0000882835-21-000011 | 10-K | XBRL Viewer

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-12273
Entity Registrant Name	ROPER TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0263969
Entity Address, Address Line One	6901 Professional Parkway East, Suite 200
Entity Address, City or Town	Sarasota,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34240
City Area Code	941
Local Phone Number	556-2601
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ROP
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 40.4
Entity Common Stock, Shares Outstanding		104,939,597
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement to be furnished to Stockholders in connection with its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 of this Annual Report on Form 10-K.
Entity Central Index Key	0000882835
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 308.3	$ 709.7
Accounts receivable, net	863.0	791.6
Inventories, net	198.4	198.6
Income taxes receivable	21.9	18.5
Unbilled receivables	241.7	183.5
Other current assets	119.0	97.6
Total current assets	1,752.3	1,999.5
Property, plant and equipment, net	140.6	139.9
Goodwill	14,395.2	10,815.4
Other intangible assets, net	7,206.9	4,667.7
Deferred taxes	104.0	95.6
Other assets	425.8	390.8
Total assets	24,024.8	18,108.9
Liabilities and Stockholders’ Equity
Accounts payable	177.8	162.0
Accrued compensation	286.1	240.1
Deferred revenue	994.6	831.8
Other accrued liabilities	457.0	346.2
Income taxes payable	26.9	215.1
Current portion of long-term debt, net	502.0	602.2
Total current liabilities	2,444.4	2,397.4
Long-term debt, net of current portion	9,064.5	4,673.1
Deferred taxes	1,562.5	1,108.1
Other liabilities	473.6	438.4
Total liabilities	13,545.0	8,617.0
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.01 par value per share; 1.0 shares authorized; none outstanding	0.0	0.0
Common stock, $0.01 par value per share; 350.0 shares authorized; 106.7 shares issued and 104.9 outstanding at December 31, 2020 and 105.9 shares issued and 104.1 outstanding at December 31, 2019	1.1	1.1
Additional paid-in capital	2,097.5	1,903.9
Retained earnings	8,546.2	7,818.0
Accumulated other comprehensive loss	(147.0)	(212.8)
Treasury stock, 1.8 shares at December 31, 2020 and 1.8 shares at December 31, 2019	(18.0)	(18.3)
Total stockholders’ equity	10,479.8	9,491.9
Total liabilities and stockholders’ equity	$ 24,024.8	$ 18,108.9

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	1,000,000.0	1,000,000.0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	350,000,000.0	350,000,000.0
Common Stock, Shares, Issued	106,700,000	105,900,000
Common Stock, Shares, Outstanding	104,900,000	104,100,000
Treasury Stock, Shares	1,800,000	1,800,000

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net revenues	$ 5,527.1	$ 5,366.8	$ 5,191.2
Cost of sales	1,984.1	1,939.7	1,911.7
Gross profit	3,543.0	3,427.1	3,279.5
Selling, general and administrative expenses	2,111.9	1,928.7	1,883.1
Income from operations	1,431.1	1,498.4	1,396.4
Interest expense, net	218.9	186.6	182.1
Loss on extinguishment of debt	0.0	0.0	15.9
Other income/(expense), net	(2.9)	(5.1)	0.0
Gain on disposal of businesses	0.0	920.7	0.0
Earnings before income taxes	1,209.3	2,227.4	1,198.4
Income taxes	259.6	459.5	254.0
Net earnings	$ 949.7	$ 1,767.9	$ 944.4
Earnings per share:
Basic (in dollars per share)	$ 9.08	$ 17.02	$ 9.15
Diluted (in dollars per share)	$ 8.98	$ 16.82	$ 9.05
Weighted-average common shares outstanding:
Basic (in shares)	104.6	103.9	103.2
Diluted (in shares)	105.7	105.1	104.4

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 949.7	$ 1,767.9	$ 944.4
Other comprehensive income, net of tax:
Foreign currency translation adjustments	65.8	30.5	(57.1)
Total other comprehensive income/(loss), net of tax	65.8	30.5	(57.1)
Comprehensive income	$ 1,015.5	$ 1,798.4	$ 887.3

- Definition

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

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional paid-in capital	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive earnings	Treasury stock
Beginning balance (in shares) at Dec. 31, 2017			102,500
Beginning balance at Dec. 31, 2017	$ 6,863.6	$ 14.3	$ 1.0	$ 1,602.9	$ 5,464.6	$ 14.3	$ (186.2)	$ (18.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	944.4				944.4
Stock option exercises (in shares)			600
Stock option exercises	58.8		$ 0.1	58.7
Treasury stock sold	5.4			5.2				0.2
Currency translation adjustments, net of tax	(57.1)						(57.1)
Stock based compensation	132.9			132.9
Restricted stock activity (in shares)			300
Restricted stock activity	(48.2)			(48.2)
Dividends declared	(175.6)				(175.6)
Ending balance (in shares) at Dec. 31, 2018			103,400
Ending 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]
Accounting standards update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Net earnings	$ 1,767.9				1,767.9
Stock option exercises (in shares)	527		500
Stock option exercises	$ 64.9			64.9
Treasury stock sold	6.8			6.6				0.2
Currency translation adjustments, net of tax	30.5						30.5
Stock based compensation	110.9			110.9
Restricted stock activity (in shares)			200
Restricted stock activity	(30.0)			(30.0)
Dividends declared	$ (197.6)				(197.6)
Ending balance (in shares) at Dec. 31, 2019	104,100		104,100
Ending balance at Dec. 31, 2019	$ 9,491.9	$ (1.7)	$ 1.1	1,903.9	7,818.0	$ (1.7)	(212.8)	(18.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 949.7				949.7
Stock option exercises (in shares)	670		700
Stock option exercises	$ 105.5			105.5
Treasury stock sold	10.5			10.2				0.3
Currency translation adjustments, net of tax	65.8						65.8
Stock based compensation	119.0			119.0
Restricted stock activity (in shares)			100
Restricted stock activity	(41.1)			(41.1)
Dividends declared	$ (219.8)				(219.8)
Ending balance (in shares) at Dec. 31, 2020	104,900		104,900
Ending balance at Dec. 31, 2020	$ 10,479.8		$ 1.1	$ 2,097.5	$ 8,546.2		$ (147.0)	$ (18.0)

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Currency translation adjustments, tax provision (benefit)	$ 14.6	$ (3.8)	$ (7.2)
Dividends declared (in dollars per share)	$ 2.10	$ 1.90	$ 1.70

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net earnings	$ 949.7	$ 1,767.9	$ 944.4
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	53.4	49.2	49.5
Amortization of intangible assets	467.4	366.8	317.5
Amortization of deferred financing costs	10.9	7.3	6.3
Non-cash stock compensation	121.7	104.5	133.8
Loss on debt extinguishment	0.0	0.0	15.9
Gain on disposal of businesses, net of associated income tax	0.0	(687.3)	0.0
Income tax provision, excluding tax associated with gain on disposal of businesses	259.6	226.1	254.0
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	53.3	(46.7)	(83.5)
Unbilled receivables	(39.3)	(12.0)	(14.0)
Inventories	4.6	(17.3)	(21.8)
Accounts payable and accrued liabilities	121.6	(12.2)	68.8
Deferred revenue	56.9	108.8	86.6
Cash tax paid for gain on disposal of businesses	(201.9)	(39.4)	0.0
Cash income taxes paid, excluding tax associated with gain on disposal of businesses	(313.2)	(331.5)	(321.6)
Other, net	(19.6)	(22.4)	(5.8)
Cash provided by operating activities	1,525.1	1,461.8	1,430.1
Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(6,018.1)	(2,387.3)	(1,275.8)
Capital expenditures	(31.2)	(52.7)	(49.1)
Capitalized software expenditures	(17.7)	(10.2)	(9.5)
Proceeds from (used in) disposal of businesses	(4.3)	1,156.8	0.0
Other, net	(2.6)	(2.6)	(0.7)
Cash used in investing activities	(6,073.9)	(1,296.0)	(1,335.1)
Cash flows from (used in) financing activities:
Proceeds from senior notes	3,300.0	1,200.0	1,500.0
Payment of senior notes	(600.0)	0.0	(1,300.0)
Borrowings (payments) under revolving line of credit, net	1,620.0	(865.0)	(405.0)
Debt issuance costs	(42.0)	(12.1)	(13.9)
Redemption premium for debt extinguishment	0.0	0.0	(15.5)
Cash dividends to stockholders	(214.1)	(191.7)	(170.1)
Treasury stock sales	10.5	6.8	5.4
Proceeds from stock based compensation, net	64.4	34.9	10.6
Other, net	(1.9)	4.1	0.4
Cash provided by (used in) financing activities	4,136.9	177.0	(388.1)
Effect of exchange rate changes on cash	10.5	2.5	(13.8)
Net increase (decrease) in cash and cash equivalents	(401.4)	345.3	(306.9)
Cash and cash equivalents, beginning of year	709.7	364.4	671.3
Cash and cash equivalents, end of year	308.3	709.7	364.4
Cash paid for:
Interest	198.1	171.7	169.0
Income taxes, net of refunds received	515.1	370.9	321.6
Noncash investing activities:
Fair value of assets, including goodwill	6,715.4	2,472.4	1,505.1
Liabilities assumed	(697.3)	(85.1)	(229.3)
Cash paid, net of cash acquired	$ 6,018.1	$ 2,387.3	$ 1,275.8

Summary of Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Accounting Policies

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

Nature of the Business - Roper is a diversified technology company. The Company operates businesses that design and develop software (both license and SaaS) and engineered products and solutions for a variety of niche end markets.

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

Recently Adopted Accounting Pronouncements

The Company adopted ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as of January 1, 2020 using the modified retrospective transition method. This ASU amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables, and unbilled receivables. We recorded a noncash cumulative effect decrease to retained earnings of $1.7, net of income taxes, on our opening consolidated balance sheet as of January 1, 2020.

In February 2016, the FASB issued ASC 842, which included the recognition of right-of-use (“ROU”) lease assets and lease liabilities on the balance sheet and the disclosure of other key information about leasing arrangements. The Company adopted ASC 842, as of January 1, 2019 using the cumulative effect transition method for leases in existence as of the date of adoption, resulting 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. 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 net deferred tax assets or liabilities.

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.

See the Company’s accounting policies below for details.

Cash and Cash Equivalents - Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents. Roper had $0.0 and $370.1 cash equivalents at December 31, 2020 and 2019, respectively.

Contingencies - Management continually assesses the probability of any adverse judgments or outcomes to its potential contingencies. Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. In the assessment of contingencies as of December 31, 2020, management concluded that there were no matters for which there was a reasonable possibility of a material loss.

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


	Years ended December 31,
	2020	2019	2018
Basic weighted-average shares outstanding	104.6	103.9	103.2
Effect of potential common stock:
Common stock awards	1.1	1.2	1.2
Diluted weighted-average shares outstanding	105.7	105.1	104.4

As of and for the years ended December 31, 2020, 2019 and 2018, there were 0.208, 0.627 and 0.724 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive.

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

Foreign Currency Translation and Transactions - Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at average exchange rates for the period in which those entities were included in Roper’s financial results. Translation adjustments are reflected as a component of other comprehensive income. Foreign currency transaction gains and losses are recorded in the Consolidated Statements of Earnings within “Other income/(expense), net.” Foreign currency transaction gains/(losses) were $(4.3), $(3.7) and $0.2 for the years ended December 31, 2020, 2019 and 2018, respectively.

Goodwill and Other Intangibles - Roper accounts for goodwill in a purchase business combination as the excess of the cost over the estimated fair value of net assets acquired. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Goodwill, which is not amortized, is tested for impairment on an annual basis (or an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value). When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, then performance of the quantitative impairment test is required. The quantitative process utilizes both an income approach (discounted cash flows) and a market approach (consisting of a comparable public company earnings multiples methodology) to estimate the fair value of a reporting unit. To determine the reasonableness of the estimated fair values, the Company reviews the assumptions to ensure that neither the income approach nor the market approach provides significantly different valuations. If the estimated fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the estimated fair value, a non-cash impairment loss is recognized in the amount of that excess.

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

Roper has 36 reporting units with individual goodwill amounts ranging from zero to $3,228.7. In 2020, the Company performed its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying amount. The Company determined that impairment of goodwill was not likely in 35 of its reporting units and thus was not required to perform a quantitative analysis for these reporting units. For the remaining reporting unit, the Company performed its quantitative analysis and concluded that the fair value of the reporting unit was substantially in excess of its carrying value, with no impairment indicated as of October 1, 2020.

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

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

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

•an adverse action or assessment by a regulator;

•unanticipated competition;

•a loss of key personnel;

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

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

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

Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Trade names that are determined to have indefinite useful economic lives are not amortized, but separately tested for impairment during the fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more likely than not below the carrying value. Roper first qualitatively assesses whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of an indefinite-lived trade name is less than its carrying amount. If necessary, Roper conducts a quantitative review using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. The assumptions that have the most significant effect on the fair value calculations are the royalty rates, projected revenue growth rates, discount rates and terminal values. Each royalty rate is determined based on the profitability of the trade name to which it relates and observed market royalty rates. Revenue growth rates are determined after considering current and future economic conditions, recent sales trends, discussions with customers, planned timing of new product launches or other variables. Trade names resulting from recent acquisitions generally represent the highest risk of impairment, which typically decreases as the businesses are integrated into Roper. The Company performed a quantitative analysis over the fair values of two of its trade names and concluded that the fair value exceeded its carrying value, with no impairment indicated as of October 1, 2020.

The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management uses to operate the underlying businesses, there is significant judgment in estimating future operating results. Changes in estimates or the application of alternative assumptions could produce significantly different results. No impairment resulted from the annual testing performed in 2020.

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

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

Impairment of Long-Lived Assets - The Company determines whether there has been an impairment of long-lived assets, excluding goodwill and other intangible assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or life of any long-lived assets may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or revision to remaining life is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or

an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets’ current carrying value, thereby possibly requiring an impairment charge or acceleration of depreciation or amortization expense in the future.

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

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

Certain assets and liabilities have different bases for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the enacted tax rates expected to be paid. See Note 7 for information regarding income taxes.

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

Product Warranties - The Company sells certain of its products to customers with a product warranty that allows customers to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, repair at no cost to the customer or the issuance of a credit to the customer. The Company accrues its estimated exposure to warranty claims based upon current and historical product sales data, warranty costs incurred and any other related information known to the Company.

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


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

Research, Development and Engineering - Research, development and engineering (“R,D&E”) costs include salaries and benefits, rents, supplies, and other costs related to products under development or improvements to existing products. R,D&E costs are expensed as incurred and are included within selling, general and administrative expenses. R,D&E expenses totaled $446.1, $403.5 and $376.9 for the years ended December 31, 2020, 2019 and 2018, respectively.

Revenue Recognition - The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective method for all contracts not substantially completed as of the date of adoption. The reported results for 2018 and thereafter reflect the application of ASC 606 guidance. The adoption of ASC 606 represents a change in accounting principle that is intended to more closely align revenue recognition with the transfer of control of the Company’s products and services to the customer. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to receive in exchange for these products and/or services. To achieve this principle, the Company applies the following five steps:

•identify the contract with the customer;

•identify the performance obligations in the contract;

•determine the transaction price;

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

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

Disaggregated Revenue - We disaggregate our revenues 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.


	Year ended December 31,
	2020		2019		2018
Software and related services	$	2,871.1	$	2,477.7	$	2,165.9
Engineered products and related services	2,656.0		2,889.1		3,025.3
Net revenues	$	5,527.1	$	5,366.8	$	5,191.2

Software and related services

SaaS - SaaS subscriptions and ongoing related support are generally accounted for as a single performance obligation and recognized ratably over the contractual term. In addition, SaaS arrangements may include implementation services which are accounted for as a separate performance obligation and recognized over time, using the input method. Payment is generally required within 30 days of the commencement of the SaaS subscription period, which is primarily offered to customers over a one-year timeframe.

Licensed Software - Performance obligations in our customer contracts may include:

–Perpetual or time-based (“term”) software licenses

–Post contract support (“PCS”)

–Implementation/installation services

Software licenses may be combined with implementation/installation services as a single performance obligation if the implementation/installation significantly modifies or customizes the functionality of the software license.

