0000882835-23-000025 | 10-Q | XBRL Viewer

Print Document View Excel Document

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenues	$ 1,469.7	$ 1,279.8
Cost of sales	451.1	382.6
Gross profit	1,018.6	897.2
Selling, general and administrative expenses	617.6	541.3
Income from operations	401.0	355.9
Interest expense, net	37.4	52.6
Equity investment activity, net	(1.2)	0.0
Other expense, net	(2.3)	(2.1)
Earnings before income taxes	360.1	301.2
Income taxes	75.8	64.8
Net earnings from continuing operations	284.3	236.4
Earnings (loss) from discontinued operations, net of tax	(1.2)	66.8
Gain on disposition of discontinued operations, net of tax	0.0	1,717.3
Net earnings from discontinued operations	(1.2)	1,784.1
Net earnings	$ 283.1	$ 2,020.5
Net earnings per share from continuing operations:
Basic (in dollars per share)	$ 2.67	$ 2.24
Diluted (in dollars per share)	2.66	2.22
Net earnings (loss) per share from discontinued operations:
Basic (in dollars per share)	(0.01)	16.89
Diluted (in dollars per share)	(0.01)	16.72
Net earnings per share:
Basic (in dollars per share)	2.66	19.13
Diluted (in dollars per share)	$ 2.65	$ 18.94
Weighted average common shares outstanding:
Basic (in shares)	106.3	105.6
Diluted (in shares)	107.0	106.7

Weighted Average Shares Outstanding - Schedule of Weighted Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	106.3	105.6
Effect of potential common stock:
Common stock awards (in shares)	0.7	1.1
Diluted shares outstanding (in shares)	107.0	106.7

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 15,946.1
Other	0.1
Currency translation adjustments	16.6
Balance at end of period	15,962.8
Application Software
Goodwill [Roll Forward]
Balance at beginning of period	11,417.5
Other	0.1
Currency translation adjustments	5.9
Balance at end of period	11,423.5
Network Software
Goodwill [Roll Forward]
Balance at beginning of period	3,598.3
Other	0.0
Currency translation adjustments	10.9
Balance at end of period	3,609.2
Technology Enabled Products
Goodwill [Roll Forward]
Balance at beginning of period	930.3
Other	0.0
Currency translation adjustments	(0.2)
Balance at end of period	$ 930.1

- Definition

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.

+ References + Details

Revenues from Contracts - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,469.7	$ 1,279.8
Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	761.4	628.2
Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	354.5	338.5
Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	353.8	313.1
Total Software Revenues
Disaggregation of Revenue [Line Items]
Total Revenue	1,120.1	969.6
Total Software Revenues \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	761.4	628.2
Total Software Revenues \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	354.5	338.5
Total Software Revenues \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	4.2	2.9
Recurring
Disaggregation of Revenue [Line Items]
Total Revenue	840.3	701.3
Recurring \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	580.6	461.5
Recurring \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	255.9	237.2
Recurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	3.8	2.6
Reoccurring
Disaggregation of Revenue [Line Items]
Total Revenue	99.6	92.2
Reoccurring \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	35.4	31.7
Reoccurring \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	64.2	60.5
Reoccurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.0
Non-recurring
Disaggregation of Revenue [Line Items]
Total Revenue	180.2	176.1
Non-recurring \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	145.4	135.0
Non-recurring \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	34.4	40.8
Non-recurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	0.4	0.3
Product Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	349.6	310.2
Product Revenue \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.0
Product Revenue \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.0
Product Revenue \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	$ 349.6	$ 310.2

Business Segments (Details) - USD ($) $ in Millions	3 Months Ended
Business Segments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net revenues:	$ 1,469.7	$ 1,279.8
Percent change in net revenues	14.80%
Gross profit:	$ 1,018.6	897.2
Percent change in gross profit	13.50%
Operating profit	$ 456.2	408.8
Percent change in operating profit	11.60%
Long-lived assets:	$ 213.2	189.0
Percent change in long-lived assets	12.80%
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expenses	$ 55.2	52.9
Application Software
Segment Reporting Information [Line Items]
Net revenues:	$ 761.4	628.2
Percent change in net revenues	21.20%
Gross profit:	$ 520.5	435.4
Percent change in gross profit	19.50%
Operating profit	$ 193.2	172.3
Percent change in operating profit	12.10%
Long-lived assets:	$ 153.3	135.8
Percent change in long-lived assets	12.90%
Network Software
Segment Reporting Information [Line Items]
Net revenues:	$ 354.5	338.5
Percent change in net revenues	4.70%
Gross profit:	$ 299.4	284.9
Percent change in gross profit	5.10%
Operating profit	$ 147.5	136.8
Percent change in operating profit	7.80%
Long-lived assets:	$ 30.7	26.2
Percent change in long-lived assets	17.20%
Technology Enabled Products
Segment Reporting Information [Line Items]
Net revenues:	$ 353.8	313.1
Percent change in net revenues	13.00%
Gross profit:	$ 198.7	176.9
Percent change in gross profit	12.30%
Operating profit	$ 115.5	99.7
Percent change in operating profit	15.80%
Long-lived assets:	$ 29.2	$ 27.0
Percent change in long-lived assets	8.10%

