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February 2023
December 2022
November 2022
October 2022
October 2022
July 2022
June 2022
April 2022
February 2022
December 2021
Three Months Ended | Nine Months Ended | ||||||||||||||
September 28, 2018 | September 29, 2017 | September 28, 2018 | September 29, 2017 | ||||||||||||
Sales | $ | 1,840.1 | $ | 1,685.3 | $ | 5,436.8 | $ | 4,849.3 | |||||||
Cost of sales | (915.8 | ) | (845.9 | ) | (2,702.8 | ) | (2,460.8 | ) | |||||||
Gross profit | 924.3 | 839.4 | 2,734.0 | 2,388.5 | |||||||||||
Operating costs: | |||||||||||||||
Selling, general and administrative expenses | (490.4 | ) | (380.7 | ) | (1,359.5 | ) | (1,089.8 | ) | |||||||
Research and development expenses | (112.5 | ) | (102.0 | ) | (332.4 | ) | (297.3 | ) | |||||||
Operating profit | 321.4 | 356.7 | 1,042.1 | 1,001.4 | |||||||||||
Non-operating expenses: | |||||||||||||||
Gain from acquisition | — | 15.3 | — | 15.3 | |||||||||||
Interest expense, net | (24.4 | ) | (22.9 | ) | (74.3 | ) | (68.2 | ) | |||||||
Other non-operating expenses | (0.8 | ) | (0.8 | ) | (2.6 | ) | (2.3 | ) | |||||||
Earnings before income taxes | 296.2 | 348.3 | 965.2 | 946.2 | |||||||||||
Income taxes | (50.9 | ) | (80.5 | ) | (163.7 | ) | (238.6 | ) | |||||||
Net earnings | 245.3 | 267.8 | 801.5 | 707.6 | |||||||||||
Mandatory convertible preferred stock cumulative dividends | (17.4 | ) | — | (17.6 | ) | — | |||||||||
Net earnings attributable to common stockholders | $ | 227.9 | $ | 267.8 | $ | 783.9 | $ | 707.6 | |||||||
Net earnings per common share: | |||||||||||||||
Basic | $ | 0.65 | $ | 0.77 | $ | 2.24 | $ | 2.04 | |||||||
Diluted | $ | 0.64 | $ | 0.76 | $ | 2.21 | $ | 2.01 | |||||||
Average common stock and common equivalent shares outstanding: | |||||||||||||||
Basic | 349.9 | 347.7 | 349.2 | 347.3 | |||||||||||
Diluted | 355.3 | 352.9 | 354.8 | 352.2 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 28, 2018 | September 29, 2017 | September 28, 2018 | September 29, 2017 | ||||||||||||
Sales: | |||||||||||||||
Professional Instrumentation | $ | 894.1 | $ | 786.8 | $ | 2,654.8 | $ | 2,261.9 | |||||||
Industrial Technologies | 946.0 | 898.5 | 2,782.0 | 2,587.4 | |||||||||||
Total | $ | 1,840.1 | $ | 1,685.3 | $ | 5,436.8 | $ | 4,849.3 | |||||||
Operating Profit: | |||||||||||||||
Professional Instrumentation | $ | 180.0 | $ | 179.2 | $ | 605.8 | $ | 523.2 | |||||||
Industrial Technologies | 199.7 | 196.4 | 558.9 | 530.9 | |||||||||||
Other (a) | (58.3 | ) | (18.9 | ) | (122.6 | ) | (52.7 | ) | |||||||
Total | $ | 321.4 | $ | 356.7 | $ | 1,042.1 | $ | 1,001.4 | |||||||
Operating Margins: | |||||||||||||||
Professional Instrumentation | 20.1 | % | 22.8 | % | 22.8 | % | 23.1 | % | |||||||
Industrial Technologies | 21.1 | % | 21.9 | % | 20.1 | % | 20.5 | % | |||||||
Total | 17.5 | % | 21.2 | % | 19.2 | % | 20.7 | % | |||||||
(a) Operating profit amounts in the Other category consist of unallocated corporate costs and other costs not considered part of our evaluation of reportable segment operating performance. |
• | Excluding on a pretax basis amortization of acquisition-related intangible assets; |
• | Excluding on a pretax basis both acquisition and divestiture-related costs deemed significant (“Transaction Costs”); |
