Fortive (FTV) 10-Q 27 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 20, 2017
Document and Entity Information [Abstract]
Document type	10-Q
Amendment flag	false
Document period end date	Mar. 31, 2017
Document fiscal year focus	2,017
Document fiscal period focus	Q1
Trading symbol	FTV
Entity registrant name	Fortive Corp
Entity central index key	1,659,166
Current fiscal year end date	--12-31
Entity filer category	Non-accelerated Filer
Entity common stock, shares outstanding		346,584,395

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and equivalents	$ 817.6	$ 803.2
Accounts receivable, net	944.1	945.4
Inventories:
Finished goods	209.9	198.3
Work in process	90.1	79.3
Raw materials	271.6	267
Total inventories	571.6	544.6
Prepaid expenses and other current assets	184.1	195.5
Total current assets	2,517.4	2,488.7
Property, plant and equipment, net of accumulated depreciation of $1,027.6 and $1,004.2 at March 31, 2017 and December 31, 2016, respectively	552.9	547.6
Other assets	428.6	427.2
Goodwill	3,999.2	3,979
Other intangible assets, net	736.2	747.3
Total assets	8,234.3	8,189.8
Current liabilities:
Trade accounts payable	623.3	666.2
Accrued expenses and other current liabilities	777.7	800.3
Total current liabilities	1,401	1,466.5
Other long-term liabilities	678.7	674.3
Long-term debt	3,262.7	3,358
Equity:
Preferred stock: $0.01 par value, 15 million shares authorized; no shares issued or outstanding	0	0
Common stock: $0.01 par value, 2.0 billion shares authorized; 346.8 million and 346.0 million issued; 346.6 million and 345.9 million outstanding at March 31, 2017 and December 31,2016, respectively	3.5	3.5
Additional paid-in capital	2,407.8	2,427.2
Retained earnings	578.5	403
Accumulated other comprehensive income (loss)	(101.4)	(145.8)
Total Fortive stockholders' equity	2,888.4	2,687.9
Noncontrolling interests	3.5	3.1
Total stockholders' equity	2,891.9	2,691
Total liabilities and equity	$ 8,234.3	$ 8,189.8

Consolidated Condensed Balance3

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,027.6	$ 1,004.2
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	15,000,000	15,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Common stock issued (in shares)	346,800,000	346,000,000
Common stock outstanding (in shares)	346,600,000	345,900,000

Consolidated and Combined Conde

Consolidated and Combined Condensed Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Income Statement [Abstract]
Sales	$ 1,535.2	$ 1,474.7
Cost of sales	(791.2)	(779.5)
Gross profit	744	695.2
Operating costs:
Selling, general and administrative expenses	(352.9)	(338.5)
Research and development expenses	(96.2)	(93.7)
Operating profit	294.9	263
Non-operating expense:
Interest expense	(22.6)	0
Earnings before income taxes	272.3	263
Income taxes	(72.6)	(81)
Net earnings	$ 199.7	$ 182
Net earnings per share:
Basic (in dollars per share)	$ 0.58	$ 0.53
Diluted (in dollars per share)	$ 0.57	$ 0.53
Average common stock and common equivalent shares outstanding:
Basic (in shares)	347	345.2
Diluted (in shares)	351.5	345.2

Consolidated and Combined Cond5

Consolidated and Combined Condensed Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 199.7	$ 182
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments	43.6	22.1
Pension adjustments	0.8	1
Total other comprehensive income (loss), net of income taxes	44.4	23.1
Comprehensive income	$ 244.1	$ 205.1

Consolidated Condensed Statemen

Consolidated Condensed Statement of Changes in Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Common stock outstanding (in shares) at Dec. 31, 2016	345,900,000	345,900,000
Equity, beginning of period at Dec. 31, 2016	$ 2,691	$ 3.5	$ 2,427.2	$ 403	$ (145.8)	$ 3.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	199.7			199.7
Dividends to shareholders				(24.2)
Separation related adjustments			(33.6)
Other comprehensive income	$ 44.4				44.4
Common stock-based award activity (in shares)		700,000
Common stock-based award activity			14.2
Change in noncontrolling interests						0.4
Common stock outstanding (in shares) at Mar. 31, 2017	346,600,000	346,600,000
Equity, end of period at Mar. 31, 2017	$ 2,891.9	$ 3.5	$ 2,407.8	$ 578.5	$ (101.4)	$ 3.5

Consolidated and Combined Cond7

Consolidated and Combined Condensed Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Cash flows from operating activities:
Net earnings	$ 199.7	$ 182
Noncash items:
Depreciation	23.4	21.5
Amortization	13.3	22.4
Stock-based compensation expense	12	11.5
Change in accounts receivable, net	10	61
Change in inventories	(24.2)	(24.6)
Change in trade accounts payable	(47.5)	(39)
Change in prepaid expenses and other assets	(0.6)	5.4
Change in accrued expenses and other liabilities	(37.8)	(63)
Net cash provided by operating activities	148.3	177.2
Cash flows from investing activities:
Cash paid for acquisitions	0	(12.8)
Payments for additions to property, plant and equipment	(26.8)	(28.4)
All other investing activities	(0.6)	2
Net cash used in investing activities	(27.4)	(39.2)
Cash flows from financing activities:
Net proceeds from borrowings (maturities of 90 days or less)	(95.5)	0
Payment of cash dividend to shareholders	(24.2)	0
Net Transfers To Former Parent	0	(138)
All other financing activities	0.3	0
Net cash provided by (used in) financing activities	(119.4)	(138)
Effect of exchange rate changes on cash and equivalents	12.9	0
Net change in cash and equivalents	14.4	0
Beginning balance of cash and equivalents	803.2	0
Ending balance of cash and equivalents	$ 817.6	$ 0

