Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Roper Industries Inc | |
Entity Central Index Key | 882835 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $14,653,055,923 | |
Entity Common Stock, Shares Outstanding | 100,356,523 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Document Type | 10-K | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ||
Cash and cash equivalents | $610,430 | $459,720 |
Accounts receivable, net | 511,538 | 519,075 |
Inventories, net | 193,766 | 204,923 |
Deferred taxes | 54,199 | 64,464 |
Unbilled Receivables | 96,409 | 86,945 |
Other current assets | 45,763 | 38,210 |
Total current assets | 1,512,105 | 1,373,337 |
Property, plant and equipment, net | 110,876 | 117,310 |
Goodwill | 4,710,691 | 4,549,998 |
Other intangible assets, net | 1,978,729 | 2,039,136 |
Deferred taxes | 27,496 | 28,773 |
Other assets | 73,037 | 76,427 |
Total assets | 8,412,934 | 8,184,981 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||
Accounts payable | 143,847 | 150,313 |
Accrued Compensation | 117,374 | 107,953 |
Deferred revenue | 190,953 | 209,332 |
Other Accrued Liabilities, Current | 160,738 | 153,712 |
Accrued liabilities | 160,738 | 153,712 |
Income taxes payable | 0 | 4,275 |
Deferred taxes | 3,943 | 6,490 |
Current portion of long-term debt, net | 11,092 | 11,016 |
Total current liabilities | 627,947 | 643,091 |
Long-term debt, net of current portion | 2,203,031 | 2,453,836 |
Deferred taxes | 735,826 | 783,805 |
Other liabilities | 90,770 | 91,199 |
Total liabilities | 3,657,574 | 3,971,931 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Common stock | 1,021 | 1,013 |
Additional paid-in capital | 1,325,338 | 1,229,233 |
Retained earnings | 3,520,201 | 2,959,196 |
Accumulated other comprehensive earnings | -71,927 | 43,083 |
Treasury stock | -19,273 | -19,475 |
Total stockholders' equity | 4,755,360 | 4,213,050 |
Total liabilities and stockholders' equity | $8,412,934 | $8,184,981 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Preferred stock, par value (dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 350,000 | 350,000 |
Common stock, shares issued (in shares) | 102,069 | 101,276 |
Common stock, outstanding (in shares) | 100,126 | 99,312 |
Treasury stock, shares (in shares) | 1,943 | 1,964 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Earnings [Abstract] | |||
Net sales | $3,549,494 | $3,238,128 | $2,993,489 |
Cost of sales | 1,447,595 | 1,355,200 | 1,321,772 |
Gross profit | 2,101,899 | 1,882,928 | 1,671,717 |
Selling, general and administrative expenses | 1,102,426 | 1,040,567 | 914,130 |
Income from operations | 999,473 | 842,361 | 757,587 |
Interest expense | 78,637 | 88,039 | 67,525 |
Loss on extinguishment of debt | 0 | 0 | 1,043 |
Other income, net | 620 | -192 | -2,338 |
Earnings before income taxes | 921,456 | 754,130 | 686,681 |
Income taxes | 275,423 | 215,837 | 203,321 |
Net earnings | $646,033 | $538,293 | $483,360 |
Earnings per share: | |||
Basic (in dollars per share) | $6.47 | $5.43 | $4.95 |
Diluted (in dollars per share) | $6.40 | $5.37 | $4.86 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 99,916 | 99,123 | 97,702 |
Diluted (in shares) | 100,884 | 100,209 | 99,558 |
Dividends declared per common share (in dollars per share) | $0.85 | $0.70 | $0.58 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidated Statements of Comprehensive Income [Abstract] | |||
Net earnings | $646,033 | $538,293 | $483,360 |
Other comprehensive income/(loss), net of tax: | |||
Foreign currency translation adjustments | -115,010 | -15,454 | 23,633 |
Unrecognized Pension Gain | 0 | 0 | 1,104 |
Total other comprehensive income/(loss), net of tax | -115,010 | -15,454 | 24,737 |
Comprehensive income | $531,023 | $522,839 | $508,097 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Earnings [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2011 | $987 | $1,117,093 | $2,063,110 | $33,800 | ($19,894) | $3,195,096 |
Beginning Balance (in shares) at Dec. 31, 2011 | 96,679,000 | |||||
Net earnings | 0 | 0 | 483,360 | 0 | 0 | 483,360 |
Stock option exercises | 14 | 56,086 | 0 | 0 | 0 | 56,100 |
Stock option exercises (in shares) | 1,389,000 | |||||
Treasury stock sold | 0 | 1,977 | 0 | 0 | 218 | 2,195 |
Treasury stock sold (in shares) | 22,000 | |||||
Currency translation adjustments, net of tax | 0 | 0 | 0 | 23,633 | 0 | 23,633 |
Stock based compensation | 0 | 39,808 | 0 | 0 | 0 | 39,808 |
Restricted stock activity | 2 | -18,424 | 0 | 0 | 0 | -18,422 |
Restricted stock activity (in shares) | 187,000 | |||||
Stock option tax benefit, net of shortfalls | 0 | 30,840 | 0 | 0 | 0 | 30,840 |
Conversion of senior subordinated convertible notes | 3 | -69,379 | 0 | 0 | 0 | -69,376 |
Conversion of senior subordinated convertible notes (in shares) | 327,000 | |||||
Deferred Pension Gain | 0 | 0 | 0 | 1,104 | 0 | 1,104 |
Dividends declared | 0 | 0 | -56,612 | 0 | 0 | -56,612 |
Ending Balance at Dec. 31, 2012 | 1,006 | 1,158,001 | 2,489,858 | 58,537 | -19,676 | 3,687,726 |
Ending Balance (in shares) at Dec. 31, 2012 | 98,604,000 | |||||
Net earnings | 0 | 0 | 538,293 | 0 | 0 | 538,293 |
Stock option exercises | 4 | 23,995 | 0 | 0 | 0 | 23,999 |
Stock option exercises (in shares) | 434,000 | |||||
Treasury stock sold | 0 | 2,248 | 0 | 0 | 201 | 2,449 |
Treasury stock sold (in shares) | 20,000 | |||||
Currency translation adjustments, net of tax | 0 | 0 | 0 | -15,454 | 0 | -15,454 |
Stock based compensation | 0 | 53,417 | 0 | 0 | 0 | 53,417 |
Restricted stock activity | 3 | -16,046 | 0 | 0 | 0 | -16,043 |
Restricted stock activity (in shares) | 254,000 | |||||
Stock option tax benefit, net of shortfalls | 0 | 16,000 | 0 | 0 | 0 | 16,000 |
Conversion of senior subordinated convertible notes | 0 | -8,382 | 0 | 0 | 0 | -8,382 |
Conversion of senior subordinated convertible notes (in shares) | 0 | |||||
Dividends declared | 0 | 0 | -68,955 | 0 | 0 | -68,955 |
Ending Balance at Dec. 31, 2013 | 1,013 | 1,229,233 | 2,959,196 | 43,083 | -19,475 | 4,213,050 |
Ending Balance (in shares) at Dec. 31, 2013 | 99,312,000 | 99,312 | ||||
Net earnings | 0 | 0 | 646,033 | 0 | 0 | 646,033 |
Stock option exercises | 6 | 32,517 | 0 | 0 | 0 | 32,523 |
Stock option exercises (in shares) | 581,000 | |||||
Treasury stock sold | 0 | 2,549 | 0 | 0 | 202 | 2,751 |
Treasury stock sold (in shares) | 20,000 | |||||
Currency translation adjustments, net of tax | 0 | 0 | 0 | -115,010 | 0 | -115,010 |
Stock based compensation | 0 | 63,025 | 0 | 0 | 0 | 63,025 |
Restricted stock activity | 2 | -22,064 | 0 | 0 | 0 | -22,062 |
Restricted stock activity (in shares) | 213,000 | |||||
Stock option tax benefit, net of shortfalls | 0 | 21,481 | 0 | 0 | 0 | 21,481 |
Conversion of senior subordinated convertible notes | 0 | -1,403 | 0 | 0 | 0 | -1,403 |
Dividends declared | 0 | 0 | -85,028 | 0 | 0 | -85,028 |
Ending Balance at Dec. 31, 2014 | $1,021 | $1,325,338 | $3,520,201 | ($71,927) | ($19,273) | $4,755,360 |
Ending Balance (in shares) at Dec. 31, 2014 | 100,126,000 | 100,126 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity Parenthetical (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | |||
Currency translation adjustments, tax | $3,916 | $2,406 | $907 |
Conversion of senior subordinated convertible notes, tax | $115 | ||
Dividends declared (in dollars per share) | $0.85 | $0.70 | $0.58 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net earnings | $646,033 | $538,293 | $483,360 |
Adjustments to reconcile net earnings to cash flows from operating activities: | |||
Depreciation and amortization of property, plant and equipment | 40,890 | 37,756 | 37,888 |
Amortization of intangible assets | 156,394 | 151,434 | 116,860 |
Amortization of deferred financing costs | 4,003 | 3,918 | 2,399 |
Non-cash stock compensation | 63,027 | 53,133 | 40,773 |
Changes in operating assets and liabilities, net of acquired businesses: | |||
Accounts receivable | -404 | 32,800 | -16,455 |
Inventories | 6,349 | -12,687 | 18,361 |
Unbilled Receivables | -10,305 | -14,754 | -5,122 |
Accounts payable and accrued liabilities | -20,455 | 23,305 | 9,209 |
Income taxes payable | -46,619 | -6,427 | -15,988 |
Other, net | 1,528 | -4,218 | 6,567 |
Cash provided by operating activities | 840,441 | 802,553 | 677,852 |
Cash flows from investing activities: | |||
Acquisitions of businesses, net of cash acquired | -305,379 | -1,074,413 | -1,467,772 |
Capital expenditures | -37,644 | -42,528 | -38,405 |
Proceeds from sale of assets | 1,506 | 2,174 | 1,315 |
Other, net | -6,588 | -1,096 | -683 |
Cash used in investing activities | -348,105 | -1,115,863 | -1,505,545 |
Cash flows from financing activities: | |||
Proceeds from senior notes | 0 | 800,000 | 900,000 |
Payment of senior notes | 0 | -500,000 | 0 |
Borrowings/(payments) under revolving line of credit, net | -250,000 | 150,000 | 100,000 |
Principal payments on convertible notes | -561 | -3,702 | -57,304 |
Debt issuance costs | 0 | -7,717 | -12,213 |
Cash dividends to stockholders | -79,859 | -49,092 | -69,903 |
Treasury stock sales | 2,751 | 2,449 | 2,195 |
Stock award tax excess windfall benefit | 21,081 | 11,709 | 30,747 |
Proceeds from stock based compensation, net | 10,463 | 7,944 | 37,679 |
Redemption Premium Convertible Debt | -1,518 | -9,124 | -76,641 |
Other | -461 | 1,166 | -690 |
Cash used in financing activities | -298,104 | 403,633 | 853,870 |
Effect of foreign currency exchange rate changes on cash | -43,522 | -1,193 | 6,312 |
Net increase in cash and cash equivalents | 150,710 | 89,130 | 32,489 |
Cash and cash equivalents, beginning of year | 459,720 | 370,590 | 338,101 |
Cash and cash equivalents, end of year | 610,430 | 459,720 | 370,590 |
Cash paid for: | |||
Interest | 74,446 | 94,648 | 67,804 |
Income taxes, net of refunds received | 300,969 | 210,540 | 188,560 |
Noncash investing activities: | |||
Fair value of assets, including goodwill | 324,717 | 1,275,827 | 1,824,453 |
Liabilities assumed | -19,338 | -201,414 | -356,681 |
Cash paid, net of cash acquired | $305,379 | $1,074,413 | $1,467,772 |
Summary_of_Accounting_Policies
Summary of Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Summary of Accounting Policies [Abstract] | |||||||||
Summary of Accounting Policies [Text Block] | |||||||||
-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 - Roper is a diversified technology company. The Company operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets; including healthcare, transportation, food, energy, water, education and academic research. | |||||||||
Accounts Receivable - Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $13.7 million and $15.0 million at December 31, 2014 and 2013, respectively. Outstanding accounts receivable balances are reviewed periodically, and allowances are provided at such time that management believes it is probable that an account receivable is uncollectible. 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 $40 million in cash equivalents at December 31, 2014 and none at December 31, 2013. | |||||||||
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, 2014, management concluded that no accrual was necessary and 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 outstanding during the respective year. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper's senior subordinated convertible notes based upon the trading price of the Company's common stock. The effects of potential common stock were determined using the treasury stock method (in thousands): | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Basic weighted-average shares outstanding | 99,916 | 99,123 | 97,702 | ||||||
Effect of potential common stock: | |||||||||
Common stock awards | 816 | 891 | 1,040 | ||||||
Senior subordinated convertible notes | 152 | 195 | 816 | ||||||
Diluted weighted-average shares outstanding | 100,884 | 100,209 | 99,558 | ||||||
As of and for the years ended December 31, 2014, 2013 and 2012, there were 764,333, 614,850 and 547,591 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 generally accepted accounting principles in the United States ("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 income statement as other income/(expense). The gain or loss included in pre-tax income was a net gain of $0.2 million for the year ended December 31, 2014, a net loss of $3.9 million for the year ended December 31, 2013 and a net loss of $2.8 million for the year ended December 31, 2012. | |||||||||
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) using a two-step process. The first step of the 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, the goodwill of the reporting unit is potentially impaired and then the second step would be completed in order to measure the impairment loss by calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets (including unrecognized intangible assets) of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying value of goodwill, a non-cash impairment loss would be recognized. | |||||||||
Key assumptions used in the income and market methodologies are updated when the analysis is performed for each reporting unit. Various assumptions are utilized including forecasted operating results, strategic plans, economic projections, anticipated future cash flows, the weighted-average cost of capital, comparable transactions, market data and earnings multiples. The assumptions that have the most significant effect on the fair value calculations are the anticipated future cash flows, discount rates, and the earnings multiples. While the Company uses reasonable and timely information to prepare its cash flow and discount rate assumptions, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances. | |||||||||
The Company has 29 reporting units with individual goodwill amounts ranging from zero to $994 million. The Company concluded that the fair value of each of its reporting units was in excess of its carrying value, with no impairment indicated as of December 31, 2014. 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 under the Impairment or Disposal of Long-Lived Assets 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 an indefinite useful economic life 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 conducts these reviews for all of its reporting units using the relief-from-royalty method, which management believes to be an acceptable methodology due to its common use by valuations specialists in determining the fair value of intangible assets. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. The fair value of each trade name is determined by applying a royalty rate to a projection of net sales discounted using a risk adjusted rate of capital. Each royalty rate is determined based on the profitability of the reporting unit to which it relates and observed market royalty rates. Sales 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. | |||||||||
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 is using to operate the underlying businesses, there is significant judgment in determining the expected results attributable to the reporting units. Changes in estimates or the application of alternative assumptions could produce significantly different results. No impairment resulted from the annual reviews performed in 2014. | |||||||||
Roper evaluates whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or of the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset's carrying amount to determine if a write-down to fair value or a revision in the remaining amortization period is required. | |||||||||
Impairment of Long-Lived Assets - The Company determines whether there has been an impairment of long-lived assets, excluding goodwill and identifiable intangible assets that are determined to have indefinite useful economic lives, 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 - Roper is a U.S.-based multinational company and the calculation of its worldwide provision for income taxes requires analysis of many factors, including income tax systems that vary from country to country, and the United States' treatment of non-U.S. earnings. The Company provides U.S. income taxes for unremitted earnings of foreign subsidiaries that are not considered permanently reinvested overseas. As of December 31, 2014, the amount of earnings of foreign subsidiaries that the Company considers permanently reinvested and for which deferred taxes have not been provided was approximately $1.1 billion. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the U.S. federal income tax liability that would be payable if such earnings were not reinvested indefinitely. | |||||||||
Although it is the Company's intention to permanently reinvest these earnings indefinitely there are certain events that would cause these earnings to become taxable. These events include, but are not limited to, changes in U.S. tax laws, dividends paid between foreign subsidiaries in the absence of Section 954(c)(6) of the Internal Revenue Code of 1986, as amended ("IRC"), foreign subsidiary guarantees of U.S. parent debt and the liquidation of foreign subsidiaries or actual distributions by foreign subsidiaries into a U.S. affiliate. | |||||||||
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 jurisdictions, it is more likely than not that some portion or all of such deferred tax assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required includes, but is not limited to, the Company's estimate of future taxable income and any applicable tax-planning strategies. | |||||||||
Certain assets and liabilities have different bases for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the tax rates expected to be paid. | |||||||||
Interest Rate Risk - The Company manages interest rate risk by maintaining a combination of fixed- and variable-rate debt, which may include interest rate swaps to convert fixed-rate debt to variable-rate debt, or to convert variable-rate debt to fixed-rate debt. Interest rate swaps are recorded at fair value in the balance sheet as an asset or liability, and the changes in fair values of both the swap and the hedged item are recorded as interest expense in current earnings. There were no interest rate swaps outstanding at December 31, 2014. | |||||||||
Inventories - Inventories are valued at the lower of cost or market. 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 market value based upon assumptions about future demand and market conditions. | |||||||||
Other Comprehensive Income - Comprehensive income includes net earnings and all other non-owner sources of changes in a company's net assets. | |||||||||
Product Warranties - The Company sells certain of its products to customers with a product warranty that allows customers to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, repair at no cost to the customer or the issuance of a credit to the customer. The Company accrues its estimated exposure to warranty claims based upon current and historical product sales data, warranty costs incurred and any other related information known to the Company. | |||||||||
Property, Plant and Equipment and Depreciation and Amortization - Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows: | |||||||||
Buildings | 20-30 years | ||||||||
Machinery | 8-12 years | ||||||||
Other equipment | 3-5 years | ||||||||
Recently Released 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. 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. | |||||||||
In June 2014, the FASB issued updates to the accounting for stock compensation. These updates, effective for fiscal years beginning after December 15, 2015, modify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Company does not expect these updates to have an impact on its results of operations, financial condition or cash flows. | |||||||||
