uncertainty in the Company's determination of the fair value of identified intangible assets, which principally consisted of developed technology and customer relationships. The significant estimation uncertainty was primarily due to the sensitivity of the respective fair values to underlying assumptions about the future performance of the acquired business. The Company used a discounted cash flow model to measure the developed technology and customer relationship intangible assets. The significant assumptions used to estimate the value of these intangible assets included certain assumptions that form the basis of the forecasted results, specifically, critical estimates when valuing intangible assets include expected future cash flows based on consideration of revenue, revenue growth rates, customer attrition rates, royalty rates, and discount rates. These significant assumptions are forward looking and could be affected by future economic and market conditions.

 How We Addressed the Matter in Our Audit
 To test the estimated fair value of the developed technology and customer relationships intangible assets, we performed audit procedures that included, among others, evaluating the Company's selection of the valuation methodology, evaluating the methods and significant assumptions used by the Company, and evaluating the completeness and accuracy of the underlying data supporting the significant assumptions and estimates. For example, we compared the significant assumptions to current industry, market and economic trends and to the Company's budgets and forecasts, and Transporeon's historical operating results. We involved our valuation specialists to assist with our evaluation of the methodology used by the Company and significant assumptions included in the fair value estimates. Our valuation specialists' procedures included, among others, developing a range of independent estimates for the discount rates used in the valuation models and comparing those to the discount rates selected by management.

 /s/ Ernst & Young LLP

 We have served as the Company's auditor since 1986.
 San Jose, California
 February 26, 2024, except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second paragraph of the Opinion on the Consolidated Financial Statements and the Critical Audit Matter for Revenue Recognition – Standalone Selling Prices of Performance Obligations described above, as to which the date is January 15, 2025.

 Report of Independent Registered Public Accounting Firm
 To the Stockholders and the Board of Directors of Trimble Inc.
 Opinion on Internal Control Over Financial Reporting
 We have audited Trimble Inc.'s internal control over financial reporting as of December 29, 2023, based on criteria established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weaknesses described below on the achievement of the objectives of the control criteria, Trimble Inc. (the Company) has not maintained effective internal control over financial reporting as of December 29, 2023, based on the COSO criteria.
 In our report dated February 26, 2024, we expressed an adverse opinion that the Company had not maintained effective internal control over financial reporting as of December 29, 2023, based on the COSO criteria. Management subsequently identified deficiencies in controls related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations and further concluded that such deficiencies represented material weaknesses as of December 29, 2023. As a result, management has revised its assessment, as presented in the accompanying Management's Annual Report on Internal Control over Financial Reporting, to describe these additional material weaknesses as of December 29, 2023. Accordingly, our present opinion on the effectiveness of internal control over financial reporting as of December 29, 2023, as expressed herein, includes additional material weaknesses from that included in our previous report.
 As indicated in the accompanying Management's Annual Report on Internal Control over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of businesses acquired in 2023, which are included in the 2023 consolidated financial statements of the Company and constituted approximately 3% of both tangible assets and revenue as of and for the year ended December 29, 2023. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of the businesses acquired in 2023.
 A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. The following material weaknesses have been identified and included in management's assessment. Management has identified a material weakness in controls related to the accounting for the Company's business combination with Transporeon, including lack of appropriate oversight of third-party valuation specialists and insufficient design and operating effectiveness of management review controls, including controls over the completeness and accuracy of certain assumptions used in the valuation of acquired intangible assets. Management also has identified material weaknesses in certain information technology controls related to certain systems that support the Company's financial reporting processes, controls to ensure the completeness and accuracy of data transferred between the Company's order processing system and other information systems and controls over the evaluation of standalone selling prices of performance obligations utilized in the Company's accounting for revenue.
 We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 29, 2023 and December 30, 2022, the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended December 29, 2023, and the related notes. These material weaknesses were considered in determining the nature, timing and extent of audit tests applied in our audit of the 2023 consolidated financial statements, and this report does not affect our report dated February 26, 2024, except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second paragraph of the Opinion on the Consolidated Financial Statements and the Critical Audit Matter for Revenue Recognition – Standalone Selling Prices of Performance Obligations, as to which the date is January 15, 2025, which expressed an unqualified opinion on those financial statements.
 Basis for Opinion
 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
 Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
 Definition and Limitations of Internal Control Over Financial Reporting
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 /s/ Ernst & Young LLP
 San Jose, California
February 26, 2024, except for the effects of the material weaknesses related to certain information technology general controls for certain systems, controls to ensure the completeness and accuracy of data transferred between certain systems, and controls over the evaluation of standalone selling prices of performance obligations described in the second and fourth paragraphs above, as to which the date is January 15, 2025