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-12273
Entity Registrant Name	ROPER TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0263969
Entity Address, Address Line One	6901 Professional Parkway, Suite 200
Entity Address, City or Town	Sarasota,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34240
City Area Code	941
Local Phone Number	556-2601
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ROP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		106,592,234
Entity Central Index Key	0000882835
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ASSETS:
Cash and cash equivalents	$ 1,181.6	$ 792.8
Accounts receivable, net	629.1	724.5
Inventories, net	115.0	111.3
Income taxes receivable	25.5	61.0
Unbilled receivables	100.9	91.5
Other current assets	180.1	151.3
Total current assets	2,232.2	1,932.4
Property, plant and equipment, net	86.3	85.3
Goodwill	15,962.8	15,946.1
Other intangible assets, net	7,871.7	8,030.7
Deferred taxes	59.3	55.9
Equity investment	535.0	535.0
Other assets	387.5	395.4
Total assets	27,134.8	26,980.8
LIABILITIES AND STOCKHOLDERS' EQUITY:
Accounts payable	134.0	122.6
Accrued compensation	154.2	228.8
Deferred revenue	1,303.8	1,370.7
Other accrued liabilities	413.4	454.6
Income taxes payable	70.5	16.6
Current portion of long-term debt, net	699.5	699.2
Total current liabilities	2,775.4	2,892.5
Long-term debt, net of current portion	5,964.4	5,962.5
Deferred taxes	1,652.9	1,676.8
Other liabilities	409.4	411.2
Total liabilities	10,802.1	10,943.0
Commitments and contingencies (Note 9)
Common stock	1.1	1.1
Additional paid-in capital	2,570.4	2,510.2
Retained earnings	13,941.2	13,730.7
Accumulated other comprehensive loss	(162.9)	(187.0)
Treasury stock	(17.1)	(17.2)
Total stockholders' equity	16,332.7	16,037.8
Total liabilities and stockholders' equity	$ 27,134.8	$ 26,980.8

Weighted Average Shares Outstanding - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Antidilutive stock options (in shares)	1,150	840

Fair Value - Schedule of Fixed-Rate Senior Notes, Fair Value (Details) - Fair Value, Inputs, Level 2 - Senior Notes	Mar. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior notes carrying amount	$ 6,700,000,000
Senior Notes Due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 700,000,000
Interest rate (as a percent)	3.65%
Fair value	$ 695,000,000
Senior Notes Due in 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 500,000,000
Interest rate (as a percent)	2.35%
Fair value	$ 482,000,000
Senior Notes Due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 300,000,000
Interest rate (as a percent)	3.85%
Fair value	$ 295,000,000
Senior Unsecured Notes Due September 15, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 700,000,000
Interest rate (as a percent)	1.00%
Fair value	$ 641,000,000
Senior Notes Due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 700,000,000
Interest rate (as a percent)	3.80%
Fair value	$ 679,000,000
Senior Unsecured Notes Due September 15, 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 700,000,000
Interest rate (as a percent)	1.40%
Fair value	$ 609,000,000
Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 800,000,000
Interest rate (as a percent)	4.20%
Fair value	$ 788,000,000
Senior Notes Due in 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 700,000,000
Interest rate (as a percent)	2.95%
Fair value	$ 629,000,000
Senior Notes Due June 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 600,000,000
Interest rate (as a percent)	2.00%
Fair value	$ 497,000,000
Senior Unsecured Notes Due February 15, 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount	$ 1,000,000,000
Interest rate (as a percent)	1.75%
Fair value	$ 803,000,000

Fair Value

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

Fair ValueFinancial 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 included $6,700 of fixed-rate senior notes with the following fair values:


Fixed-rate senior notes			Fair Value
Principal Amount	Interest rate	Year of maturity	As of March 31, 2023
$700	3.650%	2023	$	695
$500	2.350%	2024	$	482
$300	3.850%	2025	$	295
$700	1.000%	2025	$	641
$700	3.800%	2026	$	679
$700	1.400%	2027	$	609
$800	4.200%	2028	$	788
$700	2.950%	2029	$	629
$600	2.000%	2030	$	497
$1,000	1.750%	2031	$	803

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

Indicor Investment - Following the sale of a majority stake in its industrial businesses to CD&R, Roper now holds a minority 48.6% equity interest in Indicor. We elected to apply the fair value option as we believe this is the most reasonable method to value the equity investment. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and its impact is reported as "Equity investment activity, net." There was no change in fair value between December 31, 2022 and March 31, 2023.

