Fortive (FTV) 10-Q26 Apr 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		353,549,934
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	Q1
Entity central index key	0001659166
Current fiscal year end date	--12-31

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and equivalents	$ 672.8	$ 709.2
Trade accounts receivable less allowance for doubtful accounts of $41.2 at March 31, 2023 and $43.9 at December 31, 2022	940.7	958.5
Inventories:
Finished goods	234.8	215.3
Work in process	103.6	96.4
Raw materials	231.8	225
Inventories	570.2	536.7
Prepaid expenses and other current assets	271.6	272.6
Total current assets	2,455.3	2,477
Property, plant and equipment, net of accumulated depreciation of $772.7 at March 31, 2023 and $754.5 at December 31, 2022	425.6	421.9
Other assets	470	455.8
Goodwill	9,057.1	9,048.5
Other intangible assets, net	3,396.8	3,487.4
Total assets	15,804.8	15,890.6
Current liabilities:
Current portion of long-term debt	999.8	999.7
Trade accounts payable	593	623
Accrued expenses and other current liabilities	1,037.3	1,104.4
Total current liabilities	2,630.1	2,727.1
Other long-term liabilities	1,204.4	1,223.3
Long-term debt	2,094.6	2,251.6
Commitments and Contingencies (Note 8)
Equity:
Common stock: $0.01 par value, 2.0 billion shares authorized; 362.2 million issued and 353.5 million outstanding at March 31, 2023; 361.5 million issued and 352.9 million outstanding at December 31, 2022	3.6	3.6
Additional paid-in capital	3,730.5	3,706.3
Treasury shares, at cost	(442.9)	(442.9)
Retained earnings	6,891	6,742.1
Accumulated other comprehensive loss	(312.3)	(325.7)
Total Fortive stockholders’ equity	9,869.9	9,683.4
Noncontrolling interests	5.8	5.2
Total stockholders’ equity	9,875.7	9,688.6
Total liabilities and equity	$ 15,804.8	$ 15,890.6

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 41.2	$ 43.9
Accumulated depreciation	$ 772.7	$ 754.5
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)	362,200,000	361,500,000
Common stock, shares outstanding (in shares)	353,500,000	352,900,000

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Total sales	$ 1,460.7	$ 1,376.5
Total cost of sales	(612.5)	(584.5)
Gross profit	848.2	792
Operating costs:
Selling, general and administrative expenses	(507.7)	(480.6)
Research and development expenses	(100.1)	(99.1)
Operating profit	240.4	212.3
Non-operating income (expense), net:
Interest expense, net	(32.1)	(18.8)
Other non-operating expense, net	(2.5)	(2.7)
Earnings before income taxes	205.8	190.8
Income taxes	(32.2)	(25.7)
Net earnings	$ 173.6	$ 165.1
Net earnings per share:
Basic (in dollars per share)	$ 0.49	$ 0.46
Diluted (in dollars per share)	$ 0.49	$ 0.45
Average common stock and common equivalent shares outstanding:
Basic (in shares)	353.6	359.3
Diluted (in shares)	356.5	368.4
Sales of products and software
Total sales	$ 1,236.6	$ 1,152.7
Total cost of sales	(488.1)	(465.1)
Sales of services
Total sales	224.1	223.8
Total cost of sales	$ (124.4)	$ (119.4)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 173.6	$ 165.1
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments	13.4	(39.4)
Pension adjustments	0	0.5
Total other comprehensive income (loss), net of income taxes	13.4	(38.9)
Comprehensive income	$ 187	$ 126.2

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Shares	Treasury Shares Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Cumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling Interests	Noncontrolling Interests Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2021		359.1	359.1
Beginning balance at Dec. 31, 2021		$ 3.6	$ 3.6	$ 3,670	$ (65.7)	$ 3,604.3	$ 0	$ 0	$ 6,023.6	$ 62.8	$ 6,086.4	$ (185)	$ (185)	$ 4.8	$ 0	$ 4.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	$ 165.1								165.1					0
Dividends to common shareholders	(25.1)								(25.1)					0
Other comprehensive income (loss)	$ (38.9)											(38.9)		0
Common stock-based award activity (in shares)			0.5
Common stock-based award activity				23.8										0
Common stock repurchases (in shares)			(1)
Common stock repurchases							(63.8)							0
Shares withheld for taxes (in shares)			(0.2)
Shares withheld for taxes				(9)										0
Change in noncontrolling interests														0.5
Ending balance (in shares) at Apr. 01, 2022			358.4
Ending balance at Apr. 01, 2022			$ 3.6	3,619.1			(63.8)		6,226.4			(223.9)		5.3
Beginning balance (in shares) at Dec. 31, 2022	352.9		352.9
Beginning balance at Dec. 31, 2022	$ 9,688.6		$ 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								173.6					0
Dividends to common shareholders	(24.7)								(24.7)					0
Other comprehensive income (loss)	$ 13.4											13.4		0
Common stock-based award activity (in shares)			0.8
Common stock-based award activity				36.3										0
Shares withheld for taxes (in shares)			(0.2)
Shares withheld for taxes				(12.1)										0
Change in noncontrolling interests														0.6
Ending balance (in shares) at Mar. 31, 2023	353.5		353.5
Ending balance at Mar. 31, 2023	$ 9,875.7		$ 3.6	$ 3,730.5			$ (442.9)		$ 6,891			$ (312.3)		$ 5.8

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Cash flows from operating activities:
Net earnings	$ 173.6	$ 165.1
Noncash items:
Amortization	92.4	96.3
Depreciation	20.4	21.5
Stock-based compensation expense	26.7	19.9
Change in trade accounts receivable, net	21.5	(1.4)
Change in inventories	(33.6)	(43.2)
Change in trade accounts payable	(32.3)	19.2
Change in prepaid expenses and other assets	(16.3)	(31.4)
Change in accrued expenses and other liabilities	(78)	(31.2)
Net cash provided by operating activities	174.4	214.8
Cash flows from investing activities:
Payments for additions to property, plant and equipment	(24.8)	(18.8)
Cash paid for acquisitions, net of cash received	0	0.9
Net cash used in investing activities	(24.8)	(17.9)
Cash flows from financing activities:
Net proceeds from (repayments of) commercial paper borrowings	(159.3)	930.7
Payment of 0.875% convertible senior notes due 2022	0	(1,156.5)
Repurchase of common shares	0	(63.8)
Payment of dividends	(24.7)	(25.1)
All other financing activities	(3.1)	(17.9)
Net cash used in financing activities	(187.1)	(332.6)
Effect of exchange rate changes on cash and equivalents	1.1	0.7
Net change in cash and equivalents	(36.4)	(135)
Beginning balance of cash and equivalents	709.2	819.3
Ending balance of cash and equivalents	$ 672.8	$ 684.3

