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Fortive (FTV)

Cover

Cover - shares9 Months Ended
Sep. 25, 2020Oct. 20, 2020
Entity Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateSep. 25,
2020
Document Transition Reportfalse
Entity File Number1-37654
Entity Registrant NameFortive Corporation
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number47-5654583
Entity Address, Address Line One6920 Seaway Blvd
Entity Address, City or TownEverett,
Entity Address, State or ProvinceWA
Entity Address, Postal Zip Code98203
City Area Code425
Local Phone Number446-5000
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity common stock, shares outstanding337,195,814
Amendment flagfalse
Document fiscal year focus2020
Document fiscal period focusQ3
Entity central index key0001659166
Current fiscal year end date--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) SecurityCommon stock, par value $0.01 per share
Trading SymbolFTV
Security Exchange NameNYSE
Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security5% Mandatory convertible preferred stock, Series A, par value $0.01 per share
Trading SymbolFTV. PRA
Security Exchange NameNYSE

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in MillionsSep. 25, 2020Dec. 31, 2019
Current assets:
Cash and equivalents $ 1,489.1 $ 1,205.2
Accounts receivable, net1,207.6 1,384.5
Inventories:
Finished goods296.6 285.6
Work in process98.3 100.4
Raw materials266.9 254.3
Inventories661.8 640.3
Prepaid expenses and other current assets414.1 455.6
Current assets, discontinued operations2.1 3.2
Total current assets3,774.7 3,688.8
Property, plant and equipment, net of accumulated depreciation of $889.7 and $838.7 at September 25, 2020 and December 31, 2019, respectively513.6 519.5
Operating lease right-of-use assets215.1 206.8
Other assets759.7 779.6
Goodwill8,341 8,399.3
Other intangible assets, net3,595.6 3,845
Total assets17,199.7 17,439
Current liabilities:
Current portion of long-term debt999.2 1,500
Trade accounts payable777.1 765.5
Current operating lease liabilities54.7 54.9
Accrued expenses and other current liabilities1,210 1,146.8
Total current liabilities3,041 3,467.2
Operating lease liabilities171 159
Other long-term liabilities1,600.4 1,584.2
Long-term debt4,699.2 4,828.4
Commitments and Contingencies
Equity:
Preferred stock: $0.01 par value, 15.0 million shares authorized; 5.0% Mandatory convertible preferred stock, series A, 1.4 million shares designated, issued and outstanding at September 25, 2020 and December 31, 20190 0
Common stock: $0.01 par value, 2.0 billion shares authorized; 338.3 and 336.9 million issued; 337.2 and 336.0 million outstanding at September 25, 2020 and December 31, 2019, respectively3.4 3.4
Additional paid-in capital3,391.7 3,311.1
Retained earnings4,372.7 4,128.8
Accumulated other comprehensive income (loss)(91.7)(56.3)
Total Fortive stockholders’ equity7,676.1 7,387
Noncontrolling interests12 13.2
Total stockholders’ equity7,688.1 7,400.2
Total liabilities and equity $ 17,199.7 $ 17,439

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions9 Months Ended12 Months Ended
Sep. 25, 2020Dec. 31, 2019
Statement of Financial Position [Abstract]
Accumulated depreciation $ 889.7 $ 838.7
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares)15,000,000 15,000,000
Preferred stock, dividend rate5.00%5.00%
Preferred stock, shares issued (in shares)1,400,000 1,400,000
Preferred stock, shares outstanding (in shares)1,400,000 1,400,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares)2,000,000,000 2,000,000,000
Common stock, shares issued (in shares)338,300,000 336,900,000
Common stock, shares outstanding (in shares)337,200,000 336,000,000

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings - USD ($) shares in Millions, $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Sales $ 1,902.3 $ 1,860 $ 5,187 $ 5,317.6
Cost of sales(918.9)(932.3)(2,513.5)(2,673.2)
Gross profit983.4 927.7 2,673.5 2,644.4
Operating costs:
Selling, general and administrative expenses(562.3)(566.5)(1,636.1)(1,590)
Research and development expenses(110.7)(119.1)(331)(345.5)
Impairment of goodwill0 0 (85.3)0
Operating profit310.4 242.1 621.1 708.9
Non-operating expenses, net:
Gain from combination of business0 41.2 0 41.2
Interest expense, net(43.9)(47)(130.7)(116.7)
Other non-operating income (expense), net(1.4)(1.2)(0.7)(1.6)
Earnings from continuing operations before income taxes265.1 235.1 489.7 631.8
Income taxes(39.3)(27.8)(91.3)(85.2)
Net earnings from continuing operations225.8 207.3 398.4 546.6
Loss from discontinued operations, net of income taxes0 (0.2)(0.7)(0.5)
Net earnings225.8 207.1 397.7 546.1
Mandatory convertible preferred dividends(17.3)(17.3)(51.8)(51.8)
Net earnings attributable to common stockholders $ 208.5 $ 189.8 $ 345.9 $ 494.3
Net earnings per common share from continuing operations:
Net earnings per common share from continuing operations - basic (in dollars per share) $ 0.62 $ 0.57 $ 1.03 $ 1.47
Net earnings per common share from continuing operations - diluted (in dollars per share)0.610.561.021.46
Net earnings per share from discontinued operations:
Net earnings per share from discontinued operations - basic (in dollars per share)0 0 0 0
Net earnings per share from discontinued operations - diluted (in dollars per share)0 0 0 0
Earnings Per Share [Abstract]
Net earnings per share - Basic (in dollars per share)0.620.561.031.47
Net earnings per share - Diluted (in dollars per share) $ 0.61 $ 0.56 $ 1.02 $ 1.46
Average common stock and common equivalent shares outstanding:
Weighted average common shares outstanding used in basic earnings per share (in shares)337.6 336.1 337.3 335.6
Weighted average common shares outstanding used in diluted earnings per share (in shares)340.8 339.9 340.2 339.7
Products
Sales $ 1,671.3 $ 1,624.6 $ 4,526.8 $ 4,652.7
Cost of sales(774.6)(781.2)(2,102)(2,237.1)
Services
Sales231 235.4 660.2 664.9
Cost of sales $ (144.3) $ (151.1) $ (411.5) $ (436.1)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Statement of Comprehensive Income [Abstract]
Net earnings $ 225.8 $ 207.1 $ 397.7 $ 546.1
Other comprehensive income, net of income taxes:
Foreign currency translation adjustments63.9 (52.5)(36.4)(34.5)
Pension adjustments1 0.5 1 1.5
Total other comprehensive income (loss), net of income taxes64.9 (52)(35.4)(33)
Comprehensive income (loss) $ 290.7 $ 155.1 $ 362.3 $ 513.1

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Changes in Equity - USD ($) shares in Millions, $ in MillionsTotalCommon StockCommon StockCumulative Effect, Period of Adoption, Adjusted BalancePreferred StockPreferred StockCumulative Effect, Period of Adoption, Adjusted BalanceAdditional Paid-In CapitalAdditional Paid-In CapitalCumulative Effect, Period of Adoption, Adjusted BalanceRetained EarningsRetained EarningsCumulative Effect, Period of Adoption, AdjustmentRetained EarningsCumulative Effect, Period of Adoption, Adjusted BalanceAccumulated Other Comprehensive Income (Loss)Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted BalanceNoncontrolling InterestsNoncontrolling InterestsCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2018334.5 1.4
Beginning balance at Dec. 31, 2018 $ 3.4 $ 0 $ 3,126 $ 3,552.7 $ (86.6) $ 17.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period164.4
Dividends to common shareholders $ (23.4)(23.4)
Mandatory convertible preferred stock cumulative dividends(17.3)(17.3)
Other comprehensive income (loss)17.2
Common stock-based award activity (in shares)0.5
Common stock-based award activity13.9
Issuance of 0.875% senior convertible notes due 2022100.4
Change in noncontrolling interests(5.4)
Ending balance (in shares) at Mar. 29, 2019335 1.4
Ending balance at Mar. 29, 2019 $ 3.4 $ 0 3,240.3 3,676.4 (69.4)12
Beginning balance (in shares) at Dec. 31, 2018334.5 1.4
Beginning balance at Dec. 31, 2018 $ 3.4 $ 0 3,126 3,552.7 (86.6)17.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period546.1
Dividends to common shareholders(70.3)
Mandatory convertible preferred stock cumulative dividends(51.8)
Other comprehensive income (loss)(33)
Ending balance (in shares) at Sep. 27, 2019335.7 1.4
Ending balance at Sep. 27, 2019 $ 3.4 $ 0 3,291.2 3,976.7 (119.6)11.9
Beginning balance (in shares) at Mar. 29, 2019335 1.4
Beginning balance at Mar. 29, 2019 $ 3.4 $ 0 3,240.3 3,676.4 (69.4)12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period174.6
Dividends to common shareholders(23.4)(23.4)
Mandatory convertible preferred stock cumulative dividends(17.2)(17.2)
Other comprehensive income (loss)1.8
Common stock-based award activity (in shares)0.4
Common stock-based award activity25.1
Change in noncontrolling interests(0.7)
Ending balance (in shares) at Jun. 28, 2019335.4 1.4
Ending balance at Jun. 28, 2019 $ 3.4 $ 0 3,265.4 3,810.4 (67.6)11.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period207.1 207.1
Dividends to common shareholders(23.5)(23.5)
Mandatory convertible preferred stock cumulative dividends(17.3)(17.3)
Other comprehensive income (loss)(52)(52)
Common stock-based award activity (in shares)0.3
Common stock-based award activity25.8
Change in noncontrolling interests0.6
Ending balance (in shares) at Sep. 27, 2019335.7 1.4
Ending balance at Sep. 27, 2019 $ 3.4 $ 0 3,291.2 3,976.7 (119.6)11.9
Beginning balance (in shares) at Dec. 31, 2019336 336 1.4 1.4
Beginning balance at Dec. 31, 20197,400.2 $ 3.4 $ 3.4 $ 0 $ 0 3,311.1 $ 3,311.1 4,128.8 $ (31.3) $ 4,097.5 (56.3) $ (56.3)13.2 $ 13.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period41.9
Dividends to common shareholders(23.5)(23.5)
Mandatory convertible preferred stock cumulative dividends(17.3)(17.3)
Other comprehensive income (loss)(137.3)
Common stock-based award activity (in shares)0.8
Common stock-based award activity22.6
Change in noncontrolling interests(2)
Ending balance (in shares) at Mar. 27, 2020336.8 1.4
Ending balance at Mar. 27, 2020 $ 3.4 $ 0 3,333.7 4,098.6 (193.6)11.2
Beginning balance (in shares) at Dec. 31, 2019336 336 1.4 1.4
Beginning balance at Dec. 31, 20197,400.2 $ 3.4 $ 3.4 $ 0 $ 0 3,311.1 $ 3,311.1 4,128.8 $ (31.3) $ 4,097.5 (56.3) $ (56.3)13.2 $ 13.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period397.7
Dividends to common shareholders(70.7)
Mandatory convertible preferred stock cumulative dividends(51.8)
Other comprehensive income (loss)(35.4)
Ending balance (in shares) at Sep. 25, 2020337.2 1.4
Ending balance at Sep. 25, 20207,688.1 $ 3.4 $ 0 3,391.7 4,372.7 (91.7)12
Beginning balance (in shares) at Mar. 27, 2020336.8 1.4
Beginning balance at Mar. 27, 2020 $ 3.4 $ 0 3,333.7 4,098.6 (193.6)11.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period130
Dividends to common shareholders(23.6)(23.6)
Mandatory convertible preferred stock cumulative dividends(17.2)(17.2)
Other comprehensive income (loss)37
Common stock-based award activity (in shares)0.2
Common stock-based award activity27
Change in noncontrolling interests0.4
Ending balance (in shares) at Jun. 26, 2020337 1.4
Ending balance at Jun. 26, 2020 $ 3.4 $ 0 3,360.7 4,187.8 (156.6)11.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period225.8 225.8
Dividends to common shareholders(23.6)(23.6)
Mandatory convertible preferred stock cumulative dividends(17.3)(17.3)
Other comprehensive income (loss)64.9 64.9
Common stock-based award activity (in shares)0.2
Common stock-based award activity31
Change in noncontrolling interests0.4
Ending balance (in shares) at Sep. 25, 2020337.2 1.4
Ending balance at Sep. 25, 2020 $ 7,688.1 $ 3.4 $ 0 $ 3,391.7 $ 4,372.7 $ (91.7) $ 12

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Changes in Equity (Parenthetical)Sep. 25, 2020Mar. 29, 2019Feb. 22, 2019
0.875% senior convertible notes due 2022 | Convertible Debt
Interest rate, stated percentage0.875%0.875%0.875%

Consolidated Condensed Statem_5

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions9 Months Ended
Sep. 25, 2020Sep. 27, 2019
Cash flows from operating activities:
Net earnings from continuing operations $ 398.4 $ 546.6
Noncash items:
Depreciation98.1 97.7
Amortization254.5 211.4
Stock-based compensation expense60.2 45.5
Impairment of goodwill85.3 0
Gain from combination of business0 (41.2)
Gain on sale of assets(5.3)0
Change in trade accounts receivable, net147.8 (133.5)
Change in inventories(10.2)69.4
Change in trade accounts payable13.4 (7.9)
Change in prepaid expenses and other assets54 (115.1)
Change in accrued expenses and other liabilities56.5 127.5
Total operating cash provided by continuing operations1,152.7 800.4
Total operating cash used in discontinued operations(0.8)(4.4)
Net cash provided by operating activities1,151.9 796
Cash flows from investing activities:
Payments for additions to property, plant and equipment(86.2)(79.6)
Proceeds from sale of assets5.3 0
Cash paid for acquisitions, net of cash received(24.7)(3,387.7)
All other investing activities0.5 0
Net cash used in investing activities(105.1)(3,467.3)
Cash flows from financing activities:
Net proceeds from (repayments of) commercial paper borrowings(1,141.9)695.5
Proceeds from borrowings (maturities longer than 90 days), net of issuance costs of $8 million and $24 million in 2020 and 2019, respectively741.7 2,413.2
Repayment of borrowings (maturities greater than 90 days)(250)(455.3)
Payment of common stock cash dividend to shareholders(70.7)(70.3)
Payment of mandatory convertible preferred stock cash dividend to shareholders(34.5)(34.5)
All other financing activities(4.8)16.4
Net cash (used in) provided by financing activities(760.2)2,565
Effect of exchange rate changes on cash and equivalents(2.7)(11.6)
Net change in cash and equivalents283.9 (117.9)
Beginning balance of cash and equivalents1,205.2 1,178.4
Ending balance of cash and equivalents $ 1,489.1 $ 1,060.5

Consolidated Condensed Statem_6

Consolidated Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions9 Months Ended
Sep. 25, 2020Sep. 27, 2019
Statement of Cash Flows [Abstract]
Payments of debt issuance costs $ 8 $ 24

