Fortive (FTV) 10-Q25 Oct 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 29, 2023	Oct. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 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		351,433,569
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	Q3
Entity central index key	0001659166
Current fiscal year end date	--12-31

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Current assets:
Cash and equivalents	$ 714.1	$ 709.2
Trade accounts receivable less allowance for doubtful accounts of $39.6 at September 29, 2023 and $43.9 at December 31, 2022	925.4	958.5
Inventories:
Finished goods	222.7	215.3
Work in process	110.7	96.4
Raw materials	219.1	225
Inventories	552.5	536.7
Prepaid expenses and other current assets	277.3	272.6
Total current assets	2,469.3	2,477
Property, plant and equipment, net of accumulated depreciation of $803.0 at September 29, 2023 and $754.5 at December 31, 2022	430.8	421.9
Other assets	479.3	455.8
Goodwill	9,058.7	9,048.5
Other intangible assets, net	3,226.3	3,487.4
Total assets	15,664.4	15,890.6
Current liabilities:
Current portion of long-term debt	749.9	999.7
Trade accounts payable	574.8	623
Accrued expenses and other current liabilities	1,095.3	1,104.4
Total current liabilities	2,420	2,727.1
Other long-term liabilities	1,178.7	1,223.3
Long-term debt	1,982.1	2,251.6
Commitments and Contingencies (Note 9)
Equity:
Common stock: $0.01 par value, 2.0 billion shares authorized; 363.4 million issued and 351.4 million outstanding at September 29, 2023; 361.5 million issued and 352.9 million outstanding at December 31, 2022	3.6	3.6
Additional paid-in capital	3,822	3,706.3
Treasury shares, at cost	(650.8)	(442.9)
Retained earnings	7,268.8	6,742.1
Accumulated other comprehensive loss	(365.8)	(325.7)
Total Fortive stockholders’ equity	10,077.8	9,683.4
Noncontrolling interests	5.8	5.2
Total stockholders’ equity	10,083.6	9,688.6
Total liabilities and equity	$ 15,664.4	$ 15,890.6

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 39.6	$ 43.9
Accumulated depreciation	$ 803	$ 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)	363,400,000	361,500,000
Common stock, shares outstanding (in shares)	351,400,000	352,900,000

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Total sales	$ 1,494.5	$ 1,456	$ 4,481.6	$ 4,295.8
Total cost of sales	(601.5)	(610.6)	(1,835)	(1,824.9)
Gross profit	893	845.4	2,646.6	2,470.9
Operating costs:
Selling, general and administrative expenses	(503.5)	(491.3)	(1,525.2)	(1,456.8)
Research and development expenses	(98.4)	(101.1)	(298.6)	(300.3)
Russia exit and wind down costs	0	(1.1)	0	(17.3)
Operating profit	291.1	251.9	822.8	696.5
Non-operating income (expense), net:
Interest expense, net	(29.8)	(26.4)	(95)	(66.2)
Other non-operating expense, net	(4.2)	(8)	(14.5)	(13.8)
Earnings before income taxes	257.1	217.5	713.3	616.5
Income taxes	(39.1)	(27.6)	(112.7)	(88.5)
Net earnings	$ 218	$ 189.9	$ 600.6	$ 528
Net earnings per share:
Basic (in dollars per share)	$ 0.62	$ 0.53	$ 1.70	$ 1.48
Diluted (in dollars per share)	$ 0.61	$ 0.53	$ 1.69	$ 1.46
Average common stock and common equivalent shares outstanding:
Basic (in shares)	352.1	355.2	352.9	357.3
Diluted (in shares)	356.1	357.9	356	362
Sales of products and software
Total sales	$ 1,258.9	$ 1,227.7	$ 3,786.3	$ 3,609.8
Total cost of sales	(479)	(494.4)	(1,464.2)	(1,467.8)
Sales of services
Total sales	235.6	228.3	695.3	686
Total cost of sales	$ (122.5)	$ (116.2)	$ (370.8)	$ (357.1)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Other comprehensive income (loss), net of income taxes:
Net earnings	$ 218	$ 189.9	$ 600.6	$ 528
Foreign currency translation adjustments	(46)	(112.4)	(40)	(270.4)
Pension adjustments	0.1	0.8	(0.1)	1.7
Total other comprehensive income (loss), net of income taxes	(45.9)	(111.6)	(40.1)	(268.7)
Comprehensive income	$ 172.1	$ 78.3	$ 560.5	$ 259.3

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, 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	$ 4.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings									165.1
Dividends to common shareholders	$ (25.1)								(25.1)
Total other comprehensive income (loss), net of income taxes												(38.9)
Common stock-based award activity (in shares)			0.5
Common stock-based award activity				23.8
Common stock repurchases (in shares)			(1)
Common stock repurchases							(63.8)
Shares withheld for taxes (in shares)			(0.2)
Shares withheld for taxes				(9)
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, 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	$ 4.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	528
Dividends to common shareholders	(74.8)
Total other comprehensive income (loss), net of income taxes	(268.7)
Ending balance (in shares) at Sep. 30, 2022			353.8
Ending balance at Sep. 30, 2022			$ 3.6	3,677.4			(376.1)		6,539.6			(453.7)		4.9
Beginning balance (in shares) at Apr. 01, 2022			358.4
Beginning balance at Apr. 01, 2022			$ 3.6	3,619.1			(63.8)		6,226.4			(223.9)		5.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings									173
Dividends to common shareholders	(24.9)								(24.9)
Total other comprehensive income (loss), net of income taxes												(118.2)
Common stock-based award activity (in shares)			0.2
Common stock-based award activity				32.7
Common stock repurchases (in shares)			(3)
Common stock repurchases							(179.1)
Shares withheld for taxes				(0.6)
Change in noncontrolling interests														(0.2)
Ending balance (in shares) at Jul. 01, 2022			355.6
Ending balance at Jul. 01, 2022			$ 3.6	3,651.2			(242.9)		6,374.5			(342.1)		5.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	189.9								189.9
Dividends to common shareholders	(24.8)								(24.8)
Total other comprehensive income (loss), net of income taxes	$ (111.6)											(111.6)
Common stock-based award activity (in shares)			0.2
Common stock-based award activity				28.3
Common stock repurchases (in shares)			(2)
Common stock repurchases							(133.2)
Shares withheld for taxes				(2.1)
Change in noncontrolling interests														(0.2)
Ending balance (in shares) at Sep. 30, 2022			353.8
Ending balance at Sep. 30, 2022			$ 3.6	3,677.4			(376.1)		6,539.6			(453.7)		4.9
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									173.6
Dividends to common shareholders	$ (24.7)								(24.7)
Total other comprehensive income (loss), net of income taxes												13.4
Common stock-based award activity (in shares)			0.8
Common stock-based award activity				36.3
Shares withheld for taxes (in shares)			(0.2)
Shares withheld for taxes				(12.1)
Change in noncontrolling interests														0.6
Ending balance (in shares) at Mar. 31, 2023			353.5
Ending balance at Mar. 31, 2023			$ 3.6	3,730.5			(442.9)		6,891			(312.3)		5.8
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	600.6
Dividends to common shareholders	(73.9)
Total other comprehensive income (loss), net of income taxes	$ (40.1)
Ending balance (in shares) at Sep. 29, 2023	351.4		351.4
Ending balance at Sep. 29, 2023	$ 10,083.6		$ 3.6	3,822			(650.8)		7,268.8			(365.8)		5.8
Beginning balance (in shares) at Mar. 31, 2023			353.5
Beginning balance at Mar. 31, 2023			$ 3.6	3,730.5			(442.9)		6,891			(312.3)		5.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings									209
Dividends to common shareholders	(24.6)								(24.6)
Total other comprehensive income (loss), net of income taxes												(7.6)
Common stock-based award activity (in shares)			0.5
Common stock-based award activity				52.3
Common stock repurchases (in shares)			(2)
Common stock repurchases							(129.1)
Shares withheld for taxes (in shares)			(0.1)
Shares withheld for taxes				(4.1)
Change in noncontrolling interests														0.2
Ending balance (in shares) at Jun. 30, 2023			351.9
Ending balance at Jun. 30, 2023			$ 3.6	3,778.7			(572)		7,075.4			(319.9)		6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	218								218
Dividends to common shareholders	(24.6)								(24.6)
Total other comprehensive income (loss), net of income taxes	$ (45.9)											(45.9)
Common stock-based award activity (in shares)			0.7
Common stock-based award activity				54.8
Common stock repurchases (in shares)			(1)
Common stock repurchases							(78.8)
Shares withheld for taxes (in shares)			(0.2)
Shares withheld for taxes				(11.5)
Change in noncontrolling interests														(0.2)
Ending balance (in shares) at Sep. 29, 2023	351.4		351.4
Ending balance at Sep. 29, 2023	$ 10,083.6		$ 3.6	$ 3,822			$ (650.8)		$ 7,268.8			$ (365.8)		$ 5.8

