Fortive (FTV) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Apr. 02, 2021	Apr. 21, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 2, 2021
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		338,525,535
Amendment flag	false
Document fiscal year focus	2021
Document fiscal period focus	Q1
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	Apr. 02, 2021	Dec. 31, 2020
Current assets:
Cash and equivalents	$ 1,299.6	$ 1,824.8
Accounts receivable, net	829.5	810.3
Inventories:
Finished goods	231.3	227.9
Work in process	76.8	75.2
Raw materials	158.5	152.4
Inventories	466.6	455.5
Prepaid expenses and other current assets	205.2	206.7
Investment in Vontier Corporation	0	1,119.2
Current assets, discontinued operations	0	30.4
Total current assets	2,800.9	4,446.9
Property, plant and equipment, net of accumulated depreciation of $680.0 and $674.5 at April 2, 2021 and December 31, 2020, respectively	410.1	422
Operating lease right-of-use assets	186.6	188.7
Other assets	331.2	344.1
Goodwill	7,340.4	7,359.2
Other intangible assets, net	3,209.7	3,290.6
Total assets	14,278.9	16,051.5
Current liabilities:
Current portion of long-term debt	1,126	1,399.8
Trade accounts payable	464.5	480.8
Current operating lease liabilities	44.6	47
Accrued expenses and other current liabilities	836.9	899.9
Current liabilities, discontinued operations	2.8	33.3
Total current liabilities	2,474.8	2,860.8
Operating lease liabilities	152.7	154.3
Other long-term liabilities	1,193.2	1,233.4
Long-term debt	1,441.5	2,830.3
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 April 2, 2021 and December 31, 2020	0	0
Common stock: $0.01 par value, 2.0 billion shares authorized; 339.7 and 339.0 million issued; 338.5 and 337.9 million outstanding at April 2, 2021 and December 31, 2020, respectively	3.4	3.4
Additional paid-in capital	3,563.8	3,554.5
Retained earnings	5,616.6	5,547.4
Accumulated other comprehensive income (loss)	(174.8)	(141.1)
Total Fortive stockholders’ equity	9,009	8,964.2
Noncontrolling interests	7.7	8.5
Total stockholders’ equity	9,016.7	8,972.7
Total liabilities and equity	$ 14,278.9	$ 16,051.5

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 02, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 680	$ 674.5
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)	339,700,000	339,000,000
Common stock, shares outstanding (in shares)	338,500,000	337,900,000

Consolidated Condensed Statemen

Consolidated Condensed Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Total sales	$ 1,259.2	$ 1,108.1
Total cost of sales	(547.3)	(496.1)
Gross profit	711.9	612
Operating costs:
Selling, general and administrative expenses	(428.1)	(415.8)
Research and development expenses	(86.2)	(80.8)
Operating profit	197.6	115.4
Non-operating income (expense), net:
Interest expense, net	(27.7)	(38.6)
Loss on extinguishment of debt	(104.9)	0
Gain on investment in Vontier Corporation	57	0
Other non-operating expense, net	(3.3)	(4.5)
Earnings from continuing operations before income taxes	118.7	72.3
Income taxes	(7)	(17.5)
Net earnings from continuing operations	111.7	54.8
Loss from discontinued operations, net of income taxes	(1.5)	(12.9)
Net earnings	110.2	41.9
Mandatory convertible preferred dividends	(17.3)	(17.3)
Net earnings attributable to common stockholders	$ 92.9	$ 24.6
Net earnings per common share from continuing operations:
Net earnings per common share from continuing operations - Basic (in dollars per share)	$ 0.28	$ 0.11
Net earnings per common share from continuing operations - Diluted (in dollars per share)	0.28	0.11
Net earnings per share from discontinued operations:
Net earnings per share from discontinued operations - Basic (in dollars per share)	0	(0.04)
Net earnings per share from discontinued operations - Diluted (in dollars per share)	0	(0.04)
Net earnings per share:
Net earnings per share - Basic (in dollars per share)	0.27	0.07
Net earnings per share - Diluted (in dollars per share)	$ 0.27	$ 0.07
Average common stock and common equivalent shares outstanding:
Average common stock and common equivalent shares outstanding - Basic (in shares)	338.6	336.8
Average common stock and common equivalent shares outstanding - Diluted (in shares)	341.7	340
Sales of products and software
Total sales	$ 1,077.2	$ 945.5
Total cost of sales	(444.3)	(400.3)
Sales of services
Total sales	182	162.6
Total cost of sales	$ (103)	$ (95.8)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 110.2	$ 41.9
Other comprehensive income, net of income taxes:
Foreign currency translation adjustments	(34.7)	(136.3)
Pension adjustments	1	(1)
Total other comprehensive income (loss), net of income taxes	(33.7)	(137.3)
Comprehensive income (loss)	$ 76.5	$ (95.4)

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, 2019		336	336	1.4	1.4
Beginning balance at Dec. 31, 2019		$ 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							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)										(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, 2020		339		1.4
Beginning balance at Dec. 31, 2020	8,972.7	$ 3.4		$ 0		3,554.5		5,547.4			(141.1)		8.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings for the period	110.2							110.2
Dividends to common shareholders	(23.7)							(23.7)
Mandatory convertible preferred stock cumulative dividends	(17.3)							(17.3)
Other comprehensive income (loss)	(33.7)										(33.7)
Common stock-based award activity (in shares)		(0.5)
Common stock-based award activity						(2.3)
Early extinguishment of 0.875% senior convertible notes due 2022						11.6
Change in noncontrolling interests													(0.8)
Ending balance (in shares) at Apr. 02, 2021		338.5		1.4
Ending balance at Apr. 02, 2021	$ 9,016.7	$ 3.4		$ 0		$ 3,563.8		$ 5,616.6			$ (174.8)		$ 7.7

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Changes in Equity (Parenthetical)	Apr. 02, 2021	Mar. 27, 2020	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	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Cash flows from operating activities:
Net earnings from continuing operations	$ 111.7	$ 54.8
Noncash items:
Gain on investment in Vontier Corporation	(57)	0
Depreciation	19.5	20.2
Amortization	77.5	78.2
Stock-based compensation expense	16.6	12.8
Loss on extinguishment of debt	104.2	0
Change in trade accounts receivable, net	(26.9)	6
Change in inventories	(3.8)	(5.2)
Change in trade accounts payable	(13)	12.7
Change in prepaid expenses and other assets	3.8	14.3
Change in accrued expenses and other liabilities	(80.6)	(72.1)
Total operating cash provided by continuing operations	152	121.7
Total operating cash provided by (used in) discontinued operations	(7.2)	69.3
Net cash provided by operating activities	144.8	191
Cash flows from investing activities:
Payments for additions to property, plant and equipment	(8.4)	(26.2)
Cash paid for acquisitions, net of cash received	(0.2)	(1.1)
Total investing cash used in continuing operations	(8.6)	(27.3)
Total investing cash used in discontinued operations	0	(16.9)
Net cash used in investing activities	(8.6)	(44.2)
Cash flows from financing activities:
Net repayments of commercial paper borrowings	0	(382.8)
Proceeds from borrowings (maturities longer than 90 days), net of issuance costs of $1 million in 2020	0	373.8
Repayment of borrowings (maturities greater than 90 days)	(611.1)	(250)
Payment of common stock cash dividend to shareholders	(23.7)	(23.5)
Payment of mandatory convertible preferred stock cash dividend to shareholders	(17.3)	0
All other financing activities	(2.8)	0.3
Total financing cash used in continuing operations	(654.9)	(282.2)
Total financing cash used in discontinued operations	0	(1)
Net cash used in financing activities	(654.9)	(283.2)
Effect of exchange rate changes on cash and equivalents	(6.5)	(28.3)
Net change in cash and equivalents	(525.2)	(164.7)
Beginning balance of cash and equivalents	1,824.8	1,205.2
Ending balance of cash and equivalents	$ 1,299.6	$ 1,040.5

Consolidated Condensed Statem_6

Consolidated Condensed Statements of Cash Flows (Parenthetical) $ in Millions	3 Months Ended
	Mar. 27, 2020USD ($)
Statement of Cash Flows [Abstract]
Payments of debt issuance costs	$ 1

