Fortive (FTV) 10-Q 28 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 26, 2020	Jul. 21, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 26, 2020
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		337,071,495
Amendment flag	false
Document fiscal year focus	2020
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. 26, 2020	Dec. 31, 2019
Current assets:
Cash and equivalents	$ 1,063	$ 1,205.2
Accounts receivable, net	1,129.2	1,384.5
Inventories:
Finished goods	294.9	285.6
Work in process	102.5	100.4
Raw materials	267.1	254.3
Inventories	664.5	640.3
Prepaid expenses and other current assets	390.4	455.6
Current assets, discontinued operations	3.3	3.2
Total current assets	3,250.4	3,688.8
Property, plant and equipment, net of accumulated depreciation of $867.9 and $838.7 at June 26, 2020 and December 31, 2019, respectively	519.8	519.5
Operating lease right-of-use assets	207.8	206.8
Other assets	758.7	779.6
Goodwill	8,297.7	8,399.3
Other intangible assets, net	3,671.3	3,845
Total assets	16,705.7	17,439
Current liabilities:
Current portion of long-term debt	998.8	1,500
Trade accounts payable	733	765.5
Current operating lease liabilities	52.6	54.9
Accrued expenses and other current liabilities	1,092	1,146.8
Total current liabilities	2,876.4	3,467.2
Operating lease liabilities	163.8	159
Other long-term liabilities	1,572.4	1,584.2
Long-term debt	4,686.2	4,828.4
Commitments and Contingencies
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 26, 2020 and December 31, 2019	0	0
Common stock: $0.01 par value, 2.0 billion shares authorized; 337.9 and 336.9 million issued; 337.0 and 336.0 million outstanding at June 26, 2020 and December 31, 2019, respectively	3.4	3.4
Additional paid-in capital	3,360.7	3,311.1
Retained earnings	4,187.8	4,128.8
Accumulated other comprehensive income (loss)	(156.6)	(56.3)
Total Fortive stockholders’ equity	7,395.3	7,387
Noncontrolling interests	11.6	13.2
Total stockholders’ equity	7,406.9	7,400.2
Total liabilities and equity	$ 16,705.7	$ 17,439

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 26, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 867.9	$ 838.7
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, dividend rate	5.00%	5.00%
Preferred stock, shares issued (in shares)	1,400,000	1,400,000
Preferred stock, shares outstanding (in shares)	1,400,000	1,400,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	337,900,000	336,900,000
Common stock, shares outstanding (in shares)	337,000,000	336,000,000

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Sales	$ 1,571.2	$ 1,864.7	$ 3,284.7	$ 3,457.6
Cost of sales	(756.9)	(960.7)	(1,594.6)	(1,740.9)
Gross profit	814.3	904	1,690.1	1,716.7
Operating costs:
Selling, general and administrative expenses	(516.6)	(537.1)	(1,073.8)	(1,023.5)
Research and development expenses	(106.6)	(117.4)	(220.3)	(226.4)
Impairment of goodwill	0	0	(85.3)	0
Operating profit	191.1	249.5	310.7	466.8
Non-operating expenses, net:
Interest expense, net	(43.2)	(44.4)	(86.8)	(69.7)
Other non-operating income (expense), net	5.3	(0.8)	0.7	(0.4)
Earnings from continuing operations before income taxes	153.2	204.3	224.6	396.7
Income taxes	(22.9)	(29)	(52)	(57.4)
Net earnings from continuing operations	130.3	175.3	172.6	339.3
Loss from discontinued operations, net of income taxes	(0.3)	(0.7)	(0.7)	(0.3)
Net earnings	130	174.6	171.9	339
Mandatory convertible preferred dividends	(17.2)	(17.2)	(34.5)	(34.5)
Net earnings attributable to common stockholders	$ 112.8	$ 157.4	$ 137.4	$ 304.5
Net earnings per common share from continuing operations:
Net earnings per common share from continuing operations - basic (in dollars per share)	$ 0.34	$ 0.47	$ 0.41	$ 0.91
Net earnings per common share from continuing operations - diluted (in dollars per share)	0.33	0.47	0.41	0.90
Net earnings per share from discontinued operations:
Net earnings per share from discontinued operations - basic (in dollars per share)	0	0	0	0
Net earnings per share from discontinued operations - diluted (in dollars per share)	0	0	0	0
Earnings Per Share [Abstract]
Net earnings per share - Basic (in dollars per share)	0.33	0.47	0.41	0.91
Net earnings per share - Diluted (in dollars per share)	$ 0.33	$ 0.46	$ 0.40	$ 0.90
Average common stock and common equivalent shares outstanding:
Weighted average common shares outstanding used in basic earnings per share (in shares)	337.3	335.6	337.1	335.4
Weighted average common shares outstanding used in diluted earnings per share (in shares)	339.7	339.7	339.9	339.8
Products
Sales	$ 1,367.7	$ 1,623	$ 2,855.5	$ 3,028.1
Cost of sales	(634.9)	(808)	(1,327.4)	(1,455.9)
Services
Sales	203.5	241.7	429.2	429.5
Cost of sales	$ (122)	$ (152.7)	$ (267.2)	$ (285)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 130	$ 174.6	$ 171.9	$ 339
Other comprehensive income, net of income taxes:
Foreign currency translation adjustments	36	1.3	(100.3)	18
Pension adjustments	1	0.5	0	1
Total other comprehensive income (loss), net of income taxes	37	1.8	(100.3)	19
Comprehensive income (loss)	$ 167	$ 176.4	$ 71.6	$ 358

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Preferred Stock	Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-In Capital	Additional Paid-In CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling Interests	Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2018		334.5		1.4
Beginning balance at Dec. 31, 2018		$ 3.4		$ 0		$ 3,126		$ 3,552.7			$ (86.6)		$ 17.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period								164.4
Dividends to common shareholders	$ (23.4)							(23.4)
Mandatory convertible preferred stock cumulative dividends	(17.3)							(17.3)
Other comprehensive income (loss)											17.2
Common stock-based award activity (in shares)		0.5
Common stock-based award activity						13.9
Issuance of 0.875% senior convertible notes due 2022						100.4
Change in noncontrolling interests													(5.4)
Ending balance (in shares) at Mar. 29, 2019		335		1.4
Ending balance at Mar. 29, 2019		$ 3.4		$ 0		3,240.3		3,676.4			(69.4)		12
Beginning balance (in shares) at Dec. 31, 2018		334.5		1.4
Beginning balance at Dec. 31, 2018		$ 3.4		$ 0		3,126		3,552.7			(86.6)		17.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	339
Dividends to common shareholders	(46.8)
Mandatory convertible preferred stock cumulative dividends	(34.5)
Other comprehensive income (loss)	19
Ending balance (in shares) at Jun. 28, 2019		335.4		1.4
Ending balance at Jun. 28, 2019		$ 3.4		$ 0		3,265.4		3,810.4			(67.6)		11.3
Beginning balance (in shares) at Mar. 29, 2019		335		1.4
Beginning balance at Mar. 29, 2019		$ 3.4		$ 0		3,240.3		3,676.4			(69.4)		12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	174.6							174.6
Dividends to common shareholders	(23.4)							(23.4)
Mandatory convertible preferred stock cumulative dividends	(17.2)							(17.2)
Other comprehensive income (loss)	1.8										1.8
Common stock-based award activity (in shares)		0.4
Common stock-based award activity						25.1
Change in noncontrolling interests													(0.7)
Ending balance (in shares) at Jun. 28, 2019		335.4		1.4
Ending balance at Jun. 28, 2019		$ 3.4		$ 0		3,265.4		3,810.4			(67.6)		11.3
Beginning balance (in shares) at Dec. 31, 2019		336	336	1.4	1.4
Beginning balance at Dec. 31, 2019	7,400.2	$ 3.4	$ 3.4	$ 0	$ 0	3,311.1	$ 3,311.1	4,128.8	$ (31.3)	$ 4,097.5	(56.3)	$ (56.3)	13.2	$ 13.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period								41.9
Dividends to common shareholders	(23.5)							(23.5)
Mandatory convertible preferred stock cumulative dividends	(17.3)							(17.3)
Other comprehensive income (loss)											(137.3)
Common stock-based award activity (in shares)		0.8
Common stock-based award activity						22.6
Change in noncontrolling interests													(2)
Ending balance (in shares) at Mar. 27, 2020		336.8		1.4
Ending balance at Mar. 27, 2020		$ 3.4		$ 0		3,333.7		4,098.6			(193.6)		11.2
Beginning balance (in shares) at Dec. 31, 2019		336	336	1.4	1.4
Beginning balance at Dec. 31, 2019	7,400.2	$ 3.4	$ 3.4	$ 0	$ 0	3,311.1	$ 3,311.1	4,128.8	$ (31.3)	$ 4,097.5	(56.3)	$ (56.3)	13.2	$ 13.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	171.9
Dividends to common shareholders	(47.1)
Mandatory convertible preferred stock cumulative dividends	(34.5)
Other comprehensive income (loss)	(100.3)
Ending balance (in shares) at Jun. 26, 2020		337		1.4
Ending balance at Jun. 26, 2020	7,406.9	$ 3.4		$ 0		3,360.7		4,187.8			(156.6)		11.6
Beginning balance (in shares) at Mar. 27, 2020		336.8		1.4
Beginning balance at Mar. 27, 2020		$ 3.4		$ 0		3,333.7		4,098.6			(193.6)		11.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	130							130
Dividends to common shareholders	(23.6)							(23.6)
Mandatory convertible preferred stock cumulative dividends	(17.2)							(17.2)
Other comprehensive income (loss)	37										37
Common stock-based award activity (in shares)		0.2
Common stock-based award activity						27
Change in noncontrolling interests													0.4
Ending balance (in shares) at Jun. 26, 2020		337		1.4
Ending balance at Jun. 26, 2020	$ 7,406.9	$ 3.4		$ 0		$ 3,360.7		$ 4,187.8			$ (156.6)		$ 11.6

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Changes in Equity (Parenthetical)	Jun. 26, 2020	Mar. 29, 2019	Feb. 22, 2019
0.875% senior convertible notes due 2022 | Convertible Debt
Interest rate, stated percentage	0.875%	0.875%	0.875%

Consolidated Condensed Statem_5

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 26, 2020	Jun. 28, 2019
Cash flows from operating activities:
Net earnings from continuing operations	$ 172.6	$ 339.3
Noncash items:
Depreciation	66.6	62.7
Amortization	170.1	129.6
Stock-based compensation expense	38.8	28.8
Impairment of goodwill	85.3	0
Gain on sale of assets	(5.3)	0
Change in trade accounts receivable, net	214.8	(102.3)
Change in inventories	(28.9)	45.8
Change in trade accounts payable	(23.4)	(11.7)
Change in prepaid expenses and other assets	55.4	(67.2)
Change in accrued expenses and other liabilities	(75)	(3.6)
Total operating cash provided by continuing operations	671	421.4
Total operating cash used in discontinued operations	(0.8)	(6.4)
Net cash provided by operating activities	670.2	415
Cash flows from investing activities:
Payments for additions to property, plant and equipment	(59.5)	(48.5)
Proceeds from sale of assets	5.3	0
Cash paid for acquisitions, net of cash received	(11.4)	(3,237.1)
All other investing activities	0.4	0
Net cash used in investing activities	(65.2)	(3,285.6)
Cash flows from financing activities:
Net proceeds from (repayments of) commercial paper borrowings	(1,141.9)	892.3
Proceeds from borrowings (maturities longer than 90 days), net of issuance costs of $8 million and $24 million in 2020 and 2019, respectively	741.7	2,413.2
Repayment of borrowings (maturities greater than 90 days)	(250)	(455.3)
Payment of common stock cash dividend to shareholders	(47.1)	(46.8)
Payment of mandatory convertible preferred stock cash dividend to shareholders	(17.3)	(34.5)
All other financing activities	(13.8)	7.5
Net cash (used in) provided by financing activities	(728.4)	2,776.4
Effect of exchange rate changes on cash and equivalents	(18.8)	7.9
Net change in cash and equivalents	(142.2)	(86.3)
Beginning balance of cash and equivalents	1,205.2	1,178.4
Ending balance of cash and equivalents	$ 1,063	$ 1,092.1

Consolidated Condensed Statem_6

Consolidated Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 26, 2020	Jun. 28, 2019
Statement of Cash Flows [Abstract]
Payments of debt issuance costs	$ 8	$ 24