Business Overview and Basis of

Business Overview and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview and Basis of Presentation	NOTE 1. BUSINESS OVERVIEW AND BASIS OF PRESENTATION Fortive Corporation (“Fortive” or the “Company”) is a diversified industrial growth company encompassing businesses that are recognized leaders in attractive markets. Our well-known brands hold leading positions in advanced instrumentation and solutions, transportation technology, sensing, automation and specialty, and franchise distribution markets. Our businesses design, develop, service, manufacture and market professional and engineered products, software and services for a variety of end markets, building upon leading brand names, innovative technology and significant market positions. Separation from Danaher Corporation —We completed our separation from Danaher Corporation (“Danaher” or “Former Parent”) on July 2, 2016 (the “Separation”). The Separation was completed in the form of a pro rata distribution to Danaher stockholders of record on June 15, 2016 of 100 percent of the outstanding shares of Fortive Corporation held by Danaher. Fortive was incorporated on November 10, 2015, accordingly, we had no shares or common equivalent shares outstanding prior to that date. The total number of shares outstanding on July 1, 2016, immediately prior to the Separation, was 345.2 million and is utilized for the calculation of both basic and diluted net earnings per share (“EPS”) for all periods prior to the Separation. For further discussion of the Separation refer to Note 1 of our 2016 Annual Report on Form 10-K . Basis of Presentation —We prepared the unaudited consolidated and combined 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 condensed or omitted pursuant to such rules and regulations; however, we believe the disclosures are adequate to make the information presented not misleading. The consolidated and combined condensed financial statements included herein should be read in conjunction with the audited annual consolidated and combined financial statements as of and for the year ended December 31, 2016 and the Notes thereto included within our 2016 Annual Report on Form 10-K . In our opinion, the accompanying financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to fairly present our financial position as of March 31, 2017 and December 31, 2016 , and our results of operations and cash flows for the three months ended March 31, 2017 and April 1, 2016 . Prior to the Separation, our businesses were comprised of certain Danaher operating units (the “Fortive Businesses”). The combined condensed financial statements for periods prior to the Separation were derived from Danaher’s consolidated financial statements and accounting records and prepared in accordance with GAAP for the preparation of carved-out combined financial statements. Prior to the Separation, all revenues and costs as well as assets and liabilities directly associated with Fortive have been included in the combined condensed financial statements. Additionally, the combined condensed financial statements for periods prior to the Separation included allocations of certain general, administrative, sales and marketing expenses and cost of sales from Danaher’s corporate office and from other Danaher businesses to Fortive, and allocations of related assets, and liabilities, as applicable. The allocations were determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had we been operating independently of Danaher during the applicable periods. Accordingly, our combined condensed financial statements may not be indicative of our results had we been a separate stand-alone entity throughout the periods presented. For further discussion of related party allocations prior to the Separation, including the method for such allocation, refer to Note 19 of our 2016 Annual Report on Form 10-K. Following the Separation, the consolidated financial statements include the accounts of Fortive and those of our wholly-owned subsidiaries and no longer include any allocations from Danaher. Accordingly: • The Consolidated Condensed Balance Sheets at March 31, 2017 and December 31, 2016 consist of our consolidated balances. • The Consolidated Condensed Statement of Earnings, Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the three months ended March 31, 2017 consist of our consolidated results. The Combined Condensed Statement of Earnings, Statement of Comprehensive Income and Statement of Cash Flows for the three months ended April 1, 2016 , consist of the combined results of the Fortive Businesses. Accumulated Other Comprehensive Income (Loss) —The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions). Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. Foreign currency translation adjustments Pension & post- retirement plan benefit adjustments (b) Total For the Three Months Ended March 31, 2017: Balance, December 31, 2016 $ (72.6 ) $ (73.2 ) $ (145.8 ) Other comprehensive income (loss) before reclassifications, net of income taxes 43.6 — 43.6 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 1.1 (a) 1.1 Income tax impact — (0.3 ) (0.3 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.8 0.8 Net current period other comprehensive income (loss), net of income taxes 43.6 0.8 44.4 Balance, March 31, 2017 $ (29.0 ) $ (72.4 ) $ (101.4 ) For the Three Months Ended April 1, 2016: Balance, December 31, 2015 $ 51.2 $ (65.6 ) $ (14.4 ) Other comprehensive income (loss) before reclassifications, net of income taxes 22.1 — 22.1 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 1.3 (a) 1.3 Income tax impact — (0.3 ) (0.3 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 1.0 1.0 Net current period other comprehensive income (loss), net of income taxes 22.1 1.0 23.1 Balance, April 1, 2016 $ 73.3 $ (64.6 ) $ 8.7 (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 6 for additional details). (b) Includes balances relating to non-U.S. employee defined benefit plans, supplemental executive retirement plans and other postretirement employee benefit plans. New Accounting Standards —In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which aims to improve the presentation of net periodic pension cost. Under current accounting standards, all components of net periodic pension costs are aggregated and reported in cost of sales or selling, general and administrative expenses in the financial statements. Under the new standard we will be required to report only the service cost component in cost of sales or selling, general and administrative expenses; and the other components of net periodic pension costs (which include interest costs, expected return on plan assets and amortization of net loss) will be required to be presented in non-operating expenses. The presentation requirement of this standard is effective for us beginning January 1, 2018 (with early adoption permitted) using a retrospective transition approach and provides for certain practical expedients. We are currently evaluating the impact of this standard on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which will require, among other items, lessees to recognize a right-of-use asset and a lease liability for most leases. The standard also requires disclosures by lessees and lessors about the amount, timing and uncertainty of cash flows arising from leases. The accounting applied by a lessor is largely unchanged from that applied under the current standard. This standard is effective for us beginning January 1, 2019 (with early adoption permitted) using a modified retrospective transition approach and provides for certain practical expedients. We are currently evaluating the impact of this standard on our financial statements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which impacts virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. During 2016, the FASB issued several amendments to the standard, including clarification to the guidance on reporting revenues as a principal versus an agent, identifying performance obligations, accounting for intellectual property licenses, assessing collectability, presentation of sales taxes, impairment testing for contract costs and disclosure of performance obligations. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. We currently anticipate adopting the standard using the modified retrospective method. This standard is effective for us and we will adopt this standard beginning January 1, 2018. We are currently assessing the impact that the adoption of the new standard will have on our financial statements and related disclosures. The impact of adopting this standard is not expected to be material. We expect recognition of revenue for a majority of customer contracts to remain substantially unchanged. While we are continuing to assess all potential impacts of the standard, we currently believe the more significant impacts relate to certain customer contracts that will be recognized over time, accounting for any required deferral of commissions which previously were expensed as incurred and may qualify for capitalization under the new standard, and changes to the timing of recognition of revenue and costs related to certain warranty arrangements.

