Roper (ROP) 10-Q 6 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 27, 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 Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		102,362,184
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net revenues	$ 1,159,912	$ 945,144	$ 3,380,888	$ 2,779,125
Cost of sales	433,492	366,651	1,281,204	1,073,593
Gross profit	726,420	578,493	2,099,684	1,705,532
Selling, general and administrative expenses	415,673	311,103	1,236,423	940,073
Income from operations	310,747	267,390	863,261	765,459
Interest expense, net	45,523	26,800	137,201	81,076
Other income/(expense), net	(659)	(534)	5,263	(1,997)
Earnings before income taxes	264,565	240,056	731,323	682,386
Income taxes	74,292	72,977	203,423	205,822
Net earnings	$ 190,273	$ 167,079	$ 527,900	$ 476,564
Net earnings per share:
Basic (in dollars per share)	$ 1.86	$ 1.65	$ 5.17	$ 4.71
Diluted (in dollars per share)	$ 1.84	$ 1.63	$ 5.11	$ 4.65
Weighted average common shares outstanding:
Basic (in shares)	102,303	101,372	102,091	101,231
Diluted (in shares)	103,680	102,522	103,397	102,424
Dividends declared per common share (in usd per share)	$ 0.35	$ 0.30	$ 1.05	$ 0.90

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 190,273	$ 167,079	$ 527,900	$ 476,564
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments	67,535	9,054	147,462	(35,673)
Total other comprehensive income/(loss), net of tax	67,535	9,054	147,462	(35,673)
Comprehensive income	$ 257,808	$ 176,133	$ 675,362	$ 440,891

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS:
Cash and cash equivalents	$ 605,616	$ 757,200
Accounts receivable, net	603,874	619,854
Inventories, net	209,306	181,952
Unbilled receivables	157,852	129,965
Other current assets	115,408	87,530
Total current assets	1,692,056	1,776,501
Property, plant and equipment, net	141,279	141,318
Goodwill	8,793,956	8,647,142
Other intangible assets, net	3,502,687	3,655,843
Deferred taxes	32,459	30,620
Other assets	84,236	73,503
Total assets	14,246,673	14,324,927
LIABILITIES AND STOCKHOLDERS' EQUITY:
Accounts payable	163,719	152,067
Accrued compensation	168,931	161,730
Deferred revenue	534,562	488,399
Other accrued liabilities	261,457	219,339
Income taxes payable	46,575	22,762
Current portion of long-term debt, net	401,534	400,975
Total current liabilities	1,576,778	1,445,272
Long-term debt, net of current portion	4,932,721	5,808,561
Deferred taxes	1,163,371	1,178,205
Other liabilities	114,819	104,024
Total liabilities	7,787,689	8,536,062
Commitments and contingencies (Note 9)
Common stock	1,043	1,036
Additional paid-in capital	1,591,039	1,489,067
Retained earnings	5,062,926	4,642,402
Accumulated other comprehensive loss	(177,277)	(324,739)
Treasury stock	(18,747)	(18,901)
Total stockholders' equity	6,458,984	5,788,865
Total liabilities and stockholders' equity	$ 14,246,673	$ 14,324,927

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net earnings	$ 527,900	$ 476,564
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	36,776	27,954
Amortization of intangible assets	221,518	149,149
Amortization of deferred financing costs	5,463	4,080
Non-cash stock compensation	67,598	60,480
Gain on sale of assets	(9,393)	0
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	30,074	(1,660)
Unbilled receivables	(27,186)	3,684
Inventories	(19,577)	(5,916)
Accounts payable and accrued liabilities	48,276	17,273
Deferred revenue	50,554	19,692
Income taxes	(48,370)	(52,728)
Other, net	(17,900)	(5,199)
Cash provided by operating activities	865,733	693,373
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(88,070)	(277,587)
Capital expenditures	(35,898)	(26,933)
Capitalized software expenditures	(8,043)	(1,528)
Proceeds from sale of assets	10,614	866
Other, net	(6,932)	1,564
Cash used in investing activities	(128,329)	(303,618)
Cash flows from financing activities:
Payments under revolving line of credit, net	(880,000)	(180,000)
Principal payments on convertible notes	0	(4,010)
Cash premiums paid on convertible note conversions	0	(13,308)
Cash dividends to stockholders	(106,480)	(90,632)
Proceeds from stock-based compensation, net	32,932	13,895
Treasury stock sales	3,194	2,576
Other	179	(7,816)
Cash used in financing activities	(950,175)	(279,295)
Effect of foreign currency exchange rate changes on cash	61,187	(6,701)
Net (decrease)/increase in cash and cash equivalents	(151,584)	103,759
Cash and cash equivalents, beginning of period	757,200	778,511
Cash and cash equivalents, end of period	$ 605,616	$ 882,270