Business Overview

Business Overview	6 Months Ended
	Jun. 26, 2020
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 field solutions, product realization, sensing technologies, health, transportation technologies, and franchise distribution. 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, 2019 and the footnotes (“Notes”) thereto included within our 2019 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 26, 2020 and December 31, 2019, our results of operations for the three and six month periods ended June 26, 2020 and June 28, 2019, and cash flows for the six month periods ended June 26, 2020 and June 28, 2019. Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Reclassification of certain prior year amounts have been made to conform to current year presentation. On September 4, 2019, we announced our intention to separate into two independent, publicly traded companies, subject to the satisfaction of certain conditions. The separation will create (i) an industrial technology company, retaining the Fortive name, with a differentiated portfolio of growth-oriented businesses focused on connected workflow solutions that incorporate advanced sensors, instrumentation, software, data, and analytics, and (ii) a global industrial company (“Vontier”) consisting of our Transportation Technologies and Franchise Distribution platforms with a focus on growth opportunities in the rapidly evolving transportation and mobility markets. The proposed separation is expected to be structured in a tax-efficient manner. The timing and structure of the separation will depend, in part, on the state of the capital market environment over time as affected by the future evolution of the COVID-19 pandemic and its impact on the global economy. All assets, liabilities, revenues, and expenses of the businesses comprising Vontier are included in continuing operations in the accompanying consolidated condensed financial statements. On October 1, 2018, we completed the split-off of businesses in our automation and specialty platform (the “A&S Business”) and have reported the A&S Business as discontinued operations in our Consolidated Condensed Statements of Earnings, Consolidated Condensed Balance Sheets, and Consolidated Condensed Statements of Cash Flows for all periods presented. The impact of discontinued operations in our consolidated condensed financial statements was immaterial for all periods presented, and therefore, discussion within these notes to the consolidated condensed financial statements relates to continuing 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 designated our ¥13.8 billion senior unsecured term facility loan and our Euro-denominated commercial paper outstanding during the six months ended June 26, 2020 as net investment hedges of our investment in certain foreign operations; as of June 26, 2020, we exited our Euro-denominated commercial paper positions. Accordingly, foreign currency transaction gains or losses on the debt are deferred in the foreign currency translation component of Accumulated other comprehensive income (loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. We recognized gains of $3.1 million and $4.0 million for the three and six month periods ended June 26, 2020, respectively, in other comprehensive income related to the net investment hedges. We recognized losses of $7.1 million and gains of $0.1 million for the three and six month periods ended June 28, 2019, respectively, in other comprehensive income related to the net investment hedges. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and six month periods ended June 26, 2020 and June 28, 2019. The changes in AOCI by component are summarized below ($ in millions): Foreign Pension adjustments (b) Total For the Three Months Ended June 26, 2020: Balance, March 27, 2020 $ (115.1) $ (78.5) $ (193.6) Other comprehensive income (loss) before reclassifications, net of income taxes 36.0 — 36.0 Amounts reclassified from accumulated other comprehensive income (loss): Increase — 1.2 (a) 1.2 Income tax impact — (0.2) (0.2) 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 36.0 1.0 37.0 Balance, June 26, 2020 $ (79.1) $ (77.5) $ (156.6) 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 — 0.7 (a) 0.7 Income tax impact — (0.2) (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) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 7 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. Foreign currency translation adjustments Pension adjustments (b) Total For the Six Months Ended June 26, 2020: Balance, December 31, 2019 $ 21.2 $ (77.5) $ (56.3) Other comprehensive income (loss) before reclassifications, net of income taxes (100.3) — (100.3) Amounts reclassified from accumulated other comprehensive income (loss): Increase — — — Income tax impact — — — Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — — — Net current period other comprehensive income (loss), net of income taxes (100.3) — (100.3) Balance, June 26, 2020 $ (79.1) $ (77.5) $ (156.6) 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 — 1.4 (a) 1.4 Income tax impact — (0.4) (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) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 7 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. Recently Adopted Accounting Standard —In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), 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 financing, trade accounts, and unbilled receivables. On January 1, 2020, we adopted ASU 2016-13 nancing receivables of $40.0 million, with a corresponding net of tax adjustment to beginning retained earnings of $31.3 million. Results for reporting periods beginning January 1, 2020 reflect the adoption of ASU 2016-13, while prior period amounts were not adjusted and continue to be reported in accordance with our historical accounting practices. Prior to the adoption of ASU 2016-13 on January 1, 2020, we recognized an allowance for incurred losses when they were probable based on many quantitative and qualitative factors, including delinquency. After the adoption of ASU 2016-13, we measure our allowance to reflect expected credit losses over the remaining contractual life of the asset. We pool assets with similar risk characteristics for this measurement based on attributes that may include asset type, duration, and/or credit risk rating. The future expected losses of each pool are estimated based on numerous quantitative and qualitative factors reflecting management’s estimate of collectibility over the remaining contractual life of the pooled assets, including: • duration; • historical, current, and forecasted future loss experience by asset type; • historical, current, and forecasted delinquency and write-off trends; • historical, current, and forecasted economic conditions; and • historical, current, and forecasted credit risk. Expected credit losses of the assets originated during the three and six month periods ended June 26, 2020, as well as changes to expected losses during the same periods, are recognized in earnings for the three and six month periods ended June 26, 2020. As a result of the adoption of ASU 2016-13, we have updated our significant accounting policy related to unbilled, trade accounts, and financing receivables and allowances for credit losses from what was previously disclosed in our audited financial statements for the year ended December 31, 2019 as follows: All trade accounts, financing, and unbilled receivables are reported in the accompanying Consolidated Condensed Balance Sheet adjusted for any write-offs and net of allowances for credit losses. The allowances for credit losses represent management’s best estimate of the credit losses expected from our unbilled, trade accounts, and financing receivable portfolios over the life of the underlying assets. Determination of the allowances requires management to exercise judgment about the severity of credit losses, which includes judgments regarding the risk profile of each underlying receivable and expectations regarding the impact of current and future economic conditions on the creditworthiness of its customers. We regularly perform detailed reviews of our portfolios to evaluate the collectability of receivables based on a combination of past, current, and future financial and qualitative factors that may affect customers’ ability to pay, including customers’ financial condition, collateral, debt-servicing ability, payment experience, credit bureau information, and economic conditions. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. Additions to the allowances are charged to current period earnings, amounts determined to be uncollectible are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. Recent deterioration in overall global economic conditions and worldwide capital markets as a result of the COVID-19 pandemic may negatively impact our customers’ ability to pay and, as a result, may increase the difficulty in collecting trade accounts, financing, and unbilled receivables. We did not realize notable increases in loss rates and delinquencies during the three and six month periods ended June 26, 2020, and given the nature of our portfolio of receivables, our historical experience during times of challenging economic conditions, and our forecasted future impact of COVID-19 on our customer’s ability to pay, we did not record material provisions for credit losses as a result of the COVID-19 pandemic during the three and six month periods ended June 26, 2020. If the financial condition of our customers were to deteriorate beyond our current estimates, resulting in an impairment of their ability to make payments, we would be required to write-off additional receivable balances, which would adversely impact our net earnings and financial condition. The following is a rollforward of the aggregated allowance for credit losses related to our trade accounts, unbilled, and financing receivables as of June 26, 2020 ($ in millions): Balance, December 31, 2019 $ 82.1 Transition Adjustment 40.0 Provision 30.3 Write-offs (26.7) FX and Other (0.6) Balance, June 26, 2020 $ 125.1

Acquisitions

Acquisitions	6 Months Ended
	Jun. 26, 2020
Business Combinations [Abstract]
Acquisitions	NOTE 2. ACQUISITIONS For a description of our material acquisition activity refer to Note 3 of our 2019 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 month period ended June 26, 2020, we recorded adjustments to the preliminary purchase price allocation of acquisitions that closed during 2019 that resulted in a net increase to goodwill of $22.7 million, prior to foreign currency translation impacts. 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. 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 transferred 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 26, 2020 we have closed 20 Principal Countries and eight Non-Principal Countries that, in aggregate, accounted for approximately 99% of the preliminary valuation of ASP. The remaining Non-Principal Countries represent approximately 1% of the preliminary valuation of ASP, or $30.6 million , which is included as a prepaid asset in Other assets in the Condensed Consolidated Balance Sheet. As each Non-Principal Country closes, we reduce the prepaid asset and record the fair value of the assets acquired and liabilities assumed. All of the provisional goodwill associated with the Transaction is included in goodwill at June 26, 2020, and the majority of the provisional goodwill is tax deductible. In addition, the Company entered into a transition services agreement with Johnson & Johnson for certain administrative and operational services (“TSA”), and distribution agreements in the Non-Principal Countries. Under the distribution agreements, ASP sells finished goods to Ethicon at prices agreed by the parties. ASP recognizes these sales as revenue when the conditions for revenue recognition are met. Following the sale of finished goods by ASP, Ethicon obtains title of the finished goods, has full authority to sell and market the finished goods to end customers as it sees fit, and retains any revenue and profit from sale. ASP exited the TSA in the U.S., Canada, Mexico, Australia, and New Zealand in prior periods and exited the TSA in EMEA during the three month period ended June 26, 2020. The following table summarizes the provisional fair value estimates of the assets acquired and liabilities assumed of Principal and Non-Principal Countries that have been transferred to ASP as of June 26, 2020, prior to foreign currency impacts; we did not acquire accounts receivable or accounts payable from Johnson & Johnson ($ in millions): Advanced Sterilization Products Inventories $ 178.7 Property, plant and equipment 47.5 Goodwill 1,436.8 Other intangible assets, primarily customer relationships, trade names and technology 1,123.5 Other assets and liabilities, net (79.6) Total consideration allocated to Principal Countries and closed Non-Principal Countries 2,706.9 Prepaid acquisition asset related to remaining Non-Principal Countries 30.6 Net cash consideration $ 2,737.5 Post-close transaction and integration costs associated with the Transaction were approximately $22 million and $42 million for the three and six month periods ended June 26, 2020, respectively, and were primarily amounts paid to third-party advisors.

