11-K: Annual report of employee stock purchase, savings and similar plans
Published on June 4, 2021
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 11-K
________________________________________________
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR
PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| (Mark One) | |||||
| ý | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. | ||||
| For the fiscal year ended December 31, 2020 | |||||
| Or | |||||
| o | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| For the transition period from to | |||||
| Commission file number 1-37654 | |||||
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
Fortive Retirement Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Fortive Corporation
6920 Seaway Blvd
Everett, WA 98203
(425) 446-5000
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FORTIVE RETIREMENT SAVINGS PLAN
FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020 AND 2019
AND FOR THE YEAR ENDED DECEMBER 31, 2020,
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2020 AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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FORTIVE RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
FORM 11-K
Page |
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FINANCIAL STATEMENTS |
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SUPPLEMENTAL SCHEDULE |
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EXHIBIT |
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Report of Independent Registered Public Accounting Firm
To the Plan Participants, the Plan Administrator, the Audit Committee of the Board of Directors, Fortive Corporation and the Benefits Committee of the Fortive Retirement Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Fortive Retirement Savings Plan (the Plan) as of December 31, 2020 and 2019, and the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2020 and 2019, and the changes in its net assets available for benefits for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedule
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2020, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor since 2016.
Seattle, Washington
June 4, 2021
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FORTIVE RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2020 AND 2019
($ in millions)
| 2020 | 2019 | ||||||||||
ASSETS |
|||||||||||
| Non-interest bearing cash | $ | 0.9 | $ | — | |||||||
| Investments at fair value | 1,754.6 | — | |||||||||
Plan’s interest in the Master Trust |
— | 1,863.7 | |||||||||
Receivables: |
|||||||||||
Employer contributions |
5.0 | 1.6 | |||||||||
Participant contributions |
— | — | |||||||||
| Other receivables | 1.7 | — | |||||||||
Notes receivable from participants |
15.0 | 20.3 | |||||||||
Total receivables |
21.7 | 21.9 | |||||||||
Total assets |
1,777.2 | 1,885.6 | |||||||||
LIABILITIES |
|||||||||||
Other payables |
1.4 | — | |||||||||
Total liabilities |
1.4 | — | |||||||||
NET ASSETS AVAILABLE FOR BENEFITS |
$ | 1,775.8 | $ | 1,885.6 | |||||||
See the accompanying notes to the financial statements.
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FORTIVE RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2020
($ in millions)
ADDITIONS |
|||||
Contributions: |
|||||
Participant |
$ | 90.2 | |||
Rollovers |
15.1 | ||||
Employer |
65.3 | ||||
Total contributions |
170.6 | ||||
Investment income: |
|||||
Interest income on notes receivable from participants |
1.1 | ||||
| Net appreciation of investments, at fair value | 131.1 | ||||
| Dividend and interest income from investments | 4.2 | ||||
Plan’s interest in Master Trust’s net investment income |
120.4 | ||||
Total investment income |
256.8 | ||||
Total additions |
427.4 | ||||
DEDUCTIONS |
|||||
Benefit payments |
226.1 | ||||
Administrative expenses |
1.4 | ||||
Total deductions |
227.5 | ||||
NET INCREASE PRIOR TO PLAN TRANSFERS |
199.9 | ||||
| NET TRANSFERS OUT OF THE PLAN | (309.7) | ||||
| NET DECREASE | (109.8) | ||||
NET ASSETS AVAILABLE FOR BENEFITS: |
|||||
Beginning of year |
1,885.6 | ||||
End of year |
$ | 1,775.8 | |||
See the accompanying notes to the financial statements.
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FORTIVE RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2020
NOTE 1. DESCRIPTION OF THE PLAN
The following description of the Fortive Retirement Savings Plan (the “Plan”) provides only general information. Participants should refer to the plan document and summary plan description for a more complete description of the Plan’s provisions.
General
Fortive Corporation (“Fortive,” “the Company”, or “the Plan Sponsor”) is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Fortive established the Fortive Retirement Savings Plan Master Trust (the “Master Trust”) effective May 1, 2016 which was administered by the trustee, Fidelity Management Trust Company (“Fidelity”). The Master Trust created a single trust formed to hold and invest assets of the Plan and other eligible tax-qualified defined contribution plans maintained by the Plan Sponsor. Refer to Note 3 for additional information regarding the Master Trust. Fortive also established the Plan effective May 31, 2016.
On October 9, 2020, the Company completed the separation of its former Industrial Technologies segment by distributing 80.1% of the outstanding shares of Vontier Corporation (“Vontier”) to its stockholders (“the Separation”) on a pro rata basis. In anticipation of the Separation, Vontier created a new savings plan, the Vontier Retirement Savings Plan (the "Vontier Plan") and on October 9, 2020, $312.8 million, which was the total amount of the balances and the related assets in the Master Trust of the Plan participants who are now employees of Vontier after the Separation, was transferred to the Vontier Plan. This $312.8 million transferred includes $4.4 million of outstanding loan balances.
As a result of the Separation, the Master Trust was amended on October 9, 2020. The amendment was executed to reclassify the Master Trust to a single Trust arrangement (the “Trust”). The Trust continues to be administered by Fidelity.
The Plan is a defined contribution plan established for eligible full-time and part-time non-union employees of the Company and its subsidiaries. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Plan is administered through affiliates of the trustee, Fidelity (the “Plan Administrator”). Plan participants should refer to the formal legal documents of the Plan and the summary plan description for a more complete description of the Plan’s provisions and a full explanation of all limitations, adjustments and special cases in the Plan. Significant provisions related to contributions, benefit payments, and investments are provided below.
Plan Mergers
As a result of Fortive’s acquisition of Intelex Technologies (“Intelex”) on June 27, 2019, the Intelex Technologies US Inc. 401(k) Plan (“the Intelex Plan”) merged into the Plan on January 1, 2020, resulting in net assets transferred into the Plan of $3.0 million in 2020. All balances transferred in from the Intelex Plan have been included in the Plan balances and activity as of and for the year ended December 31, 2020.
Contributions
Eligible participants may contribute up to 75% of their compensation (subject to annual maximums). Employee contributions and the earnings or losses thereon are fully vested at all times.
