FTV Fortive Corporation

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NOTE 1. BUSINESS OVERVIEW

Fortive Corporation (“Fortive,” “the Company,” “we,” “us,” or “our”) is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Our strategic segments - Intelligent Operating Solutions (“IOS”), Precision Technologies (“PT”), and Advanced Healthcare Solutions (“AHS”) - include well-known brands with leading positions in their markets. Our businesses design, develop, manufacture, and service professional and engineered products, software, and services, building upon leading brand names, innovative technologies, and significant market positions. Our research and development, manufacturing, sales, distribution, service, and administrative facilities are located in more than 50 countries around the world.

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 omitted pursuant to such rules and regulations; however, we believe the disclosures are adequate to make the information presented not misleading. The unaudited 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, 2023 and the footnotes (“Notes”) thereto included within our 2023 Annual Report on Form 10-K.

In our opinion, the accompanying financial statements contain all adjustments, which consist of only normal, recurring accruals necessary to fairly present our financial position, results of operations, comprehensive income, stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and six months ended June 28, 2024, are not necessarily indicative of the results for the full year.

Segment Realignment and Divestiture

In January 2024, we realigned Invetech from the AHS segment to the PT segment (the “Segment Realignment”) based on our strategic decision to divest the equipment design and manufacturing businesses of Invetech, while retaining the motion solution businesses (the “Motion Solution Business”) that are more closely aligned with the PT segment than the AHS segment. Prior period segment amounts in Note 3, 6, and 11 have been recast to conform to the revised segment presentation. In June 2024, we divested and transferred ownership of Invetech, excluding the Motion Solution Business, to its management team (the “Invetech Divestiture”). As a result of the divestiture, in the three and six-month periods ended June 28, 2024, we recorded a net realized loss of $25.6 million, which is identified as “Loss from divestiture” in the Consolidated Condensed Statements of Earnings. The divested businesses accounted for less than 1.0% of total revenue and less than 1.0% of total assets for the fiscal year ended December 31, 2023. The Invetech Divestiture did not represent a strategic shift with a major effect on the Company’s operations and financial results, and therefore the divested businesses are not reported as discontinued operations.

Accumulated Other Comprehensive Loss

Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. As of June 28, 2024, our outstanding €500 million Euro-denominated senior unsecured notes due 2026, €700 million Euro-denominated senior unsecured notes due 2029, €275 million Euro-denominated term loan, and ¥14.4 billion Yen-denominated term loan were designated as net investment hedges of our investment in applicable foreign operations.

We recognized after-tax foreign currency transaction gains of $13.0 million and $5.1 million during the three-month periods ended June 28, 2024 and June 30, 2023, respectively, and gains of $21.4 million of $3.4 million during the six-month periods ended June 28, 2024 and June 30, 2023, respectively, on the debt that was deferred in the foreign currency translation component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and six-month periods ended June 28, 2024 and June 30, 2023.

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The changes in AOCI by component are summarized below ($ in millions):

			Foreign currency translation adjustments						Pension & post-retirement plan benefit adjustments (a)						Total
For the Three Months Ended June 28, 2024:
Balance, March 29, 2024			$	(368.2)					$	(34.3)					$	(402.5)
Other comprehensive income (loss) before reclassifications, net of income taxes			(28.1)						—						(28.1)
Amounts reclassified from AOCI into income:
Increase (decrease)			7.0			(b)			0.1			(c)			7.1
Income tax impact			—						(0.1)						(0.1)
Amounts reclassified from AOCI into income, net of income taxes			7.0						—						7.0
Net current period other comprehensive income (loss), net of income taxes			(21.1)						—						(21.1)
Balance, June 28, 2024			$	(389.3)					$	(34.3)					$	(423.6)
For the Three Months Ended June 30, 2023:
Balance, March 31, 2023			$	(288.0)					$	(24.3)					$	(312.3)
Other comprehensive income (loss) before reclassifications, net of income taxes			(7.4)						—						(7.4)
Amounts reclassified from AOCI into income:
Increase (decrease)			—						(0.5)			(c)			(0.5)
Income tax impact			—						0.3						0.3
Amounts reclassified from AOCI into income, net of income taxes			—						(0.2)						(0.2)
Net current period other comprehensive income (loss), net of income taxes			(7.4)						(0.2)						(7.6)
Balance, June 30, 2023			$	(295.4)					$	(24.5)					$	(319.9)
(a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.
(b) This amount relates to the cumulative translation adjustment recognized in earnings upon the Invetech Divestiture. Refer to Note 1 for additional details.
(c) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 11 in our 2023 Annual Report on Form 10-K for additional details).

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			Foreign currency translation adjustments						Pension & post-retirement plan benefit adjustments (a)						Total
For the Six Months Ended June 28, 2024:
Balance, December 31, 2023			$	(291.7)					$	(34.4)					$	(326.1)
Other comprehensive income (loss) before reclassifications, net of income taxes			(104.6)						—						(104.6)
Amounts reclassified from AOCI into income:
Increase (decrease)			7.0			(b)			0.2			(c)			7.2
Income tax impact			—						(0.1)						(0.1)
Amounts reclassified from AOCI into income, net of income taxes			7.0						0.1						7.1
Net current period other comprehensive income (loss)			(97.6)						0.1						(97.5)
Balance, June 28, 2024			$	(389.3)					$	(34.3)					$	(423.6)
For the Six Months Ended June 30, 2023:
Balance, December 31, 2022			$	(301.4)					$	(24.3)					$	(325.7)
Other comprehensive income (loss) before reclassifications, net of income taxes			6.0						—						6.0
Amounts reclassified from AOCI into income:
Increase (decrease)			—						(0.4)			(c)			(0.4)
Income tax impact			—						0.2						0.2
Amounts reclassified from AOCI into income, net of income taxes			—						(0.2)						(0.2)
Net current period other comprehensive income (loss)			6.0						(0.2)						5.8
Balance, June 30, 2023			$	(295.4)					$	(24.5)					$	(319.9)
(a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.
(b) This amount relates to the cumulative translation adjustment recognized in earnings upon the Invetech Divestiture. Refer to Note 1 for additional details.
(c) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 11 in our 2023 Annual Report on Form 10-K for additional details).

Allowances for Doubtful Accounts

All trade accounts and unbilled receivables are recorded in the Consolidated Condensed Balance Sheets 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 and trade accounts receivable portfolios over the life of the underlying assets. 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. During the three and six-month periods ending June 28, 2024 and June 30, 2023, the activity was immaterial.

Property Sale

On March 14, 2024, we sold land and certain office buildings in our PT segment for $90 million, for which we received $20 million in cash proceeds and a $70 million promissory note secured by a letter of credit, with principal due in August and November 2024. The promissory note is recorded within Prepaid expenses and other current assets. During the six-month period ended June 28, 2024, we recorded a gain on sale of property of $63.1 million in the Consolidated Condensed Statements of Earnings.

Concurrently, using a portion of the proceeds from the property sale, we entered into an arm’s length transaction with the Fortive Foundation (the “Foundation”), pledging a charitable contribution of $20 million, which had no donor imposed conditions or restrictions. The Foundation, a not-for-profit entity established to expand our philanthropic efforts, is a related party due to certain Fortive executives serving as members of the entity’s board of directors. The charitable contribution is recorded within the “Other non-operating expense, net” line in the Consolidated Condensed Statements of Earnings and the liability related to the pledged donation is recorded within Accrued expenses and other current liabilities in the Consolidated Condensed Balance Sheets.

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Restructuring

We initiated a discrete restructuring plan in the first quarter of 2023 that was completed during the fourth quarter of 2023. The nature of these activities were broadly consistent throughout our segments and consisted primarily of targeted workforce reductions in response to overall macroeconomic and other external conditions. We incurred these costs to position ourselves to provide superior products and services to customers in a cost-efficient manner, while taking into consideration the impact of broad economic uncertainties. During the three and six-month periods ended June 30, 2023, we incurred charges of $10.7 million and $28.3 million, respectively. These charges are recorded within Cost of sales and Selling, general, and administrative expenses in the Consolidated Condensed Statements of Earnings. Accrued restructuring costs were $10 million and $26 million as of June 28, 2024 and December 31, 2023 and are recorded within Accrued expenses and other current liabilities in the Consolidated Condensed Balance Sheets.

Recently Issued Accounting Standard

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which amends the disclosure requirements for reportable segments on the interim and annual basis. This standard is effective for fiscal year ending December 31, 2024 and interim periods within fiscal year ending December 31, 2025. The adoption of the standard will not impact our consolidated financial statements; however, we are currently evaluating the impact of the new disclosure requirements on the notes to the financial statements. Upon adoption, we will update the applicable interim and annual disclosures to align with the new standard.

NOTE 2. ACQUISITIONS

We continually evaluate potential mergers and acquisitions that align with our business portfolio strategy. We have completed a number of acquisitions that have been accounted for as purchases of businesses and resulted in the recognition of goodwill in our financial statements. This goodwill arises when the purchase price for an acquired business exceeds its identifiable assets, net of liabilities. The purchase price for acquired businesses reflect a number of factors, including the future earnings and cash flow potential of the business, the strategic fit and resulting synergies from the complementary portfolio of the acquired business to our existing operations, industry expertise, and market access.

The purchase price allocation is provisional and is subject to further adjustments as we finalize the measurement of the acquired tangible and intangible assets and liabilities, as well as the associated income tax considerations. The preliminary fair value of the net assets acquired was based on several estimates and assumptions. As additional information necessary to complete the valuation is obtained and analyzed, we will make appropriate adjustments to purchase price allocations prior to completion of the applicable measurement period, as required and as soon as practicable.

During the three and six-month periods ended June 28, 2024, immaterial adjustments were made to the purchase price allocation of prior year acquisitions.

2024

On January 3, 2024, we acquired EA Elektro-Automatik Holding GmbH (“EA”), a leading supplier of high-power electronic test solutions for energy storage, mobility, hydrogen, and renewable energy applications. The acquisition of EA will bolster our innovative portfolio of products and services for engineers with complementary test and measurement solutions enabling the global energy transition. The total consideration paid was approximately $1.72 billion, net of acquired cash. We funded this transaction with financing activities and available cash. We recorded approximately $1.17 billion of goodwill within our PT segment related to the EA acquisition, which is not tax deductible.

For the three and six-month periods ended June 28, 2024, we incurred approximately $0.2 million and $27.4 million, respectively, of pretax transaction-related costs related to the EA acquisition, which were primarily for banking fees, legal fees, and amounts paid to other third-party advisers. These costs were recorded within Selling, general, and administrative expenses in the Consolidated Condensed Statement of Earnings.

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The following table summarizes the preliminary estimated acquisition date fair values of the assets acquired and liabilities assumed as of June 28, 2024 ($ in millions):

						Total
Accounts receivable						$	21.5
Inventories						35.6
Property, plant and equipment						18.9
Goodwill						1,172.6
Other intangible assets (customer relationships, technology, and trade names)						681.2
Deferred tax liabilities						(189.1)
Other assets and liabilities, net						(22.5)
Net cash consideration						$	1,718.2

2023

NOTE 3. GOODWILL AND OTHER INTANGIBLE ASSETS

The following is a roll forward of our carrying value of goodwill by segment ($ in millions):

			Intelligent Operating Solutions						Precision Technologies						Advanced Healthcare Solutions						Total Goodwill
Balance, December 31, 2023			$	4,148.9					$	1,856.5					$	3,116.3					$	9,121.7
Measurement period adjustments for prior year acquisitions			(1.1)						—						—						(1.1)
Attributable to acquisitions			—						1,172.6						—						1,172.6
Foreign currency translation and other			(12.7)						(49.0)						(15.0)						(76.7)
Balance, June 28, 2024			$	4,135.1					$	2,980.1					$	3,101.3					$	10,216.5

Due to the Segment Realignment, the beginning goodwill balances for PT and AHS have been recast to conform to the revised segment presentation. Refer to Note 1 for further information on the realignment. Refer to Note 2 for more information related to goodwill attributable to acquisitions.

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The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset ($ in millions):

			June 28, 2024												December 31, 2023
			Gross Carrying Amount						Accumulated Amortization						Gross Carrying Amount						Accumulated Amortization
Finite-lived intangibles:
Patents and technology			$	1,276.5					$	(753.3)					$	1,139.6					$	(687.1)
Customer relationships and other intangibles			4,026.6						(1,715.4)						3,568.0						(1,573.2)
Trademarks and trade names			174.5						(27.4)						117.7						(19.8)
Total finite-lived intangibles			5,477.6						(2,496.1)						4,825.3						(2,280.1)
Indefinite-lived intangibles:
Trademarks and trade names			609.6						—						614.6						—
Total intangibles			$	6,087.2					$	(2,496.1)					$	5,439.9					$	(2,280.1)

Finite-lived intangible assets are amortized over the shorter of their legal or estimated useful lives.

During the six-month period ended June 28, 2024, we acquired finite-lived intangible assets, consisting of customer relationships, developed technology, and trade names, with a weighted average life of approximately 9 years as a result of the EA acquisition. Refer to Note 2 for additional information on the intangible assets acquired.

NOTE 4. FAIR VALUE MEASUREMENTS

Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value for assets and liabilities required to be carried at fair value, and provide for certain disclosures related to the valuation methods used within the 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. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Below is a summary of financial liabilities that are measured at fair value on a recurring basis ($ in millions):

			Quoted Prices in Active Market (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
June 28, 2024
Deferred compensation liabilities			$	—					$	43.9					$	—					$	43.9
December 31, 2023
Deferred compensation liabilities			—						39.9						—						39.9

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 recorded within Other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Participants may choose among alternative earning 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 and are recorded within Selling, general and administrative expenses in the Consolidated Condensed Statements of Earnings.

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Non-recurring 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. We evaluated events or circumstances that may indicate the carrying value of our non-financial assets may not be fully recoverable during the three and six-month periods ended June 28, 2024, and recorded no impairments.

Fair Value of Financial Instruments

The carrying amount and fair value of financial instruments are as follows ($ in millions):

			June 28, 2024												December 31, 2023
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Current portion of long-term debt			$	383.9					$	384.0					$	—					$	—
Long-term debt, net of current maturities			3,396.4						3,281.3						3,646.2						3,539.4

As of June 28, 2024 and December 31, 2023, the current portion of long-term debt and long-term debt, net of current maturities were categorized as Level 1.

The fair value of the long-term borrowings 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 borrowing. The fair value of cash and equivalents, trade accounts receivable, net, trade accounts payable, and commercial paper approximates their carrying amount due to the short-term maturities of these instruments.

NOTE 5. FINANCING

The components of our debt were as follows ($ in millions):

			June 28, 2024						December 31, 2023
U.S. dollar-denominated commercial paper			$	675.0					$	1,251.2
3.7% Euro-denominated senior unsecured notes due 2026			535.7						—
3.7% Euro-denominated senior unsecured notes due 2029			749.9						—
Euro Term Loan due 2025			294.6						303.6
Yen Term Loan due 2025			89.5						102.1
3.15% senior unsecured notes due 2026			900.0						900.0
4.30% senior unsecured notes due 2046			550.0						550.0
Delayed-Draw Term Loan due 2024			—						550.0
Long-term debt, principal amounts			3,794.7						3,656.9
Less: aggregate unamortized debt discounts, premiums, and issuance costs			14.4						10.7
Long-term debt, carrying value			3,780.3						3,646.2
Less: current portion of long-term debt, carrying value			383.9						—
Long-term debt, net of current maturities			$	3,396.4					$	3,646.2

Refer to Note 10 of our 2023 Annual Report on Form 10-K for further details of our debt financing.

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Euro-denominated Senior Unsecured Notes Due 2026 and 2029

On February 13, 2024, we completed the registered offering of the following Euro-denominated senior unsecured notes:

•€500 million in aggregate principal amount of our 3.7% Euro-denominated senior unsecured notes due 2026 (the “2026 Notes”) issued at 99.928% of their principal amount and bearing interest at 3.7% per annum. The 2026 Notes mature on February 13, 2026 with interest payable in arrears on February 13 of each year, beginning in 2025.

•€700 million in aggregate principal amount of our 3.7% Euro-denominated senior unsecured notes due 2029 (the “2029 Notes”) issued at 99.943% of their principal amount and bearing interest at 3.7% per annum. The 2029 Notes mature on August 15, 2029 with interest payable in arrears on August 15 of each year, beginning in 2024.

The net proceeds from the offering, after underwriting discounts and commissions and offering expenses, were approximately $1.3 billion based on the currency exchange rates at which the Euro denominated proceeds were converted into U.S. dollars. We used the net proceeds to refinance the $1.0 billion outstanding principal of the Delayed-Draw Term Loan Due 2024, refinance borrowings under the U.S. dollar-denominated commercial paper, and for general corporate purposes.

