Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 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 Public Float | $ 23,224,859,776 | ||
Entity Common Stock, Shares Outstanding | 102,826,454 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 671,327 | $ 757,200 |
Accounts receivable, net | 641,662 | 619,854 |
Inventories, net | 204,933 | 181,952 |
Income taxes receivable | 24,365 | 31,679 |
Unbilled receivables | 143,634 | 129,965 |
Other current assets | 73,481 | 55,851 |
Total current assets | 1,759,402 | 1,776,501 |
Property, plant and equipment, net | 142,535 | 141,318 |
Goodwill | 8,820,313 | 8,647,142 |
Other intangible assets, net | 3,475,218 | 3,655,843 |
Deferred taxes | 30,726 | 30,620 |
Other assets | 88,219 | 73,503 |
Total assets | 14,316,413 | 14,324,927 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 171,073 | 152,067 |
Accrued compensation | 198,020 | 161,730 |
Deferred revenue | 566,447 | 488,399 |
Other accrued liabilities | 266,574 | 219,339 |
Income taxes payable | 26,351 | 22,762 |
Current portion of long-term debt, net | 800,944 | 400,975 |
Total current liabilities | 2,029,409 | 1,445,272 |
Long-term debt, net of current portion | 4,354,611 | 5,808,561 |
Deferred taxes | 829,657 | 1,178,205 |
Other liabilities | 239,172 | 104,024 |
Total liabilities | 7,452,849 | 8,536,062 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value per share; 1,000 shares authorized; none outstanding | 0 | 0 |
Common stock, $0.01 par value per share; 350,000 shares authorized; 104,379 shares issued and 102,493 outstanding at December 31, 2017 and 103,578 shares issued and 101,672 outstanding at December 31, 2016 | 1,044 | 1,036 |
Additional paid-in capital | 1,602,869 | 1,489,067 |
Retained earnings | 5,464,571 | 4,642,402 |
Accumulated other comprehensive loss | (186,214) | (324,739) |
Treasury stock, 1,886 shares at December 31, 2017 and 1,906 shares at December 31, 2016 | (18,706) | (18,901) |
Total stockholders' equity | 6,863,564 | 5,788,865 |
Total liabilities and stockholders' equity | $ 14,316,413 | $ 14,324,927 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 104,379,000 | 103,578,000 |
Common stock, outstanding (in shares) | 102,493,000 | 101,672,000 |
Treasury stock, shares (in shares) | 1,886,000 | 1,906,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net revenues | $ 4,607,471 | $ 3,789,925 | $ 3,582,395 |
Cost of sales | 1,742,675 | 1,457,515 | 1,417,749 |
Gross profit | 2,864,796 | 2,332,410 | 2,164,646 |
Selling, general and administrative expenses | 1,654,552 | 1,277,847 | 1,136,728 |
Income from operations | 1,210,244 | 1,054,563 | 1,027,918 |
Interest expense, net | 180,566 | 111,559 | 84,225 |
Loss on extinguishment of debt | 0 | 871 | 0 |
Other income/(expense), net | 5,045 | (1,481) | 58,652 |
Earnings before income taxes | 1,034,723 | 940,652 | 1,002,345 |
Income taxes | 62,951 | 282,007 | 306,278 |
Net earnings | $ 971,772 | $ 658,645 | $ 696,067 |
Earnings per share: | |||
Basic (in dollars per share) | $ 9.51 | $ 6.50 | $ 6.92 |
Diluted (in dollars per share) | $ 9.39 | $ 6.43 | $ 6.85 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 102,168 | 101,291 | 100,616 |
Diluted (in shares) | 103,522 | 102,464 | 101,597 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 971,772 | $ 658,645 | $ 696,067 |
Other comprehensive income, net of tax: | |||
Foreign currency translation adjustments | 138,525 | (111,960) | (139,789) |
Unrecognized pension gain | 0 | 0 | (1,063) |
Total other comprehensive income/(loss), net of tax | 138,525 | (111,960) | (140,852) |
Comprehensive income | $ 1,110,297 | $ 546,685 | $ 555,215 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive earnings | Treasury stock |
Beginning balance (in shares) at Dec. 31, 2014 | 100,126,000 | |||||
Beginning balance at Dec. 31, 2014 | $ 4,755,360 | $ 1,021 | $ 1,325,338 | $ 3,520,201 | $ (71,927) | $ (19,273) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 696,067 | $ 0 | 0 | 696,067 | 0 | 0 |
Stock option exercises (in shares) | 402,000 | |||||
Stock option exercises | 33,006 | $ 4 | 33,002 | 0 | 0 | 0 |
Treasury stock sold (in shares) | 18,000 | |||||
Treasury stock sold | 2,889 | $ 0 | 2,710 | 0 | 0 | 179 |
Currency translation adjustments, net of tax | (139,789) | 0 | 0 | 0 | (139,789) | 0 |
Stock based compensation | 61,766 | $ 0 | 61,766 | 0 | 0 | 0 |
Restricted stock activity (in shares) | 324,000 | |||||
Restricted stock activity | (14,694) | $ 3 | (14,697) | 0 | 0 | 0 |
Stock option tax benefit, net of shortfalls | 22,175 | 0 | 22,175 | 0 | 0 | 0 |
Conversion of senior subordinated convertible notes | (11,032) | 0 | (11,032) | 0 | 0 | 0 |
Post-retirement benefit plan adjustments | (1,063) | 0 | 0 | 0 | (1,063) | 0 |
Dividends declared | (105,738) | $ 0 | 0 | (105,738) | 0 | 0 |
Ending balance (in shares) at Dec. 31, 2015 | 100,870,000 | |||||
Ending balance at Dec. 31, 2015 | 5,298,947 | $ 1,028 | 1,419,262 | 4,110,530 | (212,779) | (19,094) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | $ 658,645 | $ 0 | 0 | 658,645 | 0 | 0 |
Stock option exercises (in shares) | 371,853 | 372,000 | ||||
Stock option exercises | $ 27,974 | $ 4 | 27,970 | 0 | 0 | 0 |
Treasury stock sold (in shares) | 19,000 | |||||
Treasury stock sold | 3,340 | $ 0 | 3,147 | 0 | 0 | 193 |
Currency translation adjustments, net of tax | (111,960) | 0 | 0 | 0 | (111,960) | 0 |
Stock based compensation | 77,860 | $ 0 | 77,860 | 0 | 0 | 0 |
Restricted stock activity (in shares) | 411,000 | |||||
Restricted stock activity | (17,976) | $ 4 | (17,980) | 0 | 0 | 0 |
Stock option tax benefit, net of shortfalls | (8,081) | 0 | (8,081) | 0 | 0 | 0 |
Conversion of senior subordinated convertible notes | (13,111) | 0 | (13,111) | 0 | 0 | 0 |
Post-retirement benefit plan adjustments | 0 | |||||
Dividends declared | $ (126,773) | $ 0 | 0 | (126,773) | 0 | 0 |
Ending balance (in shares) at Dec. 31, 2016 | 101,672,000 | 101,672,000 | ||||
Ending balance 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 | $ 971,772 | $ 0 | 0 | 971,772 | 0 | 0 |
Stock option exercises (in shares) | 644,610 | 645,000 | ||||
Stock option exercises | $ 61,323 | $ 6 | 61,317 | 0 | 0 | 0 |
Treasury stock sold (in shares) | 20,000 | |||||
Treasury stock sold | 4,198 | $ 0 | 4,003 | 0 | 0 | 195 |
Currency translation adjustments, net of tax | 138,525 | 0 | 0 | 0 | 138,525 | 0 |
Stock based compensation | 81,324 | $ 0 | 81,324 | 0 | 0 | 0 |
Restricted stock activity (in shares) | 156,000 | |||||
Restricted stock activity | (32,840) | $ 2 | (32,842) | 0 | 0 | 0 |
Post-retirement benefit plan adjustments | 0 | |||||
Dividends declared | $ (149,603) | $ 0 | 0 | (149,603) | 0 | 0 |
Ending balance (in shares) at Dec. 31, 2017 | 102,493,000 | 102,493,000 | ||||
Ending balance at Dec. 31, 2017 | $ 6,863,564 | $ 1,044 | $ 1,602,869 | $ 5,464,571 | $ (186,214) | $ (18,706) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Currency translation adjustments, tax | $ 4,899 | $ 2,570 | $ 6,658 |
Dividends declared (in dollars per share) | $ 1.4625 | $ 1.25 | $ 1.05 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net earnings | $ 971,772 | $ 658,645 | $ 696,067 |
Adjustments to reconcile net earnings to cash flows from operating activities: | |||
Depreciation and amortization of property, plant and equipment | 49,513 | 37,299 | 38,185 |
Amortization of intangible assets | 295,452 | 203,154 | 166,076 |
Amortization of deferred financing costs | 7,227 | 5,612 | 4,136 |
Non-cash stock compensation | 83,075 | 78,827 | 61,766 |
Gain on disposal of a business | 0 | 0 | (70,860) |
Gain on sale of assets | (9,393) | 0 | 0 |
Changes in operating assets and liabilities, net of acquired businesses: | |||
Accounts receivable | (6,673) | (20,734) | 52,597 |
Unbilled receivables | (13,493) | (1,202) | (21,844) |
Inventories | (15,363) | 6,353 | (1,150) |
Accounts payable and accrued liabilities | 73,333 | 20,176 | (8,392) |
Deferred revenue | 74,881 | 25,190 | 8,239 |
Income taxes | (256,971) | (47,589) | 3,069 |
Other, net | (18,878) | (1,946) | 936 |
Cash provided by operating activities | 1,234,482 | 963,785 | 928,825 |
Cash flows from investing activities: | |||
Acquisitions of businesses, net of cash acquired | (153,736) | (3,721,758) | (1,762,883) |
Capital expenditures | (48,752) | (37,305) | (36,260) |
Capitalized software expenditures | (10,784) | (2,801) | (2,439) |
Proceeds from disposal of a business | 0 | 0 | 105,624 |
Proceeds from sale of assets | 10,628 | 870 | 1,126 |
Other, net | (6,932) | 8,138 | (3,500) |
Cash used in investing activities | (209,576) | (3,752,856) | (1,698,332) |
Cash flows from financing activities: | |||
Proceeds from senior notes | 0 | 1,200,000 | 900,000 |
Payment of senior notes | (400,000) | 0 | 0 |
Borrowings/(payments) under revolving line of credit, net | (660,000) | 1,750,000 | 180,000 |
Principal payments on convertible notes | 0 | (4,284) | (4,006) |
Debt issuance costs | 0 | (17,266) | (8,044) |
Cash dividends to stockholders | (142,753) | (121,130) | (100,334) |
Treasury stock sales | 4,198 | 3,340 | 2,889 |
Stock award tax excess windfall benefit | 0 | 0 | 22,228 |
Proceeds from stock based compensation, net | 28,487 | 9,998 | 18,312 |
Redemption premium on convertible debt | 0 | (14,166) | (13,126) |
Other | 51 | (1,229) | (1,677) |
Cash provided by/(used in) financing activities | (1,170,017) | 2,805,263 | 996,242 |
Effect of exchange rate changes on cash | 59,238 | (37,503) | (58,654) |
Net increase/(decrease) in cash and cash equivalents | (85,873) | (21,311) | 168,081 |
Cash and cash equivalents, beginning of year | 757,200 | 778,511 | 610,430 |
Cash and cash equivalents, end of year | 671,327 | 757,200 | 778,511 |
Cash paid for: | |||
Interest | 175,021 | 104,928 | 79,225 |
Income taxes, net of refunds received | 320,235 | 329,596 | 280,801 |
Noncash investing activities: | |||
Fair value of assets, including goodwill | 177,276 | 4,433,085 | 1,876,984 |
Liabilities assumed | (23,540) | (711,327) | (114,101) |
Cash paid, net of cash acquired | $ 153,736 | $ 3,721,758 | $ 1,762,883 |
Summary of Accounting Policies
Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Accounting Policies | Summary of Accounting Policies Basis of Presentation - These financial statements present consolidated information for Roper Technologies, Inc. and its subsidiaries ("Roper," the "Company," "we," "our" or "us"). All significant intercompany accounts and transactions have been eliminated. Nature of the Business - Roper is a diversified technology company. The Company operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. 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 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 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 interim or annual impairment tests performed on testing dates after January 1, 2017. The Company elected to early adopt this standard for it's annual goodwill impairment testing during the fourth quarter of 2017. The update did not have an impact on the Company's results of operations, financial position or cash flows. 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 position or cash flows. In March 2016, the FASB issued an update on stock compensation. The ASU simplifies several aspects of the accounting for employee share-based payment awards, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This standard is effective for annual reporting periods beginning after December 15, 2016. The Company elected to early adopt this standard on a prospective basis in the quarter ended March 31, 2016. The impact of the early adoption resulted in the following: • The Company recorded tax benefits of $15.3 million within income tax expense for the year ended December 31, 2016 related to the excess tax benefit on share-based awards. Prior to adoption this amount would have been recorded as a reduction of additional paid-in capital. This change adds volatility to the Company's effective tax rate. • The Company no longer reclassifies the excess tax benefit from operating activities to financing activities in the statement of cash flows. The Company elected to apply this change in presentation prospectively and thus prior periods have not been adjusted. • The Company elected not to change its policy on accounting for forfeitures and continued to estimate the total number of awards for which the requisite service period will not be rendered. • The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of its diluted earnings per share since adoption. This resulted in an increase in diluted weighted average common shares outstanding of 278,829 shares for the year ended December 31, 2016. In March 2016, the FASB issued an update amending the equity method of accounting, eliminating the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for the equity method as a result of an increase in the level of ownership or degree of influence. The amendments in the update, to be applied prospectively, are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company elected to early adopt on a prospective basis effective January 1, 2016. The update did not have a material impact on its results of operations, financial condition or cash flows. In September 2015, the FASB issued an update providing guidance to simplify the accounting for measurement period adjustments. This update, effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The Company adopted the update effective January 1, 2016. The update did not have a material impact on its results of operations, financial condition or cash flows. In April 2015, the FASB issued an update providing guidance to determine whether the fee paid by an entity for a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for consistently with the acquisition of other software licenses. A cloud computing arrangement that does not include a software license should be accounted for as a service contract. The update is effective for annual periods beginning after December 15, 2015, and may be adopted prospectively or retrospectively. The Company adopted the update prospectively effective January 1, 2016. The update did not have a material impact on its results of operations, financial condition or cash flows. In June 2014, the FASB issued an update to the accounting for stock compensation. This update, effective for fiscal years beginning after December 15, 2015, modifies the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Company adopted the update prospectively effective January 1, 2016. The update did not have a material impact on its results of operations, financial condition or cash flows. Recently Released Accounting Pronouncements 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. The 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. 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 completed its assessment to identify differences between the existing standard and new standard on its customer contracts. Based on this assessment, 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 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 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. Accounts Receivable - Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $12.7 million and $14.5 million at December 31, 2017 and 2016 , respectively. Outstanding accounts receivable balances are reviewed periodically, and allowances are provided at such time that management believes it is probable that an account receivable is uncollectible. The returns and other sales credit allowance is an estimate of customer returns, exchanges, discounts or other forms of anticipated concessions and is treated as a reduction in revenue. Cash and Cash Equivalents - Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents. Roper had no cash equivalents at December 31, 2017 and December 31, 2016 . Contingencies - Management continually assesses the probability of any adverse judgments or outcomes to its potential contingencies. Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. In the assessment of contingencies as of December 31, 2017 , management concluded that there were no matters for which there was a reasonable possibility of a material loss. Earnings per Share - Basic earnings per share were calculated using net earnings and the weighted-average number of shares of common stock outstanding during the respective year. Diluted earnings per share were calculated using net earnings and the weighted-average number of shares of common stock and potential common stock outstanding during the respective year. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper's senior subordinated convertible notes based upon the trading price of the Company's common stock. Effective January 1, 2016, Roper adopted the provisions of an accounting standards update on a prospective basis which increased the number of potentially dilutive stock options as there is no longer a tax benefit in the calculation of dilutive stock options. See the caption "Recent Accounting Pronouncements" elsewhere in this Note for additional information regarding the ASU. The effects of potential common stock were determined using the treasury stock method (in thousands): Years ended December 31, 2017 2016 2015 Basic weighted-average shares outstanding 102,168 101,291 100,616 Effect of potential common stock: Common stock awards 1,354 1,126 887 Senior subordinated convertible notes — 47 94 Diluted weighted-average shares outstanding 103,522 102,464 101,597 As of and for the years ended December 31, 2017 , 2016 and 2015 , there were 477,898 , 1,144,350 and 618,220 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive. Estimates - The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Foreign Currency Translation and Transactions - Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at average exchange rates for the period in which those entities were included in Roper's financial results. Translation adjustments are reflected as a component of other comprehensive income. Foreign currency transaction gains and losses are recorded in the consolidated statement of earnings as other income/(expense). Foreign currency transaction losses were $1.4 million , $2.9 million and $0.7 million for the years ended December 31, 2017 , 2016 and 2015 . Goodwill and Other Intangibles - Roper accounts for goodwill in a purchase business combination as the excess of the cost over the estimated fair value of net assets acquired. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Goodwill, which is not amortized, is tested for impairment on an annual basis (or an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value). When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, then performance of the quantitative impairment test is required. The quantitative process utilizes both an income approach (discounted cash flows) and a market approach consisting of a comparable public company earnings multiples methodology to estimate the fair value of a reporting unit. To determine the reasonableness of the estimated fair values, the Company reviews the assumptions to ensure that neither the income approach nor the market approach provides significantly different valuations. If the estimated fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the estimated fair value, a non-cash impairment loss is recognized in the amount of that excess. When performing the quantitative assessment, key assumptions used in the income and market methodologies are updated when the analysis is performed for each reporting unit. Various assumptions are utilized including forecasted operating results, strategic plans, economic projections, anticipated future cash flows, the weighted-average cost of capital, comparable transactions, market data and earnings multiples. The assumptions that have the most significant effect on the fair value calculations are the anticipated future cash flows, discount rates, and the earnings multiples. While the Company uses reasonable and timely information to prepare its cash flow and discount rate assumptions, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances. Roper has 33 reporting units with individual goodwill amounts ranging from zero to $2.3 billion . In 2017, the Company performed its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying amount. The Company determined that impairment of goodwill was not likely in 31 of its reporting units and thus was not required to perform a quantitative analysis for these reporting units. For the remaining two reporting units, the Company performed its quantitative analysis and concluded that the fair value of each of these two reporting units was substantially in excess of its carrying value, with no impairment indicated as of October 1, 2017. Recently acquired reporting units generally represent a higher inherent risk of impairment, which typically decreases as the businesses are integrated into the enterprise. Negative industry or economic trends, disruptions to its business, actual results significantly below expected results, unexpected significant changes or planned changes in the use of the assets, divestitures and market capitalization declines may have a negative effect on the fair value of Roper's reporting units. The following events or circumstances, although not comprehensive, would be considered to determine whether interim testing of goodwill would be required: • a significant adverse change in legal factors or in the business climate; • an adverse action or assessment by a regulator; • unanticipated competition; • a loss of key personnel; • a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of; • the testing for recoverability under the Impairment or Disposal of Long-Lived Assets of a significant asset group within a reporting unit; and • recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Trade names that are determined to have an indefinite useful economic life are not amortized, but separately tested for impairment during the fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more likely than not below the carrying value. Roper first qualitatively assesses whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of an indefinite-lived trade name is less than its carrying amount. If necessary, Roper conducts a quantitative review using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. The fair value of each trade name is determined by applying a royalty rate to a projection of net revenues discounted using a risk adjusted rate of capital. Each royalty rate is determined based on the profitability of the trade name to which it relates and observed market royalty rates. Revenue growth rates are determined after considering current and future economic conditions, recent sales trends, discussions with customers, planned timing of new product launches or other variables. Trade names resulting from recent acquisitions generally represent the highest risk of impairment, which typically decreases as the businesses are integrated into Roper's enterprise. The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management uses to operate the underlying businesses, there is significant judgment in determining the expected results attributable to the reporting units. Changes in estimates or the application of alternative assumptions could produce significantly different results. No impairment resulted from the annual testing performed in 2017 . Roper evaluates whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or of the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset's carrying amount to determine if a write-down to fair value or a revision in the remaining amortization period is required. Impairment of Long-Lived Assets - The Company determines whether there has been an impairment of long-lived assets, excluding goodwill and identifiable intangible assets that are determined to have indefinite useful economic lives, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or life of any long-lived assets may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset's carrying amount to determine if a write-down to fair value or revision to remaining life is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets' current carrying value, thereby possibly requiring an impairment charge or acceleration of depreciation or amortization expense in the future. Income Taxes - The Company recognizes in the consolidated financial statements only those tax positions determined to be "more likely than not" of being sustained upon examination based on the technical merits of the positions. Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense. The Company records a valuation allowance to reduce its deferred tax assets if, based on the weight of available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of such deferred tax assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required includes, but is not limited to, the Company’s estimate of future taxable income and any applicable tax-planning strategies. Certain assets and liabilities have different bases for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the enacted tax rates expected to be paid. See Note 7 for information regarding income taxes. Interest Rate Risk - The Company manages interest rate risk by maintaining a combination of fixed- and variable-rate debt, which may include interest rate swaps to convert fixed-rate debt to variable-rate debt, or to convert variable-rate debt to fixed-rate debt. Interest rate swaps are recorded at fair value in the balance sheet as an asset or liability, and the changes in fair values of both the swap and the hedged item are recorded as interest expense in current earnings. There were no interest rate swaps outstanding at December 31, 2017 or December 31, 2016 . Inventories - Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. The Company writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. Other Comprehensive Income - Comprehensive income includes net earnings and all other non-owner sources of changes in a company's net assets. Product Warranties - The Company sells certain of its products to customers with a product warranty that allows customers to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, repair at no cost to the customer or the issuance of a credit to the customer. The Company accrues its estimated exposure to warranty claims based upon current and historical product sales data, warranty costs incurred and any other related information known to the Company. Property, Plant and Equipment and Depreciation and Amortization - Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows: Buildings 20-30 years Machinery 8-12 years Other equipment 3-5 years Research and Development - Research and development ("R&D") costs include salaries and benefits, rents, supplies, and other costs related to products under development. Research and development costs are expensed in the period incurred and totaled $281.1 million , $195.4 million and $164.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Revenue Recognition - The Company recognizes revenue when all of the following criteria are met: • persuasive evidence of an arrangement exists; • delivery has occurred or services have been rendered; • the seller's price to the buyer is fixed or determinable; and • collectibility is reasonably assured. In addition, the Company recognizes revenue from the sale of product when title and risk of loss pass to the customer, which is generally when product is shipped. The Company recognizes revenue from services when such services are rendered or, if applicable, upon customer acceptance. Revenues under certain relatively long-term and relatively large-value construction and software projects are recognized under the percentage-of-completion method using the ratio of costs incurred to total estimated costs as the measure of performance. The Company recognized revenues of $249 million , $241 million and $253 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, using this method. Estimated losses on any projects are recognized as soon as such losses become known. Capitalized Software - The Company accounts for capitalized software under applicable accounting guidance which, among other provisions, requires capitalization of certain internal-use software costs once certain criteria are met. Overhead, general and administrative and training costs are not capitalized. Capitalized software balances, net of accumulated amortization, were $14.0 million and $4.4 million at December 31, 2017 and 2016 , respectively. Stock-Based Compensation - The Company recognizes expense for the grant date fair value of its employee stock awards on a straight-line basis (or, in the case of performance-based awards, on a graded basis) over the employee's requisite service period (generally the vesting period of the award). The fair value of option awards is estimated using the Black-Scholes option valuation model. |
Business Acquisitions and Dives
Business Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Acquisitions and Divestitures | Business Acquisitions and Divestitures Roper completed four business acquisitions in the year ended December 31, 2017, with an aggregate purchase price of $152 million , net of cash acquired. 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. The results of the following acquisitions are reported in the RF Technology 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. 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. Acquisition of Onvia, Inc. - On November 17, 2017, Roper acquired 100% of the outstanding shares of Onvia, Inc. ("Onvia") common stock for $9.00 per share in an all-cash tender offer. Onvia provides enterprise, mid-market and small business customers with sales lead generation technologies into federal, state and local government markets. The Company recorded $83 million in goodwill and $85 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 primarily customer relationships of $68 million ( 15 year weighted average useful life) and technology of $13 million ( 6 year weighted average useful life). 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 consolidated statements of earnings. 2016 Acquisitions – During the year ended December 31, 2016 , Roper completed six business combinations. Roper acquired the businesses in order to both expand and complement its existing technologies. The results of operations of the acquired companies have been included in Roper's consolidated results since the date of each acquisition. The largest of the 2016 acquisitions was Deltek Inc., a global provider of enterprise software and information solutions for government contractors, professional services firms and other project-based businesses. Roper acquired 100% of the shares of Project Diamond Holdings Corp. (the parent company of Deltek) on December 27, 2016, in a $2.8 billion all-cash transaction. Deltek is reported in the RF Technology segment. The following table (in thousands) summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. Accounts receivable $ 94,506 Other current assets 37,558 Identifiable intangibles 972,000 Goodwill 2,234,549 Other assets 43,098 Total assets acquired 3,381,711 Deferred revenue 166,393 Other current liabilities 57,433 Long-term deferred tax liability 349,810 Other liabilities 7,935 Net assets acquired $ 2,800,140 The majority of the goodwill is not expected to be deductible for tax purposes. Of the $972 million of acquired intangible assets acquired, $145 million was assigned to trade names that are not subject to amortization and $62 million was assigned to in process research and development. The remaining $765 million of acquired intangible assets have a weighted-average useful life of 12 years . The intangible assets that make up that amount include customer relationships of $625 million ( 13 year weighted-average useful life) and unpatented technology of $140 million ( 6 year weighted-average useful life). The Company expensed transaction costs of $4.3 million related to the Deltek acquisition as corporate general and adminstrative expenses, as incurred. Roper's results for the year ended December 31, 2016 included results from Deltek between December 28, 2016 and December 31, 2016. In that period, Deltek contributed $7.9 million in revenue and $0.8 million of earnings to Roper's results. The following unaudited pro forma summary presents consolidated information as if the acquisition of Deltek had occurred on January 1, 2015 (amounts in millions, except per share data): Pro forma Year ended December 31, 2016 2015 Net revenues $ 4,268,052 $ 4,012,030 Net income 656,404 647,089 Earnings per share, basic 6.48 6.43 Earnings per share, diluted 6.41 6.37 Pro forma earnings were adjusted by $47.4 million for the year ended December 31, 2016 for non-recurring acquisition and other costs. Adjustments were also made for recurring changes in amortization, interest expense and taxes related to the acquisition. During the year ended December 31, 2016 , Roper completed five other acquisitions which were immaterial. The aggregate purchase price of these acquisitions totaled $920 million of cash. The Company recorded $372 million in other identifiable intangibles and $642 million in goodwill in connection with these acquisitions. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on Roper's consolidated results of operations individually or in aggregate. The results of the following acquisitions are reported in the Medical & Scientific Imaging segment: – Clinisys - On January 7, 2016, Roper acquired 100% of the shares of CliniSys Group Ltd. ("CliniSys"), a provider of clinical laboratory software headquartered in the United Kingdom. – PCI Medical - On March 17, 2016, Roper acquired the assets of PCI Medical Inc., a provider of medical probe and scope disinfection products. – GeneInsight - On April 1, 2016, the Company acquired 100% of the shares of GeneInsight Inc., a provider of software for managing the analysis, interpretation and reporting of genetic tests. – UNIConnect - On November 10, 2016, Roper acquired the assets of UNIConnect LC, a provider of process management software for molecular laboratories. ConstructConnect - On October 31, 2016, Roper acquired 100% of the shares of iSqFt Holdings Inc. (d/b/a ConstructConnect), a provider of cloud-based data, collaboration, and workflow automation solutions to the commercial construction industry. ConstructConnect is reported in the RF Technology segment. The Company expensed transaction costs of $4.2 million related to the acquisitions as corporate general and adminstrative expenses, as incurred. The majority of the goodwill recorded for these five companies is not expected to be deductible for tax purposes. Of the $372 million of intangible assets acquired, $34 million was assigned to trade names that are not subject to amortization. The remaining $338 million of acquired intangible assets have a weighted-average useful life of 12 years . The intangible assets that make up that amount include customer relationships of $242 million ( 14 year weighted-average useful life), unpatented technology of $66 million ( 6 year weighted-average useful life) and software of $30 million ( 9 year weighted-average useful life). 2015 Acquisitions – During the year ended December 31, 2015 , Roper completed eight business combinations. The results of operations of the acquired companies have been included in Roper's consolidated results since the date of each acquisition. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on Roper's consolidated results of operations individually or in aggregate. The results of the following acquisitions are reported in the Medical & Scientific Imaging segment: – Strata - On January 21, 2015, Roper acquired 100% of the shares of Strata Decision Technologies LLC ("Strata"), a provider of planning and budget software for health care providers. – Softwriters - On February 9, 2015, Roper acquired 100% of the shares of Softwriters Inc., a provider of long-term care pharmacy operating software. – Data Innovations - On March 4, 2015, Roper acquired 100% of the shares of Data Innovations LLC, a provider of clinical and blood laboratory middleware. – AHP - On September 4, 2015, Roper acquired the assets of Atlantic Health Partners LLC ("AHP"), a group purchasing organization specializing in vaccines for the physician marketplace. – Atlas - On October 26, 2015, Roper acquired 100% of the shares of Atlas Database Software Corp. ("Atlas"), a provider of clinical process integration to private and public health sectors. The results of the following acquisitions are reported in the RF Technology segment: – On Center - On July 20, 2015, Roper acquired 100% of the shares of On Center Software LLC ("On Center"), a provider of construction automation technology. – RF IDeas - On September 1, 2015, Roper acquired 100% of the shares of RF IDeas, Inc., a provider of proprietary identification card technology solutions. – Aderant - On October 21, 2015, Roper acquired 100% of the shares of Aderant Holdings, Inc. ("Aderant"), a provider of comprehensive software solutions for law and other professional services firms. The aggregate purchase price for the 2015 acquisitions was $1.8 billion , paid in cash. Roper purchased the businesses to expand upon existing software, supply chain and medical platforms. The Company expensed transaction costs of $5.9 million related to the acquisitions as corporate general and administrative expenses, as incurred. The Company recorded $1.2 billion in goodwill and $731 million in other identifiable intangibles in connection with the acquisitions. The majority of the goodwill recorded is not expected to be deductible for tax purposes. Of the $731 million of intangible assets acquired, $51 million was assigned to trade names that are not subject to amortization. The remaining $680 million of acquired intangible assets have a weighted-average useful life of 17 years . The intangible assets that make up that amount include customer relationships of $541 million ( 19 year weighted-average useful life), unpatented technology of $100 million ( 8 year weighted-average useful life) and software of $39 million ( 6 year weighted-average useful life). Divestiture of Abel - On October 2, 2015, Roper completed the sale of Abel Pumps ("Abel") for $106 million ( €95 million ), net of cash divested. The pretax gain on the divestiture was $70.9 million , which is reported as Other income/(expense), net on the consolidated statement of earnings. The gain resulted in tax expense of $46 million as well as a future tax benefit of $11 million . The year to date pretax income of Abel was $5.9 million for the period ended October 2, 2015. Abel was reported in the Industrial Technology segment. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventories at December 31 were as follows (in thousands): 2017 2016 Raw materials and supplies $ 132,949 $ 113,632 Work in process 27,649 24,290 Finished products 82,445 81,263 Inventory reserves (38,110 ) (37,233 ) $ 204,933 $ 181,952 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment at December 31 were as follows (in thousands): 2017 2016 Land $ 2,471 $ 2,404 Buildings 90,683 88,201 Machinery and other equipment 226,320 221,325 Computer equipment 77,508 70,110 Software 62,387 54,451 459,369 436,491 Accumulated depreciation (316,834 ) (295,173 ) $ 142,535 $ 141,318 Depreciation and amortization expense related to property, plant and equipment was $49,513 , $37,299 and $38,185 for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 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, 2015 $ 1,993,299 $ 3,039,197 $ 374,033 $ 418,197 $ 5,824,726 Goodwill acquired 2,710,223 166,768 — — 2,876,991 Currency translation adjustments (15,118 ) (19,100 ) (10,055 ) (7,774 ) (52,047 ) Reclassifications and other (734 ) (1,794 ) — — (2,528 ) Balances at December 31, 2016 $ 4,687,670 $ 3,185,071 $ 363,978 $ 410,423 $ 8,647,142 Goodwill acquired 63,490 — — 19,169 82,659 Currency translation adjustments 19,337 17,582 13,540 8,395 58,854 Reclassifications and other 28,394 3,264 — — 31,658 Balances at December 31, 2017 $ 4,798,891 $ 3,205,917 $ 377,518 $ 437,987 $ 8,820,313 Reclassifications and other during the year ended December 31, 2017 were due primarily to tax adjustments for 2016 acquisitions. See Note 2 for information regarding acquisitions. Other intangible assets were comprised of (in thousands): Cost Accum. amort. Net book value Assets subject to amortization: Customer related intangibles $ 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 $ 3,355,232 $ (913,680 ) $ 2,441,552 Unpatented technology 544,046 (207,678 ) 336,368 Software 184,703 (84,825 ) 99,878 Patents and other protective rights 26,090 (22,729 ) 3,361 Trade names 6,635 (1,731 ) 4,904 Assets not subject to amortization: Trade names 587,737 — 587,737 In process research and development 1,418 — 1,418 Balances at December 31, 2017 $ 4,705,861 $ (1,230,643 ) $ 3,475,218 Amortization expense of other intangible assets was $294 million , $201 million , and $164 million during the years ended December 31, 2017 , 2016 and 2015 , respectively. Amortization expense is expected to be $294 million in 2018 , $282 million in 2019 , $276 million in 2020 , $264 million in 2021 and $260 million in 2022 . |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities at December 31 were as follows (in thousands): 2017 2016 Interest $ 20,060 $ 21,742 Customer deposits 29,236 16,707 Commissions 8,341 9,144 Warranty 10,587 10,548 Accrued dividend 42,921 36,077 Rebates 29,996 19,414 Billings in excess of cost 23,284 12,381 Other 102,149 93,326 $ 266,574 $ 219,339 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings before income taxes for the years ended December 31, 2017 , 2016 and 2015 consisted of the following components (in thousands): 2017 2016 2015 United States $ 783,654 $ 721,000 $ 710,614 Other 251,069 219,652 291,731 $ 1,034,723 $ 940,652 $ 1,002,345 Components of income tax expense for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Current: Federal $ 316,031 $ 239,217 $ 229,224 State 29,768 21,779 22,041 Foreign 89,894 54,937 71,507 Deferred: Federal (358,300 ) (26,760 ) 6,710 State (3,670 ) 189 (16,844 ) Foreign (10,772 ) (7,355 ) (6,360 ) $ 62,951 $ 282,007 $ 306,278 Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2017 , 2016 and 2015 were as follows: 2017 2016 2015 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign rate differential (2.6 ) (3.2 ) (3.3 ) R&D tax credits (0.8 ) (0.7 ) (0.5 ) State taxes, net of federal benefit 1.9 1.9 2.0 Section 199 deduction (1.3 ) (1.5 ) (1.3 ) Stock-based compensation (3.9 ) (1.6 ) — Tax Cuts and Jobs Act of 2017 (20.8 ) — — Other, net (1.4 ) 0.1 (1.3 ) 6.1 % 30.0 % 30.6 % The deferred income tax balance sheet accounts arise from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. Components of the deferred tax assets and liabilities at December 31 were as follows (in thousands): 2017 2016 Deferred tax assets: Reserves and accrued expenses $ 121,509 $ 186,120 Inventories 5,094 8,967 Net operating loss carryforwards 71,774 87,010 R&D credits 9,570 7,933 Foreign tax credits — 9,203 Valuation allowance (25,690 ) (26,009 ) Total deferred tax assets $ 182,257 $ 273,224 Deferred tax liabilities: Reserves and accrued expenses $ 39,566 $ 13,915 Amortizable intangible assets 935,874 1,400,792 Plant and equipment 5,748 6,102 Total deferred tax liabilities $ 981,188 $ 1,420,809 As of December 31, 2017 , the Company had approximately $29.2 million of tax-effected U.S. federal net operating loss carryforwards that if not utilized will expire in years 2021 through 2037 . The U.S. federal net operating loss carryforwards decreased from 2016 to 2017 primarily due to reduction in U.S. federal corporate tax rate for tax years beginning after December 31, 2017 . The Company has approximately $26.1 million of tax-effected state net operating loss carryforwards (without regard to federal benefit of state) that if not utilized will expire in years 2018 through 2037 . The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $22.0 million of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period and those that do not if not utilized will begin to expire in 2018 . Additionally, the Company has $11.3 million of U.S. federal and state research and development tax credit carryforwards (without regard to federal benefit of state) that will expire in years 2018 through 2037 . As of December 31, 2017 , the Company determined that a total valuation allowance of $25.7 million was necessary to reduce U.S. federal and state deferred tax assets by $9.5 million and foreign deferred tax assets by $16.2 million , where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2017 , based on the Company's estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions, the Company believes that it is more likely than not that the remaining net deferred tax assets will be realized. The Company recognizes in the consolidated financial statements only those tax positions determined to be "more likely than not" of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2017 2016 2015 Beginning balance $ 38,678 $ 26,140 $ 28,567 Additions for tax positions of prior periods 24,804 3,450 3,525 Additions for tax positions of the current period 4,174 9,012 3,299 Additions due to acquisitions — 5,049 6,177 Reductions for tax positions of prior periods (11,162 ) (1,165 ) (12,206 ) Reductions attributable to settlements with taxing authorities (1,536 ) (568 ) (142 ) Reductions attributable to lapses of applicable statute of limitations (2,769 ) (3,240 ) (3,080 ) Ending balance $ 52,189 $ 38,678 $ 26,140 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $50.4 million . Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense and totaled an expense of $1.3 million in 2017 . Accrued interest and penalties were $5.1 million at December 31, 2017 and $3.8 million at December 31, 2016 . During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $2.3 million , mainly due to anticipated statute of limitations lapses in various jurisdictions. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state, city and foreign jurisdictions. The Company's federal income tax returns for 2015 through the current period remain subject to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved. The Tax Act was signed into U.S. law on December 22, 2017, which was prior to the end of the Company’s 2017 reporting period. The Tax Act contains provisions which impact the Company’s current and future income taxes including a reduction in the US federal corporate income tax rate from 35% to 21%, a one-time deemed mandatory repatriation tax imposed on all undistributed foreign earnings, and the introduction of a modified territorial taxation system. The SEC released Staff Accounting Bulletin No. 118 (“SAB 118”) on December 22, 2017 to provide guidance where the accounting under ASC 740, Income Taxes , is incomplete for certain income tax effects of the Tax Act upon issuance of financial statements for the reporting period in which the Tax Act was enacted. SAB 118 provides that if a Company can determine a reasonable estimate, it should be reported as a provisional amount and adjusted during a measurement period. If a Company is unable to determine a reasonable estimate, no related provisional amounts would be recorded until a reasonable estimate can be determined, within the measurement period. The measurement period extends until all necessary information has been obtained, prepared, and analyzed, but no longer than 12-months from the date of enactment of the Tax Act. The reduction in the US federal corporate income tax rate from 35% to 21% and certain immaterial changes in tax basis resulted in a one-time estimated benefit of $379.0 million due to remeasurement of the Company’s deferred taxes. This estimate is a provisional amount that will be finalized during the measurement period once all information pertaining to the deferred tax assets and liabilities has been obtained and analyzed. The reduction in tax rate will also impact the Company’s current tax expense in future periods beginning in 2018. The one-time deemed mandatory repatriation tax on all undistributed foreign earnings resulted in a one-time estimated charge of $110.7 million . The Company will elect to pay the liability over 8 years. This federal and state tax estimate is a provisional amount that will be finalized during the measurement period once all information pertaining to the historical foreign earnings and profits with available tax credits has been obtained and analyzed. The introduction of a modified territorial taxation system resulted in a one-time estimated charge of $28.7 million due to the Company’s change in its indefinite reinvestment assertion on foreign earnings. The Company now intends to distribute all historical earnings subject to the deemed repatriation tax and has provided for deferred taxes related to the future state and foreign tax cost to repatriate. This estimate is a provisional amount that will be finalized during the measurement period once all information pertaining to the underlying calculation has been obtained and analyzed, and interpretations to the legislation have been decided. The Company also incurred a one-time estimated charge of $24.2 million resulting from the write-off of indirect benefits associated with uncertain tax positions. The Company is currently unable to estimate the amount of these indirect benefits which will be utilizable due to uncertainty surrounding interpretations to the legislations and timing of the related tax payments. This amount will be finalized during the measurement period as information becomes available. In January 2018, the FASB released guidance on accounting for taxes on the global intangible low-taxed income (“GILTI”) provisions of the Tax Act. The Company is still evaluating its position whether to account for deferred taxes related to GILTI inclusions or to treat any taxes on GILTI inclusions as a period cost. The Company will perform an analysis during the measurement period and will disclose the policy election in its financial statements once its analysis has been finalized. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt On September 23, 2016 , Roper entered into a five -year $2.5 billion unsecured credit facility (the "2016 Facility") with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated as of July 27, 2012, as amended as of October 28, 2015 (the "2012 Facility"). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150 million for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500 million . At December 31, 2017 , there were $1.3 billion of outstanding borrowings under the 2016 Facility. The 2016 Facility contains affirmative and negative covenants which, among other things, limit Roper's ability to incur new debt, enter into certain mergers and acquisitions, sell assets and grant liens, make restricted payments (including the payment of dividends on our common stock) and capital expenditures, or change its line of business. Roper is also subject to financial covenants which require the Company to limit its consolidated total leverage ratio and to maintain a consolidated interest coverage ratio. The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.5 to 1. On December 2, 2016, Roper amended the 2016 facility to allow the consolidated total leverage ratio be increased, no more than twice during the term of the 2016 facility, to 4.0 to 1 for a consecutive four quarter fiscal period per increase (or, for any portion of such four quarter fiscal period in which the maximum would be 4.25 to 1 pursuant to the 2016 facility amendment, 4.25 to 1). In conjunction with the Deltek acquistion (see Note 2), the Company increased the maximum consolidated total leverage ratio covenant to 4.25 to 1 through June 30, 2017 and 4.00 to 1 through December 31, 2017. The Company was in compliance with its debt covenants throughout the years ended December 31, 2017 and 2016 . On November 15, 2017, $400 million of senior notes due 2017 matured and were repaid using cash on hand and revolver borrowings from the 2016 Facility. On December 19, 2016 , the Company completed a public offering of $500 million aggregate principal amount of 2.80% senior unsecured notes due December 15, 2021 and $700 million aggregate principal amount of 3.80% senior unsecured notes due December 15, 2026 . The notes bear interest at a fixed rate of 2.80% and 3.80% per year, respectively, payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2017 . On December 7, 2015 , the Company completed a public offering of $600 million aggregate principal amount of 3.00% senior unsecured notes due December 15, 2020 and $300 million aggregate principal amount of 3.85% senior unsecured notes due December 15, 2025 . The notes bear interest at a fixed rate of 3.00% and 3.85% per year, respectively, payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2016 . On June 6, 2013 , the Company completed a public offering of $800 million aggregate principal amount of 2.05% senior unsecured notes due October 1, 2018 . The notes bear interest at a fixed rate of 2.05% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning October 1, 2013 . On November 21, 2012 , the Company completed a public offering of $500 million aggregate principal amount of 3.125% senior unsecured notes due November 15, 2022 . The notes bear interest at a fixed rate of 3.125% per year, payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2013 . In September 2009 , the Company completed a public offering of $500 million aggregate principal amount of 6.25% senior unsecured notes due September 1, 2019 . The notes bear interest at a fixed rate of 6.25% per year, payable semi-annually in arrears on March 1 and September 1 of each year, beginning March 1, 2010 . Roper may redeem some or all of these notes at any time or from time to time, at 100% of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities. The Company's senior notes are unsecured senior obligations of the Company and rank equally in right of payment with all of Roper's existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of its existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The notes are not guaranteed by any of Roper's subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of Roper's subsidiaries. Total debt at December 31 consisted of the following (in thousands): 2017 2016 2016 Facility $ 1,270,000 $ 1,930,000 $400 million 1.850% senior notes due 2017 — 400,000 $800 million 2.050% senior notes due 2018 800,000 800,000 $500 million 6.250% senior notes due 2019 500,000 500,000 $600 million 3.000% senior notes due 2020 600,000 600,000 $500 million 2.800% senior notes due 2021 500,000 500,000 $500 million 3.125% senior notes due 2022 500,000 500,000 $300 million 3.850% senior notes due 2025 300,000 300,000 $700 million 3.800% senior notes due 2026 700,000 700,000 Other 3,149 2,989 Less unamortized debt issuance costs (17,594 ) (23,453 ) Total debt 5,155,555 6,209,536 Less current portion, net of issuance costs 800,944 400,975 Long-term debt $ 4,354,611 $ 5,808,561 The 2016 Facility and Roper's $3.9 billion senior notes provide substantially all of Roper's daily external financing requirements. The interest rate on the borrowings under the 2016 Facility is calculated based upon various recognized indices plus a margin as defined in the credit agreement. At December 31, 2017 , Roper's fixed debt consisted of $3.9 billion of senior notes, $3.1 million of other debt in the form of capital leases, several smaller facilities that allow for borrowings or the issuance of letters of credit in foreign locations to support Roper's non-U.S. businesses and $75.9 million of outstanding letters of credit at December 31, 2017 . Future maturities of total debt during each of the next five years ending December 31 and thereafter were as follows (in thousands): 2018 $ 801,503 2019 501,061 2020 600,529 2021 1,770,047 2022 500,009 Thereafter 1,000,000 Total $ 5,173,149 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Roper's debt at December 31, 2017 included $3.9 billion of fixed-rate senior notes with the following fair values (in millions): $800 million 2.050% senior notes due 2018 800 $500 million 6.250% senior notes due 2019 531 $600 million 3.000% senior notes due 2020 608 $500 million 2.800% senior notes due 2021 501 $500 million 3.125% senior notes due 2022 505 $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. Most of Roper's other borrowings at December 31, 2017 were at various interest rates that adjust relatively frequently under its credit facility. The estimated fair value for these borrowings at December 31, 2017 approximated the carrying value of these borrowings. |
Retirement and Other Benefit Pl
Retirement and Other Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement and Other Benefit Plans | Retirement and Other Benefit Plans Roper maintains four defined contribution retirement plans under the provisions of Section 401(k) of the IRC covering substantially all U.S. employees. Roper partially matches employee contributions. Costs related to all such plans were $27.6 million , $23.7 million and $20.4 million for 2017 , 2016 and 2015 , respectively. Roper also maintains various defined benefit retirement plans covering employees of non-U.S. and certain U.S. subsidiaries and a plan that supplements certain employees for the contribution ceiling applicable to the Section 401(k) plans. The costs and accumulated benefit obligations associated with each of these plans were not material. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 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. At December 31, 2017 , 7,802,395 shares were available to grant under the 2016 Plan. Under the Roper Technologies, Inc., Employee Stock Purchase Plan ("ESPP"), all employees in the U.S. and Canada are eligible to designate up to 10% of eligible earnings to purchase Roper's common stock at a 5% discount to the average closing price of its common stock at the beginning and end of a quarterly offering period. Common stock sold to the employees may be either treasury stock, stock purchased on the open market, or newly issued shares. Stock based compensation expense for the years ended December 31, 2017 , 2016 and 2015 was as follows (in millions): 2017 2016 2015 Stock based compensation $ 83.1 $ 78.8 $ 61.8 Tax benefit recognized in net earnings 29.1 27.6 21.6 Windfall tax benefit, net — — 22.2 Windfall tax benefits are no longer calculated due to the adoption of the ASU related to stock compensation (see Note 1), as all tax benefits are recognized in net income. Stock Options – Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a period of three to five years from the grant date and expire ten years after the grant date. The Company recorded $18.3 million , $20.1 million , and $15.3 million of compensation expense relating to outstanding options during 2017 , 2016 and 2015 , respectively, as a component of general and administrative expenses, primarily at corporate. The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company's common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2017 , 2016 and 2015 were calculated using the following weighted-average assumptions: 2017 2016 2015 Weighted-average fair value ($) 40.87 34.57 33.98 Risk-free interest rate (%) 2.03 1.44 1.53 Average expected option life (years) 5.26 5.20 5.10 Expected volatility (%) 18.74 21.35 22.17 Expected dividend yield (%) 0.67 0.70 0.62 The following table summarizes the Company's activities with respect to its share-based compensation plans for the years ended December 31, 2017 and 2016 : Number of shares Weighted-average exercise price per share Weighted-average contractual term Aggregate intrinsic value Outstanding at January 1, 2016 3,117,616 $ 104.54 Granted 743,250 172.23 Exercised (371,853 ) 75.23 Canceled (69,416 ) 159.97 Outstanding at December 31, 2016 3,419,597 121.31 6.15 $ 211,369,740 Granted 608,598 210.56 Exercised (644,610 ) 95.14 Canceled (187,721 ) 170.75 Outstanding at December 31, 2017 3,195,864 140.68 6.09 $ 368,589,147 Exercisable at December 31, 2017 1,766,869 $ 103.48 4.12 $ 269,474,477 The following table summarizes information for stock options outstanding at December 31, 2017 : Outstanding options Exercisable options Exercise price Number Average exercise price Average remaining life (years) Number Average exercise price $40.57 - 52.37 147,840 $ 47.38 1.7 147,840 $ 47.38 52.37 - 78.56 500,259 61.18 1.2 500,259 61.18 78.56 - 104.75 172,777 93.83 4.1 172,777 93.83 104.75 - 130.94 342,805 117.51 5.2 342,805 117.51 130.94 - 157.12 481,652 139.21 6.4 430,101 138.27 157.12 - 183.31 870,883 169.61 7.8 151,337 166.74 183.31 - 209.50 225,450 187.64 8.7 21,750 185.47 209.50 - 235.68 434,398 215.02 9.3 — — 235.68 - 261.87 19,800 253.01 9.8 — — $40.57 - 261.87 3,195,864 $ 140.68 6.1 1,766,869 $ 103.48 At December 31, 2017 , there was $29.6 million of total unrecognized compensation expense related to nonvested options granted under the Company's share-based compensation plans. That cost is expected to be recognized over a weighted-average period of 2.1 years . The total intrinsic value of options exercised in 2017 , 2016 and 2015 was $90.6 million , $38.9 million and $36.9 million , respectively. Cash received from option exercises under all plans in 2017 and 2016 was $61.3 million and $28.0 million , respectively. Restricted Stock Grants - During 2017 and 2016 , the Company granted 410,267 and 555,730 shares, respectively, of restricted stock to certain employee and director participants under its share-based compensation plans. Restricted stock grants generally vest over a period of 1 to 3 years. The Company recorded $63.0 million , $57.8 million and $46.5 million of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2017 , 2016 and 2015 , respectively. A summary of the Company's nonvested shares activity for 2017 and 2016 is as follows: Number of shares Weighted-average grant date fair value Nonvested at December 31, 2015 709,275 $ 146.64 Granted 555,730 172.67 Vested (287,233 ) 141.27 Forfeited (25,100 ) 139.56 Nonvested at December 31, 2016 952,672 $ 164.62 Granted 410,267 205.88 Vested (387,452 ) 155.95 Forfeited (116,491 ) 173.53 Nonvested at December 31, 2017 858,996 $ 187.01 At December 31, 2017 , there was $90.8 million of total unrecognized compensation expense related to nonvested awards granted to both employees and directors under the Company's share-based compensation plans. That cost is expected to be recognized over a weighted-average period of 2.2 years . Unrecognized compensation expense related to nonvested shares of restricted stock grants is recorded as a reduction to additional paid-in capital in stockholder's equity at December 31, 2017 . Employee Stock Purchase Plan - During 2017 , 2016 and 2015 , participants of the ESPP purchased 19,683 , 19,448 and 18,132 shares, respectively, of Roper's common stock for total consideration of $4.2 million , $3.3 million , and $2.9 million , respectively. All of these shares were purchased from Roper's treasury shares. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 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 rent expense was $58.6 million , $44.9 million and $40.2 million for 2017 , 2016 and 2015 , respectively. Roper's future minimum property lease commitments are as follows (in millions): 2018 $ 54.3 2019 44.7 2020 39.6 2021 34.6 2022 25.7 Thereafter 58.0 Total $ 256.9 A summary of the Company's warranty accrual activity is presented below (in thousands): 2017 2016 2015 Balance, beginning of year $ 10,548 $ 10,183 $ 9,537 Additions charged to costs and expenses 10,820 15,950 14,284 Deductions (11,170 ) (15,513 ) (13,059 ) Other 389 (72 ) (579 ) Balance, end of year $ 10,587 $ 10,548 $ 10,183 Other included warranty balances at acquired businesses at the dates of acquisition, the effects of foreign currency translation adjustments, reclassifications and other. As of December 31, 2017 , Roper had $75.9 million of letters of credit issued to guarantee its performance under certain services contracts or to support certain insurance programs and $573.4 million of outstanding surety bonds. Certain contracts, primarily those involving public sector customers, require Roper to provide a surety bond as a guarantee of its performance of contractual obligations. |
Segment and Geographic Area Inf
Segment and Geographic Area Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Geographic Area Information | Segment and Geographic Area Information Roper's operations are reported in four segments around common customers, markets, sales channels, technologies and common cost opportunities. The segments are: RF Technology, Medical & Scientific Imaging, Industrial Technology and Energy Systems & Controls. The RF Technology segment provides comprehensive application management software, software-as-a-service applications and products and systems that utilize RFID communication technology. The Medical & Scientific Imaging segment offers medical products and software and high performance digital imaging products and software. Products included within the Industrial Technology segment are water and fluid handling pumps, flow measurement and metering equipment, industrial valves and controls, materials analysis equipment and consumables and industrial leak testing. The Energy Systems & Controls segment's products include control systems, equipment and consumables for fluid properties testing, vibration sensors and other non-destructive inspection and measurement products and services. Roper's management structure and internal reporting are aligned consistently with these four segments. There were no material transactions between Roper's business segments during 2017 , 2016 and 2015 . Sales between geographic areas are primarily of finished products and are accounted for at prices intended to represent third-party prices. Operating profit by business segment and by geographic area is defined as net revenues less operating costs and expenses. These costs and expenses do not include unallocated corporate administrative expenses. Items below income from operations on Roper's statement of earnings are not allocated to business segments. Identifiable assets are those assets used primarily in the operations of each business segment or geographic area. Corporate assets are principally comprised of cash and cash equivalents, deferred tax assets, recoverable insurance claims, deferred compensation assets and property and equipment. Selected financial information by business segment for 2017 , 2016 and 2015 follows (in thousands): RF Technology Medical & Scientific Imaging Industrial Technology Energy Systems & Controls Corporate Total 2017 Net revenues $ 1,862,126 $ 1,410,349 $ 783,707 $ 551,289 $ — $ 4,607,471 Operating profit 479,295 486,575 235,018 151,163 (141,807 ) 1,210,244 Assets: Operating assets 518,423 309,235 195,413 175,775 7,399 1,206,245 Intangible assets, net 6,660,898 4,590,768 499,490 544,375 — 12,295,531 Other 192,041 131,078 76,193 196,528 218,797 814,637 Total 14,316,413 Capital expenditures 20,079 18,791 5,707 3,155 1,020 48,752 Capitalized software expenditures 9,989 792 3 — — 10,784 Depreciation and other amortization 191,876 118,643 17,109 16,747 590 344,965 2016 Net revenues $ 1,210,264 $ 1,362,813 $ 706,625 $ 510,223 $ — $ 3,789,925 Operating profit 372,467 477,548 202,451 129,602 (127,505 ) 1,054,563 Assets: Operating assets 487,936 282,437 182,430 164,349 11,788 1,128,940 Intangible assets, net 6,634,964 4,660,298 493,924 513,799 — 12,302,985 Other 156,413 154,838 88,130 134,976 358,645 893,002 Total 14,324,927 Capital expenditures 11,536 16,098 6,590 2,218 863 37,305 Capitalized software expenditures 6 2,749 15 31 — 2,801 Depreciation and other amortization 82,653 119,248 18,573 19,701 278 240,453 2015 Net revenues $ 1,033,951 $ 1,215,318 $ 745,381 $ 587,745 $ — $ 3,582,395 Operating profit 312,112 441,931 214,538 162,128 (102,791 ) 1,027,918 Assets: Operating assets 293,004 265,520 182,544 194,898 9,080 945,046 Intangible assets, net 2,848,911 4,451,028 513,155 540,628 — 8,353,722 Other 117,596 121,461 67,832 113,014 449,694 869,597 Total 10,168,365 Capital expenditures 10,758 12,642 9,179 3,276 405 36,260 Capitalized software expenditures — 2,368 48 23 — 2,439 Depreciation and other amortization 56,877 105,928 19,912 21,254 290 204,261 Summarized data for Roper's U.S. and foreign operations (principally in Canada, Europe and Asia) for 2017 , 2016 and 2015 , based upon the country of origin of the Roper entity making the sale, was as follows (in thousands): United States Non-U.S. Eliminations Total 2017 Sales to unaffiliated customers $ 3,679,133 $ 928,338 $ — $ 4,607,471 Sales between geographic areas 133,193 187,765 (320,958 ) — Net revenues $ 3,812,326 $ 1,116,103 $ (320,958 ) $ 4,607,471 Long-lived assets $ 144,013 $ 31,431 $ — $ 175,444 2016 Sales to unaffiliated customers $ 2,978,496 $ 811,429 $ — $ 3,789,925 Sales between geographic areas 137,276 109,370 (246,646 ) — Net revenues $ 3,115,772 $ 920,799 $ (246,646 ) $ 3,789,925 Long-lived assets $ 145,996 $ 21,020 $ — $ 167,016 2015 Sales to unaffiliated customers $ 2,829,752 $ 752,643 $ — $ 3,582,395 Sales between geographic areas 135,363 119,006 (254,369 ) — Net revenues $ 2,965,115 $ 871,649 $ (254,369 ) $ 3,582,395 Long-lived assets $ 133,522 $ 21,960 $ — $ 155,482 Export sales from the U.S. during the years ended December 31, 2017 , 2016 and 2015 were $513 million , $460 million and $481 million , respectively. In the year ended December 31, 2017 , these exports were shipped primarily to Asia ( 34% ), Europe ( 21% ), Canada ( 17% ), Middle East ( 16% ) and other ( 12% ). Sales to customers outside the U.S. accounted for a significant portion of Roper's revenues. Sales are attributed to geographic areas based upon the location where the product is ultimately shipped. Roper's net revenues for the years ended December 31, 2017 , 2016 and 2015 are shown below by region, except for Canada, which is presented separately as it is the only country in which Roper has had greater than 4% of total revenues for any of the three years presented (in thousands): RF Technology Medical & Scientific Imaging Industrial Technology Energy Systems & Controls Total 2017 Canada $ 73,356 $ 23,501 $ 64,079 $ 26,171 $ 187,107 Europe 140,348 244,031 92,427 119,434 596,240 Asia 10,180 119,150 58,286 137,693 325,309 Middle East 61,356 11,051 4,833 35,238 112,478 Rest of the world 26,243 22,708 21,485 49,592 120,028 Total $ 311,483 $ 420,441 $ 241,110 $ 368,128 $ 1,341,162 2016 Canada $ 52,703 $ 21,993 $ 60,551 $ 22,360 $ 157,607 Europe 71,673 228,058 89,229 119,032 507,992 Asia 11,988 111,843 52,087 126,769 302,687 Middle East 50,605 10,107 2,997 37,491 101,200 Rest of the world 17,067 21,549 20,675 46,202 105,493 Total $ 204,036 $ 393,550 $ 225,539 $ 351,854 $ 1,174,979 2015 Canada $ 45,506 $ 23,737 $ 65,826 $ 23,883 $ 158,952 Europe 57,581 167,698 97,938 129,021 452,238 Asia 10,019 112,732 60,817 132,088 315,656 Middle East 54,165 15,877 4,220 50,227 124,489 Rest of the world 10,761 20,417 24,471 55,074 110,723 Total $ 178,032 $ 340,461 $ 253,272 $ 390,293 $ 1,162,058 |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of Risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash, trade receivables and unbilled receivables. The Company maintains cash with various major financial institutions around the world. The Company limits the amount of credit exposure with any one financial institution and believes that no significant concentration of credit risk exists with respect to cash balances. Trade and unbilled receivables subject the Company to the potential for credit risk with customers. To reduce credit risk, the Company performs ongoing evaluations of its customers' financial condition. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) 2017 Net revenues $ 1,086,305 $ 1,134,671 $ 1,159,912 $ 1,226,583 Gross profit 667,614 705,650 726,420 765,112 Income from operations 258,256 294,258 310,747 346,983 Net earnings 158,071 179,556 190,273 443,872 Earnings per share: Basic $ 1.55 $ 1.76 $ 1.86 4.33 Diluted $ 1.53 $ 1.74 $ 1.84 4.27 2016 Net revenues $ 902,423 $ 931,558 $ 945,144 $ 1,010,800 Gross profit 559,519 567,520 578,493 626,878 Income from operations 244,991 253,078 267,390 289,104 Net earnings 151,416 158,069 167,079 182,081 Earnings per share: Basic $ 1.50 $ 1.56 $ 1.65 $ 1.79 Diluted $ 1.48 $ 1.54 $ 1.63 $ 1.78 The sum of the four quarters may not agree with the total for the year due to rounding. |
Schedule II - Consolidated Valu
Schedule II - Consolidated Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Consolidated Valuation and Qualifying Accounts | ROPER TECHNOLOGIES, INC. AND SUBSIDIARIES Schedule II – Consolidated Valuation and Qualifying Accounts Years ended December 31, 2017 , 2016 and 2015 Balance at beginning of year Additions charged to costs and expenses Deductions Other Balance at end of year (in thousands) Allowance for doubtful accounts and sales allowances 2017 $ 14,489 $ 4,262 $ (5,919 ) $ (144 ) $ 12,688 2016 12,404 1,791 (2,794 ) 3,088 14,489 2015 13,694 1,536 (4,128 ) 1,302 12,404 Reserve for inventory obsolescence 2017 $ 37,233 $ 5,291 $ (6,331 ) $ 1,917 $ 38,110 2016 34,040 10,071 (6,540 ) (338 ) 37,233 2015 38,879 8,616 (9,049 ) (4,406 ) 34,040 Deductions from the allowance for doubtful accounts represented the net write-off of uncollectible accounts receivable. Deductions from the inventory obsolescence reserve represented the disposal of obsolete items. Other included the allowance for doubtful accounts and reserve for inventory obsolescence of acquired businesses at the dates of acquisition, the effects of foreign currency translation adjustments for those companies whose functional currency was not the U.S. dollar, reclassifications and other. |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - These financial statements present consolidated information for Roper Technologies, Inc. and its subsidiaries ("Roper," the "Company," "we," "our" or "us"). All significant intercompany accounts and transactions have been eliminated. |
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 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 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 interim or annual impairment tests performed on testing dates after January 1, 2017. The Company elected to early adopt this standard for it's annual goodwill impairment testing during the fourth quarter of 2017. The update did not have an impact on the Company's results of operations, financial position or cash flows. 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 position or cash flows. In March 2016, the FASB issued an update on stock compensation. The ASU simplifies several aspects of the accounting for employee share-based payment awards, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This standard is effective for annual reporting periods beginning after December 15, 2016. The Company elected to early adopt this standard on a prospective basis in the quarter ended March 31, 2016. The impact of the early adoption resulted in the following: • The Company recorded tax benefits of $15.3 million within income tax expense for the year ended December 31, 2016 related to the excess tax benefit on share-based awards. Prior to adoption this amount would have been recorded as a reduction of additional paid-in capital. This change adds volatility to the Company's effective tax rate. • The Company no longer reclassifies the excess tax benefit from operating activities to financing activities in the statement of cash flows. The Company elected to apply this change in presentation prospectively and thus prior periods have not been adjusted. • The Company elected not to change its policy on accounting for forfeitures and continued to estimate the total number of awards for which the requisite service period will not be rendered. • The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of its diluted earnings per share since adoption. This resulted in an increase in diluted weighted average common shares outstanding of 278,829 shares for the year ended December 31, 2016. In March 2016, the FASB issued an update amending the equity method of accounting, eliminating the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for the equity method as a result of an increase in the level of ownership or degree of influence. The amendments in the update, to be applied prospectively, are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company elected to early adopt on a prospective basis effective January 1, 2016. The update did not have a material impact on its results of operations, financial condition or cash flows. In September 2015, the FASB issued an update providing guidance to simplify the accounting for measurement period adjustments. This update, effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The Company adopted the update effective January 1, 2016. The update did not have a material impact on its results of operations, financial condition or cash flows. In April 2015, the FASB issued an update providing guidance to determine whether the fee paid by an entity for a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for consistently with the acquisition of other software licenses. A cloud computing arrangement that does not include a software license should be accounted for as a service contract. The update is effective for annual periods beginning after December 15, 2015, and may be adopted prospectively or retrospectively. The Company adopted the update prospectively effective January 1, 2016. The update did not have a material impact on its results of operations, financial condition or cash flows. In June 2014, the FASB issued an update to the accounting for stock compensation. This update, effective for fiscal years beginning after December 15, 2015, modifies the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Company adopted the update prospectively effective January 1, 2016. The update did not have a material impact on its results of operations, financial condition or cash flows. Recently Released Accounting Pronouncements 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. The 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. 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 completed its assessment to identify differences between the existing standard and new standard on its customer contracts. Based on this assessment, 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 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 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. |
Accounts Receivable | Accounts Receivable - Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $12.7 million and $14.5 million at December 31, 2017 and 2016 , respectively. Outstanding accounts receivable balances are reviewed periodically, and allowances are provided at such time that management believes it is probable that an account receivable is uncollectible. The returns and other sales credit allowance is an estimate of customer returns, exchanges, discounts or other forms of anticipated concessions and is treated as a reduction in revenue. |
Cash and Cash Equivalents | Cash and Cash Equivalents - Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents. |
Contingencies | Contingencies - Management continually assesses the probability of any adverse judgments or outcomes to its potential contingencies. Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. In the assessment of contingencies as of December 31, 2017 , management concluded that there were no matters for which there was a reasonable possibility of a material loss. |