• | Excluding on a pretax basis the effect of deferred revenue fair value adjustments related to significant acquisitions; |
• | Excluding the tax effect of the adjustments noted above. The tax effect of such adjustments was calculated by applying our overall estimated effective tax rate to the pretax amount of each adjustment (unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment). We expect to apply our overall estimated effective tax rate to each adjustment going forward, and, as such, we are applying the estimated effective tax rate to each adjustment for the forecasted periods to facilitate comparisons in future periods; |
• | Excluding a non-recurring gain on a prior investment as a result of a corresponding acquisition (“Gain from Acquisition”); |
• | Excluding adjustments made to the 2017 provisional amount estimated in connection with the Tax Cut and Jobs Act (the “TCJA Adjustments”); and |
• | Including the impact of the assumed conversion of our Mandatory Convertible Preferred Stock. |
Three Months Ended | Nine Months Ended | ||||||||||||||
($ in millions) | September 28, 2018 | September 29, 2017 | September 28, 2018 | September 29, 2017 | |||||||||||
Net Earnings Attributable to Common Stockholders (GAAP) | $ | 227.9 | $ | 267.8 | $ | 783.9 | $ | 707.6 | |||||||
Dividends on the mandatory convertible preferred stock | 17.4 | — | 17.6 | — | |||||||||||
Net Earnings (GAAP) | 245.3 | 267.8 | 801.5 | 707.6 | |||||||||||
Pretax amortization of acquisition-related intangible assets in the three months ($32 million pretax, $27 million after tax) and nine months ($82 million pretax, $68 million after tax) ended September 28, 2018, and in the three months ($15 million pretax, $11 million after tax) and nine months ($41 million pretax, $30 million after tax) ended September 29, 2017 | 32.4 | 14.7 | 81.5 | 41.3 | |||||||||||
Acquisition and divestiture-related transaction costs in the three months ($56 million pretax, $45 million after tax) and nine months ($71 million pretax, $58 million after tax) ended September 28, 2018 and in the three months ($11 million pretax, $8 million after tax) and nine months ($11 million pretax, $8 million after tax) ended September 29, 2017 | 56.0 | 11.2 | 70.8 | 11.2 | |||||||||||
Pretax acquisition-related fair value adjustments to deferred revenue related to completed significant acquisitions in the three and nine months ended September 28, 2018 ($3 million pretax, $2 million after tax) | 3.0 | — | 3.0 | — | |||||||||||
Tax effect of the adjustments reflected above (a) | (16.8 | ) | (6.9 | ) | (28.4 | ) | (14.0 | ) | |||||||
Gain from acquisition in the three and nine months ended September 29, 2017 ($15 million after tax) | — | (15.3 | ) | — | (15.3 | ) | |||||||||
TCJA Adjustments | 1.2 | — | (4.9 | ) | — | ||||||||||
Adjusted Net Earnings (Non-GAAP) | $ | 321.1 | $ | 271.5 | $ | 923.5 | $ | 730.8 | |||||||
(a) The MCPS are not tax deductible and therefore the tax effect of the adjustments includes only the amortization of acquisition-related intangible assets, acquisition and divestiture-related transaction costs, and acquisition related fair value adjustments to deferred revenue. |
Three Months Ended (a) | Nine Months Ended (a) | ||||||||||||||