 Item 9A. Controls and Procedures
 (a) Evaluation of Disclosure Controls and Procedures
 Management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), had evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on such evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of the end of such period because of the material weaknesses in internal control over financial reporting described below.
 Notwithstanding the identified material weaknesses, management has concluded that the consolidated financial statements as originally filed on Form 10-K on February 26, 2024, and as included in the Amendment, present fairly, in all material respects, our financial position at December 29, 2023 and December 30, 2022, and the results of operations and cash flows for each of the three years in the period ended December 29, 2023. There were no restatements to the consolidated financial statements for the periods presented in the Original Form 10-K or for any previously released financial results.
 Inherent Limitations on Effectiveness of Controls
 Management does not expect that the internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
 (b) Management's Annual Report on Internal Control over Financial Reporting
 Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP.
 Management conducted an evaluation of the effectiveness of the internal control over financial reporting based on the Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013

 framework). Based on the assessment by management, it was determined that the Company's internal control over financial reporting was not effective due to the material weaknesses described below.
 • We did not design and maintain effective controls over the accounting for the Company's business combination with Transporeon. This included lack of appropriate oversight of third-party valuation specialists and insufficient design and operating effectiveness of management review controls, including controls over the completeness and accuracy of certain assumptions used in the valuation of intangible assets.
 • We did not design and maintain effective controls over certain ITGCs for certain business systems related to the Company's financial reporting processes. Specifically, the Company did not design sufficient controls to (i) manage user access to systems, (ii) ensure that program changes made to systems were authorized and approved, or (iii) identify and resolve system issues impacting the financial reporting process. Certain business process controls that are dependent on the ineffective ITGCs, or that rely on data produced from systems impacted by the ineffective ITGCs, could have been adversely impacted, and were also deemed ineffective.
 • With respect to certain ITGCs and other controls for systems related to the Company's financial reporting processes, there was undue reliance on controls over IT interfaces to transfer data between the order processing system and (i) billing system; (ii) financial reporting system; or (iii) revenue calculation system impacting the majority of revenue without effectively designed controls to ensure the completeness and accuracy of data transferred between the different systems. Certain business process controls that rely on data transferred between the different systems could have been adversely impacted and were also deemed ineffective.
 • We did not design and maintain effective controls over the evaluation of standalone selling prices of performance obligations utilized in accounting for revenue, including review controls over the establishment and subsequent changes to standard pricing and discounting.
 We have excluded the businesses acquired in 2023 from our evaluation of the internal control over financial reporting. The excluded businesses constituted approximately 3% of both tangible assets and revenue as of and for the year ended December 29, 2023.
 The effectiveness of our internal control over financial reporting at the end of 2023 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report.
 Remediation Plan for Material Weaknesses
 Management, with the oversight of the Audit Committee, is currently taking actions to remediate the material weaknesses and is implementing additional processes and controls to address the underlying causes associated with the material weaknesses described above. These efforts include:
 • We have finalized the design of review controls over third-party valuation specialists to add greater levels of precision to detect and prevent potential misstatements, including the establishment of process and controls to evaluate adequate review and evidence used in the valuation of acquired intangible assets. The Company had an acquisition with a purchase price of $26 million in the second quarter of 2024 for which the Company successfully tested the operating effectiveness of the remediated design of applicable business combination controls.
 • We are in the process of finalizing the design and implementation of controls of certain ITGCs for business systems related to the Company's financial reporting processes.
 • We are in the process of finalizing the design and implementation of certain ITGCs and other controls for systems related to the Company's financial reporting processes, specifically on the IT interfaces that transfer data between the order processing system and (i) billing system; (ii) financial reporting system; or (iii) revenue calculation system impacting the majority of revenue.
 • We are in the process of finalizing the design and implementation of controls over the evaluation of standalone selling prices of performance obligations utilized in accounting for revenue, including review controls over pricing and discounting.
 The material weaknesses will not be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. We believe the measures described above will remediate the control deficiencies we have identified and strengthen our internal control over financial reporting. We are committed to continuing to improve our internal control processes and will continue to review, optimize, and enhance our financial reporting controls and procedures.
 The process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments, and to expend significant resources to maintain a financial reporting system that is adequate to satisfy our reporting obligations. As we continue to