Business Overview

Business Overview	3 Months Ended
	Apr. 02, 2021
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 provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Our well-known brands hold leading positions in intelligent operating solutions, precision technologies, and advanced healthcare solutions. 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 technologies, and significant market positions. Our research and development, manufacturing, sales, distribution, service, and administrative facilities are located in more than 50 countries across North America, Asia Pacific, Europe, and Latin America. 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, 2020 and the footnotes (“Notes”) thereto included within our 2020 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 April 2, 2021 and December 31, 2020, our results of operations for the three month periods ended April 2, 2021 and March 27, 2020, and cash flows for the three month periods ended April 2, 2021 and March 27, 2020. Reclassification of certain prior year amounts have been made to conform to current year presentation. Vontier Separation and Discontinued Operations On October 9, 2020 (the “Distribution Date”), the Company completed the separation of its Industrial Technologies segment by distributing 80.1% of the outstanding shares of Vontier Corporation (“Vontier”), the entity incorporated to hold such businesses, to Fortive stockholders (the “Vontier Separation”) on a pro rata basis. To effect the Vontier Separation, the Company distributed to its stockholders two shares of Vontier common stock for every five shares of the Company’s common stock outstanding held on September 25, 2020, the record date for the distribution, with the Company retaining 19.9% of the shares of Vontier common stock immediately following the Vontier Separation (the “Retained Vontier Shares”). On September 29, 2020, Vontier entered into a credit agreement with a syndicate of banks and on the Distribution Date, Vontier drew down the full $1.8 billion available under their term loan facilities. Vontier used the proceeds to make payments to the Company, with $1.6 billion used as part of the consideration for the contribution of certain assets and liabilities to Vontier by the Company in connection with the Vontier Separation and $202 million used as an adjustment for excess cash balances remaining with Vontier (collectively, the “Cash Consideration”). We have used the Cash Consideration to repay certain outstanding indebtedness, make interest payments on certain debt instruments, and to pay certain of the Company’s regular, quarterly cash dividends. On January 19, 2021, we completed an exchange (the “Debt-for-Equity Exchange”) of 33.5 million shares of common stock of Vontier, representing all of the Retained Vontier Shares, for $1.1 billion in aggregate principal amount of indebtedness of the Company held by Goldman Sachs & Co. Refer to Note 11 of our 2020 Annual Report on Form 10-K and Note 6 to the consolidated condensed financial statements for the description of the debt repayments made subsequent to the Distribution Date. Interest expense and extinguishment costs related to the debt retired during the first quarter of 2021 are included in continuing operations. The accounting requirements for reporting the Vontier business as a discontinued operation were met when the Vontier Separation was completed. Accordingly, the consolidated financial statements reflect the results of the Vontier business as a discontinued operation for all periods presented. Fortive did not retain a controlling interest in Vontier and therefore the Retained Vontier Shares were included in our assets of continuing operations as of December 31, 2020 and subsequent fair value changes in the Retained Vontier Shares prior to the Debt-for-Equity Exchange are included in our results from continuing operations for the three month period ended April 2, 2021. Segment Presentation In light of the Vontier Separation, we changed our internal reporting structure on the first day of the fourth quarter, September 26, 2020, to reflect organizational and leadership changes that allow us to better assess the operational performance of and allocate resources to our businesses. Our chief operating decision maker assesses performance and allocates resources based on our new operating segments, which are also our new reportable segments. Our new reportable segments are comprised of Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. All prior period segment information has been restated to reflect our new reportable segments. 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 three month period ended March 27, 2020 as net investment hedges of our investment in certain foreign operations; we exited our Euro-denominated commercial paper positions during the second quarter of 2020 and repaid our ¥13.8 billion senior unsecured term facility loan during the fourth quarter of 2020. As of April 2, 2021 and December 31, 2020, we had no designated net investment hedges. During the three month period ended March 27, 2020, we recognized foreign currency transaction gains of $0.9 million on the debt that were deferred in the foreign currency translation component of Accumulated other comprehensive income (loss) (“AOCI”) as an offset to the foreign currency translation adjustments on our investments in foreign subsidiaries. Any amounts deferred in AOCI will remain until the hedged investment is sold or substantially liquidated. We recorded no ineffectiveness from our net investment hedges during the three month period ended March 27, 2020. The changes in AOCI by component are summarized below ($ in millions): Foreign Pension adjustments (b) Total For the Three Months Ended April 2, 2021: Balance, December 31, 2020 $ (54.0) $ (87.1) $ (141.1) Other comprehensive income (loss) before reclassifications, net of income taxes (34.7) — (34.7) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 1.3 (a) 1.3 Income tax impact — (0.3) (0.3) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 1.0 1.0 Net current period other comprehensive income (loss), net of income taxes (34.7) 1.0 (33.7) Balance, April 2, 2021 $ (88.7) $ (86.1) $ (174.8) For the Three Months Ended March 27, 2020: Balance, December 31, 2019 $ 21.2 $ (77.5) $ (56.3) Other comprehensive income (loss) before reclassifications, net of income taxes (136.3) — (136.3) Amounts reclassified from accumulated other comprehensive income (loss): Decrease — (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 (136.3) (1.0) (137.3) Balance, March 27, 2020 $ (115.1) $ (78.5) $ (193.6) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 8 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans. Allowances for Doubtful Accounts All trade accounts and unbilled receivables are reported in the 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 and trade accounts receivable portfolios over the life of the underlying assets. 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. The following is a rollforward of the aggregated allowance for credit losses related to our trade accounts receivables as of April 2, 2021 ($ in millions): Balance, December 31, 2020 $ 42.5 Provision 1.6 Write-offs (3.7) FX and Other (0.2) Balance, April 2, 2021 $ 40.2 The allowance for unbilled receivables was immaterial for all periods presented. Recently Issued Accounting Standard In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which amends the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. We may adopt this standard using either a modified retrospective or a fully retrospective method of transition. This standard is effective for us beginning January 1, 2022, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statements and the method of adoption we plan to utilize.

Acquisitions

Acquisitions	3 Months Ended
	Apr. 02, 2021
Business Combinations [Abstract]
Acquisitions	NOTE 2. ACQUISITIONS For a description of our material acquisition activity refer to Note 3 of our 2020 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 three month period ended April 2, 2021, immaterial adjustments were recorded to the preliminary purchase price allocation of acquisitions that closed during 2020. 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 April 2, 2021 we have closed 20 Principal Countries and 37 Non-Principal Countries that, in aggregate, accounted for approximately 99% of the preliminary valuation of ASP. The remaining two Non-Principal Countries represent less than 1% of the preliminary valuation of ASP, or $2.7 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 April 2, 2021, and the majority of the provisional goodwill is tax deductible. There were no material measurement period adjustments recorded for the Non-Principal Countries during the three month period ended April 2, 2021. 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. As of April 2, 2021, ASP had exited the TSAs and substantially all of the distribution agreements. ASP expects to close the remaining Non-Principal Countries in 2021.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Apr. 02, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE 3. DISCONTINUED OPERATIONS On October 9, 2020, we completed the Vontier Separation. The accounting requirements for reporting the Vontier business as a discontinued operation were met when the Vontier Separation was completed. Accordingly, the consolidated financial statements reflect the results of the Vontier business as a discontinued operation for all periods presented. Vontier Impairment Charge As a result of the interim impairment testing performed, we concluded that the estimated fair value of the Telematics reporting unit was less than its carrying value as of March 27, 2020, and recorded a non-cash goodwill impairment charge of $85.3 million during the three month period ended March 27, 2020. The Telematics reporting unit was included in our former Industrial Technologies segment and part of the Vontier Separation. Accordingly, the impairment charge is recorded in Earnings from discontinued operations, net of income taxes in the Consolidated Statement of Earnings. The key components of income from discontinued operations for the three month periods ended April 2, 2021 and March 27, 2020 were as follows ($ in millions): Three Months Ended April 2, 2021 March 27, 2020 Sales $ — $ 609.2 Cost of sales — (346.1) Selling, general and administrative expenses (1.9) (141.0) Research and development expenses — (32.9) Goodwill impairment — (85.3) Interest expense and other income, net 0.1 (5.2) Earnings before income taxes (1.8) (1.3) Income taxes 0.3 (11.6) Net earnings from discontinued operations $ (1.5) $ (12.9) The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in the Company’s Consolidated Balance Sheets as of December 31 ($ in millions): April 2, 2021 December 31, 2020 ASSETS Other current assets $ — $ 30.4 Total assets, discontinued operations $ — $ 30.4 LIABILITIES Current liabilities: Accrued expenses and other current liabilities $ (2.8) $ (33.3) Total liabilities, discontinued operations $ (2.8) $ (33.3)

Goodwill

Goodwill	3 Months Ended
	Apr. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	NOTE 4. GOODWILL The following is a rollforward of our carrying value of goodwill by segment ($ in millions): Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Total Goodwill Balance, December 31, 2020 $ 3,268.8 $ 1,867.9 $ 2,222.5 $ 7,359.2 Measurement period adjustments for 2020 acquisitions (0.7) — (3.1) (3.8) Foreign currency translation and other (3.8) (16.0) 4.8 (15.0) Balance, April 2, 2021 $ 3,264.3 $ 1,851.9 $ 2,224.2 $ 7,340.4