Business Overview

Business Overview9 Months Ended
Sep. 25, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business OverviewNOTE 1. BUSINESS OVERVIEW Fortive Corporation (“Fortive,” the “Company,” “we,” “us,” or “our”) is a diversified industrial technology growth company encompassing businesses that are recognized leaders in attractive markets. Our well-known brands hold leading positions in field solutions, product realization, sensing technologies, health, transportation technologies, and franchise distribution. 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 technology, and significant market positions. 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, 2019 and the footnotes (“Notes”) thereto included within our 2019 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 September 25, 2020 and December 31, 2019, our results of operations for the three and nine month periods ended September 25, 2020 and September 27, 2019, and cash flows for the nine month periods ended September 25, 2020 and September 27, 2019. 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 “Separation”) on a pro rata basis. To effect the 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 immediately following the Separation. The Company currently plans to divest its 19.9% retained shares in Vontier after the spin-off in a tax-efficient manner no later than twelve months after the Distribution Date. As the disposition occurred during the fourth fiscal quarter of 2020, the Company will classify Vontier as a discontinued operation in its financial statements beginning in the fourth quarter of 2020. The results of our Industrial Technologies segment are included in continuing operations for the periods ended September 25, 2020. Refer to Note 2 for additional information. On October 1, 2018, we completed the split-off of businesses in our automation and specialty platform (the “A&S Business”) and have reported the A&S Business as discontinued operations in our Consolidated Condensed Statements of Earnings, Consolidated Condensed Balance Sheets, and Consolidated Condensed Statements of Cash Flows for all periods presented. The impact of discontinued operations in our consolidated condensed financial statements was immaterial for all periods presented, and therefore, discussion within these notes to the consolidated condensed financial statements relates to continuing operations. Segment Presentation Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Reclassification of certain prior year amounts have been made to conform to current year presentation. In light of the recently completed Separation, we changed our internal reporting structure on the first day of the fourth quarter, September 26, 2020, to reflect organizational and leadership changes to better assess the operational performance of and allocate resources to our businesses. Presentation within the notes to the unaudited consolidated condensed financial statements for the three and nine month periods ended September 25, 2020 has not be reclassified to reflect this segment change. Refer to Note 12 for additional information. 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 months 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. Accordingly, foreign currency transaction gains or losses on the debt are 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. We recognized losses of $2.0 million and gains $2.0 million for the three and nine month periods ended September 25, 2020, respectively, in other comprehensive income (loss) related to the net investment hedges. We recognized gains of $10.3 million and $10.4 million for the three and nine month periods ended September 27, 2019, respectively, in other comprehensive income (loss) related to the net investment hedges. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and nine month periods ended September 25, 2020 and September 27, 2019. The changes in AOCI by component are summarized below ($ in millions): Foreign Pension adjustments (b) Total 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 — 1.2 (a) 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 $ (15.2) $ (76.5) $ (91.7) For the Three Months Ended September 27, 2019: Balance, June 28, 2019 $ (11.3) $ (56.3) $ (67.6) Other comprehensive income (loss) before reclassifications, net of income taxes (52.5) — (52.5) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 0.7 (a) 0.7 Income tax impact — (0.2) (0.2) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.5 0.5 Net current period other comprehensive income (loss), net of income taxes (52.5) 0.5 (52.0) Balance, September 27, 2019 $ (63.8) $ (55.8) $ (119.6) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 7 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. Foreign currency translation adjustments Pension adjustments (b) Total For the Nine Months Ended September 25, 2020: Balance, December 31, 2019 $ 21.2 $ (77.5) $ (56.3) Other comprehensive income (loss) before reclassifications, net of income taxes (36.4) — (36.4) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 1.2 (a) 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 (36.4) 1.0 (35.4) Balance, September 25, 2020 $ (15.2) $ (76.5) $ (91.7) For the Nine Months Ended September 27, 2019: Balance, December 31, 2018 $ (29.3) $ (57.3) $ (86.6) Other comprehensive income (loss) before reclassifications, net of income taxes (34.5) — (34.5) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 2.1 (a) 2.1 Income tax impact — (0.6) (0.6) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 1.5 1.5 Net current period other comprehensive income (loss), net of income taxes (34.5) 1.5 (33.0) Balance, September 27, 2019 $ (63.8) $ (55.8) $ (119.6) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 7 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. Recently Issued Accounting Standard In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which amends the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. This standard is effective for us beginning January 1, 2022, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statements. Recently Adopted Accounting Standard In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including financing, trade accounts, and unbilled receivables. On January 1, 2020, we adopted ASU 2016-13 nancing receivables of $40.0 million, with a corresponding net of tax adjustment to beginning retained earnings of $31.3 million. Results for reporting periods beginning January 1, 2020 reflect the adoption of ASU 2016-13, while prior period amounts were not adjusted and continue to be reported in accordance with our historical accounting practices. Prior to the adoption of ASU 2016-13 on January 1, 2020, we recognized an allowance for incurred losses when they were probable based on many quantitative and qualitative factors, including delinquency. After the adoption of ASU 2016-13, we measure our allowance to reflect expected credit losses over the remaining contractual life of the asset. We pool assets with similar risk characteristics for this measurement based on attributes that may include asset type, duration, and/or credit risk rating. The future expected losses of each pool are estimated based on numerous quantitative and qualitative factors reflecting management’s estimate of collectibility over the remaining contractual life of the pooled assets, including: • duration; • historical, current, and forecasted future loss experience by asset type; • historical, current, and forecasted delinquency and write-off trends; • historical, current, and forecasted economic conditions; and • historical, current, and forecasted credit risk. Expected credit losses of the assets originated during the three and nine month periods ended September 25, 2020, as well as changes to expected losses during the same periods, are recognized in earnings for the three and nine month periods ended September 25, 2020. As a result of the adoption of ASU 2016-13, we have updated our significant accounting policy related to unbilled, trade accounts, and financing receivables and allowances for credit losses from what was previously disclosed in our audited financial statements for the year ended December 31, 2019 as follows: All trade accounts, financing, and unbilled receivables are reported in the accompanying Consolidated Condensed Balance Sheet adjusted for any write-offs and net of allowances for credit losses. The allowances for credit losses represent management’s best estimate of the credit losses expected from our unbilled, trade accounts, and financing receivable portfolios over the life of the underlying assets. Determination of the allowances requires management to exercise judgment about the severity of credit losses, which includes judgments regarding the risk profile of each underlying receivable and expectations regarding the impact of current and future economic conditions on the creditworthiness of its customers. We regularly perform detailed reviews of our portfolios to evaluate the collectability of receivables based on a combination of past, current, and future financial and qualitative factors that may affect customers’ ability to pay, including customers’ financial condition, collateral, debt-servicing ability, payment experience, credit bureau information, and economic conditions. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. Additions to the allowances are charged to current period earnings, amounts determined to be uncollectible are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. Volatility and uncertainty in overall global economic conditions and worldwide capital markets as a result of the COVID-19 pandemic may negatively impact our customers’ ability to pay and, as a result, may increase the difficulty in collecting trade accounts, financing, and unbilled receivables. We did not realize notable increases in loss rates and delinquencies during the three and nine month periods ended September 25, 2020, and given the nature of our portfolio of receivables, our historical experience during times of challenging economic conditions, and our forecasted future impact of COVID-19 on our customer’s ability to pay, we did not record material provisions for credit losses as a result of the COVID-19 pandemic during the three and nine month periods ended September 25, 2020. If the financial condition of our customers were to deteriorate beyond our current estimates, resulting in an impairment of their ability to make payments, we would be required to write-off additional receivable balances, which would adversely impact our net earnings and financial condition. The following is a rollforward of the aggregated allowance for credit losses related to our trade accounts, unbilled, and financing receivables as of September 25, 2020 ($ in millions): Balance, December 31, 2019 $ 82.1 Transition Adjustment 40.0 Provision 42.7 Write-offs (37.1) FX and Other (1.4) Balance, September 25, 2020 $ 126.3

Acquisitions and Divestitures

Acquisitions and Divestitures9 Months Ended
Sep. 25, 2020
Business Combinations [Abstract]
Acquisitions And DivestituresNOTE 2. ACQUISITIONS AND DIVESTITURES For a description of our material acquisition activity refer to Note 3 of our 2019 Annual Report on Form 10-K. We continually evaluate potential mergers, acquisitions, and divestitures that align with our strategy and expedite the evolution of our portfolio of businesses into new and attractive areas. We have completed a number of acquisitions that have been accounted for as purchases and resulted in the recognition of goodwill in our financial statements. This goodwill arises because the purchase price for each acquired business reflects a number of factors including the complimentary fit, acceleration of our strategy and synergies the business brings with respect to our existing operations, the future earnings and cash flow potential of the business, the potential to add other strategically complimentary acquisitions to the acquired business, the scarce or unique nature of the business in its markets, competition to acquire the business, the valuation of similar businesses in the marketplace (as reflected in a multiple of revenues, earnings, or cash flows), and the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our existing offerings to key target markets and develop new and profitable businesses. We make an initial allocation of the purchase price at the date of acquisition based on our understanding of the fair value of the acquired assets and assumed liabilities. We obtain this information during due diligence and through other sources. In the months after closing, as we obtain additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and learn more about the newly acquired business, we are able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. We are in the process of obtaining valuations of certain acquired assets and evaluating the tax impact of certain acquisitions. We make appropriate adjustments to purchase price allocations prior to completion of the applicable measurement period, as required. During the nine month period ended September 25, 2020, we recorded adjustments to the preliminary purchase price allocation of acquisitions that closed during 2019 that resulted in a net increase to goodwill of $31.6 million, prior to foreign currency translation impacts. Advanced Sterilization Products On April 1, 2019 (the “Principal Closing Date”), we acquired the advanced sterilization products business (“ASP”) of Johnson & Johnson, a New Jersey corporation (“Johnson & Johnson”) for an aggregate purchase price of $2.7 billion (the “Transaction”), subject to certain post-closing adjustments set forth in a Stock and Asset Purchase Agreement, dated effective as of June 6, 2018 (the “Purchase Agreement”), between the Company and Ethicon, Inc., a New Jersey corporation (“Ethicon”) and a wholly owned subsidiary of Johnson & Johnson. ASP engages in the research, development, manufacture, marketing, distribution, and sale of low-temperature terminal sterilization and high-level disinfection products. On the Principal Closing Date, we paid $2.7 billion in cash and obtained the transferred assets and assumed liabilities in 20 countries (“Principal Countries”), general patent and trademark assignments, and all transferred equity interests in ASP. ASP has operations in an additional 39 countries (“Non-Principal Countries”). The transferred assets and liabilities associated with these operations will close when requirements of country-specific agreements or regulatory approvals are satisfied. The $2.7 billion purchase price was paid in exchange for ASP’s businesses in both Principal and Non-Principal Countries. As of September 25, 2020 we have closed 20 Principal Countries and 20 Non-Principal Countries that, in aggregate, accounted for approximately 99% of the preliminary valuation of ASP. The remaining Non-Principal Countries represent approximately 1% of the preliminary valuation of ASP, or $22.3 million, which is included as a prepaid asset in Other assets in the Condensed Consolidated Balance Sheet. As each Non-Principal Country closes, we reduce the prepaid asset and record the fair value of the assets acquired and liabilities assumed. All of the provisional goodwill associated with the Transaction is included in goodwill at September 25, 2020, and the majority of the provisional goodwill is tax deductible. In addition, the Company entered into a transition services agreement with Johnson & Johnson for certain administrative and operational services (“TSA”), and distribution agreements in the Non-Principal Countries. Under the distribution agreements, ASP sells finished goods to Ethicon at prices agreed by the parties. ASP recognizes these sales as revenue when the conditions for revenue recognition are met. Following the sale of finished goods by ASP, Ethicon obtains title of the finished goods, has full authority to sell and market the finished goods to end customers as it sees fit, and retains any revenue and profit from sale. As of September 25, 2020, ASP had exited the TSA in the U.S., Canada, Mexico, Australia, New Zealand and EMEA. The following table summarizes the provisional fair value estimates of the assets acquired and liabilities assumed of Principal and Non-Principal Countries that have been transferred to ASP as of September 25, 2020, prior to foreign currency impacts; we did not acquire accounts receivable or accounts payable from Johnson & Johnson ($ in millions): Advanced Sterilization Products Inventories $ 189.6 Property, plant and equipment 48.2 Goodwill 1,437.1 Other intangible assets, primarily customer relationships, trade names and technology 1,123.5 Other assets and liabilities, net (78.0) Total consideration allocated to Principal Countries and closed Non-Principal Countries 2,720.4 Prepaid acquisition asset related to remaining Non-Principal Countries 22.3 Net cash consideration $ 2,742.7 Post-close transaction and integration costs associated with the Transaction were approximately $14 million and $56 million for the three and nine month periods ended September 25, 2020, respectively, and were primarily amounts paid to third-party advisors. Vontier Separation - Subsequent Event On the Distribution Date, the Company completed the separation of its Industrial Technologies segment by distributing 80.1% of the outstanding shares of Vontier to Fortive stockholders on a pro rata basis. To effect the 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 immediately following the Separation. The Company currently plans to divest its 19.9% retained shares in Vontier after the spin-off in a tax-efficient manner no later than twelve months after the distribution date. On September 29, 2020, Vontier entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks, consisting of a three-year, $800 million senior unsecured delayed draw term loan facility (the “Three-Year Term Loans”), a two-year, $1 billion senior unsecured delayed draw term loan facility (the “Two-Year Term Loans” and together with the Three-Year Term Loans, the “Term Loans”) and a three-year, $750 million senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loans, the “Credit Facilities”). On the Distribution Date, Vontier drew down the full $1.8 billion available under the Term Loans. Vontier used the proceeds from the Term Loans to make payments to the Company, with $1.6 billion used as part of the consideration for the contribution of certain assets and liabilities to Vontier by the Company in connection with the Separation and $200 million used as a preliminary adjustment for excess cash balances remaining with Vontier (collectively, the “Cash Consideration”). The Company intends to apply the Cash Consideration to repay certain outstanding indebtedness, interest on certain debt instruments, and to pay certain of the Company’s regular, quarterly cash dividends. Refer to Note 5 for the description of the debt repayments made subsequent to September 25, 2020 and other anticipated repayments. As the disposition occurred during the fourth fiscal quarter of 2020, the Company will classify Vontier as a discontinued operation in its financial statements beginning in the fourth quarter of 2020; the results of our Industrial Technologies segment are included in continuing operations for the periods ended September 25, 2020. For the year ended December 31, 2019, Vontier had revenues of approximately $2.8 billion. As a result of planning for the Separation, the Company incurred $21 million and $62 million in Vontier stand-up and separation-related costs during the three and nine month periods ended September 25, 2020, respectively, which were recorded in selling, general and administrative expenses on the Consolidated Condensed Statements of Earnings. These stand-up and separation-related costs primarily relate to professional fees associated with preparation of regulatory filings and separation activities within finance, tax, legal, and information system functions and will be reclassified into discontinued operations in future filings.