 evaluate and take actions to improve our internal control over financial reporting, we may determine to take additional actions to address control deficiencies or determine to modify certain of the remediation measures described above.
 Changes in Internal Control over Financial Reporting
 In addition to the identified material weaknesses noted above, we are implementing a customer relationship management tool across our businesses as a strategic initiative that will replace many legacy systems and that could materially affect our internal control over financial reporting (as such term is defined in Rules 13a - 15(f) and 15d - 15(f) under the Exchange Act). Other than as described above, there have been no changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the period for which this report relates.

 Item 15. Exhibits and Financial Statement Schedules.
 (1) Financial Statements
 The following consolidated financial statements required by this item are included in Part II, Item 8 hereof, under the caption "Financial Statements and Supplementary Data".

 Page in this Report

 Consolidated Balance Sheets

 Consolidated Statements of Income

 Consolidated Statements of Comprehensive Income

 Consolidated Statements of Stockholders' Equity

 Consolidated Statements of Cash Flows

 Notes to Consolidated Financial Statements

 Reports of Independent Registered Public Accounting Firm

 (2) Financial Statement Schedules
 All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and accompanying notes included in this report.
 (3) Exhibits
 We have filed, or incorporated into the report by reference, the exhibits listed on the accompanying Index to Exhibits immediately preceding the signature page of this report.

 INDEX TO EXHIBITS

 Exh. No.
 Description of Exhibit
 Filed herewith or
 incorporated by reference to:

 2.1 *
 Sale and Purchase Agreement, dated December 11, 2022, by and among the Company, Trimble Trailblazer GmbH and Spider Investments Luxembourg S. r.l.

 Exh. 2.1 to Form 8-K/A filed Dec. 21, 2022

 2.2
 Sale and Contribution Agreement, dated September 28, 2023, by and among the Company, Trimble Solutions, LLC, and AGCO Corporation

 Exh. 10.1 to Form 8-K/A filed Sep. 29, 2023

 3.1
 Certificate of Incorporation of Trimble Inc.

 Exh. 3.1 to Form 8-K filed Oct. 3, 2016

 3.2
 Amended and Restated By-Laws of Trimble Inc., effective December 6, 2023

 Exh. 3.1 to Form 8-K filed Dec. 11, 2023

 4.1
 Description of Securities of Trimble Inc.

 Exh. 4.2 to Form 10-K filed Feb. 28, 2020

 4.2(A)

 Indenture, dated as of October 30, 2014, between the Company and U.S. Bank National Association

 Exh. 4.2 to Form S-3 filed Oct. 30, 2014

 4.2(B)

 First Supplemental Indenture, dated November 24, 2014, between the Company and U.S. Bank National Association (which includes Form of 4.750% Senior Note due 2024)

 Exh. 4.1 to Form 8-K filed Nov. 24, 2014

 4.2(C)

