|
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
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[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
(State or other jurisdiction of
incorporation or organization)
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51-0263969
(I.R.S. Employer Identification No.)
|
|
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6901 Professional Pkwy. East, Suite 200
Sarasota, Florida
(Address of principal executive offices)
|
34240
(Zip Code)
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(941) 556-2601
(Registrant’s telephone number, including area code)
|
þ Large accelerated filer
|
¨ Accelerated filer
|
¨ Non-accelerated filer
(do not check if smaller reporting company)
|
¨ Smaller reporting company
|
Page
|
||
PART I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements (unaudited):
|
|
Condensed Consolidated Statements of Earnings
|
3
|
|
Condensed Consolidated Statements of Comprehensive Income
|
4
|
|
Condensed Consolidated Balance Sheets
|
5
|
|
Condensed Consolidated Statements of Cash Flows
|
6
|
|
Condensed Consolidated Statement of Changes in Stockholders’ Equity
|
7
|
|
Notes to Condensed Consolidated Financial Statements
|
8
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
13
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
20
|
Item 4.
|
Controls and Procedures
|
21
|
PART II.
|
OTHER INFORMATION
|
|
Item 1A.
|
Risk Factors
|
21
|
Item 6.
|
Exhibits
|
21
|
Signatures
|
22
|
PART I.
|
FINANCIAL INFORMATION
|
Three months ended March 31,
|
|||||||||
2012
|
2011
|
||||||||
Net sales
|
$
|
711,066
|
$
|
645,309
|
|||||
Cost of sales
|
319,873
|
295,213
|
|||||||
Gross profit
|
391,193
|
350,096
|
|||||||
Selling, general and administrative expenses
|
220,889
|
208,096
|
|||||||
Income from operations
|
170,304
|
142,000
|
|||||||
Interest expense, net
|
15,483
|
16,696
|
|||||||
Other income/(expense)
|
(490
|
)
|
711
|
||||||
Earnings before income taxes
|
154,331
|
126,015
|
|||||||
Income taxes
|
46,022
|
37,036
|
|||||||
Net earnings
|
$
|
108,309
|
$
|
88,979
|
|||||
Earnings per share:
|
|||||||||
Basic
|
$
|
1.12
|
$
|
0.93
|
|||||
Diluted
|
1.09
|
0.91
|
|||||||
|
|||||||||
Weighted average common shares outstanding:
|
|||||||||
Basic
|
97,039
|
95,374
|
|||||||
Diluted
|
99,307
|
98,153
|
|||||||
Dividends declared per common share
|
$
|
0.1375
|
$
|
0.1100
|
|||||
Three months ended March 31,
|
||||||||
2012
|
2011
|
|||||||
Net earnings
|
$
|
108,309
|
$
|
88,979
|
||||
Other comprehensive income, net of tax:
|
||||||||
Foreign currency translation adjustments
|
19,161
|
37,210
|
||||||
Total other comprehensive income, net of tax
|
19,161
|
37,210
|
||||||
Comprehensive income
|
$
|
127,470
|
$
|
126,189
|
||||
March 31,
2012
|
December 31,
2011 |
||||||
ASSETS:
|
|||||||
Cash and cash equivalents
|
$
|
451,718
|
$
|
338,101
|
|||
Accounts receivable, net
|
412,508
|
439,134
|
|||||
Inventories, net
|
214,020
|
204,758
|
|||||
Deferred taxes
|
36,410
|
38,004
