Trimble Inc. Amends 2023 10-K Over Audit Control Concerns

TL;DR

Trimble's auditor found control issues pre-PCAOB inspection; filing amended to address.

AI Summary

Trimble Inc. is filing an amendment (10-K/A) to its 2023 annual report, originally filed on February 26, 2024. This amendment addresses concerns raised by its independent auditor, Ernst & Young LLP (EY), regarding the design and execution of certain internal controls identified in preparation for a PCAOB inspection. The specific nature of these control deficiencies and their financial impact are detailed within the filing.

Why It Matters

This filing indicates potential issues with Trimble's internal financial reporting controls, which could impact investor confidence and regulatory scrutiny.

Risk Assessment

Risk Level: medium — The amendment addresses concerns about internal control deficiencies identified by the auditor, which could signal underlying issues in financial reporting processes.

Key Players & Entities

• Trimble Inc. (company) — Filer of the 10-K/A amendment
• Ernst & Young LLP (company) — Trimble's independent registered public accounting firm
• PCAOB (company) — Public Company Accounting Oversight Board
• February 26, 2024 (date) — Date of original 10-K filing
• May 3, 2024 (date) — Date of disclosure of auditor concerns

FAQ

From the Filing

0000864749-25-000011.txt : 20250116 0000864749-25-000011.hdr.sgml : 20250116 20250115214545 ACCESSION NUMBER: 0000864749-25-000011 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 102 CONFORMED PERIOD OF REPORT: 20231229 FILED AS OF DATE: 20250116 DATE AS OF CHANGE: 20250115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIMBLE INC. CENTRAL INDEX KEY: 0000864749 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 942802192 STATE OF INCORPORATION: DE FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-14845 FILM NUMBER: 25534166 BUSINESS ADDRESS: STREET 1: 10368 WESTMOOR DR CITY: WESTMINSTER STATE: CO ZIP: 80021 BUSINESS PHONE: (720) 887-6100 MAIL ADDRESS: STREET 1: 10368 WESTMOOR DR CITY: WESTMINSTER STATE: CO ZIP: 80021 FORMER COMPANY: FORMER CONFORMED NAME: TRIMBLE NAVIGATION LTD /CA/ DATE OF NAME CHANGE: 19930328 10-K/A 1 trmb-20231229.htm 10-K/A trmb-20231229 true 2023 FY 0000864749 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 fi