filings.toolsItem 1. FINANCIAL STATEMENTS
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Item 1. FINANCIAL STATEMENTS
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
($ and shares in millions, except per share amounts)
| As of | |||||||||||
| June 27, 2025 | December 31, 2024 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and equivalents | $ | 1,832.7 | $ | 813.3 | |||||||
| Accounts receivable less allowance for doubtful accounts of $27.2 and $30.7, respectively | 912.2 | 945.4 | |||||||||
| Inventories: | |||||||||||
| Finished goods | 257.3 | 220.1 | |||||||||
| Work in process | 117.0 | 105.4 | |||||||||
| Raw materials | 236.1 | 219.3 | |||||||||
| Inventories | 610.4 | 544.8 | |||||||||
| Prepaid expenses and other current assets | 328.1 | 288.8 | |||||||||
| Total current assets | 3,683.4 | 2,592.3 | |||||||||
| Property, plant and equipment, net of accumulated depreciation of $857.8 and $828.6, respectively | 447.9 | 433.1 | |||||||||
| Other assets | 509.3 | 494.7 | |||||||||
| Goodwill | 10,403.7 | 10,156.0 | |||||||||
| Other intangible assets, net | 3,199.9 | 3,340.0 | |||||||||
| Total assets | $ | 18,244.2 | $ | 17,016.1 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | 1,905.7 | $ | 376.2 | |||||||
| Trade accounts payable | 700.5 | 677.4 | |||||||||
| Accrued expenses and other current liabilities | 1,139.4 | 1,184.8 | |||||||||
| Total current liabilities | 3,745.6 | 2,238.4 | |||||||||
| Other long-term liabilities | 1,202.9 | 1,251.0 | |||||||||
| Long-term debt | 2,906.5 | 3,331.1 | |||||||||
| Commitments and Contingencies (Note 9) | |||||||||||
| Equity: | |||||||||||
| Common stock: $0.01 par value, 2,000.0 shares authorized; 368.4 and 366.6 issued; 338.2 and 341.2 outstanding, respectively | 3.7 | 3.7 | |||||||||
| Additional paid-in capital | 4,106.0 | 4,035.0 | |||||||||
| Treasury shares, at cost | (1,952.2) | (1,612.3) | |||||||||
| Retained earnings | 8,511.9 | 8,227.6 | |||||||||
| Accumulated other comprehensive loss | (287.3) | (465.4) | |||||||||
| Total Fortive stockholders’ equity | 10,382.1 | 10,188.6 | |||||||||
| Noncontrolling interests | 7.1 | 7.0 | |||||||||
| Total stockholders’ equity | 10,389.2 | 10,195.6 | |||||||||
| Total liabilities and equity | $ | 18,244.2 | $ | 17,016.1 |
See the accompanying Notes to Consolidated Condensed Financial Statements.
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
($ and shares in millions, except per share amounts)
(unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 27, 2025 | June 28, 2024 | June 27, 2025 | June 28, 2024 | ||||||||||||||||||||
| Sales of products and software | $ | 1,277.4 | $ | 1,308.9 | $ | 2,525.8 | $ | 2,608.8 | |||||||||||||||
| Sales of services | 241.4 | 243.5 | 467.2 | 468.1 | |||||||||||||||||||
| Total sales | 1,518.8 | 1,552.4 | 2,993.0 | 3,076.9 | |||||||||||||||||||
| Cost of product and software sales | (503.5) | (500.2) | (979.2) | (992.2) | |||||||||||||||||||
| Cost of service sales | (119.6) | (123.9) | (237.2) | (252.2) | |||||||||||||||||||
| Total cost of sales | (623.1) | (624.1) | (1,216.4) | (1,244.4) | |||||||||||||||||||
| Gross profit | 895.7 | 928.3 | 1,776.6 | 1,832.5 | |||||||||||||||||||
| Operating costs: | |||||||||||||||||||||||
| Selling, general and administrative | (564.3) | (525.4) | (1,106.5) | (1,086.4) | |||||||||||||||||||
| Research and development | (109.2) | (101.1) | (214.3) | (205.2) | |||||||||||||||||||
| Gain on sale of property | — | — | — | 63.1 | |||||||||||||||||||
| Operating profit | 222.2 | 301.8 | 455.8 | 604.0 | |||||||||||||||||||
| Non-operating income (expense), net: | |||||||||||||||||||||||
| Interest expense, net | (32.1) | (38.7) | (64.1) | (82.7) | |||||||||||||||||||
| Loss from divestiture | — | (25.6) | — | (25.6) | |||||||||||||||||||
| Other non-operating income (expense), net | 1.9 | (8.8) | 1.7 | (33.0) | |||||||||||||||||||
| Earnings before income taxes | 192.0 | 228.7 | 393.4 | 462.7 | |||||||||||||||||||
| Income taxes | (25.4) | (33.6) | (54.9) | (60.2) | |||||||||||||||||||
| Net earnings | $ | 166.6 | $ | 195.1 | $ | 338.5 | $ | 402.5 | |||||||||||||||
| Net earnings per share: | |||||||||||||||||||||||
| Basic | $ | 0.49 | $ | 0.56 | $ | 0.99 | $ | 1.15 | |||||||||||||||
| Diluted | $ | 0.49 | $ | 0.55 | $ | 0.99 | $ | 1.13 | |||||||||||||||
| Average common stock and common equivalent shares outstanding: | |||||||||||||||||||||||
| Basic | 339.6 | 351.3 | 340.3 | 351.5 | |||||||||||||||||||
| Diluted | 341.7 | 354.8 | 343.2 | 355.4 | |||||||||||||||||||
See the accompanying Notes to Consolidated Condensed Financial Statements.
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
($ in millions)
(unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 27, 2025 | June 28, 2024 | June 27, 2025 | June 28, 2024 | ||||||||||||||||||||
| Net earnings | $ | 166.6 | $ | 195.1 | $ | 338.5 | $ | 402.5 | |||||||||||||||
| Other comprehensive income (loss), net of income taxes: | |||||||||||||||||||||||
| Foreign currency translation adjustments | 108.0 | (21.1) | 178.1 | (97.6) | |||||||||||||||||||
| Pension adjustments | — | — | — | 0.1 | |||||||||||||||||||
| Total other comprehensive income (loss), net of income taxes | 108.0 | (21.1) | 178.1 | (97.5) | |||||||||||||||||||
| Comprehensive income | $ | 274.6 | $ | 174.0 | $ | 516.6 | $ | 305.0 |
See the accompanying Notes to Consolidated Condensed Financial Statements.