Redemption Provisions and Covenants Applicable to 2026 and 2029 Notes

Prior to July 15, 2029 for the 2029 Notes, and prior to maturity for the 2026 Notes, we may redeem the applicable series of notes at our option, in whole or in part, at any time and from time to time, at the applicable make-whole redemption price specified in the indentures. On or after July 15, 2029, we may redeem the 2029 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

We may, at our option, redeem the applicable series of notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of such series of notes to be redeemed, together with any accrued and unpaid interest thereon to, but not including, the redemption date, at any time, if as a result of any change in, or amendment to, the laws, regulations, treaties, or rulings of the United States or any political subdivision of or in the United States or any taxing authority thereof or therein affecting taxation, or any change in, or amendment to, the application, official interpretation, administration or enforcement of such laws, regulations, treaties or rulings (including a holding by a court of competent jurisdiction in the United States), which change or amendment is enacted, adopted, announced or become effective, we become or, based upon a written opinion of independent counsel selected by us, will become obligated to pay additional amounts with respect to the applicable series of notes.

If a change of control triggering event occurs, we will, in certain circumstances, be required to make an offer to repurchase the notes from each holder at a purchase price equal to 101% of the principal amount of the notes being repurchased, plus accrued and unpaid interest to, but not including the repurchase date. A change of control triggering event is defined as the occurrence of both a change of control and a rating event, each as defined in the indentures. Except in connection with a change of control triggering event, the 2026 Notes and 2029 Notes do not have any credit rating downgrade triggers that would accelerate the maturity of the notes.

The 2026 Notes and 2029 Notes contain customary covenants. None of these covenants are considered restrictive to our operations and as of June 28, 2024, we were in compliance with all of our covenants.

Delayed-Draw Term Loan due 2024

On January 2, 2024, we drew down an additional $450 million of the Delayed-Draw Term Loan due 2024 as part of the funding for the acquisition of EA, with $1.0 billion outstanding immediately following such additional draw. Refer to Note 2 for additional information regarding the EA acquisition. On February 13, 2024, we used the net proceeds from the 2026 Notes and 2029 Notes to refinance the entire $1.0 billion outstanding principal and accrued interest thereon.

Other Liquidity Sources

We generally satisfy any short-term liquidity needs that are not met through operating cash flows and available cash primarily through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Under these programs, we may issue unsecured promissory notes with maturities not exceeding 397 and 183 days, respectively.

Interest expense on commercial paper is paid at maturity and is generally based on our credit ratings at the time of issuance and prevailing short-term interest rates.

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The details of our outstanding Commercial Paper Programs as of June 28, 2024 were as follows ($ in millions):

			Carrying value (a)						Annual effective rate						Weighted average maturity (in days)
U.S. dollar-denominated commercial paper			$	673.0					5.53		%				32
(a) Net of unamortized debt discount.

Credit support for the Commercial Paper Programs is provided by a five-year $2.0 billion senior unsecured revolving credit facility that expires on October 18, 2027 (the “Revolving Credit Facility”) which, to the extent not otherwise providing credit support for our commercial paper programs, can also be used for working capital and other general corporate purposes. As of June 28, 2024, no borrowings were outstanding under the Revolving Credit Facility.

We classified our borrowings outstanding under the Commercial Paper Programs as Long-term debt in the accompanying Consolidated Condensed Balance Sheets 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.

NOTE 6. SALES

We derive revenue primarily from the sales of products, including software, and services. Revenue is recognized when control of promised products or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products, software, or services. 

Product sales include revenue from the sale of products and equipment, which includes our software and software as a service (“SaaS”) product offerings and equipment rentals. Service sales include revenues from extended warranties, post-contract customer support (“PCS”), maintenance contracts or services, contract labor to perform ongoing service at a customer location, services related to previously sold products, and software implementation services.

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 $109 million as of June 28, 2024 and $108 million as of December 31, 2023. Contract assets are recorded within Prepaid expenses and other current assets in our Consolidated Condensed Balance Sheets.

Contract Costs — We incur and capitalize incremental costs to obtain certain contracts, typically sales-related commissions where the amortization period is greater than one year and costs associated with assets used by our customers in certain service arrangements. As of June 28, 2024 and December 31, 2023, we had $52 million and $51 million, respectively, in net revenue-related contract costs primarily related to certain software contracts. Revenue-related contract costs are recorded within Other assets in our Consolidated Condensed Balance Sheets. These assets have estimated useful lives between three and five years.

Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to subscription-based software contracts, PCS and extended warranty sales, where we generally receive up-front payment and recognize revenue over the service or support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of deferred revenue is recorded within Accrued expenses and other current liabilities and the noncurrent portion of deferred revenue is recorded within Other long-term liabilities in our Consolidated Condensed Balance Sheets.

Our contract liabilities consisted of the following ($ in millions):

			June 28, 2024						December 31, 2023
Deferred revenue - current			$	518.3					$	544.6
Deferred revenue - noncurrent			45.7						45.8
Total contract liabilities			$	564.0					$	590.4

During the three and six-month periods ended June 28, 2024, we recognized revenue related to our contract liabilities at December 31, 2023 of $121 million and $317 million, respectively. The change in our contract liabilities from December 31, 2023 to June 28, 2024 was primarily due to the timing of billings and revenue recognized for subscription-based software contracts, PCS and extended warranty services.

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Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, non-cancelable orders and the average contract value for software contracts, 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 remaining performance obligations attributable to each of our segments is as follows ($ in millions):

			June 28, 2024
Intelligent Operating Solutions			$	571.6
Precision Technologies			62.1
Advanced Healthcare Solutions			71.5
Total remaining performance obligations			$	705.2

The majority of remaining performance obligations are related to service and support contracts, which we expect to fulfill approximately 80 percent within the next two years, approximately 95 percent within the next three years, and substantially all within four years.

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Disaggregation of Revenue

We disaggregate revenue from contracts with customers by sales of products and software and services, geographic location, 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. Due to the Segment Realignment, prior period segment amounts have been recast to conform to the revised segment presentation. Refer to Note 1 for further information on the realignment.

Disaggregation of revenue for the three-month period ended June 28, 2024 is presented as follows ($ in millions):

			Total						Intelligent Operating Solutions						Precision Technologies						Advanced Healthcare Solutions
Sales:
Sales of products and software			$	1,308.9					$	563.3					$	490.3					$	255.3
Sales of services			243.5						113.7						61.5						68.3
Total			$	1,552.4					$	677.0					$	551.8					$	323.6
Geographic:
United States			$	840.3					$	380.8					$	281.0					$	178.5
China			165.1						53.2						86.6						25.3
All other (each country individually less than 5% of total sales)			547.0						243.0						184.2						119.8
Total			$	1,552.4					$	677.0					$	551.8					$	323.6
End markets:(a)
Direct sales:
Healthcare			$	368.9					$	11.1					$	51.5					$	306.3
Industrial & Manufacturing			329.7						236.0						89.1						4.6
Government			142.2						80.3						52.6						9.3
Utilities & Power			104.1						48.8						55.3						—
Communications, Electronics & Semiconductor			94.5						25.5						69.0						—
Aerospace & Defense			83.4						0.1						83.3						—
Retail & Consumer			80.6						65.5						15.1						—
Oil & Gas			72.1						69.3						2.8						—
Other			175.9						100.0						75.9						—
Total direct sales			1,451.4						636.6						494.6						320.2
Distributors			101.0						40.4						57.2						3.4
Total			$	1,552.4					$	677.0					$	551.8					$	323.6
(a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer.

---

Disaggregation of revenue for the three-month period ended June 30, 2023 is presented as follows ($ in millions):

			Total						Intelligent Operating Solutions						Precision Technologies						Advanced Healthcare Solutions
Sales:
Sales of products and software			$	1,290.8					$	546.4					$	499.8					$	244.6
Sales of services			235.6						106.7						60.5						68.4
Total			$	1,526.4					$	653.1					$	560.3					$	313.0
Geographic:
United States			$	827.8					$	362.0					$	290.7					$	175.1
China			178.9						58.6						94.2						26.1
All other (each country individually less than 5% of total sales)			519.7						232.5						175.4						111.8
Total			$	1,526.4					$	653.1					$	560.3					$	313.0
End markets:(a)
Direct sales:
Healthcare			$	359.6					$	11.6					$	54.6					$	293.4
Industrial & Manufacturing			357.8						232.6						120.7						4.5
Government			132.9						77.2						47.0						8.7
Utilities & Power			104.6						46.3						58.3						—
Communications, Electronics & Semiconductor			97.4						23.3						74.1						—
Aerospace & Defense			76.3						0.2						76.1						—
Retail & Consumer			84.4						62.1						22.3						—
Oil & Gas			71.6						67.6						4.0						—
Other			181.6						100.1						81.5						—
Total direct sales			1,466.2						621.0						538.6						306.6
Distributors			60.2						32.1						21.7						6.4
Total			$	1,526.4					$	653.1					$	560.3					$	313.0
(a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer.

---

Disaggregation of revenue for the six-month period ended June 28, 2024 is presented as follows ($ in millions):

			Total						Intelligent Operating Solutions						Precision Technologies						Advanced Healthcare Solutions
Sales:
Sales of products and software			$	2,608.8					$	1,130.2					$	990.9					$	487.7
Sales of services			468.1						212.5						119.9						135.7
Total			$	3,076.9					$	1,342.7					$	1,110.8					$	623.4
Geographic:
United States			$	1,630.2					$	730.3					$	555.1					$	344.8
China			341.4						120.3						169.5						51.6
All other (each country individually less than 5% of total sales)			1,105.3						492.1						386.2						227.0
Total			$	3,076.9					$	1,342.7					$	1,110.8					$	623.4
End markets:(a)
Direct sales:
Healthcare			$	706.1					$	22.4					$	94.7					$	589.0
Industrial & Manufacturing			680.0						478.2						192.6						9.2
Government			268.4						149.8						100.2						18.4
Utilities & Power			206.0						98.0						108.0						—
Communications, Electronics & Semiconductor			184.9						53.4						131.5						—
Aerospace & Defense			166.8						0.2						166.6						—
Retail & Consumer			157.4						127.2						30.2						—
Oil & Gas			144.8						138.8						6.0						—
Other			364.1						195.9						168.2						—
Total direct sales			2,878.5						1,263.9						998.0						616.6
Distributors			198.4						78.8						112.8						6.8
Total			$	3,076.9					$	1,342.7					$	1,110.8					$	623.4
(a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer.

---

Disaggregation of revenue for the six-month period ended June 30, 2023 is presented as follows ($ in millions):

			Total						Intelligent Operating Solutions						Precision Technologies						Advanced Healthcare Solutions
Sales:
Sales of products and software			$	2,527.4					$	1,083.8					$	978.1					$	465.5
Sales of services			459.7						201.4						123.3						135.0
Total			$	2,987.1					$	1,285.2					$	1,101.4					$	600.5
Geographic:
United States			$	1,599.3					$	702.1					$	561.3					$	335.9
China			360.3						123.5						186.4						50.4
All other (each country individually less than 5% of total sales)			1,027.5						459.6						353.7						214.2
Total			$	2,987.1					$	1,285.2					$	1,101.4					$	600.5
End markets:(a)
Direct sales:
Healthcare			$	699.0					$	22.5					$	111.6					$	564.9
Industrial & Manufacturing			711.0						460.9						241.3						8.8
Government			244.0						139.0						87.9						17.1
Utilities & Power			203.5						93.6						109.9						—
Communications, Electronics & Semiconductor			203.3						48.9						154.4						—
Aerospace & Defense			143.9						0.3						143.6						—
Retail & Consumer			167.3						124.4						42.9						—
Oil & Gas			141.9						133.5						8.4						—
Other			351.7						195.1						156.6						—
Total direct sales			2,865.6						1,218.2						1,056.6						590.8
Distributors			121.5						67.0						44.8						9.7
Total			$	2,987.1					$	1,285.2					$	1,101.4					$	600.5
(a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer.

NOTE 7. INCOME TAXES

Our effective tax rates for the three and six-month periods ended June 28, 2024 were 14.7% and 13.0%, respectively, as compared to 16.5% and 16.1%, respectively, for the three and six-month periods ended June 30, 2023. The decrease in the effective tax rate for the three-month period ended June 28, 2024 as compared to the three-month period ended June 30, 2023 was primarily related to change in valuation allowances, resulting in a benefit in the three-month period ended June 28, 2024. The decrease in the effective tax rate for the six-month period ended June 28, 2024 as compared to the six-month period ended June 30, 2023 was primarily related to cash repatriation, resulting in a discrete tax credit, and changes in valuation allowances in the six-month period ended June 28, 2024.

Our effective tax rates for the three and six-month periods ended June 28 2024, differ from the U.S. federal statutory rate of 21% due primarily to the impact of credits and deductions provided by law and changes in our uncertain tax position reserves.

NOTE 8. STOCK-BASED COMPENSATION

The 2016 Stock Incentive Plan (the “Stock Plan”), provides for the grant of stock appreciation rights, restricted stock units, and performance stock units (collectively, “Stock Awards”), stock options, or any other stock-based award. As of June 28, 2024, approximately 12 million shares of our common stock were available for subsequent issuance under the Stock Plan. For a full description of our Stock Plan, refer to Note 15 of our 2023 Annual Report on Form 10-K.

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Stock-based Compensation Expense

Stock-based compensation has been recognized as a component of Selling, general and administrative expenses in the 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												Six Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Stock Awards:
Pretax compensation expense			$	15.6					$	19.9					$	37.1					$	38.0
Income tax benefit			(2.9)						(2.7)						(5.5)						(5.3)
Stock Award expense, net of income taxes			12.7						17.2						31.6						32.7
Stock options:
Pretax compensation expense			8.6						9.1						16.0						17.7
Income tax benefit			(1.2)						(1.3)						(2.3)						(2.5)
Stock option expense, net of income taxes			7.4						7.8						13.7						15.2
Total stock-based compensation:
Pretax compensation expense			24.2						29.0						53.1						55.7
Income tax benefit			(4.1)						(4.0)						(7.8)						(7.8)
Total stock-based compensation expense, net of income taxes			$	20.1					$	25.0					$	45.3					$	47.9

The following summarizes the unrecognized compensation cost for the Stock Plan awards as of June 28, 2024. 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			$	53.3
Stock options			135.7
Total unrecognized compensation cost			$	189.0

NOTE 9. COMMITMENTS AND CONTINGENCIES

For a description of our litigation and contingencies and additional information about our leases, refer to Note 14 and Note 9, respectively, in our 2023 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. During the three and six-month periods ended June 28, 2024 and June 30, 2023, warranty related activity was immaterial.

Leases

Operating lease costs for both the three-month periods ended June 28, 2024 and June 30, 2023 were $12 million. Operating lease costs for the six-month periods ended June 28, 2024 and June 30, 2023 were $25 million and $24 million, respectively. During both the six-month periods ended June 28, 2024 and June 30, 2023, cash paid for operating leases included in operating cash flows was $24 million. Right-of-use (“ROU”) assets obtained in exchange for operating lease obligations were $10 million and $18 million during the six-month periods ended June 28, 2024 and June 30, 2023, respectively. Operating lease ROU assets were $159 million and $155 million as of June 28, 2024 and December 31, 2023, respectively. Operating lease liabilities were $166 million and $164 million as of June 28, 2024 and December 31, 2023, respectively. Operating lease ROU assets and

---

operating lease liabilities are recorded in the Consolidated Condensed Balance Sheets within Other assets, Accrued expenses and other current liabilities, and Other long-term liabilities, respectively.

Other Matters

We discovered that a subsidiary of ours made certain incorrect representations regarding status as a small business concern as defined by the Small Business Act for certain contracts that it was awarded by the Defense Logistics Agency (“DLA”). As a result, on January 26, 2024, we voluntarily notified the Department of Defense Office of Inspector General (“OIG”) and the DLA of this matter. We currently do not expect this matter to have a material adverse effect on our financial condition or results of operations. However, resolution of this matter could subject us to fines or penalties, and we cannot provide assurance as to the timing or outcome of such resolution.

NOTE 10. 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. Anti-dilutive options excluded from the diluted EPS calculation for the three and six-month periods ended June 28, 2024 were 1.3 million and 1.2 million, respectively, and were 2.7 million for both the three and six-month periods ended June 30, 2023.

