Vontier (VNT) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 02, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 2, 2021
Document Transition Report	false
Entity File Number	001-39483
Entity Registrant Name	Vontier Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2783455
Entity Address, Address Line One	5438 Wade Park Boulevard
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27607
City Area Code	984
Local Phone Number	275-6000
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	VNT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		168,797,957
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001786842
Current Fiscal Year End Date	--12-31

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 670.3	$ 380.5
Accounts receivable, less allowance for credit losses of $42.2 million and $40.5 million as of April 2, 2021 and December 31, 2020, respectively	386.5	447.1
Inventories:
Finished goods	94.3	90.3
Work in process	25.8	19.9
Raw materials	122.6	123.5
Total inventories	242.7	233.7
Prepaid expenses and other current assets	111.7	120.8
Total current assets	1,411.2	1,182.1
Property, plant and equipment, net of accumulated depreciation of $243.2 million and $240.4 million as of April 2, 2021 and December 31, 2020, respectively	98.1	96.8
Operating lease right-of-use assets	35.8	40.1
Long-term financing receivables, less allowance for credit losses of $43.2 million and $44.4 million as of April 2, 2021 and December 31, 2020, respectively	237	233.5
Other intangible assets, net	241.1	250.5
Goodwill	1,082.9	1,092.1
Other assets	178	177.9
Total assets	3,284.1	3,073
Current liabilities:
Total short-term borrowings	6.9	10.9
Trade accounts payable	375.1	367.4
Current operating lease liabilities	11.9	11.9
Accrued expenses and other current liabilities	404.3	448.1
Total current liabilities	798.2	838.3
Long-term operating lease liabilities	26.9	30.5
Long-term debt	1,981.8	1,795.3
Other long-term liabilities	209.2	217.2
Commitments and Contingencies
Equity:
Preferred stock, no par value -- 15,000,000 authorized shares; and none issued and outstanding	0	0
Common stock, $0.0001 par value -- 1,985,000,000 shares authorized at April 2, 2021 and December 31, 2020; 168,762,403 and 168,497,098 shares issued and outstanding at April 2, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	8.7	7.6
Retained earnings (Accumulated deficit)	77.4	(13.6)
Accumulated other comprehensive income	178.2	193.8
Total Vontier stockholders’ equity	264.3	187.8
Noncontrolling interests	3.7	3.9
Total stockholders’ equity	268	191.7
Total liabilities and equity	$ 3,284.1	$ 3,073

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 42.2	$ 40.5
Accumulated depreciation	243.2	240.4
Financing receivable, allowance for credit losses	$ 43.2	$ 44.4
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	15,000,000	15,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	1,985,000,000	1,985,000,000
Common stock, issued (in shares)	168,762,403	168,497,098
Common stock, outstanding (in shares)	168,762,403	168,497,098

Consolidated and Combined Conde

Consolidated and Combined Condensed Statements of Earnings (Loss) and Comprehensive Income (Loss) - USD ($) shares in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Sales	$ 707,400,000	$ 609,200,000
Cost of sales	(395,600,000)	(346,100,000)
Gross profit	311,800,000	263,100,000
Operating costs:
Selling, general and administrative expenses	(145,700,000)	(123,100,000)
Research and development expenses	(33,200,000)	(32,900,000)
Impairment of goodwill	0	(85,300,000)
Operating profit	132,900,000	21,800,000
Non-operating expense, net:
Interest expense, net	(10,400,000)	(400,000)
Write-off of deferred financing costs	(3,200,000)	0
Other non-operating expense, net	(200,000)	(100,000)
Earnings before income taxes	119,100,000	21,300,000
Provision for income taxes	(28,100,000)	(25,500,000)
Net earnings (loss)	$ 91,000,000	$ (4,200,000)
Net earnings (loss) per share:
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.54	$ (0.02)
Net earnings (loss) per share - Diluted (in dollars per share)	$ 0.54	$ (0.02)
Average common stock and common equivalent shares outstanding:
Weighted average common shares outstanding used in basic earnings per share (in shares)	168.7	168.4
Weighted average common shares outstanding used in diluted earnings per share (in shares)	169.7	168.4
Other comprehensive income (loss), net of income taxes:
Net earnings (loss)	$ 91,000,000	$ (4,200,000)
Foreign currency translation adjustments	(15,700,000)	(46,200,000)
Other adjustments	100,000	1,700,000
Total other comprehensive loss, net of income taxes	(15,600,000)	(44,500,000)
Comprehensive income (loss)	75,400,000	(48,700,000)
Products
Sales	644,600,000	547,500,000
Cost of sales	(345,500,000)	(297,100,000)
Services
Sales	62,800,000	61,700,000
Cost of sales	$ (50,100,000)	$ (49,000,000)

Consolidated and Combined Con_2

Consolidated and Combined Condensed Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Adoption of accounting standard	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-In Capital	Additional Paid-In CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjusted Balance	Former Parent’s Investment	Former Parent’s InvestmentAdoption of accounting standard	Former Parent’s InvestmentCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive IncomeCumulative Effect, Period of Adoption, Adjusted Balance	Noncontrolling Interests	Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2019				0	0
Beginning balance at Dec. 31, 2019	$ 1,816.1	$ (16.9)	$ 1,799.2	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 1,662.5	$ (16.9)	$ 1,645.6	$ 148.7	$ 148.7	$ 4.9	$ 4.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(4.2)									(4.2)
Other comprehensive loss, net of income taxes	(44.5)												(44.5)
Stock-based compensation expense	3.6									3.6
Net transfers to Former Parent	(13.1)									(13.1)
Non-cash settlement of net related-party borrowings	(1)									(1)
Change in noncontrolling interests	(1.1)														(1.1)
Ending balance (in shares) at Mar. 27, 2020				0
Ending balance at Mar. 27, 2020	$ 1,738.9			$ 0		0		0		$ 1,630.9			104.2		3.8
Beginning balance (in shares) at Dec. 31, 2020	168,497,098			168,500,000
Beginning balance at Dec. 31, 2020	$ 191.7			$ 0		7.6		(13.6)					193.8		3.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	91							91
Other comprehensive loss, net of income taxes	(15.6)												(15.6)
Stock-based compensation expense	6.6					6.6
Exercise of common stock options and stock award distributions, net of shares for tax withholding (in shares)				300,000
Exercise of common stock options and stock award distributions, net of shares for tax withholding	(1.4)					(1.4)
Acquisition of noncontrolling interest	(1.9)					(2)									0.1
Non-cash separation-related adjustments and other	(2.1)					(2.1)
Change in noncontrolling interests	$ (0.3)														(0.3)
Ending balance (in shares) at Apr. 02, 2021	168,762,403			168,800,000
Ending balance at Apr. 02, 2021	$ 268			$ 0		$ 8.7		$ 77.4					$ 178.2		$ 3.7

Consolidated and Combined Con_3

Consolidated and Combined Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Cash flows from operating activities:
Net earnings (loss)	$ 91,000,000	$ (4,200,000)
Non-cash items:
Depreciation and amortization expense	19,800,000	19,300,000
Stock-based compensation expense	6,600,000	3,600,000
Impairment of goodwill	0	85,300,000
Write-off of deferred financing costs	3,200,000	0
Amortization of debt issuance costs	800,000	0
Change in deferred income taxes	(1,000,000)	(7,000,000)
Change in accounts receivable and long-term financing receivables, net	61,500,000	30,500,000
Change in other operating assets and liabilities	(18,600,000)	(71,900,000)
Net cash provided by operating activities	163,300,000	55,600,000
Cash flows from investing activities:
Payments for additions to property, plant and equipment	(11,000,000)	(7,500,000)
Proceeds from sale of property	0	100,000
Cash paid for equity investments	(4,600,000)	(9,500,000)
Net cash used in investing activities	(15,600,000)	(16,900,000)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,586,500,000	0
Repayment of long-term debt	(1,400,000,000)	0
Payment for debt issuance costs	(1,200,000)	0
Net repayments of related-party borrowings	0	(23,600,000)
Net (repayments of) proceeds from short-term borrowings	(4,000,000)	100,000
Net transfers to Former Parent	(31,500,000)	(9,500,000)
Proceeds from stock option exercises	1,500,000	0
Acquisition of noncontrolling interest	(1,900,000)	0
Other financing activities	(3,900,000)	(1,000,000)
Net cash provided by (used in) financing activities	145,500,000	(34,000,000)
Effect of exchange rate changes on cash and equivalents	(3,400,000)	(4,700,000)
Net change in cash and equivalents	289,800,000	0
Beginning balance of cash and equivalents	380,500,000	0
Ending balance of cash and equivalents	$ 670,300,000	$ 0