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, there is significant judgment applied. Changes in estimates or the application of alternative assumptions could produce significantly different results. 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.

On April 26, 2023, Indicor announced its planned divestiture of its Compressor Controls business unit to Honeywell International Inc. for approximately $670. This transaction will be contemplated in our assessment of the fair value of our equity investment in the second quarter.

- Definition

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.

+ References + Details

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

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, 2022	$	11,417.5	$	3,598.3	$	930.3	$	15,946.1


Other	0.1		—		—		0.1
Currency translation adjustments	5.9		10.9		(0.2)		16.6
Balances at March 31, 2023	$	11,423.5	$	3,609.2	$	930.1	$	15,962.8

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	$	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

Assets subject to amortization:
Customer related intangibles	$	9,310.5	$	(2,576.2)	$	6,734.3
Unpatented technology	959.3		(539.4)		419.9
Software	149.1		(136.8)		12.3
Patents and other protective rights	10.3		(1.2)		9.1
Trade names	9.7		(3.8)		5.9
Assets not subject to amortization:
Trade names	690.2		—		690.2

Balances at March 31, 2023	$	11,129.1	$	(3,257.4)	$	7,871.7

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	$	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

Assets subject to amortization:
Customer related intangibles	$	9,310.5	$	(2,576.2)	$	6,734.3
Unpatented technology	959.3		(539.4)		419.9
Software	149.1		(136.8)		12.3
Patents and other protective rights	10.3		(1.2)		9.1
Trade names	9.7		(3.8)		5.9
Assets not subject to amortization:
Trade names	690.2		—		690.2

Balances at March 31, 2023	$	11,129.1	$	(3,257.4)	$	7,871.7

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

The components of inventory were as follows:


	March 31, 2023		December 31, 2022
Raw materials and supplies	$	63.0	$	60.6
Work in process	26.9		24.9
Finished products	32.1		31.3
Inventory reserves	(7.0)		(5.5)
Inventories, net	$	115.0	$	111.3

Contingencies (Details) individual in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) claim individual
Vertafore Litigation
Loss Contingencies [Line Items]
Number of pending putative class actions	3
Number of individuals represented by class actions \| individual	27.7
Vertafore Litigation \| Other Nonoperating Income (Expense)
Loss Contingencies [Line Items]
Litigation settlement, one time charge \| $	$ 45.0
Allen, et al. v. Vertafore, Inc.
Loss Contingencies [Line Items]
Number of pending putative class actions	2
Mulvey, et al. v. Vertafore, Inc.
Loss Contingencies [Line Items]
Number of pending putative class actions	1

Business Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segments

The following table presents selected financial information by reportable segment:


	Three months ended March 31,
	2023		2022		Change %
Net revenues:
Application Software	$	761.4	$	628.2	21.2	%
Network Software	354.5		338.5		4.7	%
Technology Enabled Products	353.8		313.1		13.0	%

Total	$	1,469.7	$	1,279.8	14.8	%
Gross profit:
Application Software	$	520.5	$	435.4	19.5	%
Network Software	299.4		284.9		5.1	%
Technology Enabled Products	198.7		176.9		12.3	%

Total	$	1,018.6	$	897.2	13.5	%
Operating profit*:
Application Software	$	193.2	$	172.3	12.1	%
Network Software	147.5		136.8		7.8	%
Technology Enabled Products	115.5		99.7		15.8	%

Total	$	456.2	$	408.8	11.6	%
Long-lived assets:
Application Software	$	153.3	$	135.8	12.9	%
Network Software	30.7		26.2		17.2	%
Technology Enabled Products	29.2		27.0		8.1	%

Total	$	213.2	$	189.0	12.8	%

*Segment operating profit is before unallocated corporate general and administrative and enterprise-wide stock-based compensation expenses. These expenses were $55.2 and $52.9 for the three months ended March 31, 2023 and 2022, respectively.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2023
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, antitrust, 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., had been named in three putative class actions, all of which are now dismissed: 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, with the dismissal affirmed by the U.S. Fifth Circuit Court of Appeals, 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, and Plaintiff failed to appeal the dismissal effectively concluding the matter. 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. As set forth above, all of these matters have now been dismissed. 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”). Verathon and the plaintiff agreed to settle the matter for $45.0 which was fully concluded and cash settled in the first quarter of 2023.

- Definition

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.