We recognize revenue over time or at a point in time depending on our evaluation of when the customer obtains control over the promised products or services. For software arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the customer for each promised product or service if it were sold on a standalone basis.

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

Engineered products and related services

Revenue from product sales is recognized when control transfers to the customer, which is generally when the product is shipped.

Non-project-based installation and repair services are performed by certain of our businesses for which revenue is recognized upon completion.

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

Preventative maintenance service revenues are recognized over time using the input method. If we determine our efforts or inputs are expended evenly throughout the performance period, we generally recognize revenue on a straight-line basis. Payment for preventative maintenance services are typically commensurate with milestones defined in the contract.

We offer customers return rights and other credits subject to certain restrictions. We estimate variable consideration generally based on historical experience to arrive at the transaction price, or the amount to which we ultimately expect to be entitled from the customer.

Revenues from our project-based businesses, including toll and traffic systems and control systems, are generally recognized over time using the input method, primarily utilizing the ratio of costs incurred to total estimated costs, as the measure of performance. For these projects, payment is typically commensurate with certain performance milestones defined in the contract. Retention and down payments are also customary in these contracts. Estimated losses on any projects are recognized

as soon as such losses become probable and reasonably estimable. The impact on revenues due to changes in estimates was immaterial for the year ended December 31, 2020. The Company recognized revenues of $345.0, $247.8 and $245.9 for the years ended December 31, 2020, 2019 and 2018, respectively, using this method.

Accounts receivable, net - Accounts receivable, net includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $29.1 and $20.3 at December 31, 2020 and 2019, respectively. We make estimates of expected allowance for doubtful accounts based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, changes to customer creditworthiness and other factors that may affect our ability to collect from customers.

Unbilled receivables - Our unbilled receivables include unbilled amounts typically resulting from sales under project-based contracts when the input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not solely due to the passage of time. Amounts may not exceed their net realizable value.

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

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

Deferred commissions - Our incremental direct costs of obtaining a contract, which consist of sales commissions primarily for our software sales, are deferred and amortized on a straight-line basis over the period of contract performance or a longer period, depending on facts and circumstances. We classify deferred commissions as current or non-current based on the timing of when we expect to recognize the expense. The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheets. At December 31, 2020 and 2019, we had $42.5 and $31.4 of deferred commissions, respectively. We recognized $30.1 of expense related to deferred commissions in the year ended December 31, 2020 and 2019, respectively.

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 December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,298.0. 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.

Capitalized Software - The Company accounts for capitalized software under applicable accounting guidance which, among other provisions, requires capitalization of certain internal-use software costs once certain criteria are met. Overhead, general and administrative and training costs are not capitalized. Capitalized software balances, net of accumulated amortization, were $43.1 and $30.0 at December 31, 2020 and 2019, respectively.

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

Business Acquisitions and Dispositions	12 Months Ended
Business Acquisitions and Dispositions	Dec. 31, 2020
Business Combinations [Abstract]
Business Acquisitions and Dispositions	Business Acquisitions and Dispositions Roper completed six business acquisitions in the year ended December 31, 2020. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements since the date of each acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during fiscal 2020 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results. The largest of the 2020 acquisitions was Vertafore, Inc. (“Vertafore”), a leading provider of SaaS solutions for the property and casualty insurance industry. Roper acquired 100% of the shares of Project Viking Holdings, Inc. (the parent company of Vertafore) on September 3, 2020, for a purchase price of $5,398.6. The purchase price comprises an enterprise value of $5,335.0 and the settlement of certain liabilities, net of cash acquired. Additionally, the purchase price contemplates approximately $120 of federal tax attributes that will be substantially utilized by the end of 2021. The results of Vertafore are reported in the Application Software reportable segment. The Company recorded $3,229.1 in goodwill and $2,660.0 of other identifiable intangibles in connection with the Vertafore acquisition. The majority of the goodwill is not expected to be deductible for tax purposes. Of the $2,660.0 of acquired intangible assets, $120.0 was assigned to trade names that are not subject to amortization. The remaining $2,540.0 of acquired intangible assets include customer relationships of $2,230.0 (17 year useful life) and unpatented technology of $310.0 (8 year useful life). Net assets acquired also includes $489 of deferred tax liabilities, which are due primarily to $638 of deferred tax liabilities associated with acquired intangible assets, partially offset primarily by approximately $120 of federal tax attributes that will be substantially utilized by the end of 2021. During the year ended December 31, 2020, Roper completed five other acquisitions with an aggregate purchase price of $612.8, net of cash acquired and debt assumed. On June 9, 2020, Roper acquired substantially all of the assets of Freight Market Intelligence Consortium (“FMIC”), a leading provider of subscription-based freight transaction benchmarking and analysis service. FMIC is integrating into our DAT business and its results are reported in the Network Software & Systems reportable segment. On June 15, 2020, Roper acquired substantially all of the assets of Team TSI Corporation (“Team TSI”), a leading provider of subscription-based data analytics serving long term health care facilities. Team TSI is integrating into our SHP business and its results are reported in the Network Software & Systems reportable segment. On September 15, 2020, Roper acquired substantially all of the assets of Impact Financial Systems (“IFS”), a leading provider of service request automation solutions for client onboarding, transaction automation, maintenance and advisor transitions. IFS is integrating into our iPipeline business and its results are reported in the Network Software & Systems reportable segment. On September 18, 2020, Roper acquired all of the membership interests of WELIS, a premier provider of life insurance illustration systems to carriers in the US. WELIS is integrating into our iPipeline business and its results are reported in the Network Software & Systems reportable segment. On October 15, 2020, Roper acquired substantially all of the assets of EPSi, a leading provider of financial decision support and planning tools for hospitals and health systems. EPSi is integrating into our Strata business and its results are reported in the Application Software reportable segment. The Company recorded $303.9 in goodwill and $313.0 of other identifiable intangibles in connection with these five acquisitions. The amortizable intangible assets include customer relationships of $283.7 (16 year weighted average useful life) and technology of $29.3 (5 year weighted average useful life). 2019 Acquisitions - Roper completed four business acquisitions in the year ended December 31, 2019, with an aggregate purchase price of $2,387.6, net of cash acquired. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements since the date of each acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during fiscal 2019 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results. Acquisition of Foundry - 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 results of Foundry are reported in the Network Software & Systems reportable segment. Acquisition of ComputerEase - On August 19, 2019, Roper acquired substantially all of the assets of ComputerEase Software, a leading provider of integrated accounting, project management and field-to-office solutions for commercial construction firms. ComputerEase is integrated into our Deltek business and its results are reported in the Application Software reportable segment. Acquisition of iPipeline - On August 22, 2019, Roper acquired 100% of the shares of iPipeline Holdings, Inc., a leading provider of cloud-based software solutions for the life insurance and financial services industries. The results of iPipeline are reported in the Network Software & Systems reportable segment. Acquisition of Bellefield - On December 18, 2019, Roper acquired substantially all of the assets of Bellefield Systems which provides SaaS solutions targeting the front office of law firms, specifically focused on professional service automation, compliance and timekeeping. Bellefield is integrated into our Aderant business and its results are reported in the Application Software reportable segment. The Company recorded $1,447.0 in goodwill and $1,181.9 of other identifiable intangibles in connection with the acquisitions. The majority of the goodwill is not expected to be deductible for tax purposes. The amortizable intangible assets include customer relationships of $1,020.0 (15.8 year weighted average useful life) and technology of $109.3 (6.8 year weighted average useful life). Dispositions The Company closed on its sale of Gatan to AMETEK on October 29, 2019 for approximately $925.0 in cash. The sale resulted in a pretax gain of $801.1, which is reported within “Gain on disposal of businesses” in the Consolidated Statements of Earnings. In addition, we recognized income tax expense of $201.2 in connection with the sale, which is included within “Income taxes” in the Consolidated Statements of Earnings. The Company closed on its sale of the Imaging businesses to Teledyne 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 businesses” in the Consolidated Statements of Earnings. In addition, we recognized income tax expense of $32.2 in connection with the sale, which is included within “Income taxes” in the Consolidated Statements of Earnings. 2018 Acquisitions - Roper completed seven business acquisitions in the year ended December 31, 2018, with an aggregate purchase price of $1,279.0, net of cash acquired. The results of operations of the acquired businesses are included in Roper’s consolidated results of operations since the date of each acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during fiscal 2018 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results. Roper completed three business acquisitions which provide software solutions that support the development of cost estimates in the construction industry: Quote Software, PlanSwift Software, and Smartbid. These three businesses are integrated into our ContructConnect business and its results are reported in the Network Software & Systems reportable segment. Acquisition of PowerPlan - On June 4, 2018, Roper acquired 100% of the shares of PowerPlan, a provider of financial and compliance management software and solutions to large complex companies in asset-intensive industries, for a purchase price of $1,111.4, net of cash acquired. The results of PowerPlan are reported in the Application Software reportable segment. Acquisition of ConceptShare - On June 7, 2018, Roper acquired 100% of the shares of ConceptShare, a provider of cloud-based software for marketing agencies, marketing departments and other creative teams to streamline the review and approval of online work and content. ConceptShare is integrated into our Deltek business and its results are reported in the Application Software reportable segment. Acquisition of BillBlast - On July 10, 2018, Roper acquired 100% of the shares of BillBlast, a provider of software and ancillary services for the automation of invoicing and reporting for law firms. BillBlast is integrated into our Aderant business and its results are reported in the Application Software reportable segment. Acquisition of Avitru - On December 31, 2018, Roper acquired 100% of the shares of Avitru, a provider of software that supports the design, development and/or delivery of construction specification solutions and related services. Avitru is integrated into our Deltek business and its results are reported in the Application Software reportable segment. The Company recorded $717.5 in goodwill and $711.3 of other identifiable intangibles in connection with the acquisitions. The majority of the goodwill is not expected to be deductible for tax purposes. The amortizable intangible assets include customer relationships of $635.1 (19 year weighted average useful life) and technology of $48.6 (7 year weighted average useful life).

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

The components of inventories at December 31 were as follows:


	2020		2019
Raw materials and supplies	$	128.4	$	125.1
Work in process	28.2		30.9
Finished products	82.2		76.0
Inventory reserves	(40.4)		(33.4)
	$	198.4	$	198.6

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	2020		2019
Land	$	2.3	$	2.2
Buildings	87.1		84.7
Machinery and other equipment	223.3		218.1
Computer equipment	117.8		96.4
Software	80.9		73.3
	511.4		474.7
Accumulated depreciation	(370.8)		(334.8)
	$	140.6	$	139.9

Depreciation and amortization expense related to property, plant and equipment was $53.4, $49.2 and $49.5 for the years ended December 31, 2020, 2019 and 2018, respectively.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

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
Goodwill acquired	143.4		1,303.6		—		—		1,447.0
Currency translation adjustments	8.3		8.8		3.3		2.2		22.6
Reclassifications and other	1.6		(2.6)		—		—		(1.0)
Balances at December 31, 2019	$	5,389.4	$	3,933.5	$	1,178.0	$	314.5	$	10,815.4
Goodwill acquired	3,399.0		134.0		—		—		3,533.0
Currency translation adjustments	14.5		16.6		12.8		4.5		48.4
Reclassifications and other	(0.6)		(1.0)		—		—		(1.6)
Balances at December 31, 2020	$	8,802.3	$	4,083.1	$	1,190.8	$	319.0	$	14,395.2

Reclassifications and other during the year ended December 31, 2020 were due primarily to tax adjustments for acquisitions in 2020 and 2019. See Note 2 for information regarding acquisitions.

Other intangible assets were comprised of:


	Cost		Accum. amort.		Net book value
Assets subject to amortization:
Customer related intangibles	$	4,955.4	$	(1,349.4)	$	3,606.0
Unpatented technology	613.0		(279.6)		333.4
Software	172.2		(111.5)		60.7
Patents and other protective rights	12.0		(8.0)		4.0
Trade names	7.9		(4.1)		3.8
Assets not subject to amortization:
Trade names	659.8		—		659.8
Balances at December 31, 2019	$	6,420.3	$	(1,752.6)	$	4,667.7

Assets subject to amortization:
Customer related intangibles	$	7,494.7	$	(1,703.8)	$	5,790.9
Unpatented technology	942.8		(363.9)		578.9
Software	172.4		(127.4)		45.0
Patents and other protective rights	13.0		(6.7)		6.3
Trade names	7.3		(5.6)		1.7
Assets not subject to amortization:
Trade names	784.1		—		784.1
Balances at December 31, 2020	$	9,414.3	$	(2,207.4)	$	7,206.9

Amortization expense of other intangible assets was $462.7, $364.7, and $316.5 during the years ended December 31, 2020, 2019 and 2018, respectively. Amortization expense is expected to be $580 in 2021, $564 in 2022, $555 in 2023, $514 in 2024 and $485 in 2025.

Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Accrued Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities at December 31 were as follows:


	2020		2019
Interest	$	44.3	$	34.4
Customer deposits	50.1		22.4
Accrued dividend	60.0		54.3
Rebates	51.8		47.1
Billings in excess of revenues	17.5		9.0
Operating lease liability	65.1		56.8
Other	168.2		122.2
	$	457.0	$	346.2

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Earnings before income taxes for the years ended December 31, 2020, 2019 and 2018 consisted of the following components:


	2020		2019		2018
United States	$	902.4	$	1,902.2	$	924.2
Other	306.9		325.2		274.2
	$	1,209.3	$	2,227.4	$	1,198.4

Components of income tax expense for the years ended December 31, 2020, 2019 and 2018 were as follows:


	2020		2019		2018
Current:
Federal	$	180.8	$	391.6	$	155.4
State	59.0		78.3		56.2
Foreign	77.4		79.8		105.1
Deferred:
Federal	(54.3)		(43.1)		(24.2)
State	(7.6)		2.6		(25.8)
Foreign	4.3		(49.7)		(12.7)
	$	259.6	$	459.5	$	254.0

Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2020, 2019 and 2018 were as follows:


	2020		2019		2018
Federal statutory rate	21.0	%	21.0	%	21.0	%
Foreign operations, net	1.0		0.2		1.6
R&D tax credits	(1.4)		(0.6)		(0.9)
State taxes, net of federal benefit	3.1		1.6		2.4
Stock-based compensation	(3.0)		(1.3)		(3.1)
Tax Cuts and Jobs Act of 2017 - measurement period adjustments	—		—		(1.2)
Divestitures	—		1.8		—
Foreign entity restructuring	—		(1.8)		—
Other, net	0.8		(0.3)		1.4
	21.5	%	20.6	%	21.2	%

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

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


	2020		2019
Deferred tax assets:
Reserves and accrued expenses	$	187.6	$	169.6
Net operating loss carryforwards	154.6		111.2
R&D credits	26.3		4.1
Interest expense limitation carryforwards	63.0		9.9
Valuation allowance	(38.0)		(36.3)
Lease liability	65.0		64.0
Total deferred tax assets	$	458.5	$	322.5
Deferred tax liabilities:
Reserves and accrued expenses	$	23.8	$	15.5
Amortizable intangible assets	1,803.3		1,229.9
Plant and equipment	8.8		10.8
Accrued tax on unremitted foreign earnings	18.6		17.1
ROU asset	62.5		61.7
Total deferred tax liabilities	$	1,917.0	$	1,335.0

As of December 31, 2020, the Company has approximately $51.5 of tax-effected U.S. federal net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2022 if not utilized. The majority of the U.S. federal net operating loss carryforwards are subject to limitation under the Internal Revenue Code of 1986, as amended (“IRC”) Section 382; however, the Company expects to utilize such losses in their entirety prior to expiration. The U.S. federal net operating loss carryforwards increased from 2019 to 2020 primarily due to the acquisition of Vertafore. The Company has approximately $45.7 of tax-effected state net operating loss carryforwards (without regard to federal benefit of state). Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2021 if not utilized. The state net operating loss carryforwards are primarily related to Florida, but the Company has smaller net operating losses in various other states. The Company has approximately $66.9 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2021 if not utilized. The foreign net operating loss carryforwards increased from 2019 to 2020 primarily due to current year losses. The Company has $27.9 of U.S. federal and state research and development tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2021 if not utilized. The research and development tax credit carryforwards increased from 2019 to 2020 primarily due to the acquisition of Vertafore. Additionally, as of December 31, 2020, the Company has $63.0 of IRC Section 163(j) interest expense limitation carryforwards which have an indefinite carryforward period. The interest expense limitation carryforward increased from 2019 to 2020 primarily due to the acquisition of Vertafore.