In May 2014, the FASB issued updates on accounting and disclosures for revenue from contracts with customers. These updates, effective for annual reporting periods after December 15, 2016, create a single, comprehensive revenue recognition model for all contracts with customers. The model is based on changes in contract assets (rights to receive consideration) and liabilities (obligations to provide a good or service). Revenue will be recognized based on the satisfaction of performance obligations, which occurs when control of a good or service transfers to a customer. The Company is evaluating the impact of these updates on its results of operations, financial condition and cash flows. | |||||||||
Research and Development - Research and development ("R&D") costs include salaries and benefits, rents, supplies, and other costs related to products under development. Research and development costs are expensed in the period incurred and totaled $147.9 million, $145.7 million and $125.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Revenue Recognition - The Company recognizes revenue when all of the following criteria are met: | |||||||||
● | persuasive evidence of an arrangement exists; | ||||||||
● | delivery has occurred or services have been rendered; | ||||||||
● | the seller's price to the buyer is fixed or determinable; and | ||||||||
● | collectibility is reasonably assured. | ||||||||
In addition, the Company recognizes revenue from the sale of product when title and risk of loss pass to the customer, which is generally when product is shipped. The Company recognizes revenue from services when such services are rendered or, if applicable, upon customer acceptance. Revenues under certain relatively long-term and relatively large-value construction and software projects are recognized under the percentage-of-completion method using the ratio of costs incurred to total estimated costs as the measure of performance. The Company recognized revenues of $266 million, $205 million and $146 million for the years ended December 31, 2014, 2013 and 2012, respectively, using this method. Estimated losses on any projects are recognized as soon as such losses become known. | |||||||||
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 was $4.7 million and $8.0 million at December 31, 2014 and 2013, respectively. | |||||||||
Stock-Based Compensation - The Company recognizes expense for the grant date fair value of its employee stock awards on a straight-line basis (or, in the case of performance-based awards, on a graded basis) over the employee's requisite service period (generally the vesting period of the award). The fair value of option awards is estimated using the Black-Scholes option valuation model. The Company presents the cash flows resulting from the tax benefits arising from tax deductions in excess of the compensation cost recognized for stock award exercises (excess tax benefits) as financing cash flows. |
Business_Acquisitions
Business Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Acquisitions [Abstract] | |||||
Business Acquisitions [Text Block] | -2 | Business Acquisitions | |||
2014 Acquisitions – During the year ended December 31, 2014, Roper completed three business combinations. The results of operations of the acquired companies have been included in Roper's 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 Roper's consolidated results of operations individually or in aggregate. | |||||
Roper acquired 100% of the shares of Foodlink Holdings, Inc. ("Foodlink"), Innovative Product Achievements, LLC ("IPA") and Strategic Healthcare Programs Holdings, LLC ("SHP") on July 2, August 5, and August 14, 2014, respectively. The aggregate purchase price was $303 million, paid in cash. Roper purchased the businesses to expand upon existing supply chain and medical platforms. SHP and IPA are reported in the Medical & Scientific Imaging segment, and Foodlink is reported in the RF Technology segment. | |||||
The Company expensed transaction costs of $2.8 million related to the acquisitions as corporate general and administrative expenses, as incurred. | |||||
The Company recorded $208 million in goodwill and $99 million in other identifiable intangibles in connection with the acquisitions; however, purchase price allocations are preliminary pending final intangibles valuations and tax-related adjustments. The majority of the goodwill recorded is not expected to be deductible for tax purposes. Of the $99 million of intangible assets acquired, $7 million was assigned to trade names that are not subject to amortization. The remaining $92 million of acquired intangible assets have a weighted-average useful life of 17 years. The intangible assets that make up that amount include customer relationships of $82 million (19 year weighted-average useful life), unpatented technology of $7 million (6 year weighted-average useful life), software of $2 million (4 year weighted-average useful life) and backlog of $1 million (1 year weighted-average useful life). | |||||
2013 Acquisitions – During the year ended December 31, 2013, Roper completed two business combinations. The results of operations of the acquired companies have been included in Roper's 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 Roper's consolidated results of operations individually or in aggregate. | |||||
On May 1, 2013, Roper acquired 100% of the shares of Managed Health Care Associates, Inc. ("MHA"), in a $1.0 billion all-cash transaction. MHA is a leading provider of services and technologies to support the diverse and complex needs of alternate site health care providers who deliver services outside of an acute care hospital setting. The acquisition of MHA complements and expands the Company's medical software and services platform. MHA is reported in the Medical & Scientific Imaging segment. | |||||
The following table (in thousands) summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. | |||||
Current assets | $ | 59,813 | |||
Identifiable intangibles | 465,500 | ||||
Goodwill | 678,183 | ||||
Other assets | 5,798 | ||||
Total assets acquired | 1,209,294 | ||||
Current liabilities | (24,717 | ) | |||
Long-term deferred tax liability | (162,503 | ) | |||
Other liabilities | (6,524 | ) | |||
Net assets acquired | $ | 1,015,550 | |||
The fair value of current assets acquired also includes an adjustment of $35.0 million for administrative fees related to customer purchases that occurred prior to the acquisition date but not reported to MHA until after the acquisition date. In the ordinary course, these administrative fees are recorded as revenue when reported; however, GAAP accounting for business acquisitions requires the Company to estimate the amount of purchases occurring prior to the acquisition date and record the fair value of the administrative fees to be received from those purchases as an accounts receivable at the date of acquisition. The Company also recorded a fair value liability of $8.6 million included in current liabilities related to corresponding revenue-share obligation owed to customers that generated the administrative fees. Both of these fair value adjustments were fully amortized as of September 30, 2013. | |||||
On October 4, 2013, the Company paid $54 million in cash to acquire 100% of the shares of Advanced Sensors, Ltd. ("Advanced Sensors"), a company which manufactures and supports oil-in-water analyzers for the oil and gas industries, in order to expand the Company's product line. Advanced Sensors is reported in the Energy Systems and Controls segment. The Company recorded $28 million in goodwill and $28 million of other identifiable intangibles in connection with the acquisition. | |||||
The majority of the goodwill related to the 2013 acquisitions is not expected to be deductible for tax purposes. Of the $493 million of intangible assets acquired in 2013, $28 million was assigned to trade names that are not subject to amortization. The remaining $465 million of acquired intangible assets have a weighted-average useful life of approximately 19 years. The intangible assets that make up that amount include customer relationships of $451 million (20 year weighted-average useful life), technology of $12 million (7 year weighted-average useful life), and $2 million of protective rights in the form of non-compete agreements (5 year weighted-average useful life). | |||||
The Company expensed transaction costs of $3.3 million related to the acquisitions as corporate general and administrative expenses, as incurred. | |||||
2012 Acquisitions – During the year ended December 31, 2012, Roper completed six business combinations. The results of operations of the acquired companies have been included in Roper's consolidated results since the date of each acquisition. | |||||
The largest of the 2012 acquisitions was Sunquest Information Systems, Inc. ("Sunquest"), a leading provider of diagnostic and laboratory software solutions to healthcare providers. Roper acquired 100% of the shares of Sunquest on August 22, 2012, in a $1.4 billion all-cash transaction. The Company acquired Sunquest to complement and expand its medical platform. Sunquest is reported in the Medical & Scientific Imaging segment. | |||||
The Company expensed transaction costs of $6.7 million related to the acquisition as corporate general and administrative expenses, as incurred. | |||||
The following table (in thousands) summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. | |||||
Current assets | $ | 96,883 | |||
Identifiable intangibles | 669,000 | ||||
Goodwill | 993,780 | ||||
Other assets | 2,694 | ||||
Total assets acquired | 1,762,357 | ||||
Deferred revenue | (83,065 | ) | |||
Other current liabilities | (18,762 | ) | |||
Long-term deferred tax liability | (244,550 | ) | |||
Net assets acquired | $ | 1,415,980 | |||
The majority of the goodwill is not expected to be deductible for tax purposes. Of the $669 million of acquired intangible assets acquired, $98 million was assigned to trade names that are not subject to amortization. The remaining $571 million of acquired intangible assets have a weighted-average useful life of 18 years. The intangible assets that make up that amount include customer relationships of $460 million (20 year weighted-average useful life) and software of $111 million (12 year weighted-average useful life). | |||||
Roper's results for the year ended December 31, 2012 included results from Sunquest between August 22, 2012 and December 31, 2012. In that period, Sunquest contributed $69.4 million in revenue and $8.8 million of earnings (inclusive of deal-related costs) to Roper's results. The following unaudited pro forma summary presents consolidated information as if the acquisition of Sunquest had occurred on January 1, 2011 (amounts in thousands, except per share data): | |||||
Pro forma | |||||
Year ended December 31, | |||||
2012 | |||||
Sales | $ | 3,130,407 | |||
Net income | 521,141 | ||||
Earnings per share, basic | 5.33 | ||||
Earnings per share, diluted | 5.23 | ||||
Pro forma earnings for the year ended December 31, 2012 were adjusted by $50.7 million for non-recurring acquisition and other costs. Adjustments were also made for recurring changes in amortization, interest expense and taxes related to the acquisition. | |||||
During the year ended December 31, 2012, Roper completed five other acquisitions which were immaterial. The aggregate purchase price of these acquisitions totaled $62 million of cash. The Company recorded $43 million in other identifiable intangibles and $16 million in goodwill in connection with these acquisitions. The Company expensed transaction costs of $1 million related to these acquisitions as corporate general and administrative expenses, as incurred. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on Roper's consolidated results of operations individually or in aggregate. | |||||
The majority of the goodwill recorded for these five companies is not expected to be deductible for tax purposes. Of the $43 million of intangible assets acquired, $1 million was assigned to trade names that are not subject to amortization. The remaining $42 million of acquired intangible assets have a weighted-average useful life of 7 years. The intangible assets that make up that amount include customer relationships of $17 million (7 year weighted-average useful life), protective rights and patents of $16 million (7 year weighted-average useful life) and unpatented technology of $8 million (8 year weighted-average useful life). |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventories [Abstract] | |||||||||
Inventories [Text Block] | -3 | Inventories | |||||||
The components of inventories at December 31 were as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 124,103 | $ | 127,525 | |||||
Work in process | 29,358 | 30,498 | |||||||
Finished products | 79,184 | 90,352 | |||||||
Inventory reserves | (38,879 | ) | (43,452 | ) | |||||
$ | 193,766 | $ | 204,923 |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Text Block] | -4 | Property, Plant and Equipment | |||||||
The components of property, plant and equipment at December 31 were as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Land | $ | 4,130 | $ | 4,384 | |||||
Buildings | 80,775 | 79,219 | |||||||
Machinery and other equipment | 320,697 | 310,738 | |||||||
405,602 | 394,341 | ||||||||
Accumulated depreciation | (294,726 | ) | (277,031 | ) | |||||
$ | 110,876 | $ | 117,310 | ||||||
Depreciation and amortization expense was $40,890, $37,756 and $37,888 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | -5 | Goodwill and Other Intangible Assets | |||||||||||||||||||
The carrying value of goodwill by segment was as follows (in thousands): | |||||||||||||||||||||
Industrial | Energy Systems | Medical and | RF Technology | Total | |||||||||||||||||
Technology | and Controls | Scientific Imaging | |||||||||||||||||||
Balances at December 31, 2012 | $ | 421,755 | $ | 404,057 | $ | 1,772,402 | $ | 1,270,643 | $ | 3,868,857 | |||||||||||
Goodwill acquired | - | 27,944 | 680,732 | - | 708,676 | ||||||||||||||||
Currency translation adjustments | 3,746 | 198 | (13,345 | ) | (76 | ) | (9,477 | ) | |||||||||||||
Reclassifications and other | - | 2,498 | (4,283 | ) | (16,273 | ) | (18,058 | ) | |||||||||||||
Balances at December 31, 2013 | $ | 425,501 | $ | 434,697 | $ | 2,435,506 | $ | 1,254,294 | $ | 4,549,998 | |||||||||||
Goodwill acquired | - | - | 174,347 | 33,596 | 207,943 | ||||||||||||||||
Currency translation adjustments | (16,537 | ) | (8,002 | ) | (18,847 | ) | (7,102 | ) | (50,488 | ) | |||||||||||
Reclassifications and other | - | (112 | ) | 3,350 | - | 3,238 | |||||||||||||||
Balances at December 31, 2014 | $ | 408,964 | $ | 426,583 | $ | 2,594,356 | $ | 1,280,788 | $ | 4,710,691 | |||||||||||
Reclassifications and other during the years ended December 31, 2014 and 2013 were due primarily to immaterial out of period corrections of tax adjustments for Sunquest and TransCore, respectively, that were not material in the current or prior periods. See Note 2 for information regarding acquisitions. | |||||||||||||||||||||
Other intangible assets were comprised of (in thousands): | |||||||||||||||||||||
Cost | Accum. amort. | Net book value | |||||||||||||||||||
Assets subject to amortization: | |||||||||||||||||||||
Customer related intangibles | $ | 1,936,336 | $ | (464,018 | ) | $ | 1,472,318 | ||||||||||||||
Unpatented technology | 216,044 | (120,091 | ) | 95,953 | |||||||||||||||||
Software | 160,618 | (58,084 | ) | 102,534 | |||||||||||||||||
Patents and other protective rights | 31,394 | (21,922 | ) | 9,472 | |||||||||||||||||
Trade names | 656 | (16 | ) | 640 | |||||||||||||||||
Assets not subject to amortization: | |||||||||||||||||||||
Trade names | 358,219 | - | 358,219 | ||||||||||||||||||
Balances at December 31, 2013 | $ | 2,703,267 | $ | (664,131 | ) | $ | 2,039,136 | ||||||||||||||
Assets subject to amortization: | |||||||||||||||||||||
Customer related intangibles | $ | 1,975,334 | $ | (543,594 | ) | $ | 1,431,740 | ||||||||||||||
Unpatented technology | 217,260 | (134,702 | ) | 82,558 | |||||||||||||||||
Software | 156,449 | (62,882 | ) | 93,567 | |||||||||||||||||
Patents and other protective rights | 26,463 | (18,325 | ) | 8,138 | |||||||||||||||||
Backlog | 1,100 | (443 | ) | 657 | |||||||||||||||||
Trade names | 622 | (72 | ) | 550 | |||||||||||||||||
Assets not subject to amortization: | |||||||||||||||||||||
Trade names | 361,519 | - | 361,519 | ||||||||||||||||||
Balances at December 31, 2014 | $ | 2,738,747 | $ | (760,018 | ) | $ | 1,978,729 | ||||||||||||||
Amortization expense of other intangible assets was $153 million, $147 million, and $113 million during the years ended December 31, 2014, 2013 and 2012, respectively. Amortization expense is expected to be $147 million in 2015, $143 million in 2016, $132 million in 2017, $125 million in 2018 and $119 million in 2019. | |||||||||||||||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Liabilities [Abstract] | |||||||||
Accrued Liabilities [Text Block] | -6 | Accrued Liabilities | |||||||
Accrued liabilities at December 31 were as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Interest | $ | 18,275 | $ | 18,285 | |||||
Customer deposits | 16,392 | 21,438 | |||||||
Commissions | 12,025 | 12,030 | |||||||
Warranty | 9,537 | 14,336 | |||||||
Accrued dividend | 25,032 | 19,863 | |||||||
Rebates | 12,968 | 14,104 | |||||||
Billings in excess of cost | 14,135 | 5,016 | |||||||
Other | 52,374 | 48,640 | |||||||
$ | 160,738 | $ | 153,712 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Income Taxes [Text Block] | -7 | Income Taxes | |||||||||||
Earnings before income taxes for the years ended December 31, 2014, 2013 and 2012 consisted of the following components (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 665,219 | $ | 517,432 | $ | 430,573 | |||||||
Other | 256,237 | 236,698 | 256,108 | ||||||||||
$ | 921,456 | $ | 754,130 | $ | 686,681 | ||||||||
Components of income tax expense for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 218,302 | $ | 166,430 | $ | 136,860 | |||||||
State | 37,155 | 12,577 | 9,972 | ||||||||||
Foreign | 56,107 | 40,451 | 48,403 | ||||||||||
Deferred: | |||||||||||||
Domestic | (30,664 | ) | (1,965 | ) | 15,789 | ||||||||
Foreign | (5,477 | ) | (1,656 | ) | (7,703 | ) | |||||||
$ | 275,423 | $ | 215,837 | $ | 203,321 | ||||||||
Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Foreign rate differential | (3.9 | ) | (4.1 | ) | (3.9 | ) | |||||||
R&D tax credits | (0.4 | ) | (0.5 | ) | - | ||||||||
State taxes, net of federal benefit | 2 | 1.9 | 1.7 | ||||||||||
Foreign tax credit | - | - | (2.4 | ) | |||||||||
Section 199 deduction | (1.6 | ) | (1.8 | ) | (1.3 | ) | |||||||
Other, net | (1.2 | ) | (1.9 | ) | 0.5 | ||||||||
29.9 | % | 28.6 | % | 29.6 | % | ||||||||
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): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserves and accrued expenses | $ | 130,508 | $ | 119,955 | |||||||||
Inventories | 10,186 | 10,315 | |||||||||||
Net operating loss carryforwards | 41,480 | 35,286 | |||||||||||
R&D credits | 7,145 | 3,134 | |||||||||||
Foreign tax credits | - | 425 | |||||||||||
Valuation allowance | (16,169 | ) | (5,917 | ) | |||||||||
Total deferred tax assets | $ | 173,150 | $ | 163,198 | |||||||||
Deferred tax liabilities: | |||||||||||||
Reserves and accrued expenses | $ | 27,981 | $ | 20,995 | |||||||||
Amortizable intangible assets | 798,502 | 826,838 | |||||||||||
Plant and equipment | 4,741 | 12,423 | |||||||||||
Total deferred tax liabilities | $ | 831,224 | $ | 860,256 | |||||||||