Earnings per Share | Earnings per Share - Basic earnings per share were calculated using net earnings and the weighted-average number of shares of common stock outstanding during the respective year. Diluted earnings per share were calculated using net earnings and the weighted-average number of shares of common stock and potential common stock outstanding during the respective year. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper's senior subordinated convertible notes based upon the trading price of the Company's common stock. Effective January 1, 2016, Roper adopted the provisions of an accounting standards update on a prospective basis which increased the number of potentially dilutive stock options as there is no longer a tax benefit in the calculation of dilutive stock options. See the caption "Recent Accounting Pronouncements" elsewhere in this Note for additional information regarding the ASU. |
Estimates | Estimates - The preparation of financial statements in conformity with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions - Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at average exchange rates for the period in which those entities were included in Roper's financial results. Translation adjustments are reflected as a component of other comprehensive income. Foreign currency transaction gains and losses are recorded in the consolidated statement of earnings as other income/(expense). |
Goodwill and Other Intangibles | Goodwill and Other Intangibles - Roper accounts for goodwill in a purchase business combination as the excess of the cost over the estimated fair value of net assets acquired. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Goodwill, which is not amortized, is tested for impairment on an annual basis (or an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value). When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, then performance of the quantitative impairment test is required. The quantitative process utilizes both an income approach (discounted cash flows) and a market approach consisting of a comparable public company earnings multiples methodology to estimate the fair value of a reporting unit. To determine the reasonableness of the estimated fair values, the Company reviews the assumptions to ensure that neither the income approach nor the market approach provides significantly different valuations. If the estimated fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the estimated fair value, a non-cash impairment loss is recognized in the amount of that excess. When performing the quantitative assessment, key assumptions used in the income and market methodologies are updated when the analysis is performed for each reporting unit. Various assumptions are utilized including forecasted operating results, strategic plans, economic projections, anticipated future cash flows, the weighted-average cost of capital, comparable transactions, market data and earnings multiples. The assumptions that have the most significant effect on the fair value calculations are the anticipated future cash flows, discount rates, and the earnings multiples. While the Company uses reasonable and timely information to prepare its cash flow and discount rate assumptions, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances. Roper has 33 reporting units with individual goodwill amounts ranging from zero to $2.3 billion . In 2017, the Company performed its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying amount. The Company determined that impairment of goodwill was not likely in 31 of its reporting units and thus was not required to perform a quantitative analysis for these reporting units. For the remaining two reporting units, the Company performed its quantitative analysis and concluded that the fair value of each of these two reporting units was substantially in excess of its carrying value, with no impairment indicated as of October 1, 2017. Recently acquired reporting units generally represent a higher inherent risk of impairment, which typically decreases as the businesses are integrated into the enterprise. Negative industry or economic trends, disruptions to its business, actual results significantly below expected results, unexpected significant changes or planned changes in the use of the assets, divestitures and market capitalization declines may have a negative effect on the fair value of Roper's reporting units. The following events or circumstances, although not comprehensive, would be considered to determine whether interim testing of goodwill would be required: • a significant adverse change in legal factors or in the business climate; • an adverse action or assessment by a regulator; • unanticipated competition; • a loss of key personnel; • a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of; • the testing for recoverability under the Impairment or Disposal of Long-Lived Assets of a significant asset group within a reporting unit; and • recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Trade names that are determined to have an indefinite useful economic life are not amortized, but separately tested for impairment during the fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more likely than not below the carrying value. Roper first qualitatively assesses whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of an indefinite-lived trade name is less than its carrying amount. If necessary, Roper conducts a quantitative review using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. The fair value of each trade name is determined by applying a royalty rate to a projection of net revenues discounted using a risk adjusted rate of capital. Each royalty rate is determined based on the profitability of the trade name to which it relates and observed market royalty rates. Revenue growth rates are determined after considering current and future economic conditions, recent sales trends, discussions with customers, planned timing of new product launches or other variables. Trade names resulting from recent acquisitions generally represent the highest risk of impairment, which typically decreases as the businesses are integrated into Roper's enterprise. The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management uses to operate the underlying businesses, there is significant judgment in determining the expected results attributable to the reporting units. Changes in estimates or the application of alternative assumptions could produce significantly different results. No impairment resulted from the annual testing performed in 2017 . Roper evaluates whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or of the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset's carrying amount to determine if a write-down to fair value or a revision in the remaining amortization period is required. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - The Company determines whether there has been an impairment of long-lived assets, excluding goodwill and identifiable intangible assets that are determined to have indefinite useful economic lives, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or life of any long-lived assets may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset's carrying amount to determine if a write-down to fair value or revision to remaining life is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets' current carrying value, thereby possibly requiring an impairment charge or acceleration of depreciation or amortization expense in the future. |
Income Taxes | Income Taxes - The Company recognizes in the consolidated financial statements only those tax positions determined to be "more likely than not" of being sustained upon examination based on the technical merits of the positions. Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense. The Company records a valuation allowance to reduce its deferred tax assets if, based on the weight of available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of such deferred tax assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required includes, but is not limited to, the Company’s estimate of future taxable income and any applicable tax-planning strategies. Certain assets and liabilities have different bases for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the enacted tax rates expected to be paid. |
Interest Rate Risk | Interest Rate Risk - The Company manages interest rate risk by maintaining a combination of fixed- and variable-rate debt, which may include interest rate swaps to convert fixed-rate debt to variable-rate debt, or to convert variable-rate debt to fixed-rate debt. Interest rate swaps are recorded at fair value in the balance sheet as an asset or liability, and the changes in fair values of both the swap and the hedged item are recorded as interest expense in current earnings. There were no interest rate swaps outstanding at December 31, 2017 or December 31, 2016 . |
Inventories | Inventories - Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. The Company writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. |
Other Comprehensive Income | Other Comprehensive Income - Comprehensive income includes net earnings and all other non-owner sources of changes in a company's net assets. |
Product Warranties | Product Warranties - The Company sells certain of its products to customers with a product warranty that allows customers to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, repair at no cost to the customer or the issuance of a credit to the customer. The Company accrues its estimated exposure to warranty claims based upon current and historical product sales data, warranty costs incurred and any other related information known to the Company. |
Property, Plant and Equipment and Depreciation and Amortization | Property, Plant and Equipment and Depreciation and Amortization - Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows: Buildings 20-30 years Machinery 8-12 years Other equipment 3-5 years |
Research and Development Disclosure | Research and Development - Research and development ("R&D") costs include salaries and benefits, rents, supplies, and other costs related to products under development. |
Revenue Recognition | Revenue Recognition - The Company recognizes revenue when all of the following criteria are met: • persuasive evidence of an arrangement exists; • delivery has occurred or services have been rendered; • the seller's price to the buyer is fixed or determinable; and • collectibility is reasonably assured. In addition, the Company recognizes revenue from the sale of product when title and risk of loss pass to the customer, which is generally when product is shipped. The Company recognizes revenue from services when such services are rendered or, if applicable, upon customer acceptance. Revenues under certain relatively long-term and relatively large-value construction and software projects are recognized under the percentage-of-completion method using the ratio of costs incurred to total estimated costs as the measure of performance. The Company recognized revenues of $249 million , $241 million and $253 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, using this method. Estimated losses on any projects are recognized as soon as such losses become known. |
Capitalized Software | Capitalized Software - The Company accounts for capitalized software under applicable accounting guidance which, among other provisions, requires capitalization of certain internal-use software costs once certain criteria are met. Overhead, general and administrative and training costs are not capitalized. |
Stock-Based Compensation | Stock-Based Compensation - The Company recognizes expense for the grant date fair value of its employee stock awards on a straight-line basis (or, in the case of performance-based awards, on a graded basis) over the employee's requisite service period (generally the vesting period of the award). The fair value of option awards is estimated using the Black-Scholes option valuation model. |
Summary of Accounting Policie26
Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Diluted Shares Outstanding | The effects of potential common stock were determined using the treasury stock method (in thousands): Years ended December 31, 2017 2016 2015 Basic weighted-average shares outstanding 102,168 101,291 100,616 Effect of potential common stock: Common stock awards 1,354 1,126 887 Senior subordinated convertible notes — 47 94 Diluted weighted-average shares outstanding 103,522 102,464 101,597 |
Property, Plant and Equipment Table | Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows: Buildings 20-30 years Machinery 8-12 years Other equipment 3-5 years The components of property, plant and equipment at December 31 were as follows (in thousands): 2017 2016 Land $ 2,471 $ 2,404 Buildings 90,683 88,201 Machinery and other equipment 226,320 221,325 Computer equipment 77,508 70,110 Software 62,387 54,451 459,369 436,491 Accumulated depreciation (316,834 ) (295,173 ) $ 142,535 $ 141,318 |
Business Acquisitions and Div27
Business Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table (in thousands) summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition. Accounts receivable $ 94,506 Other current assets 37,558 Identifiable intangibles 972,000 Goodwill 2,234,549 Other assets 43,098 Total assets acquired 3,381,711 Deferred revenue 166,393 Other current liabilities 57,433 Long-term deferred tax liability 349,810 Other liabilities 7,935 Net assets acquired $ 2,800,140 |
Pro Forma Information | The following unaudited pro forma summary presents consolidated information as if the acquisition of Deltek had occurred on January 1, 2015 (amounts in millions, except per share data): Pro forma Year ended December 31, 2016 2015 Net revenues $ 4,268,052 $ 4,012,030 Net income 656,404 647,089 Earnings per share, basic 6.48 6.43 Earnings per share, diluted 6.41 6.37 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | The components of inventories at December 31 were as follows (in thousands): 2017 2016 Raw materials and supplies $ 132,949 $ 113,632 Work in process 27,649 24,290 Finished products 82,445 81,263 Inventory reserves (38,110 ) (37,233 ) $ 204,933 $ 181,952 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Table | Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows: Buildings 20-30 years Machinery 8-12 years Other equipment 3-5 years The components of property, plant and equipment at December 31 were as follows (in thousands): 2017 2016 Land $ 2,471 $ 2,404 Buildings 90,683 88,201 Machinery and other equipment 226,320 221,325 Computer equipment 77,508 70,110 Software 62,387 54,451 459,369 436,491 Accumulated depreciation (316,834 ) (295,173 ) $ 142,535 $ 141,318 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of 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, 2015 $ 1,993,299 $ 3,039,197 $ 374,033 $ 418,197 $ 5,824,726 Goodwill acquired 2,710,223 166,768 — — 2,876,991 Currency translation adjustments (15,118 ) (19,100 ) (10,055 ) (7,774 ) (52,047 ) Reclassifications and other (734 ) (1,794 ) — — (2,528 ) Balances at December 31, 2016 $ 4,687,670 $ 3,185,071 $ 363,978 $ 410,423 $ 8,647,142 Goodwill acquired 63,490 — — 19,169 82,659 Currency translation adjustments 19,337 17,582 13,540 8,395 58,854 Reclassifications and other 28,394 3,264 — — 31,658 Balances at December 31, 2017 $ 4,798,891 $ 3,205,917 $ 377,518 $ 437,987 $ 8,820,313 |
Other Intangible Assets | Other intangible assets were comprised of (in thousands): Cost Accum. amort. 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 $ 3,355,232 $ (913,680 ) $ 2,441,552 Unpatented technology 544,046 (207,678 ) 336,368 Software 184,703 (84,825 ) 99,878 Patents and other protective rights 26,090 (22,729 ) 3,361 Trade names 6,635 (1,731 ) 4,904 Assets not subject to amortization: Trade names 587,737 — 587,737 In process research and development 1,418 — 1,418 Balances at December 31, 2017 $ 4,705,861 $ (1,230,643 ) $ 3,475,218 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued liabilities at December 31 were as follows (in thousands): 2017 2016 Interest $ 20,060 $ 21,742 Customer deposits 29,236 16,707 Commissions 8,341 9,144 Warranty 10,587 10,548 Accrued dividend 42,921 36,077 Rebates 29,996 19,414 Billings in excess of cost 23,284 12,381 Other 102,149 93,326 $ 266,574 $ 219,339 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Earnings Before Income Taxes | Earnings before income taxes for the years ended December 31, 2017 , 2016 and 2015 consisted of the following components (in thousands): 2017 2016 2015 United States $ 783,654 $ 721,000 $ 710,614 Other 251,069 219,652 291,731 $ 1,034,723 $ 940,652 $ 1,002,345 |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Current: Federal $ 316,031 $ 239,217 $ 229,224 State 29,768 21,779 22,041 Foreign 89,894 54,937 71,507 Deferred: Federal (358,300 ) (26,760 ) 6,710 State (3,670 ) 189 (16,844 ) Foreign (10,772 ) (7,355 ) (6,360 ) $ 62,951 $ 282,007 $ 306,278 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2017 , 2016 and 2015 were as follows: 2017 2016 2015 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign rate differential (2.6 ) (3.2 ) (3.3 ) R&D tax credits (0.8 ) (0.7 ) (0.5 ) State taxes, net of federal benefit 1.9 1.9 2.0 Section 199 deduction (1.3 ) (1.5 ) (1.3 ) Stock-based compensation (3.9 ) (1.6 ) — Tax Cuts and Jobs Act of 2017 (20.8 ) — — Other, net (1.4 ) 0.1 (1.3 ) 6.1 % 30.0 % 30.6 % |
Schedule of Deferred Tax Assets and Liabilities | Components of the deferred tax assets and liabilities at December 31 were as follows (in thousands): 2017 2016 Deferred tax assets: Reserves and accrued expenses $ 121,509 $ 186,120 Inventories 5,094 8,967 Net operating loss carryforwards 71,774 87,010 R&D credits 9,570 7,933 Foreign tax credits — 9,203 Valuation allowance (25,690 ) (26,009 ) Total deferred tax assets $ 182,257 $ 273,224 Deferred tax liabilities: Reserves and accrued expenses $ 39,566 $ 13,915 Amortizable intangible assets 935,874 1,400,792 Plant and equipment 5,748 6,102 Total deferred tax liabilities $ 981,188 $ 1,420,809 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): 2017 2016 2015 Beginning balance $ 38,678 $ 26,140 $ 28,567 Additions for tax positions of prior periods 24,804 3,450 3,525 Additions for tax positions of the current period 4,174 9,012 3,299 Additions due to acquisitions — 5,049 6,177 Reductions for tax positions of prior periods (11,162 ) (1,165 ) (12,206 ) Reductions attributable to settlements with taxing authorities (1,536 ) (568 ) (142 ) Reductions attributable to lapses of applicable statute of limitations (2,769 ) (3,240 ) (3,080 ) Ending balance $ 52,189 $ 38,678 $ 26,140 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Total debt at December 31 consisted of the following (in thousands): 2017 2016 2016 Facility $ 1,270,000 $ 1,930,000 $400 million 1.850% senior notes due 2017 — 400,000 $800 million 2.050% senior notes due 2018 800,000 800,000 $500 million 6.250% senior notes due 2019 500,000 500,000 $600 million 3.000% senior notes due 2020 600,000 600,000 $500 million 2.800% senior notes due 2021 500,000 500,000 $500 million 3.125% senior notes due 2022 500,000 500,000 $300 million 3.850% senior notes due 2025 300,000 300,000 $700 million 3.800% senior notes due 2026 700,000 700,000 Other 3,149 2,989 Less unamortized debt issuance costs (17,594 ) (23,453 ) Total debt 5,155,555 6,209,536 Less current portion, net of issuance costs 800,944 400,975 Long-term debt $ 4,354,611 $ 5,808,561 |