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												Six Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Numerator
Net earnings			$	195.1					$	209.0					$	402.5					$	382.6
Denominator
Weighted average common shares outstanding used in basic earnings per share			351.3						353.0						351.5						353.3
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive Stock Awards			3.5						2.5						3.9						2.7
Weighted average common shares outstanding used in diluted earnings per share			354.8						355.5						355.4						356.0
Net earnings per common share - Basic			$	0.56					$	0.59					$	1.15					$	1.08
Net earnings per common share - Diluted			$	0.55					$	0.59					$	1.13					$	1.07

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We declared and paid cash dividends per common share for the periods as presented below:

			Dividend Per Common Share						Amount ($ in millions)
2024:
First quarter			$	0.08					$	28.1
Second quarter			0.08						28.0
Total			$	0.16					$	56.1
2023:
First quarter			$	0.07					$	24.7
Second quarter			0.07						24.6
Total			$	0.14					$	49.3

Share Repurchase Program

On February 17, 2022, the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase up to 20 million shares of the Company's outstanding common stock from time to time on the open market or in privately negotiated transactions. There is no expiration date for the repurchase program, and the timing and amount of repurchases under the program are determined by the Company's management based on market conditions and other factors. The repurchase program may be suspended or discontinued at any time by the Board of Directors. As of December 31, 2023, there were 9 million shares remaining for repurchase under the program. On January 23, 2024, the Company’s Board of Directors increased the number of shares authorized under the share repurchase program by an additional 11 million shares.

NOTE 11. SEGMENT INFORMATION

We report our results in three separate business segments consisting of IOS, PT, and AHS. Our chief operating decision maker (“CODM”) assesses performance and allocates resources based on our operating segments, which are also our reportable segments. Due to the Segment Realignment, prior period segment amounts have been recast to conform to the revised segment presentation. Refer to Note 1 for further information on the realignment.

Our IOS segment provides advanced instrumentation, software and services to tens of thousands of customers enabling their mission-critical workflows. These offerings include electrical test & measurement, facility and asset lifecycle software applications, connected worker safety and compliance solutions across a range of vertical end markets, including manufacturing, process industries, healthcare, utilities and power, communications and electronics, among others.

Our PT segment helps solve tough technical challenges to speed breakthroughs in a wide range of applications, from food and beverage production and manufacturing to next-generation electric vehicles and clean energy, as our customers seek new test solutions to enable the electrification and connectivity of everything. Our expertise in materials, methods and measurements are reflected in our electrical test & measurement and sensing and material technologies offered to a broad set of customers and vertical end markets, including industrial, power and energy, automotive, medical equipment, food and beverage, aerospace and defense, semiconductor, and other general industries.

Our AHS segment supplies critical workflow solutions enabling healthcare providers to deliver exceptional patient care more efficiently. Our offerings include instrument sterilization solutions, instrument tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity software and solutions. Our healthcare offerings help ensure critical safety standards are met, instruments and operating rooms are working at peak performance, and complex procedures are followed accurately in these mission-critical healthcare environments.

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Our segment results are as follows ($ in millions):

			Three Months Ended												Six Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Sales:
Intelligent Operating Solutions			$	677.0					$	653.1					$	1,342.7					$	1,285.2
Precision Technologies			551.8						560.3						1,110.8						1,101.4
Advanced Healthcare Solutions			323.6						313.0						623.4						600.5
Total			$	1,552.4					$	1,526.4					$	3,076.9					$	2,987.1
Operating Profit:
Intelligent Operating Solutions			$	173.2					$	161.7					$	337.3					$	295.2
Precision Technologies			115.3						136.8						264.4						260.4
Advanced Healthcare Solutions			40.2						25.4						67.7						40.8
Other			(26.9)						(32.6)						(65.4)						(64.7)
Total Operating Profit			301.8						291.3						604.0						531.7
Interest expense, net			(38.7)						(33.1)						(82.7)						(65.2)
Loss from divestiture			(25.6)						—						(25.6)						—
Other non-operating expense, net			(8.8)						(7.8)						(33.0)						(10.3)
Earnings before income taxes			$	228.7					$	250.4					$	462.7					$	456.2

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v3.24.2

Cover Page - shares	6 Months Ended
	Jun. 28, 2024	Jul. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
Document Transition Report	false
Entity File Number	1-37654
Entity Registrant Name	Fortive Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5654583
Entity Address, Address Line One	6920 Seaway Blvd
Entity Address, City or Town	Everett,
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98203
City Area Code	425
Local Phone Number	446-5000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	FTV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		350,341,685
Amendment flag	false
Document fiscal year focus	2024
Document fiscal period focus	Q2
Entity central index key	0001659166
Current fiscal year end date	--12-31
3.700% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	3.700% Notes due 2026
Trading Symbol	FTV26A
Security Exchange Name	NYSE
3.700% Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	3.700% Notes due 2029
Trading Symbol	FTV29
Security Exchange Name	NYSE

v3.24.2

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Current assets:
Cash and equivalents	$ 644.1	$ 1,888.8
Accounts receivable less allowance for doubtful accounts of $27.8 and $39.2, respectively	934.5	960.8
Inventories:
Finished goods	224.0	214.1
Work in process	116.1	108.9
Raw materials	231.9	213.9
Inventories	572.0	536.9
Prepaid expenses and other current assets	368.9	285.1
Total current assets	2,519.5	3,671.6
Property, plant and equipment, net of accumulated depreciation of $810.2 and $809.0, respectively	417.9	439.8
Other assets	540.0	518.9
Goodwill	10,216.5	9,121.7
Other intangible assets, net	3,591.1	3,159.8
Total assets	17,285.0	16,911.8
Current liabilities:
Current portion of long-term debt	383.9	0.0
Trade accounts payable	636.1	608.6
Accrued expenses and other current liabilities	1,025.8	1,182.7
Total current liabilities	2,045.8	1,791.3
Other long-term liabilities	1,337.0	1,149.0
Long-term debt	3,396.4	3,646.2
Commitments and Contingencies (Note 9)
Equity:
Common stock: $0.01 par value, 2,000.0 shares authorized; 365.6 and 363.7 issued; 350.3 and 350.7 outstanding, respectively	3.7	3.6
Additional paid-in capital	3,937.3	3,851.3
Treasury shares, at cost	(870.4)	(715.8)
Retained earnings	7,852.3	7,505.9
Accumulated other comprehensive loss	(423.6)	(326.1)
Total Fortive stockholders’ equity	10,499.3	10,318.9
Noncontrolling interests	6.5	6.4
Total stockholders’ equity	10,505.8	10,325.3
Total liabilities and equity	$ 17,285.0	$ 16,911.8

v3.24.2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 27.8	$ 39.2
Accumulated depreciation	$ 810.2	$ 809.0
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)	365,600,000	363,700,000
Common stock, shares outstanding (in shares)	350,300,000	350,700,000

v3.24.2

Consolidated Condensed Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Total sales	$ 1,552.4	$ 1,526.4	$ 3,076.9	$ 2,987.1
Total cost of sales	(624.1)	(621.0)	(1,244.4)	(1,233.5)
Gross profit	928.3	905.4	1,832.5	1,753.6
Operating costs:
Selling, general and administrative expenses	(525.4)	(514.0)	(1,086.4)	(1,021.7)
Research and development expenses	(101.1)	(100.1)	(205.2)	(200.2)
Gain on sale of property	0.0	0.0	63.1	0.0
Operating profit	301.8	291.3	604.0	531.7
Non-operating income (expense), net:
Interest expense, net	(38.7)	(33.1)	(82.7)	(65.2)
Loss from divestiture	(25.6)	0.0	(25.6)	0.0
Other non-operating expense, net	(8.8)	(7.8)	(33.0)	(10.3)
Earnings before income taxes	228.7	250.4	462.7	456.2
Income taxes	(33.6)	(41.4)	(60.2)	(73.6)
Net earnings	$ 195.1	$ 209.0	$ 402.5	$ 382.6
Net earnings per share:
Basic (in dollars per share)	$ 0.56	$ 0.59	$ 1.15	$ 1.08
Diluted (in dollars per share)	$ 0.55	$ 0.59	$ 1.13	$ 1.07
Average common stock and common equivalent shares outstanding:
Basic (in shares)	351.3	353.0	351.5	353.3
Diluted (in shares)	354.8	355.5	355.4	356.0
Sales of products and software
Total sales	$ 1,308.9	$ 1,290.8	$ 2,608.8	$ 2,527.4
Total cost of sales	(500.2)	(500.1)	(992.2)	(985.2)
Sales of services
Total sales	243.5	235.6	468.1	459.7
Total cost of sales	$ (123.9)	$ (120.9)	$ (252.2)	$ (248.3)

v3.24.2

Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 195.1	$ 209.0	$ 402.5	$ 382.6
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments	(21.1)	(7.4)	(97.6)	6.0
Pension adjustments	0.0	(0.2)	0.1	(0.2)
Total other comprehensive income (loss), net of income taxes	(21.1)	(7.6)	(97.5)	5.8
Comprehensive income	$ 174.0	$ 201.4	$ 305.0	$ 388.4

v3.24.2

Consolidated Condensed Statements of Changes in Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Treasury Shares	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022		352,900,000
Beginning balance at Dec. 31, 2022		$ 3.6	$ 3,706.3	$ (442.9)	$ 6,742.1	$ (325.7)	$ 5.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period					173.6
Dividends to common shareholders	$ (24.7)				(24.7)
Other comprehensive income (loss)						13.4
Common stock-based award activity (in shares)		800,000
Common stock-based award activity			36.3
Shares withheld for taxes (in shares)		(200,000)
Shares withheld for taxes			(12.1)
Change in noncontrolling interests							0.6
Ending balance (in shares) at Mar. 31, 2023		353,500,000
Ending balance at Mar. 31, 2023		$ 3.6	3,730.5	(442.9)	6,891.0	(312.3)	5.8
Beginning balance (in shares) at Dec. 31, 2022		352,900,000
Beginning balance at Dec. 31, 2022		$ 3.6	3,706.3	(442.9)	6,742.1	(325.7)	5.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	382.6
Dividends to common shareholders	(49.3)
Other comprehensive income (loss)	5.8
Ending balance (in shares) at Jun. 30, 2023		351,900,000
Ending balance at Jun. 30, 2023		$ 3.6	3,778.7	(572.0)	7,075.4	(319.9)	6.0
Beginning balance (in shares) at Mar. 31, 2023		353,500,000
Beginning balance at Mar. 31, 2023		$ 3.6	3,730.5	(442.9)	6,891.0	(312.3)	5.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	209.0				209.0
Dividends to common shareholders	(24.6)				(24.6)
Other comprehensive income (loss)	$ (7.6)					(7.6)
Common stock-based award activity (in shares)		500,000
Common stock-based award activity			52.3
Common stock repurchases (in shares)		(2,000,000.0)
Common stock repurchases				(129.1)
Shares withheld for taxes (in shares)		(100,000)
Shares withheld for taxes			(4.1)
Change in noncontrolling interests							0.2
Ending balance (in shares) at Jun. 30, 2023		351,900,000
Ending balance at Jun. 30, 2023		$ 3.6	3,778.7	(572.0)	7,075.4	(319.9)	6.0
Beginning balance (in shares) at Dec. 31, 2023	350,700,000	350,700,000
Beginning balance at Dec. 31, 2023	$ 10,325.3	$ 3.6	3,851.3	(715.8)	7,505.9	(326.1)	6.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period					207.4
Dividends to common shareholders	$ (28.1)				(28.1)
Other comprehensive income (loss)						(76.4)
Common stock-based award activity (in shares)		1,500,000
Common stock-based award activity		$ 0.1	73.2
Shares withheld for taxes (in shares)		(200,000)
Shares withheld for taxes			(18.4)
Ending balance (in shares) at Mar. 29, 2024		352,000,000.0
Ending balance at Mar. 29, 2024		$ 3.7	3,906.1	(715.8)	7,685.2	(402.5)	6.4
Beginning balance (in shares) at Dec. 31, 2023	350,700,000	350,700,000
Beginning balance at Dec. 31, 2023	$ 10,325.3	$ 3.6	3,851.3	(715.8)	7,505.9	(326.1)	6.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	402.5
Dividends to common shareholders	(56.1)
Other comprehensive income (loss)	$ (97.5)
Ending balance (in shares) at Jun. 28, 2024	350,300,000	350,300,000
Ending balance at Jun. 28, 2024	$ 10,505.8	$ 3.7	3,937.3	(870.4)	7,852.3	(423.6)	6.5
Beginning balance (in shares) at Mar. 29, 2024		352,000,000.0
Beginning balance at Mar. 29, 2024		$ 3.7	3,906.1	(715.8)	7,685.2	(402.5)	6.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	195.1				195.1
Dividends to common shareholders	(28.0)				(28.0)
Other comprehensive income (loss)	$ (21.1)					(21.1)
Common stock-based award activity (in shares)		300,000
Common stock-based award activity			35.0
Common stock repurchases (in shares)		(2,000,000.0)
Common stock repurchases				(154.6)
Shares withheld for taxes			3.8
Change in noncontrolling interests							0.1
Ending balance (in shares) at Jun. 28, 2024	350,300,000	350,300,000
Ending balance at Jun. 28, 2024	$ 10,505.8	$ 3.7	$ 3,937.3	$ (870.4)	$ 7,852.3	$ (423.6)	$ 6.5

v3.24.2

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net earnings	$ 402.5	$ 382.6
Noncash items:
Amortization	227.1	184.2
Depreciation	46.2	42.1
Stock-based compensation expense	53.1	55.7
Gain on sale of property	(63.1)	0.0
Loss from divestiture	25.6	0.0
Change in trade accounts receivable, net	24.6	26.0
Change in inventories	(12.0)	(27.4)
Change in trade accounts payable	30.7	(36.4)
Change in prepaid expenses and other assets	(11.5)	(13.1)
Change in accrued expenses and other liabilities	(157.6)	(118.3)
Net cash provided by operating activities	565.6	495.4
Cash flows from investing activities:
Cash paid for acquisitions, net of cash received	(1,721.8)	0.0
Payments for additions to property, plant and equipment	(55.6)	(45.8)
Proceeds from sale of property	10.8	4.9
Cash infusion into divestiture	(14.0)	0.0
All other investing activities	(1.6)	0.0
Net cash used in investing activities	(1,782.2)	(40.9)
Cash flows from financing activities:
Net proceeds from (repayments of) commercial paper borrowings	(571.5)	(268.6)
Proceeds from borrowings (maturities greater than 90 days), net of issuance costs	1,733.5	0.0
Repayment of borrowings (maturities greater than 90 days)	(1,000.0)	0.0
Repurchase of common shares	(152.9)	(129.1)
Payment of dividends	(56.1)	(49.3)
All other financing activities	31.9	5.6
Net cash used in financing activities	(15.1)	(441.4)
Effect of exchange rate changes on cash and equivalents	(13.0)	(9.5)
Net change in cash and equivalents	(1,244.7)	3.6
Beginning balance of cash and equivalents	1,888.8	709.2
Ending balance of cash and equivalents	$ 644.1	$ 712.8