|
|||||
Unbilled receivables
|
68,688
|
63,829
|
|||||
Other current assets
|
32,568
|
31,647
|
|||||
Total current assets
|
1,215,912
|
1,115,473
|
|||||
Property, plant and equipment, net
|
109,565
|
108,775
|
|||||
Goodwill
|
2,887,045
|
2,866,426
|
|||||
Other intangible assets, net
|
1,084,996
|
1,094,142
|
|||||
Deferred taxes
|
63,122
|
63,006
|
|||||
Other assets
|
70,142
|
71,595
|
|||||
Total assets
|
$
|
5,430,782
|
$
|
5,319,417
|
|||
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
|||||||
Accounts payable
|
$
|
139,029
|
$
|
141,943
|
|||
Accrued liabilities
|
286,548
|
322,904
|
|||||
Income taxes payable
|
22,588
|
8,895
|
|||||
Deferred taxes
|
9,613
|
10,548
|
|||||
Current portion of long-term debt, net
|
63,580
|
69,906
|
|||||
Total current liabilities
|
521,358
|
554,196
|
|||||
Long-term debt, net of current portion
|
1,014,099
|
1,015,110
|
|||||
Deferred taxes
|
484,803
|
482,603
|
|||||
Other liabilities
|
78,178
|
72,412
|
|||||
Total liabilities
|
2,098,438
|
2,124,321
|
|||||
Commitments and contingencies
|
|||||||
Common stock
|
993
|
987
|
|||||
Additional paid-in capital
|
1,140,188
|
1,117,093
|
|||||
Retained earnings
|
2,158,037
|
2,063,110
|
|||||
Accumulated other comprehensive earnings
|
52,961
|
33,800
|
|||||
Treasury stock
|
(19,835
|
)
|
(19,894
|
)
|
|||
Total stockholders’ equity
|
3,332,344
|
3,195,096
|
|||||
Total liabilities and stockholders’ equity
|
$
|
5,430,782
|
$
|
5,319,417
|
Three months ended
March 31,
|
|||||||||
2012
|
2011
|
||||||||
Cash flows from operating activities:
|
|||||||||
Net earnings
|
$
|
108,309
|
$
|
88,979
|
|||||
Adjustments to reconcile net earnings to cash flows from operating activities:
|
|||||||||
Depreciation and amortization of property, plant and equipment
|
9,449
|
9,256
|
|||||||
Amortization of intangible assets
|
26,018
|
25,054
|
|||||||
Amortization of deferred financing costs
|
591
|
591
|
|||||||
Non-cash stock compensation
|
9,954
|
8,112
|
|||||||
Changes in operating assets and liabilities, net of acquired businesses:
|
|||||||||
Accounts receivable
|
20,666
|
(15,171
|
)
|
||||||
Unbilled receivables
|
(4,698
|
)
|
(3,010
|
)
|
|||||
Inventories
|
(7,462
|
)
|
(16,359
|
)
|
|||||
Accounts payable and accrued liabilities
|
(35,936
|
)
|
(16,612
|
)
|
|||||
Income taxes payable
|
13,720
|
3,424
|
|||||||
Other, net
|
846
|
2,320
|
|||||||
Cash provided by operating activities
|
141,457
|
86,584
|
|||||||
Cash flows from investing activities:
|
|||||||||
Acquisitions of businesses, net of cash acquired
|
(19,007
|
)
|
-
|
||||||
Capital expenditures
|
(10,008
|
)
|
(8,813
|
)
|
|||||
Proceeds from sale of assets
|
464
|
826
|
|||||||
Other, net
|
(245
|
)
|
(1,024
|
)
|
|||||
Cash used in investing activities
|
(28,796
|
)
|
(9,011
|
)
|
|||||
Cash flows from financing activities:
|
|||||||||
Payments under revolving line of credit, net
|
-
|
(85,000
|
)
|
||||||
Principal payments on convertible notes
|
(6,297
|
)
|
(11,968
|
)
|
|||||
Cash dividends to stockholders
