Item 16. FORM 10-K SUMMARY
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Item 16. FORM 10-K SUMMARY
Not applicable.
FORTIVE CORPORATION
INDEX TO FINANCIAL STATEMENTS, SUPPLEMENTARY DATA AND FINANCIAL STATEMENT SCHEDULE
| Page Number in Form 10-K | |||||
| Schedule: | |||||
| Valuation and Qualifying Accounts | 114 |
EXHIBIT INDEX
| 10.4 | Amendment No. 3 to Revolving Credit Agreement, dated as of April 24, 2020, by and among Fortive Corporation and certain of its subsidiaries from time to time party thereto, Bank of America, N.A., as Administrative Agent and a Swing Line Lender, and the lenders referred to therein | Incorporated by reference to Exhibit 10.1 to Fortive Corporation’s Current Report on Form 8-K filed on April 30, 2020 (Commission File Number: 1-37654) | |||||||||||||||
| 10.5 | Amendment No. 4 to Revolving Credit Agreement, dated as of October 5, 2021, by and among Fortive Corporation and certain of its subsidiaries from time to time party thereto, Bank of America, N.A., as Administrative Agent | ||||||||||||||||
| 10.6 | 364-Day Term Loan Credit Agreement, dated as of December 16, 2021, among Fortive Corporation, Bank of America, N.A., as Administrative Agent, and the lenders referred to therein. | Incorporated by reference to Exhibit 10.1 to Fortive Corporation’s Current Report on Form 8-K filed on December 21, 2021 (Commission File Number: 1-37654) | |||||||||||||||
| 10.7 | Fortive Corporation 2016 Stock Incentive Plan, as amended and restated* | Incorporated by reference from Exhibit 10.15 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 (Commission File Number: 1-37654) | |||||||||||||||
| 10.8 | Form of Fortive Corporation Performance Stock Unit Agreement* | Incorporated by reference from Exhibit 10.8 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.9 | Form of Fortive Corporation Non-Employee Directors Restricted Stock Unit Agreement * | Incorporated by reference from Exhibit 10.9 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.10 | Form of Fortive Corporation Restricted Stock Grant Agreement* | Incorporated by reference from Exhibit 10.13 to Amendment No. 2 to Fortive Corporation’s Registration Statement on Form 10, filed on April 7, 2016 (Commission File Number: 1-37654) | |||||||||||||||
| 10.11 | Form of Fortive Corporation Restricted Stock Unit Agreement* | Incorporated by reference from Exhibit 10.11 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.12 | Form of Fortive Corporation Non-Employee Directors Stock Option Agreement* | Incorporated by reference from Exhibit 10.12 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.13 | Form of Fortive Corporation Stock Option Agreement* | Incorporated by reference from Exhibit 10.13 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.14 | Fortive Corporation Amended and Restated 2016 Executive Incentive Compensation Plan* | Incorporated by reference from Exhibit 10.18 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018 (Commission File Number: 1-37654) | |||||||||||||||
| 10.15 | Fortive Corporation Severance and Change in Control Plan for Officers* | Incorporated by reference from Exhibit 10.1 to Fortive Corporation’s Current Report on Form 8-K, filed on March 31, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.16 | Fortive Executive Deferred Incentive Program* | Incorporated by reference from Exhibit 10.10 to Fortive Corporation’s Current Report on Form 8-K filed on June 1, 2016 (Commission File Number: 1-37654) | |||||||||||||||
| 10.17 | Form of D&O Indemnification Agreement* | Incorporated by reference from Exhibit 10.10 to Amendment No. 2 to Fortive Corporation’s Registration Statement on Form 10, filed on April 7, 2016 (Commission File Number: 1-37654) | |||||||||||||||
| 10.18 | Aircraft Time Sharing Agreement, dated July 18, 2016, between Fortive Corporation and James Lico* | Incorporated by reference from Exhibit 10.18 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.19 | Aircraft Time Sharing Agreement, dated July 18, 2016, between Fortive Corporation and Charles McLaughlin* | Incorporated by reference from Exhibit 10.19 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.20 | Description of compensation arrangements for non-management directors* | Incorporated by reference from Exhibit 10.1 to Fortive Corporation’s Quarterly Report on Form 10-Q for the quarter ended October 1, 2021 (Commission File Number: 1-37654 | |||||||||||||||
| 10.21 | Fortive Corporation Non-Employee Directors’ Deferred Compensation Plan* | Incorporated by reference from Exhibit 10.2 to Fortive Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.22 | Fortive Corporation Non-Employee Directors’ Deferred Compensation Plan Election Form* | Incorporated by reference from Exhibit 10.3 to Fortive Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2017 (Commission File Number: 1-37654) | |||||||||||||||
