10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015.

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to.

Commission File Number   1-12273

ROPER TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)	51-0263969 (I.R.S. Employer Identification No.)
6901 Professional Pkwy. East, Suite 200 Sarasota, Florida (Address of principal executive offices)	34240 (Zip Code)

(941) 556-2601

(Registrant's telephone number, including area code)

Roper Industries, Inc.

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

   Large accelerated filer	 Accelerated filer
Non-accelerated filer (do not check if smaller reporting company)	 Smaller reporting company

Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes    No

The number of shares outstanding of the Registrant's common stock as of July 31, 2015 was 100,665,880.

ROPER TECHNOLOGIES, INC.

REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED June 30, 2015

TABLE OF CONTENTS

		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	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21
Item 4.	Controls and Procedures	21
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 6.	Exhibits	22
	Signatures	23

2

PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

Roper Technologies, Inc. and Subsidiaries

Condensed Consolidated Statements of Earnings (unaudited)

(in thousands, except per share data)

	Three months ended						Six months ended
	June 30,						June 30,
	2015			2014			2015			2014
Net sales	$	889,541		$	885,175		$	1,754,822		$	1,719,227
Cost of sales		355,630			361,993			702,750			707,109
Gross profit		533,911			523,182			1,052,072			1,012,118
Selling, general and administrative expenses		281,937			276,516			553,202			542,052
Income from operations		251,974			246,666			498,870			470,066
Interest expense, net		20,177			19,512			40,013			39,339
Other income/(expense), net		(1,520	)		(930	)		(2,199	)		490
Earnings before income taxes		230,277			226,224			456,658			431,217
Income taxes		58,997			68,863			129,605			126,630
Net earnings	$	171,280		$	157,361		$	327,053		$	304,587
Net earnings per share:
Basic	$	1.70		$	1.58		$	3.26		$	3.05
Diluted		1.69			1.56			3.22			3.02
Weighted average common shares outstanding:
Basic		100,573			99,881			100,475			99,720
Diluted		101,569			100,823			101,468			100,696
Dividends declared per common share	$	0.250		$	0.200		$	0.500		$	0.400

See accompanying notes to condensed consolidated financial statements.

3

Roper Technologies, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (unaudited)

(in thousands)

	Three months ended				Six months ended
	June 30,				June 30,
	2015		2014		2015			2014
Net earnings	$	171,280	$	157,361	$	327,053		$	304,587
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments		37,212		19,803		(54,798	)		6,992
Post-retirement benefit plan adjustments		-		-		(1,063	)		-
Total other comprehensive income/(loss), net of tax		37,212		19,803		(55,861	)		6,992
Comprehensive income	$	208,492	$	177,164	$	271,192		$	311,579

See accompanying notes to condensed consolidated financial statements.

4

Roper Technologies, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)

(in thousands)

	June 30,			December 31,
	2015			2014
ASSETS:
Cash and cash equivalents	$	678,571		$	610,430
Accounts receivable, net		481,599			511,538
Inventories, net		197,026			193,766
Deferred taxes		58,194			54,199
Unbilled receivables		107,999			96,409
Other current assets		63,893			45,763
Total current assets		1,587,282			1,512,105
Property, plant and equipment, net		112,374			110,876
Goodwill		5,111,662			4,710,691
Other intangible assets, net		2,108,964			1,978,729
Deferred taxes		34,599			27,496
Other assets		79,215			73,037
Total assets	$	9,034,096		$	8,412,934
LIABILITIES AND STOCKHOLDERS' EQUITY:
Accounts payable	$	145,584		$	143,847
Accrued compensation		97,312			117,374
Deferred revenue		234,067			190,953
Other accrued liabilities		166,929			160,738
Deferred taxes		3,841			3,943
Current portion of long-term debt, net		7,208			11,092
Total current liabilities		654,941			627,947
Long-term debt, net of current portion		2,517,499			2,203,031
Deferred taxes		754,297			735,826
Other liabilities		88,010			90,770
Total liabilities		4,014,747			3,657,574
Commitments and contingencies (Note 10)
Common stock		1,026			1,021
Additional paid-in capital		1,368,335			1,325,338
Retained earnings		3,796,957			3,520,201
Accumulated other comprehensive earnings		(127,788	)		(71,927	)
Treasury stock		(19,181	)		(19,273	)
Total stockholders' equity		5,019,349			4,755,360
Total liabilities and stockholders' equity	$	9,034,096		$	8,412,934

See accompanying notes to condensed consolidated financial statements.

5

Roper Technologies, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (unaudited)

(in thousands)

	Six months ended June 30,
	2015			2014
Cash flows from operating activities:
Net earnings	$	327,053		$	304,587
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment		19,417			20,089
Amortization of intangible assets		78,758			77,495
Amortization of deferred financing costs		2,002			2,002
Non-cash stock compensation		29,438			30,013
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable		40,860			30
Unbilled receivables		(11,172	)		(19,705	)
Inventories		(7,972	)		(6,515	)
Accounts payable and accrued liabilities		(3,623	)		(6,916	)
Income taxes payable		(36,257	)		(42,664	)
Other, net		(5,556	)		(5,286	)
Cash provided by operating activities		432,948			353,130
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired		(589,727	)		(2,726	)
Capital expenditures		(20,673	)		(20,560	)
Proceeds from sale of assets		594			764
Other, net		(4,522	)		(238	)
Cash used in investing activities		(614,328	)		(22,760	)
Cash flows from financing activities:
Borrowings/(payments) under revolving line of credit, net		315,000			(220,000	)
Principal payments on convertible notes		(3,884	)		(561	)
Cash premiums paid on convertible note conversions		(12,721	)		(1,518	)
Cash dividends to stockholders		(50,099	)		(39,821	)
Proceeds from stock based compensation, net		15,315			21,686
Stock award tax excess windfall benefit		8,781			12,058
Treasury stock sales		1,477			1,456
Other		(628	)		355
Cash provided by/(used in) financing activities		273,241			(226,345	)
Effect of foreign currency exchange rate changes on cash		(23,720	)		1,537
Net increase in cash and cash equivalents		68,141			105,562
Cash and cash equivalents, beginning of period		610,430			459,720
Cash and cash equivalents, end of period	$	678,571		$	565,282

See accompanying notes to condensed consolidated financial statements.

6

Roper Technologies, Inc. and Subsidiaries

Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited)

(in thousands)

	Common stock		Additional paid-in capital			Retained earnings			Accumulatedothercomprehensive earnings			Treasury stock			Total
Balances at December 31, 2014	$	1,021	$	1,325,338		$	3,520,201		$	(71,927	)	$	(19,273	)	$	4,755,360
Net earnings		-		-			327,053			-			-			327,053
Stock option exercises		2		17,010			-			-			-			17,012
Treasury stock sold		-		1,385			-			-			92			1,477
Currency translation adjustments, net of $2,556 tax		-		-			-			(54,798	)		-			(54,798	)
Stock based compensation		-		29,438			-			-			-			29,438
Restricted stock activity		3		(1,701	)		-			-			-			(1,698	)
Stock option tax benefit, net of shortfalls		-		8,755			-			-			-			8,755
Conversion of senior subordinated convertible notes, net of $831 tax		-		(11,890	)		-			-			-			(11,890	)
Dividends declared		-		-			(50,297	)		-			-			(50,297	)
Post-retirement benefit plan adjustments		-		-			-			(1,063	)		-			(1,063	)
Balances at June 30, 2015	$	1,026	$	1,368,335		$	3,796,957		$	(127,788	)	$	(19,181	)	$	5,019,349

See accompanying notes to condensed consolidated financial statements.

