Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 11, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Entity Central Index Key | 0000882835 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
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, 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 | $ 49.3 | ||
Entity Common Stock, Shares Outstanding | 105,602,835 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement to be furnished to Stockholders in connection with its 2022 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. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Tampa, Florida |
Auditor Firm ID | 238 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 351.5 | $ 308.3 |
Accounts receivable, net | 839.4 | 745.7 |
Inventories, net | 176.1 | 165.1 |
Income taxes receivable | 27.7 | 21.9 |
Unbilled receivables | 95.3 | 72.8 |
Other current assets | 142.5 | 114.3 |
Current assets held for sale | 788.6 | 324.2 |
Total current assets | 2,421.1 | 1,752.3 |
Property, plant and equipment, net | 102.8 | 127.3 |
Goodwill | 14,094.5 | 13,966 |
Other intangible assets, net | 6,588.5 | 7,168.2 |
Deferred taxes | 101.1 | 103.2 |
Other assets | 405.9 | 386.2 |
Assets held for sale | 0 | 521.6 |
Total assets | 23,713.9 | 24,024.8 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 150.8 | 127.1 |
Accrued compensation | 309.8 | 262.6 |
Deferred revenue | 1,130.2 | 990.2 |
Other accrued liabilities | 440.7 | 418.6 |
Income taxes payable | 132 | 25.7 |
Current portion of long-term debt, net | 799.2 | 499.4 |
Current liabilities held for sale | 159.1 | 120.8 |
Total current liabilities | 3,121.8 | 2,444.4 |
Long-term debt, net of current portion | 7,122.6 | 9,061.4 |
Deferred taxes | 1,479.5 | 1,531.5 |
Other liabilities | 426.2 | 443.6 |
Liabilities held for sale | 0 | 64.1 |
Total liabilities | 12,150.1 | 13,545 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value per share; 1.0 shares authorized; none outstanding | 0 | 0 |
Common stock, $0.01 par value per share; 350.0 shares authorized; 107.3 shares issued and 105.5 outstanding at December 31, 2021 and 106.7 shares issued and 104.9 outstanding at December 31, 2020 | 1.1 | 1.1 |
Additional paid-in capital | 2,307.8 | 2,097.5 |
Retained earnings | 9,455.6 | 8,546.2 |
Accumulated other comprehensive loss | (183.1) | (147) |
Treasury stock, 1.8 shares at December 31, 2021 and 1.8 shares at December 31, 2020 | (17.6) | (18) |
Total stockholders' equity | 11,563.8 | 10,479.8 |
Total liabilities and stockholders' equity | $ 23,713.9 | $ 24,024.8 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par or stated value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, issued (in shares) | 107,300,000 | 106,700,000 |
Common stock, outstanding (in dollars per share) | 105,500,000 | 104,900,000 |
Treasury stock (in shares) | 1,800,000 | 1,800,000 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net revenues | $ 5,777.8 | $ 4,854.2 | $ 4,727.7 |
Cost of sales | 1,860.4 | 1,583.4 | 1,587.6 |
Gross profit | 3,917.4 | 3,270.8 | 3,140.1 |
Selling, general and administrative expenses | 2,337.7 | 1,997.3 | 1,811.8 |
Impairment of intangible assets | 99.5 | 0 | 0 |
Income from operations | 1,480.2 | 1,273.5 | 1,328.3 |
Interest expense, net | 234.1 | 218.5 | 186.2 |
Other income (expense), net | 24.9 | (3.6) | (5.4) |
Gain on disposal of businesses | 0 | 0 | 920.7 |
Earnings before income taxes | 1,271 | 1,051.4 | 2,057.4 |
Income taxes | 288.4 | 225.9 | 417.4 |
Net earnings from continuing operations | 982.6 | 825.5 | 1,640 |
Earnings from discontinued operations, net of tax | 114.1 | 124.2 | 127.9 |
Gain on disposition of discontinued operations, net of tax | 55.9 | 0 | 0 |
Net earnings from discontinued operations | 170 | 124.2 | 127.9 |
Net earnings | $ 1,152.6 | $ 949.7 | $ 1,767.9 |
Net earnings per share from continuing operations: | |||
Basic (in dollars per share) | $ 9.33 | $ 7.89 | $ 15.79 |
Diluted (in dollars per share) | 9.23 | 7.81 | 15.60 |
Net earnings per share from discontinued operations: | |||
Basic (in dollars per share) | 1.62 | 1.19 | 1.23 |
Diluted (in dollars per share) | 1.59 | 1.17 | 1.22 |
Net earnings per share: | |||
Basic (in dollars per share) | 10.95 | 9.08 | 17.02 |
Diluted (in dollars per share) | $ 10.82 | $ 8.98 | $ 16.82 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 105.3 | 104.6 | 103.9 |
Diluted (in shares) | 106.5 | 105.7 | 105.1 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 1,152.6 | $ 949.7 | $ 1,767.9 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (36.1) | 65.8 | 30.5 |
Total other comprehensive income (loss), net of tax | (36.1) | 65.8 | 30.5 |
Comprehensive income | $ 1,116.5 | $ 1,015.5 | $ 1,798.4 |
CONSOLIDATED STATEMENTS OF STOC
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 earningsCumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive loss | Treasury stock |
Beginning balance (in shares) at Dec. 31, 2018 | 103,400 | |||||||
Beginning 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] | Accounting Standards Update 2016-13 [Member] | |||||||
Net earnings | $ 1,767.9 | 1,767.9 | ||||||
Stock option exercises (in shares) | 500 | |||||||
Stock option exercises | 64.9 | $ 0 | 64.9 | |||||
Treasury stock sold | 6.8 | 6.6 | 0.2 | |||||
Currency translation adjustments, including tax provision (benefit) | 30.5 | 30.5 | ||||||
Stock based compensation | 110.9 | 110.9 | ||||||
Restricted stock activity (in shares) | 200 | |||||||
Restricted stock activity | (30) | (30) | ||||||
Dividends declared | (197.6) | (197.6) | ||||||
Ending balance (in shares) at Dec. 31, 2019 | 104,100 | |||||||
Ending balance at Dec. 31, 2019 | 9,491.9 | $ (1.7) | $ 1.1 | 1,903.9 | 7,818 | $ (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, including tax provision (benefit) | 65.8 | 65.8 | ||||||
Stock based compensation | 119 | 119 | ||||||
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) | (18) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | $ 1,152.6 | 1,152.6 | ||||||
Stock option exercises (in shares) | 537 | 500 | ||||||
Stock option exercises | $ 104.7 | 104.7 | ||||||
Cash settlement of share-based awards in connection with disposition of discontinued operations | (6.7) | (6.7) | ||||||
Treasury stock sold | 15.1 | 14.7 | 0.4 | |||||
Currency translation adjustments, including tax provision (benefit) | (36.1) | (36.1) | ||||||
Stock based compensation | 138 | 138 | ||||||
Restricted stock activity (in shares) | 100 | |||||||
Restricted stock activity | (40.4) | (40.4) | ||||||
Dividends declared | $ (243.2) | (243.2) | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 105,500 | 105,500 | ||||||
Ending balance at Dec. 31, 2021 | $ 11,563.8 | $ 1.1 | $ 2,307.8 | $ 9,455.6 | $ (183.1) | $ (17.6) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Currency translation adjustments, tax provision (benefit) | $ (6.2) | $ 14.6 | $ (3.8) |
Dividends declared (in dollars per share) | $ 2.31 | $ 2.10 | $ 1.90 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net earnings from continuing operations | $ 982.6 | $ 825.5 | $ 1,640 |
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities: | |||
Depreciation and amortization of property, plant and equipment | 49.7 | 46.7 | 43.1 |
Amortization of intangible assets | 584.4 | 466.2 | 365.7 |
Amortization of deferred financing costs | 13.5 | 10.9 | 7.3 |
Non-cash stock compensation | 136.1 | 117 | 101.2 |
Impairment of intangible assets | 99.5 | 0 | 0 |
Gain on disposal of assets and businesses, net of associated income tax | (21.6) | 0 | (687.3) |
Income tax provision, excluding tax associated with gain on disposal of businesses and assets | 282.9 | 225.9 | 184 |
Changes in operating assets and liabilities, net of acquired businesses: | |||
Accounts receivable | (100.2) | 55 | (30.7) |
Unbilled receivables | (19.4) | 0.2 | 6.3 |
Inventories | (13.9) | 0.1 | (14.1) |
Accounts payable and accrued liabilities | 66.3 | 93.1 | (7) |
Deferred revenue | 164.5 | 60.3 | 114.2 |
Cash tax paid for gain on disposal of businesses | 0 | (201.9) | (39.4) |
Cash income taxes paid, excluding tax associated with gain on disposal of businesses | (320.7) | (311.6) | (328.3) |
Other, net | (37.5) | (19.4) | (23.8) |
Cash provided by operating activities from continuing operations | 1,866.2 | 1,368 | 1,331.2 |
Cash provided by operating activities from discontinued operations | 145.7 | 157.1 | 130.6 |
Cash provided by operating activities | 2,011.9 | 1,525.1 | 1,461.8 |
Cash flows from (used in) investing activities: | |||
Acquisitions of businesses, net of cash acquired | (217) | (6,018.1) | (2,387.3) |
Capital expenditures | (32.9) | (28.3) | (43) |
Capitalized software expenditures | (29.7) | (17.7) | (10.2) |
Proceeds from (used in) disposal of businesses | 0 | (4.3) | 1,156.8 |
Proceeds from sale of assets | 27.1 | 0 | 0 |
Other, net | (0.7) | (2.6) | (2.3) |
Cash used in investing activities from continuing operations | (253.2) | (6,071) | (1,286) |
Proceeds from disposition of discontinued operations | 115.6 | 0 | 0 |
Cash used in investing activities from discontinued operations | (5.3) | (2.9) | (10) |
Cash used in investing activities | (142.9) | (6,073.9) | (1,296) |
Cash flows from (used in) financing activities: | |||
Proceeds from senior notes | 0 | 3,300 | 1,200 |
Payment of senior notes | (500) | (600) | 0 |
Borrowings (payments) under revolving line of credit, net | (1,150) | 1,620 | (865) |
Debt issuance costs | 0 | (42) | (12.1) |
Cash dividends to stockholders | (236.4) | (214.1) | (191.7) |
Treasury stock sales | 15.1 | 10.5 | 6.8 |
Proceeds from stock based compensation, net | 64.3 | 64.4 | 34.9 |
Other, net | (0.1) | (0.2) | (0.6) |
Cash provided by (used in) financing activities from continuing operations | (1,807.1) | 4,138.6 | 172.3 |
Cash provided by (used in) financing activities from discontinued operations | (6.4) | (1.7) | 4.7 |
Cash provided by (used in) financing activities | (1,813.5) | 4,136.9 | 177 |
Effect of exchange rate changes on cash | (12.3) | 10.5 | 2.5 |
Net increase (decrease) in cash and cash equivalents | 43.2 | (401.4) | 345.3 |
Cash and cash equivalents, beginning of year | 308.3 | 709.7 | 364.4 |
Cash and cash equivalents, end of year | 351.5 | 308.3 | 709.7 |
Cash paid for: | |||
Interest | 222.2 | 197.7 | 171.5 |
Net assets of businesses acquired: | |||
Fair value of assets, including goodwill | 249.8 | 6,715.4 | 2,472.4 |
Liabilities assumed | (32.8) | (697.3) | (85.1) |
Cash paid, net of cash acquired | $ 217 | $ 6,018.1 | $ 2,387.3 |
Summary of Accounting Policies
Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Accounting Policies | 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. Discontinued Operations - During 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses, which are presented as discontinued operations for all periods presented. Unless otherwise noted, discussion within these Notes to Consolidated Financial Statements relate to continuing operations. Refer to Note 3 for additional information on discontinued operations. 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 In October 2021, the FASB issued an update to improve the accounting for acquired revenue contracts with customers in a business combination by promoting consistency in the recognition of an acquired contract liability and the subsequent revenue recognized by the acquirer. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company early-adopted this update in the fourth quarter of 2021. This update did not have a material impact on the acquisitions completed in 2021 and the future impact of adoption, if any, will depend on the acquisitions made by the Company. The Company adopted ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as of January 1, 2020 using the modified retrospective transition method. 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. Significant Accounting Policies 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 no cash equivalents at both December 31, 2021 and 2020. 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, 2021, 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: Year ended December 31, 2021 2020 2019 Basic weighted-average shares outstanding 105.3 104.6 103.9 Effect of potential common stock: Common stock awards 1.2 1.1 1.2 Diluted weighted-average shares outstanding 106.5 105.7 105.1 As of and for the years ended December 31, 2021, 2020 and 2019, there were 0.521, 0.208 and 0.627 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 losses were $1.4, $4.5 and $3.5 for the years ended December 31, 2021, 2020 and 2019, 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 34 reporting units with individual goodwill amounts ranging from zero to $3,245.3. In 2021, 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 any of its reporting units and thus was not required to perform a quantitative analysis for these reporting units. 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. To the extent the Company determines a fair value, the inputs used represent a Level 3 fair value measurement in the FASB fair value hierarchy given that the inputs are unobservable. 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. During the fourth quarter of 2021, the Company determined the use of the Sunquest trade name would be discontinued given the strategic action to merge the Sunquest business into our CliniSys business, both of which are reported in our Application Software reportable segment. Considering the planned merger and updated market comparisons, the royalty rate utilized in the quantitative impairment assessment of the trade name was 0.5% as compared to a royalty rate of 3.5% used in the prior year. The royalty rate reduction was the significant assumption that resulted in a non-cash impairment charge of $94.4 recognized as a component of “Impairment of intangible assets” within the Consolidated Statements of Earnings. 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. 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. During the fourth quarter of 2021, Sunquest also recognized a non-cash impairment charge of $5.1 representing the unamortized balance related primarily to a software intangible asset that will be discontinued in 2022. This impairment charge is included as a component of “Impairment of intangible assets” within the Consolidated Statements of Earnings. 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 basis 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 8 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 and software 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 $528.4, $423.6 and $379.7 for the years ended December 31, 2021, 2020 and 2019, respectively. Revenue Recognition - The reported results reflect the application of ASC 606 guidance. 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, 2021 2020 2019 Software and related services $ 3,604.3 $ 2,871.1 $ 2,477.7 Engineered products and related services 2,173.5 1,983.1 2,250.0 Net revenues $ 5,777.8 $ 4,854.2 $ 4,727.7 Software and related services SaaS - SaaS subscriptions and associated 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. Revenues from software implementation projects are generally recognized over time using the input method, utilizing the ratio of costs or labor hours incurred to total estimated costs or labor, as the measure of performance. 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. 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 $19.7 and $28.1 at December 31, 2021 and 2020, 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, 2021 and 2020, the current portion of deferred commissions was $32.5 and $25.0, respectively, and the non-current portion of deferred commissions was $24.2 and $17.5, respectively. The Company recognized $27.2, $30.1 and $30.1 of expense related to deferred commissions for the years ended December 31, 2021, 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, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,790.4. We expect to recognize revenue on approximately 68% 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 $65.9 and $43.1 at December 31, 2021 and 2020, respectively, which are included in “Other Assets” our Consolidated Balance Sheets. |
Business Acquisitions and Dispo
