Roper (ROP) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	6496 University Parkway
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	NASDAQ
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		107,198,665
Entity Central Index Key	0000882835
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net revenues	$ 1,716.8	$ 1,531.2	$ 3,397.5	$ 3,000.9
Cost of sales	523.5	464.1	1,023.2	915.2
Gross profit	1,193.3	1,067.1	2,374.3	2,085.7
Selling, general and administrative expenses	699.1	631.8	1,398.8	1,249.4
Income from operations	494.2	435.3	975.5	836.3
Interest expense, net	67.5	34.8	120.7	72.2
Equity investments (gain) loss, net	0.8	(66)	(56.2)	(64.8)
Other expense, net	0.6	2.8	1.8	5.1
Earnings before income taxes	425.3	463.7	909.2	823.8
Income taxes	88.2	102.7	190.1	178.5
Net earnings from continuing operations	337.1	361	719.1	645.3
Loss from discontinued operations, net of tax	0	0	0	(1.2)
Gain on disposition of discontinued operations, net of tax	0	3.9	0	3.9
Net earnings from discontinued operations	0	3.9	0	2.7
Net earnings	$ 337.1	$ 364.9	$ 719.1	$ 648
Net earnings per share from continuing operations:
Basic (in dollars per share)	$ 3.15	$ 3.38	$ 6.72	$ 6.06
Diluted (in dollars per share)	3.12	3.36	6.66	6.02
Net earnings per share from discontinued operations:
Basic (in dollars per share)	0	0.04	0	0.03
Diluted (in dollars per share)	0	0.04	0	0.02
Net earnings per share:
Basic (in dollars per share)	3.15	3.42	6.72	6.09
Diluted (in dollars per share)	$ 3.12	$ 3.40	$ 6.66	$ 6.04
Weighted average common shares outstanding:
Basic (in shares)	107.1	106.6	107	106.4
Diluted (in shares)	107.9	107.4	107.9	107.2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 337.1	$ 364.9	$ 719.1	$ 648
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(0.9)	36.2	(20)	60.3
Total other comprehensive income (loss), net of tax	(0.9)	36.2	(20)	60.3
Comprehensive income	$ 336.2	$ 401.1	$ 699.1	$ 708.3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
ASSETS:
Cash and cash equivalents	$ 251.5	$ 214.3
Accounts receivable, net	739.9	829.9
Inventories, net	128.8	118.6
Income taxes receivable	48	47.7
Unbilled receivables	123.8	106.4
Other current assets	198.2	164.5
Total current assets	1,490.2	1,481.4
Property, plant and equipment, net	116.4	119.6
Goodwill	18,313.1	17,118.8
Other intangible assets, net	8,645.3	8,212.1
Deferred taxes	30.7	32.2
Equity investments	842.8	795.7
Other assets	409	407.7
Total assets	29,847.5	28,167.5
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Accounts payable	149.4	143
Accrued compensation	189.5	250
Deferred revenue	1,468.3	1,583.8
Other accrued liabilities	469.7	446.5
Income taxes payable	30.9	40.4
Current portion of long-term debt, net	500	499.5
Total current liabilities	2,807.8	2,963.2
Long-term debt, net of current portion	6,923.9	5,830.6
Deferred taxes	1,585.4	1,513.1
Other liabilities	391.4	415.8
Total liabilities	11,708.5	10,722.7
Commitments and contingencies (Note 10)
Common stock	1.1	1.1
Additional paid-in capital	2,923	2,767
Retained earnings	15,374.3	14,816.3
Accumulated other comprehensive loss	(142.8)	(122.8)
Treasury stock	(16.6)	(16.8)
Total stockholders’ equity	18,139	17,444.8
Total liabilities and stockholders’ equity	$ 29,847.5	$ 28,167.5

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net earnings from continuing operations	$ 719.1	$ 645.3
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	18.5	17.3
Amortization of intangible assets	377.2	350.6
Amortization of deferred financing costs	4.5	5.1
Non-cash stock compensation	73.3	63.5
Equity investments gain, net	(56.2)	(64.8)
Income tax provision	190.1	178.5
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	96.7	46.7
Unbilled receivables	(17.7)	(14.9)
Inventories	(11)	(5.9)
Accounts payable	4.5	17.9
Other accrued liabilities	(47.3)	(91)
Deferred revenue	(122.6)	(98.3)
Cash income taxes paid	(284.3)	(231.5)
Other, net	(29.2)	(33.5)
Cash provided by operating activities from continuing operations	915.6	785
Cash used in operating activities from discontinued operations	0	(1.7)
Cash provided by operating activities	915.6	783.3
Cash flows from (used in) investing activities:
Acquisitions of businesses, net of cash acquired	(1,858.3)	(17.3)
Capital expenditures	(15.9)	(24.9)
Capitalized software expenditures	(20.5)	(19.3)
Distributions from equity investment	8.4	12.1
Other, net	(1.1)	(2.9)
Cash used in investing activities from continuing operations	(1,887.4)	(52.3)
Cash provided by disposition of discontinued operations	0	2
Cash used in investing activities	(1,887.4)	(50.3)
Cash flows from (used in) financing activities:
Borrowings under revolving line of credit, net	1,090	0
Cash dividends to stockholders	(160.6)	(144.8)
Proceeds from stock-based compensation, net	75.9	60.8
Treasury stock sales	10.3	8.4
Other	(0.2)	(0.2)
Cash provided by (used in) financing activities	1,015.4	(75.8)
Effect of exchange rate changes on cash	(6.4)	12.8
Net increase in cash and cash equivalents	37.2	670
Cash and cash equivalents, beginning of period	214.3	792.8
Cash and cash equivalents, end of period	$ 251.5	$ 1,462.8

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Balance at beginning of period at Dec. 31, 2022	$ 16,037.8	$ 1.1	$ 2,510.2	$ 13,730.7	$ (187)	$ (17.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	648			648
Stock option exercises	81.8		81.8
Treasury stock sold	8.4		8.2			0.2
Currency translation adjustments	60.3				60.3
Stock-based compensation	65.2		65.2
Restricted stock activity	(10.1)		(10.1)
Dividends declared	(145.5)			(145.5)
Balance at end of period at Jun. 30, 2023	16,745.9	1.1	2,655.3	14,233.2	(126.7)	(17)
Balance at beginning of period at Mar. 31, 2023	16,332.7	1.1	2,570.4	13,941.2	(162.9)	(17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	364.9			364.9
Stock option exercises	48.1		48.1
Treasury stock sold	3.7		3.6			0.1
Currency translation adjustments	36.2				36.2
Stock-based compensation	33.8		33.8
Restricted stock activity	(0.6)		(0.6)
Dividends declared	(72.9)			(72.9)
Balance at end of period at Jun. 30, 2023	16,745.9	1.1	2,655.3	14,233.2	(126.7)	(17)
Balance at beginning of period at Dec. 31, 2023	17,444.8	1.1	2,767	14,816.3	(122.8)	(16.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	719.1			719.1
Stock option exercises	90		90
Treasury stock sold	10.3		10.1			0.2
Currency translation adjustments	(20)				(20)
Stock-based compensation	74		74
Restricted stock activity	(18.1)		(18.1)
Dividends declared	(161.1)			(161.1)
Balance at end of period at Jun. 30, 2024	18,139	1.1	2,923	15,374.3	(142.8)	(16.6)
Balance at beginning of period at Mar. 31, 2024	17,797.6	1.1	2,837.1	15,118	(141.9)	(16.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	337.1			337.1
Stock option exercises	42.6		42.6
Treasury stock sold	4.5		4.4			0.1
Currency translation adjustments	(0.9)				(0.9)
Stock-based compensation	39.4		39.4
Restricted stock activity	(0.5)		(0.5)
Dividends declared	(80.8)			(80.8)
Balance at end of period at Jun. 30, 2024	$ 18,139	$ 1.1	$ 2,923	$ 15,374.3	$ (142.8)	$ (16.6)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in usd per share)	$ 0.75	$ 0.6825	$ 1.50	$ 1.365

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 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, 2023 financial position data included herein was derived from the audited consolidated financial statements included in the Company’s 2023 Annual Report on Form 10-K (“Annual Report”) filed on February 22, 2024 with the U.S. Securities and Exchange Commission (“SEC”) but does not include all annual disclosures required by U.S. generally accepted accounting principles (“GAAP”). Roper’s management has made estimates and assumptions related 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, 2024 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. In 2022, Roper completed the divestiture of a 51% majority equity stake in its industrial businesses (“Indicor”). The financial results related to Indicor are reported as discontinued operations for all periods presented. Following the sale of the majority stake, Roper retained a minority equity interest in Indicor. See Note 9 for additional information on this minority equity interest. Unless otherwise noted, discussion within these Notes to Condensed Consolidated Financial Statements relates to continuing operations.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
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 FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed below were assessed and either determined to be not applicable or are expected to have an immaterial impact on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (ASU 2023-07), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which expands income tax disclosure requirements, including disaggregation of rate reconciliation table categories, disaggregation of earnings before income taxes and income tax expense information, and disaggregation of income taxes paid information, among other changes. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its Consolidated Financial Statements and related disclosures.

Weighted Average Shares Outstan

Weighted Average Shares Outstanding	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding	Weighted Average Shares Outstanding Basic earnings per share was calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share was calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options and restricted stock awards based upon the average 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 presented below: Three months ended Six months ended 2024 2023 2024 2023 Basic shares outstanding 107.1 106.6 107.0 106.4 Effect of potential common stock: Common stock awards 0.8 0.8 0.9 0.8 Diluted shares outstanding 107.9 107.4 107.9 107.2 For the three and six months ended June 30, 2024, there were 0.387 and 0.384 stock-based awards outstanding that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 0.735 and 0.737 stock-based awards outstanding that would have been antidilutive in the respective 2023 periods.

Business Acquisitions

Business Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Acquisitions	Business Acquisitions On February 26, 2024, Roper acquired Genesis Ultimate Holding Co., the parent company of Procare Software, LLC (“Procare”), a leading provider of cloud-based software and integrated payment processing for the management of early childhood education centers, for a purchase price of $1,860.0, net of cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $110 which is expected to be utilized over the next 13 years. The results of Procare are reported in the Application Software reportable segment. The Company recorded $1,208.2 in goodwill, $39.0 assigned to trade names that are not subject to amortization, and $762.0 of other identifiable intangibles in connection with this acquisition. The amortizable intangible assets include customer relationships of $708.0 (20 year useful life) and technology of $54.0 (5 year useful life). The results of operations of the acquired business are included in Roper’s Condensed Consolidated Financial Statements from the date of acquisition. Pro forma results of operations and the revenues and net earnings subsequent to the acquisition date have not been presented because the effects of the acquisition were not material to our financial results.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Roper Technologies, Inc. 2021 Incentive Plan is a stock-based compensation plan used to grant incentive stock options, nonqualified stock options, restricted stock and restricted stock units (collectively “restricted stock awards”), stock appreciation rights, or equivalent instruments to Roper’s employees, officers, directors, and consultants. The following table provides information regarding the Company’s stock-based compensation expense: Three months ended Six months ended 2024 2023 2024 2023 Stock-based compensation $ 39.7 $ 33.3 $ 73.3 $ 63.5 Tax benefit recognized in net earnings 6.7 5.5 12.6 10.7 The Company accounts for forfeitures of stock-based awards as they occur, with previously recognized compensation reversed in the period in which the awards are forfeited. Stock Options – During the six months ended June 30, 2024, 0.263 options were granted with a weighted-average fair value of $173.72 per option. During the same six-month period in 2023, 0.363 options were granted with a weighted-average fair value of $129.01 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 Company’s stock-based compensation 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, and the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the option. The following weighted average assumptions were used to estimate the fair value of options granted during the current and prior year periods using the Black-Scholes option pricing model: Six months ended June 30, 2024 2023 Risk-free interest rate (%) 4.17 3.73 Expected option life (years) 5.73 5.63 Expected volatility (%) 25.57 26.04 Expected dividend yield (%) 0.51 0.64 Cash received from option exercises for the six months ended June 30, 2024 and 2023 was $88.1 and $70.9, respectively. Restricted Stock Awards – During the six months ended June 30, 2024, the Company granted 0.368 shares of restricted stock awards with a weighted-average grant date fair value of $555.12 per share. During the same six-month period in 2023, the Company granted 0.242 shares of restricted stock awards with a weighted-average grant date fair value of $431.05 per share. These awards were granted at the fair market value of the share on the date of grant. During 2024, the Company revised its equity compensation strategy to more closely align long-term management incentives with its strategic objective to deliver and sustain higher levels of organic growth. Accordingly, the total number of restricted stock awards granted during the six months ended June 30, 2024 increased as compared to the six months ended June 30, 2023 due primarily to the adoption of a supplemental equity compensation program for the Company’s business unit leadership teams under which 0.129 incremental three-year performance-based restricted stock awards were granted. In connection with the revised compensation strategy noted above, certain members of the Roper senior leadership team were granted 0.072 performance-based restricted stock awards during the six months ended June 30, 2024, that include the ability to earn up to 200% of the number of restricted stock awards originally granted contingent upon Roper’s performance over a three-year period, subject to a market modifier based on relative total shareholder return. Comparably, during the six months ended June 30, 2023, 0.071 performance-based restricted stock awards were granted to certain members of Roper’s senior leadership team which did not contain a market modifier and do not have the ability to vest beyond 100% of the original shares granted. Due to the extent of performance required by the vesting conditions noted above, these awards are not expected to materially increase stock-based compensation expense relative to the Company’s financial performance. During the six months ended June 30, 2024, 0.105 restricted stock award shares vested with a weighted-average grant date fair value of $438.44 per share and a weighted-average vest date fair value of $555.71 per share. Employee Stock Purchase Plan – Roper’s employee stock purchase plan (“ESPP”) 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 both the six months ended June 30, 2024 and 2023, participants in the ESPP purchased 0.021 shares of Roper’s common stock for total consideration of $10.3 and $8.4, respectively. All of these shares were purchased from Roper’s treasury shares. Roper’s ESPP was amended effective July 1, 2024, under which the six-month minimum employment requirement was removed from the eligibility requirements for employee participation in the ESPP.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories were as follows: June 30, 2024 December 31, 2023 Raw materials and supplies $ 58.0 $ 57.6 Work in process 33.2 28.7 Finished products 47.7 41.8 Inventory reserves (10.1) (9.5) Inventories, net $ 128.8 $ 118.6

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2024
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 Technology Enabled Products Total Balances at December 31, 2023 $ 12,563.4 $ 3,624.6 $ 930.8 $ 17,118.8 Goodwill acquired 1,208.2 — — 1,208.2 Other (7.0) — — (7.0) Currency translation adjustments (4.0) (2.2) (0.7) (6.9) Balances at June 30, 2024 $ 13,760.6 $ 3,622.4 $ 930.1 $ 18,313.1 Other relates to purchase accounting adjustments for acquisitions and is composed primarily of a measurement period adjustment of $9.8 to decrease goodwill and deferred tax liabilities in connection with the Syntellis opening balance sheet. Other intangible assets were comprised of: Cost Accumulated amortization Net book value Assets subject to amortization: Customer related intangibles $ 10,061.7 $ (3,000.5) $ 7,061.2 Unpatented technology 1,047.0 (638.8) 408.2 Software 149.2 (143.4) 5.8 Patents and other protective rights 10.3 (1.4) 8.9 Assets not subject to amortization: Trade names 728.0 — 728.0 Balances at December 31, 2023 $ 11,996.2 $ (3,784.1) $ 8,212.1 Assets subject to amortization: Customer related intangibles $ 10,608.3 $ (3,141.8) $ 7,466.5 Unpatented technology 803.5 (399.5) 404.0 Software 109.8 (108.5) 1.3 Patents and other protective rights 9.2 (1.7) 7.5 Assets not subject to amortization: Trade names 766.0 — 766.0 Balances at June 30, 2024 $ 12,296.8 $ (3,651.5) $ 8,645.3 Amortization expense of other intangible assets was $184.9 and $170.5 during the three months ended June 30, 2024 and 2023, respectively, and $363.3 and $340.9 during the six months ended June 30, 2024 and 2023, respectively. An evaluation of the carrying value of goodwill and other 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 2024. The Company will perform the annual analysis during the fourth quarter of 2024.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial assets and liabilities are valued using market prices on active markets (Level 1), less active markets (Level 2), and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability. Roper’s debt at June 30, 2024 included $6,000 of fixed-rate senior notes with the following fair values: Fixed-rate senior notes Fair value Principal amount Interest rate Year of maturity As of June 30, 2024 $ 500 2.350% 2024 $ 496 $ 300 3.850% 2025 $ 293 $ 700 1.000% 2025 $ 663 $ 700 3.800% 2026 $ 676 $ 700 1.400% 2027 $ 622 $ 800 4.200% 2028 $ 772 $ 700 2.950% 2029 $ 629 $ 600 2.000% 2030 $ 500 $ 1,000 1.750% 2031 $ 804 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. At June 30, 2024 and December 31, 2023, there were $1,450.0 and $360.0 of borrowings outstanding on our unsecured credit facility, respectively. The carrying value of these borrowings approximates their estimated fair value.

Equity Investments

Equity Investments	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Investments	Equity Investments Indicor Investment – As of June 30, 2024 and December 31, 2023, the Company held a 46.4% and 47.3% equity interest in Indicor Equity, LLC, respectively. We elected to apply the fair value option as we believe this is the most reasonable method to value this equity investment. The fair value of Roper’s equity investment in Indicor is estimated on a quarterly basis and the change in fair value is reported as a component of “Equity investments (gain) loss, net” in our Condensed Consolidated Statements of Earnings. Although we believe our assumptions are considered reasonable and are consistent with the plans and estimates included in our Annual Report, there is significant judgment applied to determine fair value. Changes in estimates or the application of alternative assumptions could produce significantly different results. Our valuation methodology utilizes the market multiple approach consisting of comparable guideline public companies revenue and earnings multiples to estimate the fair value of this equity investment. The fair value of the investment reflects management’s estimate of assumptions that market participants would use in pricing the equity interest, which the Company has determined to be Level 3 in the FASB fair value hierarchy. The following table provides a reconciliation of the fair value for our equity investment in Indicor measured using Level 3 inputs: Three months ended Six months ended 2024 2023 2024 2023 Beginning balance $ 740.3 $ 535.0 $ 675.9 $ 535.0 Change in fair value (9.3) 56.3 55.1 56.3 Ending balance $ 731.0 $ 591.3 $ 731.0 $ 591.3 The Company received dividend distributions from Indicor of $8.4 during the three and six months ended June 30, 2024 and $12.1 during the three and six months ended June 30, 2023, which are reported within “Equity investments (gain) loss, net” in our Condensed Consolidated Statements of Earnings. These dividend distributions were intended to offset certain cash taxes payable associated with the Company’s ownership stake and were contemplated in the determination of the fair value for the equity investment in Indicor. Certinia Investment – In 2023, Roper acquired an 18.2% limited partnership minority interest in CI Ultimate Holdings, L.P., the parent entity of Certinia Inc., a leading provider of professional services automation software. This equity investment is accounted for under the equity method of accounting whereby our proportionate share of earnings or loss associated with the investment is reported as a component of “Equity investments (gain) loss, net” in our Condensed Consolidated Statements of Earnings with a corresponding change in the balance of our equity investment. Our proportionate share of loss associated with our investment in Certinia was $0.4 and $8.0 for the three and six months ended June 30, 2024, respectively. The balance of our equity investment in Certinia, reported as a component of “Equity investments” in our Condensed Consolidated Balance Sheets, was $111.8 as of June 30, 2024.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2024
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, antitrust, 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. However, no assurances can be given in this regard. Roper’s subsidiary, PowerPlan, Inc. (“PowerPlan”), is a defendant in an action pending in the U.S. District Court for the Northern District of Georgia (Lucasys Inc. v. PowerPlan, Inc., Case 1:20-cv-02987-AT) in which the plaintiff, a firm started by former PowerPlan employees, alleges PowerPlan has engaged in anticompetitive practices in violation of federal antitrust law. The plaintiff further alleges that PowerPlan violated Georgia’s deceptive trade practices act and undertook other tortious activities which impacted the plaintiff’s ability to commercialize its software and services offerings. The plaintiff claims damages of approximately $66, and seeks treble damages in addition to punitive damages, attorney fees, and pre-judgment interest. PowerPlan strongly denies the allegations in the dispute, and has asserted several affirmative defenses. PowerPlan and the plaintiff have each moved for summary judgment, and oral argument on the motions was held on May 7, 2024. A decision from the District Court on the motions is pending.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Business Segments	Business Segments The following table presents selected financial information by reportable segment: Three months ended Six months ended 2024 2023 Change % 2024 2023 Change % Net revenues: Application Software $ 931.8 $ 770.3 21.0 % $ 1,827.0 $ 1,531.7 19.3 % Network Software 364.2 358.1 1.7 % 735.0 712.6 3.1 % Technology Enabled Products 420.8 402.8 4.5 % 835.5 756.6 10.4 % Total $ 1,716.8 $ 1,531.2 12.1 % $ 3,397.5 $ 3,000.9 13.2 % Gross profit: Application Software $ 641.1 $ 531.0 20.7 % $ 1,266.8 $ 1,051.5 20.5 % Network Software 307.8 303.9 1.3 % 624.1 603.3 3.4 % Technology Enabled Products 244.4 232.2 5.3 % 483.4 430.9 12.2 % Total $ 1,193.3 $ 1,067.1 11.8 % $ 2,374.3 $ 2,085.7 13.8 % Operating profit *: Application Software $ 251.1 $ 201.2 24.8 % $ 490.7 $ 394.4 24.4 % Network Software 159.1 153.1 3.9 % 326.1 300.6 8.5 % Technology Enabled Products 146.7 139.1 5.5 % 282.9 254.6 11.1 % Total $ 556.9 $ 493.4 12.9 % $ 1,099.7 $ 949.6 15.8 % Long-lived assets: Application Software $ 189.0 $ 161.9 16.7 % Network Software 23.8 28.7 (17.1) % Technology Enabled Products 33.3 29.8 11.7 % Total $ 246.1 $ 220.4 11.7 % * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $62.7 and $58.1 for the three months ended June 30, 2024 and 2023, respectively, and $124.2 and $113.3 for the six months ended June 30, 2024 and 2023, respectively.

Revenues from Contracts

Revenues from Contracts	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues from Contracts	Revenues from Contracts Disaggregated Revenue – We disaggregate our revenues by reportable segment into four categories: (i) recurring revenue comprised of Software-as-a-Service (“SaaS”), annual term licenses, and software maintenance; (ii) reoccurring revenue comprised of transactional and volume-based fees related to software licenses; (iii) non-recurring revenue comprised of multi-year term and perpetual software licenses, professional services associated with software products and hardware sold with our software licenses; and (iv) product revenue. See details in the table below: Three months ended June 30, 2024 Three months ended June 30, 2023 Revenue stream Application Software Network Software Technology Enabled Products Total Application Software Network Software Technology Enabled Products Total Software related Recurring $ 700.2 $ 263.1 $ 6.2 $ 969.5 $ 587.2 $ 258.3 $ 4.2 $ 849.7 Reoccurring 80.5 66.6 — 147.1 34.3 65.7 — 100.0 Non-recurring 151.1 34.5 — 185.6 148.8 34.1 0.4 183.3 Total Software Revenue 931.8 364.2 6.2 1,302.2 770.3 358.1 4.6 1,133.0 Product Revenue — — 414.6 414.6 — — 398.2 398.2 Total Revenue $ 931.8 $ 364.2 $ 420.8 $ 1,716.8 $ 770.3 $ 358.1 $ 402.8 $ 1,531.2 Six months ended June 30, 2024 Six months ended June 30, 2023 Revenue stream Application Software Network Software Technology Enabled Products Total Application Software Network Software Technology Enabled Products Total Software related Recurring $ 1,393.8 $ 530.9 $ 11.8 $ 1,936.5 $ 1,167.8 $ 514.2 $ 8.0 $ 1,690.0 Reoccurring 134.1 135.2 — 269.3 69.7 129.9 — 199.6 Non-recurring 299.1 68.9 — 368.0 294.2 68.5 0.8 363.5 Total Software Revenue 1,827.0 735.0 11.8 2,573.8 1,531.7 712.6 8.8 2,253.1 Product Revenue — — 823.7 823.7 — — 747.8 747.8 Total Revenue $ 1,827.0 $ 735.0 $ 835.5 $ 3,397.5 $ 1,531.7 $ 712.6 $ 756.6 $ 3,000.9 Remaining performance obligations – Remaining performance obligations represent the transaction price of firm orders for which work has not been performed, excluding unexercised contract options. As of June 30, 2024, total remaining performance obligations were $4,277.7. We expect to recognize revenues of $2,836.4, or approximately 66% of our remaining performance obligations over the next 12 months (“Backlog”), with the remainder of the revenue to be recognized thereafter. Contract balances Balance sheet account June 30, 2024 December 31, 2023 Change Unbilled receivables $ 123.8 $ 106.4 $ 17.4 Deferred revenue – current (1,468.3) (1,583.8) 115.5 Deferred revenue – non-current (1) (132.8) (130.7) (2.1) Net contract assets/(liabilities) $ (1,477.3) $ (1,608.1) $ 130.8 (1) 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, 2023 to June 30, 2024 was primarily due to the timing of payments and invoicing related to SaaS and post-contract support (“PCS”) renewals, driven predominantly by the SaaS renewal cycle of our Frontline business which primarily occurs in the third quarter. The Company records deferred revenue 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 deferred revenue balance on December 31, 2023 and 2022 was $464.2 and $396.7 for the three months ended June 30, 2024 and 2023, respectively, and $1,158.1 and $986.6 for the six months ended June 30, 2024 and 2023, respectively. In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue 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 June 30, 2024 and December 31, 2023, we had $75.6 and $71.7 of total deferred commissions, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net earnings	$ 337.1	$ 364.9	$ 719.1	$ 648

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements for the three and six months ended June 30, 2024 and 2023 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, 2023 financial position data included herein was derived from the audited consolidated financial statements included in the Company’s 2023 Annual Report on Form 10-K (“Annual Report”) filed on February 22, 2024 with the U.S. Securities and Exchange Commission (“SEC”) but does not include all annual disclosures required by U.S. generally accepted accounting principles (“GAAP”). Roper’s management has made estimates and assumptions related 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, 2024 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.
Discontinued Operations	In 2022, Roper completed the divestiture of a 51% majority equity stake in its industrial businesses (“Indicor”). The financial results related to Indicor are reported as discontinued operations for all periods presented. Following the sale of the majority stake, Roper retained a minority equity interest in Indicor. See Note 9 for additional information on this minority equity interest. Unless otherwise noted, discussion within these Notes to Condensed Consolidated Financial Statements relates to continuing operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) establishes changes to accounting principles under GAAP in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs not listed below were assessed and either determined to be not applicable or are expected to have an immaterial impact on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (ASU 2023-07), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which expands income tax disclosure requirements, including disaggregation of rate reconciliation table categories, disaggregation of earnings before income taxes and income tax expense information, and disaggregation of income taxes paid information, among other changes. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its Consolidated Financial Statements and related disclosures.

Weighted Average Shares Outst_2

Weighted Average Shares Outstanding (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Weighted Average Shares Outstanding	Weighted average shares outstanding are presented below: Three months ended Six months ended 2024 2023 2024 2023 Basic shares outstanding 107.1 106.6 107.0 106.4 Effect of potential common stock: Common stock awards 0.8 0.8 0.9 0.8 Diluted shares outstanding 107.9 107.4 107.9 107.2

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six months ended 2024 2023 2024 2023 Stock-based compensation $ 39.7 $ 33.3 $ 73.3 $ 63.5 Tax benefit recognized in net earnings 6.7 5.5 12.6 10.7
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 the current and prior year periods using the Black-Scholes option pricing model: Six months ended June 30, 2024 2023 Risk-free interest rate (%) 4.17 3.73 Expected option life (years) 5.73 5.63 Expected volatility (%) 25.57 26.04 Expected dividend yield (%) 0.51 0.64

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	The components of inventories were as follows: June 30, 2024 December 31, 2023 Raw materials and supplies $ 58.0 $ 57.6 Work in process 33.2 28.7 Finished products 47.7 41.8 Inventory reserves (10.1) (9.5) Inventories, net $ 128.8 $ 118.6

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying value of goodwill by segment was as follows: Application Software Network Software Technology Enabled Products Total Balances at December 31, 2023 $ 12,563.4 $ 3,624.6 $ 930.8 $ 17,118.8 Goodwill acquired 1,208.2 — — 1,208.2 Other (7.0) — — (7.0) Currency translation adjustments (4.0) (2.2) (0.7) (6.9) Balances at June 30, 2024 $ 13,760.6 $ 3,622.4 $ 930.1 $ 18,313.1
Schedule of Other Intangible Assets - Subject to Amortization	Other intangible assets were comprised of: Cost Accumulated amortization Net book value Assets subject to amortization: Customer related intangibles $ 10,061.7 $ (3,000.5) $ 7,061.2 Unpatented technology 1,047.0 (638.8) 408.2 Software 149.2 (143.4) 5.8 Patents and other protective rights 10.3 (1.4) 8.9 Assets not subject to amortization: Trade names 728.0 — 728.0 Balances at December 31, 2023 $ 11,996.2 $ (3,784.1) $ 8,212.1 Assets subject to amortization: Customer related intangibles $ 10,608.3 $ (3,141.8) $ 7,466.5 Unpatented technology 803.5 (399.5) 404.0 Software 109.8 (108.5) 1.3 Patents and other protective rights 9.2 (1.7) 7.5 Assets not subject to amortization: Trade names 766.0 — 766.0 Balances at June 30, 2024 $ 12,296.8 $ (3,651.5) $ 8,645.3
Schedule of Other Intangible Assets - Not Subject to Amortization	Other intangible assets were comprised of: Cost Accumulated amortization Net book value Assets subject to amortization: Customer related intangibles $ 10,061.7 $ (3,000.5) $ 7,061.2 Unpatented technology 1,047.0 (638.8) 408.2 Software 149.2 (143.4) 5.8 Patents and other protective rights 10.3 (1.4) 8.9 Assets not subject to amortization: Trade names 728.0 — 728.0 Balances at December 31, 2023 $ 11,996.2 $ (3,784.1) $ 8,212.1 Assets subject to amortization: Customer related intangibles $ 10,608.3 $ (3,141.8) $ 7,466.5 Unpatented technology 803.5 (399.5) 404.0 Software 109.8 (108.5) 1.3 Patents and other protective rights 9.2 (1.7) 7.5 Assets not subject to amortization: Trade names 766.0 — 766.0 Balances at June 30, 2024 $ 12,296.8 $ (3,651.5) $ 8,645.3

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fixed-Rate Senior Notes, Fair Value	Roper’s debt at June 30, 2024 included $6,000 of fixed-rate senior notes with the following fair values: Fixed-rate senior notes Fair value Principal amount Interest rate Year of maturity As of June 30, 2024 $ 500 2.350% 2024 $ 496 $ 300 3.850% 2025 $ 293 $ 700 1.000% 2025 $ 663 $ 700 3.800% 2026 $ 676 $ 700 1.400% 2027 $ 622 $ 800 4.200% 2028 $ 772 $ 700 2.950% 2029 $ 629 $ 600 2.000% 2030 $ 500 $ 1,000 1.750% 2031 $ 804

Equity Investments (Tables)

Equity Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Change in Fair Value for the Equity Investment	The following table provides a reconciliation of the fair value for our equity investment in Indicor measured using Level 3 inputs: Three months ended Six months ended 2024 2023 2024 2023 Beginning balance $ 740.3 $ 535.0 $ 675.9 $ 535.0 Change in fair value (9.3) 56.3 55.1 56.3 Ending balance $ 731.0 $ 591.3 $ 731.0 $ 591.3

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents selected financial information by reportable segment: Three months ended Six months ended 2024 2023 Change % 2024 2023 Change % Net revenues: Application Software $ 931.8 $ 770.3 21.0 % $ 1,827.0 $ 1,531.7 19.3 % Network Software 364.2 358.1 1.7 % 735.0 712.6 3.1 % Technology Enabled Products 420.8 402.8 4.5 % 835.5 756.6 10.4 % Total $ 1,716.8 $ 1,531.2 12.1 % $ 3,397.5 $ 3,000.9 13.2 % Gross profit: Application Software $ 641.1 $ 531.0 20.7 % $ 1,266.8 $ 1,051.5 20.5 % Network Software 307.8 303.9 1.3 % 624.1 603.3 3.4 % Technology Enabled Products 244.4 232.2 5.3 % 483.4 430.9 12.2 % Total $ 1,193.3 $ 1,067.1 11.8 % $ 2,374.3 $ 2,085.7 13.8 % Operating profit *: Application Software $ 251.1 $ 201.2 24.8 % $ 490.7 $ 394.4 24.4 % Network Software 159.1 153.1 3.9 % 326.1 300.6 8.5 % Technology Enabled Products 146.7 139.1 5.5 % 282.9 254.6 11.1 % Total $ 556.9 $ 493.4 12.9 % $ 1,099.7 $ 949.6 15.8 % Long-lived assets: Application Software $ 189.0 $ 161.9 16.7 % Network Software 23.8 28.7 (17.1) % Technology Enabled Products 33.3 29.8 11.7 % Total $ 246.1 $ 220.4 11.7 % * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $62.7 and $58.1 for the three months ended June 30, 2024 and 2023, respectively, and $124.2 and $113.3 for the six months ended June 30, 2024 and 2023, respectively.

Revenues from Contracts (Tables

Revenues from Contracts (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	See details in the table below: Three months ended June 30, 2024 Three months ended June 30, 2023 Revenue stream Application Software Network Software Technology Enabled Products Total Application Software Network Software Technology Enabled Products Total Software related Recurring $ 700.2 $ 263.1 $ 6.2 $ 969.5 $ 587.2 $ 258.3 $ 4.2 $ 849.7 Reoccurring 80.5 66.6 — 147.1 34.3 65.7 — 100.0 Non-recurring 151.1 34.5 — 185.6 148.8 34.1 0.4 183.3 Total Software Revenue 931.8 364.2 6.2 1,302.2 770.3 358.1 4.6 1,133.0 Product Revenue — — 414.6 414.6 — — 398.2 398.2 Total Revenue $ 931.8 $ 364.2 $ 420.8 $ 1,716.8 $ 770.3 $ 358.1 $ 402.8 $ 1,531.2 Six months ended June 30, 2024 Six months ended June 30, 2023 Revenue stream Application Software Network Software Technology Enabled Products Total Application Software Network Software Technology Enabled Products Total Software related Recurring $ 1,393.8 $ 530.9 $ 11.8 $ 1,936.5 $ 1,167.8 $ 514.2 $ 8.0 $ 1,690.0 Reoccurring 134.1 135.2 — 269.3 69.7 129.9 — 199.6 Non-recurring 299.1 68.9 — 368.0 294.2 68.5 0.8 363.5 Total Software Revenue 1,827.0 735.0 11.8 2,573.8 1,531.7 712.6 8.8 2,253.1 Product Revenue — — 823.7 823.7 — — 747.8 747.8 Total Revenue $ 1,827.0 $ 735.0 $ 835.5 $ 3,397.5 $ 1,531.7 $ 712.6 $ 756.6 $ 3,000.9
Schedule of Contract Balances	Contract balances Balance sheet account June 30, 2024 December 31, 2023 Change Unbilled receivables $ 123.8 $ 106.4 $ 17.4 Deferred revenue – current (1,468.3) (1,583.8) 115.5 Deferred revenue – non-current (1) (132.8) (130.7) (2.1) Net contract assets/(liabilities) $ (1,477.3) $ (1,608.1) $ 130.8 (1) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

Basis of Presentation (Details)

Basis of Presentation (Details)	Dec. 31, 2022
Held-for-sale or Disposed of by Sale | Indicor
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest divested, percent	51%

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	107.1	106.6	107	106.4
Effect of potential common stock:
Common stock awards (in shares)	0.8	0.8	0.9	0.8
Diluted shares outstanding (in shares)	107.9	107.4	107.9	107.2

Weighted Average Shares Outst_4

Weighted Average Shares Outstanding - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive stock-based awards (in shares)	387	735	384	737

Business Acquisitions (Details)

Business Acquisitions (Details) - USD ($) $ in Millions		6 Months Ended
	Feb. 26, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 18,313.1	$ 17,118.8
Genesis Ultimate Holding Co
Business Acquisition [Line Items]
Aggregate purchase price	$ 1,860
Federal tax attributes	$ 110
Tax benefit utilization period (in years)	13 years
Goodwill		1,208.2
Other identifiable intangibles		762
Genesis Ultimate Holding Co | Trade names
Business Acquisition [Line Items]
Intangible assets acquired, not subject to amortization		39
Genesis Ultimate Holding Co | Customer related intangibles
Business Acquisition [Line Items]
Other identifiable intangibles		$ 708
Weighted average useful life of finite-lived intangible assets (in years)		20 years
Genesis Ultimate Holding Co | Technology
Business Acquisition [Line Items]
Other identifiable intangibles		$ 54
Weighted average useful life of finite-lived intangible assets (in years)		5 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	$ 39.7	$ 33.3	$ 73.3	$ 63.5
Tax benefit recognized in net earnings	$ 6.7	$ 5.5	$ 12.6	$ 10.7

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options granted during the period (in shares)	263	363
Fair value per share (in dollars per share)	$ 173.72	$ 129.01
Cash received from exercise of options	$ 88.1	$ 70.9
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted (in shares)	368	242
Weighted-average grant date fair value (in dollars per share)	$ 555.12	$ 431.05
Restricted stock awards vested during period (in shares)	105
Weighted average grant date fair value per share (in dollars per share)	$ 438.44
Weighted average vest date fair value per share (in dollars per share)	$ 555.71
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted (in shares)	129	71
Vesting period	3 years
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100%
Performance/market-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted (in shares)	72
Vesting period	3 years
Performance/market-based | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	200%
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%
Discount on the average closing price for the employee stock purchase plan	10%
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares)	21	21
Proceeds from issuance of shares under employee stock purchase plan	$ 10.3	$ 8.4

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Weighted Average Assumptions Used to Value Option Grants (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate (%)	4.17%	3.73%
Expected option life (years)	5 years 8 months 23 days	5 years 7 months 17 days
Expected volatility (%)	25.57%	26.04%
Expected dividend yield (%)	0.51%	0.64%

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 58	$ 57.6
Work in process	33.2	28.7
Finished products	47.7	41.8
Inventory reserves	(10.1)	(9.5)
Inventories, net	$ 128.8	$ 118.6

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 17,118.8
Goodwill acquired	1,208.2
Other	(7)
Currency translation adjustments	(6.9)
Balance at end of period	18,313.1
Application Software
Goodwill [Roll Forward]
Balance at beginning of period	12,563.4
Goodwill acquired	1,208.2
Other	(7)
Currency translation adjustments	(4)
Balance at end of period	13,760.6
Network Software
Goodwill [Roll Forward]
Balance at beginning of period	3,624.6
Goodwill acquired	0
Other	0
Currency translation adjustments	(2.2)
Balance at end of period	3,622.4
Technology Enabled Products
Goodwill [Roll Forward]
Balance at beginning of period	930.8
Goodwill acquired	0
Other	0
Currency translation adjustments	(0.7)
Balance at end of period	$ 930.1

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets			$ 377.2	$ 350.6
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 184.9	$ 170.5	363.3	$ 340.9
Syntellis
Finite-Lived Intangible Assets [Line Items]
Decrease to goodwill and deferred tax liabilities			$ 9.8

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (3,651.5)	$ (3,784.1)
Intangible assets, gross (excluding goodwill)	12,296.8	11,996.2
Intangible assets, net (excluding goodwill)	8,645.3	8,212.1
Trade names
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	766	728
Customer related intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	10,608.3	10,061.7
Accumulated amortization	(3,141.8)	(3,000.5)
Finite-lived intangible assets, net	7,466.5	7,061.2
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	803.5	1,047
Accumulated amortization	(399.5)	(638.8)
Finite-lived intangible assets, net	404	408.2
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	109.8	149.2
Accumulated amortization	(108.5)	(143.4)
Finite-lived intangible assets, net	1.3	5.8
Patents and other protective rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	9.2	10.3
Accumulated amortization	(1.7)	(1.4)
Finite-lived intangible assets, net	$ 7.5	$ 8.9

Fair Value - Schedule of Fixed-

Fair Value - Schedule of Fixed-Rate Senior Notes, Fair Value (Details) - Senior Notes - Fair Value, Inputs, Level 2	Jun. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior notes carrying amount	$ 6,000,000,000
Senior Notes Due in 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 500,000,000
Interest rate	2.35%
Fair value	$ 496,000,000
Senior Notes Due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 300,000,000
Interest rate	3.85%
Fair value	$ 293,000,000
Senior Unsecured Notes Due September 15, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 700,000,000
Interest rate	1%
Fair value	$ 663,000,000
Senior Notes Due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 700,000,000
Interest rate	3.80%
Fair value	$ 676,000,000
Senior Unsecured Notes Due September 15, 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 700,000,000
Interest rate	1.40%
Fair value	$ 622,000,000
Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 800,000,000
Interest rate	4.20%
Fair value	$ 772,000,000
Senior Notes Due in 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 700,000,000
Interest rate	2.95%
Fair value	$ 629,000,000
Senior Notes Due June 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 600,000,000
Interest rate	2%
Fair value	$ 500,000,000
Senior Unsecured Notes Due February 15, 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal amount	$ 1,000,000,000
Interest rate	1.75%
Fair value	$ 804,000,000

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Line of Credit | Unsecured Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit facility outstanding	$ 1,450	$ 360