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net earnings	$ 600.6	$ 528
Noncash items:
Amortization	277.2	287.4
Depreciation	63.9	61.6
Stock-based compensation expense	85.2	67.9
Russia exit and wind down costs	0	9.2
Change in trade accounts receivable, net	25	(21.4)
Change in inventories	(21.7)	(73.2)
Change in trade accounts payable	(45.7)	46.6
Change in prepaid expenses and other assets	(32.9)	(55.4)
Change in accrued expenses and other liabilities	(44.8)	(11.7)
Net cash provided by operating activities	906.8	839
Cash flows from investing activities:
Payments for additions to property, plant and equipment	(73.7)	(59.7)
Cash paid for acquisitions, net of cash received	(57.7)	(15.2)
Proceeds from sale of property	7.2	0
Proceeds from sale of business	0	6.6
Net cash used in investing activities	(124.2)	(68.3)
Cash flows from financing activities:
Net proceeds from (repayments of) commercial paper borrowings	(252.6)	381.3
Proceeds from borrowings (maturities greater than 90 days), net of issuance costs	0	396.9
Repayment of borrowings (maturities greater than 90 days)	(250)	0
Payment of 0.875% convertible senior notes due 2022	0	(1,156.5)
Repurchase of common shares	(207.9)	(376.1)
Payment of dividends	(73.9)	(74.8)
All other financing activities	18.1	(9.2)
Net cash used in financing activities	(766.3)	(838.4)
Effect of exchange rate changes on cash and equivalents	(11.4)	(46.3)
Net change in cash and equivalents	4.9	(114)
Beginning balance of cash and equivalents	709.2	819.3
Ending balance of cash and equivalents	$ 714.1	$ 705.3

Consolidated Condensed Statem_5

Consolidated Condensed Statements of Cash Flows (Parenthetical)	Sep. 29, 2023
0.875% senior convertible notes due 2022 \| Convertible Debt
Interest rate, stated percentage	0.875%

BUSINESS OVERVIEW

BUSINESS OVERVIEW	9 Months Ended
BUSINESS OVERVIEW	Sep. 29, 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 and nine months ended September 29, 2023, are not necessarily indicative of the results for the full year. Russia Ukraine Conflict In February 2022, Russian forces invaded Ukraine (“Russia Ukraine Conflict”) resulting in broad economic sanctions being imposed on Russia. In the second quarter of 2022, the Company exited business operations in Russia, other than for ASP’s sterilization products, which are exempt from international sanctions as humanitarian products. In the three and nine-month periods ended September 30, 2022, the Company recorded pre-tax charges of $1.1 million and $17.3 million, respectively, primarily relating to the write-off of net assets, the cumulative translation adjustment in earnings for legal entities deemed substantially liquidated, and to record provisions for employee severance and legal contingencies. These costs are identified as the “Russia exit and wind down costs” in the Condensed Consolidated Statements of Earnings. The exit activities were completed in 2022. 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. We have designated our outstanding ¥14.4 billion Yen-denominated term loan and our €275 million Euro-denominated term loan as net investment hedges of our investment in applicable foreign operations. We recognized after-tax foreign currency transaction gains of $9.6 million and $14.6 million during the three-month periods ended September 29, 2023 and September 30, 2022, respectively, and gains of $13.0 million and $18.3 million during the nine-month periods ended September 29, 2023 and September 30, 2022, respectively, on the debt that was deferred in the foreign currency translation component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and nine-month periods ended September 29, 2023 and September 30, 2022. The changes in AOCI by component are summarized below ($ in millions): Foreign Pension & post-retirement plan benefit adjustments (a) Total For the Three Months Ended September 29, 2023: Balance, June 30, 2023 $ (295.4) $ (24.5) $ (319.9) Other comprehensive income (loss) before reclassifications, net of income taxes (46.0) (0.4) (46.4) Amounts reclassified from AOCI into income: Increase (decrease) — 0.6 (b) 0.6 Income tax impact — (0.1) (0.1) Amounts reclassified from AOCI into income, net of income taxes — 0.5 0.5 Net current period other comprehensive income (loss), net of income taxes (46.0) 0.1 (45.9) Balance, September 29, 2023 $ (341.4) $ (24.4) $ (365.8) For the Three Months Ended September 30, 2022: Balance, July 1, 2022 $ (280.7) $ (61.4) $ (342.1) Other comprehensive income (loss) before reclassifications, net of income taxes (112.4) — (112.4) Amounts reclassified from AOCI into income: Increase (decrease) — 1.2 (b) 1.2 Income tax impact — (0.4) (0.4) Amounts reclassified from AOCI into income, net of income taxes — 0.8 0.8 Net current period other comprehensive income (loss), net of income taxes (112.4) 0.8 (111.6) Balance, September 30, 2022 $ (393.1) $ (60.6) $ (453.7) Foreign Pension & post-retirement plan benefit adjustments (a) Total For the Nine Months Ended September 29, 2023: Balance, December 31, 2022 $ (301.4) $ (24.3) $ (325.7) Other comprehensive income (loss) before reclassifications, net of income taxes (40.0) (0.4) (40.4) Amounts reclassified from AOCI into income: Increase (decrease) — 0.2 (b) 0.2 Income tax impact — 0.1 0.1 Amounts reclassified from AOCI into income, net of income taxes — 0.3 0.3 Net current period other comprehensive income (loss) (40.0) (0.1) (40.1) Balance, September 29, 2023 $ (341.4) $ (24.4) $ (365.8) For the Nine Months Ended September 30, 2022: Balance, December 31, 2021 $ (122.7) $ (62.3) $ (185.0) Other comprehensive income (loss) before reclassifications, net of income taxes (273.1) — (273.1) Amounts reclassified from AOCI into income: Increase (decrease) 2.7 2.3 (b) 5.0 Income tax impact — (0.6) (0.6) Amounts reclassified from AOCI into income, net of income taxes 2.7 1.7 4.4 Net current period other comprehensive income (loss) (270.4) 1.7 (268.7) Balance, September 30, 2022 $ (393.1) $ (60.6) $ (453.7) (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 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 nine-month periods ending September 29, 2023 and September 30, 2022, the activity was immaterial. Restructuring We initiated a discrete plan in the first quarter of 2023 that is expected to be completed by December 31, 2023. The nature of these activities were broadly consistent throughout our segments and consist primarily of targeted workforce reductions in response to overall macroeconomic and other external conditions. We incurred these costs to position ourselves to provide superior products and services to customers in a cost-efficient manner, while taking into consideration the impact of broad economic uncertainties. During the three and nine-month periods ended September 29, 2023, we incurred charges of $0.9 million and $29.2 million, respectively. These charges are recorded within Cost of sales and Selling, general, and administrative expenses in the Consolidated Condensed Statements of Earnings. Accrued restructuring costs were $10 million as of September 29, 2023 and are recorded within Accrued expenses and other current liabilities in the Consolidated Condensed Balance Sheets. During the third quarter, the plan was amended due to on-going macroeconomic and external conditions. As a result, we now expect to recognize approximately $60 to $65 million under this discrete plan during the year ending December 31, 2023. 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, financial position or cash flows.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	9 Months Ended
ACQUISITIONS AND DIVESTITURES	Sep. 29, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	NOTE 2. ACQUISITIONS AND DIVESTITURES Acquisitions We continually evaluate potential mergers and acquisitions that align with our business portfolio strategy. We have completed a number of acquisitions that have been accounted for as purchases of businesses and resulted in the recognition of goodwill in our financial statements. This goodwill arises when the purchase price for an acquired business exceeds its identifiable assets, net of liabilities. The purchase price for acquired businesses reflect a number of factors, including the future earnings and cash flow potential of the business, the strategic fit and resulting synergies from the complementary portfolio of the acquired business to our existing operations, industry expertise, and market access. During the three and nine month periods ended September 29, 2023, we made three acquisitions (“the Q3 2023 acquisitions”) in our Intelligent Operating Solutions segment for an aggregate cash consideration of $59.0 million, which includes an immaterial deferred payment, net of acquired cash. The Q3 2023 acquisitions accelerate our strategy and strengthen our product portfolio, providing world-class solutions to our customers. We recorded approximately $36.2 million of goodwill related to the acquisitions, which is not tax deductible, as well as $19.9 million of intangible assets, primarily consisting of customer relationships, technology, and trade names. All other acquired assets and assumed liabilities are immaterial. The purchase price allocation is provisional and is subject to further adjustments as additional information becomes available concerning the fair value of the assets acquired and liabilities assumed. We make appropriate adjustments to purchase price allocations prior to completion of the applicable measurement period, as required and as soon as practicable. Divestitures On September 30, 2022, we completed the sale of our Therapy Physics product line, which was reported in our Advanced Healthcare Solutions segment, to an unrelated third party for total consideration of $9.6 million. As a result of the sale, in the three and nine month periods ended September 30, 2022, we recorded a net realized pre-tax gain totaling $2.3 million, net of transaction costs, which is recorded within Other non-operating expense, net in the Consolidated Condensed Statements of Earnings. The divestiture of this product line did not represent a strategic shift with a major effect on the Company’s operations and financial results and therefore the divested product line is not reported as a discontinued operation. Subsequent Event On October 22, 2023, we entered into a definitive agreement to acquire EA Elektro-Automatik Holding GmbH, a leading supplier of high-power electronic test solutions for energy storage, mobility, hydrogen, and renewable energy applications, for a total purchase price of approximately $1.665 billion in cash. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close early in the first quarter of 2024.