Business Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Acquisitions and Dispositions | Business Acquisitions and Dispositions Acquisitions 2021 Acquisitions - Roper completed seven business acquisitions in the year ended December 31, 2021 with an aggregate purchase price of $225.9, net of cash acquired and debt assumed. 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 2021 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results. During the first three quarters of 2021, Roper completed four acquisitions which are being integrated into our Deltek business and its results are reported in the Application Software reportable segment. On November 18, 2021, Roper acquired substantially all of the assets of Agency Zoom, LLC (“Agency Zoom”), a provider of sales, marketing and service automation software solutions for insurance agencies. Agency Zoom is integrating into our Vertafore business and its results are reported in the Application Software reportable segment. On December 21, 2021, Roper acquired a majority of the assets of The Construction Journal, LTD. (“Construction Journal”), a provider of selling, marketing, and licensing software solutions for the commercial construction industry. Construction Journal is integrating into our ConstructConnect business and its results are reported in the Network Software and Systems reportable segment. On December 30, 2021, Roper acquired 100% of the shares of American LegalNet, Inc. (“ALN”), a provider of court forms, eFiling, calendaring and docketing software solutions. ALN is integrating into our Aderant business and its results are reported in the Application Software reportable segment. The Company recorded $138.8 in goodwill and $104.9 of other identifiable intangibles in connection with these seven acquisitions. The amortizable intangible assets include customer relationships of $94.6 (12.9 year weighted average useful life) and technology of $10.3 (5.3 year weighted average useful life). Subsequent to the year ended December 31, 2021, on January 3, 2022, Roper acquired 100% of the membership interests of Horizon Lab Systems, LLC (“HLS”) for a purchase price of $49.7, net of cash acquired and debt assumed. HLS is a leading provider of laboratory information management systems in the toxicology, environmental, public health and agricultural markets. HLS is integrating into our CliniSys business and its results will be reported in the Application Software reportable segment beginning in the first quarter of 2022. 2020 Acquisitions - 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 contemplated approximately $120 of federal tax attributes that were 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. 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. Acquisition of Freight Market Intelligence Consortium - 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 was integrated into our DAT business and its results are reported in the Network Software & Systems reportable segment. Acquisition of Team TSI Corporation - 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 was integrated into our SHP business and its results are reported in the Network Software & Systems reportable segment. Acquisition of Impact Financial Systems - 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 was integrated into our iPipeline business and its results are reported in the Network Software & Systems reportable segment. Acquisition of WELIS - 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 was integrated into our iPipeline business and its results are reported in the Network Software & Systems reportable segment. Acquisition of EPSi - 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 was integrated 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 was 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 was 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 On March 17, 2021, Roper completed the sale of a minority investment in Sedaru, Inc. for $27.1 in cash. The sale resulted in a pretax gain of $27.1, which is reported within “Other income (expense), net” in the Consolidated Statements of Earnings. In addition, we recognized income tax expense of $5.5 in connection with the sale, which is included within “Income taxes” in the Consolidated Statements of Earnings. On October 29, 2019, the Company closed on its sale of Gatan to AMETEK 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. The results of Gatan are reported in the Measurement & Analytical Solutions segment through such date. 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. On February 5, 2019, the Company closed on its sale of the Imaging businesses to Teledyne 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. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations During the year ended December 31, 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses as described below. • On November 1, 2021, Roper closed on the sale of the CIVCO Radiotherapy business to an affiliate of Blue Wolf Capital Partners LLC, for approximately $120.0 in cash. The sale resulted in a pretax gain of $77.2 and income tax expense of $21.3, which are reported within “Gain on disposition of discontinued operations, net of tax” in the Consolidated Statements of Earnings. CIVCO Radiotherapy was previously included in the Measurement & Analytical Solutions reportable segment. • On January 5, 2022, Roper closed on the sale of the Zetec business to Eddyfi NDT Inc. for approximately $350.0 in cash. The Company is currently calculating the gain and associated tax expense on the sale, which will be disclosed within the Company’s first quarter 2022 Quarterly Report on Form 10-Q. Zetec was previously included in the Process Technologies reportable segment. • On October 1, 2021, Roper signed a definitive agreement to divest its TransCore business to an affiliate of Singapore Technologies Engineering Ltd., for approximately $2,680.0 in cash. The transaction, which is expected to close in the first quarter of 2022, is subject to customary closing conditions, including regulatory approvals. TransCore was previously included in the Network Software & Systems reportable segment. We concluded these disposal activities, in the aggregate, represented a strategic shift that will have a major effect on our operations and financial results. These divestitures significantly enhance our mix of high-margin, recurring revenue businesses and notably reduce our working capital requirements. Accordingly, the financial results of the TransCore, Zetec and CIVCO Radiotherapy businesses are presented in the Consolidated Financial Statements as discontinued operations for all periods presented, as applicable. Current and non-current assets and liabilities of these businesses are presented in the Consolidated Balance Sheet as assets and liabilities of discontinued operations classified as held for sale for both periods presented. The following tables summarize the major classes of assets and liabilities related to the discontinued operations of the TransCore, Zetec and CIVCO Radiotherapy businesses, as applicable, as reported in the Consolidated Balance Sheets at December 31: 2021 (1) 2020 Accounts receivable, net $ 74.7 $ 117.3 Inventories, net 47.8 33.3 Unbilled receivables 158.2 168.9 Goodwill 405.5 — Other intangible assets, net 31.0 — Other current assets 71.4 4.7 Current assets held for sale 788.6 324.2 Goodwill — 429.2 Other intangible assets, net — 38.7 Other assets — 53.7 Assets held for sale $ — $ 521.6 Accounts payable $ 40.3 $ 50.7 Accrued compensation 27.0 23.5 Deferred taxes 29.5 — Other current liabilities 62.3 46.6 Current liabilities held for sale 159.1 120.8 Deferred taxes — 31.0 Other liabilities — 33.1 Liabilities held for sale $ — $ 64.1 (1) All assets and liabilities held for sale were classified as current as it was probable that the sale of TransCore and Zetec would be completed within one year from the balance sheet date. The following table summarizes the major classes of revenue and expenses constituting net earnings from discontinued operations attributable to the TransCore, Zetec and CIVCO Radiotherapy businesses: Year ended December 31, 2021 2020 2019 Net revenues $ 638.0 $ 672.9 $ 639.1 Cost of sales 372.9 400.7 352.1 Gross profit 265.1 272.2 287.0 Selling, general and administrative expenses (1) 124.0 114.6 116.9 Income from operations 141.1 157.6 170.1 Other income (expense), net 1.5 0.3 (0.1) Earnings before income taxes (2) 142.6 157.9 170.0 Income taxes 28.5 33.7 42.1 Earnings from discontinued operations, net of tax 114.1 124.2 127.9 Gain on disposition of discontinued operations, net of tax 55.9 — — Net earnings from discontinued operations $ 170.0 $ 124.2 $ 127.9 (1) Includes stock-based compensation expense of $5.4, $4.8 and $3.4 for the years ended December 31, 2021, 2020, and 2019, respectively. Stock-based compensation for discontinued operations was previously reported as a component of unallocated corporate general and administrative expenses. In connection with the sale of CIVCO Radiotherapy, we recognized expense of $0.9 associated with accelerated vesting of share-based awards. These charges were recorded as a component of “Gain on disposition of discontinued operations, net of tax” within the Consolidated Statements of Earnings. (2) Includes depreciation and amortization of $5.2, $7.9 and $7.2 for the years ended December 31, 2021, 2020, and 2019, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories at December 31 were as follows: 2021 2020 Raw materials and supplies $ 112.7 $ 104.0 Work in process 30.2 22.9 Finished products 69.3 74.4 Inventory reserves (36.1) (36.2) $ 176.1 $ 165.1 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment at December 31 were as follows: 2021 2020 Land $ 2.2 $ 2.2 Buildings 77.5 80.2 Machinery and other equipment 164.4 176.1 Computer equipment 117.5 110.9 Software 77.4 75.7 439.0 445.1 Accumulated depreciation (336.2) (317.8) $ 102.8 $ 127.3 Depreciation and amortization expense related to property, plant and equipment was $49.7, $46.7 and $43.1 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
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 $ 3,596.6 $ 1,155.5 $ 245.8 $ 10,387.3 Goodwill acquired 3,399.0 134.0 — — 3,533.0 Currency translation adjustments 14.5 16.6 11.8 4.4 47.3 Reclassifications and other (0.6) (1.0) — — (1.6) Balances at December 31, 2020 $ 8,802.3 $ 3,746.2 $ 1,167.3 $ 250.2 $ 13,966.0 Goodwill acquired 85.9 52.9 — — 138.8 Currency translation adjustments (5.8) (3.0) (6.7) (2.6) (18.1) Reclassifications and other 6.9 0.9 — — 7.8 Balances at December 31, 2021 $ 8,889.3 $ 3,797.0 $ 1,160.6 $ 247.6 $ 14,094.5 Reclassifications and other during the year ended December 31, 2021 were due primarily to purchase accounting and tax adjustments for acquisitions completed in 2020. 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 $ 7,473.7 $ (1,688.2) $ 5,785.5 Unpatented technology 942.8 (363.9) 578.9 Software 172.4 (127.4) 45.0 Patents and other protective rights 12.0 (6.0) 6.0 Trade names 7.3 (5.6) 1.7 Assets not subject to amortization: Trade names 751.1 — 751.1 Balances at December 31, 2020 $ 9,359.3 $ (2,191.1) $ 7,168.2 Assets subject to amortization: Customer related intangibles $ 7,532.0 $ (2,108.0) $ 5,424.0 Unpatented technology 906.4 (431.8) 474.6 Software 149.5 (122.4) 27.1 Patents and other protective rights 9.6 (2.1) 7.5 Trade names 12.8 (6.1) 6.7 Assets not subject to amortization: Trade names 648.6 — 648.6 Balances at December 31, 2021 $ 9,258.9 $ (2,670.4) $ 6,588.5 Amortization expense of other intangible assets was $577.5, $461.5, and $363.5 during the years ended December 31, 2021, 2020 and 2019, respectively. Amortization expense is expected to be $579 in 2022, $565 in 2023, $521 in 2024, $493 in 2025 and $461 in 2026. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities at December 31 were as follows: 2021 2020 Interest $ 42.6 $ 44.1 Customer deposits 56.9 48.6 Accrued dividend 66.8 60.0 Rebates 63.0 51.5 Operating lease liability 51.4 56.8 Sales and other taxes payable 25.4 33.4 Other 134.6 124.2 $ 440.7 $ 418.6 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings before income taxes for the years ended December 31, 2021, 2020 and 2019 consisted of the following components: 2021 2020 2019 United States $ 915.3 $ 752.7 $ 1,741.2 Other 355.7 298.7 316.2 $ 1,271.0 $ 1,051.4 $ 2,057.4 Components of income tax expense for the years ended December 31, 2021, 2020 and 2019 were as follows: 2021 2020 2019 Current: Federal $ 130.6 $ 157.5 $ 366.5 State 56.8 50.0 72.0 Foreign 94.5 75.3 77.9 Deferred: Federal 28.0 (56.7) (47.1) State (26.6) (5.2) (2.2) Foreign 5.1 5.0 (49.7) $ 288.4 $ 225.9 $ 417.4 Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2021, 2020 and 2019 were as follows: 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % Foreign operations, net 2.6 1.7 (0.1) R&D tax credits (1.8) (1.4) (0.5) State taxes, net of federal benefit 2.7 2.9 1.4 Stock-based compensation (2.3) (3.3) (1.3) Impact of UK tax rate change 1.7 — — Divestitures — — 2.0 Legal entity restructuring (1.2) — (2.0) Other, net — 0.6 (0.2) 22.7 % 21.5 % 20.3 % 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: 2021 2020 Deferred tax assets: Reserves and accrued expenses $ 195.8 $ 175.0 Net operating loss carryforwards 101.5 153.6 R&D credits 12.5 26.2 Interest expense limitation carryforwards 10.9 63.0 Outside basis differences on assets held for sale 57.5 — Lease liability 52.6 56.3 Valuation allowance (44.4) (37.7) Total deferred tax assets $ 386.4 $ 436.4 Deferred tax liabilities: Reserves and accrued expenses $ 16.1 $ 21.5 Amortizable intangible assets 1,670.2 1,762.8 Plant and equipment 3.8 7.4 Accrued tax on unremitted foreign earnings 24.7 18.6 ROU asset 50.0 54.4 Total deferred tax liabilities $ 1,764.8 $ 1,864.7 As of December 31, 2021, the Company has approximately $11.1 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 decreased from 2020 to 2021 primarily due to current year utilization. The Company has approximately $39.2 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 2022 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 $59.5 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 2022 if not utilized. The foreign net operating loss carryforwards decreased from 2020 to 2021 primarily due to current year utilization. The Company has $14.8 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 2022 if not utilized. The research and development tax credit carryforwards decreased from 2020 to 2021 primarily due to current year utilization. Additionally, as of December 31, 2021, the Company has $10.9 of IRC Section 163(j) interest expense limitation carryforwards which have an indefinite carryforward period. The interest expense limitation carryforward decreased from 2020 to 2021 primarily due to current year utilization. As of December 31, 2021, the Company determined that a total valuation allowance of $44.4 was necessary to reduce U.S. federal and state deferred tax assets by $25.3 and foreign deferred tax assets by $19.1, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2021, 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: 2021 2020 2019 Beginning balance $ 75.6 $ 69.8 $ 63.6 Additions for tax positions of prior periods 2.2 6.0 2.9 Additions for tax positions of the current period 3.3 3.5 4.2 Additions due to acquisitions 1.0 6.2 1.9 Reductions for tax positions of prior periods (0.6) (3.6) (0.3) Reductions attributable to lapses of applicable statute of limitations (4.6) (6.3) (2.5) Reductions attributable to settlements with taxing authorities (27.5) — — Ending balance $ 49.4 $ 75.6 $ 69.8 The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $48.1. Interest and penalties related to unrecognized tax benefits were $4.5 in 2021 and are classified as a component of income tax expense. Accrued interest and penalties were $5.0 at December 31, 2021 and $9.6 at December 31, 2020. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $3.0, 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 2018 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. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt On September 2, 2020, the Company entered into a three-year unsecured credit facility (the “Credit Agreement”) with, 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 previous $2,500.0 unsecured credit facility, dated as of September 23, 2016, as amended. The Credit Agreement comprises a three-year $3,000.0 revolving credit facility, which includes availability of up to $150.0 for letters of credit. 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. 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, 2021 and 2020, there were $470.0 and $1,620.0 of outstanding borrowings under the Credit Agreement, respectively. The Company was in compliance with its debt covenants throughout the years ended December 31, 2021 and 2020. 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. 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, 2021, $500.0 of 2.800% senior notes due 2021 were redeemed predominantly using cash flows generated from operations. On November 15, 2020, $600.0 of 3.000% senior notes due 2020 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: 2021 2020 Unsecured credit facility $ 470.0 $ 1,620.0 $500 2.800% senior notes due 2021 — 500.0 $500 3.125% senior notes due 2022 500.0 500.0 $300 0.450% senior notes due 2022 300.0 300.0 $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 700.0 700.0 $700 3.800% senior notes due 2026 700.0 700.0 $700 1.400% senior notes due 2027 700.0 700.0 $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 600.0 600.0 $1,000 1.750% senior notes due 2031 1,000.0 1,000.0 Other 0.3 0.5 Less unamortized debt issuance costs (48.5) (59.7) Total debt 7,921.8 9,560.8 Less current portion (799.2) (499.4) Long-term debt $ 7,122.6 $ 9,061.4 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, 2021, Roper had $84.9 of outstanding letters of credit. Future maturities of total debt during each of the next five years ending December 31 and thereafter are as follows: 2022 $ 800.2 2023 1,170.1 2024 500.0 2025 1,000.0 2026 700.0 Thereafter 3,800.0 Total $ 7,970.3 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Roper’s debt at December 31, 2021 included $7,500 of fixed-rate senior notes with the following fair values: $500 3.125% senior notes due 2022 507 $300 0.450% senior notes due 2022 300 $700 3.650% senior notes due 2023 730 $500 2.350% senior notes due 2024 514 $300 3.850% senior notes due 2025 323 $700 1.000% senior notes due 2025 684 $700 3.800% senior notes due 2026 768 $700 1.400% senior notes due 2027 680 $800 4.200% senior notes due 2028 899 $700 2.950% senior notes due 2029 727 $600 2.000% senior notes due 2030 578 $1,000 1.750% senior notes due 2031 941 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. |