Business Overview and Basis of

Business Overview and Basis of Presentation	3 Months Ended
	Apr. 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview and Basis of Presentation	NOTE 1. BUSINESS OVERVIEW AND BASIS OF PRESENTATION Nature of Business Vontier Corporation (“Vontier,” the “Company,” “we,” “us,” or “our”) is a global industrial technology company that focuses on critical technical equipment, components, software and services for manufacturing, repair, and servicing in the mobility infrastructure industry worldwide. The Company supplies a wide range of mobility technologies and diagnostics and repair technologies solutions spanning advanced environmental sensors, fueling equipment, field payment hardware, remote management and workflow software, vehicle tracking and fleet management software-as-service solutions, professional vehicle mechanics’ and technicians’ equipment and traffic priority control systems. The Company markets its products and services to retail and commercial fueling operators, commercial vehicle repair businesses, municipal governments and public safety entities and fleet owners/operators on a global basis. Vontier operates through one reportable segment comprised of two operating segments: (i) mobility technologies, which is a leading worldwide provider of solutions and services focused on fuel dispensing, remote fuel management, point-of-sale and payment systems, environmental compliance, vehicle tracking and fleet management (“telematics”) and traffic management (“smart city solutions”), and (ii) diagnostics and repair technologies, which manufactures and distributes vehicle repair tools, toolboxes and automotive diagnostic equipment and software and a full line of wheel-service equipment. Given the interrelationships of the products, technologies and customers and the resulting similar long-term economic characteristics, we meet the aggregation criteria and have combined our two operating segments into a single reportable segment. Historically, these businesses had operated as part of Fortive Corporation’s Industrial Technologies reportable segment (the “Vontier Businesses”). Separation from Fortive Corporation On October 9, 2020, Fortive Corporation (“Fortive” or “Former Parent”) completed the separation of Fortive’s Industrial Technologies businesses through a pro rata distribution of 80.1% of the outstanding common stock of Vontier to Fortive’s stockholders (the “Separation”). In January 2021, Fortive sold a total of 33.5 million shares of the Company’s common stock as part of a secondary offering. After the secondary offering, Fortive no longer owned any of the Company’s outstanding common stock. Basis of Presentation The accompanying Consolidated and Combined Condensed Financial Statements present our historical financial position, results of operations, changes in equity and cash flows in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The combined financial statements for periods prior to the Separation were derived from Fortive’s consolidated financial statements and accounting records and prepared in accordance with GAAP for the preparation of carved-out combined financial statements. Through the date of the Separation, all revenues and costs as well as assets and liabilities directly associated with Vontier have been included in the combined condensed financial statements. Prior to the Separation, the combined condensed financial statements also included allocations of certain general, administrative, sales and marketing expenses from Fortive’s corporate office and from other Fortive businesses to the Company and allocations of related assets, liabilities, and the Former Parent’s investment, as applicable. The allocations were determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had the Company been an entity that operated independently of Fortive during the applicable periods. Related-party allocations prior to the Separation, including the method for such allocation, are discussed further in Note 11. Related-Party Transactions. Following the Separation, the consolidated condensed financial statements include the accounts of Vontier and those of our wholly-owned subsidiaries and no longer include any allocations from Fortive. Accordingly: • The Consolidated Condensed Balance Sheets as of April 2, 2021 and December 31, 2020 consist of our balances. • The Consolidated Condensed Statement of Earnings and Comprehensive Income, Consolidated Condensed Statement of Changes in Equity and Consolidated Condensed Statement of Cash Flows for the three months ended April 2, 2021 consist of our consolidated results. The Combined Condensed Statement of Earnings (Loss) and Comprehensive Income (Loss), Combined Condensed Statement of Changes in Equity and Combined Condensed Statement of Cash Flows for the three months ended March 27, 2020 consist of the combined results of the Vontier Businesses. Our Consolidated and Combined Condensed Financial Statements may not be indicative of our results had we been a separate stand-alone entity throughout the periods presented, nor are the results stated herein indicative of what our financial position, results of operations and cash flows may be in the future. All significant transactions between the Company and Fortive have been included in the accompanying Consolidated and Combined Condensed Financial Statements for all periods presented. Cash transactions with Fortive prior to the Separation are reflected in the accompanying Consolidated and Combined Condensed Statements of Changes in Stockholders’ Equity as “Net transfers to Former Parent.” Former Parent’s investment, which included Retained earnings (Accumulated deficit) prior to the Separation, represents Fortive’s interest in our recorded net assets prior to the Separation. In addition, the accumulated net effect of intercompany transactions between us and Fortive or Fortive affiliates for periods prior to the Separation are included in Former Parent’s investment. The Consolidated and Combined Condensed Financial Statements include our accounts and the accounts of our subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. The Consolidated and Combined Condensed Financial Statements also reflect the impact of noncontrolling interests. Noncontrolling interests do not have a significant impact on our consolidated and combined results of operations, therefore net earnings and net earnings per share attributable to noncontrolling interests are not presented separately in our Consolidated and Combined Condensed Statements of Earnings (Loss) and Comprehensive Income (Loss). Net earnings attributable to noncontrolling interests have been reflected in selling, general and administrative expenses (“SG&A”) and were insignificant in all periods presented. Unaudited Interim Financial Information The interim Consolidated and Combined Condensed Financial Statements include the accounts of the Company. These Consolidated and Combined Condensed Financial Statements are prepared in conformity with GAAP, and are unaudited. In the opinion of the Company’s management, all adjustments of a normal recurring nature necessary for a fair presentation have been reflected. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The accompanying interim Consolidated and Combined Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Consolidated and Combined Financial Statements and related notes included in the Company’s 2020 Annual Report on Form 10-K. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021 issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. These ASUs provide temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as LIBOR which is being phased out beginning at the end of 2021, to alternate reference rates, such as the Secured Overnight Financing Rate (“SOFR”). These standards were effective upon issuance and allowed application to contract changes as early as January 1, 2020. These provisions may impact the Company as contract modifications and other changes occur during the LIBOR transition period. The Company continues to evaluate the optional relief guidance provided within these ASUs, has reviewed its debt securities and continues to evaluate commercial contracts that may utilize LIBOR as the reference rate. We will continue the assessment and monitor regulatory developments during the LIBOR transition period.

Financing Receivables

Financing Receivables	3 Months Ended
	Apr. 02, 2021
Credit Loss [Abstract]
Financing Receivables	NOTE 2. FINANCING RECEIVABLES The Company’s financing receivables are comprised of commercial purchase security agreements with the Company’s end customers (“PSAs”) and commercial loans to the Company’s franchisees (“Franchisee Notes”). Financing receivables are generally secured by the underlying tools and equipment financed. PSAs are installment sales contracts originated between the franchisee and technicians or independent shop owners which enable these customers to purchase tools and equipment on an extended-term payment plan. PSA payment terms are generally up to five years. Upon origination, the Company assumes the PSA by crediting the franchisee’s trade accounts receivable. As a result, originations of PSAs are non-cash transactions. The Company records PSAs at amortized cost. Franchisee Notes have payment terms of up to 10 years and include financing to fund business startup costs including: (i) installment loans to franchisees used generally to finance inventory, equipment, and franchise fees; and (ii) lines of credit to finance working capital, including additional purchases of inventory. Revenues associated with the Company’s interest income related to financing receivables are recognized to approximate a constant effective yield over the contract term. Accrued interest is included in Accounts receivable less allowance for credit losses and is insignificant as of April 2, 2021 and December 31, 2020. Product sales to franchisees and the related financing income is included in Cash flows from operating activities in the accompanying Consolidated and Combined Condensed Statements of Cash Flows. The components of financing receivables with payments due in less than twelve months that are recorded in Accounts receivable less allowance for credit losses on the Consolidated Condensed Balance Sheets were as follows: ($ in millions) April 2, 2021 December 31, 2020 Gross current financing receivables: PSAs $ 97.1 $ 98.9 Franchisee Notes 15.8 15.5 Current financing receivables, gross $ 112.9 $ 114.4 Allowance for credit losses: PSAs $ 17.1 $ 15.8 Franchisee Notes 6.7 6.6 Total allowance for credit losses 23.8 22.4 Total current financing receivables, net $ 89.1 $ 92.0 Net current financing receivables: PSAs, net $ 80.0 $ 83.1 Franchisee Notes, net 9.1 8.9 Total current financing receivables, net $ 89.1 $ 92.0 The components of financing receivables with payments due beyond one year were as follows: ($ in millions) April 2, 2021 December 31, 2020 Gross long-term financing receivables: PSAs $ 219.1 $ 219.3 Franchisee Notes 61.1 58.6 Long-term financing receivables, gross $ 280.2 $ 277.9 Allowance for credit losses: PSAs $ 37.8 $ 38.5 Franchisee Notes 5.4 5.9 Total allowance for credit losses 43.2 44.4 Total long-term financing receivables, net $ 237.0 $ 233.5 Net long-term financing receivables: PSAs, net $ 181.3 $ 180.8 Franchisee Notes, net 55.7 52.7 Total long-term financing receivables, net $ 237.0 $ 233.5 Net deferred origination costs were insignificant as of April 2, 2021 and December 31, 2020. As of April 2, 2021 and December 31, 2020, we had a net unamortized discount on our financing receivables of $17.2 million and $18.4 million, respectively. It is the Company’s general practice to not engage in contract or loan modifications of existing arrangements for troubled debt restructurings. In limited instances, the Company may modify certain impaired receivables with customers in bankruptcy or other legal proceedings, or in the event of significant natural disasters. Restructured financing receivables as of April 2, 2021 and December 31, 2020 were insignificant. Credit score and distributor tenure are the primary indicators of credit quality for the Company’s financing receivables. Depending on the contract, payments for financing receivables are due on a monthly or weekly basis. Weekly payments are converted into a monthly equivalent for purposes of calculating delinquency. Delinquencies are assessed at the end of each month following the monthly equivalent due date and are considered delinquent once past due. The amortized cost basis of PSAs and Franchisee Notes by origination year as of April 2, 2021, is as follows: ($ in millions) 2021 2020 2019 2018 2017 Prior Total PSAs Credit Score: Less than 400 $ 6.2 $ 14.4 $ 8.3 $ 3.8 $ 1.6 $ 0.5 $ 34.8 400-599 8.0 21.3 11.5 6.2 2.4 0.9 50.3 600-799 16.5 41.5 22.1 11.5 4.7 1.7 98.0 800+ 25.5 57.3 29.2 14.8 5.0 1.3 133.1 Total PSAs $ 56.2 $ 134.5 $ 71.1 $ 36.3 $ 13.7 $ 4.4 $ 316.2 Franchisee Notes Active distributors $ 11.6 $ 19.6 $ 15.4 $ 8.5 $ 4.8 $ 6.0 $ 65.9 Separated distributors — 0.4 1.6 1.7 2.2 5.1 11.0 Total Franchisee Notes $ 11.6 $ 20.0 $ 17.0 $ 10.2 $ 7.0 $ 11.1 $ 76.9 Past Due PSAs are considered past due when a contractual payment has not been made. If a customer is making payments on its account, interest will continue to accrue. The table below sets forth the aging of the Company’s PSA balances as of: ($ in millions) 30-59 days past due 60-90 days past due Greater than 90 days past due Total past due Total not considered past due Total Greater than 90 days past due and accruing interest April 2, 2021 $ 2.8 $ 1.5 $ 6.5 $ 10.8 $ 305.4 $ 316.2 $ 6.5 December 31, 2020 3.5 1.8 7.2 12.5 305.7 318.2 7.2 Franchisee Notes are considered past due when payments have not been made for 21 days after the due date. Past due Franchisee Notes (where the franchisee had not yet separated) were insignificant as of April 2, 2021 and December 31, 2020. Uncollectable Status PSAs are deemed uncollectable and written off when they are both contractually delinquent and no payment has been received for 180 days. Franchisee Notes are deemed uncollectable and written off after a distributor separates and no payments have been received for one year. The Company stops accruing interest and other fees associated with financing receivables when (i) a customer is placed in uncollectable status and repossession efforts have begun; (ii) upon receipt of notification of bankruptcy; (iii) upon notification of the death of a customer; or (iv) other instances in which management concludes collectability is not reasonably assured. Allowance for Credit Losses Related to Financing Receivables The Company calculates the allowance for credit losses considering several factors, including the aging of its financing receivables, historical credit loss and portfolio delinquency experience and current economic conditions. The Company also evaluates financing receivables with identified exposures, such as customer defaults, bankruptcy or other events that make it unlikely it will recover the amounts owed to it. In calculating such reserves, the Company evaluates expected cash flows, including estimated proceeds from disposition of collateral, and calculates an estimate of the potential loss and the probability of loss. When a loss is considered probable on an individual financing receivable, a specific reserve is recorded. The following is a rollforward of the PSAs and Franchisee Notes components of the Company’s allowance for credit losses related to financing receivables as of: April 2, 2021 December 31, 2020 ($ in millions) PSAs Franchisee Notes Total PSAs Franchisee Notes Total Allowance for credit losses, beginning of year $ 54.3 $ 12.5 $ 66.8 $ 29.4 $ 11.9 $ 41.3 Transition adjustment — — — 17.5 1.0 18.5 Provision for credit losses 8.3 0.9 9.2 29.3 5.9 35.2 Write-offs (8.3) (1.4) (9.7) (32.5) (6.5) (39.0) Recoveries of amounts previously charged off 0.6 0.1 0.7 2.7 0.2 2.9 Other adjustment — — — 7.9 — 7.9 Allowance for credit losses, end of period $ 54.9 $ 12.1 $ 67.0 $ 54.3 $ 12.5 $ 66.8 The ending balance as of April 2, 2021 of $67.0 million is included in the Consolidated Condensed Balance Sheets in Accounts receivable less allowance for credit losses and Long-term financing receivables less allowance for credit losses in the amounts of $23.8 million and $43.2 million, respectively. The ending balance as of December 31, 2020 of $66.8 million is included in the Consolidated Condensed Balance Sheets in Accounts receivable less allowance for credit losses and Long-term financing receivables less allowance for credit losses in the amounts of $22.4 million and $44.4 million, respectively. Allowance for Credit Losses Related to Trade Accounts Receivables The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables (excluding financing receivables) and the Company’s trade accounts receivable cost basis as of April 2, 2021: ($ in millions) Cost basis of trade accounts receivable as of April 2, 2021 $ 315.8 Allowance for credit losses balance as of December 31, 2020 18.1 Provision for credit losses 2.5 Write-offs (2.0) Foreign currency and other (0.2) Allowance for credit losses balance as of April 2, 2021 18.4 Net trade accounts receivable balance as of April 2, 2021 $ 297.4 The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables (excluding financing receivables) and the Company’s trade accounts receivable cost basis as of December 31, 2020: ($ in millions) Cost basis of trade accounts receivable as of December 31, 2020 $ 373.2 Allowance for credit losses balance as of December 31, 2019 15.0 Adoption of new accounting standard 3.6 Provision for credit losses 7.7 Write-offs (9.1) Foreign currency and other 0.9 Allowance for credit losses balance as of December 31, 2020 18.1 Net trade accounts receivable balance as of December 31, 2020 $ 355.1