September 28, 2018 | September 29, 2017 | September 28, 2018 | September 29, 2017 | ||||||||||||
Diluted Net Earnings Per Share Attributable to Common Stockholders (GAAP) | $ | 0.64 | $ | 0.76 | $ | 2.21 | $ | 2.01 | |||||||
Dividends on the mandatory convertible preferred stock | 0.05 | — | 0.05 | — | |||||||||||
Assumed dilutive impact on the Diluted Net Earnings Per Share Attributable to Common Stockholders if the Converted Shares had been outstanding | (0.03 | ) | — | (0.04 | ) | — | |||||||||
Pretax amortization of acquisition-related intangible assets in the three months ($32 million pretax, $27 million after tax) and nine months ($82 million pretax, $68 million after tax) ended September 28, 2018, and in the three months ($15 million pretax, $11 million after tax) and nine months ($41 million pretax, $30 million after tax) ended September 29, 2017 | 0.09 | 0.04 | 0.23 | 0.12 | |||||||||||
Acquisition and divestiture-related transaction costs in the three months ($56 million pretax, $45 million after tax) and nine months ($71 million pretax, $58 million after tax) ended September 28, 2018 and in the three months ($11 million pretax, $8 million after tax) and nine months ($11 million pretax, $8 million after tax) ended September 29, 2017 | 0.15 | 0.03 | 0.20 | 0.03 | |||||||||||
Pretax acquisition-related fair value adjustments to deferred revenue related to completed significant acquisitions in the three and nine months ended September 28, 2018 ($3 million pretax, $2 million after tax) | 0.01 | — | 0.01 | — | |||||||||||
Tax effect of the adjustments reflected above (b) | (0.05 | ) | (0.02 | ) | (0.08 | ) | (0.04 | ) | |||||||
Gain from acquisition in the three and nine months ended September 29, 2017 ($15 million after tax) | — | (0.04 | ) | — | (0.04 | ) | |||||||||
TCJA Adjustments | — | — | (0.02 | ) | — | ||||||||||
Adjusted Diluted Net Earnings Per Share (Non-GAAP) | $ | 0.86 | $ | 0.77 | $ | 2.56 | $ | 2.08 | |||||||
(a) Each of the per share adjustments below was calculated assuming the Converted Shares had been outstanding. | |||||||||||||||
(b) The MCPS are not tax deductible and therefore the tax effect of the adjustments includes only the amortization of acquisition-related intangible assets, acquisition and divestiture-related transaction costs, and acquisition related fair value adjustments to deferred revenue. | |||||||||||||||
The sum of the components of adjusted diluted net earnings per share may not equal due to rounding. |
Three Months Ended | Nine Months Ended | ||||||||||
(shares in millions) | September 28, 2018 | September 29, 2017 | September 28, 2018 | September 29, 2017 | |||||||
Average common diluted stock outstanding | 355.3 | 352.9 | 354.8 | 352.2 | |||||||
Converted Shares (a) | 16.1 | — | 5.4 | — | |||||||
Adjusted average common stock and common equivalent shares outstanding | 371.4 | 352.9 | 360.2 | 352.2 | |||||||
(a) The number of Converted Shares assumes the conversion of all 1.38 million shares applying the “if-converted” method and using an average 20-day VWAP of $85.52 as of September 28, 2018. |
% Change Three Months Ended September 28, 2018 vs. Comparable 2017 Period | % Change Nine Months Ended September 28, 2018 vs. Comparable 2017 Period | ||||