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Balances at December 31, 2016 at Dec. 31, 2016	$ 5,788,865	$ 1,036	$ 1,489,067	$ 4,642,402	$ (324,739)	$ (18,901)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	527,900	0	0	527,900	0	0
Stock option exercises	40,401	4	40,397	0	0	0
Treasury stock sold	3,194	0	3,040	0	0	154
Currency translation adjustments	147,462	0	0	0	147,462	0
Stock based compensation	66,010	0	66,010	0	0	0
Restricted stock activity	(7,472)	3	(7,475)	0	0	0
Dividends declared	(107,376)	0	0	(107,376)	0	0
Balances at September 30, 2017 at Sep. 30, 2017	$ 6,458,984	$ 1,043	$ 1,591,039	$ 5,062,926	$ (177,277)	$ (18,747)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements for the three and nine months ended September 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 nine months ended September 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	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") establishes changes to accounting principles under GAAP in the form of accounting standards updates ("ASUs") to the FASB's Accounting Standards Codification. 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 using 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. Based on this assessment, the Company expects the impact of the new standard is due primarily to the acceleration of recognition of revenues and associated costs for certain of our software license contracts. Under existing guidance, these contracts are recognized ratably over the contractual term of post-contract support services in the event vendor-specific objective evidence is unavailable. The new standard requires recognition at once upon the transfer of control of the software license. The Company estimates the opening balance sheet adjustment as of January 1, 2018 under the modified retrospective transition method will be less than 1% of the Company's 2017 annual revenues, prior to the effects of income taxes. 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	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share were calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective 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 September 30, Nine months ended September 30, 2017 2016 2017 2016 Basic shares outstanding 102,303 101,372 102,091 101,231 Effect of potential common stock: Common stock awards 1,377 1,112 1,306 1,131 Senior subordinated convertible notes — 38 — 62 Diluted shares outstanding 103,680 102,522 103,397 102,424 For the three and nine months ended September 30, 2017 , there were 475,098 and 487,298 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 1,063,100 and 1,066,100 outstanding stock options that would have been antidilutive in the respective 2016 periods.

