Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 24, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-12273 | |
Entity Registrant Name | ROPER TECHNOLOGIES, INC. | |
Entity Central Index Key | 0000882835 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0263969 | |
Entity Address, Address Line One | 6901 Professional Pkwy. East, Suite 200 | |
Entity Address, City or Town | Sarasota, | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 34240 | |
City Area Code | 941 | |
Local Phone Number | 556-2601 | |
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Trading Symbol | ROP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 104,396,635 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Net revenues | $ 1,350.7 | $ 1,287.2 |
Cost of sales | 493.9 | 476.6 |
Gross profit | 856.8 | 810.6 |
Selling, general and administrative expenses | 507.6 | 464.2 |
Income from operations | 349.2 | 346.4 |
Interest expense, net | 45.4 | 43.7 |
Other income (expense), net | 0.8 | (3.1) |
Gain on disposal of business | 0 | 119.6 |
Earnings before income taxes | 304.6 | 419.2 |
Income taxes | 64.3 | 49.6 |
Net earnings | $ 240.3 | $ 369.6 |
Net earnings per share: | ||
Basic (in dollars per share) | $ 2.30 | $ 3.57 |
Diluted (in dollars per share) | $ 2.28 | $ 3.53 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 104.3 | 103.6 |
Diluted (in shares) | 105.3 | 104.7 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 240.3 | $ 369.6 |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments | (128.2) | 28.7 |
Total other comprehensive income, net of tax | (128.2) | 28.7 |
Comprehensive income | $ 112.1 | $ 398.3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Cash and cash equivalents | $ 999.8 | $ 709.7 |
Accounts receivable, net | 712.2 | 791.6 |
Inventories, net | 206.2 | 198.6 |
Income taxes receivable | 19.1 | 18.5 |
Unbilled receivables | 225.3 | 183.5 |
Other current assets | 110.8 | 97.6 |
Total current assets | 2,273.4 | 1,999.5 |
Property, plant and equipment, net | 133.4 | 139.9 |
Goodwill | 10,732.5 | 10,815.4 |
Other intangible assets, net | 4,523 | 4,667.7 |
Deferred taxes | 95 | 95.6 |
Other assets | 380.5 | 390.8 |
Total assets | 18,137.8 | 18,108.9 |
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||
Accounts payable | 180.8 | 162 |
Accrued compensation | 159.5 | 240.1 |
Deferred revenue | 827.5 | 831.8 |
Other accrued liabilities | 327 | 346.2 |
Income taxes payable | 268.9 | 215.1 |
Current portion of long-term debt, net | 602.4 | 602.2 |
Total current liabilities | 2,366.1 | 2,397.4 |
Long-term debt, net of current portion | 4,674.2 | 4,673.1 |
Deferred taxes | 1,081.1 | 1,108.1 |
Other liabilities | 425.1 | 438.4 |
Total liabilities | 8,546.5 | 8,617 |
Commitments and contingencies (Note 9 ) | ||
Common stock | 1.1 | 1.1 |
Additional paid-in capital | 1,946.3 | 1,903.9 |
Retained earnings | 8,003.1 | 7,818 |
Accumulated other comprehensive loss | (341) | (212.8) |
Treasury stock | (18.2) | (18.3) |
Total stockholders’ equity | 9,591.3 | 9,491.9 |
Total liabilities and stockholders’ equity | $ 18,137.8 | $ 18,108.9 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net earnings | $ 240.3 | $ 369.6 |
Adjustments to reconcile net earnings to cash flows from operating activities: | ||
Depreciation and amortization of property, plant and equipment | 12.8 | 11.7 |
Amortization of intangible assets | 101.8 | 82.9 |
Amortization of deferred financing costs | 2.1 | 1.7 |
Non-cash stock compensation | 27.7 | 25.3 |
Gain on disposal of business, net of associated income tax | 0 | (89.6) |
Changes in operating assets and liabilities, net of acquired businesses: | ||
Accounts receivable | 69.1 | 88.9 |
Unbilled receivables | (43.1) | (25.3) |
Inventories | (10.3) | (19.5) |
Accounts payable and accrued liabilities | (70.2) | (92.8) |
Deferred revenue | 3.6 | 11.9 |
Income taxes, excluding tax associated with gain on disposal of business | 40.2 | (17.6) |
Cash tax paid for gain on disposal of business | 0 | (39.4) |
Other, net | (10.1) | (17.5) |
Cash provided by operating activities | 363.9 | 290.3 |
Cash flows from (used in) investing activities: | ||
Acquisitions of businesses, net of cash acquired | (2.8) | (3.2) |
Capital expenditures | (7.9) | (15.8) |
Capitalized software expenditures | (2.6) | (2) |
Proceeds from (used in) disposal of businesses | (3.7) | 220.4 |
Other, net | 0 | (2.2) |
Cash provided by (used in) investing activities | (17) | 197.2 |
Cash flows used in financing activities: | ||