Goodwill

Goodwill9 Months Ended
Sep. 25, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GoodwillNOTE 3. GOODWILL The following is a rollforward of our carrying value of goodwill by segment ($ in millions): Professional Instrumentation (a) Industrial Technologies (a) Total Goodwill Balance, December 31, 2019 $ 7,242.6 $ 1,156.7 $ 8,399.3 Acquisitions 31.6 — 31.6 Impairment charge — (85.3) (85.3) Foreign currency translation and other 9.2 (13.8) (4.6) Balance, September 25, 2020 $ 7,283.4 $ 1,057.6 $ 8,341.0 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. Impairment Charge We test goodwill for impairment annually in the fourth quarter of each year and may review goodwill in interim periods if certain events occur or circumstances change. Based on our most recent annual impairment assessment, we concluded that the goodwill for our twelve reporting units was not impaired as of December 31, 2019. The results of our fourth quarter 2019 goodwill impairment testing indicated the excess of the estimated fair value over the carrying value (expressed as a percentage of carrying value) of our Telematics reporting unit was approximately 5%, and as such, management continued to monitor the performance of Telematics during the first quarter of 2020. In connection with management’s updated forecast for the Telematics reporting unit that indicated a decline in sales and operating profit to levels lower than previously forecasted, due in large part to the impacts of the COVID-19 pandemic, we performed a quantitative impairment assessment over the Telematics reporting unit on March 27, 2020. We estimated the fair value of the Telematics reporting unit by considering an income approach, using the discounted cash flow method. The income approach was based on projected future (debt-free) cash flows that were discounted to present value and assumed a terminal growth value. The discount rate was based on the reporting unit’s weighted average cost of capital, taking into account market participant assumptions. Management’s revenue and profitability forecasts used in the valuation considered recent and historical performance of the reporting unit, strategic initiatives, industry trends, and the current and future expectations of the macroeconomic environment. Assumptions used in the valuation were similar to those that would be used by market participants performing independent valuations of this reporting unit. Key assumptions developed by management and used in the quantitative analysis included the following: • Near-term revenue declines in 2020 with later-term improvements over the projection period; • Improved profitability over the projection period, trending consistent with revenues; and • Market-based discount rates. We did not consider the market approach in our fair value calculation given the near term uncertainty in the market data and forecasts of the guideline companies upon which the approach relies. As a result of the interim impairment testing performed, we concluded that the estimated fair value of our Telematics reporting unit was less than our carrying value as of March 27, 2020, and recorded a non-cash goodwill impairment charge of $85.3 million during the three month period ended March 27, 2020 to reduce the carrying value of goodwill to $235.9 million. The charge is included in the operating results of our Industrial Technologies segment. The impairment testing of goodwill utilized significant unobservable inputs (Level 3 in the fair value hierarchy) to determine the estimated fair value. The factors used in our impairment analysis are inherently subject to uncertainty, particularly in light of the recent deterioration in overall global economic conditions and capital markets due to COVID-19. While we believe we made reasonable estimates and assumptions to calculate the fair value of the Telematics reporting unit, alternative interpretations of the qualitative inputs considered may have resulted in different conclusions regarding the size of the impairment, and it is possible our conclusions could change in future periods. There can be no assurance the estimates and assumptions used in our goodwill impairment testing performed in the first quarter of 2020 will prove to be accurate predictions of the future. Specifically, variations in our assumptions related to business performance and execution of planned growth strategies and the discount rate could impact future conclusions. A future impairment charge for goodwill could have a material effect on our consolidated financial position and results of operations. Impairment Testing During the second quarter ended June 26, 2020 and the third quarter ended September 25, 2020, we evaluated the impact of the deterioration in overall global economic conditions as a result of the COVID-19 pandemic, including the change in our market capitalization and changes in forecasts for the Telematics reporting unit, and determined no triggering events had occurred.

Fair Value Measurements

Fair Value Measurements9 Months Ended
Sep. 25, 2020
Fair Value Disclosures [Abstract]
Fair Value MeasurementsNOTE 4. FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where our 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 as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets. • 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 our assumptions. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Below is a summary of financial liabilities that are measured at fair value on a recurring basis ($ in millions): Quoted Prices Significant Other Significant Total September 25, 2020 Deferred compensation liabilities $ — $ 33.9 $ — $ 33.9 December 31, 2019 Deferred compensation liabilities $ — $ 29.6 $ — $ 29.6 Certain management employees participate in our nonqualified deferred compensation programs that permit such employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment. All amounts deferred under such plans are unfunded, unsecured obligations and are presented as a component of our compensation and benefits accrual included in Other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Participants may choose among alternative earnings rates for the amounts they defer, which are primarily based on investment options within our defined contribution plans for the benefit of U.S. employees (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of Fortive common stock). Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts, which are based on the applicable earnings rates. Nonrecurring Fair Value Measurements Certain non-financial assets, primarily property, plant, and equipment, goodwill, and intangible assets, are not required to be measured at fair value on a recurring basis and are reported at their carrying value. However, these assets are required to be assessed for impairment whenever events or circumstances indicate that their carrying value may not be fully recoverable, and at least annually for goodwill and indefinite-lived intangible assets. On March 27, 2020, we evaluated our Telematics reporting unit for impairment and recorded an impairment of goodwill of $85.3 million to adjust the carrying value of the reporting unit to the estimated fair value. Refer to Note 3 for additional information regarding the inputs and methodology used to estimate the fair value. During the second quarter ended June 26, 2020 and the third quarter ended September 25, 2020, we evaluated the impact of the deterioration in overall global economic conditions as a result of the COVID-19 pandemic, including the change in our market capitalization and changes in forecasts for the Telematics reporting unit, and determined no triggering events had occurred. In addition, we evaluated our other long-lived non-financial assets as of September 25, 2020 and determined no triggering events were identified. Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are as follows ($ in millions): September 25, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 999.2 $ 1,008.5 $ 1,500.0 $ 1,500.0 Long-term debt, net of current maturities $ 4,699.2 $ 4,988.1 $ 4,828.4 $ 4,992.3 As of September 25, 2020 and December 31, 2019, the current portion of long-term debt and long-term debt, net of current maturities were categorized as Level 1. The fair values of the current portion of long-term debt and long-term debt were based on quoted market prices. The difference between the fair value and the carrying amounts of long-term borrowings may be attributable to changes in market interest rates and/or our credit ratings subsequent to the incurrence of the borrowing. The fair value of cash and cash equivalents, accounts receivable, net and trade accounts payable approximates their carrying amount due to the short-term maturities of these instruments.

Financing and Capital

Financing and Capital9 Months Ended
Sep. 25, 2020
Debt Disclosure [Abstract]
Financing and CapitalNOTE 5. FINANCING AND CAPITAL The carrying value of the components of our long-term debt were as follows ($ in millions): September 25, 2020 December 31, 2019 U.S. dollar-denominated commercial paper $ — $ 884.4 Euro-denominated commercial paper — 264.1 Delayed-draw term loan due 2020 1,000.0 1,000.0 Term Loan due 2020 250.0 500.0 Term Loan due 2021 749.1 — Yen variable interest rate term loan due 2022 130.7 127.1 2.35% senior unsecured notes due 2021 749.2 748.2 3.15% senior unsecured notes due 2026 893.8 893.0 4.30% senior unsecured notes due 2046 547.1 547.0 0.875% senior convertible notes due 2022 1,378.5 1,347.3 Other — 17.3 Long-term debt 5,698.4 6,328.4 Less: current portion of long-term debt 999.2 1,500.0 Long-term debt, net of current maturities $ 4,699.2 $ 4,828.4 Aggregate unamortized debt discounts, premiums and issuance costs of $70 million and $102 million as of September 25, 2020 and December 31, 2019, respectively, are netted against the principal amounts of the components of debt in the table above. Refer to Note 11 of our 2019 Annual Report on Form 10-K for further details of our debt financing. In prior periods, we generally satisfied any short-term liquidity needs that are not met through operating cash flows and available cash through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Due to the volatility and disruption in the commercial paper markets during the first six months of 2020, we temporarily reduced our reliance on this source of funding, and consequently paid down and refinanced our outstanding commercial paper with a 364-day delayed-draw term loan, as detailed in the 2021 Term Loan section below. Credit support for the Commercial Paper Programs is provided by a five-year $2.0 billion senior unsecured revolving credit facility that expires on November 30, 2023 (the “Revolving Credit Facility”) which, to the extent not otherwise providing credit support for the commercial paper programs, can also be used for working capital and other general corporate purposes. As of September 25, 2020, no borrowings were outstanding under the Revolving Credit Facility. On April 24, 2020, we amended (the “Amendments”) the credit agreement for each of our (i) $500 million delayed draw term loan facility, with $250 million in principal amount outstanding as of September 25, 2020 (“2020 Term Loan”), (ii) $1.0 billion delayed draw term loan facility, with $1.0 billion in principal amount outstanding as of September 25, 2020 (the “2020 Delayed-Draw Term Loan”), (iii) $750 million delayed draw term loan facility, with $750 million in principal amount outstanding as of September 25, 2020 (“2021 Term Loan”), and (iv) $2.0 billion Revolving Credit Facility, with no borrowings thereunder as of September 25, 2020 as follows: • For any four fiscal quarters ending in the periods noted below (each an “Adjusted Four Quarters”) that end prior to the maturity date of the applicable facility, the maximum permitted consolidated net leverage ratio of consolidated net funded indebtedness to consolidated EBITDA was increased from 3.50 to 1.00 to, (i) with respect to the four fiscal quarters ending June 26, 2020, September 25, 2020, December 31, 2020, or April 2, 2021, 4.75 to 1.00, (ii) with respect to the four fiscal quarters ending July 2, 2021, 4.5 to 1.0, (iii) with respect to the four fiscal quarters ending October 1, 2021, 4.25 to 1.0 and (iv) with respect to the four fiscal quarters ending December 31, 2021, 3.75 to 1.0; provided however, that for any four fiscal quarters that are not an Adjusted Four Quarters, the maximum permitted consolidated net leverage ratio remains at 3.5 to 1.0, as may be increased to 4.0 to 1.0 following a material acquisition (the “Unadjusted Maximum Ratio”). • The maturity date for the 2020 Delayed-Draw Term Loan was extended from August 28, 2020 to May 30, 2021. • From April 24, 2020 to December 31, 2021, the minimum London inter-bank offered rate (“LIBOR”) for each of the facilities will increase from 0% to 0.25%, and the minimum base rate for each of the facilities will increase from 1.00% to 1.25%. In addition, with respect to the Revolving Credit Facility and for any Adjusted Four Quarters in which the consolidated net leverage ratio is greater than the Unadjusted Maximum Ratio, the applicable margin (as determined based on our long-term debt credit rating) for any LIBOR rate loans will increase from a range of 80.5 and 117.5 basis points to a range of 118.0 and 155.0 basis points and for any base rate loans from a range of 0.0 and 17.5 basis points to a range of 18.0 and 55.0 basis points. Furthermore, with respect to the 2020 Delayed-Draw Term Loan, the applicable margin (as determined based on our long-term debt credit rating) for any LIBOR rate loans will increase from a range of 75.0 and 97.5 basis points to a range of 155.0 and 180.0 basis points and for any base rate loans from 0.0 to a range of 55.0 and 80.0 basis points. • From April 24, 2020 to December 31, 2021, the maximum principal amount of secured indebtedness, other than certain types of secured indebtedness expressly permitted under each credit agreement, is decreased from 15% of our consolidated net assets (when added together with indebtedness incurred or guaranteed by any of our subsidiaries) to 11.25% of our consolidated net assets (when added together with indebtedness incurred or guaranteed by any of our subsidiaries). In connection with the Amendments, we incurred approximately $6.5 million of fees. Our credit facility agreements require, among others, that we maintain certain financial covenants and we were in compliance with all of our financial covenants on September 25, 2020. Convertible Senior Notes On February 22, 2019, we issued $1.4 billion in aggregate principal amount of our 0.875% Convertible Senior Notes due 2022 (the “Convertible Notes”), including $187.5 million in aggregate principal amount resulting from an exercise in full of an over-allotment option. The Convertible Notes were issued in a private placement to certain initial purchasers for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Convertible Notes bear interest at a rate of 0.875% per year, payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2019. The Convertible Notes mature on February 15, 2022, unless earlier repurchased or converted in accordance with their terms prior to such date. The Convertible Notes are convertible into shares of our common stock at an initial conversion rate of 9.3777 shares per $1,000 principal amount of Convertible Notes (which is equivalent to an initial conversion price of $106.64 per share), subject to adjustment upon the occurrence of certain events. The initial conversion price represents a premium of approximately 32.5% to the $80.48 per share closing price of our common stock on February 19, 2019. Upon conversion of the Convertible Notes, holders will receive cash, shares of our common stock, or a combination thereof, at Fortive’s election. Our current intention is to settle such conversions through cash up to the principal amount of the converted Convertible Notes and through shares of our common stock for conversion value, if any, in excess of the principal amount of the converted Convertible Notes. Of the $1.4 billion in principal amount from the issuance of the Convertible Notes, $1.3 billion was classified as debt and $102.2 million was classified as equity, using an assumed effective interest rate of 3.38%. Debt issuance costs of $24.3 million were proportionately allocated to debt and equity. We recognized $13.6 million in interest expense during the three month period ended September 25, 2020, of which $3.2 million was related to the contractual coupon rate of 0.875% and $1.8 million was attributable to the amortization of debt issuance costs. We recognized $40.6 million in interest expense during the nine month period ended September 25, 2020, of which $9.5 million was related to the contractual coupon rate of 0.875% and $5.6 million was attributable to the amortization of debt issuance costs. The discount at issuance was $102.2 million and is being amortized over a three-year period. The unamortized discount at September 25, 2020 was $48.6 million. Prior to November 15, 2021, the Convertible Notes will be convertible only upon the occurrence of certain events and will be convertible thereafter at any time until the close of business on the business day immediately preceding the maturity date of the Convertible Notes. 2020 Term Loan On October 25, 2019, we entered into a credit facility agreement that provides for the 2020 Term Loan in an aggregate principal amount of $300 million. On October 25, 2019, we drew down the full $300 million available under the 2020 Term Loan in order to fund, in part, the Censis acquisition. We subsequently increased the size of this facility by $200 million on November 8, 2019 and drew the additional amount on the same day resulting in an outstanding amount of $500 million. The 2020 Term Loan bears interest at a variable rate equal to LIBOR plus a ratings-based margin currently at 75 basis points. As of September 25, 2020, borrowings under this facility bore an interest rate of 1.00% per annum. The 2020 Term Loan is due on October 23, 2020 and prepayable at our option. We are not permitted to re-borrow once the term loan is repaid. The terms and conditions, including covenants, applicable to the 2020 Term Loan are substantially similar to those applicable to our Revolving Credit Facility. On February 26, 2020, we prepaid $250 million and on October 9, 2020, we repaid the remaining $250 million of the 2020 Term Loan. The fees associated with both prepayments were immaterial. 2020 Delayed-Draw Term Loan On March 1, 2019, we entered into a credit facility agreement that provides for the 2020 Delayed-Draw Term Loan in an aggregate principal amount of $1.0 billion. On March 20, 2019, we drew down the full $1.0 billion available under the 2020 Delayed-Draw Term Loan in order to fund, in part, the ASP acquisition. The 2020 Delayed-Draw Term Loan bears interest at a variable rate equal to LIBOR plus a ratings based margin, prior to the Amendments, at 75 basis points and, following the Amendments, at 155 basis points. As of September 25, 2020, borrowings under this facility bore an interest rate of 1.80% per annum. The 2020 Delayed-Draw Term Loan is prepayable at our option, and we are not permitted to re-borrow once the term loan is repaid. The terms and conditions, including covenants, applicable to the 2020 Delayed-Draw Term Loan are substantially similar to those applicable to our Revolving Credit Facility. On February 25, 2020, we extended the maturity of the 2020 Delayed-Draw Term Loan to August 28, 2020. Additionally, on April 24, 2020 we further extended the maturity to May 30, 2021. We were in compliance with our covenants both before and after the extension. The 2020 Delayed-Draw Term Loan is not callable and remains prepayable at our option. 2021 Te rm Loan On March 23, 2020, we entered into a credit facility agreement that provides for the 2021 Term Loan in an aggregate principal amount of $425 million. On the same day, we drew down $375 million available under the 2021 Term Loan. We subsequently increased the size of this facility by $325 million on April 3, 2020, and drew the additional $375 million in April 2020, resulting in an outstanding amount of $750 million. We paid approximately $2.0 million in debt issuance costs associated with the 2021 Term Loan. The borrowings from this credit facility were used for settlement of outstanding commercial paper. The 2021 Term Loan bears interest at a variable rate equal to LIBOR plus a ratings-based margin currently at 155 basis points. As of September 25, 2020, borrowings under this facility bore an interest rate of 1.80% per annum. The 2021 Term Loan is due on March 19, 2021 and prepayable at our option. We are not permitted to re-borrow once the term loan is repaid. The terms and conditions, including covenants, applicable to the 2021 Term Loan, are substantially similar to those applicable to our Revolving Credit Facility. Classification of Debt Due within the Next Twelve Months We classified our borrowings outstanding under the 2020 Delayed-Draw Term Loan and the 2021 Term Loan as long-term debt in the accompanying Consolidated Condensed Balance Sheet as of September 25, 2020, as we had the intent and ability, as supported by availability under the Revolving Credit Facility, to refinance these borrowings for at least one year from the balance sheet date. Our intent with respect to the refinancing of these outstanding borrowings was subject to change following the Vontier Separation, as described below. In addition, these loans may be further repaid using the cash flows received from the Separation or as part of the divestiture of our remaining 19.9% investment in Vontier. Our 2020 Term Loan and 2.35% Senior unsecured notes due 2021 are recorded in the Current portion of long-term debt line item in the accompanying Consolidated Condensed Balance Sheet as of September 25, 2020. Vontier Separation - Subsequent Events Using the Cash Consideration from the Separation, we repaid, or delivered a notice of redemption of, the following indebtedness as of the date of this Report: • On October 9, 2020, we repaid $350 million of the outstanding $750 million of the 2021 Term Loan. The fees associated with the prepayment were immaterial. • On October 15, 2020, we repaid the outstanding ¥13.8 billion balance of the Yen variable interest rate term loan due 2022 which approximated $131 million. • On October 14, 2020, we provided a notice that we will redeem for cash all of our outstanding 2.35% Senior Notes due 2021 (the “Notes”) in accordance with the terms of the indenture governing the Notes. The redemption date for the outstanding Notes to be redeemed will be November 13, 2020 (the “Redemption Date”) and the redemption price will be equal to the greater of: (a) 100% of the principal amount of the Notes, and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest that will be accrued and unpaid as of the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable treasury rate plus 20 basis points, plus accrued and unpaid interest up to (but not including) the Redemption Date. As of October 14, 2020, approximately $750 million aggregate principal amount of the Notes were outstanding. We will write-off the remaining unamortized deferred financing costs and record a make-whole provisions charge for the loss on extinguishment of the debt represented by the Notes in the fourth quarter of 2020. As a result of the Separation and in accordance with the anti-dilution provisions of the Convertible Notes, effective October 9, 2020, the Convertible Notes are convertible into shares of our common stock at an adjusted conversion rate of 10.9568 shares per $1,000 principal amount of Convertible Notes (which is equivalent to an initial conversion price of $91.27 per share), subject to future adjustment upon the occurrence of certain events.

