0000882835-19-000037 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2019	Jul. 26, 2019
Cover page.
Document Type	10-Q
Amendment Flag	false
Document Transition Report	false
Document Period End Date	Jun. 30, 2019
Document Quarterly Report	true
Entity File Number	1-12273
Entity Registrant Name	ROPER TECHNOLOGIES, INC.
Entity Central Index Key	0000882835
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0263969
Entity Address, Address Line One	6901 Professional Pkwy. East, Suite 200
Entity Address, Postal Zip Code	34240
Entity Address, City or Town	Sarasota,
Entity Address, State or Province	FL
City Area Code	941
Local Phone Number	556-2601
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
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ROP
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		104,001,819

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net revenues	$ 1,330.3	$ 1,293.7	$ 2,617.5	$ 2,496.2
Cost of sales	480.3	477.8	956.9	929.8
Gross profit	850.0	815.9	1,660.6	1,566.4
Selling, general and administrative expenses	481.6	461.6	945.8	911.9
Income from operations	368.4	354.3	714.8	654.5
Interest expense, net	45.1	43.2	88.8	86.4
Other income (expense), net	(1.0)	2.3	(4.1)	0.6
Gain on disposal of business	0.0	0.0	119.6	0.0
Earnings before income taxes	322.3	313.4	741.5	568.7
Income taxes	72.6	85.0	122.2	129.0
Net earnings	$ 249.7	$ 228.4	$ 619.3	$ 439.7
Net earnings per share:
Basic (in dollars per share)	$ 2.40	$ 2.21	$ 5.97	$ 4.26
Diluted (in dollars per share)	$ 2.38	$ 2.19	$ 5.90	$ 4.22
Weighted average common shares outstanding:
Basic (in shares)	103.9	103.2	103.7	103.1
Diluted (in shares)	105.1	104.4	104.9	104.3

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 249.7	$ 228.4	$ 619.3	$ 439.7
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(28.6)	(76.2)	0.1	(18.4)
Total other comprehensive income, net of tax	(28.6)	(76.2)	0.1	(18.4)
Comprehensive income	$ 221.1	$ 152.2	$ 619.4	$ 421.3

- Definition

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

+ References + Details

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
ASSETS:
Cash and cash equivalents	$ 320.8	$ 364.4
Accounts receivable, net	698.2	700.8
Inventories, net	203.5	190.8
Income taxes receivable	34.3	21.7
Unbilled receivables	206.6	169.4
Other current assets	88.9	80.0
Current assets held for sale	50.0	83.6
Total current assets	1,602.3	1,610.7
Property, plant and equipment, net	134.2	128.7
Goodwill	9,657.7	9,346.8
Other intangible assets, net	3,943.1	3,842.1
Deferred taxes	92.1	52.2
Other assets	381.7	101.1
Assets held for sale	97.2	167.9
Total assets	15,908.3	15,249.5
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable	162.2	165.3
Accrued compensation	186.8	248.3
Deferred revenue	729.1	677.9
Other accrued liabilities	288.1	258.0
Income taxes payable	46.8	58.3
Current portion of long-term debt, net	2.1	1.5
Current liabilities held for sale	28.1	38.9
Total current liabilities	1,443.2	1,448.2
Long-term debt, net of current portion	4,718.9	4,940.2
Deferred taxes	948.9	931.1
Other liabilities	425.8	191.5
Liabilities held for sale	20.5	0.0
Total liabilities	7,557.3	7,511.0
Commitments and contingencies (Note 9)
Common stock	1.1	1.1
Additional paid-in capital	1,840.5	1,751.5
Retained earnings	6,771.0	6,247.7
Accumulated other comprehensive loss	(243.2)	(243.3)
Treasury stock	(18.4)	(18.5)
Total stockholders’ equity	8,351.0	7,738.5
Total liabilities and stockholders’ equity	$ 15,908.3	$ 15,249.5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net earnings	$ 619.3	$ 439.7
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	23.4	25.2
Amortization of intangible assets	169.4	153.0
Amortization of deferred financing costs	3.3	3.2
Non-cash stock compensation	54.3	54.0
Gain on disposal of business, net of associated income tax	(88.5)	0.0
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	38.5	(28.4)
Unbilled receivables	(37.0)	(24.0)
Inventories	(18.4)	(15.2)
Accounts payable and accrued liabilities	(94.0)	(30.8)
Deferred revenue	51.2	39.5
Income taxes, excluding tax associated with gain on disposal of businesses	(77.6)	(61.7)
Cash tax paid for gain on disposal of businesses	(39.4)	0.0
Other, net	(13.4)	(6.7)
Cash provided by operating activities	591.1	547.8
Cash flows used in investing activities:
Acquisitions of businesses, net of cash acquired	(539.2)	(1,182.3)
Capital expenditures	(27.9)	(23.1)
Capitalized software expenditures	(4.9)	(4.4)
Proceeds from disposal of business	220.5	0.0
Other, net	(2.6)	(0.8)
Cash used in investing activities	(354.1)	(1,210.6)
Cash flows from (used in) financing activities:
Borrowings (payments) under revolving line of credit, net	(225.0)	465.0
Cash dividends to stockholders	(95.6)	(84.5)
Proceeds from stock-based compensation, net	33.0	32.7
Treasury stock sales	3.6	2.8
Other	1.1	0.4
Cash provided by (used in) financing activities	(282.9)	416.4
Effect of foreign currency exchange rate changes on cash	2.3	(3.1)
Net decrease in cash and cash equivalents	(43.6)	(249.5)
Cash and cash equivalents, beginning of period	364.4	671.3
Cash and cash equivalents, end of period	$ 320.8	$ 421.8

