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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: September 30, 2022
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 symbolName of each exchange on which registered
Common stock, par value $0.01 per shareFTVNew 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 October 24, 2022 was 353,808,253.



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 2.
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
 September 30, 2022December 31, 2021
 (unaudited) 
ASSETS
Current assets:
Cash and equivalents$705.3 $819.3 
Trade accounts receivable, net901.0 930.2 
Inventories:
Finished goods228.5 215.4 
Work in process105.1 94.0 
Raw materials226.9 203.3 
Inventories560.5 512.7 
Prepaid expenses and other current assets281.1 252.7 
Total current assets2,447.9 2,514.9 
Property, plant and equipment, net of accumulated depreciation of $740.6 and $679.0 at September 30, 2022 and December 31, 2021, respectively
405.2 395.5 
Other assets494.2 512.9 
Goodwill8,977.5 9,152.0 
Other intangible assets, net3,568.3 3,890.2 
Total assets$15,893.1 $16,465.5 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$999.9 $2,151.7 
Trade accounts payable572.6 557.9 
Accrued expenses and other current liabilities1,019.6 1,005.3 
Total current liabilities2,592.1 3,714.9 
Other long-term liabilities1,346.3 1,426.3 
Long-term debt2,559.0 1,807.3 
Commitments and Contingencies
Equity:
Preferred stock: $0.01 par value, 15.0 million shares authorized and no shares issued or outstanding at September 30, 2022 and December 31, 2021
— — 
Common stock: $0.01 par value, 2.0 billion shares authorized; 361.4 and 360.4 million issued; 353.8 and 359.1 million outstanding at September 30, 2022 and December 31, 2021, respectively
3.6 3.6 
Additional paid-in capital3,677.4 3,670.0 
Treasury shares, at cost(376.1)— 
Retained earnings6,539.6 6,023.6 
Accumulated other comprehensive loss(453.7)(185.0)
Total Fortive stockholders’ equity9,390.8 9,512.2 
Noncontrolling interests4.9 4.8 
Total stockholders’ equity9,395.7 9,517.0 
Total liabilities and equity$15,893.1 $16,465.5 
See the accompanying Notes to Consolidated Condensed Financial Statements.
4
Table of Contents
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
($ and shares in millions, except per share amounts)
(unaudited) 
 Three Months EndedNine Months Ended
 September 30, 2022October 1, 2021September 30, 2022October 1, 2021
Sales of products and software$1,227.7 $1,107.1 $3,609.8 $3,320.3 
Sales of services228.3 193.9 686.0 559.6 
Total sales1,456.0 1,301.0 4,295.8 3,879.9 
Cost of product and software sales(494.4)(448.3)(1,467.8)(1,356.6)
Cost of service sales(116.2)(107.0)(357.1)(310.2)
Total cost of sales(610.6)(555.3)(1,824.9)(1,666.8)
Gross profit845.4 745.7 2,470.9 2,213.1 
Operating costs:
Selling, general and administrative expenses(491.3)(455.6)(1,456.8)(1,340.1)
Research and development expenses(101.1)(87.8)(300.3)(261.8)
Russia exit and wind down costs(1.1)— (17.3)— 
Operating profit251.9 202.3 696.5 611.2 
Non-operating income (expense), net:
Interest expense, net(26.4)(25.1)(66.2)(78.0)
Loss on extinguishment of debt— — — (104.9)
Gain on investment in Vontier Corporation— — — 57.0 
Gain on litigation resolution— — — 26.0 
Other non-operating expense, net(8.0)(1.6)(13.8)(9.5)
Earnings from continuing operations before income taxes217.5 175.6 616.5 501.8 
Income taxes(27.6)(23.0)(88.5)(55.5)
Net earnings from continuing operations189.9 152.6 528.0 446.3 
Earnings (loss) from discontinued operations, net of income taxes— (0.3)— (2.9)
Net earnings189.9 152.3 528.0 443.4 
Mandatory convertible preferred dividends— — — (34.5)
Net earnings attributable to common stockholders$189.9 $152.3 $528.0 $408.9 
Net earnings per common share from continuing operations:
Basic $0.53 $0.42 $1.48 $1.19 
Diluted$0.53 $0.42 $1.46 $1.18 
Net earnings (loss) per share from discontinued operations:
Basic$— $— $— $(0.01)
Diluted$— $— $— $(0.01)
Net earnings per share:
Basic$0.53 $0.42 $1.48 $1.18 
Diluted$0.53 $0.42 $1.46 $1.17 
Average common stock and common equivalent shares outstanding:
Basic355.2 358.9 357.3 345.6 
Diluted357.9 362.2 362.0 348.8 
The sum of net earnings per share amounts may not add due to rounding.