v3.24.2

BUSINESS OVERVIEW	6 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS OVERVIEW	NOTE 1. BUSINESS OVERVIEW Fortive Corporation (“Fortive,” “the Company,” “we,” “us,” or “our”) is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Our strategic segments - Intelligent Operating Solutions (“IOS”), Precision Technologies (“PT”), and Advanced Healthcare Solutions (“AHS”) - include well-known brands with leading positions in their markets. Our businesses design, develop, manufacture, and service professional and engineered products, software, and services, building upon leading brand names, innovative technologies, and significant market positions. Our research and development, manufacturing, sales, distribution, service, and administrative facilities are located in more than 50 countries around the world. 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 omitted pursuant to such rules and regulations; however, we believe the disclosures are adequate to make the information presented not misleading. The unaudited 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, 2023 and the footnotes (“Notes”) thereto included within our 2023 Annual Report on Form 10-K. In our opinion, the accompanying financial statements contain all adjustments, which consist of only normal, recurring accruals necessary to fairly present our financial position, results of operations, comprehensive income, stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and six months ended June 28, 2024, are not necessarily indicative of the results for the full year. Segment Realignment and Divestiture In January 2024, we realigned Invetech from the AHS segment to the PT segment (the “Segment Realignment”) based on our strategic decision to divest the equipment design and manufacturing businesses of Invetech, while retaining the motion solution businesses (the “Motion Solution Business”) that are more closely aligned with the PT segment than the AHS segment. Prior period segment amounts in Note 3, 6, and 11 have been recast to conform to the revised segment presentation. In June 2024, we divested and transferred ownership of Invetech, excluding the Motion Solution Business, to its management team (the “Invetech Divestiture”). As a result of the divestiture, in the three and six-month periods ended June 28, 2024, we recorded a net realized loss of $25.6 million, which is identified as “Loss from divestiture” in the Consolidated Condensed Statements of Earnings. The divested businesses accounted for less than 1.0% of total revenue and less than 1.0% of total assets for the fiscal year ended December 31, 2023. The Invetech Divestiture did not represent a strategic shift with a major effect on the Company’s operations and financial results, and therefore the divested businesses are not reported as discontinued operations. Accumulated Other Comprehensive Loss Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. As of June 28, 2024, our outstanding €500 million Euro-denominated senior unsecured notes due 2026, €700 million Euro-denominated senior unsecured notes due 2029, €275 million Euro-denominated term loan, and ¥14.4 billion Yen-denominated term loan were designated as net investment hedges of our investment in applicable foreign operations. We recognized after-tax foreign currency transaction gains of $13.0 million and $5.1 million during the three-month periods ended June 28, 2024 and June 30, 2023, respectively, and gains of $21.4 million of $3.4 million during the six-month periods ended June 28, 2024 and June 30, 2023, respectively, on the debt that was deferred in the foreign currency translation component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and six-month periods ended June 28, 2024 and June 30, 2023. The changes in AOCI by component are summarized below ($ in millions): Foreign currency translation adjustments Pension & post-retirement plan benefit adjustments (a) Total For the Three Months Ended June 28, 2024: Balance, March 29, 2024 $ (368.2) $ (34.3) $ (402.5) Other comprehensive income (loss) before reclassifications, net of income taxes (28.1) —  (28.1) Amounts reclassified from AOCI into income: Increase (decrease) 7.0  (b) 0.1  (c) 7.1  Income tax impact —  (0.1) (0.1) Amounts reclassified from AOCI into income, net of income taxes 7.0  —  7.0  Net current period other comprehensive income (loss), net of income taxes (21.1) —  (21.1) Balance, June 28, 2024 $ (389.3) $ (34.3) $ (423.6) For the Three Months Ended June 30, 2023: Balance, March 31, 2023 $ (288.0) $ (24.3) $ (312.3) Other comprehensive income (loss) before reclassifications, net of income taxes (7.4) —  (7.4) Amounts reclassified from AOCI into income: Increase (decrease) —  (0.5) (c) (0.5) Income tax impact —  0.3  0.3  Amounts reclassified from AOCI into income, net of income taxes —  (0.2) (0.2) Net current period other comprehensive income (loss), net of income taxes (7.4) (0.2) (7.6) Balance, June 30, 2023 $ (295.4) $ (24.5) $ (319.9) (a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. (b) This amount relates to the cumulative translation adjustment recognized in earnings upon the Invetech Divestiture. Refer to Note 1 for additional details. (c) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 11 in our 2023 Annual Report on Form 10-K for additional details). Foreign currency translation adjustments Pension & post-retirement plan benefit adjustments (a) Total For the Six Months Ended June 28, 2024: Balance, December 31, 2023 $ (291.7) $ (34.4) $ (326.1) Other comprehensive income (loss) before reclassifications, net of income taxes (104.6) —  (104.6) Amounts reclassified from AOCI into income: Increase (decrease) 7.0  (b) 0.2  (c) 7.2  Income tax impact —  (0.1) (0.1) Amounts reclassified from AOCI into income, net of income taxes 7.0  0.1  7.1  Net current period other comprehensive income (loss) (97.6) 0.1  (97.5) Balance, June 28, 2024 $ (389.3) $ (34.3) $ (423.6) For the Six Months Ended June 30, 2023: Balance, December 31, 2022 $ (301.4) $ (24.3) $ (325.7) Other comprehensive income (loss) before reclassifications, net of income taxes 6.0  —  6.0  Amounts reclassified from AOCI into income: Increase (decrease) —  (0.4) (c) (0.4) Income tax impact —  0.2  0.2  Amounts reclassified from AOCI into income, net of income taxes —  (0.2) (0.2) Net current period other comprehensive income (loss) 6.0  (0.2) 5.8  Balance, June 30, 2023 $ (295.4) $ (24.5) $ (319.9) (a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. (b) This amount relates to the cumulative translation adjustment recognized in earnings upon the Invetech Divestiture. Refer to Note 1 for additional details. (c) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 11 in our 2023 Annual Report on Form 10-K for additional details). Allowances for Doubtful Accounts All trade accounts and unbilled receivables are recorded in the Consolidated Condensed Balance Sheets 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 and trade accounts receivable portfolios over the life of the underlying assets. 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. During the three and six-month periods ending June 28, 2024 and June 30, 2023, the activity was immaterial. Property Sale On March 14, 2024, we sold land and certain office buildings in our PT segment for $90 million, for which we received $20 million in cash proceeds and a $70 million promissory note secured by a letter of credit, with principal due in August and November 2024. The promissory note is recorded within Prepaid expenses and other current assets. During the six-month period ended June 28, 2024, we recorded a gain on sale of property of $63.1 million in the Consolidated Condensed Statements of Earnings. Concurrently, using a portion of the proceeds from the property sale, we entered into an arm’s length transaction with the Fortive Foundation (the “Foundation”), pledging a charitable contribution of $20 million, which had no donor imposed conditions or restrictions. The Foundation, a not-for-profit entity established to expand our philanthropic efforts, is a related party due to certain Fortive executives serving as members of the entity’s board of directors. The charitable contribution is recorded within the “Other non-operating expense, net” line in the Consolidated Condensed Statements of Earnings and the liability related to the pledged donation is recorded within Accrued expenses and other current liabilities in the Consolidated Condensed Balance Sheets. Restructuring We initiated a discrete restructuring plan in the first quarter of 2023 that was completed during the fourth quarter of 2023. The nature of these activities were broadly consistent throughout our segments and consisted primarily of targeted workforce reductions in response to overall macroeconomic and other external conditions. We incurred these costs to position ourselves to provide superior products and services to customers in a cost-efficient manner, while taking into consideration the impact of broad economic uncertainties. During the three and six-month periods ended June 30, 2023, we incurred charges of $10.7 million and $28.3 million, respectively. These charges are recorded within Cost of sales and Selling, general, and administrative expenses in the Consolidated Condensed Statements of Earnings. Accrued restructuring costs were $10 million and $26 million as of June 28, 2024 and December 31, 2023 and are recorded within Accrued expenses and other current liabilities in the Consolidated Condensed Balance Sheets. Recently Issued Accounting Standard In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which amends the disclosure requirements for reportable segments on the interim and annual basis. This standard is effective for fiscal year ending December 31, 2024 and interim periods within fiscal year ending December 31, 2025. The adoption of the standard will not impact our consolidated financial statements; however, we are currently evaluating the impact of the new disclosure requirements on the notes to the financial statements. Upon adoption, we will update the applicable interim and annual disclosures to align with the new standard. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which amends certain disclosure requirements related to income taxes on an annual basis. This standard is effective for fiscal year ending December 31, 2025. This standard should be applied on a prospective basis, with retrospective application permitted. The adoption of the standard will not impact our consolidated financial statements; however, we are currently evaluating the impact of the new disclosure requirements on the notes to the financial statements. We will update the applicable annual disclosures to align with the new standard.

v3.24.2

ACQUISITIONS	6 Months Ended
	Jun. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	NOTE 2. ACQUISITIONS We continually evaluate potential mergers and acquisitions that align with our business portfolio strategy. We have completed a number of acquisitions that have been accounted for as purchases of businesses and resulted in the recognition of goodwill in our financial statements. This goodwill arises when the purchase price for an acquired business exceeds its identifiable assets, net of liabilities. The purchase price for acquired businesses reflect a number of factors, including the future earnings and cash flow potential of the business, the strategic fit and resulting synergies from the complementary portfolio of the acquired business to our existing operations, industry expertise, and market access. The purchase price allocation is provisional and is subject to further adjustments as we finalize the measurement of the acquired tangible and intangible assets and liabilities, as well as the associated income tax considerations. The preliminary fair value of the net assets acquired was based on several estimates and assumptions. As additional information necessary to complete the valuation is obtained and analyzed, we will make appropriate adjustments to purchase price allocations prior to completion of the applicable measurement period, as required and as soon as practicable. During the three and six-month periods ended June 28, 2024, immaterial adjustments were made to the purchase price allocation of prior year acquisitions. 2024 On January 3, 2024, we acquired EA Elektro-Automatik Holding GmbH (“EA”), a leading supplier of high-power electronic test solutions for energy storage, mobility, hydrogen, and renewable energy applications. The acquisition of EA will bolster our innovative portfolio of products and services for engineers with complementary test and measurement solutions enabling the global energy transition. The total consideration paid was approximately $1.72 billion, net of acquired cash. We funded this transaction with financing activities and available cash. We recorded approximately $1.17 billion of goodwill within our PT segment related to the EA acquisition, which is not tax deductible. For the three and six-month periods ended June 28, 2024, we incurred approximately $0.2 million and $27.4 million, respectively, of pretax transaction-related costs related to the EA acquisition, which were primarily for banking fees, legal fees, and amounts paid to other third-party advisers. These costs were recorded within Selling, general, and administrative expenses in the Consolidated Condensed Statement of Earnings. The following table summarizes the preliminary estimated acquisition date fair values of the assets acquired and liabilities assumed as of June 28, 2024 ($ in millions): Total Accounts receivable $ 21.5  Inventories 35.6  Property, plant and equipment 18.9  Goodwill 1,172.6  Other intangible assets (customer relationships, technology, and trade names) 681.2  Deferred tax liabilities (189.1) Other assets and liabilities, net (22.5) Net cash consideration $ 1,718.2  2023 During 2023, we made four acquisitions (“the 2023 acquisitions”) in our IOS segment for an aggregate cash consideration of $101.4 million, which includes an immaterial deferred payment, net of acquired cash. The 2023 acquisitions are intended to accelerate our strategy and strengthen our product portfolio, providing world-class solutions to our customers. We recorded approximately $55.6 million of goodwill related to the acquisitions, which is not tax deductible, as well as $43.2 million of intangible assets, primarily consisting of customer relationships, technology, and trade names. All other acquired assets and assumed liabilities are immaterial.

v3.24.2

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 3. GOODWILL AND OTHER INTANGIBLE ASSETS The following is a roll forward of our carrying value of goodwill by segment ($ in millions): Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Total Goodwill Balance, December 31, 2023 $ 4,148.9  $ 1,856.5  $ 3,116.3  $ 9,121.7  Measurement period adjustments for prior year acquisitions (1.1) —  —  (1.1) Attributable to acquisitions —  1,172.6  —  1,172.6  Foreign currency translation and other (12.7) (49.0) (15.0) (76.7) Balance, June 28, 2024 $ 4,135.1  $ 2,980.1  $ 3,101.3  $ 10,216.5  Due to the Segment Realignment, the beginning goodwill balances for PT and AHS have been recast to conform to the revised segment presentation. Refer to Note 1 for further information on the realignment. Refer to Note 2 for more information related to goodwill attributable to acquisitions. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset ($ in millions): June 28, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangibles: Patents and technology $ 1,276.5  $ (753.3) $ 1,139.6  $ (687.1) Customer relationships and other intangibles 4,026.6  (1,715.4) 3,568.0  (1,573.2) Trademarks and trade names 174.5  (27.4) 117.7  (19.8) Total finite-lived intangibles 5,477.6  (2,496.1) 4,825.3  (2,280.1) Indefinite-lived intangibles: Trademarks and trade names 609.6  —  614.6  —  Total intangibles $ 6,087.2  $ (2,496.1) $ 5,439.9  $ (2,280.1) Finite-lived intangible assets are amortized over the shorter of their legal or estimated useful lives. During the six-month period ended June 28, 2024, we acquired finite-lived intangible assets, consisting of customer relationships, developed technology, and trade names, with a weighted average life of approximately 9 years as a result of the EA acquisition. Refer to Note 2 for additional information on the intangible assets acquired.

v3.24.2

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 4. FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value for assets and liabilities required to be carried at fair value, and provide for certain disclosures related to the valuation methods used within the 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. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Below is a summary of financial liabilities that are measured at fair value on a recurring basis ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total June 28, 2024 Deferred compensation liabilities $ —  $ 43.9  $ —  $ 43.9  December 31, 2023 Deferred compensation liabilities —  39.9  —  39.9  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 recorded within Other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Participants may choose among alternative earning 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 and are recorded within Selling, general and administrative expenses in the Consolidated Condensed Statements of Earnings. Non-recurring 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. We evaluated events or circumstances that may indicate the carrying value of our non-financial assets may not be fully recoverable during the three and six-month periods ended June 28, 2024, and recorded no impairments. Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are as follows ($ in millions): June 28, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 383.9  $ 384.0  $ —  $ —  Long-term debt, net of current maturities 3,396.4  3,281.3  3,646.2  3,539.4  As of June 28, 2024 and December 31, 2023, the current portion of long-term debt and long-term debt, net of current maturities were categorized as Level 1. The fair value of the long-term borrowings 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 borrowing. The fair value of cash and equivalents, trade accounts receivable, net, trade accounts payable, and commercial paper approximates their carrying amount due to the short-term maturities of these instruments.

v3.24.2

FINANCING	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
FINANCING	NOTE 5. FINANCING The components of our debt were as follows ($ in millions): June 28, 2024 December 31, 2023 U.S. dollar-denominated commercial paper $ 675.0  $ 1,251.2  3.7% Euro-denominated senior unsecured notes due 2026 535.7  —  3.7% Euro-denominated senior unsecured notes due 2029 749.9  —  Euro Term Loan due 2025 294.6  303.6  Yen Term Loan due 2025 89.5  102.1  3.15% senior unsecured notes due 2026 900.0  900.0  4.30% senior unsecured notes due 2046 550.0  550.0  Delayed-Draw Term Loan due 2024 —  550.0  Long-term debt, principal amounts 3,794.7  3,656.9  Less: aggregate unamortized debt discounts, premiums, and issuance costs 14.4  10.7  Long-term debt, carrying value 3,780.3  3,646.2  Less: current portion of long-term debt, carrying value 383.9  —  Long-term debt, net of current maturities $ 3,396.4  $ 3,646.2  Refer to Note 10 of our 2023 Annual Report on Form 10-K for further details of our debt financing. Euro-denominated Senior Unsecured Notes Due 2026 and 2029 On February 13, 2024, we completed the registered offering of the following Euro-denominated senior unsecured notes: •€500 million in aggregate principal amount of our 3.7% Euro-denominated senior unsecured notes due 2026 (the “2026 Notes”) issued at 99.928% of their principal amount and bearing interest at 3.7% per annum. The 2026 Notes mature on February 13, 2026 with interest payable in arrears on February 13 of each year, beginning in 2025. •€700 million in aggregate principal amount of our 3.7% Euro-denominated senior unsecured notes due 2029 (the “2029 Notes”) issued at 99.943% of their principal amount and bearing interest at 3.7% per annum. The 2029 Notes mature on August 15, 2029 with interest payable in arrears on August 15 of each year, beginning in 2024. The net proceeds from the offering, after underwriting discounts and commissions and offering expenses, were approximately $1.3 billion based on the currency exchange rates at which the Euro denominated proceeds were converted into U.S. dollars. We used the net proceeds to refinance the $1.0 billion outstanding principal of the Delayed-Draw Term Loan Due 2024, refinance borrowings under the U.S. dollar-denominated commercial paper, and for general corporate purposes. Redemption Provisions and Covenants Applicable to 2026 and 2029 Notes Prior to July 15, 2029 for the 2029 Notes, and prior to maturity for the 2026 Notes, we may redeem the applicable series of notes at our option, in whole or in part, at any time and from time to time, at the applicable make-whole redemption price specified in the indentures. On or after July 15, 2029, we may redeem the 2029 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. We may, at our option, redeem the applicable series of notes, in whole but not in part, at a redemption price equal to 100% of the principal amount of such series of notes to be redeemed, together with any accrued and unpaid interest thereon to, but not including, the redemption date, at any time, if as a result of any change in, or amendment to, the laws, regulations, treaties, or rulings of the United States or any political subdivision of or in the United States or any taxing authority thereof or therein affecting taxation, or any change in, or amendment to, the application, official interpretation, administration or enforcement of such laws, regulations, treaties or rulings (including a holding by a court of competent jurisdiction in the United States), which change or amendment is enacted, adopted, announced or become effective, we become or, based upon a written opinion of independent counsel selected by us, will become obligated to pay additional amounts with respect to the applicable series of notes. If a change of control triggering event occurs, we will, in certain circumstances, be required to make an offer to repurchase the notes from each holder at a purchase price equal to 101% of the principal amount of the notes being repurchased, plus accrued and unpaid interest to, but not including the repurchase date. A change of control triggering event is defined as the occurrence of both a change of control and a rating event, each as defined in the indentures. Except in connection with a change of control triggering event, the 2026 Notes and 2029 Notes do not have any credit rating downgrade triggers that would accelerate the maturity of the notes. The 2026 Notes and 2029 Notes contain customary covenants. None of these covenants are considered restrictive to our operations and as of June 28, 2024, we were in compliance with all of our covenants. Delayed-Draw Term Loan due 2024 On January 2, 2024, we drew down an additional $450 million of the Delayed-Draw Term Loan due 2024 as part of the funding for the acquisition of EA, with $1.0 billion outstanding immediately following such additional draw. Refer to Note 2 for additional information regarding the EA acquisition. On February 13, 2024, we used the net proceeds from the 2026 Notes and 2029 Notes to refinance the entire $1.0 billion outstanding principal and accrued interest thereon. Other Liquidity Sources We generally satisfy any short-term liquidity needs that are not met through operating cash flows and available cash primarily through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Under these programs, we may issue unsecured promissory notes with maturities not exceeding 397 and 183 days, respectively. Interest expense on commercial paper is paid at maturity and is generally based on our credit ratings at the time of issuance and prevailing short-term interest rates. The details of our outstanding Commercial Paper Programs as of June 28, 2024 were as follows ($ in millions): Carrying value (a) Annual effective rate Weighted average maturity (in days) U.S. dollar-denominated commercial paper $ 673.0  5.53  % 32 (a) Net of unamortized debt discount. Credit support for the Commercial Paper Programs is provided by a five-year $2.0 billion senior unsecured revolving credit facility that expires on October 18, 2027 (the “Revolving Credit Facility”) which, to the extent not otherwise providing credit support for our commercial paper programs, can also be used for working capital and other general corporate purposes. As of June 28, 2024, no borrowings were outstanding under the Revolving Credit Facility. We classified our borrowings outstanding under the Commercial Paper Programs as Long-term debt in the accompanying Consolidated Condensed Balance Sheets 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.