The Company’s retirement contributions are determined at the discretion of the Plan Sponsor. The discretionary retirement contribution can range from 0% to 2% of eligible compensation. For the year ended December 31, 2020, the retirement contribution was 2% of eligible compensation. The portion of the retirement contribution that is calculated on eligible compensation above the Social Security wage base in effect at the beginning of the Plan year is calculated and deposited into eligible participant accounts subsequent to the Plan year end. Employees are eligible for Company retirement contributions upon completion of one year of service and become fully vested upon completion of three years of service.
In addition, the Company makes matching contributions into the Plan. These matching contributions are considered “safe harbor” and the percentage for the safe harbor matching contributions has been established in the plan document. The Company matching contribution is 100% of the first 3% of eligible compensation contributed by the participant plus 50% of the next 2% of eligible compensation contributed. Employees are immediately 100% vested in all safe harbor matching contributions.
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Benefit Payments
A participant who attains normal retirement age (age 65) shall be entitled to payment of the balance in their account. A participant who remains employed after attainment of normal retirement age shall continue to participate under the same terms and conditions as applied prior to reaching normal retirement age. A participant must begin receiving distributions no later than April 1 following the later of the year in which they retire from the Company or the calendar year in which they reach the age of 72.
The beneficiary or beneficiaries of a deceased participant shall be entitled to payment of the participant’s account balance within a reasonable period of time after the participant’s death.
Upon total and permanent disability, a participant shall be entitled to payment of the balance in their account within a reasonable period of time after termination of employment.
Upon a participant’s termination of employment for reasons other than as specified above, a participant is entitled to payment of their vested account balance. If the vested value of the participant’s account is $1,000 (applied separately to Roth and non-Roth balances) or less, payment will automatically be made in a single lump sum. If the vested value of the participant’s Roth or non-Roth balances is greater than $1,000 and does not exceed $5,000, the Plan Administrator will automatically rollover the Roth or non-Roth balances to a separate Fidelity Individual Retirement Account. If the vested value of the participant’s account is greater than $5,000, the participant must contact the Plan Administrator to request a distribution.
Eligible participants may request a hardship or age 59 1/2 in-service withdrawal of all or a portion of their vested account while still working for the Company in accordance with procedures established by the Plan Administrator, subject to certain limitations and tax penalties.
Notes Receivable from Participants
A participant may receive a loan from the Plan in accordance with the policy established by the Plan Sponsor. Any such loan or loans shall not exceed the lesser of 50% of the participant’s vested account balance or $50,000 reduced by the participant’s highest outstanding loan balance in the Plan during the one-year period ending on the day before the loan is made. The Plan Administrator establishes the maximum maturity period that is permitted to prevent the loan from being treated as a distribution. Plan provisions require that all loans must be paid back within 60 months. The Plan Administrator may require loan payments to be made through payroll deductions.
Participant Accounts
Each participant account is credited with the participant’s contributions, employer safe harbor matching contributions, employer retirement contributions, and an allocation of Plan earnings or losses, and is charged quarterly with administrative expenses and recordkeeping fees. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Administrative Expenses
The Plan’s administrative expenses are paid by either the Plan or the Plan Sponsor, as provided by the Plan’s provisions. Administrative expenses paid by the Plan include recordkeeping and trustee fees.
The Plan participates in a revenue credit program (Credits). Credits are earned in connection with the Plan’s revenue sharing arrangements with certain investment funds. The Credits are deposited in an unallocated account and can be used to pay ERISA-qualified expenses or can be allocated to eligible participant accounts. The calculated Credits are funded quarterly in arrears by the Plan Administrator.
Unallocated Accounts
During the year ended December 31, 2020, forfeitures used to reduce Company related contributions totaled $1.1 million.
As of December 31, 2020 and 2019, unallocated and non-vested accounts, including forfeited amounts, totaled $0.7 million for both respective periods. These amounts will be used to reduce future employer contributions and to pay administrative expenses.
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Termination of the Plan
Although the Company, as the Plan Sponsor, has not expressed an intention to do so, the Plan may be terminated at any time. In the event of termination of the Plan, the account balances of participants as of the date of termination shall immediately become vested.
CARES Act
On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act allows retirement plans to provide participants who are impacted by the coronavirus (as defined in the CARES Act) with greater access to their savings. As permitted by the CARES Act, the Plan opted in to implement the following provisions:
•Through December 31, 2020, qualified individuals are permitted to take a penalty-free distribution in an amount up to $100,000 from the Plan. Participants who take a qualified distribution have the option to have the distribution taxed over a three-year period, with the ability to recontribute up to the full amount of the distribution within three years and not be subject to federal income tax as a result.
•Required minimum distributions for calendar year 2020 are waived for retired and retirement-aged individuals.
•Loans outstanding on or after March 27, 2020, and any repayment on the loan that is due from March 27, 2020 to December 31, 2020, that due date may be delayed under the Plan for up to one year. Any payments after the suspension period will be adjusted to reflect the delay and any interest accruing during the delay.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and changes therein, and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Notes Receivable from Participants
Notes receivable from participants represent participant loans and are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2020 and 2019. If a participant ceases to make loan repayments and has reached a distributable event, the loan balance is reduced and a benefit payment is recorded.
Investments
Investments are reported at fair value. Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Refer to Note 4 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. The income of each fund is reinvested in that fund.
Payment of Benefits
Benefits are recorded when paid.
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Recently Adopted Accounting Standards
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820). The amendments in this ASU modify the disclosure requirements on fair value measurements in Topic 820. The amendment included the removal of disclosures previously required regarding the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. The amendment also included modifications of existing provisions and additions of new provisions related to disclosures for Level 3 fair value measurements. The standard was effective for fiscal years beginning after December 15, 2019 using a retrospective transition approach for all provisions except the modifications and additions relating to Level 3 fair value measurements, which should be applied prospectively for only the most recent interim or annual period. The Plan adopted ASU 2018-13 on January 1, 2020 and has presented its fair value measurements in conformity with this standard as of December 31, 2020 and 2019.
NOTE 3. MASTER TRUST
On October 9, 2020, the Master Trust agreement was amended to a single trust agreement. At December 31, 2020, all investments were held directly by the Plan under the amended single trust agreement.
As discussed in Note 1, the Company established a Master Trust whereby investments were held collectively for certain defined contribution plans maintained by the Plan Sponsor. Each participating plan’s interest in the investment funds of the Master Trust was based on account balances of the participants and their elected funds within each participating plan.
The Master Trust assets were allocated among the participating plans by assigning to each plan those transactions (primarily contributions, benefit payments, and plan-specific expenses) that could be specifically identified and by allocating among all plans, in proportion to the fair value of the assets assigned to each plan, income and expenses resulting from the collective investment of the assets of the Master Trust. The Plan’s interest in the Master Trust’s net investment income presented in the Statement of Changes in Net Assets Available for Benefits consists of the realized and unrealized gains and losses on those investments.
The following summarizes the value of the net assets of the Master Trust and the Plan’s interest in the Master Trust as of December 31, 2019 ($ in millions):
| 2019 | |||||||||||
| Master Trust Balances | Plan’s Interest in Master Trust Balances | ||||||||||
Money market funds |
$ | 0.1 | $ | 0.1 | |||||||
Fortive Corporation Stock Fund: |
|||||||||||
Fortive common stock |
100.2 | 95.7 | |||||||||
Money market funds |
1.0 | 1.0 | |||||||||
Mutual funds |
441.6 | 434.0 | |||||||||
Common/collective trusts |
860.2 | 816.9 | |||||||||
Separately managed funds |
466.8 | 453.3 | |||||||||
Self-directed brokerage account |
63.4 | 62.8 | |||||||||
Total investments in Master Trust, at fair value |
1,933.3 | 1,863.8 | |||||||||
Non-interest bearing cash |
0.2 | 0.2 | |||||||||
| Receivables | 0.9 | 0.9 | |||||||||
Payables |
(1.2) | (1.2) | |||||||||
Total net assets in Master Trust |
$ | 1,933.2 | $ | 1,863.7 | |||||||
All Master Trust investments subject to leveling were categorized as Level 1. Refer to Note 4 for the fair value hierarchy table that sets forth by level the Master Trust investments as of December 31, 2019.
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The net investment income of the Master Trust (including gains and losses on investments held, bought and sold) for the period from January 1, 2020 through October 8, 2020 was as follows ($ in millions):
Net appreciation of the fair value of investments |
$ | 111.9 | |||
Interest and dividend income |
12.2 | ||||
Total investment income of the Master Trust |
$ | 124.1 | |||
NOTE 4. FAIR VALUE MEASUREMENTS
Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where the Plan’s assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. Level 3 inputs are unobservable inputs based on management’s assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The Plan provides for some investments that are valued using the Net Asset Value (“NAV”) practical expedient. None of these investments have limits on their redemption. Investments valued using NAV consist of common collective trusts and separately managed private account funds which allow the Plan to allocate investments across a broad array of types of funds and diversify the portfolio.
The fair values of the Plan’s investments as of December 31, 2020, by asset category, were as follows ($ in millions):
|
Quoted Prices in Active Market
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
Total |
||||||||||||||||||||
Money market funds |
$ | 0.4 | $ | — | $ | — | $ | 0.4 | |||||||||||||||
Fortive Corporation Stock Fund: |
|||||||||||||||||||||||
Fortive common stock |
50.3 | — | — | 50.3 | |||||||||||||||||||
Money market funds |
0.3 | — | — | 0.3 | |||||||||||||||||||
Mutual funds |
427.5 | — | — | 427.5 | |||||||||||||||||||
Separately managed funds: |
|||||||||||||||||||||||
| Money market funds | 2.2 | — | — | 2.2 | |||||||||||||||||||
| Common stock | 327.3 | — | — | 327.3 | |||||||||||||||||||
| Mutual funds | 43.7 | — | — | 43.7 | |||||||||||||||||||
Self-directed brokerage accounts |
73.7 | $ | — | — | 73.7 | ||||||||||||||||||
| $ | 925.4 | $ | — | $ | — | $ | 925.4 | ||||||||||||||||
Investments measured at NAV |
|||||||||||||||||||||||
Common/collective trusts |
783.7 | ||||||||||||||||||||||
| Separately managed private account funds | 45.5 | ||||||||||||||||||||||
Total investments, at fair value |
$ | 1,754.6 | |||||||||||||||||||||
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The fair values of the Master Trust’s investments as of December 31, 2019, by asset category, were as follows ($ in millions):
|
Quoted Prices in Active Market
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
Total |
||||||||||||||||||||
Money market funds |
$ | 0.1 | $ | — | $ | — | $ | 0.1 | |||||||||||||||
Fortive Corporation Stock Fund: |
|||||||||||||||||||||||
Fortive common stock |
100.2 | — | — | 100.2 | |||||||||||||||||||
Money market fund |
1.0 | — | — | 1.0 | |||||||||||||||||||
Mutual funds |
441.6 | — | — | 441.6 | |||||||||||||||||||
Separately managed funds: |
|||||||||||||||||||||||
| Money market funds | 5.9 | — | — | 5.9 | |||||||||||||||||||
| Common stock | 365.5 | — | — | 365.5 | |||||||||||||||||||
| Mutual funds | 51.4 | — | — | 51.4 | |||||||||||||||||||
Self-directed brokerage accounts |
63.4 | — | — | 63.4 | |||||||||||||||||||
| $ | 1,029.1 | $ | — | $ | — | $ | 1,029.1 | ||||||||||||||||
Investments measured at NAV (a)
|
|||||||||||||||||||||||
Common/collective trusts |
860.2 | ||||||||||||||||||||||
| Separately managed private account funds | 44.0 | ||||||||||||||||||||||
Total investments in Master Trust, at fair value |
$ | 1,933.3 | |||||||||||||||||||||
(a) The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total of investments in the Master Trust at fair value as presented in Note 3.
| |||||||||||||||||||||||
Refer to Note 3 for additional disclosures regarding the Master Trust.
Following is a description of the valuation techniques and inputs used for each major class of assets measured at fair value:
•Money market funds and mutual funds are valued at the quoted closing price reported on the active market on which the individual securities are traded.
•The Fortive Corporation Stock Fund consists of shares of the Company’s stock and short-term money market investments and is valued based on the quoted market price of the investments.
•The separately managed funds consist of common stock, money market funds, and mutual funds, which are valued at the last reported sales price of the security on the last business day of the year, uninvested cash, which is recorded at carrying value as maturities are less than three months, and private account funds, which cannot be priced on the open market and are valued using the net asset value of units held. The NAV is used as a practical expedient to estimate fair value and is based on the fair value of the underlying investments held by the fund less its liabilities.
•The self-directed brokerage accounts consist of common stock and mutual funds, which are valued at the last reported sales price on the last business day of the year, and uninvested cash, which is recorded at carrying value as maturities are less than three months.
•Participation units in the common/collective trust funds are valued using the net asset value of units held. The NAV is used as a practical expedient to estimate fair value and is based on the fair value of the underlying investments held by the fund less its liabilities.
The methods described above may produce a fair value estimate that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes the valuation methods are appropriate and consistent with the methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
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NOTE 5. TAX STATUS OF THE PLAN
The Plan received a determination letter from the Internal Revenue Service (“IRS”) dated March 14, 2018 stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, its related trust is exempt from taxation. Subsequent to receiving the IRS determination letter, the Plan has been amended. The Plan Sponsor believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax-exempt.
GAAP requires plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Sponsor has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
NOTE 6. RELATED PARTY AND PARTIES IN INTEREST TRANSACTIONS
Certain investments are held in shares of mutual funds issued by affiliates of Fidelity. Fidelity is the trustee as defined by the Plan, therefore, these are party in interest transactions.
Additionally, as of December 31, 2020 and 2019, the Plan held 0.7 million shares and the Master Trust held 1.3 million shares, respectively, of Fortive common stock within the Fortive Corporation Stock Fund. During the year ended December 31, 2020, the Fortive Corporation Stock Fund purchased $47.0 million and sold $96.0 million in Company stock and received $0.3 million of dividends related to shares of Fortive common stock.
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SUPPLEMENTAL SCHEDULE
FORTIVE RETIREMENT SAVINGS PLAN
EIN: 47-5654583, PLAN NO. 001
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2020
(a) |
(b) Identity of issue, borrower, lessor or similar party |
(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value
|
(d) Cost |
(e) Current value |
|||||||||||||||||||||||||
| Money Market Fund | |||||||||||||||||||||||||||||
| * | Vanguard Federal Money Market Fund | 441,045 | shares | ** | $ | 441,045 | |||||||||||||||||||||||
| JP Morgan U.S. Government Money Market Fund | 2,124,226 | shares | ** | 2,124,226 | |||||||||||||||||||||||||
| Fidelity Investments Money Market Government Portfolio - Class III | 75,180 | US Dollars | ** | 75,180 | |||||||||||||||||||||||||
| 2,640,451 | |||||||||||||||||||||||||||||
| Common/Collective Trust | |||||||||||||||||||||||||||||
| * | Fidelity Managed Income Portfolio II Class 3 | 130,982,857 | units | ** | 130,982,857 | ||||||||||||||||||||||||
| Harding Loevner International Equity Portfolio | 1,383,633 | units | ** | 22,331,831 | |||||||||||||||||||||||||
| LifePath® Index 2025 Non-Lendable Fund G | 5,674,335 | units | ** | 114,368,490 | |||||||||||||||||||||||||
| LifePath® Index 2030 Non-Lendable Fund G | 5,088,242 | units | ** | 108,957,076 | |||||||||||||||||||||||||
| LifePath® Index 2035 Non-Lendable Fund G | 3,828,005 | units | ** | 86,744,127 | |||||||||||||||||||||||||
| LifePath® Index 2040 Non-Lendable Fund G | 3,215,091 | units | ** | 76,463,874 | |||||||||||||||||||||||||
| LifePath® Index 2045 Non-Lendable Fund G | 2,379,062 | units | ** | 58,764,259 | |||||||||||||||||||||||||
| LifePath® Index 2050 Non-Lendable Fund G | 1,921,198 | units | ** | 48,753,090 | |||||||||||||||||||||||||
| LifePath® Index 2055 Non-Lendable Fund G | 1,321,142 | units | ** | 34,092,329 | |||||||||||||||||||||||||
| LifePath® Index 2060 Non-Lendable Fund G | 615,426 | units | ** | 10,787,680 | |||||||||||||||||||||||||
| LifePath® Index Retirement Non-Lendable Fund G | 5,194,454 | units | ** | 91,499,784 | |||||||||||||||||||||||||
| 783,745,397 | |||||||||||||||||||||||||||||
| Employer Securities | |||||||||||||||||||||||||||||
| Fortive Corporation Stock Fund | |||||||||||||||||||||||||||||
| * | Fortive Corporation Common Stock | 709,991 | shares | ** | 50,281,562 | ||||||||||||||||||||||||
| * | Fidelity Investments Money Market Government Portfolio - Class III | 319,355 | US Dollars | ** | 319,355 | ||||||||||||||||||||||||
| 50,600,917 | |||||||||||||||||||||||||||||
| Registered Investment Companies | |||||||||||||||||||||||||||||
| Dodge & Cox International Stock Fund | 871,118 | shares | ** | 38,067,875 | |||||||||||||||||||||||||
| PIMCO All Asset Fund Institutional Class | 423,380 | shares | ** | 5,249,910 | |||||||||||||||||||||||||
| PIMCO Inflation Response Multi-Asset Institutional | 434,428 | shares | ** | 3,844,689 | |||||||||||||||||||||||||
| PIMCO Total Return Fund | 4,294,150 | shares | ** | 45,517,986 | |||||||||||||||||||||||||
-14-
| * | Fidelity® Extended Market Index Fund - Premium Class | 1,502,755 | shares | ** | $ | 195,613,613 | |||||||||||||||||||||||
| * | Fidelity® 500 Index Fund - Institutional Class | 1,047,824 | shares | ** | 87,472,362 | ||||||||||||||||||||||||
| Vanguard Total Bond Market Index Fund Institutional Shares | 6,087,217 | shares | ** | 70,733,462 | |||||||||||||||||||||||||
| Vanguard Total International Stock Index Fund Institutional Shares | 202,529 | shares | ** | 26,286,237 | |||||||||||||||||||||||||
| American Beacon Small Cap | 1,741,466 | shares | ** | 43,693,384 | |||||||||||||||||||||||||
| Govt Reserve Invest Fund Trade | 78,523 | shares | ** | 78,523 | |||||||||||||||||||||||||
| 516,558,041 | |||||||||||||||||||||||||||||
| Common Stock | |||||||||||||||||||||||||||||
| AAON INC | 10,240 | shares | ** | 682,291 | |||||||||||||||||||||||||
| ABBVIE INC | 413 | shares | ** | 44,253 | |||||||||||||||||||||||||
| ADOBE INC | 50 | shares | ** | 25,006 | |||||||||||||||||||||||||
| ADVANCED MICRO DEVICES INC | 24,405 | shares | ** | 2,238,183 | |||||||||||||||||||||||||
| AGILENT TECHNOLOGIES INC | 158 | shares | ** | 18,721 | |||||||||||||||||||||||||
| AIR PRODUCTS & CHEMICAL INC | 6,165 | shares | ** | 1,684,401 | |||||||||||||||||||||||||
| AIRBNB INC CLASS A | 995 | shares | ** | 146,066 | |||||||||||||||||||||||||
| ALARM.COM HOLDINGS INC | 12,277 | shares | ** | 1,270,056 | |||||||||||||||||||||||||
| ALIBABA GROUP HOLDING LTD SPON ADR | 29,607 | shares | ** | 6,890,437 | |||||||||||||||||||||||||
| ALIGN TECHNOLOGY INC | 219 | shares | ** | 117,029 | |||||||||||||||||||||||||
| ALLEGIANT TRAVEL CO | 3,840 | shares | ** | 726,682 | |||||||||||||||||||||||||
| ALPHABET INC CL A | 1,464 | shares | ** | 2,565,865 | |||||||||||||||||||||||||
| ALPHABET INC CL C | 6,779 | shares | ** | 11,875,995 | |||||||||||||||||||||||||
| ALTRIA GROUP INC | 30,605 | shares | ** | 1,254,805 | |||||||||||||||||||||||||
| AMAZON.COM INC | 7,822 | shares | ** | 25,475,706 | |||||||||||||||||||||||||
| ANT INTL CO LTD CLASS C PP | 75,394 | shares | ** | 648,388 | |||||||||||||||||||||||||
| ANTHEM INC | 3,712 | shares | ** | 1,191,886 | |||||||||||||||||||||||||
| APPLE INC | 105,820 | shares | ** | 14,041,256 | |||||||||||||||||||||||||
| APPLIED MATERIALS INC | 5,244 | shares | ** | 452,557 | |||||||||||||||||||||||||
| APTIV PLC | 813 | shares | ** | 105,926 | |||||||||||||||||||||||||
| ATLASSIAN CORP PLC CLS A | 2,032 | shares | ** | 475,224 | |||||||||||||||||||||||||
| AXOS FINANCIAL INC | 10,028 | shares | ** | 376,351 | |||||||||||||||||||||||||
| BALCHEM CORP | 6,942 | shares | ** | 799,857 | |||||||||||||||||||||||||
| BARNES GROUP INC | 6,890 | shares | ** | 349,254 | |||||||||||||||||||||||||
| BECTON DICKINSON & CO | 165 | shares | ** | 41,286 | |||||||||||||||||||||||||
| BERKSHIRE HATHAWAY INC CL B | 11,521 | shares | ** | 2,671,374 | |||||||||||||||||||||||||
-15-
| BIO TECHNE CORP | 3,912 | shares | ** | $ | 1,242,256 | ||||||||||||||||||||||||
| BLACKBAUD INC | 5,746 | shares | ** | 330,740 | |||||||||||||||||||||||||
| BLACKLINE INC | 8,872 | shares | ** | 1,183,347 | |||||||||||||||||||||||||
| BLACKROCK INC | 3,313 | shares | ** | 2,390,462 | |||||||||||||||||||||||||
| BOTTOMLINE TECHNOLOGIES INC | 10,750 | shares | ** | 566,955 | |||||||||||||||||||||||||
| BRIGHT HORIZONS FAMILY SOLUTIONS INC | 6,153 | shares | ** | 1,064,407 | |||||||||||||||||||||||||
| BROOKS AUTOMATION INC | 5,178 | shares | ** | 351,327 | |||||||||||||||||||||||||
| CANADIAN PAC RAILWAY LTD | 76 | shares | ** | 26,348 | |||||||||||||||||||||||||
| CANTEL MEDICAL CORP | 5,104 | shares | ** | 402,501 | |||||||||||||||||||||||||
| CARVANA CO CL A | 2,696 | shares | ** | 645,800 | |||||||||||||||||||||||||
| CENTENE CORP | 14,705 | shares | ** | 882,741 | |||||||||||||||||||||||||
| CERENCE INC | 4,761 | shares | ** | 478,385 | |||||||||||||||||||||||||
| CHARTER COMMUNICATIONS INC A | 34 | shares | ** | 22,493 | |||||||||||||||||||||||||
| CHEVRON CORP | 14,367 | shares | ** | 1,213,293 | |||||||||||||||||||||||||
| CHIPOTLE MEXICAN GRILL INC | 1,027 | shares | ** | 1,424,151 | |||||||||||||||||||||||||
| CHUBB LTD | 2,857 | shares | ** | 439,749 | |||||||||||||||||||||||||
| CIGNA CORP | 13,024 | shares | ** | 2,711,336 | |||||||||||||||||||||||||
| CINCINNATI FINANCIAL CORP | 11,782 | shares | ** | 1,029,393 | |||||||||||||||||||||||||
| CINTAS CORP | 2,263 | shares | ** | 799,880 | |||||||||||||||||||||||||
| CISCO SYSTEMS INC | 34,521 | shares | ** | 1,544,815 | |||||||||||||||||||||||||
| CLARIVATE PLC | 3,800 | shares | ** | 112,898 | |||||||||||||||||||||||||
| COCA COLA CO | 15,910 | shares | ** | 872,504 | |||||||||||||||||||||||||
| COMCAST CORP CL A | 30,195 | shares | ** | 1,582,218 | |||||||||||||||||||||||||
| COSTAR GROUP INC | 1,522 | shares | ** | 1,406,754 | |||||||||||||||||||||||||
| COUPA SOFTWARE INC | 499 | shares | ** | 169,116 | |||||||||||||||||||||||||
| CROWDSTRIKE HOLDINGS INC | 600 | shares | ** | 127,092 | |||||||||||||||||||||||||
| CROWN CASTLE INTL CORP | 10,892 | shares | ** | 1,733,897 | |||||||||||||||||||||||||
| DANAHER CORP | 10,821 | shares | ** | 2,403,777 | |||||||||||||||||||||||||
| DESCARTES SYS GROUP INC | 13,793 | shares | ** | 806,615 | |||||||||||||||||||||||||
| DIAGEO PLC SPON ADR | 11,159 | shares | ** | 1,772,161 | |||||||||||||||||||||||||
| DISNEY (WALT) CO | 1,800 | shares | ** | 326,124 | |||||||||||||||||||||||||
| DOCUSIGN INC | 3,354 | shares | ** | 745,594 | |||||||||||||||||||||||||
| DOLLAR GENERAL CORP | 12,161 | shares | ** | 2,557,458 | |||||||||||||||||||||||||
| DOLLAR TREE INC | 384 | shares | ** | 41,487 | |||||||||||||||||||||||||
-16-
| DOMINION ENERGY INC | 19,817 | shares | ** | $ | 1,490,238 | ||||||||||||||||||||||||
| DOMINOS PIZZA INC | 427 | shares | ** | 163,737 | |||||||||||||||||||||||||
| DONALDSON CO INC | 7,548 | shares | ** | 421,782 | |||||||||||||||||||||||||
| DOORDASH INC | 808 | shares | ** | 115,342 | |||||||||||||||||||||||||
| DORMAN PRODUCTS INC | 5,407 | shares | ** | 469,436 | |||||||||||||||||||||||||
| ENVESTNET INC | 11,292 | shares | ** | 929,219 | |||||||||||||||||||||||||
| EPLUS INC | 6,300 | shares | ** | 554,085 | |||||||||||||||||||||||||
| EQUIFAX INC | 964 | shares | ** | 185,898 | |||||||||||||||||||||||||
| ESCO TECHNOLOGIES INC | 7,576 | shares | ** | 781,995 | |||||||||||||||||||||||||
| ETSY INC | 2,500 | shares | ** | 444,775 | |||||||||||||||||||||||||
| EVO PAYMENTS INC CL A | 20,372 | shares | ** | 550,248 | |||||||||||||||||||||||||
| EXACT SCIENCES CORP | 267 | shares | ** | 35,375 | |||||||||||||||||||||||||
| EXLSERVICE HOLDINGS INC | 8,067 | shares | ** | 686,744 | |||||||||||||||||||||||||
| EXPONENT INC | 13,206 | shares | ** | 1,188,936 | |||||||||||||||||||||||||
| FACEBOOK INC CL A | 52,086 | shares | ** | 14,227,812 | |||||||||||||||||||||||||
| FAIR ISAAC CORP | 2,751 | shares | ** | 1,405,871 | |||||||||||||||||||||||||
| FASTENAL CO | 30,139 | shares | ** | 1,471,687 | |||||||||||||||||||||||||
| FIDELITY NATL INFORM SVCA INC | 16,776 | shares | ** | 2,373,133 | |||||||||||||||||||||||||
| FISERV INC | 21,810 | shares | ** | 2,483,287 | |||||||||||||||||||||||||
| FORTIVE CORPORATION | 7,297 | shares | ** | 516,774 | |||||||||||||||||||||||||
| FOX FACTORY HOLDING CORP | 11,799 | shares | ** | 1,247,272 | |||||||||||||||||||||||||
| FRANKLIN RESOURCES INC | 25,258 | shares | ** | 631,197 | |||||||||||||||||||||||||
| GENERAL ELECTRIC CO | 33,000 | shares | ** | 356,400 | |||||||||||||||||||||||||
| GLOBAL PAYMENTS INC | 22,215 | shares | ** | 4,785,555 | |||||||||||||||||||||||||
| GLOBUS MEDICAL INC | 9,566 | shares | ** | 623,895 | |||||||||||||||||||||||||
| GOLDMAN SACHS GROUP INC | 7,580 | shares | ** | 1,998,922 | |||||||||||||||||||||||||
| HCA HEALTHCARE INC | 6,282 | shares | ** | 1,033,138 | |||||||||||||||||||||||||
| HEALTHEQUITY INC | 8,497 | shares | ** | 592,326 | |||||||||||||||||||||||||
| HILTON WORLDWIDE HOLDINGS INC | 485 | shares | ** | 53,961 | |||||||||||||||||||||||||
| HONEYWELL INTL INC | 718 | shares | ** | 152,719 | |||||||||||||||||||||||||
| HUMANA INC | 1,391 | shares | ** | 570,686 | |||||||||||||||||||||||||
| I3 VERTICALS INC CL A | 15,168 | shares | ** | 503,578 | |||||||||||||||||||||||||
| INCYTE CORP | 9,083 | shares | ** | 790,039 | |||||||||||||||||||||||||
| INPHI CORP | 4,131 | shares | ** | 662,902 | |||||||||||||||||||||||||
-17-
| INTEL CORP | 28,925 | shares | ** | $ | 1,441,044 | ||||||||||||||||||||||||
| INTERCONTINENTAL EXCHANGE INC | 7,655 | shares | ** | 882,545 | |||||||||||||||||||||||||
| INTUIT INC | 12,540 | shares | ** | 4,763,319 | |||||||||||||||||||||||||
| INTUITIVE SURGICAL INC | 4,283 | shares | ** | 3,503,922 | |||||||||||||||||||||||||
| J&J SNACKS FOOD CORP | 4,482 | shares | ** | 696,368 | |||||||||||||||||||||||||
| JD.COM INC SPON ADR | 1,500 | shares | ** | 131,850 | |||||||||||||||||||||||||
| JOHNSON & JOHNSON | 14,783 | shares | ** | 2,326,549 | |||||||||||||||||||||||||
| KANSAS CITY SOUTHERN | 95 | shares | ** | 19,392 | |||||||||||||||||||||||||
| KINSALE CAPITAL GROUP INC | 7,078 | shares | ** | 1,416,520 | |||||||||||||||||||||||||
| KLA CORP | 142 | shares | ** | 36,765 | |||||||||||||||||||||||||
| LAM RESEARCH CORP | 213 | shares | ** | 100,594 | |||||||||||||||||||||||||
| LEMAITRE VASCULAR INC | 9,386 | shares | ** | 380,133 | |||||||||||||||||||||||||
| LHC GROUP INC | 4,518 | shares | ** | 963,780 | |||||||||||||||||||||||||
| LINDE PLC | 3,081 | shares | ** | 811,874 | |||||||||||||||||||||||||
| LOWES COS INC | 13,933 | shares | ** | 2,236,386 | |||||||||||||||||||||||||
| LULULEMON ATHLETICA INC | 4,374 | shares | ** | 1,522,283 | |||||||||||||||||||||||||
| MARRIOTT INTERNATIONAL INC A | 908 | shares | ** | 119,783 | |||||||||||||||||||||||||
| MARSH & MCLENNAN COS INC | 1,890 | shares | ** | 221,130 | |||||||||||||||||||||||||
| MARTEN TRANSPORT LTD | 34,615 | shares | ** | 596,416 | |||||||||||||||||||||||||
| MARVELL TECHNOLOGY GROUP INC | 37,640 | shares | ** | 1,789,406 | |||||||||||||||||||||||||
| MASIMO CORP | 4,338 | shares | ** | 1,164,232 | |||||||||||||||||||||||||
| MASTERCARD INC CL A | 14,618 | shares | ** | 5,217,749 | |||||||||||||||||||||||||
| MATCH GROUP GROUP INC | 15,207 | shares | ** | 2,299,146 | |||||||||||||||||||||||||
| MAXIM INTEGRATED PRODUCTS INC | 7,718 | shares | ** | 684,201 | |||||||||||||||||||||||||
| MCDONALDS CORP | 100 | shares | ** | 21,458 | |||||||||||||||||||||||||
| MERCK & CO INC NEW | 20,434 | shares | ** | 1,671,501 | |||||||||||||||||||||||||
| MICROSOFT CORP | 62,434 | shares | ** | 13,886,570 | |||||||||||||||||||||||||
| MONGODB INC CL A | 400 | shares | ** | 143,616 | |||||||||||||||||||||||||
| MONOLITHIC POWER SYS INC | 4,182 | shares | ** | 1,531,574 | |||||||||||||||||||||||||
| MORGAN STANLEY | 11,450 | shares | ** | 784,669 | |||||||||||||||||||||||||
| MSCI INC | 60 | shares | ** | 26,792 | |||||||||||||||||||||||||
| NEOGEN CORP | 8,549 | shares | ** | 677,936 | |||||||||||||||||||||||||
| NESTLE SA REG ADR | 11,487 | shares | ** | 1,353,169 | |||||||||||||||||||||||||
| NETFLIX INC | 9,685 | shares | ** | 5,236,970 | |||||||||||||||||||||||||
-18-
| NIKE INC CL B | 14,777 | shares | ** | $ | 2,090,502 | ||||||||||||||||||||||||
| NINTENDO LTD ADR | 21,666 | shares | ** | 1,744,546 | |||||||||||||||||||||||||
| NORFOLK SOUTHERN | 11,001 | shares | ** | 2,613,948 | |||||||||||||||||||||||||
| NOVANTA INC | 5,734 | shares | ** | 677,873 | |||||||||||||||||||||||||
| NVIDIA CORP | 6,190 | shares | ** | 3,232,418 | |||||||||||||||||||||||||
| OLLIES BARGAIN OUTLET HOLDINGS INC | 8,122 | shares | ** | 664,136 | |||||||||||||||||||||||||
| OMNICELL INC | 9,099 | shares | ** | 1,092,062 | |||||||||||||||||||||||||
| PACIFIC PREMIER BANCORP INC | 12,198 | shares | ** | 382,163 | |||||||||||||||||||||||||
| PALOMAR HLDGS INC | 3,629 | shares | ** | 322,400 | |||||||||||||||||||||||||
| PARKER HANNIFIN CORP | 615 | shares | ** | 167,532 | |||||||||||||||||||||||||
| PAYCHEX INC | 15,267 | shares | ** | 1,422,579 | |||||||||||||||||||||||||
| PAYCOM SOFTWARE INC | 1,433 | shares | ** | 648,074 | |||||||||||||||||||||||||
| PAYPAL HLDGS INC | 26,755 | shares | ** | 6,266,021 | |||||||||||||||||||||||||
| PERFICIENT INC | 5,678 | shares | ** | 270,557 | |||||||||||||||||||||||||
| PETIQ INC CL A | 13,673 | shares | ** | 525,727 | |||||||||||||||||||||||||
| PFIZER INC | 40,777 | shares | ** | 1,501,001 | |||||||||||||||||||||||||
| PHILIP MORRIS INTL INC | 13,735 | shares | ** | 1,137,121 | |||||||||||||||||||||||||
| PINDUODUO INC ADR | 2,748 | shares | ** | 488,237 | |||||||||||||||||||||||||
| PPD INC | 4,934 | shares | ** | 168,841 | |||||||||||||||||||||||||
| PPG INDUSTRIES INC | 1,150 | shares | ** | 165,853 | |||||||||||||||||||||||||
| PROTO LABS INC | 4,133 | shares | ** | 634,002 | |||||||||||||||||||||||||
| Q2 HOLDINGS INC | 7,054 | shares | ** | 892,543 | |||||||||||||||||||||||||
| QAD INC CL A | 1,369 | shares | ** | 86,493 | |||||||||||||||||||||||||
| QUALCOMM INC | 6,765 | shares | ** | 1,030,580 | |||||||||||||||||||||||||
| RBC BEARINGS INC | 4,765 | shares | ** | 853,126 | |||||||||||||||||||||||||
| RINGCENTRAL INC CL A | 300 | shares | ** | 113,691 | |||||||||||||||||||||||||
| ROGERS CORP | 3,042 | shares | ** | 472,392 | |||||||||||||||||||||||||
| ROKU INC CLASS A | 300 | shares | ** | 99,606 | |||||||||||||||||||||||||
| ROPER TECHNOLOGIES INC | 2,760 | shares | ** | 1,189,808 | |||||||||||||||||||||||||
| ROSS STORES INC | 13,578 | shares | ** | 1,667,514 | |||||||||||||||||||||||||
| S&P GLOBAL INC | 4,215 | shares | ** | 1,385,597 | |||||||||||||||||||||||||
| SALESFORCE.COM INC | 20,039 | shares | ** | 4,459,279 | |||||||||||||||||||||||||
| SCHWAB CHARLES CORP | 20,976 | shares | ** | 1,112,567 | |||||||||||||||||||||||||
| SEA LTD ADR | 15,205 | shares | ** | 3,026,555 | |||||||||||||||||||||||||
-19-
| SEAGEN INC | 193 | shares | ** | $ | 33,802 | ||||||||||||||||||||||||
| SERVICENOW INC | 10,367 | shares | ** | 5,706,308 | |||||||||||||||||||||||||
| SHERWIN WILLIAMS CO | 352 | shares | ** | 258,688 | |||||||||||||||||||||||||
| SHOPIFY INC CL A | 744 | shares | ** | 842,171 | |||||||||||||||||||||||||
| SITEONE LANDSCAPE SUPPLY INC | 5,315 | shares | ** | 843,118 | |||||||||||||||||||||||||
| SNAP INC - A | 40,362 | shares | ** | 2,020,925 | |||||||||||||||||||||||||
| SNOWFLAKE INC CL A | 217 | shares | ** | 61,064 | |||||||||||||||||||||||||
| SPLUNK INC | 7,489 | shares | ** | 1,272,306 | |||||||||||||||||||||||||
| SPOTIFY TECHNOLOGY SA | 4,416 | shares | ** | 1,389,539 | |||||||||||||||||||||||||
| SQUARE INC CL A | 900 | shares | ** | 195,876 | |||||||||||||||||||||||||
| STAAR SURGICAL CO NEW | 12,911 | shares | ** | 1,022,809 | |||||||||||||||||||||||||
| STARBUCKS CORP | 1,500 | shares | ** | 160,470 | |||||||||||||||||||||||||
| STATE STREET CORP | 361 | shares | ** | 26,274 | |||||||||||||||||||||||||
| STRYKER CORP | 12,538 | shares | ** | 3,072,312 | |||||||||||||||||||||||||
| SYNOPSYS INC | 6,688 | shares | ** | 1,733,797 | |||||||||||||||||||||||||
| TABULA RASA HEALTHCARE INC | 11,269 | shares | ** | 482,764 | |||||||||||||||||||||||||
| TACTILE SYSTEMS TECHNOLOGY INC | 15,092 | shares | ** | 678,234 | |||||||||||||||||||||||||
| TARGET CORP | 10,348 | shares | ** | 1,826,732 | |||||||||||||||||||||||||
| TE CONNECTIVITY LTD | 3,717 | shares | ** | 450,017 | |||||||||||||||||||||||||
| TENCENT HOLDINGS LTD | 80,500 | shares | ** | 5,856,471 | |||||||||||||||||||||||||
| TEXAS CAPITAL BANCSHARES INC | 4,653 | shares | ** | 276,854 | |||||||||||||||||||||||||
| TEXAS INSTRUMENTS INC | 18,944 | shares | ** | 3,109,279 | |||||||||||||||||||||||||
| TEXAS ROADHOUSE INC | 8,477 | shares | ** | 662,562 | |||||||||||||||||||||||||
| THE BOOKING HOLDINGS INC | 851 | shares | ** | 1,895,407 | |||||||||||||||||||||||||
| THERMO FISHER SCIENTIFIC INC | 4,596 | shares | ** | 2,140,725 | |||||||||||||||||||||||||
| TJX COMPANIES INC NEW | 6,266 | shares | ** | 427,905 | |||||||||||||||||||||||||
| T-MOBILE US INC | 700 | shares | ** | 94,395 | |||||||||||||||||||||||||
| TREX CO INC | 13,478 | shares | ** | 1,128,378 | |||||||||||||||||||||||||
| TWILIO INC CLASS A | 613 | shares | ** | 207,501 | |||||||||||||||||||||||||
| TYLER TECHNOLOGIES INC | 1,495 | shares | ** | 652,597 | |||||||||||||||||||||||||
| UNION PACIFIC CORP | 2,615 | shares | ** | 544,495 | |||||||||||||||||||||||||
| UNITED AIRLINES HOLDINGS INC | 67 | shares | ** | 2,898 | |||||||||||||||||||||||||
| UNITED PARCEL SERVICE INC CL B | 11,935 | shares | ** | 2,009,854 | |||||||||||||||||||||||||
| UNITEDHEALTH GROUP INC | 12,784 | shares | ** | 4,483,093 | |||||||||||||||||||||||||
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| VEEVA SYS CL A | 2,237 | shares | ** | $ | 609,023 | ||||||||||||||||||||||||
| VERIZON COMMUNICATIONS INC | 26,854 | shares | ** | 1,577,673 | |||||||||||||||||||||||||
| VERTEX PHARMACEUTICALS INC | 9,936 | shares | ** | 2,348,274 | |||||||||||||||||||||||||
| VF CORP | 2,600 | shares | ** | 222,066 | |||||||||||||||||||||||||
| VISA INC CL A | 32,075 | shares | ** | 7,015,765 | |||||||||||||||||||||||||
| VOCERA COMMUNICATIONS INC | 20,216 | shares | ** | 839,570 | |||||||||||||||||||||||||
| VONTIER CORPORATION | 274,422 | shares | ** | 9,165,695 | |||||||||||||||||||||||||
| WD 40 CO | 1,882 | shares | ** | 500,010 | |||||||||||||||||||||||||
| WILLIS TOWERS WATSON PLC | 1,947 | shares | ** | 410,194 | |||||||||||||||||||||||||
| WIX.COM LTD | 3,818 | shares | ** | 954,347 | |||||||||||||||||||||||||
| WORKDAY INC CL A | 3,699 | shares | ** | 886,317 | |||||||||||||||||||||||||
| YUM BRANDS INC | 6,566 | shares | ** | 712,805 | |||||||||||||||||||||||||
| ZOETIS INC CL A | 4,821 | shares | ** | 797,876 | |||||||||||||||||||||||||
| ZOOM VIDEO COMMUNICATIONS INC CL A | 1,008 | shares | ** | 340,019 | |||||||||||||||||||||||||
| 327,290,133 | |||||||||||||||||||||||||||||
| Brokeragelink | |||||||||||||||||||||||||||||
| Brokeragelink | Combination of common stock, bonds, mutual funds, and ETF's | 73,734,759 | |||||||||||||||||||||||||||
| Total | $ | 1,754,569,698 | |||||||||||||||||||||||||||
| Loans | |||||||||||||||||||||||||||||
* |
Participant Loans | Interest rates range from 4.25% to 9.25% with maturity at various dates | ** | $ | 14,949,524 | ||||||||||||||||||||||||
* Party in interest.
| |||||||||||||||||||||||||||||
** Historical cost not required to be presented as all investments are participant-directed.
| |||||||||||||||||||||||||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| FORTIVE RETIREMENT SAVINGS PLAN | |||||||||||
| June 4, 2021 | By: |
/s/ Daniel T. Hickey | |||||||||
Daniel T. Hickey |
|||||||||||
Vice President, Total Rewards |
|||||||||||
-22-
EXHIBIT INDEX
|
Exhibit
Number
|
Description |
|||||||
| 23.1 | ||||||||
-23-