0000882835-23-000045 | 10-Q | XBRL Viewer

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Weighted Average Shares Outstanding - Schedule of Weighted Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	106.6	105.9	106.4	105.8
Effect of potential common stock:
Common stock awards (in shares)	0.8	0.9	0.8	1.0
Diluted shares outstanding (in shares)	107.4	106.8	107.2	106.8

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

The components of inventory were as follows:


	June 30, 2023		December 31, 2022
Raw materials and supplies	$	63.6	$	60.6
Work in process	24.8		24.9
Finished products	37.4		31.3
Inventory reserves	(7.8)		(5.5)
Inventories, net	$	118.0	$	111.3

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in usd per share)	$ 0.6825	$ 0.62	$ 1.3650	$ 1.24

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets			$ 350.6	$ 291.3
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 170.5	$ 142.6	$ 340.9	$ 285.9

Weighted Average Shares Outstanding - Narrative (Details) - shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive stock options (in shares)	735	737	819

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		6 Months Ended
	Jul. 01, 2020	Jun. 30, 2023	Jun. 30, 2022
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options granted during the period (in shares)		363	373
Fair value per share (in dollars per share)		$ 129.01	$ 115.92
Cash received from exercise of options		$ 70.9	$ 62.9
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted during period (in shares)		242	236
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share)		$ 431.05	$ 451.30
Restricted stock awards vested during period (in shares)		88
Weighted average grant date fair value per share (in dollars per share)		$ 377.18
Weighted average vest date fair value per share (in dollars per share)		$ 437.43
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)		21	21
Amount paid for stock purchased during the period by participants in the employee stock purchase plan		$ 8.4	$ 8.5

Fair Value

6 Months Ended

Jun. 30, 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 June 30, 2023
$700	3.650%	2023	$697
$500	2.350%	2024	$481
$300	3.850%	2025	$288
$700	1.000%	2025	$637
$700	3.800%	2026	$669
$700	1.400%	2027	$603
$800	4.200%	2028	$768
$700	2.950%	2029	$619
$600	2.000%	2030	$489
$1,000	1.750%	2031	$791

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 48.1% 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.”

We initially valued our investment using the implied equity value associated with the sale price of the majority equity interest in Indicor to CD&R. During the second quarter, we revised our valuation methodology to utilize the market multiple approach consisting of comparable guideline public companies revenue and earnings multiples to estimate the fair value of the investment. Our valuation methodology was updated given the passage of time since the transaction date and in consideration of observable market data, including Indicor’s divestiture of its Compressor Controls business unit to Honeywell International, Inc. for approximately $670 which closed on June 30, 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.

The following table provides a reconciliation of the fair value for our equity investment in Indicor measured using Level 3 inputs:


	Three and Six months ended June 30, 2023
Balance at beginning of period	$	535.0
Change in fair value	56.3
Balance at end of period	$	591.3

The Company received dividend distributions of $12.1 from Indicor during the three and six months ended June 30, 2023, which are reported as a component of “Equity investment activity, net.” These dividend distributions were distributed to offset certain cash taxes associated with the Company’s ownership stake and are contemplated in the determination of the fair value related to the equity investment in Indicor.

- 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

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Jun. 30, 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.

Business Acquisitions	6 Months Ended
Business Acquisitions	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions On May 2, 2023, Roper acquired the outstanding membership interests of Promium, LLC, a leading provider of laboratory information management systems in the environmental and water markets for an aggregate purchase price of $16.5. This acquisition has been integrated into our CliniSys business and its results are reported in the Application Software reportable segment. The Company recorded $12.2 in goodwill and $6.2 of other identifiable intangibles in connection with this acquisition. The amortizable intangible assets include customer relationships of $5.8 (12 year useful life) and technology of $0.4 (5 year useful life). The results of operations of the acquired business are included in Roper’s Condensed Consolidated Financial Statements since the date of acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date has not been presented because the effects of the acquisition were not material to our financial results. On May 14, 2023, Roper entered into an agreement to acquire the assets of Replicon Inc., a provider of time tracking software solutions for project and services centric organizations, for a purchase price of approximately $450, which includes a cash tax benefit of approximately $80. This acquisition will be integrated into our Deltek business and is expected to close in the third quarter of 2023.

Revenues from Contracts - Remaining Performance Obligations Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4,201.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,746.8
Remaining performance obligations, percentage	65.00%
Remaining performance obligations, expected timing of satisfaction	12 months

Contingencies (Details) individual in Millions, $ in Millions	6 Months Ended
	Jun. 30, 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

Weighted Average Shares Outstanding

6 Months Ended

Jun. 30, 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 June 30,		Six months ended June 30,
	2023	2022	2023	2022
Basic shares outstanding	106.6	105.9	106.4	105.8
Effect of potential common stock:
Common stock awards	0.8	0.9	0.8	1.0
Diluted shares outstanding	107.4	106.8	107.2	106.8

For the three and six months ended June 30, 2023, there were 0.735 and 0.737 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 0.819 outstanding stock options that would have been antidilutive in both of the respective 2022 periods.

Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents selected financial information by reportable segment:


	Three months ended June 30,						Six months ended June 30,
	2023		2022		Change %		2023		2022		Change %
Net revenues:
Application Software	$	770.3	$	627.5	22.8	%	$	1,531.7	$	1,255.7	22.0	%
Network Software	358.1		342.9		4.4	%	712.6		681.4		4.6	%
Technology Enabled Products	402.8		340.4		18.3	%	756.6		653.5		15.8	%

Total	$	1,531.2	$	1,310.8	16.8	%	$	3,000.9	$	2,590.6	15.8	%
Gross profit:
Application Software	$	531.0	$	430.9	23.2	%	$	1,051.5	$	866.3	21.4	%
Network Software	303.9		289.1		5.1	%	603.3		574.0		5.1	%
Technology Enabled Products	232.2		191.5		21.3	%	430.9		368.4		17.0	%

Total	$	1,067.1	$	911.5	17.1	%	$	2,085.7	$	1,808.7	15.3	%
Operating profit*:
Application Software	$	201.2	$	165.3	21.7	%	$	394.4	$	337.6	16.8	%
Network Software	153.1		137.1		11.7	%	300.6		273.9		9.7	%
Technology Enabled Products	139.1		111.4		24.9	%	254.6		211.1		20.6	%

Total	$	493.4	$	413.8	19.2	%	$	949.6	$	822.6	15.4	%
Long-lived assets:
Application Software	$	161.9	$	136.6	18.5	%
Network Software	28.7		27.1		5.9	%
Technology Enabled Products	29.8		27.1		10.0	%

Total	$	220.4	$	190.8	15.5	%

*Segment operating profit is before unallocated corporate general and administrative and enterprise-wide stock-based compensation expenses. These expenses were $58.1 and $50.9 for the three months ended June 30, 2023 and 2022, respectively, and $113.3 and $103.8 for the six months ended June 30, 2023 and 2022, respectively.

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements for the three and six months ended June 30, 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 and six months ended June 30, 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 5 for additional information on discontinued operations.

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	2,289.3			2,289.3
Stock option exercises	62.9		62.9
Cash settlement of share-based awards in connection with disposition of discontinued operations	(11.1)		(11.1)
Treasury stock sold	8.5		8.3			0.2
Currency translation adjustments	(104.7)				(104.7)
Stock-based compensation	71.2		71.2
Restricted stock activity	(22.0)		(22.0)
Dividends declared	(131.4)			(131.4)
Balance at end of period at Jun. 30, 2022	13,726.5	1.1	2,417.1	11,613.5	(287.8)	(17.4)
Balance at beginning of period at Mar. 31, 2022	13,551.9	1.1	2,363.9	11,410.4	(206.0)	(17.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	268.8			268.8
Stock option exercises	24.2		24.2
Treasury stock sold	3.0		2.9			0.1
Currency translation adjustments	(81.8)				(81.8)
Stock-based compensation	30.4		30.4
Restricted stock activity	(4.3)		(4.3)
Dividends declared	(65.7)			(65.7)
Balance at end of period at Jun. 30, 2022	13,726.5	1.1	2,417.1	11,613.5	(287.8)	(17.4)
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	648.0			648.0
Stock option exercises	81.8		81.8
Treasury stock sold	8.4		8.2			0.2
Currency translation adjustments	60.3				60.3
Stock-based compensation	65.2		65.2
Restricted stock activity	(10.1)		(10.1)
Dividends declared	(145.5)			(145.5)
Balance at end of period at Jun. 30, 2023	16,745.9	1.1	2,655.3	14,233.2	(126.7)	(17.0)
Balance at beginning of period at Mar. 31, 2023	16,332.7	1.1	2,570.4	13,941.2	(162.9)	(17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	364.9			364.9
Stock option exercises	48.1		48.1
Treasury stock sold	3.7		3.6			0.1
Currency translation adjustments	36.2				36.2
Stock-based compensation	33.8		33.8
Restricted stock activity	(0.6)		(0.6)
Dividends declared	(72.9)			(72.9)
Balance at end of period at Jun. 30, 2023	$ 16,745.9	$ 1.1	$ 2,655.3	$ 14,233.2	$ (126.7)	$ (17.0)

Revenues from Contracts - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance	$ 396.7	$ 287.4	$ 986.6	$ 776.7
Deferred commissions	$ 65.2		$ 65.2		$ 64.8

Business Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Business Segments

The following table presents selected financial information by reportable segment:


	Three months ended June 30,						Six months ended June 30,
	2023		2022		Change %		2023		2022		Change %
Net revenues:
Application Software	$	770.3	$	627.5	22.8	%	$	1,531.7	$	1,255.7	22.0	%
Network Software	358.1		342.9		4.4	%	712.6		681.4		4.6	%
Technology Enabled Products	402.8		340.4		18.3	%	756.6		653.5		15.8	%

Total	$	1,531.2	$	1,310.8	16.8	%	$	3,000.9	$	2,590.6	15.8	%
Gross profit:
Application Software	$	531.0	$	430.9	23.2	%	$	1,051.5	$	866.3	21.4	%
Network Software	303.9		289.1		5.1	%	603.3		574.0		5.1	%
Technology Enabled Products	232.2		191.5		21.3	%	430.9		368.4		17.0	%