As of December 31, 2020, the Company determined that a total valuation allowance of $38.0 was necessary to reduce U.S. federal and state deferred tax assets by $17.3 and foreign deferred tax assets by $20.7, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2020, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company’s estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions.

The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2020		2019		2018
Beginning balance	$	69.8	$	63.6	$	52.2
Additions for tax positions of prior periods	6.0		2.9		2.4
Additions for tax positions of the current period	3.5		4.2		6.9
Additions due to acquisitions	6.2		1.9		4.4
Reductions for tax positions of prior periods	(3.6)		(0.3)		(0.4)
Reductions attributable to lapses of applicable statute of limitations	(6.3)		(2.5)		(1.9)
Ending balance	$	75.6	$	69.8	$	63.6

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $74.1. Interest and penalties related to unrecognized tax benefits were $0.9 in 2020 and are classified as a component of income tax expense. Accrued interest and penalties were $9.6 at December 31, 2020 and $8.7 at December 31, 2019. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $5.0, mainly due to anticipated statute of limitations lapses in various jurisdictions.

The Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company’s federal income tax returns for 2017 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved.

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

- Definition

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

+ References + Details

Long-Term Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term DebtOn September 2, 2020, the Company entered into a new three-year unsecured credit facility (the “Credit Agreement”) among Roper, the financial institutions from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Wells

Fargo Bank, N.A. and Bank of America, N.A., as syndication agents, and MUFG Bank, Ltd., Mizuho Bank, Ltd., PNC Bank, National Association, Truist Bank and TD Bank, N.A., as co-documentation agents, which replaced its existing $2,500.0 unsecured credit facility, dated as of September 23, 2016, as amended. The new facility comprises a three-year $3,000.0 revolving credit facility, which includes availability of up to $150.0 for letters of credit. Loans under the facility will be available in dollars, and letters of credit will be available in dollars and other agreed-upon currencies. The Company may also, subject to compliance with specified conditions, request additional term loans or revolving credit commitments in an aggregate amount not to exceed $500.0.

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

Borrowings under the term loan and revolving credit facilities (if any) will bear interest, at the Company’s option, at a rate based on either:

•The highest of (1) the interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A., as its prime rate in effect at its principal office in New York City, (2) the NYFRB Rate (as defined in the Credit Agreement) plus 0.50% and (3) the Eurocurrency Rate (as defined in the Credit Agreement, and which in no case shall be less than zero) for a deposit in Dollars with a maturity of one month plus 1%, in each case plus a per annum spread depending on the Company’s senior unsecured long-term debt rating. Based on the Company’s current rating, the spread would be 0.125%; or

•The Eurocurrency Rate (as defined in the Credit Agreement, and which in no case shall be less than zero) plus a per annum spread depending on the Company’s senior unsecured long-term debt rating. Based on the Company’s current rating, the spread would be 1.125%.

Outstanding letters of credit issued under the Credit Agreement will be charged a quarterly fee depending on the Company’s senior unsecured long-term debt rating. Based on the Company’s current rating, the quarterly fee would be payable at a rate of 1.125% per annum, plus a fronting fee of 0.125% per annum on the undrawn and unexpired amount of all letters of credit.

Additionally, the Company will pay a quarterly facility fee on the used and unused portions of the revolving credit facility depending on the Company’s senior unsecured long-term debt rating. Based on the Company’s current rating, the quarterly fee would accrue at a rate of 0.125% per annum.

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

At December 31, 2020, there were $1,620.0 of outstanding borrowings under the 2020 Facility. The Company was in compliance with its debt covenants throughout the years ended December 31, 2020 and 2019.

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

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

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

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

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

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

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

In September 2009, the Company completed a public offering of $500.0 aggregate principal amount of 6.25% senior unsecured notes due September 1, 2019 (the “2019 Notes”). During 2018 a portion of the net proceeds of the 2018 Offering were used to redeem all of the $500.0 of outstanding 2019 Notes. The Company incurred a debt extinguishment charge in connection with the redemption of the 2019 Notes of $15.9, which represents the make-whole premium and unamortized deferred financing costs.

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

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

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

Total debt at December 31 consisted of the following:


	2020		2019
Unsecured credit facility	$	1,620.0	$	—
$600 3.000% senior notes due 2020	—		600.0
$500 2.800% senior notes due 2021	500.0		500.0
$500 3.125% senior notes due 2022	500.0		500.0
$300 0.450% senior notes due 2022	300.0		—
$700 3.650% senior notes due 2023	700.0		700.0
$500 2.350% senior notes due 2024	500.0		500.0
$300 3.850% senior notes due 2025	300.0		300.0
$700 1.000% senior notes due 2025	700.0		—
$700 3.800% senior notes due 2026	700.0		700.0
$700 1.400% senior notes due 2027	700.0		—
$800 4.200% senior notes due 2028	800.0		800.0
$700 2.950% senior notes due 2029	700.0		700.0
$600 2.000% senior notes due 2030	600.0		—
$1,000 1.750% senior notes due 2031	1,000.0		—
Other	6.2		7.7
Less unamortized debt issuance costs	(59.7)		(32.4)
Total debt	9,566.5		5,275.3
Less current portion	502.0		602.2
Long-term debt	$	9,064.5	$	4,673.1

The interest rate on the borrowings under the unsecured credit facility is calculated based upon various recognized indices plus a margin as defined in the Credit Agreement. At December 31, 2020, Roper’s fixed debt consisted of $8,000.0 of senior notes, $6.2 of other debt in the form of finance leases, several smaller facilities that allow for borrowings or the issuance of letters of credit in foreign locations to support Roper’s non-U.S. businesses and $67.1 of outstanding letters of credit at December 31, 2020.

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


2021	$	502.8
2022	801.7
2023	2,321.7
2024	500.0
2025	1,000.0
Thereafter	4,500.0
Total	$	9,626.2

Fair Value

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value

Roper’s debt at December 31, 2020 included $8,000 of fixed-rate senior notes with the following fair values:


$500 2.800% senior notes due 2021			511
$500 3.125% senior notes due 2022			523
$300 0.450% senior notes due 2022			301
$700 3.650% senior notes due 2023			759
$500 2.350% senior notes due 2024			533
$300 3.850% senior notes due 2025			340
$700 1.000% senior notes due 2025			709
$700 3.800% senior notes due 2026			810
$700 1.400% senior notes due 2027			710
$800 4.200% senior notes due 2028			956
$700 2.950% senior notes due 2029			771
$600 2.000% senior notes due 2030			616
$1,000 1.750% senior notes due 2031			996

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

Retirement and Other Benefit Plans	12 Months Ended
Retirement and Other Benefit Plans	Dec. 31, 2020
Retirement Benefits [Abstract]
Retirement and Other Benefit Plans	Retirement and Other Benefit Plans Roper maintains four defined contribution retirement plans under the provisions of Section 401(k) of the IRC covering substantially all U.S. employees. Roper partially matches employee contributions. Costs related to all such plans were $33.8, $36.9 and $31.2 for 2020, 2019 and 2018, respectively. Roper also maintains various defined benefit retirement plans covering employees of non-U.S. and certain U.S. subsidiaries and a plan that supplements certain employees for the contribution ceiling applicable to the Section 401(k) plans. The costs and accumulated benefit obligations associated with each of these plans were not material.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-SubTopic 20
-Section 55
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

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 and directors. At December 31, 2020, 3.254 shares were available to grant under the 2016 Plan.

Under the Roper Technologies, Inc., Employee Stock Purchase Plan (“ESPP”), previously allowed 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.

We amended the Roper stock purchase plan effective July 1, 2020, which 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 stock purchase plan may be either treasury stock, stock purchased on the open market, or newly issued shares.

Stock based compensation expense for the years ended December 31, 2020, 2019 and 2018 was as follows:


	2020		2019		2018
Stock based compensation	$	121.7	$	104.5	$	133.8
Tax benefit recognized in net earnings	25.5		22.0		28.1

During 2019, in connection with the sale of Gatan we recognized $9.6 associated with accelerated vestings, which was recognized within “Gain on disposal of businesses” within the Consolidated Statements of Earnings. In 2018, this expense included $29.4 associated with accelerated vesting due to the passing of our former executive chairman.

Stock Options – Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a weighted average period of 3 years from the grant date and expire 10 years after the grant date. The Company recorded $41.4, $32.0, and $23.2 of compensation expense relating to outstanding options during 2020, 2019 and 2018, respectively, as a component of general and administrative expenses at Corporate.

The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2020, 2019 and 2018 were calculated using the following weighted-average assumptions:


	2020	2019	2018
Weighted-average fair value ($)	63.22	68.05	57.75
Risk-free interest rate (%)	0.81	2.37	2.65
Average expected option life (years)	5.64	5.42	5.32
Expected volatility (%)	20.39	19.22	18.05
Expected dividend yield (%)	0.62	0.58	0.59

The following table summarizes the Company’s activities with respect to its share-based compensation plans for the years ended December 31, 2020 and 2019:


	Number of shares	Weighted-average exercise price per share		Weighted-average contractual term	Aggregate intrinsic value
Outstanding at December 31, 2018	3.205	$	180.69
Granted	0.764	320.65
Exercised	(0.527)	122.94
Canceled	(0.093)	273.64
Outstanding at December 31, 2019	3.349	219.40		6.66	$	452.8
Granted	0.762	333.45
Exercised	(0.670)	157.85
Canceled	(0.075)	304.56
Outstanding at December 31, 2020	3.366	255.32		6.79	$	591.7
Exercisable at December 31, 2020	1.431	$	178.23	4.75	$	361.9

The following table summarizes information for stock options outstanding at December 31, 2020:


	Outstanding options				Exercisable options
Exercise price	Number	Average exercise price		Average remaining life (years)	Number	Average exercise price
$73.56 - $146.02	0.397	$	123.73	2.3	0.397	$	123.73
$146.03 - $170.66	0.398	166.28		4.7	0.398	166.28
$170.67 - $212.18	0.469	196.34		5.9	0.415	194.53
$212.19 - $279.31	0.316	264.83		7.3	0.121	254.54
$279.32 -$279.44	0.406	279.39		7.2	0.075	279.39
$279.45 - $321.52	0.080	291.04		8.0	0.025	290.10
$321.53 - $323.36	0.588	323.09		9.2	—	—
$323.37 - $327.91	0.487	326.33		8.2	—	—
$327.92 - $432.45	0.225	368.13		8.9	—	—
$73.56 - $432.45	3.366	$	255.32	6.8	1.431	$	178.23

At December 31, 2020, there was $61.9 of total unrecognized compensation expense related to nonvested options granted under the Company’s share-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.7 years. The total intrinsic value of options exercised in 2020, 2019 and 2018 was $155.4, $109.4 and $124.6, respectively. Cash received from option exercises under all plans in 2020 and 2019 was $105.5 and $64.9, respectively.

Restricted Stock Grants - During 2020 and 2019, the Company granted 0.285 and 0.321 shares, respectively, of restricted stock to certain employee and director participants under its share-based compensation plans. Restricted stock grants generally vest over a period of 1 to 4 years. The Company recorded $79.4, $72.5 and $109.7 of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2020, 2019 and 2018, respectively. In 2018, this expense included $29.4 associated with accelerated vesting due to the passing of our former executive chairman. A summary of the Company’s nonvested shares activity for 2020 and 2019 is as follows:


	Number of shares	Weighted-average grant date fair value
Nonvested at December 31, 2018	0.739	$	225.93
Granted	0.321	318.75
Vested	(0.290)	209.05
Forfeited	(0.061)	225.23
Nonvested at December 31, 2019	0.709	$	275.00
Granted	0.285	358.07
Vested	(0.308)	254.02
Forfeited	(0.085)	309.28
Nonvested at December 31, 2020	0.601	$	320.36

At December 31, 2020, there was $89.8 of total unrecognized compensation expense related to nonvested awards granted to both employees and directors under the Company’s share-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.7 years. Unrecognized compensation expense related to nonvested shares of restricted stock grants is recorded as a reduction to additional paid-in capital in stockholder’s equity at December 31, 2020.

Employee Stock Purchase Plan - During 2020, 2019 and 2018, participants of the ESPP purchased 0.031, 0.021 and 0.020 shares, respectively, of Roper’s common stock for total consideration of $10.5, $6.8, and $5.4, respectively. All of these shares were purchased from Roper’s treasury shares.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2020
Loss Contingency [Abstract]
Contingencies	Contingencies Roper, in the ordinary course of business, is party to various pending or threatened legal actions, including product liability, intellectual property, data privacy and employment practices that, in general, are of a nature consistent with those over the past several years. After analyzing the Company’s contingent liabilities on a gross basis and, based upon past experience with resolution of such legal claims and the availability and limits of the primary, excess, and umbrella liability insurance coverages with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on Roper’s consolidated financial position, results of operations or cash flows. Roper’s subsidiary, Vertafore, Inc., has been named in three putative class actions, one in the U.S. District Court for the Southern District of Texas (Allen, et al. v. Vertafore, Inc., Case 4:20-cv-4139), one in the U.S. District Court for the District of Colorado (Masciotra, et al. v. Vertafore, Inc., Case 1:20-cv-03603), 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). All three cases purport 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. The cases each seek recovery under the Driver’s Privacy Protection Act, 18 U.S.C. § 2721. Vertafore is vigorously defending the matters. In addition, the Texas Attorney General is investigating the data event. 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. As of December 31, 2020, Roper had $67.1 of letters of credit issued to guarantee its performance under certain services contracts or to support certain insurance programs and $716.9 of outstanding surety bonds. Certain contracts, primarily those involving public sector customers, require Roper to provide a surety bond as a guarantee of its performance of contractual obligations.

Segment and Geographic Area Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment and Geographic Area Information

Our operations are reported in four segments based upon business models and capital deployment strategy and objectives. The segments are: Application Software, Network Software & Systems, Measurement & Analytical Solutions and Process Technologies. The four reportable segments (and businesses within each; including changes due to acquisitions and divestitures) are as follows:

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

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

–Measurement & Analytical Solutions (1) - Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon

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

(1) The Measurement & Analytical Solutions segment includes the results of the divestitures completed in 2019 through the transaction date for (i) the Imaging businesses, sold to Teledyne on February 5, 2019 and (ii) Gatan sold to AMETEK on October 29, 2019.

There were no material transactions between Roper’s reportable segments during 2020, 2019 and 2018. Sales between geographic areas are primarily of finished products and are accounted for at prices intended to represent third-party prices. Operating profit by reportable segment and by geographic area is defined as net revenues less operating costs and expenses. These costs and expenses do not include unallocated corporate administrative expenses. Items below income from operations on Roper’s Consolidated Statements of Earnings are not allocated to reportable segments.

