Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Roper Technologies Inc | ||
Entity Central Index Key | 882,835 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 14,653,055,923 | ||
Entity Common Stock, Shares Outstanding | 100,665,880 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q2 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Consolidated Statements of Earnings (unaudited) [Abstract] | ||||
Net sales | $ 889,541 | $ 885,175 | $ 1,754,822 | $ 1,719,227 |
Cost of sales | 355,630 | 361,993 | 702,750 | 707,109 |
Gross profit | 533,911 | 523,182 | 1,052,072 | 1,012,118 |
Selling, general and administrative expenses | 281,937 | 276,516 | 553,202 | 542,052 |
Income from operations | 251,974 | 246,666 | 498,870 | 470,066 |
Interest expense, net | 20,177 | 19,512 | 40,013 | 39,339 |
Other income/(expense), net | (1,520) | (930) | (2,199) | 490 |
Earnings before income taxes | 230,277 | 226,224 | 456,658 | 431,217 |
Income taxes | 58,997 | 68,863 | 129,605 | 126,630 |
Net earnings | $ 171,280 | $ 157,361 | $ 327,053 | $ 304,587 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.70 | $ 1.58 | $ 3.26 | $ 3.05 |
Diluted (in dollars per share) | $ 1.69 | $ 1.56 | $ 3.22 | $ 3.02 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 100,573,000 | 99,881,000 | 100,475,000 | 99,720,000 |
Diluted (in shares) | 101,569,000 | 100,823,000 | 101,468,000 | 100,696,000 |
Dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.20 | $ 0.50 | $ 0.40 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract] | ||||
Net earnings | $ 171,280 | $ 157,361 | $ 327,053 | $ 304,587 |
Other comprehensive income/(loss), net of tax: | ||||
Foreign currency translation adjustments | 37,212 | 19,803 | (54,798) | 6,992 |
Post retirement benefit plan adjustment | 0 | 0 | 1,063 | 0 |
Total other comprehensive income/(loss), net of tax | 37,212 | 19,803 | (55,861) | 6,992 |
Comprehensive income | $ 208,492 | $ 177,164 | $ 271,192 | $ 311,579 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 678,571 | $ 610,430 |
Accounts receivable, net | 481,599 | 511,538 |
Inventories, net | 197,026 | 193,766 |
Deferred taxes | 58,194 | 54,199 |
Unbilled receivables | 107,999 | 96,409 |
Other current assets | 63,893 | 45,763 |
Total current assets | 1,587,282 | 1,512,105 |
Property, plant and equipment, net | 112,374 | 110,876 |
Goodwill | 5,111,662 | 4,710,691 |
Other intangible assets, net | 2,108,964 | 1,978,729 |
Deferred taxes | 34,599 | 27,496 |
Other assets | 79,215 | 73,037 |
Total assets | 9,034,096 | 8,412,934 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 145,584 | 143,847 |
Accrued compensation | 97,312 | 117,374 |
Deferred revenue | 234,067 | 190,953 |
Other accrued liabilities | 166,929 | 160,738 |
Deferred taxes | 3,841 | 3,943 |
Current portion of long-term debt, net | 7,208 | 11,092 |
Total current liabilities | 654,941 | 627,947 |
Long-term debt, net of current portion | 2,517,499 | 2,203,031 |
Deferred taxes | 754,297 | 735,826 |
Other liabilities | 88,010 | 90,770 |
Total liabilities | $ 4,014,747 | $ 3,657,574 |
Commitments and contingencies (Note 9) | ||
Common stock | $ 1,026 | $ 1,021 |
Additional paid-in capital | 1,368,335 | 1,325,338 |
Retained earnings | 3,796,957 | 3,520,201 |
Accumulated other comprehensive earnings | (127,788) | (71,927) |
Treasury stock | (19,181) | (19,273) |
Total stockholders' equity | 5,019,349 | 4,755,360 |
Total liabilities and stockholders' equity | $ 9,034,096 | $ 8,412,934 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net earnings | $ 327,053 | $ 304,587 |
Adjustments to reconcile net earnings to cash flows from operating activities: | ||
Depreciation and amortization of property, plant and equipment | 19,417 | 20,089 |
Amortization of intangible assets | 78,758 | 77,495 |
Amortization of deferred financing costs | 2,002 | 2,002 |
Non-cash stock compensation | 29,438 | 30,013 |
Changes in operating assets and liabilities, net of acquired businesses: | ||
Accounts receivable | 40,860 | 30 |
Unbilled receivables | (11,172) | (19,705) |
Inventories | (7,972) | (6,515) |
Accounts payable and accrued liabilities | (3,623) | (6,916) |
Income taxes payable | (36,257) | (42,664) |
Other, net | (5,556) | (5,286) |
Cash provided by operating activities | 432,948 | 353,130 |
Cash flows from investing activities: | ||
Acquisitions of businesses, net of cash acquired | (589,727) | (2,726) |
Capital expenditures | (20,673) | (20,560) |
Proceeds from sale of assets | 594 | 764 |
Other, net | (4,522) | (238) |
Cash used in investing activities | (614,328) | (22,760) |
Cash flows from financing activities: | ||
Payments under revolving line of credit | 315,000 | (220,000) |
Principal payments on senior notes | 0 | 0 |
Principal payments on convertible notes | (3,884) | (561) |
Cash premiums paid on convertible note conversions | (12,721) | (1,518) |
Cash dividends to stockholders | (50,099) | (39,821) |
Proceeds from stock based compensation, net | 15,315 | 21,686 |
