Form: 11-K

Annual report of employee stock purchase, savings and similar plans

June 18, 2024

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, 2023
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, 2023 AND 2022
AND FOR THE YEAR ENDED DECEMBER 31, 2023,
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2023 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, and the Investment 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, 2023 and 2022, and the related statement of changes in net assets available for benefits for the year ended December 31, 2023, 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, 2023 and 2022, and the changes in its net assets available for benefits for the year ended December 31, 2023, 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 Required by ERISA
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2023 (referred to as the “supplemental schedule”), 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 18, 2024
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FORTIVE RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2023 AND 2022
($ in millions)
 
2023 2022
ASSETS
Non-interest bearing cash $ 0.1  $ 0.3 
Investments at fair value 1,896.6  1,602.7 
Receivables:
Notes receivable from participants
 16.6  15.2 
Employer contributions
 2.3  2.4 
Other 0.7  5.3 
Total receivables
 19.6  22.9 
Total assets
 1,916.3  1,625.9 
LIABILITIES
Other payables
 0.7  5.8 
Total liabilities
 0.7  5.8 
NET ASSETS AVAILABLE FOR BENEFITS
 $ 1,915.6  $ 1,620.1 

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, 2023
($ in millions)
 
ADDITIONS TO (DEDUCTIONS FROM) NET ASSETS ATTRIBUTED TO:
Investment income:
Interest income on notes receivable from participants
 $ 1.0 
Dividend and interest income from investments 17.3 
Net appreciation in fair value of investments
295.3 
Total investment income
 313.6 
Contributions:
Participant
 94.3 
Rollovers
 20.9 
Employer
 61.0 
Total contributions
 176.2 
Benefit payments
 (193.3)
Administrative expenses
 (1.0)
Total benefit payments and administrative expenses
 (194.3)
NET INCREASE IN NET ASSETS
 295.5 
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year
 1,620.1 
End of year
 $ 1,915.6 
See the accompanying notes to the financial statements.

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Table of Contents
FORTIVE RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2023
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, 2023, 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, 2023, 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 73.
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, 2023, forfeitures used to reduce Company related contributions totaled $1.1 million.
As of December 31, 2023 and 2022, unallocated and non-vested accounts, including forfeited amounts, totaled $0.6 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.
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.
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Table of Contents
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, 2023 and 2022. 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 MEASUREMENT
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 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, 2023, 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
 $ 0.3  $ —  $ —  $ 0.3 
Fortive Corporation Stock Fund:
Fortive common stock
 39.7  —  —  39.7 
Money market fund
 0.4  —  —  0.4 
Mutual funds
 536.3  —  —  536.3 
Separately managed funds:
Cash and cash equivalents 3.6  —  —  3.6 
Common stock 270.2  —  —  270.2 
Corporate bonds 0.4  —  0.4 
Mutual funds 38.0  —  —  38.0 
Self-directed brokerage accounts
 89.0  —  —  89.0 
$ 977.5  $ 0.4  $ —  $ 977.9 
Investments measured at NAV
Common/collective trusts
 918.7 
Total investments, at fair value
 $ 1,896.6 
The fair values of the Plan’s investments as of December 31, 2022, 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
 $ 0.6  $ —  $ —  $ 0.6 
Fortive Corporation Stock Fund:
Fortive common stock
 37.7  —  —  37.7 
Money market fund
 0.2  —  —  0.2 
Mutual funds
 415.2  —  —  415.2 
Separately managed funds:
Cash and cash equivalents 3.9  —  —  3.9 
Common stock 229.6  —  —  229.6 
Corporate bonds —  0.2  —  0.2 
Mutual funds 29.3  —  —  29.3 
Self-directed brokerage accounts
 62.6  —  —  62.6 
$ 779.1  $ 0.2  $ —  $ 779.3 
Investments measured at NAV
Common/collective trusts
 823.0 
Separately managed mutual funds 0.4 
Total investments, at fair value
 $ 1,602.7 
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.
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Table of Contents
•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 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 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 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 November 8, 2022 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. 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 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, 2023 and 2022, 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, 2023 and 2022, the Plan held 0.5 million and 0.6 million shares of Fortive common stock within the Fortive Corporation Stock Fund, respectively. During the year ended December 31, 2023, the Fortive Corporation Stock Fund purchased $22.6 million and sold $26.1 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, 2023

