(Exact Name of Registrant as Specified in Its Charter) |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS | |||||||
(d) | Exhibits: | |||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
FORTIVE CORPORATION | |||||||||||
Date: | November 10, 2020 | By: | /s/ Daniel B. Kim | ||||||||
Daniel B. Kim | |||||||||||
Vice President - Associate General Counsel and Secretary |
Reportable Segment | Operating Company | |||||||
Intelligent Operating Solutions | Fluke | |||||||
Industrial Scientific, including Intelex | ||||||||
Accruent | ||||||||
Gordian | ||||||||
Precision Technologies | Tektronix | |||||||
Pacific Scientific Energetic Materials Company | ||||||||
Qualitrol | ||||||||
Andersen-Negele | ||||||||
Gems | ||||||||
Setra | ||||||||
Hengstler and Dynapar | ||||||||
Advanced Healthcare Solutions | Advanced Sterilization Products | |||||||
Fluke Health Solutions | ||||||||
Censis | ||||||||
Invetech |
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | |||||||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 1,576.3 | $ | 1,901.4 | $ | 322.7 | $ | — | $ | 3,800.4 | |||||||||||||||||||
Quarter Ended March 29, 2019 | $ | 453.9 | $ | 448.4 | $ | 78.1 | $ | — | $ | 980.4 | |||||||||||||||||||
Quarter Ended June 28, 2019 | 459.0 | 466.3 | 244.1 | — | 1,169.4 | ||||||||||||||||||||||||
Quarter Ended September 27, 2019 | 458.2 | 440.1 | 252.5 | — | 1,150.8 | ||||||||||||||||||||||||
Quarter Ended December 31, 2019 | 527.8 | 453.6 | 281.9 | — | 1,263.3 | ||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 1,898.9 | $ | 1,808.4 | $ | 856.6 | $ | — | $ | 4,563.9 | |||||||||||||||||||
Quarter Ended March 27, 2020 | $ | 466.7 | $ | 391.3 | $ | 250.1 | $ | — | $ | 1,108.1 | |||||||||||||||||||
Quarter Ended June 26, 2020 | 413.0 | 377.3 | 251.3 | — | 1,041.6 | ||||||||||||||||||||||||
Quarter Ended September 25, 2020 | 459.1 | 418.5 | 282.2 | — | 1,159.8 |
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Operating Profit (GAAP) | |||||||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 350.3 | $ | 381.5 | $ | 5.3 | $ | (91.8) | $ | 645.3 | |||||||||||||||||||
Quarter Ended March 29, 2019 | $ | 79.7 | $ | 73.2 | $ | (16.7) | $ | (24.2) | $ | 112.0 | |||||||||||||||||||
Quarter Ended June 28, 2019 | 82.9 | 92.4 | (54.3) | (25.4) | 95.6 | ||||||||||||||||||||||||
Quarter Ended September 27, 2019 | 52.2 | 79.8 | (13.0) | (22.6) | 96.4 | ||||||||||||||||||||||||
Quarter Ended December 31, 2019 | 74.2 | 79.2 | 12.0 | (25.5) | 139.9 | ||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 289.0 | $ | 324.6 | $ | (72.0) | $ | (97.7) | $ | 443.9 | |||||||||||||||||||
Quarter Ended March 27, 2020 | $ | 81.1 | $ | 73.5 | $ | (15.8) | $ | (23.4) | $ | 115.4 | |||||||||||||||||||
Quarter Ended June 26, 2020 | 54.4 | 77.1 | (1.9) | (27.1) | 102.5 | ||||||||||||||||||||||||
Quarter Ended September 25, 2020 | 77.5 | 82.1 | 1.8 | (23.8) | 137.6 | ||||||||||||||||||||||||
Adjusted Operating Profit (non-GAAP)* | |||||||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 468.4 | $ | 404.3 | $ | 70.6 | $ | (91.8) | $ | 851.5 | |||||||||||||||||||
Quarter Ended March 29, 2019 | $ | 131.0 | $ | 80.0 | $ | 14.5 | $ | (24.2) | $ | 201.3 | |||||||||||||||||||
Quarter Ended June 28, 2019 | 127.3 | 100.0 | 53.3 | (25.4) | 255.2 | ||||||||||||||||||||||||
Quarter Ended September 27, 2019 | 108.6 | 85.4 | 58.0 | (22.6) | 229.4 | ||||||||||||||||||||||||
Quarter Ended December 31, 2019 | 136.4 | 103.1 | 68.9 | (25.5) | 282.9 | ||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 503.3 | $ | 368.5 | $ | 194.7 | $ | (97.7) | $ | 968.8 | |||||||||||||||||||
Quarter Ended March 27, 2020 | $ | 124.4 | $ | 78.0 | $ | 49.3 | $ | (23.4) | $ | 228.3 | |||||||||||||||||||