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 Dec. 31, 2017	$ 6,863.6	$ 1.0	$ 1,602.9	$ 5,464.6	$ (186.2)	$ (18.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	439.7			439.7
Stock option exercises	39.3	0.1	39.2
Treasury stock sold	2.8		2.7			0.1
Currency translation adjustments	(18.4)				(18.4)
Stock-based compensation	53.4		53.4
Restricted stock activity	(6.6)		(6.6)
Dividends declared	(85.2)			(85.2)
Balance at Jun. 30, 2018	7,302.9	1.1	1,691.6	5,833.4	(204.6)	(18.6)
Balance at Mar. 31, 2018	7,155.5	1.0	1,653.9	5,647.6	(128.4)	(18.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	228.4			228.4
Stock option exercises	10.2	0.1	10.1
Treasury stock sold	1.2		1.2			0.0
Currency translation adjustments	(76.2)				(76.2)
Stock-based compensation	27.7		27.7
Restricted stock activity	(1.3)		(1.3)
Dividends declared	(42.6)			(42.6)
Balance at Jun. 30, 2018	7,302.9	1.1	1,691.6	5,833.4	(204.6)	(18.6)
Balance at Dec. 31, 2018	7,738.5	1.1	1,751.5	6,247.7	(243.3)	(18.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	619.3			619.3
Stock option exercises	49.1		49.1
Treasury stock sold	3.6		3.5			0.1
Currency translation adjustments	0.1				0.1
Stock-based compensation	52.5		52.5
Restricted stock activity	(16.1)		(16.1)
Dividends declared	(96.0)			(96.0)
Balance at Jun. 30, 2019	8,351.0	1.1	1,840.5	6,771.0	(243.2)	(18.4)
Balance at Mar. 31, 2019	8,137.4	1.1	1,799.9	6,569.4	(214.6)	(18.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	249.7			249.7
Stock option exercises	12.3		12.3
Treasury stock sold	1.4		1.4			0.0
Currency translation adjustments	(28.6)				(28.6)
Stock-based compensation	28.2		28.2
Restricted stock activity	(1.3)		(1.3)
Dividends declared	(48.1)			(48.1)
Balance at Jun. 30, 2019	$ 8,351.0	$ 1.1	$ 1,840.5	$ 6,771.0	$ (243.2)	$ (18.4)

- Definition

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

+ References + Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.4625	$ 0.4125	$ 0.4625	$ 0.4125

Basis of Presentation

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements for the three and six months ended June 30, 2019 and 2018 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, 2018 financial position data included herein was derived from the audited consolidated financial statements included in the Company’s 2018 Annual Report on Form 10-K (“Annual Report”) filed on February 25, 2019 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, 2019 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.

Changes in Segment Reporting Structure

During the first quarter of 2019, we implemented a realignment of our reportable segment structure. The new reportable segments continue to provide a transparent view into Roper’s operations and capital deployment objectives. The Company’s new reporting segment structure reinforces Roper’s diversified, niche market strategy by reporting based upon business models instead of end markets. The four new reportable segments (and businesses within each - including acquisitions since the realignment) are as follows:


–	Application Software - Aderant, CBORD, CliniSys, Data Innovations, Deltek, Horizon, IntelliTrans, PowerPlan, Strata, Sunquest


–	Network Software & Systems - ConstructConnect, DAT, Foundry, Inovonics, iTradeNetwork, Link Logistics, MHA, RF IDeas, SHP, SoftWriters, TransCore


–	Measurement & Analytical Solutions - Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Gatan, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon


–	Process Technologies - AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran, Zetec

The day-to-day operations of our businesses, our organizational structure, and our strategy remain unchanged. All prior periods have been recast to reflect the changes noted above.

Accounting Policies Update

The Company adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases (“ASC 842”), as of January 1, 2019 using the cumulative effect transition method for leases in existence as of the date of adoption.

Our accounting policies are detailed in Note 1 of the Notes to Consolidated Financial Statements of our Annual Report. Changes to our accounting policies as a result of adopting ASC 842 are as follows:

Leases - The Company adopted ASC 842 on January 1, 2019 using the cumulative effect transition method for leases in existence as of the date of adoption. The reported results for 2019 reflect the application of ASC 842 guidance while the reported results for 2018 were prepared under the previous guidance of ASC 840, Leases (“ASC 840”). The adoption of ASC 842 represents a change in accounting principle that recognizes right-of-use (“ROU”) assets and lease liabilities arising from all leases based on the present value of future minimum lease payments over the lease term. Consistent with ASC 840, lease expense for minimum lease payments

is recognized on a straight-line basis over the lease term. The Company’s adoption of ASC 842 had no impact on our Condensed Consolidated Statement of Earnings or our Condensed Consolidated Statement of Cash Flows.

We elected the package of practical expedients permitted under the transition guidance within ASC 842, which allowed us: (i) to carry forward the historical lease classification, (ii) not to reassess whether any existing contract contains a lease, and (iii) not to reassess initial direct costs for existing leases.

Operating leases are classified as non-current operating lease ROU assets and current and non-current operating lease liabilities on our Condensed Consolidated Balance Sheet. Finance leases are not material.

Adoption of ASC 842 resulted in the recognition of operating lease ROU assets and total operating lease liabilities of $274.0 and $282.7, respectively, as of January 1, 2019. Certain of the ROU assets and total operating lease liabilities have been reclassified within the held for sale line items on the Condensed Consolidated Balance Sheet related to the classification of the Gatan business as held for sale. The difference between the operating lease ROU assets and total operating lease liabilities is the reclassification of previously recognized deferred rent liabilities against operating lease ROU assets. The adoption of ASC 842 did not result in an adjustment to retained earnings and it did not impact our deferred tax assets or liabilities.

Variable lease payments generally depend on an inflation-based index and such payments are not included in the original estimate of the lease liability. These variable lease payments are not material.

Discount rates are determined based on Roper’s incremental borrowing rate as our leases generally do not provide an implicit rate.

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The FASB establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the ASC. The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s results of operations, financial position or cash flows. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASC 842, which included the recognition of right-of-use lease assets and lease liabilities on the balance sheet and the disclosure of other key information about leasing arrangements. The Company adopted ASC 842 on January 1, 2019 using the cumulative effect transition method for leases in existence as of the date of adoption. See Note 1 of the Condensed Consolidated Financial Statements for details. In May 2014, the FASB issued ASC 606, which created a single, comprehensive revenue recognition model for all contracts with customers. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method resulting in a $14.3 increase to beginning retained earnings. Recently Released Accounting Pronouncements In June 2016, the FASB issued an update which amends the measurement of credit losses on financial instruments by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This update is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact of this update on its results of operations and financial condition.