Total	$	1,067.1	$	911.5	17.1	%	$	2,085.7	$	1,808.7	15.3	%
Operating profit*:
Application Software	$	201.2	$	165.3	21.7	%	$	394.4	$	337.6	16.8	%
Network Software	153.1		137.1		11.7	%	300.6		273.9		9.7	%
Technology Enabled Products	139.1		111.4		24.9	%	254.6		211.1		20.6	%

Total	$	493.4	$	413.8	19.2	%	$	949.6	$	822.6	15.4	%
Long-lived assets:
Application Software	$	161.9	$	136.6	18.5	%
Network Software	28.7		27.1		5.9	%
Technology Enabled Products	29.8		27.1		10.0	%

Total	$	220.4	$	190.8	15.5	%

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 15
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 15,946.1
Goodwill acquired	12.2
Other	0.6
Currency translation adjustments	43.6
Balance at end of period	16,002.5
Application Software
Goodwill [Roll Forward]
Balance at beginning of period	11,417.5
Goodwill acquired	12.2
Other	0.6
Currency translation adjustments	15.7
Balance at end of period	11,446.0
Network Software
Goodwill [Roll Forward]
Balance at beginning of period	3,598.3
Goodwill acquired	0.0
Other	0.0
Currency translation adjustments	27.2
Balance at end of period	3,625.5
Technology Enabled Products
Goodwill [Roll Forward]
Balance at beginning of period	930.3
Goodwill acquired	0.0
Other	0.0
Currency translation adjustments	0.7
Balance at end of period	$ 931.0

- 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

Weighted Average Shares Outstanding (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Outstanding

Weighted average shares outstanding are shown below:


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Basic shares outstanding	106.6	105.9	106.4	105.8
Effect of potential common stock:
Common stock awards	0.8	0.9	0.8	1.0
Diluted shares outstanding	107.4	106.8	107.2	106.8

Discontinued Operations

6 Months Ended

Jun. 30, 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 (loss) 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 (loss) 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 earnings from discontinued operations attributable to the TransCore and Zetec businesses:


	Three months ended June 30,			Six months ended June 30,
		2022		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 (loss) on disposition of discontinued operations, net of tax (2)		(10.7)		1,706.6

Net earnings (loss) from discontinued operations		$	(10.7)	$	1,722.2

(1) Includes stock-based compensation expense of $0.9. Stock-based compensation 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 for the six months ended June 30, 2022.

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 9).

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022 (1)		2023		2022 (1)
Net revenues	$	—	$	255.1	$	—	$	501.9
Cost of sales	—		121.4		—		235.3
Gross profit	—		133.7		—		266.6

Selling, general and administrative expenses	0.4		66.8		1.6		134.5
Income (loss) from operations	(0.4)		66.9		(1.6)		132.1

Other income, net	—		0.9		—		1.1

Earnings (loss) before income taxes	(0.4)		67.8		(1.6)		133.2

Income taxes	(0.4)		13.3		(0.4)		27.5

Earnings (loss) from discontinued operations, net of tax	—		54.5		(1.2)		105.7

Gain on disposition of discontinued operations, net of tax	3.9		—		3.9		—

Net earnings from discontinued operations	$	3.9	$	54.5	$	2.7	$	105.7

(1) Includes depreciation and amortization expense of $2.5 and $6.4 for the three and six months ended June 30, 2022 and stock-based compensation expense of $2.6 and $5.5 for the three and six months ended June 30, 2022. Stock-based compensation was previously reported as a component of unallocated corporate general and administrative expenses.

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
ASSETS:
Cash and cash equivalents	$ 1,462.8	$ 792.8
Accounts receivable, net	684.4	724.5
Inventories, net	118.0	111.3
Income taxes receivable	53.4	61.0
Unbilled receivables	108.1	91.5
Other current assets	179.4	151.3
Total current assets	2,606.1	1,932.4
Property, plant and equipment, net	93.7	85.3
Goodwill	16,002.5	15,946.1
Other intangible assets, net	7,718.8	8,030.7
Deferred taxes	48.2	55.9
Equity investment	591.3	535.0
Other assets	399.8	395.4
Total assets	27,460.4	26,980.8
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable	141.1	122.6
Accrued compensation	183.8	228.8
Deferred revenue	1,279.8	1,370.7
Other accrued liabilities	397.1	454.6
Income taxes payable	62.3	16.6
Current portion of long-term debt, net	699.8	699.2
Total current liabilities	2,763.9	2,892.5
Long-term debt, net of current portion	5,966.3	5,962.5
Deferred taxes	1,589.4	1,676.8
Other liabilities	394.9	411.2
Total liabilities	10,714.5	10,943.0
Commitments and contingencies (Note 10)
Common stock	1.1	1.1
Additional paid-in capital	2,655.3	2,510.2
Retained earnings	14,233.2	13,730.7
Accumulated other comprehensive loss	(126.7)	(187.0)
Treasury stock	(17.0)	(17.2)
Total stockholders’ equity	16,745.9	16,037.8
Total liabilities and stockholders’ equity	$ 27,460.4	$ 26,980.8