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

Selected financial information by reportable segment for 2020, 2019 and 2018 follows:


	Application Software		Network Software & Systems		Measurement &Analytical Solutions		Process Technologies		Corporate		Total
2020
Net revenues	$	1,799.9	$	1,738.6	$	1,469.9	$	518.7	$	—	$	5,527.1
Operating profit	468.7		549.8		473.5		131.6		(192.5)		1,431.1
Assets:
Operating assets	526.6		520.2		340.4		171.5		3.9		1,562.6
Intangible assets, net	13,844.6		5,987.0		1,414.4		356.1		—		21,602.1
Other	173.1		65.1		108.2		71.6		442.1		860.1
Total											24,024.8
Capital expenditures	12.9		8.9		8.0		1.2		0.2		31.2
Capitalized software expenditures	16.3		1.4		—		—		—		17.7
Depreciation and other amortization	296.9		178.5		34.7		10.4		0.3		520.8
2019
Net revenues	$	1,588.0	$	1,529.5	$	1,596.4	$	652.9	$	—	$	5,366.8
Operating profit	405.4		538.5		501.1		225.8		(172.4)		1,498.4
Assets:
Operating assets	382.2		472.0		347.0		205.7		4.4		1,411.3
Intangible assets, net	7,833.6		5,871.8		1,420.0		357.7		—		15,483.1
Other	168.5		62.5		120.4		69.0		794.1		1,214.5
Total											18,108.9
Capital expenditures	17.4		15.1		17.3		2.7		0.2		52.7
Capitalized software expenditures	9.7		0.5		—		—		—		10.2
Depreciation and other amortization	230.2		132.9		40.3		12.0		0.6		416.0
2018
Net revenues	$	1,452.7	$	1,345.2	$	1,705.6	$	687.7	$	—	$	5,191.2
Operating profit	358.0		484.4		523.9		233.6		(203.5)		1,396.4
Assets:
Operating assets	392.6		338.3		336.2		196.4		6.1		1,269.6
Intangible assets, net	7,799.9		3,582.0		1,444.5		362.5		—		13,188.9
Other 1	163.6		38.4		391.2		94.5		103.3		791.0
Total											15,249.5
Capital expenditures	19.0		8.3		15.4		6.3		0.1		49.1
Capitalized software expenditures	9.1		0.4		—		—		—		9.5
Depreciation and other amortization	212.8		98.1		42.6		12.7		0.8		367.0

1 Includes Operating assets of $91.8 and Intangible assets, net of $159.4 associated with the Gatan business and Imaging businesses classified as held for sale on December 31, 2018.

Summarized data for Roper’s U.S. and foreign operations (principally in Canada, Europe and Asia) for 2020, 2019 and 2018, based upon the country of origin of the Roper entity making the sale, was as follows:


	United States		Non-U.S.		Eliminations		Total
2020
Sales to unaffiliated customers	$	4,496.8	$	1,030.3	$	—	$	5,527.1
Sales between geographic areas	125.0		162.8		(287.8)		—
Net revenues	$	4,621.8	$	1,193.1	$	(287.8)	$	5,527.1
Long-lived assets	$	191.0	$	33.0	$	—	$	224.0
2019
Sales to unaffiliated customers	$	4,342.6	$	1,024.2	$	—	$	5,366.8
Sales between geographic areas	124.9		139.3		(264.2)		—
Net revenues	$	4,467.5	$	1,163.5	$	(264.2)	$	5,366.8
Long-lived assets	$	164.6	$	33.2	$	—	$	197.8
2018
Sales to unaffiliated customers	$	4,176.2	$	1,015.0	$	—	$	5,191.2
Sales between geographic areas	143.9		137.0		(280.9)		—
Net revenues	$	4,320.1	$	1,152.0	$	(280.9)	$	5,191.2
Long-lived assets 1	$	145.2	$	30.0	$	—	$	175.2

1 Excludes Long-lived assets of $7.6 associated with the Gatan business and Imaging businesses classified as held for sale on December 31, 2018.

Export sales from the U.S. during the years ended December 31, 2020, 2019 and 2018 were $401.8, $531.8 and $578.0, respectively. In the year ended December 31, 2020, these exports were shipped primarily to Asia (26%), Canada (25%), Europe (18%), Middle East (18%) and other (13%).

Sales to customers outside the U.S. accounted for a significant portion of Roper’s revenues. Sales are attributed to geographic areas based upon the location where the product is ultimately shipped. Roper’s net revenues for the years ended December 31, 2020, 2019 and 2018 are shown below by region, except for Canada, which is presented separately:


	Application Software		Network Software & Systems		Measurement &Analytical Solutions		Process Technologies		Total
2020
Canada	$	43.4	$	76.2	$	71.9	$	24.8	$	216.3
Europe	205.5		61.3		257.0		101.8		625.6
Asia	3.3		19.6		124.1		90.8		237.8
Middle East	6.6		39.8		18.5		35.8		100.7
Rest of the world	31.1		11.6		43.1		38.4		124.2
Total	$	289.9	$	208.5	$	514.6	$	291.6	$	1,304.6
2019
Canada	$	41.0	$	71.1	$	81.4	$	28.9	$	222.4
Europe	188.8		36.7		307.2		113.8		646.5
Asia	3.5		18.8		185.0		108.0		315.3
Middle East	8.6		37.5		13.1		44.4		103.6
Rest of the world	25.8		9.5		45.3		55.2		135.8
Total	$	267.7	$	173.6	$	632.0	$	350.3	$	1,423.6
2018
Canada	$	38.5	$	58.5	$	79.3	$	35.0	$	211.3
Europe	188.6		12.2		361.7		117.5		680.0
Asia	3.2		11.0		220.3		115.4		349.9
Middle East	4.7		48.6		14.4		34.4		102.1
Rest of the world	29.5		7.8		42.5		55.0		134.8
Total	$	264.5	$	138.1	$	718.2	$	357.3	$	1,478.1

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Concentration of Risk	12 Months Ended
Concentration of Risk	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash and cash equivalents, trade receivables and unbilled receivables. The Company maintains cash and cash equivalents with various major financial institutions around the world. The Company limits the amount of credit exposure with any one financial institution and believes that no significant concentration of credit risk exists with respect to cash and cash equivalent balances. Trade and unbilled receivables subject the Company to the potential for credit risk with customers. To reduce credit risk, the Company performs ongoing evaluations of its customers’ financial condition.

Contract Balances

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Contract Balances

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



Balance Sheet Account	2020		2019		Change
Unbilled receivables	$	241.7	$	183.5	$	58.2
Contract liabilities - current (1)	(1,012.0)		(840.8)		(171.2)
Deferred revenue - non-current	(43.1)		(33.2)		(9.9)
Net contract assets/(liabilities)	$	(813.4)	$	(690.5)	$	(122.9)

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

The change in our net contract assets/(liabilities) from December 31, 2019 to December 31, 2020 was due primarily to the increase in our contract liabilities associated with the timing of payments and invoicing relating to SaaS and PCS renewals and the net contract liabilities associated with the acquisitions completed during the year ended December 31, 2020, of $78.2, partially offset by the increase in unbilled receivables associated with timing of invoicing in our project-based businesses, most notably our Transcore business.

Revenue recognized during the year ended December 31, 2020 and 2019 that was included in the contract liability balance on December 31, 2019 and 2018 was $804.4 and $674.2, respectively. In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue or BIE 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 year ended December 31, 2020.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

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

For the years ended December 31, 2020, 2019 and 2018, the Company recognized $68.5, $65.9 and $66.9 in operating lease expense, respectively.

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


	2020		2019
Operating cash flows used for operating leases	$	70.1	$	66.7
Right-of-use assets obtained in exchange for operating lease obligations	66.1		60.4

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


Lease Assets and Liabilities	Balance Sheet Account	2020		2019
ASSETS:
Operating lease ROU assets	Other assets	$	265.0	$	266.9

LIABILITIES:
Current operating lease liabilities	Other accrued liabilities	$	65.1	$	56.8
Operating lease liabilities	Other liabilities	219.2		220.0
Total operating lease liabilities		$	284.3	$	276.8

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


2021	$	71.7
2022	56.0
2023	46.8
2024	37.0
2025	29.9
Thereafter	68.2
Total operating lease payments	309.6
Less: Imputed interest	25.3
Total operating lease liabilities	$	284.3


Weighted average remaining lease term - operating leases (years)			6
Weighted average discount rate (%)			2.9

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Data [Abstract]

Quarterly Financial Data (unaudited)


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

2020
Net revenues	$	1,350.7	$	1,305.0	$	1,366.1	$	1,505.3
Gross profit	856.8		843.7		875.9		966.6
Income from operations	349.2		333.6		367.6		380.7
Net earnings	240.3		219.2		234.4		255.8

Earnings per share:
Basic	$	2.30	$	2.10	$	2.24	$	2.44
Diluted	$	2.28	$	2.08	$	2.21	$	2.41

2019
Net revenues	$	1,287.2	$	1,330.3	$	1,354.5	$	1,394.8
Gross profit	810.6		850.0		873.6		892.9
Income from operations	346.4		368.4		385.2		398.4
Net earnings	369.6		249.7		277.5		871.1

Earnings per share:
Basic	$	3.57	$	2.40	$	2.67	$	8.37
Diluted	$	3.53	$	2.38	$	2.64	$	8.28

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

Schedule II - Consolidated Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Consolidated Valuation and Qualifying Accounts

ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES

Schedule II – Consolidated Valuation and Qualifying Accounts

Years ended December 31, 2020, 2019 and 2018


	Balance at beginning of year		Additions charged to costs and expenses		Deductions		Other		Balance at end of year
	(in millions)
Allowance for doubtful accounts and sales allowances
2020	$	20.3	$	11.7	$	(10.2)	$	7.3	$	29.1
2019	23.1		8.4		(7.9)		(3.3)		20.3
2018	12.7		11.9		(7.3)		5.8		23.1
Reserve for inventory obsolescence
2020	$	33.4	$	9.6	$	(3.9)	$	1.3	$	40.4
2019	30.3		6.3		(3.2)		—		33.4
2018	38.1		6.7		(4.5)		(10.0)		30.3

Deductions from the allowance for doubtful accounts represented the net write-off of uncollectible accounts receivable. Deductions from the inventory obsolescence reserve represented the disposal of obsolete items.

Other included the allowance for doubtful accounts and reserve for inventory obsolescence of acquired businesses, the effects of foreign currency translation adjustments for those companies whose functional currency was not the U.S. dollar, reclassifications as held for sale and other.

Summary of Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

See the Company’s accounting policies below for details.

Cash and Cash Equivalents

Cash and Cash Equivalents - Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents.

Contingencies

Earnings per Share

Estimates

Foreign Currency Translation and Transactions

Goodwill and Other Intangibles

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

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

•an adverse action or assessment by a regulator;

•unanticipated competition;

•a loss of key personnel;

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

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

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

Impairment of Long-Lived Assets

Income Taxes

Inventories

Product Warranties

Property, Plant and Equipment and Depreciation and Amortization


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

Research, Development and Engineering

Revenue Recognition

•identify the contract with the customer;

•identify the performance obligations in the contract;

•determine the transaction price;

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

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

Software and related services

Licensed Software - Performance obligations in our customer contracts may include:

–Perpetual or time-based (“term”) software licenses

–Post contract support (“PCS”)

–Implementation/installation services

Engineered products and related services

Revenue from product sales is recognized when control transfers to the customer, which is generally when the product is shipped.

Non-project-based installation and repair services are performed by certain of our businesses for which revenue is recognized upon completion.

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

as soon as such losses become probable and reasonably estimable.

Deferred commissions - Our incremental direct costs of obtaining a contract, which consist of sales commissions primarily for our software sales, are deferred and amortized on a straight-line basis over the period of contract performance or a longer period, depending on facts and circumstances. We classify deferred commissions as current or non-current based on the timing of when we expect to recognize the expense. The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheets.Remaining performance obligations - Remaining performance obligations represents the transaction price of firm orders for which work has not been performed and excludes unexercised contract options.

Capitalized Software

Stock-Based Compensation

Summary of Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Weighted Average Diluted Shares Outstanding

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


	Years ended December 31,
	2020	2019	2018
Basic weighted-average shares outstanding	104.6	103.9	103.2
Effect of potential common stock:
Common stock awards	1.1	1.2	1.2
Diluted weighted-average shares outstanding	105.7	105.1	104.4

Schedule of Property, Plant and Equipment

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


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

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


	2020		2019
Land	$	2.3	$	2.2
Buildings	87.1		84.7
Machinery and other equipment	223.3		218.1
Computer equipment	117.8		96.4
Software	80.9		73.3
	511.4		474.7
Accumulated depreciation	(370.8)		(334.8)
	$	140.6	$	139.9

Schedule of Disaggregated Revenue


	Year ended December 31,
	2020		2019		2018
Software and related services	$	2,871.1	$	2,477.7	$	2,165.9
Engineered products and related services	2,656.0		2,889.1		3,025.3
Net revenues	$	5,527.1	$	5,366.8	$	5,191.2

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

The components of inventories at December 31 were as follows:


	2020		2019
Raw materials and supplies	$	128.4	$	125.1
Work in process	28.2		30.9
Finished products	82.2		76.0
Inventory reserves	(40.4)		(33.4)
	$	198.4	$	198.6

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


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

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


	2020		2019
Land	$	2.3	$	2.2
Buildings	87.1		84.7
Machinery and other equipment	223.3		218.1
Computer equipment	117.8		96.4
Software	80.9		73.3
	511.4		474.7
Accumulated depreciation	(370.8)		(334.8)
	$	140.6	$	139.9

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of 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
Goodwill acquired	143.4		1,303.6		—		—		1,447.0
Currency translation adjustments	8.3		8.8		3.3		2.2		22.6
Reclassifications and other	1.6		(2.6)		—		—		(1.0)
Balances at December 31, 2019	$	5,389.4	$	3,933.5	$	1,178.0	$	314.5	$	10,815.4
Goodwill acquired	3,399.0		134.0		—		—		3,533.0
Currency translation adjustments	14.5		16.6		12.8		4.5		48.4
Reclassifications and other	(0.6)		(1.0)		—		—		(1.6)
Balances at December 31, 2020	$	8,802.3	$	4,083.1	$	1,190.8	$	319.0	$	14,395.2

Other Intangible Assets

Other intangible assets were comprised of:


	Cost		Accum. amort.		Net book value
Assets subject to amortization:
Customer related intangibles	$	4,955.4	$	(1,349.4)	$	3,606.0
Unpatented technology	613.0		(279.6)		333.4
Software	172.2		(111.5)		60.7
Patents and other protective rights	12.0		(8.0)		4.0
Trade names	7.9		(4.1)		3.8
Assets not subject to amortization:
Trade names	659.8		—		659.8
Balances at December 31, 2019	$	6,420.3	$	(1,752.6)	$	4,667.7

Assets subject to amortization:
Customer related intangibles	$	7,494.7	$	(1,703.8)	$	5,790.9
Unpatented technology	942.8		(363.9)		578.9
Software	172.4		(127.4)		45.0
Patents and other protective rights	13.0		(6.7)		6.3
Trade names	7.3		(5.6)		1.7
Assets not subject to amortization:
Trade names	784.1		—		784.1
Balances at December 31, 2020	$	9,414.3	$	(2,207.4)	$	7,206.9

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Accrued Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities at December 31 were as follows:


	2020		2019
Interest	$	44.3	$	34.4
Customer deposits	50.1		22.4
Accrued dividend	60.0		54.3
Rebates	51.8		47.1
Billings in excess of revenues	17.5		9.0
Operating lease liability	65.1		56.8
Other	168.2		122.2
	$	457.0	$	346.2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Earnings Before Income Taxes

Earnings before income taxes for the years ended December 31, 2020, 2019 and 2018 consisted of the following components:


	2020		2019		2018
United States	$	902.4	$	1,902.2	$	924.2
Other	306.9		325.2		274.2
	$	1,209.3	$	2,227.4	$	1,198.4

Schedule of Components of Income Tax Expense (Benefit)

Components of income tax expense for the years ended December 31, 2020, 2019 and 2018 were as follows:


	2020		2019		2018
Current:
Federal	$	180.8	$	391.6	$	155.4
State	59.0		78.3		56.2
Foreign	77.4		79.8		105.1
Deferred:
Federal	(54.3)		(43.1)		(24.2)
State	(7.6)		2.6		(25.8)
Foreign	4.3		(49.7)		(12.7)
	$	259.6	$	459.5	$	254.0

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2020, 2019 and 2018 were as follows:


	2020		2019		2018
Federal statutory rate	21.0	%	21.0	%	21.0	%
Foreign operations, net	1.0		0.2		1.6
R&D tax credits	(1.4)		(0.6)		(0.9)
State taxes, net of federal benefit	3.1		1.6		2.4
Stock-based compensation	(3.0)		(1.3)		(3.1)
Tax Cuts and Jobs Act of 2017 - measurement period adjustments	—		—		(1.2)
Divestitures	—		1.8		—
Foreign entity restructuring	—		(1.8)		—
Other, net	0.8		(0.3)		1.4
	21.5	%	20.6	%	21.2	%