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY
($ and shares in millions)
(unaudited)
| Common Stock | Additional Paid-In Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||
| Shares Outstanding | Amount | ||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2024 | 341.2 | $ | 3.7 | $ | 4,035.0 | $ | (1,612.3) | $ | 8,227.6 | $ | (465.4) | $ | 7.0 | ||||||||||||||||||||||||||||
| Net earnings for the period | — | — | — | — | 171.9 | — | — | ||||||||||||||||||||||||||||||||||
| Dividends to common stockholders | — | — | — | — | (27.2) | — | — | ||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | 70.1 | — | ||||||||||||||||||||||||||||||||||
| Common stock-based award activity | 1.5 | — | 64.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Common stock repurchases | (2.5) | — | — | (203.6) | — | — | — | ||||||||||||||||||||||||||||||||||
| Shares withheld for taxes | (0.3) | — | (27.8) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Change in noncontrolling interests | — | — | — | — | — | — | (0.1) | ||||||||||||||||||||||||||||||||||
| Balance, March 28, 2025 | 339.9 | $ | 3.7 | $ | 4,071.6 | $ | (1,815.9) | $ | 8,372.3 | $ | (395.3) | $ | 6.9 | ||||||||||||||||||||||||||||
| Net earnings for the period | — | — | — | — | 166.6 | — | — | ||||||||||||||||||||||||||||||||||
| Dividends to common stockholders | — | — | — | — | (27.0) | — | — | ||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | 108.0 | — | ||||||||||||||||||||||||||||||||||
| Common stock-based award activity | 0.2 | — | 36.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Common stock repurchases | (1.9) | — | — | (136.3) | — | — | — | ||||||||||||||||||||||||||||||||||
| Shares withheld for taxes | — | — | (1.8) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Change in noncontrolling interests | — | — | — | — | — | — | 0.2 | ||||||||||||||||||||||||||||||||||
| Balance, June 27, 2025 | 338.2 | $ | 3.7 | $ | 4,106.0 | $ | (1,952.2) | $ | 8,511.9 | $ | (287.3) | $ | 7.1 | ||||||||||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||
| Shares Outstanding | Amount | ||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2023 | 350.7 | $ | 3.6 | $ | 3,851.3 | $ | (715.8) | $ | 7,505.9 | $ | (326.1) | $ | 6.4 | ||||||||||||||||||||||||||||
| Net earnings for the period | — | — | — | — | 207.4 | — | — | ||||||||||||||||||||||||||||||||||
| Dividends to common stockholders | — | — | — | — | (28.1) | — | — | ||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | (76.4) | — | ||||||||||||||||||||||||||||||||||
| Common stock-based award activity | 1.5 | 0.1 | 73.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Shares withheld for taxes | (0.2) | — | (18.4) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Balance, March 29, 2024 | 352.0 | $ | 3.7 | $ | 3,906.1 | $ | (715.8) | $ | 7,685.2 | $ | (402.5) | $ | 6.4 | ||||||||||||||||||||||||||||
| Net earnings for the period | — | — | — | — | 195.1 | — | — | ||||||||||||||||||||||||||||||||||
| Dividends to common shareholders | — | — | — | — | (28.0) | — | — | ||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | (21.1) | — | ||||||||||||||||||||||||||||||||||
| Common stock-based award activity | 0.3 | — | 35.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Common stock repurchases | (2.0) | — | — | (154.6) | — | — | — | ||||||||||||||||||||||||||||||||||
| Shares withheld for taxes | — | — | (3.8) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Change in noncontrolling interests | — | — | — | — | — | — | 0.1 | ||||||||||||||||||||||||||||||||||
| Balance, June 28, 2024 | 350.3 | $ | 3.7 | $ | 3,937.3 | $ | (870.4) | $ | 7,852.3 | $ | (423.6) | $ | 6.5 | ||||||||||||||||||||||||||||
See the accompanying Notes to Consolidated Condensed Financial Statements.
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
($ in millions)
(unaudited)
| Six Months Ended | |||||||||||
| June 27, 2025 | June 28, 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net earnings | $ | 338.5 | $ | 402.5 | |||||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
| Amortization | 225.0 | 227.1 | |||||||||
| Depreciation | 47.7 | 46.2 | |||||||||
| Stock-based compensation | 54.9 | 53.1 | |||||||||
| Gain on sale of property | — | (63.1) | |||||||||
| Loss from divestiture | — | 25.6 | |||||||||
| Change in certain assets and liabilities: | |||||||||||
| Change in trade accounts receivable, net | 75.5 | 24.6 | |||||||||
| Change in inventories | (57.7) | (12.0) | |||||||||
| Change in trade accounts payable | 13.8 | 30.7 | |||||||||
| Change in prepaid expenses and other assets | (40.3) | (11.5) | |||||||||
| Change in accrued expenses and other liabilities | (104.5) | (157.6) | |||||||||
| Net cash provided by operating activities | 552.9 | 565.6 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of property, plant and equipment | (63.4) | (55.6) | |||||||||
| Proceeds from sale of property | 1.7 | 10.8 | |||||||||
| Cash paid for acquisitions, net of cash received | — | (1,721.8) | |||||||||
| Cash infusion into divestiture | — | (14.0) | |||||||||
| All other investing activities | 10.9 | (1.6) | |||||||||
| Net cash used in investing activities | (50.8) | (1,782.2) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net proceeds from (repayments of) commercial paper borrowings | (253.2) | (571.5) | |||||||||
| Repurchase of common shares | (344.5) | (152.9) | |||||||||
| Payment of dividends | (54.2) | (56.1) | |||||||||
| Proceeds from borrowings (maturities greater than 90 days), net of issuance costs | 1,146.8 | 1,733.5 | |||||||||
| Repayment of borrowings (maturities greater than 90 days) | — | (1,000.0) | |||||||||
| All other financing activities | 14.4 | 31.9 | |||||||||
| Net cash provided by (used in) financing activities | 509.3 | (15.1) | |||||||||
| Effect of exchange rate changes on cash and equivalents | 8.0 | (13.0) | |||||||||
| Net change in cash and equivalents | 1,019.4 | (1,244.7) | |||||||||
| Beginning balance of cash and equivalents | 813.3 | 1,888.8 | |||||||||
| Ending balance of cash and equivalents | $ | 1,832.7 | $ | 644.1 |
See the accompanying Notes to Consolidated Condensed Financial Statements.
