Roper (ROP) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-12273
Entity Registrant Name	ROPER TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0263969
Entity Address, Address Line One	6901 Professional Parkway, Suite 200
Entity Address, City or Town	Sarasota,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34240
City Area Code	941
Local Phone Number	556-2601
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	ROP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		105,423,844
Entity Central Index Key	0000882835
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net revenues	$ 1,587.6	$ 1,305	$ 3,116.2	$ 2,655.7
Cost of sales	553.5	461.3	1,088.3	955.2
Gross profit	1,034.1	843.7	2,027.9	1,700.5
Selling, general and administrative expenses	616.1	510.1	1,209.4	1,017.7
Income from operations	418	333.6	818.5	682.8
Interest expense, net	59.5	47.5	120.1	92.9
Other income (expense), net	0.9	(2)	27.9	(1.2)
Earnings before income taxes	359.4	284.1	726.3	588.7
Income taxes	73.1	64.9	151	129.2
Net earnings	$ 286.3	$ 219.2	$ 575.3	$ 459.5
Net earnings per share:
Basic (in dollars per share)	$ 2.72	$ 2.10	$ 5.47	$ 4.40
Diluted (in dollars per share)	$ 2.69	$ 2.08	$ 5.42	$ 4.36
Weighted average common shares outstanding:
Basic (in shares)	105.3	104.5	105.1	104.4
Diluted (in shares)	106.4	105.5	106.2	105.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 286.3	$ 219.2	$ 575.3	$ 459.5
Other comprehensive income, net of tax:
Foreign currency translation adjustments	17.3	56.2	31.9	(72)
Total other comprehensive income (loss), net of tax	17.3	56.2	31.9	(72)
Comprehensive income	$ 303.6	$ 275.4	$ 607.2	$ 387.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
ASSETS:
Cash and cash equivalents	$ 337.8	$ 308.3
Accounts receivable, net	804.2	863
Inventories, net	212.7	198.4
Income taxes receivable	28	21.9
Unbilled receivables	275.3	241.7
Other current assets	138.7	119
Total current assets	1,796.7	1,752.3
Property, plant and equipment, net	125.3	140.6
Goodwill	14,430	14,395.2
Other intangible assets, net	6,936.8	7,206.9
Deferred taxes	104.3	104
Other assets	440.6	425.8
Total assets	23,833.7	24,024.8
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable	209.6	177.8
Accrued compensation	283.4	286.1
Deferred revenue	1,010.6	994.6
Other accrued liabilities	444.6	457
Income taxes payable	52.5	26.9
Current portion of long-term debt, net	502.4	502
Total current liabilities	2,503.1	2,444.4
Long-term debt, net of current portion	8,199.5	9,064.5
Deferred taxes	1,550.6	1,562.5
Other liabilities	491.3	473.6
Total liabilities	12,744.5	13,545
Commitments and contingencies (Note 9)
Common stock	1.1	1.1
Additional paid-in capital	2,217.9	2,097.5
Retained earnings	9,003.1	8,546.2
Accumulated other comprehensive loss	(115.1)	(147)
Treasury stock	(17.8)	(18)
Total stockholders’ equity	11,089.2	10,479.8
Total liabilities and stockholders’ equity	$ 23,833.7	$ 24,024.8

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net earnings	$ 575.3	$ 459.5
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	29.2	25.1
Amortization of intangible assets	293.2	203
Amortization of deferred financing costs	6.8	4.3
Non-cash stock compensation	69.3	58.2
Gain on sale of assets, net of tax	(21.6)	0
Income tax provision, excluding tax associated with gain on sale of assets	145.5	129.2
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	60.7	49.6
Unbilled receivables	(29.4)	(42.3)
Inventories	(14.7)	(19.1)
Accounts payable and accrued liabilities	17.5	18.8
Deferred revenue	40.2	(4.3)
Cash tax paid for gain on disposal of businesses	0	(10)
Cash income taxes paid	(151.3)	(52.5)
Other, net	(35.6)	(6.5)
Cash provided by operating activities	985.1	813
Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(15.5)	(153)
Capital expenditures	(17.2)	(15.5)
Capitalized software expenditures	(15.3)	(5.2)
Proceeds from (used in) disposal of businesses	(0.1)	(3.8)
Proceeds from sale of assets	27.1	0
Other, net	(1.2)	0
Cash used in investing activities	(22.2)	(177.5)
Cash flows from (used in) financing activities:
Proceeds from senior notes	0	600
Borrowings (payments) under revolving line of credit, net	(870)	0
Debt issuance costs	0	(12)
Cash dividends to stockholders	(117.8)	(106.6)
Proceeds from stock-based compensation, net	45.2	47.7
Treasury stock sales	8.2	4.5
Other	(0.2)	(0.7)
Cash flows provided by (used in) financing activities	(934.6)	532.9
Effect of foreign currency exchange rate changes on cash	1.2	(7.3)
Net increase in cash and cash equivalents	29.5	1,161.1
Cash and cash equivalents, beginning of period	308.3	709.7
Cash and cash equivalents, end of period	$ 337.8	$ 1,870.8