+ References + Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in usd per share)	$ 0.6825	$ 0.62

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	Mar. 17, 2022	Jan. 05, 2022	Dec. 31, 2022	Nov. 22, 2022
Indicor
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
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]
Ownership interest divested, percent				51.00%
Disposed of by Sale \| TransCore \| Singapore Technologies Engineering Ltd Affiliate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from disposal	$ 2,680.0
Pretax gain on disposition of business	2,073.7
Income tax expense	$ 550.5
Disposed of by Sale \| Zetec \| Eddyfi NDT Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from disposal		$ 350.0
Pretax gain on disposition of business		255.3
Income tax expense		$ 60.9

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended
	Jul. 01, 2020	Mar. 31, 2023	Mar. 31, 2022
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options granted during the period (in shares)		353	365
Fair value per share (in dollars per share)		$ 128.89	$ 115.83
Cash received from exercise of options		$ 24.6	$ 38.7
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted during period (in shares)		219
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share)		$ 428.20	$ 455.84
Restricted stock awards vested during period (in shares)		82
Weighted average grant date fair value per share (in dollars per share)		$ 376.74
Weighted average vest date fair value per share (in dollars per share)		$ 435.75
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of eligible earnings to purchase common stock through the employee stock purchase plan	10.00%
Discount on the average closing price for the employee stock purchase plan	10.00%
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares)		12	13
Amount paid for stock purchased during the period by participants in the employee stock purchase plan		$ 4.7	$ 5.5

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 63.0	$ 60.6
Work in process	26.9	24.9
Finished products	32.1	31.3
Inventory reserves	(7.0)	(5.5)
Inventories, net	$ 115.0	$ 111.3

Weighted Average Shares Outstanding

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Weighted Average Shares Outstanding

Weighted Average Shares OutstandingBasic earnings per share were calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share were calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options based upon the trading price of Roper’s common stock. The effects of potential common stock were determined using the treasury stock method.

Weighted average shares outstanding are shown below:


	Three months ended March 31,
		2023	2022
Basic shares outstanding		106.3	105.6
Effect of potential common stock:
Common stock awards		0.7	1.1
Diluted shares outstanding		107.0	106.7

For the three months ended March 31, 2023, there were 1.150 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 0.840 outstanding stock options that would have been antidilutive in the respective 2022 period.

Revenues from Contracts - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance	$ 589.9	$ 489.3
Deferred commissions	$ 64.5		$ 64.8

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net earnings from continuing operations	$ 284.3	$ 236.4
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	8.6	9.6
Amortization of intangible assets	175.1	145.7
Amortization of deferred financing costs	2.6	3.1
Non-cash stock compensation	29.6	33.0
Income tax provision, excluding tax associated with gain on sale of assets	75.8	64.8
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	98.0	85.6
Unbilled receivables	(8.7)	(10.4)
Inventories	(3.8)	(13.0)
Accounts payable	11.2	10.1
Other accrued liabilities	(103.7)	(106.6)
Deferred revenue	(61.4)	28.4
Cash income taxes paid	(16.0)	(22.3)
Other, net	(26.7)	(23.1)
Cash provided by operating activities from continuing operations	464.9	441.3
Cash provided by (used in) operating activities from discontinued operations	(1.2)	34.0
Cash provided by operating activities	463.7	475.3
Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(1.1)	(53.2)
Capital expenditures	(9.8)	(5.4)
Capitalized software expenditures	(9.9)	(7.5)
Other, net	(2.8)	0.0
Cash used in investing activities from continuing operations	(23.6)	(66.1)
Proceeds from (used in) disposition of discontinued operations	(3.2)	3,006.2
Cash used in investing activities from discontinued operations	0.0	(1.9)
Cash provided by (used in) investing activities	(26.8)	2,938.2
Cash flows from (used in) financing activities:
Borrowings (payments) under revolving line of credit, net	0.0	(470.0)
Cash dividends to stockholders	(72.3)	(65.3)
Proceeds from stock-based compensation, net	15.1	21.0
Treasury stock sales	4.7	5.5
Cash flows used in financing activities from continuing operations	(52.5)	(508.8)
Cash flows used in financing activities from discontinued operations	0.0	(11.4)
Cash flows used in financing activities	(52.5)	(520.2)
Effect of foreign currency exchange rate changes on cash	4.4	(7.3)
Net increase in cash and cash equivalents	388.8	2,886.0
Cash and cash equivalents, beginning of period	792.8	351.5
Cash and cash equivalents, end of period	$ 1,181.6	$ 3,237.5

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

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


	Three Months Ended March 31,
		2022
Net revenues		$	100.4
Cost of sales		71.2
Gross profit		29.2

Selling, general and administrative expenses (1)		19.9
Income from operations		9.3

Other income, net		0.1

Earnings before income taxes		9.4

Income taxes		(6.2)

Earnings from discontinued operations, net of tax		15.6

Gain on disposition of discontinued operations, net of tax (2)		1,717.3

Net earnings from discontinued operations		$	1,732.9

(1) Includes stock-based compensation expense of $0.9. Stock-based compensation for discontinued operations was previously reported as a component of unallocated corporate general and administrative expenses.