Goodwill

Goodwill	3 Months Ended
	Apr. 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	NOTE 3. GOODWILL The following is a rollforward of our carrying value of goodwill: ($ in millions) Balance, December 31, 2020 $ 1,092.1 FX translation (9.2) Balance, April 2, 2021 $ 1,082.9 Accumulated impairment charges were $85.3 million as of April 2, 2021 and December 31, 2020. No impairment charges were recorded during the three months ended April 2, 2021.

Financing

Financing	3 Months Ended
	Apr. 02, 2021
Debt Disclosure [Abstract]
Financing	NOTE 4. FINANCING The Company had the following debt outstanding as of: ($ in millions) April 2, 2021 December 31, 2020 Short-term borrowings: India Credit Facility $ 5.4 $ 10.9 Other short-term borrowings and bank overdrafts 1.5 — Total short-term borrowings $ 6.9 $ 10.9 Long-term debt: Two-Year Term Loans $ — $ 1,000.0 Three-Year Term Loans 400.0 800.0 1.800% senior unsecured notes due 2026 500.0 — 2.400% senior unsecured notes due 2028 500.0 — 2.950% senior unsecured notes due 2031 600.0 — Total long-term debt 2,000.0 1,800.0 Less: discounts and debt issuance costs (18.2) (4.7) Total long-term debt, net $ 1,981.8 $ 1,795.3 Credit Facilities On September 29, 2020, we entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks, consisting of a three-year, $800.0 million senior unsecured delayed draw term loan facility (the “Three-Year Term Loans”), a two-year, $1.0 billion senior unsecured delayed draw term loan facility (the “Two-Year Term Loans” and together with the Three-Year Term Loans, the “Term Loans”) and a three-year, $750.0 million senior unsecured multi-currency revolving credit facility, including a $25.0 million sublimit for swingline loans and a $75.0 million sublimit for the issuance of letters of credit (the “Revolving Credit Facility” and, together with the Term Loans, the “Credit Facilities”). We incurred $7.7 million in debt issuance costs which were paid by Fortive. Due to the repayment of the Term Loans in connection with the issuance of the Notes, as discussed below, $3.2 million of these debt issuance costs were expensed and reported in the accompanying Consolidated and Combined Condensed Statement of Earnings (Loss) and Comprehensive Income (Loss) within non-operating expenses as a Write-off of deferred financing costs. In connection with the issuance of the Notes, as discussed below, the Guarantors of the Notes became Guarantors of the Credit Facilities. Two-Year Term Loans On March 10, 2021, in connection with the issuance of the Notes, as discussed below, we repaid, in full, the Two-Year Term Loans. Three-Year Term Loans On March 10, 2021, in connection with the issuance of the Notes, we repaid $400.0 million of our Three-Year Term Loans. The Three-Year Term Loans bear interest at a variable rate equal to LIBOR plus a ratings-based margin which was 162.5 basis points as of April 2, 2021. The interest rate on the Three-Year Term Loans outstanding as of April 2, 2021, was 1.73% per annum. The Three-Year Term Loans mature on October 6, 2023 and we are not obligated to make repayments prior to the maturity date. We are not permitted to re-borrow once the Three-Year Term Loans are repaid and there is no further ability to draw on the facility. There was no material difference between the carrying value and the estimated fair value of the debt outstanding. Revolving Credit Facility The $750.0 million Revolving Credit Facility requires the Company to pay lenders a commitment fee of 0.125% to 0.325% based on a ratings grid. As of April 2, 2021, there were no amounts outstanding under the Revolving Credit Facility. The Revolving Credit Facility bears interest at a variable rate equal to LIBOR plus a ratings-based margin which was 142.5 basis points as of April 2, 2021. Senior Unsecured Notes On March 10, 2021, we completed the private placement of each of the following series of senior unsecured notes (collectively, the “Notes”) to qualified institutional buyers under rule 144A of the Securities Act of 1933, as amended (the “Securities Act”) and outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act: • $500.0 million aggregate principal amount of senior notes due April 1, 2026 (the “2026 Notes”) issued at 99.855% of their principal amount and bearing interest at the rate of 1.800% per year; • $500.0 million aggregate principal amount of senior notes due April 1, 2028 (the “2028 Notes”) issued at 99.703% of their principal amount and bearing interest at the rate of 2.400% per year; and • $600.0 million aggregate principal amount of senior notes due April 1, 2031 the (the “2031 Notes”) issued at 99.791% of their principal amount and bearing interest at the rate of 2.950% per year The Notes are fully and unconditionally guaranteed (the “Guarantees”), on a joint and several basis, by Gilbarco Inc. and Matco Tools Corporation, two of our wholly-owned subsidiaries (the “Guarantors”). Interest on the Notes is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2021. The Notes and the Guarantees are the Company’s and the Guarantors’ general senior unsecured obligations. The Company received approximately $1.6 billion in net proceeds from the issuance of the Notes, which was partially offset by discounts of $3.5 million and debt issuance costs of $13.9 million. The Company used the net proceeds to repay the Two-Year Term Loans in full and $400.0 million of our Three-Year Term Loans with the remainder used for working capital and other general corporate purposes. In connection with the issuance of the Notes, we entered into a registration rights agreement, pursuant to which we are obligated to use commercially reasonable efforts to file with the U.S. Securities and Exchange Commission, and cause to be declared effective within 365 days, a registration statement with respect to an offer to exchange each series of Notes for registered notes with terms that are substantially identical to the Notes of each series. Alternatively, if the exchange offers are not available or cannot be completed, we would be required to use commercially reasonable efforts to file, and cause to become effective, a shelf registration statement to cover resales of the Notes under the Securities Act. If we do not comply with these obligations, we will be required to pay additional interest on the Notes. We may redeem some or all of each series of the Notes at any time prior to the dates specified in the Notes indenture (the “Call Dates”) at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes of such series to be redeemed, and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on such series of Notes to be redeemed discounted to the date of redemption on a semi-annual basis at the applicable Treasury Rate plus 20 basis points in the case of the 2026 Notes and 2028 Notes and plus 25 basis points in the case of the 2031 Notes, plus the accrued and unpaid interest. Call dates for the 2026 Notes, 2028 Notes and 2031 Notes are March 1, 2026, February 1, 2028 and January 1, 2031, respectively. If a change of control triggering event occurs, we will, in certain circumstances, be required to make an offer to repurchase the Notes at a purchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest. A change of control triggering event is defined as the occurrence of both a change of control and a rating event, each as defined in the Notes indenture. Except in connection with a change of control triggering event, the Notes do not have any credit rating downgrade triggers that would accelerate the maturity of the Notes. The Notes contain customary covenants, including limits on the incurrence of certain secured debt and sale-leaseback transactions. None of these covenants are considered restrictive to our operations and as of April 2, 2021, we were in compliance with all of the covenants under the Notes. The estimated fair value of the Notes was $1.6 billion as of April 2, 2021. The fair value of the Notes was determined based upon Level 2 inputs including indicative prices based upon observable market data. The difference between the fair value and the carrying amounts of the Notes may be attributable to changes in market interest rates and/or our credit ratings subsequent to the incurrence of the borrowing. Short-term Borrowings India Credit Facility The Company has a credit facility with Citibank, N.A. with borrowing capacity of up to 850.0 million Indian Rupees (or $11.6 million as of April 2, 2021) to facilitate working capital needs for certain businesses in India. As of April 2, 2021, the Company had $6.2 million borrowing capacity remaining. The effective interest rate associated with outstanding borrowings was 5.00% as of April 2, 2021. Other As of April 2, 2021, certain of our businesses were in a cash overdraft position, and such overdrafts are included in Short-term borrowings on the Consolidated Condensed Balance Sheet. Interest payments associated with the above short-term borrowings were immaterial for the three months ended April 2, 2021 and March 27, 2020.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Apr. 02, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income	NOTE 5. ACCUMULATED OTHER COMPREHENSIVE INCOME Foreign currency translation adjustments are generally not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. The changes in Accumulated other comprehensive income by component are summarized below: ($ in millions) Foreign Currency Translation Adjustments Other Adjustments (a) Total For the Three Months Ended April 2, 2021: Balance, December 31, 2020 $ 198.3 $ (4.5) $ 193.8 Other comprehensive income (loss) before reclassifications, net of income taxes (15.7) 0.1 (15.6) Net current period other comprehensive income (loss), net of income taxes (15.7) 0.1 (15.6) Balance, April 2, 2021 $ 182.6 $ (4.4) $ 178.2 (a) Includes balances relating to defined benefit plans and supplemental executive retirement plans. ($ in millions) Foreign Currency Translation Adjustments Other Adjustments (a) Total For the Three Months Ended March 27, 2020: Balance, December 31, 2019 $ 153.7 $ (5.0) $ 148.7 Other comprehensive income (loss) before reclassifications, net of income taxes (46.2) — (46.2) Amounts reclassified from accumulated other comprehensive income: Increase — 1.8 1.8 Income tax impact — (0.1) (0.1) Amounts reclassified from accumulated other comprehensive income, net of income taxes — 1.7 (b) 1.7 Net current period other comprehensive income (loss), net of income taxes (46.2) 1.7 (44.5) Balance, March 27, 2020 $ 107.5 $ (3.3) $ 104.2 (a) Includes balances relating to defined benefit plans and supplemental executive retirement plans. (b) This accumulated other comprehensive income component is included in the computation of net periodic pension cost.

