Roper (ROP) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		105,484,900
Entity Central Index Key	0000882835
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net revenues	$ 1,462.8	$ 1,198.2	$ 4,265.5	$ 3,518.6
Cost of sales	466.7	388.3	1,366.1	1,148.7
Gross profit	996.1	809.9	2,899.4	2,369.9
Selling, general and administrative expenses	592.6	479.4	1,739.8	1,439.4
Income from operations	403.5	330.5	1,159.6	930.5
Interest expense, net	58.2	62.2	178.2	154.8
Other income (expense), net	(1.7)	(2.1)	24.9	(4)
Earnings before income taxes	343.6	266.2	1,006.3	771.7
Income taxes	83.8	59.2	223.6	171.2
Net earnings from continuing operations	259.8	207	782.7	600.5
Net earnings from discontinued operations	29.7	27.4	82.1	93.4
Net earnings	$ 289.5	$ 234.4	$ 864.8	$ 693.9
Net earnings per share from continuing operations:
Basic (in dollars per share)	$ 2.47	$ 1.98	$ 7.44	$ 5.75
Diluted (in dollars per share)	2.43	1.95	7.36	5.69
Net earnings per share from discontinued operations:
Basic (in dollars per share)	0.28	0.26	0.78	0.89
Diluted (in dollars per share)	0.28	0.26	0.77	0.88
Net earnings per share:
Basic (in dollars per share)	2.75	2.24	8.22	6.64
Diluted (in dollars per share)	$ 2.71	$ 2.21	$ 8.13	$ 6.57
Weighted average common shares outstanding:
Basic (in shares)	105.4	104.7	105.2	104.5
Diluted (in shares)	106.7	105.9	106.4	105.6

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 289.5	$ 234.4	$ 864.8	$ 693.9
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(35.4)	43.4	(3.5)	(28.6)
Total other comprehensive income (loss), net of tax	(35.4)	43.4	(3.5)	(28.6)
Comprehensive income	$ 254.1	$ 277.8	$ 861.3	$ 665.3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
ASSETS:
Cash and cash equivalents	$ 352.5	$ 308.3
Accounts receivable, net	749.4	745.7
Inventories, net	174.4	165.1
Income taxes receivable	26.6	21.9
Unbilled receivables	102.5	72.8
Other current assets	136.2	114.3
Current assets held for sale	833.6	324.2
Total current assets	2,375.2	1,752.3
Property, plant and equipment, net	105.6	127.3
Goodwill	13,989.2	13,966
Other intangible assets, net	6,745.9	7,168.2
Deferred taxes	103.6	103.2
Other assets	408.6	386.2
Assets held for sale	0	521.6
Total assets	23,728.1	24,024.8
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable	146.9	127.1
Accrued compensation	283.1	262.6
Deferred revenue	995.5	990.2
Other accrued liabilities	411.9	418.6
Income taxes payable	55.9	25.7
Current portion of long-term debt, net	799.2	499.4
Current liabilities held for sale	168.6	120.8
Total current liabilities	2,861.1	2,444.4
Long-term debt, net of current portion	7,529.9	9,061.4
Deferred taxes	1,526	1,531.5
Other liabilities	468.8	443.6
Liabilities held for sale	0	64.1
Total liabilities	12,385.8	13,545
Commitments and contingencies (Note 10)
Common stock	1.1	1.1
Additional paid-in capital	2,276.2	2,097.5
Retained earnings	9,233.2	8,546.2
Accumulated other comprehensive loss	(150.5)	(147)
Treasury stock	(17.7)	(18)
Total stockholders’ equity	11,342.3	10,479.8
Total liabilities and stockholders’ equity	$ 23,728.1	$ 24,024.8

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net earnings from continuing operations	$ 782.7	$ 600.5
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	38.2	33.1
Amortization of intangible assets	438.8	318.9
Amortization of deferred financing costs	10.1	7.4
Non-cash stock compensation	102.9	84.8
Gain on sale of assets, net of tax	(21.6)	0
Income tax provision, excluding tax associated with gain on sale of assets	218.1	171.2
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	(8.9)	108
Unbilled receivables	(26.2)	(9.3)
Inventories	(11)	(15.4)
Accounts payable and accrued liabilities	36.8	46.8
Deferred revenue	31.5	(53)
Cash tax paid for gain on disposal of businesses	0	(201.9)
Cash income taxes paid	(240.9)	(234.6)
Other, net	(31.2)	(13.8)
Cash provided by operating activities from continuing operations	1,319.3	842.7
Cash provided by operating activities from discontinued operations	113.1	108.2
Cash provided by operating activities	1,432.4	950.9
Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(19.4)	(5,653.3)
Capital expenditures	(22.5)	(20.9)
Capitalized software expenditures	(22.3)	(9.8)
Proceeds used in disposal of businesses	(0.1)	(4.2)
Proceeds from sale of assets	27.1	0
Other, net	(1)	(2.7)
Cash used in investing activities from continuing operations	(38.2)	(5,690.9)
Cash used in investing activities from discontinued operations	(4.2)	(2.1)
Cash used in investing activities	(42.4)	(5,693)
Cash flows from (used in) financing activities:
Proceeds from senior notes	0	3,300
Borrowings (payments) under revolving line of credit, net	(1,240)	1,160
Debt issuance costs	0	(42)
Cash dividends to stockholders	(176.9)	(160)
Proceeds from stock-based compensation, net	63.9	72.5
Treasury stock sales	11.8	7.3
Other	0	(0.2)
Cash flows provided by (used in) financing activities from continuing operations	(1,341.2)	4,337.6
Cash flows provided by (used in) financing activities from discontinued operations	0.3	(1.2)
Cash flows provided by (used in) financing activities	(1,340.9)	4,336.4
Effect of foreign currency exchange rate changes on cash	(4.9)	(1.9)
Net increase (decrease) in cash and cash equivalents	44.2	(407.6)
Cash and cash equivalents, beginning of period	308.3	709.7
Cash and cash equivalents, end of period	$ 352.5	$ 302.1