Total Revenue Growth (GAAP) | 9.2 | % | 12.1 | % | |
Core (Non-GAAP) | 3.2 | % | 3.7 | % | |
Acquisitions (Non-GAAP) | 7.2 | % | 7.2 | % | |
Impact of currency translation (Non-GAAP) | (1.2 | )% | 1.2 | % |
Three Months Ending December 31, 2018 | Year Ending December 31, 2018 | ||||||||||||||
Low End | High End | Low End | High End | ||||||||||||
Forecasted Diluted Net Earnings Per Share from Continuing Operations Attributable to Common Stockholders | $ | 0.58 | $ | 0.62 | $ | 2.43 | $ | 2.47 | |||||||
Anticipated dividends on mandatory convertible preferred stock in the three months ending ($17 million) and year ending December 31, 2018 ($35 million) | 0.05 | 0.05 | 0.10 | 0.10 | |||||||||||
Assumed dilutive impact on the Forecasted Diluted Net Earnings Per Share from Continuing Operations if the Converted Shares (16.1 million shares in the three months ending and 8.1 million shares in the year ending December 31, 2018) had been outstanding | (0.03 | ) | (0.03 | ) | (0.06 | ) | (0.06 | ) | |||||||
Anticipated pretax amortization of acquisition-related intangible assets in the three months ending December 31, 2018 ($51 million pretax (or $0.14 per share), $42 million after tax (or $0.12 per share)) and year ending December 31, 2018 ($132 million pretax (or $0.37 per share), $110 million after tax (or $0.31 per share)) | 0.14 | 0.14 | 0.37 | 0.37 | |||||||||||
Anticipated pretax acquisition and divestiture-related transaction costs in the three months ending ($37 million pretax (or $0.10 per share), $30 million after tax (or $0.08 per share)) and the year ending December 31, 2018 ($78 million pretax (or $0.22 per share), $62 million after tax (or $0.18 per share)) | 0.10 | 0.10 | 0.22 | 0.22 | |||||||||||
Anticipated pretax fair value adjustments to deferred revenue related to completed significant acquisition in the three months ending ($13 million pretax (or $0.04 per share), $10 million after tax (or $0.03 per share)) and year ending December 31, 2018 ($16 million pretax (or $0.04 per share), $13 million after tax (or $0.03 per share)) | 0.04 | 0.04 | 0.04 | 0.04 | |||||||||||
Tax effect of the adjustments reflected above (a) | (0.05 | ) | (0.05 | ) | (0.11 | ) | (0.11 | ) | |||||||
TCJA Adjustments | — | — | (0.01 | ) | (0.01 | ) | |||||||||
Forecasted Adjusted Diluted Net Earnings Per Share from Continuing Operations | $ | 0.83 | $ | 0.87 | $ | 2.98 | $ | 3.02 | |||||||
(a) The MCPS are not tax deductible and therefore the tax effect of the adjustments includes only the amortization of acquisition-related intangible assets, acquisition and divestiture-related transaction costs, and acquisition related fair value adjustments to deferred revenue. | |||||||||||||||
The sum of the components of forecasted adjusted diluted net earnings per share from continuing operations may not equal due to rounding. |
Year Ended | Three Months Ended | ||||||||||||||||||
($ in millions) | December 31, 2017 | December 31, 2017 | March 30, 2018 | June 29, 2018 | September 28, 2018 | ||||||||||||||
Sales | |||||||||||||||||||
Professional Instrumentation (GAAP) | $ | 3,139.1 | $ | 877.2 | $ | 871.7 | $ | 889.0 | $ | 894.1 | |||||||||
Industrial Technologies (GAAP) | 3,516.9 | 929.5 | 869.0 | 967.0 | 946.0 | ||||||||||||||