Weighted Average Shares Outstanding

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Weighted Average Shares Outstanding

Basic 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,
	2019	2018	2019	2018
Basic shares outstanding	103.9	103.2	103.7	103.1
Effect of potential common stock:
Common stock awards	1.2	1.2	1.2	1.2
Diluted shares outstanding	105.1	104.4	104.9	104.3

For the three and six months ended June 30, 2019, there were 0.596 and 0.644 outstanding stock options, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 0.678 outstanding stock options that would have been antidilutive in the respective 2018 periods.

Business Acquisition and Assets and Liabilities Held for Sale	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Business Acquisition and Assets and Liabilities Held for Sale	Business Acquisition and Assets and Liabilities Held for Sale On April 18, 2019, Roper acquired 100% of the shares of Foundry, a leading provider of software technologies used to deliver visual effects and 3D content for the entertainment, digital design, and visualization industries. The purchase price was $536.0, net of cash acquired. The results of operations of Foundry are included in Roper's Condensed Consolidated Financial Statements since the date of the acquisition within the Network Software & Systems reportable segment. Supplemental pro forma information has not been provided as the acquisition did not have a material impact on Roper's Condensed Consolidated Financial Statements. The Company recorded $311.1 in goodwill and $269.5 of other identifiable intangibles in connection with the acquisition; however, purchase price allocations are preliminary pending final tax-related adjustments. The majority of the goodwill is not expected to be deductible for tax purposes. The amortizable intangible assets include customer relationships of $215.3 (16 year weighted average useful life) and technology of $42.6 (8 year weighted average useful life). Assets and Liabilities Held for Sale During the second quarter of 2018, Roper and Thermo Fisher Scientific, Inc. (“Thermo Fisher”) entered into a definitive agreement under which Thermo Fisher would acquire 100% of the shares of Gatan, Inc. (“Gatan”), a wholly owned subsidiary of Roper, for approximately $925.0 in cash. On June 10, 2019, Roper and Thermo Fisher announced a mutual termination of this agreement due to the challenges in obtaining regulatory approval in the United Kingdom. The Company remains committed to completing the sale of Gatan. The Company has engaged in marketing efforts and expects to reach an agreement with a buyer within the next twelve months. At December 31, 2018 and June 30, 2019, the assets and liabilities of Gatan were classified as held for sale on Roper’s Condensed Consolidated Balance Sheets. The Company recognized a deferred tax liability of $10.0 associated with the excess of book basis over tax basis in the shares of Gatan during 2018. The Company closed on its sale of Princeton Instruments, Photometrics, Lumenera, and other brands (collectively, the “Imaging” businesses) to Teledyne Technologies Incorporated on February 5, 2019 for approximately $225.0 in cash. The results of the Imaging businesses are reported in the Measurement & Analytical Solutions segment through such date. The sale resulted in a pretax gain of $119.6, which is reported within “Gain on disposal of business” in the Condensed Consolidated Statement of Earnings. In addition, we recognized income tax expense of $31.1 in connection with the sale, which is included within “Income taxes” in the Condensed Consolidated Statement of Earnings. The assets and liabilities of the Imaging businesses were classified as held for sale on Roper’s Condensed Consolidated Balance Sheet at December 31, 2018.

Stock Based Compensation

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

The Roper Technologies, Inc. 2016 Incentive Plan (“2016 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,
	2019		2018		2019		2018
Stock-based compensation	$	29.0	$	28.0	$	54.3	$	54.0
Tax effect recognized in net earnings	6.1		5.9		11.4		11.3

Stock Options - In the six months ended June 30, 2019, 0.721 options were granted with a weighted average fair value of $67.87 per option. During the same period in 2018, 0.660 options were granted with a weighted average fair value of $57.45 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 2016 Plan.

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,
	2019	2018
Risk-free interest rate (%)	2.42	2.63
Expected option life (years)	5.41	5.32
Expected volatility (%)	19.23	18.02
Expected dividend yield (%)	0.58	0.59

Cash received from option exercises for the six months ended June 30, 2019 and 2018 was $49.1 and $39.3, respectively.

Restricted Stock Grants - During the six months ended June 30, 2019, the Company granted 0.294 shares with a weighted average grant date fair value of $315.00 per restricted share. During the same period in 2018, the Company granted 0.357 shares with a weighted average grant date fair value of $277.72 per restricted share. All grants were issued at grant date fair value.

During the six months ended June 30, 2019, 0.170 restricted shares vested with a weighted average grant date fair value of $193.50 per restricted share and a weighted average vest date fair value of $311.77 per restricted share.

Employee Stock Purchase Plan - Roper’s stock purchase plan allows employees in the U.S. and Canada to designate up to 10% of eligible earnings to purchase Roper’s common stock at a 5% discount to the average closing price of the stock at the beginning and end of a quarterly offering period. Common stock sold to employees pursuant to the stock purchase plan may be either treasury stock, stock purchased on the open market, or newly issued shares.

During the six months ended June 30, 2019 and 2018, participants in the employee stock purchase plan purchased 0.012 and 0.011 shares of Roper’s common stock for total consideration of $3.6 and $2.8, respectively. All shares were purchased from Roper’s treasury shares.

Inventories

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

The components of inventory were as follows:



	June 30, 2019			December 31, 2018
Raw materials and supplies	$	128.9		$	120.3
Work in process	29.0			26.2
Finished products	78.4			74.6
Inventory reserves	(32.8		)	(30.3		)
	$	203.5		$	190.8

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2019

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 & Systems			Measurement &Analytical Solutions		Process Technologies		Total
Balances at December 31, 2018	$	5,236.1	$	2,623.7		$	1,174.7	$	312.3	$	9,346.8
Additions	—		311.1			—		—		311.1
Other	0.8		—			—		—		0.8
Currency translation adjustments	2.2		(5.9		)	1.3		1.4		(1.0		)
Balances at June 30, 2019	$	5,239.1	$	2,928.9		$	1,176.0	$	313.7	$	9,657.7

Other relates primarily to purchase accounting adjustments for acquisitions.

