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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 10-Q
 ________________________________________________
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 28, 2019
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission file number 1-37654
 ________________________________________________
Fortive Corporation
(Exact name of registrant as specified in its charter)
________________________________________________ 
 
Delaware
 
47-5654583
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. employer
identification number)
6920 Seaway Blvd
 
 
Everett,
WA
 
98203
 
 
 
 
(Address of principal executive offices)
 
(Zip code)
Registrant’s telephone number, including area code: (425) 446-5000

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbols
Name of each exchange on which registered
Common stock, par value $0.01 per share
FTV
New York Stock Exchange
5% Mandatory convertible preferred stock, Series A, par value $0.01 per share
FTV. PRA
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.







Large accelerated filer
 
 
 
Accelerated filer
 
 
 
 
 
 
 
Non-accelerated filer
 
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes  No 
The number of shares of common stock outstanding at July 18, 2019 was 335,533,242.




FORTIVE CORPORATION
INDEX
FORM 10-Q
 
PART I -
FINANCIAL INFORMATION
Page
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II -
OTHER INFORMATION
 
Item 1A.
Item 6.
 



Table of Contents

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in millions, except per share amounts)
 
As of
 
June 28, 2019
 
December 31, 2018
 
(unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and equivalents
$
1,092.1

 
$
1,178.4

Accounts receivable, net
1,315.2

 
1,195.1

Inventories:
 
 
 
Finished goods
336.3

 
219.5

Work in process
97.0

 
103.1

Raw materials
260.4

 
251.9

Total inventories
693.7

 
574.5

Prepaid expenses and other current assets
313.9

 
193.2

Current assets, discontinued operations
21.4

 
30.0

Total current assets
3,436.3

 
3,171.2

Property, plant and equipment, net of accumulated depreciation of $821.4 and $889.8 at June 28, 2019 and December 31, 2018, respectively
514.7

 
576.1

Operating lease right-of-use assets
197.6

 

Other assets
755.4

 
548.9

Goodwill
7,750.9

 
6,133.1

Other intangible assets, net
3,813.2

 
2,476.3

Total assets
$
16,468.1

 
$
12,905.6

LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt
$
1,000.0

 
$
455.6

Trade accounts payable
697.9

 
706.5

Current operating lease liabilities
51.3

 

Accrued expenses and other current liabilities
1,024.9

 
999.3

Current liabilities, discontinued operations
17.1

 
30.7

Total current liabilities
2,791.2

 
2,192.1

Operating lease liabilities
151.0

 

Other long-term liabilities
1,306.5

 
1,125.9

Long-term debt
5,196.5

 
2,974.7

Equity:
 
 
 
Preferred stock: $0.01 par value, 15.0 million shares authorized; 5.0% Mandatory convertible preferred stock, series A, 1.4 million shares designated, issued and outstanding at June 28, 2019 and December 31, 2018

 

Common stock: $0.01 par value, 2.0 billion shares authorized; 336.2 and 335.1 million issued; 335.4 and 334.5 million outstanding at June 28, 2019 and December 31, 2018, respectively
3.4

 
3.4

Additional paid-in capital
3,265.4

 
3,126.0

Retained earnings
3,810.4

 
3,552.7

Accumulated other comprehensive income (loss)
(67.6
)
 
(86.6
)
Total Fortive stockholders’ equity
7,011.6

 
6,595.5

Noncontrolling interests
11.3

 
17.4

Total stockholders’ equity
7,022.9

 
6,612.9

Total liabilities and equity
$
16,468.1

 
$
12,905.6

See the accompanying Notes to Consolidated Condensed Financial Statements.