Acquisitions Acquisitions

Acquisitions Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	NOTE 2. ACQUISITIONS For a full description of our acquisition activity, reference is made to Note 3 of our 2016 Annual Report on Form 10-K . We continually evaluate potential acquisitions that either strategically fit with our existing portfolio or expand our portfolio into a new and attractive business area. We have completed a number of acquisitions that have been accounted for as purchases and have resulted in the recognition of goodwill in our financial statements. This goodwill arises because the purchase prices for these businesses reflect a number of factors including the future earnings and cash flow potential of these businesses, the multiple to earnings, cash flow and other factors at which similar businesses have been purchased by other acquirers, the competitive nature of the processes by which we acquired the businesses, the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our existing offerings to key target markets and develop new and profitable businesses, and the complementary strategic fit and resulting synergies these businesses bring to existing operations. We make an initial allocation of the purchase price at the date of acquisition based upon our understanding of the fair value of the acquired assets and assumed liabilities. We obtain this information during due diligence and through other sources. In the months after closing, as we obtain additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and learn more about the newly acquired business, we are able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. We are in the process of obtaining valuations of certain acquired intangible assets in connection with certain acquisitions. We make appropriate adjustments to purchase price allocations prior to completion of the applicable measurement period, as required.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	NOTE 3. GOODWILL The following is a rollforward of our goodwill ($ in millions): Balance, December 31, 2016 $ 3,979.0 Foreign currency translation & other 20.2 Balance, March 31, 2017 $ 3,999.2 The carrying value of goodwill by segment is summarized as follows ($ in millions): March 31, 2017 December 31, 2016 Professional Instrumentation $ 2,435.9 $ 2,423.7 Industrial Technologies 1,563.3 1,555.3 Total goodwill $ 3,999.2 $ 3,979.0 We have not identified any “triggering” events which would have indicated a potential impairment of goodwill in the three months ended March 31, 2017 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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 our assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. Level 3 inputs are unobservable inputs based on our assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. A summary of financial liabilities that are measured at fair value on a recurring basis were as follows ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2017 Deferred compensation liabilities $ — $ 17.9 $ — $ 17.9 December 31, 2016 Deferred compensation liabilities $ — $ 14.8 $ — $ 14.8 Certain of our 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 presented as a component of our compensation and benefits accrual included in other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Participants may choose among alternative earning rates for the amounts they defer, which are primarily based on investment options within our defined contribution plans for the benefit of U.S. employees (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of Fortive common stock). Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts, which are based on the applicable earnings rates. Fair Value of Financial Instruments The carrying amounts and fair values of financial instruments were as follows ($ in millions): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Long-term borrowings $ 3,262.7 $ 3,240.5 $ 3,358.0 $ 3,321.4 As of March 31, 2017 and December 31, 2016 , the long-term borrowings were categorized as Level 1. The fair value of long-term borrowings was 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 incurrence of the borrowing. The fair values of cash and cash equivalents, accounts receivable, net and trade accounts payable approximate their carrying amounts due to the short-term maturities of these instruments.

Financing

Financing	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Financing	NOTE 5. FINANCING As of March 31, 2017 , we were in compliance with all of our debt covenants. The carrying value of the components of our debt were as follows ($ in millions): March 31, 2017 December 31, 2016 U.S. dollar-denominated commercial paper $ 118.5 $ 347.9 Euro-denominated commercial paper 160.3 26.8 Variable interest rate term loan 500.0 500.0 1.80% senior unsecured notes due 2019 298.4 298.3 2.35% senior unsecured notes due 2021 745.1 744.8 3.15% senior unsecured notes due 2026 890.4 890.1 4.30% senior unsecured notes due 2046 546.8 546.8 Other 3.2 3.3 Long-term debt $ 3,262.7 $ 3,358.0 Net discounts, premiums and issuance costs of $19.3 million and $20.1 million as of March 31, 2017 and December 31, 2016, respectively, and have been netted against the aggregate principal amounts of the components of debt table above. Refer to Note 10 of our 2016 Annual Report on Form 10-K for a full description of our debt financing. 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”). Credit support for the Commercial Paper Programs is provided by a five -year $1.5 billion senior unsecured revolving credit facility that expires on June 16, 2021 (the “Revolving Credit Facility”) which can also be used for working capital and other general corporate purposes. As of March 31, 2017 , no borrowings were outstanding under the Revolving Credit Facility. As of March 31, 2017 , $118 million of commercial paper was outstanding under the U.S. dollar-denominated commercial paper program with a weighted average annual interest rate of 1.29% and a weighted average remaining maturity of approximately 7 days. As of March 31, 2017 , $160 million of commercial paper was outstanding under the Euro-denominated commercial paper program with a weighted average annual interest rate of (0.04)% and a weighted average remaining maturity of approximately 37 days. We classified our borrowings outstanding under the Commercial Paper Programs as of March 31, 2017 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 referenced above, to refinance these borrowings for at least one year from the balance sheet date.