See the accompanying Notes to Consolidated Condensed Financial Statements.
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FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
($ in millions)
(unaudited)
 
 Three Months EndedNine Months Ended
September 30, 2022October 1, 2021September 30, 2022October 1, 2021
Net earnings $189.9 $152.3 $528.0 $443.4 
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments(112.4)(35.7)(270.4)(53.8)
Pension adjustments0.8 0.9 1.7 2.8 
Total other comprehensive income (loss), net of income taxes(111.6)(34.8)(268.7)(51.0)
Comprehensive income$78.3 $117.5 $259.3 $392.4 
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)
 
Preferred StockCommon StockAdditional Paid-In CapitalTreasury SharesRetained EarningsAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interests
SharesAmountShares OutstandingAmount
Balance, December 31, 2021— $— 359.1 $3.6 $3,670.0 $— $6,023.6 $(185.0)$4.8 
Adoption of ASU 2020-06— — — — (65.7)— 62.8 — — 
Balance, January 1, 2022— — 359.1 3.6 3,604.3 — 6,086.4 (185.0)4.8 
Net earnings for the period— — — — — — 165.1 — — 
Dividends to common shareholders— — — — — — (25.1)— — 
Other comprehensive income (loss)— — — — — — — (38.9)— 
Common stock-based award activity— — 0.5 — 23.8 — — — — 
Common stock repurchases— — (1.0)— — (63.8)— — — 
Shares withheld for taxes— — (0.2)— (9.0)— — — — 
Change in noncontrolling interests— — — — — — — — 0.5 
Balance, April 1, 2022— $— 358.4 $3.6 $3,619.1 $(63.8)$6,226.4 $(223.9)$5.3 
Net earnings for the period— — — — — — 173.0 $— $— 
Dividends to common shareholders— — — — — — (24.9)— — 
Other comprehensive income (loss)— — — — — — — (118.2)— 
Common stock-based award activity— — 0.2 — 32.7 — — — — 
Common stock repurchases— — (3.0)— — (179.1)— — — 
Shares withheld for taxes— — — — (0.6)— — — — 
Change in noncontrolling interests— — — — — — — — (0.2)
Balance, July 1, 2022— $— 355.6 $3.6 $3,651.2 $(242.9)$6,374.5 $(342.1)$5.1 
Net earnings for the period— — — — — — 189.9 $— $— 
Dividends to common shareholders— — — — — — (24.8)— — 
Other comprehensive income (loss)— — — — — — — (111.6)— 
Common stock-based award activity— — 0.2 — 28.3 — — — — 
Common stock repurchases— — (2.0)— — (133.2)— — — 
Shares withheld for taxes— — — — (2.1)— — — — 
Change in noncontrolling interests— — — — — — — — (0.2)
Balance, September 30, 2022— $— 353.8 $3.6 $3,677.4 $(376.1)$6,539.6 $(453.7)$4.9 
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Preferred StockCommon StockAdditional Paid-In CapitalTreasury SharesRetained EarningsAccumulated
Other
Comprehensive
Loss		Noncontrolling
Interests
SharesAmountShares OutstandingAmount
Balance, December 31, 20201.4 $— 339.0 $3.4 $3,554.5 $— $5,547.4 $(141.1)$8.5 
Net earnings for the period— — — — — — 110.2 
Dividends to common shareholders— — — — — — (23.7)— — 
Mandatory convertible preferred stock cumulative dividends— — — — — — (17.3)— — 
Other comprehensive income (loss)— — — — — — — (33.7)— 
Common stock-based award activity— — (0.4)— 34.1 — — — — 
Shares withheld for tax— — (0.1)— (13.2)— — — — 
Early extinguishment of 0.875% convertible senior notes due 2022
— — — — (11.6)— — — — 
Change in noncontrolling interest— — — — — — — — (0.8)
Balance, April 2, 20211.4 $— 338.5 $3.4 $3,563.8 $— $5,616.6 $(174.8)$7.7 
Net earnings for the period— — — — — — 180.9 — — 
Dividends to common shareholders— — — — — — (23.7)— — 
Mandatory convertible preferred stock cumulative dividends— — — — — — (17.2)— — 
Other comprehensive income— — — — — — — 17.5 — 
Common stock-based award activity— — 0.6 — 35.9 — — — — 
Shares withheld for tax— — (0.1)— (0.6)— — — — 
Conversion of Mandatory convertible preferred stock to common stock(1.4)— 19.4 0.2 — — — — — 
Change in noncontrolling interests— — — — 3.0 — — — (3.0)
Balance, July 2, 2021— $— 358.4 $3.6 $3,602.1 $— $5,756.6 $(157.3)$4.7 
Net earnings for the period— — — — — — 152.3 — — 
Dividends to common shareholders— — — — — — (25.2)— — 
Other comprehensive income (loss)— — — — — — — (34.8)— 
Common stock-based award activity— — 0.2 — 27.6 — — — — 
Shares withheld for tax— — — — (1.6)— — — — 
Change in noncontrolling interests— — — — (3.8)— — — 0.1 