At December 31, 2014, the Company had approximately $14.1 million of tax-effected U.S. federal net operating loss carryforwards that if not utilized will expire in years 2023 through 2034. The U.S. federal net operating loss carryforwards increased from 2013 to 2014 primarily due to losses incurred by a U.S. entity that is not a member of the Company's consolidated tax group and therefore not available for offset against the taxable income of other members of the group. In a recent acquisition, the consolidated group obtained U.S. federal net operating losses subject to an IRC Section 382 limitation; however, the Company expects to utilize the losses in their entirety prior to expiration. The Company has approximately $20.8 million of tax-effected state net operating loss carryforwards that if not utilized will expire in years 2021 through 2034. The state net operating loss carryforwards are primarily related to Florida, Georgia and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $6.6 million of tax-effected foreign net operating loss carryforwards that if not utilized will begin to expire in 2015, while some do not have a definite expiration. Additionally, the Company has $7.1 million of U.S. federal and state research and development tax credit carryforwards that will expire in years 2019 through 2034. | |||||||||||||
As of December 31, 2014, the Company determined that a total valuation allowance of $16.2 million was necessary to reduce U.S. deferred tax assets by $11.9 million and foreign deferred tax assets by $4.3 million, where it was more likely than not that some portion or all of such deferred tax assets will not be realized. As of December 31, 2014, based on the Company's estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions, the Company believes that it is more likely than not that the remaining net deferred tax assets will be realized. | |||||||||||||
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 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 26,924 | $ | 24,865 | $ | 19,556 | |||||||
Additions for tax positions of prior periods | 6,532 | 3,055 | 1,371 | ||||||||||
Additions for tax positions of the current period | 5,571 | 1,639 | 1,541 | ||||||||||
Additions due to acquisitions | - | 5,026 | 9,116 | ||||||||||
Reductions for tax positions of prior periods | (1,008 | ) | (3,675 | ) | (197 | ) | |||||||
Reductions for tax positions of the current period | |||||||||||||
Settlements with taxing authorities | (518 | ) | - | - | |||||||||
Lapse of applicable statute of limitations | (8,934 | ) | (3,986 | ) | (6,522 | ) | |||||||
Ending balance | $ | 28,567 | $ | 26,924 | $ | 24,865 | |||||||
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $27.0 million. Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense and totaled $0.6 million in 2014. Accrued interest and penalties were $5.2 million at December 31, 2014 and $4.5 million at December 31, 2013. During the next twelve months, the unrecognized tax benefits are expected to increase by a net $9.2 million, due mainly to anticipated settlements with various state taxing authorities. | |||||||||||||
The Company and its subsidiaries are subject to U.S. federal income tax as well as income taxes of multiple state, city and foreign jurisdictions. The Company's federal income tax returns for 2010 through the current period remain subject to examination and the relevant state, city and foreign statutes vary. At December 31, 2014, the Internal Revenue Service has been and is continuing to examine the Company's income tax returns for the years 2010 through 2012. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt [Abstract] | |||||||||
Long-Term Debt [Text Block] | -8 | Long-Term Debt | |||||||
On July 27, 2012, Roper entered into a $1.5 billion unsecured credit facility (the "2012 Facility") with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its prior unsecured credit facility dated as of July 7, 2008 (the "2008 Facility"). The 2012 Facility is composed of a five year $1.5 billion revolving credit facility. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $350 million. At December 31, 2014, there were no outstanding borrowings under the 2012 Facility. Roper recorded a $1.0 million non-cash debt extinguishment charge in the third quarter of 2012 related to the early termination of the 2008 Facility. This charge reflects the unamortized fees associated with the 2008 Facility and was reported as other expense. | |||||||||
The 2012 Facility contains affirmative and negative covenants which, among other things, limit Roper's ability to incur new debt, prepay subordinated debt, make certain investments and acquisitions, sell assets and grant liens, make restricted payments (including the payment of dividends on our common stock) and capital expenditures, or change its line of business. Roper is also subject to financial covenants which require the Company to limit its consolidated total leverage ratio and to maintain a consolidated interest coverage ratio. The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.5. | |||||||||
The Company was in compliance with its debt covenants throughout the years ended December 31, 2014 and 2013. | |||||||||
On June 6, 2013, the Company completed a public offering of $800 million aggregate principal amount of 2.050% senior unsecured notes due October 1, 2018. The notes bear interest at a fixed rate of 2.050% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning October 1, 2013. | |||||||||
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. | |||||||||
On November 21, 2012, Roper completed a public offering of $400 million aggregate principal amount of 1.850% senior unsecured notes due November 15, 2017 and $500 million aggregate principal amount of 3.125% senior unsecured notes due November 15, 2022. The notes bear interest at a fixed rate of 1.850% and 3.125% per year, respectively, 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 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. | |||||||||
In September 2009, the Company completed a public offering of $500 million aggregate principal amount of 6.25% senior unsecured notes due September 2019. 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 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. | |||||||||
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. | |||||||||
Other debt includes $8 million of senior subordinated convertible notes due 2034. | |||||||||
Total debt at December 31 consisted of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
$1.5 billion revolving credit facility | $ | - | $ | 250,000 | |||||
2017 Notes | 400,000 | 400,000 | |||||||
2018 Notes | 800,000 | 800,000 | |||||||
2019 Notes | 500,000 | 500,000 | |||||||
2022 Notes | 500,000 | 500,000 | |||||||
Senior Subordinated Convertible Notes | 8,003 | 8,270 | |||||||
Other | 6,120 | 6,582 | |||||||
Total debt | 2,214,123 | 2,464,852 | |||||||
Less current portion | 11,092 | 11,016 | |||||||
Long-term debt | $ | 2,203,031 | $ | 2,453,836 | |||||
The 2012 Facility and Roper's $2.2 billion senior notes provide substantially all of Roper's daily external financing requirements. The interest rate on the borrowings under the 2012 Facility is calculated based upon various recognized indices plus a margin as defined in the credit agreement. At December 31, 2014, Roper's debt consisted of $2.2 billion of senior notes and $8 million in senior subordinated convertible notes. In addition, the Company had $6.1 million of other debt in the form of capital leases, several smaller facilities that allow for borrowings or the issuance of letters of credit in foreign locations to support Roper's non-U.S. businesses and $49 million of outstanding letters of credit at December 31, 2014. | |||||||||
In December 2003, the Company issued through a public offering $230 million of 3.75% subordinated convertible notes due in 2034 at an original issue discount of 60.498% (the "Convertible Notes"). The Convertible Notes are subordinated in right of payment and collateral to all of Roper's existing and future senior debt. Cash interest on the notes was paid semi-annually until January 15, 2009, after which interest is recognized at the effective rate of 3.75% and represents accrual of original issue discount, and only contingent cash interest may be paid. Contingent cash interest may be paid during any six month period if the average trading price of a note for a five trading day measurement period preceding the applicable six month period equals 120% or more of the sum of the issue price, accrued original issue discount and accrued cash interest, if any, for such note. The contingent cash interest payable per note in respect of any six month period will equal the annual rate of 0.25%. In accordance with this criterion, contingent interest has been paid for each six month period since January 15, 2009. Holders receive cash up to the value of the accreted principal amount of the notes converted and, at the Company's option, any remainder of the conversion value may be paid in cash or shares of common stock. Holders may require Roper to purchase all or a portion of their notes on January 15, 2019 at a price of $572.76 per note, on January 15, 2024 at a price of $689.68 per note, and on January 15, 2029 at a price of $830.47 per note, in each case plus accrued cash interest, if any, and accrued contingent cash interest, if any. The Company may only pay the purchase price of such notes in cash and not in common stock. In addition, if Roper experiences a change in control, each holder may require Roper to purchase for cash all or a portion of such holder's notes at a price equal to the sum of the issue price plus accrued original issue discount for non-tax purposes, accrued cash interest, if any, and accrued contingent cash interest, if any, to the date of purchase. | |||||||||
The Convertible Notes are classified as short-term debt as the notes became convertible on October 1, 2005 based upon the Company's common stock trading above the trigger price for at least 20 trading days during the 30 consecutive trading-day periods ending on September 30, 2005. | |||||||||
At December 31, 2014, the conversion price on the outstanding notes was $488.37. If converted at December 31, 2014, the value would have exceeded the $8 million principal amount of the notes by $25 million and could have resulted in the issuance of 155,980 shares of the Company's common stock. | |||||||||
Future maturities of total debt during each of the next five years ending December 31 and thereafter were as follows (in thousands): | |||||||||
2015 | $ | 11,092 | |||||||
2016 | 2,332 | ||||||||
2017 | 400,630 | ||||||||
2018 | 800,066 | ||||||||
2019 | 500,003 | ||||||||
Thereafter | 500,000 | ||||||||
$ | 2,214,123 | ||||||||
Fair_Value
Fair Value | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Fair Value [Abstract] | |||||
Fair Value of Financial Instruments | -9 | Fair Value | |||
Roper's debt at December 31, 2014 included $2.2 billion of fixed-rate senior notes with the following fair values (in millions): | |||||
$400 million senior notes due 2017 | $ | 401 | |||
$800 million senior notes due 2018 | 800 | ||||
$500 million senior notes due 2019 | 578 | ||||
$500 million senior notes due 2022 | 492 | ||||
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. Short-term debt included $8 million of fixed-rate convertible notes which were at fair value due to the short-term nature of the notes. Most of Roper's other borrowings at December 31, 2014 were at various interest rates that adjust relatively frequently under its credit facility. The fair value for each of these borrowings at December 31, 2014 was estimated to be the face value of these borrowings. |
Retirement_and_Other_Benefit_P
Retirement and Other Benefit Plans | 12 Months Ended | |
Dec. 31, 2014 | ||
Retirement and Other Benefit Plans [Abstract] | ||
Retirement and Other Benefit Plans [Text Block] | -10 | 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 not subject to collective bargaining agreements The number of plans was reduced from eleven in the prior year due to consolidation of existing plans. Roper partially matches employee contributions. Costs related to these plans were $19.5 million, $16.5 million and $16.4 million for 2014, 2013 and 2012, 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. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||||||
Stock-Based Compensation [Text Block] | -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 Company's 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. The number of shares reserved for issuance under the 2006 Plan is 14,000,000, plus 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, 2014, 4,494,756 shares were available to grant. | |||||||||||||||||||||||
Under 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 Roper's common stock at a 5% discount to the average closing price of its common stock at the beginning and end of a quarterly offering period. Common stock sold to the employees 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, 2014, 2013 and 2012 was as follows (in millions): | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Stock based compensation | $ | 63 | $ | 53.4 | $ | 40.8 | |||||||||||||||||
Tax benefit recognized in net income | 22.1 | 18.7 | 14.3 | ||||||||||||||||||||
Windfall tax benefit, net | 21.5 | 16 | 30.8 | ||||||||||||||||||||
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 three to five years from the grant date and expire ten years after the grant date. The Company recorded $16.6 million, $16.9 million, and $14.8 million of compensation expense relating to outstanding options during 2014, 2013 and 2012, respectively, as a component of general and administrative expenses, primarily at corporate. | |||||||||||||||||||||||
The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company's common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2014, 2013 and 2012 were calculated using the following weighted-average assumptions: | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Weighted-average fair value ($) | 34.95 | 37.08 | 30.25 | ||||||||||||||||||||
Risk-free interest rate (%) | 1.63 | 0.86 | 0.77 | ||||||||||||||||||||
Average expected option life (years) | 5.22 | 5.19 | 5.24 | ||||||||||||||||||||
Expected volatility (%) | 27.01 | 36.09 | 36.51 | ||||||||||||||||||||
Expected dividend yield (%) | 0.58 | 0.56 | 0.58 | ||||||||||||||||||||
The following table summarizes the Company's activities with respect to its stock option plans for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||
Number of shares | Weighted-average | Weighted-average | Aggregate intrinsic | ||||||||||||||||||||
exercise price | contractual term | value | |||||||||||||||||||||
per share | |||||||||||||||||||||||
Outstanding at January 1, 2013 | 2,918,195 | $ | 63.15 | ||||||||||||||||||||
Granted | 601,350 | 117.78 | |||||||||||||||||||||
Exercised | (424,945 | ) | 56.48 | ||||||||||||||||||||
Canceled | (106,164 | ) | 98.74 | ||||||||||||||||||||
Outstanding at December 31, 2013 | 2,988,436 | 74 | 6.22 | $ | 193,279,214 | ||||||||||||||||||
Granted | 650,000 | 137.05 | |||||||||||||||||||||
Exercised | (587,661 | ) | 55.98 | ||||||||||||||||||||
Canceled | (69,664 | ) | 116.29 | ||||||||||||||||||||
Outstanding at December 31, 2014 | 2,981,111 | 90.48 | 6.37 | $ | 196,378,239 | ||||||||||||||||||
Exercisable at December 31, 2014 | 1,811,238 | $ | 68.02 | 4.91 | $ | 159,978,254 | |||||||||||||||||
The following table summarizes information for stock options outstanding at December 31, 2014: | |||||||||||||||||||||||
Outstanding options | Exercisable options | ||||||||||||||||||||||
Exercise price | Number | Average | Average remaining | Number | Average | ||||||||||||||||||
exercise | life (years) | exercise | |||||||||||||||||||||
price | price | ||||||||||||||||||||||
$ | 31.66 - 47.49 | 110,598 | $ | 41.82 | 4.2 | 110,598 | $ | 41.82 | |||||||||||||||
47.50 - 63.32 | 911,913 | 54.1 | 3.3 | 911,913 | 54.1 | ||||||||||||||||||
63.33 - 79.15 | 379,830 | 72.62 | 6.1 | 379,830 | 72.62 | ||||||||||||||||||
79.16 - 94.98 | 325,632 | 92.7 | 7 | 216,610 | 92.24 | ||||||||||||||||||
94.99 - 110.81 | 89,049 | 97.99 | 7.5 | 51,717 | 98.07 | ||||||||||||||||||
110.82- 126.64 | 512,589 | 117.12 | 8.2 | 124,727 | 116.27 | ||||||||||||||||||
126.65 - 142.47 | 573,000 | 135.14 | 9.2 | 15,843 | 133.77 | ||||||||||||||||||
142.48 - 158.30 | 78,500 | 150.38 | 9.7 | - | - | ||||||||||||||||||
$ | 31.66 - 158.30 | 2,981,111 | $ | 90.48 | 6.4 | 1,811,238 | $ | 68.02 | |||||||||||||||
At December 31, 2014, there was $27.6 million of total unrecognized compensation expense related to nonvested options granted under the Company's share-based payment plans. That cost is expected to be recognized over a weighted-average period of 1.9 years. The total intrinsic value of options exercised in 2014, 2013 and 2012 was $50.3 million, $28.8 million and $86.0 million, respectively. Cash received from option exercises under all plans in 2014 and 2013 was $32.5 million and $24.0 million, respectively. | |||||||||||||||||||||||
Restricted Stock Grants - During 2014 and 2013, the Company granted 375,060 and 399,540 shares, respectively, of restricted stock to certain employee and director participants under the 2006 Plan. Restricted stock grants generally vest over a period of 1 to 3 years. The Company recorded $46.4 million, $36.5 million and $25.9 million of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2014, 2013 and 2012, respectively. A summary of the Company's nonvested shares activity for 2014 and 2013 is as follows: | |||||||||||||||||||||||
Number of | Weighted-average | ||||||||||||||||||||||
shares | grant date | ||||||||||||||||||||||
fair value | |||||||||||||||||||||||
Nonvested at December 31, 2012 | 571,905 | $ | 80.96 | ||||||||||||||||||||
Granted | 399,540 | 117.74 | |||||||||||||||||||||
Vested | (373,946 | ) | 126.8 | ||||||||||||||||||||
Forfeited | (23,649 | ) | 124.48 | ||||||||||||||||||||
Nonvested at December 31, 2013 | 573,850 | $ | 103.44 | ||||||||||||||||||||
Granted | 375,060 | 142.3 | |||||||||||||||||||||
Vested | (378,994 | ) | 153.16 | ||||||||||||||||||||
Forfeited | (27,361 | ) | 106.6 | ||||||||||||||||||||
Nonvested at December 31, 2014 | 542,555 | $ | 130.29 | ||||||||||||||||||||
At December 31, 2014, there was $43.4 million of total unrecognized compensation expense related to nonvested awards granted to both employees and directors under the Company's share-based payment plans. That cost is expected to be recognized over a weighted-average period of 2.2 years. Unrecognized compensation expense related to nonvested shares of restricted stock grants is recorded as a reduction to additional paid-in capital in stockholder's equity at December 31, 2014. | |||||||||||||||||||||||
Employee Stock Purchase Plan - During 2014, 2013 and 2012, participants of the ESPP purchased 20,368, 20,211 and 22,863 shares, respectively, of Roper's common stock for total consideration of $2.8 million, $2.4 million, and $2.2 million, respectively. All of these shares were purchased from Roper's treasury shares. The Company had no compensation expense relating to the stock purchase plan during 2014, 2013 and 2012. |
Contingencies
Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Contingencies [Abstract] | |||||||||||||
Contingencies [Text Block] | (12) Contingencies | ||||||||||||
Roper, in the ordinary course of business, is the subject of, or a party to, various pending or threatened legal actions, including product liability and employment practices. 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 Company's contingent liabilities on a gross basis and, based upon past experience with resolution of its product liability and employment practices claims and the limits of the primary, excess, and umbrella liability insurance coverages that are available with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance. 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. | |||||||||||||
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. | |||||||||||||
Roper's rent expense was $38.4 million, $39.8 million and $26.8 million for 2014, 2013 and 2012, respectively. Roper's future minimum property lease commitments are as follows (in millions): | |||||||||||||
2015 | $ | 35 | |||||||||||
2016 | 28.5 | ||||||||||||
2017 | 19.3 | ||||||||||||
2018 | 10.8 | ||||||||||||
2019 | 5.6 | ||||||||||||
Thereafter | 10.7 | ||||||||||||
Total | $ | 109.9 | |||||||||||
A summary of the Company's warranty accrual activity is presented below (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 14,336 | $ | 9,755 | $ | 8,147 | |||||||