GOODWILL

GOODWILL	9 Months Ended
GOODWILL	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	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, 2022 $ 4,074.4 $ 1,810.2 $ 3,163.9 $ 9,048.5 Attributable to acquisitions 36.2 — — 36.2 Foreign currency translation and other 0.9 (15.4) (11.5) (26.0) Balance, September 29, 2023 $ 4,111.5 $ 1,794.8 $ 3,152.4 $ 9,058.7

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 29, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 4. FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where certain assets and liabilities are required to be carried at fair value, and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. • Level 3 inputs are unobservable inputs based on our assumptions. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Below is a summary of financial liabilities that are measured at fair value on a recurring basis ($ in millions): Quoted Prices Significant Other Significant Total September 29, 2023 Deferred compensation liabilities $ — $ 36.3 $ — $ 36.3 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 recorded within 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 and nine-month periods ended September 29, 2023, and recorded no material impairments. We evaluated events and circumstances that, during the three and nine month periods ended September 30, 2022, indicated the carrying value of the equity investment in a third-party entity held by our Intelligent Operating Solutions segment was no longer recoverable. As a result, in the three and nine month periods ended September 30, 2022, we recorded a pre-tax impairment loss of $8.1 million to write down an investment to fair value. The loss was recorded within Other non-operating expense, net in our Consolidated Condensed Statement of Earnings. Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are as follows ($ in millions): September 29, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 749.9 $ 750.0 $ 999.7 $ 1,000.0 Long-term debt, net of current maturities 1,982.1 1,795.6 2,251.6 2,078.1 As of September 29, 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	9 Months Ended
FINANCING	Sep. 29, 2023
Debt Disclosure [Abstract]
FINANCING	NOTE 5. FINANCING The components of our debt were as follows ($ in millions): September 29, 2023 December 31, 2022 U.S. dollar-denominated commercial paper $ 151.1 $ 405.0 Delayed-Draw Term Loan due 2023 750.0 1,000.0 Euro Term Loan due 2025 290.8 294.4 Yen Term Loan due 2025 96.4 109.8 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 2,738.3 3,259.2 Less: aggregate unamortized debt discounts, premiums, and issuance costs 6.3 7.9 Long-term debt, carrying value 2,732.0 3,251.3 Less: current portion of long-term debt, carrying value 749.9 999.7 Long-term debt, net of current maturities $ 1,982.1 $ 2,251.6 Refer to Note 11 of our 2022 Annual Report on Form 10-K for further details of our debt financing. Delayed-Draw Term Loan due 2023 On August 24, 2023, we repaid $250 million of the Delayed-Draw Term Loan Due 2023, which is prepayable at our option without premium or penalty. The amount repaid may not be reborrowed. The remaining principal is due on December 14, 2023. Other Liquidity Sources We generally satisfy any short-term liquidity needs that are not met through operating cash flows and available cash primarily through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Under these programs, we may issue unsecured promissory notes with maturities not exceeding 397 and 183 days, respectively. Interest expense on commercial paper is paid at maturity and is generally based on our credit ratings at the time of issuance and prevailing short-term interest rates. The details of our outstanding Commercial Paper Programs as of September 29, 2023 were as follows ($ in millions): Carrying value (a) Annual effective rate Weighted average maturity (in days) U.S. dollar-denominated commercial paper $ 150.9 5.54 % 18 (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 September 29, 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	9 Months Ended
SALES	Sep. 29, 2023
Revenue from Contract with Customer [Abstract]
SALES	NOTE 6. 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 $108 million as of September 29, 2023 and $82 million as of December 31, 2022. 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 September 29, 2023 and December 31, 2022, we had $48 million and $42 million, respectively, in net revenue-related contract costs primarily related to certain software contracts. Revenue-related contract costs are recorded within Prepaid expenses and other current assets and Other assets in our Consolidated Condensed Balance Sheets. These assets have estimated useful lives between three Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to subscription-based software contracts, PCS and extended warranty sales, where we generally receive up-front payment and recognize revenue over the service or support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of deferred revenue is recorded within Accrued expenses and other current liabilities and the noncurrent portion of deferred revenue is recorded within Other long-term liabilities in our Consolidated Condensed Balance Sheets. Our contract liabilities consisted of the following ($ in millions): September 29, 2023 December 31, 2022 Deferred revenue - current $ 513.5 $ 509.6 Deferred revenue - noncurrent 41.1 38.0 Total contract liabilities $ 554.6 $ 547.6 During the three and nine-month periods ended September 29, 2023, we recognized revenue related to our contract liabilities at December 31, 2022 of $80 million and $368 million, respectively. The change in our contract liabilities from December 31, 2022 to September 29, 2023 was primarily due to the timing of billings and revenue recognized for subscription-based software contracts, PCS and extended warranty services. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, non-cancelable orders and the average contract value for software contracts, for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below. The aggregate remaining performance obligations attributable to each of our segments is as follows ($ in millions): September 29, 2023 Intelligent Operating Solutions $ 564.3 Precision Technologies 57.5 Advanced Healthcare Solutions 77.8 Total remaining performance obligations $ 699.6 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 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 September 29, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,258.9 $ 538.4 $ 471.6 $ 248.9 Sales of services 235.6 105.9 59.0 70.7 Total $ 1,494.5 $ 644.3 $ 530.6 $ 319.6 Geographic: United States $ 833.7 $ 366.1 $ 289.0 $ 178.6 China 162.1 52.5 82.2 27.4 All other (each country individually less than 5% of total sales) 498.7 225.7 159.4 113.6 Total $ 1,494.5 $ 644.3 $ 530.6 $ 319.6 End markets: (a) Direct sales: Healthcare $ 353.3 $ 10.9 $ 35.1 $ 307.3 Industrial & Manufacturing 340.1 226.3 109.8 4.0 Utilities & Power 105.3 46.5 58.8 — Government 145.5 73.2 64.0 8.3 Communications, Electronics & Semiconductor 101.1 24.7 76.4 — Aerospace & Defense 74.9 0.1 74.8 — Oil & Gas 70.6 68.3 2.3 — Retail & Consumer 82.4 64.8 17.6 — Other 167.3 96.9 70.4 — Total direct sales 1,440.5 611.7 509.2 319.6 Distributors 54.0 32.6 21.4 — Total $ 1,494.5 $ 644.3 $ 530.6 $ 319.6 (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 period ended September 30, 2022 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,227.7 $ 519.2 $ 467.3 $ 241.2 Sales of services 228.3 94.5 56.4 77.4 Total $ 1,456.0 $ 613.7 $ 523.7 $ 318.6 Geographic: United States $ 799.0 $ 342.0 $ 267.8 $ 189.2 China 186.0 56.6 102.6 26.8 All other (each country individually less than 5% of total sales) 471.0 215.1 153.3 102.6 Total $ 1,456.0 $ 613.7 $ 523.7 $ 318.6 End markets: (a) Direct sales: Healthcare $ 354.1 $ 11.1 $ 42.1 $ 300.9 Industrial & Manufacturing 334.5 217.6 111.3 5.6 Utilities & Power 93.1 45.5 47.6 — Government 122.7 65.5 48.7 8.5 Communications, Electronics & Semiconductor 111.3 24.5 86.4 0.4 Aerospace & Defense 66.9 0.1 66.8 — Oil & Gas 66.4 65.3 1.1 — Retail & Consumer 83.9 61.7 22.2 — Other 166.3 91.2 75.1 — Total direct sales 1,399.2 582.5 501.3 315.4 Distributors 56.8 31.2 22.4 3.2 Total $ 1,456.0 $ 613.7 $ 523.7 $ 318.6 (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 nine-month period ended September 29, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 3,786.3 $ 1,622.2 $ 1,412.9 $ 751.2 Sales of services 695.3 307.3 170.6 217.4 Total $ 4,481.6 $ 1,929.5 $ 1,583.5 $ 968.6 Geographic: United States $ 2,433.0 $ 1,068.2 $ 813.5 $ 551.3 China 522.4 176.0 268.5 77.9 All other (each country individually less than 5% of total sales) 1,526.2 685.3 501.5 339.4 Total $ 4,481.6 $ 1,929.5 $ 1,583.5 $ 968.6 End markets: (a) Direct sales: Healthcare $ 1,052.3 $ 33.4 $ 104.9 $ 914.0 Industrial & Manufacturing 1,051.1 687.2 345.8 18.1 Utilities & Power 308.8 140.1 168.7 — Government 389.5 212.2 151.9 25.4 Communications, Electronics & Semiconductor 304.4 73.6 229.4 1.4 Aerospace & Defense 218.8 0.4 218.4 — Oil & Gas 212.5 201.8 10.7 — Retail & Consumer 249.7 189.2 60.5 — Other 519.0 292.0 227.0 — Total direct sales 4,306.1 1,829.9 1,517.3 958.9 Distributors 175.5 99.6 66.2 9.7 Total $ 4,481.6 $ 1,929.5 $ 1,583.5 $ 968.6 (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 nine-month period ended September 30, 2022 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 3,609.8 $ 1,553.9 $ 1,322.6 $ 733.3 Sales of services 686 277.5 162.6 245.9 Total $ 4,295.8 $ 1,831.4 $ 1,485.2 $ 979.2 Geographic: United States $ 2,317.9 $ 1,005.0 $ 751.4 $ 561.5 China 514.1 160.6 273.5 80.0 All other (each country individually less than 5% of total sales) 1,463.8 665.8 460.3 337.7 Total $ 4,295.8 $ 1,831.4 $ 1,485.2 $ 979.2 End markets: (a) Direct sales: Healthcare $ 1,077.2 $ 34.6 $ 120.5 $ 922.1 Industrial & Manufacturing 998.3 656.1 322.7 19.5 Utilities & Power 273.4 136.4 137.0 — Government 338.5 177.6 134.8 26.1 Communications, Electronics & Semiconductor 301.2 74.6 225.2 1.4 Aerospace & Defense 187.0 0.4 186.6 — Oil & Gas 199.8 193.4 6.4 — Retail & Consumer 249.5 186.0 63.5 — Other 478.7 268.8 209.8 0.1 Total direct sales 4,103.6 1,727.9 1,406.5 969.2 Distributors 192.2 103.5 78.7 10.0 Total $ 4,295.8 $ 1,831.4 $ 1,485.2 $ 979.2 (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	9 Months Ended
INCOME TAXES	Sep. 29, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7. INCOME TAXES Our effective tax rates for the three and nine-month period ended September 29, 2023 were 15.2% and 15.8%, respectively, as compared to 12.7% and 14.4%, respectively, for the three and nine-month period ended September 30, 2022. The increase in the effective tax rate for the three-month period ended September 29, 2023 as compared to the three-month period ended September 30, 2022 was primarily due to a change in non-recurring permanent differences recognized. The increase in the effective tax rate for the nine-month period ended September 29, 2023 as compared to the nine-month period ended September 30, 2022 was primarily due to uncertain tax position reserves recorded. Our effective tax rates for the three and nine-month periods ended September 29, 2023, 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. Based upon our current analysis of the Inflation Reduction Act of 2022 and subsequently released guidance, we believe the 15% corporate minimum tax will not have a material impact on our financial statements during 2023.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
STOCK-BASED COMPENSATION	Sep. 29, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 8. STOCK-BASED COMPENSATION The 2016 Stock Incentive Plan (the “Stock Plan”), provides for the grant of stock appreciation rights, restricted stock units, and performance stock units (collectively, “Stock Awards”), stock options, or any other stock-based award. As of September 29, 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Stock Awards: Pretax compensation expense $ 20.6 $ 14.3 $ 58.6 $ 43.0 Income tax benefit (3.1) (2.6) (8.4) (7.3) Stock Award expense, net of income taxes 17.5 11.7 50.2 35.7 Stock options: Pretax compensation expense 8.9 8.6 26.6 24.9 Income tax benefit (1.3) (1.4) (3.8) (3.8) Stock option expense, net of income taxes 7.6 7.2 22.8 21.1 Total stock-based compensation: Pretax compensation expense 29.5 22.9 85.2 67.9 Income tax benefit (4.4) (4.0) (12.2) (11.1) Total stock-based compensation expense, net of income taxes $ 25.1 $ 18.9 $ 73.0 $ 56.8 The following summarizes the unrecognized compensation cost for the Stock Plan awards as of September 29, 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 $ 43.8 Stock options 100.9 Total unrecognized compensation cost $ 144.7