Business Acquisitions and Dives

Business Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Business Acquisitions and Divestitures	Business Acquisitions and Divestitures Roper completed three business acquisitions in the nine months ended September 30, 2017, with an aggregate purchase price of $87 million . The results of operations of the acquired businesses did not have a material impact on Roper's consolidated results of operations. Acquisition of Phase Technology - On June 21, 2017, Roper acquired the assets of Phase Technology, a business engaged in the design, manufacture, marketing and sales of test instruments. Phase Technology is reported in the Energy Systems & Controls segment. Acquisition of Handshake Software, Inc. - On August 4, 2017, Roper acquired 100% of the shares of Handshake Software, Inc., a provider of search products, portals and services for legal professionals. Handshake Software is reported in the RF Technology segment. Acquisition of Workbook Software A/S - On September 15, 2017, Roper acquired 100% of the shares of Workbook Software A/S, a provider of software solutions for customer relationship management, project management and finance/accounting. Workbook Software is reported in the RF Technology segment. The Company recorded $58 million in goodwill and $36 million of other identifiable intangibles in connection with the acquisitions; however, purchase price allocations are preliminary pending final tax-related adjustments. The amortizable intangible assets include customer relationships of $24 million ( 15 year weighted average useful life) and technology of $8 million ( 7 year weighted average useful life). On October 4, 2017, three wholly owned subsidiaries of Roper entered into an agreement to acquire all of the outstanding shares of Onvia, Inc. ("Onvia") common stock for $9.00 per share in an all-cash tender offer for a total transaction value of approximately $70 million . Onvia provides enterprise, mid-market and small business customers with sales lead generation technologies into federal, state and local government markets. The acquisition will be funded with cash on hand and Roper expects the transaction to close in the fourth quarter of 2017. Sale of Product Line - On May 15, 2017, Roper completed the sale of a product line in our Energy Systems & Controls segment for $10.4 million . The pretax gain on the sale was $9.4 million , which is reported in Other income/(expense), net in the condensed consolidated statements of earnings.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	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. The following table provides information regarding the Company's stock-based compensation expense (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Stock-based compensation $ 23,734 $ 21,388 $ 67,598 $ 60,480 Tax effect recognized in net income 8,307 7,486 23,659 21,168 Stock Options - In the nine months ended September 30, 2017 , 592,798 options were granted with a weighted average fair value of $40.67 per option. During the same period in 2016, 633,000 options were granted with a weighted average fair value of $34.45 per option. All options were issued at grant date fair value, which is defined by both the 2016 Plan and the 2006 Plan as the closing price of Roper's common stock on the date of grant. 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: Nine months ended September 30, 2017 2016 Risk-free interest rate (%) 2.03 1.38 Expected option life (years) 5.26 5.20 Expected volatility (%) 18.76 21.63 Expected dividend yield (%) 0.67 0.70 Cash received from option exercises for the nine months ended September 30, 2017 and 2016 was $40.4 million and $15.9 million , respectively. Restricted Stock Awards - During the nine months ended September 30, 2017 , 389,117 restricted stock awards were granted with a weighted average grant date fair value of $203.02 per restricted share. During the same period in 2016 , 395,980 restricted stock awards were granted with a weighted average grant date fair value of $169.03 per restricted share. All grants were issued at grant date fair value. During the nine months ended September 30, 2017 , 138,140 restricted awards vested with a weighted average grant date fair value of $143.29 per restricted share and a weighted average vest date fair value of $215.77 per restricted share. Employee Stock Purchase 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. During the nine months ended September 30, 2017 and 2016 , participants in the employee stock purchase plan purchased 15,511 and 15,076 shares, respectively, of Roper's common stock for total consideration of $3.19 million and $2.58 million , respectively. All shares were purchased from Roper's treasury shares.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventory were as follows (in thousands): September 30, December 31, Raw materials and supplies $ 131,817 $ 113,632 Work in process 29,172 24,290 Finished products 87,561 81,263 Inventory reserves (39,244 ) (37,233 ) $ 209,306 $ 181,952

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The carrying value of goodwill by segment was as follows (in thousands): RF Technology Medical & Scientific Imaging Industrial Technology Energy Systems & Controls Total Balances at December 31, 2016 $ 4,687,670 $ 3,185,071 $ 363,978 $ 410,423 $ 8,647,142 Additions 38,349 — — 19,169 57,518 Other 22,385 3,264 — — 25,649 Currency translation adjustments 20,528 19,922 13,656 9,541 63,647 Balances at September 30, 2017 $ 4,768,932 $ 3,208,257 $ 377,634 $ 439,133 $ 8,793,956 Other relates primarily to tax purchase accounting 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 $ 3,313,342 $ (863,741 ) $ 2,449,601 Unpatented technology 539,892 (193,223 ) 346,669 Software 185,305 (77,894 ) 107,411 Patents and other protective rights 26,034 (22,007 ) 4,027 Trade names 6,638 (1,466 ) 5,172 Assets not subject to amortization: Trade names 588,349 — 588,349 In process research and development 1,458 — 1,458 Balances at September 30, 2017 $ 4,661,018 $ (1,158,331 ) $ 3,502,687 Amortization expense of other intangible assets was $220,683 and $147,773 during the nine months ended September 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 will perform the annual analysis during the fourth quarter of 2017.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Roper's debt at September 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 539 $600 million 3.000% senior notes due 2020 612 $500 million 2.800% senior notes due 2021 504 $500 million 3.125% senior notes due 2022 513 $300 million 3.850% senior notes due 2025 311 $700 million 3.800% senior notes due 2026 723 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	9 Months Ended
	Sep. 30, 2017
Loss Contingency [Abstract]
Contingencies	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 nine months ended September 30, 2017 is presented below (in thousands): Balances at December 31, 2016 $ 10,548 Additions charged to costs and expenses 9,418 Deductions (8,941 ) Other 149 Balances at September 30, 2017 $ 11,174