Sales

Sales	3 Months Ended
	Apr. 02, 2021
Revenue from Contract with Customer [Abstract]
Sales	NOTE 6. SALES Revenue is recognized when control of promised products or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. 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 subject to contractual performance obligations and not only subject to the passage of time. Contract assets were $10.5 million and $9.0 million as of April 2, 2021 and December 31, 2020, respectively, and are included in Prepaid expenses and other current assets. Contract Costs We incur direct incremental costs to obtain certain contracts, typically sales-related commissions and costs associated with assets used by our customers in certain service arrangements. As of April 2, 2021 and December 31, 2020, we had $78.2 million and $81.2 million, respectively, in net revenue-related capitalized contract costs primarily related to assets used by our customers in certain software contracts, which are recorded in Prepaid expenses and other current assets, for the current portion, and Other assets, for the noncurrent portion, in the accompanying Consolidated Condensed Balance Sheets. These assets have estimated useful lives between 3 and 5 years and are amortized on a straight-line basis. Impairment losses recognized on our revenue-related contract assets were insignificant during the three months ended April 2, 2021. Contract Liabilities The Company’s contract liabilities consist of deferred revenue generally related to post contract support (“PCS”) and extended warranty sales. In these arrangements, the Company generally receives up-front payment and recognizes revenue over the support term of the contracts. Deferred revenue is classified as current or noncurrent based on the timing of when revenue is expected to be recognized and is included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in the accompanying Consolidated Condensed Balance Sheets. The Company’s contract liabilities consisted of the following: ($ in millions) April 2, 2021 December 31, 2020 Deferred revenue - current $ 96.8 $ 87.6 Deferred revenue - noncurrent 57.1 58.3 Total contract liabilities $ 153.9 $ 145.9 During the three months ended April 2, 2021, we recognized $23.2 million of revenue related to the Company’s contract liabilities at December 31, 2020. The change in 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 Remaining performance obligations represent the transaction price of firm, noncancelable orders and the annual contract value for software-as-a-service contracts with expected customer delivery dates beyond one year from April 2, 2021 for which work has not been performed. The Company has excluded performance obligations with an original expected duration of one year or less. Performance obligations as of April 2, 2021 are $399.4 million, the majority of which are related to the annual contract value for software-as-a-service contracts. The Company expects approximately 35 percent of the remaining performance obligations will be fulfilled within the next two years, 65 percent within the next three years, and substantially all within four years. Disaggregation of Revenue The Company disaggregates revenue from contracts with customers by sales of products and services, geographic location, solution and major product group, as it best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Disaggregation of revenue for the three months ended April 2, 2021 and March 27, 2020 were as follows: ($ in millions) April 2, 2021 March 27, 2020 Sales: Sales of products $ 644.6 $ 547.5 Sales of services 62.8 61.7 Total $ 707.4 $ 609.2 Geographic: North America (a) $ 508.5 $ 438.4 Western Europe 55.0 57.9 High growth markets 111.8 86.2 Rest of world 32.1 26.7 Total $ 707.4 $ 609.2 Solution: Retail fueling hardware $ 196.5 $ 179.2 Auto repair 164.7 137.7 Service and other recurring revenue 123.9 103.3 Environmental 61.6 53.2 Retail solutions 91.4 68.5 Software-as-a-service 47.0 45.6 Smart cities 8.3 7.6 E-mobility 0.8 2.3 Other 13.2 11.8 Total $ 707.4 $ 609.2 Major Product Group: Mobility technologies $ 516.9 $ 448.9 Diagnostics and repair technologies 190.5 160.3 Total $ 707.4 $ 609.2 (a) Includes sales in the United States of $494.2 million and $424.9 million for the three months ended April 2, 2021 and March 27, 2020, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 7. INCOME TAXES Our effective tax rate for the three months ended April 2, 2021 was 23.6% as compared to 119.7% for the three months ended March 27, 2020. The year-over-year decrease in the effective tax rate for the three months ended April 2, 2021 as compared to the comparable period in the prior year was primarily due to a non-deductible book goodwill impairment recognized in the three months ended March 27, 2020.

Leases

Leases	3 Months Ended
	Apr. 02, 2021
Leases [Abstract]
Leases	NOTE 8. LEASES Operating lease cost was $5.9 million and $5.2 million for the three months 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 $4.9 million and $4.7 million, respectively. Right-of-use assets obtained in exchange for operating lease obligations were $3.4 million and insignificant for the three months ended April 2, 2021 and March 27, 2020, respectively.

Litigation and Contingencies

Litigation and Contingencies	3 Months Ended
	Apr. 02, 2021
Commitments and Contingencies Disclosure [Abstract]
Litigation and Contingencies	NOTE 9. LITIGATION AND CONTINGENCIES Warranty We generally accrue estimated warranty costs at the time of sale. In general, manufactured products are warrantied 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 ninety 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 the Company’s accrued warranty liability: ($ in millions) Balance, December 31, 2020 $ 54.6 Accruals for warranties issued during the period 11.4 Settlements made (10.7) Balance, April 2, 2021 $ 55.3 Litigation In accordance with accounting guidance, the Company records a liability in the Consolidated and Combined Condensed Financial Statements for loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss does not meet the known or probable level but is reasonably possible and a loss or range of loss can be reasonably estimated, the estimated loss or range of loss is disclosed. These reserves consist of specific reserves for individual claims and additional amounts for anticipated developments of these claims as well as for incurred but not yet reported claims. The specific reserves for individual known claims are quantified with the assistance of legal counsel and outside risk insurance professionals where appropriate. In addition, outside risk insurance professionals may assist in the determination of reserves for incurred but not yet reported claims through evaluation of our specific loss history, actual claims reported, and industry trends among statistical and other factors. Reserve estimates are adjusted as additional information regarding a claim becomes known. While we actively pursue financial recoveries from insurance providers, the Company does not recognize any recoveries until realized or until such time as a sustained pattern of collections is established related to historical matters of a similar nature and magnitude. If the risk insurance reserves the Company has established are inadequate, we would be required to incur an expense equal to the amount of the loss incurred in excess of the reserves, which would adversely affect our net earnings. In connection with the recognition of liabilities for asbestos related matters, the Company records insurance recoveries that are deemed probable and estimable. In assessing the probability of insurance recovery, we make judgments concerning insurance coverage that we believe are reasonable and consistent with our historical dealings, our knowledge of any pertinent solvency issues surrounding insurers, and litigation and court rulings potentially impacting coverage. While the substantial majority of our insurance carriers are solvent, some of our individual carriers are insolvent, which has been considered in the analysis of probable recoveries. Projecting future events is subject to various uncertainties, including litigation and court rulings potentially impacting coverage, that could cause insurance recoveries on asbestos related liabilities to be higher or lower than those projected and recorded. Given the inherent uncertainty in making future projections, the Company reevaluates projections concerning the Company’s probable insurance recoveries considering any changes to the projected liabilities, the Company’s recovery experience or other relevant factors that may impact future insurance recoveries. We recorded gross liabilities associated with known and future expected asbestos claims of $67.4 million and $68.0 million as of April 2, 2021 and December 31, 2020, respectively. Known and future expected asbestos claims of $16.9 million and $17.5 million are included in Accrued expenses and other current liabilities on the Consolidated Condensed Balance Sheets as of April 2, 2021 and December 31, 2020, respectively. Known and future expected asbestos claims of $50.5 million are included in Other long-term liabilities on the Consolidated Condensed Balance Sheets as of both April 2, 2021 and December 31, 2020, respectively. We recorded the related projected insurance recoveries of $35.9 million and $36.0 million as of April 2, 2021 and December 31, 2020, respectively. Insurance recoveries in the accompanying Consolidated Condensed Balance Sheets as of April 2, 2021 include $10.7 million in Prepaid expenses and other current assets and $25.2 million in Other assets. Insurance recoveries in the accompanying Consolidated Condensed Balance Sheets as of December 31, 2020 include $10.8 million in Prepaid expenses and other current assets and $25.2 million in Other assets. Guarantees As of April 2, 2021 and December 31, 2020, we had guarantees consisting primarily of outstanding standby letters of credit, bank guarantees, and performance and bid bonds of approximately $102.5 million and $84.5 million, respectively. These guarantees have been provided in connection with certain arrangements with vendors, customers, financing counterparties, and governmental entities to secure our obligations and/or performance requirements related to specific transactions. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations. Refer to Note 4. Financing for information regarding guarantees of the Notes by certain of our wholly-owned subsidiaries.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 02, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 10. FAIR VALUE MEASUREMENTS Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where our assets and liabilities are required to be carried at fair value and provide for certain disclosures related to the valuation methods used within a valuation hierarchy as established within the accounting standards. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, or other observable characteristics for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from, or corroborated by, observable market data through correlation. • Level 3 inputs are unobservable inputs based on our assumptions. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Below is a summary of financial liabilities that are measured at fair value on a recurring basis as of: ($ in millions) Quoted Prices Significant Other Significant Total April 2, 2021 Deferred compensation liabilities $ — $ 4.6 $ — $ 4.6 December 31, 2020 Deferred compensation liabilities $ — $ 3.7 $ — $ 3.7 Certain management employees participate in our nonqualified deferred compensation programs that permit such employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment. All amounts deferred under such plans are unfunded, unsecured obligations and are presented as a component of our compensation and benefits accrual included in Other long-term liabilities in the accompanying Consolidated Condensed Balance Sheets. Participants may choose among alternative earning rates for the amounts they defer, which are primarily based on investment options within our defined contribution plans for the benefit of U.S. employees (“401(k) Programs”) (except that the earnings rates for amounts contributed unilaterally by the Company are entirely based on changes in the value of our 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. Other Investments The Company holds a minority interest in Tritium Holdings Pty, Ltd (“Tritium”) of $52.8 million, which is recorded in Other assets on the Consolidated Condensed Balance Sheets at cost. The Company has elected to use the measurement alternative for equity investments without readily determinable fair values and evaluate this investment for indicators of impairment quarterly. The Company did not identify events or changes in circumstances that may have a significant effect on the fair value of the investment during the three months ended April 2, 2021. During the three months ended April 2, 2021, we made an additional investment in Tritium of $3.8 million. Nonrecurring Fair Value Measurements Certain assets and liabilities are carried on the accompanying Consolidated Condensed Balance Sheets at cost and are not remeasured to fair value on a recurring basis. These assets include finite-lived intangible assets, which are tested when a triggering event occurs, and goodwill and identifiable indefinite-lived intangible assets, which are tested for impairment at least annually as of the first day of the fourth quarter or more frequently if events and circumstances indicate that the asset may not be recoverable. As of April 2, 2021, assets carried on the balance sheet and not remeasured to fair value on a recurring basis were $1.1 billion of goodwill and $241.1 million of identifiable intangible assets, net. Refer to Note 4. Financing for information related to the fair value of the Company’s borrowings.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Apr. 02, 2021
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 11. RELATED-PARTY TRANSACTIONS In connection with the Separation, we entered into the Agreements with Fortive which govern the Separation and provide a framework for the relationship between the parties going forward, including an employee matters agreement, a tax matters agreement, an intellectual property matters agreement, an FBS license agreement and a transition services agreement. Employee Matters Agreement The employee matters agreement sets forth, among other things, the allocation of assets, liabilities and responsibilities relating to employee compensation and benefit plans and programs and other related matters in connection with the Separation, including the treatment of outstanding equity and other incentive awards and certain retirement and welfare benefit obligations. Tax Matters Agreement The tax matters agreement governs the respective rights, responsibilities and obligations of both Fortive and Vontier after the Separation with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. Intellectual Property Matters Agreement The intellectual property matters agreement sets forth the terms and conditions pursuant to which Fortive and Vontier have mutually granted certain personal, generally irrevocable, non-exclusive, worldwide, and royalty-free rights to use certain intellectual property. Both parties are able to sublicense their rights in connection with activities relating to their businesses, but not for independent use by third parties. FBS License Agreement The FBS license agreement sets forth the terms and conditions pursuant to which Fortive has granted a non-exclusive, worldwide, non-transferable, perpetual license to us to use FBS solely in support of our businesses. We are able to sublicense such license solely to direct and indirect wholly-owned subsidiaries. Transition Services Agreement (“TSA”) The TSA sets forth the terms and conditions pursuant to which Vontier and our subsidiaries and Fortive and its subsidiaries will provide to each other various services after the Separation. The services to be provided include information technology, facilities, certain accounting and other financial functions, and administrative services. The charges for the transition services generally are expected to allow the providing company to fully recover all out-of-pocket costs and expenses it actually incurs in connection with providing the service, plus, in some cases, the allocated indirect costs of providing the services, generally without profit. TSA Payments In accordance with the TSA, receipts from Fortive were immaterial during the three months ended April 2, 2021. During the three months ended April 2, 2021, we made net payments to Fortive of $48.5 million, which included approximately $30 million of our share of the transaction taxes related to the Separation. Allocations of Expenses Prior to the Separation The Company has historically operated as part of Fortive and not as a stand-alone company. Accordingly, certain shared costs have been allocated to the Company by Fortive, and are reflected as expenses in these financial statements. Management considers the allocation methodologies used to be reasonable and appropriate reflections of the related expenses attributable to the Company for purposes of the carve-out financial statements; however, the expenses reflected in the accompanying Combined Condensed Financial Statements may not be indicative of the actual expenses that would have been incurred during the periods presented if the Company had operated as a separate stand-alone entity and the expenses that will be incurred in the future by the Company. The amount of related party expenses allocated to the Company from Fortive and its subsidiaries for the three months ended March 27, 2020, were as follows: ($ in millions) Allocated corporate expenses $ 10.6 Directly attributable expenses: Insurance programs expenses 0.6 Medical insurance programs expenses 11.3 Deferred compensation program expenses 0.3 Total related-party expenses $ 22.8 Corporate Expenses Certain corporate overhead and other shared expenses incurred by Fortive and its subsidiaries have been allocated to the Company and are reflected in the accompanying Combined Condensed Statements of Earnings (Loss) and Comprehensive Income (Loss) for the three months ended March 27, 2020. These amounts include, but are not limited to, items such as general management and executive oversight, costs to support Vontier information technology infrastructure, facilities, compliance, human resources, and marketing, as well as legal functions and financial management and transaction processing, including public company reporting, consolidated tax filings, and tax planning, Fortive benefit plan administration, risk management and consolidated treasury services, certain employee benefits and incentives, and stock-based compensation administration. These costs have been allocated using a methodology that management believes is reasonable for the item being allocated. Allocation methodologies include the Company’s relative share of revenues, headcount, or functional spend as a percentage of the total. Following the Separation, we independently incur corporate overhead costs and no corporate overhead costs were allocated by Fortive. Insurance Programs Administered by Fortive In addition to the corporate allocations noted above, prior to the Separation, the Company was allocated expenses related to certain insurance programs Fortive administered on behalf of the Company, including automobile liability, workers’ compensation, general liability, product liability, director’s and officer’s liability, cargo, and property insurance. These amounts were allocated using various methodologies, as described below. Included within the insurance cost allocation are amounts related to programs for which Fortive was self-insured up to a certain amount. For the self-insured component, costs were allocated to the Company based on its incurred claims. Fortive has premium-based policies that cover amounts in excess of the self-insured retentions. Prior to the Separation, the Company was allocated a portion of the total insurance cost incurred by Fortive based on its pro-rata portion of Fortive’s total underlying exposure base. In connection with the Separation, we established similar independent self-insurance programs to support any outstanding claims going forward and no insurance costs were allocated by Fortive subsequent to the Separation. Medical Insurance Programs Administered by Fortive In addition to the corporate allocations noted above, the Company was allocated expenses related to the medical insurance programs administered on behalf of the Company. These amounts were allocated using actual medical claims incurred during the period for the employees attributable to the Company. In connection with the Separation, we established independent medical insurance programs similar to those previously provided by Fortive. Deferred Compensation Program Administered by Fortive Certain employees of the Company participated in Fortive’s nonqualified deferred compensation programs, which permitted officers, directors and certain management employees to defer a portion of their compensation, on a pretax basis, until after their termination of employment. Participants could have chosen among alternative earnings rates for the amounts they deferred, which were primarily based on investment options within Fortive’s 401(k) program (except that the earnings rates for amounts contributed unilaterally by Fortive were entirely based on changes in the value of Fortive’s common stock). All amounts deferred under this plan are unfunded, unsecured obligations of the Company. In connection with the Separation, we established a similar independent, nonqualified deferred compensation program. Revenue and Other Transactions Entered into in the Ordinary Course of Business Prior to the Separation, we operated as part of Fortive and not as a stand-alone company and certain of our revenue arrangements related to contracts entered into in the ordinary course of business with Fortive and its affiliates. Following the Separation, we continue to enter into arms-length revenue arrangements in the ordinary course of business with Fortive and its affiliates, although certain agreements were entered into or terminated as a result of the Separation. Certain of our revenue arrangements related to contracts entered into in the ordinary course of business with Fortive and its affiliates. Our revenue from sales to Fortive and its subsidiaries was insignificant during the three months ended April 2, 2021 and March 27, 2020. Purchases from Fortive and Fortive’s subsidiaries were immaterial during the three months ended April 2, 2021 and were $3.6 million during the three months ended March 27, 2020.