Goodwill

Goodwill	6 Months Ended
	Jun. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	NOTE 3. GOODWILL The following is a rollforward of our carrying value of goodwill by segment ($ in millions): Professional Instrumentation (a) Industrial Technologies (a) Total Goodwill Balance, December 31, 2019 $ 7,242.6 $ 1,156.7 $ 8,399.3 Acquisitions 22.7 — 22.7 Impairment charge — (85.3) (85.3) Foreign currency translation and other (22.8) (16.2) (39.0) Balance, June 26, 2020 $ 7,242.5 $ 1,055.2 $ 8,297.7 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. Impairment Charge We test goodwill for impairment annually in the fourth quarter of each year and may review goodwill in interim periods if certain events occur or circumstances change. Based on our most annual impairment assessment, we concluded that the goodwill for our twelve reporting units was not impaired as of December 31, 2019. The results of our fourth quarter 2019 goodwill impairment testing indicated the excess of the estimated fair value over the carrying value (expressed as a percentage of carrying value) of our Telematics reporting unit was approximately 5%, and as such, management continued to monitor the performance of Telematics during the first quarter of 2020. In connection with management’s updated forecast for the Telematics reporting unit that indicated a decline in sales and operating profit to levels lower than previously forecasted, due in large part to the impacts of the COVID-19 pandemic, we performed a quantitative impairment assessment over the Telematics reporting unit on March 27, 2020. We estimated the fair value of the Telematics reporting unit by considering an income approach, using the discounted cash flow method. The income approach was based on projected future (debt-free) cash flows that were discounted to present value and assumed a terminal growth value. The discount rate was based on the reporting unit’s weighted average cost of capital, taking into account market participant assumptions. Management’s revenue and profitability forecasts used in the valuation considered recent and historical performance of the reporting unit, strategic initiatives, industry trends, and the current and future expectations of the macroeconomic environment. Assumptions used in the valuation were similar to those that would be used by market participants performing independent valuations of this reporting unit. Key assumptions developed by management and used in the quantitative analysis included the following: • Near-term revenue declines in 2020 with later-term improvements over the projection period; • Improved profitability over the projection period, trending consistent with revenues; and • Market-based discount rates. We did not consider the market approach in our fair value calculation given the near term uncertainty in the market data and forecasts of the guideline companies upon which the approach relies. As a result of the interim impairment testing performed, we concluded that the estimated fair value of our Telematics reporting unit was less than our carrying value as of March 27, 2020, and recorded a non-cash goodwill impairment charge of $85.3 million during the three months ended March 27, 2020 to reduce the carrying value of goodwill to $235.9 million. The charge is included in the operating results of our Industrial Technologies segment. The impairment testing of goodwill utilized significant unobservable inputs (Level 3 in the fair value hierarchy) to determine the estimated fair value. The factors used in our impairment analysis are inherently subject to uncertainty, particularly in light of the recent deterioration in overall global economic conditions and capital markets due to COVID-19. While we believe we made reasonable estimates and assumptions to calculate the fair value of the Telematics reporting unit, alternative interpretations of the qualitative inputs considered may have resulted in different conclusions regarding the size of the impairment, and it is possible our conclusions could change in future periods. There can be no assurance the estimates and assumptions used in our goodwill impairment testing performed in the first quarter of 2020 will prove to be accurate predictions of the future. Specifically, variations in our assumptions related to business performance and execution of planned growth strategies and the discount rate could impact future conclusions. A future impairment charge for goodwill could have a material effect on our consolidated financial position and results of operations. Impairment Testing During the second quarter ended June 26, 2020, we evaluated the impact of the deterioration in overall global economic conditions as a result of the COVID-19 pandemic, including the change in our market capitalization and changes in forecasts for the Telematics reporting unit, and determined no triggering events had occurred.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 26, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 4. FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where our assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. • Level 3 inputs are unobservable inputs based on our assumptions. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Below is a summary of financial liabilities that are measured at fair value on a recurring basis ($ in millions): Quoted Prices Significant Other Significant Total June 26, 2020 Deferred compensation liabilities $ — $ 31.6 $ — $ 31.6 December 31, 2019 Deferred compensation liabilities $ — $ 29.6 $ — $ 29.6 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 earnings rates for the amounts they defer, which are primarily based on investment options within our defined contribution plans for the benefit of U.S. employees (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of Fortive common stock). Changes in the deferred compensation liability under these programs are recognized based on changes in the fair value of the participants’ accounts, which are based on the applicable earnings rates. Nonrecurring Fair Value Measurements Certain non-financial assets, primarily property, plant, and equipment, goodwill, and intangible assets, are not required to be measured at fair value on a recurring basis and are reported at their carrying value. However, these assets are required to be assessed for impairment whenever events or circumstances indicate that their carrying value may not be fully recoverable, and at least annually for goodwill and indefinite-lived intangible assets. On March 27, 2020, we evaluated our Telematics reporting unit for impairment and recorded an impairment of goodwill of $85.3 million to adjust the carrying value of the reporting unit to the estimated fair value. Refer to Note 3 for additional information regarding the inputs and methodology used to estimate the fair value. During the second quarter ended June 26, 2020, we evaluated the impact of the deterioration in overall global economic conditions as a result of the COVID-19 pandemic, including the change in our market capitalization and changes in forecasts for the Telematics reporting unit, and determined no triggering events had occurred. In addition, we evaluated our other long-lived non-financial assets as of June 26, 2020 and determined no triggering events were identified. Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are as follows ($ in millions): June 26, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 998.8 $ 1,010.4 $ 1,500.0 $ 1,500.0 Long-term debt, net of current maturities $ 4,686.2 $ 4,872.1 $ 4,828.4 $ 4,992.3 As of June 26, 2020 and December 31, 2019, 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. 26, 2020
Debt Disclosure [Abstract]
Financing and Capital	NOTE 5. FINANCING AND CAPITAL The carrying value of the components of our long-term debt were as follows ($ in millions): June 26, 2020 December 31, 2019 U.S. dollar-denominated commercial paper $ — $ 884.4 Euro-denominated commercial paper — 264.1 Delayed-draw term loan due 2020 1,000.0 1,000.0 Term Loan due 2020 250.0 500.0 Term Loan due 2021 748.7 — Yen variable interest rate term loan due 2022 128.7 127.1 2.35% senior unsecured notes due 2021 748.8 748.2 3.15% senior unsecured notes due 2026 893.6 893.0 4.30% senior unsecured notes due 2046 547.1 547.0 0.875% senior convertible notes due 2022 1,368.0 1,347.3 Other 0.1 17.3 Long-term debt 5,685.0 6,328.4 Less: current portion of long-term debt 998.8 1,500.0 Long-term debt, net of current maturities $ 4,686.2 $ 4,828.4 Aggregate unamortized debt discounts, premiums and issuance costs of $81 million and $102 million as of June 26, 2020 and December 31, 2019, respectively, are netted against the principal amounts of the components of debt in the table above. Refer to Note 11 of our 2019 Annual Report on Form 10-K for further details of our debt financing. In prior periods, we generally satisfied any short-term liquidity needs that are not met through operating cash flows and available cash through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Due to recent volatility and disruption in the commercial paper market, we have temporarily reduced our reliance on this source of funding, and consequently paid down and refinanced our outstanding commercial paper with a 364-day delayed-draw term loan, as detailed in the 2021 Term Loan section below. Credit support for the Commercial Paper Programs is provided by a five On April 24, 2020, we amended (the “Amendments”) the credit agreement for each of our (i) $500 million delayed draw term loan facility, with $250 million in principal amount outstanding as of June 26, 2020 (“2020 Term Loan”), (ii) $1.0 billion delayed draw term loan facility, with $1.0 billion in principal amount outstanding as of June 26, 2020 (the “2020 Delayed-Draw Term Loan”), (iii) $750 million delayed draw term loan facility, with $750 million in principal amount outstanding as of June 26, 2020 (“2021 Term Loan”), and (iv) $2.0 billion Revolving Credit Facility, with no borrowings thereunder as of June 26, 2020 as follows: • For any four fiscal quarters ending in the periods noted below (each an “Adjusted Four Quarters”) that end prior to the maturity date of the applicable facility, the maximum permitted consolidated net leverage ratio of consolidated net funded indebtedness to consolidated EBITDA was increased from 3.50 to 1.00 to, (i) with respect to the four fiscal quarters ending June 26, 2020, September 25, 2020, December 31, 2020, or April 2, 2021, 4.75 to 1.00, (ii) with respect to the four fiscal quarters ending July 2, 2021, 4.5 to 1.0, (iii) with respect to the four fiscal quarters ending October 1, 2021, 4.25 to 1.0 and (iv) with respect to the four fiscal quarters ending December 31, 2021, 3.75 to 1.0; provided however, that for any four fiscal quarters that are not an Adjusted Four Quarters, the maximum permitted consolidated net leverage ratio remains at 3.5 to 1.0, as may be increased to 4.0 to 1.0 following a material acquisition (the “Unadjusted Maximum Ratio”). • The maturity date for the 2020 Delayed-Draw Term Loan was extended from August 28, 2020 to May 30, 2021. • From April 24, 2020 to December 31, 2021, the minimum London inter-bank offered rate (“LIBOR”) for each of the facilities will increase from 0% to 0.25%, and the minimum base rate for each of the facilities will increase from 1.00% to 1.25%. In addition, with respect to the Revolving Credit Facility and for any Adjusted Four Quarters in which the consolidated net leverage ratio is greater than the Unadjusted Maximum Ratio, the applicable margin (as determined based on our long-term debt credit rating) for any LIBOR rate loans will increase from a range of 80.5 and 117.5 basis points to a range of 118.0 and 155.0 basis points and for any base rate loans from a range of 0.0 and 17.5 basis points to a range of 18.0 and 55.0 basis points. Furthermore, with respect to the 2020 Delayed-Draw Term Loan, the applicable margin (as determined based on our long-term debt credit rating) for any LIBOR rate loans will increase from a range of 75.0 and 97.5 basis points to a range of 155.0 and 180.0 basis points and for any base rate loans from 0.0 to a range of 55.0 and 80.0 basis points. • From April 24, 2020 to December 31, 2021, the maximum principal amount of secured indebtedness, other than certain types of secured indebtedness expressly permitted under each credit agreement, is decreased from 15% of our consolidated net assets (when added together with indebtedness incurred or guaranteed by any of our subsidiaries) to 11.25% of our consolidated net assets (when added together with indebtedness incurred or guaranteed by any of our subsidiaries). In connection with the Amendments, we incurred approximately $6.5 million of fees. Our credit facility agreements require, among others, that we maintain certain financial covenants and we were in compliance with all of our financial covenants on June 26, 2020. 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 issued 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 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 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 principal amount 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 $13.6 million in interest expense during the three months ended June 26, 2020, of which $3.2 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 $27.0 million in interest expense during the six months ended June 26, 2020, of which $6.3 million related to the contractual coupon rate of 0.875% and $3.8 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 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. 2020 Term Loan On October 25, 2019, we entered into a credit facility agreement that provides for the 2020 Term Loan in an aggregate principal amount of $300 million. On October 25, 2019, we drew down the full $300 million available under the 2020 Term Loan in order to fund, in part, the Censis acquisition. We subsequently increased the size of this facility by $200 million on November 8, 2019 and drew the additional amount on the same day resulting in an outstanding amount of $500 million. The 2020 Term Loan bears interest at a variable rate equal to LIBOR plus a ratings-based margin currently at 75 basis points. As of June 26, 2020, borrowings under this facility bore an interest rate of 1.00% per annum. The 2020 Term Loan is due on October 23, 2020 and prepayable at our option. We are not permitted to re-borrow once the term loan is repaid. The terms and conditions, including covenants, applicable to the 2020 Term Loan are substantially similar to those applicable to our Revolving Credit Facility. On February 26, 2020, we prepaid $250 million of the 2020 Term Loan. The prepayment fees associated with this payment were immaterial. 2020 Delayed-Draw Term Loan On March 1, 2019, we entered into a credit facility agreement that provides for the 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 LIBOR plus a ratings based margin, prior to the Amendments, at 75 basis points and, following the Amendments, at 155 basis points. As of June 26, 2020, borrowings under this facility bore an interest rate of 1.80% 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 our Revolving Credit Facility. On February 25, 2020, we extended the maturity of the 2020 Delayed-Draw Term Loan to August 28, 2020. Additionally, on April 24, 2020 we further extended the maturity to May 30, 2021. We were in compliance with our covenants both before and after the extension. The 2020 Delayed-Draw Term Loan is not callable and remains prepayable at our option. 2021 Te rm Loan On March 23, 2020, we entered into a credit facility agreement that provides for the 2021 Term Loan in an aggregate principal amount of $425 million. On the same day, we drew down $375 million available under the 2021 Term Loan. We subsequently increased the size of this facility by $325 million on April 3, 2020, and drew the additional $375 million in April 2020, resulting in an outstanding amount of $750 million. We paid approximately $2.0 million in debt issuance costs associated with the 2021 Term Loan. The borrowings from this credit facility were used for settlement of outstanding commercial paper. The 2021 Term Loan bears interest at a variable rate equal to LIBOR plus a ratings-based margin currently at 155 basis points. As of June 26, 2020, borrowings under this facility bore an interest rate of 1.80% per annum. The 2021 Term Loan is due on March 19, 2021 and prepayable at our option. We are not permitted to re-borrow once the term loan is repaid. The terms and conditions, including covenants, applicable to the 2021 Term Loan, are substantially similar to those applicable to our Revolving Credit Facility. Classification of Debt Due within the Next Twelve Months We classified our borrowings outstanding under the 2020 Delayed-Draw Term Loan and the 2021 Term Loan as long-term debt in the accompanying Consolidated Condensed Balance Sheet as of June 26, 2020, as we have the intent and ability, as supported by availability under the Revolving Credit Facility, to refinance these borrowings for at least one year from the balance sheet date. Our intent with respect to the refinancing of these outstanding borrowings may change once the proposed separation of Vontier is effectuated, in which case these loans may be repaid using the cash flows received from the separation. Our 2020 Term Loan and 2.35% Senior unsecured notes due 2021 are recorded in the Current portion of long-term debt line item in our Consolidated Condensed Balance Sheet.