Additions charged to costs and expenses* | 13,396 | 20,387 | 11,845 | ||||||||||
Deductions | (18,078 | ) | (15,697 | ) | (10,287 | ) | |||||||
Other | (117 | ) | (109 | ) | 50 | ||||||||
Balance, end of year | $ | 9,537 | $ | 14,336 | $ | 9,755 | |||||||
* During the second quarter of 2013, the Company identified a vendor-supplied component within a refrigeration system valve that did not meet its quality standards, and $9.1 million was expensed to cover the estimated cost of replacing the faulty components for customers. | |||||||||||||
Other included warranty balances at acquired businesses at the dates of acquisition, the effects of foreign currency translation adjustments, reclassifications and other. | |||||||||||||
As of December 31, 2014, Roper had $49 million of letters of credit issued to guarantee its performance under certain services contracts or to support certain insurance programs and $428 million of outstanding surety bonds. Certain contracts, primarily those involving public sector customers, require Roper to provide a surety bond as a guarantee of its performance of contractual obligations. |
Segment_and_Geographic_Area_In
Segment and Geographic Area Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Business Segments [Abstract] | |||||||||||||||||||||||||
Business Segments [Text Block] | -13 | Segment and Geographic Area Information | |||||||||||||||||||||||
Roper's operations are reported in four segments around common customers, markets, sales channels, technologies and common cost opportunities. The segments are: Industrial Technology, Energy Systems and Controls, Medical & Scientific Imaging, and RF Technology. Products included within the Industrial Technology segment are water and fluid handling pumps, flow measurement and metering equipment, industrial valves and controls, materials analysis equipment and consumables and industrial leak testing. The Energy Systems and Controls segment's products include control systems, equipment and consumables for fluid properties testing, vibration sensors and other non-destructive inspection and measurement products and services. The Medical and Scientific Imaging segment offers medical products and software, high performance digital imaging products and software and handheld and vehicle mounted computers. The RF Technology segment includes products and systems related to comprehensive toll and traffic systems and processing, security and access control, campus card systems, software-as-a-service applications in the freight matching and food industries and utility metering and remote monitoring applications. Roper's management structure and internal reporting are aligned consistently with these four segments. | |||||||||||||||||||||||||
There were no material transactions between Roper's business segments during 2014, 2013 and 2012. 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 net sales less operating costs and expenses. These costs and expenses do not include unallocated corporate administrative expenses. Items below income from operations on Roper's 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 are principally comprised of cash and cash equivalents, deferred tax assets, recoverable insurance claims, deferred compensation assets, unamortized deferred financing costs and property and equipment. | |||||||||||||||||||||||||
Selected financial information by business segment for 2014, 2013 and 2012 follows (in thousands): | |||||||||||||||||||||||||
Industrial | Energy Systems | Medical and | RF | Corporate | Total | ||||||||||||||||||||
Technology | and Controls | Scientific | Technology | ||||||||||||||||||||||
Imaging | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Net sales | $ | 827,145 | $ | 691,813 | $ | 1,080,309 | $ | 950,227 | $ | - | $ | 3,549,494 | |||||||||||||
Operating profit | 247,596 | 203,021 | 375,867 | 271,177 | (98,188 | ) | 999,473 | ||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Operating assets | 220,115 | 219,284 | 232,380 | 270,458 | 7,002 | 949,239 | |||||||||||||||||||
Intangible assets, net | 557,593 | 568,670 | 3,842,180 | 1,720,977 | - | 6,689,420 | |||||||||||||||||||
Other | 120,681 | 223,831 | 147,529 | 65,636 | 216,598 | 774,275 | |||||||||||||||||||
Total | 8,412,934 | ||||||||||||||||||||||||
Capital expenditures | 10,713 | 4,634 | 11,430 | 10,521 | 346 | 37,644 | |||||||||||||||||||
Depreciation and other amortization | 21,135 | 23,281 | 93,683 | 58,702 | 483 | 197,284 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Net sales | $ | 779,564 | $ | 651,920 | $ | 902,281 | $ | 904,363 | $ | - | $ | 3,238,128 | |||||||||||||
Operating profit | 223,053 | 183,679 | 268,172 | 253,532 | (86,075 | ) | 842,361 | ||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Operating assets | 232,505 | 214,926 | 237,681 | 266,026 | 15,325 | 966,463 | |||||||||||||||||||
Intangible assets, net | 583,822 | 597,250 | 3,682,465 | 1,725,597 | - | 6,589,134 | |||||||||||||||||||
Other | 75,215 | 167,879 | 152,211 | 62,576 | 171,503 | 629,384 | |||||||||||||||||||
Total | 8,184,981 | ||||||||||||||||||||||||
Capital expenditures | 17,043 | 4,952 | 10,231 | 10,190 | 112 | 42,528 | |||||||||||||||||||
Depreciation and other amortization | 21,551 | 21,353 | 85,177 | 60,590 | 519 | 189,190 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Net sales | $ | 795,240 | $ | 646,116 | $ | 703,835 | $ | 848,298 | $ | - | $ | 2,993,489 | |||||||||||||
Operating profit | 244,691 | 179,824 | 187,246 | 223,335 | (77,509 | ) | 757,587 | ||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Operating assets | 225,620 | 199,016 | 232,527 | 251,721 | 24,731 | 933,615 | |||||||||||||||||||
Intangible assets, net | 590,175 | 555,667 | 2,631,085 | 1,790,797 | - | 5,567,724 | |||||||||||||||||||
Other | 100,102 | 80,230 | 114,834 | 51,044 | 223,555 | 569,765 | |||||||||||||||||||
Total | 7,071,104 | ||||||||||||||||||||||||
Capital expenditures | 14,030 | 5,532 | 8,253 | 9,765 | 825 | 38,405 | |||||||||||||||||||
Depreciation and other amortization | 21,754 | 19,671 | 50,309 | 62,629 | 385 | 154,748 | |||||||||||||||||||
Summarized data for Roper's U.S. and foreign operations (principally in Canada, Europe and Asia) for 2014, 2013 and 2012, based upon the country of origin of the Roper entity making the sale, was as follows (in thousands): | |||||||||||||||||||||||||
United States | Non-U.S. | Eliminations | Total | ||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Sales to unaffiliated customers | $ | 2,661,470 | $ | 888,024 | $ | - | $ | 3,549,494 | |||||||||||||||||
Sales between geographic areas | 159,049 | 119,175 | (278,224 | ) | - | ||||||||||||||||||||
Net sales | $ | 2,820,519 | $ | 1,007,199 | $ | (278,224 | ) | $ | 3,549,494 | ||||||||||||||||
Long-lived assets | $ | 134,855 | $ | 30,781 | $ | - | $ | 165,636 | |||||||||||||||||
2013 | |||||||||||||||||||||||||
Sales to unaffiliated customers | $ | 2,400,592 | $ | 837,536 | $ | - | $ | 3,238,128 | |||||||||||||||||
Sales between geographic areas | 141,529 | 121,431 | (262,960 | ) | - | ||||||||||||||||||||
Net sales | $ | 2,542,121 | $ | 958,967 | $ | (262,960 | ) | $ | 3,238,128 | ||||||||||||||||
Long-lived assets | $ | 135,157 | $ | 36,266 | $ | - | $ | 171,423 | |||||||||||||||||
2012 | |||||||||||||||||||||||||
Sales to unaffiliated customers | $ | 2,174,443 | $ | 819,046 | $ | - | $ | 2,993,489 | |||||||||||||||||
Sales between geographic areas | 140,864 | 111,813 | (252,677 | ) | - | ||||||||||||||||||||
Net sales | $ | 2,315,307 | $ | 930,859 | $ | (252,677 | ) | $ | 2,993,489 | ||||||||||||||||
Long-lived assets | $ | 125,015 | $ | 35,702 | $ | - | $ | 160,717 | |||||||||||||||||
Export sales from the U.S. during the years ended December 31, 2014, 2013 and 2012 were $477 million, $479 million and $459 million, respectively. In the year ended December 31, 2014, these exports were shipped primarily to Asia (36%), Europe (18%), Canada (16%), Middle East (13%), South America (6%), South Pacific (5%) and other (6%). | |||||||||||||||||||||||||
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 sales for the years ended December 31, 2014, 2013 and 2012 are shown below by region, except for Canada, which is presented separately as it is the only country in which Roper has had greater than 5% of total sales for any of the three years presented (in thousands): | |||||||||||||||||||||||||
Industrial | Energy Systems | Medical and | RF Technology | Total | |||||||||||||||||||||
Technology | and Controls | Scientific Imaging | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Canada | $ | 106,598 | $ | 31,831 | $ | 24,997 | $ | 45,811 | $ | 209,237 | |||||||||||||||
Europe | 121,909 | 157,391 | 185,263 | 54,330 | 518,893 | ||||||||||||||||||||
Asia | 61,552 | 143,524 | 107,695 | 7,555 | 320,326 | ||||||||||||||||||||
Middle East | 3,824 | 42,988 | 9,997 | 34,241 | 91,050 | ||||||||||||||||||||
Rest of the world | 26,134 | 78,186 | 28,722 | 9,333 | 142,375 | ||||||||||||||||||||
Total | $ | 320,017 | $ | 453,920 | $ | 356,674 | $ | 151,270 | $ | 1,281,881 | |||||||||||||||
2013 | |||||||||||||||||||||||||
Canada | $ | 109,361 | $ | 34,260 | $ | 25,502 | $ | 45,954 | $ | 215,077 | |||||||||||||||
Europe | 108,644 | 153,807 | 168,394 | 62,825 | 493,670 | ||||||||||||||||||||
Asia | 65,622 | 136,934 | 103,931 | 8,134 | 314,621 | ||||||||||||||||||||
Middle East | 3,865 | 32,444 | 9,361 | 44,341 | 90,011 | ||||||||||||||||||||
Rest of the world | 26,716 | 82,956 | 17,856 | 11,865 | 139,393 | ||||||||||||||||||||
Total | $ | 314,208 | $ | 440,401 | $ | 325,044 | $ | 173,119 | $ | 1,252,772 | |||||||||||||||
2012 | |||||||||||||||||||||||||
Canada | $ | 94,035 | $ | 39,836 | $ | 21,308 | $ | 47,371 | $ | 202,550 | |||||||||||||||
Europe | 104,105 | 148,360 | 161,075 | 64,492 | 478,032 | ||||||||||||||||||||
Asia | 75,113 | 121,997 | 111,642 | 6,465 | 315,217 | ||||||||||||||||||||
Middle East | 3,846 | 47,866 | 4,613 | 30,125 | 86,450 | ||||||||||||||||||||
Rest of the world | 34,091 | 68,275 | 20,500 | 9,293 | 132,161 | ||||||||||||||||||||
Total | $ | 311,190 | $ | 426,334 | $ | 319,138 | $ | 157,746 | $ | 1,214,410 |
Concentration_of_Risk
Concentration of Risk | 12 Months Ended | |
Dec. 31, 2014 | ||
Concentration of Risk [Abstract] | ||
Concentration of Risk [Text Block] | -14 | 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. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Quarterly Financial Data | -15 | Quarterly Financial Data (unaudited) | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 834,052 | $ | 885,175 | $ | 884,122 | $ | 946,145 | |||||||||
Gross profit | 488,936 | 523,182 | 524,040 | 565,741 | |||||||||||||
Income from operations | 223,400 | 246,666 | 245,658 | 283,749 | |||||||||||||
Net earnings | 147,226 | 157,361 | 155,510 | 185,936 | |||||||||||||
Earnings from continuing operations per common share: | |||||||||||||||||
Basic | 1.48 | 1.58 | 1.55 | 1.86 | |||||||||||||
Diluted | 1.46 | 1.56 | 1.54 | 1.84 | |||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 737,135 | $ | 784,010 | $ | 827,810 | $ | 889,173 | |||||||||
Gross profit | 421,576 | 445,507 | 482,625 | 533,220 | |||||||||||||
Income from operations | 185,177 | 179,746 | 219,349 | 258,089 | |||||||||||||
Net earnings | 124,914 | 111,353 | 136,323 | 165,703 | |||||||||||||
Earnings from continuing operations per common share: | |||||||||||||||||
Basic | 1.26 | 1.12 | 1.37 | 1.67 | |||||||||||||
Diluted | 1.25 | 1.11 | 1.36 | 1.65 | |||||||||||||
The sum of the four quarters may not agree with the total for the year due to rounding. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | -16 | Subsequent Event |
In the period following December 31, 2014 but before the filing date of this Annual Report, Roper acquired Strata Decision Technology LLC, a provider of planning and budget software for health care providers and Softwriters Inc., a provider of long-term care pharmacy operating software. | ||
The aggregate purchase price for these acquisitions was $360 million, paid in cash. Roper purchased the companies to expand upon existing medical platforms. Purchase accounting has not been completed as of the filing date, and no supplemental pro forma data has been provided as the acquisitions are immaterial both individually and in aggregate. |
Schedule_II_Consolidated_Valua
Schedule II - Consolidated Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Consolidated Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Valuation and qualifying accounts | ROPER INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Schedule II – Consolidated Valuation and Qualifying Accounts | |||||||||||||||||||||
Years ended December 31, 2014, 2013 and 2012 | |||||||||||||||||||||
Balance at | Additions | Deductions | Other | Balance at | |||||||||||||||||
beginning | charged to | end | |||||||||||||||||||
of year | costs and | of year | |||||||||||||||||||
expenses | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Allowance for doubtful accounts and sales allowances | |||||||||||||||||||||
2014 | $ | 14,992 | $ | 2,357 | $ | (3,355 | ) | $ | (300 | ) | $ | 13,694 | |||||||||
2013 | 15,976 | 1,350 | (2,992 | ) | 658 | 14,992 | |||||||||||||||
2012 | 10,636 | 4,573 | (2,403 | ) | 3,170 | 15,976 | |||||||||||||||
Reserve for inventory obsolescence | |||||||||||||||||||||
2014 | $ | 43,452 | $ | 8,621 | $ | (11,833 | ) | $ | (1,361 | ) | $ | 38,879 | |||||||||
2013 | 41,967 | 11,360 | (9,696 | ) | (179 | ) | 43,452 | ||||||||||||||
2012 | 35,224 | 14,736 | (8,253 | ) | 260 | 41,967 | |||||||||||||||
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 at the dates of acquisition, the effects of foreign currency translation adjustments for those companies whose functional currency was not the U.S. dollar, reclassifications and other. |
Summary_of_Accounting_Policies1
Summary of Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Summary of Accounting Policies [Abstract] | |||||||||
Basis of Presentation | 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 | Nature of the Business - Roper is a diversified technology company. The Company operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets; including healthcare, transportation, food, energy, water, education and academic research. | ||||||||
Accounts Receivable | Accounts Receivable - Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $13.7 million and $15.0 million at December 31, 2014 and 2013, respectively. Outstanding accounts receivable balances are reviewed periodically, and allowances are provided at such time that management believes it is probable that an account receivable is uncollectible. 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 | 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 $40 million in cash equivalents at December 31, 2014 and none at December 31, 2013. | ||||||||
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, 2014, management concluded that no accrual was necessary and 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 outstanding during the respective year. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper's senior subordinated convertible notes based upon the trading price of the Company's common stock. The effects of potential common stock were determined using the treasury stock method (in thousands): | ||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Basic weighted-average shares outstanding | 99,916 | 99,123 | 97,702 | ||||||
Effect of potential common stock: | |||||||||
Common stock awards | 816 | 891 | 1,040 | ||||||
Senior subordinated convertible notes | 152 | 195 | 816 | ||||||
Diluted weighted-average shares outstanding | 100,884 | 100,209 | 99,558 | ||||||
As of and for the years ended December 31, 2014, 2013 and 2012, there were 764,333, 614,850 and 547,591 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive. | |||||||||
Estimates | Estimates - The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("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 | 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 income statement as other income/(expense). The gain or loss included in pre-tax income was a net gain of $0.2 million for the year ended December 31, 2014, a net loss of $3.9 million for the year ended December 31, 2013 and a net loss of $2.8 million for the year ended December 31, 2012. | ||||||||
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) using a two-step process. The first step of the 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, the goodwill of the reporting unit is potentially impaired and then the second step would be completed in order to measure the impairment loss by calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets (including unrecognized intangible assets) of the reporting unit from the fair value of the reporting unit. If the implied fair value of goodwill is less than the carrying value of goodwill, a non-cash impairment loss would be recognized. | ||||||||
Key assumptions used in the income and market methodologies are updated when the analysis is performed for each reporting unit. Various assumptions are utilized including forecasted operating results, strategic plans, economic projections, anticipated future cash flows, the weighted-average cost of capital, comparable transactions, market data and earnings multiples. The assumptions that have the most significant effect on the fair value calculations are the anticipated future cash flows, discount rates, and the earnings multiples. While the Company uses reasonable and timely information to prepare its cash flow and discount rate assumptions, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances. | |||||||||
The Company has 29 reporting units with individual goodwill amounts ranging from zero to $994 million. The Company concluded that the fair value of each of its reporting units was in excess of its carrying value, with no impairment indicated as of December 31, 2014. 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 under the Impairment or Disposal of Long-Lived Assets 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 an indefinite useful economic life 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 conducts these reviews for all of its reporting units using the relief-from-royalty method, which management believes to be an acceptable methodology due to its common use by valuations specialists in determining the fair value of intangible assets. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. The fair value of each trade name is determined by applying a royalty rate to a projection of net sales discounted using a risk adjusted rate of capital. Each royalty rate is determined based on the profitability of the reporting unit to which it relates and observed market royalty rates. Sales 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. | |||||||||
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 is using to operate the underlying businesses, there is significant judgment in determining the expected results attributable to the reporting units. Changes in estimates or the application of alternative assumptions could produce significantly different results. No impairment resulted from the annual reviews performed in 2014. | |||||||||
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 identifiable intangible assets that are determined to have indefinite useful economic lives, 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 - Roper is a U.S.-based multinational company and the calculation of its worldwide provision for income taxes requires analysis of many factors, including income tax systems that vary from country to country, and the United States' treatment of non-U.S. earnings. The Company provides U.S. income taxes for unremitted earnings of foreign subsidiaries that are not considered permanently reinvested overseas. As of December 31, 2014, the amount of earnings of foreign subsidiaries that the Company considers permanently reinvested and for which deferred taxes have not been provided was approximately $1.1 billion. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the U.S. federal income tax liability that would be payable if such earnings were not reinvested indefinitely. | ||||||||
