Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 28, 2021

Documents

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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: October 1, 2021
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, WA 98203
(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 class Trading symbol Name of each exchange on which registered
Common stock, par value $0.01 per share FTV 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.








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 25, 2021 was 358,577,652.



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


Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS


Table of Contents
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in millions, except per share amounts)
  As of
  October 1, 2021 December 31, 2020
  (unaudited)  
ASSETS
Current assets:
Cash and equivalents $ 838.4  $ 1,824.8 
Accounts receivable, net 830.4  810.3 
Inventories:
Finished goods 231.1  227.9 
Work in process 87.9  75.2 
Raw materials 187.8  152.4 
Inventories 506.8  455.5 
Prepaid expenses and other current assets 249.7  206.7 
Investment in Vontier Corporation —  1,119.2 
Current assets, discontinued operations —  30.4 
Total current assets 2,425.3  4,446.9 
Property, plant and equipment, net of accumulated depreciation of $701.1 and $674.5 at October 1, 2021 and December 31, 2020, respectively
 395.0  422.0 
Operating lease right-of-use assets 180.3  188.7 
Other assets 361.9  344.1 
Goodwill 8,221.5  7,359.2 
Other intangible assets, net 3,392.1  3,290.6 
Total assets $ 14,976.1  $ 16,051.5 
LIABILITIES AND EQUITY
Current liabilities:
Commercial paper $ 215.0  $ — 
Current portion of long-term debt 1,143.2  1,399.8 
Trade accounts payable 494.9  480.8 
Current operating lease liabilities 45.4  47.0 
Accrued expenses and other current liabilities 969.2  899.9 
Current liabilities, discontinued operations 1.2  33.3 
Total current liabilities 2,868.9  2,860.8 
Operating lease liabilities 144.3  154.3 
Other long-term liabilities 1,198.0  1,233.4 
Long-term debt 1,442.1  2,830.3 
Commitments and Contingencies
Equity:
Preferred stock: $0.01 par value, 15.0 million shares authorized at October 1, 2021 and December 31, 2020; 5.0% Mandatory convertible preferred stock, series A, 0.0 million and 1.4 million shares designated, issued, and outstanding at October 1, 2021 and December 31, 2020, respectively
 —  — 
Common stock: $0.01 par value, 2.0 billion shares authorized; 359.9 and 339.0 million issued; 358.6 and 337.9 million outstanding at October 1, 2021 and December 31, 2020, respectively
 3.6  3.4 
Additional paid-in capital 3,624.3  3,554.5 
Retained earnings 5,882.2  5,547.4 
Accumulated other comprehensive loss (192.1) (141.1)
Total Fortive stockholders’ equity 9,318.0  8,964.2 
Noncontrolling interests 4.8  8.5 
Total stockholders’ equity 9,322.8  8,972.7 
Total liabilities and equity $ 14,976.1  $ 16,051.5 
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 Ended Nine Months Ended
  October 1, 2021 September 25, 2020 October 1, 2021 September 25, 2020
Sales of products and software $ 1,105.6  $ 988.1  $ 3,318.8  $ 2,820.6 
Sales of services 193.9  171.7  559.6  488.9 
Total sales 1,299.5  1,159.8  3,878.4  3,309.5 
Cost of product and software sales (448.3) (409.6) (1,356.6) (1,185.8)
Cost of service sales (107.0) (98.6) (310.2) (277.3)
Total cost of sales (555.3) (508.2) (1,666.8) (1,463.1)
Gross profit 744.2  651.6  2,211.6  1,846.4 
Operating costs:
Selling, general and administrative expenses (455.6) (434.8) (1,340.1) (1,253.4)
Research and development expenses (87.8) (79.2) (261.8) (237.4)
Operating profit 200.8  137.6  609.7  355.6 
Non-operating income (expense), net:
Interest expense, net (25.1) (36.9) (78.0) (111.7)
Loss on extinguishment of debt —  —  (104.9) — 
Gain on investment in Vontier Corporation —  —  57.0  — 
Gain on litigation dismissal —  —  26.0  — 
Other non-operating expense, net (1.6) (1.4) (9.5) (0.3)
Earnings from continuing operations before income taxes 174.1  99.3  500.3  243.6 
Income taxes (23.0) (13.3) (55.5) (43.0)
Net earnings from continuing operations 151.1  86.0  444.8  200.6 
Earnings (loss) from discontinued operations, net of income taxes (0.3) 139.8  (2.9) 197.1 
Net earnings 150.8  225.8  441.9  397.7 
Mandatory convertible preferred dividends —  (17.3) (34.5) (51.8)
Net earnings attributable to common stockholders $ 150.8  $ 208.5  $ 407.4  $ 345.9 
Net earnings per common share from continuing operations:
Basic $ 0.42  $ 0.20  $ 1.19  $ 0.44 
Diluted $ 0.42  $ 0.20  $ 1.18  $ 0.44 
Net earnings (loss) per share from discontinued operations:
Basic $ —  $ 0.41  $ (0.01) $ 0.58 
Diluted $ —  $ 0.41  $ (0.01) $ 0.58 
Net earnings per share:
Basic $ 0.42  $ 0.62  $ 1.18  $ 1.03 
Diluted $ 0.42  $ 0.61  $ 1.17  $ 1.02 
Average common stock and common equivalent shares outstanding:
Basic 358.9  337.6  345.6  337.3 
Diluted 362.2  340.8  348.8  340.2 
The sum of net earnings per share amounts may not add due to rounding.
See the accompanying Notes to Consolidated Condensed Financial Statements.
5
Table of Contents
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
($ in millions)
(unaudited)
 
