Roper (ROP) 10-K 26 Feb 10 2009 FY Annual report Financial data

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Assets
Cash and cash equivalents	$167,708	$178,069
Accounts receivable, net	381,658	376,855
Inventories, net	178,795	185,919
Deferred taxes	27,306	29,390
Unbilled receivables	57,153	61,168
Other current assets	58,125	26,906
Total current assets	870,745	858,307
Property, plant and equipment, net	109,493	112,463
Goodwill	2,388,432	2,118,852
Other intangible assets, net	868,900	804,020
Deferred taxes	33,123	28,050
Other assets	57,043	49,846
Total assets	4,327,736	3,971,538
Liabilities and Stockholders' Equity
Accounts payable	110,103	121,807
Accrued liabilities	253,441	261,682
Income taxes payable	0	1,892
Deferred taxes	1,671	0
Current portion of long-term debt, net	112,796	233,526
Total current liabilities	478,011	618,907
Long-term debt, net of current portion	1,040,962	1,033,689
Deferred taxes	328,299	272,182
Other liabilities	58,974	42,826
Total liabilities	1,906,246	1,967,604
Stockholders' equity:
Common stock, $0.01 par value per share; 350,000 shares authorized; 95,768 shares issued and 93,618 outstanding at December 31, 2009 and 91,909 shares issued and 89,721 outstanding at December 31, 2008.	958	919
Additional paid-in capital	982,321	815,736
Retained earnings	1,395,586	1,187,467
Accumulated other comprehensive earnings	63,945	21,513
Treasury stock 2,150 shares at December 31, 2009 and 2,188 shares at December 31, 2008.	(21,320)	(21,701)
Total stockholders' equity	2,421,490	2,003,934
Total liabilities and stockholders' equity	$4,327,736	$3,971,538

Parenthetical Data to the Conde

Parenthetical Data to the Condensed Consolidated Balance Sheets (USD $)
	Dec. 31, 2009	Dec. 31, 2008
Stockholders' equity:
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, outstanding	0	0
Common stock, par value	0.01	0.01
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	95,768,000	91,909,000
Common stock, outstanding	93,618,000	89,721,000
Treasury stock, shares	2,188,000	2,150,000

Consolidated Statements of Earn

Consolidated Statements of Earnings (USD $)
In Thousands, except Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Condensed Consolidated Statements of Earnings
Net sales	$2,049,668	$2,306,371	$2,102,049
Cost of sales	1,006,530	1,118,083	1,043,654
Gross profit	1,043,138	1,188,288	1,058,395
Selling, general and administrative expenses	647,742	702,127	620,041
Income from operations	395,396	486,161	438,354
Interest expense	58,544	60,819	58,855
Loss on extinguishment of debt	403	3,133	0
Other income/(expense)	3,319	6,607	(2,502)
Earnings before income taxes	339,768	428,816	376,997
Income taxes	100,287	146,942	131,292
Net earnings	$239,481	$281,874	$245,705
Net earnings per share:
Basic	2.64	3.15	2.78
Diluted	2.58	3.01	2.64
Weighted average common shares outstanding:
Basic	90,685,000	89,468,000	88,390,000
Diluted	92,820,000	93,699,000	93,229,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $)
In Thousands, except Share data	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive earnings	Treasury stock	Total
Beginning Balance, shares at Dec. 31, 2006	87,779,000
Beginning Balance, shares at Dec. 31, 2006	87,779,000
Beginning Balance at Dec. 31, 2006	$900	$735,001	$713,814	$68,666	($22,377)
Adjustment to adopt accounting guidance related to unrecognized tax benefits	0	0	(3,349)	0	0
Stock option exercises	8	15,256	0	0	0
Stock option exercises, shares	791,000
Treasury stock sold	0	1,426	0	0	337
Treasury stock sold, shares	27,000
Currency translation adjustments, net of tax	0	0	0	42,326	0
Stock based compensation	0	20,716	0	0	0
Restricted stock grants	2	(3,560)	0	0	0
Restricted stock grants, shares	176,000
Stock option tax benefit (shortfall)	0	5,729	0	0	0
Reduction in unrealized gain on derivative, net of tax	0	0	0	(2,260)	0
Dividends declared	0	0	(23,697)	0	0
Ending Balance, shares at Dec. 31, 2007	88,773,000
Ending Balance at Dec. 31, 2007	910	774,568	932,473	108,732	(22,040)
Ending Balance, shares at Dec. 31, 2007	88,773,000
Stock option exercises	5	11,032	0	0	0
Stock option exercises, shares	462,000
Treasury stock sold	0	1,555	0	0	339
Treasury stock sold, shares	34,000
Currency translation adjustments, net of tax	0	0	0	(86,679)	0
Stock based compensation	0	30,905	0	0	0
Restricted stock grants	4	(7,967)	0	0	0
Restricted stock grants, shares	452,000
Stock option tax benefit (shortfall)	0	5,643	0	0	0
Reduction in unrealized gain on derivative, net of tax	0	0	0	(540)	0
Dividends declared	0	0	(26,880)	0	0
Ending Balance, shares at Dec. 31, 2008	89,721,000					89,721,000
Ending Balance at Dec. 31, 2008	919	815,736	1,187,467	21,513	(21,701)	2,003,934
Ending Balance, shares at Dec. 31, 2008	89,721,000					89,721,000
Stock option exercises	4	10,502	0	0	0
Stock option exercises, shares	421,000
Treasury stock sold	0	1,312	0	0	381
Treasury stock sold, shares	38,000
Currency translation adjustments, net of tax	0	0	0	42,432	0
Stock based compensation	0	26,660	0	0	0
Restricted stock grants	1	(3,648)	0	0	0
Restricted stock grants, shares	87,000
Stock option tax benefit (shortfall)	0	2,032	0	0	0
Dividends declared	0	0	(31,362)	0	0
Issuance of common stock	23	121,427	0	0	0
Issuance of common stock, shares	2,300,000
Conversion of senior subordinated convertible notes	11	8,300	0	0	0
Conversion of senior subordinated convertible notes, shares	1,051,000
Ending Balance, shares at Dec. 31, 2009	93,618,000					93,618,000
Ending Balance at Dec. 31, 2009	$958	$982,321	$1,395,586	$63,945	($21,320)	$2,421,490
Ending Balance, shares at Dec. 31, 2009	93,618,000					93,618,000