FORTIVE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
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, 2024 and the footnotes (“Notes”) thereto included within our 2024 Annual Report on Form 10-K. Reclassification of certain prior year amounts in the changes in Accumulated Other Comprehensive Income (Loss) by component table below have been made to conform to current year presentation.
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 27, 2025, are not necessarily indicative of the results for the full year.
Precision Technologies Separation
On June 28, 2025 (the “Distribution Date”), the Company completed the separation (the “Separation” or the “PT Separation”) of its former Precision Technologies segment by distributing to Fortive shareholders on a pro rata basis all of the issued and outstanding common stock of Ralliant Corporation (“Ralliant”), the entity incorporated to hold the PT businesses. Refer to Note 2 for additional information.
Segment Realignment and Divestiture
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, in the three and six-months period 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 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 27, 2025, 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 losses of $103.3 million and gains of $13.0 million during the three-month periods ended June 27, 2025 and June 28, 2024, respectively, and losses of $160.3 million and gains of $21.4 million during the six-month periods ended June 27, 2025 and June 28, 2024, respectively, on the debt that was deferred in the foreign currency translation component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and six-month periods ended June 27, 2025 and June 28, 2024. On the Distribution Date of the Separation, certain investments in foreign subsidiaries were transferred to Ralliant, resulting in a partial de-designation of net investment hedges on the outstanding foreign currency denominated debt instruments noted above. Foreign exchange gains and losses on any non-designated portion of the debt will be recognized in earnings beginning in Q3 2025.
The changes in AOCI by component are summarized below ($ in millions):
| Foreign currency translation adjustments | Pension & post-retirement plan benefit adjustments (a) | Total | |||||||||||||||
| For the Three Months Ended June 27, 2025: | |||||||||||||||||
| Balance, March 28, 2025 | $ | (361.3) | $ | (34.0) | $ | (395.3) | |||||||||||
| Other comprehensive income (loss) before reclassifications: | |||||||||||||||||
| Increase (decrease): | 120.7 | — | 120.7 | ||||||||||||||
| Income tax impact | (12.7) | — | (12.7) | ||||||||||||||
| Other comprehensive income (loss) before reclassifications, net of income taxes | 108.0 | — | 108.0 | ||||||||||||||
| Amounts reclassified from AOCI into income: | |||||||||||||||||
| Increase (decrease) | — | (d) | — | (c, d) | — | ||||||||||||
| Income tax impact | — | — | (d) | — | |||||||||||||
| Amounts reclassified from AOCI into income, net of income taxes | — | — | — | ||||||||||||||
| Net current period other comprehensive income (loss), net of income taxes | 108.0 | — | 108.0 | ||||||||||||||
| Balance, June 27, 2025 | $ | (253.3) | $ | (34.0) | $ | (287.3) | |||||||||||
| For the Three Months Ended June 28, 2024: | |||||||||||||||||
| Balance, March 29, 2024 | $ | (368.2) | $ | (34.3) | $ | (402.5) | |||||||||||
| Other comprehensive income (loss) before reclassifications: | |||||||||||||||||
| Increase (decrease): | (33.1) | — | (33.1) | ||||||||||||||
| Income tax impact | 5.0 | — | 5.0 | ||||||||||||||
| 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 | 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) | |||||||||||
| (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 10 in our 2024 Annual Report on Form 10-K for additional details). | |||||||||||||||||
| (d) Amount was rounded to zero. | |||||||||||||||||
| Foreign currency translation adjustments | Pension & post-retirement plan benefit adjustments (a) | Total | |||||||||||||||
| For the Six Months Ended June 27, 2025: | |||||||||||||||||
| Balance, December 31, 2024 | $ | (431.4) | $ | (34.0) | $ | (465.4) | |||||||||||
| Other comprehensive income (loss) before reclassifications: | |||||||||||||||||
| Increase (decrease): | 198.7 | — | 198.7 | ||||||||||||||
| Income tax impact | (20.6) | — | (20.6) | ||||||||||||||
| Other comprehensive income (loss) before reclassifications, net of income taxes | 178.1 | — | 178.1 | ||||||||||||||
| Amounts reclassified from AOCI into income: | |||||||||||||||||
| Increase (decrease) | — | (d) | — | (c, d) | — | ||||||||||||
| Income tax impact | — | — | (d) | — | |||||||||||||
| Amounts reclassified from AOCI into income, net of income taxes | — | — | — | ||||||||||||||
| Net current period other comprehensive income (loss) | 178.1 | — | 178.1 | ||||||||||||||
| Balance, June 27, 2025 | $ | (253.3) | $ | (34.0) | $ | (287.3) | |||||||||||
| For the Six Months Ended June 28, 2024: | |||||||||||||||||
| Balance, December 31, 2023 | $ | (291.7) | $ | (34.4) | $ | (326.1) | |||||||||||
| Other comprehensive income (loss) before reclassifications: | |||||||||||||||||
| Increase (decrease): | (113.2) | — | (113.2) | ||||||||||||||
| Income tax impact | 8.6 | — | 8.6 | ||||||||||||||
| 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) | |||||||||||
| (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 10 in our 2024 Annual Report on Form 10-K for additional details). | |||||||||||||||||
| (d) Amount was rounded to zero. |
Allowance 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 27, 2025 and June 28, 2024, 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 received in August and November 2024. The promissory note was 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 pledged a charitable contribution of $20 million to the Fortive Foundation (the “Foundation”), 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 was recorded within the “Other non-operating expense, net” line in the Consolidated Condensed Statements of Earnings.
Restructuring
In the fourth quarter of 2024, we initiated a discrete restructuring plan that is expected to be completed by December 31, 2025. The nature of the plan initiated in 2024 was related to the Separation and consisted primarily of targeted workforce reductions to realign cost structures. During the three and six-month periods ended June 27, 2025, we incurred charges of $8 million and $12 million, respectively. Accrued restructuring costs were $8 million as of June 27, 2025 and were $13 million as of December 31, 2024, and are recorded within Accrued expenses and other current liabilities in the Consolidated Condensed Balance Sheets.