Sales

Sales	6 Months Ended
	Jun. 26, 2020
Revenue from Contract with Customer [Abstract]
Sales	NOTE 6. SALES We derive revenues primarily from the sale of Professional Instrumentation and Industrial Technologies products and software and services. Revenue is recognized when control of promised products and software or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products and software or services. Sales of products and software includes revenues from the sale of products and equipment, software product offerings, and equipment rentals. Sales of services 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 $73 million as of June 26, 2020 and $79 million as of December 31, 2019. 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 software arrangements. Deferred sales-related commissions are generally not capitalized as the amortization period is one year or less, and we elected to use the practical expedient to expense these sales commissions as incurred. As of June 26, 2020 and December 31, 2019, we had $114 million and $147 million, respectively, in net revenue-related contract assets primarily related to certain software contracts. Revenue-related contract assets are recorded in the Prepaid expenses and other current assets and Other assets line items in our Condensed Consolidated Balance Sheets. These assets have estimated useful lives between 3 and 8 years. Impairment losses recognized on our revenue-related contract assets were immaterial during the three and six month periods ended June 26, 2020. Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to PCS and extended warranty sales, where in most cases we receive up-front payment and recognize revenue over the support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The noncurrent portion of deferred revenue is included in Other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Our contract liabilities consisted of the following ($ in millions): June 26, 2020 December 31, 2019 Deferred revenue - current $ 439.2 $ 410.1 Deferred revenue - noncurrent 91.9 99.2 Total contract liabilities $ 531.1 $ 509.3 During the three and six month periods ended June 26, 2020, we recognized revenue related to our contract liabilities at December 31, 2019 of $83 million and $209 million, respectively. The change in our contract liabilities from December 31, 2019 to June 26, 2020 was primarily due to the timing of cash receipts and sales of PCS and extended warranty services. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, noncancelable orders, with expected delivery dates to customers greater than one year from June 26, 2020, for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below. The aggregate performance obligations attributable to each of our segments is as follows ($ in millions): June 26, 2020 Professional Instrumentation $ 144.6 Industrial Technologies 382.3 Total remaining performance obligations $ 526.9 The majority of remaining performance obligations are related to service and support contracts, which we expect to fulfill approximately 40 percent within the next two years, approximately 70 percent within the next three years and substantially all within four years. Disaggregation of Revenue We disaggregate revenue from contracts with customers by sales of products and software and services, geographic location, 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 month period ended June 26, 2020 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products and software $ 1,367.7 $ 887.3 $ 480.4 Sales of services 203.5 150.2 53.3 Total $ 1,571.2 $ 1,037.5 $ 533.7 Geographic: United States $ 908.0 $ 549.3 $ 358.7 China 145.4 131.6 13.8 All other (each country individually less than 5% of total sales) 517.8 356.6 161.2 Total $ 1,571.2 $ 1,037.5 $ 533.7 Major Products Group: Professional tools and equipment $ 1,003.9 $ 589.9 $ 414.0 Industrial automation, controls and sensors 107.4 107.4 — Franchise distribution 119.7 — 119.7 Medical technologies 284.4 284.4 — All other 55.8 55.8 — Total $ 1,571.2 $ 1,037.5 $ 533.7 End markets: Direct sales: Retail fueling (a) $ 365.7 $ — $ 365.7 Industrial & Manufacturing 102.8 102.8 — Vehicle repair (a) 103.2 — 103.2 Utilities & Power 38.8 38.8 — Medical (a) 284.4 284.4 — Other 373.4 312.1 61.3 Total direct sales 1,268.3 738.1 530.2 Distributors (a) 302.9 299.4 3.5 Total $ 1,571.2 $ 1,037.5 $ 533.7 (a) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three month period ended June 26, 2020 was $597.0 million. Disaggregation of revenue for the three month period ended June 28, 2019 is presented as follows ($ in millions): Total Professional Instrumentation (a) Industrial Technologies (a) Sales: Sales of products and software $ 1,623.0 $ 998.8 $ 624.2 Sales of services 241.7 166.8 74.9 Total $ 1,864.7 $ 1,165.6 $ 699.1 Geographic: United States $ 1,077.7 $ 625.5 $ 452.2 China 154.3 130.4 23.9 All other (each country individually less than 5% of total sales) 632.7 409.7 223.0 Total $ 1,864.7 $ 1,165.6 $ 699.1 Major Products Group: Professional tools and equipment $ 1,256.1 $ 711.2 $ 544.9 Industrial automation, controls and sensors 127.2 127.2 — Franchise distribution 154.2 — 154.2 Medical technologies 265.3 265.3 — All other 61.9 61.9 — Total $ 1,864.7 $ 1,165.6 $ 699.1 End markets: Direct sales: Retail fueling (b) $ 486.3 $ — $ 486.3 Industrial & Manufacturing 114.1 114.1 — Vehicle repair (b) 139.5 — 139.5 Utilities & Power 49.1 49.1 — Medical (b) 265.3 265.3 — Other 391.5 324.5 67.0 Total direct sales 1,445.8 753.0 692.8 Distributors (b) 418.9 412.6 6.3 Total $ 1,864.7 $ 1,165.6 $ 699.1 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. (b) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three month period ended June 28, 2019 was $773.1 million. Disaggregation of revenue for the six month period ended June 26, 2020 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products and software $ 2,855.5 $ 1,827.8 $ 1,027.7 Sales of services 429.2 314.1 115.1 Total $ 3,284.7 $ 2,141.9 $ 1,142.8 Geographic: United States $ 1,927.8 $ 1,144.2 $ 783.6 China 272.9 250.6 22.3 All other (each country individually less than 5% of total sales) 1,084.0 747.1 336.9 Total $ 3,284.7 $ 2,141.9 $ 1,142.8 Major Products Group: Professional tools and equipment $ 2,111.2 $ 1,248.5 $ 862.7 Industrial automation, controls and sensors 217.0 217.0 — Franchise distribution 280.1 — 280.1 Medical technologies 564.4 564.4 — All other 112.0 112.0 — Total $ 3,284.7 $ 2,141.9 $ 1,142.8 End markets: Direct sales: Retail fueling (a) $ 762.2 $ — $ 762.2 Industrial & Manufacturing 211.8 211.8 — Vehicle repair (a) 246.4 — 246.4 Utilities & Power 82.7 82.7 — Medical (a) 564.4 564.4 — Other 729.2 602.9 126.3 Total direct sales 2,596.7 1,461.8 1,134.9 Distributors (a) 688.0 680.1 7.9 Total $ 3,284.7 $ 2,141.9 $ 1,142.8 (a) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the six month period ended June 26, 2020 was $1,336.2 million. Disaggregation of revenue for the six month period ended June 28, 2019 is presented as follows ($ in millions): Total Professional Instrumentation (a) Industrial Technologies (a) Sales: Sales of products and software $ 3,028.1 $ 1,855.0 $ 1,173.1 Sales of services 429.5 288.3 141.2 Total $ 3,457.6 $ 2,143.3 $ 1,314.3 Geographic: United States $ 1,965.3 $ 1,121.6 $ 843.7 China 304.3 261.6 42.7 All other (each country individually less than 5% of total sales) 1,188.0 760.1 427.9 Total $ 3,457.6 $ 2,143.3 $ 1,314.3 Major Products Group: Professional tools and equipment $ 2,407.9 $ 1,416.8 $ 991.1 Industrial automation, controls and sensors 247.3 247.3 — Franchise distribution 323.2 — 323.2 Medical technologies 364.3 364.3 — All other 114.9 114.9 — Total $ 3,457.6 $ 2,143.3 $ 1,314.3 End markets: Direct sales: Retail fueling (b) $ 874.5 $ — $ 874.5 Industrial & Manufacturing 223.7 223.7 — Vehicle repair (b) 293.3 — 293.3 Utilities & Power 98.7 98.7 — Medical (b) 364.3 364.3 — Other 769.2 634.4 134.8 Total direct sales 2,623.7 1,321.1 1,302.6 Distributors (b) 833.9 822.2 11.7 Total $ 3,457.6 $ 2,143.3 $ 1,314.3 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. (b) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the six month period ended June 28, 2019 was $1,518.3 million.

Pension Plans

Pension Plans	6 Months Ended
	Jun. 26, 2020
Retirement Benefits [Abstract]
Pension Plans	NOTE 7. PENSION PLANS For a full description of our noncontributory defined benefit pension plans refer to Note 12 of our 2019 Annual Report on Form 10-K. The following sets forth the components of our net periodic costs associated with our noncontributory defined benefit pension plans ($ in millions): Three Months Ended Six Months Ended June 26, 2020 June 28, 2019 June 26, 2020 June 28, 2019 U.S. Pension Benefits: Interest cost $ 0.3 $ 0.4 $ 0.6 $ 0.8 Expected return on plan assets (0.3) (0.3) (0.6) (0.7) Amortization of net loss 0.1 — 0.2 — Net periodic pension cost $ 0.1 $ 0.1 $ 0.2 $ 0.1 Non-U.S. Pension Benefits: Service cost $ 1.1 $ 0.7 $ 2.2 $ 1.0 Interest cost 1.0 1.4 2.0 2.9 Expected return on plan assets (1.4) (1.5) (2.8) (2.9) Amortization of net loss 1.0 0.7 2.1 1.4 Amortization of prior service cost 0.1 — 0.2 — Net periodic pension cost $ 1.8 $ 1.3 $ 3.7 $ 2.4 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 2020, our cash contribution requirements for our non-U.S. and U.S. defined benefit plans are expected to be approximately $10.6 million and $0.8 million, respectively. 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. In response to the COVID-19 pandemic, certain countries have enacted or proposed legislation to enable employers to defer minimum contributions to qualified defined benefit plans during all or part of 2020. We are actively assessing the available reliefs and will continue to monitor and utilize relevant legislative reliefs as we deem prudent. This may reduce our cash contribution requirements under our defined benefit plans in 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8. INCOME TAXES Our effective tax rates for the three and six month periods ended June 26, 2020 were 14.9% and 23.2%, respectively, as compared to 14.2% and 14.5% for the three and six month periods ended June 28, 2019, respectively. There were no significant differences in the year-over-year effective tax rate for the three month period ended June 26, 2020 compared to the three month period ended June 28, 2019. The year-over-year increase in the effective tax rate for the six month period ended June 26, 2020 compared to the six month period ended June 28, 2019 was due primarily to a non-deductible goodwill impairment and tax costs associated with repatriating a portion of our previously reinvested earnings outside of the United States. For the six month period ended June 26, 2020, these factors were partially offset by favorable impacts of a higher mix of income in jurisdictions with lower tax rates than the U.S. federal statutory rate of 21% and increases in favorable impacts of certain federal and international tax benefits. Our effective tax rate for both periods in 2020 and 2019 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 current year earnings outside the United States that are indefinitely reinvested and taxed at rates lower than the U.S. federal statutory rate. Specific to 2020, our effective tax rate also differs from the U.S. federal statutory rate of 21% due to a non-deductible goodwill impairment and the tax costs associated with repatriating a portion of our previously reinvested earnings outside of the United States. On March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the COVID-19 outbreak which, among other things, contains numerous income tax provisions. Some of these tax provisions are expected to be effective retroactively for years ending before the date of enactment. We anticipate the provisions of the CARES Act will impact income tax in 2020; however, we have not identified material impacts to the tax provision as of June 26, 2020. We will continue to evaluate the impact of the CARES Act as new clarifying guidance is issued throughout 2020.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 26, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 9. 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 26, 2020, approximately 17 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 2019 Annual Report on Form 10-K. Stock-based Compensation Expense Stock-based compensation has been recognized as a component of Selling, general and administrative expenses in the 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 26, 2020 June 28, 2019 June 26, 2020 June 28, 2019 Stock Awards: Pretax compensation expense $ 13.8 $ 10.1 $ 23.9 $ 17.9 Income tax benefit (2.3) (2.1) (4.2) (3.8) Stock Award expense, net of income taxes 11.5 8.0 19.7 14.1 Stock options: Pretax compensation expense 8.9 5.8 14.9 10.9 Income tax benefit (1.5) (1.2) (2.3) (2.3) Stock option expense, net of income taxes 7.4 4.6 12.6 8.6 Total stock-based compensation: Pretax compensation expense 22.7 15.9 38.8 28.8 Income tax benefit (3.8) (3.3) (6.5) (6.1) Total stock-based compensation expense, net of income taxes $ 18.9 $ 12.6 $ 32.3 $ 22.7 The following summarizes the unrecognized compensation cost for the Stock Plan awards as of June 26, 2020. 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 $ 80.7 Stock options 104.8 Total unrecognized compensation cost $ 185.5

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 26, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 10. COMMITMENTS AND CONTINGENCIES For a description of our litigation and contingencies and additional information about our leases, refer to Note 16 and Note 10, respectively in our 2019 Annual Report on Form 10-K. Warranty 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, 2019 $ 79.0 Accruals for warranties issued during the period 25.0 Settlements made (29.6) Additions due to acquisitions 0.2 Effect of foreign currency translation (0.6) Balance, June 26, 2020 $ 74.0 Leases Operating lease cost was $20 million for each of the three month periods ended June 26, 2020 and June 28, 2019, respectively. For the six month periods ended June 26, 2020 and June 28, 2019, operating lease cost was $41 million and $38 million, respectively. During the six-month periods ended June 26, 2020 and June 28, 2019, cash paid for operating leases included in operating cash flows was $36 million and $32 million, respectively. Right-of-use assets obtained in exchange for operating lease obligations were $27 million and $44 million during the six month periods ended June 26, 2020 and June 28, 2019, respectively. As of June 26, 2020, we had entered into operating leases for which the lease had not yet commenced. These operating leases will commence in 2020 with lease terms between 1 and 15 years and have aggregate fixed payments of the non-cancelable lease terms of $22 million.