Consolidated Condensed Statem_5

Consolidated Condensed Statements of Cash Flows (Parenthetical)	Mar. 31, 2023
0.875% senior convertible notes due 2022 \| Convertible Debt
Interest rate, stated percentage	0.875%

BUSINESS OVERVIEW

BUSINESS OVERVIEW	3 Months Ended
BUSINESS OVERVIEW	Mar. 31, 2023
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, Precision Technologies, and Advanced Healthcare Solutions - 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, 2022 and the footnotes (“Notes”) thereto included within our 2022 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 months ended March 31, 2023, are not necessarily indicative of the results for the full year. 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. During the second quarter of 2022, our ¥14.4 billion Yen-denominated term loan and our €275 million Euro-denominated term loan were designated as net investment hedges of our investment in applicable foreign operations. During the three month period ended March 31, 2023, we recognized after-tax foreign currency transaction losses of $1.7 million on the debt that was deferred in the foreign currency translation component of Accumulated other comprehensive income (loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three month period ended March 31, 2023. The changes in AOCI by component are summarized below ($ in millions): Foreign Pension & post-retirement plan benefit adjustments (a) Total For the Three Months Ended March 31, 2023: Balance, December 31, 2022 $ (301.4) $ (24.3) $ (325.7) Other comprehensive income (loss) before reclassifications, net of income taxes 13.4 — 13.4 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 0.1 (b) 0.1 Income tax impact — (0.1) (0.1) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — — — Net current period other comprehensive income (loss), net of income taxes 13.4 — 13.4 Balance, March 31, 2023 $ (288.0) $ (24.3) $ (312.3) For the Three Months Ended April 1, 2022: Balance, December 31, 2021 $ (122.7) $ (62.3) $ (185.0) Other comprehensive income (loss) before reclassifications, net of income taxes (39.4) — (39.4) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 0.6 (b) 0.6 Income tax impact — (0.1) (0.1) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.5 0.5 Net current period other comprehensive income (loss), net of income taxes (39.4) 0.5 (38.9) Balance, April 1, 2022 $ (162.1) $ (61.8) $ (223.9) (a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. (b) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 12 in our most recently filed Form 10-K for additional details). Allowances for Doubtful Accounts All trade accounts and unbilled receivables are reported in the Consolidated Condensed Balance Sheet adjusted for any write-offs and net of allowances for credit losses. The allowances for credit losses represent management’s best estimate of the credit losses expected from our unbilled 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 month period ending March 31, 2023, the activity was immaterial. Restructuring We initiated a discrete plan in the first quarter of 2023 focused on improvements in our operational efficiency, which is expected to be completed by December 31, 2023. The nature of these activities were broadly consistent throughout our segments and consist of targeted workforce reductions and facility consolidations or closures 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. The total restructuring charges we expect to recognize under this discrete plan are approximately $25 to $30 million, with charges of $17.6 million incurred in the first quarter, which primarily related to employee severance. These charges are included in Cost of Sales and Selling, general, and administrative expenses in the Consolidated Condensed Statement of Earnings. Accrued restructuring costs were $13.4 million as of March 31, 2023 and were included within Accrued expenses and other current liabilities in the Consolidated Condensed Balance Sheets. Convertible Senior Notes On February 22, 2019, we issued $1.4 billion in aggregate principal amount of our 0.875% Convertible Senior Notes due 2022 (“Convertible Notes”), including $187.5 million in aggregate principal amount resulting from an exercise in full of an over-allotment option. The Convertible Notes were issued in a private placement to certain initial purchasers for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act. Upon conversion of the Convertible Notes, holders were entitled to receive cash, shares of our common stock, or a combination thereof, at our election. Upon adopting Accounting Standards Update No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), on January 1, 2022, we accounted for the Convertible Notes under the if-converted method in our calculation of diluted EPS, as required under the new guidance. On February 15, 2022, the maturity date of the Convertible Notes, Fortive repaid, in cash, $1.2 billion in outstanding principal and accrued interest thereon. Recently Issued Accounting Standard The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs. Any recently issued ASUs were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s result of operations, financials position or cash flows.

GOODWILL

GOODWILL	3 Months Ended
GOODWILL	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	NOTE 2. 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, 2022 $ 4,074.4 $ 1,810.2 $ 3,163.9 $ 9,048.5 Foreign currency translation and other 6.6 1.4 0.6 8.6 Balance, March 31, 2023 $ 4,081.0 $ 1,811.6 $ 3,164.5 $ 9,057.1

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 3. FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where our assets and liabilities are required to be carried at fair value, and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. • Level 3 inputs are unobservable inputs based on our assumptions. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Below is a summary of financial liabilities that are measured at fair value on a recurring basis ($ in millions): Quoted Prices Significant Other Significant Total March 31, 2023 Deferred compensation liabilities $ — $ 35.4 $ — $ 35.4 December 31, 2022 Deferred compensation liabilities — 31.5 — 31.5 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 included in Other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Participants may choose among alternative earnings rates for the amounts they defer, which are primarily based on investment options within our defined contribution plans for the benefit of U.S. employees (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of Fortive common stock). Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts and are recorded within selling, general and administrative 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 month period ended March 31, 2023, and recorded no impairments. Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are as follows ($ in millions): March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 999.8 $ 1,000.0 $ 999.7 $ 1,000.0 Long-term debt, net of current maturities 2,094.6 1,952.7 2,251.6 2,078.1 As of March 31, 2023 and December 31, 2022, the current portion of long-term debt and long-term debt, net of current maturities were categorized as Level 1. The fair values of 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 cash equivalents, trade accounts receivable, net, trade accounts payable, and commercial paper approximates their carrying value due to the short-term maturities of these instruments.

FINANCING

FINANCING	3 Months Ended
FINANCING	Mar. 31, 2023
Debt Disclosure [Abstract]
FINANCING	NOTE 4. FINANCING The components of our debt were as follows ($ in millions): March 31, 2023 December 31, 2022 U.S. dollar-denominated commercial paper $ 245.0 $ 405.0 Delayed-Draw Term Loan due 2023 1,000.0 1,000.0 Euro Term Loan due 2025 298.1 294.4 Yen Term Loan due 2025 108.4 109.8 3.15% senior unsecured notes due 2026 900.0 900.0 4.30% senior unsecured notes due 2046 550.0 550.0 Long-term debt, principal amounts 3,101.5 3,259.2 Less: aggregate unamortized debt discounts, premiums, and issuance costs 7.1 7.9 Long-term debt, carrying value 3,094.4 3,251.3 Less: current portion of long-term debt 999.8 999.7 Long-term debt, net of current maturities $ 2,094.6 $ 2,251.6 Refer to Note 11 of our 2022 Annual Report on Form 10-K for further details of our debt financing. 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 March 31, 2023 were as follows ($ in millions): Carrying value Annual effective rate Weighted average maturity (in days) U.S. dollar-denominated commercial paper $ 244.9 4.98 % 30 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 March 31, 2023, 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.