Capitalization and Earnings Per

Capitalization and Earnings Per Share	3 Months Ended
	Apr. 02, 2021
Equity [Abstract]
Stockholders' Equity and Earnings Per Share	NOTE 12. CAPITALIZATION AND EARNINGS PER SHARE Capital Stock The Company’s authorized capital stock consists of 1,985,000,000 shares of common stock, par value $0.0001 per share, and 15,000,000 shares of preferred stock with no par value, all of which shares of preferred stock are undesignated. Earnings Per Share Basic earnings per share is calculated by dividing net earnings by the weighted average number of shares of common stock outstanding. Diluted earnings per share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares under stock-based compensation plans except where the inclusion of such shares would have an anti-dilutive impact. Information related to the calculation of net earnings per share of common stock is summarized as follows: Three Months Ended ($ and shares in millions, except per share amounts) April 2, 2021 March 27, 2020 Numerator: Net earnings (loss) $ 91.0 $ (4.2) Denominator: Basic weighted average common shares outstanding 168.7 168.4 Effect of dilutive stock options and RSUs 1.0 — Diluted weighted average common shares outstanding 169.7 168.4 Earnings (loss) per share: Basic $ 0.54 $ (0.02) Diluted $ 0.54 $ (0.02) Anti-dilutive shares 2.9 —

Subsequent Events

Subsequent Events	3 Months Ended
	Apr. 02, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 13. SUBSEQUENT EVENTS On April 28, 2021 (the “Closing Date”), the Company refinanced its Credit Agreement. The amended and restated credit agreement (the “A&R Credit Agreement”) extended the term of the fully drawn $400.0 million senior unsecured term loan facility (the “Term Loan Facility”), from October 6, 2023 to October 28, 2024. The A&R Credit Agreement also lowered the Term Loan Facility variable interest rate, determined based upon a ratings-based pricing grid, by 50 basis points, from LIBOR plus 162.5 basis points under the prior agreement to LIBOR plus 112.5 basis points as of the Closing Date. The A&R Credit Agreement extended the term of the undrawn $750.0 million senior unsecured, multi-currency revolving credit facility (the “Revolving Credit Facility”) from September 29, 2023 to April 28, 2026. The A&R Credit Agreement also lowered the Revolving Credit Facility variable interest rate, determined based upon a ratings-based pricing grid, by 25 basis points, from LIBOR plus 142.5 basis points under the prior agreement to LIBOR plus 117.5 basis points as of the Closing Date. The A&R Credit Agreement also made certain other changes to the Credit Agreement to address the discontinuation of LIBOR and its impact on U.S. dollar and multicurrency loans, as well as other immaterial changes. The Company’s two wholly-owned subsidiaries which were Guarantors under the Credit Agreement continue to be Guarantors under the A&R Credit Agreement.

Business Overview and Basis o_2

Business Overview and Basis of Presentation (Policies)	3 Months Ended
	Apr. 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated and Combined Condensed Financial Statements present our historical financial position, results of operations, changes in equity and cash flows in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The combined financial statements for periods prior to the Separation were derived from Fortive’s consolidated financial statements and accounting records and prepared in accordance with GAAP for the preparation of carved-out combined financial statements. Through the date of the Separation, all revenues and costs as well as assets and liabilities directly associated with Vontier have been included in the combined condensed financial statements. Prior to the Separation, the combined condensed financial statements also included allocations of certain general, administrative, sales and marketing expenses from Fortive’s corporate office and from other Fortive businesses to the Company and allocations of related assets, liabilities, and the Former Parent’s investment, as applicable. The allocations were determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had the Company been an entity that operated independently of Fortive during the applicable periods. Related-party allocations prior to the Separation, including the method for such allocation, are discussed further in Note 11. Related-Party Transactions. Following the Separation, the consolidated condensed financial statements include the accounts of Vontier and those of our wholly-owned subsidiaries and no longer include any allocations from Fortive. Accordingly: • The Consolidated Condensed Balance Sheets as of April 2, 2021 and December 31, 2020 consist of our balances. • The Consolidated Condensed Statement of Earnings and Comprehensive Income, Consolidated Condensed Statement of Changes in Equity and Consolidated Condensed Statement of Cash Flows for the three months ended April 2, 2021 consist of our consolidated results. The Combined Condensed Statement of Earnings (Loss) and Comprehensive Income (Loss), Combined Condensed Statement of Changes in Equity and Combined Condensed Statement of Cash Flows for the three months ended March 27, 2020 consist of the combined results of the Vontier Businesses. Our Consolidated and Combined Condensed Financial Statements may not be indicative of our results had we been a separate stand-alone entity throughout the periods presented, nor are the results stated herein indicative of what our financial position, results of operations and cash flows may be in the future. All significant transactions between the Company and Fortive have been included in the accompanying Consolidated and Combined Condensed Financial Statements for all periods presented. Cash transactions with Fortive prior to the Separation are reflected in the accompanying Consolidated and Combined Condensed Statements of Changes in Stockholders’ Equity as “Net transfers to Former Parent.” Former Parent’s investment, which included Retained earnings (Accumulated deficit) prior to the Separation, represents Fortive’s interest in our recorded net assets prior to the Separation. In addition, the accumulated net effect of intercompany transactions between us and Fortive or Fortive affiliates for periods prior to the Separation are included in Former Parent’s investment.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and in January 2021 issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. These ASUs provide temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as LIBOR which is being phased out beginning at the end of 2021, to alternate reference rates, such as the Secured Overnight Financing Rate (“SOFR”). These standards were effective upon issuance and allowed application to contract changes as early as January 1, 2020. These provisions may impact the Company as contract modifications and other changes occur during the LIBOR transition period. The Company continues to evaluate the optional relief guidance provided within these ASUs, has reviewed its debt securities and continues to evaluate commercial contracts that may utilize LIBOR as the reference rate. We will continue the assessment and monitor regulatory developments during the LIBOR transition period.
Sales	Revenue is recognized when control of promised products or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. 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 subject to contractual performance obligations and not only subject to the passage of time. Contract assets were $10.5 million and $9.0 million as of April 2, 2021 and December 31, 2020, respectively, and are included in Prepaid expenses and other current assets. Contract Costs We incur direct incremental costs to obtain certain contracts, typically sales-related commissions and costs associated with assets used by our customers in certain service arrangements. As of April 2, 2021 and December 31, 2020, we had $78.2 million and $81.2 million, respectively, in net revenue-related capitalized contract costs primarily related to assets used by our customers in certain software contracts, which are recorded in Prepaid expenses and other current assets, for the current portion, and Other assets, for the noncurrent portion, in the accompanying Consolidated Condensed Balance Sheets. These assets have estimated useful lives between 3 and 5 years and are amortized on a straight-line basis. Impairment losses recognized on our revenue-related contract assets were insignificant during the three months ended April 2, 2021. Contract Liabilities The Company’s contract liabilities consist of deferred revenue generally related to post contract support (“PCS”) and extended warranty sales. In these arrangements, the Company generally receives up-front payment and recognizes revenue over the support term of the contracts. Deferred revenue is classified as current or noncurrent based on the timing of when revenue is expected to be recognized and is included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in the accompanying Consolidated Condensed Balance Sheets.