7

Roper Technologies, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

June 30, 2015

1. Basis of Presentation

Effective April 24, 2015, Roper Industries, Inc. changed its name to Roper Technologies, Inc. in order to reflect its continued evolution to a diversified technology company.

The accompanying condensed consolidated financial statements for the three and six month periods ended June 30, 2015 and 2014 are unaudited. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position, results of operations, comprehensive income and cash flows of Roper Technologies, Inc. and its subsidiaries ("Roper" or the "Company") for all periods presented. The December 31, 2014 financial position data included herein was derived from the audited consolidated financial statements included in the 2014 Annual Report on Form 10-K ("Annual Report") filed on February 20, 2015 with the Securities and Exchange Commission ("SEC") but does not include all disclosures required by U.S. generally accepted accounting principles ("GAAP").

Roper's management has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates.

The results of operations for the three and six month periods ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year. You should read these unaudited condensed consolidated financial statements in conjunction with Roper's consolidated financial statements and the notes thereto included in its Annual Report.

2. 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.  The Company considers the applicability and impact of all ASUs.  

In April 2015, the FASB issued an update providing guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for consistently with the acquisition of other software licenses. A cloud computing arrangement that does not include a software license should be accounted for as a service contract.  The update is effective for annual periods beginning after December 15, 2015, and may be adopted prospectively or retrospectively.  The Company does not expect this update to have a material impact on its results of operations, financial condition or cash flows.

In April 2015, the FASB issued an update related to the presentation of debt issuance costs. This update, effective for fiscal years beginning after December 15, 2015, requires that debt issuance costs related to a debt liability be reported in the balance sheet as a direct deduction from the face amount of that debt liability. The Company does not expect this update to have a material impact on its results of operations, financial condition or cash flows.

In June 2014, the FASB issued updates to the accounting for stock compensation. These updates, effective for fiscal years beginning after December 15, 2015, modify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Company does not expect the updates to have an impact on its results of operations, financial condition or cash flows.

In May 2014, the FASB issued updates on accounting and disclosures for revenue from contracts with customers. These updates, effective for annual reporting periods after December 15, 2017, create a single, comprehensive revenue recognition model for all contracts with customers. The model is based on changes in contract assets (rights to receive consideration) and liabilities (obligations to provide a good or service). Revenue will be recognized based on the satisfaction of performance obligations, which occurs when control of a good or service transfers to a customer. The Company is evaluating the impact of these updates on its results of operations, financial condition and cash flows.

8

3. Earnings Per Share

Basic earnings per share were calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share were calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper's senior subordinated convertible notes based upon the trading price of Roper's common stock. The effects of potential common stock were determined using the treasury stock method.  Weighted average shares outstanding are shown below (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
Basic shares outstanding		100,573		99,881		100,475		99,720
Effect of potential common stock:
Common stock awards		909		792		884		826
Senior subordinated convertible notes		87		150		109		150
Diluted shares outstanding		101,569		100,823		101,468		100,696

For the three and six month periods ended June 30, 2015 there were 457,305 and 651,805 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 749,666 and 770,665 outstanding stock options, respectively, that would have been antidilutive for the three and six month periods ended June 30, 2014.

4.    Business Acquisitions

In the first quarter of 2015, Roper acquired 100% of the shares of Strata Decision Technology LLC, a provider of planning and budget software for health care providers, SoftWriters Inc., a provider of long-term care pharmacy operating software, and Data Innovations LLC, a provider of clinical and blood laboratory middleware.  These acquisitions, purchased for $590 million of cash, expand Roper's existing medical platforms.  All three companies are reported in the Medical & Scientific Imaging segment.  Supplemental pro forma information has not been provided as the acquisitions were immaterial both individually and in aggregate.

During the six months ended June 30, 2015, the Company expensed transaction costs of $2.1 million related to the acquisitions as corporate general and administrative expenses, as incurred.

The Company recorded $424 million in goodwill and $213 million of other identifiable intangibles in connection with the acquisitions; however, purchase price allocations are preliminary pending final tax-related adjustments.  Of the $213 million intangible assets acquired, $21 million was assigned to trade names that are not subject to amortization.  The remaining $192 million of acquired intangible assets have a weighted average useful life of 17 years.  The intangible assets that make up that amount include customer relationships of $153 million (19 year weighted average useful life) and software of $39 million (6 year weighted average useful life).

5. Stock Based Compensation

The Roper Technologies, Inc. Amended and Restated 2006 Incentive 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 and directors.

Roper's stock purchase plan allows employees in the U.S. and Canada to designate up to 10% of eligible earnings to purchase Roper's common stock at a 5% discount to the average closing price of the stock at the beginning and end of a quarterly offering period. Common stock sold to employees may be either treasury stock, stock purchased on the open market, or newly issued shares.

9

The following table provides information regarding the Company's stock-based compensation expense (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Stock based compensation		$	15,637		$	15,442		$	29,438		$	30,013
Tax effect recognized in net income			5,473			5,405			10,303			10,505
Windfall tax benefit/(shortfall), net			4,648			4,116			8,755			11,601

Stock Options - In the six months ended June 30, 2015, 559,055 options were granted with a weighted average fair value of $33.88 per option. During the same period in 2014, 568,500 options were granted with a weighted average fair value of $35.17 per option. All options were issued at grant date fair value, which is defined by the Plan as the closing price of Roper's common stock on the date of grant.

Roper records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. Historical data is used to estimate the expected price volatility, the expected dividend yield, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year quarters using the Black-Scholes option-pricing model:

	Six Months Ended June 30,
	2015		2014
Risk-free interest rate (%)		1.52		1.63
Expected option life (years)		5.10		5.24
Expected volatility (%)		22.27		27.58
Expected dividend yield (%)		0.62		0.59

Cash received from option exercises for the six months ended June 30, 2015 and 2014 was $17.0 million and $23.7 million, respectively.

Restricted Stock Awards - During the six months ended June 30, 2015, 345,975 restricted stock awards were granted with a weighted average grant date fair value of $152.72 per restricted share. During the same period in 2014, 286,810 restricted stock awards were granted with a weighted average grant date fair value of $139.83 per restricted share. All grants were issued at grant date fair value.

During the six months ended June 30, 2015, 50,891 restricted awards vested with a weighted average grant date fair value of $128.14 per restricted share, and a weighted average vest date fair value of $166.05 per restricted share.

Employee Stock Purchase Plan - During the six months ended June 30, 2015 and 2014, participants of the employee stock purchase plan purchased 9,370 and 11,209 shares, respectively, of Roper's common stock for total consideration of $1.48 million and $1.46 million, respectively. All shares were purchased from Roper's treasury shares.