1_Parenthetical Data to the Con

Parenthetical Data to the Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $)
In Thousands	1/1/2009 - 12/31/2009	1/1/2008 - 12/31/2008	1/1/2007 - 12/31/2007
Condensed Consolidated Statements of Changes in Stockholders' Equity
Currency translation adjustments, tax	$5,257	$9,404	$9,979
Reduction in unrealized gain on derivative, tax	$0	($291)	($1,217)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash flows from operating activities:
Net earnings	$239,481	$281,874	$245,705
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	34,163	33,900	31,805
Amortization of intangible assets	69,285	66,941	59,386
Amortization of deferred financing costs	2,573	2,267	1,989
Non-cash stock compensation	27,476	30,905	20,688
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	26,978	14,609	(21,243)
Inventories	31,081	(8,728)	(489)
Unbilled Receivables	4,015	(950)	(30,971)
Accounts payable and accrued liabilities	(58,801)	9,209	14,219
Income taxes payable	(6,225)	(2,675)	21,508
Other, net	(2,527)	7,086	1,210
Cash provided by operating activities	367,499	434,438	343,807
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	354,561	704,764	106,942
Capital expenditures	25,885	30,047	30,107
Proceeds from sale of assets	11,218	1,746	1,347
Other, net	(4,964)	(6,229)	(6,686)
Cash used in investing activities	(374,192)	(739,294)	(142,388)
Cash flows from financing activities:
Proceeds from senior notes	500,000	500,000	0
Proceeds from/(payments on) senior unsecured term loan	(350,000)	350,000	0
Borrowings/(payments) under revolving line of credit, net	(139,000)	313,000	(206,900)
Principal payments on convertible notes	(124,270)	0	0
Repayment of borrowings under prior credit facility	0	(908,620)	0
Principal borrowings/(payments) on term notes under prior credit facility	0	(49,125)	234,500
Debt issuance costs	(4,708)	(10,226)	0
Cash dividends to stockholders	(29,823)	(25,887)	(22,954)
Treasury stock sales	1,693	1,894	1,763
Stock award tax excess windfall benefit	2,813	5,359	7,876
Proceeds from issuance of common stock, net of issue costs	121,450	0	0
Proceeds from stock option exercises	10,506	11,037	15,263
Other	2,258	(487)	0
Cash provided by /(used in) financing activities	(13,597)	187,919	29,548
Effect of exchange rate changes on cash	9,929	(13,762)	8,323
Net increase/(decrease) in cash and cash equivalents	(10,361)	(130,699)	239,290
Cash and cash equivalents, end of year	178,069
Cash and cash equivalents, end of period	167,708	178,069
Cash paid for:
Interest	47,867	39,063	50,157
Income taxes, net of refunds received	103,699	144,258	101,908
Noncash investing activities:
Fair value of assets, including goodwill	384,055	774,164	112,112
Liabilities assumed	(29,494)	(69,400)	(5,170)
Cash paid, net of cash acquired	$354,561	$704,764	$106,942