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 02, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 5. FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where our assets and liabilities are required to be carried at fair value, and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) 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 April 2, 2021 Deferred compensation liabilities $ — $ 38.1 $ — $ 38.1 December 31, 2020 Investment in Vontier $ 1,119.2 $ — $ — $ 1,119.2 Deferred compensation liabilities — 34.8 — 34.8 Certain management employees participate in our nonqualified deferred compensation programs that permit such employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment. All amounts deferred under such plans are unfunded, unsecured obligations and are presented as a component of our compensation and benefits accrual included in Other long-term liabilities in the 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. On October 9, 2020, we completed the Vontier Separation and retained 19.9% of the shares of Vontier common stock immediately following the Vontier Separation. We did not retain a controlling interest in Vontier and therefore the fair value of our Retained Vontier Shares were included in our assets of continuing operations as of December 31, 2020, and subsequent fair value changes are included in our results from continuing operations for the three month period ended April 2, 2021. On January 19, 2021, we completed the Debt-for-Equity Exchange of 33.5 million shares of common stock of Vontier, representing all of the Retained Vontier Shares, for $1.1 billion in aggregate principal amount of indebtedness of the Company held by Goldman Sachs & Co., including (i) all $400.0 million of the 364-day delayed draw term loan due March 22, 2021 (the “Term Loan due March 2021”) and (ii) $683.2 million of the delayed-draw term loan due May 30, 2021 (the “Term Loan due May 2021”). The change in fair value of the Retained Vontier Shares and the resulting gain of $57.0 million was recorded in the three month period ended April 2, 2021. We recorded a loss on extinguishment of the debt included in the Debt-for-Equity Exchange of $94.4 million in the three month period ended April 2, 2021. Nonrecurring Fair Value Measurements Certain non-financial assets, primarily property, plant, and equipment, goodwill, and intangible assets, are not required to be measured at fair value on a recurring basis and are reported at their carrying value. However, these assets are required to be assessed for impairment whenever events or circumstances indicate that their carrying value may not be fully recoverable, and at least annually for goodwill and indefinite-lived intangible assets. We evaluated our non-financial assets as of April 2, 2021 and determined no events or circumstances existed indicating the carrying value may not be fully recoverable. Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are as follows ($ in millions): April 2, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 1,126.0 $ 1,180.4 $ 1,399.8 $ 1,400.0 Long-term debt, net of current maturities $ 1,441.5 $ 1,597.0 $ 2,830.3 $ 3,155.5 As of April 2, 2021 and December 31, 2020, 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

Financing and Capital

Financing and Capital	3 Months Ended
	Apr. 02, 2021
Debt Disclosure [Abstract]
Financing and Capital	NOTE 6. FINANCING AND CAPITAL The carrying value of the components of our long-term debt were as follows ($ in millions): April 2, 2021 December 31, 2020 Term Loan due May 2021 — 1,000.0 Term Loan due March 2021 — 399.8 3.15% senior unsecured notes due 2026 894.3 894.1 4.30% senior unsecured notes due 2046 547.2 547.2 0.875% senior convertible notes due 2022 1,126.0 1,389.0 Long-term debt 2,567.5 4,230.1 Less: current portion of long-term debt 1,126.0 1,399.8 Long-term debt, net of current maturities $ 1,441.5 $ 2,830.3 Aggregate unamortized debt discounts, premiums, and issuance costs of $39 million and $57 million as of April 2, 2021 and December 31, 2020, respectively, are netted against the principal amounts of the components of debt in the table above. Refer to Note 11 of our 2020 Annual Report on Form 10-K for further details of our debt financing. Debt-for-Equity Exchange On January 19, 2021, we completed the Debt-for-Equity Exchange of 33.5 million shares of common stock of Vontier, representing all of the Retained Vontier Shares, for $1.1 billion in aggregate principal amount of indebtedness of the Company held by Goldman Sachs & Co., including (i) all $400.0 million of the Term Loan due March 2021 and (ii) $683.2 million of the Term Loan due May 2021. We recorded a loss on extinguishment of the debt included in the Debt-for-Equity Exchange of $94.4 million in the three month period ended April 2, 2021. Term Loan due May 2021 On January 21, 2021, we repaid the remaining $316.8 million outstanding of the Term Loan due May 2021 from the cash proceeds received from Vontier in the Vontier Separation. The fees associated with the prepayment were immaterial. 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. As a result of the Vontier Separation and in accordance with the anti-dilution provisions of the Convertible Notes, effective October 9, 2020, the Convertible Notes are convertible into shares of our common stock at an adjusted conversion rate of 10.9568 shares per $1,000 principal amount of Convertible Notes (which is equivalent to an initial conversion price of $91.27 per share), subject to future adjustment upon the occurrence of certain events. The conversion rate is subject to customary anti-dilution adjustments. If certain corporate events described in the Indenture occur prior to the maturity date, the conversion rate will be increased for a holder that elects to convert its Convertible Notes in connection with such corporate event in certain circumstances. 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. On February 9, 2021, we repurchased $281 million of the Convertible Notes at fair value using the remaining cash proceeds received from Vontier in the Vontier Separation and other cash on hand. In connection with the repurchase, we recorded a loss on debt extinguishment during the three month period ended April 2, 2021 of $10.5 million. In addition, upon repurchase we recorded $11.6 million as a reduction to additional paid-in capital related to the equity component of the repurchased Convertible Notes. We recognized $12.2 million in interest expense during the three month period ended April 2, 2021, of which $2.8 million was related to the contractual coupon rate of 0.875%, $1.7 million was attributable to the amortization of debt issuance costs and $7.7 million was attributable to the amortization of the discount. We recognized $13.4 million in interest expense during the three months ended March 27, 2020, of which $3.1 million related to the contractual coupon rate of 0.875%, $1.9 million was attributable to the amortization of debt issuance costs and $8.4 million was attributable to the amortization of the discount. The discount at issuance was $102.2 million and is being amortized over a three-year period. The unamortized discount at April 2, 2021 was $30.5 million. Prior to November 15, 2021, the Convertible Notes will be convertible only upon the occurrence of certain events and will be convertible thereafter at any time until the close of business on the business day immediately preceding the maturity date of the Convertible Notes. Other Liquidity Sources 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 the volatility and disruption in the commercial paper markets during the first six months of 2020, we temporarily reduced our reliance on this source of funding, and consequently paid down and refinanced our outstanding commercial paper with the Term Loan due March 2021 that was retired in the Debt-for-Equity Exchange. Credit support for the Commercial Paper Programs is provided by a five-year $2.0 billion senior unsecured revolving credit facility that expires on November 30, 2023 (the “Revolving Credit Facility”) which, to the extent not otherwise providing credit support for our commercial paper programs, can also be used for working capital and other general corporate purposes. As of April 2, 2021, no borrowings were outstanding under the Revolving Credit Facility. Classification of Debt Due within the Next Twelve Months Our Convertible Senior Notes are recorded in the Current portion of long-term debt line item in the Consolidated Condensed Balance Sheet as of April 2, 2021.