Sales

Sales9 Months Ended
Sep. 25, 2020
Revenue from Contract with Customer [Abstract]
SalesNOTE 6. SALES We derive revenues primarily from the sale of Professional Instrumentation and Industrial Technologies products and software and services. Revenue is recognized when control of promised products and software or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products and software or services. Sales of products and software includes revenues from the sale of products and equipment, software product offerings, and equipment rentals. Sales of services includes revenues from extended warranties, post-contract customer support (“PCS”), maintenance contracts or services, contract labor to perform ongoing service at a customer location, and services related to previously sold products. Contract Assets — In certain circumstances, we record contract assets which include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is not only subject to the passage of time. Contract assets were $81 million as of September 25, 2020 and $79 million as of December 31, 2019. Contract Costs — We incur direct incremental costs to obtain certain contracts, typically sales-related commissions and costs associated with assets used by our customers in certain software arrangements. Deferred sales-related commissions are generally not capitalized as the amortization period is one year or less, and we elected to use the practical expedient to expense these sales commissions as incurred. As of September 25, 2020 and December 31, 2019, we had $115 million and $147 million, respectively, in net revenue-related contract assets primarily related to certain software contracts. Revenue-related contract assets are recorded in the Prepaid expenses and other current assets and Other assets line items in our Condensed Consolidated Balance Sheets. These assets have estimated useful lives between 3 and 8 years. Impairment losses recognized on our revenue-related contract assets were immaterial during the three and nine month periods ended September 25, 2020. Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to PCS and extended warranty sales, where in most cases we receive up-front payment and recognize revenue over the support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The noncurrent portion of deferred revenue is included in Other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Our contract liabilities consisted of the following ($ in millions): September 25, 2020 December 31, 2019 Deferred revenue - current $ 456.7 $ 410.1 Deferred revenue - noncurrent 90.5 99.2 Total contract liabilities $ 547.2 $ 509.3 During the three and nine month periods ended September 25, 2020, we recognized revenue related to our contract liabilities at December 31, 2019 of $104 million and $314 million, respectively. The change in our contract liabilities from December 31, 2019 to September 25, 2020 was primarily due to the timing of cash receipts and sales of PCS and extended warranty services. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, noncancelable orders, with expected delivery dates to customers greater than one year from September 25, 2020, for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below. The aggregate performance obligations attributable to each of our segments is as follows ($ in millions): September 25, 2020 Professional Instrumentation $ 137.1 Industrial Technologies 386.0 Total remaining performance obligations $ 523.1 The majority of remaining performance obligations are related to service and support contracts, which we expect to fulfill approximately 40 percent within the next two years, approximately 70 percent within the next three years and substantially all within four years. Disaggregation of Revenue We disaggregate revenue from contracts with customers by sales of products and software and services, geographic location, major product group and end market for each of our segments, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Disaggregation of revenue for the three month period ended September 25, 2020 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products and software $ 1,671.3 $ 985.3 $ 686.0 Sales of services 231.0 170.4 60.6 Total $ 1,902.3 $ 1,155.7 $ 746.6 Geographic: United States $ 1,130.9 $ 605.5 $ 525.4 China 159.2 143.0 16.2 All other (each country individually less than 5% of total sales) 612.2 407.2 205.0 Total $ 1,902.3 $ 1,155.7 $ 746.6 Major Products Group: Professional tools and equipment $ 1,255.5 $ 677.0 $ 578.5 Industrial automation, controls and sensors 110.7 110.7 — Franchise distribution 168.1 — 168.1 Medical technologies 308.1 308.1 — All other 59.9 59.9 — Total $ 1,902.3 $ 1,155.7 $ 746.6 End markets: Direct sales: Retail fueling (a) $ 526.1 $ — $ 526.1 Industrial & Manufacturing 113.1 113.1 — Vehicle repair (a) 150.9 — 150.9 Utilities & Power 44.3 44.3 — Medical (a) 308.3 308.3 — Other 371.0 307.2 63.8 Total direct sales 1,513.7 772.9 740.8 Distributors (a) 388.6 382.8 5.8 Total $ 1,902.3 $ 1,155.7 $ 746.6 (a) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three month period ended September 25, 2020 was $815.3 million. Disaggregation of revenue for the three month period ended September 27, 2019 is presented as follows ($ in millions): Total Professional Instrumentation (a) Industrial Technologies (a) Sales: Sales of products and software $ 1,624.6 $ 984.8 $ 639.8 Sales of services 235.4 160.8 74.6 Total $ 1,860.0 $ 1,145.6 $ 714.4 Geographic: United States $ 1,088.6 $ 611.2 $ 477.4 China 142.0 119.5 22.5 All other (each country individually less than 5% of total sales) 629.4 414.9 214.5 Total $ 1,860.0 $ 1,145.6 $ 714.4 Major Products Group: Professional tools and equipment $ 1,240.1 $ 688.5 $ 551.6 Industrial automation, controls and sensors 116.3 116.3 — Franchise distribution 162.8 — 162.8 Medical technologies 274.1 274.1 — All other 66.7 66.7 — Total $ 1,860.0 $ 1,145.6 $ 714.4 End markets: Direct sales: Retail fueling (b) $ 495.7 $ — $ 495.7 Industrial & Manufacturing 108.2 108.2 — Vehicle repair (b) 147.5 — 147.5 Utilities & Power 48.3 48.3 — Medical (b) 274.1 274.1 — Other 406.7 341.7 65.0 Total direct sales 1,480.5 772.3 708.2 Distributors (b) 379.5 373.3 6.2 Total $ 1,860.0 $ 1,145.6 $ 714.4 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. (b) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three month period ended September 27, 2019 was $778.6 million. Disaggregation of revenue for the nine month period ended September 25, 2020 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products and software $ 4,526.8 $ 2,813.1 $ 1,713.7 Sales of services 660.2 484.5 175.7 Total $ 5,187.0 $ 3,297.6 $ 1,889.4 Geographic: United States $ 3,058.7 $ 1,749.7 $ 1,309.0 China 432.1 393.6 38.5 All other (each country individually less than 5% of total sales) 1,696.2 1,154.3 541.9 Total $ 5,187.0 $ 3,297.6 $ 1,889.4 Major Products Group: Professional tools and equipment $ 3,366.7 $ 1,925.5 $ 1,441.2 Industrial automation, controls and sensors 327.7 327.7 — Franchise distribution 448.2 — 448.2 Medical technologies 872.5 872.5 — All other 171.9 171.9 — Total $ 5,187.0 $ 3,297.6 $ 1,889.4 End markets: Direct sales: Retail fueling (a) $ 1,288.3 $ — $ 1,288.3 Industrial & Manufacturing 324.9 324.9 — Vehicle repair (a) 397.3 — 397.3 Utilities & Power 127.0 127.0 — Medical (a) 872.7 872.7 — Other 1,100.2 910.1 190.1 Total direct sales 4,110.4 2,234.7 1,875.7 Distributors (a) 1,076.6 1,062.9 13.7 Total $ 5,187.0 $ 3,297.6 $ 1,889.4 (a) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the nine month period ended September 25, 2020 was $2,151.5 million. Disaggregation of revenue for the nine month period ended September 27, 2019 is presented as follows ($ in millions): Total Professional Instrumentation (a) Industrial Technologies (a) Sales: Sales of products and software $ 4,652.7 $ 2,839.8 $ 1,812.9 Sales of services 664.9 449.1 215.8 Total $ 5,317.6 $ 3,288.9 $ 2,028.7 Geographic: United States $ 3,053.9 $ 1,732.8 $ 1,321.1 China 446.3 381.1 65.2 All other (each country individually less than 5% of total sales) 1,817.4 1,175.0 642.4 Total $ 5,317.6 $ 3,288.9 $ 2,028.7 Major Products Group: Professional tools and equipment $ 3,648.0 $ 2,105.3 $ 1,542.7 Industrial automation, controls and sensors 363.6 363.6 — Franchise distribution 486.0 — 486.0 Medical technologies 638.4 638.4 — All other 181.6 181.6 — Total $ 5,317.6 $ 3,288.9 $ 2,028.7 End markets: Direct sales: Retail fueling (b) $ 1,370.2 $ — $ 1,370.2 Industrial & Manufacturing 331.9 331.9 — Vehicle repair (b) 440.8 — 440.8 Utilities & Power 147.0 147.0 — Medical (b) 638.4 638.4 — Other 1,175.9 976.1 199.8 Total direct sales 4,104.2 2,093.4 2,010.8 Distributors (b) 1,213.4 1,195.5 17.9 Total $ 5,317.6 $ 3,288.9 $ 2,028.7 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. (b) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the nine month period ended September 27, 2019 was $2,296.9 million.

Pension Plans

Pension Plans9 Months Ended
Sep. 25, 2020
Retirement Benefits [Abstract]
Pension PlansNOTE 7. PENSION PLANS For a full description of our noncontributory defined benefit pension plans refer to Note 12 of our 2019 Annual Report on Form 10-K. The following sets forth the components of our net periodic costs associated with our noncontributory defined benefit pension plans ($ in millions): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 U.S. Pension Benefits: Interest cost $ 0.4 $ 0.4 $ 1.0 $ 1.2 Expected return on plan assets (0.4) (0.3) (1.0) (1.0) Amortization of net loss — — 0.2 — Net periodic pension cost $ — $ 0.1 $ 0.2 $ 0.2 Non-U.S. Pension Benefits: Service cost $ 1.2 $ 0.7 $ 3.4 $ 1.7 Interest cost 1.1 1.4 3.1 4.3 Expected return on plan assets (1.4) (1.5) (4.2) (4.4) Amortization of net loss 1.1 0.7 3.2 2.1 Amortization of prior service cost — — 0.2 — Net periodic pension cost $ 2.0 $ 1.3 $ 5.7 $ 3.7 We report all components of net periodic pension costs, with the exception of service costs, in other non-operating expenses as a component of non-operating income in the accompanying Consolidated Condensed Statements of Earnings. Service costs are reported in cost of sales and selling, general and administrative expenses in the accompanying Consolidated Condensed Statements of Earnings according to the classification of the participant’s compensation. As a result of the Separation, certain non-U.S. plans were assumed by Vontier on October 9, 2020. These plans had a funded status representing a net obligation of approximately $11.0 million as of September 25, 2020. Employer Contributions

Income Taxes

Income Taxes9 Months Ended
Sep. 25, 2020
Income Tax Disclosure [Abstract]
Income TaxesNOTE 8. INCOME TAXES Our effective tax rates for the three and nine month periods ended September 25, 2020 were 14.8% and 18.6%, respectively, as compared to 11.8% and 13.5% for the three and nine month periods ended September 27, 2019, respectively. The year-over-year increase in the effective tax rate for the three month period ended September 25, 2020 compared to the three month period ended September 27, 2019 was due primarily to certain one-time transactional taxes incurred during the three month period ended September 25, 2020, as well as decreases in certain federal tax benefits. The year-over-year increase in the effective tax rate for the nine month period ended September 25, 2020 compared to the nine month period ended September 27, 2019 was due primarily to a non-deductible goodwill impairment and tax costs associated with repatriating a portion of our previously reinvested earnings outside of the United States. For the nine month period ended September 25, 2020, these factors were partially offset by favorable impacts of a higher mix of income in jurisdictions with lower tax rates than the U.S. federal statutory rate of 21% and increases in favorable impacts of certain federal and international tax benefits. Our effective tax rate for both periods in 2020 and 2019 differs from the U.S. federal statutory rate of 21% due primarily to the positive and negative effects of the Tax Cuts and Jobs Act (“TCJA”), U.S. federal permanent differences, the impact of credits and deductions provided by law, and current year earnings outside the United States that are indefinitely reinvested and taxed at rates lower than the U.S. federal statutory rate. Specific to 2020, our effective tax rate also differs from the U.S. federal statutory rate of 21% due to a non-deductible goodwill impairment and the tax costs associated with repatriating a portion of our previously reinvested earnings outside of the United States. On March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the COVID-19 outbreak which, among other things, contains numerous income tax provisions. Some of these tax provisions are expected to be effective retroactively for years ending before the date of enactment. We anticipate the provisions of the CARES Act will impact income tax in 2020; however, we have not identified material impacts to the tax provision as of September 25, 2020. We will continue to evaluate the impact of the CARES Act as new clarifying guidance is issued throughout 2020.