Sheet1

(1) Summary of Accounting Policies
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Summary of Accounting Policies	(1) Summary of Accounting Policies Basis of Presentation These financial statements present consolidated information for Roper Industries, Inc. and its subsidiaries (Roper or the Company). All significant intercompany accounts and transactions have been eliminated. Nature of the Business Roperis a diversified growth company that designs, manufactures and distributes energy systems and controls, scientific and industrial imaging products and software, industrial technology products and radio frequency products and services. Roper markets these products and services to selected segments of a broad range of markets, including radio frequency applications, medical, water, energy, research, education, security and other niche markets. Accounts Receivable - Accounts receivable were stated net of an allowance for doubtful accounts and sales allowances of $11.2 million and $12.7 million at December31, 2009 and 2008, respectively. Outstanding accounts receivable balances are reviewed periodically, and allowances are provided at such time that management believes reasonable doubt exists that such balances will be collected within a reasonable period of time. The returns and other sales credit allowance is an estimate of customer returns, exchanges, discounts or other forms of anticipated concessions and is treated as a reduction in revenue. 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 December 31, 2009 and December 31, 2008. 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 outstanding during the respective year. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on our senior subordinated convertible notes based upon the trading price of the Companys common stock. The effects of potential common stock were determined using the treasury stock method (in thousands). Years ended December 31, 2009 2008 2007 Basic shares outstanding 90,685 89,468 88,390 Effect of potential common stock Common stock awards 853 1,155 1,511 Senior subordinated convertible notes 1,282 3,076 3,328 Diluted shares outstanding 92,820 93,699 93,229 As of and for the years ended December 31, 2009, 2008 and 2007, there were 2,125,000, 190,000 and 29,000 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 accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent

2_

(2) Business Acquisitions
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Business Acquisitions	(2) Business Acquisitions 2009 Acquisitions During the year ended December 31, 2009, Roper completed two business combinations.The results of operations of the acquired companies have been included in Ropers consolidated results since the date of each acquisition.Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on Ropers consolidated results of operations individually or in aggregate. The aggregate purchase price of 2009 acquisitions totaled $353 million.We recorded approximately $246 million in goodwill and $126 million in other identifiable intangibles in connection with these acquisitions.The majority of the goodwill is not expected to be deductible for tax purposes.The Company recorded $1.9 million intransaction costsrelated to these acquisitions. On October 30, 2009, Roper purchased the assets of United Toll Systems, LLC, which provides software and in-lane hardware systems for toll and traffic markets. The operations of UTS are reported in the RF Technology segment. On December 3, 2009, Roper purchased Verathon, Inc., a leading global provider of proprietary medical devices and services.The results of Verathon are reported in the Scientific Industrial Imaging segment. Of the $126 million of acquired intangible assets, $27 million was assigned to trade names that are not subject to amortization. The remaining $99 million of acquired intangible assets have a weighted-average useful life of approximately 10 years. The intangible assets that make up that amount include customer relationships of $46 million (14 year weighted-average useful life), unpatented technology of $53 million (7 year weighted-average useful life) and protective rights of $0.5 million (3 year weighted-average useful life). 2008 Acquisitions - During the year ended December 31, 2008, Roper completed six business combinations.The results of operations of the acquired companies have been included in Ropers consolidated results since the date of each acquisition.Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on Ropers consolidated results of operations individually or in aggregate. CBORD Acquisition - The largest of the 2008 acquisitions was the purchase of all outstanding shares of CBORD Holdings Corporation on February 20, 2008. CBORD, whose operations are reported in the RF Technology segment, is a provider of card systems and integrated security solutions to higher education, healthcare and other markets. CBORDs principal facilities are located in Ithaca, New York. The aggregate gross purchase price was $375 million of cash, which includes amounts incurred for direct external transaction costs associated with the acquisition. Roper acquired CBORD due to growth prospects in CBORDs end markets of education and health care. In addition, CBORD has excellent customer retention and strong recurring revenues. We also see opportunities to realize complementary technologies within our RF Technology segment to CBORDs product offerings. The allocation of the purchase resulted in $158 million of identifiable intangible assets