Although it is the Company's intention to permanently reinvest these earnings indefinitely there are certain events that would cause these earnings to become taxable. These events include, but are not limited to, changes in U.S. tax laws, dividends paid between foreign subsidiaries in the absence of Section 954(c)(6) of the Internal Revenue Code of 1986, as amended ("IRC"), foreign subsidiary guarantees of U.S. parent debt and the liquidation of foreign subsidiaries or actual distributions by foreign subsidiaries into a U.S. affiliate. | |||||||||
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 jurisdictions, it is more likely than not that some portion or all of such deferred tax assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required includes, but is not limited to, the Company's estimate of future taxable income and any applicable tax-planning strategies. | |||||||||
Certain assets and liabilities have different bases for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the tax rates expected to be paid. | |||||||||
Interest Rate Risk | Interest Rate Risk - The Company manages interest rate risk by maintaining a combination of fixed- and variable-rate debt, which may include interest rate swaps to convert fixed-rate debt to variable-rate debt, or to convert variable-rate debt to fixed-rate debt. Interest rate swaps are recorded at fair value in the balance sheet as an asset or liability, and the changes in fair values of both the swap and the hedged item are recorded as interest expense in current earnings. There were no interest rate swaps outstanding at December 31, 2014. | ||||||||
Inventories | Inventories - Inventories are valued at the lower of cost or market. 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 market value based upon assumptions about future demand and market conditions. | ||||||||
Other Comprehensive Earnings | Other Comprehensive Income - Comprehensive income includes net earnings and all other non-owner sources of changes in a company's net assets. | ||||||||
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. Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows: | ||||||||
Buildings | 20-30 years | ||||||||
Machinery | 8-12 years | ||||||||
Other equipment | 3-5 years | ||||||||
Recently Released Accounting Pronouncements | Recently Released 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. 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. | ||||||||
In June 2014, the FASB issued updates to the accounting for stock compensation. These updates, effective for fiscal years beginning after December 15, 2015, modify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Company does not expect these updates to have an impact on its results of operations, financial condition or cash flows. | |||||||||
In May 2014, the FASB issued updates on accounting and disclosures for revenue from contracts with customers. These updates, effective for annual reporting periods after December 15, 2016, create a single, comprehensive revenue recognition model for all contracts with customers. The model is based on changes in contract assets (rights to receive consideration) and liabilities (obligations to provide a good or service). Revenue will be recognized based on the satisfaction of performance obligations, which occurs when control of a good or service transfers to a customer. The Company is evaluating the impact of these updates on its results of operations, financial condition and cash flows. | |||||||||
Research and Development Disclosure [Text Block] | Research and Development - Research and development ("R&D") costs include salaries and benefits, rents, supplies, and other costs related to products under development. Research and development costs are expensed in the period incurred and totaled $147.9 million, $145.7 million and $125.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
Revenue Recognition | Revenue Recognition - The Company recognizes revenue when all of the following criteria are met: | ||||||||
● | persuasive evidence of an arrangement exists; | ||||||||
● | delivery has occurred or services have been rendered; | ||||||||
● | the seller's price to the buyer is fixed or determinable; and | ||||||||
● | collectibility is reasonably assured. | ||||||||
In addition, the Company recognizes revenue from the sale of product when title and risk of loss pass to the customer, which is generally when product is shipped. The Company recognizes revenue from services when such services are rendered or, if applicable, upon customer acceptance. Revenues under certain relatively long-term and relatively large-value construction and software projects are recognized under the percentage-of-completion method using the ratio of costs incurred to total estimated costs as the measure of performance. The Company recognized revenues of $266 million, $205 million and $146 million for the years ended December 31, 2014, 2013 and 2012, respectively, using this method. Estimated losses on any projects are recognized as soon as such losses become known. | |||||||||
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. Capitalized software was $4.7 million and $8.0 million at December 31, 2014 and 2013, respectively. | ||||||||
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. The Company presents the cash flows resulting from the tax benefits arising from tax deductions in excess of the compensation cost recognized for stock award exercises (excess tax benefits) as financing cash flows. |
Summary_of_Accounting_Policies2
Summary of Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Summary of Accounting Policies [Abstract] | |||||||||
Schedule of Weighted Average Diluted Shares Outstanding Table | 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 Roper's senior subordinated convertible notes based upon the trading price of the Company's common stock. The effects of potential common stock were determined using the treasury stock method (in thousands): | ||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Basic weighted-average shares outstanding | 99,916 | 99,123 | 97,702 | ||||||
Effect of potential common stock: | |||||||||
Common stock awards | 816 | 891 | 1,040 | ||||||
Senior subordinated convertible notes | 152 | 195 | 816 | ||||||
Diluted weighted-average shares outstanding | 100,884 | 100,209 | 99,558 | ||||||
Property, plant and equipment table | Property, Plant and Equipment and Depreciation and Amortization - Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows: | ||||||||
Buildings | 20-30 years | ||||||||
Machinery | 8-12 years | ||||||||
Other equipment | 3-5 years |
Business_Acquisitions_Tables
Business Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Acquisitions [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table (in thousands) summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. | ||||
Current assets | $ | 59,813 | |||
Identifiable intangibles | 465,500 | ||||
Goodwill | 678,183 | ||||
Other assets | 5,798 | ||||
Total assets acquired | 1,209,294 | ||||
Current liabilities | (24,717 | ) | |||
Long-term deferred tax liability | (162,503 | ) | |||
Other liabilities | (6,524 | ) | |||
Net assets acquired | $ | 1,015,550 | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustments | The following table (in thousands) summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. | ||||
Current assets | $ | 96,883 | |||
Identifiable intangibles | 669,000 | ||||
Goodwill | 993,780 | ||||
Other assets | 2,694 | ||||
Total assets acquired | 1,762,357 | ||||
Deferred revenue | (83,065 | ) | |||
Other current liabilities | (18,762 | ) | |||
Long-term deferred tax liability | (244,550 | ) | |||
Net assets acquired | $ | 1,415,980 | |||
The majority of the goodwill is not expected to be deductible for tax purposes. Of the $669 million of acquired intangible assets acquired, $98 million was assigned to trade names that are not subject to amortization. The remaining $571 million of acquired intangible assets have a weighted-average useful life of 18 years. The intangible assets that make up that amount include customer relationships of $460 million (20 year weighted-average useful life) and software of $111 million (12 year weighted-average useful life). | |||||
Fair Value of Assets Acquired and Liabilities Assumed Table | Roper's results for the year ended December 31, 2012 included results from Sunquest between August 22, 2012 and December 31, 2012. In that period, Sunquest contributed $69.4 million in revenue and $8.8 million of earnings (inclusive of deal-related costs) to Roper's results. The following unaudited pro forma summary presents consolidated information as if the acquisition of Sunquest had occurred on January 1, 2011 (amounts in thousands, except per share data): | ||||
Pro forma | |||||
Year ended December 31, | |||||
2012 | |||||
Sales | $ | 3,130,407 | |||
Net income | 521,141 | ||||
Earnings per share, basic | 5.33 | ||||
Earnings per share, diluted | 5.23 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventories [Abstract] | |||||||||
Inventories | The components of inventories at December 31 were as follows (in thousands): | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 124,103 | $ | 127,525 | |||||
Work in process | 29,358 | 30,498 | |||||||
Finished products | 79,184 | 90,352 | |||||||
Inventory reserves | (38,879 | ) | (43,452 | ) | |||||
$ | 193,766 | $ | 204,923 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment Table | Property, Plant and Equipment and Depreciation and Amortization - Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows: | |
Buildings | 20-30 years | |
Machinery | 8-12 years | |
Other equipment | 3-5 years |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Goodwill | The carrying value of goodwill by segment was as follows (in thousands): | ||||||||||||||||||||
Industrial | Energy Systems | Medical and | RF Technology | Total | |||||||||||||||||
Technology | and Controls | Scientific Imaging | |||||||||||||||||||
Balances at December 31, 2012 | $ | 421,755 | $ | 404,057 | $ | 1,772,402 | $ | 1,270,643 | $ | 3,868,857 | |||||||||||
Goodwill acquired | - | 27,944 | 680,732 | - | 708,676 | ||||||||||||||||
Currency translation adjustments | 3,746 | 198 | (13,345 | ) | (76 | ) | (9,477 | ) | |||||||||||||
Reclassifications and other | - | 2,498 | (4,283 | ) | (16,273 | ) | (18,058 | ) | |||||||||||||
Balances at December 31, 2013 | $ | 425,501 | $ | 434,697 | $ | 2,435,506 | $ | 1,254,294 | $ | 4,549,998 | |||||||||||
Goodwill acquired | - | - | 174,347 | 33,596 | 207,943 | ||||||||||||||||
Currency translation adjustments | (16,537 | ) | (8,002 | ) | (18,847 | ) | (7,102 | ) | (50,488 | ) | |||||||||||
Reclassifications and other | - | (112 | ) | 3,350 | - | 3,238 | |||||||||||||||
Balances at December 31, 2014 | $ | 408,964 | $ | 426,583 | $ | 2,594,356 | $ | 1,280,788 | $ | 4,710,691 | |||||||||||
Other Intangible Assets | Other intangible assets were comprised of (in thousands): | ||||||||||||||||||||
Cost | Accum. amort. | Net book value | |||||||||||||||||||
Assets subject to amortization: | |||||||||||||||||||||
Customer related intangibles | $ | 1,936,336 | $ | (464,018 | ) | $ | 1,472,318 | ||||||||||||||
Unpatented technology | 216,044 | (120,091 | ) | 95,953 | |||||||||||||||||
Software | 160,618 | (58,084 | ) | 102,534 | |||||||||||||||||
Patents and other protective rights | 31,394 | (21,922 | ) | 9,472 | |||||||||||||||||
Trade names | 656 | (16 | ) | 640 | |||||||||||||||||
Assets not subject to amortization: | |||||||||||||||||||||
Trade names | 358,219 | - | 358,219 | ||||||||||||||||||
Balances at December 31, 2013 | $ | 2,703,267 | $ | (664,131 | ) | $ | 2,039,136 | ||||||||||||||
Assets subject to amortization: | |||||||||||||||||||||
Customer related intangibles | $ | 1,975,334 | $ | (543,594 | ) | $ | 1,431,740 | ||||||||||||||
Unpatented technology | 217,260 | (134,702 | ) | 82,558 | |||||||||||||||||
Software | 156,449 | (62,882 | ) | 93,567 | |||||||||||||||||
Patents and other protective rights | 26,463 | (18,325 | ) | 8,138 | |||||||||||||||||
Backlog | 1,100 | (443 | ) | 657 | |||||||||||||||||
Trade names | 622 | (72 | ) | 550 | |||||||||||||||||
Assets not subject to amortization: | |||||||||||||||||||||
Trade names | 361,519 | - | 361,519 | ||||||||||||||||||
Balances at December 31, 2014 | $ | 2,738,747 | $ | (760,018 | ) | $ | 1,978,729 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Liabilities [Abstract] | |||||||||
Accrued Liabilities | Accrued liabilities at December 31 were as follows (in thousands): | ||||||||
2014 | 2013 | ||||||||
Interest | $ | 18,275 | $ | 18,285 | |||||
Customer deposits | 16,392 | 21,438 | |||||||
Commissions | 12,025 | 12,030 | |||||||
Warranty | 9,537 | 14,336 | |||||||
Accrued dividend | 25,032 | 19,863 | |||||||
Rebates | 12,968 | 14,104 | |||||||
Billings in excess of cost | 14,135 | 5,016 | |||||||
Other | 52,374 | 48,640 | |||||||
$ | 160,738 | $ | 153,712 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes [Abstract] | |||||||||||||
Earnings Before Income Taxes | Earnings before income taxes for the years ended December 31, 2014, 2013 and 2012 consisted of the following components (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 665,219 | $ | 517,432 | $ | 430,573 | |||||||
Other | 256,237 | 236,698 | 256,108 | ||||||||||
$ | 921,456 | $ | 754,130 | $ | 686,681 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 218,302 | $ | 166,430 | $ | 136,860 | |||||||
State | 37,155 | 12,577 | 9,972 | ||||||||||
Foreign | 56,107 | 40,451 | 48,403 | ||||||||||
Deferred: | |||||||||||||
Domestic | (30,664 | ) | (1,965 | ) | 15,789 | ||||||||
Foreign | (5,477 | ) | (1,656 | ) | (7,703 | ) | |||||||
$ | 275,423 | $ | 215,837 | $ | 203,321 | ||||||||
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, 2014, 2013 and 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Foreign rate differential | (3.9 | ) | (4.1 | ) | (3.9 | ) | |||||||
R&D tax credits | (0.4 | ) | (0.5 | ) | - | ||||||||
State taxes, net of federal benefit | 2 | 1.9 | 1.7 | ||||||||||
Foreign tax credit | - | - | (2.4 | ) | |||||||||
Section 199 deduction | (1.6 | ) | (1.8 | ) | (1.3 | ) | |||||||
Other, net | (1.2 | ) | (1.9 | ) | 0.5 | ||||||||
29.9 | % | 28.6 | % | 29.6 | % | ||||||||
Schedule of Deferred Tax Assets and Liabilities | Components of the deferred tax assets and liabilities at December 31 were as follows (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Reserves and accrued expenses | $ | 130,508 | $ | 119,955 | |||||||||
Inventories | 10,186 | 10,315 | |||||||||||
Net operating loss carryforwards | 41,480 | 35,286 | |||||||||||
R&D credits | 7,145 | 3,134 | |||||||||||
Foreign tax credits | - | 425 | |||||||||||
Valuation allowance | (16,169 | ) | (5,917 | ) | |||||||||
Total deferred tax assets | $ | 173,150 | $ | 163,198 | |||||||||
Deferred tax liabilities: | |||||||||||||
Reserves and accrued expenses | $ | 27,981 | $ | 20,995 | |||||||||
Amortizable intangible assets | 798,502 | 826,838 | |||||||||||
Plant and equipment | 4,741 | 12,423 | |||||||||||
Total deferred tax liabilities | $ | 831,224 | $ | 860,256 | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | 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 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 26,924 | $ | 24,865 | $ | 19,556 | |||||||
Additions for tax positions of prior periods | 6,532 | 3,055 | 1,371 | ||||||||||
Additions for tax positions of the current period | 5,571 | 1,639 | 1,541 | ||||||||||
Additions due to acquisitions | - | 5,026 | 9,116 | ||||||||||
Reductions for tax positions of prior periods | (1,008 | ) | (3,675 | ) | (197 | ) | |||||||
Reductions for tax positions of the current period | |||||||||||||
Settlements with taxing authorities | (518 | ) | - | - | |||||||||
Lapse of applicable statute of limitations | (8,934 | ) | (3,986 | ) | (6,522 | ) | |||||||
Ending balance | $ | 28,567 | $ | 26,924 | $ | 24,865 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt [Abstract] | |||||||||
Long Term Debt | Total debt at December 31 consisted of the following (in thousands): | ||||||||
2014 | 2013 | ||||||||
$1.5 billion revolving credit facility | $ | - | $ | 250,000 | |||||
2017 Notes | 400,000 | 400,000 | |||||||
2018 Notes | 800,000 | 800,000 | |||||||
2019 Notes | 500,000 | 500,000 | |||||||
2022 Notes | 500,000 | 500,000 | |||||||
Senior Subordinated Convertible Notes | 8,003 | 8,270 | |||||||
Other | 6,120 | 6,582 | |||||||
Total debt | 2,214,123 | 2,464,852 | |||||||
Less current portion | 11,092 | 11,016 | |||||||
Long-term debt | $ | 2,203,031 | $ | 2,453,836 | |||||
The 2012 Facility and Roper's $2.2 billion senior notes provide substantially all of Roper's daily external financing requirements. The interest rate on the borrowings under the 2012 Facility is calculated based upon various recognized indices plus a margin as defined in the credit agreement. At December 31, 2014, Roper's debt consisted of $2.2 billion of senior notes and $8 million in senior subordinated convertible notes. In addition, the Company had $6.1 million of other debt in the form of capital leases, several smaller facilities that allow for borrowings or the issuance of letters of credit in foreign locations to support Roper's non-U.S. businesses and $49 million of outstanding letters of credit at December 31, 2014. | |||||||||
Future Maturities of Long Term Debt | Future maturities of total debt during each of the next five years ending December 31 and thereafter were as follows (in thousands): | ||||||||
2015 | $ | 11,092 | |||||||
2016 | 2,332 | ||||||||
2017 | 400,630 | ||||||||
2018 | 800,066 | ||||||||
2019 | 500,003 | ||||||||
Thereafter | 500,000 | ||||||||
$ | 2,214,123 | ||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Fair Value [Abstract] | |||||
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Roper's debt at December 31, 2014 included $2.2 billion of fixed-rate senior notes with the following fair values (in millions): | ||||
$400 million senior notes due 2017 | $ | 401 | |||
$800 million senior notes due 2018 | 800 | ||||
$500 million senior notes due 2019 | 578 | ||||
$500 million senior notes due 2022 | 492 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Stock-Based Compensation [Abstract] | |||||||||||||||||||||||
Stock Based Compensation Expense | Stock based compensation expense for the years ended December 31, 2014, 2013 and 2012 was as follows (in millions): | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Stock based compensation | $ | 63 | $ | 53.4 | $ | 40.8 | |||||||||||||||||
Tax benefit recognized in net income | 22.1 | 18.7 | 14.3 | ||||||||||||||||||||
Windfall tax benefit, net | 21.5 | 16 | 30.8 | ||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 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 2014, 2013 and 2012 were calculated using the following weighted-average assumptions: | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Weighted-average fair value ($) | 34.95 | 37.08 | 30.25 | ||||||||||||||||||||
Risk-free interest rate (%) | 1.63 | 0.86 | 0.77 | ||||||||||||||||||||
Average expected option life (years) | 5.22 | 5.19 | 5.24 | ||||||||||||||||||||
Expected volatility (%) | 27.01 | 36.09 | 36.51 | ||||||||||||||||||||
Expected dividend yield (%) | 0.58 | 0.56 | 0.58 | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Option Activity | The following table summarizes the Company's activities with respect to its stock option plans for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||
Number of shares | Weighted-average | Weighted-average | Aggregate intrinsic | ||||||||||||||||||||
exercise price | contractual term | value | |||||||||||||||||||||
per share | |||||||||||||||||||||||
Outstanding at January 1, 2013 | 2,918,195 | $ | 63.15 | ||||||||||||||||||||