Balance, October 1, 2021— $— 358.6 $3.6 $3,624.3 $— $5,883.7 $(192.1)$4.8 

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)
 Nine Months Ended
 September 30, 2022October 1, 2021
Cash flows from operating activities:
Net earnings from continuing operations$528.0 $446.3 
Noncash items:
Amortization287.4 235.4 
Depreciation61.6 56.1 
Stock-based compensation expense67.9 55.2 
Russia exit and wind down costs9.2 — 
Loss on extinguishment of debt— 104.2 
Gain on investment in Vontier Corporation— (57.0)
Gain on litigation resolution— (26.0)
Change in trade accounts receivable, net(21.4)(20.4)
Change in inventories(73.2)(46.1)
Change in trade accounts payable46.6 14.8 
Change in prepaid expenses and other assets(55.4)(61.5)
Change in accrued expenses and other liabilities(11.7)4.9 
Total operating cash provided by continuing operations839.0 705.9 
Total operating cash used in discontinued operations— (19.4)
Net cash provided by operating activities839.0 686.5 
Cash flows from investing activities:
Cash paid for acquisitions, net of cash received(15.2)(1,156.7)
Payments for additions to property, plant and equipment(59.7)(28.0)
Proceeds from sale of business6.6 — 
All other investing activities— 1.1 
Net cash used in investing activities(68.3)(1,183.6)
Cash flows from financing activities:
Proceeds from borrowings (maturities greater than 90 days), net of issuance costs396.9 — 
Net proceeds from commercial paper borrowings381.3 215.0 
Payment of 0.875% convertible senior notes due 2022
(1,156.5)— 
Repurchase of common shares(376.1)— 
Payment of common stock cash dividend to shareholders(74.8)(72.6)
Repayment of borrowings (maturities greater than 90 days)— (611.1)
Payment of mandatory convertible preferred stock cash dividend to shareholders— (34.5)
All other financing activities(9.2)18.1 
Net cash used in financing activities(838.4)(485.1)
Effect of exchange rate changes on cash and equivalents(46.3)(4.2)
Net change in cash and equivalents(114.0)(986.4)
Beginning balance of cash and equivalents819.3 1,824.8 
Ending balance of cash and equivalents$705.3 $838.4 
See the accompanying Notes to Consolidated Condensed Financial Statements.
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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 provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Our strategic segments - Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions - include well-known brands with leading positions in their markets. Our businesses design, develop, manufacture, and service professional and engineered products, software, and services, building upon leading brand names, innovative technologies, and significant market positions. Our research and development, manufacturing, sales, distribution, service, and administrative facilities are located in more than 50 countries around the world.
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 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, 2021 and the footnotes (“Notes”) thereto included within our 2021 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 September 30, 2022 and December 31, 2021, our results of operations, comprehensive income, and stockholders’ equity for the three and nine month periods ended September 30, 2022 and October 1, 2021, and cash flows for the nine month periods ended September 30, 2022 and October 1, 2021. Reclassification of certain prior year amounts have been made to conform to current year presentation.
Additionally, in the fourth quarter of 2021, Fortive adopted ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update required that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, rather than at fair value as previously required under Topic 805. The amendments have been applied to all business combinations that occurred on or after January 1, 2021. The adoption only impacted the ServiceChannel acquisition which occurred in Q3 2021. Amounts previously reported for the three and nine month periods ended October 1, 2021 were retroactively adjusted to reflect a $1.5 million increase in both revenue and earnings as a result of the adoption of this pronouncement.
Vontier Separation and Discontinued Operations
On October 9, 2020, we completed the