v3.25.2
Reporting Segment and Geographic Information
 6 Months Ended
Jul. 04, 2025
Segment Reporting [Abstract]  
Reporting Segment and Geographic Information
NOTE 7. REPORTING SEGMENT AND GEOGRAPHIC INFORMATION
We determined our operating segments based on how our Chief Executive Officer, who is our Chief Operating Decision Maker (“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 uses segment revenue and operating income to assess segment performance and to allocate resources. The CODM evaluates segment revenue and operating income by considering periodic forecast-to-actual variances and trends, as well as overall strategic initiatives. Asset information by segments is not regularly reviewed by the CODM.
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:
•Architects, Engineers, Construction and Owners (“AECO”). This segment primarily serves customers working in architecture, engineering, construction, design, asset management, operations, and maintenance. Within this segment, our most substantial product portfolios are software solutions focused on design, engineering, building and civil construction, capital planning, and asset management software. Products are sold primarily through a direct channel to customers.
•Field Systems. This segment primarily serves customers working in surveying and mapping, civil construction, building construction field services, and positioning systems. Within this segment, our most substantial product portfolios are hardware and software solutions focused on geospatial, civil engineering construction, and positioning services. Products are sold and distributed primarily through a global network of independent distribution partners.
•Transportation and Logistics (“T&L”). This segment provides a suite of solutions for shippers, carriers, and intermediaries globally. Within this segment, our most substantial product portfolio addresses the truckload freight market. Products are sold primarily through a direct channel to customers.
The following reporting segment tables reflect the revenue, costs and expenses, and operating income of our reportable operating segments under our management reporting system. Segment costs and expenses include directly attributable costs and certain indirect costs allocated to segments, such as facilities, information technology, cloud services, finance, legal, and human resources. This is consistent with the way the CODM evaluates each of the segment’s performance and allocates resources.
 Reporting Segments
 
AECO
Field Systems
T&L
(In millions)   
Second Quarter of 2025
Segment revenue$350.3 $392.7 $132.7 
Cost of sales
59.7 161.9 33.6 
Operating expense
184.2 109.8 70.5 
Operating income
$106.4 $121.0 $28.6 
Operating income %
30.4 %30.8 %21.6 %
Second Quarter of 2024
Segment revenue$299.7 $379.3 $191.8 
Cost of sales
53.4 168.5 69.3 
Operating expense
167.2 101.0 86.6 
Operating income
$79.1 $109.8 $35.9 
Operating income %
26.4 %28.9 %18.7 %
First Two Quarters of 2025
Segment revenue$685.7 $751.9 $278.7 
Cost of sales
118.6 316.1 78.2 
Operating expense
369.1 208.2 145.8 
Operating income
$198.0 $227.6 $54.7 
Operating income %
28.9 %30.3 %19.6 %
First Two Quarters of 2024
Segment revenue$638.8 $798.5 $386.8 
Cost of sales
108.7 364.4 142.8 
Operating expense
324.3 226.0 171.8 
Operating income
$205.8 $208.1 $72.2 
Operating income %
32.2 %26.1 %18.7 %
A reconciliation of our condensed consolidated segment operating income to condensed consolidated income before income taxes was as follows: 
 Second Quarter of First Two Quarters of
 2025202420252024
(In millions)    
Total segment operating income
$256.0 $224.8 $480.3 $486.1 
Unallocated general corporate expenses(33.4)(30.4)(59.5)(57.3)
Amortization of purchased intangible assets(42.9)(54.5)(84.9)(109.0)
Acquisition / divestiture items(2.7)(33.9)(11.6)(57.8)
Stock-based compensation / deferred compensation(40.8)(38.1)(78.3)(76.9)
Restructuring and other costs(8.4)(6.3)(20.7)(14.3)
Consolidated operating income127.8 61.6 225.3 170.8 
Total non-operating (expense) income, net(14.5)1,700.4 (25.6)1,664.2 
Consolidated income before taxes$113.3 $1,762.0 $199.7 $1,835.0 
The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers attributed to countries based on the location of the customer and is consistent with the Reporting Segment tables above.
 Reporting Segments
 AECOField SystemsT&LTotal
(In millions)    
Second Quarter of 2025
North America$223.9 $216.5 $70.5 $510.9 
Europe86.2 105.5 58.0 249.7 
Asia Pacific30.5 47.7 3.3 81.5 
Rest of World9.7 23.0 0.9 33.6 
Total segment revenue $350.3 $392.7 $132.7 $875.7 
Second Quarter of 2024
North America$191.5 $200.4 $114.9 $506.8 
Europe71.3 96.2 63.9 231.4 
Asia Pacific27.0 59.1 3.3 89.4 
Rest of World9.9 23.6 9.7 43.2 
Total segment revenue $299.7 $379.3 $191.8 $870.8 
First Two Quarters of 2025
North America$453.1 $408.8 $154.7 $1,016.6 
Europe158.0 201.1 113.3 472.4 
Asia Pacific58.2 97.1 6.0 161.3 
Rest of World16.4 44.9 4.7 66.0 
Total segment revenue$685.7 $751.9 $278.7 $1,716.3 
First Two Quarters of 2024
North America$384.6 $382.4 $234.6 $1,001.6 
Europe171.3 236.7 120.6 528.6 
Asia Pacific62.0 124.1 9.0 195.1 
Rest of World20.9 55.3 22.6 98.8 
Total segment revenue$638.8 $798.5 $386.8 $1,824.1 
Total revenue in the United States, as included in the Condensed Consolidated Statements of Income, was $466.9 million for both the second quarter of 2025 and 2024, and $936.7 million and $923.8 million for the first two quarters of 2025 and 2024. No single customer or country other than the United States accounted for 10% or more of our total revenue.