Retirement and Other Benefit Pl
Retirement and Other Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
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 $36.4, $30.0 and $33.4 for 2021, 2020 and 2019, 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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Roper Technologies, Inc. 2021 Incentive Plan (“2021 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 2021 Plan was approved by shareholders at the Annual Meeting of Shareholders on June 14, 2021. The 2021 Plan replaces the Roper Technologies, Inc. Amended and Restated 2016 Incentive Plan (“2016 Plan”), and no additional grants will be made from the 2016 Plan. At December 31, 2021, 9.275 shares were available to grant under the 2021 Plan Under the Roper Technologies, Inc., Employee Stock Purchase Plan (“ESPP”), employees in the U.S. and Canada are allowed 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, 2021, 2020 and 2019 included as a component of “Selling, general and administrative expenses” was as follows: 2021 2020 2019 Stock based compensation $ 136.1 $ 117.0 $ 101.2 Tax benefit recognized in net earnings 28.6 24.6 21.3 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. 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 $45.0, $38.6, and $29.9 of compensation expense relating to outstanding options during 2021, 2020 and 2019, respectively, as a component of general and administrative expenses at Corporate. The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2021, 2020 and 2019 were calculated using the following weighted-average assumptions: 2021 2020 2019 Weighted-average fair value ($) 95.17 63.22 68.05 Risk-free interest rate (%) 0.94 0.81 2.37 Average expected option life (years) 5.61 5.64 5.42 Expected volatility (%) 25.14 20.39 19.22 Expected dividend yield (%) 0.56 0.62 0.58 The following table summarizes the Company’s activities with respect to its share-based compensation plans for the years ended December 31, 2021 and 2020: Number of shares Weighted-average Weighted-average Aggregate intrinsic Outstanding at December 31, 2019 3.349 $ 219.40 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 Granted 0.516 405.20 Exercised (0.537) 195.07 Canceled (0.122) 312.97 Outstanding at December 31, 2021 3.223 287.15 6.61 $ 659.9 Exercisable at December 31, 2021 1.480 $ 219.68 4.90 $ 402.8 The following table summarizes information for stock options outstanding at December 31, 2021: Outstanding options Exercisable options Exercise price Number Average Average remaining Number Average $93.62 - $166.19 0.359 $ 141.69 2.4 0.359 $ 141.69 $166.20 - $208.79 0.353 177.69 4.5 0.353 177.69 $208.80 - $275.58 0.338 236.24 5.9 0.247 223.79 $275.59 - $279.44 0.447 278.40 6.2 0.264 277.77 $279.45 -$323.36 0.617 319.40 8.1 0.046 287.89 $323.37 - $327.91 0.397 326.32 7.2 0.176 326.32 $327.92 - $398.19 0.204 366.45 7.9 0.035 351.25 $398.20 - $407.21 0.403 401.27 9.2 — — $407.22 - $491.86 0.105 422.59 9.1 — — $93.62 - $491.86 3.223 $ 287.15 6.6 1.480 $ 219.68 At December 31, 2021, there was $56.5 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 2021, 2020 and 2019 was $138.2, $155.4 and $109.4, respectively. Cash received from option exercises under all plans in 2021 and 2020 was $104.7 and $105.5, respectively. Restricted Stock Grants – During 2021 and 2020, the Company granted 0.228 and 0.285 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 $91.1, $77.5 and $71.2 of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2021, 2020 and 2019, respectively. A summary of the Company’s nonvested shares activity for 2021 and 2020 is as follows: Number of Weighted-average 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 Granted 0.228 409.36 Vested (0.294) 308.79 Forfeited (0.037) 350.53 Nonvested at December 31, 2021 0.498 $ 365.79 At December 31, 2021, there was $83.0 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 1.6 years. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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. However, no assurances can be given in this regard. Roper’s subsidiary, Vertafore, Inc., was named in three putative class actions, two in the U.S. District Court for the Southern District of Texas (Allen, et al. v. Vertafore, Inc., Case 4:20-cv-4139, filed December 4, 2020) and Masciotra, et al. v. Vertafore, Inc. (originally filed on December 8, 2020 as Case 1:20-cv-03603 in the U.S. District Court for the District of Colorado and subsequently transferred), and one in the U.S. District Court for the Northern District of Texas (Mulvey, et al. v. Vertafore, Inc., Case 3:21-cv-00213-E, filed January 31, 2021). In July 2021, the court granted Vertafore’s motion to dismiss the Allen Case. Plaintiff has appealed the dismissal to the U.S. Fifth Circuit Court of Appeals. In July 2021, the plaintiff in the Masciotra case voluntarily dismissed his action without prejudice. The Allen case and the Mulvey case each 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. These cases seek recovery under the Driver’s Privacy Protection Act, 18 U.S.C. § 2721. Vertafore is vigorously defending the cases. In addition, Roper was advised that the Texas Attorney General is investigating the data event. Roper’s subsidiary, Verathon, Inc. (“Verathon”), is defending a patent infringement action pending in the United States District Court for the Western District of Washington (Berall v. Verathon, Inc., Case No. 2:2021mc00043). Plaintiff claims that video laryngoscopes and certain accessories sold by Verathon from approximately 2006 through 2016 infringe U.S. Patent 5,827,178 (the “‘178 Patent”). The complaint seeks an unspecified amount of damages, enhanced damages, attorneys’ fees, costs, and pre- and post-judgment interest. Verathon contends that the products at issue do not infringe the ‘178 Patent and that the ‘178 Patent is invalid. Verathon is vigorously defending the matter. 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, 2021, Roper had $84.9 of letters of credit issued to guarantee its performance under certain services contracts or to support certain insurance programs and $659.7 of outstanding surety bonds of which $634.2 are directly associated with our Transcore business. 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 Inf
Segment and Geographic Area Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Area Information | 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 – Measurement & Analytical Solutions (1) - Alpha, CIVCO Medical Solutions, Dynisco, FMI, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon – Process Technologies - AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran (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 2021, 2020 and 2019. 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 or non-cash impairments. 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 2021, 2020 and 2019 follows: Application Software Network Software & Systems Measurement &Analytical Solutions Process Technologies Corporate Total 2021 Net revenues $ 2,380.6 $ 1,338.4 $ 1,559.6 $ 499.2 $ — $ 5,777.8 Operating profit 1 635.9 511.6 482.6 152.9 (203.3) 1,579.7 Assets: Operating assets 577.6 243.9 346.9 172.3 15.4 1,356.1 Intangible assets, net 13,498.4 5,551.2 1,356.7 276.7 — 20,683.0 Other 205.7 50.4 100.9 81.9 447.3 886.2 Total 2 22,925.3 Capital expenditures 18.0 6.0 6.4 1.4 1.1 32.9 Capitalized software expenditures 26.3 3.4 — — — 29.7 Depreciation and other amortization 421.0 171.8 33.3 7.7 0.3 634.1 2020 Net revenues $ 1,799.9 $ 1,173.7 $ 1,425.6 $ 455.0 $ — $ 4,854.2 Operating profit 468.7 413.9 463.3 115.3 (187.7) 1,273.5 Assets: Operating assets 526.6 217.3 328.6 148.9 3.9 1,225.3 Intangible assets, net 13,844.6 5,621.6 1,383.9 284.1 — 21,134.2 Other 173.1 48.4 107.6 67.3 423.1 819.5 Total 2 23,179.0 Capital expenditures 12.9 6.2 7.9 1.1 0.2 28.3 Capitalized software expenditures 16.3 1.4 — — — 17.7 Depreciation and other amortization 296.9 171.9 34.1 9.6 0.4 512.9 2019 Net revenues $ 1,588.0 $ 1,004.2 $ 1,544.3 $ 591.2 $ — $ 4,727.7 Operating profit 405.4 389.1 491.4 211.4 (169.0) 1,328.3 Assets: Operating assets 382.2 206.0 332.9 181.4 4.3 1,106.8 Intangible assets, net 7,833.6 5,505.5 1,390.5 285.6 — 15,015.2 Other 168.5 48.7 117.9 65.5 773.8 1,174.4 Total 2 17,296.4 Capital expenditures 17.4 6.1 17.1 2.2 0.2 43.0 Capitalized software expenditures 9.7 0.5 — — — 10.2 Depreciation and other amortization 230.2 127.1 39.7 11.2 0.6 408.8 1 Operating profit excludes $99.5 of non-cash impairment charges. 2 Total excludes assets held for sale of $788.6, $845.8 and $812.5 associated with the TransCore, Zetec and CIVCO Radiotherapy businesses, as applicable, on December 31, 2021, 2020 and 2019, respectively. Summarized data for Roper’s U.S. and foreign operations (principally in Canada, Europe and Asia) for 2021, 2020 and 2019, based upon the country of origin of the Roper entity making the sale, was as follows: United States Non-U.S. Eliminations Total 2021 Sales to unaffiliated customers $ 4,630.8 $ 1,147.0 $ — $ 5,777.8 Sales between geographic areas 122.7 126.4 (249.1) — Net revenues $ 4,753.5 $ 1,273.4 $ (249.1) $ 5,777.8 Long-lived assets $ 178.5 $ 29.9 $ — $ 208.4 2020 Sales to unaffiliated customers $ 3,848.5 $ 1,005.7 $ — $ 4,854.2 Sales between geographic areas 122.8 162.1 (284.9) — Net revenues $ 3,971.3 $ 1,167.8 $ (284.9) $ 4,854.2 Long-lived assets $ 171.6 $ 32.7 $ — $ 204.3 2019 Sales to unaffiliated customers $ 3,730.6 $ 997.1 $ — $ 4,727.7 Sales between geographic areas 123.0 139.0 (262.0) — Net revenues $ 3,853.6 $ 1,136.1 $ (262.0) $ 4,727.7 Long-lived assets $ 141.9 $ 32.8 $ — $ 174.7 Export sales from the U.S. during the years ended December 31, 2021, 2020 and 2019 were $336.2, $311.6 and $444.7, respectively. In the year ended December 31, 2021, these exports were shipped primarily to Asia (28%), Canada (28%), Europe (21%) and other (23%). 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, 2021, 2020 and 2019 are shown below by region, except for Canada, which is presented separately: Application Software Network Software & Systems Measurement &Analytical Solutions Process Technologies Total 2021 Canada $ 51.2 $ 86.7 $ 69.5 $ 16.8 $ 224.2 Europe 248.2 71.1 284.9 84.4 688.6 Asia 3.7 13.6 135.1 85.2 237.6 Rest of the world 37.1 10.5 56.4 87.8 191.8 Total $ 340.2 $ 181.9 $ 545.9 $ 274.2 $ 1,342.2 2020 Canada $ 43.4 $ 75.6 $ 71.1 $ 17.2 $ 207.3 Europe 205.5 60.2 250.7 87.2 603.6 Asia 3.3 13.1 116.0 74.0 206.4 Rest of the world 37.7 10.9 58.9 71.8 179.3 Total $ 289.9 $ 159.8 $ 496.7 $ 250.2 $ 1,196.6 2019 Canada $ 41.0 $ 70.1 $ 80.7 $ 22.2 $ 214.0 Europe 188.8 35.7 299.7 101.1 625.3 Asia 3.5 12.4 177.6 87.1 280.6 Rest of the world 34.4 8.2 55.4 97.8 195.8 Total $ 267.7 $ 126.4 $ 613.4 $ 308.2 $ 1,315.7 |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2021 | |
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
Contract Balances | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract Balances | Contract Balances Contract balances at December 31 are set forth in the following table: Balance Sheet Account 2021 2020 Change Unbilled receivables $ 95.3 $ 72.8 $ 22.5 Contract liabilities - current (1) (1,130.2) (990.3) (139.9) Deferred revenue - non-current (75.3) (42.7) (32.6) Net contract assets/(liabilities) $ (1,110.2) $ (960.2) $ (150.0) (1) Consists primarily of “Deferred revenue.” The change in our net contract assets/(liabilities) from December 31, 2020 to December 31, 2021 was due primarily to the timing of payments and invoicing relating to Software-as-a-Service (“SaaS”) and post contract support (“PCS”) renewals, partially offset by the increase in unbilled receivables due to the timing of invoicing related to software milestone billings associated with multi-year term license renewals and software implementations. Revenue recognized during the year ended December 31, 2021 and 2020 that was included in the contract liability balance on December 31, 2020 and 2019 was $951.3 and $794.3, 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 each of years ended December 31, 2021, 2020 and 2019, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 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, 2021, 2020 and 2019, the Company recognized $64.6, $58.0 and $56.6 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: 2021 2020 Operating cash flows used for operating leases $ 64.4 $ 59.7 Right-of-use assets obtained in exchange for operating lease obligations 41.6 58.1 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 2021 2020 ASSETS: Operating lease ROU assets Other assets $ 221.0 $ 232.6 LIABILITIES: Current operating lease liabilities Other accrued liabilities 51.4 56.8 Operating lease liabilities Other liabilities 180.9 192.8 Total operating lease liabilities $ 232.3 $ 249.6 Future minimum lease payments under non-cancellable leases were as follows: 2022 $ 56.4 2023 45.1 2024 38.9 2025 32.8 2026 25.2 Thereafter 52.7 Total operating lease payments 251.1 Less: Imputed interest 18.8 Total operating lease liabilities $ 232.3 Weighted average remaining lease term - operating leases (years) 6 Weighted average discount rate (%) 2.7 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) As described in Note 3, Roper signed definitive agreements to divest the TransCore, Zetec and CIVCO Radiotherapy businesses. Roper has completed the divestitures of Zetec and CIVCO Radiotherapy, in the first quarter of 2022 and fourth quarter of 2021, respectively, and expects the TransCore transaction to close in the first quarter of 2022. Accordingly, the unaudited interim financial information below has been adjusted to incorporate the presentation of discontinued operations. First Quarter Second Quarter Third Quarter Fourth Quarter 2021 Net revenues $ 1,376.1 $ 1,426.6 $ 1,462.8 $ 1,512.3 Gross profit 936.0 967.3 996.1 1,018.0 Income from operations 374.6 381.5 403.5 320.6 Net earnings from continuing operations 269.9 253.0 259.8 199.9 Net earnings from discontinued operations 19.1 33.3 29.7 87.9 Net earnings 289.0 286.3 289.5 287.8 Net earnings per share from continuing operations: Basic $ 2.57 $ 2.40 $ 2.47 $ 1.90 Diluted $ 2.55 $ 2.38 $ 2.43 $ 1.87 Net earnings per share from discontinued operations: Basic $ 0.18 $ 0.32 $ 0.28 $ 0.83 Diluted $ 0.18 $ 0.31 $ 0.28 $ 0.83 Net earnings per share: Basic $ 2.75 $ 2.72 $ 2.75 $ 2.73 Diluted $ 2.73 $ 2.69 $ 2.71 $ 2.70 2020 Net revenues $ 1,182.6 $ 1,137.8 $ 1,198.2 $ 1,335.6 Gross profit 787.5 772.5 809.9 900.9 Income from operations 308.4 291.6 330.5 343.0 Net earnings from continuing operations 209.5 184.0 207.0 225.0 Net earnings from discontinued operations 30.8 35.2 27.4 30.8 Net earnings 240.3 219.2 234.4 255.8 Net earnings per share from continuing operations: Basic $ 2.01 $ 1.76 $ 1.98 $ 2.15 Diluted $ 1.99 $ 1.74 $ 1.95 $ 2.12 Net earnings per share from discontinued operations: Basic $ 0.29 $ 0.34 $ 0.26 $ 0.29 Diluted $ 0.29 $ 0.34 $ 0.26 $ 0.29 Net earnings per share: Basic $ 2.30 $ 2.10 $ 2.24 $ 2.44 Diluted $ 2.28 $ 2.08 $ 2.21 $ 2.41 The sum of the four quarters may not agree with the total for the year due to rounding. |