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common stock	Additional paid-in capital	Retained earnings	Retained earningsCumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive loss	Treasury stock
Balance at beginning of period at Dec. 31, 2019	$ 9,491.9	$ (1.7)	$ 1.1	$ 1,903.9	$ 7,818	$ (1.7)	$ (212.8)	$ (18.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	459.5				459.5
Stock option exercises	63			63
Treasury stock sold	4.5			4.4				0.1
Currency translation adjustments	(72)						(72)
Stock-based compensation	56.9			56.9
Restricted stock activity	(15.3)			(15.3)
Dividends declared	(107.1)				(107.1)
Balance at end of period at Jun. 30, 2020	9,879.7		1.1	2,012.9	8,168.7		(284.8)	(18.2)
Balance at beginning of period at Mar. 31, 2020	9,591.3		1.1	1,946.3	8,003.1		(341)	(18.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	219.2				219.2
Stock option exercises	40.1			40.1
Treasury stock sold	1.7			1.7				0
Currency translation adjustments	56.2						56.2
Stock-based compensation	29.3			29.3
Restricted stock activity	(4.5)			(4.5)
Dividends declared	(53.6)				(53.6)
Balance at end of period at Jun. 30, 2020	9,879.7		1.1	2,012.9	8,168.7		(284.8)	(18.2)
Balance at beginning of period at Dec. 31, 2020	10,479.8		1.1	2,097.5	8,546.2		(147)	(18)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	575.3				575.3
Stock option exercises	61.1			61.1
Treasury stock sold	8.2			8				0.2
Currency translation adjustments	31.9						31.9
Stock-based compensation	67.2			67.2
Restricted stock activity	(15.9)			(15.9)
Dividends declared	(118.4)				(118.4)
Balance at end of period at Jun. 30, 2021	11,089.2		1.1	2,217.9	9,003.1		(115.1)	(17.8)
Balance at beginning of period at Mar. 31, 2021	10,765.7		1.1	2,138.9	8,776		(132.4)	(17.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	286.3				286.3
Stock option exercises	41.9			41.9
Treasury stock sold	3.5			3.4				0.1
Currency translation adjustments	17.3						17.3
Stock-based compensation	34.8			34.8
Restricted stock activity	(1.1)			(1.1)
Dividends declared	(59.2)				(59.2)
Balance at end of period at Jun. 30, 2021	$ 11,089.2		$ 1.1	$ 2,217.9	$ 9,003.1		$ (115.1)	$ (17.8)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in usd per share)	$ 0.5625	$ 0.5125	$ 1.1250	$ 1.0250

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements for the three and six months ended June 30, 2021 and 2020 are unaudited. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position, results of operations, comprehensive income and cash flows of Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our” or “us”) for all periods presented. The December 31, 2020 financial position data included herein was derived from the audited consolidated financial statements included in the Company’s 2020 Annual Report on Form 10-K (“Annual Report”) filed on February 22, 2021 with the Securities and Exchange Commission (“SEC”) but does not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). Roper’s management has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these Condensed Consolidated Financial Statements in conformity with GAAP. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year. You should read these unaudited Condensed Consolidated Financial Statements in conjunction with Roper’s audited consolidated financial statements and the notes thereto included in its Annual Report. Certain prior period amounts have been reclassified to conform to current period presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board FASB (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s results of operations, financial position or cash flows. Recently Adopted Accounting Pronouncements

Weighted Average Shares Outstan

Weighted Average Shares Outstanding	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding	Weighted Average Shares Outstanding Basic earnings per share were calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share were calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options based upon the trading price of Roper’s common stock. The effects of potential common stock were determined using the treasury stock method. Weighted average shares outstanding are shown below: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Basic shares outstanding 105.3 104.5 105.1 104.4 Effect of potential common stock: Common stock awards 1.1 1.0 1.1 1.0 Diluted shares outstanding 106.4 105.5 106.2 105.4 For the three and six months ended June 30, 2021, there were 0.525 and 0.531 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 1.322 outstanding stock options that would have been antidilutive in the respective 2020 periods.