Recently Issued Accounting Standard
In December 2023, the Financial Accounting Standards Board (“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.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) — Disaggregation of Income Statement Expenses, which amends the disclosure requirements related to certain costs and expenses on an interim and annual basis. This standard is effective for fiscal year ending December 31, 2027, and interim periods within fiscal year ending December 31, 2028. This standard should be applied either on a prospective basis or retrospective basis. The adoption of the standard will not impact our combined 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 AND DIVESTITURES
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.
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, with EA operating within the PT segment following the acquisition. 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 $1.18 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 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.
Subsequent to the end of the second quarter, on June 28, 2025, the Company completed the PT Separation by distributing to its stockholders one share of Ralliant common stock for every three shares of the Company’s common stock outstanding held on June 16, 2025, the record date for the distribution. Fortive stockholders received cash in lieu of any fractional shares of Ralliant common stock that they would have received after application of this ratio. Beginning with the third quarter of 2025, the Company will classify Ralliant as a discontinued operation in its financial statements, as a result of the Separation. Refer to Note 11 for PT’s operating results.
In connection with the Separation, the Company incurred $41 million and $64 million in Separation-related costs during the three and six months ended June 27, 2025, respectively. These costs were primarily related to professional fees associated with finance, tax, legal, banking and information technology services as well as redundant general and administrative costs, and were recorded within Selling, general and administrative expenses in the Consolidated Condensed Statements of Earnings.
Fortive and Ralliant entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a separation and distribution agreement, a transition services agreement, an employee matters agreement, a tax matters agreement, an intellectual property matters agreement, a Fortive Business System (“FBS”) license agreement and a Fort solutions license agreement. These agreements provide for the allocation between Fortive and Ralliant of assets, employees, liabilities and obligations (including investments, property, employee benefits and tax-related assets and liabilities) attributable to periods prior to, at and after the Separation and govern certain relationships between Fortive and Ralliant after the Separation.
NOTE 3. GOODWILL
The following is a roll forward of our carrying value of goodwill by segment ($ in millions):
| Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Total Goodwill | ||||||||||||||||||||
| Balance, December 31, 2024 | $ | 4,121.7 | $ | 2,940.0 | $ | 3,094.3 | $ | 10,156.0 | |||||||||||||||
| Foreign currency translation and other | 47.2 | 179.1 | 21.4 | 247.7 | |||||||||||||||||||
| Balance, June 27, 2025 | $ | 4,168.9 | $ | 3,119.1 | $ | 3,115.7 | $ | 10,403.7 |
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 27, 2025 | |||||||||||||||||||||||
| Deferred compensation liabilities | $ | — | $ | 37.7 | $ | — | $ | 37.7 | |||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Deferred compensation liabilities | — | 46.7 | — | 46.7 |
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 period ended June 27, 2025, and recorded no impairments.
Fair Value of Financial Instruments
The carrying amount and fair value of financial instruments are as follows ($ in millions):
| June 27, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
| Current portion of long-term debt | $ | 1,905.7 | $ | 1,900.7 | $ | 376.2 | $ | 376.3 | |||||||||||||||
| Long-term debt, net of current maturities | 2,906.5 | 2,837.2 | 3,331.1 | 3,243.8 |
As of June 27, 2025 and December 31, 2024, 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 27, 2025 | December 31, 2024 | |||||||||||||
| U.S. dollar-denominated commercial paper | $ | 395.0 | $ | 650.0 | ||||||||||
| 3.7% Euro-denominated senior unsecured notes due 2026 | 585.9 | 517.7 | ||||||||||||
| 3.7% Euro-denominated senior unsecured notes due 2029 | 820.3 | 724.8 | ||||||||||||
| Euro Term Loan due 2025 | 322.2 | 284.7 | ||||||||||||
| Yen Term Loan due 2025 | 99.6 | 91.6 | ||||||||||||
| 3.15% senior unsecured notes due 2026 | 900.0 | 900.0 | ||||||||||||
| 4.30% senior unsecured notes due 2046 | 550.0 | 550.0 | ||||||||||||
| Subtotal | 3,673.0 | 3,718.8 | ||||||||||||
| Ralliant debt: | ||||||||||||||
| USD Term Loan due 2026 | 530.8 | — | ||||||||||||
| USD Term Loan due 2028 | 619.2 | — | ||||||||||||
| Total Ralliant debt | 1,150.0 | — | ||||||||||||
| Long-term debt, principal amounts | 4,823.0 | 3,718.8 | ||||||||||||
| Less: aggregate unamortized debt discounts, premiums, and issuance costs | 10.8 | 11.5 | ||||||||||||
| Long-term debt, carrying value | 4,812.2 | 3,707.3 | ||||||||||||
| Less: current portion of long-term debt, carrying value | 1,905.7 | 376.2 | ||||||||||||
| Long-term debt, net of current maturities | $ | 2,906.5 | $ | 3,331.1 |
Refer to Note 9 of our 2024 Annual Report on Form 10-K for further details of our debt financing.
Commercial Paper Programs
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. Proceeds from borrowings under the commercial paper programs are typically available for general corporate purposes, including acquisitions.
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 27, 2025 were as follows ($ in millions):
| Carrying value (a) | Annual effective rate | Weighted average maturity (in days) | |||||||||||||||
| U.S. dollar-denominated commercial paper | $ | 394.2 | 4.63 | % | 30 | ||||||||||||
| (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 27, 2025, no borrowings were outstanding under the Revolving Credit Facility.
We classified our borrowings outstanding under the Commercial Paper Programs as of June 27, 2025 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.
Indebtedness Related to the Ralliant Separation
On May 15, 2025, Ralliant entered into a credit agreement with a syndicate of banks, consisting of a three-year, $700 million senior unsecured delayed draw term loan facility (the “Three-Year Term Loans”), an eighteen-month, $600 million senior unsecured delayed draw term loan facility (the “Eighteen-Month Term Loans” and together with the Three-Year Term Loans, the “Term Loans”), and a five-year $750 million unsecured revolving credit facility (the “Ralliant Credit Facility”).
Ralliant may draw on the funds under the Term Loans, in up to two advances, which may be made on or prior to December 31, 2025. On June 27, 2025, in preparation for the Separation, Ralliant borrowed $1.15 billion in aggregate principal amount consisting of a USD Term Loan due 2026 and a USD Term Loan due 2028 (the “Ralliant Debt”). As of June 27, 2025, Ralliant was a wholly-owned, consolidated subsidiary of the Company, and as a result, the Company’s Consolidated Balance Sheet includes the Ralliant Debt.