Stock-Based Compensation

Stock-Based Compensation9 Months Ended
Sep. 25, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based CompensationNOTE 9. STOCK-BASED COMPENSATION Our stock-based compensation program (the “Stock Plan”) provides for the grant of stock appreciation rights, performance stock units, restricted stock units, restricted stock awards and performance stock awards (collectively, “Stock Awards”), stock options or any other stock-based award. As of September 25, 2020, approximately 17 million shares of our common stock were available for subsequent issuance under the Stock Plan. For a full description of our stock-based compensation program refer to Note 17 of our 2019 Annual Report on Form 10-K. Stock-based Compensation Expense Stock-based compensation has been recognized as a component of Selling, general and administrative expenses in the accompanying Consolidated Condensed Statements of Earnings based on the portion of the awards that are ultimately expected to vest. The following summarizes the components of our stock-based compensation expense under the Stock Plan ($ in millions): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Stock Awards: Pretax compensation expense $ 13.2 $ 11.1 $ 37.1 $ 29.0 Income tax benefit (2.2) (2.3) (6.4) (6.1) Stock Award expense, net of income taxes 11.0 8.8 30.7 22.9 Stock options: Pretax compensation expense 8.2 5.6 23.1 16.5 Income tax benefit (1.4) (1.2) (3.7) (3.5) Stock option expense, net of income taxes 6.8 4.4 19.4 13.0 Total stock-based compensation: Pretax compensation expense 21.4 16.7 60.2 45.5 Income tax benefit (3.6) (3.5) (10.1) (9.6) Total stock-based compensation expense, net of income taxes $ 17.8 $ 13.2 $ 50.1 $ 35.9 The following summarizes the unrecognized compensation cost for the Stock Plan awards as of September 25, 2020. This compensation cost is expected to be recognized over a weighted average period of approximately two years, representing the remaining service period related to the awards. Future compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions): Stock Awards $ 71.5 Stock options 90.6 Total unrecognized compensation cost $ 162.1

Commitments and Contingencies

Commitments and Contingencies9 Months Ended
Sep. 25, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesNOTE 10. COMMITMENTS AND CONTINGENCIES For a description of our litigation and contingencies and additional information about our leases, refer to Note 16 and Note 10, respectively, in our 2019 Annual Report on Form 10-K. Warranty We generally accrue estimated warranty costs at the time of sale. In general, manufactured products are warranted against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained. Warranty period terms depend on the nature of the product and range from 90 days up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor, and, in certain instances, estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known. The following is a rollforward of our accrued warranty liability ($ in millions): Balance, December 31, 2019 $ 79.0 Accruals for warranties issued during the period 38.5 Settlements made (41.6) Additions due to acquisitions 1.0 Effect of foreign currency translation (0.2) Balance, September 25, 2020 $ 76.7 Leases Operating lease cost was $19 million and $23 million for the three month periods ended September 25, 2020 and September 27, 2019, respectively. For the nine month periods ended September 25, 2020 and September 27, 2019, operating lease cost was $60 million and $61 million, respectively. During the nine-month periods ended September 25, 2020 and September 27, 2019, cash paid for operating leases included in operating cash flows was $52 million and $53 million, respectively. Right-of-use assets obtained in exchange for operating lease obligations were $45 million and $57 million during the nine month periods ended September 25, 2020 and September 27, 2019, respectively. As of September 25, 2020, we had entered into operating leases for which the lease had not yet commenced. These operating leases will commence in 2020 with lease terms between 3 and 15 years and have aggregate fixed payments of the non-cancelable lease terms of $14 million.

Net Earnings Per Share

Net Earnings Per Share9 Months Ended
Sep. 25, 2020
Earnings Per Share [Abstract]
Net Earnings Per ShareNOTE 11. NET EARNINGS PER SHARE Basic net earnings per share (“EPS”) is calculated by dividing net earnings attributable to common stockholders by the weighted average number of shares of common stock outstanding for the applicable period. Diluted EPS is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares under stock-based compensation plans under the treasury stock method, except where the inclusion of such shares would have an anti-dilutive impact. There were 5.3 million anti-dilutive options excluded from the diluted EPS calculation for the three month period ended September 25, 2020 and 3.3 million of anti-dilutive options excluded from the diluted EPS calculation for the three month period ended September 27, 2019. There were 5.5 million and 1.7 million anti-dilutive options excluded for the nine month periods ended September 25, 2020 and September 27, 2019, respectively. As described in Note 5, upon conversion of the Convertible Notes, holders will receive cash, shares of our common stock, or a combination thereof, at our election. Our intention is to settle such conversions through cash up to the principal amount of the Convertible Notes and, if applicable, through shares of our common stock for conversion value, if any, in excess of the principal amount of the Convertible Notes. We believe we have the ability to settle these obligations as intended, and therefore we have accounted for the conversion features under the treasury stock method in our calculation of EPS. Because the fair value of our common stock is below the conversion price, the Convertible Notes had no impact on our earnings per share for both the three and nine month periods ended September 25, 2020 and September 27, 2019. The impact of our Mandatory Convertible Preferred Stock (“MCPS”) calculated under the if-converted method was anti-dilutive for both the three and nine month periods ended September 25, 2020, and 18.4 million shares were excluded from the diluted EPS calculation for each respective period. The impact of our MCPS calculated under the if-converted method was anti-dilutive for both the three and nine month periods ended September 27, 2019, and 18.4 million shares were excluded from the diluted EPS calculation for each respective period. Information related to the calculation of net earnings per share of common stock is summarized as follows ($ and shares in millions, except per share amounts): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Numerator Net earnings from continuing operations $ 225.8 $ 207.3 $ 398.4 $ 546.6 Mandatory convertible preferred stock cumulative dividends (17.3) (17.3) (51.8) (51.8) Net earnings attributable to common stockholders from continuing operations $ 208.5 $ 190.0 $ 346.6 $ 494.8 Denominator Weighted average common shares outstanding used in basic earnings per share 337.6 336.1 337.3 335.6 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 3.2 3.8 2.9 4.1 Weighted average common shares outstanding used in diluted earnings per share 340.8 339.9 340.2 339.7 Net earnings from continuing operations per common share - Basic $ 0.62 $ 0.57 $ 1.03 $ 1.47 Net earnings from continuing operations per common share - Diluted $ 0.61 $ 0.56 $ 1.02 $ 1.46 We declared and paid cash dividends per common share for both the three and nine month periods ended September 25, 2020 as presented below. We declared and paid the MCPS dividends in the first and second quarter of 2019, and declared and accrued the MCPS dividends in the third quarter of 2019. The MCPS dividends for the first, second, and third quarter of 2020 were declared, accrued, and paid as follows: Dividend Per Amount Dividend per MCPS Amount 2020: First quarter $ 0.07 $ 23.5 $ 12.5 $ 17.3 Second quarter 0.07 23.6 12.5 17.2 Third quarter 0.07 23.6 12.5 17.3 Total $ 0.21 $ 70.7 $ 37.5 $ 51.8 2019: First quarter $ 0.07 $ 23.4 $ 12.5 $ 17.3 Second quarter 0.07 23.4 12.5 17.2 Third quarter 0.07 23.5 12.5 17.3 Total $ 0.21 $ 70.3 $ 37.5 $ 51.8 The first quarter 2020 MCPS dividends were paid on April 1, 2020, the second quarter 2020 MCPS dividends were paid on July 1, 2020, and the third quarter 2020 MCPS dividends were paid on October 1, 2020. Vontier Separation - Subsequent Event In connection with the Vontier Separation, we triggered the anti-dilution adjustment pursuant to the terms of the MCPS. Each outstanding share of MCPS will convert automatically on July 1, 2021 into shares of common stock based on a conversion ratio as revised pursuant to such anti-dilution adjustments.

Segment Information

Segment Information9 Months Ended
Sep. 25, 2020
Segment Reporting [Abstract]
Segment InformationNOTE 12. SEGMENT INFORMATION We report our results in two separate business segments consisting of Professional Instrumentation and Industrial Technologies. When determining the reportable segments, we aggregate operating segments based on their similar economic and operating characteristics. Operating profit amounts in the Other category consist of unallocated corporate costs and other costs not considered part of our evaluation of reportable segment operating performance. Our segment results are as follows ($ in millions): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Sales: (a) Professional Instrumentation $ 1,155.7 $ 1,145.6 $ 3,297.6 $ 3,288.9 Industrial Technologies 746.6 714.4 1,889.4 2,028.7 Total $ 1,902.3 $ 1,860.0 $ 5,187.0 $ 5,317.6 Operating Profit: (a) Professional Instrumentation $ 168.7 $ 126.2 $ 448.8 $ 398.8 Industrial Technologies 165.5 138.5 246.6 382.3 Other (23.8) (22.6) (74.3) (72.2) Total Operating Profit 310.4 242.1 621.1 708.9 Gain from combination of business — 41.2 — 41.2 Interest expense, net (43.9) (47.0) (130.7) (116.7) Other non-operating income (expense), net (1.4) (1.2) (0.7) (1.6) Earnings from continuing operations before income taxes $ 265.1 $ 235.1 $ 489.7 $ 631.8 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. Segment Change - Subsequent Event In light of the recently completed Vontier Separation, we changed our internal reporting structure on the first day of the fourth quarter, 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. Below is a description of our new reportable segments: Reportable Segment Operating Company Intelligent Operating Solutions Fluke Industrial Scientific, including Intelex Accruent Gordian Precision Technologies Tektronix Pacific Scientific Energetic Materials Company Qualitrol Andersen-Negele Gems Setra Hengstler and Dynapar Advanced Healthcare Solutions Advanced Sterilization Products Fluke Health Solutions Censis Invetech We will begin reporting our results under our new reportable segments beginning in the fourth quarter of 2020.

Business Overview (Policies)

Business Overview (Policies)9 Months Ended
Sep. 25, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated Other Comprehensive Income (Loss)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 months 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. Accordingly, foreign currency transaction gains or losses on the debt are 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. We recognized losses of $2.0 million and gains $2.0 million for the three and nine month periods ended September 25, 2020, respectively, in other comprehensive income (loss) related to the net investment hedges. We recognized gains of $10.3 million and $10.4 million for the three and nine month periods ended September 27, 2019, respectively, in other comprehensive income (loss) related to the net investment hedges. 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 and September 27, 2019.
Recently Issued and Adopted Accounting StandardRecently Issued Accounting Standard In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which amends the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. This standard is effective for us beginning January 1, 2022, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statements. Recently Adopted Accounting Standard In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including financing, trade accounts, and unbilled receivables. On January 1, 2020, we adopted ASU 2016-13 nancing receivables of $40.0 million, with a corresponding net of tax adjustment to beginning retained earnings of $31.3 million. Results for reporting periods beginning January 1, 2020 reflect the adoption of ASU 2016-13, while prior period amounts were not adjusted and continue to be reported in accordance with our historical accounting practices. Prior to the adoption of ASU 2016-13 on January 1, 2020, we recognized an allowance for incurred losses when they were probable based on many quantitative and qualitative factors, including delinquency. After the adoption of ASU 2016-13, we measure our allowance to reflect expected credit losses over the remaining contractual life of the asset. We pool assets with similar risk characteristics for this measurement based on attributes that may include asset type, duration, and/or credit risk rating. The future expected losses of each pool are estimated based on numerous quantitative and qualitative factors reflecting management’s estimate of collectibility over the remaining contractual life of the pooled assets, including: • duration; • historical, current, and forecasted future loss experience by asset type; • historical, current, and forecasted delinquency and write-off trends; • historical, current, and forecasted economic conditions; and • historical, current, and forecasted credit risk. Expected credit losses of the assets originated during the three and nine month periods ended September 25, 2020, as well as changes to expected losses during the same periods, are recognized in earnings for the three and nine month periods ended September 25, 2020. As a result of the adoption of ASU 2016-13, we have updated our significant accounting policy related to unbilled, trade accounts, and financing receivables and allowances for credit losses from what was previously disclosed in our audited financial statements for the year ended December 31, 2019 as follows: All trade accounts, financing, and unbilled receivables are reported in the accompanying Consolidated Condensed Balance Sheet adjusted for any write-offs and net of allowances for credit losses. The allowances for credit losses represent management’s best estimate of the credit losses expected from our unbilled, trade accounts, and financing receivable portfolios over the life of the underlying assets. Determination of the allowances requires management to exercise judgment about the severity of credit losses, which includes judgments regarding the risk profile of each underlying receivable and expectations regarding the impact of current and future economic conditions on the creditworthiness of its customers. We regularly perform detailed reviews of our portfolios to evaluate the collectability of receivables based on a combination of past, current, and future financial and qualitative factors that may affect customers’ ability to pay, including customers’ financial condition, collateral, debt-servicing ability, payment experience, credit bureau information, and economic conditions. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. Additions to the allowances are charged to current period earnings, amounts determined to be uncollectible are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. Volatility and uncertainty in overall global economic conditions and worldwide capital markets as a result of the COVID-19 pandemic may negatively impact our customers’ ability to pay and, as a result, may increase the difficulty in collecting trade accounts, financing, and unbilled receivables. We did not realize notable increases in loss rates and delinquencies during the three and nine month periods ended September 25, 2020, and given the nature of our portfolio of receivables, our historical experience during times of challenging economic conditions, and our forecasted future impact of COVID-19 on our customer’s ability to pay, we did not record material provisions for credit losses as a result of the COVID-19 pandemic during the three and nine month periods ended September 25, 2020. If the financial condition of our customers were to deteriorate beyond our current estimates, resulting in an impairment of their ability to make payments, we would be required to write-off additional receivable balances, which would adversely impact our net earnings and financial condition. The following is a rollforward of the aggregated allowance for credit losses related to our trade accounts, unbilled, and financing receivables as of September 25, 2020 ($ in millions): Balance, December 31, 2019 $ 82.1 Transition Adjustment 40.0 Provision 42.7 Write-offs (37.1) FX and Other (1.4) Balance, September 25, 2020 $ 126.3
SalesWe derive revenues primarily from the sale of Professional Instrumentation and Industrial Technologies products and software and services. Revenue is recognized when control of promised products and software or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products and software or services. Sales of products and software includes revenues from the sale of products and equipment, software product offerings, and equipment rentals. Sales of services includes revenues from extended warranties, post-contract customer support (“PCS”), maintenance contracts or services, contract labor to perform ongoing service at a customer location, and services related to previously sold products. Contract Assets — In certain circumstances, we record contract assets which include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is not only subject to the passage of time. Contract assets were $81 million as of September 25, 2020 and $79 million as of December 31, 2019. Contract Costs — We incur direct incremental costs to obtain certain contracts, typically sales-related commissions and costs associated with assets used by our customers in certain software arrangements. Deferred sales-related commissions are generally not capitalized as the amortization period is one year or less, and we elected to use the practical expedient to expense these sales commissions as incurred. As of September 25, 2020 and December 31, 2019, we had $115 million and $147 million, respectively, in net revenue-related contract assets primarily related to certain software contracts. Revenue-related contract assets are recorded in the Prepaid expenses and other current assets and Other assets line items in our Condensed Consolidated Balance Sheets. These assets have estimated useful lives between 3 and 8 years. Impairment losses recognized on our revenue-related contract assets were immaterial during the three and nine month periods ended September 25, 2020. Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to PCS and extended warranty sales, where in most cases we receive up-front payment and recognize revenue over the support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The noncurrent portion of deferred revenue is included in Other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets.