Financing Receivables (Tables)

Financing Receivables (Tables)	3 Months Ended
	Apr. 02, 2021
Credit Loss [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The components of financing receivables with payments due in less than twelve months that are recorded in Accounts receivable less allowance for credit losses on the Consolidated Condensed Balance Sheets were as follows: ($ in millions) April 2, 2021 December 31, 2020 Gross current financing receivables: PSAs $ 97.1 $ 98.9 Franchisee Notes 15.8 15.5 Current financing receivables, gross $ 112.9 $ 114.4 Allowance for credit losses: PSAs $ 17.1 $ 15.8 Franchisee Notes 6.7 6.6 Total allowance for credit losses 23.8 22.4 Total current financing receivables, net $ 89.1 $ 92.0 Net current financing receivables: PSAs, net $ 80.0 $ 83.1 Franchisee Notes, net 9.1 8.9 Total current financing receivables, net $ 89.1 $ 92.0 The components of financing receivables with payments due beyond one year were as follows: ($ in millions) April 2, 2021 December 31, 2020 Gross long-term financing receivables: PSAs $ 219.1 $ 219.3 Franchisee Notes 61.1 58.6 Long-term financing receivables, gross $ 280.2 $ 277.9 Allowance for credit losses: PSAs $ 37.8 $ 38.5 Franchisee Notes 5.4 5.9 Total allowance for credit losses 43.2 44.4 Total long-term financing receivables, net $ 237.0 $ 233.5 Net long-term financing receivables: PSAs, net $ 181.3 $ 180.8 Franchisee Notes, net 55.7 52.7 Total long-term financing receivables, net $ 237.0 $ 233.5
Financing Receivable Credit Quality Indicators	The amortized cost basis of PSAs and Franchisee Notes by origination year as of April 2, 2021, is as follows: ($ in millions) 2021 2020 2019 2018 2017 Prior Total PSAs Credit Score: Less than 400 $ 6.2 $ 14.4 $ 8.3 $ 3.8 $ 1.6 $ 0.5 $ 34.8 400-599 8.0 21.3 11.5 6.2 2.4 0.9 50.3 600-799 16.5 41.5 22.1 11.5 4.7 1.7 98.0 800+ 25.5 57.3 29.2 14.8 5.0 1.3 133.1 Total PSAs $ 56.2 $ 134.5 $ 71.1 $ 36.3 $ 13.7 $ 4.4 $ 316.2 Franchisee Notes Active distributors $ 11.6 $ 19.6 $ 15.4 $ 8.5 $ 4.8 $ 6.0 $ 65.9 Separated distributors — 0.4 1.6 1.7 2.2 5.1 11.0 Total Franchisee Notes $ 11.6 $ 20.0 $ 17.0 $ 10.2 $ 7.0 $ 11.1 $ 76.9
Financing Receivable, Past Due	PSAs are considered past due when a contractual payment has not been made. If a customer is making payments on its account, interest will continue to accrue. The table below sets forth the aging of the Company’s PSA balances as of: ($ in millions) 30-59 days past due 60-90 days past due Greater than 90 days past due Total past due Total not considered past due Total Greater than 90 days past due and accruing interest April 2, 2021 $ 2.8 $ 1.5 $ 6.5 $ 10.8 $ 305.4 $ 316.2 $ 6.5 December 31, 2020 3.5 1.8 7.2 12.5 305.7 318.2 7.2
Financing Receivable, Allowance for Credit Loss	The following is a rollforward of the PSAs and Franchisee Notes components of the Company’s allowance for credit losses related to financing receivables as of: April 2, 2021 December 31, 2020 ($ in millions) PSAs Franchisee Notes Total PSAs Franchisee Notes Total Allowance for credit losses, beginning of year $ 54.3 $ 12.5 $ 66.8 $ 29.4 $ 11.9 $ 41.3 Transition adjustment — — — 17.5 1.0 18.5 Provision for credit losses 8.3 0.9 9.2 29.3 5.9 35.2 Write-offs (8.3) (1.4) (9.7) (32.5) (6.5) (39.0) Recoveries of amounts previously charged off 0.6 0.1 0.7 2.7 0.2 2.9 Other adjustment — — — 7.9 — 7.9 Allowance for credit losses, end of period $ 54.9 $ 12.1 $ 67.0 $ 54.3 $ 12.5 $ 66.8
Accounts Receivable, Allowance for Credit Loss	The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables (excluding financing receivables) and the Company’s trade accounts receivable cost basis as of April 2, 2021: ($ in millions) Cost basis of trade accounts receivable as of April 2, 2021 $ 315.8 Allowance for credit losses balance as of December 31, 2020 18.1 Provision for credit losses 2.5 Write-offs (2.0) Foreign currency and other (0.2) Allowance for credit losses balance as of April 2, 2021 18.4 Net trade accounts receivable balance as of April 2, 2021 $ 297.4 The following is a rollforward of the allowance for credit losses related to the Company’s trade accounts receivables (excluding financing receivables) and the Company’s trade accounts receivable cost basis as of December 31, 2020: ($ in millions) Cost basis of trade accounts receivable as of December 31, 2020 $ 373.2 Allowance for credit losses balance as of December 31, 2019 15.0 Adoption of new accounting standard 3.6 Provision for credit losses 7.7 Write-offs (9.1) Foreign currency and other 0.9 Allowance for credit losses balance as of December 31, 2020 18.1 Net trade accounts receivable balance as of December 31, 2020 $ 355.1

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: ($ in millions) Balance, December 31, 2020 $ 1,092.1 FX translation (9.2) Balance, April 2, 2021 $ 1,082.9

Financing (Tables)

Financing (Tables)	3 Months Ended
	Apr. 02, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The Company had the following debt outstanding as of: ($ in millions) April 2, 2021 December 31, 2020 Short-term borrowings: India Credit Facility $ 5.4 $ 10.9 Other short-term borrowings and bank overdrafts 1.5 — Total short-term borrowings $ 6.9 $ 10.9 Long-term debt: Two-Year Term Loans $ — $ 1,000.0 Three-Year Term Loans 400.0 800.0 1.800% senior unsecured notes due 2026 500.0 — 2.400% senior unsecured notes due 2028 500.0 — 2.950% senior unsecured notes due 2031 600.0 — Total long-term debt 2,000.0 1,800.0 Less: discounts and debt issuance costs (18.2) (4.7) Total long-term debt, net $ 1,981.8 $ 1,795.3

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Apr. 02, 2021
Equity [Abstract]
Reclassification of Accumulated Other Comprehensive Income (Loss)	The changes in Accumulated other comprehensive income by component are summarized below: ($ in millions) Foreign Currency Translation Adjustments Other Adjustments (a) Total For the Three Months Ended April 2, 2021: Balance, December 31, 2020 $ 198.3 $ (4.5) $ 193.8 Other comprehensive income (loss) before reclassifications, net of income taxes (15.7) 0.1 (15.6) Net current period other comprehensive income (loss), net of income taxes (15.7) 0.1 (15.6) Balance, April 2, 2021 $ 182.6 $ (4.4) $ 178.2 (a) Includes balances relating to defined benefit plans and supplemental executive retirement plans. ($ in millions) Foreign Currency Translation Adjustments Other Adjustments (a) Total For the Three Months Ended March 27, 2020: Balance, December 31, 2019 $ 153.7 $ (5.0) $ 148.7 Other comprehensive income (loss) before reclassifications, net of income taxes (46.2) — (46.2) Amounts reclassified from accumulated other comprehensive income: Increase — 1.8 1.8 Income tax impact — (0.1) (0.1) Amounts reclassified from accumulated other comprehensive income, net of income taxes — 1.7 (b) 1.7 Net current period other comprehensive income (loss), net of income taxes (46.2) 1.7 (44.5) Balance, March 27, 2020 $ 107.5 $ (3.3) $ 104.2 (a) Includes balances relating to defined benefit plans and supplemental executive retirement plans. (b) This accumulated other comprehensive income component is included in the computation of net periodic pension cost.

Sales (Tables)

Sales (Tables)	3 Months Ended
	Apr. 02, 2021
Revenue from Contract with Customer [Abstract]
Contract liabilities	The Company’s contract liabilities consisted of the following: ($ in millions) April 2, 2021 December 31, 2020 Deferred revenue - current $ 96.8 $ 87.6 Deferred revenue - noncurrent 57.1 58.3 Total contract liabilities $ 153.9 $ 145.9
Disaggregation of revenue	Disaggregation of revenue for the three months ended April 2, 2021 and March 27, 2020 were as follows: ($ in millions) April 2, 2021 March 27, 2020 Sales: Sales of products $ 644.6 $ 547.5 Sales of services 62.8 61.7 Total $ 707.4 $ 609.2 Geographic: North America (a) $ 508.5 $ 438.4 Western Europe 55.0 57.9 High growth markets 111.8 86.2 Rest of world 32.1 26.7 Total $ 707.4 $ 609.2 Solution: Retail fueling hardware $ 196.5 $ 179.2 Auto repair 164.7 137.7 Service and other recurring revenue 123.9 103.3 Environmental 61.6 53.2 Retail solutions 91.4 68.5 Software-as-a-service 47.0 45.6 Smart cities 8.3 7.6 E-mobility 0.8 2.3 Other 13.2 11.8 Total $ 707.4 $ 609.2 Major Product Group: Mobility technologies $ 516.9 $ 448.9 Diagnostics and repair technologies 190.5 160.3 Total $ 707.4 $ 609.2 (a) Includes sales in the United States of $494.2 million and $424.9 million for the three months ended April 2, 2021 and March 27, 2020, respectively.

