Fortive (FTV) 10-Q 25 Jul 19 2019 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 28, 2019	Jul. 18, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2019
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
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		335,533,242
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001659166
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	FTV
Security Exchange Name	NYSE
Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5% Mandatory convertible preferred stock, Series A, par value $0.01 per share
Trading Symbol	FTV. PRA
Security Exchange Name	NYSE

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Jun. 28, 2019	Dec. 31, 2018
Current assets:
Cash and equivalents	$ 1,092.1	$ 1,178.4
Accounts receivable, net	1,315.2	1,195.1
Inventories:
Finished goods	336.3	219.5
Work in process	97	103.1
Raw materials	260.4	251.9
Total inventories	693.7	574.5
Prepaid expenses and other current assets	313.9	193.2
Current assets, discontinued operations	21.4	30
Total current assets	3,436.3	3,171.2
Property, plant and equipment, net of accumulated depreciation of $821.4 and $889.8 at June 28, 2019 and December 31, 2018, respectively	514.7	576.1
Operating lease right-of-use assets	197.6
Other assets	755.4	548.9
Goodwill	7,750.9	6,133.1
Other intangible assets, net	3,813.2	2,476.3
Total assets	16,468.1	12,905.6
Current liabilities:
Current portion of long-term debt	1,000	455.6
Trade accounts payable	697.9	706.5
Current operating lease liabilities	51.3
Accrued expenses and other current liabilities	1,024.9	999.3
Current liabilities, discontinued operations	17.1	30.7
Total current liabilities	2,791.2	2,192.1
Operating lease liabilities	151
Other long-term liabilities	1,306.5	1,125.9
Long-term debt	5,196.5	2,974.7
Equity:
Preferred stock: $0.01 par value, 15.0 million shares authorized; 5.0% Mandatory convertible preferred stock, series A, 1.4 million shares designated, issued and outstanding at June 28, 2019 and December 31, 2018	0	0
Common stock: $0.01 par value, 2.0 billion shares authorized; 336.2 and 335.1 million issued; 335.4 and 334.5 million outstanding at June 28, 2019 and December 31, 2018, respectively	3.4	3.4
Additional paid-in capital	3,265.4	3,126
Retained earnings	3,810.4	3,552.7
Accumulated other comprehensive income (loss)	(67.6)	(86.6)
Total Fortive stockholders’ equity	7,011.6	6,595.5
Noncontrolling interests	11.3	17.4
Total stockholders’ equity	7,022.9	6,612.9
Total liabilities and equity	$ 16,468.1	$ 12,905.6

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 28, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 821.4	$ 889.8
Preferred Stock, Dividend Rate, Percentage	5.00%	5.00%
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)	1,400,000	1,400,000
Preferred stock outstanding (in shares)	1,400,000	1,400,000
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)	336,200,000	335,100,000
Common stock outstanding (in shares)	335,400,000	334,500,000

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018
Sales	$ 1,864.7	$ 1,601.8	$ 3,457.6	$ 3,094
Cost of sales	(960.7)	(771)	(1,740.9)	(1,496.9)
Gross profit	904	830.8	1,716.7	1,597.1
Operating costs:
Selling, general and administrative expenses	(537.1)	(404.5)	(1,023.5)	(793)
Research and development expenses	(117.4)	(101.9)	(226.4)	(201.8)
Operating profit	249.5	324.4	466.8	602.3
Non-operating expenses, net:
Interest expense, net	(44.4)	(23.9)	(69.7)	(47.2)
Other non-operating expenses, net	(0.8)	(1.1)	(0.4)	(1.8)
Earnings from continuing operations before income taxes	204.3	299.4	396.7	553.3
Income taxes	(29)	(49.2)	(57.4)	(89.1)
Net earnings from continuing operations	175.3	250.2	339.3	464.2
Earnings from discontinued operations, net of income taxes	(0.7)	44.8	(0.3)	92
Net earnings	174.6	295	339	556.2
Mandatory convertible preferred dividends	(17.2)	(0.2)	(34.5)	(0.2)
Net earnings attributable to common stockholders	$ 157.4	$ 294.8	$ 304.5	$ 556
Net earnings per common share from continuing operations:
Net earnings per common share from continuing operations - basic (in dollars per share)	$ 0.47	$ 0.72	$ 0.91	$ 1.33
Net earnings per common share from continuing operations - diluted (in dollars per share)	0.47	0.70	0.90	1.31
Net earnings per share from discontinued operations:
Net earnings per share from discontinued operations - basic (in dollars per share)	0	0.13	0	0.26
Net earnings per share from discontinued operations - diluted (in dollars per share)	0	0.13	0	0.26
Net earnings per share:
Net earnings per common share - Basic (in dollars per share)	0.47	0.84	0.91	1.59
Net earnings per share - Diluted (in dollars per share)	$ 0.46	$ 0.83	$ 0.90	$ 1.57
Average common stock and common equivalent shares outstanding:
Weighted average common shares outstanding used in basic earnings per share (in shares)	335.6	349.2	335.4	348.9
Weighted average common shares outstanding used in diluted earnings per share (in shares)	339.7	355	339.8	354.7
Products
Sales	$ 1,623	$ 1,439.5	$ 3,028.1	$ 2,771.9
Cost of sales	(808)	(656.7)	(1,455.9)	(1,271.5)
Services
Sales	241.7	162.3	429.5	322.1
Cost of sales	$ (152.7)	$ (114.3)	$ (285)	$ (225.4)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 174.6	$ 295	$ 339	$ 556.2
Other comprehensive income, net of income taxes:
Foreign currency translation adjustments	1.3	(99.8)	18	(63.4)
Pension adjustments	0.5	0.7	1	1.4
Total other comprehensive income (loss), net of income taxes	1.8	(99.1)	19	(62)
Comprehensive income	$ 176.4	$ 195.9	$ 358	$ 494.2

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Changes in Equity - USD ($) shares in Millions	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standards					$ (3,900,000)
Adjusted beginning balance		$ 3,500,000	$ 0	$ 2,444,100,000	1,346,400,000	$ (7,600,000)	$ 17,900,000
Beginning balance (in shares) at Dec. 31, 2017		347.8	0
Beginning balance at Dec. 31, 2017		$ 3,500,000	$ 0	2,444,100,000	1,350,300,000	(7,600,000)	17,900,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period					261,200,000
Dividends to common shareholders	$ (24,300,000)				(24,300,000)
Mandatory convertible preferred stock cumulative dividends	0
Separation related adjustments				13,300,000
Other comprehensive income						37,100,000
Common stock-based award activity (in shares)		0.7
Common stock-based award activity				18,700,000
Change in noncontrolling interests							(600,000)
Ending balance (in shares) at Mar. 30, 2018		348.5	0
Ending balance at Mar. 30, 2018		$ 3,500,000	$ 0	2,476,100,000	1,583,300,000	29,500,000	17,300,000
Beginning balance (in shares) at Dec. 31, 2017		347.8	0
Beginning balance at Dec. 31, 2017		$ 3,500,000	$ 0	2,444,100,000	1,350,300,000	(7,600,000)	17,900,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	556,200,000
Dividends to common shareholders	(48,700,000)
Mandatory convertible preferred stock cumulative dividends	0
Other comprehensive income	(62,000,000)
Ending balance (in shares) at Jun. 29, 2018		349	1.4
Ending balance at Jun. 29, 2018		$ 3,500,000	$ 0	3,836,800,000	1,853,900,000	(69,600,000)	17,300,000
Beginning balance (in shares) at Mar. 30, 2018		348.5	0
Beginning balance at Mar. 30, 2018		$ 3,500,000	$ 0	2,476,100,000	1,583,300,000	29,500,000	17,300,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	295,000,000				295,000,000
Dividends to common shareholders	(24,400,000)				(24,400,000)
Mandatory convertible preferred stock cumulative dividends	0
Separation related adjustments				(2,400,000)
Other comprehensive income	(99,100,000)					(99,100,000)
Common stock-based award activity (in shares)		0.5
Common stock-based award activity				26,100,000
Issuance of mandatory convertible preferred stock (in shares)			1.4
Issuance of mandatory convertible preferred stock				1,337,000,000
Ending balance (in shares) at Jun. 29, 2018		349	1.4
Ending balance at Jun. 29, 2018		$ 3,500,000	$ 0	3,836,800,000	1,853,900,000	(69,600,000)	17,300,000
Beginning balance (in shares) at Dec. 31, 2018		334.5	1.4
Beginning balance at Dec. 31, 2018	6,612,900,000	$ 3,400,000	$ 0	3,126,000,000	3,552,700,000	(86,600,000)	17,400,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period					164,400,000
Dividends to common shareholders	(23,400,000)				(23,400,000)
Mandatory convertible preferred stock cumulative dividends	(17,300,000)				(17,300,000)
Other comprehensive income						17,200,000
Common stock-based award activity (in shares)		0.5
Common stock-based award activity				13,900,000
Issuance of 0.875% senior convertible notes due 2022				100,400,000
Change in noncontrolling interests							(5,400,000)
Ending balance (in shares) at Mar. 29, 2019		335	1.4
Ending balance at Mar. 29, 2019		$ 3,400,000	$ 0	3,240,300,000	3,676,400,000	(69,400,000)	12,000,000
Beginning balance (in shares) at Dec. 31, 2018		334.5	1.4
Beginning balance at Dec. 31, 2018	6,612,900,000	$ 3,400,000	$ 0	3,126,000,000	3,552,700,000	(86,600,000)	17,400,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	339,000,000
Dividends to common shareholders	(46,800,000)
Mandatory convertible preferred stock cumulative dividends	(34,500,000)
Other comprehensive income	19,000,000
Ending balance (in shares) at Jun. 28, 2019		335.4	1.4
Ending balance at Jun. 28, 2019	7,022,900,000	$ 3,400,000	$ 0	3,265,400,000	3,810,400,000	(67,600,000)	11,300,000
Beginning balance (in shares) at Mar. 29, 2019		335	1.4
Beginning balance at Mar. 29, 2019		$ 3,400,000	$ 0	3,240,300,000	3,676,400,000	(69,400,000)	12,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	174,600,000				174,600,000
Dividends to common shareholders	(23,400,000)				(23,400,000)
Mandatory convertible preferred stock cumulative dividends	(17,200,000)				(17,200,000)
Other comprehensive income	1,800,000					1,800,000
Common stock-based award activity (in shares)		0.4
Common stock-based award activity				25,100,000
Change in noncontrolling interests							(700,000)
Ending balance (in shares) at Jun. 28, 2019		335.4	1.4
Ending balance at Jun. 28, 2019	$ 7,022,900,000	$ 3,400,000	$ 0	$ 3,265,400,000	$ 3,810,400,000	$ (67,600,000)	$ 11,300,000

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Changes in Equity (Parenthetical)	Jun. 28, 2019	Feb. 22, 2019
0.875% senior convertible notes due 2022 | Convertible Debt
Interest rate, stated percentage	0.875%	0.875%

Consolidated Condensed Statem_5

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018
Cash flows from operating activities:
Net earnings from continuing operations	$ 339.3	$ 464.2
Noncash items:
Depreciation	62.7	61.1
Amortization	129.6	49
Stock-based compensation expense	28.8	24.4
Change in trade accounts receivable, net	(102.3)	(35.6)
Change in inventories	45.8	(62.8)
Change in trade accounts payable	(11.7)	30.5
Change in prepaid expenses and other assets	(67.2)	(40.9)
Change in accrued expenses and other liabilities	(3.6)	(66.8)
Total operating cash provided by continuing operations	421.4	423.1
Total operating cash provided by (used in) discontinued operations	(6.4)	89.8
Net cash provided by operating activities	415	512.9
Cash flows from investing activities:
Cash paid for acquisitions, net of cash received	(3,237.1)	(9.3)
Payments for additions to property, plant and equipment	(48.5)	(47.7)
All other investing activities	0	3.8
Total investing cash used in continuing operations	(3,285.6)	(53.2)
Total investing cash used in discontinued operations	0	(11)
Net cash used in investing activities	(3,285.6)	(64.2)
Cash flows from financing activities:
Net proceeds from (repayments of) commercial paper borrowings	892.3	(325.9)
Proceeds from issuance of mandatory convertible preferred stock net of $43.0 million of issuance costs	0	1,338.2
Proceeds from borrowings (maturities greater than 90 days), net of $24.3 million of issuance costs	2,413.2	0
Repayment of borrowings (maturities greater than 90 days)	(455.3)	0
Payment of common stock cash dividend to shareholders	(46.8)	(48.7)
Payment of mandatory convertible preferred stock cash dividend to shareholders	(34.5)	0
All other financing activities	7.5	15.3
Total financing cash provided by continuing operations	2,776.4	978.9
Total financing cash provided used in discontinued operations	0	(0.1)
Net cash provided by financing activities	2,776.4	978.8
Effect of exchange rate changes on cash and equivalents	7.9	(21.4)
Net change in cash and equivalents	(86.3)	1,406.1
Beginning balance of cash and equivalents	1,178.4	962.1
Ending balance of cash and equivalents	$ 1,092.1	$ 2,368.2

Consolidated Condensed Statem_6

Consolidated Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018
Parenthetical [Abstract]
Payments of Stock Issuance Costs		$ 43
Payments of debt issuance costs	$ 24.3

Business Overview

Business Overview	6 Months Ended
	Jun. 28, 2019
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 diversified industrial technology growth company encompassing businesses that are recognized leaders in attractive markets. Our well-known brands hold leading positions in advanced instrumentation and solutions, sensing, transportation technology, 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. 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 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 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, 2018 and the footnotes (“Notes”) thereto included within our 2018 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 June 28, 2019 and December 31, 2018 , and our results of operations and cash flows for the three and six months ended June 28, 2019 and June 29, 2018 . Reclassification of certain prior year amounts have been made to conform to current year presentation. On October 1, 2018, we completed the split-off of businesses in our automation and specialty platform (excluding our Hengstler and Dynapar businesses) (the “A&S Business”) and have reported the A&S Business as discontinued operations in our Consolidated Condensed Statements of Income, Consolidated Condensed Balance Sheets, and Consolidated Condensed Statements of Cash Flows for all periods presented. Unless otherwise noted, discussion within these notes to the consolidated condensed financial statements relates to continuing operations. Refer to Note 3 for additional information on discontinued operations. Accumulated Other Comprehensive Income (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 Euro-denominated commercial paper and ¥13.8 billion senior unsecured term facility loan as net investment hedges of our investment in certain foreign operations. Accordingly, foreign currency transaction gains or losses on the debt are deferred in the foreign currency translation component of accumulated other comprehensive income (loss) (“accumulated OCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. We recognized losses of $7.1 million and gains of $0.1 million for the three and six months ended June 28, 2019 , respectively, in other comprehensive income related to the net investment hedge. We recognized gains of $20.3 million and $5.5 million for the three and six months ended June 29, 2018 , respectively, in other comprehensive income related to the net investment hedge. Any amounts deferred in accumulated OCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and six month periods ended June 28, 2019 and June 29, 2018 . The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions): Foreign currency translation adjustments Pension adjustments (b) Total For the Three Months Ended June 28, 2019: Balance, March 29, 2019 $ (12.6 ) $ (56.8 ) $ (69.4 ) Other comprehensive income (loss) before reclassifications, net of income taxes 1.3 — 1.3 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 0.7 (a) 0.7 Income tax impact — (0.2 ) (c) (0.2 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.5 0.5 Net current period other comprehensive income (loss), net of income taxes 1.3 0.5 1.8 Balance, June 28, 2019 $ (11.3 ) $ (56.3 ) $ (67.6 ) For the Three Months Ended June 29, 2018: Balance, March 30, 2018 $ 100.4 $ (70.9 ) $ 29.5 Other comprehensive income (loss) before reclassifications, net of income taxes (99.8 ) — (99.8 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 0.9 (a) 0.9 Income tax impact — (0.2 ) (c) (0.2 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.7 0.7 Net current period other comprehensive income (loss), net of income taxes (99.8 ) 0.7 (99.1 ) Balance, June 29, 2018 $ 0.6 $ (70.2 ) $ (69.6 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 9 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans and other postretirement employee benefit plans. (c) We did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. Foreign currency translation adjustments Pension (b) Total For the Six Months Ended June 28, 2019: Balance, December 31, 2018 $ (29.3 ) $ (57.3 ) $ (86.6 ) Other comprehensive income (loss) before reclassifications, net of income taxes 18.0 — 18.0 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 1.4 (a) 1.4 Income tax impact — (0.4 ) (c) (0.4 ) 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 18.0 1.0 19.0 Balance, June 28, 2019 $ (11.3 ) $ (56.3 ) $ (67.6 ) For the Six Months Ended June 29, 2018: Balance, December 31, 2017 $ 64.0 $ (71.6 ) $ (7.6 ) Other comprehensive income (loss) before reclassifications, net of income taxes (63.4 ) — (63.4 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 1.8 (a) 1.8 Income tax impact — (0.4 ) (c) (0.4 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 1.4 1.4 Net current period other comprehensive income (loss) (63.4 ) 1.4 (62.0 ) Balance, June 29, 2018 $ 0.6 $ (70.2 ) $ (69.6 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 9 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans and other postretirement employee benefit plans. (c) We did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. Recently Issued Accounting Standards —In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the impairment model by requiring entities to use a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. This standard is effective for us beginning January 1, 2020, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 28, 2019
Business Combinations [Abstract]
Acquisitions	NOTE 2. ACQUISITIONS For a description of our material acquisition activity refer to Note 3 of our 2018 Annual Report on Form 10-K . We continually evaluate potential mergers, acquisitions and divestitures that align with our strategy and expedite the evolution of our portfolio of businesses into new and attractive areas. We have completed a number of acquisitions that have been accounted for as purchases and resulted in the recognition of goodwill in our financial statements. This goodwill arises because the purchase price for each acquired business reflects a number of factors including the complimentary fit, acceleration of our strategy and synergies the business brings with respect to our existing operations, the future earnings and cash flow potential of the business, the potential to add other strategically complimentary acquisitions to the acquired business, the scarce or unique nature of the business in its markets, competition to acquire the business, the valuation of similar businesses in the marketplace (as reflected in a multiple of revenues, earnings or cash flows) and 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. We make an initial allocation of the purchase price at the date of acquisition based on 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 assets and evaluating the tax impact of certain acquisitions. We make appropriate adjustments to purchase price allocations prior to completion of the applicable measurement period, as required. During the six months ended June 28, 2019, we recorded certain adjustments to the preliminary purchase price allocation of acquisitions that closed during 2018 resulting in a net increase to goodwill of $40.4 million . Completed Acquisitions in 2019 Advanced Sterilization Products On April 1, 2019 (the “Principal Closing Date”), we acquired the advanced sterilization products business (“ASP”) of Johnson & Johnson, a New Jersey corporation (“Johnson & Johnson”) for an aggregate purchase price of $2.7 billion (the “Transaction”), subject to certain post-closing adjustments set forth in a Stock and Asset Purchase Agreement, dated effective as of June 6, 2018 (the “Purchase Agreement”), between the Company and Ethicon, Inc., a New Jersey corporation (“Ethicon”) and a wholly owned subsidiary of Johnson & Johnson. ASP engages in the research, development, manufacture, marketing, distribution and sale of low-temperature terminal sterilization and high-level disinfection products. ASP generated annual revenues of approximately $800 million in 2018. On the Principal Closing Date, we paid $2.7 billion in cash and obtained the transferred assets and assumed liabilities in 20 countries (“Principal Countries”), general patent and trademark assignments, and all transferred equity interests in ASP. ASP has operations in an additional 39 countries (“Non-Principal Countries”). The assets and liabilities associated with these operations will close when requirements of country-specific agreements or regulatory approvals are satisfied. The $2.7 billion purchase price was paid in exchange for ASP’s businesses in both Principal and Non-Principal Countries. As of June 28, 2019, we have closed 20 Principal Countries and 3 Non-Principal Countries that, in aggregate, accounted for approximately 96% of the preliminary valuation of ASP. The remaining Non-Principal Countries represent approximately 4% of the preliminary valuation of ASP, or $105.1 million , which is included as a prepaid asset in Other assets in the Condensed Consolidated Balance Sheet. As each Non-Principal Country closes, we will reduce the prepaid asset and record the fair value of the assets acquired and liabilities assumed. All of the provisional goodwill associated with the Transaction is included in goodwill at June 28, 2019 ; the majority of the provisional goodwill is tax deductible. In addition, the Company entered into a transition services agreement with Johnson & Johnson for certain administrative and operational services, and distribution agreements in the Non-Principal Countries. Under the distribution agreements, ASP will sell finished goods to Ethicon at prices agreed by the parties. ASP will recognize these sales as revenue when the conditions for revenue recognition are met. Following the sale of finished goods by ASP, Ethicon obtains title of the finished goods, has full authority to sell and market the finished goods to end customers as it sees fit, and retains any revenue and profit from sale. The following table summarizes the provisional fair value estimates of the assets acquired and liabilities assumed of Principal Countries that have been transferred to ASP as of June 28, 2019; we did not acquire accounts receivable or accounts payable from Johnson & Johnson: Advanced Sterilization Products Inventory $ 164.2 Property, plant and equipment 45.2 Goodwill 1,299.9 Other intangible assets, primarily customer relationships, trade names and technology 1,149.0 Other assets and liabilities, net (63.4 ) Total consideration allocated to Principal Countries 2,594.9 Prepaid acquisition asset related to Non-Principal Countries 105.1 Net cash consideration $ 2,700.0 Revenue and operating loss attributable to ASP for the three months ended June 28, 2019 were $164.9 million and $63.9 million , respectively, and are included in our Professional Instrumentation segment. Operating losses include amortization of intangible assets and transaction costs associated with the Transaction. We incurred approximately $25 million and $51 million of pretax transaction-related costs recorded in selling, general, and administrative expenses for the three and six months ended June 28, 2019 , respectively, which were primarily for banking fees, legal fees and amounts paid to other third-party advisers. Other Acquisition In addition to the ASP acquisition, we acquired one business during 2019, in the second quarter, for $537.1 million in cash, net of cash acquired. The business acquired complements an existing unit of our Professional Instrumentation segment. The aggregate annual sales of this business in 2018 were approximately $63 million . We incurred approximately $2.9 million of pretax transaction-related costs recorded in selling, general, and administrative expenses for the three and six months ended June 28, 2019 , which were primarily for banking fees, legal fees, and amounts paid to other third-party advisers. The goodwill associated with this acquisition is not tax deductible. The revenue and operating profit from this acquisition included in our results during the three and six months ended June 28, 2019 was immaterial. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition: Accounts receivable $ 14.7 Property, plant and equipment 1.8 Goodwill 265.8 Other intangible assets 304.3 Other assets and liabilities, net (49.5 ) Net cash consideration $ 537.1 Pro Forma Financial Information The pro forma information for the periods set forth below gives effect to the acquisitions made in 2019 and 2018 as if they had occurred on January 1, 2018. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time ($ in millions except per share amounts): Three Months Ended Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales $ 1,894.5 $ 1,907.6 $ 3,737.1 $ 3,699.2 Net earnings $ 226.1 $ 151.7 $ 388.7 $ 287.3 Diluted net earnings per share $ 0.67 $ 0.43 $ 1.14 $ 0.81

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 28, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE 3. DISCONTINUED OPERATIONS Divestiture of A&S Business On October 1, 2018, we completed the split-off of four of our operating companies (the “A&S Business”) in a tax efficient Reverse Morris Trust transaction with Altra Industrial Motion Corp. (“Altra”). The total consideration received was $2.7 billion and consisted of (i) $1.3 billion through a fully-subscribed exchange offer, in which we accepted and subsequently retired 15,824,931 shares of our own common stock from our stockholders in exchange for the 35,000,000 shares of common stock of Stevens Holding Company, Inc., an entity created to hold the A&S Business; (ii) $1.0 billion in cash paid to us for the direct sales of certain assets and liabilities of the A&S Business; (iii) $250 million as part of a debt-for-debt exchange that reduced outstanding indebtedness of Fortive; and (iv) $150 million in cash paid to us by Stevens Holding Company, Inc. as a dividend. We recognized an after-tax gain on the transaction of $1.9 billion . The accounting requirements for reporting the disposition of the A&S Business as a discontinued operation were met when the separation and merger were completed in the fourth quarter of 2018. Accordingly, the accompanying consolidated condensed financial statements reflect the A&S Business as discontinued operations for all periods presented. We continue to provide certain support services to Altra under transition services agreements. The impact of these services on our consolidated condensed financial statements was immaterial during the three and six month periods ended June 28, 2019. The key components of income from discontinued operations for the three and six month periods ended June 28, 2019 and June 29, 2018 were as follows ($ in millions): Three Months Ended Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales $ 0.4 $ 254.2 $ 6.1 $ 502.7 Cost of sales (0.3 ) (146.1 ) (6.1 ) (290.1 ) Selling, general and administrative expenses (0.5 ) (40.9 ) (0.5 ) (76.1 ) Research and development expenses — (9.2 ) — (18.2 ) Gain (loss) on disposition of discontinued operations before income taxes (0.3 ) — 0.2 — Interest expense and other — (1.4 ) — (2.7 ) Earnings before income taxes (0.7 ) 56.6 (0.3 ) 115.6 Income taxes — (11.8 ) — (23.6 ) Net earnings from discontinued operations $ (0.7 ) $ 44.8 $ (0.3 ) $ 92.0 Interest expense related to the debt retired as part of the debt-for-debt exchange was allocated to discontinued operations for all periods prior to the disposition. The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in our accompanying Consolidated Condensed Balance Sheets as of June 28, 2019 and December 31, 2018 ($ in millions): June 28, 2019 December 31, 2018 ASSETS Trade accounts receivable, net $ 0.3 $ 4.2 Inventories — 4.4 Other current assets 21.1 21.4 Total current assets, discontinued operations $ 21.4 $ 30.0 LIABILITIES Current liabilities: Trade accounts payable $ 5.2 $ 9.2 Accrued expenses and other current liabilities 11.9 21.5 Total current liabilities, discontinued operations $ 17.1 $ 30.7

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	NOTE 4. GOODWILL AND OTHER INTANGIBLE ASSETS The following is a rollforward of our goodwill ($ in millions): Balance, December 31, 2018 $ 6,133.1 Adjustments to preliminary purchase price allocations for acquisitions completed in 2018 40.4 Attributable to 2019 acquisitions 1,565.7 Foreign currency translation & other 11.7 Balance, June 28, 2019 $ 7,750.9 The carrying value of goodwill by segment is summarized as follows ($ in millions): June 28, 2019 December 31, 2018 Professional Instrumentation $ 6,508.8 $ 4,894.6 Industrial Technologies 1,242.1 1,238.5 Total goodwill $ 7,750.9 $ 6,133.1 We have not identified any triggering events which would have indicated a potential impairment of goodwill during the six months ended June 28, 2019 . Finite-lived intangible assets are amortized over the shorter of their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset as of June 28, 2019 and December 31, 2018 ($ in millions): June 28, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangibles: Patents and technology $ 988.7 $ (313.4 ) $ 614.0 $ (280.8 ) Customer relationships and other intangibles 3,113.1 (686.3 ) 2,204.2 (589.9 ) Total finite-lived intangibles 4,101.8 (999.7 ) 2,818.2 (870.7 ) Indefinite-lived intangibles: Trademarks and trade names 711.1 — 528.8 — Total intangibles $ 4,812.9 $ (999.7 ) $ 3,347.0 $ (870.7 ) During the three months ended June 28, 2019 , we acquired finite lived intangible assets, consisting primarily of customer relationships and developed technology, with a weighted average life of 10 years . Refer to Note 2 for additional information on the intangible assets acquired.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 28, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 5. 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. 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 in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total June 28, 2019 Deferred compensation liabilities $ — $ 25.7 $ — $ 25.7 December 31, 2018 Deferred compensation liabilities $ — $ 20.8 $ — $ 20.8 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 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 amount and fair value of financial instruments are as follows ($ in millions): June 28, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 1,000.0 $ 1,000.0 $ 455.6 $ 454.9 Long-term debt, net of current maturities $ 5,196.5 $ 5,376.9 $ 2,974.7 $ 2,867.5 As of June 28, 2019 and December 31, 2018 , the current portion of long-term debt and long-term debt, net of current maturities were categorized as Level 1. The fair values of the current portion of long-term debt and long-term debt 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 incurrence of the borrowing. The fair value of cash and cash equivalents, accounts receivable, net and trade accounts payable approximates their carrying amount due to the short-term maturities of these instruments.

Financing and Capital

Financing and Capital	6 Months Ended
	Jun. 28, 2019
Debt Disclosure [Abstract]
Financing and Capital	NOTE 6. FINANCING AND CAPITAL The carrying value of the components of our long-term debt were as follows ($ in millions): June 28, 2019 December 31, 2018 U.S. dollar-denominated commercial paper $ 1,283.0 $ 390.1 Euro-denominated commercial paper 267.9 270.1 Delayed-draw term loan due 2019 — 400.0 Delayed-draw term loan due 2020 1,000.0 — Yen variable interest rate term loan due 2022 127.9 125.7 1.80% senior unsecured notes due 2019 — 55.6 2.35% senior unsecured notes due 2021 747.6 747.0 3.15% senior unsecured notes due 2026 892.5 891.9 4.30% senior unsecured notes due 2046 546.9 546.9 0.875% senior convertible notes due 2022 1,327.0 — Other 3.7 3.0 Long-term debt 6,196.5 3,430.3 Less: current portion of long-term debt 1,000.0 455.6 Long-term debt, net of current maturities $ 5,196.5 $ 2,974.7 Unamortized debt discounts, premiums and issuance costs of $125.4 million and $17.0 million as of June 28, 2019 and December 31, 2018 , respectively, are netted against the aggregate principal amounts of the components of debt in the table above. Refer to Note 10 of our 2018 Annual Report on Form 10-K for further details 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 $2.0 billion senior unsecured revolving credit facility that expires on November 30, 2023 (the “Revolving Credit Facility”) which can also be used for working capital and other general corporate purposes. As of June 28, 2019 , no borrowings were outstanding under the Revolving Credit Facility. 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 (the “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 sold in a private placement to certain initial purchasers for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Convertible Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by four of our wholly-owned domestic subsidiaries (the “Guarantees”). Under the Indenture, the Convertible Notes are our senior unsecured obligations, and the Convertible Notes and the Guarantees rank equally in right of payment with all of our and the guarantors’ existing and future liabilities that are not subordinated, but effectively rank junior to any of our and the guarantors secured indebtedness to the extent of the value of the assets securing such indebtedness. In addition, the Convertible Notes are structurally subordinated to all of the existing and future obligations, including trade payables, of our subsidiaries that do not guarantee the Convertible Notes. The Convertible Notes bear interest at a rate of 0.875% per year, payable semiannually in arrears on February 15 and August 15 of each year, beginning on August 15, 2019. The Convertible Notes mature on February 15, 2022, unless earlier repurchased or converted in accordance with their terms prior to such date. The Convertible Notes are convertible into shares of our common stock at an initial conversion rate of 9.3777 shares per $1,000 principal amount of Convertible Notes (which is equivalent to an initial conversion price of $106.64 per share), subject to adjustment upon the occurrence of certain events. The initial conversion price represents a premium of approximately 32.5% to the $80.48 per share closing price of our common stock on February 19, 2019. Upon conversion of the Convertible Notes, holders will receive cash, shares of our common stock, or a combination thereof, at Fortive’s election. Our current intention is to settle such conversions through cash up to the principal amount of the converted Convertible Notes and, if applicable, through shares of our common stock for conversion value, if any, in excess of the principal amount of the converted Convertible Notes. Of the $1.4 billion in proceeds received from the issuance of the Convertible Notes, $1.3 billion was classified as debt and $102.2 million was classified as equity, using an assumed effective interest rate of 3.38% . Debt issuance costs of $24.3 million were proportionately allocated to debt and equity. We recognized $13.2 million in interest expense during the three months ended June 28, 2019 , of which $3.1 million related to the contractual coupon rate of 0.875% and $1.9 million was attributable to the amortization of debt issuance costs. We recognized $18.7 million in interest expense during the six months ended June 28, 2019 , of which $4.4 million related to the contractual coupon rate and $2.8 million was attributable to the amortization of debt issuance costs. The discount at issuance was $102.2 million and is being amortized over a three -year period. The unamortized discount at June 28, 2019 was $90.8 million . Prior to November 15, 2021, the Convertible Notes will be convertible only upon the occurrence of certain events and will be convertible thereafter at any time until the close of business on the business day immediately preceding the maturity date of the Convertible Notes. The conversion rate is subject to customary anti-dilution adjustments. If certain corporate events described in the Indenture occur prior to the maturity date, the conversion rate will be increased for a holder that elects to convert its Convertible Notes in connection with such corporate event in certain circumstances. The Convertible Notes are not redeemable prior to maturity, and no sinking fund is provided for the Convertible Notes. If we undergo a “fundamental change,” as defined in the Indenture, subject to certain conditions, holders may require us to repurchase for cash all or any portion of their Convertible Notes. The fundamental change purchase price will be 100% of the principal amount of the Convertible Notes to be repurchased plus any accrued and unpaid additional interest up to but excluding the fundamental change repurchase date. The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding Convertible Notes may declare 100% of the principal of, and accrued and unpaid interest, if any, on all the Convertible Notes to be due and payable. We used the net proceeds from the offering to fund a portion of the cash consideration payable for, and certain costs associated with, our acquisition of ASP. In connection with this offering of the Convertible Notes, on February 21, 2019, we entered into an amendment to the credit facility agreement associated with our Credit Agreement, dated as of November 30, 2018, to exclude the Guarantee from the limitations on subsidiary indebtedness under the Agreement. Delayed-Draw Term Loan Due 2020 On March 1, 2019, we entered into a credit facility agreement that provides for a 364 -day delayed-draw term loan facility (“2020 Delayed-Draw Term Loan”) in an aggregate principal amount of $1.0 billion . On March 20, 2019, we drew down the full $1.0 billion available under the 2020 Delayed-Draw Term Loan in order to fund, in part, the ASP Acquisition. The 2020 Delayed-Draw Term Loan bears interest at a variable rate equal to the London inter-bank offered rate plus a ratings based margin currently at 75 basis points. As of June 28, 2019 , borrowings under this facility bore an interest rate of 3.16% per annum. The 2020 Delayed-Draw Term Loan is prepayable at our option, and we are not permitted to re-borrow once the term loan is repaid. The terms and conditions, including covenants, applicable to the 2020 Delayed-Draw Term Loan are substantially similar to those applicable to the Revolving Credit Facility. Commercial Paper The details of our Commercial Paper Programs as of June 28, 2019 are as follows ($ in millions): Carrying value Annual effective rate Weighted average remaining maturity (in days) U.S. dollar-denominated commercial paper $ 1,283.0 2.71 % 22 Euro-denominated commercial paper $ 267.9 (0.10 )% 71 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 referenced above, to refinance these borrowings for at least one year from the balance sheet date. As of June 28, 2019 , we were in compliance with all of our covenants. Repayments On February 28, 2019, we prepaid the remaining $400.0 million outstanding principal and accrued interest under the delayed-draw term loan due 2019. The prepayment penalties associated with this payment were immaterial. Additionally, on June 15, 2019 we repaid the remaining outstanding principal of $55.3 million of our 1.80% senior unsecured notes.

Leases

Leases	6 Months Ended
	Jun. 28, 2019
Leases [Abstract]
Leases	NOTE 7. LEASES In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use (“ROU”) asset and a lease liability for all leases with terms greater than 12 months and also requires disclosures by lessees and lessors about the amount, timing and uncertainty of cash flows arising from leases. Subsequent to the issuance of Topic 842, the FASB clarified the guidance through several ASUs; hereinafter the collection of lease guidance is referred to as “ASC 842”. On January 1, 2019, we adopted ASC 842 using the modified retrospective transition method for all lease arrangements at the beginning of the period of adoption. Results for reporting periods beginning January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under Topic 840, Leases . The standard had a material impact on our Consolidated Condensed Balance Sheet but had no impact on our consolidated net earnings and cash flows. The most significant impact of adopting ASC 842 was the recognition of the ROU asset and lease liabilities for operating leases, which are presented in the following three line items on the Consolidated Condensed Balance Sheet: (i) operating lease right-of-use asset; (ii) current operating lease liabilities; and (iii) operating lease liabilities. We elected the package of practical expedients for leases that commenced before the effective date of ASC 842 whereby we elected to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. In addition, we have lease agreements with lease and non-lease components and we have elected the practical expedient for all underlying asset classes and account for them as a single lease component. Our finance lease and lessor arrangements are immaterial. We determine if an arrangement is a lease at inception. We have operating leases for office space, warehouses, distribution centers, research and development facilities, manufacturing locations, and certain equipment, primarily automobiles. Many leases include one or more options to renew, some of which include options to extend the leases for up to 15 years , and some of which include options to terminate the leases in less than one year . We considered options to renew in our lease terms and measurement of right-of-use assets and lease liabilities if we determined they were reasonably certain to be exercised. For the three and six months ended June 28, 2019 , operating lease cost was $20.2 million and $38.0 million . Short-term and variable lease cost, and cost for finance leases were immaterial for the three and six months ended June 28, 2019 . During the six-month period ended June 28, 2019 , cash paid for operating leases included in operating cash flows was $32.1 million . ROU assets obtained in exchange for operating lease obligations were $39.4 million and $43.9 million for the three and six months ended June 28, 2019 . Of those ROU assets exchanged for operating lease obligations, $29.8 million were related to operating leases acquired with ASP. The following table presents the maturity of our operating lease liabilities as of June 28, 2019 ($ in millions): Remainder of 2019 $ 33.3 2020 49.1 2021 36.0 2022 25.9 2023 17.6 Thereafter 70.4 Total lease payments 232.3 Less: imputed interest (30.0 ) Total lease liabilities $ 202.3 As previously disclosed in our 2018 Annual Report on Form 10-K and under Topic 840, future minimum lease payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year were as follows ($ in millions): 2019 $ 54.2 2020 41.2 2021 32.4 2022 24.0 2023 13.5 Thereafter 16.1 Total lease payments $ 181.4 As of June 28, 2019 , the weighted average lease term of our operating leases was 7.4 years and the weighted average discount rate of our operating leases was 3.4% . We primarily use our incremental borrowing rate as the discount rate for our operating leases, as we are generally unable to determine the interest rate implicit in the lease. As of June 28, 2019 , we had entered into operating leases for which the lease term has not yet commenced. These operating leases will commence in 2019 with lease terms between 3 and 5 years and have aggregate fixed payments over the non-cancelable lease terms of $1.0 million .

Sales

Sales	6 Months Ended
	Jun. 28, 2019
Revenue from Contract with Customer [Abstract]
Sales	NOTE 8. SALES We derive revenues primarily from the sale of Professional Instrumentation and Industrial Technologies products 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 or services. Product Sales include revenues from the sale of products and equipment, which includes our software as a service product offerings and equipment rentals. Service Sales includes revenues from extended warranties, post-contract customer support (“PCS”), maintenance contracts or services, contract labor to perform ongoing service at a customer location, and services related to previously sold products. 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 $71.1 million as of June 28, 2019 and immaterial as of December 31, 2018 . Contract Costs — We incur direct incremental costs to obtain certain contracts, typically sales-related commissions and costs associated with assets used by our customers in certain service arrangements. Deferred sales-related commissions are generally not capitalized as the amortization period is 1 year or less, and we elected to use the practical expedient to expense these sales commissions as incurred. As of June 28, 2019 , we had $159.9 million in net revenue-related contract assets primarily related to certain software contracts recorded in the prepaid expenses and other current assets and other assets line items in our Condensed Consolidated Balance Sheet. Our revenue-related contract assets at December 31, 2018 were $144.4 million , the majority of which were recorded in property, plant and equipment on the Consolidated Condensed Balance Sheet. These assets have estimated useful lives between 3 and 8 years . Impairment losses recognized on our revenue-related contract assets were immaterial in the three and six months ended June 28, 2019 . Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to PCS and extended warranty sales, where in most cases we receive up-front payment and recognize revenue over the support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The noncurrent portion of deferred revenue is included in other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Our contract liabilities consisted of the following ($ in millions): June 28, 2019 December 31, 2018 Deferred revenue - current $ 372.1 $ 288.1 Deferred revenue - noncurrent 97.3 92.6 Total contract liabilities $ 469.4 $ 380.7 In the three and six months ended June 28, 2019 , we recognized $63.8 million and $178.1 million of revenue related to our contract liabilities at December 31, 2018 . The change in our contract liabilities from December 31, 2018 to June 28, 2019 was primarily due to the addition of contract liabilities from our recently acquired businesses and the timing of cash receipts and sales of PCS and extended warranty services. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, noncancelable orders, with expected delivery dates to customers greater than one year from June 28, 2019 , for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below. The aggregate performance obligations attributable to each of our segments is as follows ($ in millions): June 28, 2019 Professional Instrumentation $ 158.9 Industrial Technologies 402.2 Total remaining performance obligations $ 561.1 The majority of remaining performance obligations are related to service and support contracts, which we expect to fulfill approximately 45 percent within the next two years , approximately 75 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 services, geographic location, major product group 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 months ended June 28, 2019 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products $ 1,623.0 $ 966.5 $ 656.5 Sales of services 241.7 166.8 74.9 Total $ 1,864.7 $ 1,133.3 $ 731.4 Geographic: United States $ 1,077.7 $ 615.6 $ 462.1 China 154.3 126.4 27.9 All other (each country individually less than 5% of total sales) 632.7 391.3 241.4 Total $ 1,864.7 $ 1,133.3 $ 731.4 Major Products Group: Professional tools and equipment $ 1,255.7 $ 711.2 $ 544.5 Industrial automation, controls and sensors 127.6 96.8 30.8 Franchise distribution 154.2 — 154.2 Medical technologies (b) 265.3 263.4 1.9 All other 61.9 61.9 — Total $ 1,864.7 $ 1,133.3 $ 731.4 End markets: Direct sales: Retail fueling (a) $ 486.3 $ — $ 486.3 Industrial & Manufacturing 114.1 97.4 16.7 Vehicle repair (a) 139.5 — 139.5 Utilities & Power 49.1 49.1 — Medical (a) (b) 265.3 263.4 1.9 Other 391.5 323.5 68.0 Total direct sales 1,445.8 733.4 712.4 Distributors (a) 418.9 399.9 19.0 Total $ 1,864.7 $ 1,133.3 $ 731.4 (a) Retail fueling, vehicle repair and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three months ended June 28, 2019 was $773.1 million. Disaggregation of revenue for the three months ended June 29, 2018 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products $ 1,439.5 $ 791.0 $ 648.5 Sales of services 162.3 98.0 64.3 Total $ 1,601.8 $ 889.0 $ 712.8 Geographic: United States $ 861.0 $ 434.0 $ 427.0 China 146.6 116.6 30.0 All other (each country individually less than 5% of total sales) 594.2 338.4 255.8 Total $ 1,601.8 $ 889.0 $ 712.8 Major Products Group: Professional tools and equipment $ 1,169.5 $ 643.4 $ 526.1 Industrial automation, controls and sensors 131.6 98.5 33.1 Franchise distribution 152.2 — 152.2 Medical technologies (c) 98.1 96.7 1.4 All other 50.4 50.4 — Total $ 1,601.8 $ 889.0 $ 712.8 End markets: Direct sales: Retail fueling (a) $ 460.9 $ — $ 460.9 Industrial & Manufacturing 115.7 97.2 18.5 Vehicle repair (a) 137.7 — 137.7 Utilities & Power 46.0 46.0 — Medical (a) (b) 98.1 96.7 1.4 Other 324.4 247.6 76.8 Total direct sales 1,182.8 487.5 695.3 Distributors (a) 419.0 401.5 17.5 Total $ 1,601.8 $ 889.0 $ 712.8 (a) Retail fueling, vehicle repair and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three months ended June 29, 2018 was $796.7 million. (b) Sales were previously disclosed in Other. (c) Sales were previously disclosed in Professional tools and equipment, Industrial automation, controls and sensors and All other. Disaggregation of revenue for the six months ended June 28, 2019 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products $ 3,028.1 1,792.3 1,235.8 Sales of services 429.5 288.3 141.2 Total $ 3,457.6 $ 2,080.6 $ 1,377.0 Geographic: United States $ 1,965.3 $ 1,101.6 $ 863.7 China 304.3 254.8 49.5 All other (each country individually less than 5% of total sales) 1,188.0 724.2 463.8 Total $ 3,457.6 $ 2,080.6 $ 1,377.0 Major Products Group: Professional tools and equipment $ 2,407.9 $ 1,416.8 $ 991.1 Industrial automation, controls and sensors 247.3 188.9 58.4 Franchise distribution 323.2 — 323.2 Medical technologies (c) 364.3 360.0 4.3 All other 114.9 114.9 — Total $ 3,457.6 $ 2,080.6 $ 1,377.0 End markets: Direct sales: Retail fueling (a) $ 874.5 $ — $ 874.5 Industrial & Manufacturing 223.7 194.2 29.5 Vehicle repair (a) 293.3 — 293.3 Utilities & Power 98.7 98.7 — Medical (a) (b) 364.3 360.0 4.3 Other 769.2 630.8 138.4 Total direct sales 2,623.7 1,283.7 1,340.0 Distributors (a) 833.9 796.9 37.0 Total $ 3,457.6 $ 2,080.6 $ 1,377.0 (a) Retail fueling, vehicle repair and medical include sales to these end markets made through third-party distributors. Total distributor sales for the six months ended June 28, 2019 was $1,518.3 million. (b) Certain sales were previously disclosed in Other. (c) Certain sales were previously disclosed in Professional tools and equipment, Industrial automation, controls and sensors and All other. Disaggregation of revenue for the six months ended June 29, 2018 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products $ 2,771.9 $ 1,567.6 $ 1,204.3 Sales of services 322.1 193.1 129.0 Total $ 3,094.0 $ 1,760.7 $ 1,333.3 Geographic: United States $ 1,649.7 $ 840.4 $ 809.3 China 290.2 241.7 48.5 All other (each country individually less than 5% of total sales) 1,154.1 678.6 475.5 Total $ 3,094.0 $ 1,760.7 $ 1,333.3 Major Products Group: Professional tools and equipment $ 2,214.9 $ 1,274.3 $ 940.6 Industrial automation, controls and sensors 261.3 197.1 64.2 Franchise distribution 325.2 — 325.2 Medical technologies (c) 194.8 191.5 3.3 All other 97.8 97.8 — Total $ 3,094.0 $ 1,760.7 $ 1,333.3 End markets: Direct sales: Retail fueling (a) $ 809.2 $ — $ 809.2 Industrial & Manufacturing 221.2 187.6 33.6 Vehicle repair (a) 296.5 — 296.5 Utilities & Power 101.4 101.4 — Medical (b) 194.8 191.5 3.3 Other 623.4 467.1 156.3 Total direct sales 2,246.5 947.6 1,298.9 Distributors (a) 847.5 813.1 34.4 Total $ 3,094.0 $ 1,760.7 $ 1,333.3 (a) Retail fueling, vehicle repair and medical include sales to these end markets made through third-party distributors. Total distributor sales for the six months ended June 29, 2018 was $1,524.8 million. (b) Sales were previously disclosed in Other. (c) Sales were previously disclosed in Professional tools and equipment, Industrial automation, controls and sensors and All other.

Pension Plans

Pension Plans	6 Months Ended
	Jun. 28, 2019
Retirement Benefits [Abstract]
Pension Plans	NOTE 9. PENSION PLANS For a full description of our noncontributory defined benefit pension plans refer to Note 11 of our 2018 Annual Report on Form 10-K . The following sets forth the components of our net periodic pension costs associated with our noncontributory defined benefit pension plans ($ in millions): Three Months Ended Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 U.S. Pension Benefits: Interest cost 0.4 $ 0.3 $ 0.8 $ 0.6 Expected return on plan assets $ (0.3 ) (0.3 ) (0.7 ) (0.7 ) Net periodic pension cost $ 0.1 $ — $ 0.1 $ (0.1 ) Non-U.S. Pension Benefits: Service cost $ 0.7 $ 0.3 $ 1.0 $ 0.6 Interest cost 1.4 1.4 2.9 2.8 Expected return on plan assets (1.5 ) (1.5 ) (2.9 ) (3.0 ) Amortization of net loss 0.7 0.7 1.4 1.4 Net curtailment and settlement loss recognized — 0.2 — 0.4 Net periodic pension cost $ 1.3 $ 1.1 $ 2.4 $ 2.2 We report all components of net periodic pension costs, with the exception of service costs, in other non-operating expenses as a component of non-operating income in the accompanying Consolidated Condensed Statements of Earnings. Service costs are reported in cost of sales and selling, general and administrative expenses in the accompanying Consolidated Condensed Statements of Earnings according to the classification of the participant’s compensation. Employer Contributions During 2019 , our cash contribution requirements for our non-U.S. defined benefit pension plans are expected to be approximately $11.0 million . We do not expect to make contributions to the U.S. plan during 2019 . The actual 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	6 Months Ended
	Jun. 28, 2019
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 10. INCOME TAXES Our effective tax rates for the three and six months ended June 28, 2019 were 14.2% and 14.5% , respectively, as compared to 16.4% and 16.1% for the three and six months ended June 29, 2018 , respectively. The year-over-year decrease was due primarily to increases in favorable impacts of certain federal and international tax benefits, offset in part by unfavorable impacts of lower mix of income in jurisdictions with lower tax rates than the U.S. federal statutory rate of 21% . Our effective tax rate for 2019 and 2018 differs from the U.S. federal statutory rate of 21% due primarily to the positive and negative effects of the Tax Cuts and Jobs Act (“TCJA”), U.S. federal permanent differences, the impact of credits and deductions provided by law, and earnings outside the United States that are indefinitely reinvested and taxed at rates lower than the U.S. federal statutory rate.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 28, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 11. STOCK-BASED COMPENSATION Our stock-based compensation program (the “Stock Plan”) provides for the grant of stock appreciation rights, performance stock units, restricted stock units, restricted stock awards and performance stock awards (collectively, “Stock Awards”), stock options or any other stock-based award. As of June 28, 2019 , approximately 20 million shares of our common stock were available for subsequent issuance under the Stock Plan. For a full description of our stock-based compensation program refer to Note 17 of our 2018 Annual Report on Form 10-K . Stock-based Compensation Expense Stock-based compensation has been recognized as a component of selling, general & administrative expenses in the accompanying 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 Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Stock Awards: Pretax compensation expense $ 10.1 $ 7.9 $ 17.9 $ 14.4 Income tax benefit (2.1 ) (1.6 ) (3.8 ) (3.0 ) Stock Award expense, net of income taxes 8.0 6.3 14.1 11.4 Stock options: Pretax compensation expense 5.8 5.5 10.9 10.0 Income tax benefit (1.2 ) (1.2 ) (2.3 ) (2.1 ) Stock option expense, net of income taxes 4.6 4.3 8.6 7.9 Total stock-based compensation: Pretax compensation expense 15.9 13.4 28.8 24.4 Income tax benefit (3.3 ) (2.8 ) (6.1 ) (5.1 ) Total stock-based compensation expense, net of income taxes $ 12.6 $ 10.6 $ 22.7 $ 19.3 The following summarizes the unrecognized compensation cost for the Stock Plan awards as of June 28, 2019 . 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 $ 74.9 Stock options 62.8 Total unrecognized compensation cost $ 137.7

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 28, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12. COMMITMENTS AND CONTINGENCIES For a description of our litigation and contingencies, refer to Notes 15 and 16 of our 2018 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, 2018 $ 72.1 Accruals for warranties issued during the period 32.1 Settlements made (35.7 ) Additions due to acquisitions 3.4 Effect of foreign currency translation 0.3 Balance, June 28, 2019 $ 72.2

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
	Jun. 28, 2019
Earnings Per Share [Abstract]
Net Earnings Per Share	NOTE 13. NET EARNINGS PER SHARE Basic net earnings per share (“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 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. There were an insignificant amount of options excluded from the diluted EPS calculation for the three months ended June 28, 2019 and 1.5 million anti-dilutive options excluded from the diluted EPS calculation for the three months ended June 29, 2018 . There were 1.7 million and 1.5 million anti-dilutive options excluded for the six months ended June 28, 2019 and June 29, 2018 , respectively. As described in Note 6, upon conversion of the Convertible Notes, holders will receive cash, shares of our common stock, or a combination thereof, at our election. Our intention is to settle such conversions through cash up to the principal amount of the Convertible Notes and, if applicable, through shares of our common stock for conversion value, if any, in excess of the principal amount of the Convertible Notes. We believe we have the ability to settle these obligations as intended, and therefore we have accounted for the conversion features under the treasury stock method in our calculation of EPS. Because the fair value of our common stock is below the conversion price, the Convertible Notes had no impact on our earnings per share for the three and six months ended June 28, 2019. The impact of our MCPS calculated under the if-converted method was anti-dilutive, and as such 17.5 million shares were excluded from the diluted EPS calculation for the three and six months ended June 28, 2019 . 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 Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Numerator Net earnings from continuing operations $ 175.3 $ 250.2 $ 339.3 $ 464.2 Mandatory convertible preferred stock cumulative dividends (17.2 ) (0.2 ) (34.5 ) (0.2 ) Net earnings attributable to common stockholders from continuing operations $ 158.1 $ 250.0 $ 304.8 $ 464.0 Denominator Weighted average common shares outstanding used in basic earnings per share 335.6 349.2 335.4 348.9 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 4.1 5.6 4.4 5.7 Assumed conversion of outstanding mandatory convertible preferred stock — 0.2 — 0.1 Weighted average common shares outstanding used in diluted earnings per share 339.7 355.0 339.8 354.7 Net earnings from continuing operations per common share - Basic $ 0.47 $ 0.72 $ 0.91 $ 1.33 Net earnings from continuing operations per common share - Diluted $ 0.47 $ 0.70 $ 0.90 $ 1.31 We declared and paid cash dividends per common share and per MCPS during the periods presented as follows: Dividend Per Common Share Amount ($ in millions) Dividend per MCPS Amount ($ in millions) 2019: First quarter $ 0.07 $ 23.4 $ 12.50 $ 17.3 Second quarter 0.07 23.4 12.50 17.2 Total $ 0.14 $ 46.8 $ 25.00 $ 34.5 2018: First quarter $ 0.07 $ 24.3 $ — $ — Second quarter 0.07 24.4 — — Total $ 0.14 $ 48.7 $ — $ —

Segment Information

Segment Information	6 Months Ended
	Jun. 28, 2019
Segment Reporting [Abstract]
Segment Information	NOTE 14. SEGMENT INFORMATION We report our results in two separate business segments consisting of Professional Instrumentation and Industrial Technologies. When determining the reportable segments, we aggregated operating segments based on their similar economic and operating characteristics. Operating profit amounts in the Other category consist of unallocated corporate costs and other costs not considered part of our evaluation of reportable segment operating performance. Our segment results are as follows ($ in millions): Three Months Ended Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales: Professional Instrumentation $ 1,133.3 $ 889.0 $ 2,080.6 $ 1,760.7 Industrial Technologies 731.4 712.8 1,377.0 1,333.3 Total $ 1,864.7 $ 1,601.8 $ 3,457.6 $ 3,094.0 Operating Profit: Professional Instrumentation $ 122.0 $ 216.7 $ 258.2 $ 423.1 Industrial Technologies 152.9 134.6 258.2 228.8 Other (25.4 ) (26.9 ) (49.6 ) (49.6 ) Total Operating Profit 249.5 324.4 466.8 602.3 Interest expense, net (44.4 ) (23.9 ) (69.7 ) (47.2 ) Other non-operating income (expenses), net (0.8 ) (1.1 ) (0.4 ) (1.8 ) Earnings from continuing operations before income taxes $ 204.3 $ 299.4 $ 396.7 $ 553.3 As of June 28, 2019 , the material changes in total assets by segment since December 31, 2018 were due primarily to the acquisition of ASP discussed in Note 2. Our identifiable assets by segment are as follows ($ in millions): June 28, 2019 December 31, 2018 Professional Instrumentation $ 12,178.4 $ 8,592.6 Industrial Technologies 3,010.5 3,011.2 Other 1,257.8 1,271.8 Assets of Discontinued Operations 21.4 30.0 Total $ 16,468.1 $ 12,905.6

Business Overview (Policies)

Business Overview (Policies)	6 Months Ended
	Jun. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (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 Euro-denominated commercial paper and ¥13.8 billion senior unsecured term facility loan as net investment hedges of our investment in certain foreign operations. Accordingly, foreign currency transaction gains or losses on the debt are deferred in the foreign currency translation component of accumulated other comprehensive income (loss) (“accumulated OCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. We recognized losses of $7.1 million and gains of $0.1 million for the three and six months ended June 28, 2019 , respectively, in other comprehensive income related to the net investment hedge. We recognized gains of $20.3 million and $5.5 million for the three and six months ended June 29, 2018 , respectively, in other comprehensive income related to the net investment hedge. Any amounts deferred in accumulated OCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and six month periods ended June 28, 2019 and June 29, 2018 .
Recently Issued Accounting Standards	Recently Issued Accounting Standards —In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the impairment model by requiring entities to use a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. This standard is effective for us beginning January 1, 2020, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statements.
Sales	We derive revenues primarily from the sale of Professional Instrumentation and Industrial Technologies products 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 or services. Product Sales include revenues from the sale of products and equipment, which includes our software as a service product offerings and equipment rentals. Service Sales includes revenues from extended warranties, post-contract customer support (“PCS”), maintenance contracts or services, contract labor to perform ongoing service at a customer location, and services related to previously sold products. 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 $71.1 million as of June 28, 2019 and immaterial as of December 31, 2018 . Contract Costs — We incur direct incremental costs to obtain certain contracts, typically sales-related commissions and costs associated with assets used by our customers in certain service arrangements. Deferred sales-related commissions are generally not capitalized as the amortization period is 1 year or less, and we elected to use the practical expedient to expense these sales commissions as incurred. As of June 28, 2019 , we had $159.9 million in net revenue-related contract assets primarily related to certain software contracts recorded in the prepaid expenses and other current assets and other assets line items in our Condensed Consolidated Balance Sheet. Our revenue-related contract assets at December 31, 2018 were $144.4 million , the majority of which were recorded in property, plant and equipment on the Consolidated Condensed Balance Sheet. These assets have estimated useful lives between 3 and 8 years . Impairment losses recognized on our revenue-related contract assets were immaterial in the three and six months ended June 28, 2019 . Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to PCS and extended warranty sales, where in most cases we receive up-front payment and recognize revenue over the support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The noncurrent portion of deferred revenue is included in other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, noncancelable orders, with expected delivery dates to customers greater than one year from June 28, 2019 , 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)	6 Months Ended
	Jun. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassification of Accumulated Other Comprehensive Income	The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions): Foreign currency translation adjustments Pension adjustments (b) Total For the Three Months Ended June 28, 2019: Balance, March 29, 2019 $ (12.6 ) $ (56.8 ) $ (69.4 ) Other comprehensive income (loss) before reclassifications, net of income taxes 1.3 — 1.3 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 0.7 (a) 0.7 Income tax impact — (0.2 ) (c) (0.2 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.5 0.5 Net current period other comprehensive income (loss), net of income taxes 1.3 0.5 1.8 Balance, June 28, 2019 $ (11.3 ) $ (56.3 ) $ (67.6 ) For the Three Months Ended June 29, 2018: Balance, March 30, 2018 $ 100.4 $ (70.9 ) $ 29.5 Other comprehensive income (loss) before reclassifications, net of income taxes (99.8 ) — (99.8 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 0.9 (a) 0.9 Income tax impact — (0.2 ) (c) (0.2 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 0.7 0.7 Net current period other comprehensive income (loss), net of income taxes (99.8 ) 0.7 (99.1 ) Balance, June 29, 2018 $ 0.6 $ (70.2 ) $ (69.6 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 9 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans and other postretirement employee benefit plans. (c) We did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. Foreign currency translation adjustments Pension (b) Total For the Six Months Ended June 28, 2019: Balance, December 31, 2018 $ (29.3 ) $ (57.3 ) $ (86.6 ) Other comprehensive income (loss) before reclassifications, net of income taxes 18.0 — 18.0 Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 1.4 (a) 1.4 Income tax impact — (0.4 ) (c) (0.4 ) 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 18.0 1.0 19.0 Balance, June 28, 2019 $ (11.3 ) $ (56.3 ) $ (67.6 ) For the Six Months Ended June 29, 2018: Balance, December 31, 2017 $ 64.0 $ (71.6 ) $ (7.6 ) Other comprehensive income (loss) before reclassifications, net of income taxes (63.4 ) — (63.4 ) Amounts reclassified from accumulated other comprehensive income (loss): Increase (decrease) — 1.8 (a) 1.8 Income tax impact — (0.4 ) (c) (0.4 ) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 1.4 1.4 Net current period other comprehensive income (loss) (63.4 ) 1.4 (62.0 ) Balance, June 29, 2018 $ 0.6 $ (70.2 ) $ (69.6 ) (a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 9 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans and other postretirement employee benefit plans. (c) We did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings.

Acquisitions Acquisitions (Tabl

Acquisitions Acquisitions (Tables)	6 Months Ended
	Jun. 28, 2019
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition: Accounts receivable $ 14.7 Property, plant and equipment 1.8 Goodwill 265.8 Other intangible assets 304.3 Other assets and liabilities, net (49.5 ) Net cash consideration $ 537.1 The following table summarizes the provisional fair value estimates of the assets acquired and liabilities assumed of Principal Countries that have been transferred to ASP as of June 28, 2019; we did not acquire accounts receivable or accounts payable from Johnson & Johnson: Advanced Sterilization Products Inventory $ 164.2 Property, plant and equipment 45.2 Goodwill 1,299.9 Other intangible assets, primarily customer relationships, trade names and technology 1,149.0 Other assets and liabilities, net (63.4 ) Total consideration allocated to Principal Countries 2,594.9 Prepaid acquisition asset related to Non-Principal Countries 105.1 Net cash consideration $ 2,700.0
Pro Forma Information	The pro forma information is presented for informational purposes only and is not indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time ($ in millions except per share amounts): Three Months Ended Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales $ 1,894.5 $ 1,907.6 $ 3,737.1 $ 3,699.2 Net earnings $ 226.1 $ 151.7 $ 388.7 $ 287.3 Diluted net earnings per share $ 0.67 $ 0.43 $ 1.14 $ 0.81

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 28, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Key Components of Discontinued Operations	The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in our accompanying Consolidated Condensed Balance Sheets as of June 28, 2019 and December 31, 2018 ($ in millions): June 28, 2019 December 31, 2018 ASSETS Trade accounts receivable, net $ 0.3 $ 4.2 Inventories — 4.4 Other current assets 21.1 21.4 Total current assets, discontinued operations $ 21.4 $ 30.0 LIABILITIES Current liabilities: Trade accounts payable $ 5.2 $ 9.2 Accrued expenses and other current liabilities 11.9 21.5 Total current liabilities, discontinued operations $ 17.1 $ 30.7 The key components of income from discontinued operations for the three and six month periods ended June 28, 2019 and June 29, 2018 were as follows ($ in millions): Three Months Ended Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales $ 0.4 $ 254.2 $ 6.1 $ 502.7 Cost of sales (0.3 ) (146.1 ) (6.1 ) (290.1 ) Selling, general and administrative expenses (0.5 ) (40.9 ) (0.5 ) (76.1 ) Research and development expenses — (9.2 ) — (18.2 ) Gain (loss) on disposition of discontinued operations before income taxes (0.3 ) — 0.2 — Interest expense and other — (1.4 ) — (2.7 ) Earnings before income taxes (0.7 ) 56.6 (0.3 ) 115.6 Income taxes — (11.8 ) — (23.6 ) Net earnings from discontinued operations $ (0.7 ) $ 44.8 $ (0.3 ) $ 92.0

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is a rollforward of our goodwill ($ in millions): Balance, December 31, 2018 $ 6,133.1 Adjustments to preliminary purchase price allocations for acquisitions completed in 2018 40.4 Attributable to 2019 acquisitions 1,565.7 Foreign currency translation & other 11.7 Balance, June 28, 2019 $ 7,750.9 The carrying value of goodwill by segment is summarized as follows ($ in millions): June 28, 2019 December 31, 2018 Professional Instrumentation $ 6,508.8 $ 4,894.6 Industrial Technologies 1,242.1 1,238.5 Total goodwill $ 7,750.9 $ 6,133.1
Schedule of Finite Lived Intangible Assets	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset as of June 28, 2019 and December 31, 2018 ($ in millions): June 28, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangibles: Patents and technology $ 988.7 $ (313.4 ) $ 614.0 $ (280.8 ) Customer relationships and other intangibles 3,113.1 (686.3 ) 2,204.2 (589.9 ) Total finite-lived intangibles 4,101.8 (999.7 ) 2,818.2 (870.7 ) Indefinite-lived intangibles: Trademarks and trade names 711.1 — 528.8 — Total intangibles $ 4,812.9 $ (999.7 ) $ 3,347.0 $ (870.7 )
Schedule of Indefinite Lived Intangible Assets	The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset as of June 28, 2019 and December 31, 2018 ($ in millions): June 28, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangibles: Patents and technology $ 988.7 $ (313.4 ) $ 614.0 $ (280.8 ) Customer relationships and other intangibles 3,113.1 (686.3 ) 2,204.2 (589.9 ) Total finite-lived intangibles 4,101.8 (999.7 ) 2,818.2 (870.7 ) Indefinite-lived intangibles: Trademarks and trade names 711.1 — 528.8 — Total intangibles $ 4,812.9 $ (999.7 ) $ 3,347.0 $ (870.7 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 28, 2019
Fair Value Disclosures [Abstract]
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 in Active Market (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total June 28, 2019 Deferred compensation liabilities $ — $ 25.7 $ — $ 25.7 December 31, 2018 Deferred compensation liabilities $ — $ 20.8 $ — $ 20.8
Carrying Amounts and Fair Values of Financial Instruments	The carrying amount and fair value of financial instruments are as follows ($ in millions): June 28, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 1,000.0 $ 1,000.0 $ 455.6 $ 454.9 Long-term debt, net of current maturities $ 5,196.5 $ 5,376.9 $ 2,974.7 $ 2,867.5

Financing and Capital (Tables)

Financing and Capital (Tables)	6 Months Ended
	Jun. 28, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The details of our Commercial Paper Programs as of June 28, 2019 are as follows ($ in millions): Carrying value Annual effective rate Weighted average remaining maturity (in days) U.S. dollar-denominated commercial paper $ 1,283.0 2.71 % 22 Euro-denominated commercial paper $ 267.9 (0.10 )% 71 The carrying value of the components of our long-term debt were as follows ($ in millions): June 28, 2019 December 31, 2018 U.S. dollar-denominated commercial paper $ 1,283.0 $ 390.1 Euro-denominated commercial paper 267.9 270.1 Delayed-draw term loan due 2019 — 400.0 Delayed-draw term loan due 2020 1,000.0 — Yen variable interest rate term loan due 2022 127.9 125.7 1.80% senior unsecured notes due 2019 — 55.6 2.35% senior unsecured notes due 2021 747.6 747.0 3.15% senior unsecured notes due 2026 892.5 891.9 4.30% senior unsecured notes due 2046 546.9 546.9 0.875% senior convertible notes due 2022 1,327.0 — Other 3.7 3.0 Long-term debt 6,196.5 3,430.3 Less: current portion of long-term debt 1,000.0 455.6 Long-term debt, net of current maturities $ 5,196.5 $ 2,974.7

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 28, 2019
Leases [Abstract]
Maturities of Operating Lease Liabilities	The following table presents the maturity of our operating lease liabilities as of June 28, 2019 ($ in millions): Remainder of 2019 $ 33.3 2020 49.1 2021 36.0 2022 25.9 2023 17.6 Thereafter 70.4 Total lease payments 232.3 Less: imputed interest (30.0 ) Total lease liabilities $ 202.3
Schedule of Future Minimum Rental Payments for Operating Leases	As previously disclosed in our 2018 Annual Report on Form 10-K and under Topic 840, future minimum lease payments for operating leases having initial or remaining non-cancelable lease terms in excess of one year were as follows ($ in millions): 2019 $ 54.2 2020 41.2 2021 32.4 2022 24.0 2023 13.5 Thereafter 16.1 Total lease payments $ 181.4

Sales (Tables)

Sales (Tables)	6 Months Ended
	Jun. 28, 2019
Revenue from Contract with Customer [Abstract]
Contract liabilities	Our contract liabilities consisted of the following ($ in millions): June 28, 2019 December 31, 2018 Deferred revenue - current $ 372.1 $ 288.1 Deferred revenue - noncurrent 97.3 92.6 Total contract liabilities $ 469.4 $ 380.7
Remaining performance obligations	The aggregate performance obligations attributable to each of our segments is as follows ($ in millions): June 28, 2019 Professional Instrumentation $ 158.9 Industrial Technologies 402.2 Total remaining performance obligations $ 561.1
Disaggregation of revenue	Disaggregation of revenue for the three months ended June 28, 2019 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products $ 1,623.0 $ 966.5 $ 656.5 Sales of services 241.7 166.8 74.9 Total $ 1,864.7 $ 1,133.3 $ 731.4 Geographic: United States $ 1,077.7 $ 615.6 $ 462.1 China 154.3 126.4 27.9 All other (each country individually less than 5% of total sales) 632.7 391.3 241.4 Total $ 1,864.7 $ 1,133.3 $ 731.4 Major Products Group: Professional tools and equipment $ 1,255.7 $ 711.2 $ 544.5 Industrial automation, controls and sensors 127.6 96.8 30.8 Franchise distribution 154.2 — 154.2 Medical technologies (b) 265.3 263.4 1.9 All other 61.9 61.9 — Total $ 1,864.7 $ 1,133.3 $ 731.4 End markets: Direct sales: Retail fueling (a) $ 486.3 $ — $ 486.3 Industrial & Manufacturing 114.1 97.4 16.7 Vehicle repair (a) 139.5 — 139.5 Utilities & Power 49.1 49.1 — Medical (a) (b) 265.3 263.4 1.9 Other 391.5 323.5 68.0 Total direct sales 1,445.8 733.4 712.4 Distributors (a) 418.9 399.9 19.0 Total $ 1,864.7 $ 1,133.3 $ 731.4 (a) Retail fueling, vehicle repair and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three months ended June 28, 2019 was $773.1 million. Disaggregation of revenue for the three months ended June 29, 2018 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products $ 1,439.5 $ 791.0 $ 648.5 Sales of services 162.3 98.0 64.3 Total $ 1,601.8 $ 889.0 $ 712.8 Geographic: United States $ 861.0 $ 434.0 $ 427.0 China 146.6 116.6 30.0 All other (each country individually less than 5% of total sales) 594.2 338.4 255.8 Total $ 1,601.8 $ 889.0 $ 712.8 Major Products Group: Professional tools and equipment $ 1,169.5 $ 643.4 $ 526.1 Industrial automation, controls and sensors 131.6 98.5 33.1 Franchise distribution 152.2 — 152.2 Medical technologies (c) 98.1 96.7 1.4 All other 50.4 50.4 — Total $ 1,601.8 $ 889.0 $ 712.8 End markets: Direct sales: Retail fueling (a) $ 460.9 $ — $ 460.9 Industrial & Manufacturing 115.7 97.2 18.5 Vehicle repair (a) 137.7 — 137.7 Utilities & Power 46.0 46.0 — Medical (a) (b) 98.1 96.7 1.4 Other 324.4 247.6 76.8 Total direct sales 1,182.8 487.5 695.3 Distributors (a) 419.0 401.5 17.5 Total $ 1,601.8 $ 889.0 $ 712.8 (a) Retail fueling, vehicle repair and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three months ended June 29, 2018 was $796.7 million. (b) Sales were previously disclosed in Other. (c) Sales were previously disclosed in Professional tools and equipment, Industrial automation, controls and sensors and All other. Disaggregation of revenue for the six months ended June 28, 2019 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products $ 3,028.1 1,792.3 1,235.8 Sales of services 429.5 288.3 141.2 Total $ 3,457.6 $ 2,080.6 $ 1,377.0 Geographic: United States $ 1,965.3 $ 1,101.6 $ 863.7 China 304.3 254.8 49.5 All other (each country individually less than 5% of total sales) 1,188.0 724.2 463.8 Total $ 3,457.6 $ 2,080.6 $ 1,377.0 Major Products Group: Professional tools and equipment $ 2,407.9 $ 1,416.8 $ 991.1 Industrial automation, controls and sensors 247.3 188.9 58.4 Franchise distribution 323.2 — 323.2 Medical technologies (c) 364.3 360.0 4.3 All other 114.9 114.9 — Total $ 3,457.6 $ 2,080.6 $ 1,377.0 End markets: Direct sales: Retail fueling (a) $ 874.5 $ — $ 874.5 Industrial & Manufacturing 223.7 194.2 29.5 Vehicle repair (a) 293.3 — 293.3 Utilities & Power 98.7 98.7 — Medical (a) (b) 364.3 360.0 4.3 Other 769.2 630.8 138.4 Total direct sales 2,623.7 1,283.7 1,340.0 Distributors (a) 833.9 796.9 37.0 Total $ 3,457.6 $ 2,080.6 $ 1,377.0 (a) Retail fueling, vehicle repair and medical include sales to these end markets made through third-party distributors. Total distributor sales for the six months ended June 28, 2019 was $1,518.3 million. (b) Certain sales were previously disclosed in Other. (c) Certain sales were previously disclosed in Professional tools and equipment, Industrial automation, controls and sensors and All other. Disaggregation of revenue for the six months ended June 29, 2018 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products $ 2,771.9 $ 1,567.6 $ 1,204.3 Sales of services 322.1 193.1 129.0 Total $ 3,094.0 $ 1,760.7 $ 1,333.3 Geographic: United States $ 1,649.7 $ 840.4 $ 809.3 China 290.2 241.7 48.5 All other (each country individually less than 5% of total sales) 1,154.1 678.6 475.5 Total $ 3,094.0 $ 1,760.7 $ 1,333.3 Major Products Group: Professional tools and equipment $ 2,214.9 $ 1,274.3 $ 940.6 Industrial automation, controls and sensors 261.3 197.1 64.2 Franchise distribution 325.2 — 325.2 Medical technologies (c) 194.8 191.5 3.3 All other 97.8 97.8 — Total $ 3,094.0 $ 1,760.7 $ 1,333.3 End markets: Direct sales: Retail fueling (a) $ 809.2 $ — $ 809.2 Industrial & Manufacturing 221.2 187.6 33.6 Vehicle repair (a) 296.5 — 296.5 Utilities & Power 101.4 101.4 — Medical (b) 194.8 191.5 3.3 Other 623.4 467.1 156.3 Total direct sales 2,246.5 947.6 1,298.9 Distributors (a) 847.5 813.1 34.4 Total $ 3,094.0 $ 1,760.7 $ 1,333.3 (a) Retail fueling, vehicle repair and medical include sales to these end markets made through third-party distributors. Total distributor sales for the six months ended June 29, 2018 was $1,524.8 million. (b) Sales were previously disclosed in Other. (c) Sales were previously disclosed in Professional tools and equipment, Industrial automation, controls and sensors and All other.

Pension Plans (Tables)

Pension Plans (Tables)	6 Months Ended
	Jun. 28, 2019
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension Costs	The following sets forth the components of our net periodic pension costs associated with our noncontributory defined benefit pension plans ($ in millions): Three Months Ended Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 U.S. Pension Benefits: Interest cost 0.4 $ 0.3 $ 0.8 $ 0.6 Expected return on plan assets $ (0.3 ) (0.3 ) (0.7 ) (0.7 ) Net periodic pension cost $ 0.1 $ — $ 0.1 $ (0.1 ) Non-U.S. Pension Benefits: Service cost $ 0.7 $ 0.3 $ 1.0 $ 0.6 Interest cost 1.4 1.4 2.9 2.8 Expected return on plan assets (1.5 ) (1.5 ) (2.9 ) (3.0 ) Amortization of net loss 0.7 0.7 1.4 1.4 Net curtailment and settlement loss recognized — 0.2 — 0.4 Net periodic pension cost $ 1.3 $ 1.1 $ 2.4 $ 2.2

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 28, 2019
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 Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Stock Awards: Pretax compensation expense $ 10.1 $ 7.9 $ 17.9 $ 14.4 Income tax benefit (2.1 ) (1.6 ) (3.8 ) (3.0 ) Stock Award expense, net of income taxes 8.0 6.3 14.1 11.4 Stock options: Pretax compensation expense 5.8 5.5 10.9 10.0 Income tax benefit (1.2 ) (1.2 ) (2.3 ) (2.1 ) Stock option expense, net of income taxes 4.6 4.3 8.6 7.9 Total stock-based compensation: Pretax compensation expense 15.9 13.4 28.8 24.4 Income tax benefit (3.3 ) (2.8 ) (6.1 ) (5.1 ) Total stock-based compensation expense, net of income taxes $ 12.6 $ 10.6 $ 22.7 $ 19.3
Schedule of Future Compensation	Future compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions): Stock Awards $ 74.9 Stock options 62.8 Total unrecognized compensation cost $ 137.7

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 28, 2019
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, 2018 $ 72.1 Accruals for warranties issued during the period 32.1 Settlements made (35.7 ) Additions due to acquisitions 3.4 Effect of foreign currency translation 0.3 Balance, June 28, 2019 $ 72.2

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	6 Months Ended
	Jun. 28, 2019
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 Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Numerator Net earnings from continuing operations $ 175.3 $ 250.2 $ 339.3 $ 464.2 Mandatory convertible preferred stock cumulative dividends (17.2 ) (0.2 ) (34.5 ) (0.2 ) Net earnings attributable to common stockholders from continuing operations $ 158.1 $ 250.0 $ 304.8 $ 464.0 Denominator Weighted average common shares outstanding used in basic earnings per share 335.6 349.2 335.4 348.9 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 4.1 5.6 4.4 5.7 Assumed conversion of outstanding mandatory convertible preferred stock — 0.2 — 0.1 Weighted average common shares outstanding used in diluted earnings per share 339.7 355.0 339.8 354.7 Net earnings from continuing operations per common share - Basic $ 0.47 $ 0.72 $ 0.91 $ 1.33 Net earnings from continuing operations per common share - Diluted $ 0.47 $ 0.70 $ 0.90 $ 1.31
Dividends Declared	We declared and paid cash dividends per common share and per MCPS during the periods presented as follows: Dividend Per Common Share Amount ($ in millions) Dividend per MCPS Amount ($ in millions) 2019: First quarter $ 0.07 $ 23.4 $ 12.50 $ 17.3 Second quarter 0.07 23.4 12.50 17.2 Total $ 0.14 $ 46.8 $ 25.00 $ 34.5 2018: First quarter $ 0.07 $ 24.3 $ — $ — Second quarter 0.07 24.4 — — Total $ 0.14 $ 48.7 $ — $ —

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 28, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Our identifiable assets by segment are as follows ($ in millions): June 28, 2019 December 31, 2018 Professional Instrumentation $ 12,178.4 $ 8,592.6 Industrial Technologies 3,010.5 3,011.2 Other 1,257.8 1,271.8 Assets of Discontinued Operations 21.4 30.0 Total $ 16,468.1 $ 12,905.6 Three Months Ended Six Months Ended June 28, 2019 June 29, 2018 June 28, 2019 June 29, 2018 Sales: Professional Instrumentation $ 1,133.3 $ 889.0 $ 2,080.6 $ 1,760.7 Industrial Technologies 731.4 712.8 1,377.0 1,333.3 Total $ 1,864.7 $ 1,601.8 $ 3,457.6 $ 3,094.0 Operating Profit: Professional Instrumentation $ 122.0 $ 216.7 $ 258.2 $ 423.1 Industrial Technologies 152.9 134.6 258.2 228.8 Other (25.4 ) (26.9 ) (49.6 ) (49.6 ) Total Operating Profit 249.5 324.4 466.8 602.3 Interest expense, net (44.4 ) (23.9 ) (69.7 ) (47.2 ) Other non-operating income (expenses), net (0.8 ) (1.1 ) (0.4 ) (1.8 ) Earnings from continuing operations before income taxes $ 204.3 $ 299.4 $ 396.7 $ 553.3

Business Overview - Accumulated

Business Overview - Accumulated Other Comprehensive Income (Details) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 28, 2019USD ($)	Mar. 29, 2019USD ($)	Jun. 29, 2018USD ($)	Mar. 30, 2018USD ($)	Jun. 28, 2019USD ($)	Jun. 29, 2018USD ($)	Jun. 28, 2019JPY (¥)
Accumulated Other Comprehensive Income (Loss) [Line Items]
(Loss) gain in OCI related to the net investment hedge	$ (7.1)		$ 20.3		$ 0.1	$ 5.5
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ 6,612.9			6,612.9
Other comprehensive income (loss) before reclassifications, net of income taxes	1.3		(99.8)		18	(63.4)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease)	0.7		0.9		1.4	1.8
Income tax impact	(0.2)		(0.2)		(0.4)	(0.4)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	0.5		0.7		1	1.4
Total other comprehensive income (loss), net of income taxes	1.8		(99.1)		19	(62)
Ending balance	7,022.9				7,022.9
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12.6)	(29.3)	100.4	$ 64	(29.3)	64
Other comprehensive income (loss) before reclassifications, net of income taxes	1.3		(99.8)		18	(63.4)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease)	0		0		0	0
Income tax impact	0		0		0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	0		0		0	0
Total other comprehensive income (loss), net of income taxes	1.3		(99.8)		18	(63.4)
Ending balance	(11.3)	(12.6)	0.6	100.4	(11.3)	0.6
Pension adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(56.8)	(57.3)	(70.9)	(71.6)	(57.3)	(71.6)
Other comprehensive income (loss) before reclassifications, net of income taxes	0		0		0	0
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (decrease)	0.7		0.9		1.4	1.8
Income tax impact	(0.2)		(0.2)		(0.4)	(0.4)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	0.5		0.7		1	1.4
Total other comprehensive income (loss), net of income taxes	0.5		0.7		1	1.4
Ending balance	(56.3)	(56.8)	(70.2)	(70.9)	(56.3)	(70.2)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(69.4)	(86.6)	29.5	(7.6)	(86.6)	(7.6)
Amounts reclassified from accumulated other comprehensive income (loss):
Total other comprehensive income (loss), net of income taxes	1.8	17.2	(99.1)	37.1
Ending balance	$ (67.6)	$ (69.4)	$ (69.6)	$ 29.5	$ (67.6)	$ (69.6)
Yen variable interest rate term loan due 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Term loan facility, aggregate amount | ¥							¥ 13,800,000,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	Apr. 01, 2019USD ($)country	Jun. 28, 2019USD ($)	Jun. 28, 2019USD ($)country	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Adjustments to preliminary purchase price allocations for acquisitions completed in 2018			$ 40.4
Acquisitions, ASP
Business Acquisition [Line Items]
Net cash consideration	$ 2,700		$ 2,700
Revenue attributable to acquisition				$ 800
Number of principal countries | country	20
Number of non-principal countries | country	39
Number of principal countries, acquired | country			20
Number of non-principal countries, acquired | country			3
Percent of preliminary valuation in principal countries		96.00%	96.00%
Percent of preliminary valuation in non-principal countries		4.00%	4.00%
Prepaid acquisition asset related to Non-Principal Countries		$ 105.1	$ 105.1
Revenue since date of acquisition		164.9
Operating loss since date of acquisition		63.9
Transaction-related costs		25	51
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Net cash consideration		537.1	537.1
Revenue attributable to acquisition			63
Transaction-related costs		$ 2.9	$ 2.9

Acquisitions - Advanced Sterili

Acquisitions - Advanced Sterilization Products Assets Acquired and Liabilites Assumed (Details) - USD ($) $ in Millions	Apr. 01, 2019	Jun. 28, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 7,750.9	$ 6,133.1
Acquisitions, ASP
Business Acquisition [Line Items]
Inventory		164.2
Property, plant and equipment		45.2
Goodwill		1,299.9
Other intangible assets, primarily customer relationships, trade names and technology		1,149
Other assets and liabilities, net		63.4
Total consideration allocated to Principal Countries		2,594.9
Prepaid acquisition asset related to Non-Principal Countries		105.1
Net cash consideration	$ 2,700	$ 2,700

Acquisitions - Other Acquisitio

Acquisitions - Other Acquisition (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2019	Jun. 28, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 7,750.9	$ 7,750.9	$ 6,133.1
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Accounts receivable	14.7	14.7
Property, plant and equipment	1.8	1.8
Goodwill	265.8	265.8
Other intangible assets	304.3	304.3
Other assets and liabilities, net	49.5	49.5
Net cash consideration	$ 537.1	$ 537.1

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018
Business Combinations [Abstract]
Sales	$ 1,894.5	$ 1,907.6	$ 3,737.1	$ 3,699.2
Net earnings	$ 226.1	$ 151.7	$ 388.7	$ 287.3
Diluted net earnings per share (USD per share)	$ 0.67	$ 0.43	$ 1.14	$ 0.81

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - A&S Business - Discontinued Operations $ in Millions	Oct. 01, 2018USD ($)companyshares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of operating segments | company	4
Consideration	$ 2,700
Exchange offer	$ 1,300
Consideration, number of shares (in shares) | shares	15,824,931
Cash paid to company for direct sales of assets and liabilities	$ 1,000
Debt-for-debt exchange	250
Cash paid to company as a dividend	150
After tax gain on transaction	$ 1,900
Stevens Holding Company, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stockholders right to exchange (in shares) | shares	35,000,000

Discontinued Operations - Key C

Discontinued Operations - Key Components of Income and Major Classes of Assets and Liabilities from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018	Dec. 31, 2018
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Sales	$ 0.4	$ 254.2	$ 6.1	$ 502.7
Cost of sales	(0.3)	(146.1)	(6.1)	(290.1)
Selling, general and administrative expenses	(0.5)	(40.9)	(0.5)	(76.1)
Research and development expenses	0	(9.2)	0	(18.2)
Gain (loss) on disposition of discontinued operations before income taxes	(0.3)	0	0.2	0
Interest expense and other	0	(1.4)	0	(2.7)
Earnings before income taxes	(0.7)	56.6	(0.3)	115.6
Income taxes	0	(11.8)	0	(23.6)
Net earnings from discontinued operations	(0.7)	$ 44.8	(0.3)	$ 92
ASSETS
Trade accounts receivable, net	0.3		0.3		$ 4.2
Inventories	0		0		4.4
Other current assets	21.1		21.1		21.4
Total current assets, discontinued operations	21.4		21.4		30
Current liabilities:
Trade accounts payable	5.2		5.2		9.2
Accrued expenses and other current liabilities	11.9		11.9		21.5
Total current liabilities, discontinued operations	$ 17.1		$ 17.1		$ 30.7

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Rollforward of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 28, 2019USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 6,133.1
Adjustments to preliminary purchase price allocations for acquisitions completed in 2018	40.4
Attributable to 2019 acquisitions	1,565.7
Foreign currency translation & other	11.7
Ending balance	$ 7,750.9

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Goodwill by Segment (Details) - USD ($) $ in Millions	Jun. 28, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 7,750.9	$ 6,133.1
Professional Instrumentation
Goodwill [Line Items]
Goodwill	6,508.8	4,894.6
Industrial Technologies
Goodwill [Line Items]
Goodwill	$ 1,242.1	$ 1,238.5

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 28, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles, gross carrying amount	$ 4,101.8	$ 2,818.2
Finite-lived intangibles, accumulated amortization	(999.7)	(870.7)
Indefinite-lived Intangible Assets [Line Items]
Total intangibles	4,812.9	3,347
Trademarks and trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangibles, gross carrying amount	711.1	528.8
Patents and technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles, gross carrying amount	988.7	614
Finite-lived intangibles, accumulated amortization	(313.4)	(280.8)
Customer relationships and other intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles, gross carrying amount	3,113.1	2,204.2
Finite-lived intangibles, accumulated amortization	$ (686.3)	$ (589.9)

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Narrative (Details)	3 Months Ended
	Jun. 28, 2019
Customer Relationships and Developed Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average life	10 years

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Jun. 28, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, carrying amount	$ 1,000	$ 455.6
Current portion of long-term debt, fair value	1,000	454.9
Long-term debt, net of current maturities, carrying value	5,196.5	2,974.7
Long-term debt, net of current maturities, fair value	5,376.9	2,867.5
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	25.7	20.8
Fair Value, Measurements, Recurring | 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
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	25.7	20.8
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	$ 0	$ 0

Financing and Capital - Compone

Financing and Capital - Components of Debt (Details) - USD ($) $ in Millions	Jun. 28, 2019	Feb. 22, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 6,196.5		$ 3,430.3
Current portion of long-term debt	1,000		455.6
Long-term debt, net of current maturities	5,196.5		2,974.7
Other
Debt Instrument [Line Items]
Long-term debt	3.7		3
Commercial Paper | U.S. dollar-denominated commercial paper
Debt Instrument [Line Items]
Long-term debt	1,283		390.1
Commercial Paper | Euro-denominated commercial paper
Debt Instrument [Line Items]
Long-term debt	267.9		270.1
Senior Notes | 1.80% senior unsecured notes due 2019
Debt Instrument [Line Items]
Long-term debt	$ 0		55.6
Interest rate, stated percentage	1.80%
Senior Notes | 2.35% senior unsecured notes due 2021
Debt Instrument [Line Items]
Long-term debt	$ 747.6		747
Interest rate, stated percentage	2.35%
Senior Notes | 3.15% senior unsecured notes due 2026
Debt Instrument [Line Items]
Long-term debt	$ 892.5		891.9
Interest rate, stated percentage	3.15%
Senior Notes | 4.30% senior unsecured notes due 2046
Debt Instrument [Line Items]
Long-term debt	$ 546.9		546.9
Interest rate, stated percentage	4.30%
Convertible Debt | 0.875% senior convertible notes due 2022
Debt Instrument [Line Items]
Long-term debt	$ 1,327		0
Interest rate, stated percentage	0.875%	0.875%
Line of credit | Delayed-draw term loan due 2019
Debt Instrument [Line Items]
Long-term debt	$ 0		400
Line of credit | Delayed-draw term loan due 2020
Debt Instrument [Line Items]
Long-term debt	1,000		0
Line of credit | Yen variable interest rate term loan due 2022
Debt Instrument [Line Items]
Long-term debt	$ 127.9		$ 125.7

Financing and Capital - Narrati

Financing and Capital - Narrative (Details)	Jun. 15, 2019USD ($)	Mar. 20, 2019USD ($)	Mar. 01, 2019USD ($)	Feb. 28, 2019USD ($)	Feb. 22, 2019USD ($)$ / shares	Feb. 19, 2019$ / shares	Jun. 28, 2019USD ($)	Jun. 28, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Debt discounts, premiums and issuance costs							$ 125,400,000	$ 125,400,000	$ 17,000,000
Share closing price (in dollars per share) | $ / shares						$ 80.48
Payment of outstanding principal				$ 400,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt term								5 years
Senior unsecured revolving credit facility							2,000,000,000	$ 2,000,000,000
Outstanding borrowings							0	0
Convertible Debt
Debt Instrument [Line Items]
Interest expense							13,200,000	18,700,000
0.875% senior convertible notes due 2022 | Convertible Debt
Debt Instrument [Line Items]
Principal amount					$ 1,400,000,000		$ 1,300,000,000	$ 1,300,000,000
Interest rate, stated percentage					0.875%		0.875%	0.875%
Amortization of Debt Issuance Costs							$ 1,900,000	$ 2,800,000
Initial conversion price (in dollars per share) | $ / shares					$ 106.64
Conversion ratio					0.009378
Threshold percentage of stock price trigger						32.50%
Proceeds from the issuance of Convertible Notes								1,400,000,000
Discount at issuance							$ 102,200,000	$ 102,200,000
Effective interest rate							3.38%	3.38%
Debt Issuance Costs, Net					$ 24,300,000
Interest expense related to contractual coupon rate							$ 3,100,000	$ 4,400,000
Discount amortization period								3 years
Unamortized discount					102,200,000		$ 90,800,000	$ 90,800,000
Senior Unsecured Notes due 2022, Over-Allotment Option | Convertible Debt
Debt Instrument [Line Items]
Principal amount					$ 187,500,000
Delayed-draw term loan due 2020 | Line of credit
Debt Instrument [Line Items]
Debt term			364 days
Long-term debt			$ 1,000,000,000
Proceeds from line of credit		$ 1,000,000,000
Interest rate at the end of the period							3.16%	3.16%
Delayed-draw term loan due 2020 | Line of credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate			0.75%
1.80% senior unsecured notes due 2019 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage							1.80%	1.80%
Payment of outstanding principal	$ 55,300,000
Debt Instrument, Redemption, Period One | 0.875% senior convertible notes due 2022 | Convertible Debt
Debt Instrument [Line Items]
Redemption price percentage					100.00%
Debt Instrument, Redemption, Period Two | 0.875% senior convertible notes due 2022 | Convertible Debt
Debt Instrument [Line Items]
Redemption price percentage					100.00%
Amount outstanding percentage					25.00%

Financing and Capital - Commerc

Financing and Capital - Commercial Paper (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 28, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Carrying value	$ 6,196.5	$ 3,430.3
Commercial Paper | U.S. dollar-denominated commercial paper
Debt Instrument [Line Items]
Carrying value	$ 1,283	390.1
Annual effective rate	2.71%
Weighted average remaining maturity (in days)	22 days
Commercial Paper | Euro-denominated commercial paper
Debt Instrument [Line Items]
Carrying value	$ 267.9	$ 270.1
Annual effective rate	(0.10%)
Weighted average remaining maturity (in days)	71 days

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2019USD ($)	Jun. 28, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 20.2	$ 38
Cash paid for operating leases		$ 32.1
Lease term	7 years 4 months 24 days	7 years 4 months 24 days
Weighted average discount rate	3.40%	3.40%
Fixed payments of leases not yet commenced		$ 1
ROU assets obtained in exchange for operating lease obligations	$ 39.4	$ 43.9
Minimum
Lessee, Lease, Description [Line Items]
Lease term of leases not yet commenced	3 years	3 years
Maximum
Lessee, Lease, Description [Line Items]
Option to extend lease, period	15 years	15 years
Option to terminate lease, period		1 year
Lease term of leases not yet commenced	5 years	5 years
Acquisitions, ASP
Lessee, Lease, Description [Line Items]
ROU assets obtained in exchange for operating lease obligations	$ 29.8	$ 29.8

Leases - Operating Lease Maturi

Leases - Operating Lease Maturities (Details) - USD ($) $ in Millions	Jun. 28, 2019	Dec. 31, 2018
Leases [Abstract]
Remainder of 2019	$ 33.3
2020	49.1
2021	36
2022	25.9
2023	17.6
Thereafter	70.4
Total lease payments	232.3
Less: imputed interest	(30)
Total lease liabilities	$ 202.3
2019		$ 54.2
2020		41.2
2021		32.4
2022		24
2023		13.5
Thereafter		16.1
Total lease payments		$ 181.4

Sales - Contract Assets (Detail

Sales - Contract Assets (Details) $ in Millions	Jun. 28, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 71.1

