11-K 1 a20201231rsp11k.htm 11-K Document


 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 11-K
 ________________________________________________

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR
PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One) 
ýANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 2020
Or
oTRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission file number 1-37654
 
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
Fortive Retirement Savings Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Fortive Corporation
6920 Seaway Blvd
Everett, WA 98203
(425) 446-5000


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FORTIVE RETIREMENT SAVINGS PLAN

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2020 AND 2019
AND FOR THE YEAR ENDED DECEMBER 31, 2020,
SUPPLEMENTAL SCHEDULE AS OF DECEMBER 31, 2020 AND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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FORTIVE RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
FORM 11-K
 


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Report of Independent Registered Public Accounting Firm
To the Plan Participants, the Plan Administrator, the Audit Committee of the Board of Directors, Fortive Corporation and the Benefits Committee of the Fortive Retirement Savings Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Fortive Retirement Savings Plan (the Plan) as of December 31, 2020 and 2019, and the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2020 and 2019, and the changes in its net assets available for benefits for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Schedule
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2020, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Ernst & Young LLP
We have served as the Plan’s auditor since 2016.
Seattle, Washington
June 4, 2021
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FORTIVE RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2020 AND 2019
($ in millions)
 
20202019
ASSETS
Non-interest bearing cash$0.9 $— 
Investments at fair value1,754.6 — 
Plan’s interest in the Master Trust
— 1,863.7 
Receivables:
Employer contributions
5.0 1.6 
Participant contributions
— — 
Other receivables1.7 — 
Notes receivable from participants
15.0 20.3 
Total receivables
21.7 21.9 
Total assets
1,777.2 1,885.6 
LIABILITIES
Other payables
1.4 — 
Total liabilities
1.4 — 
NET ASSETS AVAILABLE FOR BENEFITS
$1,775.8 $1,885.6 

See the accompanying notes to the financial statements.
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FORTIVE RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2020
($ in millions)
 
ADDITIONS
Contributions:
Participant
$90.2 
Rollovers
15.1 
Employer
65.3 
Total contributions
170.6 
Investment income:
Interest income on notes receivable from participants
1.1 
Net appreciation of investments, at fair value131.1 
Dividend and interest income from investments4.2 
Plan’s interest in Master Trust’s net investment income
120.4 
Total investment income
256.8 
Total additions
427.4 
DEDUCTIONS
Benefit payments
226.1 
Administrative expenses
1.4 
Total deductions
227.5 
NET INCREASE PRIOR TO PLAN TRANSFERS
199.9 
NET TRANSFERS OUT OF THE PLAN(309.7)
NET DECREASE(109.8)
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year
1,885.6 
End of year
$1,775.8 
See the accompanying notes to the financial statements.