Other intangible assets were comprised of:



	Cost		Accumulated amortization			Net book value
Assets subject to amortization:
Customer related intangibles	$	3,926.8	$	(1,083.6	)	$	2,843.2
Unpatented technology	504.0		(199.5		)	304.5
Software	172.0		(93.2		)	78.8
Patents and other protective rights	9.7		(7.5		)	2.2
Trade names	7.3		(2.8		)	4.5
Assets not subject to amortization:
Trade names	608.9		—			608.9
Balances at December 31, 2018	$	5,228.7	$	(1,386.6	)	$	3,842.1

Assets subject to amortization:
Customer related intangibles	$	4,140.8	$	(1,205.3	)	$	2,935.5
Unpatented technology	546.3		(237.6		)	308.7
Software	172.1		(102.4		)	69.7
Patents and other protective rights	12.1		(7.9		)	4.2
Trade names	7.9		(3.4		)	4.5
Assets not subject to amortization:
Trade names	620.5		—			620.5
Balances at June 30, 2019	$	5,499.7	$	(1,556.6	)	$	3,943.1

Amortization expense of other intangible assets was $168.9 and $152.6 during the six months ended June 30, 2019 and 2018, 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 2019. The Company will perform the annual analysis during the fourth quarter of 2019.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Roper’s debt at June 30, 2019 included $4,100 of fixed-rate senior notes with the following fair values:



$600 3.000% senior notes due 2020	604
$500 2.800% senior notes due 2021	504
$500 3.125% senior notes due 2022	509
$700 3.650% senior notes due 2023	729
$300 3.850% senior notes due 2025	317
$700 3.800% senior notes due 2026	730
$800 4.200% senior notes due 2028	856

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

- 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

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2019
Loss Contingency [Abstract]
Contingencies	Contingencies Roper, in the ordinary course of business, is the subject of, or a party to, various pending or threatened legal actions, including product liability and employment practices that, in general, are based upon claims of the kind that have been customary over the past several years and which the Company is vigorously defending. After analyzing the Company’s contingent liabilities on a gross basis and, based upon past experience with resolution of its product liability and employment practices claims and the limits of the primary, excess, and umbrella liability insurance coverages that are available 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. Roper or its subsidiaries have been named defendants along with numerous industrial companies in asbestos-related litigation claims in certain U.S. states. No significant resources have been required by Roper to respond to these cases and Roper believes it has valid defenses to such claims and, if required, intends to defend them vigorously. Given the state of these claims, it is not possible to determine the potential liability, if any. In April 2018, a stockholder derivative complaint was filed in Sarasota County, Florida against the Company, nominally, and its directors and former chairman & chief executive officer (“CEO”), alleging the directors breached their fiduciary duties and were unjustly enriched by the compensation earned by the nonexecutive directors and the CEO in 2015 and 2016. The matter was settled in June 2019, subject to court approval, which is pending. Under the terms of the settlement, the Company agreed to, among other things, expand future disclosures regarding its compensation practices, submit a new director compensation plan to shareholders for approval in 2020, and pay plaintiff’s attorneys’ fees and expenses.

Business Segments

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Business Segments

Net revenues and operating profit by segment are set forth in the following table:



	Three months ended June 30,						Six months ended June 30,
	2019		2018		Change %		2019		2018		Change %
Net revenues:
Application Software	$	390.6	$	358.2	9.0	%	$	771.8	$	682.1	13.2	%
Network Software & Systems	366.8		333.9		9.9	%	712.5		647.8		10.0	%
Measurement & Analytical Solutions	408.4		425.8		(4.1	)%	810.2		829.8		(2.4	)%
Process Technologies	164.5		175.8		(6.4	)%	323.0		336.5		(4.0	)%
Total	$	1,330.3	$	1,293.7	2.8	%	$	2,617.5	$	2,496.2	4.9	%
Gross profit:
Application Software	$	262.7	$	242.9	8.2	%	$	516.1	$	456.8	13.0	%
Network Software & Systems	252.7		225.4		12.1	%	491.7		438.1		12.2	%
Measurement & Analytical Solutions	240.2		249.9		(3.9	)%	471.4		483.9		(2.6	)%
Process Technologies	94.4		97.7		(3.4	)%	181.4		187.6		(3.3	)%
Total	$	850.0	$	815.9	4.2	%	$	1,660.6	$	1,566.4	6.0	%
Operating profit*:
Application Software	$	98.4	$	97.7	0.7	%	$	189.8	$	167.9	13.0	%
Network Software & Systems	129.2		115.6		11.8	%	254.5		221.6		14.8	%
Measurement & Analytical Solutions	130.3		128.3		1.6	%	248.4		243.7		1.9	%
Process Technologies	57.2		57.6		(0.7	)%	107.3		107.9		(0.6	)%
Total	$	415.1	$	399.2	4.0	%	$	800.0	$	741.1	7.9	%
Long-lived assets:
Application Software	$	83.3	$	80.2	3.9	%
Network Software & Systems	38.6		39.4		(2.0	)%
Measurement & Analytical Solutions	41.7		38.8		7.5	%
Process Technologies	21.8		21.3		2.3	%
Total	$	185.4	$	179.7	3.2	%

*Segment operating profit is before unallocated corporate general and administrative expenses; these expenses were $46.7 and $44.9 for the three months ended June 30, 2019 and 2018, respectively, and $85.2 and $86.6 for the six months ended June 30, 2019 and 2018, respectively.

Revenues from Contracts

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues from Contracts

Disaggregated Revenue - We disaggregate our revenues into two categories: (i) software and related services; and (ii) engineered products and related services. Software and related services revenues are primarily derived from our Application Software and Network Software & Systems reportable segments. Engineered products and related services revenues are derived from all of our reportable segments except Application Software and comprise substantially all of the revenues generated in our Measurement & Analytical Solutions and Process Technologies reportable segments. See details in the table below.



