10-Q Filing

FORTIVE CORP CIK: 1659166 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001659166-23-000148`
Period End Date	20230331
Filing Date	20230426
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ftv-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 30 Cash Flow Statement 50 Stockholders Equity 14 Comprehensive Income 10

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$41.20M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$43.90M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$754.50M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$772.70M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$709.20M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$672.80M	USD	Point-in-time
Trade accounts receivable less allowance for doubtful accounts of $41.2 at March 31, 2023 and $43.9 at December 31, 2022	`AccountsReceivableNetCurrent`	$958.50M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Trade accounts receivable less allowance for doubtful accounts of $41.2 at March 31, 2023 and $43.9 at December 31, 2022	`AccountsReceivableNetCurrent`	$940.70M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	362.20M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	361.50M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	353.50M	shares	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$215.30M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$234.80M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	352.90M	shares	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$103.60M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$96.40M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$225.00M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$231.80M	USD	Point-in-time
Inventories	`InventoryNet`	$570.20M	USD	Point-in-time
Inventories	`InventoryNet`	$536.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$271.60M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$272.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.46B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.48B	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $772.7 at March 31, 2023 and $754.5 at December 31, 2022	`PropertyPlantAndEquipmentNet`	$421.90M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $772.7 at March 31, 2023 and $754.5 at December 31, 2022	`PropertyPlantAndEquipmentNet`	$425.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$470.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$455.80M	USD	Point-in-time
Goodwill	`Goodwill`	$9.06B	USD	Point-in-time
Goodwill	`Goodwill`	$9.05B	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.49B	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.40B	USD	Point-in-time
Total assets	`Assets`	$15.80B	USD	Point-in-time
Total assets	`Assets`	$15.89B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$999.80M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$999.70M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$593.00M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$623.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$1.10B	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$1.04B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.63B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.73B	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.22B	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.20B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.25B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$2.09B	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock: $0.01 par value, 2.0 billion shares authorized; 362.2 million issued and 353.5 million outstanding at March 31, 2023; 361.5 million issued and 352.9 million outstanding at December 31, 2022	`CommonStockValue`	$3.60M	USD	Point-in-time
Common stock: $0.01 par value, 2.0 billion shares authorized; 362.2 million issued and 353.5 million outstanding at March 31, 2023; 361.5 million issued and 352.9 million outstanding at December 31, 2022	`CommonStockValue`	$3.60M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.73B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.71B	USD	Point-in-time
Treasury shares, at cost	`TreasuryStockValue`	$442.90M	USD	Point-in-time
Treasury shares, at cost	`TreasuryStockValue`	$442.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.89B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.74B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-312.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-325.70M	USD	Point-in-time
Total Fortive stockholders equity	`StockholdersEquity`	$9.87B	USD	Point-in-time
Total Fortive stockholders equity	`StockholdersEquity`	$9.68B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$5.80M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$5.20M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.69B	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.88B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$15.80B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$15.89B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Total sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.46B	USD	1 Quarter
Total sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.38B	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$584.50M	USD	1 Quarter
Total cost of sales	`CostOfGoodsAndServicesSold`	$612.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$792.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$848.20M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$507.70M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$480.60M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$99.10M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$100.10M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$240.40M	USD	1 Quarter
Operating profit	`OperatingIncomeLoss`	$212.30M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$32.10M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$18.80M	USD	1 Quarter
Other non-operating expense, net	`OtherNonoperatingIncomeExpense`	$-2.70M	USD	1 Quarter
Other non-operating expense, net	`OtherNonoperatingIncomeExpense`	$-2.50M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$190.80M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$205.80M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$25.70M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$32.20M	USD	1 Quarter
Net earnings	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$165.10M	USD	1 Quarter