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (3,433.3)	$ (3,082.9)
Intangible assets, gross (excluding goodwill)	11,152.1	11,113.6
Intangible assets, net (excluding goodwill)	7,718.8	8,030.7
Trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	691.8	689.3
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	9,329.0	9,300.7
Accumulated amortization	(2,715.9)	(2,437.7)
Finite-lived intangible assets, net	6,613.1	6,863.0
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	962.1	954.6
Accumulated amortization	(572.8)	(506.9)
Finite-lived intangible assets, net	389.3	447.7
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	149.2	149.0
Accumulated amortization	(138.8)	(134.0)
Finite-lived intangible assets, net	10.4	15.0
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	10.3	10.3
Accumulated amortization	(1.3)	(1.2)
Finite-lived intangible assets, net	9.0	9.1
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	9.7	9.7
Accumulated amortization	(4.5)	(3.1)
Finite-lived intangible assets, net	$ 5.2	$ 6.6

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

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


	Three months ended June 30,			Six months ended June 30,
		2022		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 (loss) on disposition of discontinued operations, net of tax (2)		(10.7)		1,706.6

Net earnings (loss) from discontinued operations		$	(10.7)	$	1,722.2

(1) Includes stock-based compensation expense of $0.9. Stock-based compensation 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 for the six months ended June 30, 2022.

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022 (1)		2023		2022 (1)
Net revenues	$	—	$	255.1	$	—	$	501.9
Cost of sales	—		121.4		—		235.3
Gross profit	—		133.7		—		266.6

Selling, general and administrative expenses	0.4		66.8		1.6		134.5
Income (loss) from operations	(0.4)		66.9		(1.6)		132.1

Other income, net	—		0.9		—		1.1

Earnings (loss) before income taxes	(0.4)		67.8		(1.6)		133.2

Income taxes	(0.4)		13.3		(0.4)		27.5

Earnings (loss) from discontinued operations, net of tax	—		54.5		(1.2)		105.7

Gain on disposition of discontinued operations, net of tax	3.9		—		3.9		—

Net earnings from discontinued operations	$	3.9	$	54.5	$	2.7	$	105.7

- 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

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+ Details

Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Business Segments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net revenues:	$ 1,531.2	$ 1,310.8	$ 3,000.9	$ 2,590.6
Percent change in net revenues	16.80%		15.80%
Gross profit:	$ 1,067.1	911.5	$ 2,085.7	1,808.7
Percent change in gross profit	17.10%		15.30%
Operating profit	$ 493.4	413.8	$ 949.6	822.6
Percent change in operating profit	19.20%		15.40%
Long-lived assets:	$ 220.4	190.8	$ 220.4	190.8
Percent change in long-lived assets	15.50%
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expenses	$ 58.1	50.9	113.3	103.8
Application Software
Segment Reporting Information [Line Items]
Net revenues:	$ 770.3	627.5	$ 1,531.7	1,255.7
Percent change in net revenues	22.80%		22.00%
Gross profit:	$ 531.0	430.9	$ 1,051.5	866.3
Percent change in gross profit	23.20%		21.40%
Operating profit	$ 201.2	165.3	$ 394.4	337.6
Percent change in operating profit	21.70%		16.80%
Long-lived assets:	$ 161.9	136.6	$ 161.9	136.6
Percent change in long-lived assets	18.50%
Network Software
Segment Reporting Information [Line Items]
Net revenues:	$ 358.1	342.9	$ 712.6	681.4
Percent change in net revenues	4.40%		4.60%
Gross profit:	$ 303.9	289.1	$ 603.3	574.0
Percent change in gross profit	5.10%		5.10%
Operating profit	$ 153.1	137.1	$ 300.6	273.9
Percent change in operating profit	11.70%		9.70%
Long-lived assets:	$ 28.7	27.1	$ 28.7	27.1
Percent change in long-lived assets	5.90%
Technology Enabled Products
Segment Reporting Information [Line Items]
Net revenues:	$ 402.8	340.4	$ 756.6	653.5
Percent change in net revenues	18.30%		15.80%
Gross profit:	$ 232.2	191.5	$ 430.9	368.4
Percent change in gross profit	21.30%		17.00%
Operating profit	$ 139.1	111.4	$ 254.6	211.1
Percent change in operating profit	24.90%		20.60%
Long-lived assets:	$ 29.8	$ 27.1	$ 29.8	$ 27.1
Percent change in long-lived assets	10.00%

Stock-Based Compensation - Weighted Average Assumptions Used to Value Option Grants (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate (%)	3.73%	2.07%
Expected option life (years)	5 years 7 months 17 days	5 years 7 months 17 days
Expected volatility (%)	26.04%	24.52%
Expected dividend yield (%)	0.64%	0.55%

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 63.6	$ 60.6
Work in process	24.8	24.9
Finished products	37.4	31.3
Inventory reserves	(7.8)	(5.5)
Inventories, net	$ 118.0	$ 111.3

Revenues from Contracts (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

See details in the table below:


	Three months ended June 30, 2023								Three months ended June 30, 2022
	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Revenue stream
Software related
Recurring	$	587.2	$	258.3	$	4.2	$	849.7	$	457.9	$	244.5	$	2.8	$	705.2
Reoccurring	34.3		65.7		—		100.0		28.6		62.0		—		90.6
Non-recurring	148.8		34.1		0.4		183.3		141.0		36.4		0.3		177.7
Total Software Revenues	770.3		358.1		4.6		1,133.0		627.5		342.9		3.1		973.5

Product Revenue	—		—		398.2		398.2		—		—		337.3		337.3
Total Revenue	$	770.3	$	358.1	$	402.8	$	1,531.2	$	627.5	$	342.9	$	340.4	$	1,310.8


	Six months ended June 30, 2023								Six months ended June 30, 2022
	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Revenue stream
Software related
Recurring	$	1,167.8	$	514.2	$	8.0	$	1,690.0	$	919.4	$	481.7	$	5.4	$	1,406.5
Reoccurring	69.7		129.9		—		199.6		60.3		122.5		—		182.8
Non-recurring	294.2		68.5		0.8		363.5		276.0		77.2		0.6		353.8
Total Software Revenues	1,531.7		712.6		8.8		2,253.1		1,255.7		681.4		6.0		1,943.1

Product Revenue	—		—		747.8		747.8		—		—		647.5		647.5
Total Revenue	$	1,531.7	$	712.6	$	756.6	$	3,000.9	$	1,255.7	$	681.4	$	653.5	$	2,590.6

Schedule of Contract Balances

Contract balances


Balance sheet account	June 30, 2023		December 31, 2022		Change
Unbilled receivables	$	108.1	$	91.5	$	16.6
Deferred revenue – current	(1,279.8)		(1,370.7)		90.9
Deferred revenue – non-current (1)	(116.9)		(111.5)		(5.4)
Net contract assets/(liabilities)	$	(1,288.6)	$	(1,390.7)	$	102.1

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

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 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
Goodwill acquired	12.2		—		—		12.2

Other	0.6		—		—		0.6
Currency translation adjustments	15.7		27.2		0.7		43.6
Balances at June 30, 2023	$	11,446.0	$	3,625.5	$	931.0	$	16,002.5

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	$	9,329.0	$	(2,715.9)	$	6,613.1
Unpatented technology	962.1		(572.8)		389.3
Software	149.2		(138.8)		10.4
Patents and other protective rights	10.3		(1.3)		9.0
Trade names	9.7		(4.5)		5.2
Assets not subject to amortization:
Trade names	691.8		—		691.8

Balances at June 30, 2023	$	11,152.1	$	(3,433.3)	$	7,718.8

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	$	9,329.0	$	(2,715.9)	$	6,613.1
Unpatented technology	962.1		(572.8)		389.3
Software	149.2		(138.8)		10.4
Patents and other protective rights	10.3		(1.3)		9.0
Trade names	9.7		(4.5)		5.2
Assets not subject to amortization:
Trade names	691.8		—		691.8

Balances at June 30, 2023	$	11,152.1	$	(3,433.3)	$	7,718.8

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 350
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+ Details

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

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net revenues	$ 1,531.2	$ 1,310.8	$ 3,000.9	$ 2,590.6
Cost of sales	464.1	399.3	915.2	781.9
Gross profit	1,067.1	911.5	2,085.7	1,808.7
Selling, general and administrative expenses	631.8	548.6	1,249.4	1,089.9
Income from operations	435.3	362.9	836.3	718.8
Interest expense, net	34.8	44.7	72.2	97.3
Equity investment activity, net	66.0	0.0	64.8	0.0
Other expense, net	(2.8)	(1.3)	(5.1)	(3.4)
Earnings before income taxes	463.7	316.9	823.8	618.1
Income taxes	102.7	91.9	178.5	156.7
Net earnings from continuing operations	361.0	225.0	645.3	461.4
Earnings (loss) from discontinued operations, net of tax	0.0	54.5	(1.2)	121.3
Gain (loss) on disposition of discontinued operations, net of tax	3.9	(10.7)	3.9	1,706.6
Net earnings from discontinued operations	3.9	43.8	2.7	1,827.9
Net earnings	$ 364.9	$ 268.8	$ 648.0	$ 2,289.3
Net earnings per share from continuing operations:
Basic (in dollars per share)	$ 3.38	$ 2.13	$ 6.06	$ 4.36
Diluted (in dollars per share)	3.36	2.11	6.02	4.32
Net earnings per share from discontinued operations:
Basic (in dollars per share)	0.04	0.41	0.03	17.28
Diluted (in dollars per share)	0.04	0.41	0.02	17.12
Net earnings per share:
Basic (in dollars per share)	3.42	2.54	6.09	21.64
Diluted (in dollars per share)	$ 3.40	$ 2.52	$ 6.04	$ 21.44
Weighted average common shares outstanding:
Basic (in shares)	106.6	105.9	106.4	105.8
Diluted (in shares)	107.4	106.8	107.2	106.8

Stock-Based Compensation

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
Stock-based compensation	$	33.3	$	28.2	$	63.5	$	61.2
Tax effect recognized in net earnings from continuing operations	5.5		5.9		10.7		12.9

Stock Options – In the six months ended June 30, 2023, 0.363 options were granted with a weighted average fair value of $129.01 per option. During the same period in 2022, 0.373 options were granted with a weighted average fair value of $115.92 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:


	Six months ended June 30,
	2023	2022
Risk-free interest rate (%)	3.73	2.07
Expected option life (years)	5.63	5.63
Expected volatility (%)	26.04	24.52
Expected dividend yield (%)	0.64	0.55

Cash received from option exercises for the six months ended June 30, 2023 and 2022 was $70.9 and $62.9, respectively.