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FORTIVE RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2020
NOTE 1. DESCRIPTION OF THE PLAN
The following description of the Fortive Retirement Savings Plan (the “Plan”) provides only general information. Participants should refer to the plan document and summary plan description for a more complete description of the Plan’s provisions.
General
Fortive Corporation (“Fortive,” “the Company”, or “the Plan Sponsor”) is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Fortive established the Fortive Retirement Savings Plan Master Trust (the “Master Trust”) effective May 1, 2016 which was administered by the trustee, Fidelity Management Trust Company (“Fidelity”). The Master Trust created a single trust formed to hold and invest assets of the Plan and other eligible tax-qualified defined contribution plans maintained by the Plan Sponsor. Refer to Note 3 for additional information regarding the Master Trust. Fortive also established the Plan effective May 31, 2016.
On October 9, 2020, the Company completed the separation of its former Industrial Technologies segment by distributing 80.1% of the outstanding shares of Vontier Corporation (“Vontier”) to its stockholders (“the Separation”) on a pro rata basis. In anticipation of the Separation, Vontier created a new savings plan, the Vontier Retirement Savings Plan (the "Vontier Plan") and on October 9, 2020, $312.8 million, which was the total amount of the balances and the related assets in the Master Trust of the Plan participants who are now employees of Vontier after the Separation, was transferred to the Vontier Plan. This $312.8 million transferred includes $4.4 million of outstanding loan balances.
As a result of the Separation, the Master Trust was amended on October 9, 2020. The amendment was executed to reclassify the Master Trust to a single Trust arrangement (the “Trust”). The Trust continues to be administered by Fidelity.
The Plan is a defined contribution plan established for eligible full-time and part-time non-union employees of the Company and its subsidiaries. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Plan is administered through affiliates of the trustee, Fidelity (the “Plan Administrator”). Plan participants should refer to the formal legal documents of the Plan and the summary plan description for a more complete description of the Plan’s provisions and a full explanation of all limitations, adjustments and special cases in the Plan. Significant provisions related to contributions, benefit payments, and investments are provided below.
Plan Mergers
As a result of Fortive’s acquisition of Intelex Technologies (“Intelex”) on June 27, 2019, the Intelex Technologies US Inc. 401(k) Plan (“the Intelex Plan”) merged into the Plan on January 1, 2020, resulting in net assets transferred into the Plan of $3.0 million in 2020. All balances transferred in from the Intelex Plan have been included in the Plan balances and activity as of and for the year ended December 31, 2020.
Contributions
Eligible participants may contribute up to 75% of their compensation (subject to annual maximums). Employee contributions and the earnings or losses thereon are fully vested at all times.
The Company’s retirement contributions are determined at the discretion of the Plan Sponsor. The discretionary retirement contribution can range from 0% to 2% of eligible compensation. For the year ended December 31, 2020, the retirement contribution was 2% of eligible compensation. The portion of the retirement contribution that is calculated on eligible compensation above the Social Security wage base in effect at the beginning of the Plan year is calculated and deposited into eligible participant accounts subsequent to the Plan year end. Employees are eligible for Company retirement contributions upon completion of one year of service and become fully vested upon completion of three years of service.
In addition, the Company makes matching contributions into the Plan. These matching contributions are considered “safe harbor” and the percentage for the safe harbor matching contributions has been established in the plan document. The Company matching contribution is 100% of the first 3% of eligible compensation contributed by the participant plus 50% of the next 2% of eligible compensation contributed. Employees are immediately 100% vested in all safe harbor matching contributions.
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Benefit Payments
A participant who attains normal retirement age (age 65) shall be entitled to payment of the balance in their account. A participant who remains employed after attainment of normal retirement age shall continue to participate under the same terms and conditions as applied prior to reaching normal retirement age. A participant must begin receiving distributions no later than April 1 following the later of the year in which they retire from the Company or the calendar year in which they reach the age of 72.
The beneficiary or beneficiaries of a deceased participant shall be entitled to payment of the participant’s account balance within a reasonable period of time after the participant’s death.
Upon total and permanent disability, a participant shall be entitled to payment of the balance in their account within a reasonable period of time after termination of employment.
Upon a participant’s termination of employment for reasons other than as specified above, a participant is entitled to payment of their vested account balance. If the vested value of the participant’s account is $1,000 (applied separately to Roth and non-Roth balances) or less, payment will automatically be made in a single lump sum. If the vested value of the participant’s Roth or non-Roth balances is greater than $1,000 and does not exceed $5,000, the Plan Administrator will automatically rollover the Roth or non-Roth balances to a separate Fidelity Individual Retirement Account. If the vested value of the participant’s account is greater than $5,000, the participant must contact the Plan Administrator to request a distribution.
Eligible participants may request a hardship or age 59 1/2 in-service withdrawal of all or a portion of their vested account while still working for the Company in accordance with procedures established by the Plan Administrator, subject to certain limitations and tax penalties.
Notes Receivable from Participants
A participant may receive a loan from the Plan in accordance with the policy established by the Plan Sponsor. Any such loan or loans shall not exceed the lesser of 50% of the participant’s vested account balance or $50,000 reduced by the participant’s highest outstanding loan balance in the Plan during the one-year period ending on the day before the loan is made. The Plan Administrator establishes the maximum maturity period that is permitted to prevent the loan from being treated as a distribution. Plan provisions require that all loans must be paid back within 60 months. The Plan Administrator may require loan payments to be made through payroll deductions.
Participant Accounts
Each participant account is credited with the participant’s contributions, employer safe harbor matching contributions, employer retirement contributions, and an allocation of Plan earnings or losses, and is charged quarterly with administrative expenses and recordkeeping fees. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Administrative Expenses
The Plan’s administrative expenses are paid by either the Plan or the Plan Sponsor, as provided by the Plan’s provisions. Administrative expenses paid by the Plan include recordkeeping and trustee fees.
The Plan participates in a revenue credit program (Credits). Credits are earned in connection with the Plan’s revenue sharing arrangements with certain investment funds. The Credits are deposited in an unallocated account and can be used to pay ERISA-qualified expenses or can be allocated to eligible participant accounts. The calculated Credits are funded quarterly in arrears by the Plan Administrator.
Unallocated Accounts
During the year ended December 31, 2020, forfeitures used to reduce Company related contributions totaled $1.1 million.
As of December 31, 2020 and 2019, unallocated and non-vested accounts, including forfeited amounts, totaled $0.7 million for both respective periods. These amounts will be used to reduce future employer contributions and to pay administrative expenses.