Business Overview (Tables)

Business Overview (Tables)9 Months Ended
Sep. 25, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Reclassification of Accumulated Other Comprehensive IncomeThe changes in AOCI by component are summarized below ($ in millions): Foreign Pension adjustments (b) Total 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 — 1.2 (a) 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 $ (15.2) $ (76.5) $ (91.7) For the Three Months Ended September 27, 2019: Balance, June 28, 2019 $ (11.3) $ (56.3) $ (67.6) Other comprehensive income (loss) before reclassifications, net of income taxes (52.5) — (52.5) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 0.7 (a) 0.7 Income tax impact — (0.2) (0.2) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.5 0.5 Net current period other comprehensive income (loss), net of income taxes (52.5) 0.5 (52.0) Balance, September 27, 2019 $ (63.8) $ (55.8) $ (119.6) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 7 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. Foreign currency translation adjustments Pension adjustments (b) Total For the Nine Months Ended September 25, 2020: Balance, December 31, 2019 $ 21.2 $ (77.5) $ (56.3) Other comprehensive income (loss) before reclassifications, net of income taxes (36.4) — (36.4) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 1.2 (a) 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 (36.4) 1.0 (35.4) Balance, September 25, 2020 $ (15.2) $ (76.5) $ (91.7) For the Nine Months Ended September 27, 2019: Balance, December 31, 2018 $ (29.3) $ (57.3) $ (86.6) Other comprehensive income (loss) before reclassifications, net of income taxes (34.5) — (34.5) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 2.1 (a) 2.1 Income tax impact — (0.6) (0.6) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 1.5 1.5 Net current period other comprehensive income (loss), net of income taxes (34.5) 1.5 (33.0) Balance, September 27, 2019 $ (63.8) $ (55.8) $ (119.6) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 7 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.
Schedule of New Accounting Pronouncements and Changes in Accounting PrinciplesThe following is a rollforward of the aggregated allowance for credit losses related to our trade accounts, unbilled, and financing receivables as of September 25, 2020 ($ in millions): Balance, December 31, 2019 $ 82.1 Transition Adjustment 40.0 Provision 42.7 Write-offs (37.1) FX and Other (1.4) Balance, September 25, 2020 $ 126.3

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)9 Months Ended
Sep. 25, 2020
Business Combinations [Abstract]
Schedule of Business AcquisitionsThe following table summarizes the provisional fair value estimates of the assets acquired and liabilities assumed of Principal and Non-Principal Countries that have been transferred to ASP as of September 25, 2020, prior to foreign currency impacts; we did not acquire accounts receivable or accounts payable from Johnson & Johnson ($ in millions): Advanced Sterilization Products Inventories $ 189.6 Property, plant and equipment 48.2 Goodwill 1,437.1 Other intangible assets, primarily customer relationships, trade names and technology 1,123.5 Other assets and liabilities, net (78.0) Total consideration allocated to Principal Countries and closed Non-Principal Countries 2,720.4 Prepaid acquisition asset related to remaining Non-Principal Countries 22.3 Net cash consideration $ 2,742.7

Goodwill (Tables)

Goodwill (Tables)9 Months Ended
Sep. 25, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of GoodwillThe following is a rollforward of our carrying value of goodwill by segment ($ in millions): Professional Instrumentation (a) Industrial Technologies (a) Total Goodwill Balance, December 31, 2019 $ 7,242.6 $ 1,156.7 $ 8,399.3 Acquisitions 31.6 — 31.6 Impairment charge — (85.3) (85.3) Foreign currency translation and other 9.2 (13.8) (4.6) Balance, September 25, 2020 $ 7,283.4 $ 1,057.6 $ 8,341.0 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)9 Months Ended
Sep. 25, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring BasisBelow is a summary of financial liabilities that are measured at fair value on a recurring basis ($ in millions): Quoted Prices Significant Other Significant Total September 25, 2020 Deferred compensation liabilities $ — $ 33.9 $ — $ 33.9 December 31, 2019 Deferred compensation liabilities $ — $ 29.6 $ — $ 29.6
Schedule of Carrying Amounts and Fair Values of Financial InstrumentsThe carrying amount and fair value of financial instruments are as follows ($ in millions): September 25, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 999.2 $ 1,008.5 $ 1,500.0 $ 1,500.0 Long-term debt, net of current maturities $ 4,699.2 $ 4,988.1 $ 4,828.4 $ 4,992.3

Financing and Capital (Tables)

Financing and Capital (Tables)9 Months Ended
Sep. 25, 2020
Debt Disclosure [Abstract]
Schedule of DebtThe carrying value of the components of our long-term debt were as follows ($ in millions): September 25, 2020 December 31, 2019 U.S. dollar-denominated commercial paper $ — $ 884.4 Euro-denominated commercial paper — 264.1 Delayed-draw term loan due 2020 1,000.0 1,000.0 Term Loan due 2020 250.0 500.0 Term Loan due 2021 749.1 — Yen variable interest rate term loan due 2022 130.7 127.1 2.35% senior unsecured notes due 2021 749.2 748.2 3.15% senior unsecured notes due 2026 893.8 893.0 4.30% senior unsecured notes due 2046 547.1 547.0 0.875% senior convertible notes due 2022 1,378.5 1,347.3 Other — 17.3 Long-term debt 5,698.4 6,328.4 Less: current portion of long-term debt 999.2 1,500.0 Long-term debt, net of current maturities $ 4,699.2 $ 4,828.4

Sales (Tables)

Sales (Tables)9 Months Ended
Sep. 25, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Contract LiabilitiesOur contract liabilities consisted of the following ($ in millions): September 25, 2020 December 31, 2019 Deferred revenue - current $ 456.7 $ 410.1 Deferred revenue - noncurrent 90.5 99.2 Total contract liabilities $ 547.2 $ 509.3
Schedule of Remaining Performance ObligationsThe aggregate performance obligations attributable to each of our segments is as follows ($ in millions): September 25, 2020 Professional Instrumentation $ 137.1 Industrial Technologies 386.0 Total remaining performance obligations $ 523.1
Schedule of Disaggregation of RevenueDisaggregation of revenue for the three month period ended September 25, 2020 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products and software $ 1,671.3 $ 985.3 $ 686.0 Sales of services 231.0 170.4 60.6 Total $ 1,902.3 $ 1,155.7 $ 746.6 Geographic: United States $ 1,130.9 $ 605.5 $ 525.4 China 159.2 143.0 16.2 All other (each country individually less than 5% of total sales) 612.2 407.2 205.0 Total $ 1,902.3 $ 1,155.7 $ 746.6 Major Products Group: Professional tools and equipment $ 1,255.5 $ 677.0 $ 578.5 Industrial automation, controls and sensors 110.7 110.7 — Franchise distribution 168.1 — 168.1 Medical technologies 308.1 308.1 — All other 59.9 59.9 — Total $ 1,902.3 $ 1,155.7 $ 746.6 End markets: Direct sales: Retail fueling (a) $ 526.1 $ — $ 526.1 Industrial & Manufacturing 113.1 113.1 — Vehicle repair (a) 150.9 — 150.9 Utilities & Power 44.3 44.3 — Medical (a) 308.3 308.3 — Other 371.0 307.2 63.8 Total direct sales 1,513.7 772.9 740.8 Distributors (a) 388.6 382.8 5.8 Total $ 1,902.3 $ 1,155.7 $ 746.6 (a) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three month period ended September 25, 2020 was $815.3 million. Disaggregation of revenue for the three month period ended September 27, 2019 is presented as follows ($ in millions): Total Professional Instrumentation (a) Industrial Technologies (a) Sales: Sales of products and software $ 1,624.6 $ 984.8 $ 639.8 Sales of services 235.4 160.8 74.6 Total $ 1,860.0 $ 1,145.6 $ 714.4 Geographic: United States $ 1,088.6 $ 611.2 $ 477.4 China 142.0 119.5 22.5 All other (each country individually less than 5% of total sales) 629.4 414.9 214.5 Total $ 1,860.0 $ 1,145.6 $ 714.4 Major Products Group: Professional tools and equipment $ 1,240.1 $ 688.5 $ 551.6 Industrial automation, controls and sensors 116.3 116.3 — Franchise distribution 162.8 — 162.8 Medical technologies 274.1 274.1 — All other 66.7 66.7 — Total $ 1,860.0 $ 1,145.6 $ 714.4 End markets: Direct sales: Retail fueling (b) $ 495.7 $ — $ 495.7 Industrial & Manufacturing 108.2 108.2 — Vehicle repair (b) 147.5 — 147.5 Utilities & Power 48.3 48.3 — Medical (b) 274.1 274.1 — Other 406.7 341.7 65.0 Total direct sales 1,480.5 772.3 708.2 Distributors (b) 379.5 373.3 6.2 Total $ 1,860.0 $ 1,145.6 $ 714.4 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. (b) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three month period ended September 27, 2019 was $778.6 million. Disaggregation of revenue for the nine month period ended September 25, 2020 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products and software $ 4,526.8 $ 2,813.1 $ 1,713.7 Sales of services 660.2 484.5 175.7 Total $ 5,187.0 $ 3,297.6 $ 1,889.4 Geographic: United States $ 3,058.7 $ 1,749.7 $ 1,309.0 China 432.1 393.6 38.5 All other (each country individually less than 5% of total sales) 1,696.2 1,154.3 541.9 Total $ 5,187.0 $ 3,297.6 $ 1,889.4 Major Products Group: Professional tools and equipment $ 3,366.7 $ 1,925.5 $ 1,441.2 Industrial automation, controls and sensors 327.7 327.7 — Franchise distribution 448.2 — 448.2 Medical technologies 872.5 872.5 — All other 171.9 171.9 — Total $ 5,187.0 $ 3,297.6 $ 1,889.4 End markets: Direct sales: Retail fueling (a) $ 1,288.3 $ — $ 1,288.3 Industrial & Manufacturing 324.9 324.9 — Vehicle repair (a) 397.3 — 397.3 Utilities & Power 127.0 127.0 — Medical (a) 872.7 872.7 — Other 1,100.2 910.1 190.1 Total direct sales 4,110.4 2,234.7 1,875.7 Distributors (a) 1,076.6 1,062.9 13.7 Total $ 5,187.0 $ 3,297.6 $ 1,889.4 (a) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the nine month period ended September 25, 2020 was $2,151.5 million. Disaggregation of revenue for the nine month period ended September 27, 2019 is presented as follows ($ in millions): Total Professional Instrumentation (a) Industrial Technologies (a) Sales: Sales of products and software $ 4,652.7 $ 2,839.8 $ 1,812.9 Sales of services 664.9 449.1 215.8 Total $ 5,317.6 $ 3,288.9 $ 2,028.7 Geographic: United States $ 3,053.9 $ 1,732.8 $ 1,321.1 China 446.3 381.1 65.2 All other (each country individually less than 5% of total sales) 1,817.4 1,175.0 642.4 Total $ 5,317.6 $ 3,288.9 $ 2,028.7 Major Products Group: Professional tools and equipment $ 3,648.0 $ 2,105.3 $ 1,542.7 Industrial automation, controls and sensors 363.6 363.6 — Franchise distribution 486.0 — 486.0 Medical technologies 638.4 638.4 — All other 181.6 181.6 — Total $ 5,317.6 $ 3,288.9 $ 2,028.7 End markets: Direct sales: Retail fueling (b) $ 1,370.2 $ — $ 1,370.2 Industrial & Manufacturing 331.9 331.9 — Vehicle repair (b) 440.8 — 440.8 Utilities & Power 147.0 147.0 — Medical (b) 638.4 638.4 — Other 1,175.9 976.1 199.8 Total direct sales 4,104.2 2,093.4 2,010.8 Distributors (b) 1,213.4 1,195.5 17.9 Total $ 5,317.6 $ 3,288.9 $ 2,028.7 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. (b) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the nine month period ended September 27, 2019 was $2,296.9 million.

Pension Plans (Tables)

Pension Plans (Tables)9 Months Ended
Sep. 25, 2020
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension CostsThe following sets forth the components of our net periodic costs associated with our noncontributory defined benefit pension plans ($ in millions): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 U.S. Pension Benefits: Interest cost $ 0.4 $ 0.4 $ 1.0 $ 1.2 Expected return on plan assets (0.4) (0.3) (1.0) (1.0) Amortization of net loss — — 0.2 — Net periodic pension cost $ — $ 0.1 $ 0.2 $ 0.2 Non-U.S. Pension Benefits: Service cost $ 1.2 $ 0.7 $ 3.4 $ 1.7 Interest cost 1.1 1.4 3.1 4.3 Expected return on plan assets (1.4) (1.5) (4.2) (4.4) Amortization of net loss 1.1 0.7 3.2 2.1 Amortization of prior service cost — — 0.2 — Net periodic pension cost $ 2.0 $ 1.3 $ 5.7 $ 3.7

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)9 Months Ended
Sep. 25, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation CostsThe following summarizes the components of our stock-based compensation expense under the Stock Plan ($ in millions): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Stock Awards: Pretax compensation expense $ 13.2 $ 11.1 $ 37.1 $ 29.0 Income tax benefit (2.2) (2.3) (6.4) (6.1) Stock Award expense, net of income taxes 11.0 8.8 30.7 22.9 Stock options: Pretax compensation expense 8.2 5.6 23.1 16.5 Income tax benefit (1.4) (1.2) (3.7) (3.5) Stock option expense, net of income taxes 6.8 4.4 19.4 13.0 Total stock-based compensation: Pretax compensation expense 21.4 16.7 60.2 45.5 Income tax benefit (3.6) (3.5) (10.1) (9.6) Total stock-based compensation expense, net of income taxes $ 17.8 $ 13.2 $ 50.1 $ 35.9
Schedule of Future CompensationFuture compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions): Stock Awards $ 71.5 Stock options 90.6 Total unrecognized compensation cost $ 162.1

Commitments and Contingencies (

Commitments and Contingencies (Tables)9 Months Ended
Sep. 25, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Accrued Warranty LiabilityThe following is a rollforward of our accrued warranty liability ($ in millions): Balance, December 31, 2019 $ 79.0 Accruals for warranties issued during the period 38.5 Settlements made (41.6) Additions due to acquisitions 1.0 Effect of foreign currency translation (0.2) Balance, September 25, 2020 $ 76.7

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)9 Months Ended
Sep. 25, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per ShareInformation related to the calculation of net earnings per share of common stock is summarized as follows ($ and shares in millions, except per share amounts): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Numerator Net earnings from continuing operations $ 225.8 $ 207.3 $ 398.4 $ 546.6 Mandatory convertible preferred stock cumulative dividends (17.3) (17.3) (51.8) (51.8) Net earnings attributable to common stockholders from continuing operations $ 208.5 $ 190.0 $ 346.6 $ 494.8 Denominator Weighted average common shares outstanding used in basic earnings per share 337.6 336.1 337.3 335.6 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 3.2 3.8 2.9 4.1 Weighted average common shares outstanding used in diluted earnings per share 340.8 339.9 340.2 339.7 Net earnings from continuing operations per common share - Basic $ 0.62 $ 0.57 $ 1.03 $ 1.47 Net earnings from continuing operations per common share - Diluted $ 0.61 $ 0.56 $ 1.02 $ 1.46
Schedule of Dividends DeclaredWe declared and paid cash dividends per common share for both the three and nine month periods ended September 25, 2020 as presented below. We declared and paid the MCPS dividends in the first and second quarter of 2019, and declared and accrued the MCPS dividends in the third quarter of 2019. The MCPS dividends for the first, second, and third quarter of 2020 were declared, accrued, and paid as follows: Dividend Per Amount Dividend per MCPS Amount 2020: First quarter $ 0.07 $ 23.5 $ 12.5 $ 17.3 Second quarter 0.07 23.6 12.5 17.2 Third quarter 0.07 23.6 12.5 17.3 Total $ 0.21 $ 70.7 $ 37.5 $ 51.8 2019: First quarter $ 0.07 $ 23.4 $ 12.5 $ 17.3 Second quarter 0.07 23.4 12.5 17.2 Third quarter 0.07 23.5 12.5 17.3 Total $ 0.21 $ 70.3 $ 37.5 $ 51.8

Segment Information (Tables)

Segment Information (Tables)9 Months Ended
Sep. 25, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting InformationOur segment results are as follows ($ in millions): Three Months Ended Nine Months Ended September 25, 2020 September 27, 2019 September 25, 2020 September 27, 2019 Sales: (a) Professional Instrumentation $ 1,155.7 $ 1,145.6 $ 3,297.6 $ 3,288.9 Industrial Technologies 746.6 714.4 1,889.4 2,028.7 Total $ 1,902.3 $ 1,860.0 $ 5,187.0 $ 5,317.6 Operating Profit: (a) Professional Instrumentation $ 168.7 $ 126.2 $ 448.8 $ 398.8 Industrial Technologies 165.5 138.5 246.6 382.3 Other (23.8) (22.6) (74.3) (72.2) Total Operating Profit 310.4 242.1 621.1 708.9 Gain from combination of business — 41.2 — 41.2 Interest expense, net (43.9) (47.0) (130.7) (116.7) Other non-operating income (expense), net (1.4) (1.2) (0.7) (1.6) Earnings from continuing operations before income taxes $ 265.1 $ 235.1 $ 489.7 $ 631.8 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. Reportable Segment Operating Company Intelligent Operating Solutions Fluke Industrial Scientific, including Intelex Accruent Gordian Precision Technologies Tektronix Pacific Scientific Energetic Materials Company Qualitrol Andersen-Negele Gems Setra Hengstler and Dynapar Advanced Healthcare Solutions Advanced Sterilization Products Fluke Health Solutions Censis Invetech