SALES

SALES	3 Months Ended
SALES	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
SALES	NOTE 5. SALES We derive revenue primarily from the sale 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 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 $96 million as of March 31, 2023 and $82 million as of December 31, 2022. Contract assets are recorded in 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 March 31, 2023 and December 31, 2022, we had $44 million and $42 million, respectively, in net revenue-related contract costs primarily related to certain software contracts. Revenue-related contract costs are recorded in the Prepaid expenses and other current assets and Other assets line items in our Consolidated Condensed Balance Sheets. These assets have estimated useful lives between three Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to subscription-based software contracts, PCS and extended warranty sales, where we generally receive up-front payment and recognize revenue over the service or support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of deferred revenue is included in Accrued expenses and other current liabilities and the noncurrent portion of deferred revenue is included in Other long-term liabilities in our Consolidated Condensed Balance Sheets. Our contract liabilities consisted of the following ($ in millions): March 31, 2023 December 31, 2022 Deferred revenue - current $ 497.2 $ 509.6 Deferred revenue - noncurrent 38.9 38.0 Total contract liabilities $ 536.1 $ 547.6 During the three month period ended March 31, 2023, we recognized revenue related to our contract liabilities at December 31, 2022 of $175 million. The change in our contract liabilities from December 31, 2022 to March 31, 2023 was primarily due to the timing of billings and recognition as revenue of subscription-based software contracts, PCS and extended warranty services. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, non-cancelable orders and the average contract value for software contracts, for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below. The aggregate remaining performance obligations attributable to each of our segments is as follows ($ in millions): March 31, 2023 Intelligent Operating Solutions $ 576.2 Precision Technologies 55.9 Advanced Healthcare Solutions 67.0 Total remaining performance obligations $ 699.1 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. Disaggregation of revenue for the three month periods ended March 31, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,236.6 $ 537.4 $ 460.3 $ 238.9 Sales of services 224.1 94.7 55.2 74.2 Total $ 1,460.7 $ 632.1 $ 515.5 $ 313.1 Geographic: United States $ 771.5 $ 340.1 $ 251.3 $ 180.1 China 181.4 64.9 92.2 24.3 All other (each country individually less than 5% of total sales) 507.8 227.1 172.0 108.7 Total $ 1,460.7 $ 632.1 $ 515.5 $ 313.1 End markets: (a) Direct sales: Healthcare $ 339.4 $ 10.9 $ 34.5 $ 294.0 Industrial & Manufacturing 353.2 228.3 118.2 6.7 Utilities & Power 98.9 47.3 51.6 — Government 111.1 61.8 40.9 8.4 Communications, Electronics & Semiconductor 105.9 25.6 79.6 0.7 Aerospace & Defense 67.6 0.1 67.5 — Oil & Gas 70.3 65.9 4.4 — Retail & Consumer 82.9 62.3 20.6 — Other 170.1 95.0 75.1 — Total direct sales 1,399.4 597.2 492.4 309.8 Distributors 61.3 34.9 23.1 3.3 Total $ 1,460.7 $ 632.1 $ 515.5 $ 313.1 (a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer. Disaggregation of revenue for the three month periods ended April 1, 2022 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,152.7 $ 500.5 $ 410.6 $ 241.6 Sales of services 223.8 87.1 51.8 84.9 Total $ 1,376.5 $ 587.6 $ 462.4 $ 326.5 Geographic: United States $ 739.9 $ 321.9 $ 234.0 $ 184.0 China 145.4 47.9 69.3 28.2 All other (each country individually less than 5% of total sales) 491.2 217.8 159.1 114.3 Total $ 1,376.5 $ 587.6 $ 462.4 $ 326.5 End markets: (a) Direct sales: Healthcare $ 353.3 $ 10.3 $ 37.1 $ 305.9 Industrial & Manufacturing 321.9 211.1 103.7 7.1 Utilities & Power 86.3 43.0 43.3 — Government 105.7 51.6 44.7 9.4 Communications, Electronics & Semiconductor 87.8 23.8 63.4 0.6 Aerospace & Defense 55.4 0.1 55.3 — Oil & Gas 64.8 62.3 2.5 — Retail & Consumer 81.2 63.7 17.5 — Other 153.9 87.5 66.3 0.1 Total direct sales 1,310.3 553.4 433.8 323.1 Distributors 66.2 34.2 28.6 3.4 Total $ 1,376.5 $ 587.6 $ 462.4 $ 326.5 (a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 6. INCOME TAXES Our effective tax rates for the three month period ended March 31, 2023 was 15.7%, as compared to 13.5%, for the three month period ended April 1, 2022. The year-over-year increase in the effective tax rate for the three month period ended March 31, 2023 as compared to the three month period ended April 1, 2022 was primarily due to uncertain tax position reserves released during the three month period ending April 1, 2022. Our effective tax rates for the three month periods ended March 31, 2023 and April 1, 2022, 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. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which, among other provisions, implements a 15% corporate alternative minimum tax on book income on corporations whose average annual adjusted financial statement income during the most recently-completed three-year period exceeds $1.0 billion. This provision is effective for tax years beginning after December 31, 2022. Based upon our analysis of the Inflation Reduction Act of 2022 and subsequently released guidance, we believe that the corporate alternative minimum tax will not have a material impact on our financial statements in 2023 .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 7. 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 March 31, 2023, approximately 14 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 17 of our 2022 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 March 31, 2023 April 1, 2022 Stock Awards: Pretax compensation expense $ 18.1 $ 12.7 Income tax benefit (2.6) (1.7) Stock Award expense, net of income taxes 15.5 11.0 Stock options: Pretax compensation expense 8.6 7.2 Income tax benefit (1.2) (1.0) Stock option expense, net of income taxes 7.4 6.2 Total stock-based compensation: Pretax compensation expense 26.7 19.9 Income tax benefit (3.8) (2.7) Total stock-based compensation expense, net of income taxes $ 22.9 $ 17.2 The following summarizes the unrecognized compensation cost for the Stock Plan awards as of March 31, 2023. 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 $ 142.6 Stock options 64.2 Total unrecognized compensation cost $ 206.8