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Software and related services	$	594.7	$	533.1	$	1,171.5	$	1,025.7
Engineered products and related services	735.6		760.6		1,446.0		1,470.5
Net revenues	$	1,330.3	$	1,293.7	$	2,617.5	$	2,496.2

Remaining performance obligations - Remaining performance obligations represents the transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of June 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,044.8. We expect to recognize revenue on approximately 59% of our remaining performance obligations over the next 12 months, with the remainder to be recognized thereafter.

Contract balances



Balance Sheet Account	June 30, 2019			December 31, 2018			Change
Unbilled receivables	$	206.6		$	169.4		$	37.2
Contract liabilities - current ⁽¹⁾	(758.0		)	(714.1		)	(43.9		)
Deferred revenue - non-current ⁽²⁾	(36.5		)	(29.8		)	(6.7		)
Net contract assets/(liabilities)	$	(587.9	)	$	(574.5	)	$	(13.4	)

⁽¹⁾Consists of “Deferred revenue,” billings in-excess of revenues (“BIE”) and customer deposits. BIE and customer deposits are reported in “Other accrued liabilities” in our Condensed Consolidated Balance Sheets.

⁽²⁾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, 2018, to June 30, 2019 was due primarily to the acquisition of Foundry, which increased net contract liabilities by $23.1 as of June 30, 2019, and the timing of payments and invoicing relating to SaaS and PCS renewals, partially offset by revenues recognized in the three and six months ended June 30, 2019 of $235.5 and $543.7, respectively, related to our contract liability balances at December 31, 2018.

In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue, BIE or customer deposit balance outstanding at the beginning of the year until the revenue exceeds that balance.

Impairment losses recognized on our accounts receivable and unbilled receivables were immaterial in the three and six months ended June 30, 2019.

Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

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

For the three and six months ended June 30, 2019, the Company recognized $16.8 and $32.7 in operating lease expense, respectively.

The following table presents the supplemental cash flow information related to the Company’s operating leases for the six months ended June 30, 2019:



Operating cash flows used for operating leases	$	32.9
Right-of-use assets obtained in exchange for operating lease obligations	38.4

The following table presents the lease balances (excluding the Gatan business which is classified as held for sale) within the Consolidated Condensed Balance Sheet related to the Company’s operating leases as of June 30, 2019:



Lease Assets and Liabilities	Balance Sheet Account
ASSETS:
Operating lease ROU assets	Other assets	$	270.7

LIABILITIES:
Current operating lease liabilities	Other accrued liabilities	$	54.3
Operating lease liabilities	Other liabilities	225.4
Total operating lease liabilities		$	279.7

Future minimum lease payments under non-cancellable leases (excluding the Gatan business which is classified as held for sale) were as follows:



Remainder of 2019	$	31.1
2020	58.0
2021	50.1
2022	38.0
2023	31.0
Thereafter	100.9
Total operating lease payments	309.1
Less: Imputed interest	29.4
Total operating lease liabilities	$	279.7



Weighted average remaining lease term - operating leases (years)	7
Weighted average discount rate (%)	2.9

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Segment Reporting


–	Application Software - Aderant, CBORD, CliniSys, Data Innovations, Deltek, Horizon, IntelliTrans, PowerPlan, Strata, Sunquest


–	Network Software & Systems - ConstructConnect, DAT, Foundry, Inovonics, iTradeNetwork, Link Logistics, MHA, RF IDeas, SHP, SoftWriters, TransCore


–	Measurement & Analytical Solutions - Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Gatan, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon


–	Process Technologies - AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran, Zetec

The day-to-day operations of our businesses, our organizational structure, and our strategy remain unchanged. All prior periods have been recast to reflect the changes noted above.

Leases

The Company adopted ASC 842 on January 1, 2019 using the cumulative effect transition method for leases in existence as of the date of adoption. The reported results for 2019 reflect the application of ASC 842 guidance while the reported results for 2018 were prepared under the previous guidance of ASC 840, Leases (“ASC 840”). The adoption of ASC 842 represents a change in accounting principle that recognizes right-of-use (“ROU”) assets and lease liabilities arising from all leases based on the present value of future minimum lease payments over the lease term. Consistent with ASC 840, lease expense for minimum lease payments

Recent Accounting Pronouncements

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

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASC 842, which included the recognition of right-of-use lease assets and lease liabilities on the balance sheet and the disclosure of other key information about leasing arrangements. The Company adopted ASC 842 on January 1, 2019 using the cumulative effect transition method for leases in existence as of the date of adoption. See Note 1 of the Condensed Consolidated Financial Statements for details.

In May 2014, the FASB issued ASC 606, which created a single, comprehensive revenue recognition model for all contracts with customers. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method resulting in a $14.3 increase to beginning retained earnings.

Recently Released Accounting Pronouncements

In June 2016, the FASB issued an update which amends the measurement of credit losses on financial instruments by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This update is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is evaluating the impact of this update on its results of operations and financial condition.