Borrowings (payments) under revolving line of credit, net | 0 | (455) |
Cash dividends to stockholders | (53.1) | (47.7) |
Proceeds from stock-based compensation, net | 12.1 | 22 |
Treasury stock sales | 2.8 | 2.2 |
Other | (0.5) | 14.2 |
Cash used in financing activities | (38.7) | (464.3) |
Effect of foreign currency exchange rate changes on cash | (18.1) | 4.9 |
Net increase in cash and cash equivalents | 290.1 | 28.1 |
Cash and cash equivalents, beginning of period | 709.7 | 364.4 |
Cash and cash equivalents, end of period | $ 999.8 | $ 392.5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Millions | Total | Cumulative Effect, Period Of Adoption, Adjustment | Common stock | Additional paid-in capital | Retained earnings | Retained earningsCumulative Effect, Period Of Adoption, Adjustment | Accumulated other comprehensive loss | Treasury stock |
Balance at Dec. 31, 2018 | $ 7,738.5 | $ 1.1 | $ 1,751.5 | $ 6,247.7 | $ (243.3) | $ (18.5) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 369.6 | 369.6 | ||||||
Stock option exercises | 36.8 | 36.8 | ||||||
Treasury stock sold | 2.2 | 2.1 | 0.1 | |||||
Currency translation adjustments | 28.7 | 28.7 | ||||||
Stock-based compensation | 24.3 | 24.3 | ||||||
Restricted stock activity | (14.8) | (14.8) | ||||||
Dividends declared | (47.9) | (47.9) | ||||||
Balance at Mar. 31, 2019 | 8,137.4 | 1.1 | 1,799.9 | 6,569.4 | (214.6) | (18.4) | ||
Balance at Dec. 31, 2019 | 9,491.9 | 1.1 | 1,903.9 | 7,818 | (212.8) | (18.3) | ||
Balance (ASC 326) at Dec. 31, 2019 | $ (1.7) | $ (1.7) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 240.3 | 240.3 | ||||||
Stock option exercises | 22.9 | 22.9 | ||||||
Treasury stock sold | 2.8 | 2.7 | 0.1 | |||||
Currency translation adjustments | (128.2) | (128.2) | ||||||
Stock-based compensation | 27.6 | 27.6 | ||||||
Restricted stock activity | (10.8) | (10.8) | ||||||
Dividends declared | (53.5) | (53.5) | ||||||
Balance at Mar. 31, 2020 | $ 9,591.3 | $ 1.1 | $ 1,946.3 | $ 8,003.1 | $ (341) | $ (18.2) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared (in usd per share) | $ 0.5125 | $ 0.4625 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Condensed Consolidated Financial Statements for the three months ended March 31, 2020 and 2019 are unaudited. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position, results of operations, comprehensive income and cash flows of Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our” or “us”) for all periods presented. The December 31, 2019 financial position data included herein was derived from the audited consolidated financial statements included in the Company’s 2019 Annual Report on Form 10-K (“Annual Report”) filed on February 28, 2020 with the Securities and Exchange Commission (“SEC”) but does not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). Roper’s management has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these Condensed Consolidated Financial Statements in conformity with GAAP. Actual results could differ from those estimates. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board FASB (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs 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 |
Weighted Average Shares Outstan
Weighted Average Shares Outstanding | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Weighted Average Shares Outstanding | Weighted Average Shares Outstanding Basic earnings per share were calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share were calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options based upon the trading price of Roper’s common stock. The effects of potential common stock were determined using the treasury stock method. Weighted average shares outstanding are shown below: Three months ended March 31, 2020 2019 Basic shares outstanding 104.3 103.6 Effect of potential common stock: Common stock awards 1.0 1.1 Diluted shares outstanding 105.3 104.7 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation The Roper Technologies, Inc. 2016 Incentive Plan (“2016 Plan”) is a stock-based compensation plan used to grant incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights or equivalent instruments to Roper’s employees, officers, directors and consultants. The following table provides information regarding the Company’s stock-based compensation expense: Three months ended March 31, 2020 2019 Stock-based compensation $ 27.7 $ 25.3 Tax effect recognized in net earnings 5.8 5.3 Stock Options - In the three months ended March 31, 2020, 0.725 options were