Sales

Sales	3 Months Ended
	Apr. 02, 2021
Revenue from Contract with Customer [Abstract]
Sales	NOTE 7. SALES We derive revenues primarily from the sale of products, software, and services. Revenue is recognized when control of promised products, 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, 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 $67 million as of April 2, 2021 and $56 million as of December 31, 2020. 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 April 2, 2021 and December 31, 2020, we had $29 million and $31 million, respectively, in net revenue-related contract assets primarily related to certain software contracts. Revenue-related contract assets are recorded in the Prepaid expenses and other current assets and Other assets line items in our Condensed Consolidated Balance Sheets. These assets have estimated useful lives between 3 and 8 years. Impairment losses recognized on our revenue-related contract assets were immaterial during the three month periods ended April 2, 2021 and March 27, 2020. Contract Liabilities — Our contract liabilities consist of deferred revenue generally related to PCS and extended warranty sales, where in most cases we receive up-front payment and recognize revenue over the support term. We classify deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. The noncurrent portion of deferred revenue is included in Other long-term liabilities in the Consolidated Condensed Balance Sheets. Our contract liabilities consisted of the following ($ in millions): April 2, 2021 December 31, 2020 Deferred revenue - current $ 397.8 $ 376.4 Deferred revenue - noncurrent 32.3 34.2 Total contract liabilities $ 430.1 $ 410.6 During the three month period ended April 2, 2021, we recognized revenue related to our contract liabilities at December 31, 2020 of $123 million. The change in our contract liabilities from December 31, 2020 to April 2, 2021 was primarily due to the timing of cash receipts and sales of PCS and extended warranty services. Remaining Performance Obligations — Our remaining performance obligations represent the transaction price of firm, noncancelable orders, with expected delivery dates to customers greater than one year from April 2, 2021, for which work has not been performed. We have excluded performance obligations with an original expected duration of one year or less from the amounts below. The aggregate performance obligations attributable to each of our segments is as follows ($ in millions): April 2, 2021 Intelligent Operating Solutions $ 105.2 Precision Technologies 25.4 Advanced Healthcare Solutions 1.2 Total remaining performance obligations $ 131.8 The majority of remaining performance obligations are related to service and support contracts, which we expect to fulfill approximately 55 percent within the next two years, approximately 85 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, 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 April 2, 2021 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,077.2 $ 453.0 $ 393.1 $ 231.1 Sales of services 182.0 57.9 54.3 69.8 Total $ 1,259.2 $ 510.9 $ 447.4 $ 300.9 Geographic: United States $ 620.8 $ 248.2 $ 219.1 $ 153.5 China 164.3 59.5 76.8 28.0 All other (each country individually less than 5% of total sales) 474.1 203.2 151.5 119.4 Total $ 1,259.2 $ 510.9 $ 447.4 $ 300.9 End markets: (a) Direct sales: Medical $ 326.8 $ 9.4 $ 35.0 $ 282.4 Industrial & Manufacturing 302.3 196.5 100.0 5.8 Utilities & Power 94.9 54.3 40.6 — Government 87.9 44.8 34.4 8.7 Communication, Electronics & Semiconductor 87.8 27.5 59.6 0.7 Aerospace & Defense 55.4 — 55.4 — Oil & Gas 63.3 60.5 2.8 — Retail & Consumer 45.5 23.5 22.0 — Other 124.9 56.1 68.8 — Total direct sales 1,188.8 472.6 418.6 297.6 Distributors 70.4 38.3 28.8 3.3 Total $ 1,259.2 $ 510.9 $ 447.4 $ 300.9 (a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer. Disaggregation of revenue for the three month period ended March 27, 2020 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 945.5 $ 416.2 $ 339.9 $ 189.4 Sales of services 162.6 50.5 51.4 60.7 Total $ 1,108.1 $ 466.7 $ 391.3 $ 250.1 Geographic: United States $ 605.1 $ 249.4 $ 207.4 $ 148.3 China 118.6 46.6 54.3 17.7 All other (each country individually less than 5% of total sales) 384.4 170.7 129.6 84.1 Total $ 1,108.1 $ 466.7 $ 391.3 $ 250.1 End markets: (a) Direct sales: Medical $ 269.8 $ 10.6 $ 24.9 $ 234.3 Industrial & Manufacturing 249.6 162.8 81.8 5.0 Utilities & Power 91.0 54.2 36.8 — Government 79.1 38.1 33.7 7.3 Communications, Electronics & Semiconductor 63.2 26.2 36.6 0.4 Aerospace & Defense 56.1 3.3 52.8 — Oil & Gas 58.6 54.8 3.8 — Retail & Consumer 45.4 22.7 22.7 — Other 119.0 57.9 61.1 — Total direct sales 1,031.8 430.6 354.2 247.0 Distributors 76.3 36.1 37.1 3.1 Total $ 1,108.1 $ 466.7 $ 391.3 $ 250.1 (a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer.

Pension Plans

Pension Plans	3 Months Ended
	Apr. 02, 2021
Retirement Benefits [Abstract]
Pension Plans	NOTE 8. PENSION PLANS For a full description of our noncontributory defined benefit pension plans refer to Note 12 of our 2020 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 April 2, 2021 March 27, 2020 U.S. Pension Benefits: Interest cost $ 0.2 $ 0.3 Expected return on plan assets (0.2) (0.3) Amortization of net loss — — Net periodic pension cost $ — $ — Non-U.S. Pension Benefits: Service cost $ 1.0 $ 1.1 Interest cost 0.8 1.0 Expected return on plan assets (1.3) (1.3) Amortization of net loss 1.2 1.0 Amortization of prior service cost 0.1 0.1 Net periodic pension cost $ 1.8 $ 1.9 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 Consolidated Condensed Statements of Earnings. Service costs are reported in cost of sales and selling, general and administrative expenses in the Consolidated Condensed Statements of Earnings according to the classification of the participant’s compensation. Employer Contributions

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9. INCOME TAXES Our effective tax rate for the three month period ended April 2, 2021 was 5.9% as compared to 24.2% for the three month period ended March 27, 2020. The year-over-year decrease in the effective tax rate for the three month period ended April 2, 2021 as compared to the three month period ended March 27, 2020 was due primarily to a permanent difference on the gain on our Retained Vontier Shares due to the tax-free treatment of our disposition of the shares through the Debt-for-Equity Exchange and increases in certain federal tax benefits, as well as tax costs incurred during the three month period ended March 27, 2020 associated with the repatriation of a portion of our previously reinvested earnings outside of the United States.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 02, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 10. 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 April 2, 2021, approximately 19 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 2020 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 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 April 2, 2021 March 27, 2020 Stock Awards: Pretax compensation expense $ 10.5 $ 8.1 Income tax benefit (1.9) (1.4) Stock Award expense, net of income taxes 8.6 6.7 Stock options: Pretax compensation expense 6.1 4.7 Income tax benefit (1.2) (0.7) Stock option expense, net of income taxes 4.9 4.0 Total stock-based compensation: Pretax compensation expense 16.6 12.8 Income tax benefit (3.1) (2.1) Total stock-based compensation expense, net of income taxes $ 13.5 $ 10.7 The following summarizes the unrecognized compensation cost for the Stock Plan awards as of April 2, 2021. 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 $ 105.0 Stock options 67.7 Total unrecognized compensation cost $ 172.7

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 02, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 11. 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 2020 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, 2020 $ 24.9 Accruals for warranties issued during the period 5.3 Settlements made (3.7) Additions due to acquisitions — Effect of foreign currency translation (0.1) Balance, April 2, 2021 $ 26.4 Leases Operating lease cost was $15 million and $16 million for the three month periods ended April 2, 2021 and March 27, 2020, respectively. During the three-month periods ended April 2, 2021 and March 27, 2020, cash paid for operating leases included in operating cash flows was $16 million and $14 million, respectively. Right-of-use assets obtained in exchange for operating lease obligations were $9 million and $7 million during the three month periods ended April 2, 2021 and March 27, 2020, respectively. As of April 2, 2021, we had entered into operating leases for which the lease had not yet commenced. These operating leases will commence in 2021 with lease terms between 1 and 3 years and have aggregate fixed payments of the non-cancelable lease terms of $1 million.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Apr. 02, 2021
Earnings Per Share [Abstract]
Net Earnings Per Share	NOTE 12. 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 0.1 million anti-dilutive options excluded from the diluted EPS calculation for the three month period ended April 2, 2021 and 5.7 million of anti-dilutive options excluded from the diluted EPS calculation for the three month period ended March 27, 2020. As described in Note 6, upon conversion of the Convertible Notes, holders will receive cash, shares of our common stock, or a combination thereof, at our election. Our intention is to settle such conversions through cash up to the principal amount of the Convertible Notes and, if applicable, through shares of our common stock for conversion value, if any, in excess of the principal amount of the Convertible Notes. We believe we have the ability to settle these obligations as intended, and therefore we have accounted for the conversion features under the treasury stock method in our calculation of EPS. Because the fair value of our common stock is below the conversion price, the Convertible Notes had no impact on our earnings per share for the three month periods ended April 2, 2021 and March 27, 2020. The impact of our Mandatory Convertible Preferred Stock (“MCPS”) calculated under the if-converted method was anti-dilutive for the three month period ended April 2, 2021, and 20.0 million shares were excluded from the diluted EPS calculation. The impact of our MCPS calculated under the if-converted method was anti-dilutive for the three month period ended March 27, 2020, and 18.4 million shares were excluded from the diluted EPS calculation. 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 April 2, 2021 March 27, 2020 Numerator Net earnings from continuing operations $ 111.7 $ 54.8 Mandatory convertible preferred stock cumulative dividends (17.3) (17.3) Net earnings attributable to common stockholders from continuing operations $ 94.4 $ 37.5 Denominator Weighted average common shares outstanding used in basic earnings per share 338.6 336.8 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 3.1 3.2 Weighted average common shares outstanding used in diluted earnings per share 341.7 340.0 Net earnings from continuing operations per common share - Basic $ 0.28 $ 0.11 Net earnings from continuing operations per common share - Diluted $ 0.28 $ 0.11 We declared and paid cash dividends per common share for both periods as presented below. We declared and paid the MCPS dividend in the first quarter of 2021, while the MCPS dividends for the first quarter of 2020 were declared and accrued as follows: Dividend Per Amount Dividend per MCPS Amount 2021: First quarter $ 0.07 $ 23.7 $ 12.50 $ 17.3 2020: First quarter $ 0.07 $ 23.5 $ 12.50 $ 17.3 * The sum of the components of total dividends paid may not equal the total amount due to rounding.