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8. COMMITMENTS AND CONTINGENCIES For a description of our litigation and contingencies and additional information about our leases, refer to Note 16 and Note 10, respectively, in our 2022 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 month period ending March 31, 2023, warranty related activity was immaterial. Leases

NET EARNINGS PER SHARE

NET EARNINGS PER SHARE	3 Months Ended
NET EARNINGS PER SHARE	Mar. 31, 2023
Earnings Per Share [Abstract]
NET EARNINGS PER SHARE	NOTE 9. NET EARNINGS PER SHARE Basic net 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 conversion of 0.875% Convertible Notes and associated issuance of shares under the if-converted method, while outstanding in 2022, and 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 month periods ended March 31, 2023 and April 1, 2022 were 2.9 million and 3.1 million, respectively. 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 March 31, 2023 April 1, 2022 Numerator Net earnings $ 173.6 $ 165.1 Convertible note interest add-back (if converted method) — 1.8 Diluted Net Earnings $ 173.6 $ 166.9 Denominator Weighted average common shares outstanding used in basic earnings per share 353.6 359.3 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 2.9 2.7 Conversion of convertible notes (if converted method) — 6.4 Weighted average common shares outstanding used in diluted earnings per share 356.5 368.4 Net earnings per common share - Basic $ 0.49 $ 0.46 Net earnings per common share - Diluted $ 0.49 $ 0.45 We declared and paid cash dividends per common share for the periods as presented below. Dividend Per Amount 2023: First quarter $ 0.07 $ 24.7 Total $ 0.07 $ 24.7 2022: First quarter $ 0.07 $ 25.1 Total $ 0.07 $ 25.1 * The sum of the components of total dividends paid may not equal the total amount due to rounding. Share Repurchase Program

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
SEGMENT INFORMATION	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 10. SEGMENT INFORMATION We report our results in three separate business segments consisting of Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. Our chief operating decision maker (“CODM”) assesses performance and allocates resources based on our operating segments, which are also our reportable segments. Our Intelligent Operating Solutions 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 Precision Technologies 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, 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 Advanced Healthcare Solutions segment supplies critical workflow solutions enabling healthcare providers to deliver exceptional patient care more efficiently. Our offerings include instrument sterilization solutions, instrument tracking, cell therapy equipment design and manufacturing, 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 March 31, 2023 April 1, 2022 Sales: Intelligent Operating Solutions $ 632.1 $ 587.6 Precision Technologies 515.5 462.4 Advanced Healthcare Solutions 313.1 326.5 Total $ 1,460.7 $ 1,376.5 Operating Profit: Intelligent Operating Solutions $ 133.5 $ 107.0 Precision Technologies 122.7 101.4 Advanced Healthcare Solutions 16.3 28.0 Other (32.1) (24.1) Total Operating Profit 240.4 212.3 Interest expense, net (32.1) (18.8) Other non-operating expense, net (2.5) (2.7) Earnings before income taxes $ 205.8 $ 190.8

BUSINESS OVERVIEW (Policies)

BUSINESS OVERVIEW (Policies)	3 Months Ended
BUSINESS OVERVIEW (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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. During the second quarter of 2022, our ¥14.4 billion Yen-denominated term loan and our €275 million Euro-denominated term loan were designated as net investment hedges of our investment in applicable foreign operations. During the three month period ended March 31, 2023, we recognized after-tax foreign currency transaction losses of $1.7 million 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 month period ended March 31, 2023.
Allowances for Doubtful Accounts	Allowances for Doubtful Accounts All trade accounts and unbilled receivables are reported in the Consolidated Condensed Balance Sheet adjusted for any write-offs and net of allowances for credit losses. The allowances for credit losses represent management’s best estimate of the credit losses expected from our unbilled 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 month period ending March 31, 2023, the activity was immaterial.
Restructuring	Restructuring We initiated a discrete plan in the first quarter of 2023 focused on improvements in our operational efficiency, which is expected to be completed by December 31, 2023. The nature of these activities were broadly consistent throughout our segments and consist of targeted workforce reductions and facility consolidations or closures 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. The total restructuring charges we expect to recognize under this discrete plan are approximately $25 to $30 million, with charges of $17.6 million incurred in the first quarter, which primarily related to employee severance. These charges are included in Cost of Sales and Selling, general, and administrative expenses in the Consolidated Condensed Statement of
Convertible Senior Notes	Convertible Senior Notes On February 22, 2019, we issued $1.4 billion in aggregate principal amount of our 0.875% Convertible Senior Notes due 2022 (“Convertible Notes”), including $187.5 million in aggregate principal amount resulting from an exercise in full of an over-allotment option. The Convertible Notes were issued in a private placement to certain initial purchasers for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act. Upon conversion of the Convertible Notes, holders were entitled to receive cash, shares of our common stock, or a combination thereof, at our election. Upon adopting Accounting Standards Update No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), on January 1, 2022, we accounted for the Convertible Notes under the if-converted method in our calculation of diluted EPS, as required under the new guidance. On February 15, 2022, the maturity date of the Convertible Notes, Fortive repaid, in cash, $1.2 billion in outstanding principal and accrued interest thereon.
Recently Issued Accounting Standard	Recently Issued Accounting Standard The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs. Any recently issued ASUs were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s result of operations, financials position or cash flows.
Fair Value Measurements	Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where our assets and liabilities are required to be carried at fair value, and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. • Level 3 inputs are unobservable inputs based on our assumptions. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Sales	We derive revenue primarily from the sale 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 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 $96 million as of March 31, 2023 and $82 million as of December 31, 2022. Contract assets are recorded in 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 March 31, 2023 and December 31, 2022, we had $44 million and $42 million, respectively, in net revenue-related contract costs primarily related to certain software contracts. Revenue-related contract costs are recorded in the Prepaid expenses and other current assets and Other assets line items in our Consolidated Condensed Balance Sheets. These assets have estimated useful lives between three 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 included in Accrued expenses and other current liabilities and the noncurrent portion of deferred revenue is included in 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.