| 10.23 | Offer of Employment Letter, dated November 16, 2015, between TGA Employment Services LLC and Chuck McLaughlin* | Incorporated by reference from Exhibit 10.6 to Amendment No. 1 to Fortive Corporation’s Registration Statement on Form 10, filed on March 3, 2016 (Commission File Number: 1-37654) | |||||||||||||||
| 10.24 | Offer of Employment Letter, dated February 1, 2016, between TGA Employment Services LLC and Barbara Hulit* | Incorporated by reference from Exhibit 10.22 to Fortive Corporation’s Annual Report on Form 10-K for the year ended December 31, 2016 (Commission File Number: 1-37654) | |||||||||||||||
| 10.25 | Offer of Employment Letter, dated January 25, 2021 between TGA Employment Services LLC and Edward R. Simmons * | ||||||||||||||||
| 10.26 | Offer of Employment Letter, dated July 12, 2021 between TGA Employment Services LLC and Olumide Soroye* | ||||||||||||||||
| 104 | Inline Cover page formatted as Inline XBRL and contained in Exhibit 101 |
| * | Indicates management contract or compensatory plan, contract or arrangement. | ||||
| (1) | Exhibit 101 to this report includes the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, 2021 and 2020, (ii) Consolidated Statements of Earnings for the years ended December 31, 2021, 2020, and 2019, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020, and 2019, (iv) Consolidated Statements of Changes in Equity for the years ended December 31, 2021, 2020, and 2019, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020, and 2019 and (vi) Notes to Consolidated Financial Statements. |
The registrant agrees to furnish to the Commission supplementally upon request a copy of (i) any instrument with respect to long-term debt not filed herewith as to which the total amount of securities authorized thereunder does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis and (ii) schedules or similar attachments omitted pursuant to Item 601(a)(5) of Regulation S-K.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| FORTIVE CORPORATION | ||||||||
| Date: February 28, 2022 | By: | /s/ JAMES A. LICO | ||||||
| James A. Lico | ||||||||
| President and Chief Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated:
| Name, Title and Signature | Date | ||||||||||
| /s/ ALAN G. SPOON | February 28, 2022 | ||||||||||
| Alan G. Spoon | |||||||||||
| Chairman of the Board | |||||||||||
| /s/ DAN COMAS | February 28, 2022 | ||||||||||
| Dan Comas | |||||||||||
| Director | |||||||||||
| /s/ SHARMISTHA DUBEY | February 28, 2022 | ||||||||||
| Sharmistha Dubey | |||||||||||
| Director | |||||||||||
| /s/ REJJI P. HAYES | February 28, 2022 | ||||||||||
| Rejji P. Hayes | |||||||||||
| Director | |||||||||||
| /s/ WRIGHT LASSITER | February 28, 2022 | ||||||||||
| Wright Lassiter | |||||||||||
| Director | |||||||||||
| /s/ JAMES A. LICO | February 28, 2022 | ||||||||||
| James A. Lico | |||||||||||
| President, Chief Executive Officer and Director | |||||||||||
| /s/ KATE D. MITCHELL | February 28, 2022 | ||||||||||
| Kate D. Mitchell | |||||||||||
| Director | |||||||||||
| /s/ JEANNINE P. SARGENT | February 28, 2022 | ||||||||||
| Jeannine P. Sargent | |||||||||||
| Director | |||||||||||
| /s/ CHARLES E. MCLAUGHLIN | February 28, 2022 | ||||||||||
| Charles E. McLaughlin | |||||||||||
| Senior Vice President and Chief Financial Officer | |||||||||||
| /s/ CHRISTOPHER M. MULHALL | February 28, 2022 | ||||||||||
| Christopher M. Mulhall | |||||||||||
| Chief Accounting Officer | |||||||||||
FORTIVE CORPORATION AND SUBSIDIARIES
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS
($ in millions)
| Classification | Balance at Beginning of Period | Charged to Costs & Expenses | Impact of Currency | Charged to Other Accounts**(a)** | Write Offs, Write Downs & Deductions | Balance at End of Period | |||||||||||||||||||||||||||||
| Year Ended December 31, 2021: | |||||||||||||||||||||||||||||||||||
| Allowances deducted from asset accounts | |||||||||||||||||||||||||||||||||||
| Allowance for credit losses | $ | 42.5 | $ | 7.1 | $ | (0.7) | $ | 2.0 | $ | (11.2) | $ | 39.7 | |||||||||||||||||||||||
| Year Ended December 31, 2020: | |||||||||||||||||||||||||||||||||||
| Allowances deducted from asset accounts | |||||||||||||||||||||||||||||||||||
| Allowance for credit losses | $ | 26.4 | $ | 7.1 | $ | 1.2 | $ | 11.5 | $ | (3.7) | $ | 42.5 | |||||||||||||||||||||||
| Year Ended December 31, 2019: | |||||||||||||||||||||||||||||||||||
| Allowances deducted from asset accounts | |||||||||||||||||||||||||||||||||||
| Allowance for credit losses | $ | 18.7 | $ | 12.2 | $ | (0.3) | $ | 0.6 | $ | (4.8) | $ | 26.4 | |||||||||||||||||||||||
| (a) Amounts are related to businesses acquired. In addition, the year ended December 31, 2020 includes an increase in the allowance for trade accounts receivables of $11.5 million recognized upon the adoption of ASU 2016-13 on January 1, 2020. |
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