Restricted Stock Grants – During the six months ended June 30, 2023, the Company granted 0.242 shares with a weighted average grant date fair value of $431.05 per restricted share. During the same period in 2022, the Company granted 0.236 shares with a weighted average grant date fair value of $451.30 per restricted share. All grants were issued at grant date fair value.

During the six months ended June 30, 2023, 0.088 restricted shares vested with a weighted average grant date fair value of $377.18 per restricted share and a weighted average vest date fair value of $437.43 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 both the six months ended June 30, 2023 and 2022, participants in the ESPP purchased 0.021 shares of Roper’s common stock for total consideration of $8.4 and $8.5, respectively. All shares were purchased from Roper’s treasury shares.

Revenues from Contracts - Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 108.1	$ 91.5
Change in unbilled receivables	16.6
Deferred revenue - current	(1,279.8)	(1,370.7)
Change in deferred revenue - current	90.9
Deferred revenue - non-current	(116.9)	(111.5)
Change in deferred revenue - non-current	(5.4)
Net contract assets/(liabilities)	(1,288.6)	$ (1,390.7)
Change in net contract assets/(liabilities)	$ 102.1

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net earnings	$ 364.9	$ 268.8	$ 648.0	$ 2,289.3

- Definition

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

+ References

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+ Details

Fair Value - Change in Fair Value for the Equity Investment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity Method Investments
Balance at beginning of period			$ 535.0
Change in fair value	$ 66.0	$ 0.0	64.8	$ 0.0
Balance at end of period	591.3		591.3
Indicor
Equity Method Investments
Balance at beginning of period	535.0		535.0
Change in fair value	56.3		56.3
Balance at end of period	$ 591.3		$ 591.3

Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023
$700	3.650%	2023	$697
$500	2.350%	2024	$481
$300	3.850%	2025	$288
$700	1.000%	2025	$637
$700	3.800%	2026	$669
$700	1.400%	2027	$603
$800	4.200%	2028	$768
$700	2.950%	2029	$619
$600	2.000%	2030	$489
$1,000	1.750%	2031	$791

Schedule of Change in Fair Value for the Equity Investment

The following table provides a reconciliation of the fair value for our equity investment in Indicor measured using Level 3 inputs:


	Three and Six months ended June 30, 2023
Balance at beginning of period	$	535.0
Change in fair value	56.3
Balance at end of period	$	591.3

Fair Value - Schedule of Fixed-Rate Senior Notes, Fair Value (Details) - Fair Value, Inputs, Level 2 - Senior Notes	Jun. 30, 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	$ 697,000,000
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	$ 481,000,000
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	$ 288,000,000
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	$ 637,000,000
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	$ 669,000,000
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	$ 603,000,000
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	$ 768,000,000
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	$ 619,000,000
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	$ 489,000,000
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	$ 791,000,000

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 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
Goodwill acquired	12.2		—		—		12.2

Other	0.6		—		—		0.6
Currency translation adjustments	15.7		27.2		0.7		43.6
Balances at June 30, 2023	$	11,446.0	$	3,625.5	$	931.0	$	16,002.5

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	$	9,329.0	$	(2,715.9)	$	6,613.1
Unpatented technology	962.1		(572.8)		389.3
Software	149.2		(138.8)		10.4
Patents and other protective rights	10.3		(1.3)		9.0
Trade names	9.7		(4.5)		5.2
Assets not subject to amortization:
Trade names	691.8		—		691.8

Balances at June 30, 2023	$	11,152.1	$	(3,433.3)	$	7,718.8

Amortization expense of other intangible assets was $170.5 and $142.6 during the three months ended June 30, 2023 and 2022, respectively, and $340.9 and $285.9 during the six months ended June 30, 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.

Fair Value - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
Fair Value - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Indicor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Retaining minority interest		48.10%
Proceeds from dividend	$ 12.1	$ 12.1
Honeywell International, Inc. \| Disposed of by Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consideration received from disposal	$ 670.0	$ 670.0

Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	$ 33.3	$ 28.2	$ 63.5	$ 61.2
Tax effect recognized in net earnings from continuing operations	$ 5.5	$ 5.9	$ 10.7	$ 12.9