Adjustment to remove sales of the A&S Business from the Industrial Technologies segment (Non-GAAP) | (899.9 | ) | (228.8 | ) | (248.5 | ) | (254.2 | ) | (238.9 | ) | |||||||||
Total supplemental sales (Non-GAAP) | $ | 5,756.1 | $ | 1,577.9 | $ | 1,492.2 | $ | 1,601.8 | $ | 1,601.2 | |||||||||
Non-GAAP adjusted operating profit | |||||||||||||||||||
Professional Instrumentation (GAAP) | $ | 712.9 | $ | 189.7 | $ | 206.4 | $ | 219.4 | $ | 180.0 | |||||||||
Industrial Technologies (GAAP) | 719.5 | 188.6 | 158.3 | 200.9 | 199.7 | ||||||||||||||
Adjustment to remove the contribution of the A&S Business from the Industrial Technologies segment (Non-GAAP) | (216.7 | ) | (53.7 | ) | (64.1 | ) | (66.3 | ) | (58.0 | ) | |||||||||
Adjusted supplemental Industrial Technologies operating profit (Non-GAAP) | 502.8 | 134.9 | 94.2 | 134.6 | 141.7 | ||||||||||||||
Other (GAAP) | (73.5 | ) | (20.8 | ) | (26.5 | ) | (37.9 | ) | (58.3 | ) | |||||||||
Adjustment to Other for the A&S Business split-off (Non-GAAP) | 1.2 | 1.2 | 3.8 | 8.3 | 18.2 | ||||||||||||||
Total supplemental operating profit (Non-GAAP) | $ | 1,143.4 | $ | 305.0 | $ | 277.9 | $ | 324.4 | $ | 281.6 |
Year Ended | Three Months Ended | ||||||||||||||||||
($ in millions) | December 31, 2017 | December 31, 2017 | March 30, 2018 | June 29, 2018 | September 28, 2018 | ||||||||||||||
Net Earnings Available to Common Shareholders (GAAP) | $ | 1,044.5 | $ | 336.9 | $ | 261.2 | $ | 294.8 | $ | 227.9 | |||||||||
Dividends on the mandatory convertible preferred stock included in earnings available to common shareholders | — | — | — | 0.2 | 17.4 | ||||||||||||||
Net Earnings (GAAP) | 1,044.5 | 336.9 | 261.2 | 295.0 | 245.3 | ||||||||||||||
A&S separation impact | (154.4 | ) | (33.2 | ) | (49.2 | ) | (51.5 | ) | (46.0 | ) | |||||||||
Pretax amortization of acquisition-related intangible assets | 65.3 | 24.0 | 25.0 | 24.1 | 32.4 | ||||||||||||||
Acquisition and divestiture-related transaction costs | 21.8 | 10.6 | 3.8 | 11.0 | 56.0 | ||||||||||||||
Gain on sale of real property | (8.0 | ) | (8.0 | ) | — | — | — | ||||||||||||
Pretax acquisition-related fair value adjustments to deferred revenue related to the Accruent acquisition | — | — | — | — | 3.0 | ||||||||||||||
Gain from acquisition | (15.3 | ) | — | — | — | — | |||||||||||||
Estimated tax effect of the adjustments reflected above | (18.8 | ) | (4.6 | ) | (5.1 | ) | (6.5 | ) | (16.8 | ) | |||||||||
Estimated provisional TCJA Adjustments | (70.3 | ) | (70.3 | ) | (4.2 | ) | (1.9 | ) | 1.2 | ||||||||||
Supplemental Adjusted Net Earnings (non-GAAP) | $ | 864.8 | $ | 255.4 | $ | 231.5 | $ | 270.2 | $ | 275.1 |
Year Ended | Three Months Ended | ||||||||||||||||||
December 31, 2017 | December 31, 2017 | March 30, 2018 | June 29, 2018 | September 28, 2018 | |||||||||||||||
Diluted Net Earnings Per Share Available to Common Shareholders (GAAP) | $ | 2.96 | $ | 0.95 | $ | 0.74 | $ | 0.83 | $ | 0.64 | |||||||||
Dividends on the mandatory convertible preferred stock | — | — | — | — | 0.05 | ||||||||||||||
Assumed dilutive impact on the Adjusted Diluted Net Earnings Per Share Attributable to Common Stockholders if the Converted shares had been outstanding | — | — | — | — | (0.03 | ) | |||||||||||||
