ROPER TECHNOLOGIES INC, 10-K filed on 2/22/2024
Annual Report
v3.24.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 16, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 51.1
Entity Common Stock, Shares Outstanding   107,022,333  
Documents Incorporated by Reference
Portions of the registrant’s Proxy Statement to be furnished to stockholders in connection with its 2024 Annual Meeting of Stockholders are incorporated by reference into Part III, Items 10, 11, 12, 13, and 14 of this Annual Report on Form 10-K.
    
Entity Central Index Key 0000882835    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Tampa, Florida
Auditor Firm ID 238
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 214.3 $ 792.8
Accounts receivable, net 829.9 724.5
Inventories, net 118.6 111.3
Income taxes receivable 47.7 61.0
Unbilled receivables 106.4 91.5
Other current assets 164.5 151.3
Total current assets 1,481.4 1,932.4
Property, plant and equipment, net 119.6 85.3
Goodwill 17,118.8 15,946.1
Other intangible assets, net 8,212.1 8,030.7
Deferred taxes 32.2 55.9
Equity investments 795.7 535.0
Other assets 407.7 395.4
Total assets 28,167.5 26,980.8
Liabilities and Stockholders’ Equity    
Accounts payable 143.0 122.6
Accrued compensation 250.0 228.8
Deferred revenue 1,583.8 1,370.7
Other accrued liabilities 446.5 454.6
Income taxes payable 40.4 16.6
Current portion of long-term debt, net 499.5 699.2
Total current liabilities 2,963.2 2,892.5
Long-term debt, net of current portion 5,830.6 5,962.5
Deferred taxes 1,513.1 1,676.8
Other liabilities 415.8 411.2
Total liabilities 10,722.7 10,943.0
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, $0.01 par value per share; 1.0 shares authorized; none outstanding 0.0 0.0
Common stock, $0.01 par value per share; 350.0 shares authorized; 108.6 shares issued and 106.9 outstanding at December 31, 2023 and 107.9 shares issued and 106.1 outstanding at December 31, 2022 1.1 1.1
Additional paid-in capital 2,767.0 2,510.2
Retained earnings 14,816.3 13,730.7
Accumulated other comprehensive loss (122.8) (187.0)
Treasury stock, 1.7 shares at December 31, 2023 and 1.8 shares at December 31, 2022 (16.8) (17.2)
Total stockholders’ equity 17,444.8 16,037.8
Total liabilities and stockholders’ equity $ 28,167.5 $ 26,980.8
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Preferred stock, par or stated value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 1,000,000.0 1,000,000.0
Preferred stock, outstanding (in shares) 0 0
Common stock, par or stated value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 350,000,000.0 350,000,000.0
Common stock, issued (in shares) 108,600,000 107,900,000
Common stock, outstanding (in shares) 106,900,000 106,100,000
Treasury Stock (in shares) 1,700,000 1,800,000
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CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Net revenues $ 6,177.8 $ 5,371.8 $ 4,833.8
Cost of sales 1,870.6 1,619.0 1,426.2
Gross profit 4,307.2 3,752.8 3,407.6
Selling, general and administrative expenses 2,562.0 2,228.3 2,072.0
Impairment of intangible assets 0.0 0.0 94.4
Income from operations 1,745.2 1,524.5 1,241.2
Interest expense, net 164.7 192.4 233.9
Equity investments activity, net 165.4 0.0 0.0
Other income (expense), net (2.8) (50.1) 24.6
Earnings before income taxes 1,743.1 1,282.0 1,031.9
Income taxes 374.7 296.4 226.6
Net earnings from continuing operations 1,368.4 985.6 805.3
Earnings (loss) from discontinued operations, net of tax (4.1) 202.8 291.4
Gain on disposition of discontinued operations, net of tax 19.9 3,356.3 55.9
Net earnings from discontinued operations 15.8 3,559.1 347.3
Net earnings $ 1,384.2 $ 4,544.7 $ 1,152.6
Net earnings per share from continuing operations:      
Basic (in dollars per share) $ 12.83 $ 9.31 $ 7.65
Diluted (in dollars per share) 12.74 9.23 7.56
Net earnings per share from discontinued operations:      
Basic (in dollars per share) 0.15 33.61 3.30
Diluted (in dollars per share) 0.15 33.32 3.26
Net earnings per share:      
Basic (in dollars per share) 12.98 42.92 10.95
Diluted (in dollars per share) $ 12.89 $ 42.55 $ 10.82
Weighted average common shares outstanding:      
Basic (in shares) 106.6 105.9 105.3
Diluted (in shares) 107.4 106.8 106.5
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net earnings $ 1,384.2 $ 4,544.7 $ 1,152.6
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustments [1] 64.2 (3.9) (36.1)
Total other comprehensive income (loss), net of tax 64.2 (3.9) (36.1)
Comprehensive income $ 1,448.4 $ 4,540.8 $ 1,116.5
[1] In connection with the Indicor Transaction, we reclassified $142.6 of foreign currency translation adjustments to “Gain on disposition of discontinued operations, net of tax” during the year ended December 31, 2022.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Industrial Businesses  
Other comprehensive income related to foreign currency translation to gain on disposition of discontinued operations, net of tax $ 142.6
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock
Beginning balance (in shares) at Dec. 31, 2020   104,900        
Beginning balance at Dec. 31, 2020 $ 10,479.8 $ 1.1 $ 2,097.5 $ 8,546.2 $ (147.0) $ (18.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 1,152.6     1,152.6    
Stock option exercises (in shares)   500        
Stock option exercises 104.7   104.7      
Cash settlement of share-based awards in connection with disposition of discontinued operations (6.7)   (6.7)      
Treasury stock sold 15.1   14.7     0.4
Currency translation adjustments, including tax provision (benefit) (36.1) [1]       (36.1)  
Stock-based compensation 138.0   138.0      
Restricted stock activity (in shares)   100        
Restricted stock activity (40.4)   (40.4)      
Dividends declared (243.2)     (243.2)    
Ending balance (in shares) at Dec. 31, 2021   105,500        
Ending balance at Dec. 31, 2021 11,563.8 $ 1.1 2,307.8 9,455.6 (183.1) (17.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 4,544.7     4,544.7    
Stock option exercises (in shares) 460 500        
Stock option exercises $ 110.0   110.0      
Cash settlement of share-based awards in connection with disposition of discontinued operations (11.1)   (11.1)      
Treasury stock sold 14.3   13.9     0.4
Currency translation adjustments, including tax provision (benefit) (3.9) [1]       (3.9)  
Stock-based compensation 131.4   131.4      
Restricted stock activity (in shares)   100        
Restricted stock activity (41.8)   (41.8)      
Dividends declared $ (269.6)     (269.6)    
Ending balance (in shares) at Dec. 31, 2022 106,100 106,100        
Ending balance at Dec. 31, 2022 $ 16,037.8 $ 1.1 2,510.2 13,730.7 (187.0) (17.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 1,384.2     1,384.2    
Stock option exercises (in shares) 593 600        
Stock option exercises $ 146.5   146.5      
Treasury stock sold 15.5   15.1     0.4
Currency translation adjustments, including tax provision (benefit) 64.2 [1]       64.2  
Stock-based compensation 126.5   126.5      
Restricted stock activity (in shares)   200        
Restricted stock activity (31.3)   (31.3)      
Dividends declared $ (298.6)     (298.6)    
Ending balance (in shares) at Dec. 31, 2023 106,900 106,900        
Ending balance at Dec. 31, 2023 $ 17,444.8 $ 1.1 $ 2,767.0 $ 14,816.3 $ (122.8) $ (16.8)
[1] In connection with the Indicor Transaction, we reclassified $142.6 of foreign currency translation adjustments to “Gain on disposition of discontinued operations, net of tax” during the year ended December 31, 2022.
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Currency translation adjustments, tax provision (benefit) $ 10.3 $ 41.9 $ 6.2
Dividends declared (in dollars per share) $ 2.80 $ 2.54 $ 2.31
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net earnings from continuing operations $ 1,368.4 $ 985.6 $ 805.3
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:      
Depreciation and amortization of property, plant and equipment 35.4 37.3 44.0
Amortization of intangible assets 719.8 612.8 571.9
Amortization of deferred financing costs 9.9 11.8 13.5
Non-cash stock compensation 123.5 118.5 123.0
Equity investments activity, net (165.4) 0.0 0.0
Impairment of intangible assets 0.0 0.0 94.4
Gain on disposal of assets, net of associated income tax 0.0 0.0 (21.6)
Income tax provision, excluding tax associated with gain on disposal of assets 374.7 296.4 221.1
Changes in operating assets and liabilities, net of acquired businesses:      
Accounts receivable (50.2) 2.5 (73.7)
Unbilled receivables (7.5) (11.1) (16.4)
Inventories (6.6) (43.1) (0.3)
Accounts payable 18.2 21.3 16.0
Other accrued liabilities (1.0) (7.6) 27.0
Deferred revenue 93.9 52.9 162.2
Cash taxes paid for gain on disposal of businesses (32.5) (953.8) 0.0
Cash income taxes paid, excluding tax associated with gain on disposal of businesses and assets (423.4) (498.9) (273.9)
Other, net (19.8) (18.0) (36.7)
Cash provided by operating activities from continuing operations 2,037.4 606.6 1,655.8
Cash provided by (used in) operating activities from discontinued operations (2.3) 128.0 356.1
Cash provided by operating activities 2,035.1 734.6 2,011.9
Cash flows from (used in) investing activities:      
Acquisitions of businesses, net of cash acquired (2,052.7) (4,280.1) (217.0)
Capital expenditures (68.0) (40.1) (28.5)
Capitalized software expenditures (40.0) (30.2) (29.7)
Distributions from equity investment 32.5 0.0 0.0
Proceeds from sale of assets 0.0 0.0 27.1
Other, net (0.1) (1.4) (1.1)
Cash used in investing activities from continuing operations (2,128.3) (4,351.8) (249.2)
Proceeds from disposition of discontinued operations 2.0 5,561.8 115.6
Cash used in investing activities from discontinued operations 0.0 (0.5) (9.3)
Cash provided by (used in) investing activities (2,126.3) 1,209.5 (142.9)
Cash flows from (used in) financing activities:      
Payments of senior notes (700.0) (800.0) (500.0)
Borrowings (payments) under revolving line of credit, net 360.0 (470.0) (1,150.0)
Debt issuance costs 0.0 (3.9) 0.0
Cash dividends to stockholders (290.2) (262.3) (236.4)
Treasury stock sales 15.5 14.3 15.1
Proceeds from stock-based compensation, net 115.2 68.2 64.3
Other, net 0.0 (0.2) (0.1)
Cash used in financing activities from continuing operations (499.5) (1,453.9) (1,807.1)
Cash used in financing activities from discontinued operations 0.0 (11.4) (6.4)
Cash used in financing activities (499.5) (1,465.3) (1,813.5)
Effect of exchange rate changes on cash 12.2 (37.5) (12.3)
Net increase (decrease) in cash and cash equivalents (578.5) 441.3 43.2
Cash and cash equivalents, beginning of year 792.8 351.5 308.3
Cash and cash equivalents, end of year 214.3 792.8 351.5
Cash paid for:      
Interest 201.9 206.5 222.2
Net assets of businesses acquired:      
Fair value of assets, including goodwill 2,235.1 4,891.8 249.8
Liabilities assumed (182.4) (611.7) (32.8)
Cash paid, net of cash acquired $ 2,052.7 $ 4,280.1 $ 217.0
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Summary of Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Accounting Policies Summary of Accounting Policies
Basis of Presentation – These financial statements present consolidated information for Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our,” or “us”). All significant intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to current period presentation.

Nature of the Business – Roper is a diversified technology company. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets.

Discontinued Operations – On November 22, 2022, the Company completed the divestiture of a majority 51% equity stake in its industrial businesses, including its entire historical Process Technologies reportable segment and the industrial businesses within its historical Measurement & Analytical Solutions reportable segment, to Clayton, Dubilier & Rice, LLC (“CD&R”). The businesses included in this transaction were Alpha, AMOT, CCC, Cornell, Dynisco, FTI, Hansen, Hardy, Logitech, Metrix, PAC, Roper Pump, Struers, Technolog, Uson, and Viatran (collectively “Indicor”). Following the sale of the majority stake, the Company retained a minority equity interest in Indicor. This transaction is referred to herein as the “Indicor Transaction.” See Note 10 for additional information on this minority equity interest.

During 2021, the Company signed definitive agreements to divest its TransCore, Zetec, and CIVCO Radiotherapy businesses, (“2021 Divestitures”). Roper completed the 2021 Divestitures by the end of the first quarter of 2022.

The financial results for Indicor and the 2021 Divestitures are presented as discontinued operations for all periods presented. Unless otherwise noted, discussion within these Notes to Consolidated Financial Statements relates to continuing operations. Refer to Note 3 for additional information on discontinued operations.

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 results of operations, financial position, or cash flows.

Recently Adopted 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 early-adopted this update in the fourth quarter of 2021. This update did not have a material impact on the acquisitions completed in the year of adoption.

Recently Released Accounting Pronouncements

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.
Significant Accounting Policies

Cash and Cash Equivalents – Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents. Roper had $0.4 and $432.9 of cash equivalents at December 31, 2023 and 2022, respectively.

Contingencies – Management continually assesses the probability of any adverse judgments or outcomes to its potential contingencies. Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. In the assessment of contingencies as of December 31, 2023, management concluded that there were no matters for which there was a reasonable possibility of a material loss. See Note 13 for additional information.

Earnings per Share – Basic earnings per share was calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective year. Diluted earnings per share was calculated using net earnings and the weighted average number of shares of common stock and potential common stock associated with stock options outstanding during the respective year.

The effects of potential common stock were determined using the treasury stock method:

  Year ended December 31,
 202320222021
Basic weighted average shares outstanding106.6 105.9 105.3 
Effect of potential common stock:   
Common stock awards0.8 0.9 1.2 
Diluted weighted average shares outstanding107.4 106.8 106.5 

For the years ended December 31, 2023, 2022, and 2021, there were 0.726, 0.834, and 0.521 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive.

Equity Investments – As of December 31, 2023 and 2022, the Company held a 47.3% and 49.0% minority equity interest in Indicor, respectively. This equity interest provides us with the ability to exercise significant influence, but not control, over the investee. 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 our equity investment in Indicor is updated on a quarterly basis and its impact is reported as a component of “Equity investments activity, net” in our Consolidated Statement of Earnings. See Note 10 for additional information on this investment.

In 2023, the Company acquired an 18.2% limited partnership minority interest in CI Ultimate Holdings, L.P., the parent entity of Certinia Inc., which provides us with the ability to exercise significant influence, but not control, over the investee. 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 activity, net” in our Consolidated Statement 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 $5.2 for the year ended December 31, 2023. The balance of our equity investment in Certinia, reported as a component of “Equity investments” in our Consolidated Balance Sheet, was $119.8 as of December 31, 2023.

Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Foreign Currency Translation and Transactions – Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at average exchange rates for the period in which those entities were included in Roper’s financial results. Translation adjustments are reflected within other comprehensive income. Foreign currency transaction gains and losses are recorded in our Consolidated Statements of Earnings within “Other income (expense), net.” Foreign currency transaction gains/(losses) were not material for any periods presented.
Goodwill and Other Intangibles – Roper accounts for goodwill in a purchase business combination as the excess of the cost over the estimated fair value of net assets acquired. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Goodwill, which is not amortized, is tested for impairment on an annual basis (or an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value). When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, then performance of the quantitative impairment test is required. The quantitative process utilizes both an income approach (discounted cash flow) and a market approach (consisting of a comparable public company earnings multiples methodology) to estimate the fair value of a reporting unit. To determine the reasonableness of the estimated fair values, the Company reviews the assumptions to ensure that neither the income approach nor the market approach provides significantly different valuations. If the estimated fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the estimated fair value, a non-cash impairment loss is recognized in the amount of that excess.

When performing the quantitative assessment, key assumptions used in the income and market methodologies are updated when the analysis is performed for each reporting unit. The assumptions that have the most significant effect on the fair value calculations are the projected revenue growth rates, future operating margins, discount rates, terminal values, and earnings multiples. While the Company uses reasonable and timely information to prepare its discounted cash flow analysis, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances.

As of the annual impairment test, Roper has 22 reporting units with individual goodwill amounts ranging from $17.5 to $3,363.6. In 2023, the Company performed its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying amount. The Company determined that impairment of goodwill was not likely in any of its reporting units and thus was not required to perform a quantitative analysis for these reporting units.

Recently acquired reporting units generally represent a higher inherent risk of impairment, which typically decreases as the businesses are integrated into the enterprise. Negative industry or economic trends, disruptions to its business, actual results significantly below expected results, unexpected significant changes or planned changes in the use of the assets, divestitures, and market capitalization declines may have a negative effect on the fair value of Roper’s reporting units.

The following events or circumstances, although not comprehensive, would be considered to determine whether interim testing of goodwill would be required:

•a significant adverse change in legal factors or in the business climate;
•an adverse action or assessment by a regulator;
•unanticipated competition;
•a loss of key personnel;
•a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of;
•the testing for recoverability of a significant asset group within a reporting unit; and
•recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit.

Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Trade names that are determined to have indefinite useful economic lives are not amortized, but are separately tested for impairment during the fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more likely than not below the carrying value. Roper first qualitatively assesses whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of an indefinite-lived trade name is less than its carrying amount. If necessary, Roper conducts a quantitative review using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. To the extent the Company determines a fair value, the inputs used represent a Level 3 fair value measurement in the FASB fair value hierarchy given that the inputs are unobservable. The assumptions that have the most significant effect on the fair value calculations are the royalty rates, projected revenue growth rates, discount rates, and terminal values. Each royalty rate is determined based on the profitability of the trade name to which it relates and observed market royalty rates. Revenue growth rates are determined after considering current and future economic
conditions, recent sales trends, discussions with customers, planned timing of new product launches, or other variables. Trade names resulting from recent acquisitions generally represent the highest risk of impairment, which typically decreases as the businesses are integrated into Roper.

During the fourth quarter of 2021, the Company determined that the use of the Sunquest trade name would be discontinued given the strategic action to merge the Sunquest business into our Clinisys business, both of which are reported in our Application Software reportable segment. Considering the planned merger and updated market comparisons, the royalty rate utilized in the quantitative impairment assessment of the trade name was 0.5% as compared to a royalty rate of 3.5% used in the prior year. The royalty rate reduction was the significant assumption that resulted in a non-cash impairment charge of $94.4 recognized as “Impairment of intangible assets” within our Consolidated Statement of Earnings.

The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management uses to operate the underlying businesses, there is significant judgment in estimating future operating results. Changes in estimates or the application of alternative assumptions could produce significantly different results.

The most significant identifiable intangible assets with definite useful economic lives recognized from our acquisitions are customer relationships. The fair value for customer relationships is determined as of the acquisition date using the excess earnings method. Under this methodology the fair value is determined based on the estimated future after-tax cash flows arising from the acquired customer relationships over their estimated lives after considering customer attrition and contributory asset charges. The assumptions that have the most significant effect on the fair value calculations are the customer attrition rates, projected customer revenue growth rates, margins, contributory asset charges, and discount rates. When testing customer relationship intangible assets for potential impairment, management considers historical customer attrition rates and projected revenues and profitability related to customers that existed at acquisition. In evaluating the amortizable life for customer relationship intangible assets, management considers historical customer attrition patterns.

Roper evaluates whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or of the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision in the remaining amortization period is required.

Impairment of Long-Lived Assets – The Company determines whether there has been an impairment of long-lived assets, excluding goodwill and other intangible assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or life of any long-lived assets may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision to the remaining life is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets’ current carrying value, thereby possibly requiring an impairment charge or acceleration of depreciation or amortization expense in the future.

Income Taxes – The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense.

The Company records a valuation allowance to reduce its deferred tax assets if, based on the weight of available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of such deferred tax assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required includes, but is not limited to, the Company’s estimate of future taxable income and any applicable tax planning strategies.

Certain assets and liabilities have different bases for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the enacted tax rates expected to be paid. See Note 8 for additional information regarding income taxes.

Inventories – Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. The Company writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions.
Product Warranties – The Company sells certain of its products to customers with a product warranty that allows customers to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, repair at no cost to the customer, or the issuance of a credit to the customer. The Company accrues its estimated exposure to warranty claims based upon current and historical product sales data, warranty costs incurred, and any other related information known to the Company.

Property, Plant and Equipment and Depreciation and Amortization – Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows:

Buildings
20 - 30 years
Machinery and other equipment
8 - 12 years
Computer equipment and software
3 - 5 years

Leasehold improvements are depreciated over the shorter of the remaining lease term or the useful life of the asset.

Research, Development and Engineering – Research, development and engineering (“R,D&E”) costs include salaries and benefits, rents, supplies, and other costs related to products under development or improvements to existing products. R,D&E costs are expensed as incurred and are included within selling, general and administrative expenses. R,D&E expenses totaled $646.1, $529.8, and $484.8 for the years ended December 31, 2023, 2022, and 2021, respectively.

Revenue Recognition – The reported results reflect the application of ASC 606 guidance. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to receive in exchange for these products and/or services. To achieve this principle, the Company applies the following five steps:

•identify the contract with the customer;
•identify the performance obligations in the contract;
•determine the transaction price;
•allocate the transaction price to performance obligations in the contract; and
•recognize revenue when or as the Company satisfies a performance obligation.

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 tables below:

Year ended December 31, 2023
Revenue streamApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Software related
Recurring$2,454.3 $1,039.5 $17.3 $3,511.1 
Reoccurring137.8 263.4 — 401.2 
Non-recurring594.8 136.5 1.5 732.8 
Total Software Revenue3,186.9 1,439.4 18.8 4,645.1 
Product Revenue— — 1,532.7 1,532.7 
Total Revenue$3,186.9 $1,439.4 $1,551.5 $6,177.8 
Year ended December 31, 2022
Revenue streamApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Software related
Recurring$1,946.0 $981.4 $12.0 $2,939.4 
Reoccurring124.2 246.2 — 370.4 
Non-recurring569.3 150.9 1.2 721.4 
Total Software Revenue2,639.5 1,378.5 13.2 4,031.2 
Product Revenue— — 1,340.6 1,340.6 
Total Revenue$2,639.5 $1,378.5 $1,353.8 $5,371.8 

Year ended December 31, 2021
Revenue streamApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Software related
Recurring$1,708.0 $837.5 $7.8 $2,553.3 
Reoccurring111.4 249.5 — 360.9 
Non-recurring547.3 136.8 0.8 684.9 
Total Software Revenue2,366.7 1,223.8 8.6 3,599.1 
Product Revenue— — 1,234.7 1,234.7 
Total Revenue$2,366.7 $1,223.8 $1,243.3 $4,833.8 

We recognize revenue over time or at a point in time depending on our evaluation of when the customer obtains control over the promised products or services. For software arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the customer for each promised product or service if it were sold on a standalone basis. Software licenses may be combined with implementation/installation services as a single performance obligation if the implementation/installation significantly modifies or customizes the functionality of the software license.

Software and related services

•Recurring – consists primarily of SaaS subscriptions and post-contract support (“PCS”) which are recognized ratably over the contractual term and annual term software licenses which are generally recognized at a point in time.

•Reoccurring – consists primarily of transactional and volume-based fees which are highly reoccurring and recognized at a point in time under a usage-based model.

•Non-recurring – consists primarily of perpetual, multi-year term software licenses, or installation/implementation services and associated hardware. Revenues from perpetual and multi-year term licenses are generally recognized at a point in time. Revenues from software implementation projects are generally recognized over time using the input method, utilizing the ratio of costs or labor hours incurred to total estimated costs or labor, as the measure of performance.

Payment for software licenses is generally required within 30 to 60 days of the transfer of control. Payment for PCS is generally required within 30 to 60 days of the commencement of the service period, which is primarily offered to customers over a one-year timeframe. Payment terms do not contain a significant financing component. Payment for implementation/installation services that are recognized over time is typically commensurate with milestones defined in the contract, or billable hours incurred.
Products

Revenue from product sales is recognized when control transfers to the customer, which is generally when the product is shipped. Non-project-based installation and repair services are performed by certain of our businesses for which revenue is recognized upon completion.

Payment terms are generally 30 to 60 days from the transfer of control. Payment terms do not contain a significant financing component.

Accounts receivable, net – Accounts receivable, net includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $22.2 and $16.6 at December 31, 2023 and 2022, respectively. We make estimates of expected allowance for doubtful accounts based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, changes to customer creditworthiness, and other factors that may affect our ability to collect from customers.

Unbilled receivables – Our unbilled receivables include unbilled amounts typically resulting from sales under software milestone billings associated with multi-year term license renewals and software implementations when the input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not solely due to the passage of time. Amounts may not exceed their net realizable value.

Deferred revenue – We record deferred revenue when cash payments are received or due in advance of our performance. Our deferred revenue relates primarily to software and related services. In most cases, we recognize deferred revenue ratably over time as the SaaS or PCS performance obligation is satisfied. The non-current portion of deferred revenue is included in “Other liabilities” in our Consolidated Balance Sheets.

Our unbilled receivables and deferred revenue are reported in a net position on a contract-by-contract basis at the end of each reporting period. The net balances are classified as current or non-current based on expected timing of revenue recognition and billable milestones.

Deferred commissions – Our incremental direct costs of obtaining a contract, which consist of sales commissions primarily for our software sales, are deferred and amortized on a straight-line basis over the period of contract performance or a longer period, depending on facts and circumstances. We classify deferred commissions as current or non-current based on the expected timing of expense recognition. Where the amortization period would have been one year or less, we expense the associated incremental direct cost as incurred. The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheets. At December 31, 2023 and 2022, the current portion of deferred commissions was $35.0 and $33.1, respectively, and the non-current portion of deferred commissions was $36.7 and $31.7, respectively. The Company recognized $29.3, $30.7, and $27.2 of expense related to deferred commissions for the years ended December 31, 2023, 2022, and 2021, respectively.

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 December 31, 2023, total remaining performance obligations were $4,612.6. We expect to recognize revenue on approximately 68% of our remaining performance obligations over the next 12 months, with the remainder to be recognized thereafter.

Capitalized Software – The Company accounts for capitalized software under applicable accounting guidance which, among other provisions, requires capitalization of certain internal-use software costs once certain criteria are met. Overhead, general and administrative, and training costs are not capitalized. Capitalized software balances, net of accumulated amortization, were $102.6 and $83.9 at December 31, 2023 and 2022, respectively, which are included in “Other assets” in our Consolidated Balance Sheets.

Stock-Based Compensation – The Company recognizes expense for the grant date fair value of its employee stock awards on a straight-line basis (or, in the case of performance-based awards, on a graded basis) over the employee’s requisite service period (generally the vesting period of the award). The fair value of option awards is estimated using the Black-Scholes option valuation model.
v3.24.0.1
Business Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Acquisitions and Dispositions Business Acquisitions and Dispositions
Acquisitions

2023 Acquisitions – Roper completed four business acquisitions in the year ended December 31, 2023. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements from the date of each acquisition. Pro forma results of operations and the revenues and net earnings subsequent to the acquisition date for the acquisitions completed during 2023 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

The largest of the 2023 acquisitions was Syntellis Parent, LLC (“Syntellis”), the parent company of Syntellis Performance Solutions, LLC, a leading provider of cloud-based performance management and data solutions for healthcare, financial institutions, and higher education markets. Roper acquired the outstanding membership interests of Syntellis on August 7, 2023, for a purchase price of $1,381, adjusted for cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $135 which is expected to be utilized over the next 15 years. This acquisition has been integrated into our Strata business and its results are reported in the Application Software reportable segment.

The Company recorded $859.0 in goodwill, $17.0 assigned to trade names that are not subject to amortization, and $594.0 of other identifiable intangibles in connection with the Syntellis acquisition. The amortizable intangible assets include customer relationships of $529.0 (20 year useful life) and technology of $65.0 (7 year useful life).

During the year ended December 31, 2023, Roper completed three additional bolt-on acquisitions.

On May 2, 2023, Roper acquired the outstanding membership interests of Promium, L.L.C., a leading provider of laboratory information management systems in the environmental and water markets, for a purchase price of $16.5. This acquisition has been integrated into our Clinisys business and its results are reported in the Application Software reportable segment.

On August 21, 2023, Roper acquired the assets of Replicon Inc., a provider of time tracking software solutions for project and services centric organizations, for a purchase price of $447.5, adjusted for cash acquired and certain liabilities assumed. Additionally, the purchase price contemplated a net present value tax benefit of approximately $80 which is expected to be utilized over the next 15 years. This acquisition has been integrated into our Deltek business and its results are reported in the Application Software reportable segment.

On December 26, 2023, Roper acquired the issued and outstanding shares of Executive Business Services, Inc. (“ProPricer”), a leading provider of proposal pricing software solutions for government contractors and government agencies, for a purchase price of $79.5, adjusted for cash acquired and certain liabilities assumed. This acquisition is integrating into our Deltek business and its results are reported in the Application Software reportable segment.

The Company recorded $330.6 in goodwill, $15.4 assigned to trade names that are not subject to amortization, and $229.1 of other identifiable intangibles in connection with these three acquisitions. The amortizable intangible assets include customer relationships of $209.4 (16.9 year weighted average useful life) and technology of $19.7 (5.0 year weighted average useful life).

On August 4, 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, for $125.0. The Company’s 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 activity, net” in our Consolidated Statement of Earnings with a corresponding change in the balance of our equity investment which is reported as a component of “Equity investments” in our Consolidated Balance Sheet.

On January 22, 2024, Roper entered into an agreement to acquire Genesis Ultimate Holding Co., the parent company of Procare Software, LLC (“Procare”) for a purchase price of approximately $1,860, which contemplates a net present value tax benefit of approximately $110. Procare is a leading provider of cloud-based software for the management of early childhood education centers. This acquisition is expected to close in the first quarter of 2024.
2022 Acquisitions – Roper completed seven business acquisitions in the year ended December 31, 2022. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements from the date of each acquisition. Pro forma results of operations and the revenues and net earnings subsequent to the acquisition date for the acquisitions completed during 2022 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

The largest of the 2022 acquisitions was Frontline Technologies Parent, LLC (“Frontline”), a leading provider of K-12 school administration software, connecting solutions for human capital management, student and special programs, and business operations with powerful analytics that empower educators. Roper acquired Frontline on October 4, 2022, for a purchase price of $3,738.0. The purchase price comprised an enterprise value of $3,725.0, adjusted for cash acquired and the settlement of certain liabilities. Additionally, the purchase price initially contemplated a net present value tax benefit of approximately $350. During the measurement period, the net present value tax benefit was revised upwards to approximately $500 associated with an increase in our tax basis. The revised net present value tax benefit is expected to be utilized over the next 15 years. The results of Frontline are reported in the Application Software reportable segment.

The Company recorded $2,197.6 in goodwill and $1,918.6 of other identifiable intangibles in connection with the Frontline acquisition. Of the $1,918.6 of acquired intangible assets, $83.0 was assigned to trade names that are not subject to amortization. The remaining $1,835.6 of acquired intangible assets include customer relationships of $1,757.0 (20 year useful life) and unpatented technology of $78.6 (5 year useful life).

Including measurement period adjustments, net assets acquired also include approximately $258 of deferred revenue and approximately $122 of net deferred tax liabilities, primarily attributable to acquired intangible assets, partially offset by federal tax attributes. Approximately $1,200 of goodwill is expected to be deductible for tax purposes.

During the year ended December 31, 2022, Roper completed six additional bolt-on acquisitions with an aggregate purchase price of $578.8, net of cash acquired and debt assumed.

On January 3, 2022, Roper acquired the outstanding membership interests of Horizon Lab Systems, LLC, a provider of laboratory information management systems in the toxicology, environmental, public health, and agricultural markets. This acquisition has been integrated into our Clinisys business and its results are reported in the Application Software reportable segment.

On April 6, 2022, Roper acquired the issued and outstanding shares of Common Cents Systems, Inc. (ApolloLIMS), a provider of laboratory information management systems in the toxicology and public health markets. This acquisition has been integrated into our Clinisys business and its results are reported in the Application Software reportable segment.

On June 27, 2022, Roper acquired the issued and outstanding shares of MGA Systems Holdings, Inc., a leading provider of purpose-built insurance software for managing general agents. This acquisition has been integrated into our Vertafore business and its results are reported in the Application Software reportable segment.

On August 19, 2022, Roper acquired substantially all of the assets of viDesktop Inc. (“viGlobal”), a leading provider of end-to-end human resources management software used for recruiting and integration, productivity management, resource allocation, performance management, learning and development, and diversity and inclusion at professional services firms. This acquisition has been integrated into our Aderant business and its results are reported in the Application Software reportable segment.

During the third quarter of 2022, Roper acquired TIP Technologies, Inc. and Common Sense Solutions, Inc., which have been integrated into our Deltek business and their results are reported in the Application Software reportable segment.

The Company recorded $361.5 in goodwill, $9.5 assigned to trade names that are not subject to amortization, and $239.3 of other identifiable intangibles in connection with these six acquisitions. The amortizable intangible assets include customer relationships of $223.4 (18.2 year weighted average useful life) and technology of $15.9 (4.9 year weighted average useful life).
2021 Acquisitions – Roper completed seven business acquisitions in the year ended December 31, 2021 with an aggregate purchase price of $225.9, net of cash acquired and debt assumed. The results of operations of the acquired businesses are included in Roper’s Consolidated Financial Statements from the date of each acquisition. Pro forma results of operations and the revenues and net earnings subsequent to the acquisition date for the acquisitions completed during 2021 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to our financial results.

During the first three quarters of 2021, Roper completed four acquisitions which were integrated into our Deltek business and their results are reported in the Application Software reportable segment.

On November 18, 2021, Roper acquired substantially all of the assets of Agency Zoom, LLC (“Agency Zoom”), a provider of sales, marketing, and service automation software solutions for insurance agencies. Agency Zoom was integrated into our Vertafore business and its results are reported in the Application Software reportable segment.

On December 21, 2021, Roper acquired a majority of the assets of The Construction Journal, LTD. (“Construction Journal”), a provider of selling, marketing, and licensing software solutions for the commercial construction industry. Construction Journal was integrated into our ConstructConnect business and its results are reported in the Network Software reportable segment.

On December 30, 2021, Roper acquired 100% of the shares of American LegalNet, Inc. (“ALN”), a provider of court forms, eFiling, calendaring, and docketing software solutions. ALN was integrated into our Aderant business and its results are reported in the Application Software reportable segment.

The Company recorded $138.8 in goodwill and $104.9 of other identifiable intangibles in connection with these seven acquisitions. The amortizable intangible assets include customer relationships of $94.6 (12.9 year weighted average useful life) and technology of $10.3 (5.3 year weighted average useful life).

Dispositions

On March 17, 2021, Roper completed the sale of a minority investment in Sedaru, Inc. for $27.1 in cash. The sale resulted in a pretax gain of $27.1, which is reported within “Other income (expense), net” in our Consolidated Statement of Earnings. In addition, we recognized income tax expense of $5.5 in connection with the sale, which is included within “Income taxes” in our Consolidated Statement of Earnings.
v3.24.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
The Company concluded that the 2021 Divestitures and the Indicor Transaction each represented a strategic shift that had a major effect on the Company’s operations and financial results. These transactions have greatly reduced the cyclicality and asset intensity of the Company. In addition, the Company has an increased mix of recurring revenue and a higher margin profile. Accordingly, the financial results related to the 2021 Divestitures and Indicor are presented in our Consolidated Financial Statements as discontinued operations for all periods presented.

2021 Divestitures – During 2021, the Company signed definitive agreements to divest its TransCore, Zetec, and CIVCO Radiotherapy businesses as described below.

•On March 17, 2022, Roper closed on the divestiture of our TransCore business to an affiliate of Singapore Technologies Engineering Ltd, for approximately $2,680 in cash. The sale resulted in a pretax gain of $2,073.7 and income tax expense of $550.5, which are reported within “Gain on disposition of discontinued operations, net of tax” in our Consolidated Statement of Earnings for the year ended December 31, 2022. TransCore was previously included in the historical Network Software & Systems reportable segment.

•On January 5, 2022, Roper closed on the divestiture of our Zetec business to Eddyfi NDT Inc. for approximately $350 in cash. The sale resulted in a pretax gain of $255.3 and income tax expense of $60.9, which are reported within “Gain on disposition of discontinued operations, net of tax” in our Consolidated Statement of Earnings for the year ended December 31, 2022. Zetec was previously included in the historical Process Technologies reportable segment.

•On November 1, 2021, Roper closed on the divestiture of our CIVCO Radiotherapy business to an affiliate of Blue Wolf Capital Partners LLC, for approximately $120 in cash. The sale resulted in a pretax gain of $77.2 and income tax expense of $21.3, which are reported within “Gain on disposition of discontinued operations, net of tax” in our Consolidated Statement of Earnings for the year ended December 31, 2021. The CIVCO Radiotherapy business was previously included in the historical Measurement & Analytical Solutions reportable segment.
The following table summarizes the major classes of revenues and expenses constituting net earnings from discontinued operations attributable to the TransCore, Zetec, and CIVCO Radiotherapy businesses:

Year ended December 31,
20222021
Net revenues$100.4 $638.0 
Cost of sales71.2 372.9 
Gross profit29.2 265.1 
Selling, general and administrative expenses (1)
19.9 124.0 
Income from operations9.3 141.1 
Other income, net0.1 1.5 
Earnings before income taxes (2)
9.4 142.6 
Income taxes(6.2)28.5 
Earnings from discontinued operations, net of tax15.6 114.1 
Gain on disposition of discontinued operations, net of tax (3)
1,717.5 55.9 
Net earnings from discontinued operations$1,733.1 $170.0 
(1) Includes stock-based compensation expense of $0.9 and $5.4 for the years ended December 31, 2022 and 2021, respectively. Stock-based compensation was previously reported as a component of unallocated corporate general and administrative expenses.
(2) During the year ended December 31, 2022, there was no depreciation of property, plant and equipment or amortization of intangible assets given the asset classification as held for sale during the period. Depreciation and amortization was $5.2 for the year ended December 31, 2021.
(3) Includes expense of $4.5 and $0.9 associated with accelerated vesting of share-based awards for the years ended December 31, 2022 and 2021, respectively.
Indicor – On November 22, 2022, Roper completed the divestiture of a majority 51% stake in Indicor to CD&R for approximately $2,604 in cash. The consideration was comprised of a cash distribution of approximately $1,775 funded by third-party indebtedness incurred by Indicor and approximately $829 related to the majority 51% equity stake. The Company retained an initial 49% minority equity interest. The sale resulted in a pretax gain of $2,046.0, which included $142.6 of foreign currency translation losses and $535.0 associated with the initial remaining 49% interest in Indicor (described further in Note 10). The Company recognized income tax expense of $407.2 associated with the gain.

The following table summarizes the major classes of revenues and expenses constituting net earnings from discontinued operations attributable to Indicor:

Year ended December 31,
202320222021
Net revenues$— $916.1 $944.0 
Cost of sales— 432.1 434.2 
Gross profit— 484.0 509.8 
Selling, general and administrative expenses (1)
2.3 250.5 265.7 
Impairment of intangible assets— — 5.1 
Income (loss) from operations(2.3)233.5 239.0 
Other income (expense), net— (0.7)0.1 
Earnings (loss) before income taxes (2)
(2.3)232.8 239.1 
Income taxes1.8 45.6 61.8 
Earnings (loss) from discontinued operations, net of tax(4.1)187.2 177.3 
Gain on disposition of discontinued operations, net of tax19.9 
(3)
1,638.8 — 
Net earnings from discontinued operations$15.8 $1,826.0 $177.3 
(1) Certain costs previously reported as a component of unallocated corporate general and administrative expenses have been reclassified to discontinued operations. These costs primarily include stock-based compensation expense of $10.3 and $13.1 for the years ended December 31, 2022 and 2021, respectively.
(2) Includes depreciation and amortization of $6.4 and $18.2 for the years ended December 31, 2022 and 2021, respectively.
(3) Consists of adjustments subsequent to the sale primarily associated with income taxes.
v3.24.0.1
Inventories
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
The components of inventories at December 31 were as follows:

 20232022
Raw materials and supplies$57.6 $60.6 
Work in process28.7 24.9 
Finished products41.8 31.3 
Inventory reserves(9.5)(5.5)
Inventories, net$118.6 $111.3 
v3.24.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
The components of property, plant and equipment at December 31 were as follows:

 20232022
Land$1.0 $1.0 
Buildings and leasehold improvements57.7 43.0 
Machinery and other equipment137.2 113.2 
Computer equipment116.4 107.5 
Software76.1 71.9 
Property, plant and equipment, gross388.4 336.6 
Accumulated depreciation(268.8)(251.3)
Property, plant and equipment, net$119.6 $85.3 

Depreciation and amortization expense related to property, plant and equipment was $35.4, $37.3, and $44.0 for the years ended December 31, 2023, 2022, and 2021, respectively.
v3.24.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
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 SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Balances at December 31, 2021$8,889.3 $3,655.3 $931.7 $13,476.3 
Goodwill acquired2,559.1 — — 2,559.1 
Currency translation adjustments(32.1)(56.3)(1.4)(89.8)
Reclassifications and other1.2 (0.7)— 0.5 
Balances at December 31, 2022$11,417.5 $3,598.3 $930.3 $15,946.1 
Goodwill acquired1,189.6 — — 1,189.6 
Currency translation adjustments15.2 26.3 0.5 42.0 
Reclassifications and other(58.9)— — (58.9)
Balances at December 31, 2023$12,563.4 $3,624.6 $930.8 $17,118.8 

Reclassifications and other during the year ended December 31, 2023 relates to purchase accounting adjustments for acquisitions and is composed primarily of measurement period adjustments of $56.2 to decrease goodwill and deferred tax liabilities in connection with the Frontline opening balance sheet. Refer to Note 2 for information regarding acquisitions.
Other intangible assets were comprised of:

 CostAccumulated amortizationNet book value
Assets subject to amortization:   
Customer related intangibles$9,300.7 $(2,437.7)$6,863.0 
Unpatented technology954.6 (506.9)447.7 
Software149.0 (134.0)15.0 
Patents and other protective rights10.3 (1.2)9.1 
Trade names9.7 (3.1)6.6 
Assets not subject to amortization:   
Trade names689.3 — 689.3 
Balances at December 31, 2022$11,113.6 $(3,082.9)$8,030.7 
Assets subject to amortization:   
Customer related intangibles$10,061.7 $(3,000.5)$7,061.2 
Unpatented technology1,047.0 (638.8)408.2 
Software149.2 (143.4)5.8 
Patents and other protective rights10.3 (1.4)8.9 
Assets not subject to amortization:   
Trade names728.0 — 728.0 
Balances at December 31, 2023$11,996.2 $(3,784.1)$8,212.1 

Amortization expense of other intangible assets was $698.4, $600.5, and $565.1 during the years ended December 31, 2023, 2022, and 2021, respectively. Amortization expense is expected to be $696.0 in 2024, $666.0 in 2025, $636.0 in 2026, $594.0 in 2027, and $553.0 in 2028.
v3.24.0.1
Other Accrued Liabilities
 12 Months Ended
Dec. 31, 2023
Accrued Liabilities [Abstract]  
Other Accrued Liabilities Other Accrued Liabilities
Other accrued liabilities at December 31 were as follows:

 20232022
Interest$33.6 $40.2 
Customer deposits45.2 48.9 
Accrued dividends82.5 74.0 
Rebates81.2 51.5 
Operating lease liabilities43.3 46.4 
Sales and other taxes payable31.8 22.9 
Patent litigation accrual (1)
— 45.0 
Other128.9 125.7 
Other accrued liabilities$446.5 $454.6 
(1) Refer to Note 13 for details regarding the settlement of the Berall v. Verathon patent litigation matter.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Earnings before income taxes for the years ended December 31, 2023, 2022, and 2021 consisted of the following components:

 202320222021
United States$1,480.3 $1,026.4 $814.7 
Other262.8 255.6 217.2 
Earnings before income taxes$1,743.1 $1,282.0 $1,031.9 


Components of income tax expense for the years ended December 31, 2023, 2022, and 2021 were as follows:

 202320222021
Current:   
Federal$352.6 $322.9 $110.2 
State80.7 80.8 50.8 
Foreign69.9 65.9 59.9 
Deferred:   
Federal(94.1)(136.9)27.5 
State(27.7)(31.1)(27.2)
Foreign(6.7)(5.2)5.4 
Income tax expense$374.7 $296.4 $226.6 

Reconciliations between the U.S. federal statutory income tax rate and the effective income tax rate for the years ended December 31, 2023, 2022, and 2021 were as follows:

 202320222021
Federal statutory tax rate21.0 %21.0 %21.0 %
Foreign operations, net0.5 0.8 2.5 
R&D tax credits(1.9)(3.0)(2.1)
State taxes, net of federal benefit3.5 3.7 2.8 
Stock-based compensation(1.5)(1.0)(2.4)
Impact of UK tax rate change— — 2.0 
Legal entity restructuring(0.4)0.8 (1.4)
Other, net0.3 0.8 (0.4)
Effective tax rate21.5 %23.1 %22.0 %

The deferred income tax balance sheet accounts arise from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes.
Components of deferred tax assets and liabilities at December 31 were as follows:

 20232022
Deferred tax assets:  
Reserves and accrued expenses$223.2 $192.4 
Net operating loss carryforwards80.2 84.6 
R&D credits7.6 8.9 
Capitalized R&D expenditures178.7 97.8 
Interest expense limitation carryforwards31.0 41.1 
Lease liabilities47.1 50.1 
Valuation allowance(34.8)(37.1)
Total deferred tax assets$533.0 $437.8 
Deferred tax liabilities:  
Reserves and accrued expenses$18.3 $12.0 
Amortizable intangible assets1,752.8 1,818.7 
Accrued tax on unremitted foreign earnings8.8 5.8 
Right-of-use assets44.7 48.0 
Outside basis difference in Indicor189.3 174.2 
Total deferred tax liabilities$2,013.9 $2,058.7 

As of December 31, 2023, the Company has $41.4 of tax-effected U.S. federal net operating loss carryforwards and $40.0 of tax-effected state net operating loss carryforwards without regard for federal benefit of state. The majority of the net operating loss carryforwards are subject to limitation under the Internal Revenue Code of 1986, as amended (“IRC”) Section 382. Additionally, as of December 31, 2023, the Company has $31.0 of IRC Section 163(j) interest expense limitation carryforwards which have an indefinite carryforward period.

As of December 31, 2023, the Company has a $178.7 deferred tax asset related to taxpayer requirements to capitalize and amortize research and development (“R&D”) expenditures under IRC Section 174. The Company amortizes these costs for tax purposes over 5 years if the R&D was performed in the U.S. and over 15 years if the R&D was performed outside of the U.S.

The Company has a deferred tax liability of $189.3 in outside basis difference as of December 31, 2023 associated with the retained minority equity interest in Indicor. See Note 10 for additional information on this minority equity interest.

As of December 31, 2023, the Company determined that a total valuation allowance of $34.8 was necessary to reduce U.S. federal and state deferred tax assets by $28.4 and foreign deferred tax assets by $6.4, where it was more likely than not that all such deferred tax assets will not be realized. As of December 31, 2023, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company’s estimate of future taxable income and any applicable tax planning strategies within various tax jurisdictions.

The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits are as follows:

 202320222021
Beginning balances$29.0 $40.5 $63.5 
Additions for tax positions of prior periods4.3 — 2.2 
Additions for tax positions of the current period4.3 2.3 3.3 
Additions due to acquisitions— — 1.0 
Reductions for tax positions of prior periods— (11.2)(0.5)
Reductions attributable to lapses of applicable statutes of limitations(2.0)(2.6)(4.6)
Reductions attributable to settlements with taxing authorities— — (24.4)
Ending balances$35.6 $29.0 $40.5 
The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $35.6. Interest and penalties related to unrecognized tax benefits were $2.0 in 2023 and are classified as a component of income tax expense. Accrued interest and penalties were $6.6 at December 31, 2023 and $4.6 at December 31, 2022. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net amount of $5.1, mainly due to anticipated statute of limitations lapses in various jurisdictions.

The Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city, and foreign jurisdictions. The Company’s federal income tax returns for 2020 through the current period remain open to examination and the relevant state, city, and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved.

The Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all future foreign earnings that can be repatriated without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company’s investment in foreign subsidiaries are not expected to be material and will be indefinitely reinvested.
v3.24.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
On July 21, 2022, the Company entered into a five-year unsecured credit facility (the “Credit Agreement”) among Roper, the financial institutions from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Wells Fargo Bank, N.A., as syndication agents, and Mizuho Bank, Ltd., MUFG Bank, Ltd., PNC Bank, National Association, TD Bank, N.A., Truist Bank, and U.S. Bank, National Association, as documentation agents, which replaced the previous $3,000.0 unsecured credit facility, dated as of September 2, 2020, as amended. The Credit Agreement comprises a five-year $3,500.0 revolving credit facility, which includes availability of up to $150.0 for letters of credit. The Company may also, subject to compliance with specified conditions, request additional term loans or revolving credit commitments in an aggregate amount not to exceed $500.0.

Loans under the Credit Agreement can be borrowed as term Secured Overnight Financing Rate (“SOFR”) loans or Alternate Base Rate (“ABR”) Loans, at the Company’s option. Each term SOFR loan will bear interest at a rate per annum equal to the applicable Adjusted Term SOFR rate plus a spread ranging from 0.795% to 1.300%, as determined by the Company’s senior unsecured long-term debt rating at such time. Based on the Company’s current rating, the spread for SOFR loans would be 0.910%. Each ABR Loan will bear interest at a rate per annum equal to the Alternate Base Rate plus a spread ranging from 0.000% to 0.300%, as determined by the Company’s senior unsecured long-term debt rating at such time. Based on the Company’s current rating, the spread for ABR Loans would be 0.000%.

Amounts outstanding under the Credit Agreement may be accelerated upon the occurrence of customary events of default. The Credit Agreement requires the Company to maintain a Total Debt to Total Capital Ratio of 0.65 to 1.00 or less. Borrowings under the Credit Agreement are prepayable at Roper’s option at any time in whole or in part without premium or penalty.

At December 31, 2023 and 2022, there were $360.0 and no outstanding borrowings under the Credit Agreement, respectively. The Company was in compliance with its debt covenants throughout the years ended December 31, 2023 and 2022.

On June 22, 2020, the Company completed a public offering of $600.0 aggregate principal amount of 2.00% senior unsecured notes due June 30, 2030 (“2030 Notes”). The 2030 Notes bear interest at a fixed rate and are payable semi-annually in arrears on June 30 and December 30 of each year, beginning December 30, 2020. The net proceeds were used for general corporate purposes, including acquisitions.

On September 1, 2020, the Company completed a public offering of $300.0 aggregate principal amount of 0.45% senior unsecured notes due August 15, 2022 (“2022 Notes”), $700.0 aggregate principal amount of 1.00% senior unsecured notes due September 15, 2025 (“2025 Notes”), $700.0 aggregate principal amount of 1.40% senior unsecured notes due September 15, 2027 (“2027 Notes”), and $1,000.0 aggregate principal amount of 1.75% senior unsecured notes due February 15, 2031 (“2031 Notes” and, together with the 2022 Notes, 2025 Notes, and 2027 Notes, the “Notes”). The 2031 Notes bear interest at a fixed rate and are payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2021, and the 2025 Notes and 2027 Notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2021. The net proceeds, together with cash on hand and borrowings under the credit agreement in place at the time, were used to fund the purchase price of the acquisition of Vertafore, Inc. and related costs.
On August 26, 2019, the Company completed a public offering of $500.0 aggregate principal amount of 2.35% senior unsecured notes due September 15, 2024 and $700.0 aggregate principal amount of 2.95% senior unsecured notes due September 15, 2029. The notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2020. The net proceeds were used to fund a portion of the purchase of iPipeline Holdings, Inc.

On August 28, 2018, the Company completed a public offering of $700.0 aggregate principal amount of 3.65% senior unsecured notes due September 15, 2023 and $800.0 aggregate principal amount of 4.20% senior unsecured notes due September 15, 2028 (“2028 Notes”). The 2028 Notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2019.

On December 19, 2016, the Company completed a public offering of $500.0 aggregate principal amount of 2.80% senior unsecured notes due December 15, 2021 and $700.0 aggregate principal amount of 3.80% senior unsecured notes due December 15, 2026 (“2026 Notes”). The 2026 Notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2017.

On December 7, 2015, the Company completed a public offering of $300.0 aggregate principal amount of 3.85% senior unsecured notes due December 15, 2025. The notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2016.

On November 21, 2012, the Company completed a public offering of $500.0 aggregate principal amount of 3.125% senior unsecured notes due November 15, 2022. The notes bore interest at a fixed rate and were payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2013.

Roper may redeem some or all of these notes at any time or from time to time, at 100% of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities.

On September 15, 2023, $700.0 of 3.65% senior notes due 2023 were repaid at maturity using borrowings under our unsecured credit facility.

On August 15, 2022, $500.0 of 3.125% senior notes due 2022 were redeemed using cash flows generated from operations.

On August 15, 2022, $300.0 of 0.45% senior notes due 2022 were repaid at maturity using cash flows generated from operations.

On November 15, 2021, $500.0 of 2.80% senior notes due 2021 were redeemed predominantly using cash flows generated from operations.

The Company’s senior notes are unsecured senior obligations of the Company and rank equally in right of payment with all of Roper’s existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of its existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The notes are not guaranteed by any of Roper’s subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of Roper’s subsidiaries.
Total debt at December 31 consisted of the following:

 20232022
Unsecured credit facility$360.0 $— 
$700 3.650% senior notes due 2023
— 700.0 
$500 2.350% senior notes due 2024
500.0 500.0 
$300 3.850% senior notes due 2025
300.0 300.0 
$700 1.000% senior notes due 2025
700.0 700.0 
$700 3.800% senior notes due 2026
700.0 700.0 
$700 1.400% senior notes due 2027
700.0 700.0 
$800 4.200% senior notes due 2028
800.0 800.0 
$700 2.950% senior notes due 2029
700.0 700.0 
$600 2.000% senior notes due 2030
600.0 600.0 
$1,000 1.750% senior notes due 2031
1,000.0 1,000.0 
Other0.2 0.3 
Less: Deferred financing costs(30.1)(38.6)
Total debt, net of deferred financing costs6,330.1 6,661.7 
Less: Current portion(499.5)(699.2)
Long-term debt, net of deferred financing costs$5,830.6 $5,962.5 

The interest rate on the borrowings under the unsecured credit facility is calculated based upon various recognized indices plus a margin as defined in the Credit Agreement. At December 31, 2023, Roper had $7.4 of outstanding letters of credit.

Future maturities of total debt during each of the next five years ending December 31 and thereafter are as follows:

2024$500.1 
20251,000.1 
2026700.0 
20271,060.0 
2028800.0 
Thereafter2,300.0 
Total debt$6,360.2 
v3.24.0.1
Fair Value
 12 Months Ended
Dec. 31, 2023
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.

Debt – Roper’s debt at December 31, 2023 included $6,000.0 of fixed-rate senior notes with the following fair values:

Fixed-rate senior notesFair value
Principal amountInterest rateYear of maturityAs of December 31, 2023
$500 2.350%2024$489 
$300 3.850%2025$295 
$700 1.000%2025$655 
$700 3.800%2026$685 
$700 1.400%2027$627 
$800 4.200%2028$787 
$700 2.950%2029$642 
$600 2.000%2030$511 
$1,000 1.750%2031$825 

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.

Indicor Investment – In connection with the Indicor Transaction, the Company initially retained a 49% equity interest in Indicor valued at $535.0 as of the transaction close date. This initial valuation was based on the implied equity value associated with the sale price of the 51% equity interest in Indicor to CD&R for approximately $829, inclusive of the Unit Adjustment received by CD&R as discussed below. During 2023, we revised our valuation methodology to utilize the market multiple approach consisting of comparable guideline public companies revenue and earnings multiples to estimate the fair value of the investment, net of the Unit Adjustment discussed below. Our valuation methodology was updated given the passage of time since the transaction date and in consideration of observable market data, including Indicor’s divestiture of its Compressor Controls business unit (“CCC”) to Honeywell International Inc. (“Honeywell”) for approximately $670 which closed on June 30, 2023.

As part of the investment, Roper is required to make quarterly payments (“Unit Adjustment”), to CD&R, either (i) in cash, with total payments of approximately $29 per year on a pretax basis, or (ii) in-kind through the transfer of Roper’s equity interests in Indicor to CD&R, of approximately 1.7% ownership interest on an annual basis. Roper intends to continue making these quarterly payments in-kind. Roper’s valuation of the Unit Adjustment is based on an expected investment horizon of 5 years from the date of the Indicor Transaction. The Company’s obligation to make such quarterly payments will cease upon the earlier of:

•Indicor achieving $425.0 of earnings before interest, taxes, depreciation, and amortization in any three twelve-month periods, whether or not consecutive; or
•Upon the initial public offering of Indicor.

In the event of a sale of Indicor, CD&R would be entitled to a liquidation preference equal to its initial investment of approximately $829, plus any Unit Adjustment paid in-kind. Management’s valuation assumes the expected exit of the Indicor investment is an initial public offering which is not subject to the liquidation preference. Roper’s approval is required prior to a sale of Indicor for a value that would trigger the liquidation preference.

The assessment of fair value for the equity investment requires significant judgments to be made by management. Although our assumptions are considered reasonable and are consistent with the plans and estimates, there is significant judgment applied. Changes in estimates or the application of alternative assumptions could produce significantly different results. 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:

Year ended December 31, 2023
Beginning balance$535.0 
Change in fair value140.9 
Ending balance$675.9 

The Company received dividend distributions of $32.5 from Indicor during the year ended December 31, 2023, which are reported within “Equity investments activity, net.” These dividends were intended to offset certain cash taxes payable associated with the Company’s ownership stake, including $32.5 of cash taxes paid associated with the Company’s portion of Indicor’s gain on the sale of CCC to Honeywell, and are contemplated in the determination of the fair value related to the equity investment in Indicor.
v3.24.0.1
Retirement and Other Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Retirement and Other Benefit Plans Retirement and Other Benefit Plans
Roper maintains three defined contribution retirement plans under the provisions of Section 401(k) of the IRC covering substantially all U.S. employees. Roper partially matches employee contributions. Costs related to all such plans were $39.1, $34.1, and $30.2 for 2023, 2022, and 2021, respectively.
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
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 from the 2016 Plan. At December 31, 2023, 7.499 shares were available to grant under the 2021 Plan.

Under the Roper Technologies, Inc. Employee Stock Purchase Plan, as amended and restated (“ESPP”), employees in the U.S. and Canada are allowed 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 stock purchase plan may be either treasury stock, stock purchased on the open market, or newly issued shares.

Stock-based compensation expense is not allocated to our reportable segments, which are described further in Note 14. Stock-based compensation expense for the years ended December 31, 2023, 2022, and 2021 included as a component of “Selling, general and administrative expenses” was as follows:

 202320222021
Stock-based compensation$123.5 $117.8 $123.0 
Tax benefit recognized in net earnings20.4 18.6 19.8 

Stock Options – Stock options are granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a weighted average period of approximately 3 years from the grant date and expire 10 years after the grant date. The Company recorded $38.0, $38.1, and $40.4 of compensation expense relating to outstanding options during 2023, 2022, and 2021, respectively, as a component of corporate general and administrative expenses.

The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted average of historical daily price changes of the Company’s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected life of the option.
The weighted-average fair value of options granted in 2023, 2022, and 2021 were calculated using the following weighted average assumptions:

 202320222021
Weighted-average fair value ($)130.23 116.55 95.17 
Risk-free interest rate (%)3.76 2.19 0.94 
Expected option life (years)5.615.635.61
Expected volatility (%)26.05 24.59 25.14 
Expected dividend yield (%)0.63 0.55 0.56 

The following table summarizes stock option activities, with respect to the Company’s share-based compensation plans, for the years ended December 31, 2023 and 2022:

 Number of optionsWeighted-average
exercise price		Weighted-average
remaining
contractual term (years)		Aggregate intrinsic
value
Outstanding at December 31, 20213.223 $287.15   
Granted0.399 452.08   
Exercised(0.460)239.11   
Canceled(0.177)359.06   
Outstanding at December 31, 20222.985 312.34 6.18$366.3 
Granted0.383 432.77   
Exercised(0.593)246.77   
Canceled(0.087)425.80   
Outstanding at December 31, 20232.688 340.89 6.00$549.1 
Exercisable at December 31, 20231.763 $291.74 4.75$446.7 

At December 31, 2023, there was $53.5 of total unrecognized compensation expense related to nonvested options granted under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted average period of 1.86 years. The total intrinsic value of options exercised in 2023, 2022, and 2021 was $133.7, $92.7, and $138.2, respectively. Cash received from option exercises under all plans in 2023, 2022, and 2021 was $146.5, $110.0, and $104.7 respectively.

Restricted Stock Grants – During 2023 and 2022, the Company granted 0.280 and 0.271 shares, respectively, of restricted stock to certain employee and director participants under its stock-based compensation plans. Restricted stock grants generally vest over a period of 1 to 4 years. The Company recorded $83.3, $77.6, and $82.7 of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2023, 2022, and 2021, respectively. A summary of the Company’s nonvested shares activity for 2023 and 2022 is as follows:

 Number of
shares		Weighted-average
grant date
fair value
Nonvested at December 31, 20210.498 $365.79 
Granted0.271 446.42 
Vested(0.272)360.14 
Forfeited(0.052)386.06 
Nonvested at December 31, 20220.445 416.00 
Granted0.280 439.72 
Vested(0.202)406.36 
Forfeited(0.083)434.87 
Nonvested at December 31, 20230.440 $431.96 
At December 31, 2023, there was $95.9 of total unrecognized compensation expense related to nonvested awards granted to both employees and directors under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted average period of 1.73 years.

Employee Stock Purchase Plan – During 2023, 2022, and 2021, participants of the ESPP purchased 0.038, 0.039, and 0.040 shares, respectively, of Roper’s common stock for total consideration of $15.5, $14.3, and $15.1, respectively. All of these shares were purchased from Roper’s treasury shares.
v3.24.0.1
Contingencies
 12 Months Ended
Dec. 31, 2023
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 in the event such is not granted, PowerPlan anticipates this matter going to trial in the second half of 2024.

Roper’s subsidiary, Vertafore, Inc. (“Vertafore”), had been named in three putative class actions, all of which are now dismissed: 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, with the dismissal affirmed by the U.S. Fifth Circuit Court of Appeals, effectively concluding the litigation. In July 2021, the plaintiff in the Masciotra case voluntarily dismissed his action without prejudice. In February 2023, the court granted Vertafore’s motion to dismiss the Mulvey case, and the plaintiff failed to appeal the dismissal effectively concluding the matter. Both the Allen and Mulvey cases purported 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. These cases sought recovery under the Driver’s Privacy Protection Act, 18 U.S.C. § 2721. As set forth above, all of these matters against Vertafore have now been dismissed.

Roper’s subsidiary, Verathon, Inc. (“Verathon”), was a defendant in a patent infringement action pending in the U.S. District Court for the Western District of Washington (Berall v. Verathon, Inc., Case 2:2021mc00043). The plaintiff claimed that video laryngoscopes and certain accessories sold by Verathon and other manufacturers from approximately 2004 through 2016 infringed U.S. Patent 5,827,178. Verathon and the plaintiff agreed to settle the matter for $45.0 which is recorded as a component of “Other income (expense), net” within the Consolidated Statement of Earnings for the year ended December 31, 2022. This matter was fully concluded and cash settled in the first quarter of 2023.

As of December 31, 2023, Roper had $7.4 of letters of credit issued to guarantee its performance under certain services contracts or to support certain insurance programs and $50.8 of outstanding surety bonds. Certain contracts require Roper to provide a surety bond as a guarantee of its performance of contractual obligations.
v3.24.0.1
Segment and Geographic Area Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment and Geographic Area Information Segment and Geographic Area Information
Our businesses are reported in three segments classified based on business model and delivery of performance obligations. The segments are: Application Software, Network Software, and Technology Enabled Products. The three reportable segments are as follows:

–Application Software - Aderant, CBORD, Clinisys, Data Innovations, Deltek, Frontline, IntelliTrans, PowerPlan, Strata, Vertafore

–Network Software - ConstructConnect, DAT, Foundry, iPipeline, iTradeNetwork, Loadlink, MHA, SHP, SoftWriters

–Technology Enabled Products - CIVCO Medical Solutions, FMI, Inovonics, IPA, Neptune, Northern Digital, rf IDEAS, Verathon

There were no material transactions between Roper’s reportable segments during 2023, 2022, and 2021. Operating profit by reportable segment and by geographic area is defined as net revenues less operating costs and expenses. These costs and expenses do not include unallocated corporate general and administrative expenses, enterprise-wide stock-based compensation, or non-cash impairments. Items below income from operations on Roper’s Consolidated Statements of Earnings are not allocated to reportable segments.

Operating assets are those assets used primarily in the operations of each reportable segment or geographic area. Corporate assets are principally comprised of cash and cash equivalents, income taxes receivable, deferred tax assets, deferred compensation assets, equity investments, and property and equipment.
Selected financial information by reportable segment for 2023, 2022, and 2021 was as follows:

 Application SoftwareNetwork SoftwareTechnology Enabled ProductsCorporateTotal
2023    
Net revenues$3,186.9 $1,439.4 $1,551.5 $— $6,177.8 
Operating profit820.8 632.4 518.7 (226.7)1,745.2 
Assets:     
Operating assets730.8 235.6 337.5 35.0 1,338.9 
Intangible assets, net19,242.4 5,005.9 1,082.6 — 25,330.9 
Other 377.7 122.3 65.5 932.2 1,497.7 
Total assets    28,167.5 
Capital expenditures20.1 6.4 13.8 27.7 68.0 
Capitalized software expenditures39.5 0.5 — — 40.0 
Depreciation and other amortization563.0 162.5 29.1 0.6 755.2 
2022     
Net revenues$2,639.5 $1,378.5 $1,353.8 $— $5,371.8 
Operating profit714.0 570.6 449.1 (209.2)1,524.5 
Assets:   
Operating assets624.7 224.7 307.4 7.1 1,163.9 
Intangible assets, net17,758.4 5,118.5 1,099.9 — 23,976.8 
Other 340.2 124.2 95.4 1,280.3 1,840.1 
Total assets  26,980.8 
Capital expenditures20.7 8.8 9.2 1.4 40.1 
Capitalized software expenditures28.5 1.7 — — 30.2 
Depreciation and other amortization455.8 164.2 29.8 0.3 650.1 
2021     
Net revenues$2,366.7 $1,223.8 $1,243.3 $— $4,833.8 
Operating profit 2
633.1 476.8 415.6 (189.9)1,335.6 
Assets:   
Operating assets576.0 215.5 250.7 15.4 1,057.6 
Intangible assets, net13,498.4 5,364.8 1,122.2 — 19,985.4 
Other 205.8 50.4 33.8 498.0 788.0 
Total assets 1
    21,831.0 
Capital expenditures18.0 5.0 4.5 1.0 28.5 
Capitalized software expenditures26.3 3.4 — — 29.7 
Depreciation and other amortization418.7 164.8 32.1 0.3 615.9 
1 Total assets excludes assets held for sale of $1,882.9 associated with the 2021 Divestitures and Indicor, as applicable, on December 31, 2021.
2 Operating profit excludes $94.4 of non-cash impairment charges for the year ended December 31, 2021.
Summarized data for Roper’s U.S. and foreign operations (principally in Canada, Europe, and Asia) for 2023, 2022, and 2021, based upon the country of origin of the Roper entity making the sale, was as follows:

 United StatesNon-U.S.EliminationsTotal
2023    
Sales to unaffiliated customers$5,353.6 $824.2 $— $6,177.8 
Sales between geographic areas73.5 79.7 (153.2)— 
Net revenues$5,427.1 $903.9 $(153.2)$6,177.8 
Long-lived assets $251.1 $20.1 $— $271.2 
2022    
Sales to unaffiliated customers$4,610.2 $761.6 $— $5,371.8 
Sales between geographic areas55.5 82.2 (137.7)— 
Net revenues$4,665.7 $843.8 $(137.7)$5,371.8 
Long-lived assets $196.5 $17.1 $— $213.6 
2021    
Sales to unaffiliated customers$4,105.6 $728.2 $— $4,833.8 
Sales between geographic areas81.1 81.9 (163.0)— 
Net revenues$4,186.7 $810.1 $(163.0)$4,833.8 
Long-lived assets$167.3 $19.8 $— $187.1 

Export sales from the U.S. during the years ended December 31, 2023, 2022, and 2021 were $198.1, $191.8, and $179.9, respectively. In the year ended December 31, 2023, these exports were shipped primarily to Canada (46%), Europe (26%), Asia (14%), and other (14%).

Sales to customers outside of the U.S. accounted for a significant portion of Roper’s revenues. Sales are attributed to geographic areas based upon the location where the product is ultimately delivered. Roper’s net revenues for the years ended December 31, 2023, 2022, and 2021 are shown below by region, except for Canada, which is presented separately:

 Application SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
2023    
Canada$63.7 $99.5 $91.4 $254.6 
Europe260.7 64.2 128.3 453.2 
Asia4.6 14.6 55.9 75.1 
Rest of the world34.6 9.2 46.7 90.5 
Total$363.6 $187.5 $322.3 $873.4 
2022    
Canada$57.8 $95.9 $68.6 $222.3 
Europe241.2 65.7 117.7 424.6 
Asia4.9 12.2 56.2 73.3 
Rest of the world35.1 7.5 43.7 86.3 
Total$339.0 $181.3 $286.2 $806.5 
2021    
Canada$51.2 $85.2 $61.7 $198.1 
Europe248.2 59.2 125.3 432.7 
Asia3.7 10.9 49.4 64.0 
Rest of the world37.1 6.5 37.5 81.1 
Total$340.2 $161.8 $273.9 $775.9 
v3.24.0.1
Concentration of Risk
 12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
Concentration of Risk Concentration of Risk
Financial instruments which potentially subject the Company to credit risk consist primarily of cash and cash equivalents, trade receivables, and unbilled receivables.

The Company maintains cash and cash equivalents with various major financial institutions around the world. The Company limits the amount of credit exposure with any one financial institution and believes that no significant concentration of credit risk exists with respect to cash and cash equivalent balances.

Trade and unbilled receivables subject the Company to the potential for credit risk with customers. To reduce credit risk, the Company performs ongoing evaluations of its customers’ financial condition.
v3.24.0.1
Contract Balances
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Contract Balances Contract Balances
Contract balances at December 31 are set forth in the following table:
Balance sheet account20232022Change
Unbilled receivables $106.4 $91.5 $14.9 
Deferred revenue – current(1,583.8)(1,370.7)(213.1)
Deferred revenue – non-current (130.7)(111.5)(19.2)
Net contract assets/(liabilities)$(1,608.1)$(1,390.7)$(217.4)

The change in our net contract assets/(liabilities) from December 31, 2022 to December 31, 2023 was due primarily to net contract liabilities of approximately $125 associated with the acquisitions completed during the year ended December 31, 2023, and the timing of payments and invoicing relating to SaaS and post-contract support (PCS) renewals.

Revenue recognized during the years ended December 31, 2023 and 2022 that was included in the deferred revenue balance on December 31, 2022 and 2021 was $1,322.0 and $1,053.1, 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.

Impairment losses recognized on our accounts receivable and unbilled receivables were immaterial in each of the years ended December 31, 2023, 2022, and 2021, respectively.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company’s operating leases are primarily for real property in support of our business operations. Although many of our leases contain renewal options, we generally are not reasonably certain to exercise these options at the commencement date. Accordingly, renewal options are generally not included in the lease term for determining the right-of-use (“ROU”) asset and lease liability at commencement. Variable lease payments generally depend on an inflation-based index and such payments are not included in the original estimate of the lease liability. These variable lease payments are not material.

For the years ended December 31, 2023, 2022, and 2021, the Company recognized $50.6, $48.7, and $51.8 of operating lease expense, respectively.

The following table presents the supplemental cash flow information related to the Company’s operating leases for the years ended December 31:
202320222021
Operating cash flows used for operating leases$50.6 $48.3 $51.5 
Right-of-use assets obtained in exchange for operating lease obligations29.6 53.9 28.2 
The following table presents the lease balances within the Consolidated Balance Sheets related to the Company’s operating leases as of December 31:

Lease assets and liabilitiesBalance sheet account20232022
ASSETS:
Operating lease ROU assetsOther assets$189.8 $196.1 
LIABILITIES:
Current operating lease liabilitiesOther accrued liabilities43.3 46.4 
Operating lease liabilitiesOther liabilities158.7 164.2 
Total operating lease liabilities$202.0 $210.6 

Future minimum lease payments under non-cancellable leases were as follows:

2024$47.9 
202542.9 
202635.1 
202728.3 
202821.9 
Thereafter44.6 
Total operating lease payments220.7 
Less: Imputed interest18.7 
Total operating lease liabilities$202.0 

Weighted average remaining lease term – operating leases (years)6
Weighted average discount rate (%)3.0 
v3.24.0.1
Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Data [Abstract]  
Quarterly Financial Data (unaudited) Quarterly Financial Data (unaudited)
The unaudited interim financial information below has been adjusted to incorporate the presentation of discontinued operations. Refer to Note 3 for further information on discontinued operations.

 First QuarterSecond QuarterThird QuarterFourth Quarter
2023    
Net revenues$1,469.7 $1,531.2 $1,563.4 $1,613.5 
Gross profit1,018.6 1,067.1 1,096.3 1,125.2 
Income from operations401.0 435.3 446.1 462.8 
Net earnings from continuing operations284.3 361.0 345.6 377.5 
Net earnings (loss) from discontinued operations(1.2)3.9 1.6 11.5 
Net earnings283.1 364.9 347.2 389.0 
Net earnings per share from continuing operations:    
Basic$2.67 $3.38 $3.23 $3.53 
Diluted$2.66 $3.36 $3.21 $3.50 
Net earnings (loss) per share from discontinued operations:
Basic$(0.01)$0.04 $0.02 $0.11 
Diluted$(0.01)$0.04 $0.02 $0.11 
Net earnings per share:
Basic$2.66 $3.42 $3.25 $3.64 
Diluted$2.65 $3.40 $3.23 $3.61 
2022    
Net revenues$1,279.8 $1,310.8 $1,350.3 $1,430.9 
Gross profit897.2 911.5 941.8 1,002.3 
Income from operations355.9 362.9 393.2 412.5 
Net earnings from continuing operations236.4 225.0 276.9 247.3 
Net earnings from discontinued operations1,784.1 43.8 50.1 1,681.1 
Net earnings2,020.5 268.8 327.0 1,928.4 
Net earnings per share from continuing operations:    
Basic$2.24 $2.13 $2.61 $2.33 
Diluted$2.22 $2.11 $2.59 $2.32 
Net earnings per share from discontinued operations:
Basic$16.89 $0.41 $0.47 $15.85 
Diluted$16.72 $0.41 $0.47 $15.74 
Net earnings per share:
Basic$19.13 $2.54 $3.08 $18.18 
Diluted$18.94 $2.52 $3.06 $18.06 

The sum of the four quarters may not agree with the total for the year due to rounding.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure                      
Net earnings $ 389.0 $ 347.2 $ 364.9 $ 283.1 $ 1,928.4 $ 327.0 $ 268.8 $ 2,020.5 $ 1,384.2 $ 4,544.7 $ 1,152.6
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
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
v3.24.0.1
Summary of Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation – These financial statements present consolidated information for Roper Technologies, Inc. and its subsidiaries (“Roper,” the “Company,” “we,” “our,” or “us”). All significant intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to current period presentation.
Discontinued Operations
Discontinued Operations – On November 22, 2022, the Company completed the divestiture of a majority 51% equity stake in its industrial businesses, including its entire historical Process Technologies reportable segment and the industrial businesses within its historical Measurement & Analytical Solutions reportable segment, to Clayton, Dubilier & Rice, LLC (“CD&R”). The businesses included in this transaction were Alpha, AMOT, CCC, Cornell, Dynisco, FTI, Hansen, Hardy, Logitech, Metrix, PAC, Roper Pump, Struers, Technolog, Uson, and Viatran (collectively “Indicor”). Following the sale of the majority stake, the Company retained a minority equity interest in Indicor. This transaction is referred to herein as the “Indicor Transaction.” See Note 10 for additional information on this minority equity interest.
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 results of operations, financial position, or cash flows.

Recently Adopted 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 early-adopted this update in the fourth quarter of 2021. This update did not have a material impact on the acquisitions completed in the year of adoption.

Recently Released Accounting Pronouncements

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.
Cash and Cash Equivalents Cash and Cash Equivalents – Roper considers highly liquid financial instruments with remaining maturities at acquisition of three months or less to be cash equivalents.
Contingencies
Contingencies – Management continually assesses the probability of any adverse judgments or outcomes to its potential contingencies. Disclosure of the contingency is made if there is at least a reasonable possibility that a loss or an additional loss may have been incurred. In the assessment of contingencies as of December 31, 2023, management concluded that there were no matters for which there was a reasonable possibility of a material loss. See Note 13 for additional information.
Earnings per Share
Earnings per Share – Basic earnings per share was calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective year. Diluted earnings per share was calculated using net earnings and the weighted average number of shares of common stock and potential common stock associated with stock options outstanding during the respective year.
Equity Investment
Equity Investments – As of December 31, 2023 and 2022, the Company held a 47.3% and 49.0% minority equity interest in Indicor, respectively. This equity interest provides us with the ability to exercise significant influence, but not control, over the investee. 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 our equity investment in Indicor is updated on a quarterly basis and its impact is reported as a component of “Equity investments activity, net” in our Consolidated Statement of Earnings. See Note 10 for additional information on this investment.

In 2023, the Company acquired an 18.2% limited partnership minority interest in CI Ultimate Holdings, L.P., the parent entity of Certinia Inc., which provides us with the ability to exercise significant influence, but not control, over the investee. 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 activity, net” in our Consolidated Statement 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 $5.2 for the year ended December 31, 2023. The balance of our equity investment in Certinia, reported as a component of “Equity investments” in our Consolidated Balance Sheet, was $119.8 as of December 31, 2023.

Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Foreign Currency Translation and Transactions
Foreign Currency Translation and Transactions – Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar were translated at the exchange rate in effect at the balance sheet date, and revenues and expenses were translated at average exchange rates for the period in which those entities were included in Roper’s financial results. Translation adjustments are reflected within other comprehensive income. Foreign currency transaction gains and losses are recorded in our Consolidated Statements of Earnings within “Other income (expense), net.” Foreign currency transaction gains/(losses) were not material for any periods presented.
Goodwill and Other Intangibles
Goodwill and Other Intangibles – Roper accounts for goodwill in a purchase business combination as the excess of the cost over the estimated fair value of net assets acquired. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Goodwill, which is not amortized, is tested for impairment on an annual basis (or an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value). When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines that an impairment is more likely than not, then performance of the quantitative impairment test is required. The quantitative process utilizes both an income approach (discounted cash flow) and a market approach (consisting of a comparable public company earnings multiples methodology) to estimate the fair value of a reporting unit. To determine the reasonableness of the estimated fair values, the Company reviews the assumptions to ensure that neither the income approach nor the market approach provides significantly different valuations. If the estimated fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the estimated fair value, a non-cash impairment loss is recognized in the amount of that excess.

When performing the quantitative assessment, key assumptions used in the income and market methodologies are updated when the analysis is performed for each reporting unit. The assumptions that have the most significant effect on the fair value calculations are the projected revenue growth rates, future operating margins, discount rates, terminal values, and earnings multiples. While the Company uses reasonable and timely information to prepare its discounted cash flow analysis, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances.

As of the annual impairment test, Roper has 22 reporting units with individual goodwill amounts ranging from $17.5 to $3,363.6. In 2023, the Company performed its annual impairment test in the fourth quarter for all reporting units. The Company conducted its analysis qualitatively and assessed whether it was more likely than not that the respective fair value of these reporting units was less than the carrying amount. The Company determined that impairment of goodwill was not likely in any of its reporting units and thus was not required to perform a quantitative analysis for these reporting units.

Recently acquired reporting units generally represent a higher inherent risk of impairment, which typically decreases as the businesses are integrated into the enterprise. Negative industry or economic trends, disruptions to its business, actual results significantly below expected results, unexpected significant changes or planned changes in the use of the assets, divestitures, and market capitalization declines may have a negative effect on the fair value of Roper’s reporting units.

The following events or circumstances, although not comprehensive, would be considered to determine whether interim testing of goodwill would be required:

•a significant adverse change in legal factors or in the business climate;
•an adverse action or assessment by a regulator;
•unanticipated competition;
•a loss of key personnel;
•a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of;
•the testing for recoverability of a significant asset group within a reporting unit; and
•recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit.

Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. Trade names that are determined to have indefinite useful economic lives are not amortized, but are separately tested for impairment during the fourth quarter of the fiscal year or on an interim basis if an event occurs that indicates the fair value is more likely than not below the carrying value. Roper first qualitatively assesses whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of an indefinite-lived trade name is less than its carrying amount. If necessary, Roper conducts a quantitative review using the relief-from-royalty method. This methodology assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of these assets. To the extent the Company determines a fair value, the inputs used represent a Level 3 fair value measurement in the FASB fair value hierarchy given that the inputs are unobservable. The assumptions that have the most significant effect on the fair value calculations are the royalty rates, projected revenue growth rates, discount rates, and terminal values. Each royalty rate is determined based on the profitability of the trade name to which it relates and observed market royalty rates. Revenue growth rates are determined after considering current and future economic
conditions, recent sales trends, discussions with customers, planned timing of new product launches, or other variables. Trade names resulting from recent acquisitions generally represent the highest risk of impairment, which typically decreases as the businesses are integrated into Roper.

During the fourth quarter of 2021, the Company determined that the use of the Sunquest trade name would be discontinued given the strategic action to merge the Sunquest business into our Clinisys business, both of which are reported in our Application Software reportable segment. Considering the planned merger and updated market comparisons, the royalty rate utilized in the quantitative impairment assessment of the trade name was 0.5% as compared to a royalty rate of 3.5% used in the prior year. The royalty rate reduction was the significant assumption that resulted in a non-cash impairment charge of $94.4 recognized as “Impairment of intangible assets” within our Consolidated Statement of Earnings.

The assessment of fair value for impairment purposes requires significant judgments to be made by management. Although forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management uses to operate the underlying businesses, there is significant judgment in estimating future operating results. Changes in estimates or the application of alternative assumptions could produce significantly different results.

The most significant identifiable intangible assets with definite useful economic lives recognized from our acquisitions are customer relationships. The fair value for customer relationships is determined as of the acquisition date using the excess earnings method. Under this methodology the fair value is determined based on the estimated future after-tax cash flows arising from the acquired customer relationships over their estimated lives after considering customer attrition and contributory asset charges. The assumptions that have the most significant effect on the fair value calculations are the customer attrition rates, projected customer revenue growth rates, margins, contributory asset charges, and discount rates. When testing customer relationship intangible assets for potential impairment, management considers historical customer attrition rates and projected revenues and profitability related to customers that existed at acquisition. In evaluating the amortizable life for customer relationship intangible assets, management considers historical customer attrition patterns.

Roper evaluates whether there has been an impairment of identifiable intangible assets with definite useful economic lives, or of the remaining life of such assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or remaining period of amortization of any asset may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision in the remaining amortization period is required.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets – The Company determines whether there has been an impairment of long-lived assets, excluding goodwill and other intangible assets, when certain indicators of impairment are present. In the event that facts and circumstances indicate that the cost or life of any long-lived assets may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to fair value or a revision to the remaining life is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets’ current carrying value, thereby possibly requiring an impairment charge or acceleration of depreciation or amortization expense in the future.
Income Taxes
Income Taxes – The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be “more likely than not” of being sustained upon examination based on the technical merits of the positions. Interest and penalties related to unrecognized tax benefits are classified as a component of income tax expense.

The Company records a valuation allowance to reduce its deferred tax assets if, based on the weight of available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of such deferred tax assets will not be realized. Available evidence which is considered in determining the amount of valuation allowance required includes, but is not limited to, the Company’s estimate of future taxable income and any applicable tax planning strategies.
Certain assets and liabilities have different bases for financial reporting and income tax purposes. Deferred income taxes have been provided for these differences at the enacted tax rates expected to be paid.
Inventories
Inventories – Inventories are valued at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. The Company writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions.
Product Warranties
Product Warranties – The Company sells certain of its products to customers with a product warranty that allows customers to return a defective product during a specified warranty period following the purchase in exchange for a replacement product, repair at no cost to the customer, or the issuance of a credit to the customer. The Company accrues its estimated exposure to warranty claims based upon current and historical product sales data, warranty costs incurred, and any other related information known to the Company.
Property, Plant and Equipment and Depreciation and Amortization Property, Plant and Equipment and Depreciation and Amortization – Property, plant and equipment is stated at cost less accumulated depreciation and amortization.
Research, Development and Engineering Research, Development and Engineering – Research, development and engineering (“R,D&E”) costs include salaries and benefits, rents, supplies, and other costs related to products under development or improvements to existing products. R,D&E costs are expensed as incurred and are included within selling, general and administrative expenses.
Revenue Recognition
Revenue Recognition – The reported results reflect the application of ASC 606 guidance. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to receive in exchange for these products and/or services. To achieve this principle, the Company applies the following five steps:

•identify the contract with the customer;
•identify the performance obligations in the contract;
•determine the transaction price;
•allocate the transaction price to performance obligations in the contract; and
•recognize revenue when or as the Company satisfies a performance obligation.
We recognize revenue over time or at a point in time depending on our evaluation of when the customer obtains control over the promised products or services. For software arrangements that include multiple performance obligations, we allocate revenue to each performance obligation based on estimates of the price that we would charge the customer for each promised product or service if it were sold on a standalone basis. Software licenses may be combined with implementation/installation services as a single performance obligation if the implementation/installation significantly modifies or customizes the functionality of the software license.

Software and related services

•Recurring – consists primarily of SaaS subscriptions and post-contract support (“PCS”) which are recognized ratably over the contractual term and annual term software licenses which are generally recognized at a point in time.

•Reoccurring – consists primarily of transactional and volume-based fees which are highly reoccurring and recognized at a point in time under a usage-based model.

•Non-recurring – consists primarily of perpetual, multi-year term software licenses, or installation/implementation services and associated hardware. Revenues from perpetual and multi-year term licenses are generally recognized at a point in time. Revenues from software implementation projects are generally recognized over time using the input method, utilizing the ratio of costs or labor hours incurred to total estimated costs or labor, as the measure of performance.

Payment for software licenses is generally required within 30 to 60 days of the transfer of control. Payment for PCS is generally required within 30 to 60 days of the commencement of the service period, which is primarily offered to customers over a one-year timeframe. Payment terms do not contain a significant financing component. Payment for implementation/installation services that are recognized over time is typically commensurate with milestones defined in the contract, or billable hours incurred.
Products

Revenue from product sales is recognized when control transfers to the customer, which is generally when the product is shipped. Non-project-based installation and repair services are performed by certain of our businesses for which revenue is recognized upon completion.

Payment terms are generally 30 to 60 days from the transfer of control. Payment terms do not contain a significant financing component.

Accounts receivable, net – Accounts receivable, net includes amounts billed and currently due from customers. The amounts due are stated at their net estimated realizable value. Accounts receivable are stated net of an allowance for doubtful accounts and sales allowances of $22.2 and $16.6 at December 31, 2023 and 2022, respectively. We make estimates of expected allowance for doubtful accounts based upon our assessment of various factors, including historical experience, the age of the accounts receivable balances, changes to customer creditworthiness, and other factors that may affect our ability to collect from customers.

Unbilled receivables – Our unbilled receivables include unbilled amounts typically resulting from sales under software milestone billings associated with multi-year term license renewals and software implementations when the input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not solely due to the passage of time. Amounts may not exceed their net realizable value.

Deferred revenue – We record deferred revenue when cash payments are received or due in advance of our performance. Our deferred revenue relates primarily to software and related services. In most cases, we recognize deferred revenue ratably over time as the SaaS or PCS performance obligation is satisfied. The non-current portion of deferred revenue is included in “Other liabilities” in our Consolidated Balance Sheets.

Our unbilled receivables and deferred revenue are reported in a net position on a contract-by-contract basis at the end of each reporting period. The net balances are classified as current or non-current based on expected timing of revenue recognition and billable milestones.
Deferred commissions – Our incremental direct costs of obtaining a contract, which consist of sales commissions primarily for our software sales, are deferred and amortized on a straight-line basis over the period of contract performance or a longer period, depending on facts and circumstances. We classify deferred commissions as current or non-current based on the expected timing of expense recognition. Where the amortization period would have been one year or less, we expense the associated incremental direct cost as incurred. The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Consolidated Balance Sheets.Remaining performance obligations – Remaining performance obligations represent the transaction price of firm orders for which work has not been performed, excluding unexercised contract options.
Capitalized Software Capitalized Software – The Company accounts for capitalized software under applicable accounting guidance which, among other provisions, requires capitalization of certain internal-use software costs once certain criteria are met. Overhead, general and administrative, and training costs are not capitalized.
Stock-Based Compensation
Stock-Based Compensation – The Company recognizes expense for the grant date fair value of its employee stock awards on a straight-line basis (or, in the case of performance-based awards, on a graded basis) over the employee’s requisite service period (generally the vesting period of the award). The fair value of option awards is estimated using the Black-Scholes option valuation model.
v3.24.0.1
Summary of Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Weighted Average Diluted Shares Outstanding
The effects of potential common stock were determined using the treasury stock method:

  Year ended December 31,
 202320222021
Basic weighted average shares outstanding106.6 105.9 105.3 
Effect of potential common stock:   
Common stock awards0.8 0.9 1.2 
Diluted weighted average shares outstanding107.4 106.8 106.5 
Schedule of Property, Plant and Equipment Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows:
Buildings
20 - 30 years
Machinery and other equipment
8 - 12 years
Computer equipment and software
3 - 5 years
The components of property, plant and equipment at December 31 were as follows:

 20232022
Land$1.0 $1.0 
Buildings and leasehold improvements57.7 43.0 
Machinery and other equipment137.2 113.2 
Computer equipment116.4 107.5 
Software76.1 71.9 
Property, plant and equipment, gross388.4 336.6 
Accumulated depreciation(268.8)(251.3)
Property, plant and equipment, net$119.6 $85.3 
Schedule of Disaggregated Revenue See details in the tables below:
Year ended December 31, 2023
Revenue streamApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Software related
Recurring$2,454.3 $1,039.5 $17.3 $3,511.1 
Reoccurring137.8 263.4 — 401.2 
Non-recurring594.8 136.5 1.5 732.8 
Total Software Revenue3,186.9 1,439.4 18.8 4,645.1 
Product Revenue— — 1,532.7 1,532.7 
Total Revenue$3,186.9 $1,439.4 $1,551.5 $6,177.8 
Year ended December 31, 2022
Revenue streamApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Software related
Recurring$1,946.0 $981.4 $12.0 $2,939.4 
Reoccurring124.2 246.2 — 370.4 
Non-recurring569.3 150.9 1.2 721.4 
Total Software Revenue2,639.5 1,378.5 13.2 4,031.2 
Product Revenue— — 1,340.6 1,340.6 
Total Revenue$2,639.5 $1,378.5 $1,353.8 $5,371.8 

Year ended December 31, 2021
Revenue streamApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Software related
Recurring$1,708.0 $837.5 $7.8 $2,553.3 
Reoccurring111.4 249.5 — 360.9 
Non-recurring547.3 136.8 0.8 684.9 
Total Software Revenue2,366.7 1,223.8 8.6 3,599.1 
Product Revenue— — 1,234.7 1,234.7 
Total Revenue$2,366.7 $1,223.8 $1,243.3 $4,833.8 
v3.24.0.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The following table summarizes the major classes of revenues and expenses constituting net earnings from discontinued operations attributable to the TransCore, Zetec, and CIVCO Radiotherapy businesses:

Year ended December 31,
20222021
Net revenues$100.4 $638.0 
Cost of sales71.2 372.9 
Gross profit29.2 265.1 
Selling, general and administrative expenses (1)
19.9 124.0 
Income from operations9.3 141.1 
Other income, net0.1 1.5 
Earnings before income taxes (2)
9.4 142.6 
Income taxes(6.2)28.5 
Earnings from discontinued operations, net of tax15.6 114.1 
Gain on disposition of discontinued operations, net of tax (3)
1,717.5 55.9 
Net earnings from discontinued operations$1,733.1 $170.0 
(1) Includes stock-based compensation expense of $0.9 and $5.4 for the years ended December 31, 2022 and 2021, respectively. Stock-based compensation was previously reported as a component of unallocated corporate general and administrative expenses.
(2) During the year ended December 31, 2022, there was no depreciation of property, plant and equipment or amortization of intangible assets given the asset classification as held for sale during the period. Depreciation and amortization was $5.2 for the year ended December 31, 2021.
(3) Includes expense of $4.5 and $0.9 associated with accelerated vesting of share-based awards for the years ended December 31, 2022 and 2021, respectively.
The following table summarizes the major classes of revenues and expenses constituting net earnings from discontinued operations attributable to Indicor:

Year ended December 31,
202320222021
Net revenues$— $916.1 $944.0 
Cost of sales— 432.1 434.2 
Gross profit— 484.0 509.8 
Selling, general and administrative expenses (1)
2.3 250.5 265.7 
Impairment of intangible assets— — 5.1 
Income (loss) from operations(2.3)233.5 239.0 
Other income (expense), net— (0.7)0.1 
Earnings (loss) before income taxes (2)
(2.3)232.8 239.1 
Income taxes1.8 45.6 61.8 
Earnings (loss) from discontinued operations, net of tax(4.1)187.2 177.3 
Gain on disposition of discontinued operations, net of tax19.9 
(3)
1,638.8 — 
Net earnings from discontinued operations$15.8 $1,826.0 $177.3 
(1) Certain costs previously reported as a component of unallocated corporate general and administrative expenses have been reclassified to discontinued operations. These costs primarily include stock-based compensation expense of $10.3 and $13.1 for the years ended December 31, 2022 and 2021, respectively.
(2) Includes depreciation and amortization of $6.4 and $18.2 for the years ended December 31, 2022 and 2021, respectively.
(3) Consists of adjustments subsequent to the sale primarily associated with income taxes.
v3.24.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventories
The components of inventories at December 31 were as follows:

 20232022
Raw materials and supplies$57.6 $60.6 
Work in process28.7 24.9 
Finished products41.8 31.3 
Inventory reserves(9.5)(5.5)
Inventories, net$118.6 $111.3 
v3.24.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment Depreciation and amortization are provided for using principally the straight-line method over the estimated useful lives of the assets as follows:
Buildings
20 - 30 years
Machinery and other equipment
8 - 12 years
Computer equipment and software
3 - 5 years
The components of property, plant and equipment at December 31 were as follows:

 20232022
Land$1.0 $1.0 
Buildings and leasehold improvements57.7 43.0 
Machinery and other equipment137.2 113.2 
Computer equipment116.4 107.5 
Software76.1 71.9 
Property, plant and equipment, gross388.4 336.6 
Accumulated depreciation(268.8)(251.3)
Property, plant and equipment, net$119.6 $85.3 
v3.24.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The carrying value of goodwill by segment was as follows:

 Application SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Balances at December 31, 2021$8,889.3 $3,655.3 $931.7 $13,476.3 
Goodwill acquired2,559.1 — — 2,559.1 
Currency translation adjustments(32.1)(56.3)(1.4)(89.8)
Reclassifications and other1.2 (0.7)— 0.5 
Balances at December 31, 2022$11,417.5 $3,598.3 $930.3 $15,946.1 
Goodwill acquired1,189.6 — — 1,189.6 
Currency translation adjustments15.2 26.3 0.5 42.0 
Reclassifications and other(58.9)— — (58.9)
Balances at December 31, 2023$12,563.4 $3,624.6 $930.8 $17,118.8 
Schedule of Other Intangible Assets - Subject to Amortization
Other intangible assets were comprised of:

 CostAccumulated amortizationNet book value
Assets subject to amortization:   
Customer related intangibles$9,300.7 $(2,437.7)$6,863.0 
Unpatented technology954.6 (506.9)447.7 
Software149.0 (134.0)15.0 
Patents and other protective rights10.3 (1.2)9.1 
Trade names9.7 (3.1)6.6 
Assets not subject to amortization:   
Trade names689.3 — 689.3 
Balances at December 31, 2022$11,113.6 $(3,082.9)$8,030.7 
Assets subject to amortization:   
Customer related intangibles$10,061.7 $(3,000.5)$7,061.2 
Unpatented technology1,047.0 (638.8)408.2 
Software149.2 (143.4)5.8 
Patents and other protective rights10.3 (1.4)8.9 
Assets not subject to amortization:   
Trade names728.0 — 728.0 
Balances at December 31, 2023$11,996.2 $(3,784.1)$8,212.1 
Schedule of Other Intangible Assets - Not Subject to Amortization
Other intangible assets were comprised of:

 CostAccumulated amortizationNet book value
Assets subject to amortization:   
Customer related intangibles$9,300.7 $(2,437.7)$6,863.0 
Unpatented technology954.6 (506.9)447.7 
Software149.0 (134.0)15.0 
Patents and other protective rights10.3 (1.2)9.1 
Trade names9.7 (3.1)6.6 
Assets not subject to amortization:   
Trade names689.3 — 689.3 
Balances at December 31, 2022$11,113.6 $(3,082.9)$8,030.7 
Assets subject to amortization:   
Customer related intangibles$10,061.7 $(3,000.5)$7,061.2 
Unpatented technology1,047.0 (638.8)408.2 
Software149.2 (143.4)5.8 
Patents and other protective rights10.3 (1.4)8.9 
Assets not subject to amortization:   
Trade names728.0 — 728.0 
Balances at December 31, 2023$11,996.2 $(3,784.1)$8,212.1 
v3.24.0.1
Other Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Accrued Liabilities [Abstract]  
Schedule of Accrued Liabilities
Other accrued liabilities at December 31 were as follows:

 20232022
Interest$33.6 $40.2 
Customer deposits45.2 48.9 
Accrued dividends82.5 74.0 
Rebates81.2 51.5 
Operating lease liabilities43.3 46.4 
Sales and other taxes payable31.8 22.9 
Patent litigation accrual (1)
— 45.0 
Other128.9 125.7 
Other accrued liabilities$446.5 $454.6 
(1) Refer to Note 13 for details regarding the settlement of the Berall v. Verathon patent litigation matter.
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Earnings Before Income Taxes
Earnings before income taxes for the years ended December 31, 2023, 2022, and 2021 consisted of the following components:

 202320222021
United States$1,480.3 $1,026.4 $814.7 
Other262.8 255.6 217.2 
Earnings before income taxes$1,743.1 $1,282.0 $1,031.9 
Schedule of Components of Income Tax Expense
Components of income tax expense for the years ended December 31, 2023, 2022, and 2021 were as follows:

 202320222021
Current:   
Federal$352.6 $322.9 $110.2 
State80.7 80.8 50.8 
Foreign69.9 65.9 59.9 
Deferred:   
Federal(94.1)(136.9)27.5 
State(27.7)(31.1)(27.2)
Foreign(6.7)(5.2)5.4 
Income tax expense$374.7 $296.4 $226.6 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliations between the U.S. federal statutory income tax rate and the effective income tax rate for the years ended December 31, 2023, 2022, and 2021 were as follows:

 202320222021
Federal statutory tax rate21.0 %21.0 %21.0 %
Foreign operations, net0.5 0.8 2.5 
R&D tax credits(1.9)(3.0)(2.1)
State taxes, net of federal benefit3.5 3.7 2.8 
Stock-based compensation(1.5)(1.0)(2.4)
Impact of UK tax rate change— — 2.0 
Legal entity restructuring(0.4)0.8 (1.4)
Other, net0.3 0.8 (0.4)
Effective tax rate21.5 %23.1 %22.0 %
Schedule of Deferred Tax Assets and Liabilities
Components of deferred tax assets and liabilities at December 31 were as follows:

 20232022
Deferred tax assets:  
Reserves and accrued expenses$223.2 $192.4 
Net operating loss carryforwards80.2 84.6 
R&D credits7.6 8.9 
Capitalized R&D expenditures178.7 97.8 
Interest expense limitation carryforwards31.0 41.1 
Lease liabilities47.1 50.1 
Valuation allowance(34.8)(37.1)
Total deferred tax assets$533.0 $437.8 
Deferred tax liabilities:  
Reserves and accrued expenses$18.3 $12.0 
Amortizable intangible assets1,752.8 1,818.7 
Accrued tax on unremitted foreign earnings8.8 5.8 
Right-of-use assets44.7 48.0 
Outside basis difference in Indicor189.3 174.2 
Total deferred tax liabilities$2,013.9 $2,058.7 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amounts of unrecognized tax benefits are as follows:

 202320222021
Beginning balances$29.0 $40.5 $63.5 
Additions for tax positions of prior periods4.3 — 2.2 
Additions for tax positions of the current period4.3 2.3 3.3 
Additions due to acquisitions— — 1.0 
Reductions for tax positions of prior periods— (11.2)(0.5)
Reductions attributable to lapses of applicable statutes of limitations(2.0)(2.6)(4.6)
Reductions attributable to settlements with taxing authorities— — (24.4)
Ending balances$35.6 $29.0 $40.5 
v3.24.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Total debt at December 31 consisted of the following:

 20232022
Unsecured credit facility$360.0 $— 
$700 3.650% senior notes due 2023
— 700.0 
$500 2.350% senior notes due 2024
500.0 500.0 
$300 3.850% senior notes due 2025
300.0 300.0 
$700 1.000% senior notes due 2025
700.0 700.0 
$700 3.800% senior notes due 2026
700.0 700.0 
$700 1.400% senior notes due 2027
700.0 700.0 
$800 4.200% senior notes due 2028
800.0 800.0 
$700 2.950% senior notes due 2029
700.0 700.0 
$600 2.000% senior notes due 2030
600.0 600.0 
$1,000 1.750% senior notes due 2031
1,000.0 1,000.0 
Other0.2 0.3 
Less: Deferred financing costs(30.1)(38.6)
Total debt, net of deferred financing costs6,330.1 6,661.7 
Less: Current portion(499.5)(699.2)
Long-term debt, net of deferred financing costs$5,830.6 $5,962.5 
Schedule of Future Maturities of Long-Term Debt
Future maturities of total debt during each of the next five years ending December 31 and thereafter are as follows:

2024$500.1 
20251,000.1 
2026700.0 
20271,060.0 
2028800.0 
Thereafter2,300.0 
Total debt$6,360.2 
v3.24.0.1
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Debt Roper’s debt at December 31, 2023 included $6,000.0 of fixed-rate senior notes with the following fair values:
Fixed-rate senior notesFair value
Principal amountInterest rateYear of maturityAs of December 31, 2023
$500 2.350%2024$489 
$300 3.850%2025$295 
$700 1.000%2025$655 
$700 3.800%2026$685 
$700 1.400%2027$627 
$800 4.200%2028$787 
$700 2.950%2029$642 
$600 2.000%2030$511 
$1,000 1.750%2031$825 
Equity Method Investments
The following table provides a reconciliation of the fair value for our equity investment in Indicor measured using Level 3 inputs:

Year ended December 31, 2023
Beginning balance$535.0 
Change in fair value140.9 
Ending balance$675.9 
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense Stock-based compensation expense for the years ended December 31, 2023, 2022, and 2021 included as a component of “Selling, general and administrative expenses” was as follows:
 202320222021
Stock-based compensation$123.5 $117.8 $123.0 
Tax benefit recognized in net earnings20.4 18.6 19.8 
Schedule of Weighted-Average Assumptions of Stock-Based Compensation
The weighted-average fair value of options granted in 2023, 2022, and 2021 were calculated using the following weighted average assumptions:

 202320222021
Weighted-average fair value ($)130.23 116.55 95.17 
Risk-free interest rate (%)3.76 2.19 0.94 
Expected option life (years)5.615.635.61
Expected volatility (%)26.05 24.59 25.14 
Expected dividend yield (%)0.63 0.55 0.56 
Schedule of Share-Based Compensation Activity
The following table summarizes stock option activities, with respect to the Company’s share-based compensation plans, for the years ended December 31, 2023 and 2022:

 Number of optionsWeighted-average
exercise price		Weighted-average
remaining
contractual term (years)		Aggregate intrinsic
value
Outstanding at December 31, 20213.223 $287.15   
Granted0.399 452.08   
Exercised(0.460)239.11   
Canceled(0.177)359.06   
Outstanding at December 31, 20222.985 312.34 6.18$366.3 
Granted0.383 432.77   
Exercised(0.593)246.77   
Canceled(0.087)425.80   
Outstanding at December 31, 20232.688 340.89 6.00$549.1 
Exercisable at December 31, 20231.763 $291.74 4.75$446.7 
Schedule of Nonvested Restricted Stock Awards Activity A summary of the Company’s nonvested shares activity for 2023 and 2022 is as follows:
 Number of
shares		Weighted-average
grant date
fair value
Nonvested at December 31, 20210.498 $365.79 
Granted0.271 446.42 
Vested(0.272)360.14 
Forfeited(0.052)386.06 
Nonvested at December 31, 20220.445 416.00 
Granted0.280 439.72 
Vested(0.202)406.36 
Forfeited(0.083)434.87 
Nonvested at December 31, 20230.440 $431.96 
v3.24.0.1
Segment and Geographic Area Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Selected financial information by reportable segment for 2023, 2022, and 2021 was as follows:

 Application SoftwareNetwork SoftwareTechnology Enabled ProductsCorporateTotal
2023    
Net revenues$3,186.9 $1,439.4 $1,551.5 $— $6,177.8 
Operating profit820.8 632.4 518.7 (226.7)1,745.2 
Assets:     
Operating assets730.8 235.6 337.5 35.0 1,338.9 
Intangible assets, net19,242.4 5,005.9 1,082.6 — 25,330.9 
Other 377.7 122.3 65.5 932.2 1,497.7 
Total assets    28,167.5 
Capital expenditures20.1 6.4 13.8 27.7 68.0 
Capitalized software expenditures39.5 0.5 — — 40.0 
Depreciation and other amortization563.0 162.5 29.1 0.6 755.2 
2022     
Net revenues$2,639.5 $1,378.5 $1,353.8 $— $5,371.8 
Operating profit714.0 570.6 449.1 (209.2)1,524.5 
Assets:   
Operating assets624.7 224.7 307.4 7.1 1,163.9 
Intangible assets, net17,758.4 5,118.5 1,099.9 — 23,976.8 
Other 340.2 124.2 95.4 1,280.3 1,840.1 
Total assets  26,980.8 
Capital expenditures20.7 8.8 9.2 1.4 40.1 
Capitalized software expenditures28.5 1.7 — — 30.2 
Depreciation and other amortization455.8 164.2 29.8 0.3 650.1 
2021     
Net revenues$2,366.7 $1,223.8 $1,243.3 $— $4,833.8 
Operating profit 2
633.1 476.8 415.6 (189.9)1,335.6 
Assets:   
Operating assets576.0 215.5 250.7 15.4 1,057.6 
Intangible assets, net13,498.4 5,364.8 1,122.2 — 19,985.4 
Other 205.8 50.4 33.8 498.0 788.0 
Total assets 1
    21,831.0 
Capital expenditures18.0 5.0 4.5 1.0 28.5 
Capitalized software expenditures26.3 3.4 — — 29.7 
Depreciation and other amortization418.7 164.8 32.1 0.3 615.9 
1 Total assets excludes assets held for sale of $1,882.9 associated with the 2021 Divestitures and Indicor, as applicable, on December 31, 2021.
2 Operating profit excludes $94.4 of non-cash impairment charges for the year ended December 31, 2021.
Schedule of Sales and Long-Lived Assets by Country of Origin
Summarized data for Roper’s U.S. and foreign operations (principally in Canada, Europe, and Asia) for 2023, 2022, and 2021, based upon the country of origin of the Roper entity making the sale, was as follows:

 United StatesNon-U.S.EliminationsTotal
2023    
Sales to unaffiliated customers$5,353.6 $824.2 $— $6,177.8 
Sales between geographic areas73.5 79.7 (153.2)— 
Net revenues$5,427.1 $903.9 $(153.2)$6,177.8 
Long-lived assets $251.1 $20.1 $— $271.2 
2022    
Sales to unaffiliated customers$4,610.2 $761.6 $— $5,371.8 
Sales between geographic areas55.5 82.2 (137.7)— 
Net revenues$4,665.7 $843.8 $(137.7)$5,371.8 
Long-lived assets $196.5 $17.1 $— $213.6 
2021    
Sales to unaffiliated customers$4,105.6 $728.2 $— $4,833.8 
Sales between geographic areas81.1 81.9 (163.0)— 
Net revenues$4,186.7 $810.1 $(163.0)$4,833.8 
Long-lived assets$167.3 $19.8 $— $187.1 
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area Roper’s net revenues for the years ended December 31, 2023, 2022, and 2021 are shown below by region, except for Canada, which is presented separately:
 Application SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
2023    
Canada$63.7 $99.5 $91.4 $254.6 
Europe260.7 64.2 128.3 453.2 
Asia4.6 14.6 55.9 75.1 
Rest of the world34.6 9.2 46.7 90.5 
Total$363.6 $187.5 $322.3 $873.4 
2022    
Canada$57.8 $95.9 $68.6 $222.3 
Europe241.2 65.7 117.7 424.6 
Asia4.9 12.2 56.2 73.3 
Rest of the world35.1 7.5 43.7 86.3 
Total$339.0 $181.3 $286.2 $806.5 
2021    
Canada$51.2 $85.2 $61.7 $198.1 
Europe248.2 59.2 125.3 432.7 
Asia3.7 10.9 49.4 64.0 
Rest of the world37.1 6.5 37.5 81.1 
Total$340.2 $161.8 $273.9 $775.9 
v3.24.0.1
Contract Balances (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Balances
Contract balances at December 31 are set forth in the following table:
Balance sheet account20232022Change
Unbilled receivables $106.4 $91.5 $14.9 
Deferred revenue – current(1,583.8)(1,370.7)(213.1)
Deferred revenue – non-current (130.7)(111.5)(19.2)
Net contract assets/(liabilities)$(1,608.1)$(1,390.7)$(217.4)
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Supplemental Cash Flow and Other Information
The following table presents the supplemental cash flow information related to the Company’s operating leases for the years ended December 31:
202320222021
Operating cash flows used for operating leases$50.6 $48.3 $51.5 
Right-of-use assets obtained in exchange for operating lease obligations29.6 53.9 28.2 
Weighted average remaining lease term – operating leases (years)6
Weighted average discount rate (%)3.0 
Schedule of Lease Balances Within Balance Sheet
The following table presents the lease balances within the Consolidated Balance Sheets related to the Company’s operating leases as of December 31:

Lease assets and liabilitiesBalance sheet account20232022
ASSETS:
Operating lease ROU assetsOther assets$189.8 $196.1 
LIABILITIES:
Current operating lease liabilitiesOther accrued liabilities43.3 46.4 
Operating lease liabilitiesOther liabilities158.7 164.2 
Total operating lease liabilities$202.0 $210.6 
Schedule of Future Minimum Lease Payments
Future minimum lease payments under non-cancellable leases were as follows:

2024$47.9 
202542.9 
202635.1 
202728.3 
202821.9 
Thereafter44.6 
Total operating lease payments220.7 
Less: Imputed interest18.7 
Total operating lease liabilities$202.0 
v3.24.0.1
Quarterly Financial Data (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Data
 First QuarterSecond QuarterThird QuarterFourth Quarter
2023    
Net revenues$1,469.7 $1,531.2 $1,563.4 $1,613.5 
Gross profit1,018.6 1,067.1 1,096.3 1,125.2 
Income from operations401.0 435.3 446.1 462.8 
Net earnings from continuing operations284.3 361.0 345.6 377.5 
Net earnings (loss) from discontinued operations(1.2)3.9 1.6 11.5 
Net earnings283.1 364.9 347.2 389.0 
Net earnings per share from continuing operations:    
Basic$2.67 $3.38 $3.23 $3.53 
Diluted$2.66 $3.36 $3.21 $3.50 
Net earnings (loss) per share from discontinued operations:
Basic$(0.01)$0.04 $0.02 $0.11 
Diluted$(0.01)$0.04 $0.02 $0.11 
Net earnings per share:
Basic$2.66 $3.42 $3.25 $3.64 
Diluted$2.65 $3.40 $3.23 $3.61 
2022    
Net revenues$1,279.8 $1,310.8 $1,350.3 $1,430.9 
Gross profit897.2 911.5 941.8 1,002.3 
Income from operations355.9 362.9 393.2 412.5 
Net earnings from continuing operations236.4 225.0 276.9 247.3 
Net earnings from discontinued operations1,784.1 43.8 50.1 1,681.1 
Net earnings2,020.5 268.8 327.0 1,928.4 
Net earnings per share from continuing operations:    
Basic$2.24 $2.13 $2.61 $2.33 
Diluted$2.22 $2.11 $2.59 $2.32 
Net earnings per share from discontinued operations:
Basic$16.89 $0.41 $0.47 $15.85 
Diluted$16.72 $0.41 $0.47 $15.74 
Net earnings per share:
Basic$19.13 $2.54 $3.08 $18.18 
Diluted$18.94 $2.52 $3.06 $18.06 
v3.24.0.1
Summary of Accounting Policies - Narrative (Details)
shares in Thousands
 3 Months Ended 12 Months Ended
Aug. 04, 2023
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
reporting_unit
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Nov. 22, 2022
Dec. 30, 2021
USD ($)
Summary Of Accounting Policies [Line Items]              
Cash equivalents     $ 400,000 $ 432,900,000      
Antidilutive securities excluded from computation of earnings per share (in shares) | shares     726 834 521    
Equity investments activity, net     $ (165,400,000) $ 0 $ 0    
Cash paid, net of cash acquired     $ 2,052,700,000 4,280,100,000 217,000,000.0    
Number of reporting units | reporting_unit     22        
Goodwill   $ 13,476,300,000 $ 17,118,800,000 15,946,100,000 13,476,300,000   $ 138,800,000
Loss from impairment     0 0 94,400,000    
Research, development and engineering costs     646,100,000 529,800,000 484,800,000    
Allowance for doubtful accounts receivable and sales returns and allowances net current     22,200,000 16,600,000      
Deferred commission, non-current     35,000,000.0 33,100,000      
Deferred commission, current     36,700,000 31,700,000      
Deferred commissions expense     29,300,000 30,700,000 $ 27,200,000    
Remaining performance obligations     4,612,600,000        
Capitalized computer software, net     102,600,000 $ 83,900,000      
Certinia Inc.              
Summary Of Accounting Policies [Line Items]              
Equity investments activity, net     5,200,000        
Cash paid, net of cash acquired $ 125,000,000.0   $ 119,800,000        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01              
Summary Of Accounting Policies [Line Items]              
Remaining performance obligations, percentage (as a percent)     68.00%        
Remaining performance obligations, expected timing of revenue recognition     12 months        
Software licenses              
Summary Of Accounting Policies [Line Items]              
Subscription term (in years)     1 year        
Trade names              
Summary Of Accounting Policies [Line Items]              
Loss from impairment   $ 94,400,000          
Royalty rate              
Summary Of Accounting Policies [Line Items]              
Intangible assets measurement input   0.005          
Intangible assets measurement input increase (decrease)   0.035          
Minimum              
Summary Of Accounting Policies [Line Items]              
Goodwill     $ 17,500,000        
Minimum | Software licenses              
Summary Of Accounting Policies [Line Items]              
Number of days for payment (in days)     30 days        
Minimum | PCS              
Summary Of Accounting Policies [Line Items]              
Number of days for payment (in days)     30 days        
Minimum | Engineered products              
Summary Of Accounting Policies [Line Items]              
Number of days for payment (in days)     30 days        
Maximum              
Summary Of Accounting Policies [Line Items]              
Goodwill     $ 3,363,600,000        
Maximum | Software licenses              
Summary Of Accounting Policies [Line Items]              
Number of days for payment (in days)     60 days        
Maximum | PCS              
Summary Of Accounting Policies [Line Items]              
Number of days for payment (in days)     60 days        
Maximum | Engineered products              
Summary Of Accounting Policies [Line Items]              
Number of days for payment (in days)     60 days        
Indicor              
Summary Of Accounting Policies [Line Items]              
Equity method investment, ownership percentage     47.30% 49.00%   49.00%  
Equity investments activity, net     $ (140,900,000)        
Certinia Inc. | Certinia Inc.              
Summary Of Accounting Policies [Line Items]              
Equity method investment, ownership percentage 18.20%            
Held-for-sale or Disposed of by Sale | Industrial Businesses              
Summary Of Accounting Policies [Line Items]              
Ownership interest divested, percent           51.00%  
v3.24.0.1
Summary of Accounting Policies - Schedule of Weighted Average Diluted Shares Outstanding (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]      
Basic weighted-average shares outstanding (in shares) 106.6 105.9 105.3
Effect of potential common stock:      
Common stock awards (in shares) 0.8 0.9 1.2
Diluted weighted-average shares outstanding (in shares) 107.4 106.8 106.5
v3.24.0.1
Summary of Accounting Policies - Property, Plant and Equipment (Details)
Dec. 31, 2023
Buildings | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 20 years
Buildings | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 30 years
Machinery and other equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 8 years
Machinery and other equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 12 years
Computer equipment and software | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 3 years
Computer equipment and software | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life (in years) 5 years
v3.24.0.1
Summary of Accounting Policies - Disaggregated Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]                      
Net revenues $ 1,613.5 $ 1,563.4 $ 1,531.2 $ 1,469.7 $ 1,430.9 $ 1,350.3 $ 1,310.8 $ 1,279.8 $ 6,177.8 $ 5,371.8 $ 4,833.8
Application Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 3,186.9 2,639.5 2,366.7
Network Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 1,439.4 1,378.5 1,223.8
Technology Enabled Products                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 1,551.5 1,353.8 1,243.3
Software related                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 4,645.1 4,031.2 3,599.1
Software related | Application Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 3,186.9 2,639.5 2,366.7
Software related | Network Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 1,439.4 1,378.5 1,223.8
Software related | Technology Enabled Products                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 18.8 13.2 8.6
Recurring                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 3,511.1 2,939.4 2,553.3
Recurring | Application Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 2,454.3 1,946.0 1,708.0
Recurring | Network Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 1,039.5 981.4 837.5
Recurring | Technology Enabled Products                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 17.3 12.0 7.8
Reoccurring                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 401.2 370.4 360.9
Reoccurring | Application Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 137.8 124.2 111.4
Reoccurring | Network Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 263.4 246.2 249.5
Reoccurring | Technology Enabled Products                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 0.0 0.0 0.0
Non-recurring                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 732.8 721.4 684.9
Non-recurring | Application Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 594.8 569.3 547.3
Non-recurring | Network Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 136.5 150.9 136.8
Non-recurring | Technology Enabled Products                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 1.5 1.2 0.8
Product Revenue                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 1,532.7 1,340.6 1,234.7
Product Revenue | Application Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 0.0 0.0 0.0
Product Revenue | Network Software                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 0.0 0.0 0.0
Product Revenue | Technology Enabled Products                      
Disaggregation of Revenue [Line Items]                      
Net revenues                 $ 1,532.7 $ 1,340.6 $ 1,234.7
v3.24.0.1
Business Acquisitions and Dispositions (Details)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 22, 2024
USD ($)
Dec. 26, 2023
USD ($)
Aug. 21, 2023
USD ($)
Aug. 07, 2023
USD ($)
Aug. 04, 2023
USD ($)
May 02, 2023
USD ($)
Oct. 04, 2022
USD ($)
Dec. 30, 2021
USD ($)
acquisition
Mar. 17, 2021
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
acquisition
Dec. 31, 2023
USD ($)
acquisition
Dec. 31, 2022
USD ($)
acquisition
Dec. 31, 2021
USD ($)
acquisition
Business Acquisition [Line Items]                            
Number of businesses acquired | acquisition               7     4 4 7 7
Goodwill               $ 138.8       $ 17,118.8 $ 15,946.1 $ 13,476.3
Other identifiable intangibles               $ 104.9            
Cash paid, net of cash acquired                       2,052.7 $ 4,280.1 217.0
Sedaru, Inc                            
Business Acquisition [Line Items]                            
Proceeds from sale of equity method investments                 $ 27.1          
Equity method investment, realized gain (loss) on disposal                 27.1          
Sedaru, Inc | Disposal group, disposed of by sale, not discontinued operations | Gatan                            
Business Acquisition [Line Items]                            
Income tax expense in connection with sale                 $ 5.5          
Customer related intangibles                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)               12 years 10 months 24 days            
Other identifiable intangibles               $ 94.6            
Technology                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)               5 years 3 months 18 days            
Other identifiable intangibles               $ 10.3            
Syntellis Performance Solutions, LLC                            
Business Acquisition [Line Items]                            
Aggregate purchase price       $ 1,381.0                    
Purchase price       $ 135.0                    
Weighted average useful life of finite-lived intangible assets (in years)       15 years                    
Goodwill       $ 859.0                    
Other identifiable intangibles       594.0                    
Syntellis Performance Solutions, LLC | Trade names                            
Business Acquisition [Line Items]                            
Indefinite-lived intangible assets       $ 17.0                    
Syntellis Performance Solutions, LLC | Customer related intangibles                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)       20 years                    
Other identifiable intangibles       $ 529.0                    
Syntellis Performance Solutions, LLC | Technology                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)       7 years                    
Other identifiable intangibles       $ 65.0                    
Promium, LLC                            
Business Acquisition [Line Items]                            
Aggregate purchase price           $ 16.5                
Goodwill                       330.6    
Other identifiable intangibles                       229.1    
Promium, LLC | Trade names                            
Business Acquisition [Line Items]                            
Indefinite-lived intangible assets                       $ 15.4    
Promium, LLC | Customer related intangibles                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)                       16 years 10 months 24 days    
Other identifiable intangibles                       $ 209.4    
Promium, LLC | Technology                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)                       5 years    
Other identifiable intangibles                       $ 19.7    
Replicon Inc.                            
Business Acquisition [Line Items]                            
Aggregate purchase price     $ 447.5                      
Purchase price     $ 80.0                      
Weighted average useful life of finite-lived intangible assets (in years)     15 years                      
Executive Business Services, Inc. (“ProPricer”)                            
Business Acquisition [Line Items]                            
Aggregate purchase price   $ 79.5                        
Certinia Inc.                            
Business Acquisition [Line Items]                            
Cash paid, net of cash acquired         $ 125.0             119.8    
Certinia Inc. | Certinia Inc.                            
Business Acquisition [Line Items]                            
Equity method investment, ownership percentage         18.20%                  
Genesis Ultimate Holding Co. | Subsequent event                            
Business Acquisition [Line Items]                            
Aggregate purchase price $ 1,860.0                          
Purchase price $ 110.0                          
Frontline Technologies Parent LLC                            
Business Acquisition [Line Items]                            
Aggregate purchase price             $ 3,738.0              
Purchase price             350.0         500.0    
Goodwill             2,197.6              
Other identifiable intangibles             $ 1,918.6              
Deferred tax liabilities                       122.0    
Enterprise value, adjusted for cash and the settlement of liabilities, net of tax benefit                       3,725.0    
Business combination, consideration tax benefit utilized over period             15 years              
Amortizable intangible assets             $ 1,835.6              
Deferred tax assets (liabilities), net                       258.0    
Goodwill, expected tax deductible amount                       $ 1,200.0    
Frontline Technologies Parent LLC | Trade names                            
Business Acquisition [Line Items]                            
Other identifiable intangibles             $ 83.0              
Frontline Technologies Parent LLC | Customer related intangibles                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)             20 years              
Other identifiable intangibles             $ 1,757.0              
Frontline Technologies Parent LLC | Technology                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)             5 years              
Other identifiable intangibles             $ 78.6              
Other acquisitions                            
Business Acquisition [Line Items]                            
Number of businesses acquired | acquisition                       3 6  
Aggregate purchase price                           $ 225.9
Deferred tax liabilities                         $ 578.8  
T I P Technologies Inc And Common Sense Solutions Inc                            
Business Acquisition [Line Items]                            
Goodwill                   $ 361.5        
Other identifiable intangibles                   239.3        
T I P Technologies Inc And Common Sense Solutions Inc | Trade names                            
Business Acquisition [Line Items]                            
Other identifiable intangibles                   $ 9.5        
T I P Technologies Inc And Common Sense Solutions Inc | Customer related intangibles                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)                   18 years 2 months 12 days        
Other identifiable intangibles                   $ 223.4        
T I P Technologies Inc And Common Sense Solutions Inc | Technology                            
Business Acquisition [Line Items]                            
Weighted average useful life of finite-lived intangible assets (in years)                   4 years 10 months 24 days        
Other identifiable intangibles                   $ 15.9        
American LegalNet Inc                            
Business Acquisition [Line Items]                            
Percentage of voting interests acquired (as a percent)               100.00%            
v3.24.0.1
Discontinued Operations - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 22, 2022
Mar. 17, 2022
Jan. 05, 2022
Nov. 01, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Indicor              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Equity method investment fair value $ 535.0       $ 535.0    
Equity method investment, ownership percentage 49.00%       47.30% 49.00%  
Held-for-sale or Disposed of by Sale | Indicor              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Consideration receivable or received on disposal $ 1,775.0            
Pretax gain on disposition of business 2,046.0       $ (2.3) $ 232.8 $ 239.1
Income tax expense $ 407.2       $ 1.8 $ 45.6 $ 61.8
Ownership interest divested, percent 51.00%            
Upfront, pre-tax cash proceeds $ 2,604.0            
Purchase price proceeds 829.0            
Retaining minority interest         49.00%    
Foreign currency translation loss on disposal $ 142.6            
Singapore Technologies Engineering Ltd | Disposed of by Sale | TransCore              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Consideration receivable or received on disposal   $ 2,680.0          
Pretax gain on disposition of business   2,073.7          
Income tax expense   $ 550.5          
Eddyfi NDT Inc | Disposed of by Sale | Zetec              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Consideration receivable or received on disposal     $ 350.0        
Pretax gain on disposition of business     255.3        
Income tax expense     $ 60.9        
Blue Wolf Capital Partners LLC | Disposed of by Sale | Civco Radiotherapy              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Consideration receivable or received on disposal       $ 120.0      
Pretax gain on disposition of business       77.2      
Income tax expense       $ 21.3      
v3.24.0.1
Discontinued Operations - Schedule of Amounts Included in Discontinued Operations (Details) - USD ($)
 3 Months Ended 12 Months Ended
Nov. 22, 2022
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Earnings (loss) from discontinued operations, net of tax                   $ (4,100,000) $ 202,800,000 $ 291,400,000
Gain on disposition of discontinued operations, net of tax                   19,900,000 3,356,300,000 55,900,000
Net earnings from discontinued operations   $ 11,500,000 $ 1,600,000 $ 3,900,000 $ (1,200,000) $ 1,681,100,000 $ 50,100,000 $ 43,800,000 $ 1,784,100,000 15,800,000 3,559,100,000 347,300,000
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                     100,400,000 638,000,000.0
Cost of sales                     71,200,000 372,900,000
Gross profit                     29,200,000 265,100,000
Selling, general and administrative expenses                     19,900,000 124,000,000.0
Income from operations                     9,300,000 141,100,000
Other income, net                     100,000 1,500,000
Earnings before income taxes                     9,400,000 142,600,000
Income taxes                     (6,200,000) 28,500,000
Earnings (loss) from discontinued operations, net of tax                     15,600,000 114,100,000
Gain on disposition of discontinued operations, net of tax                     1,717,500,000 55,900,000
Net earnings from discontinued operations                     1,733,100,000 170,000,000.0
Stock-based compensation expense                     4,500,000 900,000
Depreciation and amortization                     0 5,200,000
Held-for-sale or Disposed of by Sale | TransCore Holdings Inc, Zetec, and Civco Radiotherapy | Selling, general and administrative expenses                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Stock-based compensation expense                     900,000 5,400,000
Held-for-sale or Disposed of by Sale | Indicor                        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                        
Net revenues                   0 916,100,000 944,000,000.0
Cost of sales                   0 432,100,000 434,200,000
Gross profit                   0 484,000,000.0 509,800,000
Selling, general and administrative expenses                   2,300,000 250,500,000 265,700,000
Impairment of intangible assets                   0 0 5,100,000
Income from operations                   (2,300,000) 233,500,000 239,000,000.0
Other income, net                   0 (700,000) 100,000
Earnings before income taxes $ 2,046,000,000                 (2,300,000) 232,800,000 239,100,000
Income taxes $ 407,200,000                 1,800,000 45,600,000 61,800,000
Earnings (loss) from discontinued operations, net of tax                   (4,100,000) 187,200,000 177,300,000
Gain on disposition of discontinued operations, net of tax                   19,900,000 1,638,800,000 0
Net earnings from discontinued operations                   $ 15,800,000 1,826,000,000 177,300,000
Stock-based compensation expense                     10,300,000 13,100,000
Depreciation and amortization                     $ 6,400,000 $ 18,200,000
v3.24.0.1
Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Inventories [Abstract]    
Raw materials and supplies $ 57.6 $ 60.6
Work in process 28.7 24.9
Finished products 41.8 31.3
Inventory reserves (9.5) (5.5)
Inventories, net $ 118.6 $ 111.3
v3.24.0.1
Property, Plant and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 388.4 $ 336.6  
Accumulated depreciation (268.8) (251.3)  
Property, plant and equipment, net 119.6 85.3  
Depreciation 35.4 37.3 $ 44.0
Land      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 1.0 1.0  
Buildings and leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 57.7 43.0  
Machinery and other equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 137.2 113.2  
Computer equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 116.4 107.5  
Software      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 76.1 $ 71.9  
v3.24.0.1
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Beginning balances $ 15,946.1 $ 13,476.3
Goodwill acquired 1,189.6 2,559.1
Currency translation adjustments 42.0 (89.8)
Reclassifications and other (58.9) 0.5
Ending balances 17,118.8 15,946.1
Application Software    
Goodwill [Roll Forward]    
Beginning balances 11,417.5 8,889.3
Goodwill acquired 1,189.6 2,559.1
Currency translation adjustments 15.2 (32.1)
Reclassifications and other (58.9) 1.2
Ending balances 12,563.4 11,417.5
Network Software    
Goodwill [Roll Forward]    
Beginning balances 3,598.3 3,655.3
Goodwill acquired 0.0 0.0
Currency translation adjustments 26.3 (56.3)
Reclassifications and other 0.0 (0.7)
Ending balances 3,624.6 3,598.3
Technology Enabled Products    
Goodwill [Roll Forward]    
Beginning balances 930.3 931.7
Goodwill acquired 0.0 0.0
Currency translation adjustments 0.5 (1.4)
Reclassifications and other 0.0 0.0
Ending balances $ 930.8 $ 930.3
v3.24.0.1
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Assets subject to amortization, accumulated amortization $ (3,784.1) $ (3,082.9)
Intangible assets, cost 11,996.2 11,113.6
Intangible assets, net book value 8,212.1 8,030.7
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Assets not subject to amortization 728.0 689.3
Customer related intangibles    
Finite-Lived Intangible Assets [Line Items]    
Assets subject to amortization, cost 10,061.7 9,300.7
Assets subject to amortization, accumulated amortization (3,000.5) (2,437.7)
Assets subject to amortization, net book value 7,061.2 6,863.0
Unpatented technology    
Finite-Lived Intangible Assets [Line Items]    
Assets subject to amortization, cost 1,047.0 954.6
Assets subject to amortization, accumulated amortization (638.8) (506.9)
Assets subject to amortization, net book value 408.2 447.7
Software    
Finite-Lived Intangible Assets [Line Items]    
Assets subject to amortization, cost 149.2 149.0
Assets subject to amortization, accumulated amortization (143.4) (134.0)
Assets subject to amortization, net book value 5.8 15.0
Patents and other protective rights    
Finite-Lived Intangible Assets [Line Items]    
Assets subject to amortization, cost 10.3 10.3
Assets subject to amortization, accumulated amortization (1.4) (1.2)
Assets subject to amortization, net book value $ 8.9 9.1
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Assets subject to amortization, cost   9.7
Assets subject to amortization, accumulated amortization   (3.1)
Assets subject to amortization, net book value   $ 6.6
v3.24.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]      
Amortization of intangible assets $ 719.8 $ 612.8 $ 571.9
Amortization expense, 2024 696.0    
Amortization expense, 2025 666.0    
Amortization expense, 2026 636.0    
Amortization expense, 2027 594.0    
Amortization expense, 2028 553.0    
Frontline Acquisition      
Finite-Lived Intangible Assets [Line Items]      
Decrease to goodwill and deferred tax liabilities 56.2    
Other Intangible Assets      
Finite-Lived Intangible Assets [Line Items]      
Amortization of intangible assets $ 698.4 $ 600.5 $ 565.1
v3.24.0.1
Other Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Accrued Liabilities [Abstract]    
Interest $ 33.6 $ 40.2
Customer deposits 45.2 48.9
Accrued dividends 82.5 74.0
Rebates 81.2 51.5
Operating lease liabilities 43.3 46.4
Sales and other taxes payable 31.8 22.9
Patent litigation accrual 0.0 45.0
Other 128.9 125.7
Other accrued liabilities $ 446.5 $ 454.6
v3.24.0.1
Income Taxes - Earnings Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
United States $ 1,480.3 $ 1,026.4 $ 814.7
Other 262.8 255.6 217.2
Earnings before income taxes $ 1,743.1 $ 1,282.0 $ 1,031.9
v3.24.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ 352.6 $ 322.9 $ 110.2
State 80.7 80.8 50.8
Foreign 69.9 65.9 59.9
Deferred:      
Federal (94.1) (136.9) 27.5
State (27.7) (31.1) (27.2)
Foreign (6.7) (5.2) 5.4
Income tax expense $ 374.7 $ 296.4 $ 226.6
v3.24.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Federal statutory tax rate 21.00% 21.00% 21.00%
Foreign operations, net 0.50% 0.80% 2.50%
R&D tax credits (1.90%) (3.00%) (2.10%)
State taxes, net of federal benefit 3.50% 3.70% 2.80%
Stock-based compensation (1.50%) (1.00%) (2.40%)
Impact of UK tax rate change 0.00% 0.00% 2.00%
Legal entity restructuring (0.40%) 0.80% (1.40%)
Other, net 0.30% 0.80% (0.40%)
Effective tax rate 21.50% 23.10% 22.00%
v3.24.0.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Reserves and accrued expenses $ 223.2 $ 192.4
Net operating loss carryforwards 80.2 84.6
R&D credits 7.6 8.9
Capitalized R&D expenditures 178.7 97.8
Interest expense limitation carryforwards 31.0 41.1
Lease liabilities 47.1 50.1
Valuation allowance (34.8) (37.1)
Total deferred tax assets 533.0 437.8
Deferred tax liabilities:    
Reserves and accrued expenses 18.3 12.0
Amortizable intangible assets 1,752.8 1,818.7
Accrued tax on unremitted foreign earnings 8.8 5.8
Right-of-use assets 44.7 48.0
Outside basis difference in Indicor 189.3 174.2
Total deferred tax liabilities $ 2,013.9 $ 2,058.7
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Nov. 22, 2022
Operating Loss Carryforwards [Line Items]      
Interest expense limitation carryforwards $ 31.0 $ 41.1  
Capitalized R&D expenditures 178.7 97.8  
Outside basis difference in Indicor 189.3 174.2  
Valuation allowance 34.8 37.1  
Unrecognized tax benefits that would impact effective tax rate 35.6    
Unrecognized tax benefits, income tax penalties and interest expense 2.0    
Accrued interest and penalties 6.6 $ 4.6  
Expected decrease of unrecognized tax benefits $ 5.1    
In Process Research and Development | United States      
Operating Loss Carryforwards [Line Items]      
Capitalized R&D, amortization period (in years) 5 years    
In Process Research and Development | Non-U.S.      
Operating Loss Carryforwards [Line Items]      
Capitalized R&D, amortization period (in years) 15 years    
Indicor      
Operating Loss Carryforwards [Line Items]      
Equity method investment, ownership percentage 47.30% 49.00% 49.00%
Domestic Tax Authority      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards $ 41.4    
Valuation allowance 28.4    
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 40.0    
Foreign Tax Authority      
Operating Loss Carryforwards [Line Items]      
Valuation allowance $ 6.4    
v3.24.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balances $ 29.0 $ 40.5 $ 63.5
Additions for tax positions of prior periods 4.3 0.0 2.2
Additions for tax positions of the current period 4.3 2.3 3.3
Additions due to acquisitions 0.0 0.0 1.0
Reductions for tax positions of prior periods 0.0 (11.2) (0.5)
Reductions attributable to lapses of applicable statutes of limitations (2.0) (2.6) (4.6)
Reductions attributable to settlements with taxing authorities 0.0 0.0 (24.4)
Ending balances $ 35.6 $ 29.0 $ 40.5
v3.24.0.1
Long-Term Debt - Narrative (Details) - USD ($)
 12 Months Ended
Sep. 15, 2023
Aug. 15, 2022
Jul. 21, 2022
Dec. 31, 2023
Dec. 31, 2022
Nov. 15, 2021
Sep. 02, 2020
Sep. 01, 2020
Jun. 22, 2020
Aug. 26, 2019
Aug. 28, 2018
Dec. 19, 2016
Dec. 07, 2015
Nov. 21, 2012
Debt Instrument [Line Items]                            
Outstanding letters of credit       $ 7,400,000                    
Senior notes                            
Debt Instrument [Line Items]                            
Redemption price percentage (as a percent)       100.00%                    
Credit Facility Member 2016 | Credit facility                            
Debt Instrument [Line Items]                            
Long-term debt       $ 360,000,000.0 $ 0                  
$600 2.000% senior notes due 2030 | Senior notes                            
Debt Instrument [Line Items]                            
Long-term debt       600,000,000.0 600,000,000.0                  
Face amount of debt                 $ 600,000,000.0          
Fixed interest rate (as a percent)                 2.00%          
$300 0.45% senior notes Due 2022 | Senior notes                            
Debt Instrument [Line Items]                            
Face amount of debt               $ 300,000,000.0            
Fixed interest rate (as a percent)               0.45%            
$700 1.000% senior notes due 2025 | Senior notes                            
Debt Instrument [Line Items]                            
Long-term debt       700,000,000.0 700,000,000.0                  
Face amount of debt               $ 700,000,000.0            
Fixed interest rate (as a percent)               1.00%            
$700 1.400% senior notes due 2027 | Senior notes                            
Debt Instrument [Line Items]                            
Long-term debt       700,000,000.0 700,000,000.0                  
Face amount of debt               $ 700,000,000.0            
Fixed interest rate (as a percent)               1.40%            
$1,000 1.750% senior notes due 2031 | Senior notes                            
Debt Instrument [Line Items]                            
Long-term debt       1,000,000,000 1,000,000,000                  
Face amount of debt               $ 1,000,000,000            
Fixed interest rate (as a percent)               1.75%            
$500 2.350% senior notes due 2024 | Senior notes                            
Debt Instrument [Line Items]                            
Long-term debt       500,000,000.0 500,000,000.0                  
Face amount of debt                   $ 500,000,000.0        
Fixed interest rate (as a percent)                   2.35%        
$700 2.950% senior notes due 2029 | Senior notes                            
Debt Instrument [Line Items]                            
Long-term debt       700,000,000.0 700,000,000.0                  
Face amount of debt                   $ 700,000,000.0        
Fixed interest rate (as a percent)                   2.95%        
Senior Notes Due 2028 | Senior notes                            
Debt Instrument [Line Items]                            
Long-term debt       800,000,000.0 800,000,000.0                  
Face amount of debt                     $ 800,000,000.0      
Fixed interest rate (as a percent)                     4.20%      
Senior Notes 2021 | Senior notes                            
Debt Instrument [Line Items]                            
Face amount of debt           $ 500,000,000.0           $ 500,000,000.0    
Fixed interest rate (as a percent)           2.80%           2.80%    
$700 3.800% senior notes due 2026 | Senior notes                            
Debt Instrument [Line Items]                            
Face amount of debt                       $ 700,000,000.0    
Fixed interest rate (as a percent)                       3.80%    
$300 3.850% senior notes due 2025 | Senior notes                            
Debt Instrument [Line Items]                            
Face amount of debt                         $ 300,000,000.0  
Fixed interest rate (as a percent)                         3.85%  
Senior Notes 2022 | Senior notes                            
Debt Instrument [Line Items]                            
Face amount of debt                           $ 500,000,000.0
Fixed interest rate (as a percent)                           3.125%
$700 3.650% senior notes due 2023 | Senior notes                            
Debt Instrument [Line Items]                            
Long-term debt       $ 0 $ 700,000,000.0                  
Fixed interest rate (as a percent) 3.65%                          
Repayments of debt $ 700,000,000.0                          
Senior Notes Due 2022 | Senior notes                            
Debt Instrument [Line Items]                            
Fixed interest rate (as a percent)   3.125%                        
Repayments of debt   $ 500,000,000.0                        
Senior Notes Due 2022 One | Senior notes                            
Debt Instrument [Line Items]                            
Fixed interest rate (as a percent)   0.45%                        
Repayments of debt   $ 300,000,000.0                        
Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                            
Debt Instrument [Line Items]                            
Basis spread on variable interest rate (as a percent)       0.795%                    
Senior unsecured, interest rate during period       0.00%                    
Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                            
Debt Instrument [Line Items]                            
Basis spread on variable interest rate (as a percent)       1.30%                    
Senior unsecured, interest rate during period       0.30%                    
Revolving credit facility | Interest Rate Scenario Two                            
Debt Instrument [Line Items]                            
Basis spread based on current rating (as a percent)       0.00%                    
Revolving credit facility | Current Variable Rate In Effect | Interest Rate Scenario One                            
Debt Instrument [Line Items]                            
Basis spread based on current rating (as a percent)       0.91%                    
Revolving credit facility | JPMORGAN CHASE BANK N.A.                            
Debt Instrument [Line Items]                            
Debt term (in years)     5 years                      
Maximum borrowing capacity (up to)     $ 3,500,000,000       $ 3,000,000,000              
Potential increase limit     500,000,000.0                      
Total Debt to Total Capital Ratio, minimum required       0.65                    
Letter of credit | JPMORGAN CHASE BANK N.A.                            
Debt Instrument [Line Items]                            
Maximum borrowing capacity (up to)     $ 150,000,000.0                      
v3.24.0.1
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
Dec. 31, 2023
Sep. 15, 2023
Dec. 31, 2022
Sep. 01, 2020
Jun. 22, 2020
Aug. 26, 2019
Aug. 28, 2018
Debt Instrument [Line Items]              
Total debt, net of deferred financing costs $ 6,330,100,000   $ 6,661,700,000        
Less: Current portion (499,500,000)   (699,200,000)        
Long-term debt, net of deferred financing costs 5,830,600,000   5,962,500,000        
Senior notes              
Debt Instrument [Line Items]              
Less: Deferred financing costs (30,100,000)   (38,600,000)        
Unsecured credit facility | Credit facility              
Debt Instrument [Line Items]              
Long-term debt 360,000,000.0   0        
$700 3.650% senior notes due 2023 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt 0   700,000,000.0        
Fixed interest rate (as a percent)   3.65%          
$700 3.650% senior notes due 2023 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [Line Items]              
Face amount of debt $ 700,000,000            
Fixed interest rate (as a percent) 3.65%            
$500 2.350% senior notes due 2024 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 500,000,000.0   500,000,000.0        
Face amount of debt           $ 500,000,000.0  
Fixed interest rate (as a percent)           2.35%  
$500 2.350% senior notes due 2024 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [Line Items]              
Face amount of debt $ 500,000,000            
Fixed interest rate (as a percent) 2.35%            
$300 3.850% senior notes due 2025 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 300,000,000.0   300,000,000.0        
$300 3.850% senior notes due 2025 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [Line Items]              
Face amount of debt $ 300,000,000            
Fixed interest rate (as a percent) 3.85%            
$700 1.000% senior notes due 2025 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 700,000,000.0   700,000,000.0        
Face amount of debt       $ 700,000,000.0      
Fixed interest rate (as a percent)       1.00%      
$700 1.000% senior notes due 2025 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [Line Items]              
Face amount of debt $ 700,000,000            
Fixed interest rate (as a percent) 1.00%            
$700 3.800% senior notes due 2026 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 700,000,000.0   700,000,000.0        
$700 3.800% senior notes due 2026 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [Line Items]              
Face amount of debt $ 700,000,000            
Fixed interest rate (as a percent) 3.80%            
$700 1.400% senior notes due 2027 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 700,000,000.0   700,000,000.0        
Face amount of debt       $ 700,000,000.0      
Fixed interest rate (as a percent)       1.40%      
$700 1.400% senior notes due 2027 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [Line Items]              
Face amount of debt $ 700,000,000            
Fixed interest rate (as a percent) 1.40%            
$800 4.200% senior notes due 2028 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 800,000,000.0   800,000,000.0        
Face amount of debt             $ 800,000,000.0
Fixed interest rate (as a percent)             4.20%
$800 4.200% senior notes due 2028 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [Line Items]              
Face amount of debt $ 800,000,000            
Fixed interest rate (as a percent) 4.20%            
$700 2.950% senior notes due 2029 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 700,000,000.0   700,000,000.0        
Face amount of debt           $ 700,000,000.0  
Fixed interest rate (as a percent)           2.95%  
$700 2.950% senior notes due 2029 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [Line Items]              
Face amount of debt $ 700,000,000            
Fixed interest rate (as a percent) 2.95%            
$600 2.000% senior notes due 2030 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 600,000,000.0   600,000,000.0        
Face amount of debt         $ 600,000,000.0    
Fixed interest rate (as a percent)         2.00%    
$600 2.000% senior notes due 2030 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [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 | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 1,000,000,000   1,000,000,000        
Face amount of debt       $ 1,000,000,000      
Fixed interest rate (as a percent)       1.75%      
$1,000 1.750% senior notes due 2031 | Senior notes | Fair Value, Inputs, Level 2              
Debt Instrument [Line Items]              
Face amount of debt $ 1,000,000,000            
Fixed interest rate (as a percent) 1.75%            
Other | Senior notes              
Debt Instrument [Line Items]              
Long-term debt $ 200,000   $ 300,000        
v3.24.0.1
Long-Term Debt - Future Maturities of Long-Term Debt (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
2024 $ 500.1
2025 1,000.1
2026 700.0
2027 1,060.0
2028 800.0
Thereafter 2,300.0
Total debt $ 6,360.2
v3.24.0.1
Fair Value - Schedule of Fixed-Rate Senior Notes, Fair Value (Details) - Senior notes - USD ($)
Dec. 31, 2023
Sep. 01, 2020
Jun. 22, 2020
Aug. 26, 2019
Aug. 28, 2018
Fair Value, Inputs, Level 2          
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]          
Face amount of debt       $ 500,000,000.0  
Fixed interest rate (as a percent)       2.35%  
Senior Notes Due in 2024 | Fair Value, Inputs, Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt $ 500,000,000        
Fixed interest rate (as a percent) 2.35%        
Long-term debt, fair value $ 489,000,000        
Senior Notes Due 2025 | Fair Value, Inputs, Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt $ 300,000,000        
Fixed interest rate (as a percent) 3.85%        
Long-term debt, fair value $ 295,000,000        
Senior Unsecured Notes Due September 15, 2025          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt   $ 700,000,000.0      
Fixed interest rate (as a percent)   1.00%      
Senior Unsecured Notes Due September 15, 2025 | Fair Value, Inputs, Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt $ 700,000,000        
Fixed interest rate (as a percent) 1.00%        
Long-term debt, fair value $ 655,000,000        
Senior Notes Due 2026 | Fair Value, Inputs, Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt $ 700,000,000        
Fixed interest rate (as a percent) 3.80%        
Long-term debt, fair value $ 685,000,000        
Senior Unsecured Notes Due September 15, 2027          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt   $ 700,000,000.0      
Fixed interest rate (as a percent)   1.40%      
Senior Unsecured Notes Due September 15, 2027 | Fair Value, Inputs, Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt $ 700,000,000        
Fixed interest rate (as a percent) 1.40%        
Long-term debt, fair value $ 627,000,000        
Senior Notes Due 2028          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt         $ 800,000,000.0
Fixed interest rate (as a percent)         4.20%
Senior Notes Due 2028 | Fair Value, Inputs, Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt $ 800,000,000        
Fixed interest rate (as a percent) 4.20%        
Long-term debt, fair value $ 787,000,000        
Senior Notes Due in 2029          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt       $ 700,000,000.0  
Fixed interest rate (as a percent)       2.95%  
Senior Notes Due in 2029 | Fair Value, Inputs, Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt $ 700,000,000        
Fixed interest rate (as a percent) 2.95%        
Long-term debt, fair value $ 642,000,000        
Senior Notes Due June 2030          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt     $ 600,000,000.0    
Fixed interest rate (as a percent)     2.00%    
Senior Notes Due June 2030 | Fair Value, Inputs, Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt $ 600,000,000        
Fixed interest rate (as a percent) 2.00%        
Long-term debt, fair value $ 511,000,000        
Senior Unsecured Notes Due February 15, 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%      
Senior Unsecured Notes Due February 15, 2031 | Fair Value, Inputs, Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Face amount of debt $ 1,000,000,000        
Fixed interest rate (as a percent) 1.75%        
Long-term debt, fair value $ 825,000,000        
v3.24.0.1
Fair Value - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Nov. 22, 2022
Indicor      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity method investment fair value $ 535.0   $ 535.0
Held-for-sale or Disposed of by Sale | Industrial Businesses      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Retaining minority interest 49.00%    
Ownership interest divested, percent     51.00%
Consideration receivable or received on disposal $ 829.0    
Annual payment made on unit adjustment pre-tax basis $ 29.0    
Expected investment with unit adjustment, term 5 years    
Obligation to pay achieving EBITDA $ 425.0    
Held-for-sale or Disposed of by Sale | Industrial Businesses | RIPIC TopCo      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment pay in kind percentage 1.70%    
Liquidation preference     $ 829.0
Disposed of by Sale | Honeywell International, Inc.      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Consideration receivable or received on disposal   $ 670.0  
v3.24.0.1
Fair Value - Change in Fair Value for the Equity Investment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity Method Investments      
Beginning balance $ 535.0    
Change in fair value 165.4 $ 0.0 $ 0.0
Ending balance 795.7 535.0  
Indicor      
Equity Method Investments      
Beginning balance 535.0    
Change in fair value 140.9    
Ending balance $ 675.9 $ 535.0  
v3.24.0.1
Retirement and Other Benefit Plans (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
plan
Dec. 31, 2022
USD ($)
plan
Dec. 31, 2021
USD ($)
plan
Retirement Benefits [Abstract]      
Number of defined contribution plans maintained by the company | plan 3 3 3
Defined contribution retirement plan cost | $ $ 39.1 $ 34.1 $ 30.2
v3.24.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Jul. 01, 2020
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Purchase price of common stock, percent of market value, not less than (as a percent)   100.00%    
Stock based compensation expense   $ 123.5 $ 117.8 $ 123.0
Nonvested options granted, unrecognized compensation expense   $ 53.5    
Nonvested options granted, period for recognition (in years)   1 year 10 months 9 days    
Options exercised, total intrinsic value   $ 133.7 92.7 138.2
Proceeds from stock options exercised   $ 146.5 $ 110.0 $ 104.7
Nonvested shares granted (in shares)   280 271  
Nonvested awards other than options granted, unrecognized compensation expense   $ 95.9    
Nonvested awards other than options granted, weighted average period for recognition (in years)   1 year 8 months 23 days    
Stock issued during period under employee stock purchase plan (in shares)   38 39 40
Proceeds from issuance of shares under employee stock purchase plan   $ 15.5 $ 14.3 $ 15.1
ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum designated percent of eligible earnings per employee (as a percent) 10.00%      
Discount percent (as a percent) 10.00%      
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period (in years)   10 years    
Stock based compensation expense   $ 38.0 38.1 40.4
Stock options | Weighted Average        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)   3 years    
Restricted stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock based compensation expense   $ 83.3 $ 77.6 $ 82.7
Restricted stock | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)   1 year    
Restricted stock | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)   4 years    
Incentive Plan 2016        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for grant (in shares)   7,499    
v3.24.0.1
Stock-Based Compensation - Schedule of Share Based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Stock-based compensation $ 123.5 $ 117.8 $ 123.0
Tax benefit recognized in net earnings $ 20.4 $ 18.6 $ 19.8
v3.24.0.1
Stock-Based Compensation - Weighted-Average Assumptions (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Weighted average fair value (in dollars per share) $ 130.23 $ 116.55 $ 95.17
Risk-free interest rate (%) 3.76% 2.19% 0.94%
Expected option life (years) 5 years 7 months 9 days 5 years 7 months 17 days 5 years 7 months 9 days
Expected volatility (%) 26.05% 24.59% 25.14%
Expected dividend yield (%) 0.63% 0.55% 0.56%
v3.24.0.1
Stock-Based Compensation - Schedule of Share-based Compensation Plans Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of options    
Outstanding, beginning balance (in shares) 2,985 3,223
Granted (in shares) 383 399
Exercised (in shares) (593) (460)
Canceled (in shares) (87) (177)
Outstanding, ending balance (in shares) 2,688 2,985
Exercisable (in shares) 1,763  
Weighted-average exercise price    
Outstanding, beginning balance (in dollars per share) $ 312.34 $ 287.15
Granted (in dollars per share) 432.77 452.08
Exercised (in dollars per share) 246.77 239.11
Canceled (in dollars per share) 425.80 359.06
Outstanding, ending balance (in dollars per share) 340.89 $ 312.34
Exercisable (in dollars per share) $ 291.74  
Weighted-average remaining contractual term, outstanding (in years) 6 years 6 years 2 months 4 days
Weighted-average remaining contractual term, exercisable (in years) 4 years 9 months  
Aggregate intrinsic value, outstanding $ 549.1 $ 366.3
Aggregate intrinsic value, exercisable $ 446.7  
v3.24.0.1
Stock-Based Compensation - Schedule of Nonvested Restricted Stock Awards Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of shares    
Nonvested, beginning of period (in shares) 445 498
Granted (in shares) 280 271
Vested (in shares) (202) (272)
Forfeited (in shares) (83) (52)
Nonvested, end of period (in shares) 440 445
Weighted-average grant date fair value    
Nonvested, beginning of period (in dollars per share) $ 416.00 $ 365.79
Granted (in dollars per share) 439.72 446.42
Vested (in dollars per share) 406.36 360.14
Forfeited (in dollars per share) 434.87 386.06
Nonvested, end of period (in dollars per share) $ 431.96 $ 416.00
v3.24.0.1
Contingencies (Details)
individual in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
claim
data_file
individual
Loss Contingencies [Line Items]    
Outstanding letters of credit   $ 7.4
Outstanding surety bonds   $ 50.8
Vertafore Litigation    
Loss Contingencies [Line Items]    
Number of class actions | claim   3
Number of individuals represented | individual   27.7
Number of data files stored in unsecured external storage device | data_file   3
Vertafore Litigation | Other Nonoperating Income (Expense)    
Loss Contingencies [Line Items]    
Litigation settlement, expense $ 45.0  
Allen, et al. v. Vertafore, Inc.    
Loss Contingencies [Line Items]    
Number of class actions | claim   2
Mulvey, et al. v. Vertafore, Inc.    
Loss Contingencies [Line Items]    
Number of class actions | claim   1
PowerPlan, Inc | Pending Litigation    
Loss Contingencies [Line Items]    
Damages sought by plaintiff   $ 66.0
v3.24.0.1
Segment and Geographic Area Information - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]                      
Number of reportable segments | segment                 3    
Export sales $ 1,613.5 $ 1,563.4 $ 1,531.2 $ 1,469.7 $ 1,430.9 $ 1,350.3 $ 1,310.8 $ 1,279.8 $ 6,177.8 $ 5,371.8 $ 4,833.8
Asia                      
Segment Reporting Information [Line Items]                      
Export sales                 75.1 73.3 64.0
Canada                      
Segment Reporting Information [Line Items]                      
Export sales                 254.6 222.3 198.1
Europe                      
Segment Reporting Information [Line Items]                      
Export sales                 453.2 424.6 432.7
Exports                      
Segment Reporting Information [Line Items]                      
Export sales                 $ 198.1 $ 191.8 $ 179.9
Exports | Asia | Geographic Concentration Risk | Revenue                      
Segment Reporting Information [Line Items]                      
Concentration risk percentage (as a percent)                 14.00%    
Exports | Canada | Geographic Concentration Risk | Revenue                      
Segment Reporting Information [Line Items]                      
Concentration risk percentage (as a percent)                 46.00%    
Exports | Europe | Geographic Concentration Risk | Revenue                      
Segment Reporting Information [Line Items]                      
Concentration risk percentage (as a percent)                 26.00%    
Exports | Other | Geographic Concentration Risk | Revenue                      
Segment Reporting Information [Line Items]                      
Concentration risk percentage (as a percent)                 14.00%    
v3.24.0.1
Segment and Geographic Area Information - Schedule of Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]                      
Net revenues $ 1,613.5 $ 1,563.4 $ 1,531.2 $ 1,469.7 $ 1,430.9 $ 1,350.3 $ 1,310.8 $ 1,279.8 $ 6,177.8 $ 5,371.8 $ 4,833.8
Cost of sales                 1,870.6 1,619.0 1,426.2
Selling, general and administrative expenses                 2,562.0 2,228.3 2,072.0
Research, development and engineering costs                 646.1 529.8 484.8
Operating profit                 1,745.2 1,524.5 1,335.6
Assets:                      
Operating assets 1,338.9       1,163.9       1,338.9 1,163.9 1,057.6
Intangible assets, net 25,330.9       23,976.8       25,330.9 23,976.8 19,985.4
Other 1,497.7       1,840.1       1,497.7 1,840.1 788.0
Total assets 28,167.5       26,980.8       28,167.5 26,980.8 21,831.0
Capital expenditures                 68.0 40.1 28.5
Capitalized software expenditures                 40.0 30.2 29.7
Depreciation and other amortization                 755.2 650.1 615.9
Stock-based compensation                 123.5 117.8 123.0
Impairment of intangible assets                 0.0 0.0 94.4
Disposal group, held-for-sale, not discontinued operations | Industrial Businesses                      
Assets:                      
Operating assets classified as held for sale                     1,882.9
Application Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 3,186.9 2,639.5 2,366.7
Network Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 1,439.4 1,378.5 1,223.8
Technology Enabled Products                      
Segment Reporting Information [Line Items]                      
Net revenues                 1,551.5 1,353.8 1,243.3
Operating Segments | Application Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 3,186.9 2,639.5 2,366.7
Operating profit                 820.8 714.0 633.1
Assets:                      
Operating assets 730.8       624.7       730.8 624.7 576.0
Intangible assets, net 19,242.4       17,758.4       19,242.4 17,758.4 13,498.4
Other 377.7       340.2       377.7 340.2 205.8
Capital expenditures                 20.1 20.7 18.0
Capitalized software expenditures                 39.5 28.5 26.3
Depreciation and other amortization                 563.0 455.8 418.7
Operating Segments | Network Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 1,439.4 1,378.5 1,223.8
Operating profit                 632.4 570.6 476.8
Assets:                      
Operating assets 235.6       224.7       235.6 224.7 215.5
Intangible assets, net 5,005.9       5,118.5       5,005.9 5,118.5 5,364.8
Other 122.3       124.2       122.3 124.2 50.4
Capital expenditures                 6.4 8.8 5.0
Capitalized software expenditures                 0.5 1.7 3.4
Depreciation and other amortization                 162.5 164.2 164.8
Operating Segments | Technology Enabled Products                      
Segment Reporting Information [Line Items]                      
Net revenues                 1,551.5 1,353.8 1,243.3
Operating profit                 518.7 449.1 415.6
Assets:                      
Operating assets 337.5       307.4       337.5 307.4 250.7
Intangible assets, net 1,082.6       1,099.9       1,082.6 1,099.9 1,122.2
Other 65.5       95.4       65.5 95.4 33.8
Capital expenditures                 13.8 9.2 4.5
Capitalized software expenditures                 0.0 0.0 0.0
Depreciation and other amortization                 29.1 29.8 32.1
Corporate                      
Segment Reporting Information [Line Items]                      
Net revenues                 0.0 0.0 0.0
Operating profit                 (226.7) (209.2) (189.9)
Assets:                      
Operating assets 35.0       7.1       35.0 7.1 15.4
Intangible assets, net 0.0       0.0       0.0 0.0 0.0
Other $ 932.2       $ 1,280.3       932.2 1,280.3 498.0
Capital expenditures                 27.7 1.4 1.0
Capitalized software expenditures                 0.0 0.0 0.0
Depreciation and other amortization                 $ 0.6 $ 0.3 $ 0.3
v3.24.0.1
Segment and Geographic Area Information - Sales and Long-Lived Assets by Country of Origin (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]                      
Net revenues $ 1,613.5 $ 1,563.4 $ 1,531.2 $ 1,469.7 $ 1,430.9 $ 1,350.3 $ 1,310.8 $ 1,279.8 $ 6,177.8 $ 5,371.8 $ 4,833.8
Long-lived assets 271.2       213.6       271.2 213.6 187.1
Non-U.S.                      
Segment Reporting Information [Line Items]                      
Net revenues                 873.4 806.5 775.9
Sales to unaffiliated customers                      
Segment Reporting Information [Line Items]                      
Net revenues                 6,177.8 5,371.8 4,833.8
Sales between geographic areas                      
Segment Reporting Information [Line Items]                      
Net revenues                 0.0 0.0 0.0
Reportable Geographical Components | United States                      
Segment Reporting Information [Line Items]                      
Net revenues                 5,427.1 4,665.7 4,186.7
Long-lived assets 251.1       196.5       251.1 196.5 167.3
Reportable Geographical Components | Non-U.S.                      
Segment Reporting Information [Line Items]                      
Net revenues                 903.9 843.8 810.1
Long-lived assets 20.1       17.1       20.1 17.1 19.8
Reportable Geographical Components | Sales to unaffiliated customers | United States                      
Segment Reporting Information [Line Items]                      
Net revenues                 5,353.6 4,610.2 4,105.6
Reportable Geographical Components | Sales to unaffiliated customers | Non-U.S.                      
Segment Reporting Information [Line Items]                      
Net revenues                 824.2 761.6 728.2
Reportable Geographical Components | Sales between geographic areas | United States                      
Segment Reporting Information [Line Items]                      
Net revenues                 73.5 55.5 81.1
Reportable Geographical Components | Sales between geographic areas | Non-U.S.                      
Segment Reporting Information [Line Items]                      
Net revenues                 79.7 82.2 81.9
Eliminations                      
Segment Reporting Information [Line Items]                      
Net revenues                 (153.2) (137.7) (163.0)
Long-lived assets $ 0.0       $ 0.0       0.0 0.0 0.0
Eliminations | Sales to unaffiliated customers                      
Segment Reporting Information [Line Items]                      
Net revenues                 0.0 0.0 0.0
Eliminations | Sales between geographic areas                      
Segment Reporting Information [Line Items]                      
Net revenues                 $ (153.2) $ (137.7) $ (163.0)
v3.24.0.1
Segment and Geographic Area Information - Schedule of Revenue by Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]                      
Net revenues $ 1,613.5 $ 1,563.4 $ 1,531.2 $ 1,469.7 $ 1,430.9 $ 1,350.3 $ 1,310.8 $ 1,279.8 $ 6,177.8 $ 5,371.8 $ 4,833.8
Application Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 3,186.9 2,639.5 2,366.7
Network Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 1,439.4 1,378.5 1,223.8
Technology Enabled Products                      
Segment Reporting Information [Line Items]                      
Net revenues                 1,551.5 1,353.8 1,243.3
Canada                      
Segment Reporting Information [Line Items]                      
Net revenues                 254.6 222.3 198.1
Canada | Application Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 63.7 57.8 51.2
Canada | Network Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 99.5 95.9 85.2
Canada | Technology Enabled Products                      
Segment Reporting Information [Line Items]                      
Net revenues                 91.4 68.6 61.7
Europe                      
Segment Reporting Information [Line Items]                      
Net revenues                 453.2 424.6 432.7
Europe | Application Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 260.7 241.2 248.2
Europe | Network Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 64.2 65.7 59.2
Europe | Technology Enabled Products                      
Segment Reporting Information [Line Items]                      
Net revenues                 128.3 117.7 125.3
Asia                      
Segment Reporting Information [Line Items]                      
Net revenues                 75.1 73.3 64.0
Asia | Application Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 4.6 4.9 3.7
Asia | Network Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 14.6 12.2 10.9
Asia | Technology Enabled Products                      
Segment Reporting Information [Line Items]                      
Net revenues                 55.9 56.2 49.4
Rest of the world                      
Segment Reporting Information [Line Items]                      
Net revenues                 90.5 86.3 81.1
Rest of the world | Application Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 34.6 35.1 37.1
Rest of the world | Network Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 9.2 7.5 6.5
Rest of the world | Technology Enabled Products                      
Segment Reporting Information [Line Items]                      
Net revenues                 46.7 43.7 37.5
Non-U.S.                      
Segment Reporting Information [Line Items]                      
Net revenues                 873.4 806.5 775.9
Non-U.S. | Application Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 363.6 339.0 340.2
Non-U.S. | Network Software                      
Segment Reporting Information [Line Items]                      
Net revenues                 187.5 181.3 161.8
Non-U.S. | Technology Enabled Products                      
Segment Reporting Information [Line Items]                      
Net revenues                 $ 322.3 $ 286.2 $ 273.9
v3.24.0.1
Contract Balances - Schedule of Contract Balances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Unbilled receivables $ 106.4 $ 91.5
Deferred revenue – current (1,583.8) (1,370.7)
Deferred revenue – non-current (130.7) (111.5)
Net contract assets/(liabilities) (1,608.1) $ (1,390.7)
Change in unbilled receivables 14.9  
Change in deferred revenue - current (213.1)  
Change in deferred revenue - non-current (19.2)  
Change in net contract assets/(liabilities) $ (217.4)  
v3.24.0.1
Contract Balances - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue recognized from contract liability balance $ 1,322.0 $ 1,053.1  
Syntellis Performance Solutions, LLC      
Disaggregation of Revenue [Line Items]      
Acquisition liabilities assumed $ 125.0   $ 125.0
v3.24.0.1
Leases - Supplemental Cash Flow and Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease cost $ 50.6 $ 48.7 $ 51.8
Operating cash flows used for operating leases 50.6 48.3 51.5
Right-of-use assets obtained in exchange for operating lease obligations $ 29.6 $ 53.9 $ 28.2
Weighted average remaining lease term – operating leases (years) 6 years    
Weighted average discount rate (%) 3.00%    
v3.24.0.1
Leases - Lease Balances Within Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
ASSETS:    
Operating lease ROU assets $ 189.8 $ 196.1
Operating lease, right-of-use asset, statement of financial position [Extensible List] Other Assets, Noncurrent Other Assets, Noncurrent
LIABILITIES:    
Current operating lease liabilities $ 43.3 $ 46.4
Operating lease liabilities 158.7 164.2
Total operating lease liabilities $ 202.0 $ 210.6
Operating lease, liability, current, statement of financial position [Extensible List] Other accrued liabilities Other accrued liabilities
Operating lease, liability, noncurrent, statement of financial position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
v3.24.0.1
Leases - Future Minimum Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024 $ 47.9  
2025 42.9  
2026 35.1  
2027 28.3  
2028 21.9  
Thereafter 44.6  
Total operating lease payments 220.7  
Less: Imputed interest 18.7  
Total operating lease liabilities $ 202.0 $ 210.6
v3.24.0.1
Quarterly Financial Data (unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Quarterly Financial Data [Abstract]                      
Net revenues $ 1,613.5 $ 1,563.4 $ 1,531.2 $ 1,469.7 $ 1,430.9 $ 1,350.3 $ 1,310.8 $ 1,279.8 $ 6,177.8 $ 5,371.8 $ 4,833.8
Gross profit 1,125.2 1,096.3 1,067.1 1,018.6 1,002.3 941.8 911.5 897.2 4,307.2 3,752.8 3,407.6
Income from operations 462.8 446.1 435.3 401.0 412.5 393.2 362.9 355.9 1,745.2 1,524.5 1,241.2
Net earnings from continuing operations 377.5 345.6 361.0 284.3 247.3 276.9 225.0 236.4 1,368.4 985.6 805.3
Net earnings (loss) from discontinued operations 11.5 1.6 3.9 (1.2) 1,681.1 50.1 43.8 1,784.1 15.8 3,559.1 347.3
Net earnings $ 389.0 $ 347.2 $ 364.9 $ 283.1 $ 1,928.4 $ 327.0 $ 268.8 $ 2,020.5 $ 1,384.2 $ 4,544.7 $ 1,152.6
Net earnings per share from continuing operations:                      
Basic (in dollars per share) $ 3.53 $ 3.23 $ 3.38 $ 2.67 $ 2.33 $ 2.61 $ 2.13 $ 2.24 $ 12.83 $ 9.31 $ 7.65
Diluted (in dollars per share) 3.50 3.21 3.36 2.66 2.32 2.59 2.11 2.22 12.74 9.23 7.56
Net earnings (loss) per share from discontinued operations:                      
Basic (in dollars per share) 0.11 0.02 0.04 (0.01) 15.85 0.47 0.41 16.89 0.15 33.61 3.30
Diluted (in dollars per share) 0.11 0.02 0.04 (0.01) 15.74 0.47 0.41 16.72 0.15 33.32 3.26
Net earnings per share:                      
Basic (in dollars per share) 3.64 3.25 3.42 2.66 18.18 3.08 2.54 19.13 12.98 42.92 10.95
Diluted (in dollars per share) $ 3.61 $ 3.23 $ 3.40 $ 2.65 $ 18.06 $ 3.06 $ 2.52 $ 18.94 $ 12.89 $ 42.55 $ 10.82