3_

(3) Inventories
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Inventories	(3) Inventories The components of inventories at December 31 were as follows (in thousands): 2009 2008 Raw materials and supplies $ 111,546 $ 120,604 Work in process 24,557 26,913 Finished products 71,729 68,510 Inventory reserves (29,037 ) (30,108 ) $ 178,795 $ 185,919

4_

(4) Property, Plant and Equipment
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Property, Plant and Equipment	(4) Property, Plant and Equipment The components of property, plant and equipment at December 31 were as follows (in thousands): 2009 2008 Land $ 5,068 $ 4,738 Buildings 68,912 61,884 Machinery, tooling and other equipment 231,768 225,632 305,748 292,254 Accumulated depreciation and amortization (196,255 ) (179,791 ) $ 109,493 $ 112,463 Depreciation expense was $34,163, $33,900 and $31,805 for the years ended December 31, 2009, 2008 and 2007, respectively.

5_

(5) Goodwill
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Goodwill	(5) Goodwill Industrial Technology Energy Systems and Controls Scientific and Industrial Imaging RF Technology Total (in thousands) Balances at December 31, 2007 $ 442,143 $ 380,884 $ 411,190 $ 471,866 $ 1,706,083 Goodwill acquired - 15,795 - 460,771 476,566 Currency translation adjustments (18,482 ) (8,800 ) (10,838 ) (21,677 ) (59,797 ) Reclassifications and other - (6,223 ) 126 2,097 (4,000 ) Balances at December 31, 2008 $ 423,661 $ 381,656 $ 400,478 $ 913,057 $ 2,118,852 Goodwill acquired - - 215,747 30,220 245,967 Currency translation adjustments 7,412 4,894 7,561 8,326 28,193 Reclassifications and other - (3,343 ) - (1,237 ) (4,580 ) Balances at December 31, 2009 $ 431,073 $ 383,207 $ 623,786 $ 950,366 $ 2,388,432 Goodwill acquired during the year ended December 31, 2009 was attributable to the acquisitions of UTS and Verathon. The reclassifications and other are due primarilyto the release of unused purchase accounting restructuring reserves related to acquisitions completed prior to January 1, 2009.

6_

(6) Other intangible assets, net
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Other intangible assets, net	(6) Other intangible assets, net Cost Accum. amort. Net book value (in thousands) Assets subject to amortization: Customer related intangibles $ 683,130 $ (137,794 ) $ 545,336 Unpatented technology 70,693 (22,232 ) 48,461 Software 58,053 (30,215 ) 27,838 Patents and other protective rights 38,195 (21,998 ) 16,197 Backlog 18,257 (17,024 ) 1,233 Trade secrets 5,116 (3,890 ) 1,226 Assets not subject to amortization: Trade names 163,729 - 163,729 Balances at December 31, 2008 $ 1,037,173 $ (233,153 ) $ 804,020 Assets subject to amortization: Customer related intangibles $ 752,913 $ (181,307 ) $ 571,605 Unpatented technology 101,578 (33,532 ) 68,046 Software 53,408 (30,739 ) 22,669 Patents and other protective rights 32,762 (20,187 ) 12,575 Backlog 1,920 (1,920 ) - Trade secrets 2,773 (1,224 ) 1,549 Assets not subject to amortization: Trade names 192,455 - 192,455 Balances at December 31, 2009 $ 1,137,809 $ (268,909 ) $ 868,900 Amortization expense of other intangible assets was $66,835, $64,017, and $55,653 during the years ended 2009, 2008 and 2007, respectively. Amortization expense is expected to be $74.2 million in 2010, $72.0 million in 2011, $68.8 million in 2012, $66.9 million in 2013 and $59.6 million in 2014.