Schedule II - Consolidated Valu
Schedule II - Consolidated Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020 and 2019 (in millions) Balance at Additions Deductions Other Balance at Allowance for doubtful accounts and sales allowances 2021 $ 28.1 $ 1.5 $ (10.3) $ 0.4 $ 19.7 2020 19.2 11.7 (10.2) 7.4 28.1 2019 20.3 8.2 (7.8) (1.5) 19.2 Reserve for inventory obsolescence 2021 $ 36.2 $ 3.8 $ (2.8) $ (1.1) $ 36.1 2020 28.5 9.0 (2.6) 1.3 36.2 2019 25.7 5.6 (2.7) (0.1) 28.5 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
Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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. |
Discontinued Operations | Discontinued Operations - During 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses, which are presented as discontinued operations for all periods presented. Unless otherwise noted, discussion within these Notes to Consolidated Financial Statements relate to continuing operations. Refer to Note 3 for additional information on discontinued operations. |
Recent Accounting Pronouncements | 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 In October 2021, the FASB issued an update to improve the accounting for acquired revenue contracts with customers in a business combination by promoting consistency in the recognition of an acquired contract liability and the subsequent revenue recognized by the acquirer. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company early-adopted this update in the fourth quarter of 2021. This update did not have a material impact on the acquisitions completed in 2021 and the future impact of adoption, if any, will depend on the acquisitions made by the Company. |
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 | 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, 2021, management concluded that there were no matters for which there was a reasonable possibility of a material loss. |
Earnings per Share | 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. |
Estimates | 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 | 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.” |
Goodwill and Other Intangibles | 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 34 reporting units with individual goodwill amounts ranging from zero to $3,245.3. In 2021, 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 any of its reporting units and thus was not required to perform a quantitative analysis for these reporting units. 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. To the extent the Company determines a fair value, the inputs used represent a Level 3 fair value measurement in the FASB fair value hierarchy given that the inputs are unobservable. 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. During the fourth quarter of 2021, the Company determined the use of the Sunquest trade name would be discontinued given the strategic action to merge the Sunquest business into our CliniSys business, both of which are reported in our Application Software reportable segment. Considering the planned merger and updated market comparisons, the royalty rate utilized in the quantitative impairment assessment of the trade name was 0.5% as compared to a royalty rate of 3.5% used in the prior year. The royalty rate reduction was the significant assumption that resulted in a non-cash impairment charge of $94.4 recognized as a component of “Impairment of intangible assets” within the Consolidated Statements of Earnings. 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. 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 | 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 | 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. |
Inventories | 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 | 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 and Depreciation and Amortization - Property, plant and equipment is stated at cost less accumulated depreciation and amortization. |
Research, Development and Engineering | 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. |
Revenue Recognition | Revenue Recognition - The reported results reflect the application of ASC 606 guidance. 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. Software and related services SaaS - SaaS subscriptions and associated 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. Revenues from software implementation projects are generally recognized over time using the input method, utilizing the ratio of costs or labor hours incurred to total estimated costs or labor, as the measure of performance. 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. 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 $19.7 and $28.1 at December 31, 2021 and 2020, 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 - Remaining performance obligations - |
Capitalized Software | 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. |
Stock-Based Compensation | 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. |
Summary of Accounting Policie_2
Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Diluted Shares Outstanding | The effects of potential common stock were determined using the treasury stock method: Year ended December 31, 2021 2020 2019 Basic weighted-average shares outstanding 105.3 104.6 103.9 Effect of potential common stock: Common stock awards 1.2 1.1 1.2 Diluted weighted-average shares outstanding 106.5 105.7 105.1 |
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 and software 3-5 years The components of property, plant and equipment at December 31 were as follows: 2021 2020 Land $ 2.2 $ 2.2 Buildings 77.5 80.2 Machinery and other equipment 164.4 176.1 Computer equipment 117.5 110.9 Software 77.4 75.7 439.0 445.1 Accumulated depreciation (336.2) (317.8) $ 102.8 $ 127.3 |
Schedule of 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, 2021 2020 2019 Software and related services $ 3,604.3 $ 2,871.1 $ 2,477.7 Engineered products and related services 2,173.5 1,983.1 2,250.0 Net revenues $ 5,777.8 $ 4,854.2 $ 4,727.7 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following tables summarize the major classes of assets and liabilities related to the discontinued operations of the TransCore, Zetec and CIVCO Radiotherapy businesses, as applicable, as reported in the Consolidated Balance Sheets at December 31: 2021 (1) 2020 Accounts receivable, net $ 74.7 $ 117.3 Inventories, net 47.8 33.3 Unbilled receivables 158.2 168.9 Goodwill 405.5 — Other intangible assets, net 31.0 — Other current assets 71.4 4.7 Current assets held for sale 788.6 324.2 Goodwill — 429.2 Other intangible assets, net — 38.7 Other assets — 53.7 Assets held for sale $ — $ 521.6 Accounts payable $ 40.3 $ 50.7 Accrued compensation 27.0 23.5 Deferred taxes 29.5 — Other current liabilities 62.3 46.6 Current liabilities held for sale 159.1 120.8 Deferred taxes — 31.0 Other liabilities — 33.1 Liabilities held for sale $ — $ 64.1 (1) All assets and liabilities held for sale were classified as current as it was probable that the sale of TransCore and Zetec would be completed within one year from the balance sheet date. The following table summarizes the major classes of revenue and expenses constituting net earnings from discontinued operations attributable to the TransCore, Zetec and CIVCO Radiotherapy businesses: Year ended December 31, 2021 2020 2019 Net revenues $ 638.0 $ 672.9 $ 639.1 Cost of sales 372.9 400.7 352.1 Gross profit 265.1 272.2 287.0 Selling, general and administrative expenses (1) 124.0 114.6 116.9 Income from operations 141.1 157.6 170.1 Other income (expense), net 1.5 0.3 (0.1) Earnings before income taxes (2) 142.6 157.9 170.0 Income taxes 28.5 33.7 42.1 Earnings from discontinued operations, net of tax 114.1 124.2 127.9 Gain on disposition of discontinued operations, net of tax 55.9 — — Net earnings from discontinued operations $ 170.0 $ 124.2 $ 127.9 (1) Includes stock-based compensation expense of $5.4, $4.8 and $3.4 for the years ended December 31, 2021, 2020, and 2019, respectively. Stock-based compensation for discontinued operations was previously reported as a component of unallocated corporate general and administrative expenses. In connection with the sale of CIVCO Radiotherapy, we recognized expense of $0.9 associated with accelerated vesting of share-based awards. These charges were recorded as a component of “Gain on disposition of discontinued operations, net of tax” within the Consolidated Statements of Earnings. (2) Includes depreciation and amortization of $5.2, $7.9 and $7.2 for the years ended December 31, 2021, 2020, and 2019, respectively. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The components of inventories at December 31 were as follows: 2021 2020 Raw materials and supplies $ 112.7 $ 104.0 Work in process 30.2 22.9 Finished products 69.3 74.4 Inventory reserves (36.1) (36.2) $ 176.1 $ 165.1 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 and software 3-5 years The components of property, plant and equipment at December 31 were as follows: 2021 2020 Land $ 2.2 $ 2.2 Buildings 77.5 80.2 Machinery and other equipment 164.4 176.1 Computer equipment 117.5 110.9 Software 77.4 75.7 439.0 445.1 Accumulated depreciation (336.2) (317.8) $ 102.8 $ 127.3 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019 $ 5,389.4 $ 3,596.6 $ 1,155.5 $ 245.8 $ 10,387.3 Goodwill acquired 3,399.0 134.0 — — 3,533.0 Currency translation adjustments 14.5 16.6 11.8 4.4 47.3 Reclassifications and other (0.6) (1.0) — — (1.6) Balances at December 31, 2020 $ 8,802.3 $ 3,746.2 $ 1,167.3 $ 250.2 $ 13,966.0 Goodwill acquired 85.9 52.9 — — 138.8 Currency translation adjustments (5.8) (3.0) (6.7) (2.6) (18.1) Reclassifications and other 6.9 0.9 — — 7.8 Balances at December 31, 2021 $ 8,889.3 $ 3,797.0 $ 1,160.6 $ 247.6 $ 14,094.5 |
Schedule of Other Intangible Assets - Subject to Amortization | Other intangible assets were comprised of: Cost Accum. amort. Net book value Assets subject to amortization: Customer related intangibles $ 7,473.7 $ (1,688.2) $ 5,785.5 Unpatented technology 942.8 (363.9) 578.9 Software 172.4 (127.4) 45.0 Patents and other protective rights 12.0 (6.0) 6.0 Trade names 7.3 (5.6) 1.7 Assets not subject to amortization: Trade names 751.1 — 751.1 Balances at December 31, 2020 $ 9,359.3 $ (2,191.1) $ 7,168.2 Assets subject to amortization: Customer related intangibles $ 7,532.0 $ (2,108.0) $ 5,424.0 Unpatented technology 906.4 (431.8) 474.6 Software 149.5 (122.4) 27.1 Patents and other protective rights 9.6 (2.1) 7.5 Trade names 12.8 (6.1) 6.7 Assets not subject to amortization: Trade names 648.6 — 648.6 Balances at December 31, 2021 $ 9,258.9 $ (2,670.4) $ 6,588.5 |
Schedule of Other Intangible Assets - Not Subject to Amortization | Other intangible assets were comprised of: Cost Accum. amort. Net book value Assets subject to amortization: Customer related intangibles $ 7,473.7 $ (1,688.2) $ 5,785.5 Unpatented technology 942.8 (363.9) 578.9 Software 172.4 (127.4) 45.0 Patents and other protective rights 12.0 (6.0) 6.0 Trade names 7.3 (5.6) 1.7 Assets not subject to amortization: Trade names 751.1 — 751.1 Balances at December 31, 2020 $ 9,359.3 $ (2,191.1) $ 7,168.2 Assets subject to amortization: Customer related intangibles $ 7,532.0 $ (2,108.0) $ 5,424.0 Unpatented technology 906.4 (431.8) 474.6 Software 149.5 (122.4) 27.1 Patents and other protective rights 9.6 (2.1) 7.5 Trade names 12.8 (6.1) 6.7 Assets not subject to amortization: Trade names 648.6 — 648.6 Balances at December 31, 2021 $ 9,258.9 $ (2,670.4) $ 6,588.5 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities at December 31 were as follows: 2021 2020 Interest $ 42.6 $ 44.1 Customer deposits 56.9 48.6 Accrued dividend 66.8 60.0 Rebates 63.0 51.5 Operating lease liability 51.4 56.8 Sales and other taxes payable 25.4 33.4 Other 134.6 124.2 $ 440.7 $ 418.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Earnings Before Income Taxes | Earnings before income taxes for the years ended December 31, 2021, 2020 and 2019 consisted of the following components: 2021 2020 2019 United States $ 915.3 $ 752.7 $ 1,741.2 Other 355.7 298.7 316.2 $ 1,271.0 $ 1,051.4 $ 2,057.4 |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense for the years ended December 31, 2021, 2020 and 2019 were as follows: 2021 2020 2019 Current: Federal $ 130.6 $ 157.5 $ 366.5 State 56.8 50.0 72.0 Foreign 94.5 75.3 77.9 Deferred: Federal 28.0 (56.7) (47.1) State (26.6) (5.2) (2.2) Foreign 5.1 5.0 (49.7) $ 288.4 $ 225.9 $ 417.4 |
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, 2021, 2020 and 2019 were as follows: 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % Foreign operations, net 2.6 1.7 (0.1) R&D tax credits (1.8) (1.4) (0.5) State taxes, net of federal benefit 2.7 2.9 1.4 Stock-based compensation (2.3) (3.3) (1.3) Impact of UK tax rate change 1.7 — — Divestitures — — 2.0 Legal entity restructuring (1.2) — (2.0) Other, net — 0.6 (0.2) 22.7 % 21.5 % 20.3 % |
Schedule of Deferred Tax Assets and Liabilities | Components of the deferred tax assets and liabilities at December 31 were as follows: 2021 2020 Deferred tax assets: Reserves and accrued expenses $ 195.8 $ 175.0 Net operating loss carryforwards 101.5 153.6 R&D credits 12.5 26.2 Interest expense limitation carryforwards 10.9 63.0 Outside basis differences on assets held for sale 57.5 — Lease liability 52.6 56.3 Valuation allowance (44.4) (37.7) Total deferred tax assets $ 386.4 $ 436.4 Deferred tax liabilities: Reserves and accrued expenses $ 16.1 $ 21.5 Amortizable intangible assets 1,670.2 1,762.8 Plant and equipment 3.8 7.4 Accrued tax on unremitted foreign earnings 24.7 18.6 ROU asset 50.0 54.4 Total deferred tax liabilities $ 1,764.8 $ 1,864.7 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2021 2020 2019 Beginning balance $ 75.6 $ 69.8 $ 63.6 Additions for tax positions of prior periods 2.2 6.0 2.9 Additions for tax positions of the current period 3.3 3.5 4.2 Additions due to acquisitions 1.0 6.2 1.9 Reductions for tax positions of prior periods (0.6) (3.6) (0.3) Reductions attributable to lapses of applicable statute of limitations (4.6) (6.3) (2.5) Reductions attributable to settlements with taxing authorities (27.5) — — Ending balance $ 49.4 $ 75.6 $ 69.8 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Total debt at December 31 consisted of the following: 2021 2020 Unsecured credit facility $ 470.0 $ 1,620.0 $500 2.800% senior notes due 2021 — 500.0 $500 3.125% senior notes due 2022 500.0 500.0 $300 0.450% senior notes due 2022 300.0 300.0 $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 700.0 700.0 $700 3.800% senior notes due 2026 700.0 700.0 $700 1.400% senior notes due 2027 700.0 700.0 $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 600.0 600.0 $1,000 1.750% senior notes due 2031 1,000.0 1,000.0 Other 0.3 0.5 Less unamortized debt issuance costs (48.5) (59.7) Total debt 7,921.8 9,560.8 Less current portion (799.2) (499.4) Long-term debt $ 7,122.6 $ 9,061.4 |
Schedule of Future Maturities of Long-Term Debt | Future maturities of total debt during each of the next five years ending December 31 and thereafter are as follows: 2022 $ 800.2 2023 1,170.1 2024 500.0 2025 1,000.0 2026 700.0 Thereafter 3,800.0 Total $ 7,970.3 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Debt | Roper’s debt at December 31, 2021 included $7,500 of fixed-rate senior notes with the following fair values: $500 3.125% senior notes due 2022 507 $300 0.450% senior notes due 2022 300 $700 3.650% senior notes due 2023 730 $500 2.350% senior notes due 2024 514 $300 3.850% senior notes due 2025 323 $700 1.000% senior notes due 2025 684 $700 3.800% senior notes due 2026 768 $700 1.400% senior notes due 2027 680 $800 4.200% senior notes due 2028 899 $700 2.950% senior notes due 2029 727 $600 2.000% senior notes due 2030 578 $1,000 1.750% senior notes due 2031 941 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | Stock based compensation expense for the years ended December 31, 2021, 2020 and 2019 included as a component of “Selling, general and administrative expenses” was as follows: 2021 2020 2019 Stock based compensation $ 136.1 $ 117.0 $ 101.2 Tax benefit recognized in net earnings 28.6 24.6 21.3 |