Litigation and Contingencies (T

Litigation 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 the Company’s accrued warranty liability: ($ in millions) Balance, December 31, 2020 $ 54.6 Accruals for warranties issued during the period 11.4 Settlements made (10.7) Balance, April 2, 2021 $ 55.3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 02, 2021
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis	Below is a summary of financial liabilities that are measured at fair value on a recurring basis as of: ($ in millions) Quoted Prices Significant Other Significant Total April 2, 2021 Deferred compensation liabilities $ — $ 4.6 $ — $ 4.6 December 31, 2020 Deferred compensation liabilities $ — $ 3.7 $ — $ 3.7

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Apr. 02, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The amount of related party expenses allocated to the Company from Fortive and its subsidiaries for the three months ended March 27, 2020, were as follows: ($ in millions) Allocated corporate expenses $ 10.6 Directly attributable expenses: Insurance programs expenses 0.6 Medical insurance programs expenses 11.3 Deferred compensation program expenses 0.3 Total related-party expenses $ 22.8

Capitalization and Earnings P_2

Capitalization and Earnings Per Share (Tables)	3 Months Ended
	Apr. 02, 2021
Equity [Abstract]
Schedule of Earnings Per Share	Information related to the calculation of net earnings per share of common stock is summarized as follows: Three Months Ended ($ and shares in millions, except per share amounts) April 2, 2021 March 27, 2020 Numerator: Net earnings (loss) $ 91.0 $ (4.2) Denominator: Basic weighted average common shares outstanding 168.7 168.4 Effect of dilutive stock options and RSUs 1.0 — Diluted weighted average common shares outstanding 169.7 168.4 Earnings (loss) per share: Basic $ 0.54 $ (0.02) Diluted $ 0.54 $ (0.02) Anti-dilutive shares 2.9 —

Business Overview and Basis o_3

Business Overview and Basis of Presentation (Details) shares in Millions	Oct. 09, 2020	Jan. 31, 2021shares	Apr. 02, 2021segment
Class of Stock [Line Items]
Number of reportable segments			1
Number of operating segments			2
Fortive | Secondary Offering
Class of Stock [Line Items]
Number of shares sold (in shares) | shares		33.5
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Vontier | Fortive
Class of Stock [Line Items]
Spinoff transaction, percentage of outstanding common stock distributed (as a percent)	80.10%

Financing Receivables - Narrati

Financing Receivables - Narrative (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Net unamortized discount on financing receivable	$ 17.2	$ 18.4
Financing receivable, allowance for credit loss	67	66.8	$ 41.3
Financing receivable, allowance for credit loss, current	23.8	22.4
Financing receivable, allowance for credit losses	$ 43.2	44.4
PSAs
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, period for uncollectible status	180 days
Financing receivable, allowance for credit loss	$ 54.9	54.3	29.4
Financing receivable, allowance for credit loss, current	17.1	15.8
Financing receivable, allowance for credit losses	$ 37.8	38.5
PSAs | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, payment terms	5 years
Franchisee Notes
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, period for uncollectible status	1 year
Financing receivable, allowance for credit loss	$ 12.1	12.5	$ 11.9
Financing receivable, allowance for credit loss, current	6.7	6.6
Financing receivable, allowance for credit losses	$ 5.4	$ 5.9
Franchisee Notes | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, payment terms	10 years

Financing Receivables - Schedul

Financing Receivables - Schedule of Financing Receivables (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Current financing receivables, gross	$ 112.9	$ 114.4
Total allowance for credit losses	23.8	22.4
Total current financing receivables, net	89.1	92
Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract]
Long-term financing receivables, gross	280.2	277.9
Total allowance for credit losses	43.2	44.4
Total long-term financing receivables, net	237	233.5
PSAs
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Current financing receivables, gross	97.1	98.9
Total allowance for credit losses	17.1	15.8
Total current financing receivables, net	80	83.1
Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract]
Long-term financing receivables, gross	219.1	219.3
Total allowance for credit losses	37.8	38.5
Total long-term financing receivables, net	181.3	180.8
Franchisee Notes
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]
Current financing receivables, gross	15.8	15.5
Total allowance for credit losses	6.7	6.6
Total current financing receivables, net	9.1	8.9
Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract]
Long-term financing receivables, gross	61.1	58.6
Total allowance for credit losses	5.4	5.9
Total long-term financing receivables, net	$ 55.7	$ 52.7

Financing Receivables - Sched_2

Financing Receivables - Schedule of Amortized Cost by Origination Year (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
PSAs
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 56.2
2020	134.5
2019	71.1
2018	36.3
2017	13.7
Prior	4.4
Total	316.2	$ 318.2
PSAs | Less than 400
Financing Receivable, Credit Quality Indicator [Line Items]
2021	6.2
2020	14.4
2019	8.3
2018	3.8
2017	1.6
Prior	0.5
Total	34.8
PSAs | 400-599
Financing Receivable, Credit Quality Indicator [Line Items]
2021	8
2020	21.3
2019	11.5
2018	6.2
2017	2.4
Prior	0.9
Total	50.3
PSAs | 600-799
Financing Receivable, Credit Quality Indicator [Line Items]
2021	16.5
2020	41.5
2019	22.1
2018	11.5
2017	4.7
Prior	1.7
Total	98
PSAs | 800+
Financing Receivable, Credit Quality Indicator [Line Items]
2021	25.5
2020	57.3
2019	29.2
2018	14.8
2017	5
Prior	1.3
Total	133.1
Franchisee Notes
Financing Receivable, Credit Quality Indicator [Line Items]
2021	11.6
2020	20
2019	17
2018	10.2
2017	7
Prior	11.1
Total	76.9
Franchisee Notes | Active distributors
Financing Receivable, Credit Quality Indicator [Line Items]
2021	11.6
2020	19.6
2019	15.4
2018	8.5
2017	4.8
Prior	6
Total	65.9
Franchisee Notes | Separated distributors
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0.4
2019	1.6
2018	1.7
2017	2.2
Prior	5.1
Total	$ 11

Financing Receivables - Sched_3

Financing Receivables - Schedule of Financing Receivable Past Due (Details) - PSAs - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Past due financing receivables	$ 10.8	$ 12.5
Total not considered past due	305.4	305.7
Total	316.2	318.2
Greater than 90 days past due and accruing interest	6.5	7.2
30-59 days past due
Financing Receivable, Past Due [Line Items]
Past due financing receivables	2.8	3.5
60-90 days past due
Financing Receivable, Past Due [Line Items]
Past due financing receivables	1.5	1.8
Greater than 90 days past due
Financing Receivable, Past Due [Line Items]
Past due financing receivables	$ 6.5	$ 7.2

Financing Receivables - Sched_4

Financing Receivables - Schedule Of Allowance For Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 02, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	$ 66.8	$ 41.3
Provision for credit losses	9.2	35.2
Write-offs	(9.7)	(39)
Recoveries of amounts previously charged off	0.7	2.9
Other adjustment	0	7.9
Allowance for credit losses, end of period	67	66.8
Transition adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year		18.5
PSAs
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	54.3	29.4
Provision for credit losses	8.3	29.3
Write-offs	(8.3)	(32.5)
Recoveries of amounts previously charged off	0.6	2.7
Other adjustment	0	7.9
Allowance for credit losses, end of period	54.9	54.3
PSAs | Transition adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year		17.5
Franchisee Notes
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	12.5	11.9
Provision for credit losses	0.9	5.9
Write-offs	(1.4)	(6.5)
Recoveries of amounts previously charged off	0.1	0.2
Other adjustment	0	0
Allowance for credit losses, end of period	$ 12.1	12.5
Franchisee Notes | Transition adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year		$ 1

Financing Receivable - Allowanc

Financing Receivable - Allowance For Credit Losses Related To Trade Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 02, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Cost basis of trade accounts receivable	$ 315.8	$ 373.2
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	18.1	15
Provision for credit losses	2.5	7.7
Write-offs	(2)	(9.1)
Foreign currency and other	(0.2)	0.9
Ending balance	18.4	18.1
Net trade accounts receivable	$ 297.4	355.1
Transition adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 3.6

Goodwill - Rollforward of Goodw

Goodwill - Rollforward of Goodwill (Details) $ in Millions	3 Months Ended
	Apr. 02, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,092.1
FX translation	(9.2)
Ending balance	$ 1,082.9

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($)	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated impairment charges	$ 85,300,000		$ 85,300,000
Impairment of goodwill	$ 0	$ 85,300,000

Financing - Components of Debt

Financing - Components of Debt (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total short-term borrowings	$ 6.9	$ 10.9
Total long-term debt	2,000	1,800
Less: discounts and debt issuance costs	(18.2)	(4.7)
Total long-term debt, net	1,981.8	1,795.3
India Credit Facility
Debt Instrument [Line Items]
Total short-term borrowings	5.4	10.9
Other short-term borrowings and bank overdrafts
Debt Instrument [Line Items]
Total short-term borrowings	1.5	0
Two-Year Term Loans
Debt Instrument [Line Items]
Total long-term debt	0	1,000
Three-Year Term Loans
Debt Instrument [Line Items]
Total long-term debt	400	800
1.800% Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Total long-term debt	$ 500	0
Interest rate, stated percentage	1.80%
2.400% Senior Unsecured Notes Due 2028
Debt Instrument [Line Items]
Total long-term debt	$ 500	0
Interest rate, stated percentage	2.40%
2.950% Senior Unsecured Notes Due 2031
Debt Instrument [Line Items]
Total long-term debt	$ 600	$ 0
Interest rate, stated percentage	2.95%

Financing - Narrative (Details)