4

Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
($ and shares in millions, except per share amounts)
(unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
June 28, 2019
 
June 29, 2018
 
June 28, 2019
 
June 29, 2018
Sales of products
$
1,623.0

 
$
1,439.5

 
$
3,028.1

 
$
2,771.9

Sales of services
241.7

 
162.3

 
429.5

 
322.1

Total sales
1,864.7

 
1,601.8

 
3,457.6

 
3,094.0

Cost of product sales
(808.0
)
 
(656.7
)
 
(1,455.9
)
 
(1,271.5
)
Cost of service sales
(152.7
)
 
(114.3
)
 
(285.0
)
 
(225.4
)
Total cost of sales
(960.7
)
 
(771.0
)
 
(1,740.9
)
 
(1,496.9
)
Gross profit
904.0

 
830.8

 
1,716.7

 
1,597.1

Operating costs:
 
 
 
 
 
 
 
Selling, general and administrative expenses
(537.1
)
 
(404.5
)
 
(1,023.5
)
 
(793.0
)
Research and development expenses
(117.4
)
 
(101.9
)
 
(226.4
)
 
(201.8
)
Operating profit
249.5

 
324.4

 
466.8

 
602.3

Non-operating expenses, net:
 
 
 
 
 
 
 
Interest expense, net
(44.4
)
 
(23.9
)
 
(69.7
)
 
(47.2
)
Other non-operating expenses, net
(0.8
)
 
(1.1
)
 
(0.4
)
 
(1.8
)
Earnings from continuing operations before income taxes
204.3

 
299.4

 
396.7

 
553.3

Income taxes
(29.0
)
 
(49.2
)
 
(57.4
)
 
(89.1
)
Net earnings from continuing operations
175.3

 
250.2

 
339.3

 
464.2

Earnings from discontinued operations, net of income taxes
(0.7
)
 
44.8

 
(0.3
)
 
92.0

Net earnings
174.6

 
295.0

 
339.0

 
556.2

Mandatory convertible preferred dividends
(17.2
)
 
(0.2
)
 
(34.5
)
 
(0.2
)
Net earnings attributable to common stockholders
$
157.4

 
$
294.8

 
$
304.5

 
$
556.0

 
 
 
 
 
 
 
 
Net earnings per common share from continuing operations:
 
 
 
 
 
 
 
Basic
$
0.47

 
$
0.72

 
$
0.91

 
$
1.33

Diluted
$
0.47

 
$
0.70

 
$
0.90

 
$
1.31

Net earnings per share from discontinued operations:
 
 
 
 
 
 
 
Basic
$

 
$
0.13

 
$

 
$
0.26

Diluted
$

 
$
0.13

 
$

 
$
0.26

Net earnings per share:
 
 
 
 
 
 
 
Basic
$
0.47

 
$
0.84

 
$
0.91

 
$
1.59

Diluted
$
0.46

 
$
0.83

 
$
0.90

 
$
1.57

Average common stock and common equivalent shares outstanding:
 
 
 
 
 
 
 
Basic
335.6

 
349.2

 
335.4

 
348.9

Diluted
339.7

 
355.0

 
339.8

 
354.7

The sum of net earnings per share may not add due to rounding
See the accompanying Notes to Consolidated Condensed Financial Statements.


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FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
($ in millions)
(unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
June 28, 2019
 
June 29, 2018
 
June 28, 2019
 
June 29, 2018
Net earnings
$
174.6

 
$
295.0

 
$
339.0

 
$
556.2

Other comprehensive income, net of income taxes:
 
 
 
 
 
 
 
Foreign currency translation adjustments
1.3

 
(99.8
)
 
18.0

 
(63.4
)
Pension adjustments
0.5

 
0.7

 
1.0

 
1.4

Total other comprehensive income (loss), net of income taxes
1.8

 
(99.1
)
 
19.0

 
(62.0
)
Comprehensive income
$
176.4

 
$
195.9

 
$
358.0

 
$
494.2

See the accompanying Notes to Consolidated Condensed Financial Statements.


