0000882835-23-000016 | 10-K | XBRL Viewer

Other comprehensive income (loss), net of tax:

$ 4,544.7

$ 1,152.6

$ 949.7

Foreign currency translation adjustments

^[1]

(3.9)

(36.1)

65.8

Total other comprehensive income (loss), net of tax

(3.9)

(36.1)

65.8

Comprehensive income

$ 4,540.8

$ 1,116.5

$ 1,015.5

[1]	In connection with the Indicor Transaction, we reclassified $142.6 of foreign currency translation adjustments to “Gain on disposition of discontinued operations, net of tax” during the year ended December 31, 2022.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Beginning balance (in shares) at Dec. 31, 2019

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Industrial Businesses
Other comprehensive income related to foreign currency translation to gain on disposition of discontinued operations, net of tax	$ 142.6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Millions

Total

Cumulative Effect, Period of Adoption, Adjustment

Common Stock

Additional paid-in capital

Retained earnings

Cumulative Effect, Period of Adoption, Adjustment

Accumulated other comprehensive loss

Treasury stock

104,100

Beginning balance at Dec. 31, 2019

$ 9,491.9

$ (1.7)

$ 1.1

$ 1,903.9

$ 7,818.0

$ (1.7)

$ (212.8)

$ (18.3)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accounting standards update [Extensible List]

Accounting Standards Update 2016-13 [Member]

Stock option exercises (in shares)

$ 949.7

949.7

700

Stock option exercises

105.5

Treasury stock sold

10.5

10.2

0.3

Currency translation adjustments, including tax provision (benefit)

65.8

^[1]

65.8

Stock based compensation

119.0

Restricted stock activity (in shares)

100

Restricted stock activity

(41.1)

Dividends declared

(219.8)

Ending balance (in shares) at Dec. 31, 2020

104,900

Ending balance at Dec. 31, 2020

10,479.8

$ 1.1

2,097.5

8,546.2

(147.0)

(18.0)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock option exercises (in shares)

$ 1,152.6

1,152.6

537

500

Stock option exercises

$ 104.7

104.7

Cash settlement of share-based awards in connection with disposition of discontinued operations

(6.7)

Treasury stock sold

15.1

14.7

0.4

Currency translation adjustments, including tax provision (benefit)

(36.1)

^[1]

(36.1)

Stock based compensation

138.0

Restricted stock activity (in shares)

100

Restricted stock activity

(40.4)

Dividends declared

$ (243.2)

(243.2)

Ending balance (in shares) at Dec. 31, 2021

105,500

Ending balance at Dec. 31, 2021

$ 11,563.8

$ 1.1

2,307.8

9,455.6

(183.1)

(17.6)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock option exercises (in shares)

$ 4,544.7

4,544.7

460

500

Stock option exercises

$ 110.0

110.0

Cash settlement of share-based awards in connection with disposition of discontinued operations

(11.1)

Treasury stock sold

14.3

13.9

0.4

Currency translation adjustments, including tax provision (benefit)

(3.9)

^[1]

(3.9)

Stock based compensation

131.4

Restricted stock activity (in shares)

100

Restricted stock activity

(41.8)

Dividends declared

$ (269.6)

(269.6)

Ending balance (in shares) at Dec. 31, 2022

106,100

Ending balance at Dec. 31, 2022

$ 16,037.8

$ 1.1

$ 2,510.2

$ 13,730.7

$ (187.0)

$ (17.2)

[1]	In connection with the Indicor Transaction, we reclassified $142.6 of foreign currency translation adjustments to “Gain on disposition of discontinued operations, net of tax” during the year ended December 31, 2022.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Currency translation adjustments, tax provision (benefit)	$ (41.9)	$ (6.2)	$ 14.6
Dividends declared (in dollars per share)	$ 2.54	$ 2.31	$ 2.10

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net earnings from continuing operations	$ 985.6	$ 805.3	$ 673.8
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	37.3	44.0	40.6
Amortization of intangible assets	612.8	571.9	451.0
Amortization of deferred financing costs	11.8	13.5	10.9
Non-cash stock compensation	118.5	123.0	108.3
Impairment of intangible assets	0.0	94.4	0.0
Gain on disposal of assets and businesses, net of associated income tax	0.0	(21.6)	0.0
Income tax provision, excluding tax associated with gain on disposal of businesses and assets	296.4	221.1	187.5
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	2.5	(73.7)	22.3
Unbilled receivables	(11.1)	(16.4)	(4.5)
Inventories	(43.1)	(0.3)	(8.4)
Accounts payable	21.3	16.0	4.9
Other accrued liabilities	(7.6)	27.0	74.6
Deferred revenue	52.9	162.2	60.7
Cash tax paid for gain on disposal of businesses	(953.8)	0.0	(201.9)
Cash income taxes paid, excluding tax associated with gain on disposal of businesses	(498.9)	(273.9)	(277.7)
Other, net	(18.0)	(36.7)	(18.9)
Cash provided by operating activities from continuing operations	606.6	1,655.8	1,123.2
Cash provided by operating activities from discontinued operations	128.0	356.1	401.9
Cash provided by operating activities	734.6	2,011.9	1,525.1
Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(4,280.1)	(217.0)	(6,018.1)
Capital expenditures	(40.1)	(28.5)	(24.7)
Capitalized software expenditures	(30.2)	(29.7)	(17.7)
Proceeds used in disposal of businesses	0.0	0.0	(4.5)
Proceeds from sale of assets	0.0	27.1	0.0
Other, net	(1.4)	(1.1)	(2.6)
Cash used in investing activities from continuing operations	(4,351.8)	(249.2)	(6,067.6)
Proceeds from disposition of discontinued operations	5,561.8	115.6	0.0
Cash used in investing activities from discontinued operations	(0.5)	(9.3)	(6.3)
Cash provided by (used in) investing activities	1,209.5	(142.9)	(6,073.9)
Cash flows from (used in) financing activities:
Proceeds from senior notes	0.0	0.0	3,300.0
Payment of senior notes	(800.0)	(500.0)	(600.0)
(Payments) borrowings under revolving line of credit, net	(470.0)	(1,150.0)	1,620.0
Debt issuance costs	(3.9)	0.0	(42.0)
Cash dividends to stockholders	(262.3)	(236.4)	(214.1)
Treasury stock sales	14.3	15.1	10.5
Proceeds from stock-based compensation, net	68.2	64.3	64.4
Other, net	(0.2)	(0.1)	(0.1)
Cash (used in) provided by financing activities from continuing operations	(1,453.9)	(1,807.1)	4,138.7
Cash used in financing activities from discontinued operations	(11.4)	(6.4)	(1.8)
Cash (used in) provided by financing activities from continuing operations	(1,465.3)	(1,813.5)	4,136.9
Effect of exchange rate changes on cash	(37.5)	(12.3)	10.5
Net increase in cash and cash equivalents	441.3	43.2	(401.4)
Cash and cash equivalents, beginning of year	351.5	308.3	709.7
Cash and cash equivalents, end of year	792.8	351.5	308.3
Cash paid for:
Interest	206.5	222.2	197.7
Net assets of businesses acquired:
Fair value of assets, including goodwill	4,891.8	249.8	6,715.4
Liabilities assumed	(611.7)	(32.8)	(697.3)
Cash paid, net of cash acquired	$ 4,280.1	$ 217.0	$ 6,018.1

Summary of Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Accounting Policies

Basis of Presentation - These financial statements present consolidated information for Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our” or “us”). All significant intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to current period presentation.

Nature of the Business - Roper is a diversified technology company. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets.

Discontinued Operations - On November 22, 2022, the Company completed the divestiture of a majority 51% equity stake in its industrial businesses, including its entire historical Process Technologies reportable segment and the industrial businesses within its historical Measurement & Analytical Solutions reportable segment, to Clayton, Dubilier & Rice, LLC (“CD&R”). The businesses included in this transaction were Alpha, AMOT, CCC, Cornell, Dynisco, FTI, Hansen, Hardy, Logitech, Metrix, PAC, Roper Pump, Struers, Technolog, Uson, and Viatran (collectively “Indicor”). Following the sale of the majority stake, the Company retained an initial 49% minority equity interest in the new standalone parent company, Indicor, LLC. This transaction is referred to herein as the “Indicor Transaction.”

During 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses, (“2021 Divestitures”). As of March 31, 2022, Roper had completed the 2021 Divestitures.

The financial results for Indicor and the 2021 Divestitures are presented as discontinued operations for all periods presented. Unless otherwise noted, discussion within these Notes to Consolidated Financial Statements relate to continuing operations. Refer to Note 3 for additional information on discontinued operations.

Update to Segment Reporting Structure - During the second quarter of 2022, we updated our reportable segment structure following the announcement of the Indicor Transaction. The Company’s new reporting segment structure is classified based on business model and delivery of performance obligations. The three updated reportable segments (and businesses within each; including changes due to acquisitions since the realignment) are as follows:

–Application Software - Aderant, CBORD/Horizon, CliniSys, Data Innovations, Deltek, Frontline Education, IntelliTrans, PowerPlan, Strata, Vertafore

–Network Software - ConstructConnect, DAT, Foundry, iPipeline, iTradeNetwork, Loadlink, MHA, SHP, SoftWriters

–Technology Enabled Products - CIVCO Medical Solutions, FMI, Inovonics, IPA, Neptune, Northern Digital, rf IDEAS, Verathon

Following the Indicor Transaction and the realignment of our reportable segments, the day-to-day operations of our businesses, our organizational structure, and our strategy remain unchanged. All prior periods have been recast to reflect the changes noted above.

Recent Accounting Pronouncements - The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s results of operations, financial position or cash flows.

Recently Adopted Accounting Pronouncements

In October 2021, the FASB issued an update to improve the accounting for acquired revenue contracts with customers in a business combination by promoting consistency in the recognition of an acquired contract liability and the subsequent revenue recognized by the acquirer. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company early-adopted this update in the fourth quarter of 2021. This update did not have a material impact on the acquisitions completed in 2022 and 2021.

The Company adopted ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as of January 1, 2020 using the modified retrospective transition method. We recorded a noncash cumulative effect decrease to retained earnings of $1.7, net of income taxes, on our opening consolidated balance sheet as of January 1, 2020.

Significant Accounting Policies

Cash and Cash Equivalents - Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents. Roper had $432.9 of cash equivalents at December 31, 2022. Roper had no cash equivalents at December 31, 2021.

Contingencies - Management continually assesses the probability of any adverse judgments or outcomes to its potential contingencies. Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. In the assessment of contingencies as of December 31, 2022, management concluded that there were no matters for which there was a reasonable possibility of a material loss.

Earnings per Share - Basic earnings per share were calculated using net earnings and the weighted-average number of shares of common stock outstanding during the respective year. Diluted earnings per share were calculated using net earnings and the weighted-average number of shares of common stock and potential common stock associated with stock options outstanding during the respective year.

The effects of potential common stock were determined using the treasury stock method:


	Year ended December 31,
	2022	2021	2020
Basic weighted-average shares outstanding	105.9	105.3	104.6
Effect of potential common stock:
Common stock awards	0.9	1.2	1.1
Diluted weighted-average shares outstanding	106.8	106.5	105.7

As of and for the years ended December 31, 2022, 2021 and 2020, there were 0.834, 0.521 and 0.208 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive.

Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Equity Investment - The Company has an initial 49% minority equity interest in Indicor which provides us with the ability to exercise significant influence, but not control, over the investee. We elected to apply the fair value option as we believe this is the most reasonable method to value the equity investment. Subsequent changes in fair value will be recognized as a discrete non-operating line item in the Consolidated Statements of Operations beginning in the first quarter of 2023. See Note 10 for additional information on this investment.

Foreign Currency Translation and Transactions - Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at average exchange rates for the period in which those entities were included in Roper’s financial results. Translation adjustments are reflected as a component of other comprehensive income. Foreign currency transaction gains and losses are recorded in the Consolidated Statements of Earnings within “Other income (expense), net.” Foreign currency transaction gains / (losses) were not material in any periods presented.

Goodwill and Other Intangibles - Roper accounts for goodwill in a purchase business combination as the excess of the cost over the estimated fair value of net assets acquired. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Goodwill, which is not amortized, is tested for impairment on an annual basis (or an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value). When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or

circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, then performance of the quantitative impairment test is required. The quantitative process utilizes both an income approach (discounted cash flows) and a market approach (consisting of a comparable public company earnings multiples methodology) to estimate the fair value of a reporting unit. To determine the reasonableness of the estimated fair values, the Company reviews the assumptions to ensure that neither the income approach nor the market approach provides significantly different valuations. If the estimated fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the estimated fair value, a non-cash impairment loss is recognized in the amount of that excess.

When performing the quantitative assessment, key assumptions used in the income and market methodologies are updated when the analysis is performed for each reporting unit. The assumptions that have the most significant effect on the fair value calculations are the projected revenue growth rates, future operating margins, discount rates, terminal values and earnings multiples. While the Company uses reasonable and timely information to prepare its discounted cash flow analysis, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances.

As of the annual impairment test, Roper has 21 reporting units with individual goodwill amounts ranging from $17.5 to $3,363.1. In 2022, the Company performed its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying amount. The Company determined that impairment of goodwill was not likely in any of its reporting units and thus was not required to perform a quantitative analysis for these reporting units.

Recently acquired reporting units generally represent a higher inherent risk of impairment, which typically decreases as the businesses are integrated into the enterprise. Negative industry or economic trends, disruptions to its business, actual results significantly below expected results, unexpected significant changes or planned changes in the use of the assets, divestitures and market capitalization declines may have a negative effect on the fair value of Roper’s reporting units.

The following events or circumstances, although not comprehensive, would be considered to determine whether interim testing of goodwill would be required:

•a significant adverse change in legal factors or in the business climate;

•an adverse action or assessment by a regulator;

•unanticipated competition;

•a loss of key personnel;

•a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of;

•the testing for recoverability of a significant asset group within a reporting unit; and

•recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit.

Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Trade names that are determined to have indefinite useful economic lives are not amortized, but separately tested for impairment during the fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more likely than not below the carrying value. Roper first qualitatively assesses whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of an indefinite-lived trade name is less than its carrying amount. If necessary, Roper conducts a quantitative review using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. To the extent the Company determines a fair value, the inputs used represent a Level 3 fair value measurement in the FASB fair value hierarchy given that the inputs are unobservable. The assumptions that have the most significant effect on the fair value calculations are the royalty rates, projected revenue growth rates, discount rates and terminal values. Each royalty rate is determined based on the profitability of the trade name to which it relates and observed market royalty rates. Revenue growth rates are determined after considering current and future economic conditions, recent sales trends, discussions with customers, planned timing of new product launches or other variables. Trade names resulting from recent acquisitions generally represent the highest risk of impairment, which typically decreases as the businesses are integrated into Roper.

During the fourth quarter of 2021, the Company determined the use of the Sunquest trade name would be discontinued given the strategic action to merge the Sunquest business into our CliniSys business, both of which are reported in our Application

Software reportable segment. Considering the planned merger and updated market comparisons, the royalty rate utilized in the quantitative impairment assessment of the trade name was 0.5% as compared to a royalty rate of 3.5% used in the prior year. The royalty rate reduction was the significant assumption that resulted in a non-cash impairment charge of $94.4 recognized as a component of “Impairment of intangible assets” within the Consolidated Statements of Earnings.

The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management uses to operate the underlying businesses, there is significant judgment in estimating future operating results. Changes in estimates or the application of alternative assumptions could produce significantly different results.

The most significant identifiable intangible assets with definite useful economic lives recognized from our acquisitions are customer relationships. The fair value for customer relationships is determined as of the acquisition date using the excess earnings method. Under this methodology the fair value is determined based on the estimated future after-tax cash flows arising from the acquired customer relationships over their estimated lives after considering customer attrition and contributory asset charges. The assumptions that have the most significant effect on the fair value calculations are the customer attrition rates, projected customer revenue growth rates, margins, contributory asset charges and discount rates. When testing customer relationship intangible assets for potential impairment, management considers historical customer attrition rates and projected revenues and profitability related to customers that existed at acquisition. In evaluating the amortizable life for customer relationship intangible assets, management considers historical customer attrition patterns.

Roper evaluates whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or of the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision in the remaining amortization period is required.

Impairment of Long-Lived Assets - The Company determines whether there has been an impairment of long-lived assets, excluding goodwill and other intangible assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or life of any long-lived assets may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or revision to remaining life is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets’ current carrying value, thereby possibly requiring an impairment charge or acceleration of depreciation or amortization expense in the future.

Income Taxes - The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense.

The Company records a valuation allowance to reduce its deferred tax assets if, based on the weight of available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of such deferred tax assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required includes, but is not limited to, the Company’s estimate of future taxable income and any applicable tax-planning strategies.

Certain assets and liabilities have different basis for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the enacted tax rates expected to be paid. See Note 8 for information regarding income taxes.

Inventories - Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. The Company writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions.

Product Warranties - The Company sells certain of its products to customers with a product warranty that allows customers to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, repair at no cost to the customer or the issuance of a credit to the customer. The Company accrues its estimated exposure to

warranty claims based upon current and historical product sales data, warranty costs incurred and any other related information known to the Company.

Property, Plant and Equipment and Depreciation and Amortization - Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows:


Buildings			20-30 years
Machinery			8-12 years
Other equipment and software			3-5 years

Research, Development and Engineering - Research, development and engineering (“R,D&E”) costs include salaries and benefits, rents, supplies, and other costs related to products under development or improvements to existing products. R,D&E costs are expensed as incurred and are included within selling, general and administrative expenses. R,D&E expenses totaled $529.8, $484.8 and $382.4 for the years ended December 31, 2022, 2021 and 2020, respectively.

Revenue Recognition - The reported results reflect the application of ASC 606 guidance. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to receive in exchange for these products and/or services. To achieve this principle, the Company applies the following five steps:

•identify the contract with the customer;

•identify the performance obligations in the contract;

•determine the transaction price;

•allocate the transaction price to performance obligations in the contract; and

•recognize revenue when or as the Company satisfies a performance obligation.

Disaggregated Revenue - We disaggregate our revenues by reportable segment into four categories: (i) recurring revenue comprised of Software-as-a-Service (“SaaS”) licenses and software maintenance; (ii) reoccurring revenue comprised of transactional and volume-based fees related to software licenses; (iii) non-recurring revenue comprised of term and perpetual software licenses, professional services associated with software products and hardware sold with our software licenses; and (iv) product revenue. See details in the table below.


	Year Ended December 31, 2022
	Application Software		Network Software		Technology Enabled Products		Total
Revenue Stream
Software related
Recurring	$	1,946.0	$	981.4	$	12.0	$	2,939.4
Reoccurring	124.2		246.2		—		370.4
Non-recurring	569.3		150.9		1.2		721.4
Total Software Revenues	2,639.5		1,378.5		13.2		4,031.2

Product Revenue	—		—		1,340.6		1,340.6
	$	2,639.5	$	1,378.5	$	1,353.8	$	5,371.8


	Year Ended December 31, 2021
	Application Software		Network Software		Technology Enabled Products		Total
Revenue Stream
Software related
Recurring	$	1,708.0	$	837.5	$	7.8	$	2,553.3
Reoccurring	111.4		249.5		—		360.9
Non-recurring	547.3		136.8		0.8		684.9
Total Software Revenues	2,366.7		1,223.8		8.6		3,599.1

Product Revenue	—		—		1,234.7		1,234.7
	$	2,366.7	$	1,223.8	$	1,243.3	$	4,833.8


	Year Ended December 31, 2020
	Application Software		Network Software		Technology Enabled Products		Total
Revenue Stream
Software related
Recurring	$	1,251.5	$	707.4	$	5.8	$	1,964.7
Reoccurring	64.8		235.5		—		300.3
Non-recurring	469.5		126.5		0.6		596.6
Total Software Revenues	1,785.8		1,069.4		6.4		2,861.6

Product Revenue	—		—		1,160.8		1,160.8
	$	1,785.8	$	1,069.4	$	1,167.2	$	4,022.4

We recognize revenue over time or at a point in time depending on our evaluation of when the customer obtains control over the promised products or services. For software arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the customer for each promised product or service if it were sold on a standalone basis. Software licenses may be combined with implementation/installation services as a single performance obligation if the implementation/installation significantly modifies or customizes the functionality of the software license.

Software and related services

•Recurring - consists primarily of SaaS subscriptions and post contract support (“PCS”) which are recognized ratably over the contractual term.

•Reoccurring - consists primarily of transactional and volume-based fees which are highly reoccurring and recognized at a point-in-time under a usage-based model.

•Non-recurring - consists primarily of perpetual, time-based (“term”) software licenses, or installation/implementation services and associated hardware. Revenues from perpetual and term licenses are generally recognized at a point-in-time. Revenues from software implementation projects are generally recognized over time using the input method, utilizing the ratio of costs or labor hours incurred to total estimated costs or labor, as the measure of performance.

Payment for software licenses is generally required within 30 to 60 days of the transfer of control. Payment for PCS is generally required within 30 to 60 days of the commencement of the service period, which is primarily offered to customers over a one-year timeframe. Payment terms do not contain a significant financing component. Payment for implementation/installation services that are recognized over time are typically commensurate with milestones defined in the contract, or billable hours incurred.