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Termination of the Plan
Although the Company, as the Plan Sponsor, has not expressed an intention to do so, the Plan may be terminated at any time. In the event of termination of the Plan, the account balances of participants as of the date of termination shall immediately become vested.
CARES Act
On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act allows retirement plans to provide participants who are impacted by the coronavirus (as defined in the CARES Act) with greater access to their savings. As permitted by the CARES Act, the Plan opted in to implement the following provisions:
Through December 31, 2020, qualified individuals are permitted to take a penalty-free distribution in an amount up to $100,000 from the Plan. Participants who take a qualified distribution have the option to have the distribution taxed over a three-year period, with the ability to recontribute up to the full amount of the distribution within three years and not be subject to federal income tax as a result.         
Required minimum distributions for calendar year 2020 are waived for retired and retirement-aged individuals.
Loans outstanding on or after March 27, 2020, and any repayment on the loan that is due from March 27, 2020 to December 31, 2020, that due date may be delayed under the Plan for up to one year. Any payments after the suspension period will be adjusted to reflect the delay and any interest accruing during the delay.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and changes therein, and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Risks and Uncertainties
Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Notes Receivable from Participants
Notes receivable from participants represent participant loans and are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2020 and 2019. If a participant ceases to make loan repayments and has reached a distributable event, the loan balance is reduced and a benefit payment is recorded.
Investments
Investments are reported at fair value. Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Refer to Note 4 for discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. The income of each fund is reinvested in that fund.
Payment of Benefits
Benefits are recorded when paid.
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Recently Adopted Accounting Standards
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820). The amendments in this ASU modify the disclosure requirements on fair value measurements in Topic 820. The amendment included the removal of disclosures previously required regarding the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. The amendment also included modifications of existing provisions and additions of new provisions related to disclosures for Level 3 fair value measurements. The standard was effective for fiscal years beginning after December 15, 2019 using a retrospective transition approach for all provisions except the modifications and additions relating to Level 3 fair value measurements, which should be applied prospectively for only the most recent interim or annual period. The Plan adopted ASU 2018-13 on January 1, 2020 and has presented its fair value measurements in conformity with this standard as of December 31, 2020 and 2019.
NOTE 3. MASTER TRUST
On October 9, 2020, the Master Trust agreement was amended to a single trust agreement. At December 31, 2020, all investments were held directly by the Plan under the amended single trust agreement.
As discussed in Note 1, the Company established a Master Trust whereby investments were held collectively for certain defined contribution plans maintained by the Plan Sponsor. Each participating plan’s interest in the investment funds of the Master Trust was based on account balances of the participants and their elected funds within each participating plan.
The Master Trust assets were allocated among the participating plans by assigning to each plan those transactions (primarily contributions, benefit payments, and plan-specific expenses) that could be specifically identified and by allocating among all plans, in proportion to the fair value of the assets assigned to each plan, income and expenses resulting from the collective investment of the assets of the Master Trust. The Plan’s interest in the Master Trust’s net investment income presented in the Statement of Changes in Net Assets Available for Benefits consists of the realized and unrealized gains and losses on those investments.
The following summarizes the value of the net assets of the Master Trust and the Plan’s interest in the Master Trust as of December 31, 2019 ($ in millions):
2019
Master Trust BalancesPlan’s Interest in Master Trust Balances
Money market funds
$0.1 $0.1 
Fortive Corporation Stock Fund:
Fortive common stock
100.2 95.7 
Money market funds
1.0 1.0 
Mutual funds
441.6 434.0 
Common/collective trusts
860.2 816.9 
Separately managed funds
466.8 453.3 
Self-directed brokerage account
63.4 62.8 
Total investments in Master Trust, at fair value
1,933.3 1,863.8 
Non-interest bearing cash
0.2 0.2 
Receivables0.9 0.9 
Payables
(1.2)(1.2)
Total net assets in Master Trust
$1,933.2 $1,863.7 
All Master Trust investments subject to leveling were categorized as Level 1. Refer to Note 4 for the fair value hierarchy table that sets forth by level the Master Trust investments as of December 31, 2019.
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The net investment income of the Master Trust (including gains and losses on investments held, bought and sold) for the period from January 1, 2020 through October 8, 2020 was as follows ($ in millions):
Net appreciation of the fair value of investments
$111.9 
Interest and dividend income
12.2 
Total investment income of the Master Trust
$124.1 

