Roper (ROP) 10-Q 7 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 28, 2017
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 Common Stock, Shares Outstanding		102,219,663
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidated Statements of Earnings (unaudited) [Abstract]
Net sales	$ 1,134,671	$ 931,558	$ 2,220,976	$ 1,833,981
Cost of sales	429,021	364,038	847,712	706,942
Gross profit	705,650	567,520	1,373,264	1,127,039
Selling, general and administrative expenses	411,392	314,442	820,750	628,970
Income from operations	294,258	253,078	552,514	498,069
Interest expense, net	45,813	26,863	91,678	54,276
Other income/(expense), net	6,969	(1,334)	5,922	(1,463)
Earnings before income taxes	255,414	224,881	466,758	442,330
Income taxes	75,858	66,812	129,131	132,845
Net earnings	$ 179,556	$ 158,069	$ 337,627	$ 309,485
Net earnings per share:
Basic (in dollars per share)	$ 1.76	$ 1.56	$ 3.31	$ 3.06
Diluted (in dollars per share)	$ 1.74	$ 1.54	$ 3.27	$ 3.02
Weighted average common shares outstanding:
Basic (in shares)	102,081	101,249	101,983	101,160
Diluted (in shares)	103,409	102,466	103,247	102,376
Dividends declared per common share (in dollars per share)	$ 0.35	$ 0.30	$ 0.70	$ 0.60

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract]
Net earnings	$ 179,556	$ 158,069	$ 337,627	$ 309,485
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments	49,515	(46,470)	79,927	(44,727)
Total other comprehensive income/(loss), net of tax	49,515	(46,470)	79,927	(44,727)
Comprehensive income	$ 229,071	$ 111,599	$ 417,554	$ 264,758

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS:
Cash and cash equivalents	$ 663,344	$ 757,200
Accounts receivable, net	576,362	619,854
Inventories, net	199,842	181,952
Unbilled receivables	146,944	129,965
Prepaid income taxes	43,477	31,679
Other current assets	71,142	55,851
Total current assets	1,701,111	1,776,501
Property, plant and equipment, net	142,641	141,318
Goodwill	8,720,225	8,647,142
Other intangible assets, net	3,538,599	3,655,843
Deferred taxes	31,539	30,620
Other assets	79,173	73,503
Total assets	14,213,288	14,324,927
LIABILITIES AND STOCKHOLDERS' EQUITY:
Accounts payable	155,371	152,067
Accrued compensation	156,665	161,730
Deferred revenue	516,362	488,399
Other accrued liabilities	238,975	219,339
Income taxes payable	29,826	22,762
Current portion of long-term debt, net	401,297	400,975
Total current liabilities	1,498,496	1,445,272
Long-term debt, net of current portion	5,241,103	5,808,561
Deferred taxes	1,158,965	1,178,205
Other liabilities	114,238	104,024
Total liabilities	8,012,802	8,536,062
Commitments and contingencies (Note 9)
Common stock	1,041	1,036
Additional paid-in capital	1,554,562	1,489,067
Retained earnings	4,908,492	4,642,402
Accumulated other comprehensive earnings	(244,812)	(324,739)
Treasury stock	(18,797)	(18,901)
Total stockholders' equity	6,200,486	5,788,865
Total liabilities and stockholders' equity	$ 14,213,288	$ 14,324,927

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net earnings	$ 337,627	$ 309,485
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	24,284	19,052
Amortization of intangible assets	147,186	99,719
Amortization of deferred financing costs	3,642	2,717
Non-cash stock compensation	43,864	39,092
Gain on sale of assets	(9,393)	0
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	50,140	(13,956)
Unbilled receivables	(16,943)	3,754
Inventories	(13,177)	(104)
Accounts payable and accrued liabilities	15,292	(7,552)
Deferred revenues	33,344	9,834
Income taxes	(51,019)	(77,931)
Other, net	(14,755)	(7,278)
Cash provided by operating activities	550,092	376,832
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(35,515)	(274,968)
Capital expenditures	(24,797)	(18,348)
Capitalized software expenditures	(5,725)	(1,249)
Proceeds from sale of assets	10,506	758
Other, net	(6,531)	570
Cash used in investing activities	(62,062)	(293,237)
Cash flows from financing activities:
Payments under revolving line of credit, net	(570,000)	(180,000)
Principal payments on convertible notes	0	(289)
Cash premiums paid on convertible note conversions	0	(915)
Cash dividends to stockholders	(70,937)	(60,383)
Proceeds from stock based compensation, net	20,711	8,516
Treasury stock sales	2,045	1,715
Other	(191)	(621)
Cash used in financing activities	(618,372)	(231,977)
Effect of foreign currency exchange rate changes on cash	36,486	(7,835)
Net decrease in cash and cash equivalents	(93,856)	(156,217)
Cash and cash equivalents, beginning of period	757,200	778,511
Cash and cash equivalents, end of period	$ 663,344	$ 622,294