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	693.9				693.9
Stock option exercises	88.9			88.9
Treasury stock sold	7.3			7.1				0.2
Currency translation adjustments	(28.6)						(28.6)
Stock-based compensation	86.4			86.4
Restricted stock activity	(16.4)			(16.4)
Dividends declared	(160.8)				(160.8)
Balance at end of period at Sep. 30, 2020	10,160.9		1.1	2,069.9	8,349.4		(241.4)	(18.1)
Balance at beginning of period at Jun. 30, 2020	9,879.7		1.1	2,012.9	8,168.7		(284.8)	(18.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	234.4				234.4
Stock option exercises	25.9			25.9				0
Treasury stock sold	2.8			2.7				0.1
Currency translation adjustments	43.4						43.4
Stock-based compensation	29.5			29.5
Restricted stock activity	(1.1)			(1.1)
Dividends declared	(53.7)				(53.7)
Balance at end of period at Sep. 30, 2020	10,160.9		1.1	2,069.9	8,349.4		(241.4)	(18.1)
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	864.8				864.8
Stock option exercises	81.8			81.8
Treasury stock sold	11.8			11.5				0.3
Currency translation adjustments	(3.5)						(3.5)
Stock-based compensation	103.3			103.3
Restricted stock activity	(17.9)			(17.9)
Dividends declared	(177.8)				(177.8)
Balance at end of period at Sep. 30, 2021	11,342.3		1.1	2,276.2	9,233.2		(150.5)	(17.7)
Balance at beginning of period at Jun. 30, 2021	11,089.2		1.1	2,217.9	9,003.1		(115.1)	(17.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	289.5				289.5
Stock option exercises	20.7			20.7
Treasury stock sold	3.6			3.5				0.1
Currency translation adjustments	(35.4)						(35.4)
Stock-based compensation	36.1			36.1
Restricted stock activity	(2)			(2)
Dividends declared	(59.4)				(59.4)
Balance at end of period at Sep. 30, 2021	$ 11,342.3		$ 1.1	$ 2,276.2	$ 9,233.2		$ (150.5)	$ (17.7)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in usd per share)	$ 0.5625	$ 0.5125	$ 1.6875	$ 1.5375

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 nine months ended September 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. During and subsequent to the third quarter of 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses which are presented as discontinued operations for all periods presented. Unless otherwise noted, discussion within these notes to the Condensed Consolidated Financial Statements relate to continuing operations. Refer to Note 5 for additional information on discontinued operations. The results of operations for the three and nine months ended September 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	9 Months Ended
	Sep. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed 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 The Company adopted ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as of January 1, 2020 using the modified retrospective transition method. This ASU amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables, and unbilled receivables. We recorded a noncash cumulative effect decrease to retained earnings of $1.7, net of income taxes, on our opening consolidated balance sheet as of January 1, 2020. Recently Issued Accounting Pronouncements In October 2021, the FASB issued an update to improve the accounting for acquired revenue contracts with customers in a business combination by promoting consistency in the recognition of an acquired contract liability and the subsequent revenue recognized by the acquirer. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company expects to early adopt this update in the fourth quarter of 2021. This update will not impact the acquisitions completed in 2021 and the future impact of adoption, if any, will depend on the acquisitions made by the Company.

Weighted Average Shares Outstan

Weighted Average Shares Outstanding	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Basic shares outstanding 105.4 104.7 105.2 104.5 Effect of potential common stock: Common stock awards 1.3 1.2 1.2 1.1 Diluted shares outstanding 106.7 105.9 106.4 105.6 For the three and nine months ended September 30, 2021, there were 0.502 and 0.530 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 0.135 and 0.809 outstanding stock options that would have been antidilutive in the respective 2020 periods.