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9. COMMITMENTS AND CONTINGENCIES For a description of our litigation and contingencies and additional information about our leases, refer to Note 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 warrantied 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 nine-month periods ending September 29, 2023 and September 30, 2022, warranty related activity was immaterial. Leases

NET EARNINGS PER SHARE

NET EARNINGS PER SHARE	9 Months Ended
NET EARNINGS PER SHARE	Sep. 29, 2023
Earnings Per Share [Abstract]
NET EARNINGS PER SHARE	NOTE 10. 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 and nine-month periods ended September 29, 2023 were 0.1 million and 0.5 million, respectively, and were 7.3 million for both the three and nine-month periods ended September 30, 2022. Information related to the calculation of net earnings per share of common stock is summarized as follows ($ and shares in millions, except per share amounts): Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Numerator Net earnings $ 218.0 $ 189.9 $ 600.6 $ 528.0 Convertible note interest add-back (if converted method) — — — 1.8 Diluted Net Earnings $ 218.0 $ 189.9 $ 600.6 $ 529.8 Denominator Weighted average common shares outstanding used in basic earnings per share 352.1 355.2 352.9 357.3 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 4.0 2.7 3.1 2.6 Conversion of convertible notes (if converted method) — — — 2.1 Weighted average common shares outstanding used in diluted earnings per share 356.1 357.9 356.0 362.0 Net earnings per common share - Basic $ 0.62 $ 0.53 $ 1.70 $ 1.48 Net earnings per common share - Diluted $ 0.61 $ 0.53 $ 1.69 $ 1.46 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 Second quarter 0.07 24.6 Third quarter 0.07 24.6 Total $ 0.21 $ 73.9 2022: First quarter $ 0.07 $ 25.1 Second quarter 0.07 24.9 Third quarter 0.07 24.8 Total $ 0.21 $ 74.8 * 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	9 Months Ended
SEGMENT INFORMATION	Sep. 29, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 11. 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Sales: Intelligent Operating Solutions $ 644.3 $ 613.7 $ 1,929.5 $ 1,831.4 Precision Technologies 530.6 523.7 1,583.5 1,485.2 Advanced Healthcare Solutions 319.6 318.6 968.6 979.2 Total $ 1,494.5 $ 1,456.0 $ 4,481.6 $ 4,295.8 Operating Profit: Intelligent Operating Solutions $ 156.8 $ 132.1 $ 452.0 $ 369.0 Precision Technologies 139.3 131.8 398.3 348.5 Advanced Healthcare Solutions 26.6 17.3 68.8 73.4 Other (31.6) (28.2) (96.3) (77.1) Russia exit and wind down costs — (1.1) — (17.3) Total Operating Profit 291.1 251.9 822.8 696.5 Interest expense, net (29.8) (26.4) (95.0) (66.2) Other non-operating expense, net (4.2) (8.0) (14.5) (13.8) Earnings before income taxes $ 257.1 $ 217.5 $ 713.3 $ 616.5

Insider Trading Arrangements

Insider Trading Arrangements - Tamara Newcombe [Member]	3 Months Ended
Insider Trading Arrangements - Tamara Newcombe [Member]	Sep. 29, 2023 shares
Trading Arrangements, by Individual
Name	Tamara Newcombe
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	July 31, 2023
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	10,000

BUSINESS OVERVIEW (Policies)

BUSINESS OVERVIEW (Policies)	9 Months Ended
BUSINESS OVERVIEW (Policies)	Sep. 29, 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. We have designated our outstanding ¥14.4 billion Yen-denominated term loan and our €275 million Euro-denominated term loan as net investment hedges of our investment in applicable foreign operations. We recognized after-tax foreign currency transaction gains of $9.6 million and $14.6 million during the three-month periods ended September 29, 2023 and September 30, 2022, respectively, and gains of $13.0 million and $18.3 million during the nine-month periods ended September 29, 2023 and September 30, 2022, 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 nine-month periods ended September 29, 2023 and September 30, 2022.
Allowances for Doubtful Accounts	Allowances for Doubtful Accounts All trade accounts and unbilled receivables are recorded in the Consolidated Condensed Balance Sheets adjusted for any write-offs and net of allowances for credit losses. The allowances for credit losses represent management’s best estimate of the credit losses expected from our unbilled and trade accounts receivable portfolios over the life of the underlying assets. Additions to the allowances are charged to current period earnings, amounts determined to be uncollectible are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. During the three and nine-month periods ending September 29, 2023 and September 30, 2022, the activity was immaterial.
Restructuring	Restructuring We initiated a discrete plan in the first quarter of 2023 that is expected to be completed by December 31, 2023. The nature of these activities were broadly consistent throughout our segments and consist primarily of targeted workforce reductions in response to overall macroeconomic and other external conditions. We incurred these costs to position ourselves to provide superior products and services to customers in a cost-efficient manner, while taking into consideration the impact of broad economic uncertainties. During the three and nine-month periods ended September 29, 2023, we incurred charges of $0.9 million and $29.2 million, respectively. These charges are recorded within Cost of sales and Selling, general, and administrative expenses in the Consolidated Condensed Statements of Earnings. Accrued restructuring costs were $10 million as of September 29, 2023 and are recorded within Accrued expenses and other current liabilities in the Consolidated Condensed Balance Sheets. During the third quarter, the plan was amended due to on-going macroeconomic and external conditions. As a result, we now expect to recognize approximately $60 to $65 million under this discrete plan during the year ending December 31, 2023.
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, financial 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 certain 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 $108 million as of September 29, 2023 and $82 million as of December 31, 2022. 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 September 29, 2023 and December 31, 2022, we had $48 million and $42 million, respectively, in net revenue-related contract costs primarily related to certain software contracts. Revenue-related contract costs are recorded within Prepaid expenses and other current assets and Other assets 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 recorded within Accrued expenses and other current liabilities and the noncurrent portion of deferred revenue is recorded within Other long-term liabilities in our Consolidated Condensed Balance Sheets. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, non-cancelable orders and the average contract value for software contracts, for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below.