v3.24.2

SALES	6 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
SALES	NOTE 6. SALES We derive revenue primarily from the sales of products, including software, and services. Revenue is recognized when control of promised products or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products, software, or services.  Product sales include revenue from the sale of products and equipment, which includes our software and software as a service (“SaaS”) product offerings and equipment rentals. Service sales include revenues from extended warranties, post-contract customer support (“PCS”), maintenance contracts or services, contract labor to perform ongoing service at a customer location, services related to previously sold products, and software implementation services. 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 $109 million as of June 28, 2024 and $108 million as of December 31, 2023. Contract assets are recorded within Prepaid expenses and other current assets in our Consolidated Condensed Balance Sheets. Contract Costs — We incur and capitalize incremental costs to obtain certain contracts, typically sales-related commissions where the amortization period is greater than one year and costs associated with assets used by our customers in certain service arrangements. As of June 28, 2024 and December 31, 2023, we had $52 million and $51 million, respectively, in net revenue-related contract costs primarily related to certain software contracts. Revenue-related contract costs are recorded within Other assets in our Consolidated Condensed Balance Sheets. These assets have estimated useful lives between three and five years. Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to subscription-based software contracts, PCS and extended warranty sales, where we generally receive up-front payment and recognize revenue over the service or support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of deferred revenue is recorded within Accrued expenses and other current liabilities and the noncurrent portion of deferred revenue is recorded within Other long-term liabilities in our Consolidated Condensed Balance Sheets. Our contract liabilities consisted of the following ($ in millions): June 28, 2024 December 31, 2023 Deferred revenue - current $ 518.3  $ 544.6  Deferred revenue - noncurrent 45.7  45.8  Total contract liabilities $ 564.0  $ 590.4  During the three and six-month periods ended June 28, 2024, we recognized revenue related to our contract liabilities at December 31, 2023 of $121 million and $317 million, respectively. The change in our contract liabilities from December 31, 2023 to June 28, 2024 was primarily due to the timing of billings and revenue recognized for subscription-based software contracts, PCS and extended warranty services. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, non-cancelable orders and the average contract value for software contracts, for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below. The aggregate remaining performance obligations attributable to each of our segments is as follows ($ in millions): June 28, 2024 Intelligent Operating Solutions $ 571.6  Precision Technologies 62.1  Advanced Healthcare Solutions 71.5  Total remaining performance obligations $ 705.2  The majority of remaining performance obligations are related to service and support contracts, which we expect to fulfill approximately 80 percent within the next two years, approximately 95 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, 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. Due to the Segment Realignment, prior period segment amounts have been recast to conform to the revised segment presentation. Refer to Note 1 for further information on the realignment. Disaggregation of revenue for the three-month period ended June 28, 2024 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions     Sales: Sales of products and software $ 1,308.9  $ 563.3  $ 490.3  $ 255.3  Sales of services 243.5  113.7  61.5  68.3  Total $ 1,552.4  $ 677.0  $ 551.8  $ 323.6  Geographic: United States $ 840.3  $ 380.8  $ 281.0  $ 178.5  China 165.1  53.2  86.6  25.3  All other (each country individually less than 5% of total sales) 547.0  243.0  184.2  119.8  Total $ 1,552.4  $ 677.0  $ 551.8  $ 323.6  End markets:(a) Direct sales:   Healthcare $ 368.9  $ 11.1  $ 51.5  $ 306.3    Industrial & Manufacturing 329.7  236.0  89.1  4.6    Government 142.2  80.3  52.6  9.3    Utilities & Power 104.1  48.8  55.3  —    Communications, Electronics & Semiconductor 94.5  25.5  69.0  —    Aerospace & Defense 83.4  0.1  83.3  —    Retail & Consumer 80.6  65.5  15.1  —    Oil & Gas 72.1  69.3  2.8  —    Other 175.9  100.0  75.9  —       Total direct sales 1,451.4  636.6  494.6  320.2  Distributors 101.0  40.4  57.2  3.4  Total $ 1,552.4  $ 677.0  $ 551.8  $ 323.6  (a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer. Disaggregation of revenue for the three-month period ended June 30, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions     Sales: Sales of products and software $ 1,290.8  $ 546.4  $ 499.8  $ 244.6  Sales of services 235.6  106.7  60.5  68.4  Total $ 1,526.4  $ 653.1  $ 560.3  $ 313.0  Geographic: United States $ 827.8  $ 362.0  $ 290.7  $ 175.1  China 178.9  58.6  94.2  26.1  All other (each country individually less than 5% of total sales) 519.7  232.5  175.4  111.8  Total $ 1,526.4  $ 653.1  $ 560.3  $ 313.0  End markets:(a) Direct sales:   Healthcare $ 359.6  $ 11.6  $ 54.6  $ 293.4    Industrial & Manufacturing 357.8  232.6  120.7  4.5    Government 132.9  77.2  47.0  8.7    Utilities & Power 104.6  46.3  58.3  —    Communications, Electronics & Semiconductor 97.4  23.3  74.1  —    Aerospace & Defense 76.3  0.2  76.1  —    Retail & Consumer 84.4  62.1  22.3  —    Oil & Gas 71.6  67.6  4.0  —    Other 181.6  100.1  81.5  —       Total direct sales 1,466.2  621.0  538.6  306.6  Distributors 60.2  32.1  21.7  6.4  Total $ 1,526.4  $ 653.1  $ 560.3  $ 313.0  (a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer. Disaggregation of revenue for the six-month period ended June 28, 2024 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions     Sales: Sales of products and software $ 2,608.8  $ 1,130.2  $ 990.9  $ 487.7  Sales of services 468.1  212.5  119.9  135.7  Total $ 3,076.9  $ 1,342.7  $ 1,110.8  $ 623.4  Geographic: United States $ 1,630.2  $ 730.3  $ 555.1  $ 344.8  China 341.4  120.3  169.5  51.6  All other (each country individually less than 5% of total sales) 1,105.3  492.1  386.2  227.0  Total $ 3,076.9  $ 1,342.7  $ 1,110.8  $ 623.4  End markets:(a) Direct sales:   Healthcare $ 706.1  $ 22.4  $ 94.7  $ 589.0    Industrial & Manufacturing 680.0  478.2  192.6  9.2    Government 268.4  149.8  100.2  18.4    Utilities & Power 206.0  98.0  108.0  —    Communications, Electronics & Semiconductor 184.9  53.4  131.5  —    Aerospace & Defense 166.8  0.2  166.6  —    Retail & Consumer 157.4  127.2  30.2  —    Oil & Gas 144.8  138.8  6.0  —    Other 364.1  195.9  168.2  —       Total direct sales 2,878.5  1,263.9  998.0  616.6  Distributors 198.4  78.8  112.8  6.8  Total $ 3,076.9  $ 1,342.7  $ 1,110.8  $ 623.4  (a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer. Disaggregation of revenue for the six-month period ended June 30, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions     Sales: Sales of products and software $ 2,527.4  $ 1,083.8  $ 978.1  $ 465.5  Sales of services 459.7  201.4  123.3  135.0  Total $ 2,987.1  $ 1,285.2  $ 1,101.4  $ 600.5  Geographic: United States $ 1,599.3  $ 702.1  $ 561.3  $ 335.9  China 360.3  123.5  186.4  50.4  All other (each country individually less than 5% of total sales) 1,027.5  459.6  353.7  214.2  Total $ 2,987.1  $ 1,285.2  $ 1,101.4  $ 600.5  End markets:(a) Direct sales:   Healthcare $ 699.0  $ 22.5  $ 111.6  $ 564.9    Industrial & Manufacturing 711.0  460.9  241.3  8.8    Government 244.0  139.0  87.9  17.1    Utilities & Power 203.5  93.6  109.9  —    Communications, Electronics & Semiconductor 203.3  48.9  154.4  —    Aerospace & Defense 143.9  0.3  143.6  —    Retail & Consumer 167.3  124.4  42.9  —    Oil & Gas 141.9  133.5  8.4  —    Other 351.7  195.1  156.6  —       Total direct sales 2,865.6  1,218.2  1,056.6  590.8  Distributors 121.5  67.0  44.8  9.7  Total $ 2,987.1  $ 1,285.2  $ 1,101.4  $ 600.5  (a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer.

v3.24.2

INCOME TAXES	6 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7. INCOME TAXES Our effective tax rates for the three and six-month periods ended June 28, 2024 were 14.7% and 13.0%, respectively, as compared to 16.5% and 16.1%, respectively, for the three and six-month periods ended June 30, 2023. The decrease in the effective tax rate for the three-month period ended June 28, 2024 as compared to the three-month period ended June 30, 2023 was primarily related to change in valuation allowances, resulting in a benefit in the three-month period ended June 28, 2024. The decrease in the effective tax rate for the six-month period ended June 28, 2024 as compared to the six-month period ended June 30, 2023 was primarily related to cash repatriation, resulting in a discrete tax credit, and changes in valuation allowances in the six-month period ended June 28, 2024. Our effective tax rates for the three and six-month periods ended June 28 2024, differ from the U.S. federal statutory rate of 21% due primarily to the impact of credits and deductions provided by law and changes in our uncertain tax position reserves.

v3.24.2

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 8. STOCK-BASED COMPENSATION The 2016 Stock Incentive Plan (the “Stock Plan”), provides for the grant of stock appreciation rights, restricted stock units, and performance stock units (collectively, “Stock Awards”), stock options, or any other stock-based award. As of June 28, 2024, approximately 12 million shares of our common stock were available for subsequent issuance under the Stock Plan. For a full description of our Stock Plan, refer to Note 15 of our 2023 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 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 Six Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Stock Awards: Pretax compensation expense $ 15.6  $ 19.9  $ 37.1  $ 38.0  Income tax benefit (2.9) (2.7) (5.5) (5.3) Stock Award expense, net of income taxes 12.7  17.2  31.6  32.7  Stock options: Pretax compensation expense 8.6  9.1  16.0  17.7  Income tax benefit (1.2) (1.3) (2.3) (2.5) Stock option expense, net of income taxes 7.4  7.8  13.7  15.2  Total stock-based compensation: Pretax compensation expense 24.2  29.0  53.1  55.7  Income tax benefit (4.1) (4.0) (7.8) (7.8) Total stock-based compensation expense, net of income taxes $ 20.1  $ 25.0  $ 45.3  $ 47.9  The following summarizes the unrecognized compensation cost for the Stock Plan awards as of June 28, 2024. 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 $ 53.3  Stock options 135.7  Total unrecognized compensation cost $ 189.0

v3.24.2

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9. COMMITMENTS AND CONTINGENCIES For a description of our litigation and contingencies and additional information about our leases, refer to Note 14 and Note 9, respectively, in our 2023 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. During the three and six-month periods ended June 28, 2024 and June 30, 2023, warranty related activity was immaterial. Leases Operating lease costs for both the three-month periods ended June 28, 2024 and June 30, 2023 were $12 million. Operating lease costs for the six-month periods ended June 28, 2024 and June 30, 2023 were $25 million and $24 million, respectively. During both the six-month periods ended June 28, 2024 and June 30, 2023, cash paid for operating leases included in operating cash flows was $24 million. Right-of-use (“ROU”) assets obtained in exchange for operating lease obligations were $10 million and $18 million during the six-month periods ended June 28, 2024 and June 30, 2023, respectively. Operating lease ROU assets were $159 million and $155 million as of June 28, 2024 and December 31, 2023, respectively. Operating lease liabilities were $166 million and $164 million as of June 28, 2024 and December 31, 2023, respectively. Operating lease ROU assets and operating lease liabilities are recorded in the Consolidated Condensed Balance Sheets within Other assets, Accrued expenses and other current liabilities, and Other long-term liabilities, respectively. Other Matters We discovered that a subsidiary of ours made certain incorrect representations regarding status as a small business concern as defined by the Small Business Act for certain contracts that it was awarded by the Defense Logistics Agency (“DLA”). As a result, on January 26, 2024, we voluntarily notified the Department of Defense Office of Inspector General (“OIG”) and the DLA of this matter. We currently do not expect this matter to have a material adverse effect on our financial condition or results of operations. However, resolution of this matter could subject us to fines or penalties, and we cannot provide assurance as to the timing or outcome of such resolution.

v3.24.2

NET EARNINGS PER SHARE	6 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
NET EARNINGS PER SHARE	NOTE 10. 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. Anti-dilutive options excluded from the diluted EPS calculation for the three and six-month periods ended June 28, 2024 were 1.3 million and 1.2 million, respectively, and were 2.7 million for both the three and six-month periods ended June 30, 2023. 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 Six Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Numerator Net earnings $ 195.1  $ 209.0  $ 402.5  $ 382.6  Denominator Weighted average common shares outstanding used in basic earnings per share 351.3  353.0  351.5  353.3  Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 3.5  2.5  3.9  2.7  Weighted average common shares outstanding used in diluted earnings per share 354.8  355.5  355.4  356.0  Net earnings per common share - Basic $ 0.56  $ 0.59  $ 1.15  $ 1.08  Net earnings per common share - Diluted $ 0.55  $ 0.59  $ 1.13  $ 1.07  We declared and paid cash dividends per common share for the periods as presented below: Dividend Per Common Share Amount ($ in millions) 2024: First quarter $ 0.08  $ 28.1  Second quarter 0.08  28.0  Total $ 0.16  $ 56.1  2023: First quarter $ 0.07  $ 24.7  Second quarter 0.07  24.6  Total $ 0.14  $ 49.3  Share Repurchase Program On February 17, 2022, the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase up to 20 million shares of the Company's outstanding common stock from time to time on the open market or in privately negotiated transactions. There is no expiration date for the repurchase program, and the timing and amount of repurchases under the program are determined by the Company's management based on market conditions and other factors. The repurchase program may be suspended or discontinued at any time by the Board of Directors. As of December 31, 2023, there were 9 million shares remaining for repurchase under the program. On January 23, 2024, the Company’s Board of Directors increased the number of shares authorized under the share repurchase program by an additional 11 million shares. During both the three and six-month periods ended June 28, 2024 and June 30, 2023, the Company purchased 2 million shares of its common stock at an average share price of $76.43 and $64.54, respectively. As of June 28, 2024, there were 18 million shares remaining for repurchase under the program.