Business Acquisitions and Dispo

Business Acquisitions and Disposition	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions and Disposition	Business Acquisitions and Disposition Roper completed two business acquisitions in the six months ended June 30, 2021, with an aggregate purchase price of $15.7, net of cash acquired. Both acquisitions were made in June and are integrated into our Deltek business and its results are reported in the Application Software reportable segment. The results of operations of the acquired businesses are included in Roper’s Condensed Consolidated Financial Statements since the date of each acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during the first six months of fiscal 2021 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results. The Company recorded $10.7 in goodwill and $6.7 of other identifiable intangibles in connection with these two acquisitions. The amortizable intangible assets include customer relationships of $6.4 (13.8 year weighted average useful life) and technology of $0.3 (5 year weighted average useful life). Disposition On March 17, 2021, Roper completed the sale of a minority investment in Sedaru, Inc. for $27.1. The pretax gain on the sale was $27.1, which is reported in Other income/(expense), net in the Condensed Consolidated Statement of Earnings.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation The Roper Technologies, Inc. 2021 Incentive Plan (“2021 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, directors and consultants. The 2021 Plan was approved by shareholders at the Annual Meeting of Shareholders on June 14, 2021. The 2021 Plan replaces the Roper Technologies, Inc. Amended and Restated 2016 Incentive Plan (“2016 Plan”), and no additional grants will be made from the 2016 Plan. The following table provides information regarding the Company’s stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock-based compensation $ 36.4 $ 30.5 $ 69.3 $ 58.2 Tax effect recognized in net earnings 7.6 6.4 14.6 12.2 Stock Options - In the six months ended June 30, 2021, 0.504 options were granted with a weighted average fair value of $94.81 per option. During the same period in 2020, 0.735 options were granted with a weighted average fair value of $62.30 per option. All options were issued with an exercise price equal to the closing price of Roper’s common stock on the date of grant, as required by the 2021 Plan and 2016 Plan. Roper records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. Historical data is used to estimate the expected price volatility, the expected dividend yield, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year periods using the Black-Scholes option-pricing model: Six months ended June 30, 2021 2020 Risk-free interest rate (%) 0.94 0.83 Expected option life (years) 5.61 5.64 Expected volatility (%) 25.16 20.23 Expected dividend yield (%) 0.56 0.62 Cash received from option exercises for the six months ended June 30, 2021 and 2020 was $61.1 and $63.0, respectively. Restricted Stock Grants - During the six months ended June 30, 2021, the Company granted 0.216 shares with a weighted average grant date fair value of $406.38 per restricted share. During the same period in 2020, the Company granted 0.191 shares with a weighted average grant date fair value of $344.16 per restricted share. All grants were issued at grant date fair value. During the six months ended June 30, 2021, 0.133 restricted shares vested with a weighted average grant date fair value of $314.99 per restricted share and a weighted average vest date fair value of $399.74 per restricted share. Employee Stock Purchase Plan - Roper’s employee stock purchase plan (“ESPP”) previously allowed employees in the U.S. and Canada to designate up to 10% of eligible earnings to purchase Roper’s common stock at a 5% discount to the average closing price of the stock at the beginning and end of a quarterly offering period. Common stock sold to employees pursuant to the stock purchase plan may be either treasury stock, stock purchased on the open market, or newly issued shares. We amended the ESPP effective July 1, 2020, which allows employees in the U.S. and Canada to designate up to 10% of eligible earnings to purchase Roper’s common stock at a 10% discount on the lower of the closing price of the stock on the first and last day of each quarterly offering period. Common stock sold to employees pursuant to the ESPP may be either treasury stock, stock purchased on the open market, or newly issued shares. During the six months ended June 30, 2021 and 2020, participants in the ESPP purchased 0.022 and 0.014 shares of Roper’s common stock for total consideration of $8.2 and $4.5, respectively. All shares were purchased from Roper’s treasury shares.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventory were as follows: June 30, December 31, Raw materials and supplies $ 138.7 $ 128.4 Work in process 31.4 28.2 Finished products 84.4 82.2 Inventory reserves (41.8) (40.4) Inventories, net $ 212.7 $ 198.4