BUSINESS OVERVIEW (Tables)

BUSINESS OVERVIEW (Tables)	9 Months Ended
BUSINESS OVERVIEW (Tables)	Sep. 29, 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 September 29, 2023: Balance, June 30, 2023 $ (295.4) $ (24.5) $ (319.9) Other comprehensive income (loss) before reclassifications, net of income taxes (46.0) (0.4) (46.4) Amounts reclassified from AOCI into income: Increase (decrease) — 0.6 (b) 0.6 Income tax impact — (0.1) (0.1) Amounts reclassified from AOCI into income, net of income taxes — 0.5 0.5 Net current period other comprehensive income (loss), net of income taxes (46.0) 0.1 (45.9) Balance, September 29, 2023 $ (341.4) $ (24.4) $ (365.8) For the Three Months Ended September 30, 2022: Balance, July 1, 2022 $ (280.7) $ (61.4) $ (342.1) Other comprehensive income (loss) before reclassifications, net of income taxes (112.4) — (112.4) Amounts reclassified from AOCI into income: Increase (decrease) — 1.2 (b) 1.2 Income tax impact — (0.4) (0.4) Amounts reclassified from AOCI into income, net of income taxes — 0.8 0.8 Net current period other comprehensive income (loss), net of income taxes (112.4) 0.8 (111.6) Balance, September 30, 2022 $ (393.1) $ (60.6) $ (453.7) Foreign Pension & post-retirement plan benefit adjustments (a) Total For the Nine Months Ended September 29, 2023: Balance, December 31, 2022 $ (301.4) $ (24.3) $ (325.7) Other comprehensive income (loss) before reclassifications, net of income taxes (40.0) (0.4) (40.4) Amounts reclassified from AOCI into income: Increase (decrease) — 0.2 (b) 0.2 Income tax impact — 0.1 0.1 Amounts reclassified from AOCI into income, net of income taxes — 0.3 0.3 Net current period other comprehensive income (loss) (40.0) (0.1) (40.1) Balance, September 29, 2023 $ (341.4) $ (24.4) $ (365.8) For the Nine Months Ended September 30, 2022: Balance, December 31, 2021 $ (122.7) $ (62.3) $ (185.0) Other comprehensive income (loss) before reclassifications, net of income taxes (273.1) — (273.1) Amounts reclassified from AOCI into income: Increase (decrease) 2.7 2.3 (b) 5.0 Income tax impact — (0.6) (0.6) Amounts reclassified from AOCI into income, net of income taxes 2.7 1.7 4.4 Net current period other comprehensive income (loss) (270.4) 1.7 (268.7) Balance, September 30, 2022 $ (393.1) $ (60.6) $ (453.7) (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)	9 Months Ended
GOODWILL (Tables)	Sep. 29, 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 Attributable to acquisitions 36.2 — — 36.2 Foreign currency translation and other 0.9 (15.4) (11.5) (26.0) Balance, September 29, 2023 $ 4,111.5 $ 1,794.8 $ 3,152.4 $ 9,058.7

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 29, 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 September 29, 2023 Deferred compensation liabilities $ — $ 36.3 $ — $ 36.3 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): September 29, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 749.9 $ 750.0 $ 999.7 $ 1,000.0 Long-term debt, net of current maturities 1,982.1 1,795.6 2,251.6 2,078.1

FINANCING (Tables)

FINANCING (Tables)	9 Months Ended
FINANCING (Tables)	Sep. 29, 2023
Debt Disclosure [Abstract]
Schedule of Carrying Value of Debt	The components of our debt were as follows ($ in millions): September 29, 2023 December 31, 2022 U.S. dollar-denominated commercial paper $ 151.1 $ 405.0 Delayed-Draw Term Loan due 2023 750.0 1,000.0 Euro Term Loan due 2025 290.8 294.4 Yen Term Loan due 2025 96.4 109.8 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 2,738.3 3,259.2 Less: aggregate unamortized debt discounts, premiums, and issuance costs 6.3 7.9 Long-term debt, carrying value 2,732.0 3,251.3 Less: current portion of long-term debt, carrying value 749.9 999.7 Long-term debt, net of current maturities $ 1,982.1 $ 2,251.6
Schedule of Short-Term Debt	The details of our outstanding Commercial Paper Programs as of September 29, 2023 were as follows ($ in millions): Carrying value (a) Annual effective rate Weighted average maturity (in days) U.S. dollar-denominated commercial paper $ 150.9 5.54 % 18 (a) Net of unamortized debt discount.

SALES (Tables)

SALES (Tables)	9 Months Ended
SALES (Tables)	Sep. 29, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Liabilities	Our contract liabilities consisted of the following ($ in millions): September 29, 2023 December 31, 2022 Deferred revenue - current $ 513.5 $ 509.6 Deferred revenue - noncurrent 41.1 38.0 Total contract liabilities $ 554.6 $ 547.6
Schedule of Remaining Performance Obligations	The aggregate remaining performance obligations attributable to each of our segments is as follows ($ in millions): September 29, 2023 Intelligent Operating Solutions $ 564.3 Precision Technologies 57.5 Advanced Healthcare Solutions 77.8 Total remaining performance obligations $ 699.6
Schedule of Disaggregation of Revenue	Disaggregation of revenue for the three-month period ended September 29, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,258.9 $ 538.4 $ 471.6 $ 248.9 Sales of services 235.6 105.9 59.0 70.7 Total $ 1,494.5 $ 644.3 $ 530.6 $ 319.6 Geographic: United States $ 833.7 $ 366.1 $ 289.0 $ 178.6 China 162.1 52.5 82.2 27.4 All other (each country individually less than 5% of total sales) 498.7 225.7 159.4 113.6 Total $ 1,494.5 $ 644.3 $ 530.6 $ 319.6 End markets: (a) Direct sales: Healthcare $ 353.3 $ 10.9 $ 35.1 $ 307.3 Industrial & Manufacturing 340.1 226.3 109.8 4.0 Utilities & Power 105.3 46.5 58.8 — Government 145.5 73.2 64.0 8.3 Communications, Electronics & Semiconductor 101.1 24.7 76.4 — Aerospace & Defense 74.9 0.1 74.8 — Oil & Gas 70.6 68.3 2.3 — Retail & Consumer 82.4 64.8 17.6 — Other 167.3 96.9 70.4 — Total direct sales 1,440.5 611.7 509.2 319.6 Distributors 54.0 32.6 21.4 — Total $ 1,494.5 $ 644.3 $ 530.6 $ 319.6 (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 period ended September 30, 2022 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,227.7 $ 519.2 $ 467.3 $ 241.2 Sales of services 228.3 94.5 56.4 77.4 Total $ 1,456.0 $ 613.7 $ 523.7 $ 318.6 Geographic: United States $ 799.0 $ 342.0 $ 267.8 $ 189.2 China 186.0 56.6 102.6 26.8 All other (each country individually less than 5% of total sales) 471.0 215.1 153.3 102.6 Total $ 1,456.0 $ 613.7 $ 523.7 $ 318.6 End markets: (a) Direct sales: Healthcare $ 354.1 $ 11.1 $ 42.1 $ 300.9 Industrial & Manufacturing 334.5 217.6 111.3 5.6 Utilities & Power 93.1 45.5 47.6 — Government 122.7 65.5 48.7 8.5 Communications, Electronics & Semiconductor 111.3 24.5 86.4 0.4 Aerospace & Defense 66.9 0.1 66.8 — Oil & Gas 66.4 65.3 1.1 — Retail & Consumer 83.9 61.7 22.2 — Other 166.3 91.2 75.1 — Total direct sales 1,399.2 582.5 501.3 315.4 Distributors 56.8 31.2 22.4 3.2 Total $ 1,456.0 $ 613.7 $ 523.7 $ 318.6 (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 nine-month period ended September 29, 2023 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 3,786.3 $ 1,622.2 $ 1,412.9 $ 751.2 Sales of services 695.3 307.3 170.6 217.4 Total $ 4,481.6 $ 1,929.5 $ 1,583.5 $ 968.6 Geographic: United States $ 2,433.0 $ 1,068.2 $ 813.5 $ 551.3 China 522.4 176.0 268.5 77.9 All other (each country individually less than 5% of total sales) 1,526.2 685.3 501.5 339.4 Total $ 4,481.6 $ 1,929.5 $ 1,583.5 $ 968.6 End markets: (a) Direct sales: Healthcare $ 1,052.3 $ 33.4 $ 104.9 $ 914.0 Industrial & Manufacturing 1,051.1 687.2 345.8 18.1 Utilities & Power 308.8 140.1 168.7 — Government 389.5 212.2 151.9 25.4 Communications, Electronics & Semiconductor 304.4 73.6 229.4 1.4 Aerospace & Defense 218.8 0.4 218.4 — Oil & Gas 212.5 201.8 10.7 — Retail & Consumer 249.7 189.2 60.5 — Other 519.0 292.0 227.0 — Total direct sales 4,306.1 1,829.9 1,517.3 958.9 Distributors 175.5 99.6 66.2 9.7 Total $ 4,481.6 $ 1,929.5 $ 1,583.5 $ 968.6 (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 nine-month period ended September 30, 2022 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 3,609.8 $ 1,553.9 $ 1,322.6 $ 733.3 Sales of services 686 277.5 162.6 245.9 Total $ 4,295.8 $ 1,831.4 $ 1,485.2 $ 979.2 Geographic: United States $ 2,317.9 $ 1,005.0 $ 751.4 $ 561.5 China 514.1 160.6 273.5 80.0 All other (each country individually less than 5% of total sales) 1,463.8 665.8 460.3 337.7 Total $ 4,295.8 $ 1,831.4 $ 1,485.2 $ 979.2 End markets: (a) Direct sales: Healthcare $ 1,077.2 $ 34.6 $ 120.5 $ 922.1 Industrial & Manufacturing 998.3 656.1 322.7 19.5 Utilities & Power 273.4 136.4 137.0 — Government 338.5 177.6 134.8 26.1 Communications, Electronics & Semiconductor 301.2 74.6 225.2 1.4 Aerospace & Defense 187.0 0.4 186.6 — Oil & Gas 199.8 193.4 6.4 — Retail & Consumer 249.5 186.0 63.5 — Other 478.7 268.8 209.8 0.1 Total direct sales 4,103.6 1,727.9 1,406.5 969.2 Distributors 192.2 103.5 78.7 10.0 Total $ 4,295.8 $ 1,831.4 $ 1,485.2 $ 979.2 (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)	9 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 29, 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Stock Awards: Pretax compensation expense $ 20.6 $ 14.3 $ 58.6 $ 43.0 Income tax benefit (3.1) (2.6) (8.4) (7.3) Stock Award expense, net of income taxes 17.5 11.7 50.2 35.7 Stock options: Pretax compensation expense 8.9 8.6 26.6 24.9 Income tax benefit (1.3) (1.4) (3.8) (3.8) Stock option expense, net of income taxes 7.6 7.2 22.8 21.1 Total stock-based compensation: Pretax compensation expense 29.5 22.9 85.2 67.9 Income tax benefit (4.4) (4.0) (12.2) (11.1) Total stock-based compensation expense, net of income taxes $ 25.1 $ 18.9 $ 73.0 $ 56.8
Schedule of Future Compensation	Future compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions): Stock Awards $ 43.8 Stock options 100.9 Total unrecognized compensation cost $ 144.7

