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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: June 26, 2020
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Or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
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Commission file number 1-37654
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Fortive Corporation
(Exact name of registrant as specified in its charter)
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Delaware |
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47-5654583 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. employer identification number) |
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6920 Seaway Blvd |
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Everett, |
WA |
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98203 |
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(Address of principal executive offices) |
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(Zip code) |
Registrant’s telephone number, including area code: (425) 446-5000
Securities registered pursuant to Section 12(b) of the Act:
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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.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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
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PART I - |
FINANCIAL INFORMATION |
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Item 1. |
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Item 2. |
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Item 3. |
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Item 4. |
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PART II - |
OTHER INFORMATION |
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Item 1A. |
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Item 6. |
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in millions, except per share amounts)
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|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
June 26, 2020 |
|
December 31, 2019 |
|
(unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and equivalents |
$ |
1,063.0 |
|
|
$ |
1,205.2 |
|
Accounts receivable, net |
1,129.2 |
|
|
1,384.5 |
|
Inventories: |
|
|
|
Finished goods |
294.9 |
|
|
285.6 |
|
Work in process |
102.5 |
|
|
100.4 |
|
Raw materials |
267.1 |
|
|
254.3 |
|
Inventories |
664.5 |
|
|
640.3 |
|
Prepaid expenses and other current assets |
390.4 |
|
|
455.6 |
|
Current assets, discontinued operations |
3.3 |
|
|
3.2 |
|
Total current assets |
3,250.4 |
|
|
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 assets |
207.8 |
|
|
206.8 |
|
Other assets |
758.7 |
|
|
779.6 |
|
Goodwill |
8,297.7 |
|
|
8,399.3 |
|
Other intangible assets, net |
3,671.3 |
|
|
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 payable |
733.0 |
|
|
765.5 |
|
Current operating lease liabilities |
52.6 |
|
|
54.9 |
|
Accrued expenses and other current liabilities |
1,092.0 |
|
|
1,146.8 |
|
|
|
|
|
Total current liabilities |
2,876.4 |
|
|
3,467.2 |
|
Operating lease liabilities |
163.8 |
|
|
159.0 |
|
Other long-term liabilities |
1,572.4 |
|
|
1,584.2 |
|
Long-term debt |
4,686.2 |
|
|
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 capital |
3,360.7 |
|
|
3,311.1 |
|
Retained earnings |
4,187.8 |
|
|
4,128.8 |
|
Accumulated other comprehensive income (loss) |
(156.6) |
|
|
(56.3) |
|
Total Fortive stockholders’ equity |
7,395.3 |
|
|
7,387.0 |
|
Noncontrolling interests |
11.6 |
|
|
13.2 |
|
Total stockholders’ equity |
7,406.9 |
|
|
7,400.2 |
|
Total liabilities and equity |
$ |
16,705.7 |
|
|
$ |
17,439.0 |
|
See the accompanying Notes to Consolidated Condensed Financial Statements.
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 26, 2020 |
|
June 28, 2019 |
|
June 26, 2020 |
|
June 28, 2019 |
Sales of products and software |
$ |
1,367.7 |
|
|
$ |
1,623.0 |
|
|
$ |
2,855.5 |
|
|
$ |
3,028.1 |
|
Sales of services |
203.5 |
|
|
241.7 |
|
|
429.2 |
|
|
429.5 |
|
Total sales |
1,571.2 |
|
|
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 profit |
814.3 |
|
|
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 profit |
191.1 |
|
|
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), net |
5.3 |
|
|
(0.8) |
|
|
0.7 |
|
|
(0.4) |
|
Earnings from continuing operations before income taxes |
153.2 |
|
|
204.3 |
|
|
224.6 |
|
|
396.7 |
|
Income taxes |
(22.9) |
|
|
(29.0) |
|
|
(52.0) |
|
|
(57.4) |
|
Net earnings from continuing operations |
130.3 |
|
|
175.3 |
|
|
172.6 |
|
|
339.3 |
|
Loss from discontinued operations, net of income taxes |
(0.3) |
|
|
(0.7) |
|
|
(0.7) |
|
|
(0.3) |
|
Net earnings |
130.0 |
|
|
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: |
|
|
|
|
|
|
|
Basic |
337.3 |
|
|
335.6 |
|
|
337.1 |
|
|
335.4 |
|
Diluted |
339.7 |
|
|
339.7 |
|
|
339.9 |
|
|
339.8 |
|
|
|
|
|
|
|
|
|
See the accompanying Notes to Consolidated Condensed Financial Statements.
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
($ in millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|
June 26, 2020 |
|
June 28, 2019 |
|
June 26, 2020 |
|
June 28, 2019 |
Net earnings |
$ |
130.0 |
|
|
$ |
174.6 |
|
|
$ |
171.9 |
|
|
$ |
339.0 |
|
Other comprehensive income, net of income taxes: |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
36.0 |
|
|
1.3 |
|
|
(100.3) |
|
|
18.0 |
|
Pension adjustments |
1.0 |
|
|
0.5 |
|
|
— |
|
|
1.0 |
|
Total other comprehensive income (loss), net of income taxes |
37.0 |
|
|
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.
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, 2019 |
336.0 |
|
|
$ |
3.4 |
|
|
1.4 |
|
|
$ |
— |
|
|
$ |
3,311.1 |
|
|
$ |
4,128.8 |
|
|
$ |
(56.3) |
|
|
$ |
13.2 |
|
Adoption of accounting standard |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(31.3) |
|
|
— |
|
|
— |
|
Balance, January 1, 2020 |
336.0 |
|
|
$ |
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 activity |
0.8 |
|
|
— |
|
|
— |
|
|
— |
|
|
22.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2.0) |
|
Balance, March 27, 2020 |
336.8 |
|
|
$ |
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 activity |
0.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
27.0 |
|
|
— |
|
|
— |
|
|
— |
|
Change in noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.4 |
|
Balance, June 26, 2020 |
337.0 |
|
|
$ |
3.4 |
|
|
1.4 |
|
|
$ |
— |
|
|
$ |
3,360.7 |
|
|
$ |
4,187.8 |
|
|
$ |
(156.6) |
|
|
$ |
11.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
— |
|
|
— |
|
|
— |
|
Changes 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 |
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See the accompanying Notes to Consolidated Condensed Financial Statements.
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
($ in millions)
(unaudited)
|
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|
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|
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|
Six Months Ended |
|
|
|
June 26, 2020 |
|
June 28, 2019 |
Cash flows from operating activities: |
|
|
|
Net earnings from continuing operations |
$ |
172.6 |
|
|
$ |
339.3 |
|
Noncash items: |
|
|
|
Depreciation |
66.6 |
|
|
62.7 |
|
Amortization |
170.1 |
|
|
129.6 |
|
Stock-based compensation expense |
38.8 |
|
|
28.8 |
|
Impairment of goodwill |
85.3 |
|
|
— |
|
|
|
|
|
Gain on sale of assets |
(5.3) |
|
|
— |
|
|
|
|
|
|
|
|
|
Change in trade accounts receivable, net |
214.8 |
|
|
(102.3) |
|
Change in inventories |
(28.9) |
|
|
45.8 |
|
Change in trade accounts payable |
(23.4) |
|
|
(11.7) |
|
Change in prepaid expenses and other assets |
55.4 |
|
|
(67.2) |
|
Change in accrued expenses and other liabilities |
(75.0) |
|
|
(3.6) |
|
Total operating cash provided by continuing operations |
|