Stock award tax excess windfall benefit | 8,781 | 12,058 |
Treasury stock sales | 1,477 | 1,456 |
Other | (628) | 355 |
Cash used in financing activities | 273,241 | (226,345) |
Effect of foreign currency exchange rate changes on cash | (23,720) | 1,537 |
Net increase in cash and cash equivalents | 68,141 | 105,562 |
Cash and cash equivalents, beginning of period | 610,430 | 459,720 |
Cash and cash equivalents, end of period | $ 678,571 | $ 565,282 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive earnings [Member] | Treasury stock [Member] | Total |
Beginning Balance at Dec. 31, 2014 | $ 1,021 | $ 1,325,338 | $ 3,520,201 | $ (71,927) | $ (19,273) | $ 4,755,360 |
Net earnings | 0 | 0 | 327,053 | 0 | 0 | 327,053 |
Stock option exercises | 2 | 17,010 | 0 | 0 | 0 | 17,012 |
Treasury stock sold | 0 | 1,385 | 0 | 0 | 92 | 1,477 |
Currency translation adjustments, net of tax | 0 | 0 | 0 | (54,798) | 0 | (54,798) |
Stock based compensation | 0 | 29,438 | 0 | 0 | 0 | 29,438 |
Restricted stock activity | 3 | (1,701) | 0 | 0 | 0 | (1,698) |
Stock option tax benefit, net of shortfalls | 0 | 8,755 | 0 | 0 | 0 | 8,755 |
Conversion of senior subordinated convertible notes, net of tax | 0 | (11,890) | 0 | 0 | 0 | (11,890) |
Dividends declared | 0 | 0 | (50,297) | 0 | 0 | (50,297) |
Post retirement benefit plan adjustments | 0 | 0 | 0 | (1,063) | 0 | (1,063) |
Ending Balance at Jun. 30, 2015 | $ 1,026 | $ 1,368,335 | $ 3,796,957 | $ (127,788) | $ (19,181) | $ 5,019,349 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) [Abstract] | |
Currency translation adjustments, tax | $ 2,556 |
Conversion of senior subordinated convertible notes, tax | $ 831 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Effective April 24, 2015, Roper Industries, Inc. changed its name to Roper Technologies, Inc. in order to reflect its continued evolution to a diversified technology company. The accompanying condensed consolidated financial statements for the three and six month periods ended June 30, 2015 and 2014 are unaudited. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position, results of operations, comprehensive income and cash flows of Roper Technologies, Inc. and its subsidiaries ("Roper" or the "Company") for all periods presented. The December 31, 2014 financial position data included herein was derived from the audited consolidated financial statements included in the 2014 Annual Report on Form 10-K ("Annual Report") filed on February 20, 2015 with the Securities and Exchange Commission ("SEC") but does not include all disclosures required by U.S. generally accepted accounting principles ("GAAP"). Roper's management has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. The results of operations for the three and six month periods ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year. You should read these unaudited condensed consolidated financial statements in conjunction with Roper's consolidated financial statements and the notes thereto included in its Annual Report. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Recent Accounting Pronouncements [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 2. Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") establishes changes to accounting principles under GAAP in the form of accounting standards updates ("ASUs") to the FASB's Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. In April 2015, the FASB issued an update providing guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for consistently with the acquisition of other software licenses. A cloud computing arrangement that does not include a software license should be accounted for as a service contract. The update is effective for annual periods beginning after December 15, 2015, and may be adopted prospectively or retrospectively. The Company does not expect this update to have a material impact on its results of operations, financial condition or cash flows. In April 2015, the FASB issued an update related to the presentation of debt issuance costs. This update, effective for fiscal years beginning after December 15, 2015, requires that debt issuance costs related to a debt liability be reported in the balance sheet as a direct deduction from the face amount of that debt liability. The Company does not expect this update to have a material impact on its results of operations, financial condition 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 the 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, 2017, 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. |
Business Acquisitions
Business Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Acquisitions [Abstract] | |