No amounts were outstanding under the Ralliant Credit Facility at any time prior to the Separation. As of June 27, 2025, Ralliant was in compliance with all covenants under the Ralliant Debt and the Ralliant Credit Facility.
The proceeds from the Ralliant Debt were used to fund the $1.15 billion cash dividend Ralliant made to Fortive prior to the Distribution Date (the “Ralliant Dividend”).
Use of Ralliant Dividend
On June 4, 2025 and June 17, 2025, respectively, we extended the maturity date of the Yen Term Loan due on June 17, 2025 and the Euro Term Loan due on June 23, 2025 to December 31, 2025.
On July 15, 2025, Fortive used approximately $302 million of the Ralliant Dividend to redeem €252 million of the outstanding principal of the 3.7% Euro-denominated senior unsecured notes due 2026, and the accrued interest thereon, with €248 million remaining outstanding following such redemption. On July 24, 2025 and July 25, 2025, respectively, Fortive used $324 million and $98 million of the Ralliant Dividend to repay the outstanding principle of the Euro Term Loan and Yen Term Loan, and accrued interest thereon. Fortive also intends to apply the Ralliant Dividend to repurchase certain of its outstanding common stock pursuant to the special purpose share repurchase program authorized on May 27, 2025.
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 $141 million as of June 27, 2025 and $118 million as of December 31, 2024. 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 27, 2025 and December 31, 2024, we had $69 million and $59 million, respectively, in net revenue-related contract costs primarily related to certain software contracts. Revenue-related contract costs are recorded within Other assets in our Consolidated Condensed Balance Sheets. These assets have estimated useful lives between three and five years.
Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to subscription-based software contracts, PCS and extended warranty sales, where we generally receive up-front payment and recognize revenue over the service or support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of deferred revenue is recorded within Accrued expenses and other current liabilities and the noncurrent portion of deferred revenue is recorded within Other long-term liabilities in our Consolidated Condensed Balance Sheets.
Our contract liabilities consisted of the following ($ in millions):
| June 27, 2025 | December 31, 2024 | ||||||||||
| Deferred revenue - current | $ | 565.9 | $ | 553.2 | |||||||
| Deferred revenue - noncurrent | 62.4 | 58.9 | |||||||||
| Total contract liabilities | $ | 628.3 | $ | 612.1 |
During the three and six-month period ended June 27, 2025, we recognized revenue related to our contract liabilities at December 31, 2024 of $128 million and $317 million, respectively. The change in our contract liabilities from December 31, 2024 to June 27, 2025 was primarily due to the timing of billings and revenue recognized for subscription-based software contracts, PCS and extended warranty services.
Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, non-cancelable orders and the average contract value for software contracts, for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below.
The aggregate remaining performance obligations attributable to each of our segments is as follows ($ in millions):
| June 27, 2025 | |||||
| Intelligent Operating Solutions | $ | 647.0 | |||
| Precision Technologies | 61.9 | ||||
| Advanced Healthcare Solutions | 104.1 | ||||
| Total remaining performance obligations | $ | 813.0 |
The majority of remaining performance obligations are related to service and support contracts, which we expect to fulfill approximately 75 percent within the next two years, approximately 90 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.
Disaggregation of revenue for the three-month period ended June 27, 2025 is presented as follows ($ in millions):
| Total | Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | ||||||||||||||||||||
| Sales: | |||||||||||||||||||||||
| Sales of products and software | $ | 1,277.4 | $ | 562.5 | $ | 465.0 | $ | 249.9 | |||||||||||||||
| Sales of services | 241.4 | 113.2 | 58.6 | 69.6 | |||||||||||||||||||
| Total | $ | 1,518.8 | $ | 675.7 | $ | 523.6 | $ | 319.5 | |||||||||||||||
| Geographic: | |||||||||||||||||||||||
| United States | $ | 825.2 | $ | 379.9 | $ | 264.5 | $ | 180.8 | |||||||||||||||
| China | 159.7 | 49.5 | 85.6 | 24.6 | |||||||||||||||||||
| All other | 533.9 | 246.3 | 173.5 | 114.1 | |||||||||||||||||||
| Total | $ | 1,518.8 | $ | 675.7 | $ | 523.6 | $ | 319.5 | |||||||||||||||
| End markets:****(a) | |||||||||||||||||||||||
| Direct sales: | |||||||||||||||||||||||
| Healthcare | $ | 360.0 | $ | 10.6 | $ | 46.9 | $ | 302.5 | |||||||||||||||
| Industrial & Manufacturing | 329.5 | 231.3 | 93.7 | 4.5 | |||||||||||||||||||
| Government | 133.0 | 79.6 | 44.3 | 9.1 | |||||||||||||||||||
| Utilities & Power | 114.9 | 48.4 | 66.5 | — | |||||||||||||||||||
| Communications, Electronics & Semiconductor | 84.3 | 28.5 | 55.8 | — | |||||||||||||||||||
| Aerospace & Defense | 79.0 | 0.1 | 78.9 | — | |||||||||||||||||||
| Retail & Consumer | 95.0 | 70.5 | 24.5 | — | |||||||||||||||||||
| Oil & Gas | 73.4 | 71.2 | 2.2 | — | |||||||||||||||||||
| Other | 166.2 | 100.2 | 66.0 | — | |||||||||||||||||||
| Total direct sales | 1,435.3 | 640.4 | 478.8 | 316.1 | |||||||||||||||||||
| Distributors | 83.5 | 35.3 | 44.8 | 3.4 | |||||||||||||||||||
| Total | $ | 1,518.8 | $ | 675.7 | $ | 523.6 | $ | 319.5 | |||||||||||||||
| (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 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 | 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 six-month period ended June 27, 2025 is presented as follows ($ in millions):
| Total | Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | ||||||||||||||||||||
| Sales: | |||||||||||||||||||||||
| Sales of products and software | $ | 2,525.8 | $ | 1,131.6 | $ | 908.5 | $ | 485.7 | |||||||||||||||
| Sales of services | 467.2 | 215.5 | 115.7 | 136.0 | |||||||||||||||||||