BUSINESS OVERVIEW (Tables)

BUSINESS OVERVIEW (Tables)	3 Months Ended
BUSINESS OVERVIEW (Tables)	Mar. 31, 2023
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 Pension & post-retirement plan benefit adjustments (a) Total For the Three Months Ended March 31, 2023: Balance, December 31, 2022 $ (301.4) $ (24.3) $ (325.7) Other comprehensive income (loss) before reclassifications, net of income taxes 13.4 — 13.4 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 0.1 (b) 0.1 Income tax impact — (0.1) (0.1) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — — — Net current period other comprehensive income (loss), net of income taxes 13.4 — 13.4 Balance, March 31, 2023 $ (288.0) $ (24.3) $ (312.3) For the Three Months Ended April 1, 2022: Balance, December 31, 2021 $ (122.7) $ (62.3) $ (185.0) Other comprehensive income (loss) before reclassifications, net of income taxes (39.4) — (39.4) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 0.6 (b) 0.6 Income tax impact — (0.1) (0.1) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.5 0.5 Net current period other comprehensive income (loss), net of income taxes (39.4) 0.5 (38.9) Balance, April 1, 2022 $ (162.1) $ (61.8) $ (223.9) (a) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. (b) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 12 in our most recently filed Form 10-K for additional details).

GOODWILL (Tables)

GOODWILL (Tables)	3 Months Ended
GOODWILL (Tables)	Mar. 31, 2023
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, 2022 $ 4,074.4 $ 1,810.2 $ 3,163.9 $ 9,048.5 Foreign currency translation and other 6.6 1.4 0.6 8.6 Balance, March 31, 2023 $ 4,081.0 $ 1,811.6 $ 3,164.5 $ 9,057.1

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2023
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 Significant Other Significant Total March 31, 2023 Deferred compensation liabilities $ — $ 35.4 $ — $ 35.4 December 31, 2022 Deferred compensation liabilities — 31.5 — 31.5
Schedule of Carrying Amounts and Fair Values of Financial Instruments	The carrying amount and fair value of financial instruments are as follows ($ in millions): March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 999.8 $ 1,000.0 $ 999.7 $ 1,000.0 Long-term debt, net of current maturities 2,094.6 1,952.7 2,251.6 2,078.1

FINANCING (Tables)

FINANCING (Tables)	3 Months Ended
FINANCING (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Carrying Value of Debt	The components of our debt were as follows ($ in millions): March 31, 2023 December 31, 2022 U.S. dollar-denominated commercial paper $ 245.0 $ 405.0 Delayed-Draw Term Loan due 2023 1,000.0 1,000.0 Euro Term Loan due 2025 298.1 294.4 Yen Term Loan due 2025 108.4 109.8 3.15% senior unsecured notes due 2026 900.0 900.0 4.30% senior unsecured notes due 2046 550.0 550.0 Long-term debt, principal amounts 3,101.5 3,259.2 Less: aggregate unamortized debt discounts, premiums, and issuance costs 7.1 7.9 Long-term debt, carrying value 3,094.4 3,251.3 Less: current portion of long-term debt 999.8 999.7 Long-term debt, net of current maturities $ 2,094.6 $ 2,251.6
Schedule of Short-Term Debt	The details of our outstanding Commercial Paper Programs as of March 31, 2023 were as follows ($ in millions): Carrying value Annual effective rate Weighted average maturity (in days) U.S. dollar-denominated commercial paper $ 244.9 4.98 % 30

SALES (Tables)

SALES (Tables)	3 Months Ended
SALES (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Liabilities	Our contract liabilities consisted of the following ($ in millions): March 31, 2023 December 31, 2022 Deferred revenue - current $ 497.2 $ 509.6 Deferred revenue - noncurrent 38.9 38.0 Total contract liabilities $ 536.1 $ 547.6
Schedule of Remaining Performance Obligations	The aggregate remaining performance obligations attributable to each of our segments is as follows ($ in millions): March 31, 2023 Intelligent Operating Solutions $ 576.2 Precision Technologies 55.9 Advanced Healthcare Solutions 67.0 Total remaining performance obligations $ 699.1
Schedule of Disaggregation of Revenue	Disaggregation of revenue for the three month periods ended March 31, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,236.6 $ 537.4 $ 460.3 $ 238.9 Sales of services 224.1 94.7 55.2 74.2 Total $ 1,460.7 $ 632.1 $ 515.5 $ 313.1 Geographic: United States $ 771.5 $ 340.1 $ 251.3 $ 180.1 China 181.4 64.9 92.2 24.3 All other (each country individually less than 5% of total sales) 507.8 227.1 172.0 108.7 Total $ 1,460.7 $ 632.1 $ 515.5 $ 313.1 End markets: (a) Direct sales: Healthcare $ 339.4 $ 10.9 $ 34.5 $ 294.0 Industrial & Manufacturing 353.2 228.3 118.2 6.7 Utilities & Power 98.9 47.3 51.6 — Government 111.1 61.8 40.9 8.4 Communications, Electronics & Semiconductor 105.9 25.6 79.6 0.7 Aerospace & Defense 67.6 0.1 67.5 — Oil & Gas 70.3 65.9 4.4 — Retail & Consumer 82.9 62.3 20.6 — Other 170.1 95.0 75.1 — Total direct sales 1,399.4 597.2 492.4 309.8 Distributors 61.3 34.9 23.1 3.3 Total $ 1,460.7 $ 632.1 $ 515.5 $ 313.1 (a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer. Disaggregation of revenue for the three month periods ended April 1, 2022 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,152.7 $ 500.5 $ 410.6 $ 241.6 Sales of services 223.8 87.1 51.8 84.9 Total $ 1,376.5 $ 587.6 $ 462.4 $ 326.5 Geographic: United States $ 739.9 $ 321.9 $ 234.0 $ 184.0 China 145.4 47.9 69.3 28.2 All other (each country individually less than 5% of total sales) 491.2 217.8 159.1 114.3 Total $ 1,376.5 $ 587.6 $ 462.4 $ 326.5 End markets: (a) Direct sales: Healthcare $ 353.3 $ 10.3 $ 37.1 $ 305.9 Industrial & Manufacturing 321.9 211.1 103.7 7.1 Utilities & Power 86.3 43.0 43.3 — Government 105.7 51.6 44.7 9.4 Communications, Electronics & Semiconductor 87.8 23.8 63.4 0.6 Aerospace & Defense 55.4 0.1 55.3 — Oil & Gas 64.8 62.3 2.5 — Retail & Consumer 81.2 63.7 17.5 — Other 153.9 87.5 66.3 0.1 Total direct sales 1,310.3 553.4 433.8 323.1 Distributors 66.2 34.2 28.6 3.4 Total $ 1,376.5 $ 587.6 $ 462.4 $ 326.5 (a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2023
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 March 31, 2023 April 1, 2022 Stock Awards: Pretax compensation expense $ 18.1 $ 12.7 Income tax benefit (2.6) (1.7) Stock Award expense, net of income taxes 15.5 11.0 Stock options: Pretax compensation expense 8.6 7.2 Income tax benefit (1.2) (1.0) Stock option expense, net of income taxes 7.4 6.2 Total stock-based compensation: Pretax compensation expense 26.7 19.9 Income tax benefit (3.8) (2.7) Total stock-based compensation expense, net of income taxes $ 22.9 $ 17.2
Schedule of Future Compensation	Future compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions): Stock Awards $ 142.6 Stock options 64.2 Total unrecognized compensation cost $ 206.8