Future Maturities of Long-Term Debt | Future maturities of total debt during each of the next five years ending December 31 and thereafter were as follows (in thousands): 2018 $ 801,503 2019 501,061 2020 600,529 2021 1,770,047 2022 500,009 Thereafter 1,000,000 Total $ 5,173,149 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Debt | Roper's debt at December 31, 2017 included $3.9 billion of fixed-rate senior notes with the following fair values (in millions): $800 million 2.050% senior notes due 2018 800 $500 million 6.250% senior notes due 2019 531 $600 million 3.000% senior notes due 2020 608 $500 million 2.800% senior notes due 2021 501 $500 million 3.125% senior notes due 2022 505 $300 million 3.850% senior notes due 2025 311 $700 million 3.800% senior notes due 2026 723 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense | Stock based compensation expense for the years ended December 31, 2017 , 2016 and 2015 was as follows (in millions): 2017 2016 2015 Stock based compensation $ 83.1 $ 78.8 $ 61.8 Tax benefit recognized in net earnings 29.1 27.6 21.6 Windfall tax benefit, net — — 22.2 |
Weighted-Average Assumptions of Stock-Based Compensation | The weighted-average fair value of options granted in 2017 , 2016 and 2015 were calculated using the following weighted-average assumptions: 2017 2016 2015 Weighted-average fair value ($) 40.87 34.57 33.98 Risk-free interest rate (%) 2.03 1.44 1.53 Average expected option life (years) 5.26 5.20 5.10 Expected volatility (%) 18.74 21.35 22.17 Expected dividend yield (%) 0.67 0.70 0.62 |
Stock-Based Compensation Activity | The following table summarizes the Company's activities with respect to its share-based compensation plans for the years ended December 31, 2017 and 2016 : Number of shares Weighted-average exercise price per share Weighted-average contractual term Aggregate intrinsic value Outstanding at January 1, 2016 3,117,616 $ 104.54 Granted 743,250 172.23 Exercised (371,853 ) 75.23 Canceled (69,416 ) 159.97 Outstanding at December 31, 2016 3,419,597 121.31 6.15 $ 211,369,740 Granted 608,598 210.56 Exercised (644,610 ) 95.14 Canceled (187,721 ) 170.75 Outstanding at December 31, 2017 3,195,864 140.68 6.09 $ 368,589,147 Exercisable at December 31, 2017 1,766,869 $ 103.48 4.12 $ 269,474,477 |
Schedule of Stock-Based Compensation by Exercise Price Range | The following table summarizes information for stock options outstanding at December 31, 2017 : Outstanding options Exercisable options Exercise price Number Average exercise price Average remaining life (years) Number Average exercise price $40.57 - 52.37 147,840 $ 47.38 1.7 147,840 $ 47.38 52.37 - 78.56 500,259 61.18 1.2 500,259 61.18 78.56 - 104.75 172,777 93.83 4.1 172,777 93.83 104.75 - 130.94 342,805 117.51 5.2 342,805 117.51 130.94 - 157.12 481,652 139.21 6.4 430,101 138.27 157.12 - 183.31 870,883 169.61 7.8 151,337 166.74 183.31 - 209.50 225,450 187.64 8.7 21,750 185.47 209.50 - 235.68 434,398 215.02 9.3 — — 235.68 - 261.87 19,800 253.01 9.8 — — $40.57 - 261.87 3,195,864 $ 140.68 6.1 1,766,869 $ 103.48 |
Schedule of Nonvested Restricted Stock Awards Activity | A summary of the Company's nonvested shares activity for 2017 and 2016 is as follows: Number of shares Weighted-average grant date fair value Nonvested at December 31, 2015 709,275 $ 146.64 Granted 555,730 172.67 Vested (287,233 ) 141.27 Forfeited (25,100 ) 139.56 Nonvested at December 31, 2016 952,672 $ 164.62 Granted 410,267 205.88 Vested (387,452 ) 155.95 Forfeited (116,491 ) 173.53 Nonvested at December 31, 2017 858,996 $ 187.01 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Loss Contingency [Abstract] | |
Future Minimum Property Lease Commitments | Roper's future minimum property lease commitments are as follows (in millions): 2018 $ 54.3 2019 44.7 2020 39.6 2021 34.6 2022 25.7 Thereafter 58.0 Total $ 256.9 |
Warranty Accrual Activity | A summary of the Company's warranty accrual activity is presented below (in thousands): 2017 2016 2015 Balance, beginning of year $ 10,548 $ 10,183 $ 9,537 Additions charged to costs and expenses 10,820 15,950 14,284 Deductions (11,170 ) (15,513 ) (13,059 ) Other 389 (72 ) (579 ) Balance, end of year $ 10,587 $ 10,548 $ 10,183 |
Segment and Geographic Area I37
Segment and Geographic Area Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Selected financial information by business segment for 2017 , 2016 and 2015 follows (in thousands): RF Technology Medical & Scientific Imaging Industrial Technology Energy Systems & Controls Corporate Total 2017 Net revenues $ 1,862,126 $ 1,410,349 $ 783,707 $ 551,289 $ — $ 4,607,471 Operating profit 479,295 486,575 235,018 151,163 (141,807 ) 1,210,244 Assets: Operating assets 518,423 309,235 195,413 175,775 7,399 1,206,245 Intangible assets, net 6,660,898 4,590,768 499,490 544,375 — 12,295,531 Other 192,041 131,078 76,193 196,528 218,797 814,637 Total 14,316,413 Capital expenditures 20,079 18,791 5,707 3,155 1,020 48,752 Capitalized software expenditures 9,989 792 3 — — 10,784 Depreciation and other amortization 191,876 118,643 17,109 16,747 590 344,965 2016 Net revenues $ 1,210,264 $ 1,362,813 $ 706,625 $ 510,223 $ — $ 3,789,925 Operating profit 372,467 477,548 202,451 129,602 (127,505 ) 1,054,563 Assets: Operating assets 487,936 282,437 182,430 164,349 11,788 1,128,940 Intangible assets, net 6,634,964 4,660,298 493,924 513,799 — 12,302,985 Other 156,413 154,838 88,130 134,976 358,645 893,002 Total 14,324,927 Capital expenditures 11,536 16,098 6,590 2,218 863 37,305 Capitalized software expenditures 6 2,749 15 31 — 2,801 Depreciation and other amortization 82,653 119,248 18,573 19,701 278 240,453 2015 Net revenues $ 1,033,951 $ 1,215,318 $ 745,381 $ 587,745 $ — $ 3,582,395 Operating profit 312,112 441,931 214,538 162,128 (102,791 ) 1,027,918 Assets: Operating assets 293,004 265,520 182,544 194,898 9,080 945,046 Intangible assets, net 2,848,911 4,451,028 513,155 540,628 — 8,353,722 Other 117,596 121,461 67,832 113,014 449,694 869,597 Total 10,168,365 Capital expenditures 10,758 12,642 9,179 3,276 405 36,260 Capitalized software expenditures — 2,368 48 23 — 2,439 Depreciation and other amortization 56,877 105,928 19,912 21,254 290 204,261 |
Sales and Long-Lived Assets by Country of Origin | Summarized data for Roper's U.S. and foreign operations (principally in Canada, Europe and Asia) for 2017 , 2016 and 2015 , based upon the country of origin of the Roper entity making the sale, was as follows (in thousands): United States Non-U.S. Eliminations Total 2017 Sales to unaffiliated customers $ 3,679,133 $ 928,338 $ — $ 4,607,471 Sales between geographic areas 133,193 187,765 (320,958 ) — Net revenues $ 3,812,326 $ 1,116,103 $ (320,958 ) $ 4,607,471 Long-lived assets $ 144,013 $ 31,431 $ — $ 175,444 2016 Sales to unaffiliated customers $ 2,978,496 $ 811,429 $ — $ 3,789,925 Sales between geographic areas 137,276 109,370 (246,646 ) — Net revenues $ 3,115,772 $ 920,799 $ (246,646 ) $ 3,789,925 Long-lived assets $ 145,996 $ 21,020 $ — $ 167,016 2015 Sales to unaffiliated customers $ 2,829,752 $ 752,643 $ — $ 3,582,395 Sales between geographic areas 135,363 119,006 (254,369 ) — Net revenues $ 2,965,115 $ 871,649 $ (254,369 ) $ 3,582,395 Long-lived assets $ 133,522 $ 21,960 $ — $ 155,482 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Roper's net revenues for the years ended December 31, 2017 , 2016 and 2015 are shown below by region, except for Canada, which is presented separately as it is the only country in which Roper has had greater than 4% of total revenues for any of the three years presented (in thousands): RF Technology Medical & Scientific Imaging Industrial Technology Energy Systems & Controls Total 2017 Canada $ 73,356 $ 23,501 $ 64,079 $ 26,171 $ 187,107 Europe 140,348 244,031 92,427 119,434 596,240 Asia 10,180 119,150 58,286 137,693 325,309 Middle East 61,356 11,051 4,833 35,238 112,478 Rest of the world 26,243 22,708 21,485 49,592 120,028 Total $ 311,483 $ 420,441 $ 241,110 $ 368,128 $ 1,341,162 2016 Canada $ 52,703 $ 21,993 $ 60,551 $ 22,360 $ 157,607 Europe 71,673 228,058 89,229 119,032 507,992 Asia 11,988 111,843 52,087 126,769 302,687 Middle East 50,605 10,107 2,997 37,491 101,200 Rest of the world 17,067 21,549 20,675 46,202 105,493 Total $ 204,036 $ 393,550 $ 225,539 $ 351,854 $ 1,174,979 2015 Canada $ 45,506 $ 23,737 $ 65,826 $ 23,883 $ 158,952 Europe 57,581 167,698 97,938 129,021 452,238 Asia 10,019 112,732 60,817 132,088 315,656 Middle East 54,165 15,877 4,220 50,227 124,489 Rest of the world 10,761 20,417 24,471 55,074 110,723 Total $ 178,032 $ 340,461 $ 253,272 $ 390,293 $ 1,162,058 |
Quarterly Financial Data (una38
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) 2017 Net revenues $ 1,086,305 $ 1,134,671 $ 1,159,912 $ 1,226,583 Gross profit 667,614 705,650 726,420 765,112 Income from operations 258,256 294,258 310,747 346,983 Net earnings 158,071 179,556 190,273 443,872 Earnings per share: Basic $ 1.55 $ 1.76 $ 1.86 4.33 Diluted $ 1.53 $ 1.74 $ 1.84 4.27 2016 Net revenues $ 902,423 $ 931,558 $ 945,144 $ 1,010,800 Gross profit 559,519 567,520 578,493 626,878 Income from operations 244,991 253,078 267,390 289,104 Net earnings 151,416 158,069 167,079 182,081 Earnings per share: Basic $ 1.50 $ 1.56 $ 1.65 $ 1.79 Diluted $ 1.48 $ 1.54 $ 1.63 $ 1.78 |
Summary of Accounting Policie39
Summary of Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)reporting_unitshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Summary Of Accounting Policies [Line Items] | |||
Income tax benefit | $ (62,951,000) | $ (282,007,000) | $ (306,278,000) |
Allowance for doubtful accounts receivable and sales returns and allowances net current | 12,700,000 | 14,500,000 | |
Cash equivalents | $ 0 | $ 0 | |
Antidilutive securities excluded from computation of earnings per share, amount | shares | 477,898 | 1,144,350 | 618,220 |
Foreign currency transaction gain (loss), before tax | $ (1,400,000) | $ (2,900,000) | $ (700,000) |
Number of reporting units | reporting_unit | 33 | ||
Goodwill | $ 8,820,313,000 | 8,647,142,000 | 5,824,726,000 |
Number of reporting units not requiring goodwill impairment | reporting_unit | 31 | ||
Number of reporting units requiring goodwill impairment | reporting_unit | 2 | ||
Research and development expense | $ 281,100,000 | 195,400,000 | 164,200,000 |
Contracts revenue percentage of completion | 249,000,000 | 241,000,000 | $ 253,000,000 |
Capitalized computer software, net | 14,000,000 | 4,400,000 | |
Minimum | |||
Summary Of Accounting Policies [Line Items] | |||
Goodwill | 0 | ||
Maximum | |||
Summary Of Accounting Policies [Line Items] | |||
Goodwill | $ 2,300,000,000 | ||
Adjustments for New Accounting Principle, Early Adoption | |||
Summary Of Accounting Policies [Line Items] | |||
Income tax benefit | $ 15,300,000 | ||
Weighted average number diluted shares outstanding adjustment | shares | 278,829 |
Summary of Accounting Policie40
Summary of Accounting Policies - Schedule of Weighted Average Diluted Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Basic weighted-average shares outstanding | 102,168 | 101,291 | 100,616 |
Common stock awards (in shares) | 1,354 | 1,126 | 887 |
Senior subordinated convertible notes (in shares) | 0 | 47 | 94 |
Diluted weighted-average shares outstanding | 103,522 | 102,464 | 101,597 |
Summary of Accounting Policie41
Summary of Accounting Policies - Property, Plant and Equipment Table (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 30 years |
Machinery | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 8 years |
Machinery | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 12 years |
Other equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Other equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Business Acquisitions and Div42
Business Acquisitions and Divestitures (Details) $ / shares in Units, $ in Thousands, € in Millions | May 15, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 27, 2016USD ($) | Oct. 02, 2015USD ($) | Oct. 02, 2015USD ($) | Dec. 31, 2017USD ($)acquisition | Dec. 31, 2016USD ($)business | Dec. 31, 2015USD ($)business | Nov. 17, 2017$ / shares | Sep. 15, 2017 | Aug. 04, 2017 | Oct. 31, 2016 | Apr. 01, 2016 | Jan. 07, 2016 | Oct. 26, 2015 | Oct. 21, 2015 | Oct. 02, 2015EUR (€) | Oct. 02, 2015USD ($) | Sep. 01, 2015 | Jul. 20, 2015 | Mar. 04, 2015 | Feb. 09, 2015 | Jan. 21, 2015 |
Business Acquisition [Line Items] | |||||||||||||||||||||||
Number of businesses acquired | 4 | 6 | |||||||||||||||||||||
Consideration transferred | $ 152,000 | ||||||||||||||||||||||
Goodwill acquired | 82,659 | $ 2,876,991 | |||||||||||||||||||||
Identifiable intangibles | 85,000 | ||||||||||||||||||||||
Goodwill | $ 8,647,142 | 8,820,313 | 8,647,142 | $ 5,824,726 | |||||||||||||||||||
Acquisition-related Costs | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Pro forma earnings | $ 47,400 | ||||||||||||||||||||||
Energy Systems & Controls | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Consideration received on disposal | $ 10,400 | ||||||||||||||||||||||
Gain on disposal | $ 9,400 | ||||||||||||||||||||||
Abel Pumps LP | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Consideration received on disposal | € 95 | $ 106,000 | |||||||||||||||||||||
Gain on disposal | $ 70,900 | ||||||||||||||||||||||
Tax expense related to gain on disposal group | 46,000 | ||||||||||||||||||||||
Future tax benefit related to sale of disposal group | $ 11,000 | ||||||||||||||||||||||
Year to date income of disposal group prior to disposal | $ 5,900 | ||||||||||||||||||||||
Customer related intangibles | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Finite-lived intangibles | $ 68,000 | ||||||||||||||||||||||
Weighted average useful life of finite-lived intangible assets | 15 years | ||||||||||||||||||||||
Unpatented technology | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Finite-lived intangibles | $ 13,000 | ||||||||||||||||||||||
Weighted average useful life of finite-lived intangible assets | 6 years | ||||||||||||||||||||||
Handshake Software, Inc. | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
Workbook Software A/S | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
Onvia | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
Share price | $ / shares | $ 9 | ||||||||||||||||||||||
Deltek | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Consideration transferred | $ 2,800,000 | ||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
Identifiable intangibles | $ 972,000 | $ 972,000 | |||||||||||||||||||||
Finite-lived intangibles | $ 765,000 | ||||||||||||||||||||||
Weighted average useful life of finite-lived intangible assets | 12 years | ||||||||||||||||||||||
Indefinite-lived intangible assets | $ 145,000 | ||||||||||||||||||||||
Transaction costs | 4,300 | ||||||||||||||||||||||
Revenue of acquiree since acquisition date | 7,900 | ||||||||||||||||||||||
Earnings or loss of acquiree since acquisition date | 800 | ||||||||||||||||||||||
Goodwill | $ 2,234,549 | ||||||||||||||||||||||
Deltek | Customer related intangibles | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Finite-lived intangibles | $ 625,000 | ||||||||||||||||||||||
Weighted average useful life of finite-lived intangible assets | 13 years | ||||||||||||||||||||||
Deltek | Unpatented technology | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Finite-lived intangibles | $ 140,000 | ||||||||||||||||||||||
Weighted average useful life of finite-lived intangible assets | 6 years | ||||||||||||||||||||||
Deltek | In process research and development | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Finite-lived intangibles | $ 62,000 | ||||||||||||||||||||||
Series of Individually Immaterial Business Acquisitions | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Number of businesses acquired | business | 5 | 8 | |||||||||||||||||||||
Consideration transferred | $ 920,000 | $ 1,800,000 | |||||||||||||||||||||
Identifiable intangibles | 372,000 | 372,000 | 731,000 | ||||||||||||||||||||
Finite-lived intangibles | 338,000 | $ 338,000 | $ 680,000 | ||||||||||||||||||||
Weighted average useful life of finite-lived intangible assets | 12 years | 17 years | |||||||||||||||||||||
Indefinite-lived intangible assets | 34,000 | $ 34,000 | $ 51,000 | ||||||||||||||||||||
Transaction costs | 4,200 | 4,200 | 5,900 | ||||||||||||||||||||
Goodwill | 642,000 | 642,000 | 1,200,000 | ||||||||||||||||||||
Series of Individually Immaterial Business Acquisitions | Customer related intangibles | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Finite-lived intangibles | 242,000 | $ 242,000 | $ 541,000 | ||||||||||||||||||||
Weighted average useful life of finite-lived intangible assets | 14 years | 19 years | |||||||||||||||||||||
Series of Individually Immaterial Business Acquisitions | Unpatented technology | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Finite-lived intangibles | 66,000 | $ 66,000 | $ 100,000 | ||||||||||||||||||||
Weighted average useful life of finite-lived intangible assets | 6 years | 8 years | |||||||||||||||||||||
Series of Individually Immaterial Business Acquisitions | Software | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Finite-lived intangibles | $ 30,000 | $ 30,000 | $ 39,000 | ||||||||||||||||||||
Weighted average useful life of finite-lived intangible assets | 9 years | 6 years | |||||||||||||||||||||
CliniSys | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
GeneInsight Inc. | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
ConstructConnect | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
Strata | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
Softwriters Inc. | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
Data Innovations LLC | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
Atlas | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
On Center | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
RF IDeas, Inc. | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||||||||||||||
Aderant | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% |
Business Acquisitions and Div43
Business Acquisitions and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 27, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Identifiable intangibles | $ 85,000 | |||
Goodwill | 8,820,313 | $ 8,647,142 | $ 5,824,726 | |
Deltek | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 94,506 | |||
Other current assets | 37,558 | |||
Identifiable intangibles | $ 972,000 | 972,000 | ||
Goodwill | 2,234,549 | |||
Other assets | 43,098 | |||
Total assets acquired | 3,381,711 | |||
Deferred revenue | 166,393 | |||
Other current liabilities | 57,433 | |||
Long-term deferred tax liability | 349,810 | |||
Other liabilities | 7,935 | |||
Net assets acquired | $ 2,800,140 |
Business Acquisitions and Div44
Business Acquisitions and Divestitures - Pro Forma Information (Details) - Deltek - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Net revenues | $ 4,268,052 | $ 4,012,030 |
Net income | $ 656,404 | $ 647,089 |
Earnings per share, basic (in dollars per share) | $ 6.48 | $ 6.43 |
Earnings per share, diluted (in dollars per share) | $ 6.41 | $ 6.37 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Raw materials and supplies | $ 132,949 | $ 113,632 |
Work in process | 27,649 | 24,290 |
Finished products | 82,445 | 81,263 |
Inventory reserves | (38,110) | (37,233) |
Total Inventory | $ 204,933 | $ 181,952 |
Property, Plant and Equipment46
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 459,369 | $ 436,491 | |
Accumulated depreciation | (316,834) | (295,173) | |
Property, plant and equipment, net | 142,535 | 141,318 | |
Depreciation expense | 49,513 | 37,299 | $ 38,185 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,471 | 2,404 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 90,683 | 88,201 | |
Machinery and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 226,320 | 221,325 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 77,508 | 70,110 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 62,387 | $ 54,451 |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Beginning balances | $ 8,647,142 | $ 5,824,726 |
Goodwill acquired | 82,659 | 2,876,991 |
Currency translation adjustments | 58,854 | (52,047) |
Reclassifications and other | 31,658 | (2,528) |
Ending balances | 8,820,313 | 8,647,142 |