| Total | $ | 2,993.0 | $ | 1,347.1 | $ | 1,024.2 | $ | 621.7 | |||||||||||||||
| Geographic: | |||||||||||||||||||||||
| United States | $ | 1,631.1 | $ | 756.6 | $ | 518.8 | $ | 355.7 | |||||||||||||||
| China | 317.0 | 109.3 | 158.4 | 49.3 | |||||||||||||||||||
| All other | 1,044.9 | 481.2 | 347.0 | 216.7 | |||||||||||||||||||
| Total | $ | 2,993.0 | $ | 1,347.1 | $ | 1,024.2 | $ | 621.7 | |||||||||||||||
| End markets:****(a) | |||||||||||||||||||||||
| Direct sales: | |||||||||||||||||||||||
| Healthcare | $ | 701.5 | $ | 21.1 | $ | 92.4 | $ | 588.0 | |||||||||||||||
| Industrial & Manufacturing | 665.4 | 471.3 | 185.1 | 9.0 | |||||||||||||||||||
| Government | 254.4 | 151.3 | 85.1 | 18.0 | |||||||||||||||||||
| Utilities & Power | 223.5 | 98.0 | 125.5 | — | |||||||||||||||||||
| Communications, Electronics & Semiconductor | 164.8 | 57.7 | 107.1 | — | |||||||||||||||||||
| Aerospace & Defense | 153.2 | 0.2 | 153.0 | — | |||||||||||||||||||
| Retail & Consumer | 180.1 | 137.9 | 42.2 | — | |||||||||||||||||||
| Oil & Gas | 145.5 | 141.6 | 3.9 | — | |||||||||||||||||||
| Other | 333.8 | 196.0 | 137.8 | — | |||||||||||||||||||
| Total direct sales | 2,822.2 | 1,275.1 | 932.1 | 615.0 | |||||||||||||||||||
| Distributors | 170.8 | 72.0 | 92.1 | 6.7 | |||||||||||||||||||
| Total | $ | 2,993.0 | $ | 1,347.1 | $ | 1,024.2 | $ | 621.7 | |||||||||||||||
| (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 | 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. |
NOTE 7. INCOME TAXES
Our effective tax rate for the three and six-month period ended June 27, 2025 was 13.2% and 14.0%, respectively, as compared to 14.7% and 13.0%, respectively, for the three and six-month period ended June 28, 2024. The decrease in the effective tax rate for the three-month period ended June 27, 2025 as compared to the three-month period ended June 28, 2024 was primarily related to a change in mix of earnings in the comparable prior year period. The increase in the effective tax rate for the six-month period ended June 27, 2025 as compared to the six-month period ended June 28, 2024 was primarily related to a discrete tax credit in the comparable prior year period from cash repatriation.
Our effective tax rate for the three and six-month period ended June 27, 2025 , differs from the U.S. federal statutory rate of 21% due primarily to the impact of credits and deductions provided by law, including those associated with state income taxes, 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 27, 2025, approximately 10 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 14 of our 2024 Annual Report on Form 10-K.
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 27, 2025 | June 28, 2024 | June 27, 2025 | June 28, 2024 | ||||||||||||||||||||
| Stock Awards: | |||||||||||||||||||||||
| Pretax compensation expense | $ | 22.4 | $ | 15.6 | $ | 43.3 | $ | 37.1 | |||||||||||||||
| Income tax benefit | (3.3) | (2.9) | (6.7) | (5.5) | |||||||||||||||||||
| Stock Award expense, net of income taxes | 19.1 | 12.7 | 36.6 | 31.6 | |||||||||||||||||||
| Stock options: | |||||||||||||||||||||||
| Pretax compensation expense | 5.0 | 8.6 | 11.6 | 16.0 | |||||||||||||||||||
| Income tax benefit | (0.6) | (1.2) | (1.6) | (2.3) | |||||||||||||||||||
| Stock option expense, net of income taxes | 4.4 | 7.4 | 10.0 | 13.7 | |||||||||||||||||||
| Total stock-based compensation: | |||||||||||||||||||||||
| Pretax compensation expense | 27.4 | 24.2 | 54.9 | 53.1 | |||||||||||||||||||
| Income tax benefit | (3.9) | (4.1) | (8.3) | (7.8) | |||||||||||||||||||
| Total stock-based compensation expense, net of income taxes | $ | 23.5 | $ | 20.1 | $ | 46.6 | $ | 45.3 |
The following summarizes the unrecognized compensation cost for the Stock Awards and stock options as of June 27, 2025. 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 | $ | 167.9 | |||
| Stock options | 39.9 | ||||
| Total unrecognized compensation cost | $ | 207.8 |
Ralliant Separation
Subsequent to quarter-end, in connection with the Separation and in accordance with the employee matters agreement between Fortive and Ralliant, the Company has made certain adjustments to the exercise price and the number of stock-based awards with the intention of preserving the intrinsic value of the awards immediately prior to the Separation. Stock-based awards of Fortive held by employees who transferred to Ralliant in the Separation were converted into stock-based awards of Ralliant issued under Ralliant’s stock plan.
NOTE 9. COMMITMENTS AND CONTINGENCIES
For a description of our litigation and contingencies and additional information about our leases, refer to Note 13 and Note 8, respectively, in our 2024 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 27, 2025 and June 28, 2024, warranty related activity was immaterial.
Leases
Operating lease costs for each period are presented as follows ($ in millions):
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 27, 2025 | June 28, 2024 | June 27, 2025 | June 28, 2024 | ||||||||||||||||||||
| Operating lease costs | $ | 11.5 | $ | 12.5 | $ | 24.1 | $ | 25.1 |
Supplemental balance sheet and cash flow information related to operating leases for each period is presented as follows ($ in millions):
| As of | |||||||||||
| June 27, 2025 | December 31, 2024 | ||||||||||
| Right-of-use (“ROU”) assets (a) | $ | 159.3 | $ | 164.2 | |||||||
| Operating lease liabilities (b) | 165.1 | 169.6 | |||||||||
| (a) ROU assets are recorded in the Consolidated Condensed Balance Sheets within Other assets. | |||||||||||
| (b) Operating lease liabilities are recorded in the Consolidated Condensed Balance Sheets within Accrued expenses and other current liabilities, and Other long-term liabilities. |
| Six Months Ended | |||||||||||
| June 27, 2025 | June 28, 2024 | ||||||||||
| Cash paid for operating leases | $ | 23.7 | $ | 24.2 | |||||||
| ROU assets obtained in exchange for operating lease obligations | 0.6 | 9.7 |
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 27, 2025 were 2.2 million and 1.9 million, respectively, and were 1.3 million and 1.2 million, respectively, for the three and six-month periods ended June 28, 2024.