6. Inventories

The components of inventory were as follows (in thousands):

	June 30, 2015			December 31, 2014
Raw materials and supplies	$	127,879		$	124,103
Work in process		26,676			29,358
Finished products		75,850			79,184
Inventory reserves		(33,379	)		(38,879	)
	$	197,026		$	193,766

10

7. Goodwill and Other Intangible Assets

The carrying value of goodwill by segment was as follows (in thousands):

	Medical & Scientific Imaging			RF Technology			Industrial Technology			Energy Systems & Controls			Total
Balances at December 31, 2014	$	2,594,356		$	1,280,788		$	408,964		$	426,583		$	4,710,691
Goodwill acquired		424,358			-			-			-			424,358
Other		391			-			-			-			391
Currency translation adjustments		(11,564	)		(140	)		(8,939	)		(3,135	)		(23,778	)
Balances at June 30, 2015	$	3,007,541		$	1,280,648		$	400,025		$	423,448		$	5,111,662

Other relates primarily to a tax purchase accounting adjustment for SHP LLC, acquired in August 2014.

Other intangible assets were comprised of (in thousands):

	Cost		Accumulated amortization			Net book value
Assets subject to amortization:
Customer related intangibles	$	1,975,334	$	(543,594	)	$	1,431,740
Unpatented technology		217,260		(134,702	)		82,558
Software		156,449		(62,882	)		93,567
Patents and other protective rights		26,463		(18,325	)		8,138
Backlog		1,100		(443	)		657
Trade names		622		(72	)		550
Assets not subject to amortization:
Trade names		361,519		-			361,519
Balances at December 31, 2014	$	2,738,747	$	(760,018	)	$	1,978,729
Assets subject to amortization:
Customer related intangibles	$	2,072,301	$	(546,240	)	$	1,526,061
Unpatented technology		174,666		(104,810	)		69,856
Software		161,436		(36,131	)		125,305
Patents and other protective rights		24,901		(17,970	)		6,931
Backlog		1,100		(993	)		107
Trade names		630		(101	)		529
Assets not subject to amortization:
Trade names		380,175		-			380,175
Balances at June 30, 2015	$	2,815,209	$	(706,245	)	$	2,108,964

Amortization expense of other intangible assets was $77,640 and $75,534 during the six months ended June 30, 2015 and 2014, respectively.

An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2015. The Company expects to perform the annual analysis during the fourth quarter.

8. Debt

Roper's 3.75% senior subordinated convertible notes due 2034 became convertible on January 15, 2009.  During the six months ended June 30, 2015, 7,822 notes were converted by note holders for $16.6 million in cash.  No gain or loss was recorded upon these conversions.  In addition, a related $0.8 million deferred tax liability associated with excess deductions recorded for tax purposes was relieved to additional paid-in capital upon the conversions.

At June 30, 2015, the conversion price on the remaining outstanding notes was $502.13 per note.  If converted at June 30, 2015, the value would have exceeded the $4 million principal amount of the outstanding notes by $14 million and could have resulted in the issuance of 82,565 shares of Roper's common stock.

11

9. Fair Value of Financial Instruments

Roper's debt at June 30, 2015 included $2.2 billion of fixed-rate senior notes with the following fair values (in millions):

$400 million senior notes due 2017	$	402
$800 million senior notes due 2018		798
$500 million senior notes due 2019		569
$500 million senior notes due 2022		485

The fair values of the senior notes are based on the trading prices of the notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy.  Short-term debt at June 30, 2015 included $4 million of fixed-rate convertible notes which were at fair value due to the ability of note holders to exercise the conversion option of the notes.

10. Contingencies

Roper, in the ordinary course of business, is the subject of, or a party to, various pending or threatened legal actions, including product liability and employment practices. It is vigorously contesting all lawsuits that, in general, are based upon claims of the kind that have been customary over the past several years. After analyzing the Company's contingent liabilities on a gross basis and, based upon past experience with resolution of its product liability and employment practices claims and the limits of the primary, excess, and umbrella liability insurance coverages that are available 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.

Over recent years there has been an increase in certain U.S. states in asbestos-related litigation claims against numerous industrial companies. Roper or its subsidiaries have been named defendants in some such cases. No significant resources have been required by Roper to respond to these cases and the Company believes it has valid defenses to such claims and, if required, intends to defend them vigorously. Given the state of these claims it is not possible to determine the potential liability, if any.

Roper's financial statements include accruals for potential product liability and warranty claims based on its claims experience. Such costs are accrued at the time revenue is recognized. A summary of the warranty accrual activity for the six months ended June 30, 2015 is presented below (in thousands):

Balance at December 31, 2014	$	9,537
Additions charged to costs and expenses		5,927
Deductions		(6,003	)
Other		(167	)
Balances at June 30, 2015	$	9,294

12

11. Business Segments

Sales and operating profit by industry segment are set forth in the following table (dollars in thousands):

	Three months ended June 30,							Six months ended June 30,
	2015		2014		Change			2015		2014		Change
Net sales:
Medical & Scientific Imaging	$	302,262	$	268,891		12.4	%	$	593,962	$	525,090		13.1	%
RF Technology		255,558		245,602		4.1	%		498,512		471,283		5.8	%
Industrial Technology		186,467		204,814		(9.0	)%		377,195		401,815		(6.1	)%
Energy Systems & Controls		145,254		165,868		(12.4	)%		285,153		321,039		(11.2	)%
Total	$	889,541	$	885,175		0.5	%	$	1,754,822	$	1,719,227		2.1	%
Gross profit:
Medical & Scientific Imaging	$	222,990	$	194,756		14.5	%	$	438,316	$	379,606		15.5	%
RF Technology		134,136		128,587		4.3	%		264,182		248,238		6.4	%
Industrial Technology		93,565		103,982		(10.0	)%		188,807		202,452		(6.7	)%
Energy Systems & Controls		83,220		95,857		(13.2	)%		160,767		181,822		(11.6	)%
Total	$	533,911	$	523,182		2.1	%	$	1,052,072	$	1,012,118		3.9	%
Operating profit*:
Medical & Scientific Imaging	$	109,261	$	94,381		15.8	%	$	217,040	$	184,152		17.9	%
RF Technology		79,940		71,272		12.2	%		153,917		133,832		15.0	%
Industrial Technology		52,188		60,438		(13.7	)%		110,085		116,494		(5.5	)%
Energy Systems & Controls		37,702		44,786		(15.8	)%		68,124		81,811		(16.7	)%
Total	$	279,091	$	270,877		3.0	%	$	549,166	$	516,289		6.4	%
Long-lived assets:
Medical & Scientific Imaging	$	37,172	$	39,815		(6.6	)%
RF Technology		30,398		29,503		3.0	%
Industrial Technology		44,343		48,848		(9.2	)%
Energy Systems & Controls		15,048		18,027		(16.5	)%
Total	$	126,961	$	136,193		(6.8	)%

*Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $27,117 and $24,211 for the three months ended June 30, 2015 and 2014, respectively, and $50,296 and $46,223 for the six months ended June 30, 2015 and 2014, respectively.