|
(13,290
|
)
|
(10,458
|
)
|
|||||
Proceeds from stock option exercises
|
16,873
|
8,607
|
|||||||
Stock award tax excess windfall benefit
|
7,505
|
2,855
|
|||||||
Treasury stock sales
|
600
|
579
|
|||||||
Other
|
(7,665
|
)
|
(697
|
)
|
|||||
Cash used in financing activities
|
(2,274
|
)
|
(96,082
|
)
|
|||||
Effect of foreign currency exchange rate changes on cash
|
3,230
|
9,562
|
|||||||
Net increase/(decrease) in cash and cash equivalents
|
113,617
|
(8,947
|
)
|
||||||
Cash and cash equivalents, beginning of period
|
338,101
|
270,394
|
|||||||
Cash and cash equivalents, end of period
|
$
|
451,718
|
$
|
261,447
|
Common
stock
|
Additional paid-in capital
|
Retained
earnings
|
Accumulated other comprehensive earnings
|
Treasury
stock
|
Total
|
||||||||||||||
Balances at December 31, 2011
|
$
|
987
|
$
|
1,117,093
|
$
|
2,063,110
|
$
|
33,800
|
$
|
(19,894
|
)
|
$
|
3,195,096
|
||||||
Net earnings
|
-
|
-
|
108,309
|
-
|
-
|
108,309
|
|||||||||||||
Stock option exercises
|
4
|
16,869
|
-
|
-
|
-
|
16,873
|
|||||||||||||
Treasury stock sold
|
-
|
541
|
-
|
-
|
59
|
600
|
|||||||||||||
Currency translation adjustments, net of $1,154 tax
|
-
|
-
|
-
|
19,161
|
-
|
19,161
|
|||||||||||||
Stock based compensation
|
-
|
9,631
|
-
|
-
|
-
|
9,631
|
|||||||||||||
Restricted stock grants
|
2
|
(5,871
|
)
|
-
|
-
|
-
|
(5,869
|
)
|
|||||||||||
Stock option tax benefit, net of shortfalls
|
-
|
7,415
|
-
|
-
|
-
|
7,415
|
|||||||||||||
Conversion of senior subordinated convertible notes
|
-
|
(5,490
|
)
|
-
|
-
|
-
|
(5,490
|
)
|
|||||||||||
Dividends declared
|
-
|
-
|
(13,382
|
)
|
-
|
-
|
(13,382
|
)
|
|||||||||||
Balances at March 31, 2012
|
$
|
993
|
$
|
1,140,188
|
$
|
2,158,037
|
$
|
52,961
|
$
|
(19,835
|
)
|
$
|
3,332,344
|
1.
|
Basis of Presentation
|
2.
|
Recent Accounting Pronouncements
|
3.
|
Earnings Per Share
|
Three months ended
March 31,
|
|||||
2012
|
2011
|
||||
Basic shares outstanding
|
97,039
|
95,374
|
|||
Effect of potential common stock
|
|||||
Common stock awards
|
1,140
|
1,305
|
|||
Senior subordinated convertible notes
|
1,128
|
1,474
|
|||
Diluted shares outstanding
|
99,307
|
98,153
|
4.
|
Stock Based Compensation
|
Three months ended
March 31,
|
||||||||
2012
|
2011
|
|||||||
Stock based compensation
|
$ | 9,954 | $ | 8,112 | ||||
Tax effect recognized in net income
|
3,484 | 2,839 | ||||||
Windfall tax benefit, net
|
7,415 | 2,791 |
Three months ended March 31,
|
|||
2012
|
2011
|
||
Fair value per share ($)
|
29.65
|
24.86
|
|
Risk-free interest rate (%)
|
0.82
|
2.07
|
|
Expected option life (years)
|
5.22
|
5.33
|
|
Expected volatility (%)
|
36.56
|
35.17
|
|
Expected dividend yield (%)
|
0.59
|
0.59
|
5.
|
Inventories
|
March 31,
2012
|
December 31,
2011
|
|||||||
(in thousands)
|
||||||||
Raw materials and supplies
|
$
|
131,367
|
$
|
119,550
|
||||
Work in process
|
30,529
|
31,085
|
||||||
Finished products
|
89,293
|
89,334
|
||||||
Inventory reserves
|
(37,169
|
)
|
(35,211
|
)
|
||||
$
|
214,020
|
$
|
204,758
|
6.
|
Goodwill
|
Industrial Technology
|
Energy Systems & Controls
|
Medical & Scientific Imaging
|
RF Technology
|
Total
|
||||||||||||
(in thousands)
|
||||||||||||||||
Balances at December 31, 2011
|
$
|
419,053
|
$
|
393,967
|
$
|
768,228
|
$
|
1,285,178
|
$
|
2,866,426
|
||||||
Goodwill acquired
|
-
|
8,629
|
-
|
-
|
8,629
|
|||||||||||
Currency translation adjustments
|
3,240
|
1,448
|
5,040
|
2,262
|
11,990
|
|||||||||||
Balances at March 31, 2012
|
$
|
422,293
|
$
|
404,044
|
$
|
773,268
|
$
|
1,287,440
|
$
|
2,887,045
|
7.
|
Other intangible assets, net
|
Cost
|
Accumulated
amortization
|
Net book
value
|
||||||||
(in thousands)
|
||||||||||
Assets subject to amortization:
|
||||||||||
Customer related intangibles
|
$
|
1,022,134
|
$
|
(302,156
|
)
|
$
|
719,978
|
|||
Unpatented technology
|
193,915
|
(72,358
|
)
|
121,557
|
||||||
Software
|
49,395
|
(35,833
|
)
|
13,562
|
||||||
Patents and other protective rights
|
25,398
|
(17,699
|
)
|
7,699
|
||||||
Trade secrets
|
1,500
|
(1,361
|
)
|
139
|
||||||
Assets not subject to amortization:
|
||||||||||
Trade names
|
231,207
|
-
|
231,207
|
|||||||
Balances at December 31, 2011
|
$
|
1,523,549
|
$
|
(429,407
|
)
|
$
|
1,094,142
|
|||
Assets subject to amortization:
|
||||||||||
Customer related intangibles
|
$
|
1,031,208
|
$
|
(320,605
|
)
|
$
|
710,603
|
|||
Unpatented technology
|
198,735
|
(78,048
|
)
|
120,687
|
||||||
Software
|
49,396
|
(37,190
|
)
|
12,206
|
||||||
Patents and other protective rights
|
27,575
|
(18,405
|
)
|
9,170
|
||||||
Trade secrets
|
1,500
|
(1,396
|
)
|
104
|
||||||
Assets not subject to amortization:
|
||||||||||
Trade names
|
232,226
|
-
|
232,226
|
|||||||
Balances at March 31, 2012
|
$
|
1,540,640
|
$
|
(455,644
|
)
|
$
|
1,084,996
|
8.
|
Debt
|
9.
|
Fair Value of Financial Instruments
|
10.
|
Contingencies
|
Balance at December 31, 2011
|
$
|
8,147
|
||
Additions charged to costs and expenses
|
2,113
|
|||
Deductions
|
(1,908
|
)
|
||
Other
|
59
|
|||
Balance at March 31, 2012
|
$
|
8,411
|
11.
|
Business Segments
|
Three months ended March 31,
|
|||||||||
2012
|
2011
|
Change
|
|||||||
Net sales:
|
|||||||||
Industrial Technology
|
$
|
195,136
|
$
|
169,982
|
14.8
|
%
|
|||
Energy Systems & Controls
|
148,602
|
129,633
|
14.6
|
||||||
Medical & Scientific Imaging
|
162,811
|
145,287
|
12.1
|
||||||
RF Technology
|
204,517
|
200,407
|
2.1
|
||||||
Total
|
$
|
711,066
|
$
|
645,309
|
10.2
|
%
|
|||
Gross profit:
|
|||||||||
Industrial Technology
|
$
|
98,663
|
$
|
85,714
|
15.1
|
%
|
|||
Energy Systems & Controls
|
80,408
|
70,146
|
14.6
|
||||||
Medical & Scientific Imaging
|
106,186
|
91,254
|
16.4
|
||||||
RF Technology
|
105,936
|
102,982
|
2.9
|
||||||
Total
|
$
|
391,193
|
$
|
350,096
|
11.7
|
%
|
|||
Operating profit*:
|
|||||||||
Industrial Technology
|
$
|
57,507
|
$
|
46,189
|
24.5
|
%
|
|||
Energy Systems & Controls
|
35,657
|
29,044
|
22.8
|
||||||
Medical & Scientific Imaging
|
43,362
|
35,037
|
23.8
|
||||||
RF Technology
|
50,353
|
44,950
|
12.0
|
||||||
Total
|
$
|
186,879
|
$
|
155,220
|
20.4
|
%
|
|||
Long-lived assets
|
|||||||||
Industrial Technology
|
$
|
42,698
|
$
|
41,361
|
3.2
|
%
|
|||
Energy Systems & Controls
|
19,439
|
18,256
|
6.5
|
||||||
Medical & Scientific Imaging
|
45,602
|
43,084
|
5.8
|
||||||
RF Technology
|
29,832
|
31,331
|
(4.8
|
)
|
|||||
Total
|
$
|
137,571
|
$
|
134,032
|
2.6
|
%
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
·
|
general economic conditions;
|
·
|
difficulty making acquisitions and successfully integrating acquired businesses;
|
·
|
any unforeseen liabilities associated with future acquisitions;
|
·
|
limitations on our business imposed by our indebtedness;
|
·
|
unfavorable changes in foreign exchange rates;
|
·
|
difficulties associated with exports;
|
·
|
risks and costs associated with our international sales and operations;
|
·
|
increased directors’ and officers’ liability and other insurance costs;
|
·
|
risk of rising interest rates;
|
·
|
product liability and insurance risks;
|
·
|
increased warranty exposure;
|
·
|
future competition;
|
·
|
the cyclical nature of some of our markets;
|
·
|
reduction of business with large customers;
|
·
|
risks associated with government contracts;
|
·
|
changes in the supply of, or price for, raw materials, parts and components;
|
·
|
environmental compliance costs and liabilities;
|
·
|
risks and costs associated with asbestos-related litigation;
|
·
|
potential write-offs of our substantial intangible assets;
|
·
|
our ability to successfully develop new products;
|
·
|
failure to protect our intellectual property;
|
·
|
economic disruption caused by terrorist attacks, health crises or other unforeseen events; and
|
|
·
|
the factors discussed in other reports filed with the SEC.
|
|
General
|
Three months ended March 31,
|
|||||||
2012
|
2011
|
||||||
Net sales
|
|||||||
Industrial Technology
|
$
|
195,136
|
$
|
169,982
|
|||
Energy Systems & Controls
|
148,602
|
129,633
|
|||||
Medical & Scientific Imaging
|
162,811
|
145,287
|
|||||
RF Technology
|
204,517
|
200,407
|
|||||
Total
|
$
|
711,066
|
$
|
645,309
|
|||
Gross profit:
|
|||||||
Industrial Technology
|
50.6
|
%
|
50.4
|
%
|
|||
Energy Systems & Controls
|
54.1
|
|
54.1
|
|
|||
Medical & Scientific Imaging
|
65.2
|
|
62.8
|
|
|||
RF Technology
|
51.8
|
|
51.4
|
|
|||
Total
|
55.0
|
|
54.3
|
|
|||
Selling, general & administrative expenses:
|
|||||||
Industrial Technology
|
21.1
|
%
|
23.3
|
%
|
|||
Energy Systems & Controls
|
30.1
|
31.7
|
|||||
Medical & Scientific Imaging
|
38.6
|
38.7
|
|||||
RF Technology
|
27.2
|
29.0
|
|||||
Total
|
28.7
|
30.2
|
|||||
Segment operating profit:
|
|||||||
Industrial Technology
|
29.5
|
%
|
27.2
|
%
|
|||
Energy Systems & Controls
|
24.0
|
22.4
|
|||||
Medical & Scientific Imaging
|
26.6
|
24.1
|
|||||
RF Technology
|
24.6
|
22.4
|
|||||
Total
|
26.3
|
24.1
|
|||||
Corporate administrative expenses
|
(2.3
|
)
|
(2.0
|
)
|
|||
24.0
|
22.0
|
||||||
Interest expense
|
(2.2
|
)
|
(2.6
|
)
|
|||
Other income/(expense)
|
(0.1
|
)
|
0.1
|
||||
Earnings before income taxes
|
21.7
|
19.5
|
|||||
Income taxes
|
(6.5
|
)
|
(5.7
|
)
|
|||
Net earnings
|
15.2
|
%
|
13.8
|
%
|
Net orders booked for the
three months ended
March 31,
|
Order backlog as of March 31,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||
Industrial Technology
|
$
|
204,002
|
$
|
200,742
|
$
|
152,606
|
$
|
148,127
|
|||||
Energy Systems & Controls
|
153,376
|
134,205
|
126,262
|
110,689
|
|||||||||
Medical & Scientific Imaging
|
168,336
|
150,265
|
124,681
|
110,305
|
|||||||||
RF Technology
|
203,672
|
217,087
|
447,085
|
482,067
|
|||||||||
$
|
729,386
|
$
|
702,299
|
$
|
850,634
|
$
|
851,188
|
Three months ended March 31,
|
||||||||
2012
|
2011
|
|||||||
Cash provided by/(used in):
|
||||||||
Operating activities
|
$ | 141.5 | $ | 86.6 | ||||
Investing activities
|
(28.8 | ) | (9.0 | ) | ||||
Financing activities
|
(2.3 | ) | (96.1 | ) |
Senior Notes due 2013*
|
$
|
511,094
|
|
Senior Notes due 2019
|
500,000
|
||
Senior Subordinated Convertible Notes
|
61,538
|
||
Revolving Facility
|
-
|
||
Other
|
5,047
|
||
Total debt
|
1,077,679
|
||
Less current portion
|
63,580
|
||
Long-term debt
|
$
|
1,014,099
|
|
*Shown including fair value swap adjustment of $11,094.
|
March 31,
2012
|
December 31,
2011
|
||||||||
Total Debt
|
$
|
1,077,679
|
$
|
1,085,016
|
|||||
Cash
|
(451,718
|
)
|
(338,101
|
)
|
|||||
Net Debt
|
625,961
|
746,915
|
|||||||
Stockholders’ Equity
|
3,332,344
|
3,195,096
|
|||||||
Total Net Capital
|
$
|
3,958,305
|
$
|
3,942,011
|
|||||
Net Debt / Total Net Capital
|
15.8%
|
|
18.9%
|
|
3.1
|
Roper Industries, Inc., By-Laws, Amended and Restated as of April 20, 2012, incorporated herein by reference to exhibit 3.1 to the Roper Industries, Inc. Current Report on Form 8-K filed April 24, 2012.
|
|
31.1
|
Rule 13a-14(a)/15d-14(a), Certification of the Chief Executive Officer, filed herewith.
|
|
31.2
|
Rule 13a-14(a)/15d-14(a), Certification of the Chief Financial Officer, filed herewith.
|
|
32.1
|
Section 1350 Certification of the Chief Executive and Chief Financial Officers, filed herewith.
|
|
101.INS
|
XBRL Instance Document, furnished herewith.
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document, furnished herewith.
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document, furnished herewith.
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document, furnished herewith.
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document, furnished herewith.