NET EARNINGS PER SHARE (Tables)

NET EARNINGS PER SHARE (Tables)	9 Months Ended
NET EARNINGS PER SHARE (Tables)	Sep. 29, 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 Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Numerator Net earnings $ 218.0 $ 189.9 $ 600.6 $ 528.0 Convertible note interest add-back (if converted method) — — — 1.8 Diluted Net Earnings $ 218.0 $ 189.9 $ 600.6 $ 529.8 Denominator Weighted average common shares outstanding used in basic earnings per share 352.1 355.2 352.9 357.3 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 4.0 2.7 3.1 2.6 Conversion of convertible notes (if converted method) — — — 2.1 Weighted average common shares outstanding used in diluted earnings per share 356.1 357.9 356.0 362.0 Net earnings per common share - Basic $ 0.62 $ 0.53 $ 1.70 $ 1.48 Net earnings per common share - Diluted $ 0.61 $ 0.53 $ 1.69 $ 1.46
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 Second quarter 0.07 24.6 Third quarter 0.07 24.6 Total $ 0.21 $ 73.9 2022: First quarter $ 0.07 $ 25.1 Second quarter 0.07 24.9 Third quarter 0.07 24.8 Total $ 0.21 $ 74.8 * The sum of the components of total dividends paid may not equal the total amount due to rounding.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
SEGMENT INFORMATION (Tables)	Sep. 29, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Our segment results are as follows ($ in millions): Three Months Ended Nine Months Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Sales: Intelligent Operating Solutions $ 644.3 $ 613.7 $ 1,929.5 $ 1,831.4 Precision Technologies 530.6 523.7 1,583.5 1,485.2 Advanced Healthcare Solutions 319.6 318.6 968.6 979.2 Total $ 1,494.5 $ 1,456.0 $ 4,481.6 $ 4,295.8 Operating Profit: Intelligent Operating Solutions $ 156.8 $ 132.1 $ 452.0 $ 369.0 Precision Technologies 139.3 131.8 398.3 348.5 Advanced Healthcare Solutions 26.6 17.3 68.8 73.4 Other (31.6) (28.2) (96.3) (77.1) Russia exit and wind down costs — (1.1) — (17.3) Total Operating Profit 291.1 251.9 822.8 696.5 Interest expense, net (29.8) (26.4) (95.0) (66.2) Other non-operating expense, net (4.2) (8.0) (14.5) (13.8) Earnings before income taxes $ 257.1 $ 217.5 $ 713.3 $ 616.5

BUSINESS OVERVIEW - Narrative (

BUSINESS OVERVIEW - Narrative (Details)			3 Months Ended		9 Months Ended
BUSINESS OVERVIEW - Narrative (Details)	Feb. 15, 2022 USD ($)	Feb. 22, 2019 USD ($)	Sep. 29, 2023 USD ($) country	Sep. 30, 2022 USD ($)	Sep. 29, 2023 USD ($) country	Sep. 30, 2022 USD ($)	Sep. 29, 2023 JPY (¥) country	Sep. 29, 2023 EUR (€) country
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of countries in which entity operates (more than) \| country			50		50		50	50
Russia exit and wind down costs			$ 0	$ 1,100,000	$ 0	$ 17,300,000
After-tax foreign currency transaction gain (loss) from foreign currency translation			9,600,000	$ 14,600,000	13,000,000	18,300,000
Repayments of convertible debt					0	$ 1,156,500,000
Facility exit and other related \| Discrete Restructuring Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring charges			900,000		29,200,000
Accrued restructuring costs			10,000,000		10,000,000
Facility exit and other related \| Discrete Restructuring Plan \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring and related cost			60,000,000		60,000,000
Facility exit and other related \| Discrete Restructuring Plan \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring and related cost			$ 65,000,000		$ 65,000,000
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						9 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jul. 01, 2022	Apr. 01, 2022	Sep. 29, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			$ 9,688.6				$ 9,688.6
Other comprehensive income (loss) before reclassifications, net of income taxes	$ (46.4)			$ (112.4)			(40.4)	$ (273.1)
Amounts reclassified from AOCI into income:
Increase (decrease)	0.6			1.2			0.2	5
Income tax impact	(0.1)			(0.4)			0.1	(0.6)
Amounts reclassified from AOCI into income, net of income taxes	0.5			0.8			0.3	4.4
Total other comprehensive income (loss), net of income taxes	(45.9)			(111.6)			(40.1)	(268.7)
Ending balance	10,083.6						10,083.6
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(295.4)		(301.4)	(280.7)		$ (122.7)	(301.4)	(122.7)
Other comprehensive income (loss) before reclassifications, net of income taxes	(46)			(112.4)			(40)	(273.1)
Amounts reclassified from AOCI into income:
Increase (decrease)	0			0			0	2.7
Income tax impact	0			0			0	0
Amounts reclassified from AOCI into income, net of income taxes	0			0			0	2.7
Total other comprehensive income (loss), net of income taxes	(46)			(112.4)			(40)	(270.4)
Ending balance	(341.4)	$ (295.4)		(393.1)	$ (280.7)		(341.4)	(393.1)
Pension & post-retirement plan benefit adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(24.5)		(24.3)	(61.4)		(62.3)	(24.3)	(62.3)
Other comprehensive income (loss) before reclassifications, net of income taxes	(0.4)			0			(0.4)	0
Amounts reclassified from AOCI into income:
Increase (decrease)	0.6			1.2			0.2	2.3
Income tax impact	(0.1)			(0.4)			0.1	(0.6)
Amounts reclassified from AOCI into income, net of income taxes	0.5			0.8			0.3	1.7
Total other comprehensive income (loss), net of income taxes	0.1			0.8			(0.1)	1.7
Ending balance	(24.4)	(24.5)		(60.6)	(61.4)		(24.4)	(60.6)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(319.9)	(312.3)	(325.7)	(342.1)	(223.9)	(185)	(325.7)	(185)
Amounts reclassified from AOCI into income:
Total other comprehensive income (loss), net of income taxes	(45.9)	(7.6)	13.4	(111.6)	(118.2)	(38.9)
Ending balance	$ (365.8)	$ (319.9)	$ (312.3)	$ (453.7)	$ (342.1)	$ (223.9)	$ (365.8)	$ (453.7)