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FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY
($ and shares in millions)
(unaudited)
 
 
Common Stock
 
Preferred Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests
 
Shares
 
Amount
Shares
 
Amount
 
Balance, December 31, 2018
334.5

 
$
3.4

 
1.4

 
$

 
$
3,126.0

 
$
3,552.7

 
$
(86.6
)
 
$
17.4

Net earnings for the period

 

 

 

 

 
164.4

 

 

Dividends to common shareholders

 

 

 

 

 
(23.4
)
 

 

Mandatory convertible preferred stock cumulative dividends

 

 

 

 

 
(17.3
)
 

 

Other comprehensive income

 

 

 

 

 

 
17.2

 

Common stock-based award activity
0.5

 

 

 

 
13.9

 

 

 

Issuance of 0.875% senior convertible notes due 2022

 

 

 

 
100.4

 

 

 

Change in noncontrolling interests

 

 

 

 

 

 

 
(5.4
)
Balance, March 29, 2019
335.0

 
3.4

 
1.4

 

 
3,240.3

 
3,676.4

 
(69.4
)
 
12.0

Net earnings for the period

 

 

 

 

 
174.6

 

 

Dividends to common shareholders

 

 

 

 

 
(23.4
)
 

 

Mandatory convertible preferred stock cumulative dividends

 

 

 

 

 
(17.2
)
 

 

Other comprehensive income

 

 

 

 

 

 
1.8

 

Common stock-based award activity
0.4

 

 

 

 
25.1

 

 

 

Change in noncontrolling interests

 

 

 

 

 

 

 
(0.7
)
Balance, June 28, 2019
335.4

 
$
3.4

 
1.4

 
$

 
$
3,265.4

 
$
3,810.4

 
$
(67.6
)
 
$
11.3

See the accompanying Notes to Consolidated Condensed Financial Statements.


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FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY
($ and shares in millions)
(unaudited)

 
Common Stock
 
Preferred Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests
 
Shares
 
Amount
Shares
 
Amount
 
Balance, December 31, 2017
347.8

 
$
3.5

 

 
$

 
$
2,444.1

 
$
1,350.3

 
$
(7.6
)
 
$
17.9

Adoption of accounting standards

 

 

 

 

 
(3.9
)
 

 

Balance, January 1, 2018
347.8

 
$
3.5

 

 

 
$
2,444.1

 
$
1,346.4

 
$
(7.6
)
 
$
17.9

Net earnings for the period

 

 

 

 

 
261.2

 

 

Dividends to common shareholders

 

 

 

 

 
(24.3
)
 

 

Separation related adjustments

 

 

 

 
13.3

 

 

 

Other comprehensive income

 

 

 

 

 

 
37.1

 

Common stock-based award activity
0.7

 

 

 

 
18.7

 

 

 

Change in noncontrolling interests

 

 

 

 

 

 

 
(0.6
)
Balance, March 30, 2018
348.5

 
$
3.5

 

 
$

 
$
2,476.1

 
$
1,583.3

 
$
29.5

 
$
17.3

Net earnings for the period

 

 

 

 

 
295.0

 

 

Dividends to common shareholders

 

 

 

 

 
(24.4
)
 

 

Separation related adjustments

 

 

 

 
(2.4
)
 

 

 

Other comprehensive income

 

 

 

 

 

 
(99.1
)
 

Common stock-based award activity
0.5

 

 

 

 
26.1

 

 

 

Issuance of mandatory convertible preferred stock

 

 
1.4

 

 
1,337.0

 

 

 

Changes in noncontrolling interests

 

 

 

 

 

 

 

Balance, June 29, 2018
349.0

 
$
3.5

 
1.4

 
$

 
$
3,836.8

 
$
1,853.9

 
$
(69.6
)
 
$
17.3

See the accompanying Notes to Consolidated Condensed Financial Statements.


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FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
($ in millions)
(unaudited)
 
 
Six Months Ended
 
June 28, 2019
 
June 29, 2018
Cash flows from operating activities:
 
 
 
Net earnings from continuing operations
$
339.3

 
$
464.2

Noncash items:
 
 
 
Depreciation
62.7

 
61.1

Amortization
129.6

 
49.0

Stock-based compensation expense
28.8

 
24.4

Change in trade accounts receivable, net
(102.3
)
 
(35.6
)
Change in inventories
45.8

 
(62.8
)
Change in trade accounts payable
(11.7
)
 
30.5

Change in prepaid expenses and other assets
(67.2
)
 
(40.9
)
Change in accrued expenses and other liabilities
(3.6
)
 
