TRIMBLE INC.TRMB
TRIMBLE INC. Debt Disclosure
NOTE 9: DEBT
Total outstanding debt consisted of the following:
| At the End of Year | Effective interest rate | |||||||||||||||||||||||||
| (In millions, except percentages) | Date of Issuance | End of 2025 | 2025 | 2024 | ||||||||||||||||||||||
| Senior Notes: | ||||||||||||||||||||||||||
Senior Notes, 4.90%, due June 2028 | June 2018 | 5.04% | $ | 600.0 | $ | 600.0 | ||||||||||||||||||||
Senior Notes, 6.10%, due March 2033 | March 2023 | 6.13% | 800.0 | 800.0 | ||||||||||||||||||||||
| Unamortized discount and issuance costs | (7.8) | (9.4) | ||||||||||||||||||||||||
| Total debt | $ | 1,392.2 | $ | 1,390.6 | ||||||||||||||||||||||
Senior Notes
All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year for the 2028 senior notes and in March and September for the 2033 senior notes. For both the 2028 and 2033 senior notes, the interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes.
Our senior notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness. We may redeem the notes of each series of senior notes at our option in whole or in part at any time at optional redemption prices. No principal amounts are due prior to the maturity dates.
Our senior notes contain covenants limiting our ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, in each case, subject to certain exceptions. At the end of 2025, we were in compliance with these covenants.
Credit Facilities
2025 Credit Facility
On December 4, 2025, we entered into a credit facility agreement with a group of lenders (the “2025 Credit Facility”), which replaced the prior 2022 Credit Facility maturing in March 2027. The 2025 Credit Facility provides for a five-year, unsecured revolving credit facility in the aggregate principal amount of $1.25 billion, and permits us, subject to the satisfaction of certain conditions, to increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The proceeds of the revolving loans may be used for working capital and general corporate purposes, including the financing of acquisitions. We may borrow, repay, and reborrow funds under the revolving facility until its maturity on December 4, 2030.
Advances under the 2025 Credit Facility accrue interest at rates equal to, (a) in the case of U.S. dollar borrowings, at our election, either (i) the alternate base rate plus a margin that ranges from 0.00% to 0.750%, or (ii) the adjusted term Secured Overnight Finance Rate (SOFR) plus a margin that ranges from 0.875% to 1.750%, or (b) in the case of foreign currency borrowings, the interest benchmark for the relevant currency specified in the credit agreement plus a margin that ranges from 0.875% to 1.750%. We are obligated to pay an ongoing commitment fee on undrawn amounts at a rate of 0.075% to 0.275%. The actual interest margin and the commitment fee are based on the lower of our credit rating or leverage ratio.
No amount was outstanding under the 2025 Credit Facility at the end of 2025 or the 2022 Credit Facility at the end of 2024.
The 2025 Credit Facility contains customary covenants, including, among other requirements, limitations that restrict our and our subsidiaries’ ability to create liens, and restrictions on the ability of our subsidiaries to incur indebtedness. Further, the 2025 Credit Facility contains financial covenants that require the maintenance of maximum leverage ratios, as well as the timely delivery of quarterly financial reports and compliance certificates. At the end of 2025, we were in compliance with our debt covenants for the 2025 Credit Facility.
Uncommitted Facilities
At the end of 2025, we had one $75.0 million and one €100.0 million revolving credit facilities, which are uncommitted. Generally, these variable-rate uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Consolidated Balance Sheets. No amount was outstanding at the end of 2025 and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Feb 25, 2026 | Showing above |
| 2025 | Apr 25, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 26, 2021 | |
| 2020 | Feb 28, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 24, 2017 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.