Schedule of Deferred Tax Assets and Liabilities

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


	2020		2019
Deferred tax assets:
Reserves and accrued expenses	$	187.6	$	169.6
Net operating loss carryforwards	154.6		111.2
R&D credits	26.3		4.1
Interest expense limitation carryforwards	63.0		9.9
Valuation allowance	(38.0)		(36.3)
Lease liability	65.0		64.0
Total deferred tax assets	$	458.5	$	322.5
Deferred tax liabilities:
Reserves and accrued expenses	$	23.8	$	15.5
Amortizable intangible assets	1,803.3		1,229.9
Plant and equipment	8.8		10.8
Accrued tax on unremitted foreign earnings	18.6		17.1
ROU asset	62.5		61.7
Total deferred tax liabilities	$	1,917.0	$	1,335.0

Schedule of Unrecognized Tax Benefits Roll Forward

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


	2020		2019		2018
Beginning balance	$	69.8	$	63.6	$	52.2
Additions for tax positions of prior periods	6.0		2.9		2.4
Additions for tax positions of the current period	3.5		4.2		6.9
Additions due to acquisitions	6.2		1.9		4.4
Reductions for tax positions of prior periods	(3.6)		(0.3)		(0.4)
Reductions attributable to lapses of applicable statute of limitations	(6.3)		(2.5)		(1.9)
Ending balance	$	75.6	$	69.8	$	63.6

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Total debt at December 31 consisted of the following:


	2020		2019
Unsecured credit facility	$	1,620.0	$	—
$600 3.000% senior notes due 2020	—		600.0
$500 2.800% senior notes due 2021	500.0		500.0
$500 3.125% senior notes due 2022	500.0		500.0
$300 0.450% senior notes due 2022	300.0		—
$700 3.650% senior notes due 2023	700.0		700.0
$500 2.350% senior notes due 2024	500.0		500.0
$300 3.850% senior notes due 2025	300.0		300.0
$700 1.000% senior notes due 2025	700.0		—
$700 3.800% senior notes due 2026	700.0		700.0
$700 1.400% senior notes due 2027	700.0		—
$800 4.200% senior notes due 2028	800.0		800.0
$700 2.950% senior notes due 2029	700.0		700.0
$600 2.000% senior notes due 2030	600.0		—
$1,000 1.750% senior notes due 2031	1,000.0		—
Other	6.2		7.7
Less unamortized debt issuance costs	(59.7)		(32.4)
Total debt	9,566.5		5,275.3
Less current portion	502.0		602.2
Long-term debt	$	9,064.5	$	4,673.1

Future Maturities of Long-Term Debt

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


2021	$	502.8
2022	801.7
2023	2,321.7
2024	500.0
2025	1,000.0
Thereafter	4,500.0
Total	$	9,626.2

- Definition

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

+ References

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-Name Accounting Standards Codification
-Topic 210
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Debt

Roper’s debt at December 31, 2020 included $8,000 of fixed-rate senior notes with the following fair values:


$500 2.800% senior notes due 2021			511
$500 3.125% senior notes due 2022			523
$300 0.450% senior notes due 2022			301
$700 3.650% senior notes due 2023			759
$500 2.350% senior notes due 2024			533
$300 3.850% senior notes due 2025			340
$700 1.000% senior notes due 2025			709
$700 3.800% senior notes due 2026			810
$700 1.400% senior notes due 2027			710
$800 4.200% senior notes due 2028			956
$700 2.950% senior notes due 2029			771
$600 2.000% senior notes due 2030			616
$1,000 1.750% senior notes due 2031			996

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock based compensation expense for the years ended December 31, 2020, 2019 and 2018 was as follows:


	2020		2019		2018
Stock based compensation	$	121.7	$	104.5	$	133.8
Tax benefit recognized in net earnings	25.5		22.0		28.1

Weighted-Average Assumptions of Stock-Based Compensation

The weighted-average fair value of options granted in 2020, 2019 and 2018 were calculated using the following weighted-average assumptions:


	2020	2019	2018
Weighted-average fair value ($)	63.22	68.05	57.75
Risk-free interest rate (%)	0.81	2.37	2.65
Average expected option life (years)	5.64	5.42	5.32
Expected volatility (%)	20.39	19.22	18.05
Expected dividend yield (%)	0.62	0.58	0.59

Share-Based Compensation Activity

The following table summarizes the Company’s activities with respect to its share-based compensation plans for the years ended December 31, 2020 and 2019:


	Number of shares	Weighted-average exercise price per share		Weighted-average contractual term	Aggregate intrinsic value
Outstanding at December 31, 2018	3.205	$	180.69
Granted	0.764	320.65
Exercised	(0.527)	122.94
Canceled	(0.093)	273.64
Outstanding at December 31, 2019	3.349	219.40		6.66	$	452.8
Granted	0.762	333.45
Exercised	(0.670)	157.85
Canceled	(0.075)	304.56
Outstanding at December 31, 2020	3.366	255.32		6.79	$	591.7
Exercisable at December 31, 2020	1.431	$	178.23	4.75	$	361.9

Schedule of Stock-Based Compensation by Exercise Price Range

The following table summarizes information for stock options outstanding at December 31, 2020:


	Outstanding options				Exercisable options
Exercise price	Number	Average exercise price		Average remaining life (years)	Number	Average exercise price
$73.56 - $146.02	0.397	$	123.73	2.3	0.397	$	123.73
$146.03 - $170.66	0.398	166.28		4.7	0.398	166.28
$170.67 - $212.18	0.469	196.34		5.9	0.415	194.53
$212.19 - $279.31	0.316	264.83		7.3	0.121	254.54
$279.32 -$279.44	0.406	279.39		7.2	0.075	279.39
$279.45 - $321.52	0.080	291.04		8.0	0.025	290.10
$321.53 - $323.36	0.588	323.09		9.2	—	—
$323.37 - $327.91	0.487	326.33		8.2	—	—
$327.92 - $432.45	0.225	368.13		8.9	—	—
$73.56 - $432.45	3.366	$	255.32	6.8	1.431	$	178.23

Schedule of Nonvested Restricted Stock Awards Activity

A summary of the Company’s nonvested shares activity for 2020 and 2019 is as follows:


	Number of shares	Weighted-average grant date fair value
Nonvested at December 31, 2018	0.739	$	225.93
Granted	0.321	318.75
Vested	(0.290)	209.05
Forfeited	(0.061)	225.23
Nonvested at December 31, 2019	0.709	$	275.00
Granted	0.285	358.07
Vested	(0.308)	254.02
Forfeited	(0.085)	309.28
Nonvested at December 31, 2020	0.601	$	320.36

Segment and Geographic Area Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Selected financial information by reportable segment for 2020, 2019 and 2018 follows:


	Application Software		Network Software & Systems		Measurement &Analytical Solutions		Process Technologies		Corporate		Total
2020
Net revenues	$	1,799.9	$	1,738.6	$	1,469.9	$	518.7	$	—	$	5,527.1
Operating profit	468.7		549.8		473.5		131.6		(192.5)		1,431.1
Assets:
Operating assets	526.6		520.2		340.4		171.5		3.9		1,562.6
Intangible assets, net	13,844.6		5,987.0		1,414.4		356.1		—		21,602.1
Other	173.1		65.1		108.2		71.6		442.1		860.1
Total											24,024.8
Capital expenditures	12.9		8.9		8.0		1.2		0.2		31.2
Capitalized software expenditures	16.3		1.4		—		—		—		17.7
Depreciation and other amortization	296.9		178.5		34.7		10.4		0.3		520.8
2019
Net revenues	$	1,588.0	$	1,529.5	$	1,596.4	$	652.9	$	—	$	5,366.8
Operating profit	405.4		538.5		501.1		225.8		(172.4)		1,498.4
Assets:
Operating assets	382.2		472.0		347.0		205.7		4.4		1,411.3
Intangible assets, net	7,833.6		5,871.8		1,420.0		357.7		—		15,483.1
Other	168.5		62.5		120.4		69.0		794.1		1,214.5
Total											18,108.9
Capital expenditures	17.4		15.1		17.3		2.7		0.2		52.7
Capitalized software expenditures	9.7		0.5		—		—		—		10.2
Depreciation and other amortization	230.2		132.9		40.3		12.0		0.6		416.0
2018
Net revenues	$	1,452.7	$	1,345.2	$	1,705.6	$	687.7	$	—	$	5,191.2
Operating profit	358.0		484.4		523.9		233.6		(203.5)		1,396.4
Assets:
Operating assets	392.6		338.3		336.2		196.4		6.1		1,269.6
Intangible assets, net	7,799.9		3,582.0		1,444.5		362.5		—		13,188.9
Other 1	163.6		38.4		391.2		94.5		103.3		791.0
Total											15,249.5
Capital expenditures	19.0		8.3		15.4		6.3		0.1		49.1
Capitalized software expenditures	9.1		0.4		—		—		—		9.5
Depreciation and other amortization	212.8		98.1		42.6		12.7		0.8		367.0

1 Includes Operating assets of $91.8 and Intangible assets, net of $159.4 associated with the Gatan business and Imaging businesses classified as held for sale on December 31, 2018.

Sales and Long-Lived Assets by Country of Origin


	United States		Non-U.S.		Eliminations		Total
2020
Sales to unaffiliated customers	$	4,496.8	$	1,030.3	$	—	$	5,527.1
Sales between geographic areas	125.0		162.8		(287.8)		—
Net revenues	$	4,621.8	$	1,193.1	$	(287.8)	$	5,527.1
Long-lived assets	$	191.0	$	33.0	$	—	$	224.0
2019
Sales to unaffiliated customers	$	4,342.6	$	1,024.2	$	—	$	5,366.8
Sales between geographic areas	124.9		139.3		(264.2)		—
Net revenues	$	4,467.5	$	1,163.5	$	(264.2)	$	5,366.8
Long-lived assets	$	164.6	$	33.2	$	—	$	197.8
2018
Sales to unaffiliated customers	$	4,176.2	$	1,015.0	$	—	$	5,191.2
Sales between geographic areas	143.9		137.0		(280.9)		—
Net revenues	$	4,320.1	$	1,152.0	$	(280.9)	$	5,191.2
Long-lived assets 1	$	145.2	$	30.0	$	—	$	175.2

1 Excludes Long-lived assets of $7.6 associated with the Gatan business and Imaging businesses classified as held for sale on December 31, 2018.

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

Roper’s net revenues for the years ended December 31, 2020, 2019 and 2018 are shown below by region, except for Canada, which is presented separately:


	Application Software		Network Software & Systems		Measurement &Analytical Solutions		Process Technologies		Total
2020
Canada	$	43.4	$	76.2	$	71.9	$	24.8	$	216.3
Europe	205.5		61.3		257.0		101.8		625.6
Asia	3.3		19.6		124.1		90.8		237.8
Middle East	6.6		39.8		18.5		35.8		100.7
Rest of the world	31.1		11.6		43.1		38.4		124.2
Total	$	289.9	$	208.5	$	514.6	$	291.6	$	1,304.6
2019
Canada	$	41.0	$	71.1	$	81.4	$	28.9	$	222.4
Europe	188.8		36.7		307.2		113.8		646.5
Asia	3.5		18.8		185.0		108.0		315.3
Middle East	8.6		37.5		13.1		44.4		103.6
Rest of the world	25.8		9.5		45.3		55.2		135.8
Total	$	267.7	$	173.6	$	632.0	$	350.3	$	1,423.6
2018
Canada	$	38.5	$	58.5	$	79.3	$	35.0	$	211.3
Europe	188.6		12.2		361.7		117.5		680.0
Asia	3.2		11.0		220.3		115.4		349.9
Middle East	4.7		48.6		14.4		34.4		102.1
Rest of the world	29.5		7.8		42.5		55.0		134.8
Total	$	264.5	$	138.1	$	718.2	$	357.3	$	1,478.1

Contract Balances (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Contract Balances

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



Balance Sheet Account	2020		2019		Change
Unbilled receivables	$	241.7	$	183.5	$	58.2
Contract liabilities - current (1)	(1,012.0)		(840.8)		(171.2)
Deferred revenue - non-current	(43.1)		(33.2)		(9.9)
Net contract assets/(liabilities)	$	(813.4)	$	(690.5)	$	(122.9)

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

Leases (Tables)

12 Months Ended

Dec. 31, 2020

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 year ended December 31:


	2020		2019
Operating cash flows used for operating leases	$	70.1	$	66.7
Right-of-use assets obtained in exchange for operating lease obligations	66.1		60.4


Weighted average remaining lease term - operating leases (years)			6
Weighted average discount rate (%)			2.9

Lease Balances Within Balance Sheet

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


Lease Assets and Liabilities	Balance Sheet Account	2020		2019
ASSETS:
Operating lease ROU assets	Other assets	$	265.0	$	266.9

LIABILITIES:
Current operating lease liabilities	Other accrued liabilities	$	65.1	$	56.8
Operating lease liabilities	Other liabilities	219.2		220.0
Total operating lease liabilities		$	284.3	$	276.8

Future Minimum Lease Payments

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


2021	$	71.7
2022	56.0
2023	46.8
2024	37.0
2025	29.9
Thereafter	68.2
Total operating lease payments	309.6
Less: Imputed interest	25.3
Total operating lease liabilities	$	284.3

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Data [Abstract]

Quarterly Financial Data


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

2020
Net revenues	$	1,350.7	$	1,305.0	$	1,366.1	$	1,505.3
Gross profit	856.8		843.7		875.9		966.6
Income from operations	349.2		333.6		367.6		380.7
Net earnings	240.3		219.2		234.4		255.8

Earnings per share:
Basic	$	2.30	$	2.10	$	2.24	$	2.44
Diluted	$	2.28	$	2.08	$	2.21	$	2.41

2019
Net revenues	$	1,287.2	$	1,330.3	$	1,354.5	$	1,394.8
Gross profit	810.6		850.0		873.6		892.9
Income from operations	346.4		368.4		385.2		398.4
Net earnings	369.6		249.7		277.5		871.1

Earnings per share:
Basic	$	3.57	$	2.40	$	2.67	$	8.37
Diluted	$	3.53	$	2.38	$	2.64	$	8.28

Summary of Accounting Policies - Narrative (Details) shares in Thousands		12 Months Ended
	Oct. 01, 2020 reportingUnit intangibleAsset	Dec. 31, 2020 USD ($) reportingUnit shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Jan. 01, 2020 USD ($)	Jan. 01, 2019 USD ($)	Jan. 01, 2018 USD ($)	Dec. 31, 2017 USD ($)
Summary Of Accounting Policies [Line Items]
Increase (decrease) in retained earnings		$ 10,479,800,000	$ 9,491,900,000	$ 7,738,500,000				$ 6,863,600,000
Operating lease ROU assets		265,000,000.0	266,900,000
Operating lease liabilities		284,300,000	276,800,000
Cash equivalents		$ 0.0	$ 370,100,000
Antidilutive securities excluded from computation of earnings per share (in shares) \| shares		208	627	724
Foreign currency transaction gains (losses)		$ (4,300,000)	$ (3,700,000)	$ 200,000
Number of reporting units \| reportingUnit		36
Goodwill		$ 14,395,200,000	10,815,400,000	9,346,800,000
Number of reporting units not requiring goodwill impairment \| reportingUnit	35
Research and development expense		446,100,000	403,500,000	376,900,000
Contracts revenue percentage of completion		345,000,000.0	247,800,000	245,900,000
Allowance for doubtful accounts receivable and sales returns and allowances net current		29,100,000	20,300,000
Deferred commissions		42,500,000	31,400,000
Deferred commissions expense		30,100,000	30,100,000
Remaining performance obligations		4,298,000,000.0
Capitalized computer software, net		$ 43,100,000	30,000,000.0
Cumulative Effect, Period of Adoption, Adjustment
Summary Of Accounting Policies [Line Items]
Increase (decrease) in retained earnings			(1,700,000)					14,300,000
Operating lease ROU assets						$ 274,000,000.0
Operating lease liabilities						$ 282,700,000
Software-as-a-service
Summary Of Accounting Policies [Line Items]
Number of days for payment		30 days
Subscription term		1 year
Software licenses
Summary Of Accounting Policies [Line Items]
Subscription term		1 year
Minimum
Summary Of Accounting Policies [Line Items]
Goodwill		$ 0
Minimum \| Software licenses
Summary Of Accounting Policies [Line Items]
Number of days for payment		30 days
Minimum \| PCS
Summary Of Accounting Policies [Line Items]
Number of days for payment		30 days
Minimum \| Engineered products
Summary Of Accounting Policies [Line Items]
Number of days for payment		30 days
Maximum
Summary Of Accounting Policies [Line Items]
Goodwill		$ 3,228,700,000
Maximum \| Software licenses
Summary Of Accounting Policies [Line Items]
Number of days for payment		60 days
Maximum \| PCS
Summary Of Accounting Policies [Line Items]
Number of days for payment		60 days
Maximum \| Engineered products
Summary Of Accounting Policies [Line Items]
Number of days for payment		60 days
Trade names
Summary Of Accounting Policies [Line Items]
Number of intangible assets evaluated for impairment \| intangibleAsset	2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, percentage		59.00%
Remaining performance obligations, expected timing of revenue recognition		12 months
Retained earnings
Summary Of Accounting Policies [Line Items]
Increase (decrease) in retained earnings		$ 8,546,200,000	7,818,000,000.0	$ 6,247,700,000				5,464,600,000
Retained earnings \| Cumulative Effect, Period of Adoption, Adjustment
Summary Of Accounting Policies [Line Items]
Increase (decrease) in retained earnings			$ (1,700,000)		$ (1,700,000)		$ 14,300,000	$ 14,300,000