Products

Revenue from product sales is recognized when control transfers to the customer, which is generally when the product is shipped. Non-project-based installation and repair services are performed by certain of our businesses for which revenue is recognized upon completion.

Payment terms are generally 30 to 60 days from the transfer of control. Payment terms do not contain a significant financing component.

Accounts receivable, net - Accounts receivable, net includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $16.6 and $15.7 at December 31, 2022 and 2021, respectively. We make estimates of expected allowance for doubtful accounts based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, changes to customer creditworthiness and other factors that may affect our ability to collect from customers.

Unbilled receivables - Our unbilled receivables include unbilled amounts typically resulting from sales under software milestone billings associated with multi-year term license renewals and software implementations when the input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not solely due to the passage of time. Amounts may not exceed their net realizable value.

Deferred revenues - We record deferred revenues when cash payments are received or due in advance of our performance. Our deferred revenues relate primarily to software and related services. In most cases, we recognize these deferred revenues ratably over time as the SaaS or PCS performance obligation is satisfied. The non-current portion of deferred revenue is included in “Other liabilities” in our Consolidated Balance Sheets.

Our unbilled receivables and deferred revenues are reported in a net position on a contract-by-contract basis at the end of each reporting period. The net balances are classified as current or non-current based on expected timing of revenue recognition and billable milestones.

Deferred commissions - Our incremental direct costs of obtaining a contract, which consist of sales commissions primarily for our software sales, are deferred and amortized on a straight-line basis over the period of contract performance or a longer period, depending on facts and circumstances. We classify deferred commissions as current or non-current based on the expected timing of expense recognition. Where the amortization period would have been one year or less, we expense the associated incremental direct cost as incurred. The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheets. At December 31, 2022 and 2021, the current portion of deferred commissions was $33.1 and $32.5, respectively, and the non-current portion of deferred commissions was $31.7 and $24.2, respectively. The Company recognized $30.7, $27.2 and $30.1 of expense related to deferred commissions for the years ended December 31, 2022, 2021 and 2020, respectively.

Remaining performance obligations - Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of December 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,214.0. We expect to recognize revenue on approximately 69% of our remaining performance obligations over the next 12 months, with the remainder to be recognized thereafter.

Capitalized Software - The Company accounts for capitalized software under applicable accounting guidance which, among other provisions, requires capitalization of certain internal-use software costs once certain criteria are met. Overhead, general and administrative and training costs are not capitalized. Capitalized software balances, net of accumulated amortization, were $83.9 and $65.9 at December 31, 2022 and 2021, respectively, which are included in “Other Assets” our Consolidated Balance Sheets.

Stock-Based Compensation - The Company recognizes expense for the grant date fair value of its employee stock awards on a straight-line basis (or, in the case of performance-based awards, on a graded basis) over the employee’s requisite service period (generally the vesting period of the award). The fair value of option awards is estimated using the Black-Scholes option valuation model.

Business Acquisitions and Dispositions	12 Months Ended
Business Acquisitions and Dispositions	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions and Dispositions	Business Acquisitions and Dispositions Acquisitions 2022 Acquisitions - Roper completed seven business acquisitions in the year ended December 31, 2022. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements since the date of each acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during fiscal 2022 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results. The largest of the 2022 acquisitions was Frontline Technologies Parent, LLC (“Frontline Education”), a leading provider of K-12 school administration software, connecting solutions for human capital management, student and special programs, and business operations with powerful analytics to empower educators. Roper acquired Frontline Education on October 4, 2022, for a purchase price of $3,738.0. The purchase price comprised an enterprise value of $3,725.0, adjusted for cash acquired and the settlement of certain liabilities. Additionally, the purchase price contemplated a net present value tax benefit of approximately $350 which is expected to be utilized over the next 15 years. The results of Frontline Education are reported in the Application Software reportable segment. The Company recorded $2,197.6 in goodwill and $1,918.6 of other identifiable intangibles in connection with the Frontline Education acquisition. Of the $1,918.6 of acquired intangible assets, $83.0 was assigned to trade names that are not subject to amortization. The remaining $1,835.6 of acquired intangible assets include customer relationships of $1,757.0 (20 year useful life) and unpatented technology of $78.6 (5 year useful life). Net assets acquired also includes approximately $258 of deferred revenue and approximately $181 of net deferred tax liabilities, primarily attributable to acquired intangible assets, partially offset by federal tax attributes. Approximately $1,100 of goodwill is expected to be deductible for tax purposes. During the year ended December 31, 2022, Roper completed six additional bolt-on acquisitions with an aggregate purchase price of $578.8, net of cash acquired and debt assumed. On January 3, 2022, Roper acquired the outstanding membership interests of Horizon Lab Systems, LLC, a provider of laboratory information management systems in the toxicology, environmental, public health and agricultural markets. This acquisition has been integrated into our CliniSys business and its results are reported in the Application Software reportable segment. On April 6, 2022, Roper acquired the issued and outstanding shares of Common Cents Systems, Inc. (ApolloLIMS), a provider of laboratory information management systems in the toxicology and public health markets. This acquisition has been integrated into our CliniSys business and its results are reported in the Application Software reportable segment. On June 27, 2022, Roper acquired the issued and outstanding shares of MGA Systems Holdings, Inc., a leading provider of purpose-built insurance software for managing general agents. This acquisition has been integrated into our Vertafore business and its results are reported in the Application Software reportable segment. On August 19, 2022, Roper acquired substantially all of the assets of viDesktop Inc., a leading provider of end-to-end human resources management software used for recruiting and integration, productivity management, resource allocation, performance management, learning and development, and diversity and inclusion at professional service firms. This acquisition has been integrated into our Aderant business and its results are reported in the Application Software reportable segment. During the third quarter of 2022, Roper acquired TIP Technologies Inc. and Common Sense Solutions Inc., which have been integrated with our Deltek business and their results are reported in the Application Software reportable segment. The Company recorded $361.5 in goodwill, $9.5 assigned to trade names that are not subject to amortization and $239.3 of other identifiable intangibles in connection with these six acquisitions. The amortizable intangible assets include customer relationships of $223.4 (18.2 year weighted average useful life) and technology of $15.9 (4.9 year weighted average useful life). 2021 Acquisitions - Roper completed seven business acquisitions in the year ended December 31, 2021 with an aggregate purchase price of $225.9, net of cash acquired and debt assumed. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements since the date of each acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during fiscal 2021 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results. During the first three quarters of 2021, Roper completed four acquisitions which were integrated into our Deltek business and its results are reported in the Application Software reportable segment. On November 18, 2021, Roper acquired substantially all of the assets of Agency Zoom, LLC (“Agency Zoom”), a provider of sales, marketing and service automation software solutions for insurance agencies. Agency Zoom was integrated into our Vertafore business and its results are reported in the Application Software reportable segment. On December 21, 2021, Roper acquired a majority of the assets of The Construction Journal, LTD. (“Construction Journal”), a provider of selling, marketing, and licensing software solutions for the commercial construction industry. Construction Journal was integrated into our ConstructConnect business and its results are reported in the Network Software reportable segment. On December 30, 2021, Roper acquired 100% of the shares of American LegalNet, Inc. (“ALN”), a provider of court forms, eFiling, calendaring and docketing software solutions. ALN was integrated into our Aderant business and its results are reported in the Application Software reportable segment. The Company recorded $138.8 in goodwill and $104.9 of other identifiable intangibles in connection with these seven acquisitions. The amortizable intangible assets include customer relationships of $94.6 (12.9 year weighted average useful life) and technology of $10.3 (5.3 year weighted average useful life). 2020 Acquisitions - Roper completed six business acquisitions in the year ended December 31, 2020. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements since the date of each acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during fiscal 2020 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results. The largest of the 2020 acquisitions was Vertafore, Inc. (“Vertafore”), a leading provider of SaaS solutions for the property and casualty insurance industry. Roper acquired 100% of the shares of Project Viking Holdings, Inc. (the parent company of Vertafore) on September 3, 2020, for a purchase price of $5,398.6. The purchase price comprises an enterprise value of $5,335.0 and the settlement of certain liabilities, net of cash acquired. Additionally, the purchase price contemplated approximately $120 of federal tax attributes that were substantially utilized by the end of 2021. The results of Vertafore are reported in the Application Software reportable segment. The Company recorded $3,229.1 in goodwill and $2,660.0 of other identifiable intangibles in connection with the Vertafore acquisition. The majority of the goodwill is not expected to be deductible for tax purposes. Of the $2,660.0 of acquired intangible assets, $120.0 was assigned to trade names that are not subject to amortization. The remaining $2,540.0 of acquired intangible assets include customer relationships of $2,230.0 (17 year useful life) and unpatented technology of $310.0 (8 year useful life). Net assets acquired also includes approximately $489 of deferred tax liabilities, which are due primarily to approximately $638 of deferred tax liabilities associated with acquired intangible assets, partially offset primarily by approximately $120 of federal tax attributes that were substantially utilized by the end of 2021. During the year ended December 31, 2020, Roper completed five additional bolt-on acquisitions with an aggregate purchase price of $612.8, net of cash acquired and debt assumed. On June 9, 2020, Roper acquired substantially all of the assets of Freight Market Intelligence Consortium (“FMIC”), a leading provider of subscription-based freight transaction benchmarking and analysis service. FMIC was integrated into our DAT business and its results are reported in the Network Software reportable segment. On June 15, 2020, Roper acquired substantially all of the assets of Team TSI Corporation (“Team TSI”), a leading provider of subscription-based data analytics serving long term health care facilities. Team TSI was integrated into our SHP business and its results are reported in the Network Software reportable segment. On September 15, 2020, Roper acquired substantially all of the assets of Impact Financial Systems (“IFS”), a leading provider of service request automation solutions for client onboarding, transaction automation, maintenance and advisor transitions. IFS was integrated into our iPipeline business and its results are reported in the Network Software reportable segment. On September 18, 2020, Roper acquired all of the membership interests of WELIS, a premier provider of life insurance illustration systems to carriers in the US. WELIS was integrated into our iPipeline business and its results are reported in the Network Software reportable segment. On October 15, 2020, Roper acquired substantially all of the assets of EPSi, a leading provider of financial decision support and planning tools for hospitals and health systems. EPSi was integrated into our Strata business and its results are reported in the Application Software reportable segment. The Company recorded $303.9 in goodwill and $313.0 of other identifiable intangibles in connection with these five acquisitions. The amortizable intangible assets include customer relationships of $283.7 (16 year weighted average useful life) and technology of $29.3 (5 year weighted average useful life). Dispositions On March 17, 2021, Roper completed the sale of a minority investment in Sedaru, Inc. for $27.1 in cash. The sale resulted in a pretax gain of $27.1, which is reported within “Other income (expense), net” in the Consolidated Statements of Earnings. In addition, we recognized income tax expense of $5.5 in connection with the sale, which is included within “Income taxes” in the Consolidated Statements of Earnings.

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The Company concluded that the 2021 Divestitures and the Indicor Transaction each represented a strategic shift that will have a major effect on the Company’s operations and financial results. These transactions have greatly reduced the cyclicality and asset intensity of the Company. In addition, the Company has an increased mix of recurring revenue and a higher margin profile. Accordingly, the financial results related to the 2021 Divestitures and Indicor are presented in the Consolidated Financial Statements as discontinued operations for all periods presented. Current and non-current assets and liabilities of the 2021 Divestitures and Indicor are presented in the Consolidated Balance Sheets as assets and liabilities of discontinued operations classified as held for sale for periods presented, as applicable.

2021 Divestitures - During 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses as described below.

•On March 17, 2022, Roper closed on the divestiture of our TransCore business to an affiliate of Singapore Technologies Engineering Ltd., for approximately $2,680 in cash. The sale resulted in a pretax gain of $2,073.7 and income tax expense of $550.5, which are reported within “Gain on disposition of discontinued operations, net of tax” in the Consolidated Statements of Earnings for the year ended December 31, 2022. TransCore was previously included in the historical Network Software & Systems reportable segment.

•On January 5, 2022, Roper closed on the divestiture of our Zetec business to Eddyfi NDT Inc. for approximately $350 in cash. The sale resulted in a pretax gain of $255.3 and income tax expense of $60.9, which are reported within “Gain on disposition of discontinued operations, net of tax” in the Consolidated Statements of Earnings for the year ended December 31, 2022. Zetec was previously included in the historical Process Technologies reportable segment.

•On November 1, 2021, Roper closed on the divestiture of our CIVCO Radiotherapy business to an affiliate of Blue Wolf Capital Partners LLC, for approximately $120 in cash. The sale resulted in a pretax gain of $77.2 and income tax expense of $21.3, which are reported within “Gain on disposition of discontinued operations, net of tax” in the Consolidated Statements of Earnings for the year ended December 31, 2021. The CIVCO Radiotherapy business was previously included in the historical Measurement & Analytical Solutions reportable segment.

The following table summarizes the major classes of assets and liabilities related to the discontinued operations of the TransCore and Zetec businesses as reported in the Consolidated Balance Sheets at December 31:


	December 31, 2021 (1)
Accounts receivable, net	$	74.7
Inventories, net	47.8
Unbilled receivables	158.2
Goodwill	405.5
Other intangible assets, net	31.0
Other current assets	71.4
Current assets held for sale	$	788.6






Accounts payable	$	40.3
Accrued compensation	27.0
Deferred taxes	29.5
Other current liabilities	62.3
Current liabilities held for sale	$	159.1

(1) All assets and liabilities held for sale were classified as current as it was probable that the sale of TransCore and Zetec would be completed within one year from the balance sheet date.

The following table summarizes the major classes of revenue and expenses constituting net earnings from discontinued operations attributable to the TransCore, Zetec and CIVCO Radiotherapy businesses:


	Year ended December 31,
	2022		2021		2020
Net revenues	$	100.4	$	638.0	$	672.9
Cost of sales	71.2		372.9		400.7
Gross profit	29.2		265.1		272.2

Selling, general and administrative expenses (1)	19.9		124.0		114.6
Income from operations	9.3		141.1		157.6

Other income, net	0.1		1.5		0.3

Earnings before income taxes (2)	9.4		142.6		157.9

Income taxes	(6.2)		28.5		33.7

Earnings from discontinued operations, net of tax	15.6		114.1		124.2

Gain on disposition of discontinued operations, net of tax (3)	1,717.5		55.9		—

Net earnings from discontinued operations	$	1,733.1	$	170.0	$	124.2

(1) Includes stock-based compensation expense of $0.9, $5.4 and $4.8 for the years ended December 31, 2022, 2021, and 2020, respectively. Stock-based compensation for discontinued operations was previously reported as a component of unallocated corporate general and administrative expenses.

(2) During the year ended December 31, 2022, there was no depreciation of property, plant and equipment or amortization of intangible assets given the asset classification as held for sale during the period. Depreciation and amortization of $5.2 and $7.9 for the years ended December 31, 2021, and 2020, respectively.

(3) In connection with the 2021 Divestitures, we recognized $4.5 and $0.9 associated with accelerated vesting of share-based awards for the years ended December 31, 2022 and 2021, respectively.

Indicor - On November 22, 2022, Roper completed the divestiture of a majority 51% stake in Indicor to CD&R for approximately $2,604 in cash. The consideration was comprised of a cash distribution of approximately $1,775 funded by third-party indebtedness incurred by Indicor and approximately $829 related to the majority 51% equity stake. The Company retained an initial 49% minority equity interest. The sale resulted in a pre-tax gain of $2,046.0, which included $142.6 of foreign currency translation losses and $535.0 associated with the initial remaining 49% interest in Indicor (described further in Note 10). The Company recognized income tax expense of $407.2 associated with the gain. The following table summarizes the major classes of assets and liabilities related to the discontinued operations of Indicor, as reported in the Consolidated Balance Sheets:


	December 31, 2021
Accounts receivable, net	$	151.8
Inventories, net	106.9




Other current assets	30.7
Current assets held for sale	$	289.4


Goodwill	618.2
Other intangible assets, net	79.4
Deferred taxes	51.1

Other assets	56.2
Assets held for sale	$	804.9

Accounts payable	$	52.5
Accrued compensation	47.9
Deferred revenue	23.9

Income taxes payable	14.7

Other current liabilities	42.0
Current liabilities held for sale	$	181.0

Deferred taxes	$	13.3
Noncurrent operating lease liabilities	24.1
Other liabilities	12.0
Liabilities held for sale	$	49.4

The following table summarizes the major classes of revenue and expenses constituting net earnings from discontinued operations attributable to Indicor:


	Year ended December 31,
	2022		2021		2020
Net revenues	$	916.1	$	944.0	$	831.8
Cost of sales	432.1		434.2		389.3
Gross profit	484.0		509.8		442.5

Selling, general and administrative expenses(1)	250.5		265.7		251.9
Impairment of intangible assets	—		5.1		—
Income from operations	233.5		239.0		190.6

Other income (expense), net	(0.7)		0.1		(0.5)

Earnings before income taxes (2)	232.8		239.1		190.1

Income taxes	45.6		61.8		38.4

Earnings from discontinued operations, net of tax	187.2		177.3		151.7

Gain on disposition of discontinued operations, net of tax	1,638.8		—		—

Net earnings from discontinued operations	$	1,826.0	$	177.3	$	151.7

(1) Certain costs previously reported as a component of unallocated corporate general and administrative expenses have been reclassified to discontinued operations. These costs primarily include stock-based compensation expense of $10.3, $13.1, and $8.7 for the years ended December 31, 2022, 2021, and 2020, respectively.

(2) Includes depreciation and amortization of $6.4, $18.2 and $21.3 for the years ended December 31, 2022, 2021, and 2020, respectively.

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

The components of inventories at December 31 were as follows:


	2022		2021
Raw materials and supplies	$	60.6	$	36.4
Work in process	24.9		19.1
Finished products	31.3		18.4
Inventory reserves	(5.5)		(4.7)
	$	111.3	$	69.2

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The components of property, plant and equipment at December 31 were as follows:


	2022		2021
Land	$	1.0	$	1.0
Buildings	43.0		45.6
Machinery and other equipment	113.2		104.2
Computer equipment	107.5		109.7
Software	71.9		68.0
	336.6		328.5
Accumulated depreciation	(251.3)		(245.8)
	$	85.3	$	82.7

Depreciation and amortization expense related to property, plant and equipment was $37.3, $44.0 and $40.6 for the years ended December 31, 2022, 2021 and 2020, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The carrying value of goodwill by segment was as follows:


	Application Software		Network Software		Technology Enabled Products		Total
Balances at December 31, 2020	$	8,802.3	$	3,604.5	$	931.6	$	13,338.4
Goodwill acquired	85.9		52.9		—		138.8
Currency translation adjustments	(5.8)		(3.0)		0.1		(8.7)
Reclassifications and other	6.9		0.9		—		7.8
Balances at December 31, 2021	$	8,889.3	$	3,655.3	$	931.7	$	13,476.3
Goodwill acquired	2,559.1		—		—		2,559.1
Currency translation adjustments	(32.1)		(56.3)		(1.4)		(89.8)
Reclassifications and other	1.2		(0.7)		—		0.5
Balances at December 31, 2022	$	11,417.5	$	3,598.3	$	930.3	$	15,946.1

Reclassifications and other during the years ended December 31, 2022 were due primarily to purchase accounting and tax adjustments for acquisitions completed in 2022 and 2021. See Note 2 for information regarding acquisitions.

Other intangible assets were comprised of:


	Cost		Accumulated amortization		Net book value
Assets subject to amortization:
Customer related intangibles	$	7,379.6	$	(1,989.8)	$	5,389.8
Unpatented technology	886.4		(414.6)		471.8
Software	149.5		(122.4)		27.1
Patents and other protective rights	8.5		(1.0)		7.5
Trade names	12.1		(5.6)		6.5
Assets not subject to amortization:
Trade names	606.4		—		606.4
Balances at December 31, 2021	$	9,042.5	$	(2,533.4)	$	6,509.1

Assets subject to amortization:
Customer related intangibles	$	9,300.7	$	(2,437.7)	$	6,863.0
Unpatented technology	954.6		(506.9)		447.7
Software	149.0		(134.0)		15.0
Patents and other protective rights	10.3		(1.2)		9.1
Trade names	9.7		(3.1)		6.6
Assets not subject to amortization:
Trade names	689.3		—		689.3
Balances at December 31, 2022	$	11,113.6	$	(3,082.9)	$	8,030.7

Amortization expense of other intangible assets was $600.5, $565.1, and $446.4 during the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense is expected to be $676.0 in 2023, $632.0 in 2024, $606.0 in 2025, $576.0 in 2026 and $542.0 in 2027.

Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities at December 31 were as follows:


	2022		2021
Interest	$	40.2	$	42.6
Customer deposits	48.9		46.5
Accrued dividend	74.0		66.8
Rebates	51.5		62.5
Operating lease liability	46.4		41.5
Sales and other taxes payable	22.9		25.0
Patent litigation accrual (1)	45.0		—
Other	125.7		113.8
	$	454.6	$	398.7

(1) Refer to Note 13 for details regarding the Berall v. Verathon patent litigation matter.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Earnings before income taxes for the years ended December 31, 2022, 2021 and 2020 consisted of the following components:


	2022		2021		2020
United States	$	1,026.4	$	814.7	$	676.2
Other	255.6		217.2		185.1
	$	1,282.0	$	1,031.9	$	861.3

Components of income tax expense for the years ended December 31, 2022, 2021 and 2020 were as follows:


	2022		2021		2020
Current:
Federal	$	322.9	$	110.2	$	142.9
State	80.8		50.8		48.0
Foreign	65.9		59.9		54.6
Deferred:
Federal	(136.9)		27.5		(32.2)
State	(31.1)		(27.2)		(26.8)
Foreign	(5.2)		5.4		1.0
	$	296.4	$	226.6	$	187.5

Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2022, 2021 and 2020 were as follows:


	2022		2021		2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
Foreign operations, net	0.8		2.5		2.1
R&D tax credits	(3.0)		(2.1)		(1.6)
State taxes, net of federal benefit	3.7		2.8		3.3
Stock-based compensation	(1.0)		(2.4)		(3.3)
Impact of UK tax rate change	—		2.0		—

Legal entity restructuring	0.8		(1.4)		—
Other, net	0.8		(0.4)		0.3
	23.1	%	22.0	%	21.8	%

The deferred income tax balance sheet accounts arise from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes.

Components of the deferred tax assets and liabilities at December 31 were as follows:


	2022		2021
Deferred tax assets:
Reserves and accrued expenses	$	192.4	$	179.6
Net operating loss carryforwards	84.6		51.0
R&D credits	8.9		12.5
Capitalized R&D expenditures	97.8		—
Interest expense limitation carryforwards	41.1		10.9
Outside basis differences on assets held for sale	—		57.4
Lease liability	50.1		46.2

Valuation allowance	(37.1)		(31.9)
Total deferred tax assets	$	437.8	$	325.7
Deferred tax liabilities:
Reserves and accrued expenses	$	12.0	$	17.3
Amortizable intangible assets	1,818.7		1,656.2

Accrued tax on unremitted foreign earnings	5.8		24.7
ROU asset	48.0		43.7
Outside basis difference in Indicor	174.2		—
Total deferred tax liabilities	$	2,058.7	$	1,741.9

As of December 31, 2022, the Company has $46.6 of tax-effected U.S. federal net operating loss carryforwards and $38.0 of tax-effected state net operating loss carryforwards without regard to federal benefit of state. The majority of the net operating loss carryforwards are subject to limitation under the Internal Revenue Code of 1986, as amended (“IRC”) Section 382; however, the Company expects to utilize such losses in their entirety prior to expiration.

As of December 31, 2022, the Company has $41.1 of IRC Section 163(j) interest expense limitation carryforwards which have an indefinite carryforward period.

Collectively, the deferred tax assets for the federal and state net operating loss carryforward, interest expense limitation carryforward and the deferred tax liability for amortizable intangible assets each increased from 2021 to 2022 due primarily to the acquisition of Frontline Education.

During the year ended December 31, 2022, the Company generated a $97.8 deferred tax asset related to changes under the Tax Cuts and Jobs Act which requires taxpayers to capitalize and amortize research and development (“R&D”) expenditures under section 174 for tax years beginning after December 31, 2021. The Company will amortize these costs for tax purposes over 5 years if the R&D was performed in the U.S. and over 15 years if the R&D was performed outside the U.S.

In connection with the Indicor Transaction, the Company recognized a deferred tax liability of $174.2 in outside basis difference associated with the initial retained 49% minority equity interest in Indicor. The Company expects to settle this liability upon exit of the investment.

As of December 31, 2022, the Company determined that a total valuation allowance of $37.1 was necessary to reduce U.S. federal and state deferred tax assets by $31.0 and foreign deferred tax assets by $6.1, where it was more likely than not that all such deferred tax assets will not be realized. As of December 31, 2022, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company’s estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions.

The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2022		2021		2020
Beginning balance	$	40.5	$	63.5	$	57.6
Additions for tax positions of prior periods	—		2.2		6.0
Additions for tax positions of the current period	2.3		3.3		3.5
Additions due to acquisitions	—		1.0		6.2
Reductions for tax positions of prior periods	(11.2)		(0.5)		(3.6)
Reductions attributable to lapses of applicable statute of limitations	(2.6)		(4.6)		(6.2)
Reductions attributable to settlements with taxing authorities	—		(24.4)		—
Ending balance	$	29.0	$	40.5	$	63.5

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $28.8. Interest and penalties related to unrecognized tax expense were $0.3 in 2022 and are classified as a component of income tax expense. Accrued interest and penalties were $4.6 at December 31, 2022 and $4.3 at December 31, 2021. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $2.3, mainly due to anticipated statute of limitations lapses in various jurisdictions.

The Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company’s federal income tax returns for 2019 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved.

The Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all future foreign earnings that can be repatriated without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company’s investment in foreign subsidiaries are not expected to be material and will be indefinitely reinvested.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Long-Term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

On July 21, 2022, the Company entered into a new five-year unsecured credit facility (the “Credit Agreement”) among Roper, the financial institutions from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Wells Fargo Bank, N.A., as syndication agents, and Mizuho Bank, Ltd., MUFG Bank, Ltd., PNC Bank, National Association, TD Bank, N.A., Truist Bank and U.S Bank, National Association, as documentation agents, which replaced the existing $3,000.0 unsecured credit facility, dated as of September 2, 2020, as amended. The new facility comprises a five-year $3,500.0 revolving credit facility, which includes availability of up to $150.0 for letters of credit. Loans under the facility will be available in dollars, and letters of credit will be available in dollars and other currencies to be agreed. The Company may also, subject to compliance with specified conditions, request additional term loans or revolving credit commitments in an aggregate amount not to exceed $500.0.

The Company will have the right to add foreign subsidiaries as borrowers under the Credit Agreement, subject to the satisfaction of specified conditions. The Company will guarantee the payment and performance by the foreign subsidiary borrowers of their obligations under the Credit Agreement. The Company’s obligations under the Credit Agreement are not guaranteed by any of its subsidiaries. However, the Company has the right, subject to the satisfaction of certain conditions set forth in the Credit Agreement, to cause any of its wholly-owned domestic subsidiaries to become guarantors.

Loans under the Credit Agreement can be borrowed as term Secured Overnight Financing Rate (“SOFR”) loans or Alternate Base Rate (“ABR”) Loans, at the Company’s option. Each term SOFR loan will bear interest at a rate per annum equal to the applicable Adjusted Term SOFR rate plus a spread ranging from 0.795% to 1.300%, as determined by the Company’s senior unsecured long-term debt rating at such time. Based on the Company’s current rating, the spread for SOFR loans would be 0.910%. Each ABR Loan will bear interest at a rate per annum equal to the Alternate Base Rate plus a spread ranging from 0.000% to 0.300%, as determined by the Company’s senior unsecured long-term debt rating at such time. Based on the Company’s current rating, the spread for ABR Loans would be 0.000%.

Outstanding letters of credit issued under the Credit Agreement will be charged a quarterly fee depending on the Company’s senior unsecured long-term debt rating. Based on the Company’s current rating, the quarterly fee would be payable at a rate of 0.910% per annum, plus a fronting fee of 0.125% per annum on the undrawn and unexpired amount of all letters of credit.

Additionally, the Company will pay a quarterly facility fee on the used and unused portions of the revolving credit facility depending on the Company’s senior unsecured long-term debt rating. Based on the Company’s current rating, the quarterly fee would accrue at a rate of 0.090% per annum.

Amounts outstanding under the Credit Agreement may be accelerated upon the occurrence of customary events of default. The Credit Agreement requires the Company to maintain a Total Debt to Total Capital Ratio of 0.65 to 1.00 or less. Borrowings under the Credit Agreement are prepayable at Roper’s option at any time in whole or in part without premium or penalty.

At December 31, 2022, there were no outstanding borrowings under the Credit Agreement. Comparably, at December 31, 2021, there was $470.0 of outstanding borrowings under the credit agreement in place at the time. The Company was in compliance with its debt covenants throughout the years ended December 31, 2022 and 2021.

On June 22, 2020, the Company completed a public offering of $600.0 aggregate principal amount of 2.00% senior unsecured notes due June 30, 2030 (“2030 Notes”). The 2030 Notes bear interest at a fixed rate and are payable semi-annually in arrears on June 30 and December 30 of each year, beginning December 30, 2020. The net proceeds from the sale of the 2030 Notes were used for general corporate purposes, including acquisitions.

On September 1, 2020, the Company completed a public offering of $300.0 aggregate principal amount of 0.45% senior unsecured notes due August 15, 2022 (“2022 Notes”), $700.0 aggregate principal amount of 1.00% senior unsecured notes due September 15, 2025 (“2025 Notes”), $700.0 aggregate principal amount of 1.40% senior unsecured notes due September 15, 2027 (“2027 Notes”) and $1,000.0 aggregate principal amount of 1.75% senior unsecured notes due February 15, 2031 (“2031 Notes” and, together with the 2022 Notes, 2025 Notes, and 2027 Notes, the “Notes”). The 2022 Notes and 2031 Notes bear interest at a fixed rate and are payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2021 and the 2025 Notes and 2027 Notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2021. The net proceeds from the sale of the Notes, together with cash on hand and borrowings under the Credit Agreement, were used to fund the purchase price of the acquisition of Vertafore, Inc. and related costs.

On August 26, 2019, the Company completed a public offering of $500.0 aggregate principal amount of 2.35% senior unsecured notes due September 15, 2024 and $700.0 aggregate principal amount of 2.95% senior unsecured notes due September 15, 2029. The notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2020. The net proceeds were used to fund a portion of the purchase of iPipeline Holdings, Inc.

On August 28, 2018, the Company completed a public offering of $700.0 aggregate principal amount of 3.65% senior unsecured notes due September 15, 2023 and $800.0 aggregate principal amount of 4.20% senior unsecured notes due September 15, 2028 (the “2018 Offering”). The notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2019.

On December 19, 2016, the Company completed a public offering of $500.0 aggregate principal amount of 2.80% senior unsecured notes due December 15, 2021 and $700.0 aggregate principal amount of 3.80% senior unsecured notes due December 15, 2026. The notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2017.

On December 7, 2015, the Company completed a public offering of $600.0 aggregate principal amount of 3.00% senior unsecured notes due December 15, 2020 and $300.0 aggregate principal amount of 3.85% senior unsecured notes due December 15, 2025. The notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2016.

On November 21, 2012, the Company completed a public offering of $500.0 aggregate principal amount of 3.125% senior unsecured notes due November 15, 2022. The notes bear interest at a fixed rate and are payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2013.

Roper may redeem some or all of these notes at any time or from time to time, at 100% of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities.

On August 15, 2022 $500.0 of 3.125% senior notes due 2022 were redeemed using cash flows generated from operations.

On August 15, 2022, $300.0 of 0.450% senior notes due 2022 were repaid at maturity using cash flows generated from operations.

On November 15, 2021, $500.0 of 2.800% senior notes due 2021 were redeemed predominantly using cash flows generated from operations.

On November 15, 2020, $600.0 of 3.000% senior notes due 2020 were redeemed using revolver borrowings under the Credit Agreement.

The Company’s senior notes are unsecured senior obligations of the Company and rank equally in right of payment with all of Roper’s existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of its existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The notes are not guaranteed by any of Roper’s subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of Roper’s subsidiaries.

Total debt at December 31 consisted of the following:


	2022		2021
Unsecured credit facility	$	—	$	470.0
$500 3.125% senior notes due 2022	—		500.0
$300 0.450% senior notes due 2022	—		300.0
$700 3.650% senior notes due 2023	700.0		700.0
$500 2.350% senior notes due 2024	500.0		500.0
$300 3.850% senior notes due 2025	300.0		300.0
$700 1.000% senior notes due 2025	700.0		700.0
$700 3.800% senior notes due 2026	700.0		700.0
$700 1.400% senior notes due 2027	700.0		700.0
$800 4.200% senior notes due 2028	800.0		800.0
$700 2.950% senior notes due 2029	700.0		700.0
$600 2.000% senior notes due 2030	600.0		600.0
$1,000 1.750% senior notes due 2031	1,000.0		1,000.0
Other	0.3		0.3
Less unamortized debt issuance costs	(38.6)		(48.5)
Total debt	6,661.7		7,921.8
Less current portion	(699.2)		(799.2)
Long-term debt	$	5,962.5	$	7,122.6

The interest rate on the borrowings under the unsecured credit facility is calculated based upon various recognized indices plus a margin as defined in the Credit Agreement. At December 31, 2022, Roper had $19.0 of outstanding letters of credit.

Future maturities of total debt during each of the next five years ending December 31 and thereafter are as follows:


2023	$	700.2
2024	500.1
2025	1,000.0
2026	700.0
2027	700.0
Thereafter	3,100.0
Total	$	6,700.3

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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-Paragraph 1C
-Subparagraph (c)
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-Subparagraph (d)
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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Fair Value

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value

Financial assets and liabilities are valued using market prices on active markets (Level 1), less active markets (Level 2) and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Debt – Roper’s debt at December 31, 2022 included $6,700.0 of fixed-rate senior notes with the following fair values:


$700 3.650% senior notes due 2023			692
$500 2.350% senior notes due 2024			478
$300 3.850% senior notes due 2025			291
$700 1.000% senior notes due 2025			629
$700 3.800% senior notes due 2026			670
$700 1.400% senior notes due 2027			594
$800 4.200% senior notes due 2028			772
$700 2.950% senior notes due 2029			608
$600 2.000% senior notes due 2030			481
$1,000 1.750% senior notes due 2031			770

The fair values of the senior notes are based on the trading prices of the notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy.

Indicor Investment – In connection with the Indicor Transaction, the Company retained an initial 49% equity interest in Indicor valued at $535.0 as of the transaction close date. The valuation is based on the implied equity value associated with the sale price of the 51% equity interest in Indicor to CD&R for approximately $829, inclusive of the Unit Adjustment received by CD&R as discussed below. Roper’s equity interest is comprised of an equity value for the initial 49% retained ownership of approximately $650, partially offset by approximately $115 of anticipated dilution associated with the Unit Adjustment. The fair value of the investment reflects management’s estimate of assumptions that market participants would use in pricing the equity interest, which the Company has determined to be Level 3 in the FASB fair value hierarchy.

As part of the investment, Roper is also required to make quarterly payments (“Unit Adjustment”), to CD&R, either (i) in cash, with total payments of approximately $29 per year on a pre-tax basis, or (ii) in-kind through the transfer of Roper’s equity interests in Indicor to CD&R, of approximately a 1.7% ownership interest on an annual basis. Roper intends to make these quarterly payments in-kind. Roper valued the Unit Adjustment at approximately $115 based on an expected investment horizon of 5 years. The Company's obligation to make such quarterly payments will cease upon the earlier of:

•Indicor achieving $425.0 of earnings before interest, taxes, depreciation and amortization in any three twelve month periods, whether or not consecutive; or

•Upon the initial public offering of Indicor.

In the event of a sale of Indicor, CD&R would be entitled to a liquidation preference equal to its initial investment of approximately $829, plus any Unit Adjustment paid in-kind. Management’s valuation assumes the expected exit of the Indicor investment is an initial public offering which is not subject to the liquidation preference. Roper’s approval is required prior to a sale of Indicor which would trigger the liquidation preference.

The assessment of fair value for the equity investment requires significant judgments to be made by management. Although our assumptions are considered reasonable and are consistent with the plans and estimates, there is significant judgment in determining these assumptions. Changes in estimates or the application of alternative assumptions could produce significantly different results.

There were no changes in fair value between the initial recognition and December 31, 2022. Subsequent changes in fair value will be recognized as a discrete non-operating line item in the Consolidated Statements of Operations beginning in the first quarter of 2023.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Retirement and Other Benefit Plans	12 Months Ended
Retirement and Other Benefit Plans	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement and Other Benefit Plans	Retirement and Other Benefit Plans Roper maintains three defined contribution retirement plans under the provisions of Section 401(k) of the IRC covering substantially all U.S. employees. Roper partially matches employee contributions. Costs related to all such plans were $34.1, $30.2 and $24.3 for 2022, 2021 and 2020, respectively. Roper also maintains various defined benefit retirement plans covering employees of non-U.S. and certain U.S. subsidiaries and a plan that supplements certain employees for the contribution ceiling applicable to the Section 401(k) plans. The costs and accumulated benefit obligations associated with each of these plans were not material.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation

The Roper Technologies, Inc. 2021 Incentive Plan (“2021 Plan”) is a stock-based compensation plan used to grant incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights or equivalent instruments to Roper’s employees, officers, directors and consultants. The 2021 Plan was approved by shareholders at the Annual Meeting of Shareholders on June 14, 2021. The 2021 Plan replaces the Roper Technologies, Inc. Amended and Restated 2016 Incentive Plan (“2016 Plan”), and no additional grants will be made from the 2016 Plan. At December 31, 2022, 8.387 shares were available to grant under the 2021 Plan.

Under the Roper Technologies, Inc., Employee Stock Purchase Plan (“ESPP”), employees in the U.S. and Canada are allowed to designate up to 10% of eligible earnings to purchase Roper’s common stock at a 10% discount on the lower of the closing price of the stock on the first and last day of each quarterly offering period. Common stock sold to employees pursuant to the stock purchase plan may be either treasury stock, stock purchased on the open market, or newly issued shares.

Stock-based compensation expense is not allocated to our reportable segments, which are described further in Note 14. Stock based compensation expense for the years ended December 31, 2022, 2021 and 2020 included as a component of “Selling, general and administrative expenses” was as follows:


	2022		2021		2020
Stock-based compensation	$	117.8	$	123.0	$	108.3
Tax benefit recognized in net earnings	18.6		19.8		17.3

Stock Options – Stock options are granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a weighted average period of 3 years from the grant date and expire 10 years after the grant date. The Company recorded $38.1, $40.4, and $34.9 of compensation expense relating to outstanding options during 2022, 2021 and 2020, respectively, as a component of general and administrative expenses at Corporate.

The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods aligns with the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2022, 2021 and 2020 were calculated using the following weighted-average assumptions:


	2022	2021	2020
Weighted-average fair value ($)	116.55	95.17	63.22
Risk-free interest rate (%)	2.19	0.94	0.81
Average expected option life (years)	5.63	5.61	5.64
Expected volatility (%)	24.59	25.14	20.39
Expected dividend yield (%)	0.55	0.56	0.62

The following table summarizes the Company’s activities with respect to its share-based compensation plans for the years ended December 31, 2022 and 2021:


	Number of shares	Weighted-average exercise price per share		Weighted-average contractual term	Aggregate intrinsic value
Outstanding at December 31, 2020	3.366	$	255.32
Granted	0.516	405.20
Exercised	(0.537)	195.07
Canceled	(0.122)	312.97
Outstanding at December 31, 2021	3.223	287.15		6.61	$	659.9
Granted	0.399	452.08
Exercised	(0.460)	239.11
Canceled	(0.177)	359.06
Outstanding at December 31, 2022	2.985	312.34		6.18	$	366.3
Exercisable at December 31, 2022	1.842	$	256.87	4.90	$	322.8

The following table summarizes information for stock options outstanding at December 31, 2022:


	Outstanding options				Exercisable options
Exercise price	Number	Average exercise price		Average remaining life (years)	Number	Average exercise price
$115.22 - $170.66	0.366	$	153.15	2.1	0.366	$	153.15
$170.67 - $267.22	0.326	199.08		4.0	0.324	198.79
$267.23 - $279.28	0.247	273.07		5.5	0.247	273.07
$279.29 - $316.24	0.296	281.55		5.3	0.289	280.89
$316.25 -$324.71	0.435	323.09		7.2	0.209	323.09
$324.72 - $347.81	0.333	327.22		6.2	0.332	327.19
$347.82 - $398.19	0.160	372.19		7.0	0.069	368.53
$398.20 - $413.85	0.425	403.57		8.2	—	—
$413.86 - $491.86	0.397	453.54		9.2	0.006	450.17
$115.22 - $491.86	2.985	$	312.34	6.2	1.842	$	256.87

At December 31, 2022, there was $51.7 of total unrecognized compensation expense related to nonvested options granted under the Company’s share-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.84 years. The total intrinsic value of options exercised in 2022, 2021 and 2020 was $92.7, $138.2 and $155.4, respectively. Cash received from option exercises under all plans in 2022, 2021, and 2020 was $110.0, $104.7, and $105.5 respectively.