RF Technology | ||
Goodwill [Roll Forward] | ||
Beginning balances | 4,687,670 | 1,993,299 |
Goodwill acquired | 63,490 | 2,710,223 |
Currency translation adjustments | 19,337 | (15,118) |
Reclassifications and other | 28,394 | (734) |
Ending balances | 4,798,891 | 4,687,670 |
Medical & Scientific Imaging | ||
Goodwill [Roll Forward] | ||
Beginning balances | 3,185,071 | 3,039,197 |
Goodwill acquired | 0 | 166,768 |
Currency translation adjustments | 17,582 | (19,100) |
Reclassifications and other | 3,264 | (1,794) |
Ending balances | 3,205,917 | 3,185,071 |
Industrial Technology | ||
Goodwill [Roll Forward] | ||
Beginning balances | 363,978 | 374,033 |
Goodwill acquired | 0 | 0 |
Currency translation adjustments | 13,540 | (10,055) |
Reclassifications and other | 0 | 0 |
Ending balances | 377,518 | 363,978 |
Energy Systems & Controls | ||
Goodwill [Roll Forward] | ||
Beginning balances | 410,423 | 418,197 |
Goodwill acquired | 19,169 | 0 |
Currency translation adjustments | 8,395 | (7,774) |
Reclassifications and other | 0 | 0 |
Ending balances | $ 437,987 | $ 410,423 |
Goodwill and Other Intangible48
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 4,705,861 | $ 4,590,520 |
Accum. amort. | (1,230,643) | (934,677) |
Net book value | 3,475,218 | 3,655,843 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets not subject to amortization: | 587,737 | 578,279 |
In process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Assets not subject to amortization: | 1,418 | 62,000 |
Customer related intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 3,355,232 | 3,272,081 |
Accum. amort. | (913,680) | (712,718) |
Net book value | 2,441,552 | 2,559,363 |
Unpatented technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 544,046 | 462,152 |
Accum. amort. | (207,678) | (144,025) |
Net book value | 336,368 | 318,127 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 184,703 | 184,761 |
Accum. amort. | (84,825) | (56,882) |
Net book value | 99,878 | 127,879 |
Patents and other protective rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 26,090 | 24,656 |
Accum. amort. | (22,729) | (20,399) |
Net book value | 3,361 | 4,257 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 6,635 | 6,591 |
Accum. amort. | (1,731) | (653) |
Net book value | $ 4,904 | $ 5,938 |
Goodwill and Other Intangible49
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of other intangible assets | $ 294 | $ 201 | $ 164 |
Amortization expense, 2018 | 294 | ||
Amortization expense, 2019 | 282 | ||
Amortization expense, 2020 | 276 | ||
Amortization expense, 2021 | 264 | ||
Amortization expense, 2022 | $ 260 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Abstract] | ||||
Interest | $ 20,060 | $ 21,742 | ||
Customer deposits | 29,236 | 16,707 | ||
Commissions | 8,341 | 9,144 | ||
Warranty | 10,587 | 10,548 | $ 10,183 | $ 9,537 |
Accrued dividend | 42,921 | 36,077 | ||
Rebates | 29,996 | 19,414 | ||
Billings in excess of cost | 23,284 | 12,381 | ||
Other | 102,149 | 93,326 | ||
Total | $ 266,574 | $ 219,339 |
Income Taxes - Earnings Before
Income Taxes - Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 783,654 | $ 721,000 | $ 710,614 |
Other | 251,069 | 219,652 | 291,731 |
Earnings before income taxes | $ 1,034,723 | $ 940,652 | $ 1,002,345 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 316,031 | $ 239,217 | $ 229,224 |
State | 29,768 | 21,779 | 22,041 |
Foreign | 89,894 | 54,937 | 71,507 |
Deferred: | |||
Federal | (358,300) | (26,760) | 6,710 |
State | (3,670) | 189 | (16,844) |
Foreign | (10,772) | (7,355) | (6,360) |
Total | $ 62,951 | $ 282,007 | $ 306,278 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Foreign rate differential | (2.60%) | (3.20%) | (3.30%) |
R&D tax credits | (0.80%) | (0.70%) | (0.50%) |
State taxes, net of federal benefit | 1.90% | 1.90% | 2.00% |
Section 199 deduction | (1.30%) | (1.50%) | (1.30%) |
Stock-based compensation | (3.90%) | (1.60%) | (0.00%) |
Tax Cuts and Jobs Act of 2017 | (20.80%) | 0.00% | 0.00% |
Other, net | (1.40%) | 0.10% | (1.30%) |
Effective Rate | 6.10% | 30.00% | 30.60% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Reserves and accrued expenses | $ 121,509 | $ 186,120 |
Inventories | 5,094 | 8,967 |
Net operating loss carryforwards | 71,774 | 87,010 |
R&D credits | 9,570 | 7,933 |
Foreign tax credits | 0 | 9,203 |
Valuation allowance | (25,690) | (26,009) |
Total deferred tax assets | 182,257 | 273,224 |
Deferred tax liabilities: | ||
Reserves and accrued expenses | 39,566 | 13,915 |
Amortizable intangible assets | 935,874 | 1,400,792 |
Plant and equipment | 5,748 | 6,102 |
Total deferred tax liabilities | $ 981,188 | $ 1,420,809 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance | $ 25,690 | $ 26,009 |
Unrecognized tax benefits that would impact effective tax rate | 50,400 | |
Unrecognized tax benefits, income tax penalties and interest expense | 1,300 | |
Accrued interest and penalties | 5,100 | $ 3,800 |
Expected decrease of unrecognized tax benefits | 2,300 | |
Tax Cuts and Jobs Act of 2017, incomplete accounting, provisional income tax benefit | 379,000 | |
Tax Cuts and Jobs Act of 2017, mandatory repatriation tax on foreign earnings | 110,700 | |
Tax Cuts and Jobs Act of 2017, estimated charge due to modified territorial taxation system | 28,700 | |
Tax Cuts and Jobs Act of 2017, write off of foreign tax credits | 24,200 | |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 29,200 | |
Valuation allowance | 9,500 | |
Internal Revenue Service (IRS) | Research Tax Credit Carryforward | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward | 11,300 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 26,100 | |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 22,000 | |
Valuation allowance | $ 16,200 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 38,678 | $ 26,140 | $ 28,567 |
Additions for tax positions of prior periods | 24,804 | 3,450 | 3,525 |
Additions for tax positions of the current period | 4,174 | 9,012 | 3,299 |
Additions due to acquisitions | 0 | 5,049 | 6,177 |
Reductions for tax positions of prior periods | (11,162) | (1,165) | (12,206) |
Reductions attributable to settlements with taxing authorities | (1,536) | (568) | (142) |
Reductions attributable to lapses of applicable statute of limitations | (2,769) | (3,240) | (3,080) |
Ending balance | $ 52,189 | $ 38,678 | $ 26,140 |
Long-Term Debt (Details)
Long-Term Debt (Details) | Nov. 15, 2017USD ($) | Sep. 23, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 27, 2016 | Dec. 19, 2016USD ($) | Dec. 02, 2016 | Dec. 07, 2015USD ($) | Jun. 06, 2013USD ($) | Nov. 21, 2012USD ($) | Jul. 27, 2012USD ($) | Sep. 30, 2009USD ($) |
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | $ 75,900,000 | ||||||||||
Redemption price percentage | 100.00% | ||||||||||
Credit Facility Member 2016 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument term | 5 years | ||||||||||
Current borrowing capacity | $ 2,500,000,000 | ||||||||||
Face amount of debt | $ 1,300,000,000 | ||||||||||
Consolidated total leverage ratio | 3.5 | ||||||||||
Credit Facility Member 2016 | Through June 30, 2017 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated total leverage ratio | 4.25 | ||||||||||
Credit Facility Member 2016 | Through December 31, 2017 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated total leverage ratio | 4 | ||||||||||
Credit Facility Member 2016 | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Current borrowing capacity | $ 500,000,000 | ||||||||||
Letters of credit outstanding | $ 150,000,000 | ||||||||||
Consolidated total leverage ratio | 4.25 | ||||||||||
Credit Facility Member 2016 | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated total leverage ratio | 4 | ||||||||||
Credit Facility Member 2012 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Current borrowing capacity | $ 1,850,000,000 | ||||||||||
$500 million 2.800% senior notes due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | |||||||||
Interest rate | 2.80% | 2.80% | |||||||||
$700 million 3.800% senior notes due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 700,000,000 | $ 700,000,000 | |||||||||
Interest rate | 3.80% | 3.80% | |||||||||
$600 million 3.000% senior notes due 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 600,000,000 | $ 600,000,000 | |||||||||
Interest rate | 3.00% | 3.00% | |||||||||
$300 million 3.850% senior notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 300,000,000 | $ 300,000,000 | |||||||||
Interest rate | 3.85% | 3.85% | |||||||||
$800 million 2.050% senior notes due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 800,000,000 | $ 800,000,000 | |||||||||
Interest rate | 2.05% | 2.05% | |||||||||
$500 million 3.125% senior notes due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | |||||||||
Interest rate | 3.125% | 3.125% | |||||||||
$500 million 6.250% senior notes due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | |||||||||
Interest rate | 6.25% | 6.25% | |||||||||
$400 million 1.850% senior notes due 2017 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 400,000,000 | $ 400,000,000 | |||||||||
Repayments of debt | $ 400,000,000 | ||||||||||
Interest rate | 1.85% | ||||||||||
Senior Notes Total | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 3,900,000,000 | ||||||||||
Capital Lease Obligations And Foreign Letter Of Credit Issuance | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 3,100,000 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) | Dec. 31, 2017 | Nov. 15, 2017 | Dec. 31, 2016 | Dec. 19, 2016 | Dec. 07, 2015 | Jun. 06, 2013 | Nov. 21, 2012 | Sep. 30, 2009 |
Debt Instrument [Line Items] | ||||||||
Less unamortized debt issuance costs | $ (17,594,000) | $ (23,453,000) | ||||||
Total debt | 5,155,555,000 | 6,209,536,000 | ||||||
Less current portion, net of issuance costs | 800,944,000 | 400,975,000 | ||||||
Long-term debt | 4,354,611,000 | 5,808,561,000 | ||||||
2016 Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 1,270,000,000 | 1,930,000,000 | ||||||
Face amount of debt | 1,300,000,000 | |||||||
$400 million 1.850% senior notes due 2017 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 0 | 400,000,000 | ||||||
Face amount of debt | $ 400,000,000 | $ 400,000,000 | ||||||
Interest rate | 1.85% | |||||||
$800 million 2.050% senior notes due 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 800,000,000 | 800,000,000 | ||||||
Face amount of debt | $ 800,000,000 | $ 800,000,000 | ||||||
Interest rate | 2.05% | 2.05% | ||||||
$500 million 6.250% senior notes due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 500,000,000 | 500,000,000 | ||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | ||||||
Interest rate | 6.25% | 6.25% | ||||||
$600 million 3.000% senior notes due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 600,000,000 | 600,000,000 | ||||||
Face amount of debt | $ 600,000,000 | $ 600,000,000 | ||||||
Interest rate | 3.00% | 3.00% | ||||||
$500 million 2.800% senior notes due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 500,000,000 | 500,000,000 | ||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | ||||||
Interest rate | 2.80% | 2.80% | ||||||
$500 million 3.125% senior notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 500,000,000 | 500,000,000 | ||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | ||||||
Interest rate | 3.125% | 3.125% | ||||||
$300 million 3.850% senior notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 300,000,000 | 300,000,000 | ||||||
Face amount of debt | $ 300,000,000 | $ 300,000,000 | ||||||
Interest rate | 3.85% | 3.85% | ||||||
$700 million 3.800% senior notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 700,000,000 | 700,000,000 | ||||||
Face amount of debt | $ 700,000,000 | $ 700,000,000 | ||||||
Interest rate | 3.80% | 3.80% | ||||||
Capital Lease Obligations And Foreign Letter Of Credit Issuance | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 3,149,000 | $ 2,989,000 | ||||||
Face amount of debt | $ 3,100,000 |
Long-Term Debt - Future Maturit
Long-Term Debt - Future Maturities of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 801,503 |
2,019 | 501,061 |
2,020 | 600,529 |
2,021 | 1,770,047 |
2,022 | 500,009 |
Thereafter | 1,000,000 |
Total | $ 5,173,149 |
Fair Value - Fair Value of Debt
Fair Value - Fair Value of Debt (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 19, 2016 | Dec. 07, 2015 | Jun. 06, 2013 | Nov. 21, 2012 | Sep. 30, 2009 |
Senior Notes Total | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 3,900,000,000 | ||||||
$800 million 2.050% senior notes due 2018 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | 800,000,000 | $ 800,000,000 | |||||
Fair value of debt | $ 800,000,000 | $ 800,000,000 | |||||
Interest rate | 2.05% | 2.05% | |||||
$800 million 2.050% senior notes due 2018 | Fair Value, Inputs, Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 800,000,000 | ||||||
Fair value of debt | $ 800,000,000 | ||||||
Interest rate | 2.05% | ||||||
$500 million 6.250% senior notes due 2019 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | |||||
Fair value of debt | $ 500,000,000 | 500,000,000 | |||||
Interest rate | 6.25% | 6.25% | |||||
$500 million 6.250% senior notes due 2019 | Fair Value, Inputs, Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 500,000,000 | ||||||
Fair value of debt | $ 531,000,000 | ||||||
Interest rate | 6.25% | ||||||
$600 million 3.000% senior notes due 2020 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 600,000,000 | $ 600,000,000 | |||||
Fair value of debt | $ 600,000,000 | 600,000,000 | |||||
Interest rate | 3.00% | 3.00% | |||||
$600 million 3.000% senior notes due 2020 | Fair Value, Inputs, Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 600,000,000 | ||||||
Fair value of debt | $ 608,000,000 | ||||||
Interest rate | 3.00% | ||||||
$500 million 2.800% senior notes due 2021 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | |||||
Fair value of debt | $ 500,000,000 | 500,000,000 | |||||
Interest rate | 2.80% | 2.80% | |||||
$500 million 2.800% senior notes due 2021 | Fair Value, Inputs, Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 500,000,000 | ||||||
Fair value of debt | $ 501,000,000 | ||||||
Interest rate | 2.80% | ||||||
$500 million 3.125% senior notes due 2022 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 500,000,000 | $ 500,000,000 | |||||
Fair value of debt | $ 500,000,000 | 500,000,000 | |||||
Interest rate | 3.125% | 3.125% | |||||
$500 million 3.125% senior notes due 2022 | Fair Value, Inputs, Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 500,000,000 | ||||||
Fair value of debt | $ 505,000,000 | ||||||
Interest rate | 3.125% | ||||||
$300 million 3.850% senior notes due 2025 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 300,000,000 | $ 300,000,000 | |||||
Fair value of debt | $ 300,000,000 | 300,000,000 | |||||
Interest rate | 3.85% | 3.85% | |||||
$300 million 3.850% senior notes due 2025 | Fair Value, Inputs, Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 300,000,000 | ||||||
Fair value of debt | $ 311,000,000 | ||||||
Interest rate | 3.85% | ||||||
$700 million 3.800% senior notes due 2026 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 700,000,000 | $ 700,000,000 | |||||
Fair value of debt | $ 700,000,000 | $ 700,000,000 | |||||
Interest rate | 3.80% | 3.80% | |||||
$700 million 3.800% senior notes due 2026 | Fair Value, Inputs, Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Face amount of debt | $ 700,000,000 | ||||||
Fair value of debt | $ 723,000,000 | ||||||
Interest rate | 3.80% |
Retirement and Other Benefit 61
Retirement and Other Benefit Plans (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)plan | Dec. 31, 2016USD ($)Agreement | Dec. 31, 2015USD ($)Agreement | |
Retirement Benefits [Abstract] | |||
Number of defined contribution plans maintained by the company | 4 | 4 | 4 |
Defined contribution retirement plan cost | $ 27.6 | $ 23.7 | $ 20.4 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum employee subscription rate | 10.00% | ||
Common stock discount rate from market price for employees | 5.00% | ||
Stock based compensation expense | $ 83.1 | $ 78.8 | $ 61.8 |
Nonvested options granted, unrecognized compensation expense | $ 29.6 | ||
Nonvested options granted, period for recognition | 2 years 1 month 6 days | ||
Options exercised, total intrinsic value | $ 90.6 | 38.9 | $ 36.9 |
Proceeds from stock options exercised | $ 61.3 | $ 28 | |
Nonvested shares granted (in shares) | 410,267 | 555,730 | |
Nonvested awards other than options granted, unrecognized compensation expense | $ 90.8 | ||
Nonvested awards other than options granted, weighted average period for recognition | 2 years 2 months 12 days | ||
Stock issued during period under employee stock purchase plan (in shares) | 19,683 | 19,448 | 18,132 |
Proceeds from issuance of shares under employee stock purchase plan | $ 4.2 | $ 3.3 | $ 2.9 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price of common stock, percent | 100.00% | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Stock based compensation expense | $ 18.3 | 20.1 | 15.3 |
Employee Stock Option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 63 | $ 57.8 | $ 46.5 |
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Incentive Plan 2016 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant | 7,802,395 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock based compensation | $ 83.1 | $ 78.8 | $ 61.8 |
Tax benefit recognized in net earnings | 29.1 | 27.6 | 21.6 |
Windfall tax benefit, net | $ 0 | $ 0 | $ 22.2 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted-Average Assumptions of Stock-Based Compensation (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted average fair value of options granted (in dollars per share) | $ 40.87 | $ 34.57 | $ 33.98 |
Risk-free interest rate (%) | 2.03% | 1.44% | 1.53% |
Average expected option life (years) | 5 years 3 months 4 days | 5 years 2 months 12 days | 5 years 1 month 6 days |
Expected volatility (%) | 18.74% | 21.35% | 22.17% |
Expected dividend yield (%) | 0.67% | 0.70% | 0.62% |
Stock-Based Compensation - St65
Stock-Based Compensation - Stock-Based Compensation Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of shares outstanding, beginning balance (in shares) | 3,419,597 | 3,117,616 |
Number of shares granted (in shares) | 608,598 | 743,250 |
Stock option exercises (in shares) | (644,610) | (371,853) |
Number of shares canceled (in shares) | (187,721) | (69,416) |
Number of shares outstanding, ending balance (in shares) | 3,195,864 | 3,419,597 |
Number of shares, options, exercisable, number (in shares) | 1,766,869 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted average exercise price per share outstanding, beginning balance (in dollars per share) | $ 121.31 | $ 104.54 |
Weighted average exercise price per share granted (in dollars per share) | 210.56 | 172.23 |
Weighted average exercise price per share exercised (in dollars per share) | 95.14 | 75.23 |
Weighted average exercise price per share cancelled (in dollars per share) | 170.75 | 159.97 |
Weighted average exercise price per share outstanding, ending balance (in dollars per share) | 140.68 | $ 121.31 |
Weighted average exercise price per share exercisable (in dollars per share) | $ 103.48 | |
Weighted average remaining contractual term of options outstanding | 6 years 1 month 2 days | 6 years 1 month 24 days |
Aggregate intrinsic value of options outstanding | $ 368,589,147 | $ 211,369,740 |
Weighted average remaining contractual term of options exercisable | 4 years 1 month 13 days | |
Aggregate intrinsic value of options exercisable | $ 269,474,477 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Exercise Price Range 1 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ 40.57 |
Exercise price range, upper range limit (in dollars per share) | $ 52.37 |
Options outstanding (in shares) | shares | 147,840 |