Schedule of Weighted-Average Assumptions of Stock-Based Compensation | The weighted-average fair value of options granted in 2021, 2020 and 2019 were calculated using the following weighted-average assumptions: 2021 2020 2019 Weighted-average fair value ($) 95.17 63.22 68.05 Risk-free interest rate (%) 0.94 0.81 2.37 Average expected option life (years) 5.61 5.64 5.42 Expected volatility (%) 25.14 20.39 19.22 Expected dividend yield (%) 0.56 0.62 0.58 |
Schedule of 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, 2021 and 2020: Number of shares Weighted-average Weighted-average Aggregate intrinsic Outstanding at December 31, 2019 3.349 $ 219.40 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 Granted 0.516 405.20 Exercised (0.537) 195.07 Canceled (0.122) 312.97 Outstanding at December 31, 2021 3.223 287.15 6.61 $ 659.9 Exercisable at December 31, 2021 1.480 $ 219.68 4.90 $ 402.8 |
Schedule of Stock-Based Compensation by Exercise Price Range | The following table summarizes information for stock options outstanding at December 31, 2021: Outstanding options Exercisable options Exercise price Number Average Average remaining Number Average $93.62 - $166.19 0.359 $ 141.69 2.4 0.359 $ 141.69 $166.20 - $208.79 0.353 177.69 4.5 0.353 177.69 $208.80 - $275.58 0.338 236.24 5.9 0.247 223.79 $275.59 - $279.44 0.447 278.40 6.2 0.264 277.77 $279.45 -$323.36 0.617 319.40 8.1 0.046 287.89 $323.37 - $327.91 0.397 326.32 7.2 0.176 326.32 $327.92 - $398.19 0.204 366.45 7.9 0.035 351.25 $398.20 - $407.21 0.403 401.27 9.2 — — $407.22 - $491.86 0.105 422.59 9.1 — — $93.62 - $491.86 3.223 $ 287.15 6.6 1.480 $ 219.68 |
Schedule of Nonvested Restricted Stock Awards Activity | A summary of the Company’s nonvested shares activity for 2021 and 2020 is as follows: Number of Weighted-average 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 Granted 0.228 409.36 Vested (0.294) 308.79 Forfeited (0.037) 350.53 Nonvested at December 31, 2021 0.498 $ 365.79 |
Segment and Geographic Area I_2
Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Selected financial information by reportable segment for 2021, 2020 and 2019 follows: Application Software Network Software & Systems Measurement &Analytical Solutions Process Technologies Corporate Total 2021 Net revenues $ 2,380.6 $ 1,338.4 $ 1,559.6 $ 499.2 $ — $ 5,777.8 Operating profit 1 635.9 511.6 482.6 152.9 (203.3) 1,579.7 Assets: Operating assets 577.6 243.9 346.9 172.3 15.4 1,356.1 Intangible assets, net 13,498.4 5,551.2 1,356.7 276.7 — 20,683.0 Other 205.7 50.4 100.9 81.9 447.3 886.2 Total 2 22,925.3 Capital expenditures 18.0 6.0 6.4 1.4 1.1 32.9 Capitalized software expenditures 26.3 3.4 — — — 29.7 Depreciation and other amortization 421.0 171.8 33.3 7.7 0.3 634.1 2020 Net revenues $ 1,799.9 $ 1,173.7 $ 1,425.6 $ 455.0 $ — $ 4,854.2 Operating profit 468.7 413.9 463.3 115.3 (187.7) 1,273.5 Assets: Operating assets 526.6 217.3 328.6 148.9 3.9 1,225.3 Intangible assets, net 13,844.6 5,621.6 1,383.9 284.1 — 21,134.2 Other 173.1 48.4 107.6 67.3 423.1 819.5 Total 2 23,179.0 Capital expenditures 12.9 6.2 7.9 1.1 0.2 28.3 Capitalized software expenditures 16.3 1.4 — — — 17.7 Depreciation and other amortization 296.9 171.9 34.1 9.6 0.4 512.9 2019 Net revenues $ 1,588.0 $ 1,004.2 $ 1,544.3 $ 591.2 $ — $ 4,727.7 Operating profit 405.4 389.1 491.4 211.4 (169.0) 1,328.3 Assets: Operating assets 382.2 206.0 332.9 181.4 4.3 1,106.8 Intangible assets, net 7,833.6 5,505.5 1,390.5 285.6 — 15,015.2 Other 168.5 48.7 117.9 65.5 773.8 1,174.4 Total 2 17,296.4 Capital expenditures 17.4 6.1 17.1 2.2 0.2 43.0 Capitalized software expenditures 9.7 0.5 — — — 10.2 Depreciation and other amortization 230.2 127.1 39.7 11.2 0.6 408.8 1 Operating profit excludes $99.5 of non-cash impairment charges. 2 Total excludes assets held for sale of $788.6, $845.8 and $812.5 associated with the TransCore, Zetec and CIVCO Radiotherapy businesses, as applicable, on December 31, 2021, 2020 and 2019, respectively. |
Schedule of Sales and Long-Lived Assets by Country of Origin | Summarized data for Roper’s U.S. and foreign operations (principally in Canada, Europe and Asia) for 2021, 2020 and 2019, based upon the country of origin of the Roper entity making the sale, was as follows: United States Non-U.S. Eliminations Total 2021 Sales to unaffiliated customers $ 4,630.8 $ 1,147.0 $ — $ 5,777.8 Sales between geographic areas 122.7 126.4 (249.1) — Net revenues $ 4,753.5 $ 1,273.4 $ (249.1) $ 5,777.8 Long-lived assets $ 178.5 $ 29.9 $ — $ 208.4 2020 Sales to unaffiliated customers $ 3,848.5 $ 1,005.7 $ — $ 4,854.2 Sales between geographic areas 122.8 162.1 (284.9) — Net revenues $ 3,971.3 $ 1,167.8 $ (284.9) $ 4,854.2 Long-lived assets $ 171.6 $ 32.7 $ — $ 204.3 2019 Sales to unaffiliated customers $ 3,730.6 $ 997.1 $ — $ 4,727.7 Sales between geographic areas 123.0 139.0 (262.0) — Net revenues $ 3,853.6 $ 1,136.1 $ (262.0) $ 4,727.7 Long-lived assets $ 141.9 $ 32.8 $ — $ 174.7 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Roper’s net revenues for the years ended December 31, 2021, 2020 and 2019 are shown below by region, except for Canada, which is presented separately: Application Software Network Software & Systems Measurement &Analytical Solutions Process Technologies Total 2021 Canada $ 51.2 $ 86.7 $ 69.5 $ 16.8 $ 224.2 Europe 248.2 71.1 284.9 84.4 688.6 Asia 3.7 13.6 135.1 85.2 237.6 Rest of the world 37.1 10.5 56.4 87.8 191.8 Total $ 340.2 $ 181.9 $ 545.9 $ 274.2 $ 1,342.2 2020 Canada $ 43.4 $ 75.6 $ 71.1 $ 17.2 $ 207.3 Europe 205.5 60.2 250.7 87.2 603.6 Asia 3.3 13.1 116.0 74.0 206.4 Rest of the world 37.7 10.9 58.9 71.8 179.3 Total $ 289.9 $ 159.8 $ 496.7 $ 250.2 $ 1,196.6 2019 Canada $ 41.0 $ 70.1 $ 80.7 $ 22.2 $ 214.0 Europe 188.8 35.7 299.7 101.1 625.3 Asia 3.5 12.4 177.6 87.1 280.6 Rest of the world 34.4 8.2 55.4 97.8 195.8 Total $ 267.7 $ 126.4 $ 613.4 $ 308.2 $ 1,315.7 |
Contract Balances (Tables)
Contract Balances (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Balances | Contract balances at December 31 are set forth in the following table: Balance Sheet Account 2021 2020 Change Unbilled receivables $ 95.3 $ 72.8 $ 22.5 Contract liabilities - current (1) (1,130.2) (990.3) (139.9) Deferred revenue - non-current (75.3) (42.7) (32.6) Net contract assets/(liabilities) $ (1,110.2) $ (960.2) $ (150.0) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of 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: 2021 2020 Operating cash flows used for operating leases $ 64.4 $ 59.7 Right-of-use assets obtained in exchange for operating lease obligations 41.6 58.1 Weighted average remaining lease term - operating leases (years) 6 Weighted average discount rate (%) 2.7 |
Schedule of 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 2021 2020 ASSETS: Operating lease ROU assets Other assets $ 221.0 $ 232.6 LIABILITIES: Current operating lease liabilities Other accrued liabilities 51.4 56.8 Operating lease liabilities Other liabilities 180.9 192.8 Total operating lease liabilities $ 232.3 $ 249.6 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases were as follows: 2022 $ 56.4 2023 45.1 2024 38.9 2025 32.8 2026 25.2 Thereafter 52.7 Total operating lease payments 251.1 Less: Imputed interest 18.8 Total operating lease liabilities $ 232.3 |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Data | First Quarter Second Quarter Third Quarter Fourth Quarter 2021 Net revenues $ 1,376.1 $ 1,426.6 $ 1,462.8 $ 1,512.3 Gross profit 936.0 967.3 996.1 1,018.0 Income from operations 374.6 381.5 403.5 320.6 Net earnings from continuing operations 269.9 253.0 259.8 199.9 Net earnings from discontinued operations 19.1 33.3 29.7 87.9 Net earnings 289.0 286.3 289.5 287.8 Net earnings per share from continuing operations: Basic $ 2.57 $ 2.40 $ 2.47 $ 1.90 Diluted $ 2.55 $ 2.38 $ 2.43 $ 1.87 Net earnings per share from discontinued operations: Basic $ 0.18 $ 0.32 $ 0.28 $ 0.83 Diluted $ 0.18 $ 0.31 $ 0.28 $ 0.83 Net earnings per share: Basic $ 2.75 $ 2.72 $ 2.75 $ 2.73 Diluted $ 2.73 $ 2.69 $ 2.71 $ 2.70 2020 Net revenues $ 1,182.6 $ 1,137.8 $ 1,198.2 $ 1,335.6 Gross profit 787.5 772.5 809.9 900.9 Income from operations 308.4 291.6 330.5 343.0 Net earnings from continuing operations 209.5 184.0 207.0 225.0 Net earnings from discontinued operations 30.8 35.2 27.4 30.8 Net earnings 240.3 219.2 234.4 255.8 Net earnings per share from continuing operations: Basic $ 2.01 $ 1.76 $ 1.98 $ 2.15 Diluted $ 1.99 $ 1.74 $ 1.95 $ 2.12 Net earnings per share from discontinued operations: Basic $ 0.29 $ 0.34 $ 0.26 $ 0.29 Diluted $ 0.29 $ 0.34 $ 0.26 $ 0.29 Net earnings per share: Basic $ 2.30 $ 2.10 $ 2.24 $ 2.44 Diluted $ 2.28 $ 2.08 $ 2.21 $ 2.41 |
Summary of Accounting Policie_3
Summary of Accounting Policies (Narrative) (Details) shares in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)reporting_unitshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Jan. 01, 2020USD ($) | Dec. 31, 2018USD ($) | |
Summary Of Accounting Policies [Line Items] | ||||||
Increase (decrease) in retained earnings | $ 11,563,800,000 | $ 11,563,800,000 | $ 10,479,800,000 | $ 9,491,900,000 | $ 7,738,500,000 | |
Cash equivalents | 0 | $ 0 | $ 0 | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 521 | 208 | 627 | |||
Foreign currency transaction gains (losses) | $ (1,400,000) | $ (4,500,000) | $ (3,500,000) | |||
Number of reporting units | reporting_unit | 34 | |||||
Goodwill | 14,094,500,000 | $ 14,094,500,000 | 13,966,000,000 | 10,387,300,000 | ||
Loss from impairment | 99,500,000 | 0 | 0 | |||
Research and development expense | 528,400,000 | 423,600,000 | 379,700,000 | |||
Allowance for doubtful accounts receivable and sales returns and allowances net current | 19,700,000 | 19,700,000 | 28,100,000 | |||
Deferred commission, non-current | 32,500,000 | 32,500,000 | 25,000,000 | |||
Deferred commission, current | 24,200,000 | 24,200,000 | 17,500,000 | |||
Deferred commissions expense | 27,200,000 | 30,100,000 | 30,100,000 | |||
Remaining performance obligations | 3,790,400,000 | 3,790,400,000 | ||||
Capitalized computer software, net | $ 65,900,000 | $ 65,900,000 | 43,100,000 | |||
Software-as-a-service | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Number of days for payment (in days) | 30 days | |||||
Subscription term (in years) | 1 year | |||||
Software licenses | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Subscription term (in years) | 1 year | |||||
Royalty rate | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Intangible assets measurement input | 0.005 | |||||
Intangible assets measurement input increase (decrease) | 0.035 | |||||
Trade names | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Loss from impairment | $ 94,400,000 | |||||
Software development | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Loss from impairment | 5,100,000 | |||||
Minimum | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Goodwill | 0 | $ 0 | ||||
Minimum | Software licenses | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Number of days for payment (in days) | 30 days | |||||
Minimum | PCS | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Number of days for payment (in days) | 30 days | |||||
Minimum | Engineered products | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Number of days for payment (in days) | 30 days | |||||
Maximum | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Goodwill | $ 3,245,300,000,000 | $ 3,245,300,000,000 | ||||
Maximum | Software licenses | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Number of days for payment (in days) | 60 days | |||||
Maximum | PCS | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Number of days for payment (in days) | 60 days | |||||
Maximum | Engineered products | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Number of days for payment (in days) | 60 days | |||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Increase (decrease) in retained earnings | (1,700,000) | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Remaining performance obligations, percentage (as a percent) | 68.00% | 68.00% | ||||
Remaining performance obligations, expected timing of revenue recognition | 12 months | 12 months | ||||
Retained earnings | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Increase (decrease) in retained earnings | $ 9,455,600,000 | $ 9,455,600,000 | $ 8,546,200,000 | 7,818,000,000 | $ 6,247,700,000 | |
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) |
Summary of Accounting Policie_4
Summary of Accounting Policies (Schedule of Weighted Average Diluted Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Basic weighted-average shares outstanding (in shares) | 105.3 | 104.6 | 103.9 |
Effect of potential common stock: | |||
Common stock awards (in shares) | 1.2 | 1.1 | 1.2 |
Diluted weighted-average shares outstanding (in shares) | 106.5 | 105.7 | 105.1 |
Summary of Accounting Policie_5
Summary of Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 20 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 30 years |
Machinery | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 8 years |
Machinery | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 12 years |
Other equipment and software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Other equipment and software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
Summary of Accounting Policie_6
Summary of Accounting Policies (Disaggregated Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 1,512.3 | $ 1,462.8 | $ 1,426.6 | $ 1,376.1 | $ 1,335.6 | $ 1,198.2 | $ 1,137.8 | $ 1,182.6 | $ 5,777.8 | $ 4,854.2 | $ 4,727.7 |
Software and related services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | 3,604.3 | 2,871.1 | 2,477.7 | ||||||||
Engineered products and related services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net revenues | $ 2,173.5 | $ 1,983.1 | $ 2,250 |
Business Acquisitions and Dis_2
Business Acquisitions and Dispositions (Details) $ in Millions | Jan. 03, 2022USD ($) | Oct. 15, 2021USD ($) | Mar. 17, 2021USD ($) | Sep. 03, 2020USD ($) | Oct. 29, 2019USD ($) | Feb. 05, 2019USD ($) | Sep. 30, 2021acquisition | Dec. 31, 2021USD ($)acquisition | Dec. 31, 2020USD ($)acquisition | Dec. 31, 2019USD ($)acquisition | Dec. 30, 2021 | Aug. 22, 2019 | Apr. 18, 2019 |
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired | acquisition | 4 | 7 | 6 | 4 | |||||||||
Aggregate purchase price | $ 2,387.6 | ||||||||||||
Goodwill acquired during period | $ 138.8 | $ 3,533 | |||||||||||
Other identifiable intangibles | 104.9 | ||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Sedaru, Inc | Gatan | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Consideration receivable or received on disposal | $ 27.1 | ||||||||||||
Pretax gain | 27.1 | ||||||||||||
Income tax expense in connection with sale | $ 5.5 | ||||||||||||
Disposal group, disposed of by sale, not discontinued operations | AMETEK | Gatan | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Consideration receivable or received on disposal | $ 925 | ||||||||||||
Pretax gain | 801.1 | ||||||||||||
Income tax expense in connection with sale | $ 201.2 | ||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Teledyne | Imaging Businesses | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Consideration receivable or received on disposal | $ 225 | ||||||||||||
Pretax gain | 119.6 | ||||||||||||
Income tax expense in connection with sale | $ 32.2 | ||||||||||||
Customer related intangibles | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other identifiable intangibles | $ 94.6 | ||||||||||||
Weighted average useful life of finite-lived intangible assets (in years) | 12 years 10 months 24 days | ||||||||||||
Technology | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other identifiable intangibles | $ 10.3 | ||||||||||||
Weighted average useful life of finite-lived intangible assets (in years) | 5 years 3 months 18 days | ||||||||||||