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Business Segments	Business Segments Revenues and operating profit by industry segment are set forth in the following table (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 Change 2017 2016 Change Revenues RF Technology $ 480,572 $ 303,565 58.3 % $ 1,370,688 $ 872,536 57.1 % Medical & Scientific Imaging 343,639 338,027 1.7 % 1,042,638 1,010,826 3.1 % Industrial Technology 200,442 178,317 12.4 % 576,713 528,179 9.2 % Energy Systems & Controls 135,259 125,235 8.0 % 390,849 367,584 6.3 % Total $ 1,159,912 $ 945,144 22.7 % $ 3,380,888 $ 2,779,125 21.7 % Gross profit: RF Technology $ 298,883 $ 169,123 76.7 % $ 830,096 $ 492,493 68.5 % Medical & Scientific Imaging 247,138 247,432 (0.1 )% 753,096 740,725 1.7 % Industrial Technology 102,092 90,950 12.3 % 293,410 266,679 10.0 % Energy Systems & Controls 78,307 70,988 10.3 % 223,082 205,635 8.5 % Total $ 726,420 $ 578,493 25.6 % $ 2,099,684 $ 1,705,532 23.1 % Operating profit*: RF Technology $ 134,148 $ 94,785 41.5 % $ 342,690 $ 272,905 25.6 % Medical & Scientific Imaging 115,506 118,979 (2.9 )% 356,614 347,706 2.6 % Industrial Technology 62,255 52,800 17.9 % 174,117 150,850 15.4 % Energy Systems & Controls 36,351 31,777 14.4 % 99,454 83,728 18.8 % Total $ 348,260 $ 298,341 16.7 % $ 972,875 $ 855,189 13.8 % Long-lived assets: RF Technology $ 81,863 $ 30,984 164.2 % Medical & Scientific Imaging 43,858 38,793 13.1 % Industrial Technology 32,198 35,584 (9.5 )% Energy Systems & Controls 9,461 10,720 (11.7 )% Total $ 167,380 $ 116,081 44.2 % *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $37,513 and $30,951 for the three months ended September 30, 2017 and 2016 , respectively, and $109,614 and $89,730 for the nine months ended September 30, 2017 and 2016 , respectively.

Recent Accounting Pronounceme17

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [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 using 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. Based on this assessment, the Company expects the impact of the new standard is due primarily to the acceleration of recognition of revenues and associated costs for certain of our software license contracts. Under existing guidance, these contracts are recognized ratably over the contractual term of post-contract support services in the event vendor-specific objective evidence is unavailable. The new standard requires recognition at once upon the transfer of control of the software license. The Company estimates the opening balance sheet adjustment as of January 1, 2018 under the modified retrospective transition method will be less than 1% of the Company's 2017 annual revenues, prior to the effects of income taxes. 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	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 Option Assumptions Used	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)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Weighted Average Shares Outstanding	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 September 30, Nine months ended September 30, 2017 2016 2017 2016 Basic shares outstanding 102,303 101,372 102,091 101,231 Effect of potential common stock: Common stock awards 1,377 1,112 1,306 1,131 Senior subordinated convertible notes — 38 — 62 Diluted shares outstanding 103,680 102,522 103,397 102,424

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation Expense	The following table provides information regarding the Company's stock-based compensation expense (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Stock-based compensation $ 23,734 $ 21,388 $ 67,598 $ 60,480 Tax effect recognized in net income 8,307 7,486 23,659 21,168
Weighted Average Assumptions Used to Value Option Grants	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: Nine months ended September 30, 2017 2016 Risk-free interest rate (%) 2.03 1.38 Expected option life (years) 5.26 5.20 Expected volatility (%) 18.76 21.63 Expected dividend yield (%) 0.67 0.70

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Inventories	The components of inventory were as follows (in thousands): September 30, December 31, Raw materials and supplies $ 131,817 $ 113,632 Work in process 29,172 24,290 Finished products 87,561 81,263 Inventory reserves (39,244 ) (37,233 ) $ 209,306 $ 181,952

Goodwill and Other Intangible21

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	The carrying value of goodwill by segment was as follows (in thousands): RF Technology Medical & Scientific Imaging Industrial Technology Energy Systems & Controls Total Balances at December 31, 2016 $ 4,687,670 $ 3,185,071 $ 363,978 $ 410,423 $ 8,647,142 Additions 38,349 — — 19,169 57,518 Other 22,385 3,264 — — 25,649 Currency translation adjustments 20,528 19,922 13,656 9,541 63,647 Balances at September 30, 2017 $ 4,768,932 $ 3,208,257 $ 377,634 $ 439,133 $ 8,793,956
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 $ 3,313,342 $ (863,741 ) $ 2,449,601 Unpatented technology 539,892 (193,223 ) 346,669 Software 185,305 (77,894 ) 107,411 Patents and other protective rights 26,034 (22,007 ) 4,027 Trade names 6,638 (1,466 ) 5,172 Assets not subject to amortization: Trade names 588,349 — 588,349 In process research and development 1,458 — 1,458 Balances at September 30, 2017 $ 4,661,018 $ (1,158,331 ) $ 3,502,687