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 27, 2025 | June 28, 2024 | June 27, 2025 | June 28, 2024 | ||||||||||||||||||||
| Numerator | |||||||||||||||||||||||
| Net earnings | $ | 166.6 | $ | 195.1 | $ | 338.5 | $ | 402.5 | |||||||||||||||
| Denominator | |||||||||||||||||||||||
| Weighted average common shares outstanding used in basic earnings per share | 339.6 | 351.3 | 340.3 | 351.5 | |||||||||||||||||||
| Incremental common shares from: | |||||||||||||||||||||||
| Assumed exercise of dilutive options and vesting of dilutive Stock Awards | 2.1 | 3.5 | 2.9 | 3.9 | |||||||||||||||||||
| Weighted average common shares outstanding used in diluted earnings per share | 341.7 | 354.8 | 343.2 | 355.4 | |||||||||||||||||||
| Net earnings per common share - Basic | $ | 0.49 | $ | 0.56 | $ | 0.99 | $ | 1.15 | |||||||||||||||
| Net earnings per common share - Diluted | $ | 0.49 | $ | 0.55 | $ | 0.99 | $ | 1.13 | |||||||||||||||
General 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. On January 23, 2024 and May 27, 2025, the Company’s Board of Directors increased the number of shares authorized under the share repurchase program by an additional 11 million and 15.6 million shares, respectively. As of June 27, 2025, there were 19.2 million shares remaining authorized under the share repurchase program. 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.
During the three and six-month period ended June 27, 2025, the Company purchased 1.9 million and 4.4 million shares of its common stock at an average share price of $71.15 and $76.76, respectively. During the three and six-month periods ended June 28, 2024, the Company purchased 2 million shares of its common stock at an average share price of $76.43. Our common stock repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. Any excise tax incurred is recorded as part of the cost basis of the shares acquired within Common stock repurchases in the Consolidated Condensed Statement of Equity. The payment of the excise tax is recorded within Repurchase of common shares in the Consolidated Condensed Statement of Cash Flows.
Special Purpose Share Repurchase Program
On May 27, 2025, in connection with the Separation, the Company’s Board of Directors adopted a separate special purpose share repurchase program (the “Special Purpose Share Repurchase Program”) under which Fortive may purchase up to $550 million in Fortive’s common stock exclusively from the proceeds of the Ralliant Dividend, together with any other cash received by Fortive from Ralliant in connection with the Separation (collectively, the “Ralliant Cash Proceeds”). Repurchases of shares of Fortive common stock using the Ralliant Cash Proceeds will only be made through the Special Purpose Share Repurchase Program.
NOTE 11. SEGMENT INFORMATION
We report our results in three separate business segments consisting of Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. We determine our business segments based on the identification of segment managers and similarities in products, end markets, economic characteristics, technologies, and services, as well as the financial data utilized by the Company's chief executive officer. The Company's chief operating decision maker ("CODM") is the chief executive officer.
The CODM uses gross profit and operating profit at the segment level to assess performance and allocate resources, including merger and acquisition targets. The CODM also compares the actual results to expectations in assessing the performance of the segments. Gross profit represents total revenue less total cost of sales. Operating expenses generally include selling, general and administrative expenses, and research and development expenses. Depreciation expense is allocated between Cost of sales and Selling, general, and administrative expenses. Amortization expense is recorded within Selling, general, and administrative expenses. Operating profit represents gross profit less operating expenses. The identifiable assets by segment are those used in each segment’s operations. Inter-segment amounts are not significant and are eliminated in the combined totals. Unallocated costs and other costs are not considered part of our evaluation of reportable segment operating performance.
The IOS segment provides advanced instrumentation, software and services to tens of thousands of customers enabling their mission-critical workflows. These offerings include professional instrumentation including electrical test & measurement equipment, 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. Typical users of these safety, productivity and sustainability solutions include electrical engineers, electricians, electronic technicians, EHS professionals, network technicians, facility managers, first-responders, and maintenance professionals.
The 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. Customers for these products and services include design engineers for advanced electronic devices and equipment, process and quality engineers focused on improved process capability and
productivity, facility maintenance managers driving increased uptime, and other customers for whom precise measurement, reliability, and compliance are critical in their applications.
The 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.
Segment results for the three-month period ended June 27, 2025 are shown below ($ in millions):
| Total | Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Unallocated Corporate Costs and Other | |||||||||||||||||||||||||
| Sales | $ | 1,518.8 | $ | 675.7 | $ | 523.6 | $ | 319.5 | $ | — | |||||||||||||||||||
| Cost of sales | (623.1) | (231.8) | (261.3) | (130.0) | — | ||||||||||||||||||||||||
| Gross profit | 895.7 | 443.9 | 262.3 | 189.5 | — | ||||||||||||||||||||||||
| Operating expenses (a) | (673.5) | (277.2) | (169.1) | (150.4) | (76.8) | ||||||||||||||||||||||||
| Operating profit (loss) | 222.2 | 166.7 | 93.2 | 39.1 | (76.8) | ||||||||||||||||||||||||
| Non-operating income (expense), net | |||||||||||||||||||||||||||||
| Interest expense, net | (32.1) | — | — | — | (32.1) | ||||||||||||||||||||||||
| Other non-operating expense, net | 1.9 | — | — | — | 1.9 | ||||||||||||||||||||||||
| Earnings before income taxes | $ | 192.0 | $ | 166.7 | $ | 93.2 | $ | 39.1 | $ | (107.0) | |||||||||||||||||||
| Depreciation and amortization expenses | $ | (137.8) | $ | (58.4) | $ | (28.7) | $ | (50.4) | $ | (0.3) | |||||||||||||||||||
| Capital expenditure | $ | (36.7) | $ | (20.1) | $ | (11.6) | $ | (4.9) | $ | (0.1) | |||||||||||||||||||
| (a) Unallocated Corporate Costs and Other included $41 million of Separation-related costs. Refer to Note 2 for further detail. |
Segment results for the three-month period ended June 28, 2024 are shown below ($ in millions):
| Total | Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Unallocated Corporate Costs and Other | |||||||||||||||||||||||||
| Sales | $ | 1,552.4 | $ | 677.0 | $ | 551.8 | $ | 323.6 | $ | — | |||||||||||||||||||
| Cost of sales | (624.1) | (221.7) | (266.3) | (136.1) | — | ||||||||||||||||||||||||
| Gross profit | 928.3 | 455.3 | 285.5 | 187.5 | — | ||||||||||||||||||||||||
| Operating expenses | (626.5) | (282.1) | (170.2) | (147.3) | (26.9) | ||||||||||||||||||||||||
| Operating profit (loss) | 301.8 | 173.2 | 115.3 | 40.2 | (26.9) | ||||||||||||||||||||||||
| Non-operating income (expense), net | |||||||||||||||||||||||||||||
| Interest expense, net | (38.7) | — | — | — | (38.7) | ||||||||||||||||||||||||
| Loss from divestiture (a) | (25.6) | — | — | — | (25.6) | ||||||||||||||||||||||||
| Other non-operating expense, net | (8.8) | — | — | — | (8.8) | ||||||||||||||||||||||||
| Earnings before income taxes | $ | 228.7 | $ | 173.2 | $ | 115.3 | $ | 40.2 | $ | (100.0) | |||||||||||||||||||
| Depreciation and amortization expenses | $ | (136.5) | $ | (57.1) | $ | (28.8) | $ | (50.4) | $ | (0.2) | |||||||||||||||||||
| Capital expenditure | $ | (29.2) | $ | (14.9) | $ | (9.6) | $ | (3.1) | $ | (1.6) | |||||||||||||||||||
| (a) Refer to Note 1 for further detail on Loss from divestiture. |
Segment results for the six-month period ended June 27, 2025 are shown below ($ in millions):
| Total | Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Unallocated Corporate Costs and Other | |||||||||||||||||||||||||
| Sales | $ | 2,993.0 | $ | 1,347.1 | $ | 1,024.2 | $ | 621.7 | $ | — | |||||||||||||||||||
| Cost of sales | (1,216.4) | (455.0) | (507.3) | (254.1) | — | ||||||||||||||||||||||||
| Gross profit | 1,776.6 | 892.1 | 516.9 | 367.6 | — | ||||||||||||||||||||||||
| Operating expenses (a) | (1,320.8) | (551.7) | (336.4) | (302.2) | (130.5) | ||||||||||||||||||||||||
| Operating profit (loss) | 455.8 | 340.4 | 180.5 | 65.4 | (130.5) | ||||||||||||||||||||||||
| Non-operating income (expense), net | |||||||||||||||||||||||||||||
| Interest expense, net | (64.1) | — | — | — | (64.1) | ||||||||||||||||||||||||
| Other non-operating expense, net | 1.7 | — | — | — | 1.7 | ||||||||||||||||||||||||
| Earnings before income taxes | $ | 393.4 | $ | 340.4 | $ | 180.5 | $ | 65.4 | $ | (192.9) | |||||||||||||||||||
| Depreciation and amortization expenses | $ | (272.7) | $ | (116.3) | $ | (55.9) | $ | (99.9) | $ | (0.6) | |||||||||||||||||||
| Capital expenditure | $ | (63.4) | $ | (37.0) | $ | (17.2) | $ | (8.9) | $ | (0.3) | |||||||||||||||||||
| (a) Unallocated Corporate Costs and Other included $64 million of Separation-related costs. Refer to Note 2 for further detail. |
Segment results for the six-month period ended June 28, 2024 are shown below ($ in millions):
| Total | Intelligent Operating Solutions | Precision Technologies | Advanced Healthcare Solutions | Unallocated Corporate Costs and Other | |||||||||||||||||||||||||
| Sales | $ | 3,076.9 | $ | 1,342.7 | $ | 1,110.8 | $ | 623.4 | $ | — | |||||||||||||||||||
| Cost of sales | (1,244.4) | (444.1) | (539.0) | (261.3) | — | ||||||||||||||||||||||||
| Gross profit | 1,832.5 | 898.6 | 571.8 | 362.1 | — | ||||||||||||||||||||||||
| Operating expenses | (1,291.6) | (561.3) | (370.5) | (294.4) | (65.4) | ||||||||||||||||||||||||
| Gain on sale of property (a) | 63.1 | — | 63.1 | — | — | ||||||||||||||||||||||||
| Operating profit (loss) | 604.0 | 337.3 | 264.4 | 67.7 | (65.4) | ||||||||||||||||||||||||
| Non-operating income (expense), net | |||||||||||||||||||||||||||||
| Interest expense, net | (82.7) | — | — | — | (82.7) | ||||||||||||||||||||||||
| Loss from divestiture (a) | (25.6) | — | — | — | (25.6) | ||||||||||||||||||||||||
| Other non-operating expense, net | (33.0) | — | — | — | (33.0) | ||||||||||||||||||||||||
| Earnings before income taxes | $ | 462.7 | $ | 337.3 | $ | 264.4 | $ | 67.7 | $ | (206.7) | |||||||||||||||||||
| Depreciation and amortization expenses | $ | (273.3) | $ | (114.4) | $ | (58.2) | $ | (100.5) | $ | (0.2) | |||||||||||||||||||
| Capital expenditure | $ | (55.6) | $ | (33.6) | $ | (13.7) | $ | (5.8) | $ | (2.5) | |||||||||||||||||||
| (a) Refer to Note 1 for further detail on Gain on sale of property and Loss from divestiture. |
Segment Assets:
| As of | |||||||||||||||||
| ($ in millions) | June 27, 2025 | December 31, 2024 | |||||||||||||||
| Intelligent Operating Solutions | $ | 6,343.2 | $ | 6,320.1 | |||||||||||||
| Precision Technologies | 4,947.6 | 4,691.9 | |||||||||||||||
| Advanced Healthcare Solutions | 4,947.1 | 5,008.6 | |||||||||||||||
| Total segment assets | 16,237.9 | 16,020.6 | |||||||||||||||
| Other (a) | 2,006.3 | 995.5 | |||||||||||||||
| Total assets | $ | 18,244.2 | $ | 17,016.1 | |||||||||||||
| (a) Other represents corporate assets which consist primarily of cash, property, plant, and equipment, and net deferred income tax assets. |
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