v3.24.2

SEGMENT INFORMATION	6 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 11. SEGMENT INFORMATION We report our results in three separate business segments consisting of IOS, PT, and AHS. Our chief operating decision maker (“CODM”) assesses performance and allocates resources based on our operating segments, which are also our reportable segments. Due to the Segment Realignment, prior period segment amounts have been recast to conform to the revised segment presentation. Refer to Note 1 for further information on the realignment. Our IOS segment provides advanced instrumentation, software and services to tens of thousands of customers enabling their mission-critical workflows. These offerings include electrical test & measurement, facility and asset lifecycle software applications, connected worker safety and compliance solutions across a range of vertical end markets, including manufacturing, process industries, healthcare, utilities and power, communications and electronics, among others. Our PT segment helps solve tough technical challenges to speed breakthroughs in a wide range of applications, from food and beverage production and manufacturing to next-generation electric vehicles and clean energy, as our customers seek new test solutions to enable the electrification and connectivity of everything. Our expertise in materials, methods and measurements are reflected in our electrical test & measurement and sensing and material technologies offered to a broad set of customers and vertical end markets, including industrial, power and energy, automotive, medical equipment, food and beverage, aerospace and defense, semiconductor, and other general industries. Our AHS segment supplies critical workflow solutions enabling healthcare providers to deliver exceptional patient care more efficiently. Our offerings include instrument sterilization solutions, instrument tracking, biomedical test tools, radiation detection and safety monitoring, and end-to-end clinical productivity software and solutions. Our healthcare offerings help ensure critical safety standards are met, instruments and operating rooms are working at peak performance, and complex procedures are followed accurately in these mission-critical healthcare environments. Our segment results are as follows ($ in millions):   Three Months Ended Six Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Sales: Intelligent Operating Solutions $ 677.0  $ 653.1  $ 1,342.7  $ 1,285.2  Precision Technologies 551.8  560.3  1,110.8  1,101.4  Advanced Healthcare Solutions 323.6  313.0  623.4  600.5  Total $ 1,552.4  $ 1,526.4  $ 3,076.9  $ 2,987.1  Operating Profit: Intelligent Operating Solutions $ 173.2  $ 161.7  $ 337.3  $ 295.2  Precision Technologies 115.3  136.8  264.4  260.4  Advanced Healthcare Solutions 40.2  25.4  67.7  40.8  Other (26.9) (32.6) (65.4) (64.7) Total Operating Profit 301.8  291.3  604.0  531.7  Interest expense, net (38.7) (33.1) (82.7) (65.2) Loss from divestiture (25.6) —  (25.6) —  Other non-operating expense, net (8.8) (7.8) (33.0) (10.3) Earnings before income taxes $ 228.7  $ 250.4  $ 462.7  $ 456.2

v3.24.2

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net earnings	$ 195.1	$ 209.0	$ 402.5	$ 382.6

v3.24.2

Insider Trading Arrangements	3 Months Ended
	Jun. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.2

BUSINESS OVERVIEW (Policies)	6 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segment Realignment and Divestiture	Segment Realignment and Divestiture In January 2024, we realigned Invetech from the AHS segment to the PT segment (the “Segment Realignment”) based on our strategic decision to divest the equipment design and manufacturing businesses of Invetech, while retaining the motion solution businesses (the “Motion Solution Business”) that are more closely aligned with the PT segment than the AHS segment. Prior period segment amounts in Note 3, 6, and 11 have been recast to conform to the revised segment presentation. In June 2024, we divested and transferred ownership of Invetech, excluding the Motion Solution Business, to its management team (the “Invetech Divestiture”). As a result of the divestiture, in the three and six-month periods ended June 28, 2024, we recorded a net realized loss of $25.6 million, which is identified as “Loss from divestiture” in the Consolidated Condensed Statements of Earnings. The divested businesses accounted for less than 1.0% of total revenue and less than 1.0% of total assets for the fiscal year ended December 31, 2023. The Invetech Divestiture did not represent a strategic shift with a major effect on the Company’s operations and financial results, and therefore the divested businesses are not reported as discontinued operations.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. As of June 28, 2024, our outstanding €500 million Euro-denominated senior unsecured notes due 2026, €700 million Euro-denominated senior unsecured notes due 2029, €275 million Euro-denominated term loan, and ¥14.4 billion Yen-denominated term loan were designated as net investment hedges of our investment in applicable foreign operations. We recognized after-tax foreign currency transaction gains of $13.0 million and $5.1 million during the three-month periods ended June 28, 2024 and June 30, 2023, respectively, and gains of $21.4 million of $3.4 million during the six-month periods ended June 28, 2024 and June 30, 2023, respectively, on the debt that was deferred in the foreign currency translation component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and six-month periods ended June 28, 2024 and June 30, 2023.
Allowances for Doubtful Accounts	Allowances for Doubtful Accounts All trade accounts and unbilled receivables are recorded in the Consolidated Condensed Balance Sheets 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 and trade accounts receivable portfolios over the life of the underlying assets. 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. During the three and six-month periods ending June 28, 2024 and June 30, 2023, the activity was immaterial.
Restructuring	Restructuring We initiated a discrete restructuring plan in the first quarter of 2023 that was completed during the fourth quarter of 2023. The nature of these activities were broadly consistent throughout our segments and consisted primarily of targeted workforce reductions in response to overall macroeconomic and other external conditions. We incurred these costs to position ourselves to provide superior products and services to customers in a cost-efficient manner, while taking into consideration the impact of broad economic uncertainties. During the three and six-month periods ended June 30, 2023, we incurred charges of $10.7 million and $28.3 million, respectively. These charges are recorded within Cost of sales and Selling, general, and administrative expenses in the Consolidated Condensed Statements of Earnings. Accrued restructuring costs were $10 million and $26 million as of June 28, 2024 and December 31, 2023 and are recorded within Accrued expenses and other current liabilities in the Consolidated Condensed Balance Sheets.
Recently Issued Accounting Standard	Recently Issued Accounting Standard In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which amends the disclosure requirements for reportable segments on the interim and annual basis. This standard is effective for fiscal year ending December 31, 2024 and interim periods within fiscal year ending December 31, 2025. The adoption of the standard will not impact our consolidated financial statements; however, we are currently evaluating the impact of the new disclosure requirements on the notes to the financial statements. Upon adoption, we will update the applicable interim and annual disclosures to align with the new standard. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which amends certain disclosure requirements related to income taxes on an annual basis. This standard is effective for fiscal year ending December 31, 2025. This standard should be applied on a prospective basis, with retrospective application permitted. The adoption of the standard will not impact our consolidated financial statements; however, we are currently evaluating the impact of the new disclosure requirements on the notes to the financial statements. We will update the applicable annual disclosures to align with the new standard.
Fair Value Measurements	Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value for assets and liabilities required to be carried at fair value, and provide for certain disclosures related to the valuation methods used within the 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. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Sales	We derive revenue primarily from the sales of products, including software, and services. Revenue is recognized when control of promised products or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products, software, or services.  Product sales include revenue from the sale of products and equipment, which includes our software and software as a service (“SaaS”) product offerings and equipment rentals. Service sales include revenues from extended warranties, post-contract customer support (“PCS”), maintenance contracts or services, contract labor to perform ongoing service at a customer location, services related to previously sold products, and software implementation services. 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 $109 million as of June 28, 2024 and $108 million as of December 31, 2023. Contract assets are recorded within Prepaid expenses and other current assets in our Consolidated Condensed Balance Sheets. Contract Costs — We incur and capitalize incremental costs to obtain certain contracts, typically sales-related commissions where the amortization period is greater than one year and costs associated with assets used by our customers in certain service arrangements. As of June 28, 2024 and December 31, 2023, we had $52 million and $51 million, respectively, in net revenue-related contract costs primarily related to certain software contracts. Revenue-related contract costs are recorded within Other assets in our Consolidated Condensed Balance Sheets. These assets have estimated useful lives between three and five years. Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to subscription-based software contracts, PCS and extended warranty sales, where we generally receive up-front payment and recognize revenue over the service or support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of deferred revenue is recorded within Accrued expenses and other current liabilities and the noncurrent portion of deferred revenue is recorded within Other long-term liabilities in our Consolidated Condensed Balance Sheets. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, non-cancelable orders and the average contract value for software contracts, 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.

v3.24.2

BUSINESS OVERVIEW (Tables)	6 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Reclassification of Accumulated Other Comprehensive Income	The changes in AOCI by component are summarized below ($ in millions): Foreign currency translation adjustments Pension & post-retirement plan benefit adjustments (a) Total For the Three Months Ended June 28, 2024: Balance, March 29, 2024 $ (368.2) $ (34.3) $ (402.5) Other comprehensive income (loss) before reclassifications, net of income taxes (28.1) —  (28.1) Amounts reclassified from AOCI into income: Increase (decrease) 7.0  (b) 0.1  (c) 7.1  Income tax impact —  (0.1) (0.1) Amounts reclassified from AOCI into income, net of income taxes 7.0  —  7.0  Net current period other comprehensive income (loss), net of income taxes (21.1) —  (21.1) Balance, June 28, 2024 $ (389.3) $ (34.3) $ (423.6) For the Three Months Ended June 30, 2023: Balance, March 31, 2023 $ (288.0) $ (24.3) $ (312.3) Other comprehensive income (loss) before reclassifications, net of income taxes (7.4) —  (7.4) Amounts reclassified from AOCI into income: Increase (decrease) —  (0.5) (c) (0.5) Income tax impact —  0.3  0.3  Amounts reclassified from AOCI into income, net of income taxes —  (0.2) (0.2) Net current period other comprehensive income (loss), net of income taxes (7.4) (0.2) (7.6) Balance, June 30, 2023 $ (295.4) $ (24.5) $ (319.9) (a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. (b) This amount relates to the cumulative translation adjustment recognized in earnings upon the Invetech Divestiture. Refer to Note 1 for additional details. (c) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 11 in our 2023 Annual Report on Form 10-K for additional details). Foreign currency translation adjustments Pension & post-retirement plan benefit adjustments (a) Total For the Six Months Ended June 28, 2024: Balance, December 31, 2023 $ (291.7) $ (34.4) $ (326.1) Other comprehensive income (loss) before reclassifications, net of income taxes (104.6) —  (104.6) Amounts reclassified from AOCI into income: Increase (decrease) 7.0  (b) 0.2  (c) 7.2  Income tax impact —  (0.1) (0.1) Amounts reclassified from AOCI into income, net of income taxes 7.0  0.1  7.1  Net current period other comprehensive income (loss) (97.6) 0.1  (97.5) Balance, June 28, 2024 $ (389.3) $ (34.3) $ (423.6) For the Six Months Ended June 30, 2023: Balance, December 31, 2022 $ (301.4) $ (24.3) $ (325.7) Other comprehensive income (loss) before reclassifications, net of income taxes 6.0  —  6.0  Amounts reclassified from AOCI into income: Increase (decrease) —  (0.4) (c) (0.4) Income tax impact —  0.2  0.2  Amounts reclassified from AOCI into income, net of income taxes —  (0.2) (0.2) Net current period other comprehensive income (loss) 6.0  (0.2) 5.8  Balance, June 30, 2023 $ (295.4) $ (24.5) $ (319.9) (a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. (b) This amount relates to the cumulative translation adjustment recognized in earnings upon the Invetech Divestiture. Refer to Note 1 for additional details. (c) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 11 in our 2023 Annual Report on Form 10-K for additional details).

v3.24.2

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Fair Value Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary estimated acquisition date fair values of the assets acquired and liabilities assumed as of June 28, 2024 ($ in millions): Total Accounts receivable $ 21.5  Inventories 35.6  Property, plant and equipment 18.9  Goodwill 1,172.6  Other intangible assets (customer relationships, technology, and trade names) 681.2  Deferred tax liabilities (189.1) Other assets and liabilities, net (22.5) Net cash consideration $ 1,718.2

v3.24.2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is a roll forward of our carrying value of goodwill by segment ($ in millions): Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Total Goodwill Balance, December 31, 2023 $ 4,148.9  $ 1,856.5  $ 3,116.3  $ 9,121.7  Measurement period adjustments for prior year acquisitions (1.1) —  —  (1.1) Attributable to acquisitions —  1,172.6  —  1,172.6  Foreign currency translation and other (12.7) (49.0) (15.0) (76.7) Balance, June 28, 2024 $ 4,135.1  $ 2,980.1  $ 3,101.3  $ 10,216.5
Schedule of Finite Lived Intangible Assets	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset ($ in millions): June 28, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangibles: Patents and technology $ 1,276.5  $ (753.3) $ 1,139.6  $ (687.1) Customer relationships and other intangibles 4,026.6  (1,715.4) 3,568.0  (1,573.2) Trademarks and trade names 174.5  (27.4) 117.7  (19.8) Total finite-lived intangibles 5,477.6  (2,496.1) 4,825.3  (2,280.1) Indefinite-lived intangibles: Trademarks and trade names 609.6  —  614.6  —  Total intangibles $ 6,087.2  $ (2,496.1) $ 5,439.9  $ (2,280.1)
Schedule of Indefinite Lived Intangible Assets	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset ($ in millions): June 28, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangibles: Patents and technology $ 1,276.5  $ (753.3) $ 1,139.6  $ (687.1) Customer relationships and other intangibles 4,026.6  (1,715.4) 3,568.0  (1,573.2) Trademarks and trade names 174.5  (27.4) 117.7  (19.8) Total finite-lived intangibles 5,477.6  (2,496.1) 4,825.3  (2,280.1) Indefinite-lived intangibles: Trademarks and trade names 609.6  —  614.6  —  Total intangibles $ 6,087.2  $ (2,496.1) $ 5,439.9  $ (2,280.1)

v3.24.2

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Liabilities Measured on Recurring Basis	Below is a summary of financial liabilities that are measured at fair value on a recurring basis ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total June 28, 2024 Deferred compensation liabilities $ —  $ 43.9  $ —  $ 43.9  December 31, 2023 Deferred compensation liabilities —  39.9  —  39.9
Schedule of Carrying Amounts and Fair Values of Financial Instruments	The carrying amount and fair value of financial instruments are as follows ($ in millions): June 28, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 383.9  $ 384.0  $ —  $ —  Long-term debt, net of current maturities 3,396.4  3,281.3  3,646.2  3,539.4

v3.24.2

FINANCING (Tables)	6 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Schedule of Components of Debt	The components of our debt were as follows ($ in millions): June 28, 2024 December 31, 2023 U.S. dollar-denominated commercial paper $ 675.0  $ 1,251.2  3.7% Euro-denominated senior unsecured notes due 2026 535.7  —  3.7% Euro-denominated senior unsecured notes due 2029 749.9  —  Euro Term Loan due 2025 294.6  303.6  Yen Term Loan due 2025 89.5  102.1  3.15% senior unsecured notes due 2026 900.0  900.0  4.30% senior unsecured notes due 2046 550.0  550.0  Delayed-Draw Term Loan due 2024 —  550.0  Long-term debt, principal amounts 3,794.7  3,656.9  Less: aggregate unamortized debt discounts, premiums, and issuance costs 14.4  10.7  Long-term debt, carrying value 3,780.3  3,646.2  Less: current portion of long-term debt, carrying value 383.9  —  Long-term debt, net of current maturities $ 3,396.4  $ 3,646.2
Schedule of Short-Term Debt	The details of our outstanding Commercial Paper Programs as of June 28, 2024 were as follows ($ in millions): Carrying value (a) Annual effective rate Weighted average maturity (in days) U.S. dollar-denominated commercial paper $ 673.0  5.53  % 32 (a) Net of unamortized debt discount.