Financing - Narrative (Details)	Mar. 10, 2021USD ($)	Sep. 29, 2020USD ($)	Apr. 02, 2021USD ($)	Mar. 27, 2020USD ($)	Apr. 02, 2021INR (₨)
Debt Instrument [Line Items]
Debt issuance costs expensed	$ 3,200,000		$ 3,200,000	$ 0
Payment for debt issuance costs			1,200,000	0
Repayment of long-term debt			1,400,000,000	$ 0
Fortive
Debt Instrument [Line Items]
Payment for debt issuance costs		$ 7,700,000
Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of senior notes	1,600,000,000
Unamortized discount	3,500,000
Debt issuance costs	$ 13,900,000
Repurchase amount of principal and unpaid interest (as a percent)	101.00%
Senior Notes | Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Estimated fair value of notes			$ 1,600,000,000
Three-Year Term Loans | Line of Credit
Debt Instrument [Line Items]
Repayment of long-term debt	$ 400,000,000
Interest rate, stated percentage			1.73%		1.73%
Three-Year Term Loans | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.625%
Three-Year Term Loans | Line of Credit
Debt Instrument [Line Items]
Debt term		3 years
Line of credit facility, maximum borrowing capacity		$ 800,000,000
Two-Year Term Loans | Line of Credit
Debt Instrument [Line Items]
Debt term		2 years
Line of credit facility, maximum borrowing capacity		$ 1,000,000,000
Revolving credit facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)			0.125%
Revolving credit facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)			0.325%
Revolving credit facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.425%
Revolving credit facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt term		3 years
Line of credit facility, maximum borrowing capacity		$ 750,000,000
Revolving credit facility | Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			1.425%
Revolving credit facility | Line of Credit | Swingline Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		25,000,000
Revolving credit facility | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 75,000,000
1.800% Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage			1.80%		1.80%
1.800% Senior Unsecured Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.80%
Aggregate principal amount of debt issued	$ 500,000,000
Percent of principal issued	99.855%
1.800% Senior Unsecured Notes Due 2026 | Senior Notes | Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.20%
2.400% Senior Unsecured Notes Due 2028
Debt Instrument [Line Items]
Interest rate, stated percentage			2.40%		2.40%
2.400% Senior Unsecured Notes Due 2028 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.40%
Aggregate principal amount of debt issued	$ 500,000,000
Percent of principal issued	99.703%
2.400% Senior Unsecured Notes Due 2028 | Senior Notes | Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.20%
2.950% Senior Unsecured Notes Due 2031
Debt Instrument [Line Items]
Interest rate, stated percentage			2.95%		2.95%
2.950% Senior Unsecured Notes Due 2031 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.95%
Aggregate principal amount of debt issued	$ 600,000,000
Percent of principal issued	99.791%
2.950% Senior Unsecured Notes Due 2031 | Senior Notes | Treasury Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			0.25%
India Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 11,600,000		₨ 850,000,000
Remaining borrowing capacity			$ 6,200,000
Effective interest rate (as a percent)			5.00%		5.00%

Accumulated Other Comprehensi_3

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	$ 191.7	$ 1,816.1
Other comprehensive income (loss) before reclassifications, net of income taxes	(15.6)	(46.2)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase		1.8
Income tax impact		(0.1)
Amounts reclassified from accumulated other comprehensive income, net of income taxes		1.7
Total other comprehensive loss, net of income taxes	(15.6)	(44.5)
Ending balance	268	1,738.9
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	198.3	153.7
Other comprehensive income (loss) before reclassifications, net of income taxes	(15.7)	(46.2)
Amounts reclassified from accumulated other comprehensive income (loss):
Increase		0
Income tax impact		0
Amounts reclassified from accumulated other comprehensive income, net of income taxes		0
Total other comprehensive loss, net of income taxes	(15.7)	(46.2)
Ending balance	182.6	107.5
Other adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(4.5)	(5)
Other comprehensive income (loss) before reclassifications, net of income taxes	0.1	0
Amounts reclassified from accumulated other comprehensive income (loss):
Increase		1.8
Income tax impact		(0.1)
Amounts reclassified from accumulated other comprehensive income, net of income taxes		1.7
Total other comprehensive loss, net of income taxes	0.1	1.7
Ending balance	(4.4)	(3.3)
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	193.8	148.7
Amounts reclassified from accumulated other comprehensive income (loss):
Total other comprehensive loss, net of income taxes	(15.6)	(44.5)
Ending balance	$ 178.2	$ 104.2

Sales - Contract Assets and Cos

Sales - Contract Assets and Costs (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Contract assets	$ 10.5	$ 9
Deferred Sales Commissions
Capitalized Contract Cost [Line Items]
Net revenue-related contract assets	$ 78.2	$ 81.2
Deferred Sales Commissions | Minimum
Capitalized Contract Cost [Line Items]
Useful life	3 years
Deferred Sales Commissions | Maximum
Capitalized Contract Cost [Line Items]
Useful life	5 years

Sales - Contract liabilities (D

Sales - Contract liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 96.8	$ 87.6
Deferred revenue - noncurrent	57.1	58.3
Total contract liabilities	153.9	$ 145.9
Contract liabilities, revenue recognized	$ 23.2

Sales - Revenue, Remaining Perf

Sales - Revenue, Remaining Performance Obligation (Details) $ in Millions	Apr. 02, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 399.4

Sales - Remaining Performance O

Sales - Remaining Performance Obligation, Expected Timing (Details)	Apr. 02, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	35.00%
Remaining performance obligation, expected timing	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	65.00%
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]
Sales	$ 707.4	$ 609.2
Products
Disaggregation of Revenue [Line Items]
Sales	644.6	547.5
Mobility technologies
Disaggregation of Revenue [Line Items]
Sales	516.9	448.9
Diagnostics and repair technologies
Disaggregation of Revenue [Line Items]
Sales	190.5	160.3
Services
Disaggregation of Revenue [Line Items]
Sales	62.8	61.7
Retail Fueling Hardware
Disaggregation of Revenue [Line Items]
Sales	196.5	179.2
Auto Repair
Disaggregation of Revenue [Line Items]
Sales	164.7	137.7
Service And Other Recurring Revenue
Disaggregation of Revenue [Line Items]
Sales	123.9	103.3
Environmental
Disaggregation of Revenue [Line Items]
Sales	61.6	53.2
Retail Solutions
Disaggregation of Revenue [Line Items]
Sales	91.4	68.5
Software As A Service
Disaggregation of Revenue [Line Items]
Sales	47	45.6
Smart Cities
Disaggregation of Revenue [Line Items]
Sales	8.3	7.6
E Mobility
Disaggregation of Revenue [Line Items]
Sales	0.8	2.3
Other Solution
Disaggregation of Revenue [Line Items]
Sales	13.2	11.8
North America
Disaggregation of Revenue [Line Items]
Sales	508.5	438.4
Western Europe
Disaggregation of Revenue [Line Items]
Sales	55	57.9
High growth markets
Disaggregation of Revenue [Line Items]
Sales	111.8	86.2
Rest of world
Disaggregation of Revenue [Line Items]
Sales	32.1	26.7
United States
Disaggregation of Revenue [Line Items]
Sales	$ 494.2	$ 424.9

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	23.60%	119.70%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Leases [Abstract]
Operating lease cost	$ 5.9	$ 5.2
Cash paid for operating leases	4.9	4.7
ROU assets obtained in exchange for operating lease obligations	$ 3.4	$ 0

Litigation and Contingencies -

Litigation and Contingencies - Rollforward of Accrued Warranty Liability (Details) $ in Millions	3 Months Ended
	Apr. 02, 2021USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 54.6
Accruals for warranties issued during the period	11.4
Settlements made	(10.7)
Ending balance	$ 55.3

Litigation and Contingencies _2

Litigation and Contingencies - Narrative (Details) - USD ($) $ in Millions	Apr. 02, 2021	Dec. 31, 2020
Standby letters of credit, bank guarantees, and performance and bid bonds
Loss Contingencies [Line Items]
Guarantees	$ 102.5	$ 84.5
Asbestos Claims
Loss Contingencies [Line Items]
Liabilities associated with future expected cases	67.4	68
Projected insurance recoveries	35.9	36
Accrued expenses and other current liabilities | Asbestos Claims
Loss Contingencies [Line Items]
Liabilities associated with future expected cases	16.9	17.5
Other long-term liabilities | Asbestos Claims
Loss Contingencies [Line Items]
Liabilities associated with future expected cases	50.5	50.5
Prepaid expenses and other current assets | Asbestos Claims
Loss Contingencies [Line Items]
Projected insurance recoveries	10.7	10.8
Other assets | Asbestos Claims
Loss Contingencies [Line Items]
Projected insurance recoveries	$ 25.2	$ 25.2

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment without readily determinable fair value	$ 52.8
Goodwill	1,082.9	$ 1,092.1
Other intangible assets, net	241.1	250.5
Additional investment made during period	3.8
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	4.6	3.7
Fair Value, Measurements, Recurring | Quoted Prices in Active Market (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	0	0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liabilities	4.6	3.7
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

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Expenses (Details) - Fortive $ in Millions	3 Months Ended
	Mar. 27, 2020USD ($)
Related Party Transaction [Line Items]
Total related-party expenses	$ 22.8
Allocated corporate expenses
Related Party Transaction [Line Items]
Total related-party expenses	10.6
Insurance programs expenses
Related Party Transaction [Line Items]
Total related-party expenses	0.6
Medical insurance programs expenses
Related Party Transaction [Line Items]
Total related-party expenses	11.3
Deferred compensation program expenses
Related Party Transaction [Line Items]
Total related-party expenses	$ 0.3

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - Fortive - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2021	Mar. 27, 2020
Related Party Transaction [Line Items]
Purchases from related party		$ 3.6
TSA Expenses
Related Party Transaction [Line Items]
Payments of expenses to related party	$ 48.5
TSA Expenses, Separation Transaction Taxes
Related Party Transaction [Line Items]
Payments of expenses to related party	$ 30

Capitalization and Earnings P_3

Capitalization and Earnings Per Share - Narrative (Details) - $ / shares	Apr. 02, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, authorized (in shares)	1,985,000,000	1,985,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	15,000,000	15,000,000
Preferred stock, par value (in dollars per share)	$ 0	$ 0

Capital Stock and Earnings Per

Capital Stock and 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 (loss)	$ 91	$ (4.2)
Denominator:
Basic weighted average common shares outstanding (in shares)	168.7	168.4
Effect of dilutive stock options and RSUs (in shares)	1	0
Diluted weighted average common shares outstanding (in shares)	169.7	168.4
Earnings per share:
Net earnings (loss) per common share - Basic (in dollars per share)	$ 0.54	$ (0.02)
Net earnings (loss) per share - Diluted (in dollars per share)	$ 0.54	$ (0.02)
Anti-dilutive shares (in shares)	2.9	0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Apr. 28, 2021	Apr. 02, 2021	Dec. 31, 2020	Sep. 29, 2020
Subsequent Event [Line Items]
Total long-term debt		$ 2,000,000,000	$ 1,800,000,000
Three-Year Term Loans
Subsequent Event [Line Items]
Total long-term debt		$ 400,000,000	$ 800,000,000
London Interbank Offered Rate (LIBOR) | Line of Credit | Three-Year Term Loans
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)		1.625%
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Revolving credit facility
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)		1.425%
Line of Credit | Three-Year Term Loans
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity				$ 800,000,000
Line of Credit | Revolving Credit Facility | Revolving credit facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity				$ 750,000,000
Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Revolving credit facility
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)		1.425%
Subsequent Event | London Interbank Offered Rate (LIBOR) | Line of Credit | Three-Year Term Loans
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)	1.125%
Subsequent Event | Three-Year Term Loans | Line of Credit
Subsequent Event [Line Items]
Total long-term debt	$ 400,000,000
Subsequent Event | Three-Year Term Loans | London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Decrease in basis spread on variable rate (as a percent)	0.50%
Subsequent Event | Line of Credit | Revolving Credit Facility | Revolving credit facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Subsequent Event | Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Revolving credit facility
Subsequent Event [Line Items]
Decrease in basis spread on variable rate (as a percent)	0.25%
Basis spread on variable rate (as a percent)	1.175%