NET EARNINGS PER SHARE (Tables)

NET EARNINGS PER SHARE (Tables)	3 Months Ended
NET EARNINGS PER SHARE (Tables)	Mar. 31, 2023
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 March 31, 2023 April 1, 2022 Numerator Net earnings $ 173.6 $ 165.1 Convertible note interest add-back (if converted method) — 1.8 Diluted Net Earnings $ 173.6 $ 166.9 Denominator Weighted average common shares outstanding used in basic earnings per share 353.6 359.3 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 2.9 2.7 Conversion of convertible notes (if converted method) — 6.4 Weighted average common shares outstanding used in diluted earnings per share 356.5 368.4 Net earnings per common share - Basic $ 0.49 $ 0.46 Net earnings per common share - Diluted $ 0.49 $ 0.45
Schedule of Dividends Declared	We declared and paid cash dividends per common share for the periods as presented below. Dividend Per Amount 2023: First quarter $ 0.07 $ 24.7 Total $ 0.07 $ 24.7 2022: First quarter $ 0.07 $ 25.1 Total $ 0.07 $ 25.1 * The sum of the components of total dividends paid may not equal the total amount due to rounding.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
SEGMENT INFORMATION (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Our segment results are as follows ($ in millions): Three Months Ended March 31, 2023 April 1, 2022 Sales: Intelligent Operating Solutions $ 632.1 $ 587.6 Precision Technologies 515.5 462.4 Advanced Healthcare Solutions 313.1 326.5 Total $ 1,460.7 $ 1,376.5 Operating Profit: Intelligent Operating Solutions $ 133.5 $ 107.0 Precision Technologies 122.7 101.4 Advanced Healthcare Solutions 16.3 28.0 Other (32.1) (24.1) Total Operating Profit 240.4 212.3 Interest expense, net (32.1) (18.8) Other non-operating expense, net (2.5) (2.7) Earnings before income taxes $ 205.8 $ 190.8

BUSINESS OVERVIEW - Narrative (

BUSINESS OVERVIEW - Narrative (Details)			3 Months Ended
BUSINESS OVERVIEW - Narrative (Details)	Feb. 15, 2022 USD ($)	Feb. 22, 2019 USD ($)	Mar. 31, 2023 USD ($) country	Apr. 01, 2022 USD ($)	Jul. 01, 2022 JPY (¥)	Jul. 01, 2022 EUR (€)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of countries in which entity operates (more than) \| country			50
After-tax foreign currency transaction gain (loss) from foreign currency translation			$ 1,700,000
Restructuring charges			17,600,000
Accrued restructuring costs			13,400,000
Repayments of convertible debt			0	$ 1,156,500,000
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring and related cost			25,000,000
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring and related cost			$ 30,000,000
Yen Term Loan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal amount \| ¥					¥ 14,400,000,000
Euro Term Loan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal amount \| €						€ 275,000,000
Euro Term Loan \| Convertible Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal amount		$ 187,500,000
Senior Convertible Notes Due 2022 \| Convertible Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from the issuance of convertible notes		$ 1,400,000,000
Interest rate, stated percentage			0.875%
Repayments of convertible debt	$ 1,200,000,000

BUSINESS OVERVIEW - Accumulated

BUSINESS OVERVIEW - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 9,688.6
Other comprehensive income (loss) before reclassifications, net of income taxes	13.4	$ (39.4)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease)	0.1	0.6
Income tax impact	(0.1)	(0.1)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	0	0.5
Total other comprehensive income (loss), net of income taxes	13.4	(38.9)
Ending balance	9,875.7
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(301.4)	(122.7)
Other comprehensive income (loss) before reclassifications, net of income taxes	13.4	(39.4)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease)	0	0
Income tax impact	0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	0	0
Total other comprehensive income (loss), net of income taxes	13.4	(39.4)
Ending balance	(288)	(162.1)
Pension & post-retirement plan benefit adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(24.3)	(62.3)
Other comprehensive income (loss) before reclassifications, net of income taxes	0	0
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease)	0.1	0.6
Income tax impact	(0.1)	(0.1)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	0	0.5
Total other comprehensive income (loss), net of income taxes	0	0.5
Ending balance	(24.3)	(61.8)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(325.7)	(185)
Amounts reclassified from accumulated other comprehensive income (loss):
Total other comprehensive income (loss), net of income taxes	13.4	(38.9)
Ending balance	$ (312.3)	$ (223.9)

GOODWILL - Rollforward of Goodw

GOODWILL - Rollforward of Goodwill (Details) $ in Millions	3 Months Ended
GOODWILL - Rollforward of Goodwill (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 9,048.5
Foreign currency translation and other	8.6
Ending balance	9,057.1
Intelligent Operating Solutions
Goodwill [Roll Forward]
Beginning balance	4,074.4
Foreign currency translation and other	6.6
Ending balance	4,081
Precision Technologies
Goodwill [Roll Forward]
Beginning balance	1,810.2
Foreign currency translation and other	1.4
Ending balance	1,811.6
Advanced Healthcare Solutions
Goodwill [Roll Forward]
Beginning balance	3,163.9
Foreign currency translation and other	0.6
Ending balance	$ 3,164.5

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	$ 35.4	$ 31.5
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
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	35.4	31.5
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, carrying amount	$ 999.8	$ 999.7
Long-term debt, net of current maturities, carrying value	2,094.6	2,251.6
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, carrying amount	999.8	999.7
Current portion of long-term debt, fair value	1,000	1,000
Long-term debt, net of current maturities, carrying value	2,094.6	2,251.6
Long-term debt, net of current maturities, fair value	$ 1,952.7	$ 2,078.1