Business Acquisitions and Dispo

Business Acquisitions and Disposition	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions and Disposition	Business Acquisitions and Disposition Roper completed four business acquisitions in the nine months ended September 30, 2021, with an aggregate purchase price of $19.7, net of cash acquired. All four of these acquisitions have been 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 nine 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 $13.6 in goodwill and $8.3 of other identifiable intangibles in connection with these four acquisitions. The amortizable intangible assets include customer relationships of $8.0 (13.6 year weighted average useful life) and technology of $0.3 (5.0 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.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations During and subsequent to the third quarter of 2021, the Company signed definitive agreements to divest its TransCore, Zetec and CIVCO Radiotherapy businesses as described below. • On August 10, 2021, Roper signed a definitive agreement to divest its Zetec business to Eddyfi NDT Inc. for approximately $350.0 in cash. The transaction, which is expected to close in the fourth quarter of 2021, is subject to customary closing conditions, including regulatory approvals. Zetec was previously included in the Process Technologies reportable segment. • On October 1, 2021, Roper signed a definitive agreement to divest its TransCore business to an affiliate of Singapore Technologies Engineering Ltd., for approximately $2,680.0 in cash. The transaction, which is expected to close in the first quarter of 2022, is subject to customary closing conditions, including regulatory approvals. TransCore was previously included in the Network Software & Systems reportable segment. • On October 14, 2021, Roper signed a definitive agreement to divest its CIVCO Radiotherapy business to an affiliate of Blue Wolf Capital Partners LLC, for approximately $120.0 in cash. On November 1, 2021, the Company closed on its sale of its CIVCO Radiotherapy business. The Company is currently calculating the gain and associated tax expense on the sale, which will be disclosed within the Company’s 2021 Annual Report on Form 10-K. The CIVCO Radiotherapy business was previously included in the Measurement & Analytical Solutions reportable segment. The Company concluded these disposal activities, in the aggregate, represented a strategic shift that will have a major effect on the Company’s operations and financial results. These divestitures significantly enhance our mix of high-margin, recurring revenue businesses and notably reduce our working capital requirements. Accordingly, the financial results of the TransCore, Zetec and CIVCO Radiotherapy businesses are presented in the Condensed Consolidated Financial Statements as discontinued operations for all periods presented. Current and non-current assets and liabilities of these businesses are presented in the Condensed Consolidated Balance Sheet as assets and liabilities of discontinued operations classified as held for sale for both periods presented. The following tables summarize the major classes of assets and liabilities related to the discontinued operations of the TransCore, Zetec and CIVCO Radiotherapy businesses, as reported in the Condensed Consolidated Balance Sheets: September 30, 2021 (1) December 31, 2020 Accounts receivable, net $ 86.8 $ 117.3 Inventories, net 53.8 33.3 Unbilled receivables 154.6 168.9 Goodwill 428.5 — Other intangible assets, net 37.8 — Other current assets 72.1 4.7 Current assets held for sale 833.6 324.2 Goodwill — 429.2 Other intangible assets, net — 38.7 Other assets — 53.7 Assets held for sale $ — $ 521.6 Accounts payable $ 49.7 $ 50.7 Accrued compensation 30.2 23.5 Deferred taxes 25.2 — Other current liabilities 63.5 46.6 Current liabilities held for sale 168.6 120.8 Deferred taxes — 31.0 Other liabilities — 33.1 Liabilities held for sale $ — $ 64.1 (1) All assets and liabilities held for sale were classified as current as it is probable the sale of TransCore, Zetec and CIVCO Radiotherapy will be completed within one year. The following table summarizes the major classes of revenue and expenses constituting net income from discontinued operations attributable to the TransCore, Zetec and CIVCO Radiotherapy businesses: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net revenues $ 158.6 $ 167.9 $ 472.1 $ 503.2 Cost of sales 91.3 101.9 280.2 296.7 Gross profit 67.3 66.0 191.9 206.5 Selling, general and administrative expenses (1) 25.6 28.9 87.8 86.6 Income from operations 41.7 37.1 104.1 119.9 Other income (expense), net 0.2 (0.2) 1.4 0.2 Earnings before income taxes 41.9 36.9 105.5 120.1 Income taxes 12.2 9.5 23.4 26.7 Net earnings from discontinued operations $ 29.7 $ 27.4 $ 82.1 $ 93.4 (1) Includes stock-based compensation expense of $1.4 and $1.2 for the three months ended September 30, 2021 and 2020, respectively, and $3.2 and $3.5 for the nine months ended September 30, 2021 and 2020, respectively. Stock-based compensation for discontinued operations was previously reported as a component of unallocated corporate general and administrative expenses.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 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. 2016 Incentive Plan, as amended (“2016 Plan”), and no additional grants will be made under the 2016 Plan. The following table provides information regarding the Company’s stock-based compensation expense: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock-based compensation $ 35.4 $ 28.9 $ 102.9 $ 84.8 Tax effect recognized in net earnings from continuing operations 7.4 6.1 21.6 17.8 Stock Options - In the nine months ended September 30, 2021, 0.513 options were granted with a weighted average fair value of $95.04 per option. During the same period in 2020, 0.758 options were granted with a weighted average fair value of $63.01 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: Nine months ended September 30, 2021 2020 Risk-free interest rate (%) 0.94 0.81 Expected option life (years) 5.61 5.64 Expected volatility (%) 25.15 20.36 Expected dividend yield (%) 0.56 0.62 Cash received from option exercises for the nine months ended September 30, 2021 and 2020 was $81.8 and $88.9, respectively. Restricted Stock Grants - During the nine months ended September 30, 2021, the Company granted 0.225 shares with a weighted average grant date fair value of $408.07 per restricted share. During the same period in 2020, the Company granted 0.234 shares with a weighted average grant date fair value of $353.68 per restricted share. All grants were issued at grant date fair value. During the nine months ended September 30, 2021, 0.146 restricted shares vested with a weighted average grant date fair value of $314.01 per restricted share and a weighted average vest date fair value of $406.74 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 nine months ended September 30, 2021 and 2020, participants in the ESPP purchased 0.031 and 0.022 shares of Roper’s common stock for total consideration of $11.8 and $7.3, respectively. All shares were purchased from Roper’s treasury shares.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventory were as follows: September 30, December 31, Raw materials and supplies $ 105.9 $ 104.0 Work in process 27.6 22.9 Finished products 77.1 74.4 Inventory reserves (36.2) (36.2) Inventories, net $ 174.4 $ 165.1