(2) Includes expense of $4.5 associated with accelerated vesting of share-based awards.

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


	Three Months Ended March 31,
		2023		2022 (1)
Net revenues		$	—	$	246.8
Cost of sales		—		113.9
Gross profit		—		132.9

Selling, general and administrative expenses		1.2		67.7
Income from operations		(1.2)		65.2

Other income, net		—		0.2

Earnings (loss) before income taxes		(1.2)		65.4

Income taxes		—		14.2

Earnings (loss) from discontinued operations, net of tax		$	(1.2)	$	51.2

(1) Includes depreciation and amortization expense of $3.9 and stock-based compensation expense of $2.9. Stock-based compensation was previously reported as a component of unallocated corporate general and administrative expenses.

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI https://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

The components of inventory were as follows:


	March 31, 2023		December 31, 2022
Raw materials and supplies	$	63.0	$	60.6
Work in process	26.9		24.9
Finished products	32.1		31.3
Inventory reserves	(7.0)		(5.5)
Inventories, net	$	115.0	$	111.3

Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fixed-Rate Senior Notes, Fair Value


Fixed-rate senior notes			Fair Value
Principal Amount	Interest rate	Year of maturity	As of March 31, 2023
$700	3.650%	2023	$	695
$500	2.350%	2024	$	482
$300	3.850%	2025	$	295
$700	1.000%	2025	$	641
$700	3.800%	2026	$	679
$700	1.400%	2027	$	609
$800	4.200%	2028	$	788
$700	2.950%	2029	$	629
$600	2.000%	2030	$	497
$1,000	1.750%	2031	$	803

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Balance at beginning of period 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]
Net earnings	2,020.5			2,020.5
Stock option exercises	38.7		38.7
Cash settlement of share-based awards in connection with disposition of discontinued operations	(11.1)		(11.1)
Treasury stock sold	5.5		5.4			0.1
Currency translation adjustments	(22.9)				(22.9)
Stock-based compensation	40.8		40.8
Restricted stock activity	(17.7)		(17.7)
Dividends declared	(65.7)			(65.7)
Balance at end of period at Mar. 31, 2022	13,551.9	1.1	2,363.9	11,410.4	(206.0)	(17.5)
Balance at beginning of period at Dec. 31, 2022	16,037.8	1.1	2,510.2	13,730.7	(187.0)	(17.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	283.1			283.1
Stock option exercises	33.7		33.7
Treasury stock sold	4.7		4.6			0.1
Currency translation adjustments	24.1				24.1
Stock-based compensation	31.4		31.4
Restricted stock activity	(9.5)		(9.5)
Dividends declared	(72.6)			(72.6)
Balance at end of period at Mar. 31, 2023	$ 16,332.7	$ 1.1	$ 2,570.4	$ 13,941.2	$ (162.9)	$ (17.1)

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements for the three months ended March 31, 2023 and 2022 are unaudited. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position, results of operations, comprehensive income and cash flows of Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our” or “us”) for all periods presented. The December 31, 2022 financial position data included herein was derived from the audited consolidated financial statements included in the Company’s 2022 Annual Report on Form 10-K (“Annual Report”) filed on February 27, 2023 with the Securities and Exchange Commission (“SEC”) but does not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). Roper’s management has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these Condensed Consolidated Financial Statements in conformity with GAAP. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. You should read these unaudited Condensed Consolidated Financial Statements in conjunction with Roper’s audited consolidated financial statements and the notes thereto included in its Annual Report. Certain prior period amounts have been reclassified to conform to current period presentation. Discontinued Operations Roper has completed the divestitures of TransCore, Zetec, CIVCO Radiotherapy (“2021 Divestitures”), and the majority stake in its industrial businesses (“Indicor”). The financial results for these businesses are reported as discontinued operations for all periods presented. Unless otherwise noted, discussion within these notes to the Condensed Consolidated Financial Statements relates to continuing operations. Refer to Note 4 for additional information on discontinued operations.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2023

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, 2022	$	11,417.5	$	3,598.3	$	930.3	$	15,946.1


Other	0.1		—		—		0.1
Currency translation adjustments	5.9		10.9		(0.2)		16.6
Balances at March 31, 2023	$	11,423.5	$	3,609.2	$	930.1	$	15,962.8

Other relates primarily to purchase accounting adjustments for acquisitions completed in 2022.

Other intangible assets were comprised of:


	Cost		Accumulated amortization		Net book value
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

Assets subject to amortization:
Customer related intangibles	$	9,310.5	$	(2,576.2)	$	6,734.3
Unpatented technology	959.3		(539.4)		419.9
Software	149.1		(136.8)		12.3
Patents and other protective rights	10.3		(1.2)		9.1
Trade names	9.7		(3.8)		5.9
Assets not subject to amortization:
Trade names	690.2		—		690.2

Balances at March 31, 2023	$	11,129.1	$	(3,257.4)	$	7,871.7

Amortization expense of other intangible assets was $170.4 and $143.3 during the three months ended March 31, 2023 and 2022, respectively.