Weighted Average Shares Outstanding (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Outstanding

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,
	2019	2018	2019	2018
Basic shares outstanding	103.9	103.2	103.7	103.1
Effect of potential common stock:
Common stock awards	1.2	1.2	1.2	1.2
Diluted shares outstanding	105.1	104.4	104.9	104.3

Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

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,
	2019		2018		2019		2018
Stock-based compensation	$	29.0	$	28.0	$	54.3	$	54.0
Tax effect recognized in net earnings	6.1		5.9		11.4		11.3

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,
	2019	2018
Risk-free interest rate (%)	2.42	2.63
Expected option life (years)	5.41	5.32
Expected volatility (%)	19.23	18.02
Expected dividend yield (%)	0.58	0.59

Inventories (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

The components of inventory were as follows:



	June 30, 2019			December 31, 2018
Raw materials and supplies	$	128.9		$	120.3
Work in process	29.0			26.2
Finished products	78.4			74.6
Inventory reserves	(32.8		)	(30.3		)
	$	203.5		$	190.8

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The carrying value of goodwill by segment was as follows:



	Application Software		Network Software & Systems			Measurement &Analytical Solutions		Process Technologies		Total
Balances at December 31, 2018	$	5,236.1	$	2,623.7		$	1,174.7	$	312.3	$	9,346.8
Additions	—		311.1			—		—		311.1
Other	0.8		—			—		—		0.8
Currency translation adjustments	2.2		(5.9		)	1.3		1.4		(1.0		)
Balances at June 30, 2019	$	5,239.1	$	2,928.9		$	1,176.0	$	313.7	$	9,657.7

Other Intangible Assets

Other intangible assets were comprised of:



	Cost		Accumulated amortization			Net book value
Assets subject to amortization:
Customer related intangibles	$	3,926.8	$	(1,083.6	)	$	2,843.2
Unpatented technology	504.0		(199.5		)	304.5
Software	172.0		(93.2		)	78.8
Patents and other protective rights	9.7		(7.5		)	2.2
Trade names	7.3		(2.8		)	4.5
Assets not subject to amortization:
Trade names	608.9		—			608.9
Balances at December 31, 2018	$	5,228.7	$	(1,386.6	)	$	3,842.1

Assets subject to amortization:
Customer related intangibles	$	4,140.8	$	(1,205.3	)	$	2,935.5
Unpatented technology	546.3		(237.6		)	308.7
Software	172.1		(102.4		)	69.7
Patents and other protective rights	12.1		(7.9		)	4.2
Trade names	7.9		(3.4		)	4.5
Assets not subject to amortization:
Trade names	620.5		—			620.5
Balances at June 30, 2019	$	5,499.7	$	(1,556.6	)	$	3,943.1

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fixed-Rate Senior Notes, Fair Value

Roper’s debt at June 30, 2019 included $4,100 of fixed-rate senior notes with the following fair values:



$600 3.000% senior notes due 2020	604
$500 2.800% senior notes due 2021	504
$500 3.125% senior notes due 2022	509
$700 3.650% senior notes due 2023	729
$300 3.850% senior notes due 2025	317
$700 3.800% senior notes due 2026	730
$800 4.200% senior notes due 2028	856

Business Segments (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Reporting Information

Net revenues and operating profit by segment are set forth in the following table:



	Three months ended June 30,						Six months ended June 30,
	2019		2018		Change %		2019		2018		Change %
Net revenues:
Application Software	$	390.6	$	358.2	9.0	%	$	771.8	$	682.1	13.2	%
Network Software & Systems	366.8		333.9		9.9	%	712.5		647.8		10.0	%
Measurement & Analytical Solutions	408.4		425.8		(4.1	)%	810.2		829.8		(2.4	)%
Process Technologies	164.5		175.8		(6.4	)%	323.0		336.5		(4.0	)%
Total	$	1,330.3	$	1,293.7	2.8	%	$	2,617.5	$	2,496.2	4.9	%
Gross profit:
Application Software	$	262.7	$	242.9	8.2	%	$	516.1	$	456.8	13.0	%
Network Software & Systems	252.7		225.4		12.1	%	491.7		438.1		12.2	%
Measurement & Analytical Solutions	240.2		249.9		(3.9	)%	471.4		483.9		(2.6	)%
Process Technologies	94.4		97.7		(3.4	)%	181.4		187.6		(3.3	)%
Total	$	850.0	$	815.9	4.2	%	$	1,660.6	$	1,566.4	6.0	%
Operating profit*:
Application Software	$	98.4	$	97.7	0.7	%	$	189.8	$	167.9	13.0	%
Network Software & Systems	129.2		115.6		11.8	%	254.5		221.6		14.8	%
Measurement & Analytical Solutions	130.3		128.3		1.6	%	248.4		243.7		1.9	%
Process Technologies	57.2		57.6		(0.7	)%	107.3		107.9		(0.6	)%
Total	$	415.1	$	399.2	4.0	%	$	800.0	$	741.1	7.9	%
Long-lived assets:
Application Software	$	83.3	$	80.2	3.9	%
Network Software & Systems	38.6		39.4		(2.0	)%
Measurement & Analytical Solutions	41.7		38.8		7.5	%
Process Technologies	21.8		21.3		2.3	%
Total	$	185.4	$	179.7	3.2	%

Revenues from Contracts (Tables)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Software and related services	$	594.7	$	533.1	$	1,171.5	$	1,025.7
Engineered products and related services	735.6		760.6		1,446.0		1,470.5
Net revenues	$	1,330.3	$	1,293.7	$	2,617.5	$	2,496.2

Contract Balances

Contract balances



Balance Sheet Account	June 30, 2019			December 31, 2018			Change
Unbilled receivables	$	206.6		$	169.4		$	37.2
Contract liabilities - current ⁽¹⁾	(758.0		)	(714.1		)	(43.9		)
Deferred revenue - non-current ⁽²⁾	(36.5		)	(29.8		)	(6.7		)
Net contract assets/(liabilities)	$	(587.9	)	$	(574.5	)	$	(13.4	)

⁽²⁾The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Supplemental Cash Flow and Other Information

The following table presents the supplemental cash flow information related to the Company’s operating leases for the six months ended June 30, 2019:



Operating cash flows used for operating leases	$	32.9
Right-of-use assets obtained in exchange for operating lease obligations	38.4



Weighted average remaining lease term - operating leases (years)	7
Weighted average discount rate (%)	2.9

Lease Balances Within Balance Sheet



Lease Assets and Liabilities	Balance Sheet Account
ASSETS:
Operating lease ROU assets	Other assets	$	270.7

LIABILITIES:
Current operating lease liabilities	Other accrued liabilities	$	54.3
Operating lease liabilities	Other liabilities	225.4
Total operating lease liabilities		$	279.7

Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases (excluding the Gatan business which is classified as held for sale) were as follows:



Remainder of 2019	$	31.1
2020	58.0
2021	50.1
2022	38.0
2023	31.0
Thereafter	100.9
Total operating lease payments	309.1
Less: Imputed interest	29.4
Total operating lease liabilities	$	279.7

Basis of Presentation (Narrative) (Details)	6 Months Ended
Basis of Presentation (Narrative) (Details)	Jun. 30, 2019 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

Basis of Presentation (Impact of ASC 842) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease ROU assets	$ 270.7
Operating lease liabilities	$ 279.7
Accounting Standards Update 2016-02 (ASC 842)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease ROU assets		$ 274.0
Operating lease liabilities		$ 282.7

Recent Accounting Pronouncements (Details) - ASC 606 $ in Millions	Jan. 01, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of ASC 606	$ 14.3
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of ASC 606	$ 14.3

Weighted Average Shares Outstanding (Schedule of Weighted Average Shares Outstanding) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	103.9	103.2	103.7	103.1
Effect of potential common stock:
Common stock awards (in shares)	1.2	1.2	1.2	1.2
Diluted shares outstanding (in shares)	105.1	104.4	104.9	104.3

Weighted Average Shares Outstanding (Narrative) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options (in shares)	596	678	644	678

Business Acquisition and Assets and Liabilities Held for Sale (Narrative) (Details) - USD ($) $ in Millions			3 Months Ended		6 Months Ended
	Apr. 18, 2019	Feb. 05, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill			$ 9,657.7		$ 9,657.7		$ 9,346.8
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal of business			$ 0.0	$ 0.0	$ 119.6	$ 0.0
Disposal group, not discontinued operations \| Gatan, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred tax liability, book basis over tax basis				$ 10.0		$ 10.0
Thermo Fisher \| Disposal group, not discontinued operations \| Gatan, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of shares agreed to be sold				100.00%		100.00%
Sale of business, consideration				$ 925.0		$ 925.0
Teledyne \| Disposal group, not discontinued operations \| Imaging businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business, consideration							$ 225.0
Gain on disposal of business		$ 119.6
Gain on disposal of business, tax expense		$ 31.1
Foundry
Business Acquisition [Line Items]
Acquisition consideration	$ 536.0
Percentage of shares acquired	100.00%
Goodwill	$ 311.1
Intangible assets acquired	269.5
Foundry \| Customer related intangibles
Business Acquisition [Line Items]
Intangible assets acquired	$ 215.3
Weighted average useful life of intangible assets acquired	16 years
Foundry \| Technology
Business Acquisition [Line Items]
Intangible assets acquired	$ 42.6
Weighted average useful life of intangible assets acquired	8 years

Stock Based Compensation (Stock Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock-based compensation	$ 29.0	$ 28.0	$ 54.3	$ 54.0
Tax effect recognized in net earnings	$ 6.1	$ 5.9	$ 11.4	$ 11.3

Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options granted during the period (in shares)	721	660
Fair value per share (in dollars per share)	$ 67.87	$ 57.45
Cash received from exercise of options	$ 49.1	$ 39.3
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted during period (in shares)	294	357
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share)	$ 315.00	$ 277.72
Restricted stock awards vested during period (in shares)	170
Weighted average grant date fair value per share (in dollars per share)	$ 193.50
Weighted average vest date fair value per share (in dollars per share)	$ 311.77
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	5.00%
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares)	12	11
Amount paid for stock purchased during the period by participants in the employee stock purchase plan	$ 3.6	$ 2.8

Stock Based Compensation (Weighted Average Assumptions Used to Value Option Grants) (Details) - Employee Stock Option	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	2.42%	2.63%
Expected option life (years)	5 years 4 months 28 days	5 years 3 months 25 days
Expected volatility (%)	19.23%	18.02%
Expected dividend yield (%)	0.58%	0.59%

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventories [Abstract]
Raw materials and supplies	$ 128.9	$ 120.3
Work in process	29.0	26.2
Finished products	78.4	74.6
Inventory reserves	(32.8)	(30.3)
Total Inventory	$ 203.5	$ 190.8

Goodwill and Other Intangible Assets (Goodwill) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Goodwill [Roll Forward]
Balances	$ 9,346.8
Additions	311.1
Other	0.8
Currency translation adjustments	(1.0)
Balances	9,657.7
Application Software
Goodwill [Roll Forward]
Balances	5,236.1
Additions	0.0
Other	0.8
Currency translation adjustments	2.2
Balances	5,239.1
Network Software & Systems
Goodwill [Roll Forward]
Balances	2,623.7
Additions	311.1
Other	0.0
Currency translation adjustments	(5.9)
Balances	2,928.9
Measurement &Analytical Solutions
Goodwill [Roll Forward]
Balances	1,174.7
Additions	0.0
Other	0.0
Currency translation adjustments	1.3
Balances	1,176.0
Process Technologies
Goodwill [Roll Forward]
Balances	312.3
Additions	0.0
Other	0.0
Currency translation adjustments	1.4
Balances	$ 313.7

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (1,556.6)	$ (1,386.6)
Intangible assets, gross (excluding goodwill)	5,499.7	5,228.7
Intangible assets, net (excluding goodwill)	3,943.1	3,842.1
Trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	620.5	608.9
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	4,140.8	3,926.8
Accumulated amortization	(1,205.3)	(1,083.6)
Finite-lived intangible assets, net	2,935.5	2,843.2
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	546.3	504.0
Accumulated amortization	(237.6)	(199.5)
Finite-lived intangible assets, net	308.7	304.5
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	172.1	172.0
Accumulated amortization	(102.4)	(93.2)
Finite-lived intangible assets, net	69.7	78.8
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	12.1	9.7
Accumulated amortization	(7.9)	(7.5)
Finite-lived intangible assets, net	4.2	2.2
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	7.9	7.3
Accumulated amortization	(3.4)	(2.8)
Finite-lived intangible assets, net	$ 4.5	$ 4.5

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 169.4	$ 153.0
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 168.9	$ 152.6