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 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 $ 3,746.2 $ 1,167.3 $ 250.2 $ 13,966.0 Additions 13.6 — — — 13.6 Other 3.1 0.9 — — 4.0 Currency translation adjustments 1.1 6.8 (1.8) (0.5) 5.6 Balances at September 30, 2021 $ 8,820.1 $ 3,753.9 $ 1,165.5 $ 249.7 $ 13,989.2 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 $ 7,473.7 $ (1,688.2) $ 5,785.5 Unpatented technology 942.8 (363.9) 578.9 Software 172.4 (127.4) 45.0 Patents and other protective rights 12.0 (6.0) 6.0 Trade names 7.3 (5.6) 1.7 Assets not subject to amortization: Trade names 751.1 — 751.1 Balances at December 31, 2020 $ 9,359.3 $ (2,191.1) $ 7,168.2 Assets subject to amortization: Customer related intangibles $ 7,478.5 $ (2,020.1) $ 5,458.4 Unpatented technology 907.0 (413.3) 493.7 Software 172.4 (138.2) 34.2 Patents and other protective rights 12.6 (5.0) 7.6 Trade names 6.7 (5.7) 1.0 Assets not subject to amortization: Trade names 751.0 — 751.0 Balances at September 30, 2021 $ 9,328.2 $ (2,582.3) $ 6,745.9 Amortization expense of other intangible assets was $434.2 and $315.5 during the nine months ended September 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 and Debt	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Debt	Fair Value of Financial Instruments and Debt Roper’s debt at September 30, 2021 included $8,000 of fixed-rate senior notes with the following fair values: $500 2.800% senior notes due 2021 502 $500 3.125% senior notes due 2022 512 $300 0.450% senior notes due 2022 301 $700 3.650% senior notes due 2023 742 $500 2.350% senior notes due 2024 524 $300 3.850% senior notes due 2025 330 $700 1.000% senior notes due 2025 697 $700 3.800% senior notes due 2026 779 $700 1.400% senior notes due 2027 691 $800 4.200% senior notes due 2028 915 $700 2.950% senior notes due 2029 745 $600 2.000% senior notes due 2030 591 $1,000 1.750% senior notes due 2031 957 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. Subsequent to the nine months ended September 30, 2021, on October 8, 2021, the Company elected to exercise its optional redemption rights to redeem all of its outstanding 2.800% Notes due December 15, 2021 (the “Notes”) in the original aggregate principal amount of $500, and Wells Fargo Bank, National Association, as trustee under the indenture governing the Notes (the “Indenture”), issued redemption notices to registered holders of the Notes. The date fixed for the redemption of the Notes is November 15, 2021 (the “Redemption Date”). The Notes will be redeemed at 100% of the aggregate principal amount of the Notes, plus accrued and unpaid interest thereon to the Redemption Date in accordance with the terms and conditions set forth in the Indenture. The foregoing does not constitute a notice of redemption with respect to any of the Notes.

Contingencies

Contingencies	9 Months Ended
	Sep. 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 Allen Case. Plaintiff has appealed the dismissal to the U.S. Fifth Circuit Court of Appeals. In July 2021, the plaintiff in the Masciotra case voluntarily dismissed his action without prejudice. The Mulvey 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

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Business Segments	Business Segments The following table presents selected financial information by reportable segment: Three months ended September 30, Nine months ended September 30, 2021 2020 Change % 2021 2020 Change % Net revenues: Application Software $ 603.4 $ 447.9 34.7 % $ 1,771.6 $ 1,251.4 41.6 % Network Software & Systems 343.4 288.1 19.2 % 983.3 864.0 13.8 % Measurement & Analytical Solutions 392.4 356.9 9.9 % 1,146.8 1,065.3 7.7 % Process Technologies 123.6 105.3 17.4 % 363.8 337.9 7.7 % Total $ 1,462.8 $ 1,198.2 22.1 % $ 4,265.5 $ 3,518.6 21.2 % Gross profit: Application Software $ 420.2 $ 307.6 36.6 % $ 1,228.2 $ 851.8 44.2 % Network Software & Systems 284.3 235.1 20.9 % 807.9 701.1 15.2 % Measurement & Analytical Solutions 224.0 212.1 5.6 % 665.7 636.5 4.6 % Process Technologies 67.6 55.1 22.7 % 197.6 180.5 9.5 % Total $ 996.1 $ 809.9 23.0 % $ 2,899.4 $ 2,369.9 22.3 % Operating profit*: Application Software $ 164.6 $ 125.6 31.1 % $ 472.5 $ 336.6 40.4 % Network Software & Systems 134.4 102.3 31.4 % 368.4 298.3 23.5 % Measurement & Analytical Solutions 119.0 119.7 (0.6) % 361.6 352.4 2.6 % Process Technologies 37.0 28.0 32.1 % 112.5 80.7 39.4 % Total $ 455.0 $ 375.6 21.1 % $ 1,315.0 $ 1,068.0 23.1 % Long-lived assets: Application Software $ 129.8 $ 114.1 13.8 % Network Software & Systems 27.4 28.8 (4.9) % Measurement & Analytical Solutions 30.9 35.4 (12.7) % Process Technologies 14.4 19.0 (24.2) % Total $ 202.5 $ 197.3 2.6 % *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $51.5 and $45.1 for the three months ended September 30, 2021 and 2020, respectively, and $155.4 and $137.5 for the nine months ended September 30, 2021 and 2020, respectively.

Revenues from Contracts

Revenues from Contracts	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Software and related services $ 919.3 $ 714.8 $ 2,673.6 $ 2,038.8 Engineered products and related services 543.5 483.4 1,591.9 1,479.8 Net revenues $ 1,462.8 $ 1,198.2 $ 4,265.5 $ 3,518.6 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 September 30, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,349.7. We expect to recognize revenue on approximately 65% of our remaining performance obligations over the next 12 months (“Backlog”), with the remainder to be recognized thereafter. Contract balances Balance Sheet Account September 30, 2021 December 31, 2020 Change Unbilled receivables $ 102.5 $ 72.8 $ 29.7 Contract liabilities - current (1) (995.6) (990.3) (5.3) Deferred revenue - non-current (2) (70.8) (42.8) (28.0) Net contract assets/(liabilities) $ (963.9) $ (960.3) $ (3.6) (1) Consists primarily of “Deferred revenue.” (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 September 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 due to the timing of invoicing related to software milestone billings associated with multi-year term license renewals and software implementations. 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 unbilled receivables where billing occurs after revenue recognition. 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 $155.6 and $157.8 for the three months ended September 30, 2021 and 2020, respectively, and $870.6 and $706.2 for the nine months ended September 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. The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Condensed Consolidated Balance Sheets. At September 30, 2021 and December 31, 2020 we had $48.8 and $42.5 of deferred commissions, respectively.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed 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 The Company adopted ASC Topic 326, Financial Instruments - Credit Losses (“ASC 326”), as of January 1, 2020 using the modified retrospective transition method. This ASU amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables, and unbilled receivables. We recorded a noncash cumulative effect decrease to retained earnings of $1.7, net of income taxes, on our opening consolidated balance sheet as of January 1, 2020. Recently Issued Accounting Pronouncements In October 2021, the FASB issued an update to improve the accounting for acquired revenue contracts with customers in a business combination by promoting consistency in the recognition of an acquired contract liability and the subsequent revenue recognized by the acquirer. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company expects to early adopt this update in the fourth quarter of 2021. This update will not impact the acquisitions completed in 2021 and the future impact of adoption, if any, will depend on the acquisitions made by the Company.