Sales - Contract Costs (Details

Sales - Contract Costs (Details) - USD ($) $ in Millions	Jun. 28, 2019	Dec. 31, 2018
Capitalized Contract Cost [Line Items]
Net revenue-related contract assets	$ 159.9	$ 144.4
Minimum
Capitalized Contract Cost [Line Items]
Useful life	3 years
Maximum
Capitalized Contract Cost [Line Items]
Useful life	8 years
Deferred Sales Commissions | Maximum
Capitalized Contract Cost [Line Items]
Useful life	1 year

Sales - Contract liabilities (D

Sales - Contract liabilities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 28, 2019	Jun. 28, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 372.1	$ 372.1	$ 288.1
Deferred revenue - noncurrent	97.3	97.3	92.6
Total contract liabilities	469.4	469.4	$ 380.7
Contract liabilities, revenue recognized	$ 63.8	$ 178.1

Sales - Revenue, Remaining Perf

Sales - Revenue, Remaining Performance Obligation (Details) $ in Millions	Jun. 28, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 561.1
Professional Instrumentation | Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	158.9
Industrial Technologies | Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 402.2

Sales - Remaining Performance O

Sales - Remaining Performance Obligation, Expected Timing (Details)	Jun. 28, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-06-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	45.00%
Remaining performance obligation, expected timing	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-06-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	75.00%
Remaining performance obligation, expected timing	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-06-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	100.00%
Remaining performance obligation, expected timing	4 years

Sales - Disaggregation of Reven

Sales - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018
Disaggregation of Revenue [Line Items]
Sales	$ 1,864.7	$ 1,601.8	$ 3,457.6	$ 3,094
Retail fueling
Disaggregation of Revenue [Line Items]
Sales	486.3	460.9	874.5	809.2
Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Sales	114.1	115.7	223.7	221.2
Vehicle repair
Disaggregation of Revenue [Line Items]
Sales	139.5	137.7	293.3	296.5
Utilities & Power
Disaggregation of Revenue [Line Items]
Sales	49.1	46	98.7	101.4
Medical
Disaggregation of Revenue [Line Items]
Sales	265.3	98.1	364.3	194.8
Other
Disaggregation of Revenue [Line Items]
Sales	391.5	324.4	769.2	623.4
Total direct sales
Disaggregation of Revenue [Line Items]
Sales	1,445.8	1,182.8	2,623.7	2,246.5
Distributors
Disaggregation of Revenue [Line Items]
Sales	418.9	419	833.9	847.5
Total Distributors
Disaggregation of Revenue [Line Items]
Sales	773.1	796.7	1,518.3	1,524.8
Products
Disaggregation of Revenue [Line Items]
Sales	1,623	1,439.5	3,028.1	2,771.9
Services
Disaggregation of Revenue [Line Items]
Sales	241.7	162.3	429.5	322.1
Professional tools and equipment
Disaggregation of Revenue [Line Items]
Sales	1,255.7	1,169.5	2,407.9	2,214.9
Industrial automation, controls and sensors
Disaggregation of Revenue [Line Items]
Sales	127.6	131.6	247.3	261.3
Franchise distribution
Disaggregation of Revenue [Line Items]
Sales	154.2	152.2	323.2	325.2
Medical technologies
Disaggregation of Revenue [Line Items]
Sales	265.3	98.1	364.3	194.8
All other
Disaggregation of Revenue [Line Items]
Sales	61.9	50.4	114.9	97.8
Professional Instrumentation
Disaggregation of Revenue [Line Items]
Sales	1,133.3	889	2,080.6	1,760.7
Professional Instrumentation | Products
Disaggregation of Revenue [Line Items]
Sales	966.5	791	1,792.3	1,567.6
Professional Instrumentation | Services
Disaggregation of Revenue [Line Items]
Sales	166.8	98	288.3	193.1
Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	1,133.3	889	2,080.6	1,760.7
Professional Instrumentation | Operating Segments | Retail fueling
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Professional Instrumentation | Operating Segments | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Sales	97.4	97.2	194.2	187.6
Professional Instrumentation | Operating Segments | Vehicle repair
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Professional Instrumentation | Operating Segments | Utilities & Power
Disaggregation of Revenue [Line Items]
Sales	49.1	46	98.7	101.4
Professional Instrumentation | Operating Segments | Medical
Disaggregation of Revenue [Line Items]
Sales	263.4	96.7	360	191.5
Professional Instrumentation | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Sales	323.5	247.6	630.8	467.1
Professional Instrumentation | Operating Segments | Total direct sales
Disaggregation of Revenue [Line Items]
Sales	733.4	487.5	1,283.7	947.6
Professional Instrumentation | Operating Segments | Distributors
Disaggregation of Revenue [Line Items]
Sales	399.9	401.5	796.9	813.1
Professional Instrumentation | Operating Segments | Professional tools and equipment
Disaggregation of Revenue [Line Items]
Sales	711.2	643.4	1,416.8	1,274.3
Professional Instrumentation | Operating Segments | Industrial automation, controls and sensors
Disaggregation of Revenue [Line Items]
Sales	96.8	98.5	188.9	197.1
Professional Instrumentation | Operating Segments | Franchise distribution
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Professional Instrumentation | Operating Segments | Medical technologies
Disaggregation of Revenue [Line Items]
Sales	263.4	96.7	360	191.5
Professional Instrumentation | Operating Segments | All other
Disaggregation of Revenue [Line Items]
Sales	61.9	50.4	114.9	97.8
Industrial Technologies
Disaggregation of Revenue [Line Items]
Sales	731.4	712.8	1,377	1,333.3
Industrial Technologies | Products
Disaggregation of Revenue [Line Items]
Sales	656.5	648.5	1,235.8	1,204.3
Industrial Technologies | Services
Disaggregation of Revenue [Line Items]
Sales	74.9	64.3	141.2	129
Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	731.4	712.8	1,377	1,333.3
Industrial Technologies | Operating Segments | Retail fueling
Disaggregation of Revenue [Line Items]
Sales	486.3	460.9	874.5	809.2
Industrial Technologies | Operating Segments | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Sales	16.7	18.5	29.5	33.6
Industrial Technologies | Operating Segments | Vehicle repair
Disaggregation of Revenue [Line Items]
Sales	139.5	137.7	293.3	296.5
Industrial Technologies | Operating Segments | Utilities & Power
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Industrial Technologies | Operating Segments | Medical
Disaggregation of Revenue [Line Items]
Sales	1.9	1.4	4.3	3.3
Industrial Technologies | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Sales	68	76.8	138.4	156.3
Industrial Technologies | Operating Segments | Total direct sales
Disaggregation of Revenue [Line Items]
Sales	712.4	695.3	1,340	1,298.9
Industrial Technologies | Operating Segments | Distributors
Disaggregation of Revenue [Line Items]
Sales	19	17.5	37	34.4
Industrial Technologies | Operating Segments | Professional tools and equipment
Disaggregation of Revenue [Line Items]
Sales	544.5	526.1	991.1	940.6
Industrial Technologies | Operating Segments | Industrial automation, controls and sensors
Disaggregation of Revenue [Line Items]
Sales	30.8	33.1	58.4	64.2
Industrial Technologies | Operating Segments | Franchise distribution
Disaggregation of Revenue [Line Items]
Sales	154.2	152.2	323.2	325.2
Industrial Technologies | Operating Segments | Medical technologies
Disaggregation of Revenue [Line Items]
Sales	1.9	1.4	4.3	3.3
Industrial Technologies | Operating Segments | All other
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
United States
Disaggregation of Revenue [Line Items]
Sales	1,077.7	861	1,965.3	1,649.7
United States | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	615.6	434	1,101.6	840.4
United States | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	462.1	427	863.7	809.3
China
Disaggregation of Revenue [Line Items]
Sales	154.3	146.6	304.3	290.2
China | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	126.4	116.6	254.8	241.7
China | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	27.9	30	49.5	48.5
All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Sales	632.7	594.2	1,188	1,154.1
All other (each country individually less than 5% of total sales) | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	391.3	338.4	724.2	678.6
All other (each country individually less than 5% of total sales) | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 241.4	$ 255.8	$ 463.8	$ 475.5

Pension Plans - Components of N

Pension Plans - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018
United States
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 0.4	$ 0.3	$ 0.8	$ 0.6
Expected return on plan assets	(0.3)	(0.3)	(0.7)	(0.7)
Net periodic pension cost	0.1	0	0.1	(0.1)
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.7	0.3	1	0.6
Interest cost	1.4	1.4	2.9	2.8
Expected return on plan assets	(1.5)	(1.5)	(2.9)	(3)
Amortization of net loss	0.7	0.7	1.4	1.4
Net curtailment and settlement loss recognized	0	0.2	0	0.4
Net periodic pension cost	$ 1.3	$ 1.1	$ 2.4	$ 2.2

Pension Plans - Narrative (Deta

Pension Plans - Narrative (Details) $ in Millions	Jun. 28, 2019USD ($)
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Expected contributions	$ 11

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	14.20%	16.40%	14.50%	16.10%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) shares in Millions	6 Months Ended
	Jun. 28, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance under the Stock Plan (in shares)	20
Remaining service period related to the awards	2 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	$ 15.9	$ 13.4	$ 28.8	$ 24.4
Income tax benefit	(3.3)	(2.8)	(6.1)	(5.1)
Total stock-based compensation expense	12.6	10.6	22.7	19.3
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	10.1	7.9	17.9	14.4
Income tax benefit	(2.1)	(1.6)	(3.8)	(3)
Total stock-based compensation expense	8	6.3	14.1	11.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	5.8	5.5	10.9	10
Income tax benefit	(1.2)	(1.2)	(2.3)	(2.1)
Total stock-based compensation expense	$ 4.6	$ 4.3	$ 8.6	$ 7.9

Stock-Based Compensation - Unre

Stock-Based Compensation - Unrecognized Compensation Cost (Details) $ in Millions	Jun. 28, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 137.7
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	74.9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 62.8

Commitments and Contingencies -

Commitments and Contingencies - Rollforward of Accrued Warranty Liability (Details) $ in Millions	6 Months Ended
	Jun. 28, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Warranty period - minimum	90 days
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 72.1
Accruals for warranties issued during the period	32.1
Settlements made	(35.7)
Additions due to acquisitions	3.4
Effect of foreign currency translation	(0.3)
Ending balance	$ 72.2

Net Earnings Per Share - Narrat

Net Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	1.5	1.7	1.5
MCPS
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	17.5		17.5

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		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018
Numerator
Net earnings from continuing operations	$ 175.3	$ 250.2	$ 339.3	$ 464.2
Mandatory convertible preferred stock cumulative dividends	(17.2)	(0.2)	(34.5)	(0.2)
Net earnings attributable to common stockholders from continuing operations	$ 158.1	$ 250	$ 304.8	$ 464
Denominator
Weighted average common shares outstanding used in basic earnings per share (in shares)	335.6	349.2	335.4	348.9
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive Stock Awards (in shares)	4.1	5.6	4.4	5.7
Assumed conversion of outstanding mandatory convertible preferred stock (in shares)	0	0.2	0	0.1
Weighted average common shares outstanding used in diluted earnings per share (in shares)	339.7	355	339.8	354.7
Net earnings per common share from continuing operations - basic (in dollars per share)	$ 0.47	$ 0.72	$ 0.91	$ 1.33
Net earnings per common share from continuing operations - diluted (in dollars per share)	$ 0.47	$ 0.70	$ 0.90	$ 1.31

Net Earnings Per Share - Divide

Net Earnings Per Share - Dividends Declared and Paid (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 28, 2019	Mar. 29, 2019	Jun. 29, 2018	Mar. 30, 2018	Jun. 28, 2019	Jun. 29, 2018
Earnings Per Share [Abstract]
Dividend per Common Share (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.14	$ 0.14
Amount, Common Shares	$ 23,400,000	$ 23,400,000	$ 24,400,000	$ 24,300,000	$ 46,800,000	$ 48,700,000
Dividend per share on MCPS (in dollars per share)	$ 12.50	$ 12.50	$ 0	$ 0	$ 25	$ 0
Amount, MCPS	$ 17,200,000	$ 17,300,000	$ 0	$ 0	$ 34,500,000	$ 0

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 28, 2019segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Detailed

Segment Information - Detailed Segment Data (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2019	Jun. 29, 2018	Jun. 28, 2019	Jun. 29, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Sales	$ 1,864.7	$ 1,601.8	$ 3,457.6	$ 3,094
Operating profit	249.5	324.4	466.8	602.3
Interest expense, net	(44.4)	(23.9)	(69.7)	(47.2)
Other non-operating expenses, net	(0.8)	(1.1)	(0.4)	(1.8)
Earnings from continuing operations before income taxes	204.3	299.4	396.7	553.3
Assets	16,468.1		16,468.1		$ 12,905.6
Professional Instrumentation
Segment Reporting Information [Line Items]
Sales	1,133.3	889	2,080.6	1,760.7
Industrial Technologies
Segment Reporting Information [Line Items]
Sales	731.4	712.8	1,377	1,333.3
Operating Segments | Professional Instrumentation
Segment Reporting Information [Line Items]
Sales	1,133.3	889	2,080.6	1,760.7
Operating profit	122	216.7	258.2	423.1
Assets	12,178.4		12,178.4		8,592.6
Operating Segments | Industrial Technologies
Segment Reporting Information [Line Items]
Sales	731.4	712.8	1,377	1,333.3
Operating profit	152.9	134.6	258.2	228.8
Assets	3,010.5		3,010.5		3,011.2
Other
Segment Reporting Information [Line Items]
Operating profit	(25.4)	$ (26.9)	(49.6)	$ (49.6)
Assets	1,257.8		1,257.8		1,271.8
Discontinued Operations
Segment Reporting Information [Line Items]
Assets	$ 21.4		$ 21.4		$ 30