Pension Plans

Pension Plans	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Pension Plans	NOTE 6. PENSION PLANS We have noncontributory defined benefit pension plans outside of the United States. The following sets forth the components of our net periodic pension costs associated with these plans ($ in millions): Three Months Ended March 31, 2017 April 1, 2016 Service cost $ 1.0 $ 0.8 Interest cost 1.4 1.9 Expected return on plan assets (1.8 ) (2.0 ) Amortization of net loss 1.1 1.3 Net periodic pension cost $ 1.7 $ 2.0 Net periodic pension costs are included in cost of sales and selling, general and administrative expenses in the accompanying Consolidated and Combined Condensed Statements of Earnings. Employer Contributions During 2017 , our cash contribution requirements for our defined benefit pension plans are expected to be approximately $10 million . The ultimate amounts to be contributed depend upon, among other things, legal requirements, underlying asset returns, the plan’s funded status, the anticipated tax deductibility of the contribution, local practices, market conditions, interest rates and other factors.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 7. INCOME TAXES Our effective tax rate for the three months ended March 31, 2017 , was 26.7% as compared to 30.8% for the three months ended April 1, 2016 . The difference in effective tax rates between the periods is primarily attributable to greater federal and international tax benefits. Our effective tax rates for 2017 and 2016 differ from the U.S. federal statutory rate of 35% due principally to our earnings outside the United States that are indefinitely reinvested and taxed at rates lower than the U.S. federal statutory rate and the impact of credits and deductions provided by law.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	NOTE 8. STOCK-BASED COMPENSATION We had no stock-based compensation plans prior to the Separation; however certain of our employees had participated in Danaher’s stock-based compensation plans (“Danaher Plans”), which provided for the grants of stock options, performance stock units (“PSUs”), and restricted stock units (“RSUs”) among other types of awards. In connection with the Separation, the Company adopted the 2016 Stock Incentive Plan (the “Stock Plan”). Outstanding equity awards of Danaher held by our employees at the Separation date were converted into or replaced with Fortive equity awards under the Stock Plan. The Stock Plan provides for the grant of stock appreciation rights, RSUs, PSUs, restricted stock awards and performance stock awards (collectively, “Stock Awards”), stock options or any other stock-based award. As of March 31, 2017 , approximately 7 million shares of our common stock were reserved for issuance under the Stock Plan. For a full description of our stock-based compensation program refer to Note 16 of our 2016 Annual Report on Form 10-K . When stock options are exercised by the employee or Stock Awards vest, we derive a tax deduction measured by the excess of the market value on such date over the grant date price. During the three months ended March 31, 2017, we realized a tax benefit of $9.6 million related to employee stock options that were exercised and Stock Awards that vested. As of January 1, 2017, we prospectively adopted ASU No. 2016-09, Compensation—Stock Compensation (Topic 718). Accordingly, we recorded the excess of the tax benefit related to the exercise of stock options and vesting of Stock Awards over the expense recorded for financial statement reporting purposes (the “Excess Tax Benefit”) as a component of income tax expense and as an operating cash inflow in the accompanying consolidated and combined condensed financial statements. Such Excess Tax Benefit was $4.9 million during the three months ended March 31, 2017 . Stock-based Compensation Expense Stock-based compensation has been recognized as a component of selling, general & administrative expenses in the accompanying Consolidated and Combined Condensed Statements of Earnings. Under ASU 2019-09, we will continue to recognize stock-based compensation expense based on the portion of the awards that are ultimately expected to vest. Prior to the Separation, Danaher allocated stock-based compensation expense to the Company based on Fortive employees participating in the Danaher Plans. These allocations are reflected in the accompanying Combined Condensed Statement of Earnings for the three months ended April 1, 2016 . The following summarizes the components of our stock-based compensation expense under the Stock Plan and the Danaher Plans ($ in millions): Three Months Ended March 31, 2017 April 1, 2016 Stock Awards: Pretax compensation expense $ 7.4 $ 7.1 Income tax benefit (2.5 ) (2.3 ) Stock Award expense, net of income taxes 4.9 4.8 Stock options: Pretax compensation expense 4.6 4.4 Income tax benefit (1.6 ) (1.5 ) Stock option expense, net of income taxes 3.0 2.9 Total stock-based compensation: Pretax compensation expense 12.0 11.5 Income tax benefit (4.1 ) (3.8 ) Total stock-based compensation expense, net of income taxes $ 7.9 $ 7.7 The following summarizes the unrecognized compensation cost for the Stock Plan awards as of March 31, 2017 . 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 $ 60.1 Stock options 54.9 Total unrecognized compensation cost $ 115.0 In connection with the exercise of certain stock options and the vesting of Stock Awards issued under the Stock Plan, a number of shares of Fortive common stock sufficient to fund statutory minimum tax withholding requirements has been withheld from the total shares issued or released to the award holder (though under the terms of the Stock Plan, the shares are considered to have been issued and are not added back to the pool of shares available for grant). During the three months ended March 31, 2017 , approximately 112 thousand shares of Fortive common stock with an aggregate value of $6.5 million were withheld to satisfy this requirement. This withholding is treated as a reduction in additional paid-in capital in the accompanying Consolidated Condensed Statement of Changes in Equity. Stock Options The following summarizes the assumptions used in the Black-Scholes Merton option pricing model to value stock options granted under the Stock Plan during the three months ended March 31, 2017 : Risk-free interest rate 1.95% - 2.26% Weighted average volatility (a) 21.0 % Dividend yield 0.5 % Expected years until exercise 5.5 - 8.0 (a) Weighted average volatility was estimated based on an average historical stock price volatility of a group of peer companies, given our limited trading history. The following summarizes option activity under the Stock Plan for the three months ended March 31, 2017 (in millions, except price per share and numbers of years): Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2016 10.7 $ 33.23 Granted 1.8 57.26 Exercised (0.3 ) 25.35 Canceled/forfeited (0.1 ) 39.83 Outstanding as of March 31, 2017 12.1 $ 36.86 6.8 $ 282.3 Vested and expected to vest as of March 31, 2017 (a) 11.6 $ 36.40 6.7 $ 276.0 Vested as of March 31, 2017 5.3 $ 26.49 4.7 $ 180.4 (a) The “expected to vest” options are the net unvested options that remain after applying the forfeiture rate assumption to total unvested options. The aggregate intrinsic values in the table above represent the total pretax intrinsic value (the difference between the closing stock price of Fortive common stock on the last trading day of the first quarter of 2017 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2017 . The amount of aggregate intrinsic value will change based on the price of Fortive’s common stock. Stock Awards The following summarizes information related to unvested Stock Award activity under the Stock Plan for the three months ended March 31, 2017 (in millions; except price per share): Number of Stock Awards Weighted Average Grant-Date Fair Value Unvested as of December 31, 2016 2.2 $ 39.20 Granted 0.6 56.69 Vested (0.4 ) 35.88 Unvested as of March 31, 2017 2.4 $ 43.83