Restricted Stock Grants – During 2022 and 2021, the Company granted 0.271 and 0.228 shares, respectively, of restricted stock to certain employee and director participants under its share-based compensation plans. Restricted stock grants generally vest over a period of 1 to 4 years. The Company recorded $77.6, $82.7 and $72.6 of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2022, 2021 and 2020, respectively. A summary of the Company’s nonvested shares activity for 2022 and 2021 is as follows:


	Number of shares	Weighted-average grant date fair value
Nonvested at December 31, 2020	0.601	$	320.36
Granted	0.228	409.36
Vested	(0.294)	308.79
Forfeited	(0.037)	350.53
Nonvested at December 31, 2021	0.498	$	365.79
Granted	0.271	446.42
Vested	(0.272)	360.14
Forfeited	(0.052)	386.06
Nonvested at December 31, 2022	0.445	$	416.00

At December 31, 2022, there was $89.4 of total unrecognized compensation expense related to nonvested awards granted to both employees and directors under the Company’s share-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.7 years.

Employee Stock Purchase Plan – During 2022, 2021 and 2020, participants of the ESPP purchased 0.039, 0.040 and 0.031 shares, respectively, of Roper’s common stock for total consideration of $14.3, $15.1, and $10.5, respectively. All of these shares were purchased from Roper’s treasury shares.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2022
Loss Contingency [Abstract]
Contingencies	Contingencies Roper, in the ordinary course of business, is party to various pending or threatened legal actions, including product liability, intellectual property, data privacy and employment practices that, in general, are of a nature consistent with those over the past several years. After analyzing the Company’s contingent liabilities on a gross basis and, based upon past experience with resolution of such legal claims and the availability and limits of the primary, excess, and umbrella liability insurance coverages with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on Roper’s consolidated financial position, results of operations or cash flows. However, no assurances can be given in this regard. Roper’s subsidiary, Vertafore, Inc., was named in three putative class actions, two in the U.S. District Court for the Southern District of Texas (Allen, et al. v. Vertafore, Inc., Case 4:20-cv-4139, filed December 4, 2020 and Masciotra, et al. v. Vertafore, Inc. (originally filed on December 8, 2020 as Case 1:20-cv-03603 in the U.S. District Court for the District of Colorado and subsequently transferred)), and one in the U.S. District Court for the Northern District of Texas (Mulvey, et al. v. Vertafore, Inc., Case 3:21-cv-00213-E, filed January 31, 2021). In July 2021, the court granted Vertafore’s motion to dismiss the Allen Case. In March 2022, the U.S. Fifth Circuit Court of Appeals affirmed the lower court’s dismissal of the Allen case, and that dismissal was affirmed on appeal, effectively concluding the litigation. In July 2021, the plaintiff in the Masciotra case voluntarily dismissed his action without prejudice. In February 2023, the court granted Vertafore’s motion to dismiss the Mulvey case on similar grounds as the dismissal of the Allen case. Plaintiff has the right to appeal the dismissal of the Mulvey case. Both the Allen and Mulvey cases purported to represent approximately 27.7 million individuals who held Texas driver’s licenses prior to February 2019. In November 2020, Vertafore announced that as a result of human error, three data files were inadvertently stored in an unsecured external storage service that appears to have been accessed without authorization. The files, which included driver information for licenses issued before February 2019, contained Texas driver license numbers, as well as names, dates of birth, addresses and vehicle registration histories. The files did not contain any Social Security numbers or financial account information. These cases sought recovery under the Driver’s Privacy Protection Act, 18 U.S.C. § 2721. Roper’s subsidiary, Verathon, Inc. (“Verathon”), was a defendant in a patent infringement action pending in the United States District Court for the Western District of Washington (Berall v. Verathon, Inc., Case No. 2:2021mc00043). The plaintiff claimed that video laryngoscopes and certain accessories sold by Verathon and other manufacturers from approximately 2004 through 2016 infringed U.S. Patent 5,827,178 (the “‘178 Patent”). In the first quarter of 2023, Verathon and the plaintiff agreed to settle the matter for $45.0 which fully concludes the matter and which is recorded as a component of “Other income (expense), net” within the Consolidated Statements of Earnings for the year ended December 31, 2022. Roper or its subsidiaries have been named defendants along with numerous industrial companies in asbestos-related litigation claims in certain U.S. states. To date, no significant resources have been required by Roper to respond to asbestos claims. In the first quarter of 2022, Roper completed a transaction in which it transferred the remainder of our exposure for asbestos claims to a third party. In connection with this transaction, Roper incurred a one-time charge of $4.1, which is recorded as a component of “Other income (expense), net” within the Consolidated Statements of Earnings for the year ended December 31, 2022. As of December 31, 2022, Roper had $19.0 of letters of credit issued to guarantee its performance under certain services contracts or to support certain insurance programs and $43.0 of outstanding surety bonds. Certain contracts require Roper to provide a surety bond as a guarantee of its performance of contractual obligations.

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

Segment and Geographic Area Information

Segment and Geographic Area Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

As discussed in Note 1, our businesses are now reported in three segments classified based on business model and delivery of performance obligations. The segments are: Application Software, Network Software, and Technology Enabled Products. The three reportable segments (and businesses within each; including changes due to acquisitions since the realignment) are as follows:

–Application Software - Aderant, CBORD/Horizon, CliniSys, Data Innovations, Deltek, Frontline Education, IntelliTrans, PowerPlan, Strata, Vertafore

–Network Software - ConstructConnect, DAT, Foundry, iPipeline, iTradeNetwork, Loadlink, MHA, SHP, SoftWriters

–Technology Enabled Products - CIVCO Medical Solutions, FMI, Inovonics, IPA, Neptune, Northern Digital, rf IDEAS, Verathon

There were no material transactions between Roper’s reportable segments during 2022, 2021 and 2020. Operating profit by reportable segment and by geographic area is defined as net revenues less operating costs and expenses. These costs and expenses do not include unallocated corporate administrative expenses, enterprise-wide stock-based compensation, or non-cash impairments. Items below income from operations on Roper’s Consolidated Statements of Earnings are not allocated to reportable segments.

Operating assets are those assets used primarily in the operations of each reportable segment or geographic area. Corporate assets are principally comprised of cash and cash equivalents, deferred tax assets, recoverable insurance claims, deferred compensation assets and property and equipment.

Selected financial information by reportable segment for 2022, 2021 and 2020 follows:


	Application Software		Network Software		Technology Enabled Products		Corporate		Total
2022
Net revenues	$	2,639.5	$	1,378.5	$	1,353.8	$	—	$	5,371.8
Operating profit	714.0		570.6		449.1		(209.2)		1,524.5
Assets:
Operating assets	624.7		224.7		307.4		7.1		1,163.9
Intangible assets, net	17,758.4		5,118.5		1,099.9		—		23,976.8
Other	340.2		124.2		95.4		1,280.3		1,840.1
Total									26,980.8
Capital expenditures	20.7		8.8		9.2		1.4		40.1
Capitalized software expenditures	28.5		1.7		—		—		30.2
Depreciation and other amortization	455.8		164.2		29.8		0.3		650.1
2021
Net revenues	$	2,366.7	$	1,223.8	$	1,243.3	$	—	$	4,833.8
Operating profit 2	633.1		476.8		415.6		(189.9)		1,335.6
Assets:
Operating assets	576.0		215.5		250.7		15.4		1,057.6
Intangible assets, net	13,498.4		5,364.8		1,122.2		—		19,985.4
Other	205.8		50.4		33.8		498.0		788.0
Total 1									21,831.0
Capital expenditures	18.0		5.0		4.5		1.0		28.5
Capitalized software expenditures	26.3		3.4		—		—		29.7
Depreciation and other amortization	418.7		164.8		32.1		0.3		615.9
2020
Net revenues	$	1,785.8	$	1,069.4	$	1,167.2	$	—	$	4,022.4
Operating profit	467.9		382.7		412.1		(179.8)		1,082.9
Assets:
Operating assets	524.7		196.0		234.1		3.8		958.6
Intangible assets, net	13,837.1		5,428.6		1,143.4		—		20,409.1
Other	173.1		48.4		46.9		444.2		712.6
Total 1									22,080.3
Capital expenditures	12.9		5.8		5.9		0.1		24.7
Capitalized software expenditures	16.3		1.4		—		—		17.7
Depreciation and other amortization	293.2		164.9		33.2		0.3		491.6

1 Total excludes assets held for sale of $1,882.9 and $1,944.5 associated with the 2021 Divestitures and Indicor, as applicable, on December 31, 2021 and 2020, respectively.

2 Operating profit excludes $94.4 of non-cash impairment charges.

Summarized data for Roper’s U.S. and foreign operations (principally in Canada, Europe and Asia) for 2022, 2021 and 2020, based upon the country of origin of the Roper entity making the sale, was as follows:


	United States		Non-U.S.		Eliminations		Total
2022
Sales to unaffiliated customers	$	4,610.2	$	761.6	$	—	$	5,371.8
Sales between geographic areas	55.5		82.2		(137.7)		—
Net revenues	$	4,665.7	$	843.8	$	(137.7)	$	5,371.8
Long-lived assets	$	196.5	$	17.1	$	—	$	213.6
2021
Sales to unaffiliated customers	$	4,105.6	$	728.2	$	—	$	4,833.8
Sales between geographic areas	81.1		81.9		(163.0)		—
Net revenues	$	4,186.7	$	810.1	$	(163.0)	$	4,833.8
Long-lived assets	$	167.3	$	19.8	$	—	$	187.1
2020
Sales to unaffiliated customers	$	3,384.6	$	637.8	$	—	$	4,022.4
Sales between geographic areas	81.6		119.2		(200.8)		—
Net revenues	$	3,466.2	$	757.0	$	(200.8)	$	4,022.4
Long-lived assets	$	156.4	$	21.2	$	—	$	177.6

Export sales from the U.S. during the years ended December 31, 2022, 2021 and 2020 were $191.8, $179.9 and $180.0, respectively. In the year ended December 31, 2022, these exports were shipped primarily to Canada (42%), Europe (26%), Asia (16%) and other (16%).

Sales to customers outside the U.S. accounted for a significant portion of Roper’s revenues. Sales are attributed to geographic areas based upon the location where the product is ultimately delivered. Roper’s net revenues for the years ended December 31, 2022, 2021 and 2020 are shown below by region, except for Canada, which is presented separately:


	Application Software		Network Software		Technology Enabled Products		Total
2022
Canada	$	57.8	$	95.9	$	68.6	$	222.3
Europe	241.2		65.7		117.7		424.6
Asia	4.9		12.2		56.2		73.3
Rest of the world	35.1		7.5		43.7		86.3
Total	$	339.0	$	181.3	$	286.2	$	806.5
2021
Canada	$	51.2	$	85.2	$	61.7	$	198.1
Europe	248.2		59.2		125.3		432.7
Asia	3.7		10.9		49.4		64.0
Rest of the world	37.1		6.5		37.5		81.1
Total	$	340.2	$	161.8	$	273.9	$	775.9
2020
Canada	$	43.4	$	73.6	$	63.7	$	180.7
Europe	205.5		50.7		123.6		379.8
Asia	3.3		10.9		45.6		59.8
Rest of the world	37.7		6.0		45.0		88.7
Total	$	289.9	$	141.2	$	277.9	$	709.0

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Revenue from Contract with Customer [Abstract]

Concentration of Risk	12 Months Ended
Concentration of Risk	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash and cash equivalents, trade receivables and unbilled receivables. The Company maintains cash and cash equivalents with various major financial institutions around the world. The Company limits the amount of credit exposure with any one financial institution and believes that no significant concentration of credit risk exists with respect to cash and cash equivalent balances. Trade and unbilled receivables subject the Company to the potential for credit risk with customers. To reduce credit risk, the Company performs ongoing evaluations of its customers’ financial condition.

Contract Balances

12 Months Ended

Dec. 31, 2022

Contract Balances

Contract balances at December 31 are set forth in the following table:



Balance Sheet Account	2022		2021		Change
Unbilled receivables	$	91.5	$	81.9	$	9.6
Contract liabilities - current	(1,370.7)		(1,106.3)		(264.4)
Deferred revenue - non-current	(111.5)		(69.9)		(41.6)
Net contract assets/(liabilities)	$	(1,390.7)	$	(1,094.3)	$	(296.4)

The change in our net contract assets/(liabilities) from December 31, 2021 to December 31, 2022 was due primarily to net contract liabilities associated with the acquisitions completed during the year ended December 31, 2022, the timing of payments and invoicing relating to Software-as-a-Service (“SaaS”) and post contract support (“PCS”) renewals, partially offset by the increase in unbilled receivables due to the timing of invoicing related to software milestone billings associated with multi-year term license renewals and software implementations.

Revenue recognized during the year ended December 31, 2022 and 2021 that was included in the contract liability balance on December 31, 2021 and 2020 was $1,053.1 and $937.2, respectively. In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue balance outstanding at the beginning of the year until the revenue exceeds that balance.

Impairment losses recognized on our accounts receivable and unbilled receivables were immaterial in the each of years ended December 31, 2022, 2021 and 2020, respectively.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Quarterly Financial Data (unaudited)

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company’s operating leases are primarily for real property in support of our business operations. Although many of our leases contain renewal options, we generally are not reasonably certain to exercise these options at the commencement date. Accordingly, renewal options are generally not included in the lease term for determining the ROU asset and lease liability at commencement. Variable lease payments generally depend on an inflation-based index and such payments are not included in the original estimate of the lease liability. These variable lease payments are not material.

For the years ended December 31, 2022, 2021 and 2020, the Company recognized $48.7, $51.8 and $47.2 in operating lease expense, respectively.

The following table presents the supplemental cash flow information related to the Company’s operating leases for the year ended December 31:


	2022		2021		2020
Operating cash flows used for operating leases	$	48.3	$	51.5	$	48.8
Right-of-use assets obtained in exchange for operating lease obligations	53.9		28.2		49.1

The following table presents the lease balances within the Consolidated Balance Sheet related to the Company’s operating leases as of December 31:


Lease Assets and Liabilities	Balance Sheet Account	2022		2021
ASSETS:
Operating lease ROU assets	Other assets	$	196.1	$	188.1

LIABILITIES:
Current operating lease liabilities	Other accrued liabilities	46.4		41.5
Operating lease liabilities	Other liabilities	164.2		156.9
Total operating lease liabilities		$	210.6	$	198.4

Future minimum lease payments under non-cancellable leases were as follows:


2023	$	50.7
2024	43.8
2025	36.4
2026	29.1
2027	22.9
Thereafter	42.2
Total operating lease payments	225.1
Less: Imputed interest	14.5
Total operating lease liabilities	$	210.6


Weighted average remaining lease term - operating leases (years)			6
Weighted average discount rate (%)			2.4

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Data [Abstract]

The unaudited interim financial information below has been adjusted to incorporate the presentation of discontinued operations. See Note 3 for further information on discontinued operations.


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

2022
Net revenues	$	1,279.8	$	1,310.8	$	1,350.3	$	1,430.9
Gross profit	897.2		911.5		941.8		1,002.3
Income from operations	355.9		362.9		393.2		412.5
Net earnings from continuing operations	236.4		225.0		276.9		247.3
Net earnings from discontinued operations	1,784.1		43.8		50.1		1,681.1
Net earnings	2,020.5		268.8		327.0		1,928.4

Net earnings per share from continuing operations:
Basic	$	2.24	$	2.13	$	2.61	$	2.33
Diluted	$	2.22	$	2.11	$	2.59	$	2.32

Net earnings per share from discontinued operations:
Basic	$	16.89	$	0.41	$	0.47	$	15.85
Diluted	$	16.72	$	0.41	$	0.47	$	15.74

Net earnings per share:
Basic	$	19.13	$	2.54	$	3.08	$	18.18
Diluted	$	18.94	$	2.52	$	3.06	$	18.06

2021
Net revenues	$	1,155.3	$	1,189.8	$	1,232.1	$	1,256.6
Gross profit	816.3		839.2		871.7		880.4
Income from operations	317.6		316.2		346.9		260.5
Net earnings from continuing operations	223.0		204.4		210.8		167.1
Net earnings from discontinued operations	66.0		81.9		78.7		120.7
Net earnings	289.0		286.3		289.5		287.8

Net earnings per share from continuing operations:
Basic	$	2.12	$	1.94	$	2.00	$	1.58
Diluted	$	2.11	$	1.92	$	1.97	$	1.57

Net earnings per share from discontinued operations:
Basic	$	0.63	$	0.78	$	0.75	$	1.15
Diluted	$	0.62	$	0.77	$	0.74	$	1.13

Net earnings per share:
Basic	$	2.75	$	2.72	$	2.75	$	2.73
Diluted	$	2.73	$	2.69	$	2.71	$	2.70

The sum of the four quarters may not agree with the total for the year due to rounding.