Weighted Average Shares Outst_2

Weighted Average Shares Outstanding (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Weighted Average Shares Outstanding	Weighted average shares outstanding are shown below: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Basic shares outstanding 105.4 104.7 105.2 104.5 Effect of potential common stock: Common stock awards 1.3 1.2 1.2 1.1 Diluted shares outstanding 106.7 105.9 106.4 105.6

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The following tables summarize the major classes of assets and liabilities related to the discontinued operations of the TransCore, Zetec and CIVCO Radiotherapy businesses, as reported in the Condensed Consolidated Balance Sheets: September 30, 2021 (1) December 31, 2020 Accounts receivable, net $ 86.8 $ 117.3 Inventories, net 53.8 33.3 Unbilled receivables 154.6 168.9 Goodwill 428.5 — Other intangible assets, net 37.8 — Other current assets 72.1 4.7 Current assets held for sale 833.6 324.2 Goodwill — 429.2 Other intangible assets, net — 38.7 Other assets — 53.7 Assets held for sale $ — $ 521.6 Accounts payable $ 49.7 $ 50.7 Accrued compensation 30.2 23.5 Deferred taxes 25.2 — Other current liabilities 63.5 46.6 Current liabilities held for sale 168.6 120.8 Deferred taxes — 31.0 Other liabilities — 33.1 Liabilities held for sale $ — $ 64.1 (1) All assets and liabilities held for sale were classified as current as it is probable the sale of TransCore, Zetec and CIVCO Radiotherapy will be completed within one year. The following table summarizes the major classes of revenue and expenses constituting net income from discontinued operations attributable to the TransCore, Zetec and CIVCO Radiotherapy businesses: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net revenues $ 158.6 $ 167.9 $ 472.1 $ 503.2 Cost of sales 91.3 101.9 280.2 296.7 Gross profit 67.3 66.0 191.9 206.5 Selling, general and administrative expenses (1) 25.6 28.9 87.8 86.6 Income from operations 41.7 37.1 104.1 119.9 Other income (expense), net 0.2 (0.2) 1.4 0.2 Earnings before income taxes 41.9 36.9 105.5 120.1 Income taxes 12.2 9.5 23.4 26.7 Net earnings from discontinued operations $ 29.7 $ 27.4 $ 82.1 $ 93.4 (1) Includes stock-based compensation expense of $1.4 and $1.2 for the three months ended September 30, 2021 and 2020, respectively, and $3.2 and $3.5 for the nine months ended September 30, 2021 and 2020, respectively. Stock-based compensation for discontinued operations was previously reported as a component of unallocated corporate general and administrative expenses.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Expense	The following table provides information regarding the Company’s stock-based compensation expense: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock-based compensation $ 35.4 $ 28.9 $ 102.9 $ 84.8 Tax effect recognized in net earnings from continuing operations 7.4 6.1 21.6 17.8
Schedule of Weighted Average Assumptions Used to Value Option Grants	The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year periods using the Black-Scholes option-pricing model: Nine months ended September 30, 2021 2020 Risk-free interest rate (%) 0.94 0.81 Expected option life (years) 5.61 5.64 Expected volatility (%) 25.15 20.36 Expected dividend yield (%) 0.56 0.62

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	The components of inventory were as follows: September 30, December 31, Raw materials and supplies $ 105.9 $ 104.0 Work in process 27.6 22.9 Finished products 77.1 74.4 Inventory reserves (36.2) (36.2) Inventories, net $ 174.4 $ 165.1

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of 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 $ 3,746.2 $ 1,167.3 $ 250.2 $ 13,966.0 Additions 13.6 — — — 13.6 Other 3.1 0.9 — — 4.0 Currency translation adjustments 1.1 6.8 (1.8) (0.5) 5.6 Balances at September 30, 2021 $ 8,820.1 $ 3,753.9 $ 1,165.5 $ 249.7 $ 13,989.2
Schedule of Other Intangible Assets - Subject to Amortization	Other intangible assets were comprised of: Cost Accumulated Net book Assets subject to amortization: Customer related intangibles $ 7,473.7 $ (1,688.2) $ 5,785.5 Unpatented technology 942.8 (363.9) 578.9 Software 172.4 (127.4) 45.0 Patents and other protective rights 12.0 (6.0) 6.0 Trade names 7.3 (5.6) 1.7 Assets not subject to amortization: Trade names 751.1 — 751.1 Balances at December 31, 2020 $ 9,359.3 $ (2,191.1) $ 7,168.2 Assets subject to amortization: Customer related intangibles $ 7,478.5 $ (2,020.1) $ 5,458.4 Unpatented technology 907.0 (413.3) 493.7 Software 172.4 (138.2) 34.2 Patents and other protective rights 12.6 (5.0) 7.6 Trade names 6.7 (5.7) 1.0 Assets not subject to amortization: Trade names 751.0 — 751.0 Balances at September 30, 2021 $ 9,328.2 $ (2,582.3) $ 6,745.9
Schedule of Other Intangible Assets - Not Subject to Amortization	Other intangible assets were comprised of: Cost Accumulated Net book Assets subject to amortization: Customer related intangibles $ 7,473.7 $ (1,688.2) $ 5,785.5 Unpatented technology 942.8 (363.9) 578.9 Software 172.4 (127.4) 45.0 Patents and other protective rights 12.0 (6.0) 6.0 Trade names 7.3 (5.6) 1.7 Assets not subject to amortization: Trade names 751.1 — 751.1 Balances at December 31, 2020 $ 9,359.3 $ (2,191.1) $ 7,168.2 Assets subject to amortization: Customer related intangibles $ 7,478.5 $ (2,020.1) $ 5,458.4 Unpatented technology 907.0 (413.3) 493.7 Software 172.4 (138.2) 34.2 Patents and other protective rights 12.6 (5.0) 7.6 Trade names 6.7 (5.7) 1.0 Assets not subject to amortization: Trade names 751.0 — 751.0 Balances at September 30, 2021 $ 9,328.2 $ (2,582.3) $ 6,745.9

Fair Value of Financial Instr_2

Fair Value of Financial Instruments and Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fixed-Rate Senior Notes, Fair Value	Roper’s debt at September 30, 2021 included $8,000 of fixed-rate senior notes with the following fair values: $500 2.800% senior notes due 2021 502 $500 3.125% senior notes due 2022 512 $300 0.450% senior notes due 2022 301 $700 3.650% senior notes due 2023 742 $500 2.350% senior notes due 2024 524 $300 3.850% senior notes due 2025 330 $700 1.000% senior notes due 2025 697 $700 3.800% senior notes due 2026 779 $700 1.400% senior notes due 2027 691 $800 4.200% senior notes due 2028 915 $700 2.950% senior notes due 2029 745 $600 2.000% senior notes due 2030 591 $1,000 1.750% senior notes due 2031 957

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents selected financial information by reportable segment: Three months ended September 30, Nine months ended September 30, 2021 2020 Change % 2021 2020 Change % Net revenues: Application Software $ 603.4 $ 447.9 34.7 % $ 1,771.6 $ 1,251.4 41.6 % Network Software & Systems 343.4 288.1 19.2 % 983.3 864.0 13.8 % Measurement & Analytical Solutions 392.4 356.9 9.9 % 1,146.8 1,065.3 7.7 % Process Technologies 123.6 105.3 17.4 % 363.8 337.9 7.7 % Total $ 1,462.8 $ 1,198.2 22.1 % $ 4,265.5 $ 3,518.6 21.2 % Gross profit: Application Software $ 420.2 $ 307.6 36.6 % $ 1,228.2 $ 851.8 44.2 % Network Software & Systems 284.3 235.1 20.9 % 807.9 701.1 15.2 % Measurement & Analytical Solutions 224.0 212.1 5.6 % 665.7 636.5 4.6 % Process Technologies 67.6 55.1 22.7 % 197.6 180.5 9.5 % Total $ 996.1 $ 809.9 23.0 % $ 2,899.4 $ 2,369.9 22.3 % Operating profit*: Application Software $ 164.6 $ 125.6 31.1 % $ 472.5 $ 336.6 40.4 % Network Software & Systems 134.4 102.3 31.4 % 368.4 298.3 23.5 % Measurement & Analytical Solutions 119.0 119.7 (0.6) % 361.6 352.4 2.6 % Process Technologies 37.0 28.0 32.1 % 112.5 80.7 39.4 % Total $ 455.0 $ 375.6 21.1 % $ 1,315.0 $ 1,068.0 23.1 % Long-lived assets: Application Software $ 129.8 $ 114.1 13.8 % Network Software & Systems 27.4 28.8 (4.9) % Measurement & Analytical Solutions 30.9 35.4 (12.7) % Process Technologies 14.4 19.0 (24.2) % Total $ 202.5 $ 197.3 2.6 % *Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $51.5 and $45.1 for the three months ended September 30, 2021 and 2020, respectively, and $155.4 and $137.5 for the nine months ended September 30, 2021 and 2020, respectively.

Revenues from Contracts (Tables

Revenues from Contracts (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Software and related services $ 919.3 $ 714.8 $ 2,673.6 $ 2,038.8 Engineered products and related services 543.5 483.4 1,591.9 1,479.8 Net revenues $ 1,462.8 $ 1,198.2 $ 4,265.5 $ 3,518.6
Schedule of Contract Balances	Contract balances Balance Sheet Account September 30, 2021 December 31, 2020 Change Unbilled receivables $ 102.5 $ 72.8 $ 29.7 Contract liabilities - current (1) (995.6) (990.3) (5.3) Deferred revenue - non-current (2) (70.8) (42.8) (28.0) Net contract assets/(liabilities) $ (963.9) $ (960.3) $ (3.6) (1) Consists primarily of “Deferred revenue.” (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	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 11,342.3	$ 11,089.2	$ 10,479.8	$ 10,160.9	$ 9,879.7	$ 9,491.9
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 9,233.2	$ 9,003.1	$ 8,546.2	$ 8,349.4	$ 8,168.7	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	105.4	104.7	105.2	104.5
Effect of potential common stock:
Common stock awards (in shares)	1.3	1.2	1.2	1.1
Diluted shares outstanding (in shares)	106.7	105.9	106.4	105.6

Weighted Average Shares Outst_4

Weighted Average Shares Outstanding (Narrative) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive stock options (in shares)	502	135	530	809

Business Acquisitions and Dis_2

Business Acquisitions and Disposition (Details) $ in Millions	Mar. 17, 2021USD ($)	Sep. 30, 2021USD ($)acquisition	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of business acquisitions | acquisition		4
Goodwill		$ 13,989.2	$ 13,966
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]
Purchase price		19.7
Goodwill		13.6
Intangible assets acquired		8.3
Other acquisitions | Customer related intangibles
Business Acquisition [Line Items]
Intangible assets acquired		$ 8
Weighted average useful life of intangible assets acquired		13 years 7 months 6 days
Other acquisitions | Technology
Business Acquisition [Line Items]
Intangible assets acquired		$ 0.3
Weighted average useful life of intangible assets acquired		5 years

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Disposed of by Sale - USD ($) $ in Millions	Oct. 14, 2021	Oct. 01, 2021	Aug. 10, 2021
Zetec
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from disposal			$ 350
TransCore | Subsequent event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from disposal		$ 2,680
Civco Radiotherapy | Subsequent event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from disposal	$ 120