Fair Value of Financial Instruments (Details) - Senior Notes - Fair Value, Inputs, Level 2	Jun. 30, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior notes carrying amount	$ 4,100,000,000
$600 3.000% senior notes due 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	604,000,000
Face value of debt	$ 600,000,000
Interest rate on senior notes	3.00%
$500 2.800% senior notes due 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 504,000,000
Face value of debt	$ 500,000,000
Interest rate on senior notes	2.80%
$500 3.125% senior notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 509,000,000
Face value of debt	$ 500,000,000
Interest rate on senior notes	3.125%
$700 3.650% senior notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 729,000,000
Face value of debt	$ 700,000,000
Interest rate on senior notes	3.65%
$300 3.850% senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 317,000,000
Face value of debt	$ 300,000,000
Interest rate on senior notes	3.85%
$700 3.800% senior notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 730,000,000
Face value of debt	$ 700,000,000
Interest rate on senior notes	3.80%
$800 4.200% senior notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 856,000,000
Face value of debt	$ 800,000,000
Interest rate on senior notes	4.20%

Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Business Segments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Net revenues:	$ 1,330.3	$ 1,293.7	$ 2,617.5	$ 2,496.2
Percent change in net sales	2.80%		4.90%
Gross profit	$ 850.0	815.9	$ 1,660.6	1,566.4
Percent change in gross profit	4.20%		6.00%
Operating profit	$ 415.1	399.2	$ 800.0	741.1
Percent change in operating profit	4.00%		7.90%
Long-lived assets	$ 185.4	179.7	$ 185.4	179.7
Percent change in long-lived assets	3.20%
Application Software
Segment Reporting Information [Line Items]
Net revenues:	$ 390.6	358.2	$ 712.5	647.8
Percent change in net sales	9.00%		10.00%
Gross profit	$ 262.7	242.9	$ 491.7	438.1
Percent change in gross profit	8.20%		12.20%
Operating profit	$ 98.4	97.7	$ 254.5	221.6
Percent change in operating profit	0.70%		14.80%
Long-lived assets	$ 83.3	80.2	$ 83.3	80.2
Percent change in long-lived assets	3.90%
Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues:	$ 366.8	333.9	$ 771.8	682.1
Percent change in net sales	9.90%		13.20%
Gross profit	$ 252.7	225.4	$ 516.1	456.8
Percent change in gross profit	12.10%		13.00%
Operating profit	$ 129.2	115.6	$ 189.8	167.9
Percent change in operating profit	11.80%		13.00%
Long-lived assets	$ 38.6	39.4	$ 38.6	39.4
Percent change in long-lived assets	(2.00%)
Measurement & Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues:	$ 408.4	425.8	$ 810.2	829.8
Percent change in net sales	(4.10%)		(2.40%)
Gross profit	$ 240.2	249.9	$ 471.4	483.9
Percent change in gross profit	(3.90%)		(2.60%)
Operating profit	$ 130.3	128.3	$ 248.4	243.7
Percent change in operating profit	1.60%		1.90%
Long-lived assets	$ 41.7	38.8	$ 41.7	38.8
Percent change in long-lived assets	7.50%
Process Technologies
Segment Reporting Information [Line Items]
Net revenues:	$ 164.5	175.8	$ 323.0	336.5
Percent change in net sales	(6.40%)		(4.00%)
Gross profit	$ 94.4	97.7	$ 181.4	187.6
Percent change in gross profit	(3.40%)		(3.30%)
Operating profit	$ 57.2	57.6	$ 107.3	107.9
Percent change in operating profit	(0.70%)		(0.60%)
Long-lived assets	$ 21.8	21.3	$ 21.8	21.3
Percent change in long-lived assets	2.30%
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expenses	$ 46.7	$ 44.9	$ 85.2	$ 86.6

Revenues from Contracts (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,330.3	$ 1,293.7	$ 2,617.5	$ 2,496.2
Software and related services
Disaggregation of Revenue [Line Items]
Net revenues	594.7	533.1	1,171.5	1,025.7
Engineered products and related services
Disaggregation of Revenue [Line Items]
Net revenues	$ 735.6	$ 760.6	$ 1,446.0	$ 1,470.5

Revenues from Contracts (Remaining Performance Obligations Narrative) (Details) $ in Millions	Jun. 30, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 3,044.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, percentage	59.00%
Remaining performance obligations, expected timing of satisfaction	12 months

Revenues from Contracts (Contract Balances) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 206.6	$ 169.4
Contract liabilities - current	(758.0)	(714.1)
Deferred revenue - non-current	(36.5)	(29.8)
Net contract assets/(liabilities)	(587.9)	$ (574.5)
Change in unbilled receivables	37.2
Change in contract liabilities - current	(43.9)
Change in deferred revenue - non-current	(6.7)
Change in net contract assets/(liabilities)	$ (13.4)

Revenues from Contracts (Contract Balances - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Increase in net contract liabilities from acquisitions		$ 23.1
Contract with customer, revenues recognized	$ 235.5	$ 543.7

Leases (Supplemental Cash Flow and Other Information) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Leases [Abstract]
Operating lease cost	$ 16.8	$ 32.7
Operating cash flows used for operating leases		32.9
Right-of-use assets obtained in exchange for operating lease obligations		$ 38.4
Weighted average remaining lease term - operating leases	7 years	7 years
Weighted average discount rate	2.90%	2.90%

Leases (Lease Balances Within Balance Sheet) (Details) $ in Millions	Jun. 30, 2019 USD ($)
ASSETS:
Operating lease ROU assets	$ 270.7
LIABILITIES:
Current operating lease liabilities	54.3
Operating lease liabilities	225.4
Total operating lease liabilities	$ 279.7

Leases (Future Minimum Lease Payments) (Details) $ in Millions	Jun. 30, 2019 USD ($)
Leases [Abstract]
Remainder of 2019	$ 31.1
2020	58.0
2021	50.1
2022	38.0
2023	31.0
Thereafter	100.9
Total operating lease payments	309.1
Less: Imputed interest	29.4
Total operating lease liabilities	$ 279.7