granted with a weighted average fair value of $62.02 per option. During the same period in 2019, 0.686 options were granted with a weighted average fair value of $67.61 per option. All options were issued with an exercise price equal to the closing price of Roper’s common stock on the date of grant, as required by the 2016 Plan. Roper records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. Historical data is used to estimate the expected price volatility, the expected dividend yield, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year periods using the Black-Scholes option-pricing model: Three months ended March 31, 2020 2019 Risk-free interest rate (%) 0.83 2.44 Expected option life (years) 5.64 5.41 Expected volatility (%) 20.18 19.24 Expected dividend yield (%) 0.62 0.59 Cash received from option exercises for the three months ended March 31, 2020 and 2019 was $22.9 and $36.8, respectively. Restricted Stock Grants - During the three months ended March 31, 2020, the Company granted 0.179 shares with a weighted average grant date fair value of $340.92 per restricted share. During the same period in 2019, the Company granted 0.258 shares with a weighted average grant date fair value of $309.02 per restricted share. All grants were issued at grant date fair value. During the three months ended March 31, 2020, 0.096 restricted shares vested with a weighted average grant date fair value of $248.05 per restricted share and a weighted average vest date fair value of $333.75 per restricted share. Employee Stock Purchase Plan - Roper’s stock purchase plan allows employees in the U.S. and Canada to designate up to 10% of eligible earnings to purchase Roper’s common stock at a 5% discount to the average closing price of the stock at the beginning and end of a quarterly offering period. Common stock sold to employees pursuant to the stock purchase plan may be either treasury stock, stock purchased on the open market, or newly issued shares. During both the three months ended March 31, 2020 and 2019, participants in the employee stock purchase plan purchased 0.008 shares of Roper’s common stock for total consideration of $2.8 and $2.2, respectively. All shares were purchased from Roper’s treasury shares. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventory were as follows: March 31, December 31, Raw materials and supplies $ 127.1 $ 125.1 Work in process 31.5 30.9 Finished products 81.7 76.0 Inventory reserves (34.1) (33.4) $ 206.2 $ 198.6 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 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, 2019 $ 5,389.4 $ 3,933.5 $ 1,178.0 $ 314.5 $ 10,815.4 Additions — — — — — Other 0.7 0.3 — — 1.0 Currency translation adjustments (22.1) (43.3) (12.4) (6.1) (83.9) Balances at March 31, 2020 $ 5,368.0 $ 3,890.5 $ 1,165.6 $ 308.4 $ 10,732.5 Other relates primarily to purchase accounting adjustments for acquisitions. Other intangible assets were comprised of: Cost Accumulated Net book 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 $ 4,915.5 $ (1,416.9) $ 3,498.6 Unpatented technology 605.3 (298.2) 307.1 Software 171.8 (115.5) 56.3 Patents and other protective rights 11.8 (7.9) 3.9 Trade names 7.9 (4.6) 3.3 Assets not subject to amortization: Trade names 653.8 — 653.8 Balances at March 31, 2020 $ 6,366.1 $ (1,843.1) $ 4,523.0 Amortization expense of other intangible assets was $100.7 and $82.6 during the three months ended March 31, 2020 and 2019, respectively. An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. In the first quarter of 2020, changes in facts and circumstances and general market declines from the coronavirus global pandemic (COVID-19) resulted in reduced expectations of near term future operating results. The Company considered these circumstances and the potential long-term impact on revenues and cash flows associated with its trade names and reporting units and determined that an indicator of possible impairment did not exist. While we have concluded that a triggering event did not occur during the quarter ended March 31, 2020, a prolonged COVID-19 pandemic could further impact the expectations of future operating results and assumptions that are significant enough that an interim impairment review would be required. This is particularly true for the trade name associated with our lab software business, which had a fair value approximating its carrying value of $100.4 as of October 1, 2019, its most recent quantitative analysis. The Company will perform the annual analysis during the fourth quarter of 2020. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt On April 23, 2020, the Company entered into Amendment No. 2 to Credit Agreement (the “Amendment”) to the Credit Agreement dated September 23, 2016 among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other agents and parties thereto, as previously amended December 2, 2016 (the “Credit Agreement”). The Amendment modified our gross debt to EBITDA covenant to allow for the benefit of our cash balance to be included in the calculation, changing the covenant to a net debt to EBITDA ratio. The Amendment amends the definition of Consolidated Total Leverage Ratio (as defined in the Credit Agreement) to be the ratio of (a)(i) Consolidated Total Debt (as defined in the Credit Agreement) minus (ii) the aggregate amount of Unrestricted Cash (as defined in the Credit Agreement) to (b) Consolidated EBITDA (as defined in the Credit Agreement). The Amendment also adds a condition to each extension of credit through December 31, 2020, that after giving effect to any such borrowing and intended use of such borrowing, the aggregate amount of Unrestricted Cash may not be greater than $1,250. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Roper’s debt at March 31, 2020 included $5,300 of fixed-rate senior notes with the following fair values: $600 3.000% senior notes due 2020 601 $500 2.800% senior notes due 2021 501 $500 3.125% senior notes due 2022 511 $700 3.650% senior notes due 2023 721 $500 2.350% senior notes due 2024 492 $300 3.850% senior notes due 2025 323 $700 3.800% senior notes due 2026 723 $800 4.200% senior notes due 2028 860 $700 2.950% senior notes due 2029 681 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. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Roper, in the ordinary course of business, is the subject of, or a party to, various pending or threatened legal actions, including product liability and employment practices that, in general, are based upon claims of the kind that have been customary over the past several years and which the Company is vigorously defending. After analyzing the Company’s contingent liabilities on a gross basis and, based upon past experience with resolution of its product liability and employment practices claims and the limits of the primary, excess, and umbrella liability insurance coverages that are available with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on Roper’s consolidated financial position, results of operations or cash flows. Roper or its subsidiaries have been named defendants along with numerous industrial companies in asbestos-related litigation claims in certain U.S. states. No significant resources have been required by Roper to respond to these cases and Roper believes |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Net revenues and operating profit by segment are set forth in the following table: Three months ended March 31, 2020 2019 Change % Net revenues: Application Software $ 405.1 $ 381.2 6.3 % Network Software & Systems 438.2 345.7 26.8 % Measurement & Analytical Solutions 365.2 401.8 (9.1) % Process Technologies 142.2 158.5 (10.3) % Total $ 1,350.7 $ 1,287.2 4.9 % Gross profit: Application Software $ 270.4 $ 253.4 6.7 % Network Software & Systems 293.2 239.0 22.7 % Measurement & Analytical Solutions 214.6 231.2 (7.2) % Process Technologies 78.6 87.0 (9.7) % Total $ 856.8 $ 810.6 5.7 % Operating profit*: Application Software $ 97.6 $ 91.4 6.8 % Network Software & Systems 138.7 125.3 10.7 % Measurement & Analytical Solutions 114.0 118.1 (3.5) % Process Technologies 43.3 50.1 (13.6) % Total $ 393.6 $ 384.9 2.3 % Long-lived assets: Application Software $ 85.1 $ 82.0 3.8 % Network Software & Systems 48.5 35.4 37.0 % Measurement & Analytical Solutions 39.1 40.2 (2.7) % Process Technologies 21.0 22.0 (4.5) % Total $ 193.7 $ 179.6 7.9 % *Segment operating profit is before unallocated corporate general and administrative expenses; these expenses were $44.4 and $38.5 for the three months ended March 31, 2020 and 2019, respectively. |
Revenues from Contracts