12.  Subsequent Event

On July 20, 2015, Roper acquired 100% of the shares of On Center Software, Inc., ("On Center") a leading construction automation technology company for $157 million in cash.  On Center expands Roper's portfolio of software platforms and will be reported in the RF Technology segment.

13

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with Management's Discussion and Analysis of Financial Conditions and Results of Operations included in our Annual Report for the year ended December 31, 2014 as filed on February 20, 2015 with the U.S. Securities and Exchange Commission ("SEC") and the notes to our Condensed Consolidated Financial Statements included elsewhere in this report.

Information About Forward-Looking Statements

This report includes "forward-looking statements" within the meaning of the federal securities laws. In addition, we, or our executive officers on our behalf, may from time to time make forward-looking statements in reports and other documents we file with the SEC or in connection with oral statements made to the press, potential investors or others. All statements that are not historical facts are "forward-looking statements."  Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes" or "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in any forward-looking statement.

Examples of forward-looking statements in this report include but are not limited to statements regarding operating results, the success of our internal operating plans, our expectations regarding our ability to generate operating cash flows and reduce debt and associated interest expense, profit and cash flow expectations, the prospects for newly acquired businesses to be integrated and contribute to future growth and our expectations regarding growth through acquisitions. Important assumptions relating to the forward-looking statements include, among others, assumptions regarding demand for our products, the cost, timing and success of product upgrades and new product introductions, raw materials costs, expected pricing levels, expected outcomes of pending litigation, competitive conditions and general economic conditions. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, but are not limited to:

 ● 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 insurance costs;

 ● 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 goodwill and other intangible assets;

 ● our ability to successfully develop new products;

 ● failure to protect our intellectual property;

 ● the effect of, or change in, government regulations (including tax);

 ● economic disruption caused by terrorist attacks, including cybersecurity threats, health crises or other unforeseen events; and

 ● the factors discussed in other reports filed with the SEC.

14

We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update any of these statements in light of new information or future events.

Overview

Effective April 24, 2015, Roper Industries, Inc. changed its name to Roper Technologies, Inc. in order to reflect its continued evolution to a diversified technology company.

Roper Technologies, Inc. ("Roper," "we" or "us") is a diversified technology company. We operate businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets; including healthcare, transportation, food, energy, water, education and academic research.

We pursue consistent and sustainable growth in earnings by emphasizing continuous improvement in the operating performance of our existing businesses and by acquiring other businesses that offer high value-added services, engineered products and solutions and are capable of achieving growth and maintaining high margins. We compete in many niche markets and believe we are the market leader or a competitive alternative to the market leader in most of these markets.

Critical Accounting Policies

There were no material changes during the six months ended June 30, 2015 to the items that we disclosed as our critical accounting policies and estimates in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2014 Annual Report on Form 10-K filed on February 20, 2015.

Recently Issued Accounting Standards

Information regarding new accounting pronouncements is included in Note 2 of the Notes to Condensed Consolidated Financial Statements.

15

Results of Operations

General

The following table sets forth selected information for the periods indicated. Dollar amounts are in thousands and percentages are the particular line item shown as a percentage of net sales. Percentages may not foot due to rounding.

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Net sales:
Medical & Scientific Imaging	$	302,262		$	268,891		$	593,962		$	525,090
RF Technology		255,558			245,602			498,512			471,283
Industrial Technology		186,467			204,814			377,195			401,815
Energy Systems & Controls		145,254			165,868			285,153			321,039
Total	$	889,541		$	885,175		$	1,754,822		$	1,719,227
Gross margin:
Medical & Scientific Imaging		73.8	%		72.4	%		73.8	%		72.3	%
RF Technology		52.5			52.4			53.0			52.7
Industrial Technology		50.2			50.8			50.1			50.4
Energy Systems & Controls		57.3			57.8			56.4			56.6
Total		60.0			59.1			60.0			58.9
Selling, general & administrative expenses:
Medical & Scientific Imaging		37.6	%		37.3	%		37.3	%		37.2	%
RF Technology		21.2			23.3			22.1			24.3
Industrial Technology		22.2			21.3			20.9			21.4
Energy Systems & Controls		31.3			30.8			32.5			31.2
Total		28.6			28.5			28.7			28.8
Segment operating margin:
Medical & Scientific Imaging		36.1	%		35.1	%		36.5	%		35.1	%
RF Technology		31.3			29.0			30.9			28.4
Industrial Technology		28.0			29.5			29.2			29.0
Energy Systems & Controls		26.0			27.0			23.9			25.5
Total		31.4			30.6			31.3			30.0
Corporate administrative expenses		(3.0	)		(2.7	)		(2.9	)		(2.7	)
		28.3			27.9			28.4			27.3
Interest expense		(2.3	)		(2.2	)		(2.3	)		(2.3	)
Other income/(expense)		(0.2	)		(0.1	)		(0.1	)		-
Earnings before income taxes		25.9			25.6			26.0			25.1
Income taxes		(6.6	)		(7.8	)		(7.4	)		(7.4	)
Net earnings		19.3	%		17.8	%		18.6	%		17.7	%

Three months ended June 30, 2015 compared to three months ended June 30, 2014

Net sales for the quarter ended June 30, 2015 increased by 0.5% as compared to the second quarter of 2014. Acquisitions added 4%, and the negative foreign exchange impact was 3%.

Our Medical & Scientific Imaging segment net sales increased by 12% to $302 million in the second quarter of 2015 as compared to $269 million in the second quarter of 2014.  Acquisitions added 13%, organic sales increased by 2% and the negative foreign exchange impact was 3%. The increase in organic sales was due to increased sales in our medical businesses, led by MHA and Verathon.  Gross margin increased to 73.8% in the second quarter of 2015 from 72.4% in the second quarter of 2014 due primarily to additional sales from medical products and software which have a higher gross margin.  Selling, general and administrative ("SG&A") expenses as a percentage of net sales were 37.6% in the second quarter of 2015 as compared to 37.3% in the second quarter of 2014 due to a higher SG&A structure at our medical businesses.  As a result, operating margin was 36.1% in the second quarter of 2015 as compared to 35.1% in the second quarter of 2014.

16

In our RF Technology segment, net sales were $256 million in the second quarter of 2015 as compared to $246 million in the second quarter of 2014, an increase of 4%.  Organic sales increased by 6%, the negative impact of foreign exchange was 1% and the net effect of acquisitions and the divestiture of the Black Diamond Advanced Technology business was a negative 1%. The increase in organic sales was due primarily to growth in our toll and traffic businesses.  Gross margin was relatively unchanged at 52.5% in the second quarter of 2015 as compared to 52.4% in the second quarter of 2014.  SG&A expenses as a percentage of net sales in the second quarter of 2015 decreased to 21.2% as compared to 23.3% in the prior year due to operating leverage on higher sales volume. The resulting operating margin was 31.3% in the second quarter of 2015 as compared to 29.0% in the second quarter of 2014.