Quarter Ended June 26, 2020 | 95.4 | 81.4 | 58.2 | (27.1) | 207.9 | ||||||||||||||||||||||||
Quarter Ended September 25, 2020 | 115.2 | 86.4 | 54.3 | (23.8) | 232.1 |
For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | $ | 1,576.3 | $ | 1,901.4 | $ | 322.7 | $ | — | $ | 3,800.4 | |||||||||||||||||||
Adjusted Operating Profit | |||||||||||||||||||||||||||||
Operating Profit (GAAP) | $ | 350.3 | $ | 381.5 | $ | 5.3 | $ | (91.8) | $ | 645.3 | |||||||||||||||||||
Acquisition-Related Transaction Costs | 24.9 | 0.4 | 42.0 | — | 67.3 | ||||||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 34.4 | — | — | — | 34.4 | ||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 58.8 | 22.4 | 23.3 | — | 104.5 | ||||||||||||||||||||||||
Adjusted Operating Profit (Non-GAAP) | $ | 468.4 | $ | 404.3 | $ | 70.6 | $ | (91.8) | $ | 851.5 | |||||||||||||||||||
Adjusted Operating Profit Margin (a) | |||||||||||||||||||||||||||||
Operating Profit (GAAP) Margin | 22.2 | % | 20.1 | % | 1.6 | % | 17.0 | % | |||||||||||||||||||||
Acquisition-Related Transaction Costs | 1.6 | % | — | % | 13.1 | % | 1.8 | % | |||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 1.6 | % | — | % | — | % | 0.7 | % | |||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 3.7 | % | 1.2 | % | 7.2 | % | 2.7 | % | |||||||||||||||||||||
Adjusted Operating Profit Margin (Non-GAAP) | 29.1 | % | 21.3 | % | 21.9 | % | 22.2 | % | |||||||||||||||||||||
(a) The adjusted operating profit margin reflects the corresponding adjustment to GAAP revenue of $34.4 million in acquisition-related fair value adjustments to deferred revenue for both Intelligent Operating Solutions and Total Fortive. |
For the Three Months Ended March 29, 2019 | |||||||||||||||||||||||||||||
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | $ | 453.9 | $ | 448.4 | $ | 78.1 | $ | — | $ | 980.4 | |||||||||||||||||||
Adjusted Operating Profit | |||||||||||||||||||||||||||||
Operating Profit (GAAP) | $ | 79.7 | $ | 73.2 | $ | (16.7) | $ | (24.2) | $ | 112.0 | |||||||||||||||||||
Acquisition-Related Transaction Costs | 2.7 | 1.3 | 25.5 | — | 29.5 | ||||||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 15.7 | — | — | — | 15.7 | ||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 32.9 | 5.5 | 5.7 | — | 44.1 | ||||||||||||||||||||||||
Adjusted Operating Profit (Non-GAAP) | $ | 131.0 | $ | 80.0 | $ | 14.5 | $ | (24.2) | $ | 201.3 | |||||||||||||||||||
Adjusted Operating Profit Margin (a) | |||||||||||||||||||||||||||||
Operating Profit (GAAP) Margin | 17.6 | % | 16.3 | % | (21.4) | % | 11.4 | % | |||||||||||||||||||||
Acquisition-Related Transaction Costs | 0.6 | % | 0.3 | % | 32.7 | % | 3.0 | % | |||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 2.5 | % | — | % | — | % | 1.3 | % | |||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 7.2 | % | 1.2 | % | 7.3 | % | 4.5 | % | |||||||||||||||||||||
Adjusted Operating Profit Margin (Non-GAAP) | 27.9 | % | 17.8 | % | 18.6 | % | 20.2 | % | |||||||||||||||||||||
(a) The adjusted operating profit margin reflects the corresponding adjustment to GAAP revenue of $15.7 million in acquisition-related fair value adjustments to deferred revenue for both Intelligent Operating Solutions and Total Fortive. |
For the Three Months Ended June 28, 2019 | |||||||||||||||||||||||||||||
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | $ | 459.0 | $ | 466.3 | $ | 244.1 | $ | — | $ | 1,169.4 | |||||||||||||||||||
Adjusted Operating Profit | |||||||||||||||||||||||||||||
Operating Profit (GAAP) | $ | 82.9 | $ | 92.4 | $ | (54.3) | $ | (25.4) | $ | 95.6 | |||||||||||||||||||
Acquisition-Related Transaction Costs | 3.4 | 2.4 | 25.5 | — | 31.3 | ||||||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 7.2 | — | 51.8 | — | 59.0 | ||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 33.8 | 5.2 | 30.3 | — | 69.3 | ||||||||||||||||||||||||