Revenues from Contracts | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts | Revenues from Contracts Disaggregated Revenue - We disaggregate our revenues into two categories: (i) software and related services; and (ii) engineered products and related services. Software and related services revenues are primarily derived from our Application Software and Network Software & Systems reportable segments. Engineered products and related services revenues are derived from all of our reportable segments except Application Software and comprise substantially all of the revenues generated in our Measurement & Analytical Solutions and Process Technologies reportable segments. See details in the table below. Three Months Ended March 31, 2020 2019 Software and related services $ 668.5 $ 576.8 Engineered products and related services 682.2 710.4 Net revenues $ 1,350.7 $ 1,287.2 Remaining performance obligations - Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of March 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,543.4. We expect to recognize revenue on approximately 58% of our remaining performance obligations over the next 12 months, with the remainder to be recognized thereafter. Contract balances Balance Sheet Account March 31, 2020 December 31, 2019 Change Unbilled receivables $ 225.3 $ 183.5 $ 41.8 Contract liabilities - current (1) (836.0) (840.8) 4.8 Deferred revenue - non-current (2) (32.6) (33.2) 0.6 Net contract assets/(liabilities) $ (643.3) $ (690.5) $ 47.2 (1) Consists of “Deferred revenue,” and billings in-excess of revenues (“BIE”). BIE is reported in “Other accrued liabilities” in our Condensed Consolidated Balance Sheets. (2) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets. The change in our net contract assets/(liabilities) from December 31, 2019 to March 31, 2020 was due primarily to the increase in unbilled receivables associated with timing of invoicing in our project-based businesses, most notably our Transcore business, and to a lesser extent the foreign exchange impact on our contract liability balances. Most of the Company’s project-based contracts where the input method of revenue recognition is utilized are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring after revenue recognition resulting in contract assets. The Company records contract liabilities when cash payments are received or due in advance of the Company’s performance relating primarily to Software-as-a-Service (“SaaS”) and post contract support (“PCS”) renewals. Revenue recognized during the three months ended March 31, 2020 that was included in the contract liability balance on December 31, 2019 was $323.5. 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 three months ended March 31, 2020. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board FASB (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs 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 |
Weighted Average Shares Outst_2
Weighted Average Shares Outstanding (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Shares Outstanding | The effects of potential common stock were determined using the treasury stock method. Weighted average shares outstanding are shown below: Three months ended March 31, 2020 2019 Basic shares outstanding 104.3 103.6 Effect of potential common stock: Common stock awards 1.0 1.1 Diluted shares outstanding 105.3 104.7 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation Expense | The following table provides information regarding the Company’s stock-based compensation expense: Three months ended March 31, 2020 2019 Stock-based compensation $ 27.7 $ 25.3 Tax effect recognized in net earnings 5.8 5.3 |
Weighted Average Assumptions Used to Value Option Grants | The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year periods using the Black-Scholes option-pricing model: Three months ended March 31, 2020 2019 Risk-free interest rate (%) 0.83 2.44 Expected option life (years) 5.64 5.41 Expected volatility (%) 20.18 19.24 Expected dividend yield (%) 0.62 0.59 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | The components of inventory were as follows: March 31, December 31, Raw materials and supplies $ 127.1 $ 125.1 Work in process 31.5 30.9 Finished products 81.7 76.0 Inventory reserves (34.1) (33.4) $ 206.2 $ 198.6 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The carrying value of goodwill by segment was as follows: Application Software Network Software & Systems Measurement & Analytical Solutions Process Technologies Total Balances at December 31, 2019 $ 5,389.4 $ 3,933.5 $ 1,178.0 $ 314.5 $ 10,815.4 Additions — — — — — Other 0.7 0.3 — — 1.0 Currency translation adjustments (22.1) (43.3) (12.4) (6.1) (83.9) Balances at March 31, 2020 $ 5,368.0 $ 3,890.5 $ 1,165.6 $ 308.4 $ 10,732.5 |