An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on 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. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2023. The Company will perform the annual analysis during the fourth quarter of 2023.

Revenues from Contracts

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues from Contracts

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.


	Three months ended March 31, 2023								Three months ended March 31, 2022
	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Revenue Stream
Software related
Recurring	$	580.6	$	255.9	$	3.8	$	840.3	$	461.5	$	237.2	$	2.6	$	701.3
Reoccurring	35.4		64.2		—		99.6		31.7		60.5		—		92.2
Non-recurring	145.4		34.4		0.4		180.2		135.0		40.8		0.3		176.1
Total Software Revenues	761.4		354.5		4.2		1,120.1		628.2		338.5		2.9		969.6

Product Revenue	—		—		349.6		349.6		—		—		310.2		310.2
Total Revenue	$	761.4	$	354.5	$	353.8	$	1,469.7	$	628.2	$	338.5	$	313.1	$	1,279.8

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 March 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,203.0. We expect to recognize revenue of $2,872.5, or approximately 68% of our remaining performance obligations over the next 12 months (“Backlog”), with the remainder to be recognized thereafter.

Contract balances


Balance Sheet Account	March 31, 2023		December 31, 2022		Change
Unbilled receivables	$	100.9	$	91.5	$	9.4
Deferred revenue - current	(1,303.8)		(1,370.7)		66.9
Deferred revenue - non-current (1)	(121.4)		(111.5)		(9.9)
Net contract assets/(liabilities)	$	(1,324.3)	$	(1,390.7)	$	66.4

(1) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

The change in our net contract assets/(liabilities) from December 31, 2022 to March 31, 2023 was due primarily to the timing of payments and invoicing relating to SaaS and post contract support (“PCS”) contracts, driven largely by the renewal cycle of our Frontline business which primarily occurs in the third quarter.

The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance relating primarily to SaaS and PCS renewals. Revenue recognized from the deferred revenue balance on December 31, 2022 and 2021 was $589.9 and $489.3 for the three months ended March 31, 2023 and 2022, respectively. In order to determine revenues recognized in the period, we allocate revenue to the individual deferred revenue balance outstanding at the beginning of the year until the revenue exceeds that balance.

The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Condensed Consolidated Balance Sheets. At March 31, 2023 and December 31, 2022, we had $64.5 and $64.8 of total deferred commissions, respectively.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 283.1	$ 2,020.5
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	24.1	(22.9)
Total other comprehensive income (loss), net of tax	24.1	(22.9)
Comprehensive income	$ 307.2	$ 1,997.6

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Stock Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	$ 30.2	$ 33.0
Tax effect recognized in net earnings from continuing operations	$ 5.2	$ 7.0

Fair Value - Narrative (Details) - USD ($)	3 Months Ended
Fair Value - Narrative (Details) - USD ($)	Mar. 31, 2023	Apr. 26, 2023
Indicor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retaining minority interest	48.60%
Honeywell International, Inc. \| Disposed of by Sale \| Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consideration received from disposal		$ 670

Revenues from Contracts - Remaining Performance Obligations Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4,203.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,872.5
Remaining performance obligations, percentage	68.00%
Remaining performance obligations, expected timing of satisfaction	12 months

Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents selected financial information by reportable segment:


	Three months ended March 31,
	2023		2022		Change %
Net revenues:
Application Software	$	761.4	$	628.2	21.2	%
Network Software	354.5		338.5		4.7	%
Technology Enabled Products	353.8		313.1		13.0	%

Total	$	1,469.7	$	1,279.8	14.8	%
Gross profit:
Application Software	$	520.5	$	435.4	19.5	%
Network Software	299.4		284.9		5.1	%
Technology Enabled Products	198.7		176.9		12.3	%

Total	$	1,018.6	$	897.2	13.5	%
Operating profit*:
Application Software	$	193.2	$	172.3	12.1	%
Network Software	147.5		136.8		7.8	%
Technology Enabled Products	115.5		99.7		15.8	%

Total	$	456.2	$	408.8	11.6	%
Long-lived assets:
Application Software	$	153.3	$	135.8	12.9	%
Network Software	30.7		26.2		17.2	%
Technology Enabled Products	29.2		27.0		8.1	%

Total	$	213.2	$	189.0	12.8	%

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting PronouncementsThe Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs 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.

Discontinued Operations

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The Company concluded that the 2021 Divestitures and the sale of a majority 51% stake in Indicor each represented a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the financial results related to these transactions are presented in the Condensed Consolidated Financial Statements as discontinued operations for all periods presented.