7_

(7) Accrued Liabilities
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Accrued Liabilities	(7) Accrued Liabilities Accrued liabilities at December 31 were as follows (in thousands): 2009 2008 Wages and other compensation $ 70,164 $ 63,878 Commissions 9,522 13,419 Warranty 7,341 9,885 Accrued dividend 8,894 7,403 Deferred revenue 78,077 73,308 Billings in excess of cost 9,955 18,398 Customer deposits 8,378 13,825 Interest 26,452 18,649 Other 34,658 42,917 $ 253,441 $ 261,682

8_

(8) Income Taxes
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Income Taxes	(8) Income Taxes Earnings before income taxes for the years ended December 31, 2009, 2008 and 2007 consisted of the following components (in thousands): 2009 2008 2007 United States $ 210,559 $ 260,247 $ 247,181 Other 129,209 168,569 129,816 $ 339,768 $ 428,816 $ 376,997 Components of income tax expense for the years ended December 31, 2009, 2008 and 2007 were as follows (in thousands): 2009 2008 2007 Current: Federal $ 54,636 $ 77,920 $ 82,923 State 6,990 12,309 6,940 Foreign 23,720 40,739 39,062 Deferred: Federal 14,880 17,028 2,011 Foreign 61 (1,054 ) 356 $ 100,287 $ 146,942 $ 131,292 Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2009, 2008 and 2007 were as follows: 2009 2008 2007 Federal statutory rate 35.00 % 35.00 % 35.00 % Foreign rate differential (3.94 ) (2.59 ) (1.69 ) RD tax credits (0.62 ) (0.42 ) (0.45 ) State taxes, net of federal benefit 1.82 2.06 1.97 Other, net (2.74 ) 0.23 - 29.52 % 34.28 % 34.83 % 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 (in thousands): 2009 2008 Deferred tax assets: Reserves and accrued expenses $ 49,806 $ 42,408 Inventories 5,854 6,914 Net operating loss carryforwards 4,008 3,983 Foreign tax credits - 1,244 RD credits 761 757 Plant and equipment - 2,134 Total deferred tax assets $ 60,429 $ 57,440 Deferred tax liabilities: Reserves and accrued expenses $ 38,885 $ 38,839 Amortizable intangible assets 289,326 233,130 Plant and equipment 1,545 - Other 214 213 Total deferred tax liabilities $ 329,970 $ 272,182 At December 31, 2009, Roper had approximately $13.8 million of U.S. federal net operating loss carryforwards. If not utilized, these carryforwards will expire in years 2023 through 2028. Additionally, Roper had foreign tax credit carryforwards and research and development credit carryforwards. Roper has not recognized a valuation allowance since management has determined that it is more likely than not that the results of future operations will generate sufficient taxable income to realize these deferred tax assets. The Company

9_

(9) Long-Term Debt
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Long-Term Debt	(9) Long-Term Debt In September 2009, the Company completed a public offering of $500 million aggregate principal amount of 6.25% senior unsecured notes due September 2019.Net proceeds of $496 million were used to pay off the $350 million term loan due July 2010 and the outstanding revolver balance under its credit facility. We recorded a $0.4 million non-cash debt extinguishment charge related to the early repayment of the term loan portion of the facility. The notes bear interest at a fixed rate of 6.25% per year, payable semi-annually in arrears on March 1 and September 1 of each year, beginning March 1, 2010. Roper may redeem some of 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. The notes are unsecured senior obligations of the Company and rank equally in right of payment with all of Ropers 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 Ropers subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of Ropers subsidiaries. On July 7, 2008, the Company entered into a new unsecured credit facility with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its $1.355 billion amended and restated secured credit facility, dated as of December 13, 2004. The new facility was originally composed of a $350.0 million term loan facility maturing July 7, 2010 and a five year $750.0 million revolving credit facility maturing July 7, 2013; however, the $350 million term loan was repaid in September 2009.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 $350.0 million. On August 6, 2008, Roper issued $500 millionaggregate principal amount of 6.625% senior notes due August 15, 2013.The notes bear interest at a fixed rate of 6.625% per year, payable semi-annually in arrears on February15 and August15 of each year, beginning February15, 2009. The interest payable on the notes is subject to adjustment if either Moodys Investors Service or Standard Poors Ratings Services downgrades the rating assigned to the notes. Roper may redeem some or all of the 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 as described in the indenture relating to the notes. The notes are unsecured senior obligations of the Company and rank equally in right of payment with all of the Companys existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of the Companys 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 the Companys subsidiaries and are effectively subordin

10_

(10) Retirement and Other Benefit Plans
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Retirement and Other Benefit Plans	(10) Retirement and Other Benefit Plans Roper maintains nine defined contribution retirement plans under the provisions of Section 401(k) of the Internal Revenue Code covering substantially all U.S. employees not subject to collective bargaining agreements. Roper partially matches employee contributions. Costs related to these plans were $10.5 million, $12.9 million and $10.3 million for 2009, 2008 and 2007, 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.

