Fortive Corp. Files 10-Q for Period Ending March 29, 2024

TL;DR

<b>Fortive Corp. filed its Q1 2024 10-Q, detailing financial performance and balance sheet information.</b>

AI Summary

Fortive Corp (FTV) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Fortive Corp. reported financial results for the period ending March 29, 2024. The filing includes data for the first quarter of 2024. Key financial statement items such as common stock, additional paid-in capital, and retained earnings are detailed. Comparative data from previous periods, including December 31, 2023, and March 31, 2023, are presented. Information on various debt instruments, including Euro-denominated senior notes and Yen term loans, is provided.

Why It Matters

For investors and stakeholders tracking Fortive Corp, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Fortive Corp., crucial for understanding recent performance and financial health. The detailed breakdown of assets, liabilities, and equity, along with comparative figures, allows for trend analysis and valuation assessments.

Risk Assessment

Risk Level: low — Fortive Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and segment information to assess Fortive's operational performance and identify any emerging trends.

Key Numbers

• 2024-03-29 — Period End Date (Conformed period of report)
• 2024-04-24 — Filing Date (Date the report was filed)
• 2023-12-31 — Previous Year End Date (Comparative balance sheet date)
• 2023-03-31 — Previous Year Q1 End Date (Comparative income statement period)

Key Players & Entities

• Fortive Corp. (company) — Filer of the report
• TGA Holding Corp. (company) — Former name of Fortive Corp.
• 2024-03-29 (date) — Conformed period of report
• 2024-04-24 (date) — Filing date
• USD (currency) — Currency used in financial statements
• EUR (currency) — Currency for Euro-denominated notes
• JPY (currency) — Currency for Yen term loan

FAQ

Industry Context

Fortive Corp. operates in the industrial instruments sector, focusing on measurement, display, and control.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to prior periods.
2. Examine any disclosed revenue or segment information for performance trends.
3. Review notes to the financial statements for details on debt and other financial instruments.

Key Dates

• 2024-03-29: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-04-24: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial data compared to the previous year's Q1 and the end of 2023.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share FTV New York Stock Exchange

Filing Documents

• ftv-20240329.htm (10-Q) — 1092KB
• a2024329-ex311.htm (EX-31.1) — 11KB
• a2024329-ex312.htm (EX-31.2) — 11KB
• a2024329-ex321.htm (EX-32.1) — 6KB
• a2024329-ex322.htm (EX-32.2) — 6KB
• 0001659166-24-000108.txt (&nbsp;) — 6457KB
• ftv-20240329.xsd (EX-101.SCH) — 40KB
• ftv-20240329_cal.xml (EX-101.CAL) — 59KB
• ftv-20240329_def.xml (EX-101.DEF) — 241KB
• ftv-20240329_lab.xml (EX-101.LAB) — 538KB
• ftv-20240329_pre.xml (EX-101.PRE) — 398KB
• ftv-20240329_htm.xml (XML) — 1019KB

- FINANCIAL INFORMATION Page

PART I - FINANCIAL INFORMATION Page

Financial Statements

Item 1. Financial Statements Consolidated Condensed Balance Sheets 4 Consolidated Condensed Statements of Earnings 5 Consolidated Condensed Statements of Comprehensive Income 6 Consolidated Condensed Statements of Changes in Equity 7 Consolidated Condensed Statements of Cash Flows 8 Notes to Consolidated Condensed Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

- OTHER INFORMATION

PART II - OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 37

Signatures

Signatures 39 3 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FORTIVE CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS ($ in millions, except share and per share amounts) As of March 29, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and equivalents $ 704.6 $ 1,888.8 Accounts receivable less allowance for doubtful accounts of $ 33.1 and $ 39.2 , respectively 962.6 960.8 Inventories: Finished goods 226.6 214.1 Work in process 113.9 108.9 Raw materials 240.3 213.9 Inventories 580.8 536.9 Prepaid expenses and other current assets 365.9 285.1 Total current assets 2,613.9 3,671.6 Property, plant and equipment, net of accumulated depreciation of $ 793.1 and $ 809.0 , respectively 422.7 439.8 Other assets 536.2 518.9 Goodwill 10,234.6 9,121.7 Other intangible assets, net 3,712.7 3,159.8 Total assets $ 17,520.1 $ 16,911.8 LIABILITIES AND EQUITY Current liabilities: Trade accounts payable 667.2 608.6 Accrued expenses and other current liabilities 1,071.5 1,182.7 Total current liabilities 1,738.7 1,791.3 Other long-term liabilities 1,356.6 1,149.0 Long-term debt 3,941.7 3,646.2 Commitments and Contingencies (Note 9) Equity: Common stock: $ 0.01 par value, 2.0 billion shares authorized; 365.3 and 363.7 issued; 352.0 and 350.7 outstanding, respectively 3.7 3.6 Additional paid-in capital 3,906.1 3,851.3 Treasury shares, at cost ( 715.8 ) ( 715.8 ) Retained earnings 7,685.2 7,505.9 Accumulated other comprehensive loss ( 402.5 ) ( 326.1 ) Total Fortive stockholders' equity 10,476.7 10,318.9 Noncontrolling interests 6.4 6.4 Total stockholders' equity 10,483.1 10,325.3 Total liabilities and equity $ 17,520.1 $ 16,911.8 See the accompanying Notes to Consolidated Condensed Financial Statements. 4 Table of Contents FORTIVE CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS ($ and shares in millions, except per share amounts) (unaudited) Three Months Ended March 29, 2024 March 31, 2023 Sales of pr

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View this 10-Q filing on SEC EDGAR