Net earnings	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$173.60M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.49	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.46	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.49	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.45	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	353.60M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	359.30M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	368.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	356.50M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$165.10M	USD	1 Quarter
Net earnings	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$173.60M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$92.40M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$96.30M	USD	1 Quarter
Depreciation	`Depreciation`	$21.50M	USD	1 Quarter
Depreciation	`Depreciation`	$20.40M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$19.90M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$26.70M	USD	1 Quarter
Change in trade accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.40M	USD	1 Quarter
Change in trade accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-21.50M	USD	1 Quarter
Change in inventories	`IncreaseDecreaseInInventories`	$33.60M	USD	1 Quarter
Change in inventories	`IncreaseDecreaseInInventories`	$43.20M	USD	1 Quarter
Change in trade accounts payable	`IncreaseDecreaseInAccountsPayable`	$-32.30M	USD	1 Quarter
Change in trade accounts payable	`IncreaseDecreaseInAccountsPayable`	$19.20M	USD	1 Quarter
Change in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$31.40M	USD	1 Quarter
Change in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$16.30M	USD	1 Quarter
Change in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-78.00M	USD	1 Quarter
Change in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-31.20M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$174.40M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$214.80M	USD	1 Quarter
Payments for additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.80M	USD	1 Quarter
Payments for additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.80M	USD	1 Quarter
Cash paid for acquisitions, net of cash received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Cash paid for acquisitions, net of cash received	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$-900.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.90M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.80M	USD	1 Quarter
Net proceeds from (repayments of) commercial paper borrowings	`ProceedsFromRepaymentsOfCommercialPaper`	$-159.30M	USD	1 Quarter
Net proceeds from (repayments of) commercial paper borrowings	`ProceedsFromRepaymentsOfCommercialPaper`	$930.70M	USD	1 Quarter
Payment of 0.875% convertible senior notes due 2022	`RepaymentsOfConvertibleDebt`	-	USD	1 Quarter
Payment of 0.875% convertible senior notes due 2022	`RepaymentsOfConvertibleDebt`	$1.16B	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$63.80M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Payment of dividends	`PaymentsOfDividendsCommonStock`	$25.10M	USD	1 Quarter
Payment of dividends	`PaymentsOfDividendsCommonStock`	$24.70M	USD	1 Quarter
All other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-17.90M	USD	1 Quarter
All other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.10M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-332.60M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-187.10M	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$700.00K	USD	1 Quarter
Effect of exchange rate changes on cash and equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.10M	USD	1 Quarter
Net change in cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-36.40M	USD	1 Quarter
Net change in cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-135.00M	USD	1 Quarter
Beginning balance of cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$819.30M	USD	Point-in-time
Beginning balance of cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$672.80M	USD	Point-in-time
Beginning balance of cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$684.30M	USD	Point-in-time
Beginning balance of cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$709.20M	USD	Point-in-time
Ending balance of cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$819.30M	USD	Point-in-time
Ending balance of cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$672.80M	USD	Point-in-time
Ending balance of cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$684.30M	USD	Point-in-time
Ending balance of cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$709.20M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	353.50M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	352.90M	shares	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.69B	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.88B	USD	Point-in-time
Net earnings for the period	`ProfitLoss`	$165.10M	USD	1 Quarter
Net earnings for the period	`ProfitLoss`	$173.60M	USD	1 Quarter
Dividends to common shareholders	`DividendsCommonStockCash`	$25.10M	USD	1 Quarter
Dividends to common shareholders	`DividendsCommonStockCash`	$24.70M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-38.90M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$13.40M	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	353.50M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	352.90M	shares	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.69B	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.88B	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$165.10M	USD	1 Quarter
Net earnings	`ProfitLoss`	$173.60M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$13.40M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-39.40M	USD	1 Quarter
Pension adjustments	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	-	USD	1 Quarter
Pension adjustments	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-500.00K	USD	1 Quarter
Total other comprehensive income (loss), net of income taxes	`OtherComprehensiveIncomeLossNetOfTax`	$-38.90M	USD	1 Quarter
Total other comprehensive income (loss), net of income taxes	`OtherComprehensiveIncomeLossNetOfTax`	$13.40M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$187.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$126.20M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.