Segment Information

Segment Information	3 Months Ended
	Apr. 02, 2021
Segment Reporting [Abstract]
Segment Information	NOTE 13. SEGMENT INFORMATION We report our results in three separate business segments consisting of Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. Our chief operating decision maker assesses performance and allocates resources based on our operating segments, which are also our reportable segments. 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 April 2, 2021 March 27, 2020 Sales: Intelligent Operating Solutions $ 510.9 $ 466.7 Precision Technologies 447.4 391.3 Advanced Healthcare Solutions 300.9 250.1 Total $ 1,259.2 $ 1,108.1 Operating Profit: Intelligent Operating Solutions $ 108.1 $ 81.1 Precision Technologies 95.9 73.5 Advanced Healthcare Solutions 18.9 (15.8) Other (25.3) (23.4) Total Operating Profit 197.6 115.4 Interest expense, net (27.7) (38.6) Loss on extinguishment of debt (104.9) — Gain on investment in Vontier Corporation 57.0 — Other non-operating expense, net (3.3) (4.5) Earnings from continuing operations before income taxes $ 118.7 $ 72.3

Business Overview (Policies)

Business Overview (Policies)	3 Months Ended
	Apr. 02, 2021
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 three month period ended March 27, 2020 as net investment hedges of our investment in certain foreign operations; we exited our Euro-denominated commercial paper positions during the second quarter of 2020 and repaid our ¥13.8 billion senior unsecured term facility loan during the fourth quarter of 2020. As of April 2, 2021 and December 31, 2020, we had no designated net investment hedges.
Allowances for Doubtful Accounts	Allowances for Doubtful AccountsAll trade accounts and unbilled receivables are reported in the 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 and trade accounts receivable portfolios over the life of the underlying assets. 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.
Recently Issued Accounting Standard	Recently Issued Accounting StandardIn August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which amends the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. We may adopt this standard using either a modified retrospective or a fully retrospective method of transition. This standard is effective for us beginning January 1, 2022, with early adoption permitted. We are currently evaluating the impact of this standard on our financial statements and the method of adoption we plan to utilize
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.
Sales	We derive revenues primarily from the sale of products, software, and services. Revenue is recognized when control of promised products, 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, 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 $67 million as of April 2, 2021 and $56 million as of December 31, 2020. 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 April 2, 2021 and December 31, 2020, we had $29 million and $31 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 month periods ended April 2, 2021 and March 27, 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

Business Overview (Tables)

Business Overview (Tables)	3 Months Ended
	Apr. 02, 2021
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 April 2, 2021: Balance, December 31, 2020 $ (54.0) $ (87.1) $ (141.1) Other comprehensive income (loss) before reclassifications, net of income taxes (34.7) — (34.7) Amounts reclassified from accumulated other comprehensive income (loss): Increase — 1.3 (a) 1.3 Income tax impact — (0.3) (0.3) Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes — 1.0 1.0 Net current period other comprehensive income (loss), net of income taxes (34.7) 1.0 (33.7) Balance, April 2, 2021 $ (88.7) $ (86.1) $ (174.8) For the Three Months Ended March 27, 2020: Balance, December 31, 2019 $ 21.2 $ (77.5) $ (56.3) Other comprehensive income (loss) before reclassifications, net of income taxes (136.3) — (136.3) Amounts reclassified from accumulated other comprehensive income (loss): Decrease — (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 (136.3) (1.0) (137.3) Balance, March 27, 2020 $ (115.1) $ (78.5) $ (193.6) (a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 8 for additional details). (b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.
Schedule of Accounts Receivable, Allowance for Credit Loss	The following is a rollforward of the aggregated allowance for credit losses related to our trade accounts receivables as of April 2, 2021 ($ in millions): Balance, December 31, 2020 $ 42.5 Provision 1.6 Write-offs (3.7) FX and Other (0.2) Balance, April 2, 2021 $ 40.2

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Apr. 02, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Key Components of Discontinued Operations	The key components of income from discontinued operations for the three month periods ended April 2, 2021 and March 27, 2020 were as follows ($ in millions): Three Months Ended April 2, 2021 March 27, 2020 Sales $ — $ 609.2 Cost of sales — (346.1) Selling, general and administrative expenses (1.9) (141.0) Research and development expenses — (32.9) Goodwill impairment — (85.3) Interest expense and other income, net 0.1 (5.2) Earnings before income taxes (1.8) (1.3) Income taxes 0.3 (11.6) Net earnings from discontinued operations $ (1.5) $ (12.9) The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in the Company’s Consolidated Balance Sheets as of December 31 ($ in millions): April 2, 2021 December 31, 2020 ASSETS Other current assets $ — $ 30.4 Total assets, discontinued operations $ — $ 30.4 LIABILITIES Current liabilities: Accrued expenses and other current liabilities $ (2.8) $ (33.3) Total liabilities, discontinued operations $ (2.8) $ (33.3)

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Apr. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is a rollforward of our carrying value of goodwill by segment ($ in millions): Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Total Goodwill Balance, December 31, 2020 $ 3,268.8 $ 1,867.9 $ 2,222.5 $ 7,359.2 Measurement period adjustments for 2020 acquisitions (0.7) — (3.1) (3.8) Foreign currency translation and other (3.8) (16.0) 4.8 (15.0) Balance, April 2, 2021 $ 3,264.3 $ 1,851.9 $ 2,224.2 $ 7,340.4

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 02, 2021
Fair Value Disclosures [Abstract]
Schedule of 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 April 2, 2021 Deferred compensation liabilities $ — $ 38.1 $ — $ 38.1 December 31, 2020 Investment in Vontier $ 1,119.2 $ — $ — $ 1,119.2 Deferred compensation liabilities — 34.8 — 34.8
Schedule of Carrying Amounts and Fair Values of Financial Instruments	The carrying amount and fair value of financial instruments are as follows ($ in millions): April 2, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Current portion of long-term debt $ 1,126.0 $ 1,180.4 $ 1,399.8 $ 1,400.0 Long-term debt, net of current maturities $ 1,441.5 $ 1,597.0 $ 2,830.3 $ 3,155.5

Financing and Capital (Tables)

Financing and Capital (Tables)	3 Months Ended
	Apr. 02, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The carrying value of the components of our long-term debt were as follows ($ in millions): April 2, 2021 December 31, 2020 Term Loan due May 2021 — 1,000.0 Term Loan due March 2021 — 399.8 3.15% senior unsecured notes due 2026 894.3 894.1 4.30% senior unsecured notes due 2046 547.2 547.2 0.875% senior convertible notes due 2022 1,126.0 1,389.0 Long-term debt 2,567.5 4,230.1 Less: current portion of long-term debt 1,126.0 1,399.8 Long-term debt, net of current maturities $ 1,441.5 $ 2,830.3

Sales (Tables)

Sales (Tables)	3 Months Ended
	Apr. 02, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Contract Liabilities	Our contract liabilities consisted of the following ($ in millions): April 2, 2021 December 31, 2020 Deferred revenue - current $ 397.8 $ 376.4 Deferred revenue - noncurrent 32.3 34.2 Total contract liabilities $ 430.1 $ 410.6
Schedule of Remaining Performance Obligations	The aggregate performance obligations attributable to each of our segments is as follows ($ in millions): April 2, 2021 Intelligent Operating Solutions $ 105.2 Precision Technologies 25.4 Advanced Healthcare Solutions 1.2 Total remaining performance obligations $ 131.8
Schedule of Disaggregation of Revenue	Disaggregation of revenue for the three month period ended April 2, 2021 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 1,077.2 $ 453.0 $ 393.1 $ 231.1 Sales of services 182.0 57.9 54.3 69.8 Total $ 1,259.2 $ 510.9 $ 447.4 $ 300.9 Geographic: United States $ 620.8 $ 248.2 $ 219.1 $ 153.5 China 164.3 59.5 76.8 28.0 All other (each country individually less than 5% of total sales) 474.1 203.2 151.5 119.4 Total $ 1,259.2 $ 510.9 $ 447.4 $ 300.9 End markets: (a) Direct sales: Medical $ 326.8 $ 9.4 $ 35.0 $ 282.4 Industrial & Manufacturing 302.3 196.5 100.0 5.8 Utilities & Power 94.9 54.3 40.6 — Government 87.9 44.8 34.4 8.7 Communication, Electronics & Semiconductor 87.8 27.5 59.6 0.7 Aerospace & Defense 55.4 — 55.4 — Oil & Gas 63.3 60.5 2.8 — Retail & Consumer 45.5 23.5 22.0 — Other 124.9 56.1 68.8 — Total direct sales 1,188.8 472.6 418.6 297.6 Distributors 70.4 38.3 28.8 3.3 Total $ 1,259.2 $ 510.9 $ 447.4 $ 300.9 (a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer. Disaggregation of revenue for the three month period ended March 27, 2020 is presented as follows ($ in millions): Total Intelligent Operating Solutions Precision Technologies Advanced Healthcare Solutions Sales: Sales of products and software $ 945.5 $ 416.2 $ 339.9 $ 189.4 Sales of services 162.6 50.5 51.4 60.7 Total $ 1,108.1 $ 466.7 $ 391.3 $ 250.1 Geographic: United States $ 605.1 $ 249.4 $ 207.4 $ 148.3 China 118.6 46.6 54.3 17.7 All other (each country individually less than 5% of total sales) 384.4 170.7 129.6 84.1 Total $ 1,108.1 $ 466.7 $ 391.3 $ 250.1 End markets: (a) Direct sales: Medical $ 269.8 $ 10.6 $ 24.9 $ 234.3 Industrial & Manufacturing 249.6 162.8 81.8 5.0 Utilities & Power 91.0 54.2 36.8 — Government 79.1 38.1 33.7 7.3 Communications, Electronics & Semiconductor 63.2 26.2 36.6 0.4 Aerospace & Defense 56.1 3.3 52.8 — Oil & Gas 58.6 54.8 3.8 — Retail & Consumer 45.4 22.7 22.7 — Other 119.0 57.9 61.1 — Total direct sales 1,031.8 430.6 354.2 247.0 Distributors 76.3 36.1 37.1 3.1 Total $ 1,108.1 $ 466.7 $ 391.3 $ 250.1 (a) Direct sales by end market include sales made through third-party distributors where we have visibility into the end customer.