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2021
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: Application Software Network Software & Systems Measurement & Analytical Solutions Process Technologies Total Balances at December 31, 2020 $ 8,802.3 $ 4,083.1 $ 1,190.8 $ 319.0 $ 14,395.2 Additions 10.7 — — — 10.7 Other (4.7) 0.9 — — (3.8) Currency translation adjustments 7.8 15.9 2.3 1.9 27.9 Balances at June 30, 2021 $ 8,816.1 $ 4,099.9 $ 1,193.1 $ 320.9 $ 14,430.0 Other relates primarily to purchase accounting adjustments for acquisitions. Other intangible assets were comprised of: Cost Accumulated Net book Assets subject to amortization: Customer related intangibles $ 7,494.7 $ (1,703.8) $ 5,790.9 Unpatented technology 942.8 (363.9) 578.9 Software 172.4 (127.4) 45.0 Patents and other protective rights 13.0 (6.7) 6.3 Trade names 7.3 (5.6) 1.7 Assets not subject to amortization: Trade names 784.1 — 784.1 Balances at December 31, 2020 $ 9,414.3 $ (2,207.4) $ 7,206.9 Assets subject to amortization: Customer related intangibles $ 7,508.6 $ (1,927.8) $ 5,580.8 Unpatented technology 934.7 (411.4) 523.3 Software 172.5 (134.9) 37.6 Patents and other protective rights 13.9 (5.9) 8.0 Trade names 7.4 (6.2) 1.2 Assets not subject to amortization: Trade names 785.9 — 785.9 Balances at June 30, 2021 $ 9,423.0 $ (2,486.2) $ 6,936.8 Amortization expense of other intangible assets was $290.6 and $200.8 during the six months ended June 30, 2021 and 2020, respectively. An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2021. The Company will perform the annual analysis during the fourth quarter of 2021.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Roper’s debt at June 30, 2021 included $8,000 of fixed-rate senior notes with the following fair values: $500 2.800% senior notes due 2021 505 $500 3.125% senior notes due 2022 515 $300 0.450% senior notes due 2022 300 $700 3.650% senior notes due 2023 747 $500 2.350% senior notes due 2024 524 $300 3.850% senior notes due 2025 333 $700 1.000% senior notes due 2025 695 $700 3.800% senior notes due 2026 782 $700 1.400% senior notes due 2027 689 $800 4.200% senior notes due 2028 920 $700 2.950% senior notes due 2029 748 $600 2.000% senior notes due 2030 591 $1,000 1.750% senior notes due 2031 960 The fair values of the senior notes are based on the trading prices of each series of notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2021
Loss Contingency [Abstract]
Contingencies	Contingencies Roper, in the ordinary course of business, is party to various pending or threatened legal actions, including product liability, intellectual property, data privacy and employment practices that, in general, are of a nature consistent with those over the past several years. After analyzing the Company’s contingent liabilities on a gross basis and, based upon past experience with resolution of such legal claims and the availability and limits of the primary, excess, and umbrella liability insurance coverages 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’s subsidiary, Vertafore, Inc., was named in three putative class actions, two in the U.S. District Court for the Southern District of Texas (Allen, et al. v. Vertafore, Inc., Case 4:20-cv-4139, filed December 4, 2020 and Masciotra, et al. v. Vertafore, Inc., originally filed on December 8, 2020 as Case 1:20-cv-03603 in the U.S. District Court for the District of Colorado and subsequently transferred), and one in the U.S. District Court for the Northern District of Texas (Mulvey, et al. v. Vertafore, Inc., Case 3:21-cv-00213-E, filed January 31, 2021). In July 2021, the court granted Vertafore’s motion to dismiss the Allend Case. Plantiff has the right to appeal the dismissal of the case. In July 2021, the plaintiff in the Masciotra case voluntarily dismissed his action without prejudice. The one remaining case purports to represent approximately 27.7 million individuals who held Texas driver’s licenses prior to February 2019. In November 2020, Vertafore announced that as a result of human error, three data files were inadvertently stored in an unsecured external storage service that appears to have been accessed without authorization. The files, which included driver information for licenses issued before February 2019, contained Texas driver license numbers, as well as names, dates of birth, addresses and vehicle registration histories. The files did not contain any Social Security numbers or financial account information. The case seeks recovery under the Driver’s Privacy Protection Act, 18 U.S.C. § 2721. Vertafore is vigorously defending the case. In addition, Roper has been advised that the Texas Attorney General is investigating the data event. 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.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Business Segments	Business Segments Net revenues and operating profit by segment are set forth in the following table: Three months ended June 30, Six months ended June 30, 2021 2020 Change % 2021 2020 Change % Net revenues: Application Software $ 591.6 $ 398.4 48.5 % $ 1,168.2 $ 803.5 45.4 % Network Software & Systems 458.7 422.0 8.7 % 898.9 860.2 4.5 % Measurement & Analytical Solutions 397.0 363.9 9.1 % 778.0 729.1 6.7 % Process Technologies 140.3 120.7 16.2 % 271.1 262.9 3.1 % Total $ 1,587.6 $ 1,305.0 21.7 % $ 3,116.2 $ 2,655.7 17.3 % Gross profit: Application Software $ 409.3 $ 273.8 49.5 % $ 808.0 $ 544.2 48.5 % Network Software & Systems 318.8 284.8 11.9 % 618.2 578.0 7.0 % Measurement & Analytical Solutions 230.4 221.5 4.0 % 455.1 436.1 4.4 % Process Technologies 75.6 63.6 18.9 % 146.6 142.2 3.1 % Total $ 1,034.1 $ 843.7 22.6 % $ 2,027.9 $ 1,700.5 19.3 % Operating profit*: Application Software $ 154.2 $ 113.4 36.0 % $ 307.9 $ 211.0 45.9 % Network Software & Systems 150.5 130.6 15.2 % 286.0 269.3 6.2 % Measurement & Analytical Solutions 124.0 123.0 0.8 % 248.1 237.0 4.7 % Process Technologies 43.9 16.9 159.8 % 82.2 60.2 36.5 % Total $ 472.6 $ 383.9 23.1 % $ 924.2 $ 777.5 18.9 % Long-lived assets: Application Software $ 127.9 $ 88.5 44.5 % Network Software & Systems 52.7 46.5 13.3 % Measurement & Analytical Solutions 34.3 37.4 (8.3) % Process Technologies 16.1 20.6 (21.8) % Total $ 231.0 $ 193.0 19.7 % *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $54.6 and $50.3 for the three months ended June 30, 2021 and 2020, respectively, and 105.7 and 94.7 for the six months ended June 30, 2021 and 2020, respectively.