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
	Jun. 26, 2020
Earnings Per Share [Abstract]
Net Earnings Per Share	NOTE 11. 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 5.7 million anti-dilutive options excluded from the diluted EPS calculation for the three month period ended June 26, 2020 and an insignificant amount of anti-dilutive options excluded from the diluted EPS calculation for the three month period ended June 28, 2019. There were 5.7 million and 1.7 million anti-dilutive options excluded for the six month periods ended June 26, 2020 and June 28, 2019, respectively. As described in Note 5, 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 month periods ended June 26, 2020 and June 28, 2019. The impact of our Mandatory Convertible Preferred Stock (“MCPS”) calculated under the if-converted method was anti-dilutive for both the three and six month periods ended June 26, 2020, and 18.4 million shares were excluded from the diluted EPS calculation for each respective period. The impact of our MCPS calculated under the if-converted method was anti-dilutive for both the three and six month periods ended June 28, 2019, and 17.5 million shares were excluded from the diluted EPS calculation for each respective period. 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 26, 2020 June 28, 2019 June 26, 2020 June 28, 2019 Numerator Net earnings from continuing operations $ 130.3 $ 175.3 $ 172.6 $ 339.3 Mandatory convertible preferred stock cumulative dividends (17.2) (17.2) (34.5) (34.5) Net earnings attributable to common stockholders from continuing operations $ 113.1 $ 158.1 $ 138.1 $ 304.8 Denominator Weighted average common shares outstanding used in basic earnings per share 337.3 335.6 337.1 335.4 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 2.4 4.1 2.8 4.4 Weighted average common shares outstanding used in diluted earnings per share 339.7 339.7 339.9 339.8 Net earnings from continuing operations per common share - Basic $ 0.34 $ 0.47 $ 0.41 $ 0.91 Net earnings from continuing operations per common share - Diluted $ 0.33 $ 0.47 $ 0.41 $ 0.90 We declared and paid cash dividends per common share for both periods as presented below. We declared and paid the MCPS dividends in the first and second quarter of 2019, while the MCPS dividends in the first and second quarter of 2020 were declared, accrued, and paid as follows: Dividend Per Amount Dividend per MCPS Amount 2020: First quarter $ 0.07 $ 23.5 $ 12.5 $ 17.3 Second quarter 0.07 23.6 12.5 17.2 Total $ 0.14 $ 47.1 $ 25.0 $ 34.5 2019: First quarter $ 0.07 $ 23.4 $ 12.5 $ 17.3 Second quarter 0.07 23.4 12.5 17.2 Total $ 0.14 $ 46.8 $ 25.0 $ 34.5 The first quarter 2020 MCPS dividends were paid on April 1, 2020 and the second quarter 2020 MCPS dividends were paid on July 1, 2020.

Segment Information

Segment Information	6 Months Ended
	Jun. 26, 2020
Segment Reporting [Abstract]
Segment Information	NOTE 12. SEGMENT INFORMATION We report our results in two separate business segments consisting of Professional Instrumentation and Industrial Technologies. When determining the reportable segments, we aggregate 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 26, 2020 June 28, 2019 June 26, 2020 June 28, 2019 Sales: (a) Professional Instrumentation $ 1,037.5 $ 1,165.6 $ 2,141.9 $ 2,143.3 Industrial Technologies 533.7 699.1 1,142.8 1,314.3 Total $ 1,571.2 $ 1,864.7 $ 3,284.7 $ 3,457.6 Operating Profit: (a) Professional Instrumentation $ 135.6 $ 129.9 $ 280.1 $ 272.6 Industrial Technologies 82.6 145.0 81.1 243.8 Other (27.1) (25.4) (50.5) (49.6) Total Operating Profit 191.1 249.5 310.7 466.8 Interest expense, net (43.2) (44.4) (86.8) (69.7) Other non-operating income (expense), net 5.3 (0.8) 0.7 (0.4) Earnings from continuing operations before income taxes $ 153.2 $ 204.3 $ 224.6 $ 396.7 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation.

Business Overview (Policies)

Business Overview (Policies)	6 Months Ended
	Jun. 26, 2020
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 designated our ¥13.8 billion senior unsecured term facility loan and our Euro-denominated commercial paper outstanding during the six months ended June 26, 2020 as net investment hedges of our investment in certain foreign operations; as of June 26, 2020, we exited our Euro-denominated commercial paper positions. Accordingly, foreign currency transaction gains or losses on the debt are deferred in the foreign currency translation component of Accumulated other comprehensive income (loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. We recognized gains of $3.1 million and $4.0 million for the three and six month periods ended June 26, 2020, respectively, in other comprehensive income related to the net investment hedges. We recognized losses of $7.1 million and gains of $0.1 million for the three and six month periods ended June 28, 2019, respectively, in other comprehensive income related to the net investment hedges. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three and six month periods ended June 26, 2020 and June 28, 2019.
Recently Issued Accounting Standards	Recently Adopted Accounting Standard —In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), 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 financing, trade accounts, and unbilled receivables. On January 1, 2020, we adopted ASU 2016-13 nancing receivables of $40.0 million, with a corresponding net of tax adjustment to beginning retained earnings of $31.3 million. Results for reporting periods beginning January 1, 2020 reflect the adoption of ASU 2016-13, while prior period amounts were not adjusted and continue to be reported in accordance with our historical accounting practices. Prior to the adoption of ASU 2016-13 on January 1, 2020, we recognized an allowance for incurred losses when they were probable based on many quantitative and qualitative factors, including delinquency. After the adoption of ASU 2016-13, we measure our allowance to reflect expected credit losses over the remaining contractual life of the asset. We pool assets with similar risk characteristics for this measurement based on attributes that may include asset type, duration, and/or credit risk rating. The future expected losses of each pool are estimated based on numerous quantitative and qualitative factors reflecting management’s estimate of collectibility over the remaining contractual life of the pooled assets, including: • duration; • historical, current, and forecasted future loss experience by asset type; • historical, current, and forecasted delinquency and write-off trends; • historical, current, and forecasted economic conditions; and • historical, current, and forecasted credit risk. Expected credit losses of the assets originated during the three and six month periods ended June 26, 2020, as well as changes to expected losses during the same periods, are recognized in earnings for the three and six month periods ended June 26, 2020. As a result of the adoption of ASU 2016-13, we have updated our significant accounting policy related to unbilled, trade accounts, and financing receivables and allowances for credit losses from what was previously disclosed in our audited financial statements for the year ended December 31, 2019 as follows: All trade accounts, financing, and unbilled receivables are reported in the accompanying Consolidated Condensed Balance Sheet adjusted for any write-offs and net of allowances for credit losses. The allowances for credit losses represent management’s best estimate of the credit losses expected from our unbilled, trade accounts, and financing receivable portfolios over the life of the underlying assets. Determination of the allowances requires management to exercise judgment about the severity of credit losses, which includes judgments regarding the risk profile of each underlying receivable and expectations regarding the impact of current and future economic conditions on the creditworthiness of its customers. We regularly perform detailed reviews of our portfolios to evaluate the collectability of receivables based on a combination of past, current, and future financial and qualitative factors that may affect customers’ ability to pay, including customers’ financial condition, collateral, debt-servicing ability, payment experience, credit bureau information, and economic conditions. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, a specific reserve is recorded against amounts due to reduce the recognized receivable to the amount reasonably expected to be collected. Additions to the allowances are charged to current period earnings, amounts determined to be uncollectible are charged directly against the allowances, while amounts recovered on previously written-off accounts increase the allowances. Recent deterioration in overall global economic conditions and worldwide capital markets as a result of the COVID-19 pandemic may negatively impact our customers’ ability to pay and, as a result, may increase the difficulty in collecting trade accounts, financing, and unbilled receivables. We did not realize notable increases in loss rates and delinquencies during the three and six month periods ended June 26, 2020, and given the nature of our portfolio of receivables, our historical experience during times of challenging economic conditions, and our forecasted future impact of COVID-19 on our customer’s ability to pay, we did not record material provisions for credit losses as a result of the COVID-19 pandemic during the three and six month periods ended June 26, 2020. If the financial condition of our customers were to deteriorate beyond our current estimates, resulting in an impairment of their ability to make payments, we would be required to write-off additional receivable balances, which would adversely impact our net earnings and financial condition. The following is a rollforward of the aggregated allowance for credit losses related to our trade accounts, unbilled, and financing receivables as of June 26, 2020 ($ in millions): Balance, December 31, 2019 $ 82.1 Transition Adjustment 40.0 Provision 30.3 Write-offs (26.7) FX and Other (0.6) Balance, June 26, 2020 $ 125.1
Sales	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 26, 2020, 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) - USD ($) $ in Millions	6 Months Ended
	Jun. 26, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Reclassification of Accumulated Other Comprehensive Income	The changes in AOCI by component are summarized below ($ in millions): Foreign Pension adjustments (b) Total For the Three Months Ended June 26, 2020: Balance, March 27, 2020 $ (115.1) $ (78.5) $ (193.6) Other comprehensive income (loss) before reclassifications, net of income taxes 36.0 — 36.0 Amounts reclassified from accumulated other comprehensive income (loss): Increase — 1.2 (a) 1.2 Income tax impact — (0.2) (0.2) 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 36.0 1.0 37.0 Balance, June 26, 2020 $ (79.1) $ (77.5) $ (156.6) 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 — 0.7 (a) 0.7 Income tax impact — (0.2) (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) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 7 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. Foreign currency translation adjustments Pension adjustments (b) Total For the Six Months Ended June 26, 2020: Balance, December 31, 2019 $ 21.2 $ (77.5) $ (56.3) Other comprehensive income (loss) before reclassifications, net of income taxes (100.3) — (100.3) Amounts reclassified from accumulated other comprehensive income (loss): Increase — — — Income tax impact — — — Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — — — Net current period other comprehensive income (loss), net of income taxes (100.3) — (100.3) Balance, June 26, 2020 $ (79.1) $ (77.5) $ (156.6) 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 — 1.4 (a) 1.4 Income tax impact — (0.4) (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) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 7 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following is a rollforward of the aggregated allowance for credit losses related to our trade accounts, unbilled, and financing receivables as of June 26, 2020 ($ in millions): Balance, December 31, 2019 $ 82.1 Transition Adjustment 40.0 Provision 30.3 Write-offs (26.7) FX and Other (0.6) Balance, June 26, 2020 $ 125.1
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 7,406.9	$ 7,400.2

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 26, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table summarizes the provisional fair value estimates of the assets acquired and liabilities assumed of Principal and Non-Principal Countries that have been transferred to ASP as of June 26, 2020, prior to foreign currency impacts; we did not acquire accounts receivable or accounts payable from Johnson & Johnson ($ in millions): Advanced Sterilization Products Inventories $ 178.7 Property, plant and equipment 47.5 Goodwill 1,436.8 Other intangible assets, primarily customer relationships, trade names and technology 1,123.5 Other assets and liabilities, net (79.6) Total consideration allocated to Principal Countries and closed Non-Principal Countries 2,706.9 Prepaid acquisition asset related to remaining Non-Principal Countries 30.6 Net cash consideration $ 2,737.5

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is a rollforward of our carrying value of goodwill by segment ($ in millions): Professional Instrumentation (a) Industrial Technologies (a) Total Goodwill Balance, December 31, 2019 $ 7,242.6 $ 1,156.7 $ 8,399.3 Acquisitions 22.7 — 22.7 Impairment charge — (85.3) (85.3) Foreign currency translation and other (22.8) (16.2) (39.0) Balance, June 26, 2020 $ 7,242.5 $ 1,055.2 $ 8,297.7 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 26, 2020
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 Significant Other Significant Total June 26, 2020 Deferred compensation liabilities $ — $ 31.6 $ — $ 31.6 December 31, 2019 Deferred compensation liabilities $ — $ 29.6 $ — $ 29.6
Carrying Amounts and Fair Values of Financial Instruments	The carrying amount and fair value of financial instruments are as follows ($ in millions): June 26, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 998.8 $ 1,010.4 $ 1,500.0 $ 1,500.0 Long-term debt, net of current maturities $ 4,686.2 $ 4,872.1 $ 4,828.4 $ 4,992.3

Financing and Capital (Tables)

Financing and Capital (Tables)	6 Months Ended
	Jun. 26, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The carrying value of the components of our long-term debt were as follows ($ in millions): June 26, 2020 December 31, 2019 U.S. dollar-denominated commercial paper $ — $ 884.4 Euro-denominated commercial paper — 264.1 Delayed-draw term loan due 2020 1,000.0 1,000.0 Term Loan due 2020 250.0 500.0 Term Loan due 2021 748.7 — Yen variable interest rate term loan due 2022 128.7 127.1 2.35% senior unsecured notes due 2021 748.8 748.2 3.15% senior unsecured notes due 2026 893.6 893.0 4.30% senior unsecured notes due 2046 547.1 547.0 0.875% senior convertible notes due 2022 1,368.0 1,347.3 Other 0.1 17.3 Long-term debt 5,685.0 6,328.4 Less: current portion of long-term debt 998.8 1,500.0 Long-term debt, net of current maturities $ 4,686.2 $ 4,828.4

Sales (Tables)