Business Acquisitions [Text Block] | 4. Business Acquisitions In the first quarter of 2015, Roper acquired 100% of the shares of Strata Decision Technology LLC, a provider of planning and budget software for health care providers, SoftWriters Inc., a provider of long-term care pharmacy operating software, and Data Innovations LLC, a provider of clinical and blood laboratory middleware. These acquisitions, purchased for $590 million of cash, expand Roper's existing medical platforms. All three companies are reported in the Medical & Scientific Imaging segment. Supplemental pro forma information has not been provided as the acquisitions were immaterial both individually and in aggregate. During the six months ended June 30, 2015, the Company expensed transaction costs of $2.1 million related to the acquisitions as corporate general and administrative expenses, as incurred. The Company recorded $424 million in goodwill and $213 million of other identifiable intangibles in connection with the acquisitions; however, purchase price allocations are preliminary pending final tax-related adjustments. Of the $213 million intangible assets acquired, $21 million was assigned to trade names that are not subject to amortization. The remaining $192 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 $153 million (19 year weighted average useful life) and software of $39 million (6 year weighted average useful life). |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. 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 period. Diluted earnings per share were calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper's senior subordinated convertible notes based upon the trading price of Roper's common stock. The effects of potential common stock were determined using the treasury stock method. Weighted average shares outstanding are shown below (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Basic shares outstanding 100,573 99,881 100,475 99,720 Effect of potential common stock: Common stock awards 909 792 884 826 Senior subordinated convertible notes 87 150 109 150 Diluted shares outstanding 101,569 100,823 101,468 100,696 For the three and six month periods ended June 30, 2015 there were 457,305 and 651,805 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 749,666 and 770,665 outstanding stock options, respectively, that would have been antidilutive for the three and six month periods ended June 30, 2014. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Stock Based Compensation [Abstract] | |
Stock-Based Compensation | 5. Stock Based Compensation The Roper Technologies, Inc. Amended and Restated 2006 Incentive Plan is a stock-based compensation plan used to grant incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights or equivalent instruments to Roper's employees, officers and directors. Roper's stock purchase plan allows employees in the U.S. and Canada to designate up to 10% of eligible earnings to purchase Roper's common stock at a 5% discount to the average closing price of the stock at the beginning and end of a quarterly offering period. Common stock sold to employees may be either treasury stock, stock purchased on the open market, or newly issued shares. The following table provides information regarding the Company's stock-based compensation expense (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Stock based compensation $ 15,637 $ 15,442 $ 29,438 $ 30,013 Tax effect recognized in net income 5,473 5,405 10,303 10,505 Windfall tax benefit/(shortfall), net 4,648 4,116 8,755 11,601 Stock Options - Roper records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. Historical data is used to estimate the expected price volatility, the expected dividend yield, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year quarters using the Black-Scholes option-pricing model: Six Months Ended June 30, 2015 2014 Risk-free interest rate (%) 1.52 1.63 Expected option life (years) 5.10 5.24 Expected volatility (%) 22.27 27.58 Expected dividend yield (%) 0.62 0.59 Cash received from option exercises for the six months ended June 30, 2015 and 2014 was $17.0 million and $23.7 million, respectively. Restricted Stock Awards - During the six months ended June 30, 2015, 50,891 restricted awards vested with a weighted average grant date fair value of $128.14 per restricted share, and a weighted average vest date fair value of $166.05 per restricted share. Employee Stock Purchase Plan |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | 6. Inventories The components of inventory were as follows (in thousands): June 30, 2015 December 31, 2014 Raw materials and supplies $ 127,879 $ 124,103 Work in process 26,676 29,358 Finished products 75,850 79,184 Inventory reserves (33,379 ) (38,879 ) $ 197,026 $ 193,766 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets The carrying value of goodwill by segment was as follows (in thousands): Medical & RF Technology Industrial Technology Energy Systems Total Balances at December 31, 2014 $ 2,594,356 $ 1,280,788 $ 408,964 $ 426,583 $ 4,710,691 Goodwill acquired 424,358 - - - 424,358 Other 391 - - - 391 Currency translation adjustments (11,564 ) (140 ) (8,939 ) (3,135 ) (23,778 ) Balances at June 30, 2015 $ 3,007,541 $ 1,280,648 $ 400,025 $ 