American LegalNet Inc | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of voting interests acquired (as a percent) | 100.00% | ||||||||||||
Horizon Lab Systems | Subsequent event | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of voting interests acquired (as a percent) | 100.00% | ||||||||||||
Cash transaction | $ 49.7 | ||||||||||||
Vertafore | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate purchase price | $ 5,398.6 | ||||||||||||
Percentage of voting interests acquired (as a percent) | 100.00% | ||||||||||||
Goodwill acquired during period | $ 3,229.1 | ||||||||||||
Other identifiable intangibles | 2,660 | ||||||||||||
Business acquisition, enterprise value | 5,335 | ||||||||||||
Purchase price | 120 | ||||||||||||
Amortizable intangible assets | 2,540 | ||||||||||||
Deferred tax assets (liabilities), net | 489 | ||||||||||||
Deferred tax liabilities | 638 | ||||||||||||
Vertafore | Trade names | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Indefinite-lived intangible assets | 120 | ||||||||||||
Vertafore | Customer related intangibles | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other identifiable intangibles | $ 2,230 | ||||||||||||
Weighted average useful life of finite-lived intangible assets (in years) | 17 years | ||||||||||||
Vertafore | Technology | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other identifiable intangibles | $ 310 | ||||||||||||
Weighted average useful life of finite-lived intangible assets (in years) | 8 years | ||||||||||||
Other acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired | acquisition | 5 | ||||||||||||
Aggregate purchase price | $ 225.9 | $ 612.8 | |||||||||||
Goodwill acquired during period | $ 303.9 | 1,447 | |||||||||||
Other identifiable intangibles | 313 | $ 1,181.9 | |||||||||||
Other acquisitions | Customer related intangibles | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other identifiable intangibles | $ 283.7 | ||||||||||||
Weighted average useful life of finite-lived intangible assets (in years) | 16 years | 15 years 9 months 18 days | |||||||||||
Amortizable intangible assets | $ 1,020 | ||||||||||||
Other acquisitions | Technology | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other identifiable intangibles | $ 29.3 | ||||||||||||
Weighted average useful life of finite-lived intangible assets (in years) | 5 years | ||||||||||||
Other acquisitions | Unpatented technology | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Weighted average useful life of finite-lived intangible assets (in years) | 6 years 9 months 18 days | ||||||||||||
Amortizable intangible assets | $ 109.3 | ||||||||||||
Foundry | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of voting interests acquired (as a percent) | 100.00% | ||||||||||||
iPipeline | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of voting interests acquired (as a percent) | 100.00% |
Discontinued Operations (Narrat
Discontinued Operations (Narratives) (Details) - Disposed of by Sale - USD ($) $ in Millions | Nov. 01, 2021 | Jan. 05, 2022 | Oct. 01, 2021 |
Civco Radiotherapy | Blue Wolf Capital Partners LLC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration receivable or received on disposal | $ 120 | ||
Pretax gain on disposition of business | 77.2 | ||
Income tax expense | $ 21.3 | ||
Zetec | Eddyfi NDT Inc | Subsequent event | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration receivable or received on disposal | $ 350 | ||
TransCore | Singapore Technologies Engineering Ltd | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration receivable or received on disposal | $ 2,680 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Assets and Liabilities From Discontinued Operations) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Current assets held for sale | $ 788.6 | $ 324.2 |
Assets held for sale | 0 | 521.6 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Current liabilities held for sale | 159.1 | 120.8 |
Liabilities held for sale | 0 | 64.1 |
Held-for-sale or Disposed of by Sale | TransCore and Zetec and CIVCO Radiotherapy | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Accounts receivable, net | 74.7 | 117.3 |
Inventories, net | 47.8 | 33.3 |
Unbilled receivables | 158.2 | 168.9 |
Goodwill | 405.5 | 0 |
Other intangible assets, net | 31 | 0 |
Other current assets | 71.4 | 4.7 |
Current assets held for sale | 788.6 | 324.2 |
Goodwill | 0 | 429.2 |
Other intangible assets, net | 0 | 38.7 |
Other assets | 0 | 53.7 |
Assets held for sale | 0 | 521.6 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Accounts payable | 40.3 | 50.7 |
Accrued compensation | 27 | 23.5 |
Deferred taxes | 29.5 | 31 |
Other current liabilities | 62.3 | 46.6 |
Current liabilities held for sale | 159.1 | 120.8 |
Other liabilities | 0 | 33.1 |
Liabilities held for sale | $ 0 | $ 64.1 |
Discontinued Operations (Sche_2
Discontinued Operations (Schedule of Amounts Included in Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Earnings from discontinued operations, net of tax | $ 114.1 | $ 124.2 | $ 127.9 | ||||||||
Gain on disposition of discontinued operations, net of tax | 55.9 | 0 | 0 | ||||||||
Net earnings from discontinued operations | $ 87.9 | $ 29.7 | $ 33.3 | $ 19.1 | $ 30.8 | $ 27.4 | $ 35.2 | $ 30.8 | 170 | 124.2 | 127.9 |
Depreciation and amortization | 5.2 | 7.9 | 7.2 | ||||||||
Held-for-sale or Disposed of by Sale | TransCore and Zetec and CIVCO Radiotherapy | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net revenues | 638 | 672.9 | 639.1 | ||||||||
Cost of sales | 372.9 | 400.7 | 352.1 | ||||||||
Gross profit | 265.1 | 272.2 | 287 | ||||||||
Selling, general and administrative expenses | 124 | 114.6 | 116.9 | ||||||||
Income from operations | 141.1 | 157.6 | 170.1 | ||||||||
Other income (expense), net | 1.5 | 0.3 | (0.1) | ||||||||
Earnings before income taxes (2) | 142.6 | 157.9 | 170 | ||||||||
Income taxes | 28.5 | 33.7 | 42.1 | ||||||||
Earnings from discontinued operations, net of tax | 114.1 | 124.2 | 127.9 | ||||||||
Gain on disposition of discontinued operations, net of tax | 55.9 | 0 | 0 | ||||||||
Net earnings from discontinued operations | 170 | 124.2 | 127.9 | ||||||||
Stock-based compensation expense | 5.4 | $ 4.8 | $ 3.4 | ||||||||
Held-for-sale or Disposed of by Sale | Civco Radiotherapy | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain on disposition of discontinued operations, net of tax | $ 0.9 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
Raw materials and supplies | $ 112.7 | $ 104 |
Work in process | 30.2 | 22.9 |
Finished products | 69.3 | 74.4 |
Inventory reserves | (36.1) | (36.2) |
Total Inventory | $ 176.1 | $ 165.1 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 439 | $ 445.1 | |
Accumulated depreciation | (336.2) | (317.8) | |
Property, plant and equipment, net | 102.8 | 127.3 | |
Depreciation expense | 49.7 | 46.7 | $ 43.1 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2.2 | 2.2 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 77.5 | 80.2 | |
Machinery and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 164.4 | 176.1 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 117.5 | 110.9 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 77.4 | $ 75.7 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balances | $ 13,966 | $ 10,387.3 |
Goodwill acquired | 138.8 | 3,533 |
Currency translation adjustments | (18.1) | 47.3 |
Reclassifications and other | 7.8 | (1.6) |
Ending balances | 14,094.5 | 13,966 |
Application Software | ||
Goodwill [Roll Forward] | ||
Beginning balances | 8,802.3 | 5,389.4 |
Goodwill acquired | 85.9 | 3,399 |
Currency translation adjustments | (5.8) | 14.5 |
Reclassifications and other | 6.9 | (0.6) |
Ending balances | 8,889.3 | 8,802.3 |
Network Software & Systems | ||
Goodwill [Roll Forward] | ||
Beginning balances | 3,746.2 | 3,596.6 |
Goodwill acquired | 52.9 | 134 |
Currency translation adjustments | (3) | 16.6 |
Reclassifications and other | 0.9 | (1) |
Ending balances | 3,797 | 3,746.2 |
Measurement &Analytical Solutions | ||
Goodwill [Roll Forward] | ||
Beginning balances | 1,167.3 | 1,155.5 |
Goodwill acquired | 0 | 0 |
Currency translation adjustments | (6.7) | 11.8 |
Reclassifications and other | 0 | 0 |
Ending balances | 1,160.6 | 1,167.3 |
Process Technologies | ||
Goodwill [Roll Forward] | ||
Beginning balances | 250.2 | 245.8 |
Goodwill acquired | 0 | 0 |
Currency translation adjustments | (2.6) | 4.4 |
Reclassifications and other | 0 | 0 |
Ending balances | $ 247.6 | $ 250.2 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Assets subject to amortization, accumulated amortization | $ (2,670.4) | $ (2,191.1) |
Intangible assets, cost | 9,258.9 | 9,359.3 |
Intangible assets, net book value | 6,588.5 | 7,168.2 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets not subject to amortization | 648.6 | 751.1 |
Customer related intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets subject to amortization, cost | 7,532 | 7,473.7 |
Assets subject to amortization, accumulated amortization | (2,108) | (1,688.2) |
Assets subject to amortization, net book value | 5,424 | 5,785.5 |
Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets subject to amortization, cost | 906.4 | 942.8 |
Assets subject to amortization, accumulated amortization | (431.8) | (363.9) |
Assets subject to amortization, net book value | 474.6 | 578.9 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets subject to amortization, cost | 149.5 | 172.4 |
Assets subject to amortization, accumulated amortization | (122.4) | (127.4) |
Assets subject to amortization, net book value | 27.1 | 45 |
Patents and other protective rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets subject to amortization, cost | 9.6 | 12 |
Assets subject to amortization, accumulated amortization | (2.1) | (6) |
Assets subject to amortization, net book value | 7.5 | 6 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets subject to amortization, cost | 12.8 | 7.3 |
Assets subject to amortization, accumulated amortization | (6.1) | (5.6) |
Assets subject to amortization, net book value | $ 6.7 | $ 1.7 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 584.4 | $ 466.2 | $ 365.7 |
Amortization expense, 2022 | 579 | ||
Amortization expense, 2023 | 565 | ||
Amortization expense, 2024 | 521 | ||
Amortization expense, 2025 | 493 | ||
Amortization expense, 2026 | 461 | ||
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 577.5 | $ 461.5 | $ 363.5 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities [Abstract] | ||
Interest | $ 42.6 | $ 44.1 |
Customer deposits | 56.9 | 48.6 |
Accrued dividend | 66.8 | 60 |
Rebates | 63 | 51.5 |
Operating lease liability | 51.4 | 56.8 |
Sales and other taxes payable | 25.4 | 33.4 |
Other | 134.6 | 124.2 |
Total | $ 440.7 | $ 418.6 |
Income Taxes (Earnings Before I
Income Taxes (Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 915.3 | $ 752.7 | $ 1,741.2 |
Other | 355.7 | 298.7 | 316.2 |
Earnings before income taxes | $ 1,271 | $ 1,051.4 | $ 2,057.4 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 130.6 | $ 157.5 | $ 366.5 |
State | 56.8 | 50 | 72 |
Foreign | 94.5 | 75.3 | 77.9 |
Deferred: | |||
Federal | 28 | (56.7) | (47.1) |
State | (26.6) | (5.2) | (2.2) |
Foreign | 5.1 | 5 | (49.7) |
Total | $ 288.4 | $ 225.9 | $ 417.4 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Foreign operations, net | 2.60% | 1.70% | (0.10%) |
R&D tax credits | (1.80%) | (1.40%) | (0.50%) |
State taxes, net of federal benefit | 2.70% | 2.90% | 1.40% |
Stock-based compensation | (2.30%) | (3.30%) | (1.30%) |
Impact of UK tax rate change | 1.70% | 0.00% | 0.00% |
Divestitures | 0.00% | 0.00% | 2.00% |
Legal entity restructuring | (1.20%) | 0.00% | (2.00%) |
Other, net | 0.00% | 0.60% | (0.20%) |
Effective income tax rate | 22.70% | 21.50% | 20.30% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Reserves and accrued expenses | $ 195.8 | $ 175 |
Net operating loss carryforwards | 101.5 | 153.6 |
R&D credits | 12.5 | 26.2 |
Interest expense limitation carryforwards | 10.9 | 63 |
Outside basis differences on assets held for sale | 57.5 | 0 |
Lease liability | 52.6 | 56.3 |
Valuation allowance | (44.4) | (37.7) |
Total deferred tax assets | 386.4 | 436.4 |
Deferred tax liabilities: | ||
Reserves and accrued expenses | 16.1 | 21.5 |
Amortizable intangible assets | 1,670.2 | 1,762.8 |
Plant and equipment | 3.8 | 7.4 |
Accrued tax on unremitted foreign earnings | 24.7 | 18.6 |
ROU asset | 50 | 54.4 |
Total deferred tax liabilities | $ 1,764.8 | $ 1,864.7 |
Income Taxes (Narratives) (Deta
Income Taxes (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Interest expense limitation carryforward | $ 10.9 | |
Valuation allowance | 44.4 | $ 37.7 |
Unrecognized tax benefits that would impact effective tax rate | 48.1 | |
Unrecognized tax benefits, income tax penalties and interest expense | 4.5 | |
Accrued interest and penalties | 5 | $ 9.6 |
Expected decrease of unrecognized tax benefits | 3 | |
Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 11.1 | |
Valuation allowance | 25.3 | |
Domestic Tax Authority | Research Tax Credit Carryforward | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward | 14.8 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 39.2 | |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 59.5 | |
Valuation allowance | $ 19.1 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 75.6 | $ 69.8 | $ 63.6 |
Additions for tax positions of prior periods | 2.2 | 6 | 2.9 |
Additions for tax positions of the current period | 3.3 | 3.5 | 4.2 |
Additions due to acquisitions | 1 | 6.2 | 1.9 |
Reductions for tax positions of prior periods | (0.6) | (3.6) | (0.3) |
Reductions attributable to lapses of applicable statute of limitations | (4.6) | (6.3) | (2.5) |
Reductions attributable to settlements with taxing authorities | (27.5) | 0 | 0 |
Ending balance | $ 49.4 | $ 75.6 | $ 69.8 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Millions | Sep. 02, 2020USD ($) | Dec. 31, 2021USD ($) | Nov. 15, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 15, 2020USD ($) | Sep. 01, 2020USD ($) | Jun. 22, 2020USD ($) | Aug. 26, 2019USD ($) | Aug. 28, 2018USD ($) | Dec. 19, 2016USD ($) | Sep. 23, 2016USD ($) | Dec. 07, 2015USD ($) | Nov. 21, 2012USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Outstanding letters of credit | $ 84.9 | ||||||||||||
Credit facility | Unsecured credit facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Outstanding borrowings | 470 | $ 1,620 | |||||||||||
Senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 7,500 | ||||||||||||
Redemption price percentage (as a percent) | 100.00% | ||||||||||||
Senior notes | Senior Notes Due June 2030 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 600 | ||||||||||||
Interest rate (as a percent) | 2.00% | ||||||||||||
Senior notes | Senior Notes Due August 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 300 | ||||||||||||
Interest rate (as a percent) | 0.45% | ||||||||||||
Senior notes | Senior Notes Due September 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 700 | ||||||||||||
Interest rate (as a percent) | 1.00% | ||||||||||||
Senior notes | Senior Notes Due September 2027 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 700 | ||||||||||||
Interest rate (as a percent) | 1.40% | ||||||||||||
Senior notes | Senior Notes Due February 2031 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 1,000 | ||||||||||||
Interest rate (as a percent) | 1.75% | ||||||||||||
Senior notes | Senior Notes Due 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 500 | ||||||||||||
Interest rate (as a percent) | 2.35% | ||||||||||||
Senior notes | Senior Notes Due 2029 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 700 | ||||||||||||
Interest rate (as a percent) | 2.95% | ||||||||||||
Senior notes | Senior Notes Due 2023 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 700 | ||||||||||||
Interest rate (as a percent) | 3.65% | ||||||||||||
Senior notes | Senior Notes Due 2028 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 800 | ||||||||||||
Interest rate (as a percent) | 4.20% | ||||||||||||
Senior notes | Senior Notes 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 500 | $ 500 | |||||||||||
Interest rate (as a percent) | 2.80% | 2.80% | |||||||||||
Senior notes | Senior Notes 2026 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 700 | ||||||||||||
