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FINANCING | 6 Months Ended
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Jun. 27, 2025
Debt Disclosure [Abstract] |
FINANCING | NOTE 5. FINANCING The components of our debt were as follows ($ in millions):
| June 27, 2025 |  | December 31, 2024 |
U.S. dollar-denominated commercial paper | $ | 395.0 |  |  | $ | 650.0 |  |
3.7% Euro-denominated senior unsecured notes due 2026 | 585.9 |  |  | 517.7 |  |
3.7% Euro-denominated senior unsecured notes due 2029 | 820.3 |  |  | 724.8 |  |
Euro Term Loan due 2025 | 322.2 |  |  | 284.7 |  |
Yen Term Loan due 2025 | 99.6 |  |  | 91.6 |  |
3.15% senior unsecured notes due 2026 | 900.0 |  |  | 900.0 |  |
4.30% senior unsecured notes due 2046 | 550.0 |  |  | 550.0 |  |
Subtotal | 3,673.0 |  |  | 3,718.8 |  |
Ralliant debt: |  |  |  |
USD Term Loan due 2026 | 530.8 |  |  | — |  |
USD Term Loan due 2028 | 619.2 |  |  | — |  |
Total Ralliant debt | 1,150.0 |  |  | — |  |
Long-term debt, principal amounts | 4,823.0 |  |  | 3,718.8 |  |
Less: aggregate unamortized debt discounts, premiums, and issuance costs | 10.8 |  |  | 11.5 |  |
Long-term debt, carrying value | 4,812.2 |  |  | 3,707.3 |  |
Less: current portion of long-term debt, carrying value | 1,905.7 |  |  | 376.2 |  |
Long-term debt, net of current maturities | $ | 2,906.5 |  |  | $ | 3,331.1 |  |
Refer to Note 9 of our 2024 Annual Report on Form 10-K for further details of our debt financing. Commercial Paper Programs We generally satisfy any short-term liquidity needs that are not met through operating cash flows and available cash primarily through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Under these programs, we may issue unsecured promissory notes with maturities not exceeding 397 and 183 days, respectively. Proceeds from borrowings under the commercial paper programs are typically available for general corporate purposes, including acquisitions. Interest expense on commercial paper is paid at maturity and is generally based on our credit ratings at the time of issuance and prevailing short-term interest rates. The details of our outstanding Commercial Paper Programs as of June 27, 2025 were as follows ($ in millions):
| Carrying value (a) |  | Annual effective rate |  | Weighted average maturity (in days)
U.S. dollar-denominated commercial paper | $ | 394.2 |  |  | 4.63 | % |  | 30
(a) Net of unamortized debt discount.
Credit support for the Commercial Paper Programs is provided by a five-year $2.0 billion senior unsecured revolving credit facility that expires on October 18, 2027 (the “Revolving Credit Facility”) which, to the extent not otherwise providing credit support for our commercial paper programs, can also be used for working capital and other general corporate purposes. As of June 27, 2025, no borrowings were outstanding under the Revolving Credit Facility. We classified our borrowings outstanding under the Commercial Paper Programs as of June 27, 2025 as Long-term debt in the accompanying Consolidated Condensed Balance Sheets as we had the intent and ability, as supported by availability under the Revolving Credit Facility, to refinance these borrowings for at least one year from the balance sheet date. Indebtedness Related to the Ralliant Separation On May 15, 2025, Ralliant entered into a credit agreement with a syndicate of banks, consisting of a three-year, $700 million senior unsecured delayed draw term loan facility (the “Three-Year Term Loans”), an eighteen-month, $600 million senior unsecured delayed draw term loan facility (the “Eighteen-Month Term Loans” and together with the Three-Year Term Loans, the “Term Loans”), and a five-year $750 million unsecured revolving credit facility (the “Ralliant Credit Facility”). Ralliant may draw on the funds under the Term Loans, in up to two advances, which may be made on or prior to December 31, 2025. On June 27, 2025, in preparation for the Separation, Ralliant borrowed $1.15 billion in aggregate principal amount consisting of a USD Term Loan due 2026 and a USD Term Loan due 2028 (the “Ralliant Debt”). As of June 27, 2025, Ralliant was a wholly-owned, consolidated subsidiary of the Company, and as a result, the Company’s Consolidated Balance Sheet includes the Ralliant Debt. No amounts were outstanding under the Ralliant Credit Facility at any time prior to the Separation. As of June 27, 2025, Ralliant was in compliance with all covenants under the Ralliant Debt and the Ralliant Credit Facility. The proceeds from the Ralliant Debt were used to fund the $1.15 billion cash dividend Ralliant made to Fortive prior to the Distribution Date (the “Ralliant Dividend”). Use of Ralliant Dividend On June 4, 2025 and June 17, 2025, respectively, we extended the maturity date of the Yen Term Loan due on June 17, 2025 and the Euro Term Loan due on June 23, 2025 to December 31, 2025. On July 15, 2025, Fortive used approximately $302 million of the Ralliant Dividend to redeem €252 million of the outstanding principal of the 3.7% Euro-denominated senior unsecured notes due 2026, and the accrued interest thereon, with €248 million remaining outstanding following such redemption. On July 24, 2025 and July 25, 2025, respectively, Fortive used $324 million and $98 million of the Ralliant Dividend to repay the outstanding principle of the Euro Term Loan and Yen Term Loan, and accrued interest thereon. Fortive also intends to apply the Ralliant Dividend to repurchase certain of its outstanding common stock pursuant to the special purpose share repurchase program authorized on May 27, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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