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fixed-Rate Senior Notes, Fair Value	Roper's debt at September 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 539 $600 million 3.000% senior notes due 2020 612 $500 million 2.800% senior notes due 2021 504 $500 million 3.125% senior notes due 2022 513 $300 million 3.850% senior notes due 2025 311 $700 million 3.800% senior notes due 2026 723

Contingencies (Tables)

Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Loss Contingency [Abstract]
Schedule of Product Warranty Liability	A summary of the warranty accrual activity for the nine months ended September 30, 2017 is presented below (in thousands): Balances at December 31, 2016 $ 10,548 Additions charged to costs and expenses 9,418 Deductions (8,941 ) Other 149 Balances at September 30, 2017 $ 11,174

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Reporting Information	Revenues and operating profit by industry segment are set forth in the following table (dollars in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 Change 2017 2016 Change Revenues RF Technology $ 480,572 $ 303,565 58.3 % $ 1,370,688 $ 872,536 57.1 % Medical & Scientific Imaging 343,639 338,027 1.7 % 1,042,638 1,010,826 3.1 % Industrial Technology 200,442 178,317 12.4 % 576,713 528,179 9.2 % Energy Systems & Controls 135,259 125,235 8.0 % 390,849 367,584 6.3 % Total $ 1,159,912 $ 945,144 22.7 % $ 3,380,888 $ 2,779,125 21.7 % Gross profit: RF Technology $ 298,883 $ 169,123 76.7 % $ 830,096 $ 492,493 68.5 % Medical & Scientific Imaging 247,138 247,432 (0.1 )% 753,096 740,725 1.7 % Industrial Technology 102,092 90,950 12.3 % 293,410 266,679 10.0 % Energy Systems & Controls 78,307 70,988 10.3 % 223,082 205,635 8.5 % Total $ 726,420 $ 578,493 25.6 % $ 2,099,684 $ 1,705,532 23.1 % Operating profit*: RF Technology $ 134,148 $ 94,785 41.5 % $ 342,690 $ 272,905 25.6 % Medical & Scientific Imaging 115,506 118,979 (2.9 )% 356,614 347,706 2.6 % Industrial Technology 62,255 52,800 17.9 % 174,117 150,850 15.4 % Energy Systems & Controls 36,351 31,777 14.4 % 99,454 83,728 18.8 % Total $ 348,260 $ 298,341 16.7 % $ 972,875 $ 855,189 13.8 % Long-lived assets: RF Technology $ 81,863 $ 30,984 164.2 % Medical & Scientific Imaging 43,858 38,793 13.1 % Industrial Technology 32,198 35,584 (9.5 )% Energy Systems & Controls 9,461 10,720 (11.7 )% Total $ 167,380 $ 116,081 44.2 % *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $37,513 and $30,951 for the three months ended September 30, 2017 and 2016 , respectively, and $109,614 and $89,730 for the nine months ended September 30, 2017 and 2016 , respectively.

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	102,303	101,372	102,091	101,231
Effect of potential common stock:
Common stock awards (in shares)	1,377	1,112	1,306	1,131
Senior subordinated convertible notes (in shares)	0	38	0	62
Diluted shares outstanding (in shares)	103,680	102,522	103,397	102,424

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options (in shares)	475,098	1,063,100	487,298	1,066,100