Summary of Accounting Policies (Policies)	12 Months Ended
Summary of Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation - These financial statements present consolidated information for Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our” or “us”). All significant intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to current period presentation.
Discontinued Operations	Discontinued Operations - On November 22, 2022, the Company completed the divestiture of a majority 51% equity stake in its industrial businesses, including its entire historical Process Technologies reportable segment and the industrial businesses within its historical Measurement & Analytical Solutions reportable segment, to Clayton, Dubilier & Rice, LLC (“CD&R”). The businesses included in this transaction were Alpha, AMOT, CCC, Cornell, Dynisco, FTI, Hansen, Hardy, Logitech, Metrix, PAC, Roper Pump, Struers, Technolog, Uson, and Viatran (collectively “Indicor”). Following the sale of the majority stake, the Company retained an initial 49% minority equity interest in the new standalone parent company, Indicor, LLC. This transaction is referred to herein as the “Indicor Transaction.” During 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses, (“2021 Divestitures”). As of March 31, 2022, Roper had completed the 2021 Divestitures. The financial results for Indicor and the 2021 Divestitures are presented as discontinued operations for all periods presented. Unless otherwise noted, discussion within these Notes to Consolidated Financial Statements relate to continuing operations. Refer to Note 3 for additional information on discontinued operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements - The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s results of operations, financial position or cash flows. Recently Adopted Accounting Pronouncements In October 2021, the FASB issued an update to improve the accounting for acquired revenue contracts with customers in a business combination by promoting consistency in the recognition of an acquired contract liability and the subsequent revenue recognized by the acquirer. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company early-adopted this update in the fourth quarter of 2021. This update did not have a material impact on the acquisitions completed in 2022 and 2021. The Company adopted ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as of January 1, 2020 using the modified retrospective transition method.
Cash and Cash Equivalents	Cash and Cash Equivalents - Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents.
Contingencies	Contingencies - Management continually assesses the probability of any adverse judgments or outcomes to its potential contingencies. Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. In the assessment of contingencies as of December 31, 2022, management concluded that there were no matters for which there was a reasonable possibility of a material loss.
Earnings per Share	Earnings per Share - Basic earnings per share were calculated using net earnings and the weighted-average number of shares of common stock outstanding during the respective year. Diluted earnings per share were calculated using net earnings and the weighted-average number of shares of common stock and potential common stock associated with stock options outstanding during the respective year.
Estimates	Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Equity Investment	Equity Investment - The Company has an initial 49% minority equity interest in Indicor which provides us with the ability to exercise significant influence, but not control, over the investee. We elected to apply the fair value option as we believe this is the most reasonable method to value the equity investment. Subsequent changes in fair value will be recognized as a discrete non-operating line item in the Consolidated Statements of Operations beginning in the first quarter of 2023. See Note 10 for additional information on this investment.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions - Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at average exchange rates for the period in which those entities were included in Roper’s financial results. Translation adjustments are reflected as a component of other comprehensive income. Foreign currency transaction gains and losses are recorded in the Consolidated Statements of Earnings within “Other income (expense), net.” Foreign currency transaction gains / (losses) were not material in any periods presented.
Goodwill and Other Intangibles	Goodwill and Other Intangibles - Roper accounts for goodwill in a purchase business combination as the excess of the cost over the estimated fair value of net assets acquired. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Goodwill, which is not amortized, is tested for impairment on an annual basis (or an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value). When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, then performance of the quantitative impairment test is required. The quantitative process utilizes both an income approach (discounted cash flows) and a market approach (consisting of a comparable public company earnings multiples methodology) to estimate the fair value of a reporting unit. To determine the reasonableness of the estimated fair values, the Company reviews the assumptions to ensure that neither the income approach nor the market approach provides significantly different valuations. If the estimated fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the estimated fair value, a non-cash impairment loss is recognized in the amount of that excess. When performing the quantitative assessment, key assumptions used in the income and market methodologies are updated when the analysis is performed for each reporting unit. The assumptions that have the most significant effect on the fair value calculations are the projected revenue growth rates, future operating margins, discount rates, terminal values and earnings multiples. While the Company uses reasonable and timely information to prepare its discounted cash flow analysis, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances. As of the annual impairment test, Roper has 21 reporting units with individual goodwill amounts ranging from $17.5 to $3,363.1. In 2022, the Company performed its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying amount. The Company determined that impairment of goodwill was not likely in any of its reporting units and thus was not required to perform a quantitative analysis for these reporting units. Recently acquired reporting units generally represent a higher inherent risk of impairment, which typically decreases as the businesses are integrated into the enterprise. Negative industry or economic trends, disruptions to its business, actual results significantly below expected results, unexpected significant changes or planned changes in the use of the assets, divestitures and market capitalization declines may have a negative effect on the fair value of Roper’s reporting units. The following events or circumstances, although not comprehensive, would be considered to determine whether interim testing of goodwill would be required: •a significant adverse change in legal factors or in the business climate; •an adverse action or assessment by a regulator; •unanticipated competition; •a loss of key personnel; •a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of; •the testing for recoverability of a significant asset group within a reporting unit; and •recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Trade names that are determined to have indefinite useful economic lives are not amortized, but separately tested for impairment during the fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more likely than not below the carrying value. Roper first qualitatively assesses whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of an indefinite-lived trade name is less than its carrying amount. If necessary, Roper conducts a quantitative review using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. To the extent the Company determines a fair value, the inputs used represent a Level 3 fair value measurement in the FASB fair value hierarchy given that the inputs are unobservable. The assumptions that have the most significant effect on the fair value calculations are the royalty rates, projected revenue growth rates, discount rates and terminal values. Each royalty rate is determined based on the profitability of the trade name to which it relates and observed market royalty rates. Revenue growth rates are determined after considering current and future economic conditions, recent sales trends, discussions with customers, planned timing of new product launches or other variables. Trade names resulting from recent acquisitions generally represent the highest risk of impairment, which typically decreases as the businesses are integrated into Roper. During the fourth quarter of 2021, the Company determined the use of the Sunquest trade name would be discontinued given the strategic action to merge the Sunquest business into our CliniSys business, both of which are reported in our Application Software reportable segment. Considering the planned merger and updated market comparisons, the royalty rate utilized in the quantitative impairment assessment of the trade name was 0.5% as compared to a royalty rate of 3.5% used in the prior year. The royalty rate reduction was the significant assumption that resulted in a non-cash impairment charge of $94.4 recognized as a component of “Impairment of intangible assets” within the Consolidated Statements of Earnings. The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management uses to operate the underlying businesses, there is significant judgment in estimating future operating results. Changes in estimates or the application of alternative assumptions could produce significantly different results. The most significant identifiable intangible assets with definite useful economic lives recognized from our acquisitions are customer relationships. The fair value for customer relationships is determined as of the acquisition date using the excess earnings method. Under this methodology the fair value is determined based on the estimated future after-tax cash flows arising from the acquired customer relationships over their estimated lives after considering customer attrition and contributory asset charges. The assumptions that have the most significant effect on the fair value calculations are the customer attrition rates, projected customer revenue growth rates, margins, contributory asset charges and discount rates. When testing customer relationship intangible assets for potential impairment, management considers historical customer attrition rates and projected revenues and profitability related to customers that existed at acquisition. In evaluating the amortizable life for customer relationship intangible assets, management considers historical customer attrition patterns. Roper evaluates whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or of the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision in the remaining amortization period is required.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets - The Company determines whether there has been an impairment of long-lived assets, excluding goodwill and other intangible assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or life of any long-lived assets may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or revision to remaining life is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets’ current carrying value, thereby possibly requiring an impairment charge or acceleration of depreciation or amortization expense in the future.
Income Taxes	Income Taxes - The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense. The Company records a valuation allowance to reduce its deferred tax assets if, based on the weight of available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of such deferred tax assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required includes, but is not limited to, the Company’s estimate of future taxable income and any applicable tax-planning strategies. Certain assets and liabilities have different basis for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the enacted tax rates expected to be paid.
Inventories	Inventories - Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. The Company writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions.
Product Warranties	Product Warranties - The Company sells certain of its products to customers with a product warranty that allows customers to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, repair at no cost to the customer or the issuance of a credit to the customer. The Company accrues its estimated exposure to warranty claims based upon current and historical product sales data, warranty costs incurred and any other related information known to the Company.
Property, Plant and Equipment and Depreciation and Amortization	Property, Plant and Equipment and Depreciation and Amortization - Property, plant and equipment is stated at cost less accumulated depreciation and amortization.
Research, Development and Engineering	Research, Development and Engineering - Research, development and engineering (“R,D&E”) costs include salaries and benefits, rents, supplies, and other costs related to products under development or improvements to existing products. R,D&E costs are expensed as incurred and are included within selling, general and administrative expenses.
Revenue Recognition	Revenue Recognition - The reported results reflect the application of ASC 606 guidance. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to receive in exchange for these products and/or services. To achieve this principle, the Company applies the following five steps: •identify the contract with the customer; •identify the performance obligations in the contract; •determine the transaction price; •allocate the transaction price to performance obligations in the contract; and •recognize revenue when or as the Company satisfies a performance obligation. We recognize revenue over time or at a point in time depending on our evaluation of when the customer obtains control over the promised products or services. For software arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the customer for each promised product or service if it were sold on a standalone basis. Software licenses may be combined with implementation/installation services as a single performance obligation if the implementation/installation significantly modifies or customizes the functionality of the software license. Software and related services •Recurring - consists primarily of SaaS subscriptions and post contract support (“PCS”) which are recognized ratably over the contractual term. •Reoccurring - consists primarily of transactional and volume-based fees which are highly reoccurring and recognized at a point-in-time under a usage-based model. •Non-recurring - consists primarily of perpetual, time-based (“term”) software licenses, or installation/implementation services and associated hardware. Revenues from perpetual and term licenses are generally recognized at a point-in-time. Revenues from software implementation projects are generally recognized over time using the input method, utilizing the ratio of costs or labor hours incurred to total estimated costs or labor, as the measure of performance. Payment for software licenses is generally required within 30 to 60 days of the transfer of control. Payment for PCS is generally required within 30 to 60 days of the commencement of the service period, which is primarily offered to customers over a one-year timeframe. Payment terms do not contain a significant financing component. Payment for implementation/installation services that are recognized over time are typically commensurate with milestones defined in the contract, or billable hours incurred. Products Revenue from product sales is recognized when control transfers to the customer, which is generally when the product is shipped. Non-project-based installation and repair services are performed by certain of our businesses for which revenue is recognized upon completion. Payment terms are generally 30 to 60 days from the transfer of control. Payment terms do not contain a significant financing component. Accounts receivable, net - Accounts receivable, net includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $16.6 and $15.7 at December 31, 2022 and 2021, respectively. We make estimates of expected allowance for doubtful accounts based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, changes to customer creditworthiness and other factors that may affect our ability to collect from customers. Unbilled receivables - Our unbilled receivables include unbilled amounts typically resulting from sales under software milestone billings associated with multi-year term license renewals and software implementations when the input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not solely due to the passage of time. Amounts may not exceed their net realizable value. Deferred revenues - We record deferred revenues when cash payments are received or due in advance of our performance. Our deferred revenues relate primarily to software and related services. In most cases, we recognize these deferred revenues ratably over time as the SaaS or PCS performance obligation is satisfied. The non-current portion of deferred revenue is included in “Other liabilities” in our Consolidated Balance Sheets. Our unbilled receivables and deferred revenues are reported in a net position on a contract-by-contract basis at the end of each reporting period. The net balances are classified as current or non-current based on expected timing of revenue recognition and billable milestones. Deferred commissions - Our incremental direct costs of obtaining a contract, which consist of sales commissions primarily for our software sales, are deferred and amortized on a straight-line basis over the period of contract performance or a longer period, depending on facts and circumstances. We classify deferred commissions as current or non-current based on the expected timing of expense recognition. Where the amortization period would have been one year or less, we expense the associated incremental direct cost as incurred. The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheets.Remaining performance obligations - Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes unexercised contract options.
Capitalized Software	Capitalized Software - The Company accounts for capitalized software under applicable accounting guidance which, among other provisions, requires capitalization of certain internal-use software costs once certain criteria are met. Overhead, general and administrative and training costs are not capitalized.
Stock-Based Compensation	Stock-Based Compensation - The Company recognizes expense for the grant date fair value of its employee stock awards on a straight-line basis (or, in the case of performance-based awards, on a graded basis) over the employee’s requisite service period (generally the vesting period of the award). The fair value of option awards is estimated using the Black-Scholes option valuation model.

Summary of Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Weighted Average Diluted Shares Outstanding

The effects of potential common stock were determined using the treasury stock method:


	Year ended December 31,
	2022	2021	2020
Basic weighted-average shares outstanding	105.9	105.3	104.6
Effect of potential common stock:
Common stock awards	0.9	1.2	1.1
Diluted weighted-average shares outstanding	106.8	106.5	105.7

Schedule of Property, Plant and Equipment

Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows:


Buildings			20-30 years
Machinery			8-12 years
Other equipment and software			3-5 years

The components of property, plant and equipment at December 31 were as follows:


	2022		2021
Land	$	1.0	$	1.0
Buildings	43.0		45.6
Machinery and other equipment	113.2		104.2
Computer equipment	107.5		109.7
Software	71.9		68.0
	336.6		328.5
Accumulated depreciation	(251.3)		(245.8)
	$	85.3	$	82.7

Schedule of Disaggregated Revenue

See details in the table below.


	Year Ended December 31, 2022
	Application Software		Network Software		Technology Enabled Products		Total
Revenue Stream
Software related
Recurring	$	1,946.0	$	981.4	$	12.0	$	2,939.4
Reoccurring	124.2		246.2		—		370.4
Non-recurring	569.3		150.9		1.2		721.4
Total Software Revenues	2,639.5		1,378.5		13.2		4,031.2

Product Revenue	—		—		1,340.6		1,340.6
	$	2,639.5	$	1,378.5	$	1,353.8	$	5,371.8


	Year Ended December 31, 2021
	Application Software		Network Software		Technology Enabled Products		Total
Revenue Stream
Software related
Recurring	$	1,708.0	$	837.5	$	7.8	$	2,553.3
Reoccurring	111.4		249.5		—		360.9
Non-recurring	547.3		136.8		0.8		684.9
Total Software Revenues	2,366.7		1,223.8		8.6		3,599.1

Product Revenue	—		—		1,234.7		1,234.7
	$	2,366.7	$	1,223.8	$	1,243.3	$	4,833.8


	Year Ended December 31, 2020
	Application Software		Network Software		Technology Enabled Products		Total
Revenue Stream
Software related
Recurring	$	1,251.5	$	707.4	$	5.8	$	1,964.7
Reoccurring	64.8		235.5		—		300.3
Non-recurring	469.5		126.5		0.6		596.6
Total Software Revenues	1,785.8		1,069.4		6.4		2,861.6

Product Revenue	—		—		1,160.8		1,160.8
	$	1,785.8	$	1,069.4	$	1,167.2	$	4,022.4

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations


	December 31, 2021 (1)
Accounts receivable, net	$	74.7
Inventories, net	47.8
Unbilled receivables	158.2
Goodwill	405.5
Other intangible assets, net	31.0
Other current assets	71.4
Current assets held for sale	$	788.6






Accounts payable	$	40.3
Accrued compensation	27.0
Deferred taxes	29.5
Other current liabilities	62.3
Current liabilities held for sale	$	159.1

(1) All assets and liabilities held for sale were classified as current as it was probable that the sale of TransCore and Zetec would be completed within one year from the balance sheet date.

The following table summarizes the major classes of revenue and expenses constituting net earnings from discontinued operations attributable to the TransCore, Zetec and CIVCO Radiotherapy businesses:


	Year ended December 31,
	2022		2021		2020
Net revenues	$	100.4	$	638.0	$	672.9
Cost of sales	71.2		372.9		400.7
Gross profit	29.2		265.1		272.2

Selling, general and administrative expenses (1)	19.9		124.0		114.6
Income from operations	9.3		141.1		157.6

Other income, net	0.1		1.5		0.3

Earnings before income taxes (2)	9.4		142.6		157.9

Income taxes	(6.2)		28.5		33.7

Earnings from discontinued operations, net of tax	15.6		114.1		124.2

Gain on disposition of discontinued operations, net of tax (3)	1,717.5		55.9		—

Net earnings from discontinued operations	$	1,733.1	$	170.0	$	124.2

(3) In connection with the 2021 Divestitures, we recognized $4.5 and $0.9 associated with accelerated vesting of share-based awards for the years ended December 31, 2022 and 2021, respectively.

The following table summarizes the major classes of assets and liabilities related to the discontinued operations of Indicor, as reported in the Consolidated Balance Sheets:


	December 31, 2021
Accounts receivable, net	$	151.8
Inventories, net	106.9




Other current assets	30.7
Current assets held for sale	$	289.4


Goodwill	618.2
Other intangible assets, net	79.4
Deferred taxes	51.1

Other assets	56.2
Assets held for sale	$	804.9

Accounts payable	$	52.5
Accrued compensation	47.9
Deferred revenue	23.9

Income taxes payable	14.7

Other current liabilities	42.0
Current liabilities held for sale	$	181.0

Deferred taxes	$	13.3
Noncurrent operating lease liabilities	24.1
Other liabilities	12.0
Liabilities held for sale	$	49.4

The following table summarizes the major classes of revenue and expenses constituting net earnings from discontinued operations attributable to Indicor:


	Year ended December 31,
	2022		2021		2020
Net revenues	$	916.1	$	944.0	$	831.8
Cost of sales	432.1		434.2		389.3
Gross profit	484.0		509.8		442.5

Selling, general and administrative expenses(1)	250.5		265.7		251.9
Impairment of intangible assets	—		5.1		—
Income from operations	233.5		239.0		190.6

Other income (expense), net	(0.7)		0.1		(0.5)

Earnings before income taxes (2)	232.8		239.1		190.1

Income taxes	45.6		61.8		38.4

Earnings from discontinued operations, net of tax	187.2		177.3		151.7

Gain on disposition of discontinued operations, net of tax	1,638.8		—		—

Net earnings from discontinued operations	$	1,826.0	$	177.3	$	151.7

(2) Includes depreciation and amortization of $6.4, $18.2 and $21.3 for the years ended December 31, 2022, 2021, and 2020, respectively.

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Property, Plant and Equipment [Abstract]

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

The components of inventories at December 31 were as follows:


	2022		2021
Raw materials and supplies	$	60.6	$	36.4
Work in process	24.9		19.1
Finished products	31.3		18.4
Inventory reserves	(5.5)		(4.7)
	$	111.3	$	69.2

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Property, Plant and Equipment

Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows:


Buildings			20-30 years
Machinery			8-12 years
Other equipment and software			3-5 years

The components of property, plant and equipment at December 31 were as follows:


	2022		2021
Land	$	1.0	$	1.0
Buildings	43.0		45.6
Machinery and other equipment	113.2		104.2
Computer equipment	107.5		109.7
Software	71.9		68.0
	336.6		328.5
Accumulated depreciation	(251.3)		(245.8)
	$	85.3	$	82.7

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying value of goodwill by segment was as follows:


	Application Software		Network Software		Technology Enabled Products		Total
Balances at December 31, 2020	$	8,802.3	$	3,604.5	$	931.6	$	13,338.4
Goodwill acquired	85.9		52.9		—		138.8
Currency translation adjustments	(5.8)		(3.0)		0.1		(8.7)
Reclassifications and other	6.9		0.9		—		7.8
Balances at December 31, 2021	$	8,889.3	$	3,655.3	$	931.7	$	13,476.3
Goodwill acquired	2,559.1		—		—		2,559.1
Currency translation adjustments	(32.1)		(56.3)		(1.4)		(89.8)
Reclassifications and other	1.2		(0.7)		—		0.5
Balances at December 31, 2022	$	11,417.5	$	3,598.3	$	930.3	$	15,946.1

Schedule of Other Intangible Assets - Subject to Amortization

Other intangible assets were comprised of:


	Cost		Accumulated amortization		Net book value
Assets subject to amortization:
Customer related intangibles	$	7,379.6	$	(1,989.8)	$	5,389.8
Unpatented technology	886.4		(414.6)		471.8
Software	149.5		(122.4)		27.1
Patents and other protective rights	8.5		(1.0)		7.5
Trade names	12.1		(5.6)		6.5
Assets not subject to amortization:
Trade names	606.4		—		606.4
Balances at December 31, 2021	$	9,042.5	$	(2,533.4)	$	6,509.1

Assets subject to amortization:
Customer related intangibles	$	9,300.7	$	(2,437.7)	$	6,863.0
Unpatented technology	954.6		(506.9)		447.7
Software	149.0		(134.0)		15.0
Patents and other protective rights	10.3		(1.2)		9.1
Trade names	9.7		(3.1)		6.6
Assets not subject to amortization:
Trade names	689.3		—		689.3
Balances at December 31, 2022	$	11,113.6	$	(3,082.9)	$	8,030.7

Schedule of Other Intangible Assets - Not Subject to Amortization

Other intangible assets were comprised of:


	Cost		Accumulated amortization		Net book value
Assets subject to amortization:
Customer related intangibles	$	7,379.6	$	(1,989.8)	$	5,389.8
Unpatented technology	886.4		(414.6)		471.8
Software	149.5		(122.4)		27.1
Patents and other protective rights	8.5		(1.0)		7.5
Trade names	12.1		(5.6)		6.5
Assets not subject to amortization:
Trade names	606.4		—		606.4
Balances at December 31, 2021	$	9,042.5	$	(2,533.4)	$	6,509.1

Assets subject to amortization:
Customer related intangibles	$	9,300.7	$	(2,437.7)	$	6,863.0
Unpatented technology	954.6		(506.9)		447.7
Software	149.0		(134.0)		15.0
Patents and other protective rights	10.3		(1.2)		9.1
Trade names	9.7		(3.1)		6.6
Assets not subject to amortization:
Trade names	689.3		—		689.3
Balances at December 31, 2022	$	11,113.6	$	(3,082.9)	$	8,030.7

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Schedule of Accrued Liabilities

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Liabilities [Abstract]

Accrued liabilities at December 31 were as follows:


	2022		2021
Interest	$	40.2	$	42.6
Customer deposits	48.9		46.5
Accrued dividend	74.0		66.8
Rebates	51.5		62.5
Operating lease liability	46.4		41.5
Sales and other taxes payable	22.9		25.0
Patent litigation accrual (1)	45.0		—
Other	125.7		113.8
	$	454.6	$	398.7

(1) Refer to Note 13 for details regarding the Berall v. Verathon patent litigation matter.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes

Earnings before income taxes for the years ended December 31, 2022, 2021 and 2020 consisted of the following components:


	2022		2021		2020
United States	$	1,026.4	$	814.7	$	676.2
Other	255.6		217.2		185.1
	$	1,282.0	$	1,031.9	$	861.3

Schedule of Components of Income Tax Expense (Benefit)

Components of income tax expense for the years ended December 31, 2022, 2021 and 2020 were as follows:


	2022		2021		2020
Current:
Federal	$	322.9	$	110.2	$	142.9
State	80.8		50.8		48.0
Foreign	65.9		59.9		54.6
Deferred:
Federal	(136.9)		27.5		(32.2)
State	(31.1)		(27.2)		(26.8)
Foreign	(5.2)		5.4		1.0
	$	296.4	$	226.6	$	187.5

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2022, 2021 and 2020 were as follows:


	2022		2021		2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
Foreign operations, net	0.8		2.5		2.1
R&D tax credits	(3.0)		(2.1)		(1.6)
State taxes, net of federal benefit	3.7		2.8		3.3
Stock-based compensation	(1.0)		(2.4)		(3.3)
Impact of UK tax rate change	—		2.0		—

Legal entity restructuring	0.8		(1.4)		—
Other, net	0.8		(0.4)		0.3
	23.1	%	22.0	%	21.8	%

Schedule of Deferred Tax Assets and Liabilities

Components of the deferred tax assets and liabilities at December 31 were as follows:


	2022		2021
Deferred tax assets:
Reserves and accrued expenses	$	192.4	$	179.6
Net operating loss carryforwards	84.6		51.0
R&D credits	8.9		12.5
Capitalized R&D expenditures	97.8		—
Interest expense limitation carryforwards	41.1		10.9
Outside basis differences on assets held for sale	—		57.4
Lease liability	50.1		46.2

Valuation allowance	(37.1)		(31.9)
Total deferred tax assets	$	437.8	$	325.7
Deferred tax liabilities:
Reserves and accrued expenses	$	12.0	$	17.3
Amortizable intangible assets	1,818.7		1,656.2

Accrued tax on unremitted foreign earnings	5.8		24.7
ROU asset	48.0		43.7
Outside basis difference in Indicor	174.2		—
Total deferred tax liabilities	$	2,058.7	$	1,741.9

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2022		2021		2020
Beginning balance	$	40.5	$	63.5	$	57.6
Additions for tax positions of prior periods	—		2.2		6.0
Additions for tax positions of the current period	2.3		3.3		3.5
Additions due to acquisitions	—		1.0		6.2
Reductions for tax positions of prior periods	(11.2)		(0.5)		(3.6)
Reductions attributable to lapses of applicable statute of limitations	(2.6)		(4.6)		(6.2)
Reductions attributable to settlements with taxing authorities	—		(24.4)		—
Ending balance	$	29.0	$	40.5	$	63.5

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Total debt at December 31 consisted of the following:


	2022		2021
Unsecured credit facility	$	—	$	470.0
$500 3.125% senior notes due 2022	—		500.0
$300 0.450% senior notes due 2022	—		300.0
$700 3.650% senior notes due 2023	700.0		700.0
$500 2.350% senior notes due 2024	500.0		500.0
$300 3.850% senior notes due 2025	300.0		300.0
$700 1.000% senior notes due 2025	700.0		700.0
$700 3.800% senior notes due 2026	700.0		700.0
$700 1.400% senior notes due 2027	700.0		700.0
$800 4.200% senior notes due 2028	800.0		800.0
$700 2.950% senior notes due 2029	700.0		700.0
$600 2.000% senior notes due 2030	600.0		600.0
$1,000 1.750% senior notes due 2031	1,000.0		1,000.0
Other	0.3		0.3
Less unamortized debt issuance costs	(38.6)		(48.5)
Total debt	6,661.7		7,921.8
Less current portion	(699.2)		(799.2)
Long-term debt	$	5,962.5	$	7,122.6

Schedule of Future Maturities of Long-Term Debt

Future maturities of total debt during each of the next five years ending December 31 and thereafter are as follows:


2023	$	700.2
2024	500.1
2025	1,000.0
2026	700.0
2027	700.0
Thereafter	3,100.0
Total	$	6,700.3

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Schedule of Fair Value of Debt

Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Roper’s debt at December 31, 2022 included $6,700.0 of fixed-rate senior notes with the following fair values:


$700 3.650% senior notes due 2023			692
$500 2.350% senior notes due 2024			478
$300 3.850% senior notes due 2025			291
$700 1.000% senior notes due 2025			629
$700 3.800% senior notes due 2026			670
$700 1.400% senior notes due 2027			594
$800 4.200% senior notes due 2028			772
$700 2.950% senior notes due 2029			608
$600 2.000% senior notes due 2030			481
$1,000 1.750% senior notes due 2031			770

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock based compensation expense for the years ended December 31, 2022, 2021 and 2020 included as a component of “Selling, general and administrative expenses” was as follows:


	2022		2021		2020
Stock-based compensation	$	117.8	$	123.0	$	108.3
Tax benefit recognized in net earnings	18.6		19.8		17.3

Schedule of Weighted-Average Assumptions of Stock-Based Compensation

The weighted-average fair value of options granted in 2022, 2021 and 2020 were calculated using the following weighted-average assumptions:


	2022	2021	2020
Weighted-average fair value ($)	116.55	95.17	63.22
Risk-free interest rate (%)	2.19	0.94	0.81
Average expected option life (years)	5.63	5.61	5.64
Expected volatility (%)	24.59	25.14	20.39
Expected dividend yield (%)	0.55	0.56	0.62

Schedule of Share-Based Compensation Activity

The following table summarizes the Company’s activities with respect to its share-based compensation plans for the years ended December 31, 2022 and 2021:


	Number of shares	Weighted-average exercise price per share		Weighted-average contractual term	Aggregate intrinsic value
Outstanding at December 31, 2020	3.366	$	255.32
Granted	0.516	405.20
Exercised	(0.537)	195.07
Canceled	(0.122)	312.97
Outstanding at December 31, 2021	3.223	287.15		6.61	$	659.9
Granted	0.399	452.08
Exercised	(0.460)	239.11
Canceled	(0.177)	359.06
Outstanding at December 31, 2022	2.985	312.34		6.18	$	366.3
Exercisable at December 31, 2022	1.842	$	256.87	4.90	$	322.8

Schedule of Stock-Based Compensation by Exercise Price Range

The following table summarizes information for stock options outstanding at December 31, 2022:


	Outstanding options				Exercisable options
Exercise price	Number	Average exercise price		Average remaining life (years)	Number	Average exercise price
$115.22 - $170.66	0.366	$	153.15	2.1	0.366	$	153.15
$170.67 - $267.22	0.326	199.08		4.0	0.324	198.79
$267.23 - $279.28	0.247	273.07		5.5	0.247	273.07
$279.29 - $316.24	0.296	281.55		5.3	0.289	280.89
$316.25 -$324.71	0.435	323.09		7.2	0.209	323.09
$324.72 - $347.81	0.333	327.22		6.2	0.332	327.19
$347.82 - $398.19	0.160	372.19		7.0	0.069	368.53
$398.20 - $413.85	0.425	403.57		8.2	—	—
$413.86 - $491.86	0.397	453.54		9.2	0.006	450.17
$115.22 - $491.86	2.985	$	312.34	6.2	1.842	$	256.87

Schedule of Nonvested Restricted Stock Awards Activity

A summary of the Company’s nonvested shares activity for 2022 and 2021 is as follows:


	Number of shares	Weighted-average grant date fair value
Nonvested at December 31, 2020	0.601	$	320.36
Granted	0.228	409.36
Vested	(0.294)	308.79
Forfeited	(0.037)	350.53
Nonvested at December 31, 2021	0.498	$	365.79
Granted	0.271	446.42
Vested	(0.272)	360.14
Forfeited	(0.052)	386.06
Nonvested at December 31, 2022	0.445	$	416.00

Segment and Geographic Area Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Selected financial information by reportable segment for 2022, 2021 and 2020 follows:


	Application Software		Network Software		Technology Enabled Products		Corporate		Total
2022
Net revenues	$	2,639.5	$	1,378.5	$	1,353.8	$	—	$	5,371.8
Operating profit	714.0		570.6		449.1		(209.2)		1,524.5
Assets:
Operating assets	624.7		224.7		307.4		7.1		1,163.9
Intangible assets, net	17,758.4		5,118.5		1,099.9		—		23,976.8
Other	340.2		124.2		95.4		1,280.3		1,840.1
Total									26,980.8
Capital expenditures	20.7		8.8		9.2		1.4		40.1
Capitalized software expenditures	28.5		1.7		—		—		30.2
Depreciation and other amortization	455.8		164.2		29.8		0.3		650.1
2021
Net revenues	$	2,366.7	$	1,223.8	$	1,243.3	$	—	$	4,833.8
Operating profit 2	633.1		476.8		415.6		(189.9)		1,335.6
Assets:
Operating assets	576.0		215.5		250.7		15.4		1,057.6
Intangible assets, net	13,498.4		5,364.8		1,122.2		—		19,985.4
Other	205.8		50.4		33.8		498.0		788.0
Total 1									21,831.0
Capital expenditures	18.0		5.0		4.5		1.0		28.5
Capitalized software expenditures	26.3		3.4		—		—		29.7
Depreciation and other amortization	418.7		164.8		32.1		0.3		615.9
2020
Net revenues	$	1,785.8	$	1,069.4	$	1,167.2	$	—	$	4,022.4
Operating profit	467.9		382.7		412.1		(179.8)		1,082.9
Assets:
Operating assets	524.7		196.0		234.1		3.8		958.6
Intangible assets, net	13,837.1		5,428.6		1,143.4		—		20,409.1
Other	173.1		48.4		46.9		444.2		712.6
Total 1									22,080.3
Capital expenditures	12.9		5.8		5.9		0.1		24.7
Capitalized software expenditures	16.3		1.4		—		—		17.7
Depreciation and other amortization	293.2		164.9		33.2		0.3		491.6

1 Total excludes assets held for sale of $1,882.9 and $1,944.5 associated with the 2021 Divestitures and Indicor, as applicable, on December 31, 2021 and 2020, respectively.

2 Operating profit excludes $94.4 of non-cash impairment charges.

Schedule of Sales and Long-Lived Assets by Country of Origin


	United States		Non-U.S.		Eliminations		Total
2022
Sales to unaffiliated customers	$	4,610.2	$	761.6	$	—	$	5,371.8
Sales between geographic areas	55.5		82.2		(137.7)		—
Net revenues	$	4,665.7	$	843.8	$	(137.7)	$	5,371.8
Long-lived assets	$	196.5	$	17.1	$	—	$	213.6
2021
Sales to unaffiliated customers	$	4,105.6	$	728.2	$	—	$	4,833.8
Sales between geographic areas	81.1		81.9		(163.0)		—
Net revenues	$	4,186.7	$	810.1	$	(163.0)	$	4,833.8
Long-lived assets	$	167.3	$	19.8	$	—	$	187.1
2020
Sales to unaffiliated customers	$	3,384.6	$	637.8	$	—	$	4,022.4
Sales between geographic areas	81.6		119.2		(200.8)		—
Net revenues	$	3,466.2	$	757.0	$	(200.8)	$	4,022.4
Long-lived assets	$	156.4	$	21.2	$	—	$	177.6

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area

Roper’s net revenues for the years ended December 31, 2022, 2021 and 2020 are shown below by region, except for Canada, which is presented separately:


	Application Software		Network Software		Technology Enabled Products		Total
2022
Canada	$	57.8	$	95.9	$	68.6	$	222.3
Europe	241.2		65.7		117.7		424.6
Asia	4.9		12.2		56.2		73.3
Rest of the world	35.1		7.5		43.7		86.3
Total	$	339.0	$	181.3	$	286.2	$	806.5
2021
Canada	$	51.2	$	85.2	$	61.7	$	198.1
Europe	248.2		59.2		125.3		432.7
Asia	3.7		10.9		49.4		64.0
Rest of the world	37.1		6.5		37.5		81.1
Total	$	340.2	$	161.8	$	273.9	$	775.9
2020
Canada	$	43.4	$	73.6	$	63.7	$	180.7
Europe	205.5		50.7		123.6		379.8
Asia	3.3		10.9		45.6		59.8
Rest of the world	37.7		6.0		45.0		88.7
Total	$	289.9	$	141.2	$	277.9	$	709.0

Contract Balances (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

Contract balances at December 31 are set forth in the following table:



Balance Sheet Account	2022		2021		Change
Unbilled receivables	$	91.5	$	81.9	$	9.6
Contract liabilities - current	(1,370.7)		(1,106.3)		(264.4)
Deferred revenue - non-current	(111.5)		(69.9)		(41.6)
Net contract assets/(liabilities)	$	(1,390.7)	$	(1,094.3)	$	(296.4)

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Supplemental Cash Flow and Other Information

The following table presents the supplemental cash flow information related to the Company’s operating leases for the year ended December 31:


	2022		2021		2020
Operating cash flows used for operating leases	$	48.3	$	51.5	$	48.8
Right-of-use assets obtained in exchange for operating lease obligations	53.9		28.2		49.1


Weighted average remaining lease term - operating leases (years)			6
Weighted average discount rate (%)			2.4

Schedule of Lease Balances Within Balance Sheet

The following table presents the lease balances within the Consolidated Balance Sheet related to the Company’s operating leases as of December 31:


Lease Assets and Liabilities	Balance Sheet Account	2022		2021
ASSETS:
Operating lease ROU assets	Other assets	$	196.1	$	188.1

LIABILITIES:
Current operating lease liabilities	Other accrued liabilities	46.4		41.5
Operating lease liabilities	Other liabilities	164.2		156.9
Total operating lease liabilities		$	210.6	$	198.4

Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases were as follows:


2023	$	50.7
2024	43.8
2025	36.4
2026	29.1
2027	22.9
Thereafter	42.2
Total operating lease payments	225.1
Less: Imputed interest	14.5
Total operating lease liabilities	$	210.6

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Data


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

2022
Net revenues	$	1,279.8	$	1,310.8	$	1,350.3	$	1,430.9
Gross profit	897.2		911.5		941.8		1,002.3
Income from operations	355.9		362.9		393.2		412.5
Net earnings from continuing operations	236.4		225.0		276.9		247.3
Net earnings from discontinued operations	1,784.1		43.8		50.1		1,681.1
Net earnings	2,020.5		268.8		327.0		1,928.4

Net earnings per share from continuing operations:
Basic	$	2.24	$	2.13	$	2.61	$	2.33
Diluted	$	2.22	$	2.11	$	2.59	$	2.32

Net earnings per share from discontinued operations:
Basic	$	16.89	$	0.41	$	0.47	$	15.85
Diluted	$	16.72	$	0.41	$	0.47	$	15.74

Net earnings per share:
Basic	$	19.13	$	2.54	$	3.08	$	18.18
Diluted	$	18.94	$	2.52	$	3.06	$	18.06

2021
Net revenues	$	1,155.3	$	1,189.8	$	1,232.1	$	1,256.6
Gross profit	816.3		839.2		871.7		880.4
Income from operations	317.6		316.2		346.9		260.5
Net earnings from continuing operations	223.0		204.4		210.8		167.1
Net earnings from discontinued operations	66.0		81.9		78.7		120.7
Net earnings	289.0		286.3		289.5		287.8

Net earnings per share from continuing operations:
Basic	$	2.12	$	1.94	$	2.00	$	1.58
Diluted	$	2.11	$	1.92	$	1.97	$	1.57

Net earnings per share from discontinued operations:
Basic	$	0.63	$	0.78	$	0.75	$	1.15
Diluted	$	0.62	$	0.77	$	0.74	$	1.13

Net earnings per share:
Basic	$	2.75	$	2.72	$	2.75	$	2.73
Diluted	$	2.73	$	2.69	$	2.71	$	2.70

Summary of Accounting Policies - Narrative (Details) shares in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) reporting_unit shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Nov. 22, 2022	Dec. 30, 2021 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summary Of Accounting Policies [Line Items]
Decrease to retained earnings	$ (11,563,800,000)	$ (16,037,800,000)	$ (11,563,800,000)	$ (10,479,800,000)				$ (9,491,900,000)
Cash equivalents	0	$ 432,900,000	$ 0
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares		834	521	208
Number of reporting units \| reporting_unit		21
Goodwill	13,476,300,000	$ 15,946,100,000	$ 13,476,300,000	$ 13,338,400,000		$ 138,800,000
Loss from impairment		0	94,400,000	0
Research and development expense		529,800,000	484,800,000	382,400,000
Allowance for doubtful accounts receivable and sales returns and allowances net current	15,700,000	16,600,000	15,700,000
Deferred commission, non-current	32,500,000	33,100,000	32,500,000
Deferred commission, current	24,200,000	31,700,000	24,200,000
Deferred commissions expense		30,700,000	27,200,000	30,100,000
Remaining performance obligations		4,214,000,000
Capitalized computer software, net	65,900,000	$ 83,900,000	65,900,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Summary Of Accounting Policies [Line Items]
Remaining performance obligations, percentage (as a percent)		69.00%
Remaining performance obligations, expected timing of revenue recognition		12 months
Software licenses
Summary Of Accounting Policies [Line Items]
Subscription term (in years)		1 year
Trade names
Summary Of Accounting Policies [Line Items]
Loss from impairment	$ 94,400,000
Royalty rate
Summary Of Accounting Policies [Line Items]
Intangible assets measurement input	0.005
Intangible assets measurement input increase (decrease)	0.035
Minimum
Summary Of Accounting Policies [Line Items]
Goodwill		$ 17,500,000,000
Minimum \| Software licenses
Summary Of Accounting Policies [Line Items]
Number of days for payment (in days)		30 days
Minimum \| PCS
Summary Of Accounting Policies [Line Items]
Number of days for payment (in days)		30 days
Minimum \| Engineered products
Summary Of Accounting Policies [Line Items]
Number of days for payment (in days)		30 days
Maximum
Summary Of Accounting Policies [Line Items]
Goodwill		$ 3,363,100,000,000
Maximum \| Software licenses
Summary Of Accounting Policies [Line Items]
Number of days for payment (in days)		60 days
Maximum \| PCS
Summary Of Accounting Policies [Line Items]
Number of days for payment (in days)		60 days
Maximum \| Engineered products
Summary Of Accounting Policies [Line Items]
Number of days for payment (in days)		60 days
Indicor
Summary Of Accounting Policies [Line Items]
Equity method investment, ownership percentage		49.00%
Retained earnings
Summary Of Accounting Policies [Line Items]
Decrease to retained earnings	$ (9,455,600,000)	$ (13,730,700,000)	$ (9,455,600,000)	$ (8,546,200,000)				(7,818,000,000)
Cumulative Effect, Period of Adoption, Adjustment
Summary Of Accounting Policies [Line Items]
Decrease to retained earnings								1,700,000
Cumulative Effect, Period of Adoption, Adjustment \| Retained earnings
Summary Of Accounting Policies [Line Items]
Decrease to retained earnings							$ 1,700,000	$ 1,700,000
Held-for-sale or Disposed of by Sale \| Industrial Businesses
Summary Of Accounting Policies [Line Items]
Ownership interest divested, percent					51.00%
Retaining minority interest		49.00%

Summary of Accounting Policies - Schedule of Weighted Average Diluted Shares Outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Basic weighted-average shares outstanding (in shares)	105.9	105.3	104.6
Effect of potential common stock:
Common stock awards (in shares)	0.9	1.2	1.1
Diluted weighted-average shares outstanding (in shares)	106.8	106.5	105.7

Summary of Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	20 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	30 years
Machinery \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	8 years
Machinery \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	12 years
Other equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Other equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

Summary of Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,430.9	$ 1,350.3	$ 1,310.8	$ 1,279.8	$ 1,256.6	$ 1,232.1	$ 1,189.8	$ 1,155.3	$ 5,371.8	$ 4,833.8	$ 4,022.4
Application Software
Disaggregation of Revenue [Line Items]
Net revenues									2,639.5	2,366.7	1,785.8
Network Software
Disaggregation of Revenue [Line Items]
Net revenues									1,378.5	1,223.8	1,069.4
Technology Enabled Products
Disaggregation of Revenue [Line Items]
Net revenues									1,353.8	1,243.3	1,167.2
Software related
Disaggregation of Revenue [Line Items]
Net revenues									4,031.2	3,599.1	2,861.6
Software related \| Application Software
Disaggregation of Revenue [Line Items]
Net revenues									2,639.5	2,366.7	1,785.8
Software related \| Network Software
Disaggregation of Revenue [Line Items]
Net revenues									1,378.5	1,223.8	1,069.4
Software related \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Net revenues									13.2	8.6	6.4
Recurring
Disaggregation of Revenue [Line Items]
Net revenues									2,939.4	2,553.3	1,964.7
Recurring \| Application Software
Disaggregation of Revenue [Line Items]
Net revenues									1,946.0	1,708.0	1,251.5
Recurring \| Network Software
Disaggregation of Revenue [Line Items]
Net revenues									981.4	837.5	707.4
Recurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Net revenues									12.0	7.8	5.8
Reoccurring
Disaggregation of Revenue [Line Items]
Net revenues									370.4	360.9	300.3
Reoccurring \| Application Software
Disaggregation of Revenue [Line Items]
Net revenues									124.2	111.4	64.8
Reoccurring \| Network Software
Disaggregation of Revenue [Line Items]
Net revenues									246.2	249.5	235.5
Reoccurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Net revenues									0.0	0.0	0.0
Non-recurring
Disaggregation of Revenue [Line Items]
Net revenues									721.4	684.9	596.6
Non-recurring \| Application Software
Disaggregation of Revenue [Line Items]
Net revenues									569.3	547.3	469.5
Non-recurring \| Network Software
Disaggregation of Revenue [Line Items]
Net revenues									150.9	136.8	126.5
Non-recurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Net revenues									1.2	0.8	0.6
Product Revenue
Disaggregation of Revenue [Line Items]
Net revenues									1,340.6	1,234.7	1,160.8
Product Revenue \| Application Software
Disaggregation of Revenue [Line Items]
Net revenues									0.0	0.0	0.0
Product Revenue \| Network Software
Disaggregation of Revenue [Line Items]
Net revenues									0.0	0.0	0.0
Product Revenue \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Net revenues									$ 1,340.6	$ 1,234.7	$ 1,160.8