Revenues from Contracts

Revenues from Contracts	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues from Contracts	Revenues from Contracts Disaggregated Revenue - We disaggregate our revenues into two categories: (i) software and related services; and (ii) engineered products and related services. Software and related services revenues are primarily derived from our Application Software and Network Software & Systems reportable segments. Engineered products and related services revenues are derived from all of our reportable segments except Application Software and comprise substantially all of the revenues generated in our Measurement & Analytical Solutions and Process Technologies reportable segments. See details in the table below. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Software and related services $ 889.8 $ 655.5 $ 1,754.3 $ 1,324.0 Engineered products and related services 697.8 649.5 1,361.9 1,331.7 Net revenues $ 1,587.6 $ 1,305.0 $ 3,116.2 $ 2,655.7 Remaining performance obligations - Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of June 30, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,574.5. We expect to recognize revenue on approximately 58% of our remaining performance obligations over the next 12 months (“Backlog”), with the remainder to be recognized thereafter. Contract balances Balance Sheet Account June 30, 2021 December 31, 2020 Change Unbilled receivables $ 275.3 $ 241.7 $ 33.6 Contract liabilities - current (1) (1,018.2) (1,012.0) (6.2) Deferred revenue - non-current (2) (71.5) (43.1) (28.4) Net contract assets/(liabilities) $ (814.4) $ (813.4) $ (1.0) (1) Consists of “Deferred revenue,” and billings in-excess of revenues (“BIE”). BIE is reported in “Other accrued liabilities” in our Condensed Consolidated Balance Sheets. (2) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets. The change in our net contract assets/(liabilities) from December 31, 2020 to June 30, 2021 was due primarily to the timing of payments and invoicing relating to Software-as-a-Service (“SaaS”) and post contract support (“PCS”) renewals, partially offset by the increase in unbilled receivables associated with timing of invoicing in our project-based businesses, most notably our Transcore business. Most of the Company’s project-based contracts where the input method of revenue recognition is utilized are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring after revenue recognition resulting in contract assets. The Company records contract liabilities when cash payments are received or due in advance of the Company’s performance relating primarily to SaaS and PCS renewals. Revenue recognized from the contract liability balance on December 31, 2020 and 2019 was $272.1 and $211.5 for the three months ended June 30, 2021 and 2020, respectively, and $731.2 and $535.0 for the six months ended June 30, 2021 and 2020, respectively. In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue or billings in-excess of revenues balance outstanding at the beginning of the year until the revenue exceeds that balance.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board FASB (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s results of operations, financial position or cash flows. Recently Adopted Accounting Pronouncements

Weighted Average Shares Outst_2

Weighted Average Shares Outstanding (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Weighted Average Shares Outstanding	Weighted average shares outstanding are shown below: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Basic shares outstanding 105.3 104.5 105.1 104.4 Effect of potential common stock: Common stock awards 1.1 1.0 1.1 1.0 Diluted shares outstanding 106.4 105.5 106.2 105.4

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Based Compensation Expense	The following table provides information regarding the Company’s stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock-based compensation $ 36.4 $ 30.5 $ 69.3 $ 58.2 Tax effect recognized in net earnings 7.6 6.4 14.6 12.2
Weighted Average Assumptions Used to Value Option Grants	The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year periods using the Black-Scholes option-pricing model: Six months ended June 30, 2021 2020 Risk-free interest rate (%) 0.94 0.83 Expected option life (years) 5.61 5.64 Expected volatility (%) 25.16 20.23 Expected dividend yield (%) 0.56 0.62

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	The components of inventory were as follows: June 30, December 31, Raw materials and supplies $ 138.7 $ 128.4 Work in process 31.4 28.2 Finished products 84.4 82.2 Inventory reserves (41.8) (40.4) Inventories, net $ 212.7 $ 198.4

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	The carrying value of goodwill by segment was as follows: Application Software Network Software & Systems Measurement & Analytical Solutions Process Technologies Total Balances at December 31, 2020 $ 8,802.3 $ 4,083.1 $ 1,190.8 $ 319.0 $ 14,395.2 Additions 10.7 — — — 10.7 Other (4.7) 0.9 — — (3.8) Currency translation adjustments 7.8 15.9 2.3 1.9 27.9 Balances at June 30, 2021 $ 8,816.1 $ 4,099.9 $ 1,193.1 $ 320.9 $ 14,430.0
Other Intangible Assets - Subject to Amortization	Other intangible assets were comprised of: Cost Accumulated Net book Assets subject to amortization: Customer related intangibles $ 7,494.7 $ (1,703.8) $ 5,790.9 Unpatented technology 942.8 (363.9) 578.9 Software 172.4 (127.4) 45.0 Patents and other protective rights 13.0 (6.7) 6.3 Trade names 7.3 (5.6) 1.7 Assets not subject to amortization: Trade names 784.1 — 784.1 Balances at December 31, 2020 $ 9,414.3 $ (2,207.4) $ 7,206.9 Assets subject to amortization: Customer related intangibles $ 7,508.6 $ (1,927.8) $ 5,580.8 Unpatented technology 934.7 (411.4) 523.3 Software 172.5 (134.9) 37.6 Patents and other protective rights 13.9 (5.9) 8.0 Trade names 7.4 (6.2) 1.2 Assets not subject to amortization: Trade names 785.9 — 785.9 Balances at June 30, 2021 $ 9,423.0 $ (2,486.2) $ 6,936.8
Other Intangible Assets - Not Subject to Amortization	Other intangible assets were comprised of: Cost Accumulated Net book Assets subject to amortization: Customer related intangibles $ 7,494.7 $ (1,703.8) $ 5,790.9 Unpatented technology 942.8 (363.9) 578.9 Software 172.4 (127.4) 45.0 Patents and other protective rights 13.0 (6.7) 6.3 Trade names 7.3 (5.6) 1.7 Assets not subject to amortization: Trade names 784.1 — 784.1 Balances at December 31, 2020 $ 9,414.3 $ (2,207.4) $ 7,206.9 Assets subject to amortization: Customer related intangibles $ 7,508.6 $ (1,927.8) $ 5,580.8 Unpatented technology 934.7 (411.4) 523.3 Software 172.5 (134.9) 37.6 Patents and other protective rights 13.9 (5.9) 8.0 Trade names 7.4 (6.2) 1.2 Assets not subject to amortization: Trade names 785.9 — 785.9 Balances at June 30, 2021 $ 9,423.0 $ (2,486.2) $ 6,936.8