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Earnings [Member]	Treasury Stock [Member]	Total
Balances at Dec. 31, 2016	$ 1,036	$ 1,489,067	$ 4,642,402	$ (324,739)	$ (18,901)	$ 5,788,865
Net earnings	0	0	337,627	0	0	337,627
Stock option exercises	3	26,897	0	0	0	26,900
Treasury stock sold	0	1,941	0	0	104	2,045
Currency translation adjustments, net of tax	0	0	0	79,927	0	79,927
Stock based compensation	0	42,850	0	0	0	42,850
Restricted stock activity	2	(6,193)	0	0	0	(6,191)
Dividends declared	0	0	(71,537)	0	0	(71,537)
Balances at Jun. 30, 2017	$ 1,041	$ 1,554,562	$ 4,908,492	$ (244,812)	$ (18,797)	$ 6,200,486

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying condensed consolidated financial statements for the three and six months ended June 30, 2017 and 2016 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, 2016 financial position data included herein was derived from the audited consolidated financial statements included in the Company's 2016 Annual Report on Form 10-K ("Annual Report") filed on February 27, 2017 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 months ended June 30, 2017 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 audited consolidated financial statements and the notes thereto included in its Annual Report. Certain prior period amounts have been reclassified to conform to current period presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2017
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncement	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. Any recent ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company's results of operations, financial position or cash flows. Recently Adopted Accounting Pronouncements In July 2015, the FASB issued an update providing guidance to simplify the measurement of inventory. This update, effective for fiscal years beginning after December 15, 2016, requires that inventory within the scope of the update be measured at the lower of cost and net realizable value. The update did not have a material impact on the Company's results of operations, financial condition or cash flows. Recently Released Accounting Pronouncements In January 2017, the FASB issued an update simplifying the test for goodwill impairment. This update, effective on a prospective basis for goodwill impairment tests performed in fiscal years beginning after December 15, 2019, eliminates Step 2 from the goodwill impairment test. Under the amendments in the update, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Early adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the update to have a material impact on its results of operations, financial condition or cash flows. In August 2016, the FASB issued an update clarifying the classification of certain cash receipts and cash payments in the statement of cash flows. This update, effective for annual reporting periods after December 15, 2017, including interim periods within those annual periods, addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company does not expect the update to have a material impact on its results of operations, financial condition or cash flows. In February 2016, the FASB issued an update on lease accounting. This update, effective for annual reporting periods after December 15, 2018, including interim periods within those annual periods, provides amendments to current lease accounting. These amendments include the recognition of lease assets and lease liabilities on the balance sheet and disclosing other key information about leasing arrangements. Early adoption is permitted. The Company is evaluating the impact of the update on its results of operations, financial condition and 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 and enhanced disclosures will be required regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. Either a retrospective or cumulative effect transition method is permitted. The Company has elected to adopt the modified retrospective transition method. The Company has substantially completed its assessment to identify differences between the existing standard and new standard on its customer contracts. The Company is in the process of quantifying the estimated impact of these identified differences on its consolidated financial statements but does not believe the adoption will have material impact on its results of operations, financial condition or cash flows. The FASB has issued, and may issue in the future, interpretive guidance which may cause the evaluation to change. The Company believes it is following an appropriate timeline to allow for proper recognition, presentation and disclosure upon adoption effective the beginning of fiscal year 2018.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
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, 2017 2016 2017 2016 Basic shares outstanding 102,081 101,249 101,983 101,160 Effect of potential common stock: Common stock awards 1,328 1,143 1,264 1,142 Senior subordinated convertible notes - 74 - 74 Diluted shares outstanding 103,409 102,466 103,247 102,376 For the three and six months ended June 30, 2017, there were 412,100 and 581,350 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 1,027,350 and 1,057,350 outstanding stock options that would have been antidilutive in the respective 2016 periods.