FINANCING - Components of Debt

FINANCING - Components of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 3,101.5	$ 3,259.2
Less: aggregate unamortized debt discounts, premiums, and issuance costs	7.1	7.9
Long-term debt, carrying value	3,094.4	3,251.3
Less: current portion of long-term debt	999.8	999.7
Long-term debt, net of current maturities	2,094.6	2,251.6
U.S. dollar-denominated commercial paper \| Commercial Paper
Debt Instrument [Line Items]
Long-term debt, principal amounts	245	405
Long-term debt, carrying value	244.9
Delayed-Draw Term Loan due 2023 \| Term Loans
Debt Instrument [Line Items]
Long-term debt, principal amounts	1,000	1,000
Euro Term Loan due 2025 \| Term Loans
Debt Instrument [Line Items]
Long-term debt, principal amounts	298.1	294.4
Yen Term Loan due 2025 \| Term Loans
Debt Instrument [Line Items]
Long-term debt, principal amounts	108.4	109.8
3.15% senior unsecured notes due 2026 \| Registered Notes
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 900	900
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	$ 550
Interest rate, stated percentage	4.30%

FINANCING - Narrative (Details)

FINANCING - Narrative (Details)	3 Months Ended
FINANCING - Narrative (Details)	Mar. 31, 2023 USD ($)
U.S. dollar-denominated commercial paper \| Commercial Paper
Debt Instrument [Line Items]
Debt term	30 days
Revolving Credit Facility
Debt Instrument [Line Items]
Debt term	5 years
Maximum borrowing capacity	$ 2,000,000,000
Outstanding borrowings	$ 0
Maximum \| U.S. dollar-denominated commercial paper \| Commercial Paper
Debt Instrument [Line Items]
Debt term	397 days
Maximum \| Euro Denominated Commercial Paper \| Commercial Paper
Debt Instrument [Line Items]
Debt term	183 days

FINANCING - Outstanding Paper P

FINANCING - Outstanding Paper Programs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Carrying value	$ 3,094.4	$ 3,251.3
U.S. dollar-denominated commercial paper \| Commercial Paper
Short-term Debt [Line Items]
Carrying value	$ 244.9
Annual effective rate	4.98%
Weighted average maturity (in days)	30 days

SALES - Narrative (Details)

SALES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
SALES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Contract assets	$ 96	$ 82
Net revenue-related contract assets	44	$ 42
Contract liabilities, revenue recognized	$ (175)
Minimum
Capitalized Contract Cost [Line Items]
Useful life	3 years
Maximum
Capitalized Contract Cost [Line Items]
Useful life	5 years

SALES - Contract liabilities (D

SALES - Contract liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 497.2	$ 509.6
Deferred revenue - noncurrent	38.9	38
Total contract liabilities	$ 536.1	$ 547.6

SALES - Revenue, Remaining Perf

SALES - Revenue, Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 699.1
Intelligent Operating Solutions \| Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	576.2
Precision Technologies \| Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	55.9
Advanced Healthcare Solutions \| Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 67

SALES - Remaining Performance O

SALES - Remaining Performance Obligation, Expected Timing (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01	Mar. 31, 2023
Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	80%
Remaining performance obligation, expected timing	2 years
Period Two
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	95%
Remaining performance obligation, expected timing	3 years
Period Three
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	100%
Remaining performance obligation, expected timing	4 years

SALES - Disaggregation of Reven

SALES - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Disaggregation of Revenue [Line Items]
Total sales	$ 1,460.7	$ 1,376.5
Healthcare
Disaggregation of Revenue [Line Items]
Total sales	339.4	353.3
Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	353.2	321.9
Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	98.9	86.3
Government
Disaggregation of Revenue [Line Items]
Total sales	111.1	105.7
Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	105.9	87.8
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	67.6	55.4
Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	70.3	64.8
Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	82.9	81.2
Other
Disaggregation of Revenue [Line Items]
Total sales	170.1	153.9
Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	1,399.4	1,310.3
Distributors
Disaggregation of Revenue [Line Items]
Total sales	61.3	66.2
United States
Disaggregation of Revenue [Line Items]
Total sales	771.5	739.9
China
Disaggregation of Revenue [Line Items]
Total sales	181.4	145.4
All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	507.8	491.2
Sales of products and software
Disaggregation of Revenue [Line Items]
Total sales	1,236.6	1,152.7
Sales of services
Disaggregation of Revenue [Line Items]
Total sales	224.1	223.8
Operating Segments
Disaggregation of Revenue [Line Items]
Total sales	1,460.7	1,376.5
Operating Segments \| Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	632.1	587.6
Operating Segments \| Intelligent Operating Solutions \| Healthcare
Disaggregation of Revenue [Line Items]
Total sales	10.9	10.3
Operating Segments \| Intelligent Operating Solutions \| Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	228.3	211.1
Operating Segments \| Intelligent Operating Solutions \| Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	47.3	43
Operating Segments \| Intelligent Operating Solutions \| Government
Disaggregation of Revenue [Line Items]
Total sales	61.8	51.6
Operating Segments \| Intelligent Operating Solutions \| Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	25.6	23.8
Operating Segments \| Intelligent Operating Solutions \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	0.1	0.1
Operating Segments \| Intelligent Operating Solutions \| Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	65.9	62.3
Operating Segments \| Intelligent Operating Solutions \| Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	62.3	63.7
Operating Segments \| Intelligent Operating Solutions \| Other
Disaggregation of Revenue [Line Items]
Total sales	95	87.5
Operating Segments \| Intelligent Operating Solutions \| Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	597.2	553.4
Operating Segments \| Intelligent Operating Solutions \| Distributors
Disaggregation of Revenue [Line Items]
Total sales	34.9	34.2
Operating Segments \| Intelligent Operating Solutions \| United States
Disaggregation of Revenue [Line Items]
Total sales	340.1	321.9
Operating Segments \| Intelligent Operating Solutions \| China
Disaggregation of Revenue [Line Items]
Total sales	64.9	47.9
Operating Segments \| Intelligent Operating Solutions \| All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	227.1	217.8
Operating Segments \| Intelligent Operating Solutions \| Sales of products and software
Disaggregation of Revenue [Line Items]
Total sales	537.4	500.5
Operating Segments \| Intelligent Operating Solutions \| Sales of services
Disaggregation of Revenue [Line Items]
Total sales	94.7	87.1
Operating Segments \| Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	515.5	462.4
Operating Segments \| Precision Technologies \| Healthcare
Disaggregation of Revenue [Line Items]
Total sales	34.5	37.1
Operating Segments \| Precision Technologies \| Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	118.2	103.7
Operating Segments \| Precision Technologies \| Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	51.6	43.3
Operating Segments \| Precision Technologies \| Government
Disaggregation of Revenue [Line Items]
Total sales	40.9	44.7
Operating Segments \| Precision Technologies \| Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	79.6	63.4
Operating Segments \| Precision Technologies \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	67.5	55.3
Operating Segments \| Precision Technologies \| Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	4.4	2.5
Operating Segments \| Precision Technologies \| Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	20.6	17.5
Operating Segments \| Precision Technologies \| Other
Disaggregation of Revenue [Line Items]
Total sales	75.1	66.3
Operating Segments \| Precision Technologies \| Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	492.4	433.8
Operating Segments \| Precision Technologies \| Distributors
Disaggregation of Revenue [Line Items]
Total sales	23.1	28.6
Operating Segments \| Precision Technologies \| United States
Disaggregation of Revenue [Line Items]
Total sales	251.3	234
Operating Segments \| Precision Technologies \| China
Disaggregation of Revenue [Line Items]
Total sales	92.2	69.3
Operating Segments \| Precision Technologies \| All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	172	159.1
Operating Segments \| Precision Technologies \| Sales of products and software
Disaggregation of Revenue [Line Items]
Total sales	460.3	410.6
Operating Segments \| Precision Technologies \| Sales of services
Disaggregation of Revenue [Line Items]
Total sales	55.2	51.8
Operating Segments \| Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	313.1	326.5
Operating Segments \| Advanced Healthcare Solutions \| Healthcare
Disaggregation of Revenue [Line Items]
Total sales	294	305.9
Operating Segments \| Advanced Healthcare Solutions \| Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	6.7	7.1
Operating Segments \| Advanced Healthcare Solutions \| Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	0	0
Operating Segments \| Advanced Healthcare Solutions \| Government
Disaggregation of Revenue [Line Items]
Total sales	8.4	9.4
Operating Segments \| Advanced Healthcare Solutions \| Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	0.7	0.6
Operating Segments \| Advanced Healthcare Solutions \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	0	0
Operating Segments \| Advanced Healthcare Solutions \| Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	0	0
Operating Segments \| Advanced Healthcare Solutions \| Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	0	0
Operating Segments \| Advanced Healthcare Solutions \| Other
Disaggregation of Revenue [Line Items]
Total sales	0	0.1
Operating Segments \| Advanced Healthcare Solutions \| Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	309.8	323.1
Operating Segments \| Advanced Healthcare Solutions \| Distributors
Disaggregation of Revenue [Line Items]
Total sales	3.3	3.4
Operating Segments \| Advanced Healthcare Solutions \| United States
Disaggregation of Revenue [Line Items]
Total sales	180.1	184
Operating Segments \| Advanced Healthcare Solutions \| China
Disaggregation of Revenue [Line Items]
Total sales	24.3	28.2
Operating Segments \| Advanced Healthcare Solutions \| All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	108.7	114.3
Operating Segments \| Advanced Healthcare Solutions \| Sales of products and software
Disaggregation of Revenue [Line Items]
Total sales	238.9	241.6
Operating Segments \| Advanced Healthcare Solutions \| Sales of services
Disaggregation of Revenue [Line Items]
Total sales	$ 74.2	$ 84.9