Summary of Accounting Policies - Schedule of Weighted Average Diluted Shares Outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Basic weighted-average shares outstanding (in shares)	104.6	103.9	103.2
Effect of potential common stock:
Common stock awards (in shares)	1.1	1.2	1.2
Diluted weighted-average shares outstanding (in shares)	105.7	105.1	104.4

Summary of Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Machinery \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Machinery \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years
Other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Summary of Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,505.3	$ 1,366.1	$ 1,305.0	$ 1,350.7	$ 1,394.8	$ 1,354.5	$ 1,330.3	$ 1,287.2	$ 5,527.1	$ 5,366.8	$ 5,191.2
Software and related services
Disaggregation of Revenue [Line Items]
Net revenues									2,871.1	2,477.7	2,165.9
Engineered products and related services
Disaggregation of Revenue [Line Items]
Net revenues									$ 2,656.0	$ 2,889.1	$ 3,025.3

- Definition

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

+ References

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+ Details

Business Acquisitions and Dispositions (Details) $ in Millions					12 Months Ended
	Sep. 03, 2020 USD ($)	Oct. 29, 2019 USD ($)	Feb. 05, 2019 USD ($)	Jun. 04, 2018 USD ($)	Dec. 31, 2020 USD ($) acquisition	Dec. 31, 2019 USD ($) acquisition	Dec. 31, 2018 USD ($) acquisition	Aug. 22, 2019	Apr. 18, 2019	Jul. 10, 2018	Jun. 07, 2018
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition					6
Goodwill					$ 14,395.2	$ 10,815.4	$ 9,346.8
Gatan \| AMETEK \| Disposal group, disposed of by sale, not discontinued operations
Business Acquisition [Line Items]
Consideration receivable or received on disposal		$ 925.0
Pretax gain		801.1
Income tax expense in connection with sale		$ 201.2
Imaging Businesses \| Teledyne \| Disposal group, disposed of by sale, not discontinued operations
Business Acquisition [Line Items]
Consideration receivable or received on disposal			$ 225.0
Pretax gain			119.6
Income tax expense in connection with sale			$ 32.2
Vertafore
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Aggregate purchase price	$ 5,398.6
Business acquisition, enterprise value	5,335.0
Purchase price	120.0
Goodwill	3,229.1
Other identifiable intangibles	2,660.0
Amortizable intangible assets	2,540.0
Deferred tax assets (liabilities), net	(489.0)
Deferred tax liabilities	638.0
Vertafore \| Trade names
Business Acquisition [Line Items]
Indefinite-lived intangible assets	120.0
Vertafore \| Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles	$ 2,230.0
Weighted average useful life of finite-lived intangible assets	17 years
Vertafore \| Technology
Business Acquisition [Line Items]
Other identifiable intangibles	$ 310.0
Weighted average useful life of finite-lived intangible assets	8 years
Other acquisitions
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition					5
Aggregate purchase price					$ 612.8
Goodwill					303.9
Other identifiable intangibles					313.0
Other acquisitions \| Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles					$ 283.7
Weighted average useful life of finite-lived intangible assets					16 years
Other acquisitions \| Technology
Business Acquisition [Line Items]
Other identifiable intangibles					$ 29.3
Weighted average useful life of finite-lived intangible assets					5 years
Acquisitions 2019
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition						4
Aggregate purchase price						$ 2,387.6
Goodwill						1,447.0
Other identifiable intangibles						1,181.9
Acquisitions 2019 \| Customer related intangibles
Business Acquisition [Line Items]
Amortizable intangible assets						$ 1,020.0
Weighted average useful life of finite-lived intangible assets						15 years 9 months 18 days
Acquisitions 2019 \| Unpatented technology
Business Acquisition [Line Items]
Amortizable intangible assets						$ 109.3
Weighted average useful life of finite-lived intangible assets						6 years 9 months 18 days
Foundry
Business Acquisition [Line Items]
Percentage of voting interests acquired									100.00%
iPipeline
Business Acquisition [Line Items]
Percentage of voting interests acquired								100.00%
2018 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition							7
Aggregate purchase price							$ 1,279.0
Goodwill							717.5
Other identifiable intangibles							711.3
2018 Acquisitions \| Customer related intangibles
Business Acquisition [Line Items]
Amortizable intangible assets							$ 635.1
Weighted average useful life of finite-lived intangible assets							19 years
2018 Acquisitions \| Unpatented technology
Business Acquisition [Line Items]
Amortizable intangible assets							$ 48.6
Weighted average useful life of finite-lived intangible assets							7 years
Quote Software, PlainSwift Software, and Smartbid
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition							3
PowerPlan, Inc.
Business Acquisition [Line Items]
Percentage of voting interests acquired				100.00%
Aggregate purchase price				$ 1,111.4
ConceptShare, Inc.
Business Acquisition [Line Items]
Percentage of voting interests acquired											100.00%
BillBlast
Business Acquisition [Line Items]
Percentage of voting interests acquired										100.00%
Avitru
Business Acquisition [Line Items]
Percentage of voting interests acquired							100.00%

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventories [Abstract]
Raw materials and supplies	$ 128.4	$ 125.1
Work in process	28.2	30.9
Finished products	82.2	76.0
Inventory reserves	(40.4)	(33.4)
Total Inventory	$ 198.4	$ 198.6

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 511.4	$ 474.7
Accumulated depreciation	(370.8)	(334.8)
Property, plant and equipment, net	140.6	139.9
Depreciation expense	53.4	49.2	$ 49.5
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2.3	2.2
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	87.1	84.7
Machinery and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	223.3	218.1
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	117.8	96.4
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 80.9	$ 73.3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning balances	$ 10,815.4	$ 9,346.8
Goodwill acquired	3,533.0	1,447.0
Currency translation adjustments	48.4	22.6
Reclassifications and other	(1.6)	(1.0)
Ending balances	14,395.2	10,815.4
Application Software
Goodwill [Roll Forward]
Beginning balances	5,389.4	5,236.1
Goodwill acquired	3,399.0	143.4
Currency translation adjustments	14.5	8.3
Reclassifications and other	(0.6)	1.6
Ending balances	8,802.3	5,389.4
Network Software & Systems
Goodwill [Roll Forward]
Beginning balances	3,933.5	2,623.7
Goodwill acquired	134.0	1,303.6
Currency translation adjustments	16.6	8.8
Reclassifications and other	(1.0)	(2.6)
Ending balances	4,083.1	3,933.5
Measurement &Analytical Solutions
Goodwill [Roll Forward]
Beginning balances	1,178.0	1,174.7
Goodwill acquired	0.0	0.0
Currency translation adjustments	12.8	3.3
Reclassifications and other	0.0	0.0
Ending balances	1,190.8	1,178.0
Process Technologies
Goodwill [Roll Forward]
Beginning balances	314.5	312.3
Goodwill acquired	0.0	0.0
Currency translation adjustments	4.5	2.2
Reclassifications and other	0.0	0.0
Ending balances	$ 319.0	$ 314.5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, accumulated amortization	$ (2,207.4)	$ (1,752.6)
Intangible assets, cost	9,414.3	6,420.3
Intangible assets, net book value	7,206.9	4,667.7
Trade names
Finite-Lived Intangible Assets [Line Items]
Assets not subject to amortization	784.1	659.8
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	7,494.7	4,955.4
Assets subject to amortization, accumulated amortization	(1,703.8)	(1,349.4)
Assets subject to amortization, net book value	5,790.9	3,606.0
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	942.8	613.0
Assets subject to amortization, accumulated amortization	(363.9)	(279.6)
Assets subject to amortization, net book value	578.9	333.4
Software
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	172.4	172.2
Assets subject to amortization, accumulated amortization	(127.4)	(111.5)
Assets subject to amortization, net book value	45.0	60.7
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	13.0	12.0
Assets subject to amortization, accumulated amortization	(6.7)	(8.0)
Assets subject to amortization, net book value	6.3	4.0
Trade names
Finite-Lived Intangible Assets [Line Items]
Assets subject to amortization, cost	7.3	7.9
Assets subject to amortization, accumulated amortization	(5.6)	(4.1)
Assets subject to amortization, net book value	$ 1.7	$ 3.8

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 462.7	$ 364.7	$ 316.5
Amortization expense, 2021	580.0
Amortization expense, 2022	564.0
Amortization expense, 2023	555.0
Amortization expense, 2024	514.0
Amortization expense, 2025	$ 485.0

Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities [Abstract]
Interest	$ 44.3	$ 34.4
Customer deposits	50.1	22.4
Accrued dividend	60.0	54.3
Rebates	51.8	47.1
Billings in excess of revenues	17.5	9.0
Operating lease liability	65.1	56.8
Other	168.2	122.2
Total	$ 457.0	$ 346.2

Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States	$ 902.4	$ 1,902.2	$ 924.2
Other	306.9	325.2	274.2
Earnings before income taxes	$ 1,209.3	$ 2,227.4	$ 1,198.4

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 180.8	$ 391.6	$ 155.4
State	59.0	78.3	56.2
Foreign	77.4	79.8	105.1
Deferred:
Federal	(54.3)	(43.1)	(24.2)
State	(7.6)	2.6	(25.8)
Foreign	4.3	(49.7)	(12.7)
Total	$ 259.6	$ 459.5	$ 254.0

- Definition

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

+ References + Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
Foreign operations, net	1.00%	0.20%	1.60%
R&D tax credits	(1.40%)	(0.60%)	(0.90%)
State taxes, net of federal benefit	3.10%	1.60%	2.40%
Stock-based compensation	(3.00%)	(1.30%)	(3.10%)
Tax Cuts and Jobs Act of 2017 - measurement period adjustments	0	0	(0.012)
Divestitures	0.00%	1.80%	0.00%
Foreign entity restructuring	0.00%	(1.80%)	0.00%
Other, net	0.80%	(0.30%)	1.40%
Effective income tax rate	21.50%	20.60%	21.20%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Reserves and accrued expenses	$ 187.6	$ 169.6
Net operating loss carryforwards	154.6	111.2
R&D credits	26.3	4.1
Interest expense limitation carryforwards	63.0	9.9
Valuation allowance	(38.0)	(36.3)
Lease liability	65.0	64.0
Total deferred tax assets	458.5	322.5
Deferred tax liabilities:
Reserves and accrued expenses	23.8	15.5
Amortizable intangible assets	1,803.3	1,229.9
Plant and equipment	8.8	10.8
Accrued tax on unremitted foreign earnings	18.6	17.1
ROU asset	62.5	61.7
Total deferred tax liabilities	$ 1,917.0	$ 1,335.0

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Interest expense limitation carryforward	$ 63.0
Valuation allowance	38.0	$ 36.3
Unrecognized tax benefits that would impact effective tax rate	74.1
Unrecognized tax benefits, income tax penalties and interest expense	0.9
Accrued interest and penalties	9.6	$ 8.7
Expected decrease of unrecognized tax benefits	5.0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	51.5
Valuation allowance	17.3
Domestic Tax Authority \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	27.9
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	45.7
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	66.9
Valuation allowance	$ 20.7

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 69.8	$ 63.6	$ 52.2
Additions for tax positions of prior periods	6.0	2.9	2.4
Additions for tax positions of the current period	3.5	4.2	6.9
Additions due to acquisitions	6.2	1.9	4.4
Reductions for tax positions of prior periods	(3.6)	(0.3)	(0.4)
Reductions attributable to lapses of applicable statute of limitations	(6.3)	(2.5)	(1.9)
Ending balance	$ 75.6	$ 69.8	$ 63.6

Long-Term Debt - Narrative (Details) - USD ($)			12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Nov. 15, 2020	Sep. 02, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 01, 2020	Jun. 22, 2020	Aug. 26, 2019	Aug. 28, 2018	Dec. 19, 2016	Sep. 23, 2016	Dec. 07, 2015	Nov. 21, 2012	Sep. 30, 2009
Debt Instrument [Line Items]
Redemption of senior notes			$ 600,000,000.0	$ 0	$ 1,300,000,000.0
Loss on extinguishment of debt			0	$ 0	15,900,000
Outstanding letters of credit			67,100,000
Other
Debt Instrument [Line Items]
Face amount of debt			6,200,000
Credit facility \| Unsecured credit facility
Debt Instrument [Line Items]
Outstanding borrowings			1,620,000,000.0
Senior notes
Debt Instrument [Line Items]
Face amount of debt			$ 8,000,000,000.0
Redemption price percentage			100.00%
Senior notes \| Senior Notes Due June 2030
Debt Instrument [Line Items]
Face amount of debt							$ 600,000,000.0
Interest rate							2.00%
Senior notes \| Senior Notes Due August 2022
Debt Instrument [Line Items]
Face amount of debt						$ 300,000,000.0
Interest rate						0.45%
Senior notes \| Senior Notes Due September 2025
Debt Instrument [Line Items]
Face amount of debt						$ 700,000,000.0
Interest rate						1.00%
Senior notes \| Senior Notes Due September 2027
Debt Instrument [Line Items]
Face amount of debt						$ 700,000,000.0
Interest rate						1.40%
Senior notes \| Senior Notes Due February 2031
Debt Instrument [Line Items]
Face amount of debt						$ 1,000,000,000.0
Interest rate						1.75%
Senior notes \| Senior Notes Due 2024
Debt Instrument [Line Items]
Face amount of debt								$ 500,000,000.0
Interest rate								2.35%
Senior notes \| Senior Notes Due 2029
Debt Instrument [Line Items]
Face amount of debt								$ 700,000,000.0
Interest rate								2.95%
Senior notes \| Senior Notes Due 2023
Debt Instrument [Line Items]
Face amount of debt									$ 700,000,000.0
Interest rate									3.65%
Senior notes \| Senior Notes Due 2028
Debt Instrument [Line Items]
Face amount of debt									$ 800,000,000.0
Interest rate									4.20%
Senior notes \| Senior Notes 2021
Debt Instrument [Line Items]
Face amount of debt										$ 500,000,000.0
Interest rate										2.80%
Senior notes \| Senior Notes 2026
Debt Instrument [Line Items]
Face amount of debt										$ 700,000,000.0
Interest rate										3.80%
Senior notes \| Senior Notes 2020
Debt Instrument [Line Items]
Face amount of debt												$ 600,000,000.0
Interest rate	3.00%											3.00%
Redemption of senior notes	$ 600,000,000.0
Senior notes \| Senior Notes 2025
Debt Instrument [Line Items]
Face amount of debt												$ 300,000,000.0
Interest rate												3.85%
Senior notes \| Senior Notes 2022
Debt Instrument [Line Items]
Face amount of debt													$ 500,000,000.0
Interest rate													3.125%
Senior notes \| Senior Notes 2019
Debt Instrument [Line Items]
Face amount of debt														$ 500,000,000.0
Interest rate														6.25%
Redemption of senior notes					500,000,000.0
Loss on extinguishment of debt					$ 15,900,000
JPMORGAN CHASE BANK N.A. \| Revolving credit facility
Debt Instrument [Line Items]
Debt term		3 years
Maximum borrowing capacity		$ 3,000,000,000.0									$ 2,500,000,000.0
Potential increase limit		$ 500,000,000.0
Fee percentage on outstanding letters of credit		1.125%
Fee percentage on undrawn amounts		0.125%
Total Debt to Total Capital Ratio, minimum required		0.65
JPMORGAN CHASE BANK N.A. \| Revolving credit facility \| Interest Rate Scenario One \| NYFRB Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate		0.50%
JPMORGAN CHASE BANK N.A. \| Revolving credit facility \| Interest Rate Scenario One \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.00%
Interest rate floor		0.00%
JPMORGAN CHASE BANK N.A. \| Revolving credit facility \| Interest Rate Scenario One \| Current Variable Rate In Effect
Debt Instrument [Line Items]
Basis spread based on current rating			0.125%
JPMORGAN CHASE BANK N.A. \| Revolving credit facility \| Interest Rate Scenario Two \| Eurodollar
Debt Instrument [Line Items]
Interest rate floor		0.00%
Basis spread based on current rating			1.125%
JPMORGAN CHASE BANK N.A. \| Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150,000,000.0
Fee percentage on undrawn amounts		0.125%