NOTE 4. FAIR VALUE MEASUREMENTS
Accounting standards define fair value based on an exit price model, establish a framework for measuring fair value where the Plan’s 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. 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 management’s 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.
The Plan provides for some investments that are valued using the Net Asset Value (“NAV”) practical expedient. None of these investments have limits on their redemption. Investments valued using NAV consist of common collective trusts and separately managed private account funds which allow the Plan to allocate investments across a broad array of types of funds and diversify the portfolio.
The fair values of the Plan’s investments as of December 31, 2020, by asset category, were as follows ($ in millions):
Quoted Prices in Active Market
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Money market funds
$0.4 $— $— $0.4 
Fortive Corporation Stock Fund:
Fortive common stock
50.3 — — 50.3 
Money market funds
0.3 — — 0.3 
Mutual funds
427.5 — — 427.5 
Separately managed funds:
Money market funds2.2 — — 2.2 
Common stock327.3 — — 327.3 
Mutual funds43.7 — — 43.7 
Self-directed brokerage accounts
73.7 $— — 73.7 
$925.4 $— $— $925.4 
Investments measured at NAV
Common/collective trusts
783.7 
Separately managed private account funds45.5 
Total investments, at fair value
$1,754.6 
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The fair values of the Master Trust’s investments as of December 31, 2019, by asset category, were as follows ($ in millions):
Quoted Prices in Active Market
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Money market funds
$0.1 $— $— $0.1 
Fortive Corporation Stock Fund:
Fortive common stock
100.2 — — 100.2 
Money market fund
1.0 — — 1.0 
Mutual funds
441.6 — — 441.6 
Separately managed funds:
Money market funds5.9 — — 5.9 
Common stock365.5 — — 365.5 
Mutual funds51.4 — — 51.4 
Self-directed brokerage accounts
63.4 — — 63.4 
$1,029.1 $— $— $1,029.1 
Investments measured at NAV (a)
Common/collective trusts
860.2 
Separately managed private account funds44.0 
Total investments in Master Trust, at fair value
$1,933.3 
(a) The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total of investments in the Master Trust at fair value as presented in Note 3.
Refer to Note 3 for additional disclosures regarding the Master Trust.
Following is a description of the valuation techniques and inputs used for each major class of assets measured at fair value:
Money market funds and mutual funds are valued at the quoted closing price reported on the active market on which the individual securities are traded.
The Fortive Corporation Stock Fund consists of shares of the Company’s stock and short-term money market investments and is valued based on the quoted market price of the investments.
The separately managed funds consist of common stock, money market funds, and mutual funds, which are valued at the last reported sales price of the security on the last business day of the year, uninvested cash, which is recorded at carrying value as maturities are less than three months, and private account funds, which cannot be priced on the open market and are valued using the net asset value of units held. The NAV is used as a practical expedient to estimate fair value and is based on the fair value of the underlying investments held by the fund less its liabilities.
The self-directed brokerage accounts consist of common stock and mutual funds, which are valued at the last reported sales price on the last business day of the year, and uninvested cash, which is recorded at carrying value as maturities are less than three months.
Participation units in the common/collective trust funds are valued using the net asset value of units held. The NAV is used as a practical expedient to estimate fair value and is based on the fair value of the underlying investments held by the fund less its liabilities.
The methods described above may produce a fair value estimate that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes the valuation methods are appropriate and consistent with the methods used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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NOTE 5. TAX STATUS OF THE PLAN
The Plan received a determination letter from the Internal Revenue Service (“IRS”) dated March 14, 2018 stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, its related trust is exempt from taxation. Subsequent to receiving the IRS determination letter, the Plan has been amended. The Plan Sponsor believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax-exempt.
GAAP requires plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Sponsor has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
NOTE 6. RELATED PARTY AND PARTIES IN INTEREST TRANSACTIONS
Certain investments are held in shares of mutual funds issued by affiliates of Fidelity. Fidelity is the trustee as defined by the Plan, therefore, these are party in interest transactions.
Additionally, as of December 31, 2020 and 2019, the Plan held 0.7 million shares and the Master Trust held 1.3 million shares, respectively, of Fortive common stock within the Fortive Corporation Stock Fund. During the year ended December 31, 2020, the Fortive Corporation Stock Fund purchased $47.0 million and sold $96.0 million in Company stock and received $0.3 million of dividends related to shares of Fortive common stock.