11_

(11) Stock-Based Compensation
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Stock-Based Compensation	(11) Stock-Based Compensation The Roper Industries, Inc. Amended and Restated 2006 Incentive Plan (2006 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 the Companys employees, officers, directors and consultants. The 2006 Plan replaced the Amended and Restated 2000 Incentive Plan (2000 Plan), and no additional grants will be made from the 2000 Plan or the Non-employee Director Plan. The number of shares reserved for issuance under the 2006 plan is 8,000,000, plus the 17,000 remaining shares that were available to grant under the 2000 Plan at June 28, 2006, plus any shares underlying outstanding awards under the 2000 plan that terminate or expire unexercised, or are cancelled, forfeited or lapse for any reason subsequent to June 28, 2006. At December 31, 2009, 4,571,000 shares were available to grant. In the Roper Industries, Inc., Employee Stock Purchase Plan (ESPP), all employees in the U.S. and Canada are eligible to designate up to 10% of eligible earnings to purchase Ropers common stock at a discount to the average closing price of its common stock at the beginning and end of a quarterly offering period. Effective January 1, 2008, the ESPP was modified to change the discount from 10% to 5%. The common stock sold to the employees may be either treasury stock, stock purchased on the open market, or newly issued shares. The Company recognized stock based compensation expense of $27.5 million, $30.9 million and $20.7 million for the years ended December 31, 2009, 2008 and 2007, respectively. The total tax effect recognized in net income related to stock based compensation during 2009, 2008 and 2007 was $9.6 million, $10.8 million and $7.2 million, respectively. The tax benefit from option exercises and restricted stock vesting under all plans totaled approximately $2.0 million, $5.6 million and $5.7 million in 2009, 2008 and 2007, respectively. 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 period of up to three to five years from the grant date and generally expire seven to ten years after the grant date. The Company recorded $9.1 million, $8.2 million, and $5.1 million of compensation expense relating to outstanding options during 2009, 2008 and 2007, respectively, as a component of corporate and certain segment general and administrative expenses. The Company estimates the fair value of its option awards using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The stock volatility for each grant is measured using the weighted average of historical daily price changes of the Companys 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 terminations, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within t

12_

(12) Common Stock Transactions
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Common Stock Transactions	(12) Common Stock Transactions On December29, 2009, the Company completed a public offering of 2,300,000 shares of common stock for proceeds of approximately $121.4 million, net of $0.8 million of costs associated with the offering.

13_

(13) Contingencies
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Contingencies	(13) Contingencies Roper, in the ordinary course of business, is the subject of, or a party to, various pending or threatened legal actions, including those pertaining to product liability and employment practices. It is vigorously contesting all lawsuits that, in general, are based upon claims of the kind that have been customary over the past several years. After analyzing the Companys contingent liabilities on a gross basis and, based upon past experience with resolution of its product liability and employment practices claims and the limits of the primary, excess, and umbrella liability insurance coverages that are available with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on the consolidated financial position, results of operations or cash flows of Roper. Over recent years there has been a significant increase in certain U.S. states in asbestos-related litigation claims against numerous industrial companies. Roper or its subsidiaries have been named defendants in some such cases. 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. Ropers rent expense was approximately $27.0 million, $24.8 million and $25.4 million for 2009, 2008 and 2007, respectively. Ropers future minimum property lease commitments totaled $96.9 million at December 31, 2009. These commitments included $24.9 million in 2010, $17.9 million in 2011, $14.6 million in 2012, $11.4 million in 2013, $8.7 million in 2014 and $19.4 million thereafter. A summary of the Companys warranty accrual activity for the year ended December 31, 2009 is presented below (in thousands): Balance at beginning of year Additions charged to costs and expenses Deductions Other Balance at end of year $ 9,885 4,416 (7,659) 699 $ 7,341 Other included warranty balances at acquired businesses at the dates of acquisition, the effects of foreign currency translation adjustments, reclassifications and other. At December 31, 2009 the Company had outstanding surety bonds of $285 million.