(66.8
)
Total operating cash provided by continuing operations
421.4

 
423.1

Total operating cash provided by (used in) discontinued operations
(6.4
)
 
89.8

Net cash provided by operating activities
415.0

 
512.9

Cash flows from investing activities:
 
 
 
Cash paid for acquisitions, net of cash received
(3,237.1
)
 
(9.3
)
Payments for additions to property, plant and equipment
(48.5
)
 
(47.7
)
All other investing activities

 
3.8

Total investing cash used in continuing operations
(3,285.6
)
 
(53.2
)
Total investing cash used in discontinued operations

 
(11.0
)
Net cash used in investing activities
(3,285.6
)
 
(64.2
)
Cash flows from financing activities:
 
 
 
Net proceeds from (repayments of) commercial paper borrowings
892.3

 
(325.9
)
Proceeds from issuance of mandatory convertible preferred stock net of $43.0 million of issuance costs

 
1,338.2

Proceeds from borrowings (maturities greater than 90 days), net of $24.3 million of issuance costs
2,413.2

 

Repayment of borrowings (maturities greater than 90 days)
(455.3
)
 

Payment of common stock cash dividend to shareholders
(46.8
)
 
(48.7
)
Payment of mandatory convertible preferred stock cash dividend to shareholders
(34.5
)
 

All other financing activities
7.5

 
15.3

Total financing cash provided by continuing operations
2,776.4

 
978.9

Total financing cash provided used in discontinued operations

 
(0.1
)
Net cash provided by financing activities
2,776.4

 
978.8

Effect of exchange rate changes on cash and equivalents
7.9

 
(21.4
)
Net change in cash and equivalents
(86.3
)
 
1,406.1

Beginning balance of cash and equivalents
1,178.4

 
962.1

Ending balance of cash and equivalents
$
1,092.1

 
$
2,368.2

See the accompanying Notes to Consolidated Condensed Financial Statements.


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Table of Contents

FORTIVE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
NOTE 1. BUSINESS OVERVIEW
Fortive Corporation (“Fortive,” the “Company,” “we,” “us,” or “our”) is a diversified industrial technology growth company encompassing businesses that are recognized leaders in attractive markets. Our well-known brands hold leading positions in advanced instrumentation and solutions, sensing, transportation technology, and franchise distribution markets. Our businesses design, develop, service, manufacture and market professional and engineered products, software and services for a variety of end markets, building upon leading brand names, innovative technology and significant market positions.
We prepared the unaudited consolidated condensed financial statements included herein in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) applicable for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, we believe the disclosures are adequate to make the information presented not misleading. The consolidated condensed financial statements included herein should be read in conjunction with the audited annual consolidated financial statements as of and for the year ended December 31, 2018 and the footnotes (“Notes”) thereto included within our 2018 Annual Report on Form 10-K.
In our opinion, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to fairly present our financial position as of June 28, 2019 and December 31, 2018, and our results of operations and cash flows for the three and six months ended June 28, 2019 and June 29, 2018. Reclassification of certain prior year amounts have been made to conform to current year presentation.
On October 1, 2018, we completed the split-off of businesses in our automation and specialty platform (excluding our Hengstler and Dynapar businesses) (the “A&S Business”) and have reported the A&S Business as discontinued operations in our Consolidated Condensed Statements of Income, Consolidated Condensed Balance Sheets, and Consolidated Condensed Statements of Cash Flows for all periods presented. Unless otherwise noted, discussion within these notes to the consolidated condensed financial statements relates to continuing operations. Refer to Note 3 for additional information on discontinued operations.

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Table of Contents

Accumulated Other Comprehensive Income (Loss)—Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. We have designated our Euro-denominated commercial paper and ¥13.8 billion senior unsecured term facility loan as net investment hedges of our investment in certain foreign operations. Accordingly, foreign currency transaction gains or losses on the debt are deferred in the foreign currency translation component of accumulated other comprehensive income (loss) (“accumulated OCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. We recognized losses of $7.1 million and gains of $0.1 million for the three and six months ended June 28, 2019, respectively, in other comprehensive income related to the net investment hedge. We recognized gains of $20.3 million and $5.5 million for the three and six months ended June 29, 2018, respectively, in other comprehensive income related to the net investment hedge. Any amounts deferred in accumulated OCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and six month periods ended June 28, 2019 and June 29, 2018.
The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions):
 
Foreign
currency
translation
adjustments
 
Pension
adjustments (b)
 
Total
For the Three Months Ended June 28, 2019:
 
 
 
 
 
Balance, March 29, 2019
$
(12.6
)
 
$
(56.8
)
 
$
(69.4
)
Other comprehensive income (loss) before reclassifications, net of income taxes
1.3

 

 
1.3

Amounts reclassified from accumulated other comprehensive income (loss):
 
 
 
 
 
Increase (decrease)

 
0.7

(a) 
0.7

Income tax impact

 
(0.2
)
(c) 
(0.2
)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes

 
0.5

 
0.5

Net current period other comprehensive income (loss), net of income taxes
1.3

 
0.5

 
1.8

Balance, June 28, 2019
$
(11.3
)
 
$
(56.3
)
 
$
(67.6
)
 
 
 
 
 
 
For the Three Months Ended June 29, 2018:
 
 
 
 
 
Balance, March 30, 2018
$
100.4

 
$
(70.9
)
 
$
29.5

Other comprehensive income (loss) before reclassifications, net of income taxes
(99.8
)
 

 
(99.8
)
Amounts reclassified from accumulated other comprehensive income (loss):
 
 
 
 
 
Increase (decrease)

 
0.9

(a) 
0.9

Income tax impact

 
(0.2
)
(c) 
(0.2
)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes

 
0.7

 
0.7

Net current period other comprehensive income (loss), net of income taxes
(99.8
)
 
0.7

 
(99.1
)
Balance, June 29, 2018
$
0.6

 
$
(70.2
)
 
$
(69.6
)
 
 
 
 
 
 
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 9 for additional details).
(b) Includes balances relating to defined benefit plans, supplemental executive retirement plans and other postretirement employee benefit plans.
(c) We did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings.

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Table of Contents

 
Foreign
currency
translation
adjustments
 
Pension
adjustments
(b)
 
Total
For the Six Months Ended June 28, 2019:
 
 
 
 
 
Balance, December 31, 2018
$
(29.3
)
 
$
(57.3
)
 
$
(86.6
)
Other comprehensive income (loss) before reclassifications, net of income taxes
18.0

 

 
18.0

Amounts reclassified from accumulated other comprehensive income (loss):
 
 
 
 
 
Increase (decrease)

 
1.4

(a) 
1.4

Income tax impact

 
(0.4
)
(c) 
(0.4
)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes

 
1.0

 
1.0

Net current period other comprehensive income (loss), net of income taxes
18.0

 
1.0

 
19.0

Balance, June 28, 2019
$
(11.3
)
 
$
(56.3
)
 
$
(67.6
)
 
 
 
 
 
 
For the Six Months Ended June 29, 2018:
 
 
 
 
 
Balance, December 31, 2017
$
64.0

 
$
(71.6
)
 
$
(7.6
)
Other comprehensive income (loss) before reclassifications, net of income taxes
(63.4
)
 

 
(63.4
)
Amounts reclassified from accumulated other comprehensive income (loss):
 
 
 
 
 
Increase (decrease)

 
1.8

(a) 
1.8

Income tax impact

 
(0.4
)
(c) 
(0.4
)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes

 
1.4

 
1.4

Net current period other comprehensive income (loss)
(63.4
)
 
1.4

 
(62.0
)
Balance, June 29, 2018
$
0.6

 
$
(70.2
)
 
$
(69.6
)
 
 
 
 
 
 
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 9 for additional details).
(b) Includes balances relating to defined benefit plans, supplemental executive retirement plans and other postretirement employee benefit plans.
(c) We did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings.