Adjusted Operating Profit (Non-GAAP) | $ | 127.3 | $ | 100.0 | $ | 53.3 | $ | (25.4) | $ | 255.2 | |||||||||||||||||||
Adjusted Operating Profit Margin (a) | |||||||||||||||||||||||||||||
Operating Profit (GAAP) Margin | 18.1 | % | 19.8 | % | (22.2) | % | 8.2 | % | |||||||||||||||||||||
Acquisition-Related Transaction Costs | 0.7 | % | 0.5 | % | 10.4 | % | 2.7 | % | |||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 1.1 | % | — | % | 21.0 | % | 4.8 | % | |||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 7.4 | % | 1.1 | % | 12.4 | % | 5.9 | % | |||||||||||||||||||||
Adjusted Operating Profit Margin (Non-GAAP) | 27.3 | % | 21.4 | % | 21.6 | % | 21.6 | % | |||||||||||||||||||||
(a) The adjusted operating profit margin reflects the corresponding adjustments to GAAP revenue in acquisition-related fair value adjustments to deferred revenue of $7.2 million for Intelligent Operating Solutions, $2.8 million for Advanced Healthcare Solutions, and $10.0 million for Total Fortive. |
For the Three Months Ended September 27, 2019 | |||||||||||||||||||||||||||||
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | $ | 458.2 | $ | 440.1 | $ | 252.5 | $ | — | $ | 1,150.8 | |||||||||||||||||||
Adjusted Operating Profit | |||||||||||||||||||||||||||||
Operating Profit (GAAP) | $ | 52.2 | $ | 79.8 | $ | (13.0) | $ | (22.6) | $ | 96.4 | |||||||||||||||||||
Acquisition-Related Transaction Costs | 2.0 | 0.7 | 20.9 | — | 23.6 | ||||||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 15.2 | — | 20.3 | — | 35.5 | ||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 39.2 | 4.9 | 29.8 | — | 73.9 | ||||||||||||||||||||||||
Adjusted Operating Profit (Non-GAAP) | $ | 108.6 | $ | 85.4 | $ | 58.0 | $ | (22.6) | $ | 229.4 | |||||||||||||||||||
Adjusted Operating Profit Margin (a) | |||||||||||||||||||||||||||||
Operating Profit (GAAP) Margin | 11.4 | % | 18.1 | % | (5.1) | % | 8.4 | % | |||||||||||||||||||||
Acquisition-Related Transaction Costs | 0.4 | % | 0.2 | % | 8.3 | % | 2.1 | % | |||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 2.5 | % | — | % | 7.7 | % | 2.7 | % | |||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 8.6 | % | 1.1 | % | 11.8 | % | 6.4 | % | |||||||||||||||||||||
Adjusted Operating Profit Margin (Non-GAAP) | 22.9 | % | 19.4 | % | 22.7 | % | 19.6 | % | |||||||||||||||||||||
(a) The adjusted operating profit margin reflects the corresponding adjustments to GAAP revenue in acquisition-related fair value adjustments to deferred revenue of $15.2 million for Intelligent Operating Solutions, $2.8 million for Advanced Healthcare Solutions, and $18.0 million for Total Fortive. |
For the Three Months Ended December 31, 2019 | |||||||||||||||||||||||||||||
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | $ | 527.8 | $ | 453.6 | $ | 281.9 | $ | — | $ | 1,263.3 | |||||||||||||||||||
Adjusted Operating Profit | |||||||||||||||||||||||||||||
Operating Profit (GAAP) | $ | 74.2 | $ | 79.2 | $ | 12.0 | $ | (25.5) | $ | 139.9 | |||||||||||||||||||
Acquisition-Related Transaction Costs | 3.9 | (0.4) | 22.6 | — | 26.1 | ||||||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 9.6 | — | 1.2 | — | 10.8 | ||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 35.8 | 4.8 | 33.1 | — | 73.7 | ||||||||||||||||||||||||
Restructuring | 12.9 | 19.5 | — | — | 32.4 | ||||||||||||||||||||||||
Adjusted Operating Profit (Non-GAAP) | $ | 136.4 | $ | 103.1 | $ | 68.9 | $ | (25.5) | $ | 282.9 | |||||||||||||||||||
Adjusted Operating Profit Margin (a) | |||||||||||||||||||||||||||||
Operating Profit (GAAP) Margin | 14.1 | % | 17.5 | % | 4.3 | % | 11.1 | % | |||||||||||||||||||||
