Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

NOTE 6. SEGMENT INFORMATION

We determined our operating segments based on how our Chief Operating Decision Maker (“CODM”) views and evaluates operations. 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
(In millions)
Second Quarter of 2023
Segment revenue	$	410.0	$	192.9	$	196.0	$	194.7	$	993.6
Segment operating income	105.8		67.1		61.3		30.8		265.0
Second Quarter of 2022
Segment revenue	$	382.6	$	193.7	$	214.8	$	150.1	$	941.2
Segment operating income	101.4		57.8		73.0		11.8		244.0
First Two Quarters of 2023
Segment revenue	$	809.5	$	345.3	$	404.6	$	349.6	$	1,909.0
Segment operating income	219.1		104.4		140.4		54.2		518.1
First Two Quarters of 2022
Segment revenue	$	780.2	$	401.2	$	444.7	$	308.8	$	1,934.9
Segment operating income	222.1		115.7		148.1		21.0		506.9

	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
As of the end of the Second Quarter of 2023
Accounts receivable, net	$	261.5	$	146.5	$	84.4	$	171.7	$	664.1
Inventories	78.2		134.7		98.4		60.1		371.4
Goodwill	2,334.9		383.7		480.3		2,361.0		5,559.9
As of Year End 2022
Accounts receivable, net	$	305.1	$	137.2	$	79.2	$	121.8	$	643.3
Inventories	93.2		146.1		100.3		62.9		402.5
Goodwill	2,300.1		382.1		471.8		983.9		4,137.9

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
	2023		2022		2023		2022
(In millions)
Consolidated segment operating income	$	265.0	$	244.0	$	518.1	$	506.9
Unallocated general corporate expenses	(34.0)		(33.3)		(61.0)		(63.1)
Amortization of purchased intangible assets	(62.1)		(32.3)		(96.8)		(66.9)
Acquisition / divestiture items	(26.5)		(7.3)		(33.5)		(11.2)
Stock-based compensation / deferred compensation	(42.1)		(26.2)		(77.5)		(51.2)
Restructuring and other costs	(6.7)		(10.0)		(18.7)		(22.7)
Consolidated operating income	93.6		134.9		230.6		291.8
Total non-operating income (expense), net	(36.1)		86.7		(12.5)		68.3
Consolidated income before taxes	$	57.5	$	221.6	$	218.1	$	360.1

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
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
Second Quarter of 2023
North America	$	268.0	$	89.5	$	49.8	$	118.3	$	525.6
Europe	86.9		55.4		81.2		59.2		282.7
Asia Pacific	49.0		39.1		14.5		8.0		110.6
Rest of World	6.1		8.9		50.5		9.2		74.7
Total segment revenue	$	410.0	$	192.9	$	196.0	$	194.7	$	993.6
Second Quarter of 2022
North America	$	242.9	$	87.9	$	64.3	$	117.8	$	512.9
Europe	84.0		61.3		97.7		18.4		261.4
Asia Pacific	49.9		32.8		13.5		7.6		103.8
Rest of World	5.8		11.7		39.3		6.3		63.1
Total segment revenue	$	382.6	$	193.7	$	214.8	$	150.1	$	941.2
First Two Quarters of 2023
North America	$	517.8	$	147.2	$	104.7	$	237.7	$	1,007.4
Europe	181.1		107.6		180.3		81.5		550.5
Asia Pacific	97.1		71.5		30.5		14.6		213.7
Rest of World	13.5		19.0		89.1		15.8		137.4
Total segment revenue	$	809.5	$	345.3	$	404.6	$	349.6	$	1,909.0
First Two Quarters of 2022
North America	$	474.8	$	171.3	$	123.3	$	241.9	$	1,011.3
Europe	196.3		132.5		211.7		40.1		580.6
Asia Pacific	96.8		74.8		32.7		15.0		219.3
Rest of World	12.3		22.6		77.0		11.8		123.7
Total segment revenue	$	780.2	$	401.2	$	444.7	$	308.8	$	1,934.9

Total revenue in the United States as included in the Condensed Consolidated Statements of Income was $485.1 million and $467.4 million for the second quarter of 2023 and 2022, and $922.6 million and $914.4 million for the first two quarters of 2023 and 2022. No single customer or country other than the United States accounted for 10% or more of our total revenue.