Business Acquisitions and Div27

Business Acquisitions and Divestitures (Narrative) (Details) $ / shares in Units, $ in Thousands	Oct. 04, 2017USD ($)$ / shares	May 15, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)acquisition	Sep. 15, 2017	Aug. 04, 2017
Business Acquisition [Line Items]
Number of businesses acquired | acquisition				3
Cost of acquired entity purchase price				$ 87,000
Goodwill acquired			$ 58,000	57,518
Other identifiable intangibles added			36,000
Energy Systems & Controls
Business Acquisition [Line Items]
Goodwill acquired				19,169
Proceeds from sale of other assets		$ 10,400
Pretax gain on sale of other asset		$ 9,400
Customer related intangibles
Business Acquisition [Line Items]
Intangible assets other than goodwill			$ 24,000	24,000
Weighted average useful life			15 years
Technology
Business Acquisition [Line Items]
Intangible assets other than goodwill			$ 8,000	$ 8,000
Weighted average useful life			7 years
Handshake Software, Inc.
Business Acquisition [Line Items]
Percentage of shares acquired						100.00%
Workbook Software A/S
Business Acquisition [Line Items]
Percentage of shares acquired					100.00%
Onvia, Inc. | Subsequent Event
Business Acquisition [Line Items]
Cost of acquired entity purchase price	$ 70,000
Business acquisition, share price (in usd per share) | $ / shares	$ 9

Stock Based Compensation (Stock

Stock Based Compensation (Stock Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation	$ 23,734	$ 21,388	$ 67,598	$ 60,480
Tax effect recognized in net income	$ 8,307	$ 7,486	$ 23,659	$ 21,168

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options granted during the period (in shares)	592,798	633,000
Fair value per share (in dollars per share)	$ 40.67	$ 34.45
Cash received from exercise of options	$ 40,400	$ 15,900
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted during period (in shares)	389,117	395,980
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share)	$ 203.02	$ 169.03
Restricted stock awards vested during period (in shares)	138,140
Weighted average grant date fair value per share (in dollars per share)	$ 143.29
Weighted average vest date fair value per share (in dollars per share)	$ 215.77
Employee Stock Purchase Plan
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%
Discount on the average closing price for the employee stock purchase plan	5.00%
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares)	15,511	15,076
Amount paid for stock purchased during the period by participants in the employee stock purchase plan	$ 3,190	$ 2,580

Stock Based Compensation (Weigh

Stock Based Compensation (Weighted Average Assumptions Used to Value Option Grants) (Details) - Employee Stock Option	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	2.03%	1.38%
Expected option life (years)	5 years 3 months 4 days	5 years 2 months 12 days
Expected volatility (%)	18.76%	21.63%
Expected dividend yield (%)	0.67%	0.70%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventories [Abstract]
Raw materials and supplies	$ 131,817	$ 113,632
Work in process	29,172	24,290
Finished products	87,561	81,263
Inventory reserves	(39,244)	(37,233)
Total Inventory	$ 209,306	$ 181,952

Goodwill and Other Intangible32

Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Goodwill [Roll Forward]
December 31, 2016		$ 8,647,142
Additions	$ 58,000	57,518
Other		25,649
Currency translation adjustments		63,647
September 30, 2017	8,793,956	8,793,956
RF Technology
Goodwill [Roll Forward]
December 31, 2016		4,687,670
Additions		38,349
Other		22,385
Currency translation adjustments		20,528
September 30, 2017	4,768,932	4,768,932
Medical & Scientific Imaging
Goodwill [Roll Forward]
December 31, 2016		3,185,071
Additions		0
Other		3,264
Currency translation adjustments		19,922
September 30, 2017	3,208,257	3,208,257
Industrial Technology
Goodwill [Roll Forward]
December 31, 2016		363,978
Additions		0
Other		0
Currency translation adjustments		13,656
September 30, 2017	377,634	377,634
Energy Systems & Controls
Goodwill [Roll Forward]
December 31, 2016		410,423
Additions		19,169
Other		0
Currency translation adjustments		9,541
September 30, 2017	$ 439,133	$ 439,133

Goodwill and Other Intangible33

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (1,158,331)	$ (934,677)
Intangible assets, gross (excluding goodwill)	4,661,018	4,590,520
Intangible assets, net (excluding goodwill)	3,502,687	3,655,843
Trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	588,349	578,279
In process research and development
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	1,458	62,000
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	3,313,342	3,272,081
Accumulated amortization	(863,741)	(712,718)
Finite-lived intangible assets, net	2,449,601	2,559,363
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	539,892	462,152
Accumulated amortization	(193,223)	(144,025)
Finite-lived intangible assets, net	346,669	318,127
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	185,305	184,761
Accumulated amortization	(77,894)	(56,882)
Finite-lived intangible assets, net	107,411	127,879
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	26,034	24,656
Accumulated amortization	(22,007)	(20,399)
Finite-lived intangible assets, net	4,027	4,257
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	6,638	6,591
Accumulated amortization	(1,466)	(653)
Finite-lived intangible assets, net	$ 5,172	$ 5,938

