Fortive Corp Files 10-Q for Q2 2024
Ticker: FTV · Form: 10-Q · Filed: Jul 24, 2024 · CIK: 1659166
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
**Fortive Q2 2024 10-Q filed. Financials updated.**
AI Summary
Fortive Corp filed its 10-Q for the period ending June 28, 2024. The company reported financial results for the second quarter of 2024, comparing them to the same period in 2023. Specific financial figures and segment performance details are included in the filing.
Why It Matters
This filing provides investors with an update on Fortive Corp's financial performance and operational status for the second quarter of 2024, crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 2024 Q2 — Reporting Period (Financial results for the second quarter of 2024 are detailed.)
- 2023-04-01 to 2023-06-30 — Prior Year Quarter (Comparison period for Q2 2024 results.)
- 2023-01-01 to 2023-06-30 — Prior Year Year-to-Date (Comparison period for year-to-date results.)
Key Players & Entities
- Fortive Corp (company) — Filer of the 10-Q
- 20240628 (date) — End of the reporting period
- 20240724 (date) — Filing date
- TGA Holding Corp. (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 28, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on July 24, 2024.
What was Fortive Corp's former company name?
Fortive Corp's former company name was TGA Holding Corp.
What is Fortive Corp's fiscal year end?
Fortive Corp's fiscal year ends on December 31.
What is the SIC code for Fortive Corp?
The Standard Industrial Classification (SIC) code for Fortive Corp is 3823, which corresponds to 'Industrial Instruments for Measurement, Display, and Control'.
Filing Stats: 4,768 words · 19 min read · ~16 pages · Grade level 7.8 · Accepted 2024-07-24 07:46:34
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share FTV New York Stock Exchange
Filing Documents
- ftv-20240628.htm (10-Q) — 1547KB
- exhibit31-restatedcertific.htm (EX-3.1) — 56KB
- exhibit101-formoffortiveco.htm (EX-10.1) — 69KB
- exhibit102-formoffortiveco.htm (EX-10.2) — 70KB
- a2024628-ex311.htm (EX-31.1) — 11KB
- a2024628-ex312.htm (EX-31.2) — 11KB
- a2024628-ex321.htm (EX-32.1) — 6KB
- a2024628-ex322.htm (EX-32.2) — 6KB
- 0001659166-24-000148.txt ( ) — 8361KB
- ftv-20240628.xsd (EX-101.SCH) — 41KB
- ftv-20240628_cal.xml (EX-101.CAL) — 62KB
- ftv-20240628_def.xml (EX-101.DEF) — 253KB
- ftv-20240628_lab.xml (EX-101.LAB) — 573KB
- ftv-20240628_pre.xml (EX-101.PRE) — 422KB
- ftv-20240628_htm.xml (XML) — 1549KB
- 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 27
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 42
Controls and Procedures
Item 4. Controls and Procedures 42
- OTHER INFORMATION
PART II - OTHER INFORMATION
Risk Factors
Item 1A. Risk Factors 42
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43
Other Information
Item 5. Other Information 43
Exhibits
Item 6. Exhibits 44
Signatures
Signatures 45 3 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS FORTIVE CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS ($ and shares in millions, except per share amounts) As of June 28, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and equivalents $ 644.1 $ 1,888.8 Accounts receivable less allowance for doubtful accounts of $ 27.8 and $ 39.2 , respectively 934.5 960.8 Inventories: Finished goods 224.0 214.1 Work in process 116.1 108.9 Raw materials 231.9 213.9 Inventories 572.0 536.9 Prepaid expenses and other current assets 368.9 285.1 Total current assets 2,519.5 3,671.6 Property, plant and equipment, net of accumulated depreciation of $ 810.2 and $ 809.0 , respectively 417.9 439.8 Other assets 540.0 518.9 Goodwill 10,216.5 9,121.7 Other intangible assets, net 3,591.1 3,159.8 Total assets $ 17,285.0 $ 16,911.8 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 383.9 $ — Trade accounts payable 636.1 608.6 Accrued expenses and other current liabilities 1,025.8 1,182.7 Total current liabilities 2,045.8 1,791.3 Other long-term liabilities 1,337.0 1,149.0 Long-term debt 3,396.4 3,646.2 Commitments and Contingencies (Note 9) Equity: Common stock: $ 0.01 par value, 2,000.0 shares authorized; 365.6 and 363.7 issued; 350.3 and 350.7 outstanding, respectively 3.7 3.6 Additional paid-in capital 3,937.3 3,851.3 Treasury shares, at cost ( 870.4 ) ( 715.8 ) Retained earnings 7,852.3 7,505.9 Accumulated other comprehensive loss ( 423.6 ) ( 326.1 ) Total Fortive stockholders' equity 10,499.3 10,318.9 Noncontrolling interests 6.5 6.4 Total stockholders' equity 10,505.8 10,325.3 Total liabilities and equity $ 17,285.0 $ 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 S