Other Intangible Assets | Other intangible assets were comprised of: Cost Accumulated Net book 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 $ 4,915.5 $ (1,416.9) $ 3,498.6 Unpatented technology 605.3 (298.2) 307.1 Software 171.8 (115.5) 56.3 Patents and other protective rights 11.8 (7.9) 3.9 Trade names 7.9 (4.6) 3.3 Assets not subject to amortization: Trade names 653.8 — 653.8 Balances at March 31, 2020 $ 6,366.1 $ (1,843.1) $ 4,523.0 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fixed-Rate Senior Notes, Fair Value | Roper’s debt at March 31, 2020 included $5,300 of fixed-rate senior notes with the following fair values: $600 3.000% senior notes due 2020 601 $500 2.800% senior notes due 2021 501 $500 3.125% senior notes due 2022 511 $700 3.650% senior notes due 2023 721 $500 2.350% senior notes due 2024 492 $300 3.850% senior notes due 2025 323 $700 3.800% senior notes due 2026 723 $800 4.200% senior notes due 2028 860 $700 2.950% senior notes due 2029 681 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Information | Net revenues and operating profit by segment are set forth in the following table: Three months ended March 31, 2020 2019 Change % Net revenues: Application Software $ 405.1 $ 381.2 6.3 % Network Software & Systems 438.2 345.7 26.8 % Measurement & Analytical Solutions 365.2 401.8 (9.1) % Process Technologies 142.2 158.5 (10.3) % Total $ 1,350.7 $ 1,287.2 4.9 % Gross profit: Application Software $ 270.4 $ 253.4 6.7 % Network Software & Systems 293.2 239.0 22.7 % Measurement & Analytical Solutions 214.6 231.2 (7.2) % Process Technologies 78.6 87.0 (9.7) % Total $ 856.8 $ 810.6 5.7 % Operating profit*: Application Software $ 97.6 $ 91.4 6.8 % Network Software & Systems 138.7 125.3 10.7 % Measurement & Analytical Solutions 114.0 118.1 (3.5) % Process Technologies 43.3 50.1 (13.6) % Total $ 393.6 $ 384.9 2.3 % Long-lived assets: Application Software $ 85.1 $ 82.0 3.8 % Network Software & Systems 48.5 35.4 37.0 % Measurement & Analytical Solutions 39.1 40.2 (2.7) % Process Technologies 21.0 22.0 (4.5) % Total $ 193.7 $ 179.6 7.9 % *Segment operating profit is before unallocated corporate general and administrative expenses; these expenses were $44.4 and $38.5 for the three months ended March 31, 2020 and 2019, respectively. |
Revenues from Contracts (Tables
Revenues from Contracts (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Three Months Ended March 31, 2020 2019 Software and related services $ 668.5 $ 576.8 Engineered products and related services 682.2 710.4 Net revenues $ 1,350.7 $ 1,287.2 |
Contract Balances | Contract balances Balance Sheet Account March 31, 2020 December 31, 2019 Change Unbilled receivables $ 225.3 $ 183.5 $ 41.8 Contract liabilities - current (1) (836.0) (840.8) 4.8 Deferred revenue - non-current (2) (32.6) (33.2) 0.6 Net contract assets/(liabilities) $ (643.3) $ (690.5) $ 47.2 (1) Consists of “Deferred revenue,” and billings in-excess of revenues (“BIE”). BIE is reported in “Other accrued liabilities” in our Condensed Consolidated Balance Sheets. (2) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' equity | $ 9,591.3 | $ 9,491.9 | $ 8,137.4 | $ 7,738.5 | |
Retained earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' equity | $ 8,003.1 | 7,818 | $ 6,569.4 | $ 6,247.7 | |
Cumulative Effect, Period Of Adoption, Adjustment | ASC 326 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' equity | (1.7) | ||||
Cumulative Effect, Period Of Adoption, Adjustment | ASC 326 | Retained earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' equity | $ (1.7) | $ (1.7) |
Weighted Average Shares Outst_3
Weighted Average Shares Outstanding (Schedule of Weighted Average Shares Outstanding) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Basic shares outstanding (in shares) | 104.3 | 103.6 |
Effect of potential common stock: | ||
Common stock awards (in shares) | 1 | 1.1 |
Diluted shares outstanding (in shares) | 105.3 | 104.7 |
Weighted Average Shares Outst_4
Weighted Average Shares Outstanding (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive stock options (in shares) | 1,318 | 1,381 |
Stock Based Compensation (Stock
Stock Based Compensation (Stock Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-based compensation | $ 27.7 | $ 25.3 |
Tax effect recognized in net earnings | $ 5.8 | $ 5.3 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee stock options granted during the period (in shares) | 725 | 686 |
Fair value per share (in dollars per share) | $ 62.02 | $ 67.61 |
Cash received from exercise of options | $ 22.9 | $ 36.8 |
Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards granted during period (in shares) | 179 | 258 |