Goodwill and Other Intangible34

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 221,518	$ 149,149
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 220,683	$ 147,773

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2	Sep. 30, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior notes carrying amount	$ 4,300,000,000
$400 million 1.850% senior notes due 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	400,000,000
Face value of debt	$ 400,000,000
Interest rate on senior notes	1.85%
$800 million 2.050% senior notes due 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 802,000,000
Face value of debt	$ 800,000,000
Interest rate on senior notes	2.05%
$500 million 6.250% senior notes due 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 539,000,000
Face value of debt	$ 500,000,000
Interest rate on senior notes	6.25%
$600 million 3.000% senior notes due 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 612,000,000
Face value of debt	$ 600,000,000
Interest rate on senior notes	3.00%
$500 million 2.800% senior notes due 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 504,000,000
Face value of debt	$ 500,000,000
Interest rate on senior notes	2.80%
$500 million 3.125% senior notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 513,000,000
Face value of debt	$ 500,000,000
Interest rate on senior notes	3.125%
$300 million 3.850% senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 311,000,000
Face value of debt	$ 300,000,000
Interest rate on senior notes	3.85%
$700 million 3.800% senior notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 723,000,000
Face value of debt	$ 700,000,000
Interest rate on senior notes	3.80%

Contingencies (Details)

Contingencies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Warranty Accrual Activity [Roll Forward]
December 31, 2016	$ 10,548
Additions charged to costs and expenses	9,418
Deductions	(8,941)
Other	149
September 30, 2017	$ 11,174

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 1,159,912	$ 945,144	$ 3,380,888	$ 2,779,125
Percent change in net sales	22.70%		21.70%
Gross profit	$ 726,420	578,493	$ 2,099,684	1,705,532
Percent change in gross profit	25.60%		23.10%
Operating profit	$ 348,260	298,341	$ 972,875	855,189
Percent change in operating profit	16.70%		13.80%
Long-lived assets	$ 167,380	116,081	$ 167,380	116,081
Percent change in long-lived assets	44.20%
Operating Segments | RF Technology
Segment Reporting Information [Line Items]
Revenues	$ 480,572	303,565	$ 1,370,688	872,536
Percent change in net sales	58.30%		57.10%
Gross profit	$ 298,883	169,123	$ 830,096	492,493
Percent change in gross profit	76.70%		68.50%
Operating profit	$ 134,148	94,785	$ 342,690	272,905
Percent change in operating profit	41.50%		25.60%
Long-lived assets	$ 81,863	30,984	$ 81,863	30,984
Percent change in long-lived assets	164.20%
Operating Segments | Medical & Scientific Imaging
Segment Reporting Information [Line Items]
Revenues	$ 343,639	338,027	$ 1,042,638	1,010,826
Percent change in net sales	1.70%		3.10%
Gross profit	$ 247,138	247,432	$ 753,096	740,725
Percent change in gross profit	(0.10%)		1.70%
Operating profit	$ 115,506	118,979	$ 356,614	347,706
Percent change in operating profit	(2.90%)		2.60%
Long-lived assets	$ 43,858	38,793	$ 43,858	38,793
Percent change in long-lived assets	13.10%
Operating Segments | Industrial Technology
Segment Reporting Information [Line Items]
Revenues	$ 200,442	178,317	$ 576,713	528,179
Percent change in net sales	12.40%		9.20%
Gross profit	$ 102,092	90,950	$ 293,410	266,679
Percent change in gross profit	12.30%		10.00%
Operating profit	$ 62,255	52,800	$ 174,117	150,850
Percent change in operating profit	17.90%		15.40%
Long-lived assets	$ 32,198	35,584	$ 32,198	35,584
Percent change in long-lived assets	(9.50%)
Operating Segments | Energy Systems & Controls
Segment Reporting Information [Line Items]
Revenues	$ 135,259	125,235	$ 390,849	367,584
Percent change in net sales	8.00%		6.30%
Gross profit	$ 78,307	70,988	$ 223,082	205,635
Percent change in gross profit	10.30%		8.50%
Operating profit	$ 36,351	31,777	$ 99,454	83,728
Percent change in operating profit	14.40%		18.80%
Long-lived assets	$ 9,461	10,720	$ 9,461	10,720
Percent change in long-lived assets	(11.70%)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expenses	$ 37,513	$ 30,951	$ 109,614	$ 89,730