 Second Supplemental Indenture, dated October 1, 2016, between the Company and U.S. Bank National Association

 Exh. 4.2 to Form 8-K filed Oct. 3, 2016

 4.2(D)

 Third Supplemental Indenture, dated June 15, 2018, between the Company and U.S. Bank National Association (which includes Form of 4.150% Senior Note due 2023 and Form of 4.900% Senior Note due 2028)

 Exh. 4.1 to Form 8-K filed Jun. 15, 2018

 4.2(E)

 Fourth Supplemental Indenture, dated March 9, 2023, between the Company and U.S. Bank National Association (which includes Form of 6.100% Senior Note due 2033)

 Exh. 4.1 to Form 8-K filed March 9, 2023

 10.1(A)

 Credit Agreement, dated March 24, 2022, by and among Trimble Inc., the borrowing subsidiaries party thereto, the lenders party thereto, and Bank of America, N.A., as administrative agent

 Exh. 10.1 to Form 8-K filed Mar. 30. 2022

 10.1(B)

 Amendment No. 1, dated December 27, 2022, to Credit Agreement of March 24, 2022

 Exh. 10.2 to Form 8-K filed Dec. 30, 2022

 10.1(C)

 Amendment No. 2, dated April 28, 2023, to Credit Agreement of March 24, 2022

 Exh. 10.1 to Form 10-Q filed Aug. 4, 2023

 10.1(D)

 Term Loan Credit Agreement, dated December 27, 2022, by and among Trimble Inc., the lenders party thereto, and Bank of America, N.A., as administrative agent

 Exh. 10.1 to Form 8-K filed Dec. 30, 2022

 10.2+

 Form of Indemnification Agreement between the Company and its officers and directors