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9. COMMITMENTS AND CONTINGENCIES For a description of our litigation and contingencies, reference is made to Notes 14 and 15 of our 2016 Annual Report on Form 10-K . We generally accrue estimated warranty costs at the time of sale. In general, manufactured products are warranted against defects in material and workmanship when properly used for their intended purpose, installed correctly, and appropriately maintained. Warranty period terms depend on the nature of the product and range from 90 days up to the life of the product. The amount of the accrued warranty liability is determined based on historical information such as past experience, product failure rates or number of units repaired, estimated cost of material and labor, and in certain instances estimated property damage. The accrued warranty liability is reviewed on a quarterly basis and may be adjusted as additional information regarding expected warranty costs becomes known. The following is a rollforward of our accrued warranty liability ($ in millions): Balance, December 31, 2016 $ 65.0 Accruals for warranties issued during the period 17.6 Settlements made (17.4 ) Balance, March 31, 2017 $ 65.2

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Net Earnings Per Share	NOTE 10. NET EARNINGS PER SHARE Basic EPS is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding for the applicable period. Diluted EPS is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares under stock-based compensation plans except where the inclusion of such shares would have an anti-dilutive impact. For the three months ended March 31, 2017 there were 1.8 million anti-dilutive options to purchase shares excluded from the diluted EPS calculation. We were incorporated on November 10, 2015, accordingly, we had no shares or common equivalent shares outstanding prior to that date. The total number of shares outstanding on July 1, 2016, immediately before the Separation, was 345.2 million and is utilized for the calculation of both basic and diluted EPS for the period prior to the Separation. 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): Net Earnings (Numerator) Shares (Denominator) Per Share Amount For the Three Months Ended March 31, 2017: Basic EPS $ 199.7 347.0 $ 0.58 Incremental shares from assumed exercise of dilutive options and vesting of dilutive Stock Awards — 4.5 Diluted EPS $ 199.7 351.5 $ 0.57 For the Three Months Ended April 1, 2016: Basic and diluted EPS $ 182.0 345.2 $ 0.53 On January 24, 2017, we declared a regular quarterly dividend of $0.07 per share paid on March 31, 2017 to holders of record on February 24, 2017. For the three months ended March 31, 2017, cash dividend payment of $24.2 million was recorded as dividends to shareholders in the Consolidated Condensed Statement of Changes in Equity. On April 13, 2017, we declared a regular quarterly dividend of $0.07 per share payable on June 30, 2017 to holders of record on May 26, 2017.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	NOTE 11. SEGMENT INFORMATION We operate and report our results in two business segments consisting of the Professional Instrumentation and Industrial Technologies segments. As of March 31, 2017 , there have been no material changes in total assets or liabilities by segment since December 31, 2016 . Segment results are shown below ($ in millions): Three Months Ended March 31, 2017 April 1, 2016 Sales: Professional Instrumentation $ 716.1 $ 697.4 Industrial Technologies 819.1 777.3 Total $ 1,535.2 $ 1,474.7 Operating Profit: Professional Instrumentation $ 158.0 $ 146.0 Industrial Technologies 152.6 130.7 Other (15.7 ) (13.7 ) Total $ 294.9 $ 263.0

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 12. RELATED-PARTY TRANSACTIONS Revenue and Other Transactions Entered Into In the Ordinary Course of Business Prior to the Separation, we operated as part of Danaher and not as a stand-alone company and certain of our revenue arrangements related to contracts entered into in the ordinary course of business with Danaher and its affiliates. Following the Separation, we continue to enter into arms-length arrangements in the ordinary course of business with Danaher and its affiliates, although certain agreements were entered into or terminated as a result of the Separation. Sales and purchases from these arrangements with Danaher were not material during the three months ended March 31, 2017 and April 1, 2016 , respectively.

Business Overview and Basis o20

Business Overview and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards —In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which aims to improve the presentation of net periodic pension cost. Under current accounting standards, all components of net periodic pension costs are aggregated and reported in cost of sales or selling, general and administrative expenses in the financial statements. Under the new standard we will be required to report only the service cost component in cost of sales or selling, general and administrative expenses; and the other components of net periodic pension costs (which include interest costs, expected return on plan assets and amortization of net loss) will be required to be presented in non-operating expenses. The presentation requirement of this standard is effective for us beginning January 1, 2018 (with early adoption permitted) using a retrospective transition approach and provides for certain practical expedients. We are currently evaluating the impact of this standard on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which will require, among other items, lessees to recognize a right-of-use asset and a lease liability for most leases. The standard also requires disclosures by lessees and lessors about the amount, timing and uncertainty of cash flows arising from leases. The accounting applied by a lessor is largely unchanged from that applied under the current standard. This standard is effective for us beginning January 1, 2019 (with early adoption permitted) using a modified retrospective transition approach and provides for certain practical expedients. We are currently evaluating the impact of this standard on our financial statements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which impacts virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. During 2016, the FASB issued several amendments to the standard, including clarification to the guidance on reporting revenues as a principal versus an agent, identifying performance obligations, accounting for intellectual property licenses, assessing collectability, presentation of sales taxes, impairment testing for contract costs and disclosure of performance obligations. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. We currently anticipate adopting the standard using the modified retrospective method. This standard is effective for us and we will adopt this standard beginning January 1, 2018. We are currently assessing the impact that the adoption of the new standard will have on our financial statements and related disclosures. The impact of adopting this standard is not expected to be material. We expect recognition of revenue for a majority of customer contracts to remain substantially unchanged. While we are continuing to assess all potential impacts of the standard, we currently believe the more significant impacts relate to certain customer contracts that will be recognized over time, accounting for any required deferral of commissions which previously were expensed as incurred and may qualify for capitalization under the new standard, and changes to the timing of recognition of revenue and costs related to certain warranty arrangements.

Business Overview and Basis o21

Business Overview and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassification of Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income (Loss) —The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions). Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. Foreign currency translation adjustments Pension & post- retirement plan benefit adjustments (b) Total For the Three Months Ended March 31, 2017: Balance, December 31, 2016 $ (72.6 ) $ (73.2 ) $ (145.8 ) Other comprehensive income (loss) before reclassifications, net of income taxes 43.6 — 43.6 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 1.1 (a) 1.1 Income tax impact — (0.3 ) (0.3 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.8 0.8 Net current period other comprehensive income (loss), net of income taxes 43.6 0.8 44.4 Balance, March 31, 2017 $ (29.0 ) $ (72.4 ) $ (101.4 ) For the Three Months Ended April 1, 2016: Balance, December 31, 2015 $ 51.2 $ (65.6 ) $ (14.4 ) Other comprehensive income (loss) before reclassifications, net of income taxes 22.1 — 22.1 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 1.3 (a) 1.3 Income tax impact — (0.3 ) (0.3 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 1.0 1.0 Net current period other comprehensive income (loss), net of income taxes 22.1 1.0 23.1 Balance, April 1, 2016 $ 73.3 $ (64.6 ) $ 8.7 (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 6 for additional details). (b) Includes balances relating to non-U.S. employee defined benefit plans, supplemental executive retirement plans and other postretirement employee benefit plans.

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is a rollforward of our goodwill ($ in millions): Balance, December 31, 2016 $ 3,979.0 Foreign currency translation & other 20.2 Balance, March 31, 2017 $ 3,999.2 The carrying value of goodwill by segment is summarized as follows ($ in millions): March 31, 2017 December 31, 2016 Professional Instrumentation $ 2,435.9 $ 2,423.7 Industrial Technologies 1,563.3 1,555.3 Total goodwill $ 3,999.2 $ 3,979.0

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	A summary of financial liabilities that are measured at fair value on a recurring basis were as follows ($ in millions): Quoted Prices in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2017 Deferred compensation liabilities $ — $ 17.9 $ — $ 17.9 December 31, 2016 Deferred compensation liabilities $ — $ 14.8 $ — $ 14.8
Carrying Amounts and Fair Values of Financial Instruments	The carrying amounts and fair values of financial instruments were as follows ($ in millions): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Long-term borrowings $ 3,262.7 $ 3,240.5 $ 3,358.0 $ 3,321.4

Financing (Tables)

Financing (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Carry Value of Debt	The carrying value of the components of our debt were as follows ($ in millions): March 31, 2017 December 31, 2016 U.S. dollar-denominated commercial paper $ 118.5 $ 347.9 Euro-denominated commercial paper 160.3 26.8 Variable interest rate term loan 500.0 500.0 1.80% senior unsecured notes due 2019 298.4 298.3 2.35% senior unsecured notes due 2021 745.1 744.8 3.15% senior unsecured notes due 2026 890.4 890.1 4.30% senior unsecured notes due 2046 546.8 546.8 Other 3.2 3.3 Long-term debt $ 3,262.7 $ 3,358.0

Pension Plans (Tables)

Pension Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Periodic Pension Costs	The following sets forth the components of our net periodic pension costs associated with these plans ($ in millions): Three Months Ended March 31, 2017 April 1, 2016 Service cost $ 1.0 $ 0.8 Interest cost 1.4 1.9 Expected return on plan assets (1.8 ) (2.0 ) Amortization of net loss 1.1 1.3 Net periodic pension cost $ 1.7 $ 2.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-Based Compensation Costs	The following summarizes the components of our stock-based compensation expense under the Stock Plan and the Danaher Plans ($ in millions): Three Months Ended March 31, 2017 April 1, 2016 Stock Awards: Pretax compensation expense $ 7.4 $ 7.1 Income tax benefit (2.5 ) (2.3 ) Stock Award expense, net of income taxes 4.9 4.8 Stock options: Pretax compensation expense 4.6 4.4 Income tax benefit (1.6 ) (1.5 ) Stock option expense, net of income taxes 3.0 2.9 Total stock-based compensation: Pretax compensation expense 12.0 11.5 Income tax benefit (4.1 ) (3.8 ) Total stock-based compensation expense, net of income taxes $ 7.9 $ 7.7
Schedule of Future Compensation	The following summarizes the unrecognized compensation cost for the Stock Plan awards as of March 31, 2017 . 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 $ 60.1 Stock options 54.9 Total unrecognized compensation cost $ 115.0
Schedule of Assumptions Used	The following summarizes the assumptions used in the Black-Scholes Merton option pricing model to value stock options granted under the Stock Plan during the three months ended March 31, 2017 : Risk-free interest rate 1.95% - 2.26% Weighted average volatility (a) 21.0 % Dividend yield 0.5 % Expected years until exercise 5.5 - 8.0 (a) Weighted average volatility was estimated based on an average historical stock price volatility of a group of peer companies, given our limited trading history.
Schedule of Stock Option Activity	The following summarizes option activity under the Stock Plan for the three months ended March 31, 2017 (in millions, except price per share and numbers of years): Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of December 31, 2016 10.7 $ 33.23 Granted 1.8 57.26 Exercised (0.3 ) 25.35 Canceled/forfeited (0.1 ) 39.83 Outstanding as of March 31, 2017 12.1 $ 36.86 6.8 $ 282.3 Vested and expected to vest as of March 31, 2017 (a) 11.6 $ 36.40 6.7 $ 276.0 Vested as of March 31, 2017 5.3 $ 26.49 4.7 $ 180.4 (a) The “expected to vest” options are the net unvested options that remain after applying the forfeiture rate assumption to total unvested options.
Schedule of Stock Unit Activity	The following summarizes information related to unvested Stock Award activity under the Stock Plan for the three months ended March 31, 2017 (in millions; except price per share): Number of Stock Awards Weighted Average Grant-Date Fair Value Unvested as of December 31, 2016 2.2 $ 39.20 Granted 0.6 56.69 Vested (0.4 ) 35.88 Unvested as of March 31, 2017 2.4 $ 43.83

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Accrued Warranty Liability	The following is a rollforward of our accrued warranty liability ($ in millions): Balance, December 31, 2016 $ 65.0 Accruals for warranties issued during the period 17.6 Settlements made (17.4 ) Balance, March 31, 2017 $ 65.2