14_

(14) Segment and Geographic Area Information
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Segment and Geographic Area Information	(14) Segment and Geographic Area Information Ropers operations are reported in four market-focused segments around common customers, markets, sales channels, technologies and common cost opportunities. The segments are: Industrial Technology, Energy Systems and Controls, Scientific and Industrial Imaging, and RF Technology. Products included within the Industrial Technology segment are industrial pumps, flow measurement and metering equipment, and industrial valves and controls, and equipment and consumables for materials analysis and industrial leak testing. The Energy Systems and Controls segments products include control systems, equipment and consumables for fluid properties testing, vibration and other non-destructive inspection and measurement products and services. The Scientific and Industrial Imaging segment offers high performance digital imaging products and software, medical products and software and handheld and vehicle mounted computers and software. The RF Technology segment includes products and systems related to comprehensive toll and traffic systems and processing, security and access control, campus card systems, freight matching, mobile asset tracking and water sub-metering and remote temperature monitoring applications. Ropers management structure and internal reporting are also aligned consistent with these four segments. There were no material transactions between Ropers business segments during 2009, 2008 and 2007. Sales between geographic areas are primarily of finished products and are accounted for at prices intended to represent third-party prices. Operating profit by business segment and by geographic area is defined as sales less operating costs and expenses. These costs and expenses do not include unallocated corporate administrative expenses. Items below income from operations on Ropers statement of earnings are not allocated to business segments. Identifiable assets are those assets used primarily in the operations of each business segment or geographic area. Corporate assets were principally comprised of cash, recoverable insurance claims, deferred compensation assets, unamortized deferred financing costs and property and equipment. Selected financial information by business segment for 2009, 2008 and 2007 follows (in thousands): Industrial Technology EnergySystems and Controls Scientific and Industrial Imaging RF Technology Corporate Total 2009 Net sales $ 536,219 $ 440,919 $ 354,776 $ 717,754 $ - $ 2,049,668 Operating profit 123,959 92,788 74,183 154,430 (49,964 ) 395,396 Total assets: Operating assets 165,651 166,461 172,805 238,249 13,894 757,060 Intangible assets, net 635,147 532,022 787,884 1,302,279 - 3,257,332 Other (51 ) 8,016 7,219 (27,825 ) (33,281 ) (45,922 ) Total 3,968

15_

(15) Concentration of Risk
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Concentration of Risk	(15) Concentration of Risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and trade receivables. The Company maintains cash and cash equivalents with various major financial institutions. Cash equivalents include investments in commercial paper of companies with high credit ratings, investments in money market securities and securities backed by the U.S. Government. At times such amounts may exceed the F.D.I.C. limits. 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 investments. Trade 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.

16_

(16) Subsequent Events
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Subsequent Events	(16) Subsequent Events The Company has evaluated subsequent events for the period from December 31, 2009, the date of these financial statements, through February 26, 2010, which represents the date these financial statements are being filed with the SEC. There were no events or transactions occurring during this subsequent event reporting period that require recognition or disclosure in the financial statements.

(17) Quarterly Financial Data

(17) Quarterly Financial Data (unaudited)
	12 Months Ended Dec. 31, 2009
Notes to Financial Statements [Abstract]
Quarterly Financial Data (unaudited)	First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) 2009 Net sales $ 505,444 $ 504,910 $ 485,676 $ 553,638 Gross profit 251,136 255,070 245,520 291,412 Income from operations 86,792 95,964 91,872 120,768 Net earnings 51,559 59,588 56,410 71,924 Earnings from continuing operations per common share: Basic 0.57 0.66 0.62 0.79 Diluted 0.56 0.64 0.61 0.77 2008 Net sales $ 542,995 $ 594,414 $ 593,100 $ 575,862 Gross profit 276,390 305,330 308,760 297,808 Income from operations 108,266 126,541 132,299 119,055 Net earnings 62,451 74,523 74,029 70,871 Earnings from continuing operations after change in accounting principle per common share: Basic 0.70 0.83 0.83 0.79 Diluted 0.67 0.79 0.79 0.77 The sum of the four quarters may not agree with the total for the year due to rounding.

Document Information

Document Information
	12 Months Ended Dec. 31, 2009
Document Information [Text Block]
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009
Entity [Text Block]
Entity Registrant Name	ROPER INDUSTRIES INC
Entity Central Index Key	0000882835
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float	$4,244,822,630
Entity Common Stock, Shares Outstanding	93,684,013