Recently Issued Accounting Standards—In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. This standard is effective for us beginning January 1, 2020, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statements.
NOTE 2. ACQUISITIONS
For a description of our material acquisition activity refer to Note 3 of our 2018 Annual Report on Form 10-K.
We continually evaluate potential mergers, acquisitions and divestitures that align with our strategy and expedite the evolution of our portfolio of businesses into new and attractive areas. We have completed a number of acquisitions that have been accounted for as purchases and resulted in the recognition of goodwill in our financial statements. This goodwill arises because the purchase price for each acquired business reflects a number of factors including the complimentary fit, acceleration of our strategy and synergies the business brings with respect to our existing operations, the future earnings and cash flow potential of the business, the potential to add other strategically complimentary acquisitions to the acquired business, the scarce or unique nature of the business in its markets, competition to acquire the business, the valuation of similar businesses in the marketplace (as reflected in a multiple of revenues, earnings or cash flows) and the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our existing offerings to key target markets and develop new and profitable businesses.

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Table of Contents

We make an initial allocation of the purchase price at the date of acquisition based on our understanding of the fair value of the acquired assets and assumed liabilities. We obtain this information during due diligence and through other sources. In the months after closing, as we obtain additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and learn more about the newly acquired business, we are able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. We are in the process of obtaining valuations of certain acquired assets and evaluating the tax impact of certain acquisitions. We make appropriate adjustments to purchase price allocations prior to completion of the applicable measurement period, as required.
During the six months ended June 28, 2019, we recorded certain adjustments to the preliminary purchase price allocation of acquisitions that closed during 2018 resulting in a net increase to goodwill of $40.4 million.
Completed Acquisitions in 2019
Advanced Sterilization Products
On April 1, 2019 (the “Principal Closing Date”), we acquired the advanced sterilization products business (“ASP”) of Johnson & Johnson, a New Jersey corporation (“Johnson & Johnson”) for an aggregate purchase price of $2.7 billion (the “Transaction”), subject to certain post-closing adjustments set forth in a Stock and Asset Purchase Agreement, dated effective as of June 6, 2018 (the “Purchase Agreement”), between the Company and Ethicon, Inc., a New Jersey corporation (“Ethicon”) and a wholly owned subsidiary of Johnson & Johnson. ASP engages in the research, development, manufacture, marketing, distribution and sale of low-temperature terminal sterilization and high-level disinfection products. ASP generated annual revenues of approximately $800 million in 2018.

On the Principal Closing Date, we paid $2.7 billion in cash and obtained the transferred assets and assumed liabilities in 20 countries (“Principal Countries”), general patent and trademark assignments, and all transferred equity interests in ASP. ASP has operations in an additional 39 countries (“Non-Principal Countries”). The assets and liabilities associated with these operations will close when requirements of country-specific agreements or regulatory approvals are satisfied.

The $2.7 billion purchase price was paid in exchange for ASP’s businesses in both Principal and Non-Principal Countries. As of June 28, 2019, we have closed 20 Principal Countries and 3 Non-Principal Countries that, in aggregate, accounted for approximately 96% of the preliminary valuation of ASP. The remaining Non-Principal Countries represent approximately 4% of the preliminary valuation of ASP, or $105.1 million, which is included as a prepaid asset in Other assets in the Condensed Consolidated Balance Sheet. As each Non-Principal Country closes, we will reduce the prepaid asset and record the fair value of the assets acquired and liabilities assumed. All of the provisional goodwill associated with the Transaction is included in goodwill at June 28, 2019; the majority of the provisional goodwill is tax deductible.
In addition, the Company entered into a transition services agreement with Johnson & Johnson for certain administrative and operational services, and distribution agreements in the Non-Principal Countries. Under the distribution agreements, ASP will sell finished goods to Ethicon at prices agreed by the parties. ASP will recognize these sales as revenue when the conditions for revenue recognition are met. Following the sale of finished goods by ASP, Ethicon obtains title of the finished goods, has full authority to sell and market the finished goods to end customers as it sees fit, and retains any revenue and profit from sale.

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Table of Contents

The following table summarizes the provisional fair value estimates of the assets acquired and liabilities assumed of Principal Countries that have been transferred to ASP as of June 28, 2019; we did not acquire accounts receivable or accounts payable from Johnson & Johnson:
 
Advanced Sterilization Products