Pension Plans (Tables)

Pension Plans (Tables)	3 Months Ended
	Apr. 02, 2021
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 April 2, 2021 March 27, 2020 U.S. Pension Benefits: Interest cost $ 0.2 $ 0.3 Expected return on plan assets (0.2) (0.3) Amortization of net loss — — Net periodic pension cost $ — $ — Non-U.S. Pension Benefits: Service cost $ 1.0 $ 1.1 Interest cost 0.8 1.0 Expected return on plan assets (1.3) (1.3) Amortization of net loss 1.2 1.0 Amortization of prior service cost 0.1 0.1 Net periodic pension cost $ 1.8 $ 1.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Apr. 02, 2021
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 April 2, 2021 March 27, 2020 Stock Awards: Pretax compensation expense $ 10.5 $ 8.1 Income tax benefit (1.9) (1.4) Stock Award expense, net of income taxes 8.6 6.7 Stock options: Pretax compensation expense 6.1 4.7 Income tax benefit (1.2) (0.7) Stock option expense, net of income taxes 4.9 4.0 Total stock-based compensation: Pretax compensation expense 16.6 12.8 Income tax benefit (3.1) (2.1) Total stock-based compensation expense, net of income taxes $ 13.5 $ 10.7
Schedule of Future Compensation	Future compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions): Stock Awards $ 105.0 Stock options 67.7 Total unrecognized compensation cost $ 172.7

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Apr. 02, 2021
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, 2020 $ 24.9 Accruals for warranties issued during the period 5.3 Settlements made (3.7) Additions due to acquisitions — Effect of foreign currency translation (0.1) Balance, April 2, 2021 $ 26.4

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Apr. 02, 2021
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 April 2, 2021 March 27, 2020 Numerator Net earnings from continuing operations $ 111.7 $ 54.8 Mandatory convertible preferred stock cumulative dividends (17.3) (17.3) Net earnings attributable to common stockholders from continuing operations $ 94.4 $ 37.5 Denominator Weighted average common shares outstanding used in basic earnings per share 338.6 336.8 Incremental common shares from: Assumed exercise of dilutive options and vesting of dilutive Stock Awards 3.1 3.2 Weighted average common shares outstanding used in diluted earnings per share 341.7 340.0 Net earnings from continuing operations per common share - Basic $ 0.28 $ 0.11 Net earnings from continuing operations per common share - Diluted $ 0.28 $ 0.11
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 dividend in the first quarter of 2021, while the MCPS dividends for the first quarter of 2020 were declared and accrued as follows: Dividend Per Amount Dividend per MCPS Amount 2021: First quarter $ 0.07 $ 23.7 $ 12.50 $ 17.3 2020: First quarter $ 0.07 $ 23.5 $ 12.50 $ 17.3 * The sum of the components of total dividends paid may not equal the total amount due to rounding.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Apr. 02, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Our segment results are as follows ($ in millions): Three Months Ended April 2, 2021 March 27, 2020 Sales: Intelligent Operating Solutions $ 510.9 $ 466.7 Precision Technologies 447.4 391.3 Advanced Healthcare Solutions 300.9 250.1 Total $ 1,259.2 $ 1,108.1 Operating Profit: Intelligent Operating Solutions $ 108.1 $ 81.1 Precision Technologies 95.9 73.5 Advanced Healthcare Solutions 18.9 (15.8) Other (25.3) (23.4) Total Operating Profit 197.6 115.4 Interest expense, net (27.7) (38.6) Loss on extinguishment of debt (104.9) — Gain on investment in Vontier Corporation 57.0 — Other non-operating expense, net (3.3) (4.5) Earnings from continuing operations before income taxes $ 118.7 $ 72.3

Business Overview - Narrative (

Business Overview - Narrative (Details) shares in Millions, $ in Millions	Oct. 09, 2020USD ($)	Sep. 29, 2020USD ($)	Mar. 27, 2020USD ($)	Jan. 19, 2021USD ($)shares	Mar. 27, 2020JPY (¥)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
(Loss) gain in OCI related to net investment hedge			$ 0.9
Vontier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from line of credit		$ 1,800
Vontier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment balance (in shares) | shares				33.5
Principal amount				$ 1,100
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
Vontier
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of shares distributed in separation	80.10%
Distribution ratio of vontier shares	0.40
Percentage of equity investment retained after disposal	19.90%
Discontinued operation consideration	$ 1,600
Preliminary adjustment for excess cash balances remaining	$ 202
Principal amount				$ 1,100

Business Overview - Accumulated

Business Overview - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 8,972.7
Other comprehensive income (loss) before reclassifications, net of income taxes	(34.7)	$ (136.3)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (Decrease)	1.3	(1.2)
Income tax impact	(0.3)	0.2
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	1	(1)
Total other comprehensive income (loss), net of income taxes	(33.7)	(137.3)
Ending balance	9,016.7
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(54)	21.2
Other comprehensive income (loss) before reclassifications, net of income taxes	(34.7)	(136.3)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (Decrease)	0	0
Income tax impact	0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	0	0
Total other comprehensive income (loss), net of income taxes	(34.7)	(136.3)
Ending balance	(88.7)	(115.1)
Pension adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(87.1)	(77.5)
Other comprehensive income (loss) before reclassifications, net of income taxes	0	0
Amounts reclassified from accumulated other comprehensive income (loss):
Increase (Decrease)	1.3	(1.2)
Income tax impact	(0.3)	0.2
Amounts reclassified from accumulated other comprehensive income (loss), net of income taxes	1	(1)
Total other comprehensive income (loss), net of income taxes	1	(1)
Ending balance	(86.1)	(78.5)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(141.1)	(56.3)
Amounts reclassified from accumulated other comprehensive income (loss):
Total other comprehensive income (loss), net of income taxes	(33.7)	(137.3)
Ending balance	$ (174.8)	$ (193.6)

Business Overview - Allowance f

Business Overview - Allowance for Credit Losses Rollforward (Details) $ in Millions	3 Months Ended
	Apr. 02, 2021USD ($)
Accounts And Financing Receivable, Allowance For Credit Loss [Roll Forward]
Beginning balance	$ 42.5
Provision	1.6
Write-offs	(3.7)
FX and Other	(0.2)
Ending balance	$ 40.2

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Millions	Apr. 01, 2019USD ($)country	Apr. 02, 2021USD ($)country
Business Acquisition [Line Items]
Prepaid acquisition asset related to remaining non-principal countries | $		$ 2.7
Acquisitions, ASP
Business Acquisition [Line Items]
Total purchase price | $	$ 2,700
Number of principal countries	20
Number of non-principal countries	39
Number of principal countries, closed		20
Number of non-principal countries, closed		37
Percent of preliminary valuation in principal countries		99.00%
Number of remaining, non-principal countries open		2
Percent of preliminary valuation in non-principal countries		1.00%

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 27, 2020USD ($)
Telematics Reporting Unit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill	$ 85.3

Discontinued Operations - Key C

Discontinued Operations - Key Components of Income and Major Classes of Assets and Liabilities from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Sales	$ 0	$ 609.2
Cost of sales	0	(346.1)
Selling, general and administrative expenses	(1.9)	(141)
Research and development expenses	0	(32.9)
Goodwill impairment	0	(85.3)
Interest expense and other income, net	0.1	(5.2)
Earnings before income taxes	(1.8)	(1.3)
Income taxes	0.3	(11.6)
Net earnings from discontinued operations	(1.5)	$ (12.9)
ASSETS
Other current assets	0		$ 30.4
Total assets, discontinued operations	0		30.4
Current liabilities:
Accrued expenses and other current liabilities	(2.8)		(33.3)
Total liabilities, discontinued operations	$ (2.8)		$ (33.3)