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2023	Apr. 01, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	15.70%	13.50%

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2023 shares
Share-Based Payment Arrangement [Abstract]
Shares of common stock reserved for issuance under the stock plan (in shares)	14
Remaining service period related to the awards	2 years

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	$ 26.7	$ 19.9
Income tax benefit	(3.8)	(2.7)
Total stock-based compensation expense	22.9	17.2
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	18.1	12.7
Income tax benefit	(2.6)	(1.7)
Total stock-based compensation expense	15.5	11
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	8.6	7.2
Income tax benefit	(1.2)	(1)
Total stock-based compensation expense	$ 7.4	$ 6.2

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation Cost (Details) $ in Millions	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 206.8
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	142.6
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 64.2

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Warranty period - minimum	90 days
Operating lease cost	$ 12	$ 15
Cash paid for operating leases	12	14
ROU assets obtained in exchange for operating lease obligations	4	$ 2
Operating lease, right-of-use asset	155		$ 162
Total lease liabilities	$ 162		$ 169

NET EARNINGS PER SHARE - Narrat

NET EARNINGS PER SHARE - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Feb. 17, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,900,000	3,100,000
Number of shares authorized to be repurchased (in shares)			20,000,000
Common stock repurchases (in shares)		1,000,000
Common stock average price (in dollar per share)		$ 63.74
Number of shares authorized to be repurchased	$ 13
Senior Convertible Notes Due 2022 \| Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate, stated percentage	0.875%

NET EARNINGS PER SHARE - Earnin

NET EARNINGS PER SHARE - Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Numerator
Net earnings	$ 173.6	$ 165.1
Convertible note interest add-back (if converted method)	0	1.8
Diluted Net Earnings	$ 173.6	$ 166.9
Denominator
Weighted average common shares outstanding used in basic earnings per share (in shares)	353.6	359.3
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive stock awards (in shares)	2.9	2.7
Conversion of convertible notes (if converted method) (in shares)	0	6.4
Weighted average common shares outstanding used in diluted earnings per share (in shares)	356.5	368.4
Net earnings per common share - Basic (in dollars per share)	$ 0.49	$ 0.46
Net earnings per common share - Diluted (in dollars per share)	$ 0.49	$ 0.45

NET EARNINGS PER SHARE - Divide

NET EARNINGS PER SHARE - Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Earnings Per Share [Abstract]
Dividend per common share (in dollars per share)	$ 0.07	$ 0.07
Amount, common shares	$ 24.7	$ 25.1

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	3

SEGMENT INFORMATION - Detailed

SEGMENT INFORMATION - Detailed Segment Data (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Apr. 01, 2022
Segment Reporting Information [Line Items]
Total sales	$ 1,460.7	$ 1,376.5
Total Operating Profit	240.4	212.3
Interest expense, net	(32.1)	(18.8)
Other non-operating expense, net	(2.5)	(2.7)
Earnings before income taxes	205.8	190.8
Operating Segments
Segment Reporting Information [Line Items]
Total sales	1,460.7	1,376.5
Total Operating Profit	240.4	212.3
Operating Segments \| Intelligent Operating Solutions
Segment Reporting Information [Line Items]
Total sales	632.1	587.6
Total Operating Profit	133.5	107
Operating Segments \| Precision Technologies
Segment Reporting Information [Line Items]
Total sales	515.5	462.4
Total Operating Profit	122.7	101.4
Operating Segments \| Advanced Healthcare Solutions
Segment Reporting Information [Line Items]
Total sales	313.1	326.5
Total Operating Profit	16.3	28
Other
Segment Reporting Information [Line Items]
Total Operating Profit	$ (32.1)	$ (24.1)

Uncategorized Items - ftv-20230

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]