Average exercise price of options outstanding (in dollars per share) | $ 47.38 |
Average remaining life of options outstanding | 1 year 8 months 12 days |
Exercisable options (in shares) | shares | 147,840 |
Average exercise price of exercisable options (in dollars per share) | $ 47.38 |
Exercise Price Range 2 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 52.37 |
Exercise price range, upper range limit (in dollars per share) | $ 78.56 |
Options outstanding (in shares) | shares | 500,259 |
Average exercise price of options outstanding (in dollars per share) | $ 61.18 |
Average remaining life of options outstanding | 1 year 2 months 12 days |
Exercisable options (in shares) | shares | 500,259 |
Average exercise price of exercisable options (in dollars per share) | $ 61.18 |
Exercise Price Range 3 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 78.56 |
Exercise price range, upper range limit (in dollars per share) | $ 104.75 |
Options outstanding (in shares) | shares | 172,777 |
Average exercise price of options outstanding (in dollars per share) | $ 93.83 |
Average remaining life of options outstanding | 4 years 1 month 6 days |
Exercisable options (in shares) | shares | 172,777 |
Average exercise price of exercisable options (in dollars per share) | $ 93.83 |
Exercise Price Range 4 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 104.75 |
Exercise price range, upper range limit (in dollars per share) | $ 130.94 |
Options outstanding (in shares) | shares | 342,805 |
Average exercise price of options outstanding (in dollars per share) | $ 117.51 |
Average remaining life of options outstanding | 5 years 2 months 12 days |
Exercisable options (in shares) | shares | 342,805 |
Average exercise price of exercisable options (in dollars per share) | $ 117.51 |
Exercise Price Range 5 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 130.94 |
Exercise price range, upper range limit (in dollars per share) | $ 157.12 |
Options outstanding (in shares) | shares | 481,652 |
Average exercise price of options outstanding (in dollars per share) | $ 139.21 |
Average remaining life of options outstanding | 6 years 4 months 24 days |
Exercisable options (in shares) | shares | 430,101 |
Average exercise price of exercisable options (in dollars per share) | $ 138.27 |
Exercise Price Range 6 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 157.12 |
Exercise price range, upper range limit (in dollars per share) | $ 183.31 |
Options outstanding (in shares) | shares | 870,883 |
Average exercise price of options outstanding (in dollars per share) | $ 169.61 |
Average remaining life of options outstanding | 7 years 9 months 18 days |
Exercisable options (in shares) | shares | 151,337 |
Average exercise price of exercisable options (in dollars per share) | $ 166.74 |
Exercise Price Range 7 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 183.31 |
Exercise price range, upper range limit (in dollars per share) | $ 209.50 |
Options outstanding (in shares) | shares | 225,450 |
Average exercise price of options outstanding (in dollars per share) | $ 187.64 |
Average remaining life of options outstanding | 8 years 8 months 12 days |
Exercisable options (in shares) | shares | 21,750 |
Average exercise price of exercisable options (in dollars per share) | $ 185.47 |
Exercise Price Range 8 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 209.50 |
Exercise price range, upper range limit (in dollars per share) | $ 235.68 |
Options outstanding (in shares) | shares | 434,398 |
Average exercise price of options outstanding (in dollars per share) | $ 215.02 |
Average remaining life of options outstanding | 9 years 3 months 18 days |
Exercisable options (in shares) | shares | 0 |
Average exercise price of exercisable options (in dollars per share) | $ 0 |
Exercise Price Range 9 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 235.68 |
Exercise price range, upper range limit (in dollars per share) | $ 261.87 |
Options outstanding (in shares) | shares | 19,800 |
Average exercise price of options outstanding (in dollars per share) | $ 253.01 |
Average remaining life of options outstanding | 9 years 9 months 18 days |
Exercisable options (in shares) | shares | 0 |
Average exercise price of exercisable options (in dollars per share) | $ 0 |
Exercise price range total shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 40.57 |
Exercise price range, upper range limit (in dollars per share) | $ 261.87 |
Options outstanding (in shares) | shares | 3,195,864 |
Average exercise price of options outstanding (in dollars per share) | $ 140.68 |
Average remaining life of options outstanding | 6 years 1 month 6 days |
Exercisable options (in shares) | shares | 1,766,869 |
Average exercise price of exercisable options (in dollars per share) | $ 103.48 |
Stock-Based Compensation - Sc67
Stock-Based Compensation - Schedule of Nonvested Restricted Stock Awards Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of shares | ||
Non-vested shares outstanding, beginning of period (in shares) | 952,672 | 709,275 |
Nonvested shares granted (in shares) | 410,267 | 555,730 |
Nonvested shares vested (in shares) | (387,452) | (287,233) |
Nonvested shares forfeited (in shares) | (116,491) | (25,100) |
Nonvested shares outstanding, end of period (in shares) | 858,996 | 952,672 |
Weighted-average grant date fair value | ||
Weighted average fair value price per share nonvested, beginning of period (in dollars per share) | $ 164.62 | $ 146.64 |
Weighted average fair value price per share granted | 205.88 | 172.67 |
Weighted average fair value price per share vested | 155.95 | 141.27 |
Weighted average fair value price per share forfeited | 173.53 | 139.56 |
Weighted average fair value price per share nonvested, end of period (in dollars per share) | $ 187.01 | $ 164.62 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingency [Abstract] | |||
Rent expense | $ 58.6 | $ 44.9 | $ 40.2 |
Letters of credit outstanding | 75.9 | ||
Outstanding surety bonds | $ 573.4 |
Contingencies - Future Minimum
Contingencies - Future Minimum Property Lease Commitments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Loss Contingency [Abstract] | |
2,018 | $ 54.3 |
2,019 | 44.7 |
2,020 | 39.6 |
2,021 | 34.6 |
2,022 | 25.7 |
Thereafter | 58 |
Total future minimum property lease commitments | $ 256.9 |
Contingencies - Warranty Accrua
Contingencies - Warranty Accrual Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance, beginning of year | $ 10,548 | $ 10,183 | $ 9,537 |
Additions charged to costs and expenses | 10,820 | 15,950 | 14,284 |
Deductions | (11,170) | (15,513) | (13,059) |
Other | 389 | (72) | (579) |
Balance, end of year | $ 10,587 | $ 10,548 | $ 10,183 |
Segment and Geographic Area I71
Segment and Geographic Area Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | segment | 4 | ||||||||||
Export sales | $ 1,226,583 | $ 1,159,912 | $ 1,134,671 | $ 1,086,305 | $ 1,010,800 | $ 945,144 | $ 931,558 | $ 902,423 | $ 4,607,471 | $ 3,789,925 | $ 3,582,395 |
Minimum | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 4.00% | ||||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 34.00% | ||||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 21.00% | ||||||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 17.00% | ||||||||||
Middle East | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 16.00% | ||||||||||
Other Geographical Area | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 12.00% | ||||||||||
Sales | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Export sales | $ 513,000 | $ 460,000 | $ 481,000 |
Segment and Geographic Area I72
Segment and Geographic Area Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 1,226,583 | $ 1,159,912 | $ 1,134,671 | $ 1,086,305 | $ 1,010,800 | $ 945,144 | $ 931,558 | $ 902,423 | $ 4,607,471 | $ 3,789,925 | $ 3,582,395 |
Operating profit | 1,210,244 | 1,054,563 | 1,027,918 | ||||||||
Assets: | |||||||||||
Operating assets | 1,206,245 | 1,128,940 | 1,206,245 | 1,128,940 | 945,046 | ||||||
Intangible assets, net | 12,295,531 | 12,302,985 | 12,295,531 | 12,302,985 | 8,353,722 | ||||||
Other | 814,637 | 893,002 | 814,637 | 893,002 | 869,597 | ||||||
Total assets | 14,316,413 | 14,324,927 | 14,316,413 | 14,324,927 | 10,168,365 | ||||||
Capital expenditures | 48,752 | 37,305 | 36,260 | ||||||||
Capitalized software expenditures | 10,784 | 2,801 | 2,439 | ||||||||
Depreciation and other amortization | 344,965 | 240,453 | 204,261 | ||||||||
Operating Segments | RF Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,862,126 | 1,210,264 | 1,033,951 | ||||||||
Operating profit | 479,295 | 372,467 | 312,112 | ||||||||
Assets: | |||||||||||
Operating assets | 518,423 | 487,936 | 518,423 | 487,936 | 293,004 | ||||||
Intangible assets, net | 6,660,898 | 6,634,964 | 6,660,898 | 6,634,964 | 2,848,911 | ||||||
Other | 192,041 | 156,413 | 192,041 | 156,413 | 117,596 | ||||||
Capital expenditures | 20,079 | 11,536 | 10,758 | ||||||||
Capitalized software expenditures | 9,989 | 6 | 0 | ||||||||
Depreciation and other amortization | 191,876 | 82,653 | 56,877 | ||||||||
Operating Segments | Medical & Scientific Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,410,349 | 1,362,813 | 1,215,318 | ||||||||
Operating profit | 486,575 | 477,548 | 441,931 | ||||||||
Assets: | |||||||||||
Operating assets | 309,235 | 282,437 | 309,235 | 282,437 | 265,520 | ||||||
Intangible assets, net | 4,590,768 | 4,660,298 | 4,590,768 | 4,660,298 | 4,451,028 | ||||||
Other | 131,078 | 154,838 | 131,078 | 154,838 | 121,461 | ||||||
Capital expenditures | 18,791 | 16,098 | 12,642 | ||||||||
Capitalized software expenditures | 792 | 2,749 | 2,368 | ||||||||
Depreciation and other amortization | 118,643 | 119,248 | 105,928 | ||||||||
Operating Segments | Industrial Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 783,707 | 706,625 | 745,381 | ||||||||
Operating profit | 235,018 | 202,451 | 214,538 | ||||||||
Assets: | |||||||||||
Operating assets | 195,413 | 182,430 | 195,413 | 182,430 | 182,544 | ||||||
Intangible assets, net | 499,490 | 493,924 | 499,490 | 493,924 | 513,155 | ||||||
Other | 76,193 | 88,130 | 76,193 | 88,130 | 67,832 | ||||||
Capital expenditures | 5,707 | 6,590 | 9,179 | ||||||||
Capitalized software expenditures | 3 | 15 | 48 | ||||||||
Depreciation and other amortization | 17,109 | 18,573 | 19,912 | ||||||||
Operating Segments | Energy Systems & Controls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 551,289 | 510,223 | 587,745 | ||||||||
Operating profit | 151,163 | 129,602 | 162,128 | ||||||||
Assets: | |||||||||||
Operating assets | 175,775 | 164,349 | 175,775 | 164,349 | 194,898 | ||||||
Intangible assets, net | 544,375 | 513,799 | 544,375 | 513,799 | 540,628 | ||||||
Other | 196,528 | 134,976 | 196,528 | 134,976 | 113,014 | ||||||
Capital expenditures | 3,155 | 2,218 | 3,276 | ||||||||
Capitalized software expenditures | 0 | 31 | 23 | ||||||||
Depreciation and other amortization | 16,747 | 19,701 | 21,254 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Operating profit | (141,807) | (127,505) | (102,791) | ||||||||
Assets: | |||||||||||
Operating assets | 7,399 | 11,788 | 7,399 | 11,788 | 9,080 | ||||||
Intangible assets, net | 0 | 0 | 0 | 0 | 0 | ||||||
Other | $ 218,797 | $ 358,645 | 218,797 | 358,645 | 449,694 | ||||||
Capital expenditures | 1,020 | 863 | 405 | ||||||||
Capitalized software expenditures | 0 | 0 | 0 | ||||||||
Depreciation and other amortization | $ 590 | $ 278 | $ 290 |
Segment and Geographic Area I73
Segment and Geographic Area Information - Sales and Long-Lived Assets by Country of Origin (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 1,226,583 | $ 1,159,912 | $ 1,134,671 | $ 1,086,305 | $ 1,010,800 | $ 945,144 | $ 931,558 | $ 902,423 | $ 4,607,471 | $ 3,789,925 | $ 3,582,395 |
Long-lived assets | 175,444 | 167,016 | 175,444 | 167,016 | 155,482 | ||||||
Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | (320,958) | (246,646) | (254,369) | ||||||||
Long-lived assets | 0 | 0 | 0 | 0 | 0 | ||||||
Sales to unaffiliated customers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 4,607,471 | 3,789,925 | 3,582,395 | ||||||||
Sales to unaffiliated customers | Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Sales between geographic areas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Sales between geographic areas | Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | (320,958) | (246,646) | (254,369) | ||||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 3,812,326 | 3,115,772 | 2,965,115 | ||||||||
Long-lived assets | 144,013 | 145,996 | 144,013 | 145,996 | 133,522 | ||||||
United States | Sales to unaffiliated customers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 3,679,133 | 2,978,496 | 2,829,752 | ||||||||
United States | Sales between geographic areas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 133,193 | 137,276 | 135,363 | ||||||||
Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,116,103 | 920,799 | 871,649 | ||||||||
Long-lived assets | $ 31,431 | $ 21,020 | 31,431 | 21,020 | 21,960 | ||||||
Non-U.S. | Sales to unaffiliated customers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 928,338 | 811,429 | 752,643 | ||||||||
Non-U.S. | Sales between geographic areas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 187,765 | $ 109,370 | $ 119,006 |
Segment and Geographic Area I74
Segment and Geographic Area Information - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 1,226,583 | $ 1,159,912 | $ 1,134,671 | $ 1,086,305 | $ 1,010,800 | $ 945,144 | $ 931,558 | $ 902,423 | $ 4,607,471 | $ 3,789,925 | $ 3,582,395 |
Canada | Reportable Geographical Components | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 187,107 | 157,607 | 158,952 | ||||||||
Canada | Reportable Geographical Components | RF Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 73,356 | 52,703 | 45,506 | ||||||||
Canada | Reportable Geographical Components | Medical & Scientific Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 23,501 | 21,993 | 23,737 | ||||||||
Canada | Reportable Geographical Components | Industrial Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 64,079 | 60,551 | 65,826 | ||||||||
Canada | Reportable Geographical Components | Energy Systems & Controls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 26,171 | 22,360 | 23,883 | ||||||||
Europe | Reportable Geographical Components | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 596,240 | 507,992 | 452,238 | ||||||||
Europe | Reportable Geographical Components | RF Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 140,348 | 71,673 | 57,581 | ||||||||
Europe | Reportable Geographical Components | Medical & Scientific Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 244,031 | 228,058 | 167,698 | ||||||||
Europe | Reportable Geographical Components | Industrial Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 92,427 | 89,229 | 97,938 | ||||||||
Europe | Reportable Geographical Components | Energy Systems & Controls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 119,434 | 119,032 | 129,021 | ||||||||
Asia | Reportable Geographical Components | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 325,309 | 302,687 | 315,656 | ||||||||
Asia | Reportable Geographical Components | RF Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 10,180 | 11,988 | 10,019 | ||||||||
Asia | Reportable Geographical Components | Medical & Scientific Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 119,150 | 111,843 | 112,732 | ||||||||
Asia | Reportable Geographical Components | Industrial Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 58,286 | 52,087 | 60,817 | ||||||||
Asia | Reportable Geographical Components | Energy Systems & Controls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 137,693 | 126,769 | 132,088 | ||||||||
Middle East | Reportable Geographical Components | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 112,478 | 101,200 | 124,489 | ||||||||
Middle East | Reportable Geographical Components | RF Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 61,356 | 50,605 | 54,165 | ||||||||
Middle East | Reportable Geographical Components | Medical & Scientific Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 11,051 | 10,107 | 15,877 | ||||||||
Middle East | Reportable Geographical Components | Industrial Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 4,833 | 2,997 | 4,220 | ||||||||
Middle East | Reportable Geographical Components | Energy Systems & Controls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 35,238 | 37,491 | 50,227 | ||||||||
Rest of the world | Reportable Geographical Components | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 120,028 | 105,493 | 110,723 | ||||||||
Rest of the world | Reportable Geographical Components | RF Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 26,243 | 17,067 | 10,761 | ||||||||
Rest of the world | Reportable Geographical Components | Medical & Scientific Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 22,708 | 21,549 | 20,417 | ||||||||
Rest of the world | Reportable Geographical Components | Industrial Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 21,485 | 20,675 | 24,471 | ||||||||
Rest of the world | Reportable Geographical Components | Energy Systems & Controls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 49,592 | 46,202 | 55,074 | ||||||||
Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,116,103 | 920,799 | 871,649 | ||||||||
Non-U.S. | Reportable Geographical Components | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 1,341,162 | 1,174,979 | 1,162,058 | ||||||||
Non-U.S. | Reportable Geographical Components | RF Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 311,483 | 204,036 | 178,032 | ||||||||
Non-U.S. | Reportable Geographical Components | Medical & Scientific Imaging | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 420,441 | 393,550 | 340,461 | ||||||||
Non-U.S. | Reportable Geographical Components | Industrial Technology | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 241,110 | 225,539 | 253,272 | ||||||||
Non-U.S. | Reportable Geographical Components | Energy Systems & Controls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 368,128 | $ 351,854 | $ 390,293 |
Quarterly Financial Data (una75
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net revenues | $ 1,226,583 | $ 1,159,912 | $ 1,134,671 | $ 1,086,305 | $ 1,010,800 | $ 945,144 | $ 931,558 | $ 902,423 | $ 4,607,471 | $ 3,789,925 | $ 3,582,395 |
Gross profit | 765,112 | 726,420 | 705,650 | 667,614 | 626,878 | 578,493 | 567,520 | 559,519 | 2,864,796 | 2,332,410 | 2,164,646 |
Income from operations | 346,983 | 310,747 | 294,258 | 258,256 | 289,104 | 267,390 | 253,078 | 244,991 | 1,210,244 | 1,054,563 | 1,027,918 |
Net earnings | $ 443,872 | $ 190,273 | $ 179,556 | $ 158,071 | $ 182,081 | $ 167,079 | $ 158,069 | $ 151,416 | $ 971,772 | $ 658,645 | $ 696,067 |
Earnings Per Share [Abstract] | |||||||||||
Basic (in dollars per share) | $ 4.33 | $ 1.86 | $ 1.76 | $ 1.55 | $ 1.79 | $ 1.65 | $ 1.56 | $ 1.50 | $ 9.51 | $ 6.50 | $ 6.92 |
Diluted (in dollars per share) | $ 4.27 | $ 1.84 | $ 1.74 | $ 1.53 | $ 1.78 | $ 1.63 | $ 1.54 | $ 1.48 | $ 9.39 | $ 6.43 | $ 6.85 |
Schedule II - Consolidated Va76
Schedule II - Consolidated Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance For Doubtful Accounts And Sales Allowances | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 14,489 | $ 12,404 | $ 13,694 |
Additions charged to costs and expenses | 4,262 | 1,791 | 1,536 |
Deductions | (5,919) | (2,794) | (4,128) |
Other | (144) | 3,088 | 1,302 |
Balance at end of year | 12,688 | 14,489 | 12,404 |
Inventory Valuation Reserve | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 37,233 | 34,040 | 38,879 |
Additions charged to costs and expenses | 5,291 | 10,071 | 8,616 |
Deductions | (6,331) | (6,540) | (9,049) |
Other | 1,917 | (338) | (4,406) |
Balance at end of year | $ 38,110 | $ 37,233 | $ 34,040 |