423,448 $ 5,111,662 Other relates primarily to a tax purchase accounting adjustment for SHP LLC, acquired in August 2014. Other intangible assets were comprised of (in thousands): Cost Accumulated amortization Net book value 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 Assets subject to amortization: Customer related intangibles $ 2,072,301 $ (546,240 ) $ 1,526,061 Unpatented technology 174,666 (104,810 ) 69,856 Software 161,436 (36,131 ) 125,305 Patents and other protective rights 24,901 (17,970 ) 6,931 Backlog 1,100 (993 ) 107 Trade names 630 (101 ) 529 Assets not subject to amortization: Trade names 380,175 - 380,175 Balances at June 30, 2015 $ 2,815,209 $ (706,245 ) $ 2,108,964 Amortization expense of other intangible assets was $77,640 and $75,534 during the six months ended June 30, 2015 and 2014, respectively. An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2015. The Company expects to perform the annual analysis during the fourth quarter. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt [Abstract] | |
Debt | 8. Debt Roper's 3.75% senior subordinated convertible notes due 2034 became convertible on January 15, 2009. During the six months ended June 30, 2015, 7,822 notes were converted by note holders for $16.6 million in cash. No gain or loss was recorded upon these conversions. In addition, a related $0.8 million deferred tax liability associated with excess deductions recorded for tax purposes was relieved to additional paid-in capital upon the conversions. At June 30, 2015, the conversion price on the remaining outstanding notes was $502.13 per note. If converted at June 30, 2015, the value would have exceeded the $4 million principal amount of the outstanding notes by $14 million and could have resulted in the issuance of 82,565 shares of Roper's common stock. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | 9. Fair Value of Financial Instruments Roper's debt at June 30, 2015 included $2.2 billion of fixed-rate senior notes with the following fair values (in millions): $400 million senior notes due 2017 $ 402 $800 million senior notes due 2018 798 $500 million senior notes due 2019 569 $500 million senior notes due 2022 485 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 at June 30, 2015 included $4 million of fixed-rate convertible notes which were at fair value due to the ability of note holders to exercise the conversion option of the notes. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Contingencies [Abstract] | |
Contingencies | 10. 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, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on Roper's consolidated financial position, results of operations or cash flows. Over recent years there has been an increase in certain U.S. states in asbestos-related litigation claims against numerous industrial companies. Roper or its subsidiaries have been named defendants in some such cases. No significant resources have been required by Roper to respond to these cases and the Company 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 financial statements include accruals for potential product liability and warranty claims based on its claims experience. Such costs are accrued at the time revenue is recognized. A summary of the warranty accrual activity for the six months ended June 30, 2015 is presented below (in thousands): Balance at December 31, 2014 $ 9,537 Additions charged to costs and expenses 5,927 Deductions (6,003 ) Other (167 ) Balances at June 30, 2015 $ 9,294 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2015 | |
Business Segments [Abstract] | |
Business Segments | 11. Business Segments Sales and operating profit by industry segment are set forth in the following table (dollars in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 Change 2015 2014 Change Net sales: Medical & Scientific Imaging $ 302,262 $ 268,891 12.4 % $ 593,962 $ 525,090 13.1 % RF Technology 255,558 245,602 4.1 % 498,512 471,283 5.8 % Industrial Technology 186,467 204,814 (9.0 )% 377,195 401,815 (6.1 )% Energy Systems & Controls 145,254 165,868 (12.4 )% 285,153 321,039 (11.2 )% Total $ 889,541 $ 885,175 0.5 % $ 1,754,822 $ 1,719,227 2.1 % Gross profit: Medical & Scientific Imaging $ 222,990 $ 194,756 14.5 % $ 438,316 $ 379,606 15.5 % RF Technology 134,136 128,587 4.3 % 264,182 248,238 6.4 % Industrial Technology 93,565 103,982 (10.0 )% 188,807 202,452 (6.7 )% Energy Systems & Controls 83,220 95,857 (13.2 )% 160,767 181,822 (11.6 )% Total $ 533,911 $ 523,182 2.1 % $ 1,052,072 $ 1,012,118 3.9 % Operating profit*: Medical & Scientific Imaging $ 109,261 $ 94,381 15.8 % $ 217,040 $ 184,152 17.9 % RF Technology 79,940 71,272 12.2 % 153,917 133,832 15.0 % Industrial Technology 52,188 60,438 (13.7 )% 110,085 116,494 (5.5 )% Energy Systems & Controls 37,702 44,786 (15.8 )% 68,124 81,811 (16.7 )% Total $ 279,091 $ 270,877 3.0 % $ 549,166 $ 516,289 6.4 % Long-lived assets: Medical & Scientific Imaging $ 37,172 $ 39,815 (6.6 )% RF Technology 30,398 29,503 3.0 % Industrial Technology 44,343 48,848 (9.2 )% Energy Systems & Controls 15,048 18,027 (16.5 )% Total $ 126,961 $ 136,193 (6.8 )% *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $27,117 and $24,211 for the three months ended June 30, 2015 and 2014, respectively, and $50,296 and $46,223 for the six months ended June 30, 2015 and 2014, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 12. Subsequent Event On July 20, 2015, Roper acquired 100% of the shares of On Center Software, Inc., ("On Center") a leading construction automation technology company for $157 million in cash. On Center expands Roper's portfolio of software platforms and will be reported in the RF Technology segment. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Policy | Basic earnings per share were calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share were calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper's senior subordinated convertible notes based upon the trading price of Roper's common stock. The effects of potential common stock were determined using the treasury stock method. Weighted average shares outstanding are shown below (in thousands): |
Stock Based Compensation (Polic
Stock Based Compensation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Roper records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. Historical data is used to estimate the expected price volatility, the expected dividend yield, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year quarters using the Black-Scholes option-pricing model: |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Weighted Average Number Of Shares Outstanding Basic To Diluted | Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Basic shares outstanding 100,573 99,881 100,475 99,720 Effect of potential common stock: Common stock awards 909 792 884 826 Senior subordinated convertible notes 87 150 109 150 Diluted shares outstanding 101,569 100,823 101,468 100,696 For the three and six month periods ended June 30, 2015 there were 457,305 and 651,805 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 749,666 and 770,665 outstanding stock options, respectively, that would have been antidilutive for the three and six month periods ended June 30, 2014. |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation Expense | The following table provides information regarding the Company's stock-based compensation expense (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Stock based compensation $ 15,637 $ 15,442 $ 29,438 $ 30,013 Tax effect recognized in net income 5,473 5,405 10,303 10,505 Windfall tax benefit/(shortfall), net 4,648 4,116 8,755 11,601 |
Weighted average assumptions used to value option grants | Six Months Ended June 30, 2015 2014 Risk-free interest rate (%) 1.52 1.63 Expected option life (years) 5.10 5.24 Expected volatility (%) 22.27 27.58 Expected dividend yield (%) 0.62 0.59 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | The components of inventory were as follows (in thousands): June 30, 2015 December 31, 2014 Raw materials and supplies $ 127,879 $ 124,103 Work in process 26,676 29,358 Finished products 75,850 79,184 Inventory reserves (33,379 ) (38,879 ) $ 197,026 $ 193,766 |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill | The carrying value of goodwill by segment was as follows (in thousands): Medical & RF Technology Industrial Technology Energy Systems Total Balances at December 31, 2014 $ 2,594,356 $ 1,280,788 $ 408,964 $ 426,583 $ 4,710,691 Goodwill acquired 424,358 - - - 424,358 Other 391 - - - 391 Currency translation adjustments (11,564 ) (140 ) (8,939 ) (3,135 ) (23,778 ) Balances at June 30, 2015 $ 3,007,541 $ 1,280,648 $ 400,025 $ 423,448 $ 5,111,662 |
Other Intangible Assets | Other intangible assets were comprised of (in thousands): Cost Accumulated amortization Net book value 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 Assets subject to amortization: Customer related intangibles $ 2,072,301 $ (546,240 ) $ 1,526,061 Unpatented technology 174,666 (104,810 ) 69,856 Software 161,436 (36,131 ) 125,305 Patents and other protective rights 24,901 (17,970 ) 6,931 Backlog 1,100 (993 ) 107 Trade names 630 (101 ) 529 Assets not subject to amortization: Trade names 380,175 - 380,175 Balances at June 30, 2015 $ 2,815,209 $ (706,245 ) $ 2,108,964 |
Fair Value of Financial Instr26
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value of Financial Instruments [Abstract] | |
Fixed-Rate Senior Notes, Fair Value | Roper's debt at June 30, 2015 included $2.2 billion of fixed-rate senior notes with the following fair values (in millions): $400 million senior notes due 2017 $ 402 $800 million senior notes due 2018 798 $500 million senior notes due 2019 569 $500 million senior notes due 2022 485 |
Contingencies (Tables)
Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Contingencies [Abstract] | |