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Net Earnings (Numerator) Shares (Denominator) Per Share Amount For the Three Months Ended March 31, 2017: Basic EPS $ 199.7 347.0 $ 0.58 Incremental shares from assumed exercise of dilutive options and vesting of dilutive Stock Awards — 4.5 Diluted EPS $ 199.7 351.5 $ 0.57 For the Three Months Ended April 1, 2016: Basic and diluted EPS $ 182.0 345.2 $ 0.53

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Segment results are shown below ($ in millions): Three Months Ended March 31, 2017 April 1, 2016 Sales: Professional Instrumentation $ 716.1 $ 697.4 Industrial Technologies 819.1 777.3 Total $ 1,535.2 $ 1,474.7 Operating Profit: Professional Instrumentation $ 158.0 $ 146.0 Industrial Technologies 152.6 130.7 Other (15.7 ) (13.7 ) Total $ 294.9 $ 263.0

Business Overview and Basis o30

Business Overview and Basis of Presentation Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Apr. 01, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity, beginning of period		$ (145.8)
Amounts reclassified from accumulated other comprehensive income (loss):
Total other comprehensive income (loss), net of income taxes		44.4	$ 23.1
Equity, end of period		(101.4)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity, beginning of period		(72.6)	51.2
Other comprehensive income (loss) before reclassifications, net of income taxes		43.6	22.1
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease)		0	0
Income tax impact		0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes		0	0
Total other comprehensive income (loss), net of income taxes		43.6	22.1
Equity, end of period		(29)	73.3
Pension & post-retirement plan benefit adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity, beginning of period	[1]	(73.2)	(65.6)
Other comprehensive income (loss) before reclassifications, net of income taxes	[1]	0	0
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease)	[1],[2]	1.1	1.3
Income tax impact	[1]	(0.3)	(0.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	[1]	0.8	1
Total other comprehensive income (loss), net of income taxes	[1]	0.8	1
Equity, end of period	[1]	(72.4)	(64.6)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity, beginning of period		(145.8)	(14.4)
Other comprehensive income (loss) before reclassifications, net of income taxes		43.6	22.1
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease)		1.1	1.3
Income tax impact		(0.3)	(0.3)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes		0.8	1
Total other comprehensive income (loss), net of income taxes		44.4	23.1
Equity, end of period		$ (101.4)	$ 8.7
[1]	Includes balances relating to non-U.S. employee defined benefit plans, supplemental executive retirement plans and other postretirement employee benefit plans.
[2]	This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 6 for additional details).

Business Overview and Basis o31

Business Overview and Basis of Presentation Narrative (Details) - shares	Jul. 01, 2016	Mar. 31, 2017	Dec. 31, 2016	Nov. 10, 2015
Debt Instrument [Line Items]
Common stock, distribution percentage	100.00%
Common stock outstanding (in shares)	345,200,000	346,600,000	345,900,000	0
Common Stock
Debt Instrument [Line Items]
Common stock outstanding (in shares)		346,600,000	345,900,000
Recapitalization (shares)	345,200,000

Goodwill Rollforward of Goodwil

Goodwill Rollforward of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill [Roll Forward]
Goodwill	$ 3,979
Foreign currency translation & other	20.2
Goodwill	$ 3,999.2

Goodwill Goodwill by Segment (D

Goodwill Goodwill by Segment (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 3,999.2	$ 3,979
Professional Instrumentation
Goodwill [Line Items]
Goodwill	2,435.9	2,423.7
Industrial Technologies
Goodwill [Line Items]
Goodwill	$ 1,563.3	$ 1,555.3

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Liability, Classified, Noncurrent	$ 17.9	$ 14.8
Long-term borrowings, carrying value	3,262.7	3,358
Long-term borrowings, fair value	3,240.5	3,321.4
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Liability, Classified, Noncurrent	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Liability, Classified, Noncurrent	17.9	14.8
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Liability, Classified, Noncurrent	$ 0	$ 0

Financing Components of Debt (D

Financing Components of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term borrowings, carrying value	$ 3,262.7	$ 3,358
US Dollar-Denominated Commercial Paper [Member] | Commercial Paper [Member]
Debt Instrument [Line Items]
Long-term borrowings, carrying value	118.5	347.9
Euro Denominated Commercial Paper [Member] | Commercial Paper [Member]
Debt Instrument [Line Items]
Long-term borrowings, carrying value	$ 160.3	26.8
1.80% Senior Unsecured Notes due 2019 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.80%
Long-term borrowings, carrying value	$ 298.4	298.3
2.35% Senior Unsecured Notes due 2021 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.35%
Long-term borrowings, carrying value	$ 745.1	744.8
3.15% Senior Unsecured Notes due 2026 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.15%
Long-term borrowings, carrying value	$ 890.4	890.1
4.30% Senior Unsecured Notes due 2046 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.30%
Long-term borrowings, carrying value	$ 546.8	546.8
Other Debt [Member]
Debt Instrument [Line Items]
Long-term borrowings, carrying value	3.2	3.3
Term Loan [Member]
Debt Instrument [Line Items]
Long-term borrowings, carrying value	$ 500	$ 500

Financing Narrative (Details)

Financing Narrative (Details) - USD ($) $ in Millions	Jun. 15, 2016	Mar. 31, 2017	Dec. 31, 2016	Jun. 16, 2016
Debt Instrument [Line Items]
Long-term Debt		$ 3,262.7	$ 3,358
Debt discounts, premiums and issuance costs		19.3	20.1
Commercial Paper [Member] | US Dollar-Denominated Commercial Paper [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 118.5	347.9
Short-term Debt, Weighted Average Interest Rate		1.29%
Debt Instrument, Term		7 days
Commercial Paper [Member] | Euro Denominated Commercial Paper [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 160.3	$ 26.8
Short-term Debt, Weighted Average Interest Rate		(0.04%)
Debt Instrument, Term		37 days
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	5 years
Line of Credit Facility, Current Borrowing Capacity				$ 1,500

Pension Plans Narrative (Detail

Pension Plans Narrative (Details) - Foreign Pension Plan [Member] - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Apr. 01, 2016	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 0.8
Interest cost	1.4	1.9
Expected return on plan assets	(1.8)	(2)
Amortization of net loss	1.1	1.3
Net periodic pension cost	$ 1.7	$ 2
Scenario, Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contributions			$ 10