Business Acquisitions and Dives

Business Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2017
Business Acquisitions [Abstract]
Business Acquisitions	4. Business Acquisitions and Divestitures Acquisition of Phase Technology The Company recorded $19.2 million in goodwill and $13.8 million of other identifiable intangibles in connection with the acquisition. The amortizable intangible assets include customer relationships of $8.1 million (9 year useful life) and technology of $3.6 million (6 year useful life). Purchase price allocations are preliminary pending final tax-related adjustments. Sale of Product Line

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2017
Stock Based Compensation [Abstract]
Stock Based Compensation	5. Stock-Based Compensation The Roper Technologies, Inc. 2016 Incentive Plan ("2016 Plan") is a stock-based compensation plan used to grant incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights or equivalent instruments to Roper's employees, officers and directors. The 2016 Plan replaces the Roper Technologies, Inc. Amended and Restated 2006 Incentive Plan ("2006 Plan"), and no additional grants will be made from the 2006 Plan. Roper's stock purchase plan allows employees in the U.S. and Canada to designate up to 10% of eligible earnings to purchase Roper's common stock at a 5% discount to the average closing price of the stock at the beginning and end of a quarterly offering period. Common stock sold to employees pursuant to the stock purchase plan may be either treasury stock, stock purchased on the open market, or newly issued shares. 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, 2017 2016 2017 2016 Stock-based compensation $ 22,815 $ 20,113 $ 43,864 $ 39,092 Tax effect recognized in net income 7,985 7,040 15,352 13,682 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 periods using the Black-Scholes option-pricing model: Six months ended June 30, 2017 2016 Risk-free interest rate (%) 2.05 1.39 Expected option life (years) 5.27 5.20 Expected volatility (%) 18.81 21.63 Expected dividend yield (%) 0.68 0.70 Cash received from option exercises for the six months ended June 30, 2017 and 2016 was $26.9 million and $10.0 million, respectively. Restricted Stock Awards - During the six months ended June 30, 2017, 124,600 restricted awards vested with a weighted average grant date fair value of $143.89 per restricted share and a weighted average vest date fair value of $213.08 per restricted share. Employee Stock Purchase Plan

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventories [Abstract]
Inventories	6. Inventories The components of inventory were as follows (in thousands): June 30, December 31, 2017 2016 Raw materials and supplies $ 121,524 $ 113,632 Work in process 26,990 24,290 Finished products 89,911 81,263 Inventory reserves (38,583 ) (37,233 ) $ 199,842 $ 181,952

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2017
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 Energy Systems Total Balances at December 31, 2016 $ 3,185,071 $ 4,687,670 $ 363,978 $ 410,423 $ 8,647,142 Additions - - - 19,169 19,169 Other 3,264 19,313 - - 22,577 Currency translation adjustments 8,986 9,936 8,129 4,286 31,337 Balances at June 30, 2017 $ 3,197,321 $ 4,716,919 $ 372,107 $ 433,878 $ 8,720,225 Other relates primarily to tax purchase accounting, intangible valuations and working capital adjustments for 2016 acquisitions. Other intangible assets were comprised of (in thousands): Cost Accumulated amortization Net book value Assets subject to amortization: Customer related intangibles $ 3,272,081 $ (712,718 ) $ 2,559,363 Unpatented technology 462,152 (144,025 ) 318,127 Software 184,761 (56,882 ) 127,879 Patents and other protective rights 24,656 (20,399 ) 4,257 Trade names 6,591 (653 ) 5,938 Assets not subject to amortization: Trade names 578,279 - 578,279 In process research and development 62,000 - 62,000 Balances at December 31, 2016 $ 4,590,520 $ (934,677 ) $ 3,655,843 Assets subject to amortization: Customer related intangibles $ 3,285,128 $ (810,244 ) $ 2,474,884 Unpatented technology 531,554 (175,549 ) 356,005 Software 185,019 (70,847 ) 114,172 Patents and other protective rights 25,279 (21,156 ) 4,123 Trade names 6,613 (1,192 ) 5,421 Assets not subject to amortization: Trade names 582,625 - 582,625 In process research and development 1,369 - 1,369 Balances at June 30, 2017 $ 4,617,587 $ (1,078,988 ) $ 3,538,599 Amortization expense of other intangible assets was $146,549 and $98,745 during the six months ended June 30, 2017 and 2016, 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 2017. The Company expects to perform the annual analysis during the fourth quarter of 2017.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	8. Fair Value of Financial Instruments Roper's debt at June 30, 2017 included $4.3 billion of fixed-rate senior notes with the following fair values (in millions): $400 million 1.850% senior notes due 2017 $ 400 $800 million 2.050% senior notes due 2018 802 $500 million 6.250% senior notes due 2019 543 $600 million 3.000% senior notes due 2020 614 $500 million 2.800% senior notes due 2021 505 $500 million 3.125% senior notes due 2022 509 $300 million 3.850% senior notes due 2025 309 $700 million 3.800% senior notes due 2026 720 The fair values of the senior notes are based on the trading prices of the notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2017
Contingencies [Abstract]
Contingencies	9. Contingencies Roper, in the ordinary course of business, is the subject of, or a party to, various pending or threatened legal actions, including product liability and employment practices that, in general, are based upon claims of the kind that have been customary over the past several years and which the Company is vigorously defending. After analyzing the Company's contingent liabilities on a gross basis and, based upon past experience with resolution of its product liability and employment practices claims and the limits of the primary, excess, and umbrella liability insurance coverages that are available with respect to pending claims, management believes that adequate provision has been made to cover any potential liability not covered by insurance, and that the ultimate liability, if any, arising from these actions should not have a material adverse effect on Roper's consolidated financial position, results of operations or cash flows. Roper or its subsidiaries have been named defendants along with numerous industrial companies in asbestos-related litigation claims in certain U.S. states. No significant resources have been required by Roper to respond to these cases and Roper believes 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 consolidated 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, 2017 is presented below (in thousands): Balances at December 31, 2016 $ 10,548 Additions charged to costs and expenses 6,714 Deductions (6,867 ) Other 153 Balances at June 30, 2017 $ 10,548