A&S separation impact | (0.44 | ) | (0.09 | ) | (0.14 | ) | (0.15 | ) | (0.12 | ) | |||||||||
Pretax amortization of acquisition-related intangible assets. | 0.19 | 0.07 | 0.07 | 0.07 | 0.09 | ||||||||||||||
Acquisition and divestiture-related transaction costs | 0.06 | 0.03 | 0.01 | 0.03 | 0.15 | ||||||||||||||
Gain on sale of real property | (0.02 | ) | (0.02 | ) | — | — | — | ||||||||||||
Pretax acquisition-related fair value adjustments to deferred revenue related to the Accruent acquisition | — | — | — | — | 0.01 | ||||||||||||||
Gain from acquisition | (0.04 | ) | — | — | — | — | |||||||||||||
Estimated tax effect of the adjustments reflected above | (0.05 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.05 | ) | |||||||||
Estimated provisional TCJA Adjustments | (0.20 | ) | (0.20 | ) | (0.01 | ) | (0.01 | ) | — | ||||||||||
Supplemental Adjusted Diluted Net Earnings Per Share (non-GAAP) | $ | 2.45 | $ | 0.72 | $ | 0.65 | $ | 0.76 | $ | 0.74 | |||||||||
The sum of the components of supplemental adjusted diluted net earnings per share may not equal due to rounding. |
Year Ended | Three Months Ended | |||||||||||||
(shares in millions) | December 31, 2017 | December 31, 2017 | March 30, 2018 | June 29, 2018 | September 28, 2018 | |||||||||
Average common diluted stock outstanding | 352.6 | 353.9 | 354.4 | 355.0 | 355.3 | |||||||||
Converted Shares (a) | — | — | — | — | 16.1 | |||||||||
Adjusted average common stock and common equivalent shares outstanding | 352.6 | 353.9 | 354.4 | 355.0 | 371.4 | |||||||||
(a) The number of Converted Shares assumes the conversion of all 1.38 million shares applying the “if-converted” method and using an average 20-day VWAP of $85.52 as of September 28, 2018. |
Year Ended | Three Months Ended | |||||||||||||
December 31, 2017 | December 31, 2017 | March 30, 2018 | June 29, 2018 | September 28, 2018 | ||||||||||
Professional Instrumentation | ||||||||||||||
Revenue Growth (GAAP) | 8.6 | % | 17.5 | % | 21.7 | % | 17.1 | % | 13.6 | % | ||||
Adjustment for A&S Business revenue growth (Non-GAAP) | — | — | — | — | — | |||||||||
Adjusted supplemental revenue growth (Non-GAAP) | 8.6 | % | 17.5 | % | 21.7 | % | 17.1 | % | 13.6 | % | ||||
Existing businesses (non-GAAP) | 5.5 | % | 5.6 | % | 5.5 | % | 3.4 | % | 1.4 | % | ||||
Acquisitions (non-GAAP) | 3.0 | % | 9.6 | % | 12.2 | % | 11.9 | % | 13.2 | % | ||||
Currency exchange rates (non-GAAP) | 0.1 | % | 2.3 | % | 4.0 | % | 1.8 | % | (1.0 | )% | ||||
Industrial Technologies | ||||||||||||||
Revenue Growth (GAAP) | 5.5 | % | 5.6 | % | 6.1 | % | 11.2 | % | 5.3 | % | ||||
Adjustment for A&S Business revenue growth (Non-GAAP) | (0.3 | )% | (1.5 | )% | (3.1 | )% | 0.1 | % | (0.4 | )% | ||||
Adjusted supplemental revenue growth (Non-GAAP) | 5.2 | % | 4.1 | % | 3.0 | % | 11.3 | % | 4.9 | % | ||||
Existing businesses (non-GAAP) | 2.7 | % | (1.4 | )% | (4.0 | )% | 6.1 | % | 3.9 | % | ||||
Acquisitions (non-GAAP) | 2.0 | % | 3.6 | % | 4.3 | % | 3.9 | % | 2.6 | % | ||||
Currency exchange rates (non-GAAP) | 0.5 | % | 1.9 | % | 2.7 | % | 1.3 | % | (1.6 | )% | ||||
Fortive Corporation | ||||||||||||||
Revenue Growth (GAAP) | 6.9 | % | 11.0 | % | 13.4 | % | 13.9 | % | 9.2 | % | ||||
Adjustment for A&S Business revenue growth (Non-GAAP) | 0.1 | % | 0.2 | % | (0.3 | )% | 0.5 | % | 0.5 | % | ||||