Our Industrial Technology segment net sales decreased by 9% to $186 million in the second quarter of 2015 as compared to $205 million in the second quarter of 2014.  Organic sales decreased by 4% and the negative foreign exchange impact was 5%.  The decrease in organic sales was due primarily to decreased sales in our fluid handling businesses which serve oil and gas markets.  Gross margin decreased to 50.2% for the second quarter of 2015 as compared to 50.8% for the second quarter of 2014 due to negative operating leverage on lower sales volume. SG&A expenses as a percentage of net sales increased to 22.2% in the current year quarter as compared to 21.3% in the prior year quarter due to negative operating leverage on lower sales volume.  The resulting operating margin was 28.0% in the second quarter of 2015 as compared to 29.5% in the second quarter of 2014.

Net sales in our Energy Systems & Controls segment decreased by 12% to $145 million during the second quarter of 2015 compared to $166 million in the second quarter of 2014.  Organic sales decreased by 7% and the negative foreign exchange impact was 5%.  The decrease in organic sales was due to decreased sales in oil and gas products, including safety systems and valves.  Gross margin decreased to 57.3% in the second quarter of 2015 as compared to 57.8% in the second quarter of 2014 due to negative operating leverage on lower sales volume.  SG&A expenses as a percentage of net sales were 31.3% in the current year quarter as compared to 30.8% in the prior year quarter due to negative operating leverage on lower sales volume.  As a result, operating margin was 26.0% in the second quarter of 2015 as compared to 27.0% in the second quarter of 2014.

Corporate expenses increased to $27.1 million, or 3.0% of sales, in the second quarter of 2015 as compared to $24.2 million, or 2.7% of sales, in the second quarter of 2014, due primarily to higher compensation costs.

Interest expense was $20.2 million for the second quarter of 2015 as compared to $19.5 in the second quarter of 2014, as higher weighted average debt balances were offset in part by lower interest rates in the current quarter.

Other expense was $1.5 million in the second quarter of 2015 and $0.9 million in the second quarter of 2014, due primarily to foreign exchange losses at our non-U.S. based subsidiaries in both periods.

Income taxes as a percent of pretax earnings were 25.6% in the second quarter of 2015 as compared to 30.4% in the second quarter of 2014.  The decrease in the income tax rate was due primarily to the resolution of a tax matter which resulted in a discrete $15.9 million benefit in the second quarter of 2015.  We expect the effective tax rate for 2015 to be in the range of 30% to 31%.

At June 30, 2015, the functional currencies of our European and Canadian subsidiaries were stronger against the U.S. dollar compared to currency exchange rates at March 31, 2015. The currency changes resulted in a pretax increase of $40 million in the foreign exchange component of comprehensive earnings for the current year quarter, $17 million of which is related to goodwill and does not directly affect our expected future cash flows. During the quarter ended June 30, 2015, the functional currencies of our European and Canadian subsidiaries were weaker against the U.S. dollar as compared to the quarter ended June 30, 2014.  The difference in operating profit related to foreign exchange, translated into U.S. dollars, was approximately 2% for these companies in the second quarter of 2015 compared to the second quarter of 2014.

Net orders were $881 million in the second quarter of 2015 as compared to $874 million in the second quarter of 2014.  Our order backlog at June 30, 2015 was relatively unchanged as compared to June 30, 2014.  Acquisitions contributed 5% to the current quarter orders, which were also impacted by a negative foreign exchange effect of 3%.

17

	Net orders booked for the three months ended					Order backlog as of
	June 30,					June 30,
	2015			2014		2015		2014
	(in thousands)
Medical & Scientific Imaging		$	306,637	$	271,800	$	328,416	$	294,039
RF Technology			252,322		235,828		527,330		508,519
Industrial Technology			181,845		200,248		88,190		124,697
Energy Systems & Controls			140,255		166,041		111,082		127,708
Total		$	881,059	$	873,917	$	1,055,018	$	1,054,963

Six months ended June 30, 2015 compared to six months ended June 30, 2014

Net sales for the six months ended June 30, 2015 increased by 2% as compared to the six months ended June 30, 2014. The increase was the result of organic growth of 2%, a negative foreign exchange impact of 3% and a net effect of 3% from acquisitions and divestitures.

Our Medical & Scientific Imaging segment net sales increased by 13% to $594 million in the six months ended June 30, 2015 as compared to $525 million in the six months ended June 30, 2014.  Organic sales increased by 4%, acquisitions added 12% and the negative foreign exchange impact was 3%. The increase in organic sales was due to increased sales in our medical businesses, led by MHA and Verathon.  Gross margin increased to 73.8% in the six months ended June 30, 2015 from 72.3% in the six months ended June 30, 2014 due primarily to additional sales from medical products and software which have a higher gross margin.  SG&A expenses as a percentage of net sales were 37.3% in the six months ended June 30, 2015 as compared to 37.2% in the six months ended June 30, 2014 due to leverage on higher sales volume.  As a result, operating margin was 36.5% in the six months ended June 30, 2015 as compared to 35.1% in the six months ended June 30, 2014.

In our RF Technology segment, net sales were $499 million in the six months ended June 30, 2015 as compared to $471 million in the six months ended June 30, 2014, an increase of 6%.  Organic sales increased by 8%, the negative impact of foreign exchange was 1%, and acquisitions along with the divestiture of the Black Diamond Advanced Technology business accounted for a negative 1%. The increase in organic sales was due primarily to growth in our toll and traffic businesses.  Gross margin was relatively unchanged at 53.0% as compared to 52.7% in the prior year six month period.  SG&A expenses as a percentage of net sales in the six months ended June 30, 2015 decreased to 22.1% as compared to 24.3% in the prior year due to operating leverage on higher sales volume. The resulting operating margin was 30.9% in the six months ended June 30, 2015 as compared to 28.4% in the six months ended June 30, 2014.

Our Industrial Technology segment net sales decreased by 6% to $377 million in the six months ended June 30, 2015 as compared to $402 million in the six months ended June 30, 2014.  Organic sales decreased by 2%, and the negative foreign exchange impact was 4%.  The decrease in organic sales was due primarily to decreased sales in our fluid handling businesses which serve oil and gas markets.  Gross margin was relatively unchanged at 50.1% for the six months ended June 30, 2015 as compared to 50.4% for the six months ended June 30, 2014. SG&A expenses as a percentage of net sales decreased to 20.9% in the six months ended June 30, 2015 as compared to 21.4% in the prior year six month period.  The decrease was primarily due to an actuarial adjustment of approximately $3.5 million to the deferred pension liability related to a frozen post retirement benefit plan at Neptune Technology.  The resulting operating margin was 29.2% in the six months ended June 30, 2015 and 29.0%  in the six months ended June 30, 2014.

Net sales in our Energy Systems & Controls segment decreased by 11% to $285 million during the six months ended June 30, 2015 compared to $321 million in the six months ended June 30, 2014.  Organic sales decreased by 6% and the negative foreign exchange impact was 5%.  The decrease in organic sales was due to decreased sales in oil and gas products, including safety systems and valves.  Gross margin was relatively unchanged at 56.4% in the six months ended June 30, 2015 compared to 56.6% in the six months ended June 30, 2014.  SG&A expenses as a percentage of net sales were 32.5% compared to 31.2% in the prior year six month period due to negative operating leverage on lower sales volume.  As a result, operating margin was 23.9% in the six months ended June 30, 2015 as compared to 25.5% in the six months ended June 30, 2014.