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SUPPLEMENTAL SCHEDULE
FORTIVE RETIREMENT SAVINGS PLAN
EIN: 47-5654583, PLAN NO. 001
FORM 5500, SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2020
(a)
(b) Identity of issue, borrower, lessor or similar party
(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value
(d) Cost
(e) Current value
Money Market Fund
*Vanguard Federal Money Market Fund441,045shares**$441,045 
JP Morgan U.S. Government Money Market Fund2,124,226shares**2,124,226 
Fidelity Investments Money Market Government Portfolio - Class III75,180US Dollars**75,180 
2,640,451 
Common/Collective Trust
*Fidelity Managed Income Portfolio II Class 3130,982,857units**130,982,857 
Harding Loevner International Equity Portfolio1,383,633units**22,331,831 
LifePath® Index 2025 Non-Lendable Fund G5,674,335units**114,368,490 
LifePath® Index 2030 Non-Lendable Fund G5,088,242units**108,957,076 
LifePath® Index 2035 Non-Lendable Fund G3,828,005units**86,744,127 
LifePath® Index 2040 Non-Lendable Fund G3,215,091units**76,463,874 
LifePath® Index 2045 Non-Lendable Fund G2,379,062units**58,764,259 
LifePath® Index 2050 Non-Lendable Fund G1,921,198units**48,753,090 
LifePath® Index 2055 Non-Lendable Fund G1,321,142units**34,092,329 
LifePath® Index 2060 Non-Lendable Fund G615,426units**10,787,680 
LifePath® Index Retirement Non-Lendable Fund G5,194,454units**91,499,784 
783,745,397 
Employer Securities
Fortive Corporation Stock Fund
*Fortive Corporation Common Stock709,991shares**50,281,562 
*Fidelity Investments Money Market Government Portfolio - Class III319,355US Dollars**319,355 
50,600,917 
Registered Investment Companies
Dodge & Cox International Stock Fund871,118shares**38,067,875 
PIMCO All Asset Fund Institutional Class423,380shares**5,249,910 
PIMCO Inflation Response Multi-Asset Institutional434,428shares**3,844,689 
PIMCO Total Return Fund4,294,150shares**45,517,986 
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*Fidelity® Extended Market Index Fund - Premium Class1,502,755shares**$195,613,613 
*Fidelity® 500 Index Fund - Institutional Class1,047,824shares**87,472,362 
Vanguard Total Bond Market Index Fund Institutional Shares6,087,217shares**70,733,462 
Vanguard Total International Stock Index Fund Institutional Shares202,529shares**26,286,237 
American Beacon Small Cap 1,741,466shares**43,693,384 
Govt Reserve Invest Fund Trade78,523shares**78,523 
516,558,041 
Common Stock
AAON INC10,240shares**682,291 
ABBVIE INC413shares**44,253 
ADOBE INC50shares**25,006 
ADVANCED MICRO DEVICES INC24,405shares**2,238,183 
AGILENT TECHNOLOGIES INC158shares**18,721 
AIR PRODUCTS & CHEMICAL INC6,165shares**1,684,401 
AIRBNB INC CLASS A995shares**146,066 
ALARM.COM HOLDINGS INC12,277shares**1,270,056 
ALIBABA GROUP HOLDING LTD SPON ADR29,607shares**6,890,437 
ALIGN TECHNOLOGY INC219shares**117,029 
ALLEGIANT TRAVEL CO3,840shares**726,682 
ALPHABET INC CL A1,464shares**2,565,865 
ALPHABET INC CL C6,779shares**11,875,995 
ALTRIA GROUP INC30,605shares**1,254,805 
AMAZON.COM INC7,822shares**25,475,706 
ANT INTL CO LTD CLASS C PP75,394shares**648,388 
ANTHEM INC3,712shares**1,191,886 
APPLE INC105,820shares**14,041,256 
APPLIED MATERIALS INC5,244shares**452,557 
APTIV PLC813shares**105,926 
ATLASSIAN CORP PLC CLS A2,032shares**475,224 
AXOS FINANCIAL INC10,028shares**376,351 
BALCHEM CORP6,942shares**799,857 
BARNES GROUP INC6,890shares**349,254 
BECTON DICKINSON & CO165shares**41,286 
BERKSHIRE HATHAWAY INC CL B11,521shares**2,671,374 
-15-