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2017
Business Segments [Abstract]
Business Segments	10. 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, 2017 2016 Change 2017 2016 Change Net sales: Medical & Scientific Imaging $ 350,764 $ 340,585 3.0 % $ 698,999 $ 672,799 3.9 % RF Technology 460,497 288,761 59.5 % 890,116 568,971 56.4 % Industrial Technology 192,867 178,627 8.0 % 376,271 349,862 7.5 % Energy Systems & Controls 130,543 123,585 5.6 % 255,590 242,349 5.5 % Total $ 1,134,671 $ 931,558 21.8 % $ 2,220,976 $ 1,833,981 21.1 % Gross profit: Medical & Scientific Imaging $ 254,028 $ 246,396 3.1 % $ 505,958 $ 493,293 2.6 % RF Technology 279,735 163,005 71.6 % 531,213 323,370 64.3 % Industrial Technology 98,167 89,709 9.4 % 191,318 175,729 8.9 % Energy Systems & Controls 73,720 68,410 7.8 % 144,775 134,647 7.5 % Total $ 705,650 $ 567,520 24.3 % $ 1,373,264 $ 1,127,039 21.8 % Operating profit*: Medical & Scientific Imaging $ 121,315 $ 114,271 6.2 % $ 241,108 $ 228,727 5.4 % RF Technology 119,558 89,354 33.8 % 208,542 178,120 17.1 % Industrial Technology 58,249 51,291 13.6 % 111,862 98,050 14.1 % Energy Systems & Controls 32,867 27,769 18.4 % 63,103 51,951 21.5 % Total $ 331,989 $ 282,685 17.4 % $ 624,615 $ 556,848 12.2 % Long-lived assets: Medical & Scientific Imaging $ 45,255 $ 38,400 17.9 % RF Technology 80,103 30,111 166.0 % Industrial Technology 32,960 35,865 (8.1 )% Energy Systems & Controls 9,376 11,187 (16.2 )% Total $ 167,694 $ 115,563 45.1 % *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $37,731 and $29,607 for the three months ended June 30, 2017 and 2016, respectively, and $72,101 and $58,779 for the six months ended June 30, 2017 and 2016, respectively.