Corporate expenses increased to $50.3 million, or 2.9% of sales, in the six months ended June 30, 2015 as compared to $46.2 million, or 2.7% of sales, in the six months ended June 30, 2014, due to acquisition-related expenses and higher compensation costs.

18

Interest expense was $40.0 million for the six months ended June 30, 2015 compared to $39.3 million for the six months ended June 30, 2014, as higher weighted average debt balances were offset in part by lower interest rates in the current year.

Other expense was $2.2 million in the six months ended June 30, 2015, due to foreign exchange gains which were more than offset by a $3 million write-off of an investment in a startup technology company. Other income was $0.5 million in the six months ended June 30, 2014, due primarily to foreign exchange gains at our non-U.S. based subsidiaries.

Income taxes as a percent of pretax earnings were 28.4% in the six months ended June 30, 2015 and as compared to 29.4% in the six months ended June 30, 2014.  The decrease in the income tax rate was due primarily to the resolution of a tax matter which resulted in a discrete $15.9 million benefit in the second quarter of 2015, offset in part by increased revenues and resulting pretax income in higher tax jurisdictions, primarily the U.S., as well as a $2.8 million reduction in the liability for unrecognized tax benefits due to the lapse of applicable statute of limitations in the first half of 2015, as compared to a $8.7 million reduction in the first half of 2014.

At June 30, 2015, the functional currencies of our Canadian and most of our European subsidiaries were weaker against the U.S. dollar compared to currency exchange rates at December 31, 2014. The currency changes resulted in a pretax decrease of $57 million in the foreign exchange component of comprehensive earnings for the six months ended June 30, 2015, $24 million of which is related to goodwill and does not directly affect our expected future cash flows. During the six months ended June 30, 2015, the functional currencies of our European and Canadian subsidiaries were weaker against the U.S. dollar as compared to the six months ended June 30, 2014.  The difference in operating profit related to foreign exchange, translated into U.S. dollars, was approximately 2% for these companies in the six months ended June 30, 2015 compared to the six months ended June 30, 2014.

Financial Condition, Liquidity and Capital Resources

Selected cash flows for the three and six month periods ended June 30, 2015 and 2014 were as follows (in millions):

	Three months ended June 30,						Six months ended June 30,
Cash provided by/(used in):	2015			2014			2015			2014
Operating activities	$	172.5			140.5			432.9			353.1
Investing activities		(11.2	)		(10.2	)		(614.3	)		(22.8	)
Financing activities		(112.9	)		(71.7	)		273.2			(226.3	)

Operating activities - Net cash provided by operating activities increased by 23% to $173 million in the second quarter of 2015 as compared to $141 million in the second quarter of 2014 due primarily to increased earnings net of intangible amortization and increased receivables collections.  Net cash provided by operating activities increased by 23% to $433 million in the six months ended June 30, 2015 as compared to $353 million in the six months ended June 30, 2014 due primarily to increased earnings net of intangible amortization and increased receivables collections.

Investing activities - Cash used in investing activities was primarily for capital expenditures during the second quarters of 2015 and 2014.  Cash used in investing activities during the six months ended June 30, 2015 was primarily for business acquisitions and capital expenditures and was primarily for capital expenditures during the six months ended June 30, 2014.

Financing activities - Cash used in financing activities was primarily for debt principal repayments and dividends in the three and six month periods ended June 30, 2015 and 2014.  Cash provided by financing activities in the second quarters of 2015 and 2014 was primarily stock option proceeds.  Cash provided by financing activities in the six months ended June 30, 2015 was primarily from debt borrowings to fund acquisitions and primarily stock option proceeds in the six months ended June 30, 2014.  Net debt proceeds were $311 million in the six months ended June 30, 2015 as compared to net debt payments of $221 million in the six months ended June 30, 2014.

19

Total debt at June 30, 2015 consisted of the following (amounts in thousands):

$400 million senior notes due 2017	$	400,000
$800 million senior notes due 2018		800,000
$500 million senior notes due 2019		500,000
$500 million senior notes due 2022		500,000
Senior Subordinated Convertible Notes		4,223
Revolving Facility		315,000
Other		5,484
Total debt		2,524,707
Less current portion		7,208
Long-term debt	$	2,517,499

The interest rate on borrowings under our $1.5 billion unsecured credit facility is calculated based upon various recognized indices plus a margin as defined in the credit agreement. At June 30, 2015, there were $315 million of outstanding borrowings under the facility.  At June 30, 2015, we had $5.5 million of other debt in the form of capital leases, several smaller facilities that allow for borrowings or the issuance of letters of credit in various foreign locations to support our non-U.S. businesses and $52 million of outstanding letters of credit.

Cash and short-term investments at our foreign subsidiaries at June 30, 2015 totaled $579 million.  Repatriation of these funds under current regulatory and tax law for use in domestic operations would expose us to additional taxes.  We consider this cash to be permanently reinvested.  We expect existing cash and cash equivalents, cash generated by our U.S. operations, our unsecured credit facility, as well as our expected ability to access the capital markets, will be sufficient to fund operating requirements in the U.S. for the foreseeable future.

We were in compliance with all debt covenants related to our credit facilities throughout the six months ended June 30, 2015.

Net working capital (total current assets, excluding cash, less total current liabilities, excluding debt) was $261 million at June 30, 2015 compared to $285 million at December 31, 2014, reflecting decreases in working capital due primarily to continued investment in asset-light acquisitions and the timing of bonus payments.  Total debt was $2.52 billion at June 30, 2015 as compared to $2.21 billion at December 31, 2014, due to credit facility borrowings for acquisitions.   Our leverage is shown in the following table (in thousands):

	June 30, 2015			December 31, 2014
Total Debt	$	2,524,707		$	2,214,123
Cash		(678,571	)		(610,430	)
Net Debt		1,846,136			1,603,693
Stockholders' Equity		5,019,349			4,755,360
Total Net Capital	$	6,865,485		$	6,359,053
Net Debt / Total Net Capital		26.9	%		25.2	%

Capital expenditures of $21 million were incurred during each of the six months ended June 30, 2015 and 2014. We expect capital expenditures for the balance of the year to be comparable to prior years as a percentage of sales.

There have been no significant changes to our contractual obligations from those disclosed in our 2014 Annual Report on Form 10-K filed on February 20, 2015.

Off-Balance Sheet Arrangements

At June 30, 2015, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

20

Outlook

Current geopolitical uncertainties could adversely affect our business prospects. A significant terrorist attack or other global conflict could cause changes in world economies that would adversely affect us. It is impossible to isolate each of these factor's effects on current economic conditions. It is also impossible to predict with any reasonable degree of certainty what or when any additional events may occur that also would similarly disrupt the economy.

We maintain an active acquisition program; however, future acquisitions will be dependent on numerous factors and it is not feasible to reasonably estimate if or when any such acquisitions will occur and what the impact will be on our business, financial condition and results of operations. Such acquisitions may be financed by the use of existing credit lines, future cash flows from operations, the proceeds from the issuance of new debt or equity securities or some combination of these methods.