Sales (Tables)	6 Months Ended
	Jun. 26, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Contract liabilities	Our contract liabilities consisted of the following ($ in millions): June 26, 2020 December 31, 2019 Deferred revenue - current $ 439.2 $ 410.1 Deferred revenue - noncurrent 91.9 99.2 Total contract liabilities $ 531.1 $ 509.3
Schedule of Remaining performance obligations	The aggregate performance obligations attributable to each of our segments is as follows ($ in millions): June 26, 2020 Professional Instrumentation $ 144.6 Industrial Technologies 382.3 Total remaining performance obligations $ 526.9
Schedule of Disaggregation of revenue	Disaggregation of revenue for the three month period ended June 26, 2020 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products and software $ 1,367.7 $ 887.3 $ 480.4 Sales of services 203.5 150.2 53.3 Total $ 1,571.2 $ 1,037.5 $ 533.7 Geographic: United States $ 908.0 $ 549.3 $ 358.7 China 145.4 131.6 13.8 All other (each country individually less than 5% of total sales) 517.8 356.6 161.2 Total $ 1,571.2 $ 1,037.5 $ 533.7 Major Products Group: Professional tools and equipment $ 1,003.9 $ 589.9 $ 414.0 Industrial automation, controls and sensors 107.4 107.4 — Franchise distribution 119.7 — 119.7 Medical technologies 284.4 284.4 — All other 55.8 55.8 — Total $ 1,571.2 $ 1,037.5 $ 533.7 End markets: Direct sales: Retail fueling (a) $ 365.7 $ — $ 365.7 Industrial & Manufacturing 102.8 102.8 — Vehicle repair (a) 103.2 — 103.2 Utilities & Power 38.8 38.8 — Medical (a) 284.4 284.4 — Other 373.4 312.1 61.3 Total direct sales 1,268.3 738.1 530.2 Distributors (a) 302.9 299.4 3.5 Total $ 1,571.2 $ 1,037.5 $ 533.7 (a) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three month period ended June 26, 2020 was $597.0 million. Disaggregation of revenue for the three month period ended June 28, 2019 is presented as follows ($ in millions): Total Professional Instrumentation (a) Industrial Technologies (a) Sales: Sales of products and software $ 1,623.0 $ 998.8 $ 624.2 Sales of services 241.7 166.8 74.9 Total $ 1,864.7 $ 1,165.6 $ 699.1 Geographic: United States $ 1,077.7 $ 625.5 $ 452.2 China 154.3 130.4 23.9 All other (each country individually less than 5% of total sales) 632.7 409.7 223.0 Total $ 1,864.7 $ 1,165.6 $ 699.1 Major Products Group: Professional tools and equipment $ 1,256.1 $ 711.2 $ 544.9 Industrial automation, controls and sensors 127.2 127.2 — Franchise distribution 154.2 — 154.2 Medical technologies 265.3 265.3 — All other 61.9 61.9 — Total $ 1,864.7 $ 1,165.6 $ 699.1 End markets: Direct sales: Retail fueling (b) $ 486.3 $ — $ 486.3 Industrial & Manufacturing 114.1 114.1 — Vehicle repair (b) 139.5 — 139.5 Utilities & Power 49.1 49.1 — Medical (b) 265.3 265.3 — Other 391.5 324.5 67.0 Total direct sales 1,445.8 753.0 692.8 Distributors (b) 418.9 412.6 6.3 Total $ 1,864.7 $ 1,165.6 $ 699.1 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. (b) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the three month period ended June 28, 2019 was $773.1 million. Disaggregation of revenue for the six month period ended June 26, 2020 is presented as follows ($ in millions): Total Professional Instrumentation Industrial Technologies Sales: Sales of products and software $ 2,855.5 $ 1,827.8 $ 1,027.7 Sales of services 429.2 314.1 115.1 Total $ 3,284.7 $ 2,141.9 $ 1,142.8 Geographic: United States $ 1,927.8 $ 1,144.2 $ 783.6 China 272.9 250.6 22.3 All other (each country individually less than 5% of total sales) 1,084.0 747.1 336.9 Total $ 3,284.7 $ 2,141.9 $ 1,142.8 Major Products Group: Professional tools and equipment $ 2,111.2 $ 1,248.5 $ 862.7 Industrial automation, controls and sensors 217.0 217.0 — Franchise distribution 280.1 — 280.1 Medical technologies 564.4 564.4 — All other 112.0 112.0 — Total $ 3,284.7 $ 2,141.9 $ 1,142.8 End markets: Direct sales: Retail fueling (a) $ 762.2 $ — $ 762.2 Industrial & Manufacturing 211.8 211.8 — Vehicle repair (a) 246.4 — 246.4 Utilities & Power 82.7 82.7 — Medical (a) 564.4 564.4 — Other 729.2 602.9 126.3 Total direct sales 2,596.7 1,461.8 1,134.9 Distributors (a) 688.0 680.1 7.9 Total $ 3,284.7 $ 2,141.9 $ 1,142.8 (a) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the six month period ended June 26, 2020 was $1,336.2 million. Disaggregation of revenue for the six month period ended June 28, 2019 is presented as follows ($ in millions): Total Professional Instrumentation (a) Industrial Technologies (a) Sales: Sales of products and software $ 3,028.1 $ 1,855.0 $ 1,173.1 Sales of services 429.5 288.3 141.2 Total $ 3,457.6 $ 2,143.3 $ 1,314.3 Geographic: United States $ 1,965.3 $ 1,121.6 $ 843.7 China 304.3 261.6 42.7 All other (each country individually less than 5% of total sales) 1,188.0 760.1 427.9 Total $ 3,457.6 $ 2,143.3 $ 1,314.3 Major Products Group: Professional tools and equipment $ 2,407.9 $ 1,416.8 $ 991.1 Industrial automation, controls and sensors 247.3 247.3 — Franchise distribution 323.2 — 323.2 Medical technologies 364.3 364.3 — All other 114.9 114.9 — Total $ 3,457.6 $ 2,143.3 $ 1,314.3 End markets: Direct sales: Retail fueling (b) $ 874.5 $ — $ 874.5 Industrial & Manufacturing 223.7 223.7 — Vehicle repair (b) 293.3 — 293.3 Utilities & Power 98.7 98.7 — Medical (b) 364.3 364.3 — Other 769.2 634.4 134.8 Total direct sales 2,623.7 1,321.1 1,302.6 Distributors (b) 833.9 822.2 11.7 Total $ 3,457.6 $ 2,143.3 $ 1,314.3 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation. (b) Retail fueling, vehicle repair, and medical include sales to these end markets made through third-party distributors. Total distributor sales for the six month period ended June 28, 2019 was $1,518.3 million.

Pension Plans (Tables)

Pension Plans (Tables)	6 Months Ended
	Jun. 26, 2020
Retirement Benefits [Abstract]
Schedule of Net Periodic Pension Costs	The following sets forth the components of our net periodic costs associated with our noncontributory defined benefit pension plans ($ in millions): Three Months Ended Six Months Ended June 26, 2020 June 28, 2019 June 26, 2020 June 28, 2019 U.S. Pension Benefits: Interest cost $ 0.3 $ 0.4 $ 0.6 $ 0.8 Expected return on plan assets (0.3) (0.3) (0.6) (0.7) Amortization of net loss 0.1 — 0.2 — Net periodic pension cost $ 0.1 $ 0.1 $ 0.2 $ 0.1 Non-U.S. Pension Benefits: Service cost $ 1.1 $ 0.7 $ 2.2 $ 1.0 Interest cost 1.0 1.4 2.0 2.9 Expected return on plan assets (1.4) (1.5) (2.8) (2.9) Amortization of net loss 1.0 0.7 2.1 1.4 Amortization of prior service cost 0.1 — 0.2 — Net periodic pension cost $ 1.8 $ 1.3 $ 3.7 $ 2.4

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 26, 2020
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 26, 2020 June 28, 2019 June 26, 2020 June 28, 2019 Stock Awards: Pretax compensation expense $ 13.8 $ 10.1 $ 23.9 $ 17.9 Income tax benefit (2.3) (2.1) (4.2) (3.8) Stock Award expense, net of income taxes 11.5 8.0 19.7 14.1 Stock options: Pretax compensation expense 8.9 5.8 14.9 10.9 Income tax benefit (1.5) (1.2) (2.3) (2.3) Stock option expense, net of income taxes 7.4 4.6 12.6 8.6 Total stock-based compensation: Pretax compensation expense 22.7 15.9 38.8 28.8 Income tax benefit (3.8) (3.3) (6.5) (6.1) Total stock-based compensation expense, net of income taxes $ 18.9 $ 12.6 $ 32.3 $ 22.7
Schedule of Future Compensation	Future compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions): Stock Awards $ 80.7 Stock options 104.8 Total unrecognized compensation cost $ 185.5

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 26, 2020
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, 2019 $ 79.0 Accruals for warranties issued during the period 25.0 Settlements made (29.6) Additions due to acquisitions 0.2 Effect of foreign currency translation (0.6) Balance, June 26, 2020 $ 74.0

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	6 Months Ended
	Jun. 26, 2020
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 26, 2020 June 28, 2019 June 26, 2020 June 28, 2019 Numerator Net earnings from continuing operations $ 130.3 $ 175.3 $ 172.6 $ 339.3 Mandatory convertible preferred stock cumulative dividends (17.2) (17.2) (34.5) (34.5) Net earnings attributable to common stockholders from continuing operations $ 113.1 $ 158.1 $ 138.1 $ 304.8 Denominator Weighted average common shares outstanding used in basic earnings per share 337.3 335.6 337.1 335.4 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 2.4 4.1 2.8 4.4 Weighted average common shares outstanding used in diluted earnings per share 339.7 339.7 339.9 339.8 Net earnings from continuing operations per common share - Basic $ 0.34 $ 0.47 $ 0.41 $ 0.91 Net earnings from continuing operations per common share - Diluted $ 0.33 $ 0.47 $ 0.41 $ 0.90
Schedule of Dividends Declared	We declared and paid cash dividends per common share for both periods as presented below. We declared and paid the MCPS dividends in the first and second quarter of 2019, while the MCPS dividends in the first and second quarter of 2020 were declared, accrued, and paid as follows: Dividend Per Amount Dividend per MCPS Amount 2020: First quarter $ 0.07 $ 23.5 $ 12.5 $ 17.3 Second quarter 0.07 23.6 12.5 17.2 Total $ 0.14 $ 47.1 $ 25.0 $ 34.5 2019: First quarter $ 0.07 $ 23.4 $ 12.5 $ 17.3 Second quarter 0.07 23.4 12.5 17.2 Total $ 0.14 $ 46.8 $ 25.0 $ 34.5

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 26, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Our segment results are as follows ($ in millions): Three Months Ended Six Months Ended June 26, 2020 June 28, 2019 June 26, 2020 June 28, 2019 Sales: (a) Professional Instrumentation $ 1,037.5 $ 1,165.6 $ 2,141.9 $ 2,143.3 Industrial Technologies 533.7 699.1 1,142.8 1,314.3 Total $ 1,571.2 $ 1,864.7 $ 3,284.7 $ 3,457.6 Operating Profit: (a) Professional Instrumentation $ 135.6 $ 129.9 $ 280.1 $ 272.6 Industrial Technologies 82.6 145.0 81.1 243.8 Other (27.1) (25.4) (50.5) (49.6) Total Operating Profit 191.1 249.5 310.7 466.8 Interest expense, net (43.2) (44.4) (86.8) (69.7) Other non-operating income (expense), net 5.3 (0.8) 0.7 (0.4) Earnings from continuing operations before income taxes $ 153.2 $ 204.3 $ 224.6 $ 396.7 (a) Beginning January 1, 2020, our Hengstler and Dynapar businesses are reported within our Professional Instrumentation segment. Previously, these businesses were reported within our Industrial Technologies segment. Prior year balances have been reclassified to reflect current year presentation.