Recent Accounting Pronounceme17

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2017
Recent Accounting Pronouncements [Abstract]
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. Any recent ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company's results of operations, financial position or cash flows. Recently Adopted Accounting Pronouncements In July 2015, the FASB issued an update providing guidance to simplify the measurement of inventory. This update, effective for fiscal years beginning after December 15, 2016, requires that inventory within the scope of the update be measured at the lower of cost and net realizable value. The update did not have a material impact on the Company's results of operations, financial condition or cash flows. Recently Released Accounting Pronouncements In January 2017, the FASB issued an update simplifying the test for goodwill impairment. This update, effective on a prospective basis for goodwill impairment tests performed in fiscal years beginning after December 15, 2019, eliminates Step 2 from the goodwill impairment test. Under the amendments in the update, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Early adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the update to have a material impact on its results of operations, financial condition or cash flows. In August 2016, the FASB issued an update clarifying the classification of certain cash receipts and cash payments in the statement of cash flows. This update, effective for annual reporting periods after December 15, 2017, including interim periods within those annual periods, addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company does not expect the update to have a material impact on its results of operations, financial condition or cash flows. In February 2016, the FASB issued an update on lease accounting. This update, effective for annual reporting periods after December 15, 2018, including interim periods within those annual periods, provides amendments to current lease accounting. These amendments include the recognition of lease assets and lease liabilities on the balance sheet and disclosing other key information about leasing arrangements. Early adoption is permitted. The Company is evaluating the impact of the update on its results of operations, financial condition and 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 and enhanced disclosures will be required regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. Either a retrospective or cumulative effect transition method is permitted. The Company has elected to adopt the modified retrospective transition method. The Company has substantially completed its assessment to identify differences between the existing standard and new standard on its customer contracts. The Company is in the process of quantifying the estimated impact of these identified differences on its consolidated financial statements but does not believe the adoption will have material impact on its results of operations, financial condition or cash flows. The FASB has issued, and may issue in the future, interpretive guidance which may cause the evaluation to change. The Company believes it is following an appropriate timeline to allow for proper recognition, presentation and disclosure upon adoption effective the beginning of fiscal year 2018.

Earnings Per Share (Policies)

Earnings Per Share (Policies)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
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):

Stock Based Compensation (Polic

Stock Based Compensation (Policies)	6 Months Ended
	Jun. 30, 2017
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 periods using the Black-Scholes option-pricing model:

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding	Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Basic shares outstanding 102,081 101,249 101,983 101,160 Effect of potential common stock: Common stock awards 1,328 1,143 1,264 1,142 Senior subordinated convertible notes - 74 - 74 Diluted shares outstanding 103,409 102,466 103,247 102,376

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017 2016 2017 2016 Stock-based compensation $ 22,815 $ 20,113 $ 43,864 $ 39,092 Tax effect recognized in net income 7,985 7,040 15,352 13,682
Weighted Average Assumptions Used to Value Option Grants	Six months ended June 30, 2017 2016 Risk-free interest rate (%) 2.05 1.39 Expected option life (years) 5.27 5.20 Expected volatility (%) 18.81 21.63 Expected dividend yield (%) 0.68 0.70

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventories [Abstract]
Inventories	The components of inventory were as follows (in thousands): June 30, December 31, 2017 2016 Raw materials and supplies $ 121,524 $ 113,632 Work in process 26,990 24,290 Finished products 89,911 81,263 Inventory reserves (38,583 ) (37,233 ) $ 199,842 $ 181,952

Goodwill and Other Intangible23

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Other Intangible Assets [Abstract]
Goodwill	The carrying value of goodwill by segment was as follows (in thousands): Medical & RF Technology Industrial Energy Systems Total Balances at December 31, 2016 $ 3,185,071 $ 4,687,670 $ 363,978 $ 410,423 $ 8,647,142 Additions - - - 19,169 19,169 Other 3,264 19,313 - - 22,577 Currency translation adjustments 8,986 9,936 8,129 4,286 31,337 Balances at June 30, 2017 $ 3,197,321 $ 4,716,919 $ 372,107 $ 433,878 $ 8,720,225
Other Intangible Assets	Other intangible assets were comprised of (in thousands): Cost Accumulated amortization Net book value Assets subject to amortization: Customer related intangibles $ 3,272,081 $ (712,718 ) $ 2,559,363 Unpatented technology 462,152 (144,025 ) 318,127 Software 184,761 (56,882 ) 127,879 Patents and other protective rights 24,656 (20,399 ) 4,257 Trade names 6,591 (653 ) 5,938 Assets not subject to amortization: Trade names 578,279 - 578,279 In process research and development 62,000 - 62,000 Balances at December 31, 2016 $ 4,590,520 $ (934,677 ) $ 3,655,843 Assets subject to amortization: Customer related intangibles $ 3,285,128 $ (810,244 ) $ 2,474,884 Unpatented technology 531,554 (175,549 ) 356,005 Software 185,019 (70,847 ) 114,172 Patents and other protective rights 25,279 (21,156 ) 4,123 Trade names 6,613 (1,192 ) 5,421 Assets not subject to amortization: Trade names 582,625 - 582,625 In process research and development 1,369 - 1,369 Balances at June 30, 2017 $ 4,617,587 $ (1,078,988 ) $ 3,538,599