  Three Months Ended Nine Months Ended
October 1, 2021 September 25, 2020 October 1, 2021 September 25, 2020
Net earnings $ 150.8  $ 225.8  $ 441.9  $ 397.7 
Other comprehensive income, net of income taxes:
Foreign currency translation adjustments (35.7) 63.9  (53.8) (36.4)
Pension adjustments 0.9  1.0  2.8  1.0 
Total other comprehensive income (loss), net of income taxes (34.8) 64.9  (51.0) (35.4)
Comprehensive income $ 116.0  $ 290.7  $ 390.9  $ 362.3 
See the accompanying Notes to Consolidated Condensed Financial Statements.

6
Table of Contents
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, 2020 339.0  $ 3.4  1.4  $ —  $ 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 (0.5) —  —  —  (2.3) —  —  — 
Early extinguishment of 0.875% senior convertible notes due 2022
 —  —  —  —  11.6  —  —  — 
Change in noncontrolling interests —  —  —  —  —  —  —  (0.8)
Balance, April 2, 2021 338.5  $ 3.4  1.4  $ —  $ 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 0.5  —  —  —  35.3  —  —  — 
Conversion of Mandatory convertible preferred stock to common stock 19.4  0.2  (1.4) —  —  —  —  — 
Changes 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 —  —  —  —  —  150.8 
Dividends to common shareholders —  —  —  —  —  (25.2) —  — 
Other comprehensive income (loss) —  —  —  —  —  —  (34.8) — 
Common stock-based award activity 0.2  —  —  —  26.0  —  —  — 
Changes in noncontrolling interests —  —  —  —  (3.8) —  —  0.1 
Balance, October 1, 2021 358.6  $ 3.6  —  $ —  $ 3,624.3  $ 5,882.2  $ (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 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 
Net earnings for the period —  —  —  —  —  225.8  —  — 
Dividends to common shareholders —  —  —  —  —  (23.6) —  — 
Mandatory convertible preferred stock cumulative dividends —  —  —  —  —  (17.3) —  — 
Other comprehensive income —  —  —  —  —  —  64.9  — 
Common stock-based award activity 0.2  —  —  —  31.0  —  —  — 
Change in noncontrolling interests —  —  —  —  —  —  —  0.4 
Balance, September 25, 2020 337.2  $ 3.4  1.4  $ —  $ 3,391.7  $ 4,372.7  $ (91.7) $ 12.0 

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
  October 1, 2021 September 25, 2020
Cash flows from operating activities:
Net earnings from continuing operations $ 444.8  $ 200.6 
Noncash items:
Amortization 235.4  232.7 
Depreciation 56.1  60.3 
Stock-based compensation expense 55.2  45.3 
Loss on extinguishment of debt 104.2  — 
Gain on investment in Vontier Corporation (57.0) — 
Gain on litigation dismissal (26.0) — 
Change in trade accounts receivable, net (20.4) 102.9 
Change in inventories (46.1) (14.2)
Change in trade accounts payable 14.8  (24.7)
Change in prepaid expenses and other assets (61.5) 23.2 
Change in accrued expenses and other liabilities 6.4  22.2 
Total operating cash provided by continuing operations 705.9  648.3 
Total operating cash provided by (used in) discontinued operations (19.4) 503.7 
Net cash provided by operating activities 686.5  1,152.0 
Cash flows from investing activities:
Cash paid for acquisitions, net of cash received (1,156.7) (15.2)
Payments for additions to property, plant and equipment (28.0) (58.9)
All other investing activities 1.1  5.3 
Total investing cash used in continuing operations (1,183.6) (68.8)
Total investing cash used in discontinued operations —  (36.3)
Net cash used in investing activities (1,183.6) (105.1)
Cash flows from financing activities:
Net proceeds from (repayment of) commercial paper borrowings 215.0  (1,141.9)
Proceeds from borrowings (maturities greater than 90 days), net of issuance costs of $8 million in 2020
 —  741.7 
Repayment of borrowings (maturities greater than 90 days) (611.1) (250.0)
Payment of common stock cash dividend to shareholders (72.6) (70.7)
Payment of mandatory convertible preferred stock cash dividend to shareholders (34.5) (34.5)
All other financing activities 18.1  (0.6)
Total financing cash used in continuing operations (485.1) (756.0)
Total financing cash used in discontinued operations —  (4.2)
Net cash used in financing activities (485.1) (760.2)
Effect of exchange rate changes on cash and equivalents (4.2) (2.7)
Net change in cash and equivalents (986.4) 284.0 
Beginning balance of cash and equivalents 1,824.8  1,205.2 
Ending balance of cash and equivalents $ 838.4  $ 1,489.2 
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 well-known brands hold leading positions in intelligent operating solutions, precision technologies, and advanced healthcare solutions. Our businesses design, develop, service, manufacture, and market professional and engineered products, software, and services for a variety of end markets, 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 across North America, Asia Pacific, Europe, and Latin America.
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 condensed or 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, 2020 and the footnotes (“Notes”) thereto included within our 2020 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 October 1, 2021 and December 31, 2020, our results of operations for the three and nine month periods ended October 1, 2021 and September 25, 2020, and cash flows for the nine month periods ended October 1, 2021 and September 25, 2020. Reclassification of certain prior year amounts have been made to conform to current year presentation.
Vontier Separation and Discontinued Operations
On October 9, 2020 (the “Distribution Date”), the Company completed the separation of its Industrial Technologies segment by distributing 80.1% of the outstanding shares of Vontier Corporation (“Vontier”), the entity incorporated to hold such businesses, to Fortive stockholders (the “Vontier Separation”) on a pro rata basis. To effect the Vontier Separation, the Company distributed to its stockholders two shares of Vontier common stock for every five shares of the Company’s common stock outstanding held on September 25, 2020, the record date for the distribution, with the Company retaining 19.9% of the shares of Vontier common stock outstanding immediately following the Vontier Separation (the “Retained Vontier Shares”).
On the Distribution Date, Vontier paid the Company $1.8 billion, including $1.6 billion as part of the consideration for the contribution of certain assets and liabilities to Vontier by the Company in connection with the Vontier Separation and $202 million as an adjustment for excess cash balances remaining with Vontier (collectively, the “Cash Consideration”). We have used the Cash Consideration to repay certain outstanding indebtedness, make interest payments on certain debt instruments, and pay certain of the Company’s regular, quarterly cash dividends.
On January 19, 2021, we completed an exchange (the “Debt-for-Equity Exchange”) of 33.5 million shares of common stock of Vontier, representing all of the Retained Vontier Shares, for $1.1 billion in aggregate principal amount of indebtedness of the Company held by Goldman Sachs & Co.
Refer to Note 11 of our 2020 Annual Report on Form 10-K and Note 6 to the consolidated condensed financial statements for the description of the debt repayments made subsequent to the Distribution Date. Interest expense and extinguishment costs related to the debt retired during the first quarter of 2021 are included in continuing operations.
The accounting requirements for reporting the Vontier business as a discontinued operation were met when the Vontier Separation was completed. Accordingly, the consolidated financial statements reflect the results of the Vontier business as a discontinued operation for all periods presented. Fortive did not retain a controlling interest in Vontier and therefore the Retained Vontier Shares were included in our assets of continuing operations as of December 31, 2020 and subsequent fair value changes in the Retained Vontier Shares prior to the Debt-for-Equity Exchange are included in our results from continuing operations for the nine month period ended October 1, 2021.
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Segment Presentation
In light of the Vontier Separation, we changed our internal reporting structure on the first day of the fourth quarter of 2020, September 26, 2020, to reflect organizational and leadership changes that allow us to better assess the operational performance of, and allocate resources to, our businesses. Our chief operating decision maker assesses performance and allocates resources based on our new operating segments, which are also our new reportable segments. Our new reportable segments are comprised of Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. All prior period segment information has been restated to reflect our new reportable segments.
Accumulated Other Comprehensive Income (Loss)
Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. We designated our ¥13.8 billion senior unsecured term facility loan and our Euro-denominated commercial paper outstanding during the nine month period ended September 25, 2020 as net investment hedges of our investment in certain foreign operations; we exited our Euro-denominated commercial paper positions during the second quarter of 2020 and repaid our ¥13.8 billion senior unsecured term facility loan during the fourth quarter of 2020. As of October 1, 2021 and December 31, 2020, we had no designated net investment hedges.
During the three and nine month periods ended September 25, 2020, we recognized foreign currency transaction losses of $2.0 million and gains of $2.0 million, respectively, on the debt that were deferred in the foreign currency translation component of Accumulated other comprehensive income (loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and nine month periods ended September 25, 2020.
The changes in AOCI by component are summarized below ($ in millions):
Foreign
currency
translation
adjustments
Pension
adjustments (a)
Total
For the Three Months Ended October 1, 2021:
Balance, July 2, 2021 $ (72.1) $ (85.2) $ (157.3)
Other comprehensive income (loss) before reclassifications, net of income taxes (35.7) —  (35.7)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease) —  1.2 
(b)
 1.2 
Income tax impact —  (0.3) (0.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes —  0.9  0.9 
Net current period other comprehensive income (loss), net of income taxes (35.7) 0.9  (34.8)
Balance, October 1, 2021 $ (107.8) $ (84.3) $ (192.1)
For the Three Months Ended September 25, 2020:
Balance, June 26, 2020 $ (79.1) $ (77.5) $ (156.6)
Other comprehensive income (loss) before reclassifications, net of income taxes 63.9  —  63.9 
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease) —  1.2 
(b)
 1.2 
Income tax impact —  (0.2) (0.2)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes —  1.0  1.0 
Net current period other comprehensive income (loss), net of income taxes 63.9  1.0  64.9 
Balance, September 25, 2020 $ (