Fair Value Measurements (Tables)

9 Months Ended

Sep. 28, 2018

Assets And Liabilities Measured At Fair Value On A Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations.



	Fair Values as of the end of the Third Quarter of Fiscal 2018								Fair Values as of Fiscal Year End 2017
(In millions)	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Assets
Available-for-sale securities:
U.S. Treasury securities (1)	$	—	$	—	$	—	$	—	$	—	$	9.6	$	—	$	9.6
Corporate debt securities (1)	—		—		—		—		—		96.0		—		96.0
Commercial paper (1)	—		—		—		—		—		100.1		—		100.1
Total available-for-sale securities	—		—		—		—		—		205.7		—		205.7
Deferred compensation plan assets (2)	32.8		—		—		32.8		27.1		—		—		27.1
Derivative assets (3)	—		0.1		—		0.1		—		0.5		—		0.5
Total assets measured at fair value	$	32.8	$	0.1	$	—	$	32.9	$	27.1	$	206.2	$	—	$	233.3
Liabilities
Deferred compensation plan liabilities (2)	$	32.8	$	—	$	—	$	32.8	$	27.1	$	—	$	—	$	27.1
Derivative liabilities (3)	—		0.5		—		0.5		—		0.1		—		0.1
Contingent consideration liabilities (4)	—		—		4.8		4.8		—		—		14.2		14.2
Total liabilities measured at fair value	$	32.8	$	0.5	$	4.8	$	38.1	$	27.1	$	0.1	$	14.2	$	41.4


(1)	The Company’s available-for sale securities are valued using readily available pricing sources for comparable instruments, or model-driven valuations using significant inputs derived from or corroborated by observable market data, including yield curves and credit ratings.

(2)

The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The plan assets and liabilities are invested in actively traded mutual funds and individual stocks valued using observable quoted prices in active markets. Deferred compensation plan assets and liabilities are included in Other non-current assets and Other non-current liabilities, respectively, on the Company's Condensed Consolidated Balance Sheets.

(3)

Derivative assets and liabilities primarily represent forward currency exchange contracts. The Company typically enters into these contracts to minimize the short-term impact of foreign currency exchange rates on certain trade and inter-company receivables and payables. Derivative assets and liabilities are included in Other current assets and Other current liabilities on the Company's Condensed Consolidated Balance Sheets.

(4)

Contingent consideration liabilities represent arrangements to pay the former owners of certain companies that Trimble acquired. The undiscounted maximum payment under the arrangements is $52.6 million at the end of the third quarter of fiscal 2018. The fair values are estimated using scenario-based methods or option pricing methods based upon estimated future revenues, gross margins or other milestones. Contingent consideration liabilities are included in Other current liabilities and Other non-current liabilities on the Company's Condensed Consolidated Balance Sheets.

Additional Fair Value Information Relating To The Company's Financial Instruments Outstanding

The following table provides additional fair value information relating to the Company’s outstanding financial instruments:



	Carrying Amount		Fair Value		Carrying Amount		Fair Value
As of	Third Quarter of Fiscal 2018				Fiscal Year End 2017
(In millions)
Liabilities:
2023 Senior Notes	$	300.0	$	299.6	$	—	$	—
2024 Senior Notes	400.0		404.4		400.0		430.4
2028 Senior Notes	600.0		605.0		—		—
2014 Credit Facility, retired	—		—		389.0		389.0
2018 Term Loan	500.0		500.0		—		—
Uncommitted facilities	225.8		225.8		128.0		128.0
Promissory notes and other debt	1.1		1.1		1.2		1.2