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value of Financial Instruments [Abstract]
Fixed-Rate Senior Notes, Fair Value	Roper's debt at June 30, 2017 included $4.3 billion of fixed-rate senior notes with the following fair values (in millions): $400 million 1.850% senior notes due 2017 $ 400 $800 million 2.050% senior notes due 2018 802 $500 million 6.250% senior notes due 2019 543 $600 million 3.000% senior notes due 2020 614 $500 million 2.800% senior notes due 2021 505 $500 million 3.125% senior notes due 2022 509 $300 million 3.850% senior notes due 2025 309 $700 million 3.800% senior notes due 2026 720

Contingencies (Tables)

Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Contingencies [Abstract]
Warranty Accrual Activity	Roper's consolidated 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, 2017 is presented below (in thousands): Balances at December 31, 2016 $ 10,548 Additions charged to costs and expenses 6,714 Deductions (6,867 ) Other 153 Balances at June 30, 2017 $ 10,548

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2017
Business Segments [Abstract]
Sales and Operating Profit by Business Segment	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, 2017 2016 Change 2017 2016 Change Net sales: Medical & Scientific Imaging $ 350,764 $ 340,585 3.0 % $ 698,999 $ 672,799 3.9 % RF Technology 460,497 288,761 59.5 % 890,116 568,971 56.4 % Industrial Technology 192,867 178,627 8.0 % 376,271 349,862 7.5 % Energy Systems & Controls 130,543 123,585 5.6 % 255,590 242,349 5.5 % Total $ 1,134,671 $ 931,558 21.8 % $ 2,220,976 $ 1,833,981 21.1 % Gross profit: Medical & Scientific Imaging $ 254,028 $ 246,396 3.1 % $ 505,958 $ 493,293 2.6 % RF Technology 279,735 163,005 71.6 % 531,213 323,370 64.3 % Industrial Technology 98,167 89,709 9.4 % 191,318 175,729 8.9 % Energy Systems & Controls 73,720 68,410 7.8 % 144,775 134,647 7.5 % Total $ 705,650 $ 567,520 24.3 % $ 1,373,264 $ 1,127,039 21.8 % Operating profit*: Medical & Scientific Imaging $ 121,315 $ 114,271 6.2 % $ 241,108 $ 228,727 5.4 % RF Technology 119,558 89,354 33.8 % 208,542 178,120 17.1 % Industrial Technology 58,249 51,291 13.6 % 111,862 98,050 14.1 % Energy Systems & Controls 32,867 27,769 18.4 % 63,103 51,951 21.5 % Total $ 331,989 $ 282,685 17.4 % $ 624,615 $ 556,848 12.2 % Long-lived assets: Medical & Scientific Imaging $ 45,255 $ 38,400 17.9 % RF Technology 80,103 30,111 166.0 % Industrial Technology 32,960 35,865 (8.1 )% Energy Systems & Controls 9,376 11,187 (16.2 )% Total $ 167,694 $ 115,563 45.1 % *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $37,731 and $29,607 for the three months ended June 30, 2017 and 2016, respectively, and $72,101 and $58,779 for the six months ended June 30, 2017 and 2016, respectively.

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of weighted average shares outstanding [Abstract]
Basic shares outstanding (in shares)	102,081,000	101,249,000	101,983,000	101,160,000
Effect of potential common stock [Abstract]
Common stock awards (in shares)	1,328,000	1,143,000	1,264,000	1,142,000
Senior subordinated convertible notes (in shares)	0	74,000	0	74,000
Diluted shares outstanding (in shares)	103,409,000	102,466,000	103,247,000	102,376,000
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options (in shares)	412,100	1,027,350	581,350	1,057,350

Business Acquisitions and Div28

Business Acquisitions and Divestitures (Details) $ in Thousands, CAD in Millions	Jun. 30, 2017USD ($)	Jun. 21, 2017USD ($)	Jun. 21, 2017CAD	May 15, 2017USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Goodwill	$ 8,720,225				$ 8,647,142
Energy Systems And Controls [Member]
Business Acquisition [Line Items]
Goodwill	$ 433,878				$ 410,423
Proceeds from sale of other asset				$ 10,400
Pretax gain on sale of other asset				$ 9,400
Phase Technology [Member]
Business Acquisition [Line Items]
Cost of acquired entity purchase price		$ 32,900	CAD 44
Goodwill		19,200
Intangible assets other than goodwill		13,800
Phase Technology [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets other than goodwill		8,100
Weighted average useful life	9 years
Phase Technology [Member] | Technology [Member]
Business Acquisition [Line Items]
Intangible assets other than goodwill		$ 3,600
Weighted average useful life	6 years