(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 3,604,723 US dollars ** $ 3,604,723 
Vanguard Federal Money Market Fund 318,943 shares ** 318,943 
$ 3,923,666 
Corporate debt instruments
ANT INTERNATIONAL CO LTD 3.55% 08/14/202
 152,980 par ** $ 152,796 
CARVANA CO PIK VAR 06/01/2030 144A
 122,000 par ** 102,612 
CARVANA CO PIK VAR 06/01/2031 144A
 144,000 par ** 123,000 
CARVANA CO PIK VAR 12/01/2028 144A
 81,000 par ** 68,744 
$ 447,152 
Common/Collective Trust Funds
American Beacon Small Cap Value 2,442,265 units ** $ 48,980,839 
* Fidelity Managed Income Portfolio II Class 3 112,127,798 units ** 112,127,798 
Harding Loevner International Equity Portfolio 510,998 units ** 8,247,513 
BlackRock LifePath® Index 2025 Non-Lendable Fund M
 6,564,155 units ** 98,620,522 
BlackRock LifePath® Index 2030 Non-Lendable Fund M
 7,089,520 units ** 114,233,434 
BlackRock LifePath® Index 2035 Non-Lendable Fund M
 6,366,674 units ** 109,451,395 
BlackRock LifePath® Index 2040 Non-Lendable Fund M
 5,562,433 units ** 101,305,252 
BlackRock LifePath® Index 2045 Non-Lendable Fund M
 4,637,623 units ** 88,314,712 
BlackRock LifePath® Index 2050 Non-Lendable Fund M
 4,251,414 units ** 82,793,304 
BlackRock LifePath® Index 2055 Non-Lendable Fund M
 3,285,040 units ** 64,213,993 
BlackRock LifePath® Index 2060 Non-Lendable Fund M
 1,615,246 units ** 31,560,929 
BlackRock LifePath® Index 2065 Non-Lendable Fund M
 378,824 units ** 5,415,782 
BlackRock LifePath® Index Retirement Non-Lendable Fund M
 3,830,247 units ** 53,425,054 
$ 918,690,527 
Employer Securities
Fortive Corporation Stock Fund
* Fortive Corporation Common Stock 538,578 shares ** $ 39,655,498 
* Fidelity Investments Money Market Government Portfolio - Institutional Class 364,318 US Dollars ** 364,318 
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$ 40,019,816 
Registered Investment Companies
Dodge & Cox International Stock Fund Class X
 1,282,660 shares ** $ 63,055,565 
PIMCO Inflation Response Multi-Asset Institutional 917,747 shares ** 7,360,331 
PIMCO Total Return Fund Institutional
 4,397,697 shares ** 38,040,081 
*
Fidelity® Extended Market Index Fund
 905,416 shares ** 70,676,765 
*
Fidelity® 500 Index Fund
 1,766,757 shares ** 292,380,603 
*
Fidelity® Large Cap Growth Index Fund
 604,529
shares
 ** 17,833,617 
T. Rowe Price Treasury Reserve Fund 743 shares ** 743 
Vanguard Total Bond Market Index Fund Institutional Shares 5,904,911 shares ** 57,336,688 
Vanguard Total International Stock Index Fund Institutional Shares 222,279 shares ** 27,673,742 
$ 574,358,135 
Common Stock
AAON INC 18,859 shares ** $ 1,393,114 
ADVANCED MICRO DEVICES IN 8,746 shares ** 1,289,248 
ADYEN BV 324 shares ** 377,978 
AGILYSYS INC 7,172 shares ** 608,329 
AIR PRODUCTS & CHEMICALS 4,939 shares ** 1,352,298 
ALARM.COM HLDGS INC 14,748 shares ** 953,016 
ALIGN TECH INC 401 shares ** 109,874 
ALLEGIANT TRAVEL CO 2,871 shares ** 237,173 
ALPHABET INC CL A 19,491 shares ** 2,722,698 
ALPHABET INC CL C 86,224 shares ** 12,151,548 
ALTRIA GROUP INC 19,432 shares ** 783,887 
AMAZON.COM INC 99,438 shares ** 15,108,610 
APPLE INC 109,507 shares ** 21,083,383 
ASML HLDG NV (NY REG SHS) 2,822 shares ** 2,136,028 
ASTRAZENECA PLC SPONS ADR 6,459 shares ** 435,014 
ATLASSIAN CORP PLC CLS A 2,843 shares ** 676,236 
AXOS FIN INC 8,345 shares ** 455,637 
AZENTA INC 5,847 shares ** 380,874 
BALCHEM CORP 8,568 shares ** 1,274,490 