Granted | 601,350 | 117.78 | |||||||||||||||||||||
Exercised | (424,945 | ) | 56.48 | ||||||||||||||||||||
Canceled | (106,164 | ) | 98.74 | ||||||||||||||||||||
Outstanding at December 31, 2013 | 2,988,436 | 74 | 6.22 | $ | 193,279,214 | ||||||||||||||||||
Granted | 650,000 | 137.05 | |||||||||||||||||||||
Exercised | (587,661 | ) | 55.98 | ||||||||||||||||||||
Canceled | (69,664 | ) | 116.29 | ||||||||||||||||||||
Outstanding at December 31, 2014 | 2,981,111 | 90.48 | 6.37 | $ | 196,378,239 | ||||||||||||||||||
Exercisable at December 31, 2014 | 1,811,238 | $ | 68.02 | 4.91 | $ | 159,978,254 | |||||||||||||||||
Summary of Options Outstanding and Exercisable, by Range of Exercise Prices | The following table summarizes information for stock options outstanding at December 31, 2014: | ||||||||||||||||||||||
Outstanding options | Exercisable options | ||||||||||||||||||||||
Exercise price | Number | Average | Average remaining | Number | Average | ||||||||||||||||||
exercise | life (years) | exercise | |||||||||||||||||||||
price | price | ||||||||||||||||||||||
$ | 31.66 - 47.49 | 110,598 | $ | 41.82 | 4.2 | 110,598 | $ | 41.82 | |||||||||||||||
47.50 - 63.32 | 911,913 | 54.1 | 3.3 | 911,913 | 54.1 | ||||||||||||||||||
63.33 - 79.15 | 379,830 | 72.62 | 6.1 | 379,830 | 72.62 | ||||||||||||||||||
79.16 - 94.98 | 325,632 | 92.7 | 7 | 216,610 | 92.24 | ||||||||||||||||||
94.99 - 110.81 | 89,049 | 97.99 | 7.5 | 51,717 | 98.07 | ||||||||||||||||||
110.82- 126.64 | 512,589 | 117.12 | 8.2 | 124,727 | 116.27 | ||||||||||||||||||
126.65 - 142.47 | 573,000 | 135.14 | 9.2 | 15,843 | 133.77 | ||||||||||||||||||
142.48 - 158.30 | 78,500 | 150.38 | 9.7 | - | - | ||||||||||||||||||
$ | 31.66 - 158.30 | 2,981,111 | $ | 90.48 | 6.4 | 1,811,238 | $ | 68.02 | |||||||||||||||
Schedule of Nonvested Restricted Stock Awards Activity | Restricted Stock Grants - During 2014 and 2013, the Company granted 375,060 and 399,540 shares, respectively, of restricted stock to certain employee and director participants under the 2006 Plan. Restricted stock grants generally vest over a period of 1 to 3 years. The Company recorded $46.4 million, $36.5 million and $25.9 million of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2014, 2013 and 2012, respectively. A summary of the Company's nonvested shares activity for 2014 and 2013 is as follows: | ||||||||||||||||||||||
Number of | Weighted-average | ||||||||||||||||||||||
shares | grant date | ||||||||||||||||||||||
fair value | |||||||||||||||||||||||
Nonvested at December 31, 2012 | 571,905 | $ | 80.96 | ||||||||||||||||||||
Granted | 399,540 | 117.74 | |||||||||||||||||||||
Vested | (373,946 | ) | 126.8 | ||||||||||||||||||||
Forfeited | (23,649 | ) | 124.48 | ||||||||||||||||||||
Nonvested at December 31, 2013 | 573,850 | $ | 103.44 | ||||||||||||||||||||
Granted | 375,060 | 142.3 | |||||||||||||||||||||
Vested | (378,994 | ) | 153.16 | ||||||||||||||||||||
Forfeited | (27,361 | ) | 106.6 | ||||||||||||||||||||
Nonvested at December 31, 2014 | 542,555 | $ | 130.29 |
Contingencies_Tables
Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Contingencies [Abstract] | |||||||||||||
Schedule of Rent Expense | Roper's rent expense was $38.4 million, $39.8 million and $26.8 million for 2014, 2013 and 2012, respectively. Roper's future minimum property lease commitments are as follows (in millions): | ||||||||||||
2015 | $ | 35 | |||||||||||
2016 | 28.5 | ||||||||||||
2017 | 19.3 | ||||||||||||
2018 | 10.8 | ||||||||||||
2019 | 5.6 | ||||||||||||
Thereafter | 10.7 | ||||||||||||
Total | $ | 109.9 | |||||||||||
Warranty Accrual Activity | A summary of the Company's warranty accrual activity is presented below (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 14,336 | $ | 9,755 | $ | 8,147 | |||||||
Additions charged to costs and expenses* | 13,396 | 20,387 | 11,845 | ||||||||||
Deductions | (18,078 | ) | (15,697 | ) | (10,287 | ) | |||||||
Other | (117 | ) | (109 | ) | 50 | ||||||||
Balance, end of year | $ | 9,537 | $ | 14,336 | $ | 9,755 | |||||||
* During the second quarter of 2013, the Company identified a vendor-supplied component within a refrigeration system valve that did not meet its quality standards, and $9.1 million was expensed to cover the estimated cost of replacing the faulty components for customers. |
Segment_and_Geographic_Area_In1
Segment and Geographic Area Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Business Segments [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Selected financial information by business segment for 2014, 2013 and 2012 follows (in thousands): | ||||||||||||||||||||||||
Industrial | Energy Systems | Medical and | RF | Corporate | Total | ||||||||||||||||||||
Technology | and Controls | Scientific | Technology | ||||||||||||||||||||||
Imaging | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Net sales | $ | 827,145 | $ | 691,813 | $ | 1,080,309 | $ | 950,227 | $ | - | $ | 3,549,494 | |||||||||||||
Operating profit | 247,596 | 203,021 | 375,867 | 271,177 | (98,188 | ) | 999,473 | ||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Operating assets | 220,115 | 219,284 | 232,380 | 270,458 | 7,002 | 949,239 | |||||||||||||||||||
Intangible assets, net | 557,593 | 568,670 | 3,842,180 | 1,720,977 | - | 6,689,420 | |||||||||||||||||||
Other | 120,681 | 223,831 | 147,529 | 65,636 | 216,598 | 774,275 | |||||||||||||||||||
Total | 8,412,934 | ||||||||||||||||||||||||
Capital expenditures | 10,713 | 4,634 | 11,430 | 10,521 | 346 | 37,644 | |||||||||||||||||||
Depreciation and other amortization | 21,135 | 23,281 | 93,683 | 58,702 | 483 | 197,284 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Net sales | $ | 779,564 | $ | 651,920 | $ | 902,281 | $ | 904,363 | $ | - | $ | 3,238,128 | |||||||||||||
Operating profit | 223,053 | 183,679 | 268,172 | 253,532 | (86,075 | ) | 842,361 | ||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Operating assets | 232,505 | 214,926 | 237,681 | 266,026 | 15,325 | 966,463 | |||||||||||||||||||
Intangible assets, net | 583,822 | 597,250 | 3,682,465 | 1,725,597 | - | 6,589,134 | |||||||||||||||||||
Other | 75,215 | 167,879 | 152,211 | 62,576 | 171,503 | 629,384 | |||||||||||||||||||
Total | 8,184,981 | ||||||||||||||||||||||||
Capital expenditures | 17,043 | 4,952 | 10,231 | 10,190 | 112 | 42,528 | |||||||||||||||||||
Depreciation and other amortization | 21,551 | 21,353 | 85,177 | 60,590 | 519 | 189,190 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Net sales | $ | 795,240 | $ | 646,116 | $ | 703,835 | $ | 848,298 | $ | - | $ | 2,993,489 | |||||||||||||
Operating profit | 244,691 | 179,824 | 187,246 | 223,335 | (77,509 | ) | 757,587 | ||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Operating assets | 225,620 | 199,016 | 232,527 | 251,721 | 24,731 | 933,615 | |||||||||||||||||||
Intangible assets, net | 590,175 | 555,667 | 2,631,085 | 1,790,797 | - | 5,567,724 | |||||||||||||||||||
Other | 100,102 | 80,230 | 114,834 | 51,044 | 223,555 | 569,765 | |||||||||||||||||||
Total | 7,071,104 | ||||||||||||||||||||||||
Capital expenditures | 14,030 | 5,532 | 8,253 | 9,765 | 825 | 38,405 | |||||||||||||||||||
Depreciation and other amortization | 21,754 | 19,671 | 50,309 | 62,629 | 385 | 154,748 | |||||||||||||||||||
Sales and Long-Lived Assets by Country of Origin Table | Summarized data for Roper's U.S. and foreign operations (principally in Canada, Europe and Asia) for 2014, 2013 and 2012, based upon the country of origin of the Roper entity making the sale, was as follows (in thousands): | ||||||||||||||||||||||||
United States | Non-U.S. | Eliminations | Total | ||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Sales to unaffiliated customers | $ | 2,661,470 | $ | 888,024 | $ | - | $ | 3,549,494 | |||||||||||||||||
Sales between geographic areas | 159,049 | 119,175 | (278,224 | ) | - | ||||||||||||||||||||
Net sales | $ | 2,820,519 | $ | 1,007,199 | $ | (278,224 | ) | $ | 3,549,494 | ||||||||||||||||
Long-lived assets | $ | 134,855 | $ | 30,781 | $ | - | $ | 165,636 | |||||||||||||||||
2013 | |||||||||||||||||||||||||
Sales to unaffiliated customers | $ | 2,400,592 | $ | 837,536 | $ | - | $ | 3,238,128 | |||||||||||||||||
Sales between geographic areas | 141,529 | 121,431 | (262,960 | ) | - | ||||||||||||||||||||
Net sales | $ | 2,542,121 | $ | 958,967 | $ | (262,960 | ) | $ | 3,238,128 | ||||||||||||||||
Long-lived assets | $ | 135,157 | $ | 36,266 | $ | - | $ | 171,423 | |||||||||||||||||
2012 | |||||||||||||||||||||||||
Sales to unaffiliated customers | $ | 2,174,443 | $ | 819,046 | $ | - | $ | 2,993,489 | |||||||||||||||||
Sales between geographic areas | 140,864 | 111,813 | (252,677 | ) | - | ||||||||||||||||||||
Net sales | $ | 2,315,307 | $ | 930,859 | $ | (252,677 | ) | $ | 2,993,489 | ||||||||||||||||
Long-lived assets | $ | 125,015 | $ | 35,702 | $ | - | $ | 160,717 | |||||||||||||||||
Schedule Of Revenue From External Customers Attributed To Foreign Countries By Geographic Area Text Block | 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 sales for the years ended December 31, 2014, 2013 and 2012 are shown below by region, except for Canada, which is presented separately as it is the only country in which Roper has had greater than 5% of total sales for any of the three years presented (in thousands): | ||||||||||||||||||||||||
Industrial | Energy Systems | Medical and | RF Technology | Total | |||||||||||||||||||||
Technology | and Controls | Scientific Imaging | |||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Canada | $ | 106,598 | $ | 31,831 | $ | 24,997 | $ | 45,811 | $ | 209,237 | |||||||||||||||
Europe | 121,909 | 157,391 | 185,263 | 54,330 | 518,893 | ||||||||||||||||||||
Asia | 61,552 | 143,524 | 107,695 | 7,555 | 320,326 | ||||||||||||||||||||
Middle East | 3,824 | 42,988 | 9,997 | 34,241 | 91,050 | ||||||||||||||||||||
Rest of the world | 26,134 | 78,186 | 28,722 | 9,333 | 142,375 | ||||||||||||||||||||
Total | $ | 320,017 | $ | 453,920 | $ | 356,674 | $ | 151,270 | $ | 1,281,881 | |||||||||||||||
2013 | |||||||||||||||||||||||||
Canada | $ | 109,361 | $ | 34,260 | $ | 25,502 | $ | 45,954 | $ | 215,077 | |||||||||||||||
Europe | 108,644 | 153,807 | 168,394 | 62,825 | 493,670 | ||||||||||||||||||||
Asia | 65,622 | 136,934 | 103,931 | 8,134 | 314,621 | ||||||||||||||||||||
Middle East | 3,865 | 32,444 | 9,361 | 44,341 | 90,011 | ||||||||||||||||||||
Rest of the world | 26,716 | 82,956 | 17,856 | 11,865 | 139,393 | ||||||||||||||||||||
Total | $ | 314,208 | $ | 440,401 | $ | 325,044 | $ | 173,119 | $ | 1,252,772 | |||||||||||||||
2012 | |||||||||||||||||||||||||
Canada | $ | 94,035 | $ | 39,836 | $ | 21,308 | $ | 47,371 | $ | 202,550 | |||||||||||||||
Europe | 104,105 | 148,360 | 161,075 | 64,492 | 478,032 | ||||||||||||||||||||
Asia | 75,113 | 121,997 | 111,642 | 6,465 | 315,217 | ||||||||||||||||||||
Middle East | 3,846 | 47,866 | 4,613 | 30,125 | 86,450 | ||||||||||||||||||||
Rest of the world | 34,091 | 68,275 | 20,500 | 9,293 | 132,161 | ||||||||||||||||||||
Total | $ | 311,190 | $ | 426,334 | $ | 319,138 | $ | 157,746 | $ | 1,214,410 |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Quarterly Financial Data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(in thousands, except per share data) | |||||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 834,052 | $ | 885,175 | $ | 884,122 | $ | 946,145 | |||||||||
Gross profit | 488,936 | 523,182 | 524,040 | 565,741 | |||||||||||||
Income from operations | 223,400 | 246,666 | 245,658 | 283,749 | |||||||||||||
Net earnings | 147,226 | 157,361 | 155,510 | 185,936 | |||||||||||||
Earnings from continuing operations per common share: | |||||||||||||||||
Basic | 1.48 | 1.58 | 1.55 | 1.86 | |||||||||||||
Diluted | 1.46 | 1.56 | 1.54 | 1.84 | |||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 737,135 | $ | 784,010 | $ | 827,810 | $ | 889,173 | |||||||||
Gross profit | 421,576 | 445,507 | 482,625 | 533,220 | |||||||||||||
Income from operations | 185,177 | 179,746 | 219,349 | 258,089 | |||||||||||||
Net earnings | 124,914 | 111,353 | 136,323 | 165,703 | |||||||||||||
Earnings from continuing operations per common share: | |||||||||||||||||
Basic | 1.26 | 1.12 | 1.37 | 1.67 | |||||||||||||
Diluted | 1.25 | 1.11 | 1.36 | 1.65 |
Summary_of_Accounting_Policies3
Summary of Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
ReportingUnit | |||
Summary of Accounting Policies [Abstract] | |||
Allowance for doubtful accounts and sales allowances | $13,700,000 | $15,000,000 | |
Cash Equivalents, at Carrying Value | 40,000,000 | 0 | |
Basic weighted-average shares outstanding (in shares) | 99,916,000 | 99,123,000 | 97,702,000 |
Effect of potential common stock | |||
Common stock awards (in shares) | 816,000 | 891,000 | 1,040,000 |
Senior subordinated convertible notes (in shares) | 152,000 | 195,000 | 816,000 |
Diluted shares outstanding (in shares) | 100,884,000 | 100,209,000 | 99,558,000 |
Antidilutive stock options (in shares) | 764,333 | 614,850 | 547,591 |
Foreign Currency Transaction Gain (Loss), before Tax | 200,000 | -3,900,000 | -2,800,000 |
Total goodwill reporting units | 29 | ||
Minimum carrying value of goodwill | 0 | ||
Maximum carrying value of goodwill | 994,000,000 | ||
The approximate amount of earnings of foreign subsidiaries | 1,120,000 | ||
Property, Plant and Equipment [Line Items] | |||
Research and development costs | 147,900,000 | 145,700,000 | 125,900,000 |
Contract revenue recognized under the percentage-of-completion method | 266,000,000 | 205,000,000 | 146,000,000 |
Capitalized software | $4,700,000 | $8,000,000 | |
Buildings [Member] | Earliest [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 20 years | ||
Buildings [Member] | Latest [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 30 years | ||
Machinery and equipment [Member] | Earliest [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 8 years | ||
Machinery and equipment [Member] | Latest [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 12 years | ||
Office Equipment [Member] | Earliest [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Office Equipment [Member] | Latest [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 12 Months Ended | 4 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Business | Business | Business | ||
Business Acquisition [Line Items] | ||||
Number of business acquired | 3 | 2 | 6 | |
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Intangible Assets Other than Goodwill | $493,000,000 | |||
Goodwill | 4,710,691,000 | 4,549,998,000 | 3,868,857,000 | 3,868,857,000 |
Intangibles acquired | 493,000,000 | |||
Finite lived intangible assets | 465,000,000 | |||
Weighted average useful life | 19 years | |||
Cost of acquired entity transaction costs | 3,300,000 | |||
Trade Names [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Indefinite lived intangible assets | 28,000,000 | |||
Customer Relationships [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 451,000,000 | |||
Weighted average useful life | 20 years | |||
Technology [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 12,000,000 | |||
Weighted average useful life | 7 years | |||
Noncompete Agreements [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 2,000,000 | |||
Weighted average useful life | 5 years | |||
Immaterial Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of business acquired | 5 | |||
Cost of acquired entity purchase price | 303,000,000 | 62,000,000 | ||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Intangible Assets Other than Goodwill | 99,000,000 | 43,000,000 | 43,000,000 | |
Goodwill | 208,000,000 | 16,000,000 | 16,000,000 | |
Indefinite lived intangible assets | 7,000,000 | |||
Intangibles acquired | 99,000,000 | 43,000,000 | 43,000,000 | |
Finite lived intangible assets | 92,000,000 | 42,000,000 | 42,000,000 | |
Weighted average useful life | 17 years | 7 years | ||
Cost of acquired entity transaction costs | 2,800,000 | 1,000,000 | 1,000,000 | |
Immaterial Acquisitions [Member] | Trade Names [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Indefinite lived intangible assets | 1,000,000 | 1,000,000 | ||
Immaterial Acquisitions [Member] | Backlog [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 1,000,000 | |||
Weighted average useful life | 1 year | |||
Immaterial Acquisitions [Member] | Customer Relationships [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 82,000,000 | 17,000,000 | 17,000,000 | |
Weighted average useful life | 19 years | 7 years | ||
Immaterial Acquisitions [Member] | Technology [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 7,000,000 | |||
Weighted average useful life | 6 years | |||
Immaterial Acquisitions [Member] | Software [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 2,000,000 | |||
Weighted average useful life | 4 years | |||
Immaterial Acquisitions [Member] | Unpatented Technology [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 8,000,000 | 8,000,000 | ||
Weighted average useful life | 8 years | |||
Immaterial Acquisitions [Member] | Patents and other protective rights Memeber | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 16,000,000 | 16,000,000 | ||
Weighted average useful life | 7 years | |||
Advanced Sensors, Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Cost of acquired entity purchase price | 54,000,000 | |||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Goodwill | 28,000,000 | |||
Indefinite lived intangible assets | 28,000,000 | |||
Managed Health Care Associates, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Cost of acquired entity purchase price | 1,000,000,000 | |||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Current assets | 59,813,000 | |||
Intangible Assets Other than Goodwill | 465,500,000 | |||
Goodwill | 678,183,000 | |||
Other assets | 5,798,000 | |||
Total assets acquired | 1,209,294,000 | |||
Current liabilities | -24,717,000 | |||
Long-term deferred tax liability | -162,503,000 | |||
Other liabilities | -6,524,000 | |||
Net assets acquired | 1,015,550,000 | |||
Fair value adjustment for admin fees related to customer purchases | 35,000,000 | |||
Fair value liability related revenue-share obligation | 8,600,000 | |||
Intangibles acquired | 465,500,000 | |||
Sunquest Information Systems, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Cost of acquired entity purchase price | 1,400,000,000 | |||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Current assets | 96,883,000 | 96,883,000 | ||
Intangible Assets Other than Goodwill | 669,000,000 | 669,000,000 | ||
Goodwill | 993,780,000 | 993,780,000 | ||
Other assets | 2,694,000 | 2,694,000 | ||
Total assets acquired | 1,762,357,000 | 1,762,357,000 | ||
Deferred revenue | -83,065,000 | -83,065,000 | ||
Other current liabilities | -18,762,000 | -18,762,000 | ||
Long-term deferred tax liability | -244,550,000 | -244,550,000 | ||
Net assets acquired | 1,415,980,000 | 1,415,980,000 | ||
Intangibles acquired | 669,000,000 | 669,000,000 | ||
Finite lived intangible assets | 571,000,000 | 571,000,000 | ||
Weighted average useful life | 18 years | |||
Cost of acquired entity transaction costs | 6,700,000 | 6,700,000 | ||
Pro Forma Sales | 3,130,407 | 69,400,000 | ||
Pro forma Net income | 521,141 | 8,800,000 | ||
Pro Forma Earnings per share, basic (in dollars per share) | $5.33 | |||
Pro Forma Earnings per share, diluted (in dollars per share) | $5.23 | |||
Pro Forma Earnings Adjustment for non-recurring acquisition and other costs | 50,700,000 | |||
Sunquest Information Systems, Inc [Member] | Trade Names [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Indefinite lived intangible assets | 98,000,000 | 98,000,000 | ||
Sunquest Information Systems, Inc [Member] | Customer Relationships [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | 460,000,000 | 460,000,000 | ||
Weighted average useful life | 20 years | |||
Sunquest Information Systems, Inc [Member] | Software [Member] | ||||
Fair value of assets acquired and liabilities assumed [Abstract] | ||||
Finite lived intangible assets | $111,000,000 | $111,000,000 | ||