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock Based Compensation Expense [Abstract]
Stock based compensation	$ 22,815	$ 20,113	$ 43,864	$ 39,092
Tax effect recognized in net income	$ 7,985	$ 7,040	$ 15,352	$ 13,682
Stock Options [Member]
Stock Based Compensation Expense [Abstract]
Employee stock options granted during the period (in shares)			520,600	584,500
Fair value per share (in dollars per share)			$ 40.42	$ 34.44
Weighted average assumptions used to value option grants [Abstract]
Risk-free interest rate			2.05%	1.39%
Expected option life			5 years 3 months 6 days	5 years 2 months 12 days
Expected volatility			18.81%	21.63%
Expected dividend yield			0.68%	0.70%
Cash received from exercise of options			$ 26,900	$ 10,000
Restricted Stock Awards [Member]
Weighted average assumptions used to value option grants [Abstract]
Restricted stock awards granted during period (in shares)			316,667	378,180
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share)			$ 196.28	$ 168.68
Restricted stock awards vested during period (in shares)			124,600
Weighted average grant date fair value per share (in dollars per share)			$ 143.89
Weighted average vest date fair value per share (in dollars per share)			$ 213.08
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of eligible earnings to purchase common stock through the employee stock purchase plan	10.00%		10.00%
Discount on the average closing price for the employee stock purchase plan			5.00%
Weighted average assumptions used to value option grants [Abstract]
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares)			10,426	9,964
Amount paid for stock purchased during the period by participants in the employee stock purchase plan			$ 2,040	$ 1,720

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventories [Abstract]
Raw materials and supplies	$ 121,524	$ 113,632
Work in process	26,990	24,290
Finished products	89,911	81,263
Inventory reserves	(38,583)	(37,233)
Total Inventory	$ 199,842	$ 181,952

Goodwill and Other Intangible31

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Goodwill [Line Items]
Balances	$ 8,647,142
Additions	19,169
Other	22,577
Currency translation adjustments	31,337
Balances	8,720,225
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	(1,078,988)		$ (934,677)
Intangible Assets - Cost and Net Book Value [Abstract]
Cost	4,617,587		4,590,520
Net book value	3,538,599		3,655,843
Amortization expense of other intangible assets	146,549	$ 98,745
Medical & Scientific Imaging [Member]
Goodwill [Line Items]
Balances	3,185,071
Additions	0
Other	3,264
Currency translation adjustments	8,986
Balances	3,197,321
RF Technology [Member]
Goodwill [Line Items]
Balances	4,687,670
Additions	0
Other	19,313
Currency translation adjustments	9,936
Balances	4,716,919
Industrial Technology [Member]
Goodwill [Line Items]
Balances	363,978
Additions	0
Other	0
Currency translation adjustments	8,129
Balances	372,107
Energy Systems & Controls [Member]
Goodwill [Line Items]
Balances	410,423
Additions	19,169
Other	0
Currency translation adjustments	4,286
Balances	433,878
Trade Names [Member]
Indefinite-lived Intangible Assets [Line Items]
Assets not subject to amortization	582,625		578,279
In Process Research and Development [Member]
Indefinite-lived Intangible Assets [Line Items]
Assets not subject to amortization	1,369		62,000
Customer Related Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	3,285,128		3,272,081
Accumulated amortization	(810,244)		(712,718)
Net book value	2,474,884		2,559,363
Unpatented Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	531,554		462,152
Accumulated amortization	(175,549)		(144,025)
Net book value	356,005		318,127
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	185,019		184,761
Accumulated amortization	(70,847)		(56,882)
Net book value	114,172		127,879
Patents and Other Protective Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	25,279		24,656
Accumulated amortization	(21,156)		(20,399)
Net book value	4,123		4,257
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	6,613		6,591
Accumulated amortization	(1,192)		(653)
Net book value	$ 5,421		$ 5,938

