Repayments of convertible debt

[Table of Conten](#i207805ce14724a60909000a6c8cb9e11_7)[t](#i207805ce14724a60909000a6c8cb9e11_7)[s](#i207805ce14724a60909000a6c8cb9e11_7)Interest on the Registered Notes is payable semi-annually in arrears on June 15 and December 15 of each year. Covenants and Redemption Provisions Applicable to Registered NotesWe may redeem the Registered Notes of the applicable series, in whole or in part, at any time prior to the dates specified in the Registered Notes indenture (the “Call Dates”) by paying the principal amount and the “make-whole” premium specified in the Registered Notes indenture, plus accrued and unpaid interest. Additionally, we may redeem all or any part of the Registered Notes of the applicable series on or after the Call Dates without paying the “make-whole” premium specified in the Registered Notes indenture.

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| --- | --- | --- | --- | --- | --- |
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| Registered Notes Series | Call Dates |
|  |  |
|  |  |
| 3.15% senior unsecured notes due 2026 | March 15, 2026 |
| 4.30% senior unsecured notes due 2046 | December 15, 2045 |

If a change of control triggering event occurs, we will, in certain circumstances, be required to make an offer to repurchase the Registered Notes at a purchase price equal to 101% of the 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 Registered Notes indenture. Except in connection with a change of control triggering event, the Registered Notes do not have any credit rating downgrade triggers that would accelerate the maturity of the Registered Notes.The Registered 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 December 31, 2021, we were in compliance with all of our covenants.OtherWe made interest payments, including amounts allocated to interest expense from discontinued operations during 2020 and 2019 of $123 million and $127 million, respectively. We had no interest payments from discontinued operations during 2021. There are $2.2 billion of minimum principal payments due under our total long-term debt during 2022. The future minimum principal payments due are presented in the following table:

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|  | TermLoans |  | Convertible and Registered Notes |  | Total |
| 2022 | $ | 1,000.0  |  |  | $ | 1,156.5  |  |  | $ | 2,156.5  |  |
| 2023 | —  |  |  | —  |  |  | —  |  |
| 2024 | —  |  |  | —  |  |  | —  |  |
| 2025 | —  |  |  | —  |  |  | —  |  |
| 2026 | —  |  |  | 900.0  |  |  | 900.0  |  |
| Thereafter | —  |  |  | 550.0  |  |  | 550.0  |  |
| Total principal payments (a) | $ | 1,000.0  |  |  | $ | 2,606.5  |  |  | $ | 3,606.5  |  |
|  |  |  |  |  |  |
| (a) Not included in the table above are discounts, net of premiums and issuance costs associated with the Convertible and Registered Notes and Commercial Paper, which totaled $13 million as of December 31, 2021, and have been recorded as an offset to the carrying amount of the related debt in the accompanying Consolidated Balance Sheet as of December 31, 2021. In addition, the table above does not include principal balance of $365 million under the Commercial Paper Programs. |

Subsequent EventOn February 15, 2022, the maturity date of the Convertible Notes, Fortive repaid, in cash, $1.2 billion in outstanding principal and accrued interest thereon.NOTE 12. PENSION PLANS Certain employees participate in noncontributory defined benefit pension plans. In general, our policy is to fund these plans based on considerations relating to legal requirements, underlying asset returns, the plan’s funded status, the anticipated deductibility of the contribution, local practices, market conditions, interest rates, and other factors. Our U.S. pension plans are frozen, and as such, there are no ongoing benefit accruals associated with the U.S. pension plans.79