Warranty Accrual Activity | Roper's financial statements include accruals for potential product liability and warranty claims based on its claims experience. Such costs are accrued at the time revenue is recognized. A summary of the warranty accrual activity for the six months ended June 30, 2015 is presented below (in thousands): Balance at December 31, 2014 $ 9,537 Additions charged to costs and expenses 5,927 Deductions (6,003 ) Other (167 ) Balances at June 30, 2015 $ 9,294 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Segments [Abstract] | |
Sales and operating profit by business segment Table | Sales and operating profit by industry segment are set forth in the following table (dollars in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 Change 2015 2014 Change Net sales: Medical & Scientific Imaging $ 302,262 $ 268,891 12.4 % $ 593,962 $ 525,090 13.1 % RF Technology 255,558 245,602 4.1 % 498,512 471,283 5.8 % Industrial Technology 186,467 204,814 (9.0 )% 377,195 401,815 (6.1 )% Energy Systems & Controls 145,254 165,868 (12.4 )% 285,153 321,039 (11.2 )% Total $ 889,541 $ 885,175 0.5 % $ 1,754,822 $ 1,719,227 2.1 % Gross profit: Medical & Scientific Imaging $ 222,990 $ 194,756 14.5 % $ 438,316 $ 379,606 15.5 % RF Technology 134,136 128,587 4.3 % 264,182 248,238 6.4 % Industrial Technology 93,565 103,982 (10.0 )% 188,807 202,452 (6.7 )% Energy Systems & Controls 83,220 95,857 (13.2 )% 160,767 181,822 (11.6 )% Total $ 533,911 $ 523,182 2.1 % $ 1,052,072 $ 1,012,118 3.9 % Operating profit*: Medical & Scientific Imaging $ 109,261 $ 94,381 15.8 % $ 217,040 $ 184,152 17.9 % RF Technology 79,940 71,272 12.2 % 153,917 133,832 15.0 % Industrial Technology 52,188 60,438 (13.7 )% 110,085 116,494 (5.5 )% Energy Systems & Controls 37,702 44,786 (15.8 )% 68,124 81,811 (16.7 )% Total $ 279,091 $ 270,877 3.0 % $ 549,166 $ 516,289 6.4 % Long-lived assets: Medical & Scientific Imaging $ 37,172 $ 39,815 (6.6 )% RF Technology 30,398 29,503 3.0 % Industrial Technology 44,343 48,848 (9.2 )% Energy Systems & Controls 15,048 18,027 (16.5 )% Total $ 126,961 $ 136,193 (6.8 )% *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $27,117 and $24,211 for the three months ended June 30, 2015 and 2014, respectively, and $50,296 and $46,223 for the six months ended June 30, 2015 and 2014, respectively. |
Business Acquisitions (Details)
Business Acquisitions (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)Business | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | ||
Goodwill | $ 5,111,662 | $ 4,710,691 |
Series of Individually Immaterial Business Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Number of business acquired | Business | 3 | |
Cost of Acquired Entity Purchase Price | $ 590,000 | |
Intangible Assets Other than Goodwill | 213,000 | |
Goodwill | 424,000 | |
Cost of Acquired Entity Transaction Costs | 2,100 | |
Finite lived intangible assets | 192,000 | |
Indefinite lived intangible assets | $ 21,000 | |
Weighted average useful life | 17 years | |
Series of Individually Immaterial Business Acquisitions [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets | $ 153,000 | |
Weighted average useful life | 19 years | |
Series of Individually Immaterial Business Acquisitions [Member] | Software [Member] | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets | $ 39,000 | |
Weighted average useful life | 6 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule Of Weighted Average Number Of Shares Outstanding Basic To Diluted [Abstract] | ||||
Basic shares outstanding (in shares) | 100,573,000 | 99,881,000 | 100,475,000 | 99,720,000 |
Effect of potential common stock [Abstract] | ||||
Common stock awards (in shares) | 909,000 | 792,000 | 884,000 | 826,000 |
Senior subordinated convertible notes (in shares) | 87,000 | 150,000 | 109,000 | 150,000 |
Diluted shares outstanding (in shares) | 101,569,000 | 100,823,000 | 101,468,000 | 100,696,000 |
Antidilutive stock options (in shares) | 457,305 | 749,666 | 651,805 | 770,665 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Based Compensation [Abstract] | ||||
Percentage of eligible earnings to purchase common stock through the employee stock purchase plan (in hundredths) | 10.00% | 10.00% | ||
Discount on the average closing price for the employee stock purchase plan (in hundredths) | 5.00% | |||
Stock Based Compensation Expense [Abstract] | ||||
Stock based compensation | $ 15,637 | $ 15,442 | $ 29,438 | $ 30,013 |
Tax effect recognized in net income | 5,473 | 5,405 | 10,303 | 10,505 |
Windfall tax benefit/(shortfall), net | $ 4,648 | $ 4,116 | $ 8,755 | $ 11,601 |
Employee stock options granted during the period (in shares) | 559,055 | 568,500 | ||
Fair value per share (in dollars per share) | $ 33.88 | $ 35.17 | ||
Weighted average assumptions used to value option grants [Abstract] | ||||
Risk-free interest rate (%) (in hundredths) | 1.52% | 1.63% | ||
Expected option life (years) | 5 years 1 month 5 days | 5 years 2 months 26 days | ||
Expected volatility (%) (in hundredths) | 22.27% | 27.58% | ||