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Acquisitions - Narrative (Details) $ in Millions		3 Months Ended	9 Months Ended
	Oct. 22, 2023 USD ($)	Sep. 29, 2023 USD ($) business	Sep. 29, 2023 USD ($) business	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 9,058.7	$ 9,058.7	$ 9,048.5
Intelligent Operating Solutions
Business Acquisition [Line Items]
Goodwill		4,111.5	4,111.5	$ 4,074.4
Q3 2023 Acquisitions
Business Acquisition [Line Items]
Goodwill		36.2	36.2
Business combination, intangible assets, other than goodwill		$ 19.9	$ 19.9
Q3 2023 Acquisitions \| Intelligent Operating Solutions
Business Acquisition [Line Items]
Number of businesses acquired \| business		3	3
Business combination, consideration transferred		$ 59	$ 59
EA Elktro-Automatik Holding GmbH \| Subsequent Event
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 1,665

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Divestitures - Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Therapy Physics Product Line $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from sale of business	$ 9.6	$ 9.6
Pre-tax realized gain on sale	$ 2.3	$ 2.3

GOODWILL - Rollforward of Goodw

GOODWILL - Rollforward of Goodwill (Details) $ in Millions	9 Months Ended
GOODWILL - Rollforward of Goodwill (Details) $ in Millions	Sep. 29, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 9,048.5
Attributable to acquisitions	36.2
Foreign currency translation and other	(26)
Ending balance	9,058.7
Intelligent Operating Solutions
Goodwill [Roll Forward]
Beginning balance	4,074.4
Attributable to acquisitions	36.2
Foreign currency translation and other	0.9
Ending balance	4,111.5
Precision Technologies
Goodwill [Roll Forward]
Beginning balance	1,810.2
Attributable to acquisitions	0
Foreign currency translation and other	(15.4)
Ending balance	1,794.8
Advanced Healthcare Solutions
Goodwill [Roll Forward]
Beginning balance	3,163.9
Attributable to acquisitions	0
Foreign currency translation and other	(11.5)
Ending balance	$ 3,152.4

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	$ 36.3	$ 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	36.3	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 - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Loss on impairment of equity investment	$ 0	$ 8,100,000	$ 0	$ 8,100,000

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 29, 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	$ 749.9	$ 999.7
Long-term debt, net of current maturities, carrying value	1,982.1	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	749.9	999.7
Current portion of long-term debt, fair value	750	1,000
Long-term debt, net of current maturities, carrying value	1,982.1	2,251.6
Long-term debt, net of current maturities, fair value	$ 1,795.6	$ 2,078.1

FINANCING - Components of Debt

FINANCING - Components of Debt (Details) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, principal amounts	$ 2,738.3	$ 3,259.2
Less: aggregate unamortized debt discounts, premiums, and issuance costs	6.3	7.9
Long-term debt, carrying value	2,732	3,251.3
Less: current portion of long-term debt, carrying value	749.9	999.7
Long-term debt, net of current maturities	1,982.1	2,251.6
U.S. dollar-denominated commercial paper \| Commercial Paper
Debt Instrument [Line Items]
Long-term debt, principal amounts	151.1	405
Long-term debt, carrying value	150.9
Delayed-Draw Term Loan due 2023 \| Term Loans
Debt Instrument [Line Items]
Long-term debt, principal amounts	750	1,000
Euro Term Loan due 2025 \| Term Loans
Debt Instrument [Line Items]
Long-term debt, principal amounts	290.8	294.4
Yen Term Loan due 2025 \| Term Loans
Debt Instrument [Line Items]
Long-term debt, principal amounts	96.4	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) - USD ($)		9 Months Ended
FINANCING - Narrative (Details) - USD ($)	Aug. 24, 2023	Sep. 29, 2023
Delayed-Draw Term Loan due 2023 \| Loans Payable
Debt Instrument [Line Items]
Repayments of long-term debt	$ 250,000,000
U.S. dollar-denominated commercial paper \| Commercial Paper
Debt Instrument [Line Items]
Debt term		18 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	9 Months Ended
	Sep. 29, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Carrying value (a)	$ 2,732	$ 3,251.3
U.S. dollar-denominated commercial paper \| Commercial Paper
Short-term Debt [Line Items]
Carrying value (a)	$ 150.9
Annual effective rate	5.54%
Weighted average maturity (in days)	18 days

SALES - Narrative (Details)

SALES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
SALES - Narrative (Details) - USD ($) $ in Millions	Sep. 29, 2023	Sep. 29, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Contract assets	$ 108	$ 108	$ 82
Net revenue-related contract assets	48	48	$ 42
Contract liabilities, revenue recognized	$ 80	$ 368
Minimum
Capitalized Contract Cost [Line Items]
Useful life	3 years	3 years
Maximum
Capitalized Contract Cost [Line Items]
Useful life	5 years	5 years

SALES - Contract liabilities (D

SALES - Contract liabilities (Details) - USD ($) $ in Millions	Sep. 29, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 513.5	$ 509.6
Deferred revenue - noncurrent	41.1	38
Total contract liabilities	$ 554.6	$ 547.6

SALES - Revenue, Remaining Perf

SALES - Revenue, Remaining Performance Obligation (Details) $ in Millions	Sep. 29, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 699.6
Operating Segments \| Intelligent Operating Solutions
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	564.3
Operating Segments \| Precision Technologies
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	57.5
Operating Segments \| Advanced Healthcare Solutions
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 77.8