Interest rate (as a percent) | 3.80% | ||||||||||||
Senior notes | Senior Notes 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 600 | $ 600 | |||||||||||
Interest rate (as a percent) | 3.00% | 3.00% | |||||||||||
Senior notes | Senior Notes 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 300 | ||||||||||||
Interest rate (as a percent) | 3.85% | ||||||||||||
Senior notes | Senior Notes 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Face amount of debt | $ 500 | ||||||||||||
Interest rate (as a percent) | 3.125% | ||||||||||||
JPMORGAN CHASE BANK N.A. | Revolving credit facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt term (in years) | 3 years | ||||||||||||
Maximum borrowing capacity (up to) | $ 3,000 | $ 2,500 | |||||||||||
Potential increase limit | $ 500 | ||||||||||||
Total Debt to Total Capital Ratio, minimum required | 0.65 | ||||||||||||
JPMORGAN CHASE BANK N.A. | Letter of credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity (up to) | $ 150 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2021 | Nov. 15, 2021 | Dec. 31, 2020 | Sep. 01, 2020 | Jun. 22, 2020 | Aug. 26, 2019 | Aug. 28, 2018 | Dec. 19, 2016 | Nov. 21, 2012 |
Debt Instrument [Line Items] | |||||||||
Total debt | $ 7,921,800,000 | $ 9,560,800,000 | |||||||
Less current portion | (799,200,000) | (499,400,000) | |||||||
Long-term debt | 7,122,600,000 | 9,061,400,000 | |||||||
Credit facility | Unsecured credit facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 470,000,000 | 1,620,000,000 | |||||||
Senior notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Less unamortized debt issuance costs | (48,500,000) | (59,700,000) | |||||||
Face amount of debt | 7,500,000,000 | ||||||||
Senior notes | $500 2.800% senior notes due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 0 | 500,000,000 | |||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | |||||||
Interest rate (as a percent) | 2.80% | 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 (as a percent) | 2.80% | ||||||||
Senior notes | $500 3.125% senior notes due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 500,000,000 | 500,000,000 | |||||||
Face amount of debt | $ 500,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 3.125% | ||||||||
Senior notes | $300 0.450% senior notes due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 300,000,000 | 300,000,000 | |||||||
Face amount of debt | $ 300,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 0.45% | ||||||||
Senior notes | $700 3.650% senior notes due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 700,000,000 | 700,000,000 | |||||||
Face amount of debt | $ 700,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 3.65% | ||||||||
Senior notes | $500 2.350% senior notes due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 500,000,000 | 500,000,000 | |||||||
Face amount of debt | $ 500,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 2.35% | ||||||||
Senior notes | $300 3.850% senior notes due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 300,000,000 | 300,000,000 | |||||||
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 (as a percent) | 3.85% | ||||||||
Senior notes | $700 1.000% senior notes due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 700,000,000 | 700,000,000 | |||||||
Face amount of debt | $ 700,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 1.00% | ||||||||
Senior notes | $700 3.800% senior notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 700,000,000 | 700,000,000 | |||||||
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 (as a percent) | 3.80% | ||||||||
Senior notes | $700 1.400% senior notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 700,000,000 | 700,000,000 | |||||||
Face amount of debt | $ 700,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 1.40% | ||||||||
Senior notes | $800 4.200% senior notes due 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 800,000,000 | 800,000,000 | |||||||
Face amount of debt | $ 800,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 4.20% | ||||||||
Senior notes | $700 2.950% senior notes due 2029 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 700,000,000 | 700,000,000 | |||||||
Face amount of debt | $ 700,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 2.95% | ||||||||
Senior notes | $600 2.000% senior notes due 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 600,000,000 | 600,000,000 | |||||||
Face amount of debt | $ 600,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 2.00% | ||||||||
Senior notes | $1,000 1.750% senior notes due 2031 | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 1,000,000,000 | 1,000,000,000 | |||||||
Face amount of debt | $ 1,000,000,000 | ||||||||
Interest rate (as a percent) | 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 (as a percent) | 1.75% | ||||||||
Senior notes | Other | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 300,000 | $ 500,000 |
Long-Term Debt (Future Maturiti
Long-Term Debt (Future Maturities of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 800.2 |
2023 | 1,170.1 |
2024 | 500 |
2025 | 1,000 |
2026 | 700 |
Thereafter | 3,800 |
Total | $ 7,970.3 |
Fair Value (Schedule of Fair Va
Fair Value (Schedule of Fair Value of Debt) (Details) - Senior notes - USD ($) | Dec. 31, 2021 | Sep. 01, 2020 | Jun. 22, 2020 | Aug. 26, 2019 | Aug. 28, 2018 | Nov. 21, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Face amount of debt | $ 7,500,000,000 | |||||
$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 | |||||
Interest rate (as a percent) | 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 | $ 507,000,000 | |||||
Interest rate (as a percent) | 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 | |||||
Interest rate (as a percent) | 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 | $ 300,000,000 | |||||
Interest rate (as a percent) | 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 | |||||
Interest rate (as a percent) | 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 | $ 730,000,000 | |||||
Interest rate (as a percent) | 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 | |||||
Interest rate (as a percent) | 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 | $ 514,000,000 | |||||
Interest rate (as a percent) | 2.35% | |||||
$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 | $ 323,000,000 | |||||
Interest rate (as a percent) | 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 | |||||
Interest rate (as a percent) | 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 | $ 684,000,000 | |||||
Interest rate (as a percent) | 1.00% | |||||
$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 | $ 768,000,000 | |||||
Interest rate (as a percent) | 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 | |||||
Interest rate (as a percent) | 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 | $ 680,000,000 | |||||
Interest rate (as a percent) | 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 | |||||
Interest rate (as a percent) | 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 | $ 899,000,000 | |||||
Interest rate (as a percent) | 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 | |||||
Interest rate (as a percent) | 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 | $ 727,000,000 | |||||
Interest rate (as a percent) | 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 | |||||
Interest rate (as a percent) | 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 | $ 578,000,000 | |||||
Interest rate (as a percent) | 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 | |||||
Interest rate (as a percent) | 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 | $ 941,000,000 | |||||
Interest rate (as a percent) | 1.75% |
Retirement and Other Benefit _2
Retirement and Other Benefit Plans (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)plan | Dec. 31, 2020USD ($)plan | Dec. 31, 2019USD ($)plan | |
Retirement Benefits [Abstract] | |||
Number of defined contribution plans maintained by the company | plan | 4 | 4 | 4 |
Defined contribution retirement plan cost | $ | $ 36.4 | $ 30 | $ 33.4 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narratives) (Details) - USD ($) shares in Thousands, $ in Millions | Jul. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense, accelerated vesting | $ 9.6 | |||
Purchase price of common stock, percent of market value, not less than (as a percent) | 100.00% | |||
Stock based compensation expense | $ 136.1 | $ 117 | 101.2 | |
Nonvested options granted, unrecognized compensation expense | $ 56.5 | |||
Nonvested options granted, period for recognition (in years) | 1 year 8 months 12 days | |||
Options exercised, total intrinsic value | $ 138.2 | 155.4 | $ 109.4 | |
Proceeds from stock options exercised | $ 104.7 | $ 105.5 | ||
Nonvested shares granted (in shares) | 228 | 285 | ||
Nonvested awards other than options granted, unrecognized compensation expense | $ 83 | |||
Nonvested awards other than options granted, weighted average period for recognition (in years) | 1 year 7 months 6 days | |||
Stock issued during period under employee stock purchase plan (in shares) | 40 | 31 | 21 | |
Proceeds from issuance of shares under employee stock purchase plan | $ 15.1 | $ 10.5 | $ 6.8 | |
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum designated percent of eligible earnings per employee (as a percent) | 10.00% | |||
Discount percent (as a percent) | 10.00% | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period (in years) | 10 years | |||
Stock based compensation expense | $ 45 | 38.6 | 29.9 | |
Stock options | Weighted Average | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 3 years | |||
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 91.1 | $ 77.5 | $ 71.2 | |
Restricted stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 1 year | |||
Restricted stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Incentive Plan 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant (in shares) | 9,275 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Share Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Stock based compensation | $ 136.1 | $ 117 | $ 101.2 |
Tax benefit recognized in net earnings | $ 28.6 | $ 24.6 | $ 21.3 |
Stock-Based Compensation (Weigh
Stock-Based Compensation (Weighted-Average Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Weighted average fair value (in dollars per share) | $ 95.17 | $ 63.22 | $ 68.05 |
Risk-free interest rate (%) | 0.94% | 0.81% | 2.37% |
Average expected option life (years) | 5 years 7 months 9 days | 5 years 7 months 20 days | 5 years 5 months 1 day |
Expected volatility (%) | 25.14% | 20.39% | 19.22% |
Expected dividend yield (%) | 0.56% | 0.62% | 0.58% |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule of Companys Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of shares | ||
Outstanding, beginning balance (in shares) | 3,366 | 3,349 |
Granted (in shares) | 516 | 762 |
Exercised (in shares) | (537) | (670) |
Canceled (in shares) | (122) | (75) |
Outstanding, ending balance (in shares) | 3,223 | 3,366 |
Exercisable (in shares) | 1,480 | |
Weighted-average exercise price per share | ||
Outstanding, beginning balance (in dollars per share) | $ 255.32 | $ 219.40 |
Granted (in dollars per share) | 405.20 | 333.45 |
Exercised (in dollars per share) | 195.07 | 157.85 |
Canceled (in dollars per share) | 312.97 | 304.56 |
Outstanding, ending balance (in dollars per share) | 287.15 | $ 255.32 |
Exercisable (in dollars per share) | $ 219.68 | |
Weighted-average contractual term, outstanding (in years) | 6 years 7 months 9 days | 6 years 9 months 14 days |
Weighted-average contractual term, exercisable (in years) | 4 years 10 months 24 days | |
Aggregate intrinsic value, outstanding | $ 659.9 | $ 591.7 |
Aggregate intrinsic value, exercisable | $ 402.8 |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule by Exercise Price Range) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
$93.62 - $491.86 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price, lower range limit (in dollars per share) | $ 93.62 |
Exercise price, upper range limit (in dollars per share) | $ 491.86 |
Outstanding options, number (in shares) | shares | 3,223 |
Outstanding options, average exercise price (in dollars per share) | $ 287.15 |
Outstanding options, average remaining life (in years) | 6 years 7 months 6 days |
Exercisable options, number (in shares) | shares | 1,480 |
Exercisable options, average exercise price (in dollars per share) | $ 219.68 |
$93.62 - $166.19 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price, lower range limit (in dollars per share) | 93.62 |
Exercise price, upper range limit (in dollars per share) | $ 166.19 |
Outstanding options, number (in shares) | shares | 359 |
Outstanding options, average exercise price (in dollars per share) | $ 141.69 |
Outstanding options, average remaining life (in years) | 2 years 4 months 24 days |
Exercisable options, number (in shares) | shares | 359 |
Exercisable options, average exercise price (in dollars per share) | $ 141.69 |
$166.20 - $208.79 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price, lower range limit (in dollars per share) | 166.20 |
Exercise price, upper range limit (in dollars per share) | $ 208.79 |
Outstanding options, number (in shares) | shares | 353 |
Outstanding options, average exercise price (in dollars per share) | $ 177.69 |
Outstanding options, average remaining life (in years) | 4 years 6 months |
Exercisable options, number (in shares) | shares | 353 |
Exercisable options, average exercise price (in dollars per share) | $ 177.69 |
$208.80 - $275.58 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price, lower range limit (in dollars per share) | 208.80 |
Exercise price, upper range limit (in dollars per share) | $ 275.58 |
Outstanding options, number (in shares) | shares | 338 |
Outstanding options, average exercise price (in dollars per share) | $ 236.24 |
Outstanding options, average remaining life (in years) | 5 years 10 months 24 days |
Exercisable options, number (in shares) | shares | 247 |
Exercisable options, average exercise price (in dollars per share) | $ 223.79 |
$275.59 - $279.44 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price, lower range limit (in dollars per share) | 275.59 |
Exercise price, upper range limit (in dollars per share) | $ 279.44 |
Outstanding options, number (in shares) | shares | 447 |
Outstanding options, average exercise price (in dollars per share) | $ 278.40 |
Outstanding options, average remaining life (in years) | 6 years 2 months 12 days |
Exercisable options, number (in shares) | shares | 264 |
Exercisable options, average exercise price (in dollars per share) | $ 277.77 |
$279.45 -$323.36 | |
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) | $ 323.36 |
Outstanding options, number (in shares) | shares | 617 |
Outstanding options, average exercise price (in dollars per share) | $ 319.40 |
Outstanding options, average remaining life (in years) | 8 years 1 month 6 days |
Exercisable options, number (in shares) | shares | 46 |
Exercisable options, average exercise price (in dollars per share) | $ 287.89 |
$323.37 - $327.91 | |
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 | 397 |
Outstanding options, average exercise price (in dollars per share) | $ 326.32 |
Outstanding options, average remaining life (in years) | 7 years 2 months 12 days |
Exercisable options, number (in shares) | shares | 176 |
Exercisable options, average exercise price (in dollars per share) | $ 326.32 |
$327.92 - $398.19 | |
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) | $ 398.19 |
Outstanding options, number (in shares) | shares | 204 |
Outstanding options, average exercise price (in dollars per share) | $ 366.45 |
Outstanding options, average remaining life (in years) | 7 years 10 months 24 days |
Exercisable options, number (in shares) | shares | 35 |
Exercisable options, average exercise price (in dollars per share) | $ 351.25 |
$398.20 - $407.21 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price, lower range limit (in dollars per share) | 398.20 |
Exercise price, upper range limit (in dollars per share) | $ 407.21 |
Outstanding options, number (in shares) | shares | 403 |
Outstanding options, average exercise price (in dollars per share) | $ 401.27 |
Outstanding options, average remaining life (in years) | 9 years 2 months 12 days |
Exercisable options, number (in shares) | shares | 0 |