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 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
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Discontinued Operations - Schedule of Amounts Included in Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnings (loss) from discontinued operations, net of tax	$ 0.0	$ 54.5	$ (1.2)	$ 121.3
Gain (loss) on disposition of discontinued operations, net of tax	3.9	(10.7)	3.9	1,706.6
Net earnings (loss) from discontinued operations	3.9	43.8	2.7	1,827.9
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		0.0		100.4
Cost of sales		0.0		71.2
Gross profit		0.0		29.2
Selling, general and administrative expenses		0.0		19.9
Income (loss) from operations		0.0		9.3
Other income, net		0.0		0.1
Earnings (loss) before income taxes		0.0		9.4
Income taxes		0.0		(6.2)
Earnings (loss) from discontinued operations, net of tax		0.0		15.6
Gain (loss) on disposition of discontinued operations, net of tax		(10.7)		1,706.6
Net earnings (loss) from discontinued operations		(10.7)		1,722.2
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	255.1	0.0	501.9
Cost of sales	0.0	121.4	0.0	235.3
Gross profit	0.0	133.7	0.0	266.6
Selling, general and administrative expenses	0.4	66.8	1.6	134.5
Income (loss) from operations	(0.4)	66.9	(1.6)	132.1
Other income, net	0.0	0.9	0.0	1.1
Earnings (loss) before income taxes	(0.4)	67.8	(1.6)	133.2
Income taxes	(0.4)	13.3	(0.4)	27.5
Earnings (loss) from discontinued operations, net of tax	0.0	54.5	(1.2)	105.7
Gain (loss) on disposition of discontinued operations, net of tax	3.9	0.0	3.9	0.0
Net earnings (loss) from discontinued operations	$ 3.9	54.5	$ 2.7	105.7
Depreciation and amortization		2.5		6.4
Stock-based compensation expense		$ 2.6		$ 5.5

Revenues from Contracts

6 Months Ended

Jun. 30, 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 June 30, 2023								Three months ended June 30, 2022
	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Revenue stream
Software related
Recurring	$	587.2	$	258.3	$	4.2	$	849.7	$	457.9	$	244.5	$	2.8	$	705.2
Reoccurring	34.3		65.7		—		100.0		28.6		62.0		—		90.6
Non-recurring	148.8		34.1		0.4		183.3		141.0		36.4		0.3		177.7
Total Software Revenues	770.3		358.1		4.6		1,133.0		627.5		342.9		3.1		973.5

Product Revenue	—		—		398.2		398.2		—		—		337.3		337.3
Total Revenue	$	770.3	$	358.1	$	402.8	$	1,531.2	$	627.5	$	342.9	$	340.4	$	1,310.8


	Six months ended June 30, 2023								Six months ended June 30, 2022
	Application Software		Network Software		Technology Enabled Products		Total		Application Software		Network Software		Technology Enabled Products		Total
Revenue stream
Software related
Recurring	$	1,167.8	$	514.2	$	8.0	$	1,690.0	$	919.4	$	481.7	$	5.4	$	1,406.5
Reoccurring	69.7		129.9		—		199.6		60.3		122.5		—		182.8
Non-recurring	294.2		68.5		0.8		363.5		276.0		77.2		0.6		353.8
Total Software Revenues	1,531.7		712.6		8.8		2,253.1		1,255.7		681.4		6.0		1,943.1

Product Revenue	—		—		747.8		747.8		—		—		647.5		647.5
Total Revenue	$	1,531.7	$	712.6	$	756.6	$	3,000.9	$	1,255.7	$	681.4	$	653.5	$	2,590.6

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 June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,201.3. We expect to recognize revenue of $2,746.8, or approximately 65% of our remaining performance obligations over the next 12 months (“Backlog”), with the remainder to be recognized thereafter.

Contract balances


Balance sheet account	June 30, 2023		December 31, 2022		Change
Unbilled receivables	$	108.1	$	91.5	$	16.6
Deferred revenue – current	(1,279.8)		(1,370.7)		90.9
Deferred revenue – non-current (1)	(116.9)		(111.5)		(5.4)
Net contract assets/(liabilities)	$	(1,288.6)	$	(1,390.7)	$	102.1

(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 June 30, 2023 was due primarily to the timing of payments and invoicing relating to SaaS and post contract support (“PCS”) contracts, driven predominantly 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 $396.7 and $287.4 for the three months ended June 30, 2023 and 2022, respectively, and $986.6 and $776.7 for the six months ended June 30, 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 June 30, 2023 and December 31, 2022, we had $65.2 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
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

The components of inventory were as follows:


	June 30, 2023		December 31, 2022
Raw materials and supplies	$	63.6	$	60.6
Work in process	24.8		24.9
Finished products	37.4		31.3
Inventory reserves	(7.8)		(5.5)
Inventories, net	$	118.0	$	111.3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net earnings from continuing operations	$ 645.3	$ 461.4
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	17.3	18.7
Amortization of intangible assets	350.6	291.3
Amortization of deferred financing costs	5.1	6.3
Non-cash stock compensation	63.5	61.2
Equity investment activity, net	(64.8)	0.0
Income tax provision	178.5	156.7
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	46.7	55.2
Unbilled receivables	(14.9)	(24.7)
Inventories	(5.9)	(23.7)
Accounts payable	17.9	30.9
Other accrued liabilities	(91.0)	(64.7)
Deferred revenue	(98.3)	38.6
Cash tax paid for gain on disposal of businesses	0.0	(377.9)
Cash income taxes paid, excluding tax associated with gain on disposal of businesses	(231.5)	(279.4)
Other, net	(33.5)	(18.9)
Cash provided by operating activities from continuing operations	785.0	331.0
Cash provided by (used in) operating activities from discontinued operations	(1.7)	80.1
Cash provided by operating activities	783.3	411.1
Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(17.3)	(258.9)
Capital expenditures	(24.9)	(13.7)
Capitalized software expenditures	(19.3)	(15.0)
Distributions from equity investment	12.1	0.0
Other, net	(2.9)	0.0
Cash used in investing activities from continuing operations	(52.3)	(287.6)
Proceeds from disposition of discontinued operations	2.0	2,995.9
Cash used in investing activities from discontinued operations	0.0	(3.3)
Cash provided by (used in) investing activities	(50.3)	2,705.0
Cash flows used in financing activities:
Payments under revolving line of credit, net	0.0	(470.0)
Cash dividends to stockholders	(144.8)	(130.7)
Proceeds from stock-based compensation, net	60.8	40.9
Treasury stock sales	8.4	8.5
Other	(0.2)	(0.2)
Cash flows used in financing activities from continuing operations	(75.8)	(551.5)
Cash flows used in financing activities from discontinued operations	0.0	(11.4)
Cash flows used in financing activities	(75.8)	(562.9)
Effect of foreign currency exchange rate changes on cash	12.8	(25.6)
Net increase in cash and cash equivalents	670.0	2,527.6
Cash and cash equivalents, beginning of period	792.8	351.5
Cash and cash equivalents, end of period	$ 1,462.8	$ 2,879.1

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
Stock-based compensation	$	33.3	$	28.2	$	63.5	$	61.2
Tax effect recognized in net earnings from continuing operations	5.5		5.9		10.7		12.9

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:


	Six months ended June 30,
	2023	2022
Risk-free interest rate (%)	3.73	2.07
Expected option life (years)	5.63	5.63
Expected volatility (%)	26.04	24.52
Expected dividend yield (%)	0.64	0.55

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	6496 University Parkway
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	NASDAQ
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		106,710,899
Entity Central Index Key	0000882835
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Former Address
Document Information [Line Items]
Entity Address, Address Line One	6901 Professional Parkway
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Sarasota
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34240

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 364.9	$ 268.8	$ 648.0	$ 2,289.3
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	36.2	(81.8)	60.3	(104.7)
Total other comprehensive income (loss), net of tax	36.2	(81.8)	60.3	(104.7)
Comprehensive income	$ 401.1	$ 187.0	$ 708.3	$ 2,184.6

- Definition

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

+ References

+ Details

Business Acquisitions and Disposition (Details) - USD ($) $ in Millions			3 Months Ended		6 Months Ended
	May 14, 2023	Jan. 03, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 16,002.5		$ 16,002.5		$ 15,946.1
Income tax benefit			(102.7)	$ (91.9)	(178.5)	$ (156.7)
Promium, LLC
Business Acquisition [Line Items]
Aggregate purchase price		$ 16.5
Goodwill			12.2		12.2
Other identifiable intangibles			6.2		6.2
Promium, LLC \| Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles			5.8		$ 5.8
Weighted average useful life of finite-lived intangible assets (in years)					12 years
Promium, LLC \| Technology
Business Acquisition [Line Items]
Other identifiable intangibles			$ 0.4		$ 0.4
Weighted average useful life of finite-lived intangible assets (in years)					5 years
Replicon Inc.
Business Acquisition [Line Items]
Aggregate purchase price	$ 450.0
Federal tax attributes	$ 80.0

Revenues from Contracts - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,531.2	$ 1,310.8	$ 3,000.9	$ 2,590.6
Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	770.3	627.5	1,531.7	1,255.7
Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	358.1	342.9	712.6	681.4
Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	402.8	340.4	756.6	653.5
Total Software Revenues
Disaggregation of Revenue [Line Items]
Total Revenue	1,133.0	973.5	2,253.1	1,943.1
Total Software Revenues \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	770.3	627.5	1,531.7	1,255.7
Total Software Revenues \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	358.1	342.9	712.6	681.4
Total Software Revenues \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	4.6	3.1	8.8	6.0
Recurring
Disaggregation of Revenue [Line Items]
Total Revenue	849.7	705.2	1,690.0	1,406.5
Recurring \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	587.2	457.9	1,167.8	919.4
Recurring \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	258.3	244.5	514.2	481.7
Recurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	4.2	2.8	8.0	5.4
Reoccurring
Disaggregation of Revenue [Line Items]
Total Revenue	100.0	90.6	199.6	182.8
Reoccurring \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	34.3	28.6	69.7	60.3
Reoccurring \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	65.7	62.0	129.9	122.5
Reoccurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.0	0.0	0.0
Non-recurring
Disaggregation of Revenue [Line Items]
Total Revenue	183.3	177.7	363.5	353.8
Non-recurring \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	148.8	141.0	294.2	276.0
Non-recurring \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	34.1	36.4	68.5	77.2
Non-recurring \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	0.4	0.3	0.8	0.6
Product Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	398.2	337.3	747.8	647.5
Product Revenue \| Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.0	0.0	0.0
Product Revenue \| Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	0.0	0.0	0.0	0.0
Product Revenue \| Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	$ 398.2	$ 337.3	$ 747.8	$ 647.5

Contingencies	6 Months Ended
Contingencies	Jun. 30, 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 the 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. 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