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fixed-Rate Senior Notes, Fair Value	Roper’s debt at June 30, 2021 included $8,000 of fixed-rate senior notes with the following fair values: $500 2.800% senior notes due 2021 505 $500 3.125% senior notes due 2022 515 $300 0.450% senior notes due 2022 300 $700 3.650% senior notes due 2023 747 $500 2.350% senior notes due 2024 524 $300 3.850% senior notes due 2025 333 $700 1.000% senior notes due 2025 695 $700 3.800% senior notes due 2026 782 $700 1.400% senior notes due 2027 689 $800 4.200% senior notes due 2028 920 $700 2.950% senior notes due 2029 748 $600 2.000% senior notes due 2030 591 $1,000 1.750% senior notes due 2031 960

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting Information	Net revenues and operating profit by segment are set forth in the following table: Three months ended June 30, Six months ended June 30, 2021 2020 Change % 2021 2020 Change % Net revenues: Application Software $ 591.6 $ 398.4 48.5 % $ 1,168.2 $ 803.5 45.4 % Network Software & Systems 458.7 422.0 8.7 % 898.9 860.2 4.5 % Measurement & Analytical Solutions 397.0 363.9 9.1 % 778.0 729.1 6.7 % Process Technologies 140.3 120.7 16.2 % 271.1 262.9 3.1 % Total $ 1,587.6 $ 1,305.0 21.7 % $ 3,116.2 $ 2,655.7 17.3 % Gross profit: Application Software $ 409.3 $ 273.8 49.5 % $ 808.0 $ 544.2 48.5 % Network Software & Systems 318.8 284.8 11.9 % 618.2 578.0 7.0 % Measurement & Analytical Solutions 230.4 221.5 4.0 % 455.1 436.1 4.4 % Process Technologies 75.6 63.6 18.9 % 146.6 142.2 3.1 % Total $ 1,034.1 $ 843.7 22.6 % $ 2,027.9 $ 1,700.5 19.3 % Operating profit*: Application Software $ 154.2 $ 113.4 36.0 % $ 307.9 $ 211.0 45.9 % Network Software & Systems 150.5 130.6 15.2 % 286.0 269.3 6.2 % Measurement & Analytical Solutions 124.0 123.0 0.8 % 248.1 237.0 4.7 % Process Technologies 43.9 16.9 159.8 % 82.2 60.2 36.5 % Total $ 472.6 $ 383.9 23.1 % $ 924.2 $ 777.5 18.9 % Long-lived assets: Application Software $ 127.9 $ 88.5 44.5 % Network Software & Systems 52.7 46.5 13.3 % Measurement & Analytical Solutions 34.3 37.4 (8.3) % Process Technologies 16.1 20.6 (21.8) % Total $ 231.0 $ 193.0 19.7 % *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $54.6 and $50.3 for the three months ended June 30, 2021 and 2020, respectively, and 105.7 and 94.7 for the six months ended June 30, 2021 and 2020, respectively.

Revenues from Contracts (Tables

Revenues from Contracts (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Software and related services $ 889.8 $ 655.5 $ 1,754.3 $ 1,324.0 Engineered products and related services 697.8 649.5 1,361.9 1,331.7 Net revenues $ 1,587.6 $ 1,305.0 $ 3,116.2 $ 2,655.7
Contract Balances	Contract balances Balance Sheet Account June 30, 2021 December 31, 2020 Change Unbilled receivables $ 275.3 $ 241.7 $ 33.6 Contract liabilities - current (1) (1,018.2) (1,012.0) (6.2) Deferred revenue - non-current (2) (71.5) (43.1) (28.4) Net contract assets/(liabilities) $ (814.4) $ (813.4) $ (1.0) (1) Consists of “Deferred revenue,” and billings in-excess of revenues (“BIE”). BIE is reported in “Other accrued liabilities” in our Condensed Consolidated Balance Sheets. (2) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 11,089.2	$ 10,765.7	$ 10,479.8	$ 9,879.7	$ 9,591.3	$ 9,491.9
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 9,003.1	$ 8,776	$ 8,546.2	$ 8,168.7	$ 8,003.1	7,818
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity						(1.7)
Cumulative Effect, Period of Adoption, Adjustment | Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity						$ (1.7)

Weighted Average Shares Outst_3

Weighted Average Shares Outstanding (Schedule of Weighted Average Shares Outstanding) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	105.3	104.5	105.1	104.4
Effect of potential common stock:
Common stock awards (in shares)	1.1	1	1.1	1
Diluted shares outstanding (in shares)	106.4	105.5	106.2	105.4

Weighted Average Shares Outst_4

Weighted Average Shares Outstanding (Narrative) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Antidilutive stock options (in shares)	525	1,322	531	1,322

