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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 26, 2020
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,WA98203
(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 classTrading symbolsName of each exchange on which registered
Common stock, par value $0.01 per shareFTVNew York Stock Exchange
5% Mandatory convertible preferred stock, Series A, par value $0.01 per shareFTV. PRANew 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 filerAccelerated filer
Non-accelerated filerSmaller 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 21, 2020 was 337,071,495.




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

3

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 26, 2020December 31, 2019
 (unaudited) 
ASSETS
Current assets:
Cash and equivalents$1,063.0  $1,205.2  
Accounts receivable, net1,129.2  1,384.5  
Inventories:
Finished goods294.9  285.6  
Work in process102.5  100.4  
Raw materials267.1  254.3  
Inventories664.5  640.3  
Prepaid expenses and other current assets390.4  455.6  
Current assets, discontinued operations3.3  3.2  
Total current assets3,250.4  3,688.8  
Property, plant and equipment, net of accumulated depreciation of $867.9 and $838.7 at June 26, 2020 and December 31, 2019, respectively
519.8  519.5  
Operating lease right-of-use assets207.8  206.8  
Other assets758.7  779.6  
Goodwill8,297.7  8,399.3  
Other intangible assets, net3,671.3  3,845.0  
Total assets$16,705.7  $17,439.0  
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$998.8  $1,500.0  
Trade accounts payable733.0  765.5  
Current operating lease liabilities52.6  54.9  
Accrued expenses and other current liabilities1,092.0  1,146.8  
Total current liabilities2,876.4  3,467.2  
Operating lease liabilities163.8  159.0  
Other long-term liabilities1,572.4  1,584.2  
Long-term debt4,686.2  4,828.4  
Commitments and Contingencies
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 26, 2020 and December 31, 2019
    
Common stock: $0.01 par value, 2.0 billion shares authorized; 337.9 and 336.9 million issued; 337.0 and 336.0 million outstanding at June 26, 2020 and December 31, 2019, respectively
3.4  3.4  
Additional paid-in capital3,360.7  3,311.1  
Retained earnings4,187.8  4,128.8  
Accumulated other comprehensive income (loss)(156.6) (56.3) 
Total Fortive stockholders’ equity7,395.3  7,387.0  
Noncontrolling interests11.6  13.2  
Total stockholders’ equity7,406.9  7,400.2  
Total liabilities and equity$16,705.7  $17,439.0  
See the accompanying Notes to Consolidated Condensed Financial Statements.
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FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
($ and shares in millions, except per share amounts)
(unaudited)
 