Business Overview - Narrative (

Business Overview - Narrative (Details) $ in Millions	Jan. 01, 2020USD ($)	Jun. 26, 2020USD ($)	Jun. 28, 2019USD ($)	Jun. 26, 2020USD ($)	Jun. 28, 2019USD ($)	Jun. 26, 2020JPY (¥)	Dec. 31, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
(Loss) gain in OCI related to net investment hedge		$ 3.1	$ (7.1)	$ 4	$ 0.1
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Allowance for accounts, unbilled and financing receivables		125.1		125.1			$ 82.1
Retained earnings		$ 4,187.8		$ 4,187.8			4,128.8
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for accounts, unbilled and financing receivables	$ 40						$ 40
Retained earnings	$ (31.3)
Yen variable interest rate term loan due 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term loan facility, aggregate amount | ¥						¥ 13,800,000,000

Business Overview - Accumulated

Business Overview - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 26, 2020	Mar. 27, 2020	Jun. 28, 2019	Mar. 29, 2019	Jun. 26, 2020	Jun. 28, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ 7,400.2			$ 7,400.2
Other comprehensive income (loss) before reclassifications, net of income taxes	$ 36		$ 1.3		(100.3)	$ 18
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (Decrease)	1.2		0.7		0	1.4
Income tax impact	(0.2)		(0.2)		0	(0.4)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	1		0.5		0	1
Total other comprehensive income (loss), net of income taxes	37		1.8		(100.3)	19
Ending balance	7,406.9				7,406.9
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(115.1)	21.2	(12.6)	$ (29.3)	21.2	(29.3)
Other comprehensive income (loss) before reclassifications, net of income taxes	36		1.3		(100.3)	18
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	36		1.3		(100.3)	18
Ending balance	(79.1)	(115.1)	(11.3)	(12.6)	(79.1)	(11.3)
Pension adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(78.5)	(77.5)	(56.8)	(57.3)	(77.5)	(57.3)
Other comprehensive income (loss) before reclassifications, net of income taxes	0		0		0	0
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (Decrease)	1.2		0.7		0	1.4
Income tax impact	(0.2)		(0.2)		0	(0.4)
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	1		0.5		0	1
Total other comprehensive income (loss), net of income taxes	1		0.5		0	1
Ending balance	(77.5)	(78.5)	(56.3)	(56.8)	(77.5)	(56.3)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(193.6)	(56.3)	(69.4)	(86.6)	(56.3)	(86.6)
Amounts reclassified from accumulated other comprehensive income (loss):
Total other comprehensive income (loss), net of income taxes	37	(137.3)	1.8	17.2
Ending balance	$ (156.6)	$ (193.6)	$ (67.6)	$ (69.4)	$ (156.6)	$ (67.6)

Business Overview - Allowance f

Business Overview - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 26, 2020	Jan. 01, 2020
Accounts And Financing Receivable, Allowance For Credit Loss [Roll Forward]
Beginning balance	$ 82.1
Transition Adjustment	125.1
Provision	30.3
Write-offs	(26.7)
FX and Other	(0.6)
Ending balance	125.1
Cumulative Effect, Period of Adoption, Adjustment
Accounts And Financing Receivable, Allowance For Credit Loss [Roll Forward]
Beginning balance	40
Transition Adjustment	$ 40	$ 40

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	Apr. 01, 2019USD ($)country	Jun. 26, 2020USD ($)	Jun. 26, 2020USD ($)country
Business Acquisition [Line Items]
Acquisitions			$ 22.7
Prepaid acquisition asset related to remaining Non-Principal Countries		$ 30.6	30.6
Acquisitions, ASP
Business Acquisition [Line Items]
Net cash consideration	$ 2,700		$ 2,737.5
Number of principal countries | country	20
Number of non-principal countries | country	39
Number of principal countries, closed | country			20
Number of non-principal countries, closed | country			8
Percent of preliminary valuation in principal countries		99.00%	99.00%
Percent of preliminary valuation in non-principal countries		1.00%	1.00%
Prepaid acquisition asset related to remaining Non-Principal Countries		$ 30.6	$ 30.6
Transaction-related costs		$ 22	$ 42

Acquisitions - Advanced Sterili

Acquisitions - Advanced Sterilization Products Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Apr. 01, 2019	Jun. 26, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 8,297.7	$ 8,399.3
Prepaid acquisition asset related to remaining Non-Principal Countries		30.6
Acquisitions, ASP
Business Acquisition [Line Items]
Inventories		178.7
Property, plant and equipment		47.5
Goodwill		1,436.8
Other intangible assets, primarily customer relationships, trade names and technology		1,123.5
Other assets and liabilities, net		(79.6)
Total consideration allocated to Principal Countries and closed Non-Principal Countries		2,706.9
Prepaid acquisition asset related to remaining Non-Principal Countries		30.6
Net cash consideration	$ 2,700	$ 2,737.5

Goodwill - Rollforward of Goodw

Goodwill - Rollforward of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Goodwill [Roll Forward]
Beginning balance			$ 8,399.3
Acquisitions			22.7
Impairment of goodwill	$ 0	$ 0	(85.3)	$ 0
Foreign currency translation and other			(39)
Ending balance	8,297.7		8,297.7
Professional Instrumentation
Goodwill [Roll Forward]
Beginning balance			7,242.6
Acquisitions			22.7
Impairment of goodwill			0
Foreign currency translation and other			(22.8)
Ending balance	7,242.5		7,242.5
Industrial Technologies
Goodwill [Roll Forward]
Beginning balance			1,156.7
Acquisitions			0
Impairment of goodwill			(85.3)
Foreign currency translation and other			(16.2)
Ending balance	$ 1,055.2		$ 1,055.2

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($) $ in Millions	Mar. 27, 2020	Jun. 26, 2020	Mar. 27, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019	Dec. 31, 2019
Goodwill [Line Items]
Impairment of goodwill		$ 0		$ 0	$ 85.3	$ 0
Goodwill		$ 8,297.7			$ 8,297.7		$ 8,399.3
Telematics Reporting Unit
Goodwill [Line Items]
Reporting unit, percentage of fair value in excess of carrying amount							5.00%
Impairment of goodwill	$ 85.3		$ 85.3
Goodwill	$ 235.9		$ 235.9

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 26, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	$ 31.6	$ 29.6
Quoted Prices in Active Market (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	31.6	29.6
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 27, 2020	Jun. 26, 2020	Mar. 27, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of goodwill		$ 0		$ 0	$ 85.3	$ 0
Telematics Reporting Unit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of goodwill	$ 85.3		$ 85.3

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 26, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, carrying amount	$ 998.8	$ 1,500
Long-term debt, net of current maturities, carrying value	4,686.2	4,828.4
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, carrying amount	998.8	1,500
Current portion of long-term debt, fair value	1,010.4	1,500
Long-term debt, net of current maturities, carrying value	4,686.2	4,828.4
Long-term debt, net of current maturities, fair value	$ 4,872.1	$ 4,992.3

Financing and Capital - Compone

Financing and Capital - Components of Debt (Details) - USD ($) $ in Millions	Jun. 26, 2020	Dec. 31, 2019	Mar. 29, 2019	Feb. 22, 2019
Debt Instrument [Line Items]
Long-term debt	$ 5,685	$ 6,328.4
Current portion of long-term debt	998.8	1,500
Long-term debt, net of current maturities	4,686.2	4,828.4
Other
Debt Instrument [Line Items]
Long-term debt	0.1	17.3
Commercial Paper | U.S. dollar-denominated commercial paper
Debt Instrument [Line Items]
Long-term debt	0	884.4
Commercial Paper | Euro-denominated commercial paper
Debt Instrument [Line Items]
Long-term debt	0	264.1
Senior Notes | 2.35% senior unsecured notes due 2021
Debt Instrument [Line Items]
Long-term debt	$ 748.8	748.2
Interest rate, stated percentage	2.35%
Senior Notes | 3.15% senior unsecured notes due 2026
Debt Instrument [Line Items]
Long-term debt	$ 893.6	893
Interest rate, stated percentage	3.15%
Senior Notes | 4.30% senior unsecured notes due 2046
Debt Instrument [Line Items]
Long-term debt	$ 547.1	547
Interest rate, stated percentage	4.30%
Convertible Debt | 0.875% senior convertible notes due 2022
Debt Instrument [Line Items]
Long-term debt	$ 1,368	1,347.3
Interest rate, stated percentage	0.875%		0.875%	0.875%
Line of credit | Delayed-draw term loan due 2020
Debt Instrument [Line Items]
Long-term debt	$ 1,000	1,000
Line of credit | Term Loan due 2020
Debt Instrument [Line Items]
Long-term debt	250	500
Line of credit | Term Loan due 2021
Debt Instrument [Line Items]
Long-term debt	748.7	0
Line of credit | Yen variable interest rate term loan due 2022
Debt Instrument [Line Items]
Long-term debt	$ 128.7	$ 127.1

Financing and Capital - Narrati

Financing and Capital - Narrative (Details)	Dec. 31, 2021	Oct. 01, 2021	Jul. 02, 2021	Jun. 26, 2020USD ($)	Apr. 24, 2020	Apr. 23, 2020USD ($)	Apr. 03, 2020USD ($)	Mar. 23, 2020USD ($)	Feb. 26, 2020USD ($)	Nov. 08, 2019USD ($)	Oct. 25, 2019USD ($)	Mar. 20, 2019USD ($)	Feb. 22, 2019USD ($)$ / shares	Feb. 19, 2019$ / shares	Apr. 30, 2020USD ($)	Jun. 26, 2020USD ($)	Jun. 26, 2020USD ($)	Jun. 28, 2019USD ($)	Apr. 02, 2021	Dec. 31, 2021	Dec. 31, 2019USD ($)	Mar. 29, 2019	Mar. 01, 2019USD ($)
Debt Instrument [Line Items]
Debt discounts, premiums and issuance costs				$ 81,000,000												$ 81,000,000	$ 81,000,000				$ 102,000,000
Share closing price (in dollars per share) | $ / shares														$ 80.48
Payments of debt issuance costs																	$ 8,000,000	$ 24,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt term																	5 years
Senior unsecured revolving credit facility				2,000,000,000												2,000,000,000	$ 2,000,000,000
Outstanding borrowings				0												$ 0	0
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.00%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.175%
Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.805%
Revolving Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate						1.175%
Line of credit
Debt Instrument [Line Items]
Required consolidated net leverage ratio						3.50										3.5
Required consolidated net leverage ratio following material acquisition																4
Maximum percentage of principal amount of secured indebtedness to consolidated net assets						15.00%
Line of credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.00%
Line of credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate						1.00%
Convertible Debt
Debt Instrument [Line Items]
Interest expense																$ 13,600,000	27,000,000
Term Loan due 2020 | Line of credit
Debt Instrument [Line Items]
Senior unsecured revolving credit facility											$ 300,000,000
Outstanding borrowings				250,000,000						$ 500,000,000						250,000,000	250,000,000
Long-term debt				$ 500,000,000												$ 500,000,000	$ 500,000,000
Proceeds from line of credit											$ 300,000,000
Increase in line of credit facility										$ 200,000,000
Interest rate at the end of the period				1.00%												1.00%	1.00%
Payment of outstanding principal									$ 250,000,000
Term Loan due 2020 | Line of credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable interest rate				0.75%
Delayed-draw term loan due 2020 | Line of credit
Debt Instrument [Line Items]
Outstanding borrowings				$ 1,000,000,000												$ 1,000,000,000	$ 1,000,000,000
Long-term debt				$ 1,000,000,000												$ 1,000,000,000	$ 1,000,000,000						$ 1,000,000,000
Proceeds from line of credit												$ 1,000,000,000
Interest rate at the end of the period				1.80%												1.80%	1.80%
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%	1.55%
Term Loan due 2021 | Line of credit
Debt Instrument [Line Items]
Debt term																	364 days
Senior unsecured revolving credit facility								$ 425,000,000
Outstanding borrowings				$ 750,000,000											$ 750,000,000	$ 750,000,000	$ 750,000,000
Long-term debt				$ 750,000,000												$ 750,000,000	$ 750,000,000
Basis spread on variable interest rate				1.55%
Proceeds from line of credit								$ 375,000,000							$ 375,000,000
Increase in line of credit facility							$ 325,000,000
Interest rate at the end of the period				1.80%												1.80%	1.80%
Payments of debt issuance costs																	$ 2,000,000
The Amendments | Revolving Credit Facility | Base Rate | Forecast | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate																				0.18%
The Amendments | Revolving Credit Facility | Base Rate | Forecast | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate																				0.55%
The Amendments | Revolving Credit Facility | Eurodollar | Forecast | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate																				1.18%
The Amendments | Revolving Credit Facility | Eurodollar | Forecast | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate																				1.55%
The Amendments | Line of credit
Debt Instrument [Line Items]
Debt issuance costs						$ 6,500,000
The Amendments | Line of credit | Forecast
Debt Instrument [Line Items]
Required consolidated net leverage ratio	3.75	4.25	4.5																4.75
Maximum percentage of principal amount of secured indebtedness to consolidated net assets																				11.25%
The Amendments | Line of credit | London Interbank Offered Rate (LIBOR) | Forecast
Debt Instrument [Line Items]
Basis spread on variable interest rate																				0.25%
The Amendments | Line of credit | Base Rate | Forecast
Debt Instrument [Line Items]
Basis spread on variable interest rate																				1.25%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.00%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Base Rate | Forecast | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate																				0.55%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Base Rate | Forecast | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate																				0.80%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.75%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate						0.975%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Eurodollar | Forecast | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate																				1.55%
Delayed-Draw Term Loan Due 2020, Extended Tranche | Revolving Credit Facility | Eurodollar | Forecast | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate																				1.80%
0.875% senior convertible notes due 2022 | Convertible Debt
Debt Instrument [Line Items]
Debt issuance costs													$ 24,300,000
Proceeds from the issuance of convertible notes													$ 1,400,000,000
Interest rate, stated percentage				0.875%									0.875%			0.875%	0.875%					0.875%
Principal amount													$ 1,300,000,000
Conversion ratio													0.009378
Initial conversion price (in dollars per share) | $ / shares													$ 106.64
Threshold percentage of stock price trigger														32.50%
Discount at issuance													$ 102,200,000
Effective interest rate													3.38%
Interest expense related to contractual coupon rate																$ 3,200,000	$ 6,300,000
Amortization of debt issuance costs																1,900,000	3,800,000
Unamortized discount				$ 57,200,000									$ 102,200,000			$ 57,200,000	$ 57,200,000
Discount amortization period																	3 years
Senior Unsecured Notes due 2022, Over-Allotment Option | Convertible Debt
Debt Instrument [Line Items]
Principal amount													$ 187,500,000
2.35% senior unsecured notes due 2021 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				2.35%												2.35%	2.35%