BIO TECHNE CORP3,912shares**$1,242,256 
BLACKBAUD INC5,746shares**330,740 
BLACKLINE INC8,872shares**1,183,347 
BLACKROCK INC3,313shares**2,390,462 
BOTTOMLINE TECHNOLOGIES INC10,750shares**566,955 
BRIGHT HORIZONS FAMILY SOLUTIONS INC6,153shares**1,064,407 
BROOKS AUTOMATION INC5,178shares**351,327 
CANADIAN PAC RAILWAY LTD76shares**26,348 
CANTEL MEDICAL CORP5,104shares**402,501 
CARVANA CO CL A2,696shares**645,800 
CENTENE CORP14,705shares**882,741 
CERENCE INC4,761shares**478,385 
CHARTER COMMUNICATIONS INC A34shares**22,493 
CHEVRON CORP14,367shares**1,213,293 
CHIPOTLE MEXICAN GRILL INC1,027shares**1,424,151 
CHUBB LTD2,857shares**439,749 
CIGNA CORP13,024shares**2,711,336 
CINCINNATI FINANCIAL CORP11,782shares**1,029,393 
CINTAS CORP2,263shares**799,880 
CISCO SYSTEMS INC34,521shares**1,544,815 
CLARIVATE PLC3,800shares**112,898 
COCA COLA CO15,910shares**872,504 
COMCAST CORP CL A30,195shares**1,582,218 
COSTAR GROUP INC1,522shares**1,406,754 
COUPA SOFTWARE INC499shares**169,116 
CROWDSTRIKE HOLDINGS INC600shares**127,092 
CROWN CASTLE INTL CORP10,892shares**1,733,897 
DANAHER CORP10,821shares**2,403,777 
DESCARTES SYS GROUP INC13,793shares**806,615 
DIAGEO PLC SPON ADR11,159shares**1,772,161 
DISNEY (WALT) CO1,800shares**326,124 
DOCUSIGN INC3,354shares**745,594 
DOLLAR GENERAL CORP12,161shares**2,557,458 
DOLLAR TREE INC384shares**41,487 
-16-


DOMINION ENERGY INC19,817shares**$1,490,238 
DOMINOS PIZZA INC427shares**163,737 
DONALDSON CO INC7,548shares**421,782 
DOORDASH INC808shares**115,342 
DORMAN PRODUCTS INC5,407shares**469,436 
ENVESTNET INC11,292shares**929,219 
EPLUS INC6,300shares**554,085 
EQUIFAX INC964shares**185,898 
ESCO TECHNOLOGIES INC7,576shares**781,995 
ETSY INC2,500shares**444,775 
EVO PAYMENTS INC CL A20,372shares**550,248 
EXACT SCIENCES CORP267shares**35,375 
EXLSERVICE HOLDINGS INC8,067shares**686,744 
EXPONENT INC13,206shares**1,188,936 
FACEBOOK INC CL A52,086shares**14,227,812 
FAIR ISAAC CORP2,751shares**1,405,871 
FASTENAL CO30,139shares**1,471,687 
FIDELITY NATL INFORM SVCA INC16,776shares**2,373,133 
FISERV INC21,810shares**2,483,287 
FORTIVE CORPORATION7,297shares**516,774 
FOX FACTORY HOLDING CORP11,799shares**1,247,272 
FRANKLIN RESOURCES INC25,258shares**631,197 
GENERAL ELECTRIC CO33,000shares**356,400 
GLOBAL PAYMENTS INC22,215shares**4,785,555 
GLOBUS MEDICAL INC9,566shares**623,895 
GOLDMAN SACHS GROUP INC7,580shares**1,998,922 
HCA HEALTHCARE INC6,282shares**1,033,138 
HEALTHEQUITY INC8,497shares**592,326 
HILTON WORLDWIDE HOLDINGS INC485shares**53,961 
HONEYWELL INTL INC718shares**152,719 
HUMANA INC1,391shares**570,686 
I3 VERTICALS INC CL A15,168shares**503,578 
INCYTE CORP9,083shares**790,039 
INPHI CORP4,131shares**662,902 
-17-