Fair Value of Financial Instr32

Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 [Member] $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior notes carrying amount	$ 4,300
Senior Notes Due 2017 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face value of debt	400
Senior notes due 2017 fair value	$ 400
Debt Instrument, Interest Rate	1.85%
Maturity date of debt	Nov. 15, 2017
Senior Notes Due 2018 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face value of debt	$ 800
Senior notes due 2018 fair value	$ 802
Debt Instrument, Interest Rate	2.05%
Maturity date of debt	Oct. 1, 2018
Senior Notes Due 2019 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face value of debt	$ 500
Senior notes due 2019 fair value	$ 543
Debt Instrument, Interest Rate	6.25%
Maturity date of debt	Sep. 1, 2019
Senior Notes Due 2020 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face value of debt	$ 600
Senior notes due 2020 fair value	$ 614
Debt Instrument, Interest Rate	3.00%
Maturity date of debt	Dec. 15, 2020
Senior Notes Due 2021 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face value of debt	$ 500
Senior notes due 2022 fair value	$ 505
Debt Instrument, Interest Rate	2.80%
Maturity date of debt	Dec. 15, 2021
Senior Notes Due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face value of debt	$ 500
Senior notes due 2025 fair value	$ 509
Debt Instrument, Interest Rate	3.125%
Maturity date of debt	Nov. 15, 2022
Senior Notes Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face value of debt	$ 300
Senior notes due 2025 fair value	$ 309
Debt Instrument, Interest Rate	3.85%
Maturity date of debt	Dec. 15, 2025
Senior Notes Due 2026 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face value of debt	$ 700
Senior notes due 2025 fair value	$ 720
Debt Instrument, Interest Rate	3.80%
Maturity date of debt	Dec. 15, 2026

Contingencies (Details)

Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Warranty Accrual Activity [Roll Forward]
Balance	$ 10,548
Additions charged to costs and expenses	6,714
Deductions	(6,867)
Other	153
Balance	$ 10,548

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Net sales		$ 1,134,671	$ 931,558	$ 2,220,976	$ 1,833,981
Percent change in net sales		21.80%		21.10%
Gross profit		$ 705,650	567,520	$ 1,373,264	1,127,039
Percent change in gross profit		24.30%		21.80%
Operating profit	[1]	$ 331,989	282,685	$ 624,615	556,848
Percent change in operating profit	[1]	17.40%		12.20%
Long-lived assets		$ 167,694	115,563	$ 167,694	115,563
Percent change in long-lived assets		45.10%		45.10%
Operating Segments [Member] | Medical & Scientific Imaging [Member]
Segment Reporting Information [Line Items]
Net sales		$ 350,764	340,585	$ 698,999	672,799
Percent change in net sales		3.00%		3.90%
Gross profit		$ 254,028	246,396	$ 505,958	493,293
Percent change in gross profit		3.10%		2.60%
Operating profit	[1]	$ 121,315	114,271	$ 241,108	228,727
Percent change in operating profit	[1]	6.20%		5.40%
Long-lived assets		$ 45,255	38,400	$ 45,255	38,400
Percent change in long-lived assets		17.90%		17.90%
Operating Segments [Member] | RF Technology [Member]
Segment Reporting Information [Line Items]
Net sales		$ 460,497	288,761	$ 890,116	568,971
Percent change in net sales		59.50%		56.40%
Gross profit		$ 279,735	163,005	$ 531,213	323,370
Percent change in gross profit		71.60%		64.30%
Operating profit	[1]	$ 119,558	89,354	$ 208,542	178,120
Percent change in operating profit	[1]	33.80%		17.10%
Long-lived assets		$ 80,103	30,111	$ 80,103	30,111
Percent change in long-lived assets		166.00%		166.00%
Operating Segments [Member] | Industrial Technology [Member]
Segment Reporting Information [Line Items]
Net sales		$ 192,867	178,627	$ 376,271	349,862
Percent change in net sales		8.00%		7.50%
Gross profit		$ 98,167	89,709	$ 191,318	175,729
Percent change in gross profit		9.40%		8.90%
Operating profit	[1]	$ 58,249	51,291	$ 111,862	98,050
Percent change in operating profit	[1]	13.60%		14.10%
Long-lived assets		$ 32,960	35,865	$ 32,960	35,865
Percent change in long-lived assets		(8.10%)		(8.10%)
Operating Segments [Member] | Energy Systems & Controls [Member]
Segment Reporting Information [Line Items]
Net sales		$ 130,543	123,585	$ 255,590	242,349
Percent change in net sales		5.60%		5.50%
Gross profit		$ 73,720	68,410	$ 144,775	134,647
Percent change in gross profit		7.80%		7.50%
Operating profit	[1]	$ 32,867	27,769	$ 63,103	51,951
Percent change in operating profit	[1]	18.40%		21.50%
Long-lived assets		$ 9,376	11,187	$ 9,376	11,187
Percent change in long-lived assets		(16.20%)		(16.20%)
Corporate [Member]
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expenses	[1]	$ 37,731	$ 29,607	$ 72,101	$ 58,779
[1]	* Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $37,731 and $29,607 for the three months ended June 30, 2017 and 2016, respectively, and $72,101 and $58,779 for the six months ended June 30, 2017 and 2016, respectively.