Exercisable options, average exercise price (in dollars per share) | $ 0 |
$407.22 - $491.86 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price, lower range limit (in dollars per share) | 407.22 |
Exercise price, upper range limit (in dollars per share) | $ 491.86 |
Outstanding options, number (in shares) | shares | 105 |
Outstanding options, average exercise price (in dollars per share) | $ 422.59 |
Outstanding options, average remaining life (in years) | 9 years 1 month 6 days |
Exercisable options, number (in shares) | shares | 0 |
Exercisable options, average exercise price (in dollars per share) | $ 0 |
Stock-Based Compensation (Sch_4
Stock-Based Compensation (Schedule of Nonvested Restricted Stock Awards Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of shares | ||
Nonvested, beginning of period (in shares) | 601 | 709 |
Granted (in shares) | 228 | 285 |
Vested (in shares) | (294) | (308) |
Forfeited (in shares) | (37) | (85) |
Nonvested, end of period (in shares) | 498 | 601 |
Weighted-average grant date fair value | ||
Nonvested, beginning of period (in dollars per share) | $ 320.36 | $ 275 |
Granted (in dollars per share) | 409.36 | 358.07 |
Vested (in dollars per share) | 308.79 | 254.02 |
Forfeited (in dollars per share) | 350.53 | 309.28 |
Nonvested, end of period (in dollars per share) | $ 365.79 | $ 320.36 |
Contingencies (Details)
Contingencies (Details) individual in Millions, $ in Millions | Dec. 31, 2020individual | Dec. 31, 2021USD ($)claim |
Loss Contingencies [Line Items] | ||
Outstanding letters of credit | $ 84.9 | |
Outstanding surety bonds | 659.7 | |
TransCore | ||
Loss Contingencies [Line Items] | ||
Outstanding surety bonds | $ 634.2 | |
Vertafore Litigation | ||
Loss Contingencies [Line Items] | ||
Number of class actions | claim | 3 | |
Number of individuals represented | individual | 27.7 | |
Allen, et al. v. Vertafore, Inc. | ||
Loss Contingencies [Line Items] | ||
Number of class actions | claim | 2 |
Segment and Geographic Area I_3
Segment and Geographic Area Information (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 4 | ||||||||||
Export sales | $ 1,512.3 | $ 1,462.8 | $ 1,426.6 | $ 1,376.1 | $ 1,335.6 | $ 1,198.2 | $ 1,137.8 | $ 1,182.6 | $ 5,777.8 | $ 4,854.2 | $ 4,727.7 |
Exports | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Export sales | 336.2 | 311.6 | 444.7 | ||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Export sales | $ 237.6 | 206.4 | 280.6 | ||||||||
Asia | Exports | Geographic Concentration Risk | Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage (as a percent) | 28.00% | ||||||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Export sales | $ 224.2 | 207.3 | 214 | ||||||||
Canada | Exports | Geographic Concentration Risk | Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage (as a percent) | 28.00% | ||||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Export sales | $ 688.6 | $ 603.6 | $ 625.3 | ||||||||
Europe | Exports | Geographic Concentration Risk | Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage (as a percent) | 21.00% | ||||||||||
Other | Exports | Geographic Concentration Risk | Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage (as a percent) | 23.00% |
Segment and Geographic Area I_4
Segment and Geographic Area Information (Schedule of Reporting Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 1,512.3 | $ 1,462.8 | $ 1,426.6 | $ 1,376.1 | $ 1,335.6 | $ 1,198.2 | $ 1,137.8 | $ 1,182.6 | $ 5,777.8 | $ 4,854.2 | $ 4,727.7 |
Operating profit 1 | 1,579.7 | 1,273.5 | 1,328.3 | ||||||||
Assets: | |||||||||||
Operating assets | 1,356.1 | 1,225.3 | 1,356.1 | 1,225.3 | 1,106.8 | ||||||
Intangible assets, net | 20,683 | 21,134.2 | 20,683 | 21,134.2 | 15,015.2 | ||||||
Other | 886.2 | 819.5 | 886.2 | 819.5 | 1,174.4 | ||||||
Total assets | 22,925.3 | 23,179 | 22,925.3 | 23,179 | 17,296.4 | ||||||
Capital expenditures | 32.9 | 28.3 | 43 | ||||||||
Capitalized software expenditures | 29.7 | 17.7 | 10.2 | ||||||||
Depreciation and other amortization | 634.1 | 512.9 | 408.8 | ||||||||
Impairment of intangible assets | 99.5 | 0 | 0 | ||||||||
Disposal group, held-for-sale, not discontinued operations | TransCore and Zetec and CIVCO Radiotherapy | |||||||||||
Assets: | |||||||||||
Operating assets classified as held for sale | 788.6 | 845.8 | 788.6 | 845.8 | 812.5 | ||||||
Operating Segments | Application Software | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 2,380.6 | 1,799.9 | 1,588 | ||||||||
Operating profit 1 | 635.9 | 468.7 | 405.4 | ||||||||
Assets: | |||||||||||
Operating assets | 577.6 | 526.6 | 577.6 | 526.6 | 382.2 | ||||||
Intangible assets, net | 13,498.4 | 13,844.6 | 13,498.4 | 13,844.6 | 7,833.6 | ||||||
Other | 205.7 | 173.1 | 205.7 | 173.1 | 168.5 | ||||||
Capital expenditures | 18 | 12.9 | 17.4 | ||||||||
Capitalized software expenditures | 26.3 | 16.3 | 9.7 | ||||||||
Depreciation and other amortization | 421 | 296.9 | 230.2 | ||||||||
Operating Segments | Network Software & Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,338.4 | 1,173.7 | 1,004.2 | ||||||||
Operating profit 1 | 511.6 | 413.9 | 389.1 | ||||||||
Assets: | |||||||||||
Operating assets | 243.9 | 217.3 | 243.9 | 217.3 | 206 | ||||||
Intangible assets, net | 5,551.2 | 5,621.6 | 5,551.2 | 5,621.6 | 5,505.5 | ||||||
Other | 50.4 | 48.4 | 50.4 | 48.4 | 48.7 | ||||||
Capital expenditures | 6 | 6.2 | 6.1 | ||||||||
Capitalized software expenditures | 3.4 | 1.4 | 0.5 | ||||||||
Depreciation and other amortization | 171.8 | 171.9 | 127.1 | ||||||||
Operating Segments | Measurement &Analytical Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,559.6 | 1,425.6 | 1,544.3 | ||||||||
Operating profit 1 | 482.6 | 463.3 | 491.4 | ||||||||
Assets: | |||||||||||
Operating assets | 346.9 | 328.6 | 346.9 | 328.6 | 332.9 | ||||||
Intangible assets, net | 1,356.7 | 1,383.9 | 1,356.7 | 1,383.9 | 1,390.5 | ||||||
Other | 100.9 | 107.6 | 100.9 | 107.6 | 117.9 | ||||||
Capital expenditures | 6.4 | 7.9 | 17.1 | ||||||||
Capitalized software expenditures | 0 | 0 | 0 | ||||||||
Depreciation and other amortization | 33.3 | 34.1 | 39.7 | ||||||||
Operating Segments | Process Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 499.2 | 455 | 591.2 | ||||||||
Operating profit 1 | 152.9 | 115.3 | 211.4 | ||||||||
Assets: | |||||||||||
Operating assets | 172.3 | 148.9 | 172.3 | 148.9 | 181.4 | ||||||
Intangible assets, net | 276.7 | 284.1 | 276.7 | 284.1 | 285.6 | ||||||
Other | 81.9 | 67.3 | 81.9 | 67.3 | 65.5 | ||||||
Capital expenditures | 1.4 | 1.1 | 2.2 | ||||||||
Capitalized software expenditures | 0 | 0 | 0 | ||||||||
Depreciation and other amortization | 7.7 | 9.6 | 11.2 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Operating profit 1 | (203.3) | (187.7) | (169) | ||||||||
Assets: | |||||||||||
Operating assets | 15.4 | 3.9 | 15.4 | 3.9 | 4.3 | ||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | ||||||
Other | $ 447.3 | $ 423.1 | 447.3 | 423.1 | 773.8 | ||||||
Capital expenditures | 1.1 | 0.2 | 0.2 | ||||||||
Capitalized software expenditures | 0 | 0 | 0 | ||||||||
Depreciation and other amortization | $ 0.3 | $ 0.4 | $ 0.6 |
Segment and Geographic Area I_5
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 1,512.3 | $ 1,462.8 | $ 1,426.6 | $ 1,376.1 | $ 1,335.6 | $ 1,198.2 | $ 1,137.8 | $ 1,182.6 | $ 5,777.8 | $ 4,854.2 | $ 4,727.7 |
Long-lived assets | 208.4 | 204.3 | 208.4 | 204.3 | 174.7 | ||||||
Sales to unaffiliated customers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 5,777.8 | 4,854.2 | 4,727.7 | ||||||||
Sales between geographic areas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,342.2 | 1,196.6 | 1,315.7 | ||||||||
Reportable Geographical Components | United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 4,753.5 | 3,971.3 | 3,853.6 | ||||||||
Long-lived assets | 178.5 | 171.6 | 178.5 | 171.6 | 141.9 | ||||||
Reportable Geographical Components | United States | Sales to unaffiliated customers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 4,630.8 | 3,848.5 | 3,730.6 | ||||||||
Reportable Geographical Components | United States | Sales between geographic areas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 122.7 | 122.8 | 123 | ||||||||
Reportable Geographical Components | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,273.4 | 1,167.8 | 1,136.1 | ||||||||
Long-lived assets | 29.9 | 32.7 | 29.9 | 32.7 | 32.8 | ||||||
Reportable Geographical Components | Non-U.S. | Sales to unaffiliated customers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,147 | 1,005.7 | 997.1 | ||||||||
Reportable Geographical Components | Non-U.S. | Sales between geographic areas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 126.4 | 162.1 | 139 | ||||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | (249.1) | (284.9) | (262) | ||||||||
Long-lived assets | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Eliminations | Sales to unaffiliated customers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Eliminations | Sales between geographic areas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ (249.1) | $ (284.9) | $ (262) |
Segment and Geographic Area I_6
Segment and Geographic Area Information (Schedule of Revenue by Geographic Area) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 1,512.3 | $ 1,462.8 | $ 1,426.6 | $ 1,376.1 | $ 1,335.6 | $ 1,198.2 | $ 1,137.8 | $ 1,182.6 | $ 5,777.8 | $ 4,854.2 | $ 4,727.7 |
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 224.2 | 207.3 | 214 | ||||||||
Canada | Application Software | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 51.2 | 43.4 | 41 | ||||||||
Canada | Network Software & Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 86.7 | 75.6 | 70.1 | ||||||||
Canada | Measurement &Analytical Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 69.5 | 71.1 | 80.7 | ||||||||
Canada | Process Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 16.8 | 17.2 | 22.2 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 688.6 | 603.6 | 625.3 | ||||||||
Europe | Application Software | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 248.2 | 205.5 | 188.8 | ||||||||
Europe | Network Software & Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 71.1 | 60.2 | 35.7 | ||||||||
Europe | Measurement &Analytical Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 284.9 | 250.7 | 299.7 | ||||||||
Europe | Process Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 84.4 | 87.2 | 101.1 | ||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 237.6 | 206.4 | 280.6 | ||||||||
Asia | Application Software | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 3.7 | 3.3 | 3.5 | ||||||||
Asia | Network Software & Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 13.6 | 13.1 | 12.4 | ||||||||
Asia | Measurement &Analytical Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 135.1 | 116 | 177.6 | ||||||||
Asia | Process Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 85.2 | 74 | 87.1 | ||||||||
Rest of the world | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 191.8 | 179.3 | 195.8 | ||||||||
Rest of the world | Application Software | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 37.1 | 37.7 | 34.4 | ||||||||
Rest of the world | Network Software & Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 10.5 | 10.9 | 8.2 | ||||||||
Rest of the world | Measurement &Analytical Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 56.4 | 58.9 | 55.4 | ||||||||
Rest of the world | Process Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 87.8 | 71.8 | 97.8 | ||||||||
Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,342.2 | 1,196.6 | 1,315.7 | ||||||||
Non-U.S. | Application Software | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 340.2 | 289.9 | 267.7 | ||||||||
Non-U.S. | Network Software & Systems | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 181.9 | 159.8 | 126.4 | ||||||||
Non-U.S. | Measurement &Analytical Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 545.9 | 496.7 | 613.4 | ||||||||
Non-U.S. | Process Technologies | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 274.2 | $ 250.2 | $ 308.2 |
Contract Balances (Schedule of
Contract Balances (Schedule of Contract Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Unbilled receivables | $ 95.3 | $ 72.8 |
Contract liabilities - current | (1,130.2) | (990.3) |
Deferred revenue - non-current | (75.3) | (42.7) |
Net contract assets/(liabilities) | (1,110.2) | $ (960.2) |
Change in unbilled receivables | 22.5 | |
Change in contract liabilities - current | (139.9) | |
Change in deferred revenue - non-current | (32.6) | |
Change in net contract assets/(liabilities) | $ (150) |
Contract Balances (Narratives)
Contract Balances (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized from contract liability balance | $ 951.3 | $ 794.3 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow and Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 64.6 | $ 58 | $ 56.6 |
Operating cash flows used for operating leases | 64.4 | 59.7 | |
Right-of-use assets obtained in exchange for operating lease obligations | $ 41.6 | $ 58.1 | |
Weighted average remaining lease term - operating leases (years) | 6 years | ||
Weighted average discount rate (%) | 2.70% |
Leases (Lease Balances Within B
Leases (Lease Balances Within Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Operating lease ROU assets | $ 221 | $ 232.6 |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
LIABILITIES: | ||
Current operating lease liabilities | $ 51.4 | $ 56.8 |
Operating lease liabilities | 180.9 | 192.8 |
Total operating lease liabilities | $ 232.3 | $ 249.6 |
Operating lease, liability, current, statement of financial position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Operating lease, liability, noncurrent, statement of financial position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 56.4 | |
2023 | 45.1 | |
2024 | 38.9 | |
2025 | 32.8 | |
2026 | 25.2 | |
Thereafter | 52.7 | |
Total operating lease payments | 251.1 | |
Less: Imputed interest | 18.8 | |
Total operating lease liabilities | $ 232.3 | $ 249.6 |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net revenues | $ 1,512.3 | $ 1,462.8 | $ 1,426.6 | $ 1,376.1 | $ 1,335.6 | $ 1,198.2 | $ 1,137.8 | $ 1,182.6 | $ 5,777.8 | $ 4,854.2 | $ 4,727.7 |
Gross profit | 1,018 | 996.1 | 967.3 | 936 | 900.9 | 809.9 | 772.5 | 787.5 | 3,917.4 | 3,270.8 | 3,140.1 |
Income from operations | 320.6 | 403.5 | 381.5 | 374.6 | 343 | 330.5 | 291.6 | 308.4 | 1,480.2 | 1,273.5 | 1,328.3 |
Net earnings from continuing operations | 199.9 | 259.8 | 253 | 269.9 | 225 | 207 | 184 | 209.5 | 982.6 | 825.5 | 1,640 |
Net earnings from discontinued operations | 87.9 | 29.7 | 33.3 | 19.1 | 30.8 | 27.4 | 35.2 | 30.8 | 170 | 124.2 | 127.9 |
Net earnings | $ 287.8 | $ 289.5 | $ 286.3 | $ 289 | $ 255.8 | $ 234.4 | $ 219.2 | $ 240.3 | $ 1,152.6 | $ 949.7 | $ 1,767.9 |
Net earnings per share from continuing operations: | |||||||||||
Basic (in dollars per share) | $ 1.90 | $ 2.47 | $ 2.40 | $ 2.57 | $ 2.15 | $ 1.98 | $ 1.76 | $ 2.01 | $ 9.33 | $ 7.89 | $ 15.79 |
Diluted (in dollars per share) | 1.87 | 2.43 | 2.38 | 2.55 | 2.12 | 1.95 | 1.74 | 1.99 | 9.23 | 7.81 | 15.60 |
Net earnings per share from discontinued operations: | |||||||||||
Basic (in dollars per share) | 0.83 | 0.28 | 0.32 | 0.18 | 0.29 | 0.26 | 0.34 | 0.29 | 1.62 | 1.19 | 1.23 |
Diluted (in dollars per share) | 0.83 | 0.28 | 0.31 | 0.18 | 0.29 | 0.26 | 0.34 | 0.29 | 1.59 | 1.17 | 1.22 |
Net earnings per share: | |||||||||||
Basic (in dollars per share) | 2.73 | 2.75 | 2.72 | 2.75 | 2.44 | 2.24 | 2.10 | 2.30 | 10.95 | 9.08 | 17.02 |
Diluted (in dollars per share) | $ 2.70 | $ 2.71 | $ 2.69 | $ 2.73 | $ 2.41 | $ 2.21 | $ 2.08 | $ 2.28 | $ 10.82 | $ 8.98 | $ 16.82 |
Schedule II - Consolidated Va_2
Schedule II - Consolidated Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for doubtful accounts and sales allowances | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 28.1 | $ 19.2 | $ 20.3 |
Additions charged to costs and expenses | 1.5 | 11.7 | 8.2 |
Deductions | (10.3) | (10.2) | (7.8) |
Other | 0.4 | 7.4 | (1.5) |
Balance at end of year | 19.7 | 28.1 | 19.2 |
Reserve for inventory obsolescence | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 36.2 | 28.5 | 25.7 |
Additions charged to costs and expenses | 3.8 | 9 | 5.6 |
Deductions | (2.8) | (2.6) | (2.7) |
Other | (1.1) | 1.3 | (0.1) |
Balance at end of year | $ 36.1 | $ 36.2 | $ 28.5 |