Acquisition-Related Transaction Costs | 0.7 | % | (0.1) | % | 8.0 | % | 2.1 | % | |||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 1.4 | % | — | % | 0.2 | % | 0.6 | % | |||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 6.8 | % | 1.1 | % | 11.7 | % | 5.8 | % | |||||||||||||||||||||
Restructuring | 2.4 | % | 4.2 | % | — | % | 2.6 | % | |||||||||||||||||||||
Adjusted Operating Profit Margin (Non-GAAP) | 25.4 | % | 22.7 | % | 24.2 | % | 22.2 | % | |||||||||||||||||||||
(a) The adjusted operating profit margin reflects the corresponding adjustments to GAAP revenue in acquisition-related fair value adjustments to deferred revenue of $8.5 million for Intelligent Operating Solutions, $2.3 million for Advanced Healthcare Solutions, and $10.8 million for Total Fortive. |
For the Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | $ | 1,898.9 | $ | 1,808.4 | $ | 856.6 | $ | — | $ | 4,563.9 | |||||||||||||||||||
Adjusted Operating Profit | |||||||||||||||||||||||||||||
Operating Profit (GAAP) | $ | 289.0 | $ | 324.6 | $ | (72.0) | $ | (97.7) | $ | 443.9 | |||||||||||||||||||
Acquisition-Related Transaction Costs | 12.0 | 4.0 | 94.5 | — | 110.5 | ||||||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 47.7 | — | 73.3 | — | 121.0 | ||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 141.7 | 20.4 | 98.9 | — | 261.0 | ||||||||||||||||||||||||
Restructuring | 12.9 | 19.5 | — | — | 32.4 | ||||||||||||||||||||||||
Adjusted Operating Profit (Non-GAAP) | $ | 503.3 | $ | 368.5 | $ | 194.7 | $ | (97.7) | $ | 968.8 | |||||||||||||||||||
Adjusted Operating Profit Margin (a) | |||||||||||||||||||||||||||||
Operating Profit (GAAP) Margin | 15.2 | % | 17.9 | % | (8.4) | % | 9.7 | % | |||||||||||||||||||||
Acquisition-Related Transaction Costs | 0.6 | % | 0.2 | % | 11.0 | % | 2.4 | % | |||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 1.9 | % | — | % | 8.4 | % | 2.5 | % | |||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 7.5 | % | 1.2 | % | 11.5 | % | 5.7 | % | |||||||||||||||||||||
Restructuring | 0.7 | % | 1.1 | % | — | % | 0.7 | % | |||||||||||||||||||||
Adjusted Operating Profit Margin (Non-GAAP) | 25.9 | % | 20.4 | % | 22.5 | % | 21.0 | % | |||||||||||||||||||||
(a) The adjusted operating profit margin reflects the corresponding adjustments to GAAP revenue in acquisition-related fair value adjustments to deferred revenue of $46.6 million for Intelligent Operating Solutions, $7.9 million for Advanced Healthcare Solutions, and $54.5 million for Total Fortive. |
For the Three Months Ended March 27, 2020 | |||||||||||||||||||||||||||||
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | $ | 466.7 | $ | 391.3 | $ | 250.1 | $ | — | $ | 1,108.1 | |||||||||||||||||||
Adjusted Operating Profit | |||||||||||||||||||||||||||||
Operating Profit (GAAP) | $ | 81.1 | $ | 73.5 | $ | (15.8) | $ | (23.4) | $ | 115.4 | |||||||||||||||||||
Acquisition-Related Transaction Costs | 0.3 | — | 20.4 | — | 20.7 | ||||||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 4.9 | — | 9.1 | — | 14.0 | ||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 38.1 | 4.5 | 35.6 | — | 78.2 | ||||||||||||||||||||||||
Adjusted Operating Profit (Non-GAAP) | $ | 124.4 | $ | 78.0 | $ | 49.3 | $ | (23.4) | $ | 228.3 | |||||||||||||||||||
Adjusted Operating Profit Margin (a) | |||||||||||||||||||||||||||||
Operating Profit (GAAP) Margin | 17.4 | % | 18.8 | % | (6.3) | % | 10.4 | % | |||||||||||||||||||||
Acquisition-Related Transaction Costs | 0.1 | % | — | % | 8.2 | % | 1.9 | % | |||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 0.7 | % | — | % | 3.4 | % | 1.1 | % | |||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 8.2 | % | 1.1 | % | 14.2 | % | 7.1 | % | |||||||||||||||||||||