Business Acquisitions and Dispositions (Details) $ in Millions					3 Months Ended	4 Months Ended	9 Months Ended	12 Months Ended
	Oct. 04, 2022 USD ($)	Dec. 30, 2021 USD ($) acquisition	Mar. 17, 2021 USD ($)	Sep. 03, 2020 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2021 acquisition	Dec. 31, 2022 USD ($) acquisition	Dec. 31, 2021 USD ($) acquisition	Dec. 31, 2020 USD ($) acquisition
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition		7					4	7	7
Goodwill		$ 138.8				$ 13,338.4		$ 15,946.1	$ 13,476.3	$ 13,338.4
Other identifiable intangibles		104.9
Sedaru, Inc
Business Acquisition [Line Items]
Proceeds from sale of equity method investments			$ 27.1
Equity method investment, realized gain (loss) on disposal			27.1
Sedaru, Inc \| Disposal group, disposed of by sale, not discontinued operations \| Gatan
Business Acquisition [Line Items]
Income tax expense in connection with sale			$ 5.5
Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles		$ 94.6
Weighted average useful life of finite-lived intangible assets (in years)		12 years 10 months 24 days
Technology
Business Acquisition [Line Items]
Other identifiable intangibles		$ 10.3
Weighted average useful life of finite-lived intangible assets (in years)		5 years 3 months 18 days
Frontline Technologies Parent LLC
Business Acquisition [Line Items]
Aggregate purchase price	$ 3,738.0
Enterprise value, adjusted for cash and the settlement of liabilities, net of tax benefit								3,725.0
Business combination, consideration tax benefit	$ 350.0
Business combination, consideration tax benefit utilized over period	15 years
Goodwill								2,197.6
Other identifiable intangibles								1,918.6
Amortizable intangible assets								1,835.6
Deferred tax assets (liabilities), net								258.0
Deferred tax liabilities								181.0
Goodwill, expected tax deductible amount								1,100.0
Frontline Technologies Parent LLC \| Trade names
Business Acquisition [Line Items]
Other identifiable intangibles								83.0
Frontline Technologies Parent LLC \| Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles								$ 1,757.0
Weighted average useful life of finite-lived intangible assets (in years)								20 years
Frontline Technologies Parent LLC \| Technology
Business Acquisition [Line Items]
Other identifiable intangibles								$ 78.6
Weighted average useful life of finite-lived intangible assets (in years)								5 years
Other acquisitions
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition								6		5
Aggregate purchase price									225.9
Goodwill						303.9				$ 303.9
Deferred tax liabilities						612.8		$ 578.8		612.8
Other acquisitions \| Trade names
Business Acquisition [Line Items]
Other identifiable intangibles						313.0				313.0
Other acquisitions \| Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles						283.7				$ 283.7
Weighted average useful life of finite-lived intangible assets (in years)										16 years
Other acquisitions \| Technology
Business Acquisition [Line Items]
Other identifiable intangibles						29.3				$ 29.3
Weighted average useful life of finite-lived intangible assets (in years)										5 years
T I P Technologies Inc And Common Sense Solutions Inc
Business Acquisition [Line Items]
Goodwill					$ 361.5
Other identifiable intangibles					239.3
T I P Technologies Inc And Common Sense Solutions Inc \| Trade names
Business Acquisition [Line Items]
Other identifiable intangibles					9.5
T I P Technologies Inc And Common Sense Solutions Inc \| Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles					$ 223.4
Weighted average useful life of finite-lived intangible assets (in years)					18 years 2 months 12 days
T I P Technologies Inc And Common Sense Solutions Inc \| Technology
Business Acquisition [Line Items]
Other identifiable intangibles					$ 15.9
Weighted average useful life of finite-lived intangible assets (in years)					4 years 10 months 24 days
American LegalNet Inc
Business Acquisition [Line Items]
Percentage of voting interests acquired (as a percent)		100.00%
Vertafore
Business Acquisition [Line Items]
Aggregate purchase price				$ 5,398.6
Goodwill				3,229.1
Other identifiable intangibles				2,660.0		2,540.0				$ 2,540.0
Deferred tax assets (liabilities), net				489.0					$ 120.0
Deferred tax liabilities				$ 638.0
Percentage of voting interests acquired (as a percent)				100.00%
Business acquisition, enterprise value				$ 5,335.0
Purchase price				120.0
Vertafore \| Trade names
Business Acquisition [Line Items]
Other identifiable intangibles				$ 120.0
Vertafore \| Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles						$ 2,230.0				2,230.0
Weighted average useful life of finite-lived intangible assets (in years)						17 years
Vertafore \| Technology
Business Acquisition [Line Items]
Other identifiable intangibles						$ 310.0				$ 310.0
Weighted average useful life of finite-lived intangible assets (in years)						8 years

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions					12 Months Ended
	Nov. 22, 2022	Mar. 17, 2022	Jan. 05, 2022	Nov. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Indicor
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment fair value					$ 535.0
Equity method investment, ownership percentage					49.00%
Held-for-sale or Disposed of by Sale \| Indicor
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration receivable or received on disposal	$ 1,775.0
Pretax gain on disposition of business	2,046.0				$ 232.8	$ 239.1	$ 190.1
Income tax expense	$ 407.2				$ 45.6	$ 61.8	$ 38.4
Ownership interest divested, percent	51.00%
Upfront, pre-tax cash proceeds	$ 2,604.0
Purchase price proceeds	829.0
Retaining minority interest					49.00%
Foreign currency translation loss on disposal	$ 142.6
Singapore Technologies Engineering Ltd \| Disposed of by Sale \| TransCore
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration receivable or received on disposal		$ 2,680.0
Pretax gain on disposition of business		2,073.7
Income tax expense		$ 550.5
Eddyfi NDT Inc \| Disposed of by Sale \| Zetec
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration receivable or received on disposal			$ 350.0
Pretax gain on disposition of business			255.3
Income tax expense			$ 60.9
Blue Wolf Capital Partners LLC \| Disposed of by Sale \| Civco Radiotherapy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration receivable or received on disposal				$ 120.0
Pretax gain on disposition of business				77.2
Income tax expense				$ 21.3

Discontinued Operations - Schedule of Assets and Liabilities From Discontinued Operations (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]
Current assets held for sale	$ 0.0	$ 1,078.0
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Current liabilities held for sale	$ 0.0	340.1
Held-for-sale or Disposed of by Sale \| TransCore Holdings Inc, Zetec, and Civco Radiotherapy
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]
Accounts receivable, net		74.7
Inventories, net		47.8
Unbilled receivables		158.2
Goodwill		405.5
Other intangible assets, net		31.0
Other current assets		71.4
Current assets held for sale		788.6
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Accounts payable		40.3
Accrued compensation		27.0
Deferred taxes		29.5
Other current liabilities		62.3
Current liabilities held for sale		159.1
Held-for-sale or Disposed of by Sale \| Indicor
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]
Accounts receivable, net		151.8
Inventories, net		106.9
Other current assets		30.7
Current assets held for sale		289.4
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract]
Goodwill		618.2
Other intangible assets, net		79.4
Deferred taxes		51.1
Other assets		56.2
Assets held for sale		804.9
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Accounts payable		52.5
Accrued compensation		47.9
Deferred revenue		23.9
Income taxes payable		14.7
Other current liabilities		42.0
Current liabilities held for sale		181.0
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]
Deferred taxes		13.3
Noncurrent operating lease liabilities		24.1
Other liabilities		12.0
Liabilities held for sale		$ 49.4

Discontinued Operations - Schedule of Amounts Included in Discontinued Operations (Details) - USD ($)		3 Months Ended								12 Months Ended
	Nov. 22, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnings from discontinued operations, net of tax										$ 202,800,000	$ 291,400,000	$ 275,900,000
Gain on disposition of discontinued operations, net of tax										3,356,300,000	55,900,000	0
Net earnings from discontinued operations		$ 1,681,100,000	$ 50,100,000	$ 43,800,000	$ 1,784,100,000	$ 120,700,000	$ 78,700,000	$ 81,900,000	$ 66,000,000.0	3,559,100,000	347,300,000	275,900,000
Held-for-sale or Disposed of by Sale \| TransCore Holdings Inc, Zetec, and Civco Radiotherapy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues										100,400,000	638,000,000.0	672,900,000
Cost of sales										71,200,000	372,900,000	400,700,000
Gross profit										29,200,000	265,100,000	272,200,000
Selling, general and administrative expenses										19,900,000	124,000,000.0	114,600,000
Income from operations										9,300,000	141,100,000	157,600,000
Other income, net										100,000	1,500,000	300,000
Earnings before income taxes										9,400,000	142,600,000	157,900,000
Income taxes										(6,200,000)	28,500,000	33,700,000
Earnings from discontinued operations, net of tax										15,600,000	114,100,000	124,200,000
Gain on disposition of discontinued operations, net of tax										1,717,500,000	55,900,000	0
Net earnings from discontinued operations										1,733,100,000	170,000,000.0	124,200,000
Stock-based compensation expense										4,500,000	900,000
Depreciation and amortization										0	5,200,000	7,900,000
Held-for-sale or Disposed of by Sale \| TransCore Holdings Inc, Zetec, and Civco Radiotherapy \| Selling, General and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation expense										900,000	5,400,000	4,800,000
Held-for-sale or Disposed of by Sale \| Indicor
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues										916,100,000	944,000,000.0	831,800,000
Cost of sales										432,100,000	434,200,000	389,300,000
Gross profit										484,000,000.0	509,800,000	442,500,000
Selling, general and administrative expenses										250,500,000	265,700,000	251,900,000
Impairment of intangible assets										0	5,100,000	0
Income from operations										233,500,000	239,000,000.0	190,600,000
Other income, net										(700,000)	100,000	(500,000)
Earnings before income taxes	$ 2,046,000,000									232,800,000	239,100,000	190,100,000
Income taxes	$ 407,200,000									45,600,000	61,800,000	38,400,000
Earnings from discontinued operations, net of tax										187,200,000	177,300,000	151,700,000
Gain on disposition of discontinued operations, net of tax										1,638,800,000	0	0
Net earnings from discontinued operations										1,826,000,000	177,300,000	151,700,000
Stock-based compensation expense										10,300,000	13,100,000	8,700,000
Depreciation and amortization										$ 6,400,000	$ 18,200,000	$ 21,300,000

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventories [Abstract]
Raw materials and supplies	$ 60.6	$ 36.4
Work in process	24.9	19.1
Finished products	31.3	18.4
Inventory reserves	(5.5)	(4.7)
Total Inventory	$ 111.3	$ 69.2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 336.6	$ 328.5
Accumulated depreciation	(251.3)	(245.8)
Property, plant and equipment, net	85.3	82.7
Depreciation expense	37.3	44.0	$ 40.6
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1.0	1.0
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	43.0	45.6
Machinery and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	113.2	104.2
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	107.5	109.7
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 71.9	$ 68.0

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Beginning balances	$ 13,476.3	$ 13,338.4
Goodwill acquired	2,559.1	138.8
Currency translation adjustments	(89.8)	(8.7)
Reclassifications and other	0.5	7.8
Ending balances	15,946.1	13,476.3
Application Software
Goodwill [Roll Forward]
Beginning balances	8,889.3	8,802.3
Goodwill acquired	2,559.1	85.9
Currency translation adjustments	(32.1)	(5.8)
Reclassifications and other	1.2	6.9
Ending balances	11,417.5	8,889.3
Network Software
Goodwill [Roll Forward]
Beginning balances	3,655.3	3,604.5
Goodwill acquired	0.0	52.9
Currency translation adjustments	(56.3)	(3.0)
Reclassifications and other	(0.7)	0.9
Ending balances	3,598.3	3,655.3
Technology Enabled Products
Goodwill [Roll Forward]
Beginning balances	931.7	931.6
Goodwill acquired	0.0	0.0
Currency translation adjustments	(1.4)	0.1
Reclassifications and other	0.0	0.0
Ending balances	$ 930.3	$ 931.7

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, accumulated amortization	$ (3,082.9)	$ (2,533.4)
Intangible assets, cost	11,113.6	9,042.5
Intangible assets, net book value	8,030.7	6,509.1
Trade names
Finite-Lived Intangible Assets [Line Items]
Assets not subject to amortization	689.3	606.4
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	9,300.7	7,379.6
Assets subject to amortization, accumulated amortization	(2,437.7)	(1,989.8)
Assets subject to amortization, net book value	6,863.0	5,389.8
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	954.6	886.4
Assets subject to amortization, accumulated amortization	(506.9)	(414.6)
Assets subject to amortization, net book value	447.7	471.8
Software
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	149.0	149.5
Assets subject to amortization, accumulated amortization	(134.0)	(122.4)
Assets subject to amortization, net book value	15.0	27.1
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	10.3	8.5
Assets subject to amortization, accumulated amortization	(1.2)	(1.0)
Assets subject to amortization, net book value	9.1	7.5
Trade names
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	9.7	12.1
Assets subject to amortization, accumulated amortization	(3.1)	(5.6)
Assets subject to amortization, net book value	$ 6.6	$ 6.5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 612.8	$ 571.9	$ 451.0
Amortization expense, 2023	676.0
Amortization expense, 2024	632.0
Amortization expense, 2025	606.0
Amortization expense, 2026	576.0
Amortization expense, 2027	542.0
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 600.5	$ 565.1	$ 446.4

Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities [Abstract]
Interest	$ 40.2	$ 42.6
Customer deposits	48.9	46.5
Accrued dividend	74.0	66.8
Rebates	51.5	62.5
Operating lease liability	46.4	41.5
Sales and other taxes payable	22.9	25.0
Patent litigation accrual	45.0	0.0
Other	125.7	113.8
Total	$ 454.6	$ 398.7

Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 1,026.4	$ 814.7	$ 676.2
Other	255.6	217.2	185.1
Earnings before income taxes	$ 1,282.0	$ 1,031.9	$ 861.3

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 322.9	$ 110.2	$ 142.9
State	80.8	50.8	48.0
Foreign	65.9	59.9	54.6
Deferred:
Federal	(136.9)	27.5	(32.2)
State	(31.1)	(27.2)	(26.8)
Foreign	(5.2)	5.4	1.0
Total	$ 296.4	$ 226.6	$ 187.5

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
Foreign operations, net	0.80%	2.50%	2.10%
R&D tax credits	(3.00%)	(2.10%)	(1.60%)
State taxes, net of federal benefit	3.70%	2.80%	3.30%
Stock-based compensation	(1.00%)	(2.40%)	(3.30%)
Impact of UK tax rate change	0.00%	2.00%	0.00%
Legal entity restructuring	0.80%	(1.40%)	0.00%
Other, net	0.80%	(0.40%)	0.30%
Effective income tax rate	23.10%	22.00%	21.80%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Reserves and accrued expenses	$ 192.4	$ 179.6
Net operating loss carryforwards	84.6	51.0
R&D credits	8.9	12.5
Capitalized R&D expenditures	97.8	0.0
Interest expense limitation carryforwards	41.1	10.9
Outside basis differences on assets held for sale	0.0	57.4
Lease liability	50.1	46.2
Valuation allowance	(37.1)	(31.9)
Total deferred tax assets	437.8	325.7
Deferred tax liabilities:
Reserves and accrued expenses	12.0	17.3
Amortizable intangible assets	1,818.7	1,656.2
Accrued tax on unremitted foreign earnings	5.8	24.7
ROU asset	48.0	43.7
Outside basis difference in Indicor	174.2	0.0
Total deferred tax liabilities	$ 2,058.7	$ 1,741.9

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Interest expense limitation carryforwards	$ 41.1	$ 10.9
Capitalized R&D expenditures	97.8	0.0
Outside basis difference in Indicor	174.2	0.0
Valuation allowance	37.1	31.9
Unrecognized tax benefits that would impact effective tax rate	28.8
Unrecognized tax benefits, income tax penalties and interest expense	0.3
Accrued interest and penalties	4.6	$ 4.3
Expected decrease of unrecognized tax benefits	$ 2.3
Indicor
Operating Loss Carryforwards [Line Items]
Equity method investment, ownership percentage	49.00%
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 46.6
Valuation allowance	31.0
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	38.0
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 6.1

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 40.5	$ 63.5	$ 57.6
Additions for tax positions of prior periods	0.0	2.2	6.0
Additions for tax positions of the current period	2.3	3.3	3.5
Additions due to acquisitions	0.0	1.0	6.2
Reductions for tax positions of prior periods	(11.2)	(0.5)	(3.6)
Reductions attributable to lapses of applicable statute of limitations	(2.6)	(4.6)	(6.2)
Reductions attributable to settlements with taxing authorities	0.0	(24.4)	0.0
Ending balance	$ 29.0	$ 40.5	$ 63.5

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions				12 Months Ended
	Aug. 15, 2022	Jul. 21, 2022	Sep. 02, 2020	Dec. 31, 2022	Jun. 23, 2022	Dec. 31, 2021	Nov. 15, 2021	Nov. 15, 2020	Sep. 01, 2020	Jun. 22, 2020	Aug. 26, 2019	Aug. 28, 2018	Dec. 19, 2016	Dec. 07, 2015	Nov. 21, 2012
Debt Instrument [Line Items]
Outstanding letters of credit				$ 19.0
Senior notes
Debt Instrument [Line Items]
Redemption price percentage (as a percent)				100.00%
Credit Facility Member 2016 \| Credit facility
Debt Instrument [Line Items]
Long-term debt				$ 0.0		$ 470.0
$600 2.000% senior notes due 2030 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				600.0		600.0
Face amount of debt										$ 600.0
Fixed interest rate (as a percent)										2.00%
$300 0.450% senior notes due 2022 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				0.0		300.0
Face amount of debt									$ 300.0
Fixed interest rate (as a percent)									0.45%
$700 1.000% senior notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				700.0		700.0
Face amount of debt									$ 700.0
Fixed interest rate (as a percent)									1.00%
$700 1.400% senior notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				700.0		700.0
Face amount of debt									$ 700.0
Fixed interest rate (as a percent)									1.40%
$1,000 1.750% senior notes due 2031 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				1,000.0		1,000.0
Face amount of debt									$ 1,000.0
Fixed interest rate (as a percent)									1.75%
$500 2.350% senior notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				500.0		500.0
Face amount of debt											$ 500.0
Fixed interest rate (as a percent)											2.35%
$700 2.950% senior notes due 2029 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				700.0		700.0
Face amount of debt											$ 700.0
Fixed interest rate (as a percent)											2.95%
$700 3.650% senior notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				700.0		700.0
Face amount of debt												$ 700.0
Fixed interest rate (as a percent)												3.65%
Senior Notes Due 2028 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				800.0		800.0
Face amount of debt												$ 800.0
Fixed interest rate (as a percent)												4.20%
Senior Notes 2021 \| Senior notes
Debt Instrument [Line Items]
Face amount of debt							$ 500.0						$ 500.0
Fixed interest rate (as a percent)							2.80%						2.80%
$700 3.800% senior notes due 2026 \| Senior notes
Debt Instrument [Line Items]
Face amount of debt													$ 700.0
Fixed interest rate (as a percent)													3.80%
Senior Notes 2020 \| Senior notes
Debt Instrument [Line Items]
Face amount of debt								$ 600.0						$ 600.0
Fixed interest rate (as a percent)								3.00%						3.00%
$300 3.850% senior notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Face amount of debt														$ 300.0
Fixed interest rate (as a percent)														3.85%
$500 3.125% senior notes due 2022 \| Senior notes
Debt Instrument [Line Items]
Long-term debt				$ 0.0		$ 500.0
Face amount of debt															$ 500.0
Fixed interest rate (as a percent)															3.125%
Senior Notes Due 2022 \| Senior notes
Debt Instrument [Line Items]
Fixed interest rate (as a percent)					3.125%
Repayments of debt	$ 500.0
Senior Notes Due 2022 One \| Senior notes
Debt Instrument [Line Items]
Fixed interest rate (as a percent)	0.45%
Repayments of debt	$ 300.0
Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate (as a percent)				0.795%
Senior unsecured, interest rate during period				0.00%
Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate (as a percent)				1.30%
Senior unsecured, interest rate during period				0.30%
Revolving credit facility \| Interest Rate Scenario Two
Debt Instrument [Line Items]
Basis spread based on current rating (as a percent)				0.00%
Revolving credit facility \| Current Variable Rate In Effect \| Interest Rate Scenario One
Debt Instrument [Line Items]
Basis spread based on current rating (as a percent)				0.91%
Revolving credit facility \| JPMORGAN CHASE BANK N.A.
Debt Instrument [Line Items]
Debt term (in years)		5 years
Maximum borrowing capacity (up to)		$ 3,500.0	$ 3,000.0
Potential increase limit		500.0
Fee percentage on outstanding letters of credit (as a percent)			0.91%
Fee percentage on undrawn amounts (as a percent)				0.09%
Total Debt to Total Capital Ratio, minimum required				0.65
Letter of credit \| JPMORGAN CHASE BANK N.A.
Debt Instrument [Line Items]
Maximum borrowing capacity (up to)		$ 150.0
Fee percentage on undrawn amounts (as a percent)			0.125%

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Sep. 01, 2020	Jun. 22, 2020	Aug. 26, 2019	Aug. 28, 2018	Nov. 21, 2012
Debt Instrument [Line Items]
Total debt	$ 6,661,700,000	$ 7,921,800,000
Less current portion	(699,200,000)	(799,200,000)
Long-term debt	5,962,500,000	7,122,600,000
Senior notes
Debt Instrument [Line Items]
Less unamortized debt issuance costs	(38,600,000)	(48,500,000)
Unsecured credit facility \| Credit facility
Debt Instrument [Line Items]
Long-term debt	0	470,000,000.0
$500 3.125% senior notes due 2022 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	0	500,000,000.0
Face amount of debt							$ 500,000,000.0
Fixed interest rate (as a percent)							3.125%
$500 3.125% senior notes due 2022 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 500,000,000
Fixed interest rate (as a percent)	3.125%
$300 0.450% senior notes due 2022 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 0	300,000,000.0
Face amount of debt			$ 300,000,000.0
Fixed interest rate (as a percent)			0.45%
$300 0.450% senior notes due 2022 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 300,000,000
Fixed interest rate (as a percent)	0.45%
$700 3.650% senior notes due 2023 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0	700,000,000.0
Face amount of debt						$ 700,000,000.0
Fixed interest rate (as a percent)						3.65%
$700 3.650% senior notes due 2023 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	3.65%
$500 2.350% senior notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 500,000,000.0	500,000,000.0
Face amount of debt					$ 500,000,000.0
Fixed interest rate (as a percent)					2.35%
$500 2.350% senior notes due 2024 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 500,000,000
Fixed interest rate (as a percent)	2.35%
$300 3.850% senior notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 300,000,000.0	300,000,000.0
$300 3.850% senior notes due 2025 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 300,000,000
Fixed interest rate (as a percent)	3.85%
$700 1.000% senior notes due 2025 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0	700,000,000.0
Face amount of debt			$ 700,000,000.0
Fixed interest rate (as a percent)			1.00%
$700 1.000% senior notes due 2025 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	1.00%
$700 3.800% senior notes due 2026 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0	700,000,000.0
$700 3.800% senior notes due 2026 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	3.80%
$700 1.400% senior notes due 2027 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0	700,000,000.0
Face amount of debt			$ 700,000,000.0
Fixed interest rate (as a percent)			1.40%
$700 1.400% senior notes due 2027 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	1.40%
$800 4.200% senior notes due 2028 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 800,000,000.0	800,000,000.0
Face amount of debt						$ 800,000,000.0
Fixed interest rate (as a percent)						4.20%
$800 4.200% senior notes due 2028 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 800,000,000
Fixed interest rate (as a percent)	4.20%
$700 2.950% senior notes due 2029 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0	700,000,000.0
Face amount of debt					$ 700,000,000.0
Fixed interest rate (as a percent)					2.95%
$700 2.950% senior notes due 2029 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	2.95%
$600 2.000% senior notes due 2030 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 600,000,000.0	600,000,000.0
Face amount of debt				$ 600,000,000.0
Fixed interest rate (as a percent)				2.00%
$600 2.000% senior notes due 2030 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 600,000,000
Fixed interest rate (as a percent)	2.00%
$1,000 1.750% senior notes due 2031 \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 1,000,000,000	1,000,000,000
Face amount of debt			$ 1,000,000,000
Fixed interest rate (as a percent)			1.75%
$1,000 1.750% senior notes due 2031 \| Senior notes \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 1,000,000,000
Fixed interest rate (as a percent)	1.75%
Other \| Senior notes
Debt Instrument [Line Items]
Long-term debt	$ 300,000	$ 300,000