BARNES GROUP INC 7,573 shares ** 247,107 
BERKSHIRE HATHAWAY INC CL 4,722 shares ** 1,684,149 
BILL HLDGS INC 4,898 shares ** 399,628 
BIO TECHNE CORP 11,641 shares ** 898,220 
BIOLIFE SOLUTIONS INC 10,086 shares ** 163,898 
BLACKBAUD INC 12,180 shares ** 1,056,006 
BLACKLINE INC 9,752 shares ** 608,915 
BLACKROCK INC 2,106 shares ** 1,709,651 
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BRIGHT HORIZONS FAMILY SO 6,763 shares ** 637,345 
CARVANA CO CL A 9,500 shares ** 502,930 
CASELLA WASTE SYS INC CL 11,196 shares ** 956,810 
CERTARA INC 43,175 shares ** 759,448 
CHEVRON CORP 7,905 shares ** 1,179,110 
CHIPOTLE MEXICAN GRILL IN 766 shares ** 1,751,811 
CHUBB LTD 8,362 shares ** 1,889,812 
CINCINNATI FIN CORP 7,483 shares ** 774,191 
CINTAS CORP 628 shares ** 378,470 
CISCO SYS INC 21,922 shares ** 1,107,499 
COLGATE-PALMOLIVE CO 5,800 shares ** 462,318 
COMCAST CORP CL A 19,172 shares ** 840,692 
CONFLUENT INC 9,223 shares ** 215,818 
CONSTELLATION ENERGY CORP 7,992 shares ** 934,185 
CONSTRUCTION PARTNERS INC 36,083 shares ** 1,570,332 
CROWDSTRIKE HLDGS INC 1,589 shares ** 405,703 
CROWN CASTLE INC 8,666 shares ** 998,237 
DANAHER CORP 4,922 shares ** 1,138,655 
DATABRICKS INC SER G PC P 1,227 shares ** 93,878 
DATADOG INC CL A 3,106 shares ** 377,006 
DESCARTES SYS GROUP INC 16,523 shares ** 1,388,923 
DIAGEO PLC SPON ADR 7,086 shares ** 1,032,147 
DIGI INTL INC 16,191 shares ** 420,966 
DOLLAR GEN CORP 8,895 shares ** 1,209,275 
DOMINION ENERGY INC 17,330 shares ** 814,510 
DONALDSON CO INC 8,297 shares ** 542,209 
DOORDASH INC 4,850 shares ** 479,617 
DORMAN PRODUCTS INC 6,758 shares ** 563,685 
DOUBLEVERIFY HLDGS INC 21,792 shares ** 801,510 
ELEVANCE HEALTH INC 1,663 shares ** 784,204 
ELI LILLY & CO 9,418 shares ** 5,489,941 
ENVESTNET INC 12,412 shares ** 614,642 
EPLUS INC 17,746 shares ** 1,416,841 
ESCO TECH INC 9,993 shares ** 1,169,481 
EXLSVCS HLDGS INC 47,312 shares ** 1,459,575 
EXPONENT INC 17,441 shares ** 1,535,506 
FAIR ISAAC CORP 1,098 shares ** 1,278,083 
FASTENAL CO 19,137 shares ** 1,239,503 
FIDELITY NATL INFORM SVCS 18,983 shares ** 1,140,309 
FISERV INC 3,050 shares ** 405,162 
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FORTINET INC 2,279 shares ** 133,390 
FOX FACTORY HLDGS CORP 12,969 shares ** 875,148 
GEN ELECTRIC CO 7,810 shares ** 996,790 
GLOBUS MEDICAL INC 16,317 shares ** 869,533 
GOLDMAN SACHS GROUP INC 1,256 shares ** 484,527 
GROCERY OUTLET HLDGS CORP 16,039 shares ** 432,411 
HEALTHEQ INC 9,340 shares ** 619,242 
HUMANA INC 2,468 shares ** 1,129,875 
I3 VERTICALS INC CL A 21,313 shares ** 451,196 
INTUIT INC 3,528 shares ** 2,205,106 
INTUITIVE SURGICAL INC 8,257 shares ** 2,785,582 
J&J SNACKS FOOD CORP 5,873 shares ** 981,613 
JOHNSON & JOHNSON 9,387 shares ** 1,471,318 
KINSALE CAPITAL GROUP INC 4,733 shares ** 1,585,129 
LAM RESEARCH CORP 392 shares ** 307,038 
LEMAITRE VASCULAR INC 10,317 shares ** 585,593 
LINDE PLC 2,183 shares ** 896,580 
LOWES COS INC 6,997 shares ** 1,557,182 
LULULEMON ATHLETICA INC 1,877 shares ** 959,691 
MARSH & MCLENNAN COS INC 6,012 shares ** 1,139,094 
MARTEN TRANSPORT LTD 38,042 shares ** 798,121 
MASTERCARD INC CL A 11,402 shares ** 4,863,067 
MERCK & CO INC NEW 12,974 shares ** 1,414,425 
MESA LAB INC 2,248 shares ** 235,523 
META PLATFORMS INC CL A 29,534 shares ** 10,453,855 
MICROSOFT CORP 73,818 shares ** 27,758,521 
MONDELEZ INTL INC 7,200 shares ** 521,496 
MONGODB INC CL A 2,590 shares ** 1,058,922 