Expected dividend yield (%) (in hundredths) | 0.62% | 0.59% | ||
Cash received from exercise of options | $ 17,000 | $ 23,700 | ||
Restricted stock awards granted during period (in shares) | 345,975 | 286,810 | ||
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share) | $ 152.72 | $ 139.83 | ||
Restricted stock awards vested during period (in shares) | 50,891 | |||
Weighted average grant date fair value per share (in dollars per share) | $ 128.14 | |||
Weighted average vest date fair value per share (in dollars per share) | $ 166.05 | |||
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares) | 9,370 | 11,209 | ||
Amount paid for stock purchased during the period by participants in the employee stock purchase plan | $ 1,480 | $ 1,460 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials and supplies | $ 127,879 | $ 124,103 |
Work in process | 26,676 | 29,358 |
Finished products | 75,850 | 79,184 |
Inventory reserves | (33,379) | (38,879) |
Total Inventory | $ 197,026 | $ 193,766 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Balances | $ 4,710,691 | ||
Goodwill acquired | 424,358 | ||
Goodwill, Other Changes | 391 | ||
Currency translation adjustments | (23,778) | ||
Balances | 5,111,662 | ||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 2,815,209 | $ 2,738,747 | |
Accumulated amortization | (706,245) | (760,018) | |
Net book value | 2,108,964 | 1,978,729 | |
Amortization expense of other intangible assets | 77,640 | $ 75,534 | |
Assets subject to amortization [Member] | Customer related intangibles [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 2,072,301 | 1,975,334 | |
Accumulated amortization | (546,240) | (543,594) | |
Net book value | 1,526,061 | 1,431,740 | |
Assets subject to amortization [Member] | Unpatented technology [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 174,666 | 217,260 | |
Accumulated amortization | (104,810) | (134,702) | |
Net book value | 69,856 | 82,558 | |
Assets subject to amortization [Member] | Software [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 161,436 | 156,449 | |
Accumulated amortization | (36,131) | (62,882) | |
Net book value | 125,305 | 93,567 | |
Assets subject to amortization [Member] | Patents and other protective rights [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 24,901 | 26,463 | |
Accumulated amortization | (17,970) | (18,325) | |
Net book value | 6,931 | 8,138 | |
Assets subject to amortization [Member] | Order or Production Backlog [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 1,100 | 1,100 | |
Accumulated amortization | (993) | (443) | |
Net book value | 107 | 657 | |
Assets subject to amortization [Member] | Trade names [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 630 | 622 | |
Accumulated amortization | (101) | (72) | |
Net book value | 529 | 550 | |
Assets not subject to amortization [Member] | Trade names [Member] | |||
Schedule Of Other Intangible Assets By Major Class [Line Items] | |||
Cost | 380,175 | 361,519 | |
Accumulated amortization | 0 | 0 | |
Net book value | 380,175 | $ 361,519 | |
Industrial Technology [Member] | |||
Goodwill [Line Items] | |||
Balances | 408,964 | ||
Goodwill acquired | 0 | ||
Goodwill, Other Changes | 0 | ||
Currency translation adjustments | (8,939) | ||
Balances | 400,025 | ||
Energy Systems And Controls [Member] | |||
Goodwill [Line Items] | |||
Balances | 426,583 | ||
Goodwill acquired | 0 | ||
Goodwill, Other Changes | 0 | ||
Currency translation adjustments | (3,135) | ||
Balances | 423,448 | ||
Medical And Scientific Imaging [Member] | |||
Goodwill [Line Items] | |||
Balances | 2,594,356 | ||
Goodwill acquired | 424,358 | ||
Goodwill, Other Changes | 391 | ||
Currency translation adjustments | (11,564) | ||
Balances | 3,007,541 | ||
RF Technology [Member] | |||
Goodwill [Line Items] | |||
Balances | 1,280,788 | ||
Goodwill acquired | 0 | ||
Goodwill, Other Changes | 0 | ||
Currency translation adjustments | (140) | ||
Balances | $ 1,280,648 |
Debt (Details)
Debt (Details) - Jun. 30, 2015 - Senior Subordinated Convertible Notes [Member] $ / shares in Units, $ in Millions | USD ($)sharesNotesConverted$ / shares |
Debt Instrument [Line Items] | |
Stated Interest Rate Percentage - Debt Instruments (in hundredths) | 3.75% |
Maturity year of Senior subordinated convertible notes | 2,034 |
First Conversion Date | Jan. 15, 2009 |
Number of Notes Converted | NotesConverted | 7,822 |
Cash Payments for Debt Conversions (in millions) | $ 16.6 |
Deferred Tax Liability (in millions) | $ 0.8 |
Per Note Conversion Price (in dollars per share) | $ / shares | $ 502.13 |
Principal note amount (in millions) | $ 4 |
Excess above Principal Note Amount (in millions) | $ 14 |
If converted, issuance of common stock shares (in shares) | shares | 82,565 |
Fair Value of Financial Instr35
Fair Value of Financial Instruments (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Convertible Notes [Member] | |
Short-term Debt [Line Items] | |