INTEL CORP28,925shares**$1,441,044 
INTERCONTINENTAL EXCHANGE INC7,655shares**882,545 
INTUIT INC12,540shares**4,763,319 
INTUITIVE SURGICAL INC4,283shares**3,503,922 
J&J SNACKS FOOD CORP4,482shares**696,368 
JD.COM INC SPON ADR1,500shares**131,850 
JOHNSON & JOHNSON14,783shares**2,326,549 
KANSAS CITY SOUTHERN95shares**19,392 
KINSALE CAPITAL GROUP INC7,078shares**1,416,520 
KLA CORP142shares**36,765 
LAM RESEARCH CORP213shares**100,594 
LEMAITRE VASCULAR INC9,386shares**380,133 
LHC GROUP INC4,518shares**963,780 
LINDE PLC3,081shares**811,874 
LOWES COS INC13,933shares**2,236,386 
LULULEMON ATHLETICA INC4,374shares**1,522,283 
MARRIOTT INTERNATIONAL INC A908shares**119,783 
MARSH & MCLENNAN COS INC1,890shares**221,130 
MARTEN TRANSPORT LTD34,615shares**596,416 
MARVELL TECHNOLOGY GROUP INC37,640shares**1,789,406 
MASIMO CORP4,338shares**1,164,232 
MASTERCARD INC CL A14,618shares**5,217,749 
MATCH GROUP GROUP INC15,207shares**2,299,146 
MAXIM INTEGRATED PRODUCTS INC7,718shares**684,201 
MCDONALDS CORP100shares**21,458 
MERCK & CO INC NEW20,434shares**1,671,501 
MICROSOFT CORP62,434shares**13,886,570 
MONGODB INC CL A400shares**143,616 
MONOLITHIC POWER SYS INC4,182shares**1,531,574 
MORGAN STANLEY11,450shares**784,669 
MSCI INC60shares**26,792 
NEOGEN CORP8,549shares**677,936 
NESTLE SA REG ADR11,487shares**1,353,169 
NETFLIX INC9,685shares**5,236,970 
-18-


NIKE INC CL B14,777shares**$2,090,502 
NINTENDO LTD ADR21,666shares**1,744,546 
NORFOLK SOUTHERN11,001shares**2,613,948 
NOVANTA INC5,734shares**677,873 
NVIDIA CORP6,190shares**3,232,418 
OLLIES BARGAIN OUTLET HOLDINGS INC8,122shares**664,136 
OMNICELL INC9,099shares**1,092,062 
PACIFIC PREMIER BANCORP INC12,198shares**382,163 
PALOMAR HLDGS INC3,629shares**322,400 
PARKER HANNIFIN CORP615shares**167,532 
PAYCHEX INC15,267shares**1,422,579 
PAYCOM SOFTWARE INC1,433shares**648,074 
PAYPAL HLDGS INC26,755shares**6,266,021 
PERFICIENT INC5,678shares**270,557 
PETIQ INC CL A13,673shares**525,727 
PFIZER INC40,777shares**1,501,001 
PHILIP MORRIS INTL INC13,735shares**1,137,121 
PINDUODUO INC ADR2,748shares**488,237 
PPD INC4,934shares**168,841 
PPG INDUSTRIES INC1,150shares**165,853 
PROTO LABS INC4,133shares**634,002 
Q2 HOLDINGS INC7,054shares**892,543 
QAD INC CL A1,369shares**86,493 
QUALCOMM INC6,765shares**1,030,580 
RBC BEARINGS INC4,765shares**853,126 
RINGCENTRAL INC CL A300shares**113,691 
ROGERS CORP3,042shares**472,392 
ROKU INC CLASS A300shares**99,606 
ROPER TECHNOLOGIES INC2,760shares**1,189,808 
ROSS STORES INC13,578shares**1,667,514 
S&P GLOBAL INC4,215shares**1,385,597 
SALESFORCE.COM INC20,039shares**4,459,279 
SCHWAB CHARLES CORP20,976shares**1,112,567 
SEA LTD ADR15,205shares**3,026,555 
-19-