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share) | $ 340.92 | $ 309.02 |
Restricted stock awards vested during period (in shares) | 96 | |
Weighted average grant date fair value per share (in dollars per share) | $ 248.05 | |
Weighted average vest date fair value per share (in dollars per share) | $ 333.75 | |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of eligible earnings to purchase common stock through the employee stock purchase plan | 10.00% | |
Discount on the average closing price for the employee stock purchase plan | 5.00% | |
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares) | 8 | 8 |
Amount paid for stock purchased during the period by participants in the employee stock purchase plan | $ 2.8 | $ 2.2 |
Stock Based Compensation (Weigh
Stock Based Compensation (Weighted Average Assumptions Used to Value Option Grants) (Details) - Employee Stock Option | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate (%) | 0.83% | 2.44% |
Expected option life (years) | 5 years 7 months 20 days | 5 years 4 months 28 days |
Expected volatility (%) | 20.18% | 19.24% |
Expected dividend yield (%) | 0.62% | 0.59% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Raw materials and supplies | $ 127.1 | $ 125.1 |
Work in process | 31.5 | 30.9 |
Finished products | 81.7 | 76 |
Inventory reserves | (34.1) | (33.4) |
Total Inventory | $ 206.2 | $ 198.6 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balances | $ 10,815.4 |
Additions | 0 |
Other | 1 |
Currency translation adjustments | (83.9) |
Balances | 10,732.5 |
Application Software | |
Goodwill [Roll Forward] | |
Balances | 5,389.4 |
Additions | 0 |
Other | 0.7 |
Currency translation adjustments | (22.1) |
Balances | 5,368 |
Network Software & Systems | |
Goodwill [Roll Forward] | |
Balances | 3,933.5 |
Additions | 0 |
Other | 0.3 |
Currency translation adjustments | (43.3) |
Balances | 3,890.5 |
Measurement & Analytical Solutions | |
Goodwill [Roll Forward] | |
Balances | 1,178 |
Additions | 0 |
Other | 0 |
Currency translation adjustments | (12.4) |
Balances | 1,165.6 |
Process Technologies | |
Goodwill [Roll Forward] | |
Balances | 314.5 |
Additions | 0 |
Other | 0 |
Currency translation adjustments | (6.1) |
Balances | $ 308.4 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (1,843.1) | $ (1,752.6) |
Intangible assets, gross (excluding goodwill) | 6,366.1 | 6,420.3 |
Intangible assets, net (excluding goodwill) | 4,523 | 4,667.7 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets (excluding goodwill) | 653.8 | 659.8 |
Customer related intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 4,915.5 | 4,955.4 |
Accumulated amortization | (1,416.9) | (1,349.4) |
Finite-lived intangible assets, net | 3,498.6 | 3,606 |
Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 605.3 | 613 |
Accumulated amortization | (298.2) | (279.6) |
Finite-lived intangible assets, net | 307.1 | 333.4 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 171.8 | 172.2 |
Accumulated amortization | (115.5) | (111.5) |
Finite-lived intangible assets, net | 56.3 | 60.7 |
Patents and other protective rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 11.8 | 12 |
Accumulated amortization | (7.9) | (8) |
Finite-lived intangible assets, net | 3.9 | 4 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 7.9 | 7.9 |
Accumulated amortization | (4.6) | (4.1) |
Finite-lived intangible assets, net | $ 3.3 | $ 3.8 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 101.8 | $ 82.9 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 100.7 | $ 82.6 |
Debt (Details)
Debt (Details) | Apr. 23, 2020USD ($) |
Revolving credit facility | Subsequent event | |
Debt Instrument [Line Items] | |
Maximum unrestricted cash allowed | $ 1,250,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Senior Notes - Fair Value, Inputs, Level 2 | Mar. 31, 2020USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fixed rate senior notes carrying amount | $ 5,300,000,000 |
$600 3.000% senior notes due 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | 601,000,000 |
Face value of debt | $ 600,000,000 |
Interest rate on senior notes | 3.00% |
$500 2.800% senior notes due 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 501,000,000 |
Face value of debt | $ 500,000,000 |
Interest rate on senior notes | 2.80% |
$500 3.125% senior notes due 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 511,000,000 |
Face value of debt | $ 500,000,000 |
Interest rate on senior notes | 3.125% |
$700 3.650% senior notes due 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 721,000,000 |
Face value of debt | $ 700,000,000 |
Interest rate on senior notes | 3.65% |
$500 2.350% senior notes due 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 492,000,000 |
Face value of debt | $ 500,000,000 |
Interest rate on senior notes | 2.35% |
$300 3.850% senior notes due 2025 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 323,000,000 |
Face value of debt | $ 300,000,000 |
Interest rate on senior notes | 3.85% |
$700 3.800% senior notes due 2026 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 723,000,000 |
Face value of debt | $ 700,000,000 |
Interest rate on senior notes | 3.80% |
$800 4.200% senior notes due 2028 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 860,000,000 |
Face value of debt | $ 800,000,000 |
Interest rate on senior notes | 4.20% |
$700 2.950% senior notes due 2029 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term debt, fair value | $ 681,000,000 |
Face value of debt | $ 700,000,000 |
Interest rate on senior notes | 2.95% |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Net revenues: | $ 1,350.7 | $ 1,287.2 |
Percent change in net revenues | 4.90% | |
Gross profit: | $ 856.8 | 810.6 |
Percent change in gross profit | 5.70% | |
Operating profit | $ 393.6 | 384.9 |
Percent change in operating profit | 2.30% | |
Long-lived assets: | $ 193.7 | 179.6 |
Percent change in long-lived assets | 7.90% | |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate general and administrative expenses | $ 44.4 | 38.5 |
Application Software | ||
Segment Reporting Information [Line Items] | ||
Net revenues: | $ 405.1 | 381.2 |
Percent change in net revenues | 6.30% | |
Gross profit: | $ 270.4 | 253.4 |
Percent change in gross profit | 6.70% | |
Operating profit | $ 97.6 | 91.4 |
Percent change in operating profit | 6.80% | |
Long-lived assets: | $ 85.1 | 82 |
Percent change in long-lived assets | 3.80% | |
Network Software & Systems | ||
Segment Reporting Information [Line Items] | ||
Net revenues: | $ 438.2 | 345.7 |
Percent change in net revenues | 26.80% | |
Gross profit: | $ 293.2 | 239 |
Percent change in gross profit | 22.70% | |
Operating profit | $ 138.7 | 125.3 |
Percent change in operating profit | 10.70% | |
Long-lived assets: | $ 48.5 | 35.4 |
Percent change in long-lived assets | 37.00% | |
Measurement & Analytical Solutions | ||
Segment Reporting Information [Line Items] | ||
Net revenues: | $ 365.2 | 401.8 |
Percent change in net revenues | (9.10%) | |
Gross profit: | $ 214.6 | 231.2 |
Percent change in gross profit | (7.20%) | |
Operating profit | $ 114 | 118.1 |
Percent change in operating profit | (3.50%) | |
Long-lived assets: | $ 39.1 | 40.2 |
Percent change in long-lived assets | (2.70%) | |
Process Technologies | ||
Segment Reporting Information [Line Items] | ||
Net revenues: | $ 142.2 | 158.5 |
Percent change in net revenues | (10.30%) | |
Gross profit: | $ 78.6 | 87 |
Percent change in gross profit | (9.70%) | |
Operating profit | $ 43.3 | 50.1 |
Percent change in operating profit | (13.60%) | |
Long-lived assets: | $ 21 | $ 22 |
Percent change in long-lived assets | (4.50%) |
Revenues from Contracts (Disagg
Revenues from Contracts (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 1,350.7 | $ 1,287.2 |
Software and related services | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 668.5 | 576.8 |
Engineered products and related services | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 682.2 | $ 710.4 |
Revenues from Contracts (Remain
Revenues from Contracts (Remaining Performance Obligations Narrative) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligations | $ 3,543.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations, percentage | 58.00% |
Remaining performance obligations, expected timing of satisfaction | 12 months |
Revenues from Contracts (Contra
Revenues from Contracts (Contract Balances) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Unbilled receivables | $ 225.3 | $ 183.5 |
Contract liabilities - current | (836) | (840.8) |
Deferred revenue - non-current | (32.6) | (33.2) |
Net contract assets/(liabilities) | (643.3) | $ (690.5) |
Change in unbilled receivables | 41.8 | |
Change in contract liabilities - current | 4.8 | |
Change in deferred revenue - non-current | 0.6 | |
Change in net contract assets/(liabilities) | $ 47.2 |
Revenues from Contracts (Cont_2
Revenues from Contracts (Contract Balances - Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract with customer, revenues recognized | $ 323.5 |