Goodwill - Rollforward of Goodw

Goodwill - Rollforward of Goodwill (Details) $ in Millions	3 Months Ended
	Apr. 02, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 7,359.2
Measurement period adjustments for 2020 acquisitions	(3.8)
Foreign currency translation and other	(15)
Ending balance	7,340.4
Intelligent Operating Solutions
Goodwill [Roll Forward]
Beginning balance	3,268.8
Measurement period adjustments for 2020 acquisitions	(0.7)
Foreign currency translation and other	(3.8)
Ending balance	3,264.3
Precision Technologies
Goodwill [Roll Forward]
Beginning balance	1,867.9
Measurement period adjustments for 2020 acquisitions	0
Foreign currency translation and other	(16)
Ending balance	1,851.9
Advanced Healthcare Solutions
Goodwill [Roll Forward]
Beginning balance	2,222.5
Measurement period adjustments for 2020 acquisitions	(3.1)
Foreign currency translation and other	4.8
Ending balance	$ 2,224.2

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in Vontier	$ 0	$ 1,119.2
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	38.1	34.8
Investment in Vontier		1,119.2
Fair Value, Measurements, Recurring | Quoted Prices in Active Market (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	0	0
Investment in Vontier		1,119.2
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	38.1	34.8
Investment in Vontier		0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	$ 0	0
Investment in Vontier		$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) shares in Millions, $ in Millions	Jan. 19, 2021	Oct. 09, 2020	Apr. 02, 2021	Mar. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on investment in Vontier Corporation			$ 57	$ 0
Loss on extinguishment of debt			104.9	$ 0
Vontier
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment balance (in shares)	33.5
Principal amount	$ 1,100
Line of credit | Term Loan due March 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding borrowings	$ 400
Debt term	364 days
Line of credit | Term Loan due May 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding borrowings	$ 683.2
Line of credit | Delayed-Draw Term Loan Due March 2021 And Delayed-Draw Term Loan Due May 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on extinguishment of debt			$ 94.4
Vontier
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of equity investment retained after disposal		19.90%
Principal amount	$ 1,100

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, carrying amount	$ 1,126	$ 1,399.8
Long-term debt, net of current maturities, carrying value	1,441.5	2,830.3
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of long-term debt, carrying amount	1,126	1,399.8
Current portion of long-term debt, fair value	1,180.4	1,400
Long-term debt, net of current maturities, carrying value	1,441.5	2,830.3
Long-term debt, net of current maturities, fair value	$ 1,597	$ 3,155.5

Financing and Capital - Compone

Financing and Capital - Components of Debt (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020	Mar. 27, 2020	Feb. 22, 2019
Debt Instrument [Line Items]
Long-term debt	$ 2,567.5	$ 4,230.1
Less: current portion of long-term debt	1,126	1,399.8
Long-term debt, net of current maturities	1,441.5	2,830.3
Senior Notes | 3.15% senior unsecured notes due 2026
Debt Instrument [Line Items]
Long-term debt	$ 894.3	894.1
Interest rate, stated percentage	3.15%
Senior Notes | 4.30% senior unsecured notes due 2046
Debt Instrument [Line Items]
Long-term debt	$ 547.2	547.2
Interest rate, stated percentage	4.30%
Convertible Debt | 0.875% senior convertible notes due 2022
Debt Instrument [Line Items]
Long-term debt	$ 1,126	1,389
Interest rate, stated percentage	0.875%		0.875%	0.875%
Line of credit | Term Loan due May 2021
Debt Instrument [Line Items]
Long-term debt	$ 0	1,000
Line of credit | Term Loan due March 2021
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 399.8

Financing and Capital - Narrati

Financing and Capital - Narrative (Details) $ / shares in Units, shares in Millions	Jan. 21, 2021USD ($)	Jan. 19, 2021USD ($)shares	Oct. 09, 2020	Feb. 22, 2019USD ($)$ / shares	Apr. 02, 2021USD ($)	Mar. 27, 2020USD ($)	Feb. 09, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt discounts, premiums and issuance costs					$ 39,000,000			$ 57,000,000
Loss on extinguishment of debt					104,900,000	$ 0
Additional Paid-In Capital
Debt Instrument [Line Items]
Reduction in additional paid in capital					(11,600,000)
Convertible Debt
Debt Instrument [Line Items]
Loss on extinguishment of debt					10,500,000
Interest expense					$ 12,200,000
0.875% senior convertible notes due 2022 | Convertible Debt
Debt Instrument [Line Items]
Principal amount				$ 1,300,000,000
Proceeds from the issuance of convertible notes				$ 1,400,000,000
Interest rate, stated percentage				0.875%	0.875%	0.875%
Conversion ratio			0.0109568
Initial conversion price (in dollars per share) | $ / shares				$ 91.27
Discount at issuance				$ 102,200,000
Effective interest rate				3.38%
Debt issuance costs				$ 24,300,000
Debt instrument, repurchased face amount							$ 281,000,000
Interest expense						$ 13,400,000
Interest expense related to contractual coupon rate					$ 2,800,000	3,100,000
Amortization of debt issuance costs					1,700,000	1,900,000
Amortization of debt discount					7,700,000	$ 8,400,000
Unamortized discount				102,200,000	$ 30,500,000
Discount amortization period					3 years
Senior Unsecured Notes due 2022, Over-Allotment Option | Convertible Debt
Debt Instrument [Line Items]
Principal amount				$ 187,500,000
Line of credit | Term Loan due March 2021
Debt Instrument [Line Items]
Outstanding borrowings		$ 400,000,000
Debt term		364 days
Line of credit | Term Loan due May 2021
Debt Instrument [Line Items]
Outstanding borrowings		$ 683,200,000
Payment of outstanding principal	$ 316,800,000
Line of credit | Delayed-Draw Term Loan Due March 2021 And Delayed-Draw Term Loan Due May 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 94,400,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings					$ 0
Debt term					5 years
Long-term debt					$ 2,000,000,000
Vontier
Debt Instrument [Line Items]
Investment balance (in shares) | shares		33.5
Principal amount		$ 1,100,000,000

Sales - Narrative (Details)

Sales - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Contract assets	$ 67	$ 56
Net revenue-related contract assets	29	$ 31
Contract liabilities, revenue recognized	$ 123
Maximum
Capitalized Contract Cost [Line Items]
Useful life	8 years
Maximum | Deferred Sales Commissions
Capitalized Contract Cost [Line Items]
Useful life	1 year
Minimum
Capitalized Contract Cost [Line Items]
Useful life	3 years

Sales - Contract liabilities (D

Sales - Contract liabilities (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 397.8	$ 376.4
Deferred revenue - noncurrent	32.3	34.2
Total contract liabilities	$ 430.1	$ 410.6

Sales - Revenue, Remaining Perf

Sales - Revenue, Remaining Performance Obligation (Details) $ in Millions	Apr. 02, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 131.8
Intelligent Operating Solutions | Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	105.2
Precision Technologies | Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	25.4
Advanced Healthcare Solutions | Operating Segments
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1.2