Adjusted Operating Profit Margin (Non-GAAP) | 26.4 | % | 19.9 | % | 19.5 | % | 20.5 | % | |||||||||||||||||||||
(a) The adjusted operating profit margin reflects the corresponding adjustments to GAAP revenue in acquisition-related fair value adjustments to deferred revenue of $4.6 million for Intelligent Operating Solutions, $2.3 million for Advanced Healthcare Solutions, and $6.9 million for Total Fortive. |
For the Three Months Ended June 26, 2020 | |||||||||||||||||||||||||||||
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | $ | 413.0 | $ | 377.3 | $ | 251.3 | $ | — | $ | 1,041.6 | |||||||||||||||||||
Adjusted Operating Profit | |||||||||||||||||||||||||||||
Operating Profit (GAAP) | $ | 54.4 | $ | 77.1 | $ | (1.9) | $ | (27.1) | $ | 102.5 | |||||||||||||||||||
Acquisition-Related Transaction Costs | 0.3 | — | 22.0 | — | 22.3 | ||||||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 3.0 | — | 2.7 | — | 5.7 | ||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 37.7 | 4.3 | 35.4 | — | 77.4 | ||||||||||||||||||||||||
Adjusted Operating Profit (Non-GAAP) | $ | 95.4 | $ | 81.4 | $ | 58.2 | $ | (27.1) | $ | 207.9 | |||||||||||||||||||
Adjusted Operating Profit Margin (a) | |||||||||||||||||||||||||||||
Operating Profit (GAAP) Margin | 13.2 | % | 20.4 | % | (0.8) | % | 9.8 | % | |||||||||||||||||||||
Acquisition-Related Transaction Costs | 0.1 | % | — | % | 8.8 | % | 2.1 | % | |||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | 0.5 | % | — | % | 0.9 | % | 0.6 | % | |||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 9.1 | % | 1.2 | % | 14.1 | % | 7.4 | % | |||||||||||||||||||||
Adjusted Operating Profit Margin (Non-GAAP) | 22.9 | % | 21.6 | % | 23.0 | % | 19.9 | % | |||||||||||||||||||||
(a) The adjusted operating profit margin reflects the corresponding adjustments to GAAP revenue in acquisition-related fair value adjustments to deferred revenue of $3.0 million for Intelligent Operating Solutions, $1.6 million for Advanced Healthcare Solutions, and $4.6 million for Total Fortive. |
For the Three Months Ended September 25, 2020 | |||||||||||||||||||||||||||||
Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Corporate | Total Fortive | |||||||||||||||||||||||||
Revenue (GAAP) | $ | 459.1 | $ | 418.5 | $ | 282.2 | $ | — | $ | 1,159.8 | |||||||||||||||||||
Adjusted Operating Profit | |||||||||||||||||||||||||||||
Operating Profit (GAAP) | $ | 77.5 | $ | 82.1 | $ | 1.8 | $ | (23.8) | $ | 137.6 | |||||||||||||||||||
Acquisition-Related Transaction Costs | 0.2 | 0.1 | 14.0 | — | 14.3 | ||||||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | (0.1) | — | 3.2 | — | 3.1 | ||||||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 37.6 | 4.2 | 35.3 | — | 77.1 | ||||||||||||||||||||||||
Adjusted Operating Profit (Non-GAAP) | $ | 115.2 | $ | 86.4 | $ | 54.3 | $ | (23.8) | $ | 232.1 | |||||||||||||||||||
Adjusted Operating Profit Margin (a) | |||||||||||||||||||||||||||||
Operating Profit (GAAP) Margin | 16.9 | % | 19.6 | % | 0.6 | % | 11.9 | % | |||||||||||||||||||||
Acquisition-Related Transaction Costs | — | % | — | % | 5.0 | % | 1.2 | % | |||||||||||||||||||||
Acquisition-Related Fair Value Adjustments to Deferred Revenue and Inventory | — | % | — | % | 1.1 | % | 0.3 | % | |||||||||||||||||||||
Amortization of Acquisition-Related Intangible Assets | 8.2 | % | 1.0 | % | 12.5 | % | 6.6 | % | |||||||||||||||||||||
Adjusted Operating Profit Margin (Non-GAAP) | 25.1 | % | 20.6 | % | 19.2 | % | 20.0 | % | |||||||||||||||||||||
(a) The adjusted operating profit margin reflects the corresponding adjustment to GAAP revenue of $0.8 million in acquisition-related fair value adjustments to deferred revenue for both Advanced Healthcare Solutions and Total Fortive. |
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