MONOLITHIC POWER SYS INC 1,753 shares ** 1,105,757 
MORGAN STANLEY 9,600 shares ** 895,200 
MSCI INC 371 shares ** 209,856 
NEOGEN CORP 24,676 shares ** 496,234 
NESTLE SA REG ADR 7,292 shares ** 843,174 
NETFLIX INC 5,690 shares ** 2,770,347 
NIKE INC CL B 4,783 shares ** 519,290 
NINTENDO LTD ADR 68,796 shares ** 893,660 
NORFOLK SOUTHERN CORP 6,986 shares ** 1,651,351 
NORTHROP GRUMMAN CORP 2,542 shares ** 1,190,012 
NOVANTA INC 8,830 shares ** 1,487,060 
NV5 GLOBAL INC 5,159 shares ** 573,268 
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NVIDIA CORP 23,483 shares ** 11,629,251 
OLD DOMINION FREIGHT LINE 1,793 shares ** 726,757 
OLLIES BARGAIN OUTLET HLD 11,623 shares ** 882,069 
OMNICELL INC 11,316 shares ** 425,821 
ONTO INNOVATION INC 13,161 shares ** 2,012,317 
PALOMAR HLDGS INC 3,988 shares ** 221,334 
PAYCHEX INC 9,693 shares ** 1,154,533 
PERFICIENT INC 11,009 shares ** 724,612 
PHILIP MORRIS INTL INC 16,415 shares ** 1,544,323 
PROCTER & GAMBLE CO 3,000 shares ** 439,620 
PROGRESSIVE CORP OHIO 7,936 shares ** 1,264,046 
RBC BEARINGS INC 6,579 shares ** 1,874,291 
ROPER TECH INC 2,542 shares ** 1,385,822 
ROSS STORES INC 8,500 shares ** 1,176,315 
S&P GLOBAL INC 2,271 shares ** 1,000,421 
SCHLUMBERGER LTD 11,400 shares ** 593,256 
SCHWAB CHARLES CORP 31,390 shares ** 2,159,632 
SEA LTD ADR 7,876 shares ** 318,978 
SHERWIN WILLIAMS CO 2,782 shares ** 867,706 
SHOPIFY INC CL A 15,516 shares ** 1,221,832 
SITEONE LANDSCAPE SUPPLY 6,418 shares ** 1,042,925 
SNOWFLAKE INC CL A 2,039 shares ** 405,761 
SPS COMMERCE INC 5,233 shares ** 1,014,365 
SPX TECH INC 5,343 shares ** 539,696 
STAAR SURGICAL CO NEW 10,834 shares ** 338,129 
STARBUCKS CORP 13,958 shares ** 1,340,108 
STRYKER CORP 3,477 shares ** 1,041,222 
SVCSNOW INC 6,386 shares ** 4,511,645 
SYNOPSYS INC 4,421 shares ** 2,276,417 
TAIWAN SEMIC MFG CO LTD S 6,049 shares ** 629,096 
TE CONNECTIVITY LTD 2,400 shares ** 337,200 
TELEFLEX INC 918 shares ** 228,894 
TESLA INC 18,584 shares ** 4,617,752 
TEXAS INSTRUMENTS INC 12,314 shares ** 2,099,044 
TEXAS ROADHOUSE INC 10,953 shares ** 1,338,785 
THE BOOKING HLDGS INC 492 shares ** 1,745,232 
THERMO FISHER SCIENTIFIC 4,121 shares ** 2,187,386 
TJX COMPANIES INC NEW 9,059 shares ** 849,825 
T-MOBILE US INC 11,674 shares ** 1,871,692 
TRANSDIGM GROUP INC 466 shares ** 471,406 
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TREX CO INC 14,847 shares ** 1,229,183 
TYLER TECH INC 1,608 shares ** 672,337 
UFP TECH INC 938 shares ** 161,374 
UNITED PARCEL SVCS INC CL 7,580 shares ** 1,191,803 
UNITEDHEALTH GROUP INC 11,444 shares ** 6,024,923 
VEEVA SYS INC CL A 2,064 shares ** 397,361 
VERALTO CORP 1,693 shares ** 139,266 
VERICEL CORP 5,764 shares ** 205,256 
VERIZON COMM INC 18,656 shares ** 703,331 
VISA INC CL A 23,192 shares ** 6,038,037 
WD 40 CO 2,498 shares ** 597,197 
ZOETIS INC CL A 5,419 shares ** 1,069,548 
$ 270,201,657 
Brokeragelink
Brokeragelink Combination of common stock, mutual funds, and ETF's $ 88,969,069 
Total $ 1,896,610,022 
Loans
*
 Participant Loans Interest rates range from 4.25% to 9.5% with maturity at various dates ** $ 16,603,392 
* 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 18, 2024
By:
 /s/ Simon Grace
Simon Grace
Vice President, Total Rewards

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EXHIBIT INDEX
Exhibit
Number
Description
23.1

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