Long-Term Debt - Future Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 700.2
2024	500.1
2025	1,000.0
2026	700.0
2027	700.0
Thereafter	3,100.0
Total	$ 6,700.3

Fair Value - Schedule of Fixed-Rate Senior Notes, Fair Value (Details) - Senior notes - USD ($)	Dec. 31, 2022	Sep. 01, 2020	Jun. 22, 2020	Aug. 26, 2019	Aug. 28, 2018
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior notes carrying amount	$ 6,700,000,000
$700 3.650% senior notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt					$ 700,000,000.0
Fixed interest rate (as a percent)					3.65%
$700 3.650% senior notes due 2023 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	3.65%
Long-term debt, fair value	$ 692,000,000
$500 2.350% senior notes due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt				$ 500,000,000.0
Fixed interest rate (as a percent)				2.35%
$500 2.350% senior notes due 2024 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 500,000,000
Fixed interest rate (as a percent)	2.35%
Long-term debt, fair value	$ 478,000,000
$300 3.850% senior notes due 2025 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 300,000,000
Fixed interest rate (as a percent)	3.85%
Long-term debt, fair value	$ 291,000,000
$700 1.000% senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt		$ 700,000,000.0
Fixed interest rate (as a percent)		1.00%
$700 1.000% senior notes due 2025 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	1.00%
Long-term debt, fair value	$ 629,000,000
$700 3.800% senior notes due 2026 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	3.80%
Long-term debt, fair value	$ 670,000,000
$700 1.400% senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt		$ 700,000,000.0
Fixed interest rate (as a percent)		1.40%
$700 1.400% senior notes due 2027 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	1.40%
Long-term debt, fair value	$ 594,000,000
$800 4.200% senior notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt					$ 800,000,000.0
Fixed interest rate (as a percent)					4.20%
$800 4.200% senior notes due 2028 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 800,000,000
Fixed interest rate (as a percent)	4.20%
Long-term debt, fair value	$ 772,000,000
$700 2.950% senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt				$ 700,000,000.0
Fixed interest rate (as a percent)				2.95%
$700 2.950% senior notes due 2029 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	2.95%
Long-term debt, fair value	$ 608,000,000
$600 2.000% senior notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt			$ 600,000,000.0
Fixed interest rate (as a percent)			2.00%
$600 2.000% senior notes due 2030 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 600,000,000
Fixed interest rate (as a percent)	2.00%
Long-term debt, fair value	$ 481,000,000
$1,000 1.750% senior notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt		$ 1,000,000,000
Fixed interest rate (as a percent)		1.75%
$1,000 1.750% senior notes due 2031 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 1,000,000,000
Fixed interest rate (as a percent)	1.75%
Long-term debt, fair value	$ 770,000,000

Fair Value - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Fair Value - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Nov. 22, 2022
Indicor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment fair value	$ 535.0
Held-for-sale or Disposed of by Sale \| Industrial Businesses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retaining minority interest	49.00%
Ownership interest divested, percent		51.00%
Consideration receivable or received on disposal	$ 829.0
Retained interest, fair value disclosure	650.0
Anticipated dilution amount associated with unit adjustment	115.0
Annual payment made on unit adjustment pre-tax basis	29.0
Obligation to pay achieving EBITDA	$ 425.0
Held-for-sale or Disposed of by Sale \| Industrial Businesses \| RIPIC TopCo
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment pay in kind percentage	1.70%
Liquidation preference		$ 829.0

Retirement and Other Benefit Plans (Details) $ in Millions	12 Months Ended
Retirement and Other Benefit Plans (Details) $ in Millions	Dec. 31, 2022 USD ($) plan	Dec. 31, 2021 USD ($) plan	Dec. 31, 2020 USD ($) plan
Retirement Benefits [Abstract]
Number of defined contribution plans maintained by the company \| plan	3	3	3
Defined contribution retirement plan cost \| $	$ 34.1	$ 30.2	$ 24.3

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Millions		12 Months Ended
	Jul. 01, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent of market value, not less than (as a percent)		100.00%
Stock based compensation expense		$ 117.8	$ 123.0	$ 108.3
Nonvested options granted, unrecognized compensation expense		$ 51.7
Nonvested options granted, period for recognition (in years)		1 year 10 months 2 days
Options exercised, total intrinsic value		$ 92.7	138.2	155.4
Proceeds from stock options exercised		$ 110.0	$ 104.7	$ 105.5
Nonvested shares granted (in shares)		271	228
Nonvested awards other than options granted, unrecognized compensation expense		$ 89.4
Nonvested awards other than options granted, weighted average period for recognition (in years)		1 year 8 months 12 days
Stock issued during period under employee stock purchase plan (in shares)		39	40	31
Proceeds from issuance of shares under employee stock purchase plan		$ 14.3	$ 15.1	$ 10.5
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum designated percent of eligible earnings per employee (as a percent)	10.00%
Discount percent (as a percent)	10.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)		10 years
Stock based compensation expense		$ 38.1	40.4	34.9
Stock options \| Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		$ 77.6	$ 82.7	$ 72.6
Restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year
Restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
Incentive Plan 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)		8,387

Stock-Based Compensation - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	$ 117.8	$ 123.0	$ 108.3
Tax benefit recognized in net earnings	$ 18.6	$ 19.8	$ 17.3

Stock-Based Compensation - Weighted-Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Weighted average fair value (in dollars per share)	$ 116.55	$ 95.17	$ 63.22
Risk-free interest rate (%)	2.19%	0.94%	0.81%
Average expected option life (years)	5 years 7 months 17 days	5 years 7 months 9 days	5 years 7 months 20 days
Expected volatility (%)	24.59%	25.14%	20.39%
Expected dividend yield (%)	0.55%	0.56%	0.62%

Stock-Based Compensation - Schedule of Share-based Compensation Plans Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding, beginning balance (in shares)	3,223	3,366
Granted (in shares)	399	516
Exercised (in shares)	(460)	(537)
Canceled (in shares)	(177)	(122)
Outstanding, ending balance (in shares)	2,985	3,223
Exercisable (in shares)	1,842
Weighted-average exercise price per share
Outstanding, beginning balance (in dollars per share)	$ 287.15	$ 255.32
Granted (in dollars per share)	452.08	405.20
Exercised (in dollars per share)	239.11	195.07
Canceled (in dollars per share)	359.06	312.97
Outstanding, ending balance (in dollars per share)	312.34	$ 287.15
Exercisable (in dollars per share)	$ 256.87
Weighted-average contractual term, outstanding (in years)	6 years 2 months 4 days	6 years 7 months 9 days
Weighted-average contractual term, exercisable (in years)	4 years 10 months 24 days
Aggregate intrinsic value, outstanding	$ 366.3	$ 659.9
Aggregate intrinsic value, exercisable	$ 322.8

Stock-Based Compensation - Schedule by Exercise Price Range (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
$115.22 - $491.86
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	$ 115.22
Exercise price, upper range limit (in dollars per share)	$ 491.86
Outstanding options, number (in shares) \| shares	2,985
Outstanding options, average exercise price (in dollars per share)	$ 312.34
Outstanding options, average remaining life (in years)	6 years 2 months 12 days
Exercisable options, number (in shares) \| shares	1,842
Exercisable options, average exercise price (in dollars per share)	$ 256.87
$115.22 - $170.66
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	115.22
Exercise price, upper range limit (in dollars per share)	$ 170.66
Outstanding options, number (in shares) \| shares	366
Outstanding options, average exercise price (in dollars per share)	$ 153.15
Outstanding options, average remaining life (in years)	2 years 1 month 6 days
Exercisable options, number (in shares) \| shares	366
Exercisable options, average exercise price (in dollars per share)	$ 153.15
$170.67 - $267.22
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	170.67
Exercise price, upper range limit (in dollars per share)	$ 267.22
Outstanding options, number (in shares) \| shares	326
Outstanding options, average exercise price (in dollars per share)	$ 199.08
Outstanding options, average remaining life (in years)	4 years
Exercisable options, number (in shares) \| shares	324
Exercisable options, average exercise price (in dollars per share)	$ 198.79
$267.23 - $279.28
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	267.23
Exercise price, upper range limit (in dollars per share)	$ 279.28
Outstanding options, number (in shares) \| shares	247
Outstanding options, average exercise price (in dollars per share)	$ 273.07
Outstanding options, average remaining life (in years)	5 years 6 months
Exercisable options, number (in shares) \| shares	247
Exercisable options, average exercise price (in dollars per share)	$ 273.07
$279.29 - $316.24
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	279.29
Exercise price, upper range limit (in dollars per share)	$ 316.24
Outstanding options, number (in shares) \| shares	296
Outstanding options, average exercise price (in dollars per share)	$ 281.55
Outstanding options, average remaining life (in years)	5 years 3 months 18 days
Exercisable options, number (in shares) \| shares	289
Exercisable options, average exercise price (in dollars per share)	$ 280.89
$316.25 -$324.71
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	316.25
Exercise price, upper range limit (in dollars per share)	$ 324.71
Outstanding options, number (in shares) \| shares	435
Outstanding options, average exercise price (in dollars per share)	$ 323.09
Outstanding options, average remaining life (in years)	7 years 2 months 12 days
Exercisable options, number (in shares) \| shares	209
Exercisable options, average exercise price (in dollars per share)	$ 323.09
$324.72 - $347.81
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	324.72
Exercise price, upper range limit (in dollars per share)	$ 347.81
Outstanding options, number (in shares) \| shares	333
Outstanding options, average exercise price (in dollars per share)	$ 327.22
Outstanding options, average remaining life (in years)	6 years 2 months 12 days
Exercisable options, number (in shares) \| shares	332
Exercisable options, average exercise price (in dollars per share)	$ 327.19
$347.82 - $398.19
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	347.82
Exercise price, upper range limit (in dollars per share)	$ 398.19
Outstanding options, number (in shares) \| shares	160
Outstanding options, average exercise price (in dollars per share)	$ 372.19
Outstanding options, average remaining life (in years)	7 years
Exercisable options, number (in shares) \| shares	69
Exercisable options, average exercise price (in dollars per share)	$ 368.53
$398.20 - $413.85
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	398.20
Exercise price, upper range limit (in dollars per share)	$ 413.85
Outstanding options, number (in shares) \| shares	425
Outstanding options, average exercise price (in dollars per share)	$ 403.57
Outstanding options, average remaining life (in years)	8 years 2 months 12 days
Exercisable options, number (in shares) \| shares	0
Exercisable options, average exercise price (in dollars per share)	$ 0
$413.86 - $491.86
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	413.86
Exercise price, upper range limit (in dollars per share)	$ 491.86
Outstanding options, number (in shares) \| shares	397
Outstanding options, average exercise price (in dollars per share)	$ 453.54
Outstanding options, average remaining life (in years)	9 years 2 months 12 days
Exercisable options, number (in shares) \| shares	6
Exercisable options, average exercise price (in dollars per share)	$ 450.17

Stock-Based Compensation - Schedule of Nonvested Restricted Stock Awards Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Nonvested, beginning of period (in shares)	498	601
Granted (in shares)	271	228
Vested (in shares)	(272)	(294)
Forfeited (in shares)	(52)	(37)
Nonvested, end of period (in shares)	445	498
Weighted-average grant date fair value
Nonvested, beginning of period (in dollars per share)	$ 365.79	$ 320.36
Granted (in dollars per share)	446.42	409.36
Vested (in dollars per share)	360.14	308.79
Forfeited (in dollars per share)	386.06	350.53
Nonvested, end of period (in dollars per share)	$ 416.00	$ 365.79

Contingencies (Details) individual in Millions, $ in Millions	2 Months Ended	12 Months Ended
	Feb. 27, 2023 USD ($)	Dec. 31, 2022 USD ($) claim individual
Loss Contingencies [Line Items]
Outstanding letters of credit		$ 19.0
Outstanding surety bonds		$ 43.0
Vertafore Litigation
Loss Contingencies [Line Items]
Number of class actions \| claim		3
Number of individuals represented \| individual		27.7
Vertafore Litigation \| Other Nonoperating Income (Expense) \| Subsequent event
Loss Contingencies [Line Items]
Litigation settlement, expense	$ 45.0
Allen, et al. v. Vertafore, Inc.
Loss Contingencies [Line Items]
Number of class actions \| claim		2
Verathon Inc
Loss Contingencies [Line Items]
Litigation settlement, expense		$ 4.1

Segment and Geographic Area Information - Narrative (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment									3
Export sales	$ 1,430.9	$ 1,350.3	$ 1,310.8	$ 1,279.8	$ 1,256.6	$ 1,232.1	$ 1,189.8	$ 1,155.3	$ 5,371.8	$ 4,833.8	$ 4,022.4
Asia
Segment Reporting Information [Line Items]
Export sales									73.3	64.0	59.8
Canada
Segment Reporting Information [Line Items]
Export sales									222.3	198.1	180.7
Europe
Segment Reporting Information [Line Items]
Export sales									424.6	432.7	379.8
Exports
Segment Reporting Information [Line Items]
Export sales									$ 191.8	$ 179.9	$ 180.0
Exports \| Asia \| Geographic Concentration Risk \| Revenue
Segment Reporting Information [Line Items]
Concentration risk percentage (as a percent)									16.00%
Exports \| Canada \| Geographic Concentration Risk \| Revenue
Segment Reporting Information [Line Items]
Concentration risk percentage (as a percent)									42.00%
Exports \| Europe \| Geographic Concentration Risk \| Revenue
Segment Reporting Information [Line Items]
Concentration risk percentage (as a percent)									26.00%
Exports \| Other \| Geographic Concentration Risk \| Revenue
Segment Reporting Information [Line Items]
Concentration risk percentage (as a percent)									16.00%

Segment and Geographic Area Information - Schedule of Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 1,430.9	$ 1,350.3	$ 1,310.8	$ 1,279.8	$ 1,256.6	$ 1,232.1	$ 1,189.8	$ 1,155.3	$ 5,371.8	$ 4,833.8	$ 4,022.4
Operating profit									1,524.5	1,335.6	1,082.9
Assets:
Operating assets	1,163.9				1,057.6				1,163.9	1,057.6	958.6
Intangible assets, net	23,976.8				19,985.4				23,976.8	19,985.4	20,409.1
Other	1,840.1				788.0				1,840.1	788.0	712.6
Total assets	26,980.8				21,831.0				26,980.8	21,831.0	22,080.3
Capital expenditures									40.1	28.5	24.7
Capitalized software expenditures									30.2	29.7	17.7
Depreciation and other amortization									650.1	615.9	491.6
Impairment of intangible assets									0.0	94.4	0.0
Disposal group, held-for-sale, not discontinued operations \| Industrial Businesses
Assets:
Operating assets classified as held for sale					1,882.9					1,882.9	1,944.5
Application Software
Segment Reporting Information [Line Items]
Net revenues									2,639.5	2,366.7	1,785.8
Network Software
Segment Reporting Information [Line Items]
Net revenues									1,378.5	1,223.8	1,069.4
Technology Enabled Products
Segment Reporting Information [Line Items]
Net revenues									1,353.8	1,243.3	1,167.2
Operating Segments \| Application Software
Segment Reporting Information [Line Items]
Net revenues									2,639.5	2,366.7	1,785.8
Operating profit									714.0	633.1	467.9
Assets:
Operating assets	624.7				576.0				624.7	576.0	524.7
Intangible assets, net	17,758.4				13,498.4				17,758.4	13,498.4	13,837.1
Other	340.2				205.8				340.2	205.8	173.1
Capital expenditures									20.7	18.0	12.9
Capitalized software expenditures									28.5	26.3	16.3
Depreciation and other amortization									455.8	418.7	293.2
Operating Segments \| Network Software
Segment Reporting Information [Line Items]
Net revenues									1,378.5	1,223.8	1,069.4
Operating profit									570.6	476.8	382.7
Assets:
Operating assets	224.7				215.5				224.7	215.5	196.0
Intangible assets, net	5,118.5				5,364.8				5,118.5	5,364.8	5,428.6
Other	124.2				50.4				124.2	50.4	48.4
Capital expenditures									8.8	5.0	5.8
Capitalized software expenditures									1.7	3.4	1.4
Depreciation and other amortization									164.2	164.8	164.9
Operating Segments \| Technology Enabled Products
Segment Reporting Information [Line Items]
Net revenues									1,353.8	1,243.3	1,167.2
Operating profit									449.1	415.6	412.1
Assets:
Operating assets	307.4				250.7				307.4	250.7	234.1
Intangible assets, net	1,099.9				1,122.2				1,099.9	1,122.2	1,143.4
Other	95.4				33.8				95.4	33.8	46.9
Capital expenditures									9.2	4.5	5.9
Capitalized software expenditures									0.0	0.0	0.0
Depreciation and other amortization									29.8	32.1	33.2
Corporate
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Operating profit									(209.2)	(189.9)	(179.8)
Assets:
Operating assets	7.1				15.4				7.1	15.4	3.8
Intangible assets, net	0.0				0.0				0.0	0.0	0.0
Other	$ 1,280.3				$ 498.0				1,280.3	498.0	444.2
Capital expenditures									1.4	1.0	0.1
Capitalized software expenditures									0.0	0.0	0.0
Depreciation and other amortization									$ 0.3	$ 0.3	$ 0.3

Segment and Geographic Area Information - Sales and Long-Lived Assets by Country of Origin (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenues	$ 1,430.9	$ 1,350.3	$ 1,310.8	$ 1,279.8	$ 1,256.6	$ 1,232.1	$ 1,189.8	$ 1,155.3	$ 5,371.8	$ 4,833.8	$ 4,022.4
Long-lived assets	213.6				187.1				213.6	187.1	177.6
Non-U.S.
Segment Reporting Information [Line Items]
Net revenues									806.5	775.9	709.0
Sales to unaffiliated customers
Segment Reporting Information [Line Items]
Net revenues									5,371.8	4,833.8	4,022.4
Sales between geographic areas
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Reportable Geographical Components \| United States
Segment Reporting Information [Line Items]
Net revenues									4,665.7	4,186.7	3,466.2
Long-lived assets	196.5				167.3				196.5	167.3	156.4
Reportable Geographical Components \| Non-U.S.
Segment Reporting Information [Line Items]
Net revenues									843.8	810.1	757.0
Long-lived assets	17.1				19.8				17.1	19.8	21.2
Reportable Geographical Components \| Sales to unaffiliated customers \| United States
Segment Reporting Information [Line Items]
Net revenues									4,610.2	4,105.6	3,384.6
Reportable Geographical Components \| Sales to unaffiliated customers \| Non-U.S.
Segment Reporting Information [Line Items]
Net revenues									761.6	728.2	637.8
Reportable Geographical Components \| Sales between geographic areas \| United States
Segment Reporting Information [Line Items]
Net revenues									55.5	81.1	81.6
Reportable Geographical Components \| Sales between geographic areas \| Non-U.S.
Segment Reporting Information [Line Items]
Net revenues									82.2	81.9	119.2
Eliminations
Segment Reporting Information [Line Items]
Net revenues									(137.7)	(163.0)	(200.8)
Long-lived assets	$ 0.0				$ 0.0				0.0	0.0	0.0
Eliminations \| Sales to unaffiliated customers
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Eliminations \| Sales between geographic areas
Segment Reporting Information [Line Items]
Net revenues									$ (137.7)	$ (163.0)	$ (200.8)

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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