v3.24.2

SALES (Tables)	6 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Liabilities	Our contract liabilities consisted of the following ($ in millions): June 28, 2024 December 31, 2023 Deferred revenue - current $ 518.3  $ 544.6  Deferred revenue - noncurrent 45.7  45.8  Total contract liabilities $ 564.0  $ 590.4
Schedule of Remaining Performance Obligations	The aggregate remaining performance obligations attributable to each of our segments is as follows ($ in millions): June 28, 2024 Intelligent Operating Solutions $ 571.6  Precision Technologies 62.1  Advanced Healthcare Solutions 71.5  Total remaining performance obligations $ 705.2
Schedule of Disaggregation of Revenue	Disaggregation of revenue for the three-month period ended June 28, 2024 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions     Sales: Sales of products and software $ 1,308.9  $ 563.3  $ 490.3  $ 255.3  Sales of services 243.5  113.7  61.5  68.3  Total $ 1,552.4  $ 677.0  $ 551.8  $ 323.6  Geographic: United States $ 840.3  $ 380.8  $ 281.0  $ 178.5  China 165.1  53.2  86.6  25.3  All other (each country individually less than 5% of total sales) 547.0  243.0  184.2  119.8  Total $ 1,552.4  $ 677.0  $ 551.8  $ 323.6  End markets:(a) Direct sales:   Healthcare $ 368.9  $ 11.1  $ 51.5  $ 306.3    Industrial & Manufacturing 329.7  236.0  89.1  4.6    Government 142.2  80.3  52.6  9.3    Utilities & Power 104.1  48.8  55.3  —    Communications, Electronics & Semiconductor 94.5  25.5  69.0  —    Aerospace & Defense 83.4  0.1  83.3  —    Retail & Consumer 80.6  65.5  15.1  —    Oil & Gas 72.1  69.3  2.8  —    Other 175.9  100.0  75.9  —       Total direct sales 1,451.4  636.6  494.6  320.2  Distributors 101.0  40.4  57.2  3.4  Total $ 1,552.4  $ 677.0  $ 551.8  $ 323.6  (a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer. Disaggregation of revenue for the three-month period ended June 30, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions     Sales: Sales of products and software $ 1,290.8  $ 546.4  $ 499.8  $ 244.6  Sales of services 235.6  106.7  60.5  68.4  Total $ 1,526.4  $ 653.1  $ 560.3  $ 313.0  Geographic: United States $ 827.8  $ 362.0  $ 290.7  $ 175.1  China 178.9  58.6  94.2  26.1  All other (each country individually less than 5% of total sales) 519.7  232.5  175.4  111.8  Total $ 1,526.4  $ 653.1  $ 560.3  $ 313.0  End markets:(a) Direct sales:   Healthcare $ 359.6  $ 11.6  $ 54.6  $ 293.4    Industrial & Manufacturing 357.8  232.6  120.7  4.5    Government 132.9  77.2  47.0  8.7    Utilities & Power 104.6  46.3  58.3  —    Communications, Electronics & Semiconductor 97.4  23.3  74.1  —    Aerospace & Defense 76.3  0.2  76.1  —    Retail & Consumer 84.4  62.1  22.3  —    Oil & Gas 71.6  67.6  4.0  —    Other 181.6  100.1  81.5  —       Total direct sales 1,466.2  621.0  538.6  306.6  Distributors 60.2  32.1  21.7  6.4  Total $ 1,526.4  $ 653.1  $ 560.3  $ 313.0  (a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer. Disaggregation of revenue for the six-month period ended June 28, 2024 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions     Sales: Sales of products and software $ 2,608.8  $ 1,130.2  $ 990.9  $ 487.7  Sales of services 468.1  212.5  119.9  135.7  Total $ 3,076.9  $ 1,342.7  $ 1,110.8  $ 623.4  Geographic: United States $ 1,630.2  $ 730.3  $ 555.1  $ 344.8  China 341.4  120.3  169.5  51.6  All other (each country individually less than 5% of total sales) 1,105.3  492.1  386.2  227.0  Total $ 3,076.9  $ 1,342.7  $ 1,110.8  $ 623.4  End markets:(a) Direct sales:   Healthcare $ 706.1  $ 22.4  $ 94.7  $ 589.0    Industrial & Manufacturing 680.0  478.2  192.6  9.2    Government 268.4  149.8  100.2  18.4    Utilities & Power 206.0  98.0  108.0  —    Communications, Electronics & Semiconductor 184.9  53.4  131.5  —    Aerospace & Defense 166.8  0.2  166.6  —    Retail & Consumer 157.4  127.2  30.2  —    Oil & Gas 144.8  138.8  6.0  —    Other 364.1  195.9  168.2  —       Total direct sales 2,878.5  1,263.9  998.0  616.6  Distributors 198.4  78.8  112.8  6.8  Total $ 3,076.9  $ 1,342.7  $ 1,110.8  $ 623.4  (a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer. Disaggregation of revenue for the six-month period ended June 30, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions     Sales: Sales of products and software $ 2,527.4  $ 1,083.8  $ 978.1  $ 465.5  Sales of services 459.7  201.4  123.3  135.0  Total $ 2,987.1  $ 1,285.2  $ 1,101.4  $ 600.5  Geographic: United States $ 1,599.3  $ 702.1  $ 561.3  $ 335.9  China 360.3  123.5  186.4  50.4  All other (each country individually less than 5% of total sales) 1,027.5  459.6  353.7  214.2  Total $ 2,987.1  $ 1,285.2  $ 1,101.4  $ 600.5  End markets:(a) Direct sales:   Healthcare $ 699.0  $ 22.5  $ 111.6  $ 564.9    Industrial & Manufacturing 711.0  460.9  241.3  8.8    Government 244.0  139.0  87.9  17.1    Utilities & Power 203.5  93.6  109.9  —    Communications, Electronics & Semiconductor 203.3  48.9  154.4  —    Aerospace & Defense 143.9  0.3  143.6  —    Retail & Consumer 167.3  124.4  42.9  —    Oil & Gas 141.9  133.5  8.4  —    Other 351.7  195.1  156.6  —       Total direct sales 2,865.6  1,218.2  1,056.6  590.8  Distributors 121.5  67.0  44.8  9.7  Total $ 2,987.1  $ 1,285.2  $ 1,101.4  $ 600.5  (a) Direct sales by end market include sales made through third-party distributors where we have visibility to the end customer.

v3.24.2

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Costs	The following summarizes the components of our stock-based compensation expense under the Stock Plan ($ in millions):   Three Months Ended Six Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Stock Awards: Pretax compensation expense $ 15.6  $ 19.9  $ 37.1  $ 38.0  Income tax benefit (2.9) (2.7) (5.5) (5.3) Stock Award expense, net of income taxes 12.7  17.2  31.6  32.7  Stock options: Pretax compensation expense 8.6  9.1  16.0  17.7  Income tax benefit (1.2) (1.3) (2.3) (2.5) Stock option expense, net of income taxes 7.4  7.8  13.7  15.2  Total stock-based compensation: Pretax compensation expense 24.2  29.0  53.1  55.7  Income tax benefit (4.1) (4.0) (7.8) (7.8) Total stock-based compensation expense, net of income taxes $ 20.1  $ 25.0  $ 45.3  $ 47.9
Schedule of Future Compensation	Future compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions): Stock Awards $ 53.3  Stock options 135.7  Total unrecognized compensation cost $ 189.0

v3.24.2

NET EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	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 Six Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Numerator Net earnings $ 195.1  $ 209.0  $ 402.5  $ 382.6  Denominator Weighted average common shares outstanding used in basic earnings per share 351.3  353.0  351.5  353.3  Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 3.5  2.5  3.9  2.7  Weighted average common shares outstanding used in diluted earnings per share 354.8  355.5  355.4  356.0  Net earnings per common share - Basic $ 0.56  $ 0.59  $ 1.15  $ 1.08  Net earnings per common share - Diluted $ 0.55  $ 0.59  $ 1.13  $ 1.07
Schedule of Dividends Declared	We declared and paid cash dividends per common share for the periods as presented below: Dividend Per Common Share Amount ($ in millions) 2024: First quarter $ 0.08  $ 28.1  Second quarter 0.08  28.0  Total $ 0.16  $ 56.1  2023: First quarter $ 0.07  $ 24.7  Second quarter 0.07  24.6  Total $ 0.14  $ 49.3

v3.24.2

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Our segment results are as follows ($ in millions):   Three Months Ended Six Months Ended   June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Sales: Intelligent Operating Solutions $ 677.0  $ 653.1  $ 1,342.7  $ 1,285.2  Precision Technologies 551.8  560.3  1,110.8  1,101.4  Advanced Healthcare Solutions 323.6  313.0  623.4  600.5  Total $ 1,552.4  $ 1,526.4  $ 3,076.9  $ 2,987.1  Operating Profit: Intelligent Operating Solutions $ 173.2  $ 161.7  $ 337.3  $ 295.2  Precision Technologies 115.3  136.8  264.4  260.4  Advanced Healthcare Solutions 40.2  25.4  67.7  40.8  Other (26.9) (32.6) (65.4) (64.7) Total Operating Profit 301.8  291.3  604.0  531.7  Interest expense, net (38.7) (33.1) (82.7) (65.2) Loss from divestiture (25.6) —  (25.6) —  Other non-operating expense, net (8.8) (7.8) (33.0) (10.3) Earnings before income taxes $ 228.7  $ 250.4  $ 462.7  $ 456.2

v3.24.2

BUSINESS OVERVIEW - Narrative (Details)	Jun. 28, 2024 country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates (more than)	50

v3.24.2

BUSINESS OVERVIEW - Segment Realignment and Divestiture Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from divestiture	$ 25.6	$ 0.0	$ 25.6	$ 0.0
Invetech Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divested business percent of total revenue (less than)					1.00%
Divested business percent of total assets (less than)					1.00%
Precision Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from divestiture			$ 25.6
Precision Technologies | Invetech Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from divestiture	$ 25.6

v3.24.2

BUSINESS OVERVIEW - Accumulated Other Comprehensive Income Loss Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 28, 2024 EUR (€)	Jun. 28, 2024 JPY (¥)
Accumulated Other Comprehensive Income (Loss) [Line Items]
After-tax foreign currency transaction gain (loss) from foreign currency translation | $	$ 13.0	$ 5.1	$ 21.4	$ 3.4
Euro-denominated senior unsecured notes due 2026
Accumulated Other Comprehensive Income (Loss) [Line Items]
Principal amount					€ 500,000,000
Euro-denominated senior unsecured notes due 2029
Accumulated Other Comprehensive Income (Loss) [Line Items]
Principal amount					700,000,000
Euro Term Loan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Principal amount					€ 275,000,000
Yen Term Loan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Principal amount | ¥						¥ 14,400,000,000

v3.24.2

BUSINESS OVERVIEW - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 28, 2024	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 28, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ 10,325.3			$ 10,325.3
Other comprehensive income (loss) before reclassifications, net of income taxes	$ (28.1)		$ (7.4)		(104.6)	$ 6.0
Amounts reclassified from AOCI into income:
Increase (decrease)	7.1		(0.5)		7.2	(0.4)
Income tax impact	(0.1)		0.3		(0.1)	0.2
Amounts reclassified from AOCI into income, net of income taxes	7.0		(0.2)		7.1	(0.2)
Net current period other comprehensive income (loss), net of income taxes	(21.1)		(7.6)		(97.5)	5.8
Ending balance	10,505.8				10,505.8
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(368.2)	(291.7)	(288.0)	$ (301.4)	(291.7)	(301.4)
Other comprehensive income (loss) before reclassifications, net of income taxes	(28.1)		(7.4)		(104.6)	6.0
Amounts reclassified from AOCI into income:
Increase (decrease)	7.0		0.0		7.0	0.0
Income tax impact	0.0		0.0		0.0	0.0
Amounts reclassified from AOCI into income, net of income taxes	7.0		0.0		7.0	0.0
Net current period other comprehensive income (loss), net of income taxes	(21.1)		(7.4)		(97.6)	6.0
Ending balance	(389.3)	(368.2)	(295.4)	(288.0)	(389.3)	(295.4)
Pension & post-retirement plan benefit adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(34.3)	(34.4)	(24.3)	(24.3)	(34.4)	(24.3)
Other comprehensive income (loss) before reclassifications, net of income taxes	0.0		0.0		0.0	0.0
Amounts reclassified from AOCI into income:
Increase (decrease)	0.1		(0.5)		0.2	(0.4)
Income tax impact	(0.1)		0.3		(0.1)	0.2
Amounts reclassified from AOCI into income, net of income taxes	0.0		(0.2)		0.1	(0.2)
Net current period other comprehensive income (loss), net of income taxes	0.0		(0.2)		0.1	(0.2)
Ending balance	(34.3)	(34.3)	(24.5)	(24.3)	(34.3)	(24.5)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(402.5)	(326.1)	(312.3)	(325.7)	(326.1)	(325.7)
Amounts reclassified from AOCI into income:
Net current period other comprehensive income (loss), net of income taxes	(21.1)	(76.4)	(7.6)	13.4
Ending balance	$ (423.6)	$ (402.5)	$ (319.9)	$ (312.3)	$ (423.6)	$ (319.9)

v3.24.2

BUSINESS OVERVIEW - Property Sale (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Mar. 14, 2024	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of property		$ 0.0	$ 0.0	$ 63.1	$ 0.0
Proceeds from pledged charitable contribution				20.0
Office Building | Precision Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from sale of business	$ 90.0
Proceeds from sale of property and certain office buildings	20.0
Gain on sale of property				$ 63.1
Office Building | Precision Technologies | Letter of Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum borrowing capacity	$ 70.0

v3.24.2

BUSINESS OVERVIEW - Restructuring Narrative (Details) - Facility exit and other related - Discrete Restructuring Plan - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 28, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 10.7	$ 28.3
Accrued restructuring costs			$ 10.0	$ 26.0

v3.24.2

ACQUISITIONS - Narrative (Details) $ in Millions		3 Months Ended	6 Months Ended	12 Months Ended
	Jan. 03, 2024 USD ($)	Jun. 28, 2024 USD ($)	Jun. 28, 2024 USD ($)	Dec. 31, 2023 USD ($) business
Business Acquisition [Line Items]
Goodwill		$ 10,216.5	$ 10,216.5	$ 9,121.7
Precision Technologies
Business Acquisition [Line Items]
Goodwill		2,980.1	2,980.1	1,856.5
Intelligent Operating Solutions
Business Acquisition [Line Items]
Goodwill		4,135.1	4,135.1	4,148.9
EA Elektro-Automatik Holding GmbH
Business Acquisition [Line Items]
Goodwill		1,172.6	1,172.6
Other intangible assets (customer relationships, technology, and trade names)		681.2	681.2
EA Elektro-Automatik Holding GmbH | Precision Technologies
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 1,720.0
Goodwill	$ 1,170.0
Transaction-related costs		$ 0.2	$ 27.4
Q3 2023 Acquisitions | Intelligent Operating Solutions
Business Acquisition [Line Items]
Business combination, consideration transferred				101.4
Goodwill				$ 55.6
Number of businesses acquired | business				4
Other intangible assets (customer relationships, technology, and trade names)				$ 43.2

v3.24.2

ACQUISITIONS - Schedule of Fair Value of the Assets Acquired and Liabilities (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 10,216.5	$ 9,121.7
EA Elektro-Automatik Holding GmbH
Business Acquisition [Line Items]
Accounts receivable	21.5
Inventories	35.6
Property, plant and equipment	18.9
Goodwill	1,172.6
Other intangible assets (customer relationships, technology, and trade names)	681.2
Deferred tax liabilities	(189.1)
Other assets and liabilities, net	(22.5)
Net cash consideration	$ 1,718.2

v3.24.2

GOODWILL AND OTHER INTANGIBLE ASSETS - Rollforward of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 28, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 9,121.7
Measurement period adjustments for prior year acquisitions	(1.1)
Attributable to acquisitions	1,172.6
Foreign currency translation and other	(76.7)
Ending balance	10,216.5
Intelligent Operating Solutions
Goodwill [Roll Forward]
Beginning balance	4,148.9
Measurement period adjustments for prior year acquisitions	(1.1)
Attributable to acquisitions	0.0
Foreign currency translation and other	(12.7)
Ending balance	4,135.1
Precision Technologies
Goodwill [Roll Forward]
Beginning balance	1,856.5
Measurement period adjustments for prior year acquisitions	0.0
Attributable to acquisitions	1,172.6
Foreign currency translation and other	(49.0)
Ending balance	2,980.1
Advanced Healthcare Solutions
Goodwill [Roll Forward]
Beginning balance	3,116.3
Measurement period adjustments for prior year acquisitions	0.0
Attributable to acquisitions	0.0
Foreign currency translation and other	(15.0)
Ending balance	$ 3,101.3

v3.24.2

GOODWILL AND OTHER INTANGIBLE ASSETS - Finite and Indefinite Lived Assets (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles, gross carrying amount	$ 5,477.6	$ 4,825.3
Finite-lived intangible assets, accumulated amortization	(2,496.1)	(2,280.1)
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, gross (excluding goodwill)	6,087.2	5,439.9
Trademarks and trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangibles, gross carrying amount	609.6	614.6
Patents and technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles, gross carrying amount	1,276.5	1,139.6
Finite-lived intangible assets, accumulated amortization	(753.3)	(687.1)
Customer relationships and other intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles, gross carrying amount	4,026.6	3,568.0
Finite-lived intangible assets, accumulated amortization	(1,715.4)	(1,573.2)
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles, gross carrying amount	174.5	117.7
Finite-lived intangible assets, accumulated amortization	$ (27.4)	$ (19.8)

v3.24.2

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details)	6 Months Ended
	Jun. 28, 2024
Customer Relationships, Developed Technology and Trade Names
Finite-Lived Intangible Assets [Line Items]
Weighted average life	9 years

v3.24.2

FAIR VALUE MEASUREMENTS - Fair Value Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	$ 43.9	$ 39.9
Quoted Prices in Active Market (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	0.0	0.0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	43.9	39.9
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	$ 0.0	$ 0.0

v3.24.2

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 28, 2024	Jun. 28, 2024
Fair Value Disclosures [Abstract]
Loss on impairment of equity investment	$ 0	$ 0

v3.24.2

FAIR VALUE MEASUREMENTS - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt	$ 383.9	$ 0.0
Long-term debt, net of current maturities	3,396.4	3,646.2
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt	383.9	0.0
Current portion of long-term debt, fair value	384.0	0.0
Long-term debt, net of current maturities	3,396.4	3,646.2
Long-term debt, net of current maturities fair value	$ 3,281.3	$ 3,539.4