Weighted average useful life | 12 years |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials and supplies | $124,103 | $127,525 |
Work in process | 29,358 | 30,498 |
Finished products | 79,184 | 90,352 |
Inventory reserves | -38,879 | -43,452 |
Total Inventory | $193,766 | $204,923 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Gross Property, Plant and Equipment | $405,602 | $394,341 | |
Accumulated Depreciation | -294,726 | -277,031 | |
Property, Plant and Equipment, Net | 110,876 | 117,310 | |
Depreciation expense | 40,890 | 37,756 | 37,888 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Property, Plant and Equipment | 4,130 | 4,384 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Property, Plant and Equipment | 80,775 | 79,219 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross Property, Plant and Equipment | $320,697 | $310,738 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill [Line Items] | |||
Balances | $4,549,998,000 | $3,868,857,000 | |
Goodwill acquired | 207,943,000 | 708,676,000 | |
Currency translation adjustments | -50,488,000 | -9,477,000 | |
Reclassification and other | 3,238,000 | -18,058,000 | |
Balances | 4,710,691,000 | 4,549,998,000 | 3,868,857,000 |
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 2,738,747,000 | 2,703,267,000 | |
Accumulated amortization | -760,018,000 | -664,131,000 | |
Net book value | 1,978,729,000 | 2,039,136,000 | |
Amortization expense of other intangible assets | 153,000,000 | 147,000,000 | 113,000,000 |
Expected Amortization expense [Abstract] | |||
2015 | 147,000,000 | ||
2016 | 143,000,000 | ||
2017 | 132,000,000 | ||
2018 | 125,000,000 | ||
2019 | 119,000,000 | ||
Trade Names [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 361,519,000 | 358,219,000 | |
Accumulated amortization | 0 | 0 | |
Net book value | 361,519,000 | 358,219,000 | |
Assets subject to amortization | Customer Relationships [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 1,975,334,000 | 1,936,336,000 | |
Accumulated amortization | -543,594,000 | -464,018,000 | |
Net book value | 1,431,740,000 | 1,472,318,000 | |
Assets subject to amortization | Unpatented Technology [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 217,260,000 | 216,044,000 | |
Accumulated amortization | -134,702,000 | -120,091,000 | |
Net book value | 82,558,000 | 95,953,000 | |
Assets subject to amortization | Software [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 156,449,000 | 160,618,000 | |
Accumulated amortization | -62,882,000 | -58,084,000 | |
Net book value | 93,567,000 | 102,534,000 | |
Assets subject to amortization | Patents and other protective rights Memeber | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 26,463,000 | 31,394,000 | |
Accumulated amortization | -18,325,000 | -21,922,000 | |
Net book value | 8,138,000 | 9,472,000 | |
Assets subject to amortization | Backlog [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 1,100,000 | ||
Accumulated amortization | -443,000 | ||
Net book value | 657,000 | ||
Assets subject to amortization | Trade Names [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 622,000 | 656,000 | |
Accumulated amortization | -72,000 | -16,000 | |
Net book value | 550,000 | 640,000 | |
Industrial Technology | |||
Goodwill [Line Items] | |||
Balances | 425,501,000 | 421,755,000 | |
Goodwill acquired | 0 | 0 | |
Currency translation adjustments | -16,537,000 | 3,746,000 | |
Reclassification and other | 0 | 0 | |
Balances | 408,964,000 | 425,501,000 | |
Energy Systems And Controls | |||
Goodwill [Line Items] | |||
Balances | 434,697,000 | 404,057,000 | |
Goodwill acquired | 0 | 27,944,000 | |
Currency translation adjustments | -8,002,000 | 198,000 | |
Reclassification and other | -112,000 | 2,498,000 | |
Balances | 426,583,000 | 434,697,000 | |
Medical And Scientific Imaging | |||
Goodwill [Line Items] | |||
Balances | 2,435,506,000 | 1,772,402,000 | |
Goodwill acquired | 174,347,000 | 680,732,000 | |
Currency translation adjustments | -18,847,000 | -13,345,000 | |
Reclassification and other | 3,350,000 | -4,283,000 | |
Balances | 2,594,356,000 | 2,435,506,000 | |
RF Technology | |||
Goodwill [Line Items] | |||
Balances | 1,254,294,000 | 1,270,643,000 | |
Goodwill acquired | 33,596,000 | 0 | |
Currency translation adjustments | -7,102,000 | -76,000 | |
Reclassification and other | 0 | -16,273,000 | |
Balances | $1,280,788,000 | $1,254,294,000 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accrued Liabilities [Abstract] | ||||
Commissions | $12,025 | $12,030 | ||
Warranty | 9,537 | 14,336 | 9,755 | 8,147 |
Accrued dividend | 25,032 | 19,863 | ||
Billings in excess of cost | 14,135 | 5,016 | ||
Customer deposits | 16,392 | 21,438 | ||
Interest | 18,275 | 18,285 | ||
Rebates | 12,968 | 14,104 | ||
Other | 52,374 | 48,640 | ||
Total | $160,738 | $153,712 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
United States | $665,219,000 | $517,432,000 | $430,573,000 |
Other | 256,237,000 | 236,698,000 | 256,108,000 |
Earnings Before Income Taxes | 921,456,000 | 754,130,000 | 686,681,000 |
Current: | |||
Federal | 218,302,000 | 166,430,000 | 136,860,000 |
State | 37,155,000 | 12,577,000 | 9,972,000 |
Foreign | 56,107,000 | 40,451,000 | 48,403,000 |
Deferred: | |||
Federal | -30,664,000 | -1,965,000 | 15,789,000 |
Foreign | -5,477,000 | -1,656,000 | -7,703,000 |
Total Income Taxes | 275,423,000 | 215,837,000 | 203,321,000 |
Federal Statutory Tax Rate Reconciliation | |||
Federal statutory rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Foreign rate differential (in hundredths) | -3.90% | -4.10% | -3.90% |
R&D tax credits (in hundredths) | -0.40% | -0.50% | 0.00% |
State taxes, net of federal benefit (in hundredths) | 2.00% | 1.90% | 1.70% |
Foreign tax credits (in hundredths) | 0.00% | 0.00% | -2.40% |
Section 199 deduction (in hundredths) | -1.60% | -1.80% | -1.30% |
Other, net (in hundredths) | -1.20% | -1.90% | 0.50% |
Effective Rate (in hundredths) | 29.90% | 28.60% | 29.60% |
Deferred tax assets: | |||
Reserves and accrued expenses | 130,508,000 | 119,955,000 | |
Inventories | 10,186,000 | 10,315,000 | |
Net operating loss carryforwards | 41,480,000 | 35,286,000 | |
R&D credits | 7,145,000 | 3,134,000 | |
Foreign tax credits | 0 | 425,000 | |
Valuation allowance | -16,169,000 | -5,917,000 | |
Total deferred tax assets | 173,150,000 | 163,198,000 | |
Deferred tax liabilities: | |||
Reserves and accrued expenses | 27,981,000 | 20,995,000 | |
Amortizable intangible assets | 798,502,000 | 826,838,000 | |
Plant and equipment | 4,741,000 | 12,423,000 | |
Total deferred tax liabilities | 831,224,000 | 860,256,000 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Beginning balance | 26,924,000 | 24,865,000 | 19,556,000 |
Additions for tax positions of prior periods | 6,532,000 | 3,055,000 | 1,371,000 |
Additions for tax positions of the current period | 5,571,000 | 1,639,000 | 1,541,000 |
Additions due to acquisitions | 0 | 5,026,000 | 9,116,000 |
Reductions for tax positions of prior periods | -1,008,000 | -3,675,000 | -197,000 |
Settlements with taxing authorities | -518,000 | 0 | 0 |
Lapse of applicable statute of limitations | -8,934,000 | -3,986,000 | -6,522,000 |
Ending balance | 28,567,000 | 26,924,000 | 24,865,000 |
Unrecognized income tax benefits that, if recognized, would affect the effective income tax rate in any future periods | 27,000,000 | ||
Interest and penalties related to unrecognized tax benefits | 600,000 | ||
Accrued interest and penalties | 5,200,000 | 4,500,000 | |
Reduction in unrecognized tax benefits expected within twelve months of the balance sheet date | 9,200,000 | ||
Earliest [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward, Expiration Date | 31-Dec-19 | ||
Latest [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward, Expiration Date | 31-Dec-34 | ||
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 14,100,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 11,900,000 | ||
Internal Revenue Service (IRS) [Member] | Earliest [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryover expiration date | 31-Dec-23 | ||
Internal Revenue Service (IRS) [Member] | Latest [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryover expiration date | 31-Dec-34 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 6,600,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 4,300,000 | ||
Foreign Tax Authority [Member] | Earliest [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryover expiration date | 31-Dec-15 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 20,800,000 | ||
State and Local Jurisdiction [Member] | Earliest [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryover expiration date | 31-Dec-21 | ||
State and Local Jurisdiction [Member] | Latest [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryover expiration date | 31-Dec-34 | ||
Research Tax Credit Carryforward [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward, Amount | $7,100,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2003 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $1,500,000,000 | |||
Line of Credit Facility, Borrowing Capacity, Term | 5 years | |||
Additional borrowings available | 350,000,000 | |||
Line of Credit Facility, Initiation Date | 27-Jul-12 | |||
Line of Credit Facility, Expiration Date | 27-Jul-17 | |||
Line of Credit Facility, Amount Outstanding | 0 | |||
Non-cash debt extinguishment charge | 1,000,000 | |||
Outstanding letters of credit | 48,900,000 | |||
Debt covenant compliance | 3.5 | |||
Debt Instrument [Line Items] | ||||
Total Debt | 2,214,123,000 | 2,464,852,000 | ||
Current Portion | 11,092,000 | 11,016,000 | ||
Long-term debt, net of current portion | 2,203,031,000 | 2,453,836,000 | ||
Principal amount | 2,200,000 | |||
Future maturities of long term debt [Abstract] | ||||
2015 | 11,092,000 | |||
2016 | 2,332,000 | |||
2017 | 400,630,000 | |||
2018 | 800,066,000 | |||
2019 | 500,003,000 | |||
Thereafter | 500,000,000 | |||
Total | 2,214,123,000 | 2,464,852,000 | ||
Credit Facility Member 2012 [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | 0 | 250,000,000 | ||
Senior Notes 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance Date | 21-Nov-12 | |||
Interest rate (in hundredths) | 1.85% | |||
Principal amount | 400,000,000 | 400,000,000 | ||
Periodic interest payments | semi-annually | |||
Periodic interest payments, start | 15-May-13 | |||
Maturity Date | 15-Nov-17 | |||
Senior Notes 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance Date | 6-Jun-13 | |||
Interest rate (in hundredths) | 2.05% | |||
Principal amount | 800,000,000 | 800,000,000 | ||
Periodic interest payments | semi-annually | |||
Periodic interest payments, start | 1-Oct-13 | |||
Maturity Date | 1-Oct-18 | |||
Senior Notes 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance Date | 21-Nov-12 | |||
Interest rate (in hundredths) | 3.13% | |||
Principal amount | 500,000,000 | 500,000,000 | ||
Periodic interest payments | semi-annually | |||
Periodic interest payments, start | 15-May-13 | |||
Maturity Date | 15-Nov-22 | |||
Senior Notes 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance Date | 15-Aug-09 | |||
Interest rate (in hundredths) | 6.25% | |||
Principal amount | 500,000,000 | 500,000,000 | ||
Periodic interest payments | semi-annually | |||
Periodic interest payments, start | 1-Mar-10 | |||
Maturity Date | 30-Sep-19 | |||
Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate (in hundredths) | 3.75% | |||
Principal issuance percentage (in hundredths) | 60.50% | |||
Principal amount | 8,003,000 | 230,000,000 | 8,270,000 | |
Capital Lease Obligations And Foreign Letter Of Credit Issuance [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | 6,120,000 | 6,582,000 | ||
Senior Subordinated Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate (in hundredths) | 3.75% | |||
Principal amount | 8,000,000 | |||
Maturity Date | 31-Dec-34 | |||
Subordinated Convertible Notes | ||||
Subordinated convertible notes, original public offering amount | 230,000,000 | |||
Original issue discount (in hundredths) | 60.50% | |||
Subordinated convertible note holding period for contingent cash interest | 180 | |||
Trading days the average price of subordinated convertible note must meet threshold within six months measurement period | 5 | |||
Commencement date for measurement of average trading price on a subordinated convertible note | 15-Jan-09 | |||
Contingent cash interest payable annual rate if threshold is met (in hundredths) | 0.25% | |||
Debt Instrument Convertible Price Next Conversion Date | $572.76 | |||
Next conversion date | 1/15/19 | |||
Convertible notes purchase price on January 15, 2019 (third conversion date) | $689.68 | |||
Third conversion date | 1/15/24 | |||
Convertible notes purchase price on January 15, 2024 (fourth conversion date) | $830.47 | |||
Fourth conversion date | 1/15/29 | |||
Minimum number of trading days in the consecutive trading period that the common stock sale price above threshold to trigger conversion (in days) | 20 | |||
Number of consecutive trading days in the preceding quarter the minimum trading days must occur in for the sale price to reach threshold to trigger conversion (in days) | 30 | |||
Conversion price, end of period | $488.37 | |||
If converted, the value exceeding principal amount outstanding at end of period | 25,000,000 | |||
If converted, issuance of common stock shares | 155,980 | |||
Letters of credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $49,000,000 |
Fair_Value_Details
Fair Value (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Fair value debt instruments [Line Items] | |
Face Value of Debt Instrument | $2,200,000 |
Convertible Notes [Member] | |
Fair value debt instruments [Line Items] | |
Fair value of debt instrument | 8,000,000 |
Fair Value, Inputs, Level 2 [Member] | |
Fair value debt instruments [Line Items] | |
Face Value of Debt Instrument | 2,200,000 |
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2017 [Member] | |
Fair value debt instruments [Line Items] | |
Face Value of Debt Instrument | 400,000,000 |
Long-term Debt, Fair Value | 401,000,000 |
Notes due | 2017 |
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2018 [Member] | |
Fair value debt instruments [Line Items] | |
Face Value of Debt Instrument | 800,000,000 |
Long-term Debt, Fair Value | 800,000,000 |
Notes due | 2018 |
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2019 [Member] | |
Fair value debt instruments [Line Items] | |
Face Value of Debt Instrument | 500,000,000 |
Long-term Debt, Fair Value | 578,000,000 |
Notes due | 2019 |
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2022 [Member] | |
Fair value debt instruments [Line Items] | |
Face Value of Debt Instrument | 500,000,000 |
Long-term Debt, Fair Value | $492,000,000 |
Notes due | 2022 |
Retirement_and_Other_Benefit_P1
Retirement and Other Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Agreement | |||
Retirement and Other Benefit Plans [Abstract] | |||
Number of defined contribution plans maintained by the company | 4 | ||
Defined contribution retirement plan cost | $19.50 | $16.50 | $16.40 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of eligible earnings to purchase common stock through the employee stock purchase plan (in hundredths) | 10.00% | ||
Discount rate to the average closing price at which employees may purchase stock (in hundredths) | 5.00% | ||
Stock based compensation expense | $63,000,000 | $53,400,000 | $40,800,000 |
Tax effect recognized in net income | 22,100,000 | 18,700,000 | 14,300,000 |
Windfall tax benefit, net | 21,500,000 | 16,000,000 | 30,800,000 |
Weighted average assumptions used in calculating the weighted average fair value of options granted | |||
Weighted average fair value of options granted (per share) | $34.95 | $37.08 | $30.25 |
Risk-free interest rate (%) (in hundredths) | 1.63% | 0.86% | 0.77% |
Average expected option life (in years) | 5 years 2 months 19 days | 5 years 2 months 8 days | 5 years 2 months 26 days |
Expected volatility (%) (in hundredths) | 27.01% | 36.09% | 36.51% |
Expected dividend yield (%) (in hundredths) | 0.58% | 0.56% | 0.58% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of shares outstanding, beginning balance (in shares) | 2,988,436 | 2,918,195 | |
Number of shares granted (in shares) | 650,000 | 601,350 | |
Options Exercised (in shares) | -587,661 | -424,945 | |
Number of shares canceled (in shares) | -69,664 | -106,164 | |
Number of shares outstanding, ending balance (in shares) | 2,981,111 | 2,988,436 | 2,918,195 |
Number of shares, options, exercisable, number (in shares) | 1,811,238 | ||
Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price per share outstanding, beginning balance (in dollars per share) | $74 | $63.15 | |
Weighted average exercise price per share granted (in dollars per share) | $137.05 | $117.78 | |
Weighted average exercise price per share exercised (in dollars per share) | $55.98 | $56.48 | |
Weighted average exercise price per share cancelled (in dollars per share) | $116.29 | $98.74 | |
Weighted average exercise price per share outstanding, ending balance (in dollars per share) | $90.48 | $74 | $63.15 |
Weighted average remaining contractual term of options outstanding (in years) | 6 years 4 months 13 days | 6 years 2 months 19 days | |
Aggregate intrinsic value of options outstanding | 196,378,239 | 193,279,214 | |
Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $68.02 | ||
Options, Exercisable, Weighted Average Remaining Contractual Term (in years) | 4 years 10 months 28 days | ||
Options, Exercisable, Aggregate intrinsic value | 159,978,254 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Total unrecognized compensation expense related to nonvested restricted stock granted to both employees and directors | 27,600,000 | ||
Weighted-average period over which unrecognized compensation costs on non-vested stock options are expected to be recognized (in years) | 1 year 10 months 24 days | ||
Intrinsic value of options exercised | 50,300,000 | 28,800,000 | 86,000,000 |
Cash received from option exercises under all plans | 32,500,000 | 24,000,000 | |
Summary of nonvested shares activity [Rollforward] | |||
Non-vested shares outstanding, beginning of period (in shares) | 573,850 | 571,905 | |
Nonvested shares granted (in shares) | 375,060 | 399,540 | |
Nonvested shares vested (in shares) | -378,994 | -373,946 | |
Nonvested shares forfeited (in shares) | -27,361 | -23,649 | |
Nonvested shares outstanding, end of period (in shares) | 542,555 | 573,850 | 571,905 |
Restricted Stock Awards [Abstract] | |||
Weighted average fair value of nonvested shares, beginning of period (in dollars per share) | $103.44 | $80.96 | |
Weighted Average Restricted Award Grant Date Fair Value (in dollars per share) | $142.30 | $117.74 | |
Weighted average fair value of shares vested (in dollars per share) | $153.16 | $126.80 | |
Weighted average fair value of nonvested shares forfeited (in dollars per share) | $106.60 | $124.48 | |
Weighted average fair value of nonvested shares, end of period (in dollars per share) | $130.29 | $103.44 | $80.96 |
Total unrecognized compensation expense related to nonvested restricted stock granted to both employees and directors | 43,400,000 | ||
Restricted Awards Outstanding, Weighted Average Remaining Contractual Terms | 2 years 2 months 12 days | ||
Employee Stock Purchase Plan | |||
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares) | 20,368 | 20,211 | 22,863 |
Amount paid for stock purchased during the period by participants in the employee stock purchase plan | 2,800,000 | 2,400,000 | 2,200,000 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 0 | 0 | 0 |
Exercise Price Range 1 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $31.66 | ||
Exercise price range, upper range limit (in dollars per share) | $47.49 | ||
Options outstanding (in shares) | 110,598 | ||
Average exercise price of options outstanding (in dollars per share) | $41.82 | ||
Average remaining life of options outstanding (in years) | 4 years 2 months 12 days | ||