Equity Investments - Narrative

Equity Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Distributions from equity investment			$ 8.4	$ 12.1
Equity method investment gain (loss), net	$ (0.8)	$ 66	56.2	64.8
Equity investments	$ 842.8		$ 842.8			$ 795.7
Indicor
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	46.40%		46.40%			47.30%
Distributions from equity investment	$ 8.4	12.1	$ 8.4	12.1
Equity method investment gain (loss), net	(9.3)	56.3	55.1	56.3
Equity investments	731	$ 591.3	731	$ 591.3	$ 740.3	$ 675.9	$ 535	$ 535
Certinia Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage						18.20%
Equity method investment gain (loss), net	(0.4)		(8)
Equity investments	$ 111.8		$ 111.8

Equity Investments - Schedule o

Equity Investments - Schedule of Change in Fair Value for the Equity Investment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity Method Investments
Beginning balance			$ 795.7
Change in fair value	$ (0.8)	$ 66	56.2	$ 64.8
Ending balance	842.8		842.8
Indicor
Equity Method Investments
Beginning balance	740.3	535	675.9	535
Change in fair value	(9.3)	56.3	55.1	56.3
Ending balance	$ 731	$ 591.3	$ 731	$ 591.3

Contingencies (Details)

Contingencies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Pending Litigation | PowerPlan, Inc
Loss Contingencies [Line Items]
Damages sought by plaintiff	$ 66

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net revenues:	$ 1,716.8	$ 1,531.2	$ 3,397.5	$ 3,000.9
Percent change in net revenues	12.10%		13.20%
Gross profit:	$ 1,193.3	1,067.1	$ 2,374.3	2,085.7
Percent change in gross profit	11.80%		13.80%
Operating profit	$ 556.9	493.4	$ 1,099.7	949.6
Percent change in operating profit	12.90%		15.80%
Long-lived assets:	$ 246.1	220.4	$ 246.1	220.4
Percent change in long-lived assets	11.70%
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate general and administrative expenses	$ 62.7	58.1	124.2	113.3
Application Software
Segment Reporting Information [Line Items]
Net revenues:	$ 931.8	770.3	$ 1,827	1,531.7
Percent change in net revenues	21%		19.30%
Gross profit:	$ 641.1	531	$ 1,266.8	1,051.5
Percent change in gross profit	20.70%		20.50%
Operating profit	$ 251.1	201.2	$ 490.7	394.4
Percent change in operating profit	24.80%		24.40%
Long-lived assets:	$ 189	161.9	$ 189	161.9
Percent change in long-lived assets	16.70%
Network Software
Segment Reporting Information [Line Items]
Net revenues:	$ 364.2	358.1	$ 735	712.6
Percent change in net revenues	1.70%		3.10%
Gross profit:	$ 307.8	303.9	$ 624.1	603.3
Percent change in gross profit	1.30%		3.40%
Operating profit	$ 159.1	153.1	$ 326.1	300.6
Percent change in operating profit	3.90%		8.50%
Long-lived assets:	$ 23.8	28.7	$ 23.8	28.7
Percent change in long-lived assets	(17.10%)
Technology Enabled Products
Segment Reporting Information [Line Items]
Net revenues:	$ 420.8	402.8	$ 835.5	756.6
Percent change in net revenues	4.50%		10.40%
Gross profit:	$ 244.4	232.2	$ 483.4	430.9
Percent change in gross profit	5.30%		12.20%
Operating profit	$ 146.7	139.1	$ 282.9	254.6
Percent change in operating profit	5.50%		11.10%
Long-lived assets:	$ 33.3	$ 29.8	$ 33.3	$ 29.8
Percent change in long-lived assets	11.70%

Revenues from Contracts - Sched

Revenues from Contracts - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,716.8	$ 1,531.2	$ 3,397.5	$ 3,000.9
Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	931.8	770.3	1,827	1,531.7
Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	364.2	358.1	735	712.6
Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	420.8	402.8	835.5	756.6
Total Software Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	1,302.2	1,133	2,573.8	2,253.1
Total Software Revenue | Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	931.8	770.3	1,827	1,531.7
Total Software Revenue | Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	364.2	358.1	735	712.6
Total Software Revenue | Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	6.2	4.6	11.8	8.8
Recurring
Disaggregation of Revenue [Line Items]
Total Revenue	969.5	849.7	1,936.5	1,690
Recurring | Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	700.2	587.2	1,393.8	1,167.8
Recurring | Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	263.1	258.3	530.9	514.2
Recurring | Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	6.2	4.2	11.8	8
Reoccurring
Disaggregation of Revenue [Line Items]
Total Revenue	147.1	100	269.3	199.6
Reoccurring | Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	80.5	34.3	134.1	69.7
Reoccurring | Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	66.6	65.7	135.2	129.9
Reoccurring | Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	0	0	0	0
Non-recurring
Disaggregation of Revenue [Line Items]
Total Revenue	185.6	183.3	368	363.5
Non-recurring | Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	151.1	148.8	299.1	294.2
Non-recurring | Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	34.5	34.1	68.9	68.5
Non-recurring | Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	0	0.4	0	0.8
Product Revenue
Disaggregation of Revenue [Line Items]
Total Revenue	414.6	398.2	823.7	747.8
Product Revenue | Application Software
Disaggregation of Revenue [Line Items]
Total Revenue	0	0	0	0
Product Revenue | Network Software
Disaggregation of Revenue [Line Items]
Total Revenue	0	0	0	0
Product Revenue | Technology Enabled Products
Disaggregation of Revenue [Line Items]
Total Revenue	$ 414.6	$ 398.2	$ 823.7	$ 747.8

Revenues from Contracts - Remai

Revenues from Contracts - Remaining Performance Obligations Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4,277.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,836.4
Remaining performance obligations, percentage	66%
Remaining performance obligations, expected timing of satisfaction	12 months

Revenues from Contracts - Sch_2

Revenues from Contracts - Schedule of Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Unbilled receivables	$ 123.8	$ 106.4
Deferred revenue – current	(1,468.3)	(1,583.8)
Deferred revenue - non-current	(132.8)	(130.7)
Net contract assets/(liabilities)	(1,477.3)	$ (1,608.1)
Change in unbilled receivables	17.4
Change in deferred revenue - current	115.5
Change in deferred revenue - non-current	(2.1)
Change in net contract assets/(liabilities)	$ 130.8

Revenues from Contracts - Narra

Revenues from Contracts - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance	$ 464.2	$ 396.7	$ 1,158.1	$ 986.6
Deferred commissions	$ 75.6		$ 75.6		$ 71.7