The following transactions closed in the first quarter of 2022:

•On March 17, 2022, Roper closed on the divestiture of our TransCore business to an affiliate of Singapore Technologies Engineering Ltd., for approximately $2,680.0 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 Condensed Consolidated Statements of Earnings. 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 $350.0 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 Condensed Consolidated Statements of Earnings. Zetec was previously included in the historical Process Technologies reportable segment.

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


	Three Months Ended March 31,
		2022
Net revenues		$	100.4
Cost of sales		71.2
Gross profit		29.2

Selling, general and administrative expenses (1)		19.9
Income from operations		9.3

Other income, net		0.1

Earnings before income taxes		9.4

Income taxes		(6.2)

Earnings from discontinued operations, net of tax		15.6

Gain on disposition of discontinued operations, net of tax (2)		1,717.3

Net earnings from discontinued operations		$	1,732.9

(2) Includes expense of $4.5 associated with accelerated vesting of share-based awards.

Indicor - On November 22, 2022, Roper completed the divestiture of a majority 51% stake in Indicor to Clayton, Dubilier & Rice, LLC (“CD&R”). In connection with the transaction, Roper retained an initial 49% minority equity interest in Indicor (described further in Note 8).

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


	Three Months Ended March 31,
		2023		2022 (1)
Net revenues		$	—	$	246.8
Cost of sales		—		113.9
Gross profit		—		132.9

Selling, general and administrative expenses		1.2		67.7
Income from operations		(1.2)		65.2

Other income, net		—		0.2

Earnings (loss) before income taxes		(1.2)		65.4

Income taxes		—		14.2

Earnings (loss) from discontinued operations, net of tax		$	(1.2)	$	51.2

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table provides information regarding the Company’s stock-based compensation expense:


	Three Months Ended March 31,
		2023		2022
Stock-based compensation		$	30.2	$	33.0
Tax effect recognized in net earnings from continuing operations		5.2		7.0

Schedule of Weighted Average Assumptions Used to Value Option Grants

The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year periods using the Black-Scholes option-pricing model:


	Three months ended March 31,
	2023	2022
Risk-free interest rate (%)	3.73	2.05
Expected option life (years)	5.65	5.63
Expected volatility (%)	26.02	24.52
Expected dividend yield (%)	0.64	0.54

Discontinued Operations - Schedule of Amounts Included in Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnings from discontinued operations, net of tax	$ (1.2)	$ 66.8
Gain on disposition of discontinued operations, net of tax	0.0	1,717.3
Net earnings from discontinued operations	(1.2)	1,784.1
Held-for-sale or Disposed of by Sale \| TransCore and Zetec
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues		100.4
Cost of sales		71.2
Gross profit		29.2
Selling, general and administrative expenses		19.9
Income from operations		9.3
Other income, net		0.1
Earnings before income taxes		9.4
Income taxes		(6.2)
Earnings from discontinued operations, net of tax		15.6
Gain on disposition of discontinued operations, net of tax		1,717.3
Net earnings from discontinued operations		1,732.9
Stock-based compensation expense		4.5
Held-for-sale or Disposed of by Sale \| TransCore and Zetec \| Selling, General and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation expense		0.9
Held-for-sale or Disposed of by Sale \| Industrial Businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	0.0	246.8
Cost of sales	0.0	113.9
Gross profit	0.0	132.9
Selling, general and administrative expenses	1.2	67.7
Income from operations	(1.2)	65.2
Other income, net	0.0	0.2
Earnings before income taxes	(1.2)	65.4
Income taxes	0.0	14.2
Earnings from discontinued operations, net of tax	$ (1.2)	51.2
Stock-based compensation expense		2.9
Depreciation and amortization		$ 3.9

Stock Based Compensation - Weighted Average Assumptions Used to Value Option Grants (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate (%)	3.73%	2.05%
Expected option life (years)	5 years 7 months 24 days	5 years 7 months 17 days
Expected volatility (%)	26.02%	24.52%
Expected dividend yield (%)	0.64%	0.54%

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (3,257.4)	$ (3,082.9)
Intangible assets, gross (excluding goodwill)	11,129.1	11,113.6
Intangible assets, net (excluding goodwill)	7,871.7	8,030.7
Trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	690.2	689.3
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	9,310.5	9,300.7
Accumulated amortization	(2,576.2)	(2,437.7)
Finite-lived intangible assets, net	6,734.3	6,863.0
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	959.3	954.6
Accumulated amortization	(539.4)	(506.9)
Finite-lived intangible assets, net	419.9	447.7
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	149.1	149.0
Accumulated amortization	(136.8)	(134.0)
Finite-lived intangible assets, net	12.3	15.0
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	10.3	10.3
Accumulated amortization	(1.2)	(1.2)
Finite-lived intangible assets, net	9.1	9.1
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	9.7	9.7
Accumulated amortization	(3.8)	(3.1)
Finite-lived intangible assets, net	$ 5.9	$ 6.6