Discontinued Operations - Sched

Discontinued Operations - Schedule of Assets and Liabilities From Discontinued Operations (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Current assets held for sale	$ 833.6	$ 324.2
Assets held for sale	0	521.6
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Current liabilities held for sale	168.6	120.8
Liabilities held for sale	0	64.1
Held-for-sale or Disposed of by Sale | TransCore Holdings Inc, Zetec and Civco Radiotherapy
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Accounts receivable, net	86.8	117.3
Inventories, net	53.8	33.3
Unbilled receivables	154.6	168.9
Goodwill	428.5	0
Other intangible assets, net	37.8	0
Other current assets	72.1	4.7
Current assets held for sale	833.6	324.2
Goodwill	0	429.2
Other intangible assets, net	0	38.7
Other assets	0	53.7
Assets held for sale	0	521.6
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Accounts payable	49.7	50.7
Accrued compensation	30.2	23.5
Deferred taxes	25.2	31
Other current liabilities	63.5	46.6
Current liabilities held for sale	168.6	120.8
Other liabilities	0	33.1
Liabilities held for sale	$ 0	$ 64.1

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of Amounts Included in Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings from discontinued operations	$ 29.7	$ 27.4	$ 82.1	$ 93.4
Held-for-sale or Disposed of by Sale | TransCore Holdings Inc, Zetec and Civco Radiotherapy
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	158.6	167.9	472.1	503.2
Cost of sales	91.3	101.9	280.2	296.7
Gross profit	67.3	66	191.9	206.5
Selling, general and administrative expenses(1)	25.6	28.9	87.8	86.6
Income from operations	41.7	37.1	104.1	119.9
Other income (expense), net	0.2	(0.2)	1.4	0.2
Earnings before income taxes	41.9	36.9	105.5	120.1
Income taxes	12.2	9.5	23.4	26.7
Net earnings from discontinued operations	29.7	27.4	82.1	93.4
Stock-based compensation expense	$ 1.4	$ 1.2	$ 3.2	$ 3.5

Stock Based Compensation (Stock

Stock Based Compensation (Stock Based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation	$ 35.4	$ 28.9	$ 102.9	$ 84.8
Tax effect recognized in net earnings from continuing operations	$ 7.4	$ 6.1	$ 21.6	$ 17.8

Stock Based Compensation (Narra

Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	Jul. 01, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options granted during the period (in shares)			513	758
Fair value per share (in dollars per share)			$ 95.04	$ 63.01
Cash received from exercise of options			$ 81.8	$ 88.9
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted during period (in shares)			225	234
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share)			$ 408.07	$ 353.68
Restricted stock awards vested during period (in shares)			146
Weighted average grant date fair value per share (in dollars per share)			$ 314.01
Weighted average vest date fair value per share (in dollars per share)			$ 406.74
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%
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)			31	22
Amount paid for stock purchased during the period by participants in the employee stock purchase plan			$ 11.8	$ 7.3

Stock Based Compensation (Weigh

Stock Based Compensation (Weighted Average Assumptions Used to Value Option Grants) (Details) - Employee Stock Option	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (%)	0.94%	0.81%
Expected option life (years)	5 years 7 months 9 days	5 years 7 months 20 days
Expected volatility (%)	25.15%	20.36%
Expected dividend yield (%)	0.56%	0.62%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventories [Abstract]
Raw materials and supplies	$ 105.9	$ 104
Work in process	27.6	22.9
Finished products	77.1	74.4
Inventory reserves	(36.2)	(36.2)
Inventories, net	$ 174.4	$ 165.1

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Goodwill) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 13,966
Additions	13.6
Other	4
Currency translation adjustments	5.6
Balance at end of period	13,989.2
Application Software
Goodwill [Roll Forward]
Balance at beginning of period	8,802.3
Additions	13.6
Other	3.1
Currency translation adjustments	1.1
Balance at end of period	8,820.1
Network Software & Systems
Goodwill [Roll Forward]
Balance at beginning of period	3,746.2
Additions	0
Other	0.9
Currency translation adjustments	6.8
Balance at end of period	3,753.9
Measurement & Analytical Solutions
Goodwill [Roll Forward]
Balance at beginning of period	1,167.3
Additions	0
Other	0
Currency translation adjustments	(1.8)
Balance at end of period	1,165.5
Process Technologies
Goodwill [Roll Forward]
Balance at beginning of period	250.2
Additions	0
Other	0
Currency translation adjustments	(0.5)
Balance at end of period	$ 249.7

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (2,582.3)	$ (2,191.1)
Intangible assets, gross (excluding goodwill)	9,328.2	9,359.3
Intangible assets, net (excluding goodwill)	6,745.9	7,168.2
Trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	751	751.1
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	7,478.5	7,473.7
Accumulated amortization	(2,020.1)	(1,688.2)
Finite-lived intangible assets, net	5,458.4	5,785.5
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	907	942.8
Accumulated amortization	(413.3)	(363.9)
Finite-lived intangible assets, net	493.7	578.9
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	172.4	172.4
Accumulated amortization	(138.2)	(127.4)
Finite-lived intangible assets, net	34.2	45
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	12.6	12
Accumulated amortization	(5)	(6)
Finite-lived intangible assets, net	7.6	6
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	6.7	7.3
Accumulated amortization	(5.7)	(5.6)
Finite-lived intangible assets, net	$ 1	$ 1.7

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 438.8	$ 318.9
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 434.2	$ 315.5