v3.24.2

FINANCING - Components of Debt (Details) - USD ($) $ in Millions	Jun. 28, 2024	Feb. 13, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 3,794.7		$ 3,656.9
Less: aggregate unamortized debt discounts, premiums, and issuance costs	14.4		10.7
Long-term debt, carrying value	3,780.3		3,646.2
Less: current portion of long-term debt, carrying value	383.9		0.0
Long-term debt, net of current maturities	3,396.4		3,646.2
U.S. dollar-denominated commercial paper | Commercial Paper
Debt Instrument [Line Items]
Long-term debt, principal amounts	675.0		1,251.2
Long-term debt, carrying value	673.0
3.7% Euro-denominated senior unsecured notes due 2026 | Registered Notes
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 535.7		0.0
Interest rate, stated percentage	3.70%	3.70%
3.7% Euro-denominated senior unsecured notes due 2029 | Registered Notes
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 749.9		0.0
Interest rate, stated percentage	3.70%	3.70%
Euro Term Loan due 2025 | Term Loans
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 294.6		303.6
Yen Term Loan due 2025 | Term Loans
Debt Instrument [Line Items]
Long-term debt, principal amounts	89.5		102.1
3.15% senior unsecured notes due 2026 | Registered Notes
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 900.0		900.0
Interest rate, stated percentage	3.15%
4.30% senior unsecured notes due 2046 | Registered Notes
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 550.0		550.0
Interest rate, stated percentage	4.30%
Delayed-Draw Term Loan Due 2024 | Term Loans
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 0.0		$ 550.0

v3.24.2

FINANCING - Narrative (Details) € in Millions			6 Months Ended
	Feb. 13, 2024 USD ($)	Jan. 02, 2024 USD ($)	Jun. 28, 2024 USD ($)	Feb. 13, 2024 EUR (€)
Registered Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage			101.00%
3.700% Notes due 2026 | Registered Notes
Debt Instrument [Line Items]
Principal amount | €				€ 500
Interest rate, stated percentage			3.70%	3.70%
Percentage of face value issued				0.99928
3.700% Notes due 2029 | Registered Notes
Debt Instrument [Line Items]
Principal amount | €				€ 700
Interest rate, stated percentage			3.70%	3.70%
Percentage of face value issued				0.99943
Euro-Denominated Senior Notes, 3.7%, Due 2026 and 3.7%, Due 2029
Debt Instrument [Line Items]
Net of issuance costs	$ 1,300,000,000
Euro-Denominated Senior Notes, 3.7%, Due 2026 and 3.7%, Due 2029 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemable			100.00%
Euro-Denominated Senior Notes, 3.7%, Due 2026 and 3.7%, Due 2029 | Registered Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemable			100.00%
Delayed-Draw Term Loan Due 2024 | Line of Credit
Debt Instrument [Line Items]
Proceeds from line of credit		$ 450,000,000
Line of credit facility, outstanding		$ 1,000,000,000
Debt, refinanced amount	$ 1,000,000,000
U.S. dollar-denominated commercial paper | Commercial Paper
Debt Instrument [Line Items]
Debt term			32 days
U.S. dollar-denominated commercial paper | Commercial Paper | Maximum
Debt Instrument [Line Items]
Debt term			397 days
Euro Denominated Commercial Paper | Commercial Paper | Maximum
Debt Instrument [Line Items]
Debt term			183 days
Revolving Credit Facility
Debt Instrument [Line Items]
Debt term			5 years
Maximum borrowing capacity			$ 2,000,000,000.0
Outstanding borrowings			$ 0

v3.24.2

FINANCING - Outstanding Paper Programs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Carrying value	$ 3,780.3	$ 3,646.2
U.S. dollar-denominated commercial paper | Commercial Paper
Short-term Debt [Line Items]
Carrying value	$ 673.0
Annual effective rate	5.53%
Weighted average maturity (in days)	32 days

v3.24.2

SALES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2024	Jun. 28, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Contract assets	$ 109	$ 109	$ 108
Net revenue-related contract assets	52	52	$ 51
Contract liabilities, revenue recognized	$ 121	$ 317
Minimum
Capitalized Contract Cost [Line Items]
Useful life	3 years	3 years
Maximum
Capitalized Contract Cost [Line Items]
Useful life	5 years	5 years

v3.24.2

SALES - Contract liabilities (Details) - USD ($) $ in Millions	Jun. 28, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 518.3	$ 544.6
Deferred revenue - noncurrent	45.7	45.8
Total contract liabilities	$ 564.0	$ 590.4

v3.24.2

SALES - Revenue, Remaining Performance Obligation (Details) $ in Millions	Jun. 28, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 705.2
Operating Segments | Intelligent Operating Solutions
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	571.6
Operating Segments | Precision Technologies
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	62.1
Operating Segments | Advanced Healthcare Solutions
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 71.5

v3.24.2

SALES - Remaining Performance Obligation, Expected Timing (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-29	Jun. 28, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	100.00%
Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	80.00%
Remaining performance obligation, expected timing	2 years
Period Two
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	95.00%
Remaining performance obligation, expected timing	3 years
Period Three
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing	4 years

v3.24.2

SALES - Disaggregation of Revenue (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Total sales	$ 1,552.4	$ 1,526.4	$ 3,076.9	$ 2,987.1
Healthcare
Disaggregation of Revenue [Line Items]
Total sales	368.9	359.6	706.1	699.0
Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	329.7	357.8	680.0	711.0
Government
Disaggregation of Revenue [Line Items]
Total sales	142.2	132.9	268.4	244.0
Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	104.1	104.6	206.0	203.5
Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	94.5	97.4	184.9	203.3
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	83.4	76.3	166.8	143.9
Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	80.6	84.4	157.4	167.3
Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	72.1	71.6	144.8	141.9
Other
Disaggregation of Revenue [Line Items]
Total sales	175.9	181.6	364.1	351.7
Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	1,451.4	1,466.2	2,878.5	2,865.6
Distributors
Disaggregation of Revenue [Line Items]
Total sales	101.0	60.2	198.4	121.5
United States
Disaggregation of Revenue [Line Items]
Total sales	840.3	827.8	1,630.2	1,599.3
China
Disaggregation of Revenue [Line Items]
Total sales	165.1	178.9	341.4	360.3
All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	$ 547.0	$ 519.7	$ 1,105.3	$ 1,027.5
Percentage of total sales	0.05	0.05	0.05	0.05
Operating Segments
Disaggregation of Revenue [Line Items]
Total sales	$ 1,552.4	$ 1,526.4
Operating Segments | Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	677.0	653.1	$ 1,342.7	$ 1,285.2
Operating Segments | Intelligent Operating Solutions | Healthcare
Disaggregation of Revenue [Line Items]
Total sales	11.1	11.6	22.4	22.5
Operating Segments | Intelligent Operating Solutions | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	236.0	232.6	478.2	460.9
Operating Segments | Intelligent Operating Solutions | Government
Disaggregation of Revenue [Line Items]
Total sales	80.3	77.2	149.8	139.0
Operating Segments | Intelligent Operating Solutions | Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	48.8	46.3	98.0	93.6
Operating Segments | Intelligent Operating Solutions | Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	25.5	23.3	53.4	48.9
Operating Segments | Intelligent Operating Solutions | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	0.1	0.2	0.2	0.3
Operating Segments | Intelligent Operating Solutions | Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	65.5	62.1	127.2	124.4
Operating Segments | Intelligent Operating Solutions | Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	69.3	67.6	138.8	133.5
Operating Segments | Intelligent Operating Solutions | Other
Disaggregation of Revenue [Line Items]
Total sales	100.0	100.1	195.9	195.1
Operating Segments | Intelligent Operating Solutions | Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	636.6	621.0	1,263.9	1,218.2
Operating Segments | Intelligent Operating Solutions | Distributors
Disaggregation of Revenue [Line Items]
Total sales	40.4	32.1	78.8	67.0
Operating Segments | Intelligent Operating Solutions | United States
Disaggregation of Revenue [Line Items]
Total sales	380.8	362.0	730.3	702.1
Operating Segments | Intelligent Operating Solutions | China
Disaggregation of Revenue [Line Items]
Total sales	53.2	58.6	120.3	123.5
Operating Segments | Intelligent Operating Solutions | All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	243.0	232.5	492.1	459.6
Operating Segments | Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	551.8	560.3	1,110.8	1,101.4
Operating Segments | Precision Technologies | Healthcare
Disaggregation of Revenue [Line Items]
Total sales	51.5	54.6	94.7	111.6
Operating Segments | Precision Technologies | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	89.1	120.7	192.6	241.3
Operating Segments | Precision Technologies | Government
Disaggregation of Revenue [Line Items]
Total sales	52.6	47.0	100.2	87.9
Operating Segments | Precision Technologies | Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	55.3	58.3	108.0	109.9
Operating Segments | Precision Technologies | Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	69.0	74.1	131.5	154.4
Operating Segments | Precision Technologies | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	83.3	76.1	166.6	143.6
Operating Segments | Precision Technologies | Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	15.1	22.3	30.2	42.9
Operating Segments | Precision Technologies | Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	2.8	4.0	6.0	8.4
Operating Segments | Precision Technologies | Other
Disaggregation of Revenue [Line Items]
Total sales	75.9	81.5	168.2	156.6
Operating Segments | Precision Technologies | Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	494.6	538.6	998.0	1,056.6
Operating Segments | Precision Technologies | Distributors
Disaggregation of Revenue [Line Items]
Total sales	57.2	21.7	112.8	44.8
Operating Segments | Precision Technologies | United States
Disaggregation of Revenue [Line Items]
Total sales	281.0	290.7	555.1	561.3
Operating Segments | Precision Technologies | China
Disaggregation of Revenue [Line Items]
Total sales	86.6	94.2	169.5	186.4
Operating Segments | Precision Technologies | All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	184.2	175.4	386.2	353.7
Operating Segments | Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	323.6	313.0	623.4	600.5
Operating Segments | Advanced Healthcare Solutions | Healthcare
Disaggregation of Revenue [Line Items]
Total sales	306.3	293.4	589.0	564.9
Operating Segments | Advanced Healthcare Solutions | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	4.6	4.5	9.2	8.8
Operating Segments | Advanced Healthcare Solutions | Government
Disaggregation of Revenue [Line Items]
Total sales	9.3	8.7	18.4	17.1
Operating Segments | Advanced Healthcare Solutions | Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	0.0	0.0	0.0	0.0
Operating Segments | Advanced Healthcare Solutions | Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	0.0	0.0	0.0	0.0
Operating Segments | Advanced Healthcare Solutions | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	0.0	0.0	0.0	0.0
Operating Segments | Advanced Healthcare Solutions | Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	0.0	0.0	0.0	0.0
Operating Segments | Advanced Healthcare Solutions | Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	0.0	0.0	0.0	0.0
Operating Segments | Advanced Healthcare Solutions | Other
Disaggregation of Revenue [Line Items]
Total sales	0.0	0.0	0.0	0.0
Operating Segments | Advanced Healthcare Solutions | Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	320.2	306.6	616.6	590.8
Operating Segments | Advanced Healthcare Solutions | Distributors
Disaggregation of Revenue [Line Items]
Total sales	3.4	6.4	6.8	9.7
Operating Segments | Advanced Healthcare Solutions | United States
Disaggregation of Revenue [Line Items]
Total sales	178.5	175.1	344.8	335.9
Operating Segments | Advanced Healthcare Solutions | China
Disaggregation of Revenue [Line Items]
Total sales	25.3	26.1	51.6	50.4
Operating Segments | Advanced Healthcare Solutions | All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	119.8	111.8	227.0	214.2
Sales of products and software
Disaggregation of Revenue [Line Items]
Total sales	1,308.9	1,290.8	2,608.8	2,527.4
Sales of products and software | Operating Segments | Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	563.3	546.4	1,130.2	1,083.8
Sales of products and software | Operating Segments | Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	490.3	499.8	990.9	978.1
Sales of products and software | Operating Segments | Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	255.3	244.6	487.7	465.5
Sales of services
Disaggregation of Revenue [Line Items]
Total sales	243.5	235.6	468.1	459.7
Sales of services | Operating Segments | Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	113.7	106.7	212.5	201.4
Sales of services | Operating Segments | Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	61.5	60.5	119.9	123.3
Sales of services | Operating Segments | Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	$ 68.3	$ 68.4	$ 135.7	$ 135.0

v3.24.2

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	14.70%	16.50%	13.00%	16.10%

v3.24.2

STOCK-BASED COMPENSATION - Narrative (Details) shares in Millions	6 Months Ended
	Jun. 28, 2024 shares
Share-Based Payment Arrangement [Abstract]
Shares of common stock reserved for issuance under the stock plan (in shares)	12
Remaining service period related to the awards	2 years

v3.24.2

STOCK-BASED COMPENSATION - Stock Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	$ 24.2	$ 29.0	$ 53.1	$ 55.7
Income tax benefit	(4.1)	(4.0)	(7.8)	(7.8)
Total stock-based compensation expense, net of income taxes	20.1	25.0	45.3	47.9
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	15.6	19.9	37.1	38.0
Income tax benefit	(2.9)	(2.7)	(5.5)	(5.3)
Total stock-based compensation expense, net of income taxes	12.7	17.2	31.6	32.7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	8.6	9.1	16.0	17.7
Income tax benefit	(1.2)	(1.3)	(2.3)	(2.5)
Total stock-based compensation expense, net of income taxes	$ 7.4	$ 7.8	$ 13.7	$ 15.2

v3.24.2

STOCK-BASED COMPENSATION - Unrecognized Compensation Cost (Details) $ in Millions	Jun. 28, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 189.0
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	53.3
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 135.7

v3.24.2

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Warranty period - minimum			90 days
Operating lease cost	$ 12	$ 12	$ 25	$ 24
Cash paid for operating leases			24	24
ROU assets obtained in exchange for operating lease obligations			10	$ 18
Operating lease, right-of-use asset	159		159		$ 155
Operating lease liabilities	$ 166		$ 166		$ 164

v3.24.2

NET EARNINGS PER SHARE - Antidilutive Securities Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.3	2.7	1.2	2.7

v3.24.2

NET EARNINGS PER SHARE - Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Numerator
Net earnings	$ 195.1	$ 209.0	$ 402.5	$ 382.6
Denominator
Weighted average common shares outstanding used in basic earnings per share (in shares)	351.3	353.0	351.5	353.3
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive stock awards (in shares)	3.5	2.5	3.9	2.7
Weighted average common shares outstanding used in diluted earnings per share (in shares)	354.8	355.5	355.4	356.0
Net earnings per common share - Basic (in dollars per share)	$ 0.56	$ 0.59	$ 1.15	$ 1.08
Net earnings per common share - Diluted (in dollars per share)	$ 0.55	$ 0.59	$ 1.13	$ 1.07

v3.24.2

NET EARNINGS PER SHARE - Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 28, 2024	Mar. 29, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 28, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Dividend Per Common Share (in dollars per share)	$ 0.08	$ 0.08	$ 0.07	$ 0.07	$ 0.16	$ 0.14
Amount ($ in millions)	$ 28.0	$ 28.1	$ 24.6	$ 24.7	$ 56.1	$ 49.3

v3.24.2

NET EARNINGS PER SHARE - Share Repurchase Program Narrative (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Jan. 23, 2024	Dec. 31, 2023	Feb. 17, 2022
Earnings Per Share [Abstract]
Number of shares authorized to be repurchased (in shares)					11,000,000		20,000,000
Number of remaining shares authorized to be repurchased (in shares)	18,000,000		18,000,000			9,000,000
Common stock repurchases (in shares)	2,000,000	2,000,000	2,000,000	2,000,000
Common stock average price (in dollar per share)	$ 76.43	$ 64.54	$ 76.43	$ 64.54

v3.24.2

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 28, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

v3.24.2

SEGMENT INFORMATION - Detailed Segment Data (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total sales	$ 1,552.4	$ 1,526.4	$ 3,076.9	$ 2,987.1
Total Operating Profit	301.8	291.3	604.0	531.7
Interest expense, net	(38.7)	(33.1)	(82.7)	(65.2)
Loss from divestiture	(25.6)	0.0	(25.6)	0.0
Other non-operating expense, net	(8.8)	(7.8)	(33.0)	(10.3)
Earnings before income taxes	228.7	250.4	462.7	456.2
Precision Technologies
Segment Reporting Information [Line Items]
Loss from divestiture			(25.6)
Operating Segments
Segment Reporting Information [Line Items]
Total sales	1,552.4	1,526.4
Total Operating Profit	301.8	291.3	604.0	531.7
Operating Segments | Intelligent Operating Solutions
Segment Reporting Information [Line Items]
Total sales	677.0	653.1	1,342.7	1,285.2
Total Operating Profit	173.2	161.7	337.3	295.2
Operating Segments | Precision Technologies
Segment Reporting Information [Line Items]
Total sales	551.8	560.3	1,110.8	1,101.4
Total Operating Profit	115.3	136.8	264.4	260.4
Operating Segments | Advanced Healthcare Solutions
Segment Reporting Information [Line Items]
Total sales	323.6	313.0	623.4	600.5
Total Operating Profit	40.2	25.4	67.7	40.8
Other
Segment Reporting Information [Line Items]
Total Operating Profit	$ (26.9)	$ (32.6)	$ (65.4)	$ (64.7)

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