Stock Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

The Roper Technologies, Inc. 2021 Incentive 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 following table provides information regarding the Company’s stock-based compensation expense:


	Three Months Ended March 31,
		2023		2022
Stock-based compensation		$	30.2	$	33.0
Tax effect recognized in net earnings from continuing operations		5.2		7.0

Stock Options - In the three months ended March 31, 2023, 0.353 options were granted with a weighted average fair value of $128.89 per option. During the same period in 2022, 0.365 options were granted with a weighted average fair value of $115.83 per option. All options were issued with an exercise price equal to the closing price of Roper’s common stock on the date of grant, as required by the Company’s stock-based compensation plans.

Roper records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. Historical data is used to estimate the expected price volatility, the expected dividend yield, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option.

The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year periods using the Black-Scholes option-pricing model:


	Three months ended March 31,
	2023	2022
Risk-free interest rate (%)	3.73	2.05
Expected option life (years)	5.65	5.63
Expected volatility (%)	26.02	24.52
Expected dividend yield (%)	0.64	0.54

Cash received from option exercises for the three months ended March 31, 2023 and 2022 was $24.6 and $38.7, respectively.

Restricted Stock Grants - During both the three months ended March 31, 2023 and 2022, the Company granted 0.219 shares with a weighted average grant date fair value of $428.20 and $455.84 per restricted share, respectively. All grants were issued at grant date fair value.

During the three months ended March 31, 2023, 0.082 restricted shares vested with a weighted average grant date fair value of $376.74 per restricted share and a weighted average vest date fair value of $435.75 per restricted share.

Employee Stock Purchase Plan - Roper’s employee stock purchase plan (“ESPP”) allows employees in the U.S. and Canada 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 ESPP may be either treasury stock, stock purchased on the open market, or newly issued shares.

During the three months ended March 31, 2023 and 2022, participants in the ESPP purchased 0.012 and 0.013 shares of Roper’s common stock for total consideration of $4.7 and $5.5, respectively. All shares were purchased from Roper’s treasury shares.

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 175.1	$ 145.7
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 170.4	$ 143.3

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting PronouncementsThe Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI https://asc.fasb.org/topic&trid=2122394

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-URI https://asc.fasb.org/extlink&oid=126986314&loc=SL124402458-218513

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-URI https://asc.fasb.org/extlink&oid=126986314&loc=SL124402458-218513

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI https://asc.fasb.org/extlink&oid=122038215&loc=d3e31137-122693

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL122150809-237846

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=122038215&loc=SL108384541-122693

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(2)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (f)(3)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(3)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

+ Details

Revenues from Contracts (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

See details in the table below.


	Three months ended March 31, 2023								Three months ended March 31, 2022
	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Revenue Stream
Software related
Recurring	$	580.6	$	255.9	$	3.8	$	840.3	$	461.5	$	237.2	$	2.6	$	701.3
Reoccurring	35.4		64.2		—		99.6		31.7		60.5		—		92.2
Non-recurring	145.4		34.4		0.4		180.2		135.0		40.8		0.3		176.1
Total Software Revenues	761.4		354.5		4.2		1,120.1		628.2		338.5		2.9		969.6

Product Revenue	—		—		349.6		349.6		—		—		310.2		310.2
Total Revenue	$	761.4	$	354.5	$	353.8	$	1,469.7	$	628.2	$	338.5	$	313.1	$	1,279.8

Schedule of Contract Balances

Contract balances


Balance Sheet Account	March 31, 2023		December 31, 2022		Change
Unbilled receivables	$	100.9	$	91.5	$	9.4
Deferred revenue - current	(1,303.8)		(1,370.7)		66.9
Deferred revenue - non-current (1)	(121.4)		(111.5)		(9.9)
Net contract assets/(liabilities)	$	(1,324.3)	$	(1,390.7)	$	66.4

(1) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

Revenues from Contracts - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 100.9	$ 91.5
Change in unbilled receivables	9.4
Deferred revenue - current	(1,303.8)	(1,370.7)
Change in deferred revenue - current	66.9
Deferred revenue - non-current	(121.4)	(111.5)
Change in deferred revenue - non-current	(9.9)
Net contract assets/(liabilities)	(1,324.3)	$ (1,390.7)
Change in net contract assets/(liabilities)	$ 66.4

Weighted Average Shares Outstanding (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Outstanding

Weighted average shares outstanding are shown below:


	Three months ended March 31,
		2023	2022
Basic shares outstanding		106.3	105.6
Effect of potential common stock:
Common stock awards		0.7	1.1
Diluted shares outstanding		107.0	106.7