 Exh. 10.1 to Form 8-K filed Nov. 15, 2017

 10.3+

 Board of Directors Compensation Policy, as amended February 22, 2022

 Exh. 10.1 to Form 8-K filed Feb. 28, 2022

 10.4+

 Incentive Compensation Recoupment Policy, as amended September 24, 2023

 Exh. 10.1 to Form 10-Q filed Nov. 3, 2023

 10.5+

 Deferred Compensation Plan, as amended August 26, 2020

 Exh. 10.2 to Form 10-Q filed Nov. 6, 2020

 10.6+

 Age and Service Equity Vesting Program, as amended March 20, 2023

 Exh. 10.5 to Form 10-Q filed May 3, 2023

 10.7(A)+

 Employee Stock Purchase Plan, as amended March 13, 2017

 App. B of Form DEF 14A filed Mar. 23, 2017

 10.7(B)+

 Employee Stock Purchase Plan - Form of global subscription agreement

 Exh. 10.5 to Form 10-Q filed Nov. 10, 2015

 10.8(A)+

 2002 Stock Plan, as amended April 6, 2020

 App. B of Form DEF 14A filed Apr. 15, 2020

 10.8(B)+

 2002 Stock Plan - Form of stock option agreement (U.S. directors)

 Exh. 10.2 to Form 10-Q filed Nov. 7, 2014

 10.8(C)+

 2002 Stock Plan - Form of stock option agreement (non-U.S. directors)

 Exh. 10.3 to Form 10-Q filed Nov. 7, 2014

 10.8(D)+

 2002 Stock Plan - Form of global stock option agreement (officers)

 Exh. 10.1 to Form 10-Q filed Nov. 10, 2015

 10.8(E)+

 2002 Stock Plan - Form of stock option agreement (officers, 2023 revision)

 Exh. 10.2 to Form 10-Q filed May 3, 2023

 10.8(F)+

 2002 Stock Plan - Form of global restricted stock unit award agreement

 Exh. 10.2 to Form 10-Q filed Nov. 10, 2015

 10.8(G)+

 2002 Stock Plan - Form of global performance restricted stock unit award agreement

 Exh. 10.6 to Form 10-Q filed Nov. 10, 2015

 10.8(H)+

 2002 Stock Plan - Form of global restricted stock unit award agreement (officers)

 Exh. 10.30 to Form 10-K filed Feb. 24, 2017

 10.8(I)+

 2002 Stock Plan - Form of global performance stock unit award agreement (Operating Income/Revenue)

 Exh. 10.4 to Form 10-Q filed Aug. 8, 2017

 10.8(J)+

 2002 Stock Plan - Form of global performance stock unit award agreement (Total Stockholder Return)

 Exh. 10.5 to Form 10-Q filed Aug. 8, 2017

 10.8(K)+

 2002 Stock Plan - Form of global performance stock unit award agreement (officers)

 Exh. 10.1 to Form 10-Q filed Aug. 2, 2019

 10.8(L)+

 2002 Stock Plan - Performance stock option agreement between the Company and Rob Painter issued January 4, 2020

 Exh. 10.9(K) to Form 10-K filed Feb. 28, 2020

 10.8(M)+

 2002 Stock Plan - Form of performance stock unit award agreement (TSR-based, 2021 revision)

 Exh. 10.2 to Form 10-Q filed Aug. 9, 2021

 10.8(N)+

 2002 Stock Plan - Form of performance stock unit award agreement (TSR-ARR-ESG)

 Exh. 10.1 to Form 10-Q filed May 5, 2022

 10.8(O)+

 2002 Stock Plan - Form of performance RSU award agreement (ARR with P&P Modifier)

 Exh. 10.3 to Form 10-Q filed May 3, 2023

 10.8(P)+

 2002 Stock Plan - Form of performance RSU award agreement (ARR and TSR with P&P Modifier)

 Exh. 10.4 to Form 10-Q filed May 3, 2023

 10.9+

 Trimble OneBonus Plan Description

 Exh. 10.1 to Form 8-K filed Feb. 25, 2021

 10.10+

 Form of Change in Control Severance Agreement between the Company and certain Company officers, together with a schedule identifying material differences in the agreements entered into with specific officers

 Exh. 10.1 to Form 10-Q filed Aug. 8, 2017

 10.11+

 Form of Executive Severance Agreement between the Company and certain Company officers, together with a schedule identifying material differences in the agreements entered into with specific officers

 Exh. 10.2 to Form 10-Q filed Aug. 8, 2017

 10.12+

 Change in Control Severance Agreement between the Company and Robert G. Painter dated January 4, 2020

 Exh. 10.15 to Form 10-K filed Feb. 26, 2021

 10.13+

 Executive Severance Agreement between the Company and Robert G. Painter dated January 4, 2020

 Exh. 10.16 to Form 10-K filed Feb. 26, 2021

 21.1
 Subsidiaries of the Company

 Exh. 21.1 to Form 10-K filed Feb. 26, 2024

 23.1
 Consent of Independent Registered Public Accounting Firm

 Filed herewith

 24.1
 Power of Attorney

 Exh. 24.1 to Form 10-K filed Feb. 26, 2024

 31.1
 Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 Filed herewith

 31.2
 Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 Filed herewith

 32.1
 Certification of CEO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 Furnished herewith

 32.2
 Certification of CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 Furnished herewith

 101++

 104++

 * Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to supplementally furnish an unredacted copy of this exhibit to the SEC upon request; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, to the extent so furnished.
 + Indicates management contract or compensatory plan or arrangement required to be filed as an exhibit to this Annual Report on Form 10–K/A.
 ++ Pursuant to applicable securities laws and regulations, the Company is deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits and is not subject to liability under any anti-fraud provisions of the federal securities laws as long as the Company has made a good faith attempt to comply with the submission requirements and promptly amends the interactive data files after becoming aware that the interactive data files fails to comply with the submission requirements.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 By:
 /S/ ROBERT G. PAINTER

 Robert G. Painter,
President and Chief Executive Officer

 January 15, 2025