Business Acquisitions and Dis_2

Business Acquisitions and Disposition (Details) $ in Millions	Mar. 17, 2021USD ($)	Jun. 30, 2021USD ($)acquisition	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of business acquisitions | acquisition		2
Goodwill		$ 14,430	$ 14,395.2
Sedaru, Inc.
Business Acquisition [Line Items]
Sale of investment	$ 27.1
Pretax gain on sale of investment	$ 27.1
Other acquisitions
Business Acquisition [Line Items]
Number of business acquisitions | acquisition		2
Purchase price		$ 15.7
Goodwill		10.7
Intangible assets acquired		6.7
Other acquisitions | Customer related intangibles
Business Acquisition [Line Items]
Intangible assets acquired		$ 6.4
Weighted average useful life of intangible assets acquired		13 years 9 months 18 days
Other acquisitions | Technology
Business Acquisition [Line Items]
Intangible assets acquired		$ 0.3
Weighted average useful life of intangible assets acquired		5 years

Stock Based Compensation (Stock

Stock Based Compensation (Stock Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation	$ 36.4	$ 30.5	$ 69.3	$ 58.2
Tax effect recognized in net earnings	$ 7.6	$ 6.4	$ 14.6	$ 12.2

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	Jul. 01, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options granted during the period (in shares)			504	735
Fair value per share (in dollars per share)			$ 94.81	$ 62.30
Cash received from exercise of options			$ 61.1	$ 63
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted during period (in shares)			216	191
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share)			$ 406.38	$ 344.16
Restricted stock awards vested during period (in shares)			133
Weighted average grant date fair value per share (in dollars per share)			$ 314.99
Weighted average vest date fair value per share (in dollars per share)			$ 399.74
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of eligible earnings to purchase common stock through the employee stock purchase plan	10.00%	10.00%		10.00%
Discount on the average closing price for the employee stock purchase plan	10.00%	5.00%
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares)			22	14
Amount paid for stock purchased during the period by participants in the employee stock purchase plan			$ 8.2	$ 4.5

Stock Based Compensation (Weigh

Stock Based Compensation (Weighted Average Assumptions Used to Value Option Grants) (Details) - Employee Stock Option	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	0.94%	0.83%
Expected option life (years)	5 years 7 months 9 days	5 years 7 months 20 days
Expected volatility (%)	25.16%	20.23%
Expected dividend yield (%)	0.56%	0.62%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventories [Abstract]
Raw materials and supplies	$ 138.7	$ 128.4
Work in process	31.4	28.2
Finished products	84.4	82.2
Inventory reserves	(41.8)	(40.4)
Inventories, net	$ 212.7	$ 198.4

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Goodwill) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 14,395.2
Additions	10.7
Other	(3.8)
Currency translation adjustments	27.9
Balance at end of period	14,430
Application Software
Goodwill [Roll Forward]
Balance at beginning of period	8,802.3
Additions	10.7
Other	(4.7)
Currency translation adjustments	7.8
Balance at end of period	8,816.1
Network Software & Systems
Goodwill [Roll Forward]
Balance at beginning of period	4,083.1
Additions	0
Other	0.9
Currency translation adjustments	15.9
Balance at end of period	4,099.9
Measurement & Analytical Solutions
Goodwill [Roll Forward]
Balance at beginning of period	1,190.8
Additions	0
Other	0
Currency translation adjustments	2.3
Balance at end of period	1,193.1
Process Technologies
Goodwill [Roll Forward]
Balance at beginning of period	319
Additions	0
Other	0
Currency translation adjustments	1.9
Balance at end of period	$ 320.9

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (2,486.2)	$ (2,207.4)
Intangible assets, gross (excluding goodwill)	9,423	9,414.3
Intangible assets, net (excluding goodwill)	6,936.8	7,206.9
Trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	785.9	784.1
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	7,508.6	7,494.7
Accumulated amortization	(1,927.8)	(1,703.8)
Finite-lived intangible assets, net	5,580.8	5,790.9
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	934.7	942.8
Accumulated amortization	(411.4)	(363.9)
Finite-lived intangible assets, net	523.3	578.9
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	172.5	172.4
Accumulated amortization	(134.9)	(127.4)
Finite-lived intangible assets, net	37.6	45
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	13.9	13
Accumulated amortization	(5.9)	(6.7)
Finite-lived intangible assets, net	8	6.3
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	7.4	7.3
Accumulated amortization	(6.2)	(5.6)
Finite-lived intangible assets, net	$ 1.2	$ 1.7

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 293.2	$ 203
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 290.6	$ 200.8

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Senior Notes - Fair Value, Inputs, Level 2	Jun. 30, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior notes carrying amount	$ 8,000,000,000
$500 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
Fixed interest rate (as a percent)	2.80%
Long-term debt, fair value	$ 505,000,000
$500 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
Fixed interest rate (as a percent)	3.125%
Long-term debt, fair value	$ 515,000,000
$300 0.450% senior notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 300,000,000
Fixed interest rate (as a percent)	0.45%
Long-term debt, fair value	$ 300,000,000
$700 3.650% senior notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	3.65%
Long-term debt, fair value	$ 747,000,000
$500 2.350% senior notes due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 500,000,000
Fixed interest rate (as a percent)	2.35%
Long-term debt, fair value	$ 524,000,000
$300 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
Fixed interest rate (as a percent)	3.85%
Long-term debt, fair value	$ 333,000,000
$700 1.000% senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	1.00%
Long-term debt, fair value	$ 695,000,000
$700 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
Fixed interest rate (as a percent)	3.80%
Long-term debt, fair value	$ 782,000,000
$700 1.400% senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	1.40%
Long-term debt, fair value	$ 689,000,000
$800 4.200% senior notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 800,000,000
Fixed interest rate (as a percent)	4.20%
Long-term debt, fair value	$ 920,000,000
$700 2.950% senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 700,000,000
Fixed interest rate (as a percent)	2.95%
Long-term debt, fair value	$ 748,000,000
$600 2.000% senior notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 600,000,000
Fixed interest rate (as a percent)	2.00%
Long-term debt, fair value	$ 591,000,000
$1,000 1.750% senior notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt	$ 1,000,000,000
Fixed interest rate (as a percent)	1.75%
Long-term debt, fair value	$ 960,000,000