Fair Value of Financial Instr_3

Fair Value of Financial Instruments and Debt - Schedule of Fixed-Rate Senior Notes, Fair Value (Details) - Senior Notes	Sep. 30, 2021USD ($)
$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%
$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%
$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%
$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%
$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%
$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%
$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%
$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%
$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%
$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%
$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%
$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%
$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%
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior notes carrying amount	$ 8,000,000,000
Fair Value, Inputs, Level 2 | $500 2.800% senior notes due 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	502,000,000
Fair Value, Inputs, Level 2 | $500 3.125% senior notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	512,000,000
Fair Value, Inputs, Level 2 | $300 0.450% senior notes due 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	301,000,000
Fair Value, Inputs, Level 2 | $700 3.650% senior notes due 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	742,000,000
Fair Value, Inputs, Level 2 | $500 2.350% senior notes due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	524,000,000
Fair Value, Inputs, Level 2 | $300 3.850% senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	330,000,000
Fair Value, Inputs, Level 2 | $700 1.000% senior notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	697,000,000
Fair Value, Inputs, Level 2 | $700 3.800% senior notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	779,000,000
Fair Value, Inputs, Level 2 | $700 1.400% senior notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	691,000,000
Fair Value, Inputs, Level 2 | $800 4.200% senior notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	915,000,000
Fair Value, Inputs, Level 2 | $700 2.950% senior notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	745,000,000
Fair Value, Inputs, Level 2 | $600 2.000% senior notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	591,000,000
Fair Value, Inputs, Level 2 | $1,000 1.750% senior notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 957,000,000

Fair Value of Financial Instr_4

Fair Value of Financial Instruments and Debt - Narrative (Details) - 2.800% senior notes due 2021 - Senior Notes - USD ($)	Oct. 08, 2021	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed interest rate (as a percent)		2.80%
Aggregate principal amount		$ 500,000,000
Subsequent event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed interest rate (as a percent)	2.80%
Aggregate principal amount	$ 500,000,000
Proportion of principal redeemed (as a percent)	100.00%

Contingencies (Details)

Contingencies (Details) individual in Millions	9 Months Ended
	Sep. 30, 2021individualclaim
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Net revenues:	$ 1,462.8	$ 1,198.2	$ 4,265.5	$ 3,518.6
Percent change in net revenues	22.10%		21.20%
Gross profit:	$ 996.1	809.9	$ 2,899.4	2,369.9
Percent change in gross profit	23.00%		22.30%
Operating profit	$ 455	375.6	$ 1,315	1,068
Percent change in operating profit	21.10%		23.10%
Long-lived assets:	$ 202.5	197.3	$ 202.5	197.3
Percent change in long-lived assets	2.60%
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expenses	$ 51.5	45.1	155.4	137.5
Application Software
Segment Reporting Information [Line Items]
Net revenues:	$ 603.4	447.9	$ 1,771.6	1,251.4
Percent change in net revenues	34.70%		41.60%
Gross profit:	$ 420.2	307.6	$ 1,228.2	851.8
Percent change in gross profit	36.60%		44.20%
Operating profit	$ 164.6	125.6	$ 472.5	336.6
Percent change in operating profit	31.10%		40.40%
Long-lived assets:	$ 129.8	114.1	$ 129.8	114.1
Percent change in long-lived assets	13.80%
Network Software & Systems
Segment Reporting Information [Line Items]
Net revenues:	$ 343.4	288.1	$ 983.3	864
Percent change in net revenues	19.20%		13.80%
Gross profit:	$ 284.3	235.1	$ 807.9	701.1
Percent change in gross profit	20.90%		15.20%
Operating profit	$ 134.4	102.3	$ 368.4	298.3
Percent change in operating profit	31.40%		23.50%
Long-lived assets:	$ 27.4	28.8	$ 27.4	28.8
Percent change in long-lived assets	(4.90%)
Measurement & Analytical Solutions
Segment Reporting Information [Line Items]
Net revenues:	$ 392.4	356.9	$ 1,146.8	1,065.3
Percent change in net revenues	9.90%		7.70%
Gross profit:	$ 224	212.1	$ 665.7	636.5
Percent change in gross profit	5.60%		4.60%
Operating profit	$ 119	119.7	$ 361.6	352.4
Percent change in operating profit	(0.60%)		2.60%
Long-lived assets:	$ 30.9	35.4	$ 30.9	35.4
Percent change in long-lived assets	(12.70%)
Process Technologies
Segment Reporting Information [Line Items]
Net revenues:	$ 123.6	105.3	$ 363.8	337.9
Percent change in net revenues	17.40%		7.70%
Gross profit:	$ 67.6	55.1	$ 197.6	180.5
Percent change in gross profit	22.70%		9.50%
Operating profit	$ 37	28	$ 112.5	80.7
Percent change in operating profit	32.10%		39.40%
Long-lived assets:	$ 14.4	$ 19	$ 14.4	$ 19
Percent change in long-lived assets	(24.20%)

Revenues from Contracts (Disagg

Revenues from Contracts (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 1,462.8	$ 1,198.2	$ 4,265.5	$ 3,518.6
Software and related services
Disaggregation of Revenue [Line Items]
Net revenues	919.3	714.8	2,673.6	2,038.8
Engineered products and related services
Disaggregation of Revenue [Line Items]
Net revenues	$ 543.5	$ 483.4	$ 1,591.9	$ 1,479.8

Revenues from Contracts (Remain

Revenues from Contracts (Remaining Performance Obligations Narrative) (Details) $ in Millions	Sep. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 3,349.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, percentage	65.00%
Remaining performance obligations, expected timing of satisfaction	12 months

Revenues from Contracts (Contra

Revenues from Contracts (Contract Balances) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 102.5	$ 72.8
Contract liabilities - current	(995.6)	(990.3)
Deferred revenue - non-current	(70.8)	(42.8)
Net contract assets/(liabilities)	(963.9)	$ (960.3)
Change in unbilled receivables	29.7
Change in contract liabilities - current	(5.3)
Change in deferred revenue - non-current	(28)
Change in net contract assets/(liabilities)	$ (3.6)

Revenues from Contracts (Narrat

Revenues from Contracts (Narratives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance	$ 155.6	$ 157.8	$ 870.6	$ 706.2
Deferred commissions	$ 48.8		$ 48.8		$ 42.5

Uncategorized Items - rop-20210

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