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Dec. 31, 2020	Nov. 15, 2020	Sep. 01, 2020	Jun. 22, 2020	Dec. 31, 2019	Aug. 26, 2019	Aug. 28, 2018	Dec. 19, 2016	Dec. 07, 2015	Nov. 21, 2012
Debt Instrument [Line Items]
Total debt	$ 9,566,500,000				$ 5,275,300,000
Less current portion	502,000,000.0				602,200,000
Long-term debt	9,064,500,000				4,673,100,000
Other
Debt Instrument [Line Items]
Face amount of debt	6,200,000
Credit facility \| Unsecured credit facility
Debt Instrument [Line Items]
Long-term debt	1,620,000,000.0				0
Senior notes
Debt Instrument [Line Items]
Less unamortized debt issuance costs	(59,700,000)				(32,400,000)
Face amount of debt	8,000,000,000.0
Senior notes \| $600 3.000% senior notes due 2020
Debt Instrument [Line Items]
Long-term debt	0				600,000,000.0
Face amount of debt									$ 600,000,000.0
Interest rate		3.00%							3.00%
Senior notes \| $600 3.000% senior notes due 2020 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 600,000,000
Interest rate	3.00%
Senior notes \| $500 2.800% senior notes due 2021
Debt Instrument [Line Items]
Long-term debt	$ 500,000,000.0				500,000,000.0
Face amount of debt								$ 500,000,000.0
Interest rate								2.80%
Senior notes \| $500 2.800% senior notes due 2021 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 500,000,000
Interest rate	2.80%
Senior notes \| $500 3.125% senior notes due 2022
Debt Instrument [Line Items]
Long-term debt	$ 500,000,000.0				500,000,000.0
Face amount of debt										$ 500,000,000.0
Interest rate										3.125%
Senior notes \| $500 3.125% senior notes due 2022 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 500,000,000
Interest rate	3.125%
Senior notes \| $300 0.450% senior notes due 2022
Debt Instrument [Line Items]
Long-term debt	$ 300,000,000.0				0
Face amount of debt			$ 300,000,000.0
Interest rate			0.45%
Senior notes \| $300 0.450% senior notes due 2022 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 300,000,000
Interest rate	0.45%
Senior notes \| $700 3.650% senior notes due 2023
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0				700,000,000.0
Face amount of debt							$ 700,000,000.0
Interest rate							3.65%
Senior notes \| $700 3.650% senior notes due 2023 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Interest rate	3.65%
Senior notes \| $500 2.350% senior notes due 2024
Debt Instrument [Line Items]
Long-term debt	$ 500,000,000.0				500,000,000.0
Face amount of debt						$ 500,000,000.0
Interest rate						2.35%
Senior notes \| $500 2.350% senior notes due 2024 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 500,000,000
Interest rate	2.35%
Senior notes \| $300 3.850% senior notes due 2025
Debt Instrument [Line Items]
Long-term debt	$ 300,000,000.0				300,000,000.0
Face amount of debt									$ 300,000,000.0
Interest rate									3.85%
Senior notes \| $300 3.850% senior notes due 2025 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 300,000,000
Interest rate	3.85%
Senior notes \| $700 1.000% senior notes due 2025
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0				0
Face amount of debt			$ 700,000,000.0
Interest rate			1.00%
Senior notes \| $700 1.000% senior notes due 2025 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Interest rate	1.00%
Senior notes \| $700 3.800% senior notes due 2026
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0				700,000,000.0
Face amount of debt								$ 700,000,000.0
Interest rate								3.80%
Senior notes \| $700 3.800% senior notes due 2026 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Interest rate	3.80%
Senior notes \| $700 1.400% senior notes due 2027
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0				0
Face amount of debt			$ 700,000,000.0
Interest rate			1.40%
Senior notes \| $700 1.400% senior notes due 2027 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Interest rate	1.40%
Senior notes \| $800 4.200% senior notes due 2028
Debt Instrument [Line Items]
Long-term debt	$ 800,000,000.0				800,000,000.0
Face amount of debt							$ 800,000,000.0
Interest rate							4.20%
Senior notes \| $800 4.200% senior notes due 2028 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 800,000,000
Interest rate	4.20%
Senior notes \| $700 2.950% senior notes due 2029
Debt Instrument [Line Items]
Long-term debt	$ 700,000,000.0				700,000,000.0
Face amount of debt						$ 700,000,000.0
Interest rate						2.95%
Senior notes \| $700 2.950% senior notes due 2029 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 700,000,000
Interest rate	2.95%
Senior notes \| $600 2.000% senior notes due 2030
Debt Instrument [Line Items]
Long-term debt	$ 600,000,000.0				0
Face amount of debt				$ 600,000,000.0
Interest rate				2.00%
Senior notes \| $600 2.000% senior notes due 2030 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 600,000,000
Interest rate	2.00%
Senior notes \| $1,000 1.750% senior notes due 2031
Debt Instrument [Line Items]
Long-term debt	$ 1,000,000,000.0				0
Face amount of debt			$ 1,000,000,000.0
Interest rate			1.75%
Senior notes \| $1,000 1.750% senior notes due 2031 \| Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Face amount of debt	$ 1,000,000,000
Interest rate	1.75%
Senior notes \| Other
Debt Instrument [Line Items]
Long-term debt	$ 6,200,000				$ 7,700,000

Long-Term Debt - Future Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2020 USD ($)
Debt Disclosure [Abstract]
2021	$ 502.8
2022	801.7
2023	2,321.7
2024	500.0
2025	1,000.0
Thereafter	4,500.0
Total	$ 9,626.2

Fair Value (Details) - Senior notes - USD ($)	Dec. 31, 2020	Sep. 01, 2020	Jun. 22, 2020	Aug. 26, 2019	Aug. 28, 2018	Dec. 19, 2016	Dec. 07, 2015	Nov. 21, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 8,000,000,000.0
$500 2.800% senior notes due 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt						$ 500,000,000.0
Interest rate						2.80%
$500 2.800% senior notes due 2021 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	500,000,000
Fair value of debt	$ 511,000,000
Interest rate	2.80%
$500 3.125% senior notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt								$ 500,000,000.0
Interest rate								3.125%
$500 3.125% senior notes due 2022 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 500,000,000
Fair value of debt	$ 523,000,000
Interest rate	3.125%
$300 0.450% senior notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt		$ 300,000,000.0
Interest rate		0.45%
$300 0.450% senior notes due 2022 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 300,000,000
Fair value of debt	$ 301,000,000
Interest rate	0.45%
$700 3.650% senior notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt					$ 700,000,000.0
Interest rate					3.65%
$700 3.650% senior notes due 2023 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fair value of debt	$ 759,000,000
Interest rate	3.65%
$500 2.350% senior notes due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt				$ 500,000,000.0
Interest rate				2.35%
$500 2.350% senior notes due 2024 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 500,000,000
Fair value of debt	$ 533,000,000
Interest rate	2.35%
$300 3.850% senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt							$ 300,000,000.0
Interest rate							3.85%
$300 3.850% senior notes due 2025 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 300,000,000
Fair value of debt	$ 340,000,000
Interest rate	3.85%
$700 1.000% senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt		$ 700,000,000.0
Interest rate		1.00%
$700 1.000% senior notes due 2025 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fair value of debt	$ 709,000,000
Interest rate	1.00%
$700 3.800% senior notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt						$ 700,000,000.0
Interest rate						3.80%
$700 3.800% senior notes due 2026 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fair value of debt	$ 810,000,000
Interest rate	3.80%
$700 1.400% senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt		$ 700,000,000.0
Interest rate		1.40%
$700 1.400% senior notes due 2027 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fair value of debt	$ 710,000,000
Interest rate	1.40%
$800 4.200% senior notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt					$ 800,000,000.0
Interest rate					4.20%
$800 4.200% senior notes due 2028 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 800,000,000
Fair value of debt	$ 956,000,000
Interest rate	4.20%
$700 2.950% senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt				$ 700,000,000.0
Interest rate				2.95%
$700 2.950% senior notes due 2029 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fair value of debt	$ 771,000,000
Interest rate	2.95%
$600 2.000% senior notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt			$ 600,000,000.0
Interest rate			2.00%
$600 2.000% senior notes due 2030 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 600,000,000
Fair value of debt	$ 616,000,000
Interest rate	2.00%
$1,000 1.750% senior notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt		$ 1,000,000,000.0
Interest rate		1.75%
$1,000 1.750% senior notes due 2031 \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 1,000,000,000
Fair value of debt	$ 996,000,000
Interest rate	1.75%

Retirement and Other Benefit Plans (Details) $ in Millions	12 Months Ended
Retirement and Other Benefit Plans (Details) $ in Millions	Dec. 31, 2020 USD ($) plan	Dec. 31, 2019 USD ($) plan	Dec. 31, 2018 USD ($) plan
Retirement Benefits [Abstract]
Number of defined contribution plans maintained by the company \| plan	4	4	4
Defined contribution retirement plan cost \| $	$ 33.8	$ 36.9	$ 31.2

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Millions			12 Months Ended
	Jul. 01, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense, accelerated vesting				$ 9.6	$ 29.4
Purchase price of common stock, percent of market value, not less than			100.00%
Stock based compensation expense			$ 121.7	104.5	133.8
Nonvested options granted, unrecognized compensation expense			$ 61.9
Nonvested options granted, period for recognition			1 year 8 months 12 days
Options exercised, total intrinsic value			$ 155.4	109.4	$ 124.6
Proceeds from stock options exercised			$ 105.5	$ 64.9
Nonvested shares granted (in shares)			285	321
Nonvested awards other than options granted, unrecognized compensation expense			$ 89.8
Nonvested awards other than options granted, weighted average period for recognition			1 year 8 months 12 days
Stock issued during period under employee stock purchase plan (in shares)			31	21	20
Proceeds from issuance of shares under employee stock purchase plan			$ 10.5	$ 6.8	$ 5.4
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum designated percent of eligible earnings per employee	10.00%	10.00%
Discount percent	10.00%	5.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Stock based compensation expense			$ 41.4	32.0	23.2
Stock options \| Weighted Average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense			$ 79.4	$ 72.5	$ 109.7
Restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Incentive Plan 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)			3,254

Stock-Based Compensation - Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Stock based compensation	$ 121.7	$ 104.5	$ 133.8
Tax benefit recognized in net earnings	$ 25.5	$ 22.0	$ 28.1

Stock-Based Compensation - Weighted-Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Weighted average fair value (in dollars per share)	$ 63.22	$ 68.05	$ 57.75
Risk-free interest rate (%)	0.81%	2.37%	2.65%
Average expected option life (years)	5 years 7 months 20 days	5 years 5 months 1 day	5 years 3 months 25 days
Expected volatility (%)	20.39%	19.22%	18.05%
Expected dividend yield (%)	0.62%	0.58%	0.59%

Stock-Based Compensation - Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of shares
Outstanding, beginning balance (in shares)	3,349	3,205
Granted (in shares)	762	764
Exercised (in shares)	(670)	(527)
Canceled (in shares)	(75)	(93)
Outstanding, ending balance (in shares)	3,366	3,349
Exercisable (in shares)	1,431
Weighted-average exercise price per share
Outstanding, beginning balance (in dollars per share)	$ 219.40	$ 180.69
Granted (in dollars per share)	333.45	320.65
Exercised (in dollars per share)	157.85	122.94
Canceled (in dollars per share)	304.56	273.64
Outstanding, ending balance (in dollars per share)	255.32	$ 219.40
Exercisable (in dollars per share)	$ 178.23
Weighted-average contractual term, outstanding	6 years 9 months 14 days	6 years 7 months 28 days
Weighted-average contractual term, exercisable	4 years 9 months
Aggregate intrinsic value, outstanding	$ 591.7	$ 452.8
Aggregate intrinsic value, exercisable	$ 361.9

Stock-Based Compensation - Schedule by Exercise Price Range (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Exercise Price Range 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	$ 73.56
Exercise price, upper range limit (in dollars per share)	$ 146.02
Outstanding options, number (in shares) \| shares	397
Outstanding options, average exercise price (in dollars per share)	$ 123.73
Outstanding options, average remaining life	2 years 3 months 18 days
Exercisable options, number (in shares) \| shares	397
Exercisable options, average exercise price (in dollars per share)	$ 123.73
Exercise Price Range 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	146.03
Exercise price, upper range limit (in dollars per share)	$ 170.66
Outstanding options, number (in shares) \| shares	398
Outstanding options, average exercise price (in dollars per share)	$ 166.28
Outstanding options, average remaining life	4 years 8 months 12 days
Exercisable options, number (in shares) \| shares	398
Exercisable options, average exercise price (in dollars per share)	$ 166.28
Exercise Price Range 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	170.67
Exercise price, upper range limit (in dollars per share)	$ 212.18
Outstanding options, number (in shares) \| shares	469
Outstanding options, average exercise price (in dollars per share)	$ 196.34
Outstanding options, average remaining life	5 years 10 months 24 days
Exercisable options, number (in shares) \| shares	415
Exercisable options, average exercise price (in dollars per share)	$ 194.53
Exercise Price Range 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	212.19
Exercise price, upper range limit (in dollars per share)	$ 279.31
Outstanding options, number (in shares) \| shares	316
Outstanding options, average exercise price (in dollars per share)	$ 264.83
Outstanding options, average remaining life	7 years 3 months 18 days
Exercisable options, number (in shares) \| shares	121
Exercisable options, average exercise price (in dollars per share)	$ 254.54
Exercise Price Range 5
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	279.32
Exercise price, upper range limit (in dollars per share)	$ 279.44
Outstanding options, number (in shares) \| shares	406
Outstanding options, average exercise price (in dollars per share)	$ 279.39
Outstanding options, average remaining life	7 years 2 months 12 days
Exercisable options, number (in shares) \| shares	75
Exercisable options, average exercise price (in dollars per share)	$ 279.39
Exercise Price Range 6
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	279.45
Exercise price, upper range limit (in dollars per share)	$ 321.52
Outstanding options, number (in shares) \| shares	80
Outstanding options, average exercise price (in dollars per share)	$ 291.04
Outstanding options, average remaining life	8 years
Exercisable options, number (in shares) \| shares	25
Exercisable options, average exercise price (in dollars per share)	$ 290.10
Exercise Price Range 7
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	321.53
Exercise price, upper range limit (in dollars per share)	$ 323.36
Outstanding options, number (in shares) \| shares	588
Outstanding options, average exercise price (in dollars per share)	$ 323.09
Outstanding options, average remaining life	9 years 2 months 12 days
Exercisable options, number (in shares) \| shares	0
Exercisable options, average exercise price (in dollars per share)	$ 0
Exercise Price Range 8
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	323.37
Exercise price, upper range limit (in dollars per share)	$ 327.91
Outstanding options, number (in shares) \| shares	487
Outstanding options, average exercise price (in dollars per share)	$ 326.33
Outstanding options, average remaining life	8 years 2 months 12 days
Exercisable options, number (in shares) \| shares	0
Exercisable options, average exercise price (in dollars per share)	$ 0
Exercise Price Range 9
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	327.92
Exercise price, upper range limit (in dollars per share)	$ 432.45
Outstanding options, number (in shares) \| shares	225
Outstanding options, average exercise price (in dollars per share)	$ 368.13
Outstanding options, average remaining life	8 years 10 months 24 days
Exercisable options, number (in shares) \| shares	0
Exercisable options, average exercise price (in dollars per share)	$ 0
Exercise price range for totals
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range limit (in dollars per share)	73.56
Exercise price, upper range limit (in dollars per share)	$ 432.45
Outstanding options, number (in shares) \| shares	3,366
Outstanding options, average exercise price (in dollars per share)	$ 255.32
Outstanding options, average remaining life	6 years 9 months 18 days
Exercisable options, number (in shares) \| shares	1,431
Exercisable options, average exercise price (in dollars per share)	$ 178.23