Income Taxes Narrative (Details

Income Taxes Narrative (Details)	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Income Tax Disclosure [Abstract]
Effective tax rate	26.70%	30.80%
U.S. federal statutory rate	35.00%	35.00%

Stock-Based Compensation Stock-

Stock-Based Compensation Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	$ 12	$ 11.5
Income tax benefit	(4.1)	(3.8)
Total stock-based compensation expense	7.9	7.7
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	7.4	7.1
Income tax benefit	(2.5)	(2.3)
Total stock-based compensation expense	4.9	4.8
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	4.6	4.4
Income tax benefit	(1.6)	(1.5)
Total stock-based compensation expense	$ 3	$ 2.9

Stock-Based Compensation Unreco

Stock-Based Compensation Unrecognized Compensation Cost (Details) $ in Millions	Mar. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 115
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	60.1
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 54.9

Stock-Based Compensation Assump

Stock-Based Compensation Assumptions Used (Details) - Stock Options	3 Months Ended
	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average volatility	21.00%	[1]
Dividend yield	0.50%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.95%
Expected years until exercise	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.26%
Expected years until exercise	8 years
[1]	Weighted average volatility was estimated based on an average historical stock price volatility of a group of peer companies, given the Company’s limited trading history.

Stock-Based Compensation Option

Stock-Based Compensation Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning of period (in shares) | shares	10.7
Options granted (in shares) | shares	1.8
Options exercised (in shares) | shares	(0.3)
Options canceled/forfeited (in shares) | shares	(0.1)
Options outstanding, end of period (in shares) | shares	12.1
Options vested and expected to vest (in shares) | shares	11.6	[1]
Options vested (in shares) | shares	5.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding, beginning of period (in dollars per share) | $ / shares	$ 33.23
Options granted (in dollars per share) | $ / shares	57.26
Options exercised (in dollars per share) | $ / shares	25.35
Options canceled/forfeited (in dollars per share) | $ / shares	39.83
Options outstanding, end of period (in dollars per share) | $ / shares	36.86
Options vested and expected to vest (in dollars per share) | $ / shares	36.40	[1]
Options vested (in dollars per share) | $ / shares	$ 26.49
Weighted average remaining contractual term, outstanding	6 years 10 months
Weighted average remaining contractual term, vested and expected to vest	6 years 8 months	[1]
Weighted average remaining contractual term, vested	4 years 8 months
Aggregate intrinsic value, outstanding | $	$ 282.3
Aggregate intrinsic value, vested and expected to vest | $	276	[1]
Aggregate intrinsic value, vested | $	$ 180.4
[1]	The “expected to vest” options are the net unvested options that remain after applying the forfeiture rate assumption to total unvested options.

Stock-Based Compensation Stock

Stock-Based Compensation Stock Unit Activity (Details) - Stock Compensation Plan shares in Millions	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested units, beginning of period (in shares) | shares	2.2
Units granted (in shares) | shares	0.6
Units vested (in shares) | shares	(0.4)
Unvested units, end of period (in shares) | shares	2.4
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested units, beginning of period (in dollars per share) | $ / shares	$ 39.20
Units granted (in dollars per share) | $ / shares	56.69
Units exercised (in dollars per share) | $ / shares	35.88
Unvested units, end of period (in dollars per share) | $ / shares	$ 43.83

Stock-Based Compensation Narrat

Stock-Based Compensation Narrative (Details) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)shares	Apr. 01, 2016plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans | plan		0
Shares of common stock reserved for issuance under the Stock Plan | shares	7,000
Income tax benefit, stock awards	$ 9.6
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 4.9
Remaining service period related to the awards	2 years
Shares withheld to satisfy tax requirement | shares	112
Aggregate value of shares withheld to satisfy tax requirement	$ 6.5

Commitments and Contingencies N

Commitments and Contingencies Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Accrued warranty liability, beginning of period	$ 65
Accruals for warranties issued during the period	17.6
Settlements made	(17.4)
Accrued warranty liability, end of period	$ 65.2
Minimum [Member]
Loss Contingencies [Line Items]
Warranty Period	90 days

Net Earnings Per Share Earnings

Net Earnings Per Share Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Earnings Per Share [Abstract]
Basic EPS	$ 199.7
Incremental shares from assumed exercise of dilutive options and vesting of dilutive Stock Awards	0
Diluted EPS	$ 199.7
Basic EPS (in shares)	347	345.2
Incremental shares from assumed exercise of dilutive options and vesting of dilutive RSUs and PSUs (in shares)	4.5
Diluted EPS (in shares)	351.5	345.2
Basic EPS (in dollars per share)	$ 0.58	$ 0.53
Diluted EPS (in dollars per share)	$ 0.57	$ 0.53
Basic and diluted EPS		$ 182
Basic and diluted EPS (in shares)		345.2
Basic and Diluted EPS (in dollars per share)		$ 0.53

Net Earnings Per Share Narrativ

Net Earnings Per Share Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Apr. 13, 2017	Dec. 31, 2016	Jul. 01, 2016	Nov. 10, 2015
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,800,000
Common stock outstanding (in shares)	346,600,000		345,900,000	345,200,000	0
Common Stock, Dividends, Per Share, Cash Paid	$ 0.07
Subsequent Event
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share		$ 0.07
Retained Earnings
Earnings Per Share [Abstract]
Dividends, Common Stock, Cash	$ 24.2

Segment Information Narrative (

Segment Information Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)segment	Apr. 01, 2016USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	2
Segment Reporting Information [Line Items]
Sales	$ 1,535.2	$ 1,474.7
Operating profit	294.9	263
Operating Segments | Professional Instrumentation
Segment Reporting Information [Line Items]
Sales	716.1	697.4
Operating profit	158	146
Operating Segments | Industrial Technologies
Segment Reporting Information [Line Items]
Sales	819.1	777.3
Operating profit	152.6	130.7
Other
Segment Reporting Information [Line Items]
Operating profit	$ (15.7)	$ (13.7)