Sales - Contract Assets (Detail

Sales - Contract Assets (Details) - USD ($) $ in Millions	Jun. 26, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 73	$ 79

Sales - Contract Costs (Details

Sales - Contract Costs (Details) - USD ($) $ in Millions	Jun. 26, 2020	Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Net revenue-related contract assets	$ 114	$ 147
Maximum
Capitalized Contract Cost [Line Items]
Useful life	8 years
Minimum
Capitalized Contract Cost [Line Items]
Useful life	3 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. 26, 2020	Jun. 26, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 439.2	$ 439.2	$ 410.1
Deferred revenue - noncurrent	91.9	91.9	99.2
Total contract liabilities	531.1	531.1	$ 509.3
Contract liabilities, revenue recognized	$ 83	$ 209

Sales - Revenue, Remaining Perf

Sales - Revenue, Remaining Performance Obligation (Details) $ in Millions	Jun. 26, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 526.9
Professional Instrumentation | Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	144.6
Industrial Technologies | Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 382.3

Sales - Remaining Performance O

Sales - Remaining Performance Obligation, Expected Timing (Details)	Jun. 26, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	40.00%
Remaining performance obligation, expected timing	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-06-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	70.00%
Remaining performance obligation, expected timing	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-06-27
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. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Disaggregation of Revenue [Line Items]
Sales	$ 1,571.2	$ 1,864.7	$ 3,284.7	$ 3,457.6
Retail fueling
Disaggregation of Revenue [Line Items]
Sales	365.7	486.3	762.2	874.5
Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Sales	102.8	114.1	211.8	223.7
Vehicle repair
Disaggregation of Revenue [Line Items]
Sales	103.2	139.5	246.4	293.3
Utilities & Power
Disaggregation of Revenue [Line Items]
Sales	38.8	49.1	82.7	98.7
Medical
Disaggregation of Revenue [Line Items]
Sales	284.4	265.3	564.4	364.3
Other
Disaggregation of Revenue [Line Items]
Sales	373.4	391.5	729.2	769.2
Total direct sales
Disaggregation of Revenue [Line Items]
Sales	1,268.3	1,445.8	2,596.7	2,623.7
Distributors
Disaggregation of Revenue [Line Items]
Sales	302.9	418.9	688	833.9
Total Distributors
Disaggregation of Revenue [Line Items]
Sales	597	773.1	1,336.2	1,518.3
Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	1,037.5	1,165.6	2,141.9	2,143.3
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	102.8	114.1	211.8	223.7
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	38.8	49.1	82.7	98.7
Professional Instrumentation | Operating Segments | Medical
Disaggregation of Revenue [Line Items]
Sales	284.4	265.3	564.4	364.3
Professional Instrumentation | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Sales	312.1	324.5	602.9	634.4
Professional Instrumentation | Operating Segments | Total direct sales
Disaggregation of Revenue [Line Items]
Sales	738.1	753	1,461.8	1,321.1
Professional Instrumentation | Operating Segments | Distributors
Disaggregation of Revenue [Line Items]
Sales	299.4	412.6	680.1	822.2
Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	533.7	699.1	1,142.8	1,314.3
Industrial Technologies | Operating Segments | Retail fueling
Disaggregation of Revenue [Line Items]
Sales	365.7	486.3	762.2	874.5
Industrial Technologies | Operating Segments | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Industrial Technologies | Operating Segments | Vehicle repair
Disaggregation of Revenue [Line Items]
Sales	103.2	139.5	246.4	293.3
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	0	0	0	0
Industrial Technologies | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Sales	61.3	67	126.3	134.8
Industrial Technologies | Operating Segments | Total direct sales
Disaggregation of Revenue [Line Items]
Sales	530.2	692.8	1,134.9	1,302.6
Industrial Technologies | Operating Segments | Distributors
Disaggregation of Revenue [Line Items]
Sales	3.5	6.3	7.9	11.7
United States
Disaggregation of Revenue [Line Items]
Sales	908	1,077.7	1,927.8	1,965.3
United States | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	549.3	625.5	1,144.2	1,121.6
United States | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	358.7	452.2	783.6	843.7
China
Disaggregation of Revenue [Line Items]
Sales	145.4	154.3	272.9	304.3
China | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	131.6	130.4	250.6	261.6
China | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	13.8	23.9	22.3	42.7
All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Sales	517.8	632.7	1,084	1,188
All other (each country individually less than 5% of total sales) | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	356.6	409.7	747.1	760.1
All other (each country individually less than 5% of total sales) | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	161.2	223	336.9	427.9
Products
Disaggregation of Revenue [Line Items]
Sales	1,367.7	1,623	2,855.5	3,028.1
Products | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	887.3	998.8	1,827.8	1,855
Products | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	480.4	624.2	1,027.7	1,173.1
Services
Disaggregation of Revenue [Line Items]
Sales	203.5	241.7	429.2	429.5
Services | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	150.2	166.8	314.1	288.3
Services | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	53.3	74.9	115.1	141.2
Professional tools and equipment
Disaggregation of Revenue [Line Items]
Sales	1,003.9	1,256.1	2,111.2	2,407.9
Professional tools and equipment | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	589.9	711.2	1,248.5	1,416.8
Professional tools and equipment | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	414	544.9	862.7	991.1
Industrial automation, controls and sensors
Disaggregation of Revenue [Line Items]
Sales	107.4	127.2	217	247.3
Industrial automation, controls and sensors | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	107.4	127.2	217	247.3
Industrial automation, controls and sensors | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Franchise distribution
Disaggregation of Revenue [Line Items]
Sales	119.7	154.2	280.1	323.2
Franchise distribution | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
Franchise distribution | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	119.7	154.2	280.1	323.2
Medical technologies
Disaggregation of Revenue [Line Items]
Sales	284.4	265.3	564.4	364.3
Medical technologies | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	284.4	265.3	564.4	364.3
Medical technologies | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	0	0	0	0
All other
Disaggregation of Revenue [Line Items]
Sales	55.8	61.9	112	114.9
All other | Professional Instrumentation | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	55.8	61.9	112	114.9
All other | Industrial Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Sales	$ 0	$ 0	$ 0	$ 0

Pension Plans - Components of N

Pension Plans - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
United states
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 0.3	$ 0.4	$ 0.6	$ 0.8
Expected return on plan assets	(0.3)	(0.3)	(0.6)	(0.7)
Amortization of net loss	0.1	0	0.2	0
Net periodic pension cost	0.1	0.1	0.2	0.1
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	1.1	0.7	2.2	1
Interest cost	1	1.4	2	2.9
Expected return on plan assets	(1.4)	(1.5)	(2.8)	(2.9)
Amortization of net loss	1	0.7	2.1	1.4
Amortization of prior service cost	0.1	0	0.2	0
Net periodic pension cost	$ 1.8	$ 1.3	$ 3.7	$ 2.4

Pension Plans - Narrative (Deta

Pension Plans - Narrative (Details) $ in Millions	Jun. 26, 2020USD ($)
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected future contributions, remainder of fiscal year	$ 10.6
United states
Defined Benefit Plan Disclosure [Line Items]
Expected future contributions, remainder of fiscal year	$ 0.8

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	14.90%	14.20%	23.20%	14.50%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) shares in Millions	6 Months Ended
	Jun. 26, 2020shares
Share-based Payment Arrangement [Abstract]
Shares of common stock reserved for issuance under the Stock Plan (in shares)	17
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. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	$ 22.7	$ 15.9	$ 38.8	$ 28.8
Income tax benefit	(3.8)	(3.3)	(6.5)	(6.1)
Total stock-based compensation expense	18.9	12.6	32.3	22.7
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	13.8	10.1	23.9	17.9
Income tax benefit	(2.3)	(2.1)	(4.2)	(3.8)
Total stock-based compensation expense	11.5	8	19.7	14.1
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	8.9	5.8	14.9	10.9
Income tax benefit	(1.5)	(1.2)	(2.3)	(2.3)
Total stock-based compensation expense	$ 7.4	$ 4.6	$ 12.6	$ 8.6

Stock-Based Compensation - Unre

Stock-Based Compensation - Unrecognized Compensation Cost (Details) $ in Millions	Jun. 26, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 185.5
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	80.7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 104.8

Commitments and Contingencies -

Commitments and Contingencies - Rollforward of Accrued Warranty Liability (Details) $ in Millions	6 Months Ended
	Jun. 26, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Warranty period - minimum	90 days
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 79
Accruals for warranties issued during the period	25
Settlements made	(29.6)
Additions due to acquisitions	0.2
Effect of foreign currency translation	(0.6)
Ending balance	$ 74

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 20	$ 20	$ 41	$ 38
Cash paid for operating leases			36	32
ROU assets obtained in exchange for operating lease obligations			27	$ 44
Operating lease, not yet commenced, liability	$ 22		$ 22
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, not yet commenced, term of contract	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, not yet commenced, term of contract	15 years		15 years

Net Earnings Per Share - Narrat

Net Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Share-based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5.7		5.7	1.7
MCPS
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	18.4	17.5	18.4	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. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Numerator
Net earnings from continuing operations	$ 130.3	$ 175.3	$ 172.6	$ 339.3
Mandatory convertible preferred stock cumulative dividends	(17.2)	(17.2)	(34.5)	(34.5)
Net earnings attributable to common stockholders from continuing operations	$ 113.1	$ 158.1	$ 138.1	$ 304.8
Denominator
Weighted average common shares outstanding used in basic earnings per share (in shares)	337.3	335.6	337.1	335.4
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive Stock Awards (in shares)	2.4	4.1	2.8	4.4
Weighted average common shares outstanding used in diluted earnings per share (in shares)	339.7	339.7	339.9	339.8
Net earnings per common share from continuing operations - basic (in dollars per share)	$ 0.34	$ 0.47	$ 0.41	$ 0.91
Net earnings per common share from continuing operations - diluted (in dollars per share)	$ 0.33	$ 0.47	$ 0.41	$ 0.90

Net Earnings Per Share - Divide

Net Earnings Per Share - Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 26, 2020	Mar. 27, 2020	Jun. 28, 2019	Mar. 29, 2019	Jun. 26, 2020	Jun. 28, 2019
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	$ 23.6	$ 23.5	$ 23.4	$ 23.4	$ 47.1	$ 46.8
Dividend per share on MCPS (in dollars per share)	$ 12.5	$ 12.5	$ 12.5	$ 12.5	$ 25	$ 25
Amount, MCPS	$ 17.2	$ 17.3	$ 17.2	$ 17.3	$ 34.5	$ 34.5

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 26, 2020segment
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. 26, 2020	Jun. 28, 2019	Jun. 26, 2020	Jun. 28, 2019
Segment Reporting Information [Line Items]
Sales	$ 1,571.2	$ 1,864.7	$ 3,284.7	$ 3,457.6
Operating profit	191.1	249.5	310.7	466.8
Interest expense, net	(43.2)	(44.4)	(86.8)	(69.7)
Other non-operating income (expense), net	5.3	(0.8)	0.7	(0.4)
Earnings from continuing operations before income taxes	153.2	204.3	224.6	396.7
Operating Segments | Professional Instrumentation
Segment Reporting Information [Line Items]
Sales	1,037.5	1,165.6	2,141.9	2,143.3
Operating profit	135.6	129.9	280.1	272.6
Operating Segments | Industrial Technologies
Segment Reporting Information [Line Items]
Sales	533.7	699.1	1,142.8	1,314.3
Operating profit	82.6	145	81.1	243.8
Other
Segment Reporting Information [Line Items]
Operating profit	$ (27.1)	$ (25.4)	$ (50.5)	$ (49.6)