We anticipate that our recently acquired companies as well as our other companies will generate positive cash flows from operating activities, and that these cash flows will permit the reduction of currently outstanding debt. However, the rate at which we can reduce our debt during 2015 (and reduce the associated interest expense) will be affected by, among other things, the financing and operating requirements of any new acquisitions and the financial performance of our existing companies; and none of these factors can be predicted with certainty.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See "Item 7A - Quantitative and Qualitative Disclosures about Market Risk," in our 2014 Annual Report on Form 10-K filed on February 20, 2015. There were no material changes during the six months ended June 30, 2015.

ITEM 4. CONTROLS AND PROCEDURES

As required by SEC rules, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this quarterly report ("Evaluation Date"). This evaluation was carried out under the supervision and with the participation of our management, including our principal executive officer and principal financial officer. Based on this evaluation as of the Evaluation Date, these officers have concluded that the design and operation of our disclosure controls and procedures are effective.

Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes to our internal controls during the period covered by this quarterly report that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Part II. OTHER INFORMATION

Item 1. Legal Proceedings

Information pertaining to legal proceedings can be found in Note 10 of the Notes to Condensed Consolidated Financial Statements included elsewhere in this report, and is incorporated by reference herein.

Item 1A. Risk Factors

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussion in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014 as filed on February 20, 2015 with the SEC. See also, "Information about Forward-Looking Statements" included in Part I, Item 2 of this Quarterly Report on Form 10-Q.

21

Item 6. Exhibits

	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.

22

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Roper Technologies, Inc.

/s/ Brian D. Jellison	Chairman of the Board, President,	August 6, 2015
Brian D. Jellison	and Chief Executive Officer
	(Principal Executive Officer)

/s/ John Humphrey	Chief Financial Officer and	August 6, 2015
John Humphrey	Executive Vice President
	(Principal Financial Officer)

/s/ Paul J. Soni	Vice President and Controller	August 6, 2015
Paul J. Soni	(Principal Accounting Officer)

23

EXHIBIT INDEX

TO REPORT ON FORM 10-Q

Number		Exhibit
	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.

EX-31.1

Exhibit 31.1

I, Brian D. Jellison, certify that:

1.             I have reviewed this Quarterly Report on Form 10-Q of Roper Technologies, Inc.;

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.             The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

5.             The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

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.

Date: August 6, 2015	/s/ Brian D. Jellison
	Brian D. Jellison
	Chairman of the Board, President and
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

I, John Humphrey, certify that:

1              I have reviewed this Quarterly Report on Form 10-Q of Roper Technologies, Inc.;

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.             The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

5.             The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

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.

Date: August 6, 2015	/s/ John Humphrey
	John Humphrey
	Executive Vice President and
	Chief Financial Officer
	(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Roper Technologies, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Brian D. Jellison, Chief Executive Officer of the Company, and John Humphrey, Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; 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: August 6, 2015	/s/ Brian D. Jellison
	Brian D. Jellison
	Chairman of the Board, President and Chief Executive Officer
	(Principal Executive Officer)
	/s/ John Humphrey
	John Humphrey
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

This certificate is being made for the exclusive purpose of compliance of the Company with the requirements of Section 906 of the Sarbanes-Oxley Act of 2002, and may not be disclosed, distributed or used by any person or for any reason other than specifically required by law.

XML

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Goodwill [Line Items]
Balances	$ 4,710,691
Goodwill acquired	424,358
Goodwill, Other Changes	391
Currency translation adjustments	(23,778)
Balances	5,111,662
Schedule Of Other Intangible Assets By Major Class [Line Items]
Cost	2,815,209		$ 2,738,747
Accumulated amortization	(706,245)		(760,018)
Net book value	2,108,964		1,978,729
Amortization expense of other intangible assets	77,640	$ 75,534
Assets subject to amortization [Member] | Customer related intangibles [Member]
Schedule Of Other Intangible Assets By Major Class [Line Items]
Cost	2,072,301		1,975,334
Accumulated amortization	(546,240)		(543,594)
Net book value	1,526,061		1,431,740
Assets subject to amortization [Member] | Unpatented technology [Member]
Schedule Of Other Intangible Assets By Major Class [Line Items]
Cost	174,666		217,260
Accumulated amortization	(104,810)		(134,702)
Net book value	69,856		82,558
Assets subject to amortization [Member] | Software [Member]
Schedule Of Other Intangible Assets By Major Class [Line Items]
Cost	161,436		156,449
Accumulated amortization	(36,131)		(62,882)
Net book value	125,305		93,567
Assets subject to amortization [Member] | Patents and other protective rights [Member]
Schedule Of Other Intangible Assets By Major Class [Line Items]
Cost	24,901		26,463
Accumulated amortization	(17,970)		(18,325)
Net book value	6,931		8,138
Assets subject to amortization [Member] | Order or Production Backlog [Member]
Schedule Of Other Intangible Assets By Major Class [Line Items]
Cost	1,100		1,100
Accumulated amortization	(993)		(443)
Net book value	107		657
Assets subject to amortization [Member] | Trade names [Member]
Schedule Of Other Intangible Assets By Major Class [Line Items]
Cost	630		622
Accumulated amortization	(101)		(72)
Net book value	529		550
Assets not subject to amortization [Member] | Trade names [Member]
Schedule Of Other Intangible Assets By Major Class [Line Items]
Cost	380,175		361,519
Accumulated amortization	0		0
Net book value	380,175		$ 361,519
Industrial Technology [Member]
Goodwill [Line Items]
Balances	408,964
Goodwill acquired	0
Goodwill, Other Changes	0
Currency translation adjustments	(8,939)
Balances	400,025
Energy Systems And Controls [Member]
Goodwill [Line Items]
Balances	426,583
Goodwill acquired	0
Goodwill, Other Changes	0
Currency translation adjustments	(3,135)
Balances	423,448
Medical And Scientific Imaging [Member]
Goodwill [Line Items]
Balances	2,594,356
Goodwill acquired	424,358
Goodwill, Other Changes	391
Currency translation adjustments	(11,564)
Balances	3,007,541
RF Technology [Member]
Goodwill [Line Items]
Balances	1,280,788
Goodwill acquired	0
Goodwill, Other Changes	0
Currency translation adjustments	(140)
Balances	$ 1,280,648

XML

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

Goodwill and Other Intangible Assets [Abstract]

Goodwill

The carrying value of goodwill by segment was as follows (in thousands):

	Medical & Scientific Imaging			RF Technology			Industrial Technology			Energy Systems & Controls			Total
Balances at December 31, 2014	$	2,594,356		$	1,280,788		$	408,964		$	426,583		$	4,710,691
Goodwill acquired		424,358			-			-			-			424,358
Other		391			-			-			-			391
Currency translation adjustments		(11,564	)		(140	)		(8,939	)		(3,135	)		(23,778	)
Balances at June 30, 2015	$	3,007,541		$	1,280,648		$	400,025		$	423,448		$	5,111,662

Other Intangible Assets

Other intangible assets were comprised of (in thousands):