Sales - Remaining Performance O

Sales - Remaining Performance Obligation, Expected Timing (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-03	Apr. 02, 2021
Period One
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	55.00%
Remaining performance obligation, expected timing	2 years
Period Two
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	85.00%
Remaining performance obligation, expected timing	3 years
Period Three
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
	Apr. 02, 2021	Mar. 27, 2020
Disaggregation of Revenue [Line Items]
Total sales	$ 1,259.2	$ 1,108.1
Medical
Disaggregation of Revenue [Line Items]
Total sales	326.8	269.8
Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	302.3	249.6
Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	94.9	91
Government
Disaggregation of Revenue [Line Items]
Total sales	87.9	79.1
Communication, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	87.8	63.2
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	55.4	56.1
Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	63.3	58.6
Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	45.5	45.4
Other
Disaggregation of Revenue [Line Items]
Total sales	124.9	119
Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	1,188.8	1,031.8
Distributors
Disaggregation of Revenue [Line Items]
Total sales	70.4	76.3
Operating Segments | Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	510.9	466.7
Operating Segments | Intelligent Operating Solutions | Medical
Disaggregation of Revenue [Line Items]
Total sales	9.4	10.6
Operating Segments | Intelligent Operating Solutions | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	196.5	162.8
Operating Segments | Intelligent Operating Solutions | Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	54.3	54.2
Operating Segments | Intelligent Operating Solutions | Government
Disaggregation of Revenue [Line Items]
Total sales	44.8	38.1
Operating Segments | Intelligent Operating Solutions | Communication, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	27.5	26.2
Operating Segments | Intelligent Operating Solutions | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	0	3.3
Operating Segments | Intelligent Operating Solutions | Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	60.5	54.8
Operating Segments | Intelligent Operating Solutions | Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	23.5	22.7
Operating Segments | Intelligent Operating Solutions | Other
Disaggregation of Revenue [Line Items]
Total sales	56.1	57.9
Operating Segments | Intelligent Operating Solutions | Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	472.6	430.6
Operating Segments | Intelligent Operating Solutions | Distributors
Disaggregation of Revenue [Line Items]
Total sales	38.3	36.1
Operating Segments | Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	447.4	391.3
Operating Segments | Precision Technologies | Medical
Disaggregation of Revenue [Line Items]
Total sales	35	24.9
Operating Segments | Precision Technologies | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	100	81.8
Operating Segments | Precision Technologies | Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	40.6	36.8
Operating Segments | Precision Technologies | Government
Disaggregation of Revenue [Line Items]
Total sales	34.4	33.7
Operating Segments | Precision Technologies | Communication, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	59.6	36.6
Operating Segments | Precision Technologies | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	55.4	52.8
Operating Segments | Precision Technologies | Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	2.8	3.8
Operating Segments | Precision Technologies | Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	22	22.7
Operating Segments | Precision Technologies | Other
Disaggregation of Revenue [Line Items]
Total sales	68.8	61.1
Operating Segments | Precision Technologies | Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	418.6	354.2
Operating Segments | Precision Technologies | Distributors
Disaggregation of Revenue [Line Items]
Total sales	28.8	37.1
Operating Segments | Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	300.9	250.1
Operating Segments | Advanced Healthcare Solutions | Medical
Disaggregation of Revenue [Line Items]
Total sales	282.4	234.3
Operating Segments | Advanced Healthcare Solutions | Industrial & Manufacturing
Disaggregation of Revenue [Line Items]
Total sales	5.8	5
Operating Segments | Advanced Healthcare Solutions | Utilities & Power
Disaggregation of Revenue [Line Items]
Total sales	0	0
Operating Segments | Advanced Healthcare Solutions | Government
Disaggregation of Revenue [Line Items]
Total sales	8.7	7.3
Operating Segments | Advanced Healthcare Solutions | Communication, Electronics & Semiconductor
Disaggregation of Revenue [Line Items]
Total sales	0.7	0.4
Operating Segments | Advanced Healthcare Solutions | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Total sales	0	0
Operating Segments | Advanced Healthcare Solutions | Oil & Gas
Disaggregation of Revenue [Line Items]
Total sales	0	0
Operating Segments | Advanced Healthcare Solutions | Retail & Consumer
Disaggregation of Revenue [Line Items]
Total sales	0	0
Operating Segments | Advanced Healthcare Solutions | Other
Disaggregation of Revenue [Line Items]
Total sales	0	0
Operating Segments | Advanced Healthcare Solutions | Total direct sales
Disaggregation of Revenue [Line Items]
Total sales	297.6	247
Operating Segments | Advanced Healthcare Solutions | Distributors
Disaggregation of Revenue [Line Items]
Total sales	3.3	3.1
United States
Disaggregation of Revenue [Line Items]
Total sales	620.8	605.1
United States | Operating Segments | Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	248.2	249.4
United States | Operating Segments | Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	219.1	207.4
United States | Operating Segments | Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	153.5	148.3
China
Disaggregation of Revenue [Line Items]
Total sales	164.3	118.6
China | Operating Segments | Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	59.5	46.6
China | Operating Segments | Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	76.8	54.3
China | Operating Segments | Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	28	17.7
All other (each country individually less than 5% of total sales)
Disaggregation of Revenue [Line Items]
Total sales	474.1	384.4
All other (each country individually less than 5% of total sales) | Operating Segments | Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	203.2	170.7
All other (each country individually less than 5% of total sales) | Operating Segments | Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	151.5	129.6
All other (each country individually less than 5% of total sales) | Operating Segments | Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	119.4	84.1
Sales of products and software
Disaggregation of Revenue [Line Items]
Total sales	1,077.2	945.5
Sales of products and software | Operating Segments | Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	453	416.2
Sales of products and software | Operating Segments | Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	393.1	339.9
Sales of products and software | Operating Segments | Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	231.1	189.4
Sales of services
Disaggregation of Revenue [Line Items]
Total sales	182	162.6
Sales of services | Operating Segments | Intelligent Operating Solutions
Disaggregation of Revenue [Line Items]
Total sales	57.9	50.5
Sales of services | Operating Segments | Precision Technologies
Disaggregation of Revenue [Line Items]
Total sales	54.3	51.4
Sales of services | Operating Segments | Advanced Healthcare Solutions
Disaggregation of Revenue [Line Items]
Total sales	$ 69.8	$ 60.7

Pension Plans - Components of N

Pension Plans - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
U.S. Pension Benefits:
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 0.2	$ 0.3
Expected return on plan assets	(0.2)	(0.3)
Amortization of net loss	0	0
Net periodic pension cost	0	0
Non-U.S. Pension Benefits:
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.8	1
Service cost	1	1.1
Expected return on plan assets	(1.3)	(1.3)
Amortization of net loss	1.2	1
Amortization of prior service cost	0.1	0.1
Net periodic pension cost	$ 1.8	$ 1.9

Pension Plans - Narrative (Deta

Pension Plans - Narrative (Details) $ in Millions	Apr. 02, 2021USD ($)
Non-U.S. Pension Benefits:
Defined Benefit Plan Disclosure [Line Items]
Expected future contributions, remainder of fiscal year	$ 12
U.S. Pension Benefits:
Defined Benefit Plan Disclosure [Line Items]
Expected future contributions, remainder of fiscal year	$ 1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	5.90%	24.20%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) shares in Millions	3 Months Ended
	Apr. 02, 2021shares
Share-based Payment Arrangement [Abstract]
Shares of common stock reserved for issuance under the Stock Plan (in shares)	19
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
	Apr. 02, 2021	Mar. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	$ 16.6	$ 12.8
Income tax benefit	(3.1)	(2.1)
Total stock-based compensation expense	13.5	10.7
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	10.5	8.1
Income tax benefit	(1.9)	(1.4)
Total stock-based compensation expense	8.6	6.7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	6.1	4.7
Income tax benefit	(1.2)	(0.7)
Total stock-based compensation expense	$ 4.9	$ 4

Stock-Based Compensation - Unre

Stock-Based Compensation - Unrecognized Compensation Cost (Details) $ in Millions	Apr. 02, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 172.7
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	105
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 67.7

Commitments and Contingencies -

Commitments and Contingencies - Rollforward of Accrued Warranty Liability (Details) $ in Millions	3 Months Ended
	Apr. 02, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Warranty period - minimum	90 days
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 24.9
Accruals for warranties issued during the period	5.3
Settlements made	(3.7)
Additions due to acquisitions	0
Effect of foreign currency translation	(0.1)
Ending balance	$ 26.4

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 15	$ 16
Cash paid for operating leases	16	14
ROU assets obtained in exchange for operating lease obligations	9	$ 7
Operating lease, not yet commenced, liability	$ 1
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, not yet commenced, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, not yet commenced, term of contract	3 years

Net Earnings Per Share - Narrat

Net Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	5.7
MCPS
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	20	18.4

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
	Apr. 02, 2021	Mar. 27, 2020
Numerator
Net earnings from continuing operations	$ 111.7	$ 54.8
Mandatory convertible preferred stock cumulative dividends	(17.3)	(17.3)
Net earnings attributable to common stockholders from continuing operations	$ 94.4	$ 37.5
Denominator
Weighted average common shares outstanding used in basic earnings per share (in shares)	338.6	336.8
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive Stock Awards (in shares)	3.1	3.2
Weighted average common shares outstanding used in diluted earnings per share (in shares)	341.7	340
Net earnings from continuing operations per common share - Basic (in dollars per share)	$ 0.28	$ 0.11
Net earnings from continuing operations per common share - Diluted (in dollars per share)	$ 0.28	$ 0.11

Net Earnings Per Share - Divide

Net Earnings Per Share - Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Earnings Per Share [Abstract]
Dividend per common share (in dollars per share)	$ 0.07	$ 0.07
Amount, common shares	$ 23.7	$ 23.5
Dividend per MCPS (in dollars per share)	$ 12.50	$ 12.50
Amount, MCPS	$ 17.3	$ 17.3

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Apr. 02, 2021segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Detailed

Segment Information - Detailed Segment Data (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Segment Reporting Information [Line Items]
Total sales	$ 1,259.2	$ 1,108.1
Total Operating Profit	197.6	115.4
Interest expense, net	(27.7)	(38.6)
Loss on extinguishment of debt	(104.9)	0
Gain on investment in Vontier Corporation	57	0
Other non-operating expense, net	(3.3)	(4.5)
Earnings from continuing operations before income taxes	118.7	72.3
Operating Segments | Intelligent Operating Solutions
Segment Reporting Information [Line Items]
Total sales	510.9	466.7
Total Operating Profit	108.1	81.1
Operating Segments | Precision Technologies
Segment Reporting Information [Line Items]
Total sales	447.4	391.3
Total Operating Profit	95.9	73.5
Operating Segments | Advanced Healthcare Solutions
Segment Reporting Information [Line Items]
Total sales	300.9	250.1
Total Operating Profit	18.9	(15.8)
Other
Segment Reporting Information [Line Items]
Total Operating Profit	$ (25.3)	$ (23.4)