SEAGEN INC193shares**$33,802 
SERVICENOW INC10,367shares**5,706,308 
SHERWIN WILLIAMS CO352shares**258,688 
SHOPIFY INC CL A744shares**842,171 
SITEONE LANDSCAPE SUPPLY INC5,315shares**843,118 
SNAP INC - A40,362shares**2,020,925 
SNOWFLAKE INC CL A217shares**61,064 
SPLUNK INC7,489shares**1,272,306 
SPOTIFY TECHNOLOGY SA4,416shares**1,389,539 
SQUARE INC CL A900shares**195,876 
STAAR SURGICAL CO NEW12,911shares**1,022,809 
STARBUCKS CORP1,500shares**160,470 
STATE STREET CORP361shares**26,274 
STRYKER CORP12,538shares**3,072,312 
SYNOPSYS INC6,688shares**1,733,797 
TABULA RASA HEALTHCARE INC11,269shares**482,764 
TACTILE SYSTEMS TECHNOLOGY INC15,092shares**678,234 
TARGET CORP10,348shares**1,826,732 
TE CONNECTIVITY LTD3,717shares**450,017 
TENCENT HOLDINGS LTD80,500shares**5,856,471 
TEXAS CAPITAL BANCSHARES INC4,653shares**276,854 
TEXAS INSTRUMENTS INC18,944shares**3,109,279 
TEXAS ROADHOUSE INC8,477shares**662,562 
THE BOOKING HOLDINGS INC851shares**1,895,407 
THERMO FISHER SCIENTIFIC INC4,596shares**2,140,725 
TJX COMPANIES INC NEW6,266shares**427,905 
T-MOBILE US INC700shares**94,395 
TREX CO INC13,478shares**1,128,378 
TWILIO INC CLASS A613shares**207,501 
TYLER TECHNOLOGIES INC1,495shares**652,597 
UNION PACIFIC CORP2,615shares**544,495 
UNITED AIRLINES HOLDINGS INC67shares**2,898 
UNITED PARCEL SERVICE INC CL B11,935shares**2,009,854 
UNITEDHEALTH GROUP INC12,784shares**4,483,093 
-20-


VEEVA SYS CL A2,237shares**$609,023 
VERIZON COMMUNICATIONS INC26,854shares**1,577,673 
VERTEX PHARMACEUTICALS INC9,936shares**2,348,274 
VF CORP2,600shares**222,066 
VISA INC CL A32,075shares**7,015,765 
VOCERA COMMUNICATIONS INC20,216shares**839,570 
VONTIER CORPORATION274,422shares**9,165,695 
WD 40 CO1,882shares**500,010 
WILLIS TOWERS WATSON PLC1,947shares**410,194 
WIX.COM LTD3,818shares**954,347 
WORKDAY INC CL A3,699shares**886,317 
YUM BRANDS INC6,566shares**712,805 
ZOETIS INC CL A4,821shares**797,876 
ZOOM VIDEO COMMUNICATIONS INC CL A1,008shares**340,019 
327,290,133 
Brokeragelink
BrokeragelinkCombination of common stock, bonds, mutual funds, and ETF's73,734,759 
Total$1,754,569,698 
Loans
*
Participant LoansInterest rates range from 4.25% to 9.25% with maturity at various dates**$14,949,524 
* Party in interest.
** Historical cost not required to be presented as all investments are participant-directed.

-21-


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
FORTIVE RETIREMENT SAVINGS PLAN
June 4, 2021
By:
/s/ Daniel T. Hickey
Daniel T. Hickey
Vice President, Total Rewards

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EXHIBIT INDEX

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