 Three Months EndedSix Months Ended
 June 26, 2020June 28, 2019June 26, 2020June 28, 2019
Sales of products and software$1,367.7  $1,623.0  $2,855.5  $3,028.1  
Sales of services203.5  241.7  429.2  429.5  
Total sales1,571.2  1,864.7  3,284.7  3,457.6  
Cost of product and software sales(634.9) (808.0) (1,327.4) (1,455.9) 
Cost of service sales(122.0) (152.7) (267.2) (285.0) 
Total cost of sales(756.9) (960.7) (1,594.6) (1,740.9) 
Gross profit814.3  904.0  1,690.1  1,716.7  
Operating costs:
Selling, general and administrative expenses(516.6) (537.1) (1,073.8) (1,023.5) 
Research and development expenses(106.6) (117.4) (220.3) (226.4) 
Impairment of goodwill    (85.3)   
Operating profit191.1  249.5  310.7  466.8  
Non-operating expenses, net:
Interest expense, net(43.2) (44.4) (86.8) (69.7) 
Other non-operating income (expense), net5.3  (0.8) 0.7  (0.4) 
Earnings from continuing operations before income taxes153.2  204.3  224.6  396.7  
Income taxes(22.9) (29.0) (52.0) (57.4) 
Net earnings from continuing operations130.3  175.3  172.6  339.3  
Loss from discontinued operations, net of income taxes(0.3) (0.7) (0.7) (0.3) 
Net earnings130.0  174.6  171.9  339.0  
Mandatory convertible preferred dividends(17.2) (17.2) (34.5) (34.5) 
Net earnings attributable to common stockholders$112.8  $157.4  $137.4  $304.5  
Net earnings per common share from continuing operations:
Basic $0.34  $0.47  $0.41  $0.91  
Diluted$0.33  $0.47  $0.41  $0.90  
Net earnings per share from discontinued operations:
Basic$  $  $  $  
Diluted$  $  $  $  
Net earnings per share:
Basic$0.33  $0.47  $0.41  $0.91  
Diluted$0.33  $0.46  $0.40  $0.90  
Average common stock and common equivalent shares outstanding:
Basic337.3  335.6  337.1  335.4  
Diluted339.7  339.7  339.9  339.8  
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 EndedSix Months Ended
June 26, 2020June 28, 2019June 26, 2020June 28, 2019
Net earnings $130.0  $174.6  $171.9  $339.0  
Other comprehensive income, net of income taxes:
Foreign currency translation adjustments36.0  1.3  (100.3) 18.0  
Pension adjustments1.0  0.5    1.0  
Total other comprehensive income (loss), net of income taxes37.0  1.8  (100.3) 19.0  
Comprehensive income (loss)$167.0  $176.4  $71.6  $358.0  
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 StockPreferred StockAdditional Paid-In CapitalRetained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
SharesAmountSharesAmount
Balance, December 31, 2019336.0  $3.4  1.4  $  $3,311.1  $4,128.8  $(56.3) $13.2  
Adoption of accounting standard—  —  —  —  —  (31.3) —  —  
Balance, January 1, 2020336.0  $3.4  1.4  $  $3,311.1  $4,097.5  $(56.3) $13.2  
Net earnings for the period—  —  —  —  —  41.9  —  —  
Dividends to common shareholders—  —  —  —  —  (23.5) —  —  
Mandatory convertible preferred stock cumulative dividends —  —  —  —  —  (17.3) —  —  
Other comprehensive income (loss)—  —  —  —  —  —  (137.3) —  
Common stock-based award activity0.8  —  —  —  22.6  —  —  —  
Change in noncontrolling interests—  —  —  —  —  —  —  (2.0) 
Balance, March 27, 2020336.8  $3.4  1.4  $  $3,333.7  $4,098.6  $(193.6) $11.2  
Net earnings for the period—  —  —  —  —  130.0  —  —  
Dividends to common shareholders—  —  —  —  —  (23.6) —  —  
Mandatory convertible preferred stock cumulative dividends—  —  —  —  —  (17.2) —  —  
Other comprehensive income—  —  —  —  —  —  37.0  —  
Common stock-based award activity0.2  —  —  —  27.0  —  —  —  
Change in noncontrolling interests—  —  —  —  —  —  —  0.4  
Balance, June 26, 2020337.0  $3.4  1.4  $  $3,360.7  $4,187.8  $(156.6) $11.6  


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Common StockPreferred StockAdditional Paid-In CapitalRetained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
SharesAmountSharesAmount
Balance, December 31, 2018334.5  $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 activity0.5  —  —  —  13.9  —  —  —  
Issuance of 0.875% senior convertible notes due 2022
—  —  —  —  100.4  —  —  —  
Change in noncontrolling interests—  —  —  —  —  —  —  (5.4) 
Balance, March 29, 2019335.0  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 activity0.4  —  —  —  25.1  —  —  —  
Changes in noncontrolling interests—  —  —  —  —  —  —  (0.7) 
Balance, June 28, 2019335.4  $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 CASH FLOWS
($ in millions)
(unaudited)
 Six Months Ended
 June 26, 2020June 28, 2019
Cash flows from operating activities:
Net earnings from continuing operations$172.6  $339.3  
Noncash items:
Depreciation66.6  62.7  
Amortization170.1  129.6  
Stock-based compensation expense38.8  28.8  
Impairment of goodwill85.3    
Gain on sale of assets(5.3)   
Change in trade accounts receivable, net214.8  (102.3) 
Change in inventories(28.9) 45.8  
Change in trade accounts payable(23.4) (11.7) 
Change in prepaid expenses and other assets55.4  (67.2) 
Change in accrued expenses and other liabilities(75.0) (3.6) 
Total operating cash provided by continuing operations671.0  421.4  
Total operating cash used in discontinued operations(0.8) (6.4) 
Net cash provided by operating activities670.2  415.0  
Cash flows from investing activities: