Form: 11-K

Annual report of employee stock purchase, savings and similar plans

June 14, 2022

Documents


 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, 2021
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, 2021 AND 2020
AND FOR THE YEAR ENDED DECEMBER 31, 2021,
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2021 AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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FORTIVE RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
 
Page
FINANCIAL STATEMENTS
SUPPLEMENTAL SCHEDULE

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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, 2021 and 2020, and the related statement of changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021 and 2020, and the changes in its net assets available for benefits for the year ended December 31, 2021, 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 Schedules Required by ERISA
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2021, 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 13, 2022
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FORTIVE RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2021 AND 2020
($ in millions)
 
2021 2020
ASSETS
Non-interest bearing cash $ 0.1  $ 0.9 
Investments at fair value 1,967.7  1,754.6 
Receivables:
Employer contributions
 4.6  5.0 
Other receivables 1.1  1.7 
Notes receivable from participants
 15.8  15.0 
Total receivables
 21.5  21.7 
Total assets
 1,989.3  1,777.2 
LIABILITIES
Other payables
 1.4  1.4 
Total liabilities
 1.4  1.4 
NET ASSETS AVAILABLE FOR BENEFITS
 $ 1,987.9  $ 1,775.8 

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, 2021
($ in millions)
 
ADDITIONS
Contributions:
Participant
 $ 80.8 
Rollovers
 24.6 
Employer
 55.9 
Total contributions
 161.3 
Investment income:
Interest income on notes receivable from participants
 0.8 
Net appreciation of investments, at fair value 224.2 
Dividend and interest income from investments 18.0 
Total investment income
 243.0 
Total additions
 404.3 
DEDUCTIONS
Benefit payments
 191.0 
Administrative expenses
 1.2 
Total deductions
 192.2 
NET INCREASE 212.1 
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year
 1,775.8 
End of year
 $ 1,987.9 
See the accompanying notes to the financial statements.

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FORTIVE RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2021
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 Plan effective May 31, 2016. 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.
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. 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. The discretionary retirement contribution can range from 0% to 2% of eligible compensation. For the year ended December 31, 2021, the discretionary retirement contribution was 2% of eligible compensation.
For eligible participants who have completed one year of service and are active employees on the last day of the plan year, an additional discretionary retirement contribution of up to 2% of eligible compensation above the Social Security wage base in effect at the beginning of the Plan year is calculated and deposited into participant accounts subsequent to the Plan year end. These contributions become fully vested after three years of service. For the year ended December 31, 2021, this additional retirement contribution was 2% of eligible compensation.
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.
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.
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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, 2021, forfeitures used to reduce Company related contributions totaled $0.2 million.
As of December 31, 2021 and 2020, unallocated and non-vested accounts, including forfeited amounts, totaled $1.5 million and $0.7 million. These amounts will be used to reduce future employer contributions and to pay administrative expenses.
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 were 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 were waived for retired and retirement-aged individuals.
•For loans outstanding on or after March 27, 2020, the due date on loan repayments due from March 27, 2020 to December 31, 2020 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.
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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, 2021 and 2020. 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 3 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.
NOTE 3. 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 and privately traded mutual funds which allow the Plan to allocate investments across a broad array of types of funds and diversify the portfolio.
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Table of Contents
The fair values of the Plan’s investments as of December 31, 2021, 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
 46.9  —  —  46.9 
Money market fund
 0.5  —  —  0.5 
Mutual funds
 508.9  —  —  508.9 
Separately managed funds:
Cash and cash equivalents 3.8  —  —  3.8 
Common stock 357.2  —  —  357.2 
Mutual funds 48.5  —  —  48.5 
Self-directed brokerage accounts
 84.2  —  —  84.2 
$ 1,050.4  $ —  $ —  $ 1,050.4 
Investments measured at NAV
Common/collective trusts
 917.3 
Separately managed private account funds — 
Total investments, at fair value
 $ 1,967.7 
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 fund
 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 
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.
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•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 interest bearing cash and cash equivalents, which is recorded at carrying value as maturities are less than three months, and privately traded mutual 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, mutual funds, and exchange traded funds, which are valued at the last reported sales price on the last business day of the year, and uninvested interest bearing 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 NAV 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.
NOTE 4. 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 and restated. 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 and restated, 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, 2021 and 2020, 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 5. RELATED PARTY AND PARTIES IN INTEREST TRANSACTIONS
Certain investments are held in shares of mutual funds and units of common collective trust 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, 2021 and 2020, the Plan held 0.6 million and 0.7 million shares, respectively, of Fortive common stock within the Fortive Corporation Stock Fund. During the year ended December 31, 2021, the Fortive Corporation Stock Fund purchased $40.7 million and sold $47.9 million in Company stock and received $0.2 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, 2021
(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
Interest Bearing Cash (including Money Market Funds)
Interest Bearing Cash 3,816,461 US dollars ** $ 3,816,461 
Vanguard Federal Money Market Fund 366,348 shares ** 366,348 
4,182,809 
Common/Collective Trust Funds
American Beacon Small Cap Value 2,776,963 units ** 51,599,590 
* Fidelity Managed Income Portfolio II Class 3 129,491,544 units ** 129,491,544 
Harding Loevner International Equity Portfolio 292,497 units ** 5,124,546 
BlackRock LifePath® Index 2025 Non-Lendable Fund G 5,457,331 units ** 119,844,632 
BlackRock LifePath® Index 2030 Non-Lendable Fund G 4,992,941 units ** 119,122,579 
BlackRock LifePath® Index 2035 Non-Lendable Fund G 4,129,422 units ** 106,460,636 
BlackRock LifePath® Index 2040 Non-Lendable Fund G 3,317,035 units ** 91,463,580 
BlackRock LifePath® Index 2045 Non-Lendable Fund G 2,587,382 units ** 75,214,410 
BlackRock LifePath® Index 2050 Non-Lendable Fund G 2,254,506 units ** 67,876,629 
BlackRock LifePath® Index 2055 Non-Lendable Fund G 1,511,107 units ** 46,325,870 
BlackRock LifePath® Index 2060 Non-Lendable Fund G 857,280 units ** 17,850,545 
BlackRock LifePath® Index 2065 Non-Lendable Fund G 45,784 units ** 651,490 
BlackRock LifePath® Index Retirement Non-Lendable Fund G 4,580,106 units ** 86,245,226 
917,271,277 
Employer Securities
Fortive Corporation Stock Fund
* Fortive Corporation Common Stock 614,235 shares ** 46,859,988 
* Fidelity Investments Money Market Government Portfolio - Institutional Class 484,211 US Dollars ** 484,211 
47,344,199 
Registered Investment Companies
Dodge & Cox International Stock Fund 1,034,947 shares ** 48,942,662 
PIMCO Inflation Response Multi-Asset Institutional 612,854 shares ** 5,540,201 
PIMCO Total Return Fund 4,724,589 shares ** 48,521,533 
* Fidelity® Extended Market Index Fund - Premium Class 1,147,542 shares ** 100,077,120 
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* Fidelity® 500 Index Fund - Institutional Class 1,513,964 shares ** 250,288,593 
T. Rowe Price Treasury Reserve Fund 106 shares ** 106 
Vanguard Total Bond Market Index Fund Institutional Shares 5,058,858 shares ** 56,608,620 
Vanguard Total International Stock Index Fund Institutional Shares 346,989 shares ** 47,457,665 
557,436,500 
Common Stock
AAON INC 10,791 shares ** 857,129 
ADVANCED MICRO DEVICES INC 21,318 shares ** 3,067,660 
AFFIRM HOLDINGS INC 7,379 shares ** 742,032 
AIR PRODUCTS & CHEMICALS INC 7,382 shares ** 2,246,047 
ALARM.COM HOLDINGS INC 14,138 shares ** 1,199,044 
ALIGN TECHNOLOGY INC 601 shares ** 394,965 
ALLEGIANT TRAVEL CO 4,047 shares ** 756,951 
ALPHABET INC CL A 1,087 shares ** 3,149,082 
ALPHABET INC CL C 7,634 shares ** 22,089,666 
ALTRIA GROUP INC 29,083 shares ** 1,378,243 
AMAZON.COM INC 7,270 shares ** 24,240,652 
ANT INTL CO LTD CLASS C PP 110,973 shares ** 209,739 
APPLE INC 129,823 shares ** 23,052,670 
ASML HLDG NV (NY REG SHS) NEW YORK REGIS 2,645 shares ** 2,105,790 
ASTRAZENECA PLC SPONS ADR 8,732 shares ** 508,639 
ATLASSIAN CORP PLC CLS A 2,741 shares ** 1,045,116 
AXOS FINANCIAL INC 10,568 shares ** 590,857 
AZENTA INC 8,337 shares ** 859,628 
BALCHEM CORP 7,316 shares ** 1,233,478 
BARNES GROUP INC 7,261 shares ** 338,290 
BERKSHIRE HATHAWAY INC CL B 7,912 shares ** 2,365,688 
BILL.COM HOLDINGS INC 3,300 shares ** 822,195 
BIO TECHNE CORP 2,790 shares ** 1,443,379 
BIOLIFE SOLUTIONS INC 17,127 shares ** 638,323 
BLACKBAUD INC 7,899 shares ** 623,863 
BLACKLINE INC 9,350 shares ** 968,099 
BLACKROCK INC 3,148 shares ** 2,882,183 
BLOCK INC CL A 8,674 shares ** 1,400,938 
BOTTOMLINE TECHNOLOGIES INC 11,329 shares ** 639,749 
BRIGHT HORIZONS FAMILY SOLUTIONS INC 6,484 shares ** 816,206 
CARVANA CO CL A 10,087 shares ** 2,338,066 
CERENCE INC 7,716 shares ** 591,354 
CHEVRON CORP 13,653 shares ** 1,602,180 
CHIPOTLE MEXICAN GRILL INC 986 shares ** 1,723,775 
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CHUBB LTD 3,356 shares ** 648,748 
CINCINNATI FINANCIAL CORP 11,197 shares ** 1,275,674 
CINTAS CORP 607 shares ** 269,004 
CISCO SYSTEMS INC 32,805 shares ** 2,078,853 
COMCAST CORP CL A 28,694 shares ** 1,444,169 
CONSTRUCTION PARTNERS INC CL A 27,000 shares ** 794,070 
COPART INC 4,481 shares ** 679,409 
COSTAR GROUP INC 232 shares ** 18,335 
COUPA SOFTWARE INC 2,345 shares ** 370,627 
CROWDSTRIKE HOLDINGS INC 1,119 shares ** 229,115 
CROWN CASTLE INTL CORP 12,943 shares ** 2,701,722 
DANAHER CORP 8,576 shares ** 2,821,590 
DATABRICKS INC SER G PC PP 409 shares ** 90,165 
DATADOG INC CL A 3,338 shares ** 594,531 
DELIVERY HERO SE 2,819 shares ** 314,524 
DESCARTES SYS GROUP INC 14,535 shares ** 1,201,754 
DIAGEO PLC SPON ADR 10,604 shares ** 2,334,365 
DISNEY (WALT) CO 5,203 shares ** 805,893 
DOCUSIGN INC 4,768 shares ** 726,214 
DOLLAR GENERAL CORP 6,808 shares ** 1,605,531 
DOMINION ENERGY INC 25,929 shares ** 2,036,982 
DONALDSON CO INC 7,955 shares ** 471,413 
DOORDASH INC 10,111 shares ** 1,505,528 
DORMAN PRODUCTS INC 5,698 shares ** 643,931 
ENVESTNET INC 11,901 shares ** 944,225 
EPLUS INC 13,278 shares ** 715,419 
EQUIFAX INC 943 shares ** 276,101 
ESCO TECHNOLOGIES INC 9,581 shares ** 862,194 
EVO PAYMENTS INC CL A 21,469 shares ** 549,606 
EVOQUA WATER TECHNOLOGIES CO 10,190 shares ** 476,383 
EXLSERVICE HOLDINGS INC 8,501 shares ** 1,230,690 
EXPONENT INC 13,918 shares ** 1,624,648 
FAIR ISAAC CORP 2,900 shares ** 1,257,643 
FASTENAL CO 28,640 shares ** 1,834,678 
FISERV INC 10,660 shares ** 1,106,401 
FORTINET INC 4,502 shares ** 1,618,019 
FOX FACTORY HOLDING CORP 12,434 shares ** 2,115,023 
FRANKLIN RESOURCES INC 24,003 shares ** 803,860 
GENERAL ELECTRIC CO 6,987 shares ** 660,062 
GLOBUS MEDICAL INC 13,922 shares ** 1,005,168 
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GOLDMAN SACHS GROUP INC 6,222 shares ** 2,380,226 
HASHICORP INC 1,913 shares ** 174,160 
HCA HEALTHCARE INC 7,862 shares ** 2,019,905 
HEALTHEQUITY INC 8,955 shares ** 396,169 
HUMANA INC 1,819 shares ** 843,761 
I3 VERTICALS INC CL A 20,330 shares ** 463,321 
INTEL CORP 27,487 shares ** 1,415,581 
INTUIT INC 7,750 shares ** 4,984,955 
INTUITIVE SURGICAL INC 11,237 shares ** 4,037,454 
J&J SNACKS FOOD CORP 4,723 shares ** 746,045 
JOHNSON & JOHNSON 14,048 shares ** 2,403,191 
KINSALE CAPITAL GROUP INC 7,459 shares ** 1,774,422 
LEMAITRE VASCULAR INC 9,892 shares ** 496,875 
LHC GROUP INC 6,618 shares ** 908,188 
LILLY (ELI) & CO 9,786 shares ** 2,703,089 
LINDE PLC 1,790 shares ** 620,110 
LOWES COS INC 13,240 shares ** 3,422,275 
LULULEMON ATHLETICA INC 4,718 shares ** 1,846,861 
MARSH & MCLENNAN COS INC 2,269 shares ** 394,398 
MARTEN TRANSPORT LTD 36,479 shares ** 625,980 
MARVELL TECHNOLOGY INC 13,833 shares ** 1,210,249 
MASIMO CORP 3,958 shares ** 1,158,823 
MASTERCARD INC CL A 12,503 shares ** 4,492,578 
MERCK & CO INC NEW 19,418 shares ** 1,488,196 
META PLATFORMS INC CL A 48,885 shares ** 16,442,470 
MICROSOFT CORP 88,663 shares ** 29,819,140 
MONGODB INC CL A 3,016 shares ** 1,596,520 
MONOLITHIC POWER SYS INC 1,670 shares ** 823,861 
MSCI INC 531 shares ** 325,338 
NEOGEN CORP 18,019 shares ** 818,243 
NESTLE SA REG ADR 10,916 shares ** 1,532,279 
NETFLIX INC 7,458 shares ** 4,492,998 
NIKE INC CL B 12,101 shares ** 2,016,874 
NINTENDO LTD ADR 20,589 shares ** 1,201,780 
NORFOLK SOUTHERN CORP 8,475 shares ** 2,523,092 
NOVANTA INC 6,043 shares ** 1,065,562 
NVIDIA CORP 27,262 shares ** 8,018,027 
OLLIES BARGAIN OUTLET HOLDINGS INC 10,211 shares ** 522,701 
OMNICELL INC 9,589 shares ** 1,730,239 
ONTO INNOVATION INC 13,628 shares ** 1,379,562 
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OPENDOOR TECHNOLOGIES INC 21,800 shares ** 318,498 
PACIFIC PREMIER BANCORP INC 12,854 shares ** 514,546 
PALOMAR HLDGS INC 3,824 shares ** 247,680 
PAYCHEX INC 14,508 shares ** 1,980,342 
PAYCOM SOFTWARE INC 504 shares ** 209,256 
PAYPAL HLDGS INC 12,411 shares ** 2,340,466 
PERFICIENT INC 6,244 shares ** 807,287 
PETIQ INC CL A 14,409 shares ** 327,228 
PFIZER INC 38,750 shares ** 2,288,188 
PHILIP MORRIS INTL INC 13,052 shares ** 1,239,940 
PINTEREST INC CL A 25,945 shares ** 943,101 
PROGRESSIVE CORP OHIO 18,068 shares ** 1,854,680 
Q2 HOLDINGS INC 8,556 shares ** 679,689 
RBC BEARINGS INC 5,555 shares ** 1,121,943 
RIVIAN AUTOMOTIVE INC 10,268 shares ** 1,064,689 
RIVIAN AUTOMOTIVE INC(180 DAY LOCK UP) 14,346 shares ** 1,338,783 
ROGERS CORP 3,206 shares ** 875,238 
ROKU INC CLASS A 1,005 shares ** 229,341 
ROPER TECHNOLOGIES INC 2,350 shares ** 1,155,871 
ROSS STORES INC 15,363 shares ** 1,755,684 
S&P GLOBAL INC 3,455 shares ** 1,630,518 
SALESFORCE.COM INC 1,934 shares ** 491,487 
SCHWAB CHARLES CORP 12,933 shares ** 1,087,665 
SEA LTD ADR 17,209 shares ** 3,849,825 
SEMTECH CORP 5,774 shares ** 513,482 
SERVICENOW INC 8,757 shares ** 5,684,256 
SHERWIN WILLIAMS CO 451 shares ** 158,824 
SHOPIFY INC CL A 1,143 shares ** 1,574,330 
SITEONE LANDSCAPE SUPPLY INC 5,602 shares ** 1,357,253 
SNAP INC - A 65,079 shares ** 3,060,665 
SNOWFLAKE INC CL A 1,312 shares ** 444,440 
SPOTIFY TECHNOLOGY SA 2,975 shares ** 696,239 
STAAR SURGICAL CO NEW 8,586 shares ** 783,902 
STARBUCKS CORP 4,771 shares ** 558,064 
STRYKER CORP 6,488 shares ** 1,735,021 
SYNOPSYS INC 6,928 shares ** 2,552,968 
TACTILE SYSTEMS TECHNOLOGY INC 15,905 shares ** 302,672 
TAIWAN SEMIC MFG CO LTD SP ADR 6,791 shares ** 817,025 
TARGET CORP 9,834 shares ** 2,275,981 
TE CONNECTIVITY LTD 2,482 shares ** 400,446 
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TELEFLEX INC 1,662 shares ** 545,934 
TENCENT HOLDINGS LTD 20,800 shares ** 1,218,516 
TESLA INC 6,185 shares ** 6,536,184 
TEXAS INSTRUMENTS INC 20,668 shares ** 3,895,298 
TEXAS ROADHOUSE INC 8,934 shares ** 797,628 
THE BOOKING HOLDINGS INC 498 shares ** 1,194,817 
THERMO FISHER SCIENTIFIC INC 2,294 shares ** 1,530,649 
TJX COMPANIES INC NEW 5,635 shares ** 427,809 
T-MOBILE US INC 3,570 shares ** 414,049 
TOAST INC 1,014 shares ** 35,196 
TRANSUNION 3,222 shares ** 382,065 
TREX CO INC 12,796 shares ** 1,727,844 
TWILIO INC CLASS A 1,274 shares ** 335,495 
TYLER TECHNOLOGIES INC 1,063 shares ** 571,841 
UNITED PARCEL SERVICE INC CL B 11,342 shares ** 2,431,044 
UNITEDHEALTH GROUP INC 9,443 shares ** 4,741,708 
VEEVA SYS INC CL A 2,460 shares ** 628,481 
VERIZON COMMUNICATIONS INC 25,519 shares ** 1,325,967 
VISA INC CL A 26,508 shares ** 5,744,549 
VOCERA COMMUNICATIONS INC 21,305 shares ** 1,381,416 
WD 40 CO 1,983 shares ** 485,121 
ZOETIS INC CL A 6,485 shares ** 1,582,535 
ZOOM VIDEO COMMUNICATIONS INC CL A 5,752 shares ** 1,057,850 
357,238,950 
Brokeragelink
Brokeragelink Combination of common stock, mutual funds, and ETF's 84,224,772 
Total $ 1,967,698,507 
Loans
*
 Participant Loans Interest rates range from 4.25% to 9.25% with maturity at various dates ** $ 15,752,221 
* 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 13, 2022
By:
 /s/ Daniel T. Hickey
Daniel T. Hickey
Vice President, Total Rewards

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EXHIBIT INDEX
Exhibit
Number
Description
23.1

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