Stock-Based Compensation - Schedule of Nonvested Restricted Stock Awards Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of shares
Nonvested, beginning of period (in shares)	709	739
Granted (in shares)	285	321
Vested (in shares)	(308)	(290)
Forfeited (in shares)	(85)	(61)
Nonvested, end of period (in shares)	601	709
Weighted-average grant date fair value
Nonvested, beginning of period (in dollars per share)	$ 275.00	$ 225.93
Granted (in dollars per share)	358.07	318.75
Vested (in dollars per share)	254.02	209.05
Forfeited (in dollars per share)	309.28	225.23
Nonvested, end of period (in dollars per share)	$ 320.36	$ 275.00

Contingencies (Details) plaintiff in Millions, $ in Millions	Dec. 31, 2020 USD ($) claim plaintiff
Loss Contingency [Abstract]
Number of class actions \| claim	3
Number of individuals represented \| plaintiff	27.7
Letters of credit issued	$ 67.1
Outstanding surety bonds	$ 716.9

Segment and Geographic Area Information - Narrative (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment									4
Export sales	$ 1,505.3	$ 1,366.1	$ 1,305.0	$ 1,350.7	$ 1,394.8	$ 1,354.5	$ 1,330.3	$ 1,287.2	$ 5,527.1	$ 5,366.8	$ 5,191.2
Exports
Segment Reporting Information [Line Items]
Export sales									401.8	531.8	578.0
Asia
Segment Reporting Information [Line Items]
Export sales									237.8	315.3	349.9
Canada
Segment Reporting Information [Line Items]
Export sales									216.3	222.4	211.3
Europe
Segment Reporting Information [Line Items]
Export sales									625.6	646.5	680.0
Middle East
Segment Reporting Information [Line Items]
Export sales									$ 100.7	$ 103.6	$ 102.1
Revenue \| Geographic Concentration Risk \| Asia \| Exports
Segment Reporting Information [Line Items]
Concentration risk percentage									26.00%
Revenue \| Geographic Concentration Risk \| Canada \| Exports
Segment Reporting Information [Line Items]
Concentration risk percentage									25.00%
Revenue \| Geographic Concentration Risk \| Europe \| Exports
Segment Reporting Information [Line Items]
Concentration risk percentage									18.00%
Revenue \| Geographic Concentration Risk \| Middle East \| Exports
Segment Reporting Information [Line Items]
Concentration risk percentage									18.00%
Revenue \| Geographic Concentration Risk \| Other \| Exports
Segment Reporting Information [Line Items]
Concentration risk percentage									13.00%

Segment and Geographic Area Information - Schedule of Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net revenues	$ 1,505.3	$ 1,366.1	$ 1,305.0	$ 1,350.7	$ 1,394.8	$ 1,354.5	$ 1,330.3	$ 1,287.2	$ 5,527.1	$ 5,366.8	$ 5,191.2
Operating profit									1,431.1	1,498.4	1,396.4
Assets:
Operating assets	1,562.6				1,411.3				1,562.6	1,411.3	1,269.6
Intangible assets, net	21,602.1				15,483.1				21,602.1	15,483.1	13,188.9
Other	860.1				1,214.5				860.1	1,214.5	791.0
Total assets	24,024.8				18,108.9				24,024.8	18,108.9	15,249.5
Capital expenditures									31.2	52.7	49.1
Capitalized software expenditures									17.7	10.2	9.5
Depreciation and other amortization									520.8	416.0	367.0
Gatan business and Imaging businesses \| Disposal group, held-for-sale, not discontinued operations
Assets:
Operating assets classified as held for sale	91.8								91.8
Intangible assets, net classified as held for sale	159.4								159.4
Operating Segments \| Application Software
Segment Reporting Information [Line Items]
Net revenues									1,799.9	1,588.0	1,452.7
Operating profit									468.7	405.4	358.0
Assets:
Operating assets	526.6				382.2				526.6	382.2	392.6
Intangible assets, net	13,844.6				7,833.6				13,844.6	7,833.6	7,799.9
Other	173.1				168.5				173.1	168.5	163.6
Capital expenditures									12.9	17.4	19.0
Capitalized software expenditures									16.3	9.7	9.1
Depreciation and other amortization									296.9	230.2	212.8
Operating Segments \| Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues									1,738.6	1,529.5	1,345.2
Operating profit									549.8	538.5	484.4
Assets:
Operating assets	520.2				472.0				520.2	472.0	338.3
Intangible assets, net	5,987.0				5,871.8				5,987.0	5,871.8	3,582.0
Other	65.1				62.5				65.1	62.5	38.4
Capital expenditures									8.9	15.1	8.3
Capitalized software expenditures									1.4	0.5	0.4
Depreciation and other amortization									178.5	132.9	98.1
Operating Segments \| Measurement &Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues									1,469.9	1,596.4	1,705.6
Operating profit									473.5	501.1	523.9
Assets:
Operating assets	340.4				347.0				340.4	347.0	336.2
Intangible assets, net	1,414.4				1,420.0				1,414.4	1,420.0	1,444.5
Other	108.2				120.4				108.2	120.4	391.2
Capital expenditures									8.0	17.3	15.4
Capitalized software expenditures									0.0	0.0	0.0
Depreciation and other amortization									34.7	40.3	42.6
Operating Segments \| Process Technologies
Segment Reporting Information [Line Items]
Net revenues									518.7	652.9	687.7
Operating profit									131.6	225.8	233.6
Assets:
Operating assets	171.5				205.7				171.5	205.7	196.4
Intangible assets, net	356.1				357.7				356.1	357.7	362.5
Other	71.6				69.0				71.6	69.0	94.5
Capital expenditures									1.2	2.7	6.3
Capitalized software expenditures									0.0	0.0	0.0
Depreciation and other amortization									10.4	12.0	12.7
Corporate
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Operating profit									(192.5)	(172.4)	(203.5)
Assets:
Operating assets	3.9				4.4				3.9	4.4	6.1
Intangible assets, net	0.0				0.0				0.0	0.0	0.0
Other	$ 442.1				$ 794.1				442.1	794.1	103.3
Capital expenditures									0.2	0.2	0.1
Capitalized software expenditures									0.0	0.0	0.0
Depreciation and other amortization									$ 0.3	$ 0.6	$ 0.8

Segment and Geographic Area Information - Sales and Long-Lived Assets by Country of Origin (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net revenues	$ 1,505.3	$ 1,366.1	$ 1,305.0	$ 1,350.7	$ 1,394.8	$ 1,354.5	$ 1,330.3	$ 1,287.2	$ 5,527.1	$ 5,366.8	$ 5,191.2
Long-lived assets	224.0				197.8				224.0	197.8	175.2
Gatan business and Imaging businesses \| Disposal group, held-for-sale, not discontinued operations
Segment Reporting Information [Line Items]
Long-lived assets classified as held for sale	7.6								7.6
Sales to unaffiliated customers
Segment Reporting Information [Line Items]
Net revenues									5,527.1	5,366.8	5,191.2
Sales between geographic areas
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Non-U.S.
Segment Reporting Information [Line Items]
Net revenues									1,304.6	1,423.6	1,478.1
Reportable Geographical Components \| United States
Segment Reporting Information [Line Items]
Net revenues									4,621.8	4,467.5	4,320.1
Long-lived assets	191.0				164.6				191.0	164.6	145.2
Reportable Geographical Components \| United States \| Sales to unaffiliated customers
Segment Reporting Information [Line Items]
Net revenues									4,496.8	4,342.6	4,176.2
Reportable Geographical Components \| United States \| Sales between geographic areas
Segment Reporting Information [Line Items]
Net revenues									125.0	124.9	143.9
Reportable Geographical Components \| Non-U.S.
Segment Reporting Information [Line Items]
Net revenues									1,193.1	1,163.5	1,152.0
Long-lived assets	33.0				33.2				33.0	33.2	30.0
Reportable Geographical Components \| Non-U.S. \| Sales to unaffiliated customers
Segment Reporting Information [Line Items]
Net revenues									1,030.3	1,024.2	1,015.0
Reportable Geographical Components \| Non-U.S. \| Sales between geographic areas
Segment Reporting Information [Line Items]
Net revenues									162.8	139.3	137.0
Eliminations
Segment Reporting Information [Line Items]
Net revenues									(287.8)	(264.2)	(280.9)
Long-lived assets	$ 0.0				$ 0.0				0.0	0.0	0.0
Eliminations \| Sales to unaffiliated customers
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Eliminations \| Sales between geographic areas
Segment Reporting Information [Line Items]
Net revenues									$ (287.8)	$ (264.2)	$ (280.9)

Segment and Geographic Area Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net revenues	$ 1,505.3	$ 1,366.1	$ 1,305.0	$ 1,350.7	$ 1,394.8	$ 1,354.5	$ 1,330.3	$ 1,287.2	$ 5,527.1	$ 5,366.8	$ 5,191.2
Canada
Segment Reporting Information [Line Items]
Net revenues									216.3	222.4	211.3
Canada \| Application Software
Segment Reporting Information [Line Items]
Net revenues									43.4	41.0	38.5
Canada \| Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues									76.2	71.1	58.5
Canada \| Measurement &Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues									71.9	81.4	79.3
Canada \| Process Technologies
Segment Reporting Information [Line Items]
Net revenues									24.8	28.9	35.0
Europe
Segment Reporting Information [Line Items]
Net revenues									625.6	646.5	680.0
Europe \| Application Software
Segment Reporting Information [Line Items]
Net revenues									205.5	188.8	188.6
Europe \| Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues									61.3	36.7	12.2
Europe \| Measurement &Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues									257.0	307.2	361.7
Europe \| Process Technologies
Segment Reporting Information [Line Items]
Net revenues									101.8	113.8	117.5
Asia
Segment Reporting Information [Line Items]
Net revenues									237.8	315.3	349.9
Asia \| Application Software
Segment Reporting Information [Line Items]
Net revenues									3.3	3.5	3.2
Asia \| Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues									19.6	18.8	11.0
Asia \| Measurement &Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues									124.1	185.0	220.3
Asia \| Process Technologies
Segment Reporting Information [Line Items]
Net revenues									90.8	108.0	115.4
Middle East
Segment Reporting Information [Line Items]
Net revenues									100.7	103.6	102.1
Middle East \| Application Software
Segment Reporting Information [Line Items]
Net revenues									6.6	8.6	4.7
Middle East \| Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues									39.8	37.5	48.6
Middle East \| Measurement &Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues									18.5	13.1	14.4
Middle East \| Process Technologies
Segment Reporting Information [Line Items]
Net revenues									35.8	44.4	34.4
Rest of the world
Segment Reporting Information [Line Items]
Net revenues									124.2	135.8	134.8
Rest of the world \| Application Software
Segment Reporting Information [Line Items]
Net revenues									31.1	25.8	29.5
Rest of the world \| Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues									11.6	9.5	7.8
Rest of the world \| Measurement &Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues									43.1	45.3	42.5
Rest of the world \| Process Technologies
Segment Reporting Information [Line Items]
Net revenues									38.4	55.2	55.0
Non-U.S.
Segment Reporting Information [Line Items]
Net revenues									1,304.6	1,423.6	1,478.1
Non-U.S. \| Application Software
Segment Reporting Information [Line Items]
Net revenues									289.9	267.7	264.5
Non-U.S. \| Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues									208.5	173.6	138.1
Non-U.S. \| Measurement &Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues									514.6	632.0	718.2
Non-U.S. \| Process Technologies
Segment Reporting Information [Line Items]
Net revenues									$ 291.6	$ 350.3	$ 357.3

Contract Balances - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 241.7	$ 183.5
Contract liabilities - current	(1,012.0)	(840.8)
Deferred revenue - non-current	(43.1)	(33.2)
Net contract assets/(liabilities)	(813.4)	$ (690.5)
Change in unbilled receivables - current	58.2
Change in contract liabilities - current	(171.2)
Change in deferred revenue - non-current	(9.9)
Change in net contract assets/(liabilities)	$ (122.9)

Contract Balances - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract liabilities, revenue recognized		$ 804.4	$ 674.2
Contract liabilities, increase from business acquisitions	$ 78.2

Leases - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease cost	$ 68.5	$ 65.9	$ 66.9
Operating cash flows used for operating leases	70.1	66.7
Right-of-use assets obtained in exchange for operating lease obligations	$ 66.1	$ 60.4
Weighted average remaining lease term - operating leases (years)	6 years
Weighted average discount rate (%)	2.90%

Leases - Lease Balances Within Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
ASSETS:
Operating lease, right-of-use asset, statement of financial position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets
Operating lease ROU assets	$ 265.0	$ 266.9
LIABILITIES:
Operating lease, liability, current, statement of financial position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Current operating lease liabilities	$ 65.1	$ 56.8
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Operating lease liabilities	$ 219.2	$ 220.0
Total operating lease liabilities	$ 284.3	$ 276.8

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 71.7
2022	56.0
2023	46.8
2024	37.0
2025	29.9
Thereafter	68.2
Total operating lease payments	309.6
Less: Imputed interest	25.3
Total operating lease liabilities	$ 284.3	$ 276.8

Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Net revenues	$ 1,505.3	$ 1,366.1	$ 1,305.0	$ 1,350.7	$ 1,394.8	$ 1,354.5	$ 1,330.3	$ 1,287.2	$ 5,527.1	$ 5,366.8	$ 5,191.2
Gross profit	966.6	875.9	843.7	856.8	892.9	873.6	850.0	810.6	3,543.0	3,427.1	3,279.5
Income from operations	380.7	367.6	333.6	349.2	398.4	385.2	368.4	346.4	1,431.1	1,498.4	1,396.4
Net earnings	$ 255.8	$ 234.4	$ 219.2	$ 240.3	$ 871.1	$ 277.5	$ 249.7	$ 369.6	$ 949.7	$ 1,767.9	$ 944.4
Earnings per share:
Basic (in dollars per share)	$ 2.44	$ 2.24	$ 2.10	$ 2.30	$ 8.37	$ 2.67	$ 2.40	$ 3.57	$ 9.08	$ 17.02	$ 9.15
Diluted (in dollars per share)	$ 2.41	$ 2.21	$ 2.08	$ 2.28	$ 8.28	$ 2.64	$ 2.38	$ 3.53	$ 8.98	$ 16.82	$ 9.05

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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

Schedule II - Consolidated Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts and sales allowances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 20.3	$ 23.1	$ 12.7
Additions charged to costs and expenses	11.7	8.4	11.9
Deductions	(10.2)	(7.9)	(7.3)
Other	7.3	(3.3)	5.8
Balance at end of year	29.1	20.3	23.1
Reserve for inventory obsolescence
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	33.4	30.3	38.1
Additions charged to costs and expenses	9.6	6.3	6.7
Deductions	(3.9)	(3.2)	(4.5)
Other	1.3	0.0	(10.0)
Balance at end of year	$ 40.4	$ 33.4	$ 30.3

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201409Member

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Indicates amendment to accounting standards.

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