Exercisable options (in shares) | 110,598 | ||
Average exercise price of exercisable options (in dollars per share) | $41.82 | ||
Exercise Price Range 2 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $47.50 | ||
Exercise price range, upper range limit (in dollars per share) | $63.32 | ||
Options outstanding (in shares) | 911,913 | ||
Average exercise price of options outstanding (in dollars per share) | $54.10 | ||
Average remaining life of options outstanding (in years) | 3 years 3 months 18 days | ||
Exercisable options (in shares) | 911,913 | ||
Average exercise price of exercisable options (in dollars per share) | $54.10 | ||
Exercise Price Range 3 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $63.33 | ||
Exercise price range, upper range limit (in dollars per share) | $79.15 | ||
Options outstanding (in shares) | 379,830 | ||
Average exercise price of options outstanding (in dollars per share) | $72.62 | ||
Average remaining life of options outstanding (in years) | 6 years 1 month 6 days | ||
Exercisable options (in shares) | 379,830 | ||
Average exercise price of exercisable options (in dollars per share) | $72.62 | ||
Exercise Price Range 4 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $79.16 | ||
Exercise price range, upper range limit (in dollars per share) | $94.98 | ||
Options outstanding (in shares) | 325,632 | ||
Average exercise price of options outstanding (in dollars per share) | $92.70 | ||
Average remaining life of options outstanding (in years) | 7 years | ||
Exercisable options (in shares) | 216,610 | ||
Average exercise price of exercisable options (in dollars per share) | $92.24 | ||
Exercise Price Range 5 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $94.99 | ||
Exercise price range, upper range limit (in dollars per share) | $110.81 | ||
Options outstanding (in shares) | 89,049 | ||
Average exercise price of options outstanding (in dollars per share) | $97.99 | ||
Average remaining life of options outstanding (in years) | 7 years 6 months | ||
Exercisable options (in shares) | 51,717 | ||
Average exercise price of exercisable options (in dollars per share) | $98.07 | ||
Exercise Price Range 6 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $110.82 | ||
Exercise price range, upper range limit (in dollars per share) | $126.64 | ||
Options outstanding (in shares) | 512,589 | ||
Average exercise price of options outstanding (in dollars per share) | $117.12 | ||
Average remaining life of options outstanding (in years) | 8 years 2 months 12 days | ||
Exercisable options (in shares) | 124,727 | ||
Average exercise price of exercisable options (in dollars per share) | $116.27 | ||
Exercise Price Range 7 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $126.65 | ||
Exercise price range, upper range limit (in dollars per share) | $142.47 | ||
Options outstanding (in shares) | 573,000 | ||
Average exercise price of options outstanding (in dollars per share) | $135.14 | ||
Average remaining life of options outstanding (in years) | 9 years 2 months 12 days | ||
Exercisable options (in shares) | 15,843 | ||
Average exercise price of exercisable options (in dollars per share) | $133.77 | ||
Exercise Price Range 8 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $142.48 | ||
Exercise price range, upper range limit (in dollars per share) | $158.30 | ||
Options outstanding (in shares) | 78,500 | ||
Average exercise price of options outstanding (in dollars per share) | $150.38 | ||
Average remaining life of options outstanding (in years) | 9 years 8 months 12 days | ||
Exercisable options (in shares) | 0 | ||
Average exercise price of exercisable options (in dollars per share) | $0 | ||
Exercise Price Range 9 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, lower range limit (in dollars per share) | $31.66 | ||
Exercise price range, upper range limit (in dollars per share) | $158.30 | ||
Options outstanding (in shares) | 2,981,111 | ||
Average exercise price of options outstanding (in dollars per share) | $90.48 | ||
Average remaining life of options outstanding (in years) | 6 years 4 months 24 days | ||
Exercisable options (in shares) | 1,811,238 | ||
Average exercise price of exercisable options (in dollars per share) | $68.02 | ||
Earliest [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of market value at which stock option are granted (in hundredths) | 100.00% | ||
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 16,600,000 | 16,900,000 | 14,800,000 |
Expiration period (in years) | 10 years | ||
Employee Stock Options [Member] | Earliest [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Employee Stock Options [Member] | Latest [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $46,400,000 | $36,500,000 | $25,900,000 |
Restricted Stock [Member] | Earliest [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
Restricted Stock [Member] | Latest [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
2006 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (in shares) | 4,494,756 | ||
2006 Plan [Member] | Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares reserved for issuance | 14,000,000 | ||
Shares available for grant (in shares) | 17,000 |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Contingencies [Abstract] | ||||||
Rent expense | $38,400,000 | $39,800,000 | $26,800,000 | |||
Future mimimum property lease commitments [Abstract] | ||||||
2015 | 35,000,000 | |||||
2016 | 28,500,000 | |||||
2017 | 19,300,000 | |||||
2018 | 10,800,000 | |||||
2019 | 5,600,000 | |||||
Thereafter | 10,700,000 | |||||
Total future minimum property lease commitments | 109,900,000 | |||||
Product Warranty Disclosure [Abstract] | ||||||
Balance at beginning of year | 14,336,000 | 9,755,000 | 8,147,000 | |||
Additions charged to costs and expenses | 13,396,000 | [1] | 20,387,000 | [1] | 11,845,000 | [1] |
Deductions | -18,078,000 | -15,697,000 | -10,287,000 | |||
Other | -117,000 | -109,000 | 50,000 | |||
Balance at end of year | 9,537,000 | 14,336,000 | 9,755,000 | |||
Vendor supplied component replacement | 9,100,000 | |||||
Outstanding surety bonds | $428,000,000 | |||||
[1] | During the second quarter of 2013, the Company identified a vendor-supplied component within a refrigeration system valve that did not meet its quality standards, and $9.1 million was expensed to cover the estimated cost of replacing the faulty components for customers. |
Segment_and_Geographic_Area_In2
Segment and Geographic Area Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||||||||||
Business Segments [Abstract] | |||||||||||
Number of operating segments | 4 | ||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||
Net sales | $946,145 | $884,122 | $885,175 | $834,052 | $889,173 | $827,810 | $784,010 | $737,135 | $3,549,494 | $3,238,128 | $2,993,489 |
Operating profit | 283,749 | 245,658 | 246,666 | 223,400 | 258,089 | 219,349 | 179,746 | 185,177 | 999,473 | 842,361 | 757,587 |
Assets: | |||||||||||
Operating assets | 949,239 | 966,463 | 949,239 | 966,463 | 933,615 | ||||||
Intangible assets, net | 6,689,420 | 6,589,134 | 6,689,420 | 6,589,134 | 5,567,724 | ||||||
Other | 774,275 | 629,384 | 774,275 | 629,384 | 569,765 | ||||||
Total | 8,412,934 | 8,184,981 | 8,412,934 | 8,184,981 | 7,071,104 | ||||||
Capital expenditures | 37,644 | 42,528 | 38,405 | ||||||||
Depreciation and other amortization | 197,284 | 189,190 | 154,748 | ||||||||
Industrial Technology [Member] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||
Net sales | 827,145 | 779,564 | 795,240 | ||||||||
Operating profit | 247,596 | 223,053 | 244,691 | ||||||||
Assets: | |||||||||||
Operating assets | 220,115 | 232,505 | 220,115 | 232,505 | 225,620 | ||||||
Intangible assets, net | 557,593 | 583,822 | 557,593 | 583,822 | 590,175 | ||||||
Other | 120,681 | 75,215 | 120,681 | 75,215 | 100,102 | ||||||
Capital expenditures | 10,713 | 17,043 | 14,030 | ||||||||
Depreciation and other amortization | 21,135 | 21,551 | 21,754 | ||||||||
Energy Systems And Controls [Member] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||
Net sales | 691,813 | 651,920 | 646,116 | ||||||||
Operating profit | 203,021 | 183,679 | 179,824 | ||||||||
Assets: | |||||||||||
Operating assets | 219,284 | 214,926 | 219,284 | 214,926 | 199,016 | ||||||
Intangible assets, net | 568,670 | 597,250 | 568,670 | 597,250 | 555,667 | ||||||
Other | 223,831 | 167,879 | 223,831 | 167,879 | 80,230 | ||||||
Capital expenditures | 4,634 | 4,952 | 5,532 | ||||||||
Depreciation and other amortization | 23,281 | 21,353 | 19,671 | ||||||||
Medical and Scientific Imaging [Member] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||
Net sales | 1,080,309 | 902,281 | 703,835 | ||||||||
Operating profit | 375,867 | 268,172 | 187,246 | ||||||||
Assets: | |||||||||||
Operating assets | 232,380 | 237,681 | 232,380 | 237,681 | 232,527 | ||||||
Intangible assets, net | 3,842,180 | 3,682,465 | 3,842,180 | 3,682,465 | 2,631,085 | ||||||
Other | 147,529 | 152,211 | 147,529 | 152,211 | 114,834 | ||||||
Capital expenditures | 11,430 | 10,231 | 8,253 | ||||||||
Depreciation and other amortization | 93,683 | 85,177 | 50,309 | ||||||||
RF Technology [Member] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||
Net sales | 950,227 | 904,363 | 848,298 | ||||||||
Operating profit | 271,177 | 253,532 | 223,335 | ||||||||
Assets: | |||||||||||
Operating assets | 270,458 | 266,026 | 270,458 | 266,026 | 251,721 | ||||||
Intangible assets, net | 1,720,977 | 1,725,597 | 1,720,977 | 1,725,597 | 1,790,797 | ||||||
Other | 65,636 | 62,576 | 65,636 | 62,576 | 51,044 | ||||||
Capital expenditures | 10,521 | 10,190 | 9,765 | ||||||||
Depreciation and other amortization | 58,702 | 60,590 | 62,629 | ||||||||
Corporate [Member] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Operating profit | -98,188 | -86,075 | -77,509 | ||||||||
Assets: | |||||||||||
Operating assets | 7,002 | 15,325 | 7,002 | 15,325 | 24,731 | ||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | ||||||
Other | 216,598 | 171,503 | 216,598 | 171,503 | 223,555 | ||||||
Capital expenditures | 346 | 112 | 825 | ||||||||
Depreciation and other amortization | $483 | $519 | $385 |
Segment_and_Geographic_Area_In3
Segment and Geographic Area Information, Sales by Country of Origin (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Net sales | $946,145,000 | $884,122,000 | $885,175,000 | $834,052,000 | $889,173,000 | $827,810,000 | $784,010,000 | $737,135,000 | $3,549,494,000 | $3,238,128,000 | $2,993,489,000 |
Long Lived Assets | 165,636,000 | 171,423,000 | 165,636,000 | 171,423,000 | 160,717,000 | ||||||
Export sales [Abstract] | |||||||||||
Export sales from the United States | 477,000,000 | 479,000,000 | 459,000,000 | ||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Minimum percent of total sales generated in Canada | 5.00% | ||||||||||
Sales to Customers Outside the US | 1,281,881,000 | 1,252,772,000 | 1,214,410,000 | ||||||||
Sales [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Sales to unaffiliated customers | 3,549,494,000 | 3,238,128,000 | 2,993,489,000 | ||||||||
Sales between geographic areas | 0 | 0 | 0 | ||||||||
Net sales | 3,549,494,000 | 3,238,128,000 | 2,993,489,000 | ||||||||
United States [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Long Lived Assets | 134,855,000 | 135,157,000 | 134,855,000 | 135,157,000 | 125,015,000 | ||||||
United States [Member] | Sales [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Sales to unaffiliated customers | 2,661,470,000 | 2,400,592,000 | 2,174,443,000 | ||||||||
Sales between geographic areas | 159,049,000 | 141,529,000 | 140,864,000 | ||||||||
Net sales | 2,820,519,000 | 2,542,121,000 | 2,315,307,000 | ||||||||
Canada [Member] | |||||||||||
Export sales [Abstract] | |||||||||||
Export sales from the United States (in hundredths) | 16.00% | ||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 209,237,000 | 215,077,000 | 202,550,000 | ||||||||
Non-U.S. [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Long Lived Assets | 30,781,000 | 36,266,000 | 30,781,000 | 36,266,000 | 35,702,000 | ||||||
Non-U.S. [Member] | Sales [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Sales to unaffiliated customers | 888,024,000 | 837,536,000 | 819,046,000 | ||||||||
Sales between geographic areas | 119,175,000 | 121,431,000 | 111,813,000 | ||||||||
Net sales | 1,007,199,000 | 958,967,000 | 930,859,000 | ||||||||
Europe [Member] | |||||||||||
Export sales [Abstract] | |||||||||||
Export sales from the United States (in hundredths) | 18.00% | ||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 518,893,000 | 493,670,000 | 478,032,000 | ||||||||
Eliminations [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Long Lived Assets | 0 | 0 | 0 | 0 | 0 | ||||||
Eliminations [Member] | Sales [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Sales to unaffiliated customers | 0 | 0 | 0 | ||||||||
Sales between geographic areas | -278,224,000 | -262,960,000 | -252,677,000 | ||||||||
Net sales | -278,224,000 | -262,960,000 | -252,677,000 | ||||||||
Asia [Member] | |||||||||||
Export sales [Abstract] | |||||||||||
Export sales from the United States (in hundredths) | 36.00% | ||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 320,326,000 | 314,621,000 | 315,217,000 | ||||||||
Middle East [Member] | |||||||||||
Export sales [Abstract] | |||||||||||
Export sales from the United States (in hundredths) | 13.00% | ||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 91,050,000 | 90,011,000 | 86,450,000 | ||||||||
Rest of the World [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 142,375,000 | 139,393,000 | 132,161,000 | ||||||||
South Pacific [Member] | |||||||||||
Export sales [Abstract] | |||||||||||
Export sales from the United States (in hundredths) | 5.00% | ||||||||||
South America [Member] | |||||||||||
Export sales [Abstract] | |||||||||||
Export sales from the United States (in hundredths) | 6.00% | ||||||||||
Other Geographical Area [Member] | |||||||||||
Export sales [Abstract] | |||||||||||
Export sales from the United States (in hundredths) | 6.00% | ||||||||||
Industrial Technology [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Net sales | 827,145,000 | 779,564,000 | 795,240,000 | ||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 320,017,000 | 314,208,000 | 311,190,000 | ||||||||
Industrial Technology [Member] | Canada [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 106,598,000 | 109,361,000 | 94,035,000 | ||||||||
Industrial Technology [Member] | Europe [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 121,909,000 | 108,644,000 | 104,105,000 | ||||||||
Industrial Technology [Member] | Asia [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 61,552,000 | 65,622,000 | 75,113,000 | ||||||||
Industrial Technology [Member] | Middle East [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 3,824,000 | 3,865,000 | 3,846,000 | ||||||||
Industrial Technology [Member] | Rest of the World [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 26,134,000 | 26,716,000 | 34,091,000 | ||||||||
Energy Systems And Controls [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Net sales | 691,813,000 | 651,920,000 | 646,116,000 | ||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 453,920,000 | 440,401,000 | 426,334,000 | ||||||||
Energy Systems And Controls [Member] | Canada [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 31,831,000 | 34,260,000 | 39,836,000 | ||||||||
Energy Systems And Controls [Member] | Europe [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 157,391,000 | 153,807,000 | 148,360,000 | ||||||||
Energy Systems And Controls [Member] | Asia [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 143,524,000 | 136,934,000 | 121,997,000 | ||||||||
Energy Systems And Controls [Member] | Middle East [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 42,988,000 | 32,444,000 | 47,866,000 | ||||||||
Energy Systems And Controls [Member] | Rest of the World [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 78,186,000 | 82,956,000 | 68,275,000 | ||||||||
Medical and Scientific Imaging [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Net sales | 1,080,309,000 | 902,281,000 | 703,835,000 | ||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 356,674,000 | 325,044,000 | 319,138,000 | ||||||||
Medical and Scientific Imaging [Member] | Canada [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 24,997,000 | 25,502,000 | 21,308,000 | ||||||||
Medical and Scientific Imaging [Member] | Europe [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 185,263,000 | 168,394,000 | 161,075,000 | ||||||||
Medical and Scientific Imaging [Member] | Asia [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 107,695,000 | 103,931,000 | 111,642,000 | ||||||||
Medical and Scientific Imaging [Member] | Middle East [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 9,997,000 | 9,361,000 | 4,613,000 | ||||||||
Medical and Scientific Imaging [Member] | Rest of the World [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 28,722,000 | 17,856,000 | 20,500,000 | ||||||||
RF Technology [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Net sales | 950,227,000 | 904,363,000 | 848,298,000 | ||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 151,270,000 | 173,119,000 | 157,746,000 | ||||||||
RF Technology [Member] | Canada [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 45,811,000 | 45,954,000 | 47,371,000 | ||||||||
RF Technology [Member] | Europe [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 54,330,000 | 62,825,000 | 64,492,000 | ||||||||
RF Technology [Member] | Asia [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 7,555,000 | 8,134,000 | 6,465,000 | ||||||||
RF Technology [Member] | Middle East [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 34,241,000 | 44,341,000 | 30,125,000 | ||||||||
RF Technology [Member] | Rest of the World [Member] | |||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | |||||||||||
Sales to Customers Outside the US | 9,333,000 | 11,865,000 | 9,293,000 | ||||||||
Corporate [Member] | |||||||||||
Schedule of Entity Wide Information About Geographic Areas [Line Items] | |||||||||||
Net sales | $0 | $0 | $0 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Net sales | $946,145 | $884,122 | $885,175 | $834,052 | $889,173 | $827,810 | $784,010 | $737,135 | $3,549,494 | $3,238,128 | $2,993,489 |
Gross profit | 565,741 | 524,040 | 523,182 | 488,936 | 533,220 | 482,625 | 445,507 | 421,576 | 2,101,899 | 1,882,928 | 1,671,717 |
Income from operations | 283,749 | 245,658 | 246,666 | 223,400 | 258,089 | 219,349 | 179,746 | 185,177 | 999,473 | 842,361 | 757,587 |
Net earnings | $185,936 | $155,510 | $157,361 | $147,226 | $165,703 | $136,323 | $111,353 | $124,914 | $646,033 | $538,293 | $483,360 |
Earnings from continuing operations per common share: | |||||||||||
Basic (in dollars per share) | $1.86 | $1.55 | $1.58 | $1.48 | $1.67 | $1.37 | $1.12 | $1.26 | $6.47 | $5.43 | $4.95 |
Diluted (in dollars per share) | $1.84 | $1.54 | $1.56 | $1.46 | $1.65 | $1.36 | $1.11 | $1.25 | $6.40 | $5.37 | $4.86 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Aggregate purchase price for acquisitions | $360 |
Schedule_II_Consolidated_Valua1
Schedule II - Consolidated Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance For Doubtful Accounts And Sales Allowances [Member] | |||
Valuation and Qualifying Accounts Roll Forward] | |||
Balance at beginning of year | $14,992 | $15,976 | $10,636 |
Additions charged to costs and expenses | 2,357 | 1,350 | 4,573 |
Deductions | -3,355 | -2,992 | -2,403 |
Other changes | -300 | 658 | 3,170 |
Balance at end of year | 13,694 | 14,992 | 15,976 |
Reserve for inventory obsolescence [Member] | |||
Valuation and Qualifying Accounts Roll Forward] | |||
Balance at beginning of year | 43,452 | 41,967 | 35,224 |
Additions charged to costs and expenses | 8,621 | 11,360 | 14,736 |
Deductions | -11,833 | -9,696 | -8,253 |
Other changes | -1,361 | -179 | 260 |
Balance at end of year | $38,879 | $43,452 | $41,967 |