TRIMBLE INC
For the period ended Dec 29, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
TRMB$54.75+0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| (In millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Cash flow from operating activities: | |||
| Net income | $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) |
| Stock-based compensation | 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: | |||
| Accounts receivable, net | (36.4) | (55.4) | (9.0) |
| Inventories | 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.
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