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document, furnished herewith.
|
|
/s/ Brian D. Jellison
|
Chairman of the Board, President,
|
May 7, 2012
|
|
Brian D. Jellison
|
and Chief Executive Officer
|
||
(Principal Executive Officer)
|
/s/ John Humphrey
|
Chief Financial Officer and Vice President
|
May 7, 2012
|
|
John Humphrey
|
(Principal Financial Officer)
|
/s/ Paul J. Soni
|
Vice President and Controller
|
May 7, 2012
|
|
Paul J. Soni
|
(Principal Accounting Officer)
|
3.1
|
Roper Industries, Inc., By-Laws, Amended and Restated as of April 20, 2012, incorporated herein by reference to exhibit 3.1 to the Roper Industries, Inc. Current Report on Form 8-K filed April 24, 2012.
|
|
31.1
|
Rule 13a-14(a)/15d-14(a), Certification of the Chief Executive Officer, filed herewith.
|
|
31.2
|
Rule 13a-14(a)/15d-14(a), Certification of the Chief Financial Officer, filed herewith.
|
|
32.1
|
Section 1350 Certification of the Chief Executive and Chief Financial Officers, filed herewith.
|
|
101.INS
|
XBRL Instance Document, furnished herewith.
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document, furnished herewith.
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document, furnished herewith.
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document, furnished herewith.
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document, furnished herewith.
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document, furnished herewith.
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Roper Industries, Inc.;
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
The Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: May 7, 2012
|
/s/ Brian D. Jellison
|
Brian D. Jellison
|
|
Chairman, President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
/s/ John Humphrey
|
|
John Humphrey
|
|
Vice President, Chief Financial Officer
|
|
(Principal Financial Officer)
|
Debt (Details) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Extinguishment of Debt [Line Items] | ||
Cash Payments for Debt Conversions (in millions) | $ 6,297,000 | $ 11,968,000 |
3.75% Senior Subordinated Convertible Notes, Due 2034
|
||
Extinguishment of Debt [Line Items] | ||
Face Value of Debt Instrument (in millions) | 62,000,000 | |
Stated Interest Rate Percentage - Debt Instruments | 3.75% | |
Maturity Date - Debt Instrument | Jan. 15, 2034 | |
Excess above Principal Note Amount (in millions) | 107,000,000 | |
If Converted, Shares Issued | 1,077,835 | |
First Conversion Date | 2009-01-15 | |
Number of Notes Converted | 14,236 | |
Per Note Conversion Price | 445.03 | |
Shares Issued for Convertible Debt | 41,678 | |
Weighted Average Share Price at Debt Conversion | 94.50 | |
Deferred Tax Liability (in millions) | $ 1,000,000 |
Other intangible assets, net (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets |
Amortization expense of other intangible assets was $25,034 and $24,151 during the three months ended March 31, 2012 and 2011, respectively. |
Recent Accounting Pronouncements
|
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2012
|
|||
Notes to Financial Statements [Abstract] | |||
Recent Accounting Pronouncements |
In May 2011, the Financial Accounting Standards Board ("FASB") issued an amendment to accounting and disclosures related to fair value measurement. This amendment results in common principles and requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and International Financial Reporting Standards. Roper adopted this guidance on January 1, 2012. The guidance did not have a material impact on the Company's results of operations, financial position or cash flows. In June 2011, the FASB issued an amendment to the disclosure of comprehensive income. This amendment requires the presentation of total comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Roper adopted this guidance on January 1, 2012. The guidance did not have an impact on the Company's results of operations, financial position or cash flows as it is disclosure only in nature. In September 2011, the FASB issued new accounting rules related to testing goodwill for impairment. The new accounting rules permit an entity to first assess qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the two-step goodwill impairment test prescribed under current accounting rules. Otherwise, the two-step goodwill impairment test is not required. Roper adopted this guidance on January 1, 2012. The Company is currently assessing the new accounting rules but does not expect these rules to have a material effect on its results of operations, financial position or cash flows. |