	Cost		Accumulated amortization			Net book value
Assets subject to amortization:
Customer related intangibles	$	1,975,334	$	(543,594	)	$	1,431,740
Unpatented technology		217,260		(134,702	)		82,558
Software		156,449		(62,882	)		93,567
Patents and other protective rights		26,463		(18,325	)		8,138
Backlog		1,100		(443	)		657
Trade names		622		(72	)		550
Assets not subject to amortization:
Trade names		361,519		-			361,519
Balances at December 31, 2014	$	2,738,747	$	(760,018	)	$	1,978,729
Assets subject to amortization:
Customer related intangibles	$	2,072,301	$	(546,240	)	$	1,526,061
Unpatented technology		174,666		(104,810	)		69,856
Software		161,436		(36,131	)		125,305
Patents and other protective rights		24,901		(17,970	)		6,931
Backlog		1,100		(993	)		107
Trade names		630		(101	)		529
Assets not subject to amortization:
Trade names		380,175		-			380,175
Balances at June 30, 2015	$	2,815,209	$	(706,245	)	$	2,108,964

XML

Business Segments (Details) - USD ($)		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Net sales		$ 889,541,000		$ 885,175,000		$ 1,754,822,000	$ 1,719,227,000
Percent change in Net Sales (in hundredths)		0.50%				2.10%
Gross Profit		$ 533,911,000		523,182,000		$ 1,052,072,000	1,012,118,000
Percent change in Gross Profit (in hundredths)		2.10%				3.90%
Operating profit		$ 279,091,000	[1]	270,877,000	[1]	$ 549,166,000	516,289,000
Percent change in Operating Profit (in hundredths)		3.00%	[1]			6.40%
Long-Lived assets		$ 126,961,000		136,193,000		$ 126,961,000	136,193,000
Percent change in Long-lived assets (in hundredths)						(6.80%)
Unallocated corporate general and administrative expenses	[1]	27,117		24,211		$ 50,296	46,223
Industrial Technology [Member]
Segment Reporting Information [Line Items]
Net sales		$ 186,467,000		204,814,000		$ 377,195,000	401,815,000
Percent change in Net Sales (in hundredths)		(9.00%)				(6.10%)
Gross Profit		$ 93,565,000		103,982,000		$ 188,807,000	202,452,000
Percent change in Gross Profit (in hundredths)		(10.00%)				(6.70%)
Operating profit		$ 52,188,000	[1]	60,438,000	[1]	$ 110,085,000	116,494,000
Percent change in Operating Profit (in hundredths)		(13.70%)	[1]			(5.50%)
Long-Lived assets		$ 44,343,000		48,848,000		$ 44,343,000	48,848,000
Percent change in Long-lived assets (in hundredths)						(9.20%)
Energy Systems And Controls [Member]
Segment Reporting Information [Line Items]
Net sales		$ 145,254,000		165,868,000		$ 285,153,000	321,039,000
Percent change in Net Sales (in hundredths)		(12.40%)				(11.20%)
Gross Profit		$ 83,220,000		95,857,000		$ 160,767,000	181,822,000
Percent change in Gross Profit (in hundredths)		(13.20%)				(11.60%)
Operating profit		$ 37,702,000	[1]	44,786,000	[1]	$ 68,124,000	81,811,000
Percent change in Operating Profit (in hundredths)		(15.80%)	[1]			(16.70%)
Long-Lived assets		$ 15,048,000		18,027,000		$ 15,048,000	18,027,000
Percent change in Long-lived assets (in hundredths)						(16.50%)
Medical And Scientific Imaging [Member]
Segment Reporting Information [Line Items]
Net sales		$ 302,262,000		268,891,000		$ 593,962,000	525,090,000
Percent change in Net Sales (in hundredths)		12.40%				13.10%
Gross Profit		$ 222,990,000		194,756,000		$ 438,316,000	379,606,000
Percent change in Gross Profit (in hundredths)		14.50%				15.50%
Operating profit		$ 109,261,000	[1]	94,381,000	[1]	$ 217,040,000	184,152,000
Percent change in Operating Profit (in hundredths)		15.80%	[1]			17.90%
Long-Lived assets		$ 37,172,000		39,815,000		$ 37,172,000	39,815,000
Percent change in Long-lived assets (in hundredths)						(6.60%)
RF Technology [Member]
Segment Reporting Information [Line Items]
Net sales		$ 255,558,000		245,602,000		$ 498,512,000	471,283,000
Percent change in Net Sales (in hundredths)		4.10%				5.80%
Gross Profit		$ 134,136,000		128,587,000		$ 264,182,000	248,238,000
Percent change in Gross Profit (in hundredths)		4.30%				6.40%
Operating profit		$ 79,940,000	[1]	71,272,000	[1]	$ 153,917,000	133,832,000
Percent change in Operating Profit (in hundredths)		12.20%	[1]			15.00%
Long-Lived assets		$ 30,398,000		$ 29,503,000		$ 30,398,000	$ 29,503,000
Percent change in Long-lived assets (in hundredths)						3.00%

[1] Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $27,117 and $24,211 for the three months ended June 30, 2015 and 2014, respectively, and $50,296 and $46,223 for the six months ended June 30, 2015 and 2014, respectively.

XML

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2015

Recent Accounting Pronouncements [Abstract]

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

2. 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.  The Company considers the applicability and impact of all ASUs.  

In April 2015, the FASB issued an update providing guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for consistently with the acquisition of other software licenses. A cloud computing arrangement that does not include a software license should be accounted for as a service contract.  The update is effective for annual periods beginning after December 15, 2015, and may be adopted prospectively or retrospectively.  The Company does not expect this update to have a material impact on its results of operations, financial condition or cash flows.

In April 2015, the FASB issued an update related to the presentation of debt issuance costs. This update, effective for fiscal years beginning after December 15, 2015, requires that debt issuance costs related to a debt liability be reported in the balance sheet as a direct deduction from the face amount of that debt liability. The Company does not expect this update to have a material impact on its results of operations, financial condition or cash flows.

In June 2014, the FASB issued updates to the accounting for stock compensation. These updates, effective for fiscal years beginning after December 15, 2015, modify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The Company does not expect the updates to have an impact on its results of operations, financial condition or cash flows.

In May 2014, the FASB issued updates on accounting and disclosures for revenue from contracts with customers. These updates, effective for annual reporting periods after December 15, 2017, create a single, comprehensive revenue recognition model for all contracts with customers. The model is based on changes in contract assets (rights to receive consideration) and liabilities (obligations to provide a good or service). Revenue will be recognized based on the satisfaction of performance obligations, which occurs when control of a good or service transfers to a customer. The Company is evaluating the impact of these updates on its results of operations, financial condition and cash flows.

XML

Business Acquisitions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($) Business	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 5,111,662	$ 4,710,691
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Number of business acquired | Business	3
Cost of Acquired Entity Purchase Price	$ 590,000
Intangible Assets Other than Goodwill	213,000
Goodwill	424,000
Cost of Acquired Entity Transaction Costs	2,100
Finite lived intangible assets	192,000
Indefinite lived intangible assets	$ 21,000
Weighted average useful life	17 years
Series of Individually Immaterial Business Acquisitions [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	$ 153,000
Weighted average useful life	19 years
Series of Individually Immaterial Business Acquisitions [Member] | Software [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	$ 39,000
Weighted average useful life	6 years

XML

Business Segments (Tables)

6 Months Ended

Jun. 30, 2015

Business Segments [Abstract]

Sales and