SALES - Remaining Performance O

SALES - Remaining Performance Obligation, Expected Timing (Details)	Sep. 29, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	80%
Remaining performance obligation, expected timing	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	90%
Remaining performance obligation, expected timing	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
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) $ in Millions	3 Months Ended		9 Months Ended
SALES - Disaggregation of Revenue (Details) $ in Millions	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Total sales	$ 1,494.5	$ 1,456	$ 4,481.6	$ 4,295.8
Healthcare
Disaggregation of Revenue [Line Items]
Total sales	353.3	354.1	1,052.3	1,077.2
Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	340.1	334.5	1,051.1	998.3
Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	105.3	93.1	308.8	273.4
Government
Disaggregation of Revenue [Line Items]
Total sales	145.5	122.7	389.5	338.5
Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	101.1	111.3	304.4	301.2
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	74.9	66.9	218.8	187
Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	70.6	66.4	212.5	199.8
Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	82.4	83.9	249.7	249.5
Other
Disaggregation of Revenue [Line Items]
Total sales	167.3	166.3	519	478.7
Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	1,440.5	1,399.2	4,306.1	4,103.6
Distributors
Disaggregation of Revenue [Line Items]
Total sales	54	56.8	175.5	192.2
United States
Disaggregation of Revenue [Line Items]
Total sales	833.7	799	2,433	2,317.9
China
Disaggregation of Revenue [Line Items]
Total sales	162.1	186	522.4	514.1
All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	$ 498.7	$ 471	$ 1,526.2	$ 1,463.8
Percentage of total sales	0.05	0.05	0.05	0.05
Operating Segments
Disaggregation of Revenue [Line Items]
Total sales	$ 1,494.5	$ 1,456
Operating Segments \| Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	644.3	613.7	$ 1,929.5	$ 1,831.4
Operating Segments \| Intelligent Operating Solutions \| Healthcare
Disaggregation of Revenue [Line Items]
Total sales	10.9	11.1	33.4	34.6
Operating Segments \| Intelligent Operating Solutions \| Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	226.3	217.6	687.2	656.1
Operating Segments \| Intelligent Operating Solutions \| Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	46.5	45.5	140.1	136.4
Operating Segments \| Intelligent Operating Solutions \| Government
Disaggregation of Revenue [Line Items]
Total sales	73.2	65.5	212.2	177.6
Operating Segments \| Intelligent Operating Solutions \| Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	24.7	24.5	73.6	74.6
Operating Segments \| Intelligent Operating Solutions \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	0.1	0.1	0.4	0.4
Operating Segments \| Intelligent Operating Solutions \| Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	68.3	65.3	201.8	193.4
Operating Segments \| Intelligent Operating Solutions \| Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	64.8	61.7	189.2	186
Operating Segments \| Intelligent Operating Solutions \| Other
Disaggregation of Revenue [Line Items]
Total sales	96.9	91.2	292	268.8
Operating Segments \| Intelligent Operating Solutions \| Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	611.7	582.5	1,829.9	1,727.9
Operating Segments \| Intelligent Operating Solutions \| Distributors
Disaggregation of Revenue [Line Items]
Total sales	32.6	31.2	99.6	103.5
Operating Segments \| Intelligent Operating Solutions \| United States
Disaggregation of Revenue [Line Items]
Total sales	366.1	342	1,068.2	1,005
Operating Segments \| Intelligent Operating Solutions \| China
Disaggregation of Revenue [Line Items]
Total sales	52.5	56.6	176	160.6
Operating Segments \| Intelligent Operating Solutions \| All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	225.7	215.1	685.3	665.8
Operating Segments \| Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	530.6	523.7	1,583.5	1,485.2
Operating Segments \| Precision Technologies \| Healthcare
Disaggregation of Revenue [Line Items]
Total sales	35.1	42.1	104.9	120.5
Operating Segments \| Precision Technologies \| Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	109.8	111.3	345.8	322.7
Operating Segments \| Precision Technologies \| Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	58.8	47.6	168.7	137
Operating Segments \| Precision Technologies \| Government
Disaggregation of Revenue [Line Items]
Total sales	64	48.7	151.9	134.8
Operating Segments \| Precision Technologies \| Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	76.4	86.4	229.4	225.2
Operating Segments \| Precision Technologies \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	74.8	66.8	218.4	186.6
Operating Segments \| Precision Technologies \| Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	2.3	1.1	10.7	6.4
Operating Segments \| Precision Technologies \| Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	17.6	22.2	60.5	63.5
Operating Segments \| Precision Technologies \| Other
Disaggregation of Revenue [Line Items]
Total sales	70.4	75.1	227	209.8
Operating Segments \| Precision Technologies \| Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	509.2	501.3	1,517.3	1,406.5
Operating Segments \| Precision Technologies \| Distributors
Disaggregation of Revenue [Line Items]
Total sales	21.4	22.4	66.2	78.7
Operating Segments \| Precision Technologies \| United States
Disaggregation of Revenue [Line Items]
Total sales	289	267.8	813.5	751.4
Operating Segments \| Precision Technologies \| China
Disaggregation of Revenue [Line Items]
Total sales	82.2	102.6	268.5	273.5
Operating Segments \| Precision Technologies \| All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	159.4	153.3	501.5	460.3
Operating Segments \| Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	319.6	318.6	968.6	979.2
Operating Segments \| Advanced Healthcare Solutions \| Healthcare
Disaggregation of Revenue [Line Items]
Total sales	307.3	300.9	914	922.1
Operating Segments \| Advanced Healthcare Solutions \| Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	4	5.6	18.1	19.5
Operating Segments \| Advanced Healthcare Solutions \| Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	0	0	0	0
Operating Segments \| Advanced Healthcare Solutions \| Government
Disaggregation of Revenue [Line Items]
Total sales	8.3	8.5	25.4	26.1
Operating Segments \| Advanced Healthcare Solutions \| Communications, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	0	0.4	1.4	1.4
Operating Segments \| Advanced Healthcare Solutions \| Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	0	0	0	0
Operating Segments \| Advanced Healthcare Solutions \| Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	0	0	0	0
Operating Segments \| Advanced Healthcare Solutions \| Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	0	0	0	0
Operating Segments \| Advanced Healthcare Solutions \| Other
Disaggregation of Revenue [Line Items]
Total sales	0	0	0	0.1
Operating Segments \| Advanced Healthcare Solutions \| Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	319.6	315.4	958.9	969.2
Operating Segments \| Advanced Healthcare Solutions \| Distributors
Disaggregation of Revenue [Line Items]
Total sales	0	3.2	9.7	10
Operating Segments \| Advanced Healthcare Solutions \| United States
Disaggregation of Revenue [Line Items]
Total sales	178.6	189.2	551.3	561.5
Operating Segments \| Advanced Healthcare Solutions \| China
Disaggregation of Revenue [Line Items]
Total sales	27.4	26.8	77.9	80
Operating Segments \| Advanced Healthcare Solutions \| All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	113.6	102.6	339.4	337.7
Sales of products and software
Disaggregation of Revenue [Line Items]
Total sales	1,258.9	1,227.7	3,786.3	3,609.8
Sales of products and software \| Operating Segments \| Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	538.4	519.2	1,622.2	1,553.9
Sales of products and software \| Operating Segments \| Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	471.6	467.3	1,412.9	1,322.6
Sales of products and software \| Operating Segments \| Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	248.9	241.2	751.2	733.3
Sales of services
Disaggregation of Revenue [Line Items]
Total sales	235.6	228.3	695.3	686
Sales of services \| Operating Segments \| Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	105.9	94.5	307.3	277.5
Sales of services \| Operating Segments \| Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	59	56.4	170.6	162.6
Sales of services \| Operating Segments \| Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	$ 70.7	$ 77.4	$ 217.4	$ 245.9

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	15.20%	12.70%	15.80%	14.40%

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) shares in Millions	9 Months Ended
	Sep. 29, 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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	$ 29.5	$ 22.9	$ 85.2	$ 67.9
Income tax benefit	(4.4)	(4)	(12.2)	(11.1)
Total stock-based compensation expense	25.1	18.9	73	56.8
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	20.6	14.3	58.6	43
Income tax benefit	(3.1)	(2.6)	(8.4)	(7.3)
Total stock-based compensation expense	17.5	11.7	50.2	35.7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	8.9	8.6	26.6	24.9
Income tax benefit	(1.3)	(1.4)	(3.8)	(3.8)
Total stock-based compensation expense	$ 7.6	$ 7.2	$ 22.8	$ 21.1

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation Cost (Details) $ in Millions	Sep. 29, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 144.7
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	43.8
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 100.9

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Warranty period - minimum			90 days
Operating lease cost	$ 13	$ 13	$ 37	$ 42
Cash paid for operating leases			36	38
ROU assets obtained in exchange for operating lease obligations			29	$ 18
Operating lease, right-of-use asset	157		157		$ 162
Total lease liabilities	$ 165		$ 165		$ 169

NET EARNINGS PER SHARE - Narrat

NET EARNINGS PER SHARE - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Feb. 17, 2022	Feb. 22, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares authorized to be repurchased (in shares)					20,000,000
Common stock repurchases (in shares)	1,000,000	2,000,000	3,000,000	6,000,000
Common stock average price (in dollar per share)	$ 78.74	$ 66.57	$ 69.27	$ 62.67
Number of shares authorized to be repurchased	$ 10		$ 10
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	100,000	7,300,000	500,000	7,300,000
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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Numerator
Net earnings	$ 218	$ 189.9	$ 600.6	$ 528
Convertible note interest add-back (if converted method)	0	0	0	1.8
Diluted Net Earnings	$ 218	$ 189.9	$ 600.6	$ 529.8
Denominator
Weighted average common shares outstanding used in basic earnings per share (in shares)	352.1	355.2	352.9	357.3
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive stock awards (in shares)	4	2.7	3.1	2.6
Conversion of convertible notes (if converted method) (in shares)	0	0	0	2.1
Weighted average common shares outstanding used in diluted earnings per share (in shares)	356.1	357.9	356	362
Net earnings per common share - Basic (in dollars per share)	$ 0.62	$ 0.53	$ 1.70	$ 1.48
Net earnings per common share - Diluted (in dollars per share)	$ 0.61	$ 0.53	$ 1.69	$ 1.46

NET EARNINGS PER SHARE - Divide

NET EARNINGS PER SHARE - Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jul. 01, 2022	Apr. 01, 2022	Sep. 29, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Dividend per common share (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.21	$ 0.21
Amount, common shares	$ 24.6	$ 24.6	$ 24.7	$ 24.8	$ 24.9	$ 25.1	$ 73.9	$ 74.8

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Sep. 29, 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		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total sales	$ 1,494.5	$ 1,456	$ 4,481.6	$ 4,295.8
Total Operating Profit	291.1	251.9	822.8	696.5
Russia exit and wind down costs	0	1.1	0	17.3
Interest expense, net	(29.8)	(26.4)	(95)	(66.2)
Other non-operating expense, net	(4.2)	(8)	(14.5)	(13.8)
Earnings before income taxes	257.1	217.5	713.3	616.5
Operating Segments
Segment Reporting Information [Line Items]
Total sales	1,494.5	1,456
Total Operating Profit	291.1	251.9	822.8	696.5
Operating Segments \| Intelligent Operating Solutions
Segment Reporting Information [Line Items]
Total sales	644.3	613.7	1,929.5	1,831.4
Total Operating Profit	156.8	132.1	452	369
Operating Segments \| Precision Technologies
Segment Reporting Information [Line Items]
Total sales	530.6	523.7	1,583.5	1,485.2
Total Operating Profit	139.3	131.8	398.3	348.5
Operating Segments \| Advanced Healthcare Solutions
Segment Reporting Information [Line Items]
Total sales	319.6	318.6	968.6	979.2
Total Operating Profit	26.6	17.3	68.8	73.4
Other
Segment Reporting Information [Line Items]
Total Operating Profit	(31.6)	(28.2)	(96.3)	(77.1)
Russia exit and wind down costs	$ 0	$ (1.1)	$ 0	$ (17.3)

Uncategorized Items - ftv-20230

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