Business Overview - Narrative (

Business Overview - Narrative (Details) $ in MillionsOct. 09, 2020Jan. 01, 2020USD ($)Sep. 25, 2020USD ($)Sep. 27, 2019USD ($)Sep. 25, 2020USD ($)Sep. 27, 2019USD ($)Oct. 15, 2020JPY (¥)Sep. 25, 2020JPY (¥)Dec. 31, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
(Loss) gain in OCI related to net investment hedge $ (2) $ 10.3 $ 2 $ 10.4
Accounting Standards Update [Extensible List]us-gaap:AccountingStandardsUpdate201613Member
Allowance for accounts, unbilled and financing receivables126.3 126.3 $ 82.1
Retained earnings $ 4,372.7 $ 4,372.7 4,128.8
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for accounts, unbilled and financing receivables $ 40 $ 40
Retained earnings $ (31.3)
Yen variable interest rate term loan due 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term loan facility, aggregate amount | ¥ ¥ 13,800,000,000
Subsequent Event | Vontier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of shares distributed in separation80.10%
Distribution ratio of Voniter shares0.4
ftv_DiscontinuedOperationEquityInvestmentRetainedAfterDisposalOwnershipInterestAfterDisposal19.90%
Subsequent Event | Yen variable interest rate term loan due 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term loan facility, aggregate amount | ¥ ¥ 13,800,000,000

Business Overview - Accumulated

Business Overview - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Jun. 26, 2020Mar. 27, 2020Sep. 27, 2019Jun. 28, 2019Mar. 29, 2019Sep. 25, 2020Sep. 27, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance $ 7,400.2 $ 7,400.2
Other comprehensive income (loss) before reclassifications, net of income taxes $ 63.9 $ (52.5)(36.4) $ (34.5)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (Decrease)1.2 0.7 1.2 2.1
Income tax impact(0.2)(0.2)(0.2)(0.6)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes1 0.5 1 1.5
Total other comprehensive income (loss), net of income taxes64.9 (52)(35.4)(33)
Ending balance7,688.1 7,688.1
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance(79.1)21.2 (11.3) $ (29.3)21.2 (29.3)
Other comprehensive income (loss) before reclassifications, net of income taxes63.9 (52.5)(36.4)(34.5)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (Decrease)0 0 0 0
Income tax impact0 0 0 0
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes0 0 0 0
Total other comprehensive income (loss), net of income taxes63.9 (52.5)(36.4)(34.5)
Ending balance(15.2) $ (79.1)(63.8) $ (11.3)(15.2)(63.8)
Pension adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance(77.5)(77.5)(56.3)(57.3)(77.5)(57.3)
Other comprehensive income (loss) before reclassifications, net of income taxes0 0 0 0
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (Decrease)1.2 0.7 1.2 2.1
Income tax impact(0.2)(0.2)(0.2)(0.6)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes1 0.5 1 1.5
Total other comprehensive income (loss), net of income taxes1 0.5 1 1.5
Ending balance(76.5)(77.5)(55.8)(56.3)(76.5)(55.8)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance(156.6)(193.6)(56.3)(67.6)(69.4)(86.6)(56.3)(86.6)
Amounts reclassified from accumulated other comprehensive income (loss):
Total other comprehensive income (loss), net of income taxes64.9 37 (137.3)(52)1.8 17.2
Ending balance $ (91.7) $ (156.6) $ (193.6) $ (119.6) $ (67.6) $ (69.4) $ (91.7) $ (119.6)

Business Overview - Allowance f

Business Overview - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions9 Months Ended
Sep. 25, 2020Jan. 01, 2020
Accounts And Financing Receivable, Allowance For Credit Loss [Roll Forward]
Beginning balance $ 82.1
Transition Adjustment126.3
Provision42.7
Write-offs(37.1)
FX and Other(1.4)
Ending balance126.3
Cumulative Effect, Period of Adoption, Adjustment
Accounts And Financing Receivable, Allowance For Credit Loss [Roll Forward]
Beginning balance40
Transition Adjustment $ 40 $ 40

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details)Oct. 09, 2020USD ($)Sep. 29, 2020USD ($)Apr. 01, 2019USD ($)countrySep. 25, 2020USD ($)Sep. 27, 2019USD ($)Sep. 25, 2020USD ($)countrySep. 27, 2019USD ($)Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Acquisitions $ 31,600,000
Prepaid acquisition asset related to remaining Non-Principal Countries $ 22,300,000 22,300,000
Sales1,902,300,000 $ 1,860,000,000 5,187,000,000 $ 5,317,600,000
Vontier
Business Acquisition [Line Items]
Separation related costs21,000,000 62,000,000
Vontier
Business Acquisition [Line Items]
Sales $ 2,800,000,000
Revolving Credit Facility
Business Acquisition [Line Items]
Term loan facility, aggregate amount $ 2,000,000,000 $ 2,000,000,000
Debt term5 years
Subsequent Event | Vontier
Business Acquisition [Line Items]
Percentage of shares distributed in separation80.10%
Distribution ratio of Voniter shares0.4
Discontinued operation consideration $ 1,600,000,000
Preliminary adjustment for excess cash balances remaining $ 200,000,000
ftv_DiscontinuedOperationEquityInvestmentRetainedAfterDisposalOwnershipInterestAfterDisposal19.90%
Subsequent Event | Vontier
Business Acquisition [Line Items]
Proceeds from line of credit $ 1,800,000,000
Subsequent Event | Line of credit | Three Year Term Loans | Vontier
Business Acquisition [Line Items]
Term loan facility, aggregate amount $ 800,000,000
Debt term3 years
Subsequent Event | Line of credit | Two Year Term Loans | Vontier
Business Acquisition [Line Items]
Term loan facility, aggregate amount $ 1,000,000,000
Debt term2 years
Subsequent Event | Revolving Credit Facility | Multi-Currency Revolving Credit Facility | Vontier
Business Acquisition [Line Items]
Term loan facility, aggregate amount $ 750,000,000
Debt term3 years
Acquisitions, ASP
Business Acquisition [Line Items]
Net cash consideration $ 2,700,000,000 $ 2,742,700,000
Number of principal countries | country20
Number of non-principal countries | country39
Number of principal countries, closed | country20
Number of non-principal countries, closed | country20
Percent of preliminary valuation in principal countries99.00%99.00%
Percent of preliminary valuation in non-principal countries1.00%1.00%
Prepaid acquisition asset related to remaining Non-Principal Countries $ 22,300,000 $ 22,300,000
Transaction-related costs $ 14,000,000 $ 56,000,000

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Advanced Sterilization Products Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in MillionsApr. 01, 2019Sep. 25, 2020Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill $ 8,341 $ 8,399.3
Prepaid acquisition asset related to remaining Non-Principal Countries22.3
Acquisitions, ASP
Business Acquisition [Line Items]
Inventories189.6
Property, plant and equipment48.2
Goodwill1,437.1
Other intangible assets, primarily customer relationships, trade names and technology1,123.5
Other assets and liabilities, net(78)
Total consideration allocated to Principal Countries and closed Non-Principal Countries2,720.4
Prepaid acquisition asset related to remaining Non-Principal Countries22.3
Net cash consideration $ 2,700 $ 2,742.7

Goodwill - Rollforward of Goodw

Goodwill - Rollforward of Goodwill (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Goodwill [Roll Forward]
Beginning balance $ 8,399.3
Acquisitions31.6
Impairment charge $ 0 $ 0 (85.3) $ 0
Foreign currency translation and other(4.6)
Ending balance8,341 8,341
Professional Instrumentation
Goodwill [Roll Forward]
Beginning balance7,242.6
Acquisitions31.6
Impairment charge0
Foreign currency translation and other9.2
Ending balance7,283.4 7,283.4
Industrial Technologies
Goodwill [Roll Forward]
Beginning balance1,156.7
Acquisitions0
Impairment charge(85.3)
Foreign currency translation and other(13.8)
Ending balance $ 1,057.6 $ 1,057.6

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) $ in MillionsMar. 27, 2020USD ($)Sep. 25, 2020USD ($)Mar. 27, 2020USD ($)Sep. 27, 2019USD ($)Sep. 25, 2020USD ($)reporting_unitSep. 27, 2019USD ($)Dec. 31, 2019USD ($)country
Goodwill [Line Items]
Number of reporting units | country12
Impairment of goodwill $ 0 $ 0 $ 85.3 $ 0
Goodwill $ 8,341 $ 8,341 $ 8,399.3
Number of reporting units with fair values in excess of carrying value | reporting_unit11
Telematics Reporting Unit
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount5.00%
Impairment of goodwill $ 85.3 $ 85.3
Goodwill $ 235.9 $ 235.9

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in MillionsSep. 25, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities $ 33.9 $ 29.6
Quoted Prices in Active Market (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities0 0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities33.9 29.6
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities $ 0 $ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in MillionsMar. 27, 2020Sep. 25, 2020Mar. 27, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of goodwill $ 0 $ 0 $ 85.3 $ 0
Telematics Reporting Unit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of goodwill $ 85.3 $ 85.3

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in MillionsSep. 25, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, carrying amount $ 999.2 $ 1,500
Long-term debt, net of current maturities, carrying value4,699.2 4,828.4
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, carrying amount999.2 1,500
Current portion of long-term debt, fair value1,008.5 1,500
Long-term debt, net of current maturities, carrying value4,699.2 4,828.4
Long-term debt, net of current maturities, fair value $ 4,988.1 $ 4,992.3

Financing and Capital - Compone

Financing and Capital - Components of Debt (Details) - USD ($) $ in MillionsSep. 25, 2020Dec. 31, 2019Mar. 29, 2019Feb. 22, 2019
Debt Instrument [Line Items]
Long-term debt $ 5,698.4 $ 6,328.4
Current portion of long-term debt999.2 1,500
Long-term debt, net of current maturities4,699.2 4,828.4
Other
Debt Instrument [Line Items]
Long-term debt0 17.3
Commercial Paper | U.S. dollar-denominated commercial paper
Debt Instrument [Line Items]
Long-term debt0 884.4
Commercial Paper | Euro-denominated commercial paper
Debt Instrument [Line Items]
Long-term debt0 264.1
Senior Notes | 2.35% senior unsecured notes due 2021
Debt Instrument [Line Items]
Long-term debt $ 749.2 748.2
Interest rate, stated percentage2.35%
Senior Notes | 3.15% senior unsecured notes due 2026
Debt Instrument [Line Items]
Long-term debt $ 893.8 893
Interest rate, stated percentage3.15%
Senior Notes | 4.30% senior unsecured notes due 2046
Debt Instrument [Line Items]
Long-term debt $ 547.1 547
Interest rate, stated percentage4.30%
Convertible Debt | 0.875% senior convertible notes due 2022
Debt Instrument [Line Items]
Long-term debt $ 1,378.5 1,347.3
Interest rate, stated percentage0.875%0.875%0.875%
Line of credit | Delayed-draw term loan due 2020
Debt Instrument [Line Items]
Long-term debt $ 1,000 1,000
Line of credit | Term Loan due 2020
Debt Instrument [Line Items]
Long-term debt250 500
Line of credit | Term Loan due 2021
Debt Instrument [Line Items]
Long-term debt749.1 0
Line of credit | Yen variable interest rate term loan due 2022
Debt Instrument [Line Items]
Long-term debt $ 130.7 $ 127.1

Financing and Capital - Narrati

Financing and Capital - Narrative (Details)Dec. 31, 2021Oct. 01, 2021Jul. 02, 2021Oct. 15, 2020USD ($)Oct. 14, 2020USD ($)Oct. 09, 2020USD ($)$ / sharesApr. 24, 2020USD ($)Apr. 23, 2020Apr. 03, 2020USD ($)Mar. 23, 2020USD ($)Feb. 26, 2020USD ($)Nov. 08, 2019USD ($)Oct. 25, 2019USD ($)Mar. 20, 2019USD ($)Mar. 01, 2019USD ($)Feb. 22, 2019USD ($)$ / sharesFeb. 19, 2019$ / sharesApr. 30, 2020USD ($)Sep. 25, 2020USD ($)Apr. 02, 2021Sep. 25, 2020USD ($)Sep. 27, 2019USD ($)Dec. 31, 2021Oct. 15, 2020JPY (¥)Sep. 25, 2020JPY (¥)Dec. 31, 2019USD ($)Mar. 29, 2019
Debt Instrument [Line Items]
Debt discounts, premiums and issuance costs $ 70,000,000 $ 70,000,000 $ 102,000,000
Share closing price (in dollars per share) | $ / shares $ 80.48
Payments of debt issuance costs $ 8,000,000 $ 24,000,000
Subsequent Event | Vontier
Debt Instrument [Line Items]
ftv_DiscontinuedOperationEquityInvestmentRetainedAfterDisposalOwnershipInterestAfterDisposal19.90%
Line of credit
Debt Instrument [Line Items]
Required consolidated net leverage ratio3.503.5
Required consolidated net leverage ratio following material acquisition4
Maximum percentage of principal amount of secured indebtedness to consolidated net assets15.00%
Line of credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate0.00%
Line of credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate1.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt term5 years
Long-term debt2,000,000,000 $ 2,000,000,000
Outstanding borrowings0 0
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate0.00%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate0.175%
Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate0.805%
Revolving Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate1.175%
Yen variable interest rate term loan due 2022
Debt Instrument [Line Items]
Long-term debt | ¥ ¥ 13,800,000,000
Yen variable interest rate term loan due 2022 | Subsequent Event
Debt Instrument [Line Items]
Long-term debt | ¥ ¥ 13,800,000,000
Payment of outstanding principal $ 131,000,000
Convertible Debt
Debt Instrument [Line Items]
Interest expense13,600,000 $ 40,600,000
Term Loan due 2021 | Line of credit
Debt Instrument [Line Items]
Debt term364 days
Long-term debt $ 425,000,000 750,000,000 $ 750,000,000
Outstanding borrowings $ 750,000,000 $ 750,000,000 $ 750,000,000
Basis spread on variable interest rate1.55%
Proceeds from line of credit $ 375,000,000 $ 375,000,000
Increase in line of credit facility $ 325,000,000
Interest rate at the end of the period1.80%1.80%1.80%
Payments of debt issuance costs $ 2,000,000
Term Loan due 2021 | Line of credit | Subsequent Event
Debt Instrument [Line Items]
Outstanding borrowings $ 750,000,000
Payment of outstanding principal350,000,000
Term Loan due 2020 | Line of credit
Debt Instrument [Line Items]
Long-term debt $ 300,000,000 $ 500,000,000 500,000,000
Outstanding borrowings $ 500,000,000 $ 250,000,000 $ 250,000,000
Proceeds from line of credit $ 300,000,000
Increase in line of credit facility $ 200,000,000
Interest rate at the end of the period1.00%1.00%1.00%
Payment of outstanding principal $ 250,000,000
Term Loan due 2020 | Line of credit | Subsequent Event
Debt Instrument [Line Items]
Payment of outstanding principal $ 250,000,000
Term Loan due 2020 | Line of credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate0.75%
Delayed-draw term loan due 2020 | Line of credit
Debt Instrument [Line Items]
Long-term debt $ 1,000,000,000 $ 1,000,000,000 $ 1,000,000,000
Outstanding borrowings $ 1,000,000,000 $ 1,000,000,000
Proceeds from line of credit $ 1,000,000,000
Interest rate at the end of the period1.80%1.80%1.80%
Delayed-draw term loan due 2020 | Line of credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate1.55%0.75%
The Amendments | Line of credit
Debt Instrument [Line Items]
Debt issuance costs $ 6,500,000
The Amendments | Line of credit | Forecast
Debt Instrument [Line Items]
Required consolidated net leverage ratio3.754.254.5 4.75
Maximum percentage of principal amount of secured indebtedness to consolidated net assets11.25%
The Amendments | Line of credit | London Interbank Offered Rate (LIBOR) | Forecast
Debt Instrument [Line Items]
Basis spread on variable interest rate0.25%
The Amendments | Line of credit | Base Rate | Forecast
Debt Instrument [Line Items]
Basis spread on variable interest rate1.25%
The Amendments | Revolving Credit Facility | Base Rate | Forecast | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate0.18%
The Amendments | Revolving Credit Facility | Base Rate | Forecast | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate0.55%
The Amendments | Revolving Credit Facility | Eurodollar | Forecast | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate1.18%
The Amendments | Revolving Credit Facility | Eurodollar | Forecast | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate1.55%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate0.00%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Base Rate | Forecast | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate0.55%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Base Rate | Forecast | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate0.80%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate0.75%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate0.975%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Eurodollar | Forecast | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate1.55%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Eurodollar | Forecast | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate1.80%
0.875% senior convertible notes due 2022 | Convertible Debt
Debt Instrument [Line Items]
Debt issuance costs $ 24,300,000
Proceeds from the issuance of convertible notes $ 1,400,000,000
Interest rate, stated percentage0.875%0.875%0.875%0.875%0.875%
Principal amount $ 1,300,000,000
Conversion ratio0.0093777
Initial conversion price (in dollars per share) | $ / shares $ 106.64
Threshold percentage of stock price trigger32.50%
Discount at issuance $ 102,200,000
Effective interest rate3.38%
Interest expense related to contractual coupon rate $ 3,200,000 $ 9,500,000
Amortization of debt issuance costs1,800,000 5,600,000
Unamortized discount $ 102,200,000 $ 48,600,000 $ 48,600,000
Discount amortization period3 years
0.875% senior convertible notes due 2022 | Convertible Debt | Subsequent Event
Debt Instrument [Line Items]
Conversion ratio0.0109568
Initial conversion price (in dollars per share) | $ / shares $ 91.27
Senior Unsecured Notes due 2022, Over-Allotment Option | Convertible Debt
Debt Instrument [Line Items]
Principal amount $ 187,500,000
2.35% senior unsecured notes due 2021 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage2.35%2.35%2.35%
2.35% senior unsecured notes due 2021 | Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Outstanding borrowings $ 750,000,000
Interest rate, stated percentage2.35%
Redemption price, percentage of principal amount redeemable100.00%
2.35% senior unsecured notes due 2021 | Senior Notes | US Treasury (UST) Interest Rate | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable interest rate0.20%

Sales - Contract Assets (Detail

Sales - Contract Assets (Details) - USD ($) $ in MillionsSep. 25, 2020Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets $ 81 $ 79

Sales - Contract Costs (Details

Sales - Contract Costs (Details) - USD ($) $ in MillionsSep. 25, 2020Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Net revenue-related contract assets $ 115 $ 147
Minimum
Capitalized Contract Cost [Line Items]
Useful life3 years
Maximum
Capitalized Contract Cost [Line Items]
Useful life8 years
Deferred Sales Commissions | Maximum
Capitalized Contract Cost [Line Items]
Useful life1 year

Sales - Contract liabilities (D

Sales - Contract liabilities (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 25, 2020Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Deferred revenue - current $ 456.7 $ 456.7 $ 410.1
Deferred revenue - noncurrent90.5 90.5 99.2
Total contract liabilities547.2 547.2 $ 509.3
Contract liabilities, revenue recognized $ 104 $ 314

Sales - Revenue, Remaining Perf

Sales - Revenue, Remaining Performance Obligation (Details) $ in MillionsSep. 25, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations $ 523.1
Professional Instrumentation | Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations137.1
Industrial Technologies | Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations $ 386

Sales - Remaining Performance O

Sales - Remaining Performance Obligation, Expected Timing (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-09-26Sep. 25, 2020
Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage40.00%
Remaining performance obligation, expected timing2 years
Period Two
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage70.00%
Remaining performance obligation, expected timing3 years
Period Three
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage100.00%
Remaining performance obligation, expected timing4 years

Sales - Disaggregation of Reven

Sales - Disaggregation of Revenue (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Disaggregation of Revenue [Line Items]
Sales $ 1,902.3 $ 1,860 $ 5,187 $ 5,317.6
Retail fueling
Disaggregation of Revenue [Line Items]
Sales526.1 495.7 1,288.3 1,370.2
Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Sales113.1 108.2 324.9 331.9
Vehicle repair
Disaggregation of Revenue [Line Items]
Sales150.9 147.5 397.3 440.8
Utilities & Power
Disaggregation of Revenue [Line Items]
Sales44.3 48.3 127 147
Medical
Disaggregation of Revenue [Line Items]
Sales308.3 274.1 872.7 638.4
Other
Disaggregation of Revenue [Line Items]
Sales371 406.7 1,100.2 1,175.9
Total direct sales
Disaggregation of Revenue [Line Items]
Sales1,513.7 1,480.5 4,110.4 4,104.2
Distributors
Disaggregation of Revenue [Line Items]
Sales388.6 379.5 1,076.6 1,213.4
Total Distributors
Disaggregation of Revenue [Line Items]
Sales815.3 778.6 2,151.5 2,296.9
Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales1,155.7 1,145.6 3,297.6 3,288.9
Professional Instrumentation | Operating Segments | Retail fueling
Disaggregation of Revenue [Line Items]
Sales0 0 0 0
Professional Instrumentation | Operating Segments | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Sales113.1 108.2 324.9 331.9
Professional Instrumentation | Operating Segments | Vehicle repair
Disaggregation of Revenue [Line Items]
Sales0 0 0 0
Professional Instrumentation | Operating Segments | Utilities & Power
Disaggregation of Revenue [Line Items]
Sales44.3 48.3 127 147
Professional Instrumentation | Operating Segments | Medical
Disaggregation of Revenue [Line Items]
Sales308.3 274.1 872.7 638.4
Professional Instrumentation | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Sales307.2 341.7 910.1 976.1
Professional Instrumentation | Operating Segments | Total direct sales
Disaggregation of Revenue [Line Items]
Sales772.9 772.3 2,234.7 2,093.4
Professional Instrumentation | Operating Segments | Distributors
Disaggregation of Revenue [Line Items]
Sales382.8 373.3 1,062.9 1,195.5
Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales746.6 714.4 1,889.4 2,028.7
Industrial Technologies | Operating Segments | Retail fueling
Disaggregation of Revenue [Line Items]
Sales526.1 495.7 1,288.3 1,370.2
Industrial Technologies | Operating Segments | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Sales0 0 0 0
Industrial Technologies | Operating Segments | Vehicle repair
Disaggregation of Revenue [Line Items]
Sales150.9 147.5 397.3 440.8
Industrial Technologies | Operating Segments | Utilities & Power
Disaggregation of Revenue [Line Items]
Sales0 0 0 0
Industrial Technologies | Operating Segments | Medical
Disaggregation of Revenue [Line Items]
Sales0 0 0 0
Industrial Technologies | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Sales63.8 65 190.1 199.8
Industrial Technologies | Operating Segments | Total direct sales
Disaggregation of Revenue [Line Items]
Sales740.8 708.2 1,875.7 2,010.8
Industrial Technologies | Operating Segments | Distributors
Disaggregation of Revenue [Line Items]
Sales5.8 6.2 13.7 17.9
United States
Disaggregation of Revenue [Line Items]
Sales1,130.9 1,088.6 3,058.7 3,053.9
United States | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales605.5 611.2 1,749.7 1,732.8
United States | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales525.4 477.4 1,309 1,321.1
China
Disaggregation of Revenue [Line Items]
Sales159.2 142 432.1 446.3
China | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales143 119.5 393.6 381.1
China | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales16.2 22.5 38.5 65.2
All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Sales612.2 629.4 1,696.2 1,817.4
All other (each country individually less than 5% of total sales) | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales407.2 414.9 1,154.3 1,175
All other (each country individually less than 5% of total sales) | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales205 214.5 541.9 642.4
Products
Disaggregation of Revenue [Line Items]
Sales1,671.3 1,624.6 4,526.8 4,652.7
Products | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales985.3 984.8 2,813.1 2,839.8
Products | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales686 639.8 1,713.7 1,812.9
Services
Disaggregation of Revenue [Line Items]
Sales231 235.4 660.2 664.9
Services | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales170.4 160.8 484.5 449.1
Services | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales60.6 74.6 175.7 215.8
Professional tools and equipment
Disaggregation of Revenue [Line Items]
Sales1,255.5 1,240.1 3,366.7 3,648
Professional tools and equipment | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales677 688.5 1,925.5 2,105.3
Professional tools and equipment | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales578.5 551.6 1,441.2 1,542.7
Industrial automation, controls and sensors
Disaggregation of Revenue [Line Items]
Sales110.7 116.3 327.7 363.6
Industrial automation, controls and sensors | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales110.7 116.3 327.7 363.6
Industrial automation, controls and sensors | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales0 0 0 0
Franchise distribution
Disaggregation of Revenue [Line Items]
Sales168.1 162.8 448.2 486
Franchise distribution | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales0 0 0 0
Franchise distribution | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales168.1 162.8 448.2 486
Medical technologies
Disaggregation of Revenue [Line Items]
Sales308.1 274.1 872.5 638.4
Medical technologies | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales308.1 274.1 872.5 638.4
Medical technologies | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales0 0 0 0
All other
Disaggregation of Revenue [Line Items]
Sales59.9 66.7 171.9 181.6
All other | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales59.9 66.7 171.9 181.6
All other | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales $ 0 $ 0 $ 0 $ 0

Pension Plans - Components of N

Pension Plans - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
United states
Defined Benefit Plan Disclosure [Line Items]
Interest cost $ 0.4 $ 0.4 $ 1 $ 1.2
Expected return on plan assets(0.4)(0.3)(1)(1)
Amortization of net loss0 0 0.2 0
Net periodic pension cost0 0.1 0.2 0.2
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost1.2 0.7 3.4 1.7
Interest cost1.1 1.4 3.1 4.3
Expected return on plan assets(1.4)(1.5)(4.2)(4.4)
Amortization of net loss1.1 0.7 3.2 2.1
Amortization of prior service cost0 0 0.2 0
Net periodic pension cost $ 2 $ 1.3 $ 5.7 $ 3.7

Pension Plans - Narrative (Deta

Pension Plans - Narrative (Details) $ in MillionsSep. 25, 2020USD ($)
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Funded status, net obligation $ 11
Expected future contributions, remainder of fiscal year10.4
United states
Defined Benefit Plan Disclosure [Line Items]
Expected future contributions, remainder of fiscal year $ 0.8

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Income Tax Disclosure [Abstract]
Effective tax rate14.80%11.80%18.60%13.50%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) shares in Millions9 Months Ended
Sep. 25, 2020shares
Share-based Payment Arrangement [Abstract]
Shares of common stock reserved for issuance under the Stock Plan (in shares)17
Remaining service period related to the awards2 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense $ 21.4 $ 16.7 $ 60.2 $ 45.5
Income tax benefit(3.6)(3.5)(10.1)(9.6)
Total stock-based compensation expense17.8 13.2 50.1 35.9
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense13.2 11.1 37.1 29
Income tax benefit(2.2)(2.3)(6.4)(6.1)
Total stock-based compensation expense11 8.8 30.7 22.9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense8.2 5.6 23.1 16.5
Income tax benefit(1.4)(1.2)(3.7)(3.5)
Total stock-based compensation expense $ 6.8 $ 4.4 $ 19.4 $ 13

Stock-Based Compensation - Unre

Stock-Based Compensation - Unrecognized Compensation Cost (Details) $ in MillionsSep. 25, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost $ 162.1
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost71.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost $ 90.6

Commitments and Contingencies -

Commitments and Contingencies - Rollforward of Accrued Warranty Liability (Details) $ in Millions9 Months Ended
Sep. 25, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Warranty period - minimum90 days
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance $ 79
Accruals for warranties issued during the period38.5
Settlements made(41.6)
Additions due to acquisitions1
Effect of foreign currency translation(0.2)
Ending balance $ 76.7

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost $ 19 $ 23 $ 60 $ 61
Cash paid for operating leases52 53
ROU assets obtained in exchange for operating lease obligations45 $ 57
Operating lease, not yet commenced, liability $ 14 $ 14
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, not yet commenced, term of contract3 years3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, not yet commenced, term of contract15 years15 years

Net Earnings Per Share - Narrat

Net Earnings Per Share - Narrative (Details) - shares shares in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)5.3 3.3 5.5 1.7
MCPS
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)18.4 18.4 18.4 18.4

Net Earnings Per Share - Earnin

Net Earnings Per Share - Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Numerator
Net earnings from continuing operations $ 225.8 $ 207.3 $ 398.4 $ 546.6
Mandatory convertible preferred stock cumulative dividends(17.3)(17.3)(51.8)(51.8)
Net earnings attributable to common stockholders from continuing operations $ 208.5 $ 190 $ 346.6 $ 494.8
Denominator
Weighted average common shares outstanding used in basic earnings per share (in shares)337.6 336.1 337.3 335.6
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive Stock Awards (in shares)3.2 3.8 2.9 4.1
Weighted average common shares outstanding used in diluted earnings per share (in shares)340.8 339.9 340.2 339.7
Net earnings per common share from continuing operations - basic (in dollars per share) $ 0.62 $ 0.57 $ 1.03 $ 1.47
Net earnings per common share from continuing operations - diluted (in dollars per share) $ 0.61 $ 0.56 $ 1.02 $ 1.46

Net Earnings Per Share - Divide

Net Earnings Per Share - Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Jun. 26, 2020Mar. 27, 2020Sep. 27, 2019Jun. 28, 2019Mar. 29, 2019Sep. 25, 2020Sep. 27, 2019
Earnings Per Share [Abstract]
Dividend per common share (in dollars per share) $ 0.07 $ 0.07 $ 0.07 $ 0.07 $ 0.07 $ 0.07 $ 0.21 $ 0.21
Amount, common shares $ 23.6 $ 23.6 $ 23.5 $ 23.5 $ 23.4 $ 23.4 $ 70.7 $ 70.3
Dividend per share on MCPS (in dollars per share) $ 12.5 $ 12.5 $ 12.5 $ 12.5 $ 12.5 $ 12.5 $ 37.5 $ 37.5
Amount, MCPS $ 17.3 $ 17.2 $ 17.3 $ 17.3 $ 17.2 $ 17.3 $ 51.8 $ 51.8

Segment Information - Narrative

Segment Information - Narrative (Details)9 Months Ended
Sep. 25, 2020segment
Segment Reporting [Abstract]
Number of operating segments2

Segment Information - Detailed

Segment Information - Detailed Segment Data (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 25, 2020Sep. 27, 2019Sep. 25, 2020Sep. 27, 2019
Segment Reporting Information [Line Items]
Sales $ 1,902.3 $ 1,860 $ 5,187 $ 5,317.6
Operating profit310.4 242.1 621.1 708.9
Gain from combination of business0 41.2 0 41.2
Interest expense, net(43.9)(47)(130.7)(116.7)
Other non-operating income (expense), net(1.4)(1.2)(0.7)(1.6)
Earnings from continuing operations before income taxes265.1 235.1 489.7 631.8
Operating Segments | Professional Instrumentation
Segment Reporting Information [Line Items]
Sales1,155.7 1,145.6 3,297.6 3,288.9
Operating profit168.7 126.2 448.8 398.8
Operating Segments | Industrial Technologies
Segment Reporting Information [Line Items]
Sales746.6 714.4 1,889.4 2,028.7
Operating profit165.5 138.5 246.6 382.3
Other
Segment Reporting Information [Line Items]
Operating profit $ (23.8) $ (22.6) $ (74.3) $ (72.2)