Contingencies (Details)

Contingencies (Details) individual in Millions	6 Months Ended
	Jun. 30, 2021claimindividual
Vertafore Litigation
Loss Contingencies [Line Items]
Number of pending putative class actions	3
Number of individuals represented by class actions | individual	27.7
Allen, et al. v. Vertafore, Inc.
Loss Contingencies [Line Items]
Number of pending putative class actions	2
Mulvey, et al. v. Vertafore, Inc.
Loss Contingencies [Line Items]
Number of pending putative class actions	1

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net revenues:	$ 1,587.6	$ 1,305	$ 3,116.2	$ 2,655.7
Percent change in net revenues	21.70%		17.30%
Gross profit:	$ 1,034.1	843.7	$ 2,027.9	1,700.5
Percent change in gross profit	22.60%		19.30%
Operating profit	$ 472.6	383.9	$ 924.2	777.5
Percent change in operating profit	23.10%		18.90%
Long-lived assets:	$ 231	193	$ 231	193
Percent change in long-lived assets	19.70%
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expenses	$ 54.6	50.3	105.7	94.7
Application Software
Segment Reporting Information [Line Items]
Net revenues:	$ 591.6	398.4	$ 1,168.2	803.5
Percent change in net revenues	48.50%		45.40%
Gross profit:	$ 409.3	273.8	$ 808	544.2
Percent change in gross profit	49.50%		48.50%
Operating profit	$ 154.2	113.4	$ 307.9	211
Percent change in operating profit	36.00%		45.90%
Long-lived assets:	$ 127.9	88.5	$ 127.9	88.5
Percent change in long-lived assets	44.50%
Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues:	$ 458.7	422	$ 898.9	860.2
Percent change in net revenues	8.70%		4.50%
Gross profit:	$ 318.8	284.8	$ 618.2	578
Percent change in gross profit	11.90%		7.00%
Operating profit	$ 150.5	130.6	$ 286	269.3
Percent change in operating profit	15.20%		6.20%
Long-lived assets:	$ 52.7	46.5	$ 52.7	46.5
Percent change in long-lived assets	13.30%
Measurement & Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues:	$ 397	363.9	$ 778	729.1
Percent change in net revenues	9.10%		6.70%
Gross profit:	$ 230.4	221.5	$ 455.1	436.1
Percent change in gross profit	4.00%		4.40%
Operating profit	$ 124	123	$ 248.1	237
Percent change in operating profit	0.80%		4.70%
Long-lived assets:	$ 34.3	37.4	$ 34.3	37.4
Percent change in long-lived assets	(8.30%)
Process Technologies
Segment Reporting Information [Line Items]
Net revenues:	$ 140.3	120.7	$ 271.1	262.9
Percent change in net revenues	16.20%		3.10%
Gross profit:	$ 75.6	63.6	$ 146.6	142.2
Percent change in gross profit	18.90%		3.10%
Operating profit	$ 43.9	16.9	$ 82.2	60.2
Percent change in operating profit	159.80%		36.50%
Long-lived assets:	$ 16.1	$ 20.6	$ 16.1	$ 20.6
Percent change in long-lived assets	(21.80%)

Revenues from Contracts (Disagg

Revenues from Contracts (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,587.6	$ 1,305	$ 3,116.2	$ 2,655.7
Software and related services
Disaggregation of Revenue [Line Items]
Net revenues	889.8	655.5	1,754.3	1,324
Engineered products and related services
Disaggregation of Revenue [Line Items]
Net revenues	$ 697.8	$ 649.5	$ 1,361.9	$ 1,331.7

Revenues from Contracts (Remain

Revenues from Contracts (Remaining Performance Obligations Narrative) (Details) $ in Millions	Jun. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 4,574.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, percentage	58.00%
Remaining performance obligations, expected timing of satisfaction	12 months

Revenues from Contracts (Contra

Revenues from Contracts (Contract Balances) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 275.3	$ 241.7
Contract liabilities - current	(1,018.2)	(1,012)
Deferred revenue - non-current	(71.5)	(43.1)
Net contract assets/(liabilities)	(814.4)	$ (813.4)
Change in unbilled receivables	33.6
Change in contract liabilities - current	(6.2)
Change in deferred revenue - non-current	(28.4)
Change in net contract assets/(liabilities)	$ (1)

Revenues from Contracts (Cont_2

Revenues from Contracts (Contract Balances - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract with customer, revenues recognized	$ 272.1	$ 211.5	$ 731.2	$ 535

Uncategorized Items - rop-20210

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]