Fair Value of Debt Instrument | $ 4 |
Fair Value, Inputs, Level 2 [Member] | |
Debt Instrument [Line Items] | |
Face Value of Debt Instrument | 2,200 |
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2017 [Member] | |
Debt Instrument [Line Items] | |
Face Value of Debt Instrument | 400 |
Long-term Debt, Fair Value | $ 402 |
Notes due | 2,017 |
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2018 [Member] | |
Debt Instrument [Line Items] | |
Face Value of Debt Instrument | $ 800 |
Long-term Debt, Fair Value | $ 798 |
Notes due | 2,018 |
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2019 [Member] | |
Debt Instrument [Line Items] | |
Face Value of Debt Instrument | $ 500 |
Long-term Debt, Fair Value | $ 569 |
Notes due | 2,019 |
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2022 [Member] | |
Debt Instrument [Line Items] | |
Face Value of Debt Instrument | $ 500 |
Long-term Debt, Fair Value | $ 485 |
Notes due | 2,022 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Warranty Accrual Activity [Roll Forward] | |
Balance | $ 9,537 |
Additions charged to costs and expenses | 5,927 |
Deductions | (6,003) |
Other | (167) |
Balance | $ 9,294 |
Business Segments (Details)
Business Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 889,541,000 | $ 885,175,000 | $ 1,754,822,000 | $ 1,719,227,000 | |||
Percent change in Net Sales (in hundredths) | 0.50% | 2.10% | |||||
Gross Profit | $ 533,911,000 | 523,182,000 | $ 1,052,072,000 | 1,012,118,000 | |||
Percent change in Gross Profit (in hundredths) | 2.10% | 3.90% | |||||
Operating profit | $ 279,091,000 | [1] | 270,877,000 | [1] | $ 549,166,000 | 516,289,000 | |
Percent change in Operating Profit (in hundredths) | 3.00% | [1] | 6.40% | ||||
Long-Lived assets | $ 126,961,000 | 136,193,000 | $ 126,961,000 | 136,193,000 | |||
Percent change in Long-lived assets (in hundredths) | (6.80%) | ||||||
Unallocated corporate general and administrative expenses | [1] | 27,117 | 24,211 | $ 50,296 | 46,223 | ||
Industrial Technology [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 186,467,000 | 204,814,000 | $ 377,195,000 | 401,815,000 | |||
Percent change in Net Sales (in hundredths) | (9.00%) | (6.10%) | |||||
Gross Profit | $ 93,565,000 | 103,982,000 | $ 188,807,000 | 202,452,000 | |||
Percent change in Gross Profit (in hundredths) | (10.00%) | (6.70%) | |||||
Operating profit | $ 52,188,000 | [1] | 60,438,000 | [1] | $ 110,085,000 | 116,494,000 | |
Percent change in Operating Profit (in hundredths) | (13.70%) | [1] | (5.50%) | ||||
Long-Lived assets | $ 44,343,000 | 48,848,000 | $ 44,343,000 | 48,848,000 | |||
Percent change in Long-lived assets (in hundredths) | (9.20%) | ||||||
Energy Systems And Controls [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 145,254,000 | 165,868,000 | $ 285,153,000 | 321,039,000 | |||
Percent change in Net Sales (in hundredths) | (12.40%) | (11.20%) | |||||
Gross Profit | $ 83,220,000 | 95,857,000 | $ 160,767,000 | 181,822,000 | |||
Percent change in Gross Profit (in hundredths) | (13.20%) | (11.60%) | |||||
Operating profit | $ 37,702,000 | [1] | 44,786,000 | [1] | $ 68,124,000 | 81,811,000 | |
Percent change in Operating Profit (in hundredths) | (15.80%) | [1] | (16.70%) | ||||
Long-Lived assets | $ 15,048,000 | 18,027,000 | $ 15,048,000 | 18,027,000 | |||
Percent change in Long-lived assets (in hundredths) | (16.50%) | ||||||
Medical And Scientific Imaging [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 302,262,000 | 268,891,000 | $ 593,962,000 | 525,090,000 | |||
Percent change in Net Sales (in hundredths) | 12.40% | 13.10% | |||||
Gross Profit | $ 222,990,000 | 194,756,000 | $ 438,316,000 | 379,606,000 | |||
Percent change in Gross Profit (in hundredths) | 14.50% | 15.50% | |||||
Operating profit | $ 109,261,000 | [1] | 94,381,000 | [1] | $ 217,040,000 | 184,152,000 | |
Percent change in Operating Profit (in hundredths) | 15.80% | [1] | 17.90% | ||||
Long-Lived assets | $ 37,172,000 | 39,815,000 | $ 37,172,000 | 39,815,000 | |||
Percent change in Long-lived assets (in hundredths) | (6.60%) | ||||||
RF Technology [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 255,558,000 | 245,602,000 | $ 498,512,000 | 471,283,000 | |||
Percent change in Net Sales (in hundredths) | 4.10% | 5.80% | |||||
Gross Profit | $ 134,136,000 | 128,587,000 | $ 264,182,000 | 248,238,000 | |||
Percent change in Gross Profit (in hundredths) | 4.30% | 6.40% | |||||
Operating profit | $ 79,940,000 | [1] | 71,272,000 | [1] | $ 153,917,000 | 133,832,000 | |
Percent change in Operating Profit (in hundredths) | 12.20% | [1] | 15.00% | ||||
Long-Lived assets | $ 30,398,000 | $ 29,503,000 | $ 30,398,000 | $ 29,503,000 | |||
Percent change in Long-lived assets (in hundredths) | 3.00% | ||||||
[1] | Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $27,117 and $24,211 for the three months ended June 30, 2015 and 2014, respectively, and $50,296 and $46,223 for the six months ended June 30, 2015 and 2014, respectively. |