Adjusted supplemental revenue growth (Non-GAAP) | 7.0 | % | 11.2 | % | 13.1 | % | 14.4 | % | 9.7 | % | ||||
Existing businesses (non-GAAP) | 4.2 | % | 2.3 | % | 1.2 | % | 4.6 | % | 2.6 | % | ||||
Acquisitions (non-GAAP) | 2.5 | % | 6.8 | % | 8.5 | % | 8.3 | % | 8.3 | % | ||||
Currency exchange rates (non-GAAP) | 0.3 | % | 2.1 | % | 3.4 | % | 1.5 | % | (1.2 | )% | ||||
(a) Non-GAAP sales from existing businesses (core growth) refers to sales from operations excluding (1) sales impact from acquired businesses and (2) the impact of currency translation. References to sales impacts from acquired businesses refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to certain divested businesses or product lines not considered discontinued operations prior to the first anniversary of the divestiture. The portion of sales attributable to the impact of currency translation is calculated as the difference between (a) the period-to-period change in sales (excluding sales from acquired businesses) and (b) the period-to-period change in sales (excluding sales from acquired businesses) after applying current period foreign exchange rates to the prior year period. |
Year Ended | Three Months Ended | ||||||||||||||||||
($ in millions) | December 31, 2017 | December 31, 2017 | March 30, 2018 | June 29, 2018 | September 28, 2018 | ||||||||||||||
Earnings before income taxes | $ | 1,284.2 | $ | 338.0 | $ | 312.9 | $ | 356.0 | $ | 296.2 | |||||||||
Income tax expense | $ | (239.7 | ) | $ | (1.1 | ) | $ | (51.7 | ) | $ | (61.0 | ) | $ | (50.9 | ) | ||||
Estimated effective tax rate (GAAP) | 18.7 | % | 0.3 | % | 16.5 | % | 17.1 | % | 17.2 | % | |||||||||
A&S separation impact | $ | (211.8 | ) | $ | (52.5 | ) | $ | (62.8 | ) | $ | (65.0 | ) | $ | (56.6 | ) | ||||
Amortization of acquisition-related intangible assets | 65.3 | 24.0 | 25.0 | 24.1 | 32.4 | ||||||||||||||
Acquisition and divestiture-related transaction costs | 21.8 | 10.6 | 3.8 | 11.0 | 56.0 | ||||||||||||||
Fair value adjustments to deferred revenue related to the Accruent acquisition | — | — | — | — | 3.0 | ||||||||||||||
Gain from acquisition | (15.3 | ) | — | — | — | — | |||||||||||||
Gain on sale of real property | (8.0 | ) | (8.0 | ) | — | — | — | ||||||||||||
Pretax Adjusted Supplemental Net Earnings (Non-GAAP) | $ | 1,136.2 | $ | 312.1 | $ | 278.9 | $ | 326.1 | $ | 331.0 | |||||||||
Income tax attributable to the A&S Business | $ | 57.4 | $ | 19.3 | $ | 13.7 | $ | 13.6 | $ | 10.6 | |||||||||
Tax effect of the adjustments reflected above | (18.8 | ) | (4.6 | ) | (5.1 | ) | (6.5 | ) | (16.8 | ) | |||||||||
TCJA Adjustments | (70.3 | ) | (70.3 | ) | (4.2 | ) | (1.9 | ) | 1.2 | ||||||||||
Adjusted income tax expense | $ | (271.4 | ) | $ | (56.7 | ) | $ | (47.3 | ) | $ | (55.8 | ) | $ | (55.9 | ) | ||||
Adjusted estimated effective tax rate (Non-GAAP) | 23.9 | % | 18.2 | % | 17.0 | % | 17.1 | % | 16.9 | % |
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Ticker: FTVEvents:
CIK: 1659166
Form Type: 8-K Corporate News
Accession Number: 0001659166-18-000261
Submitted to the SEC: Thu Oct 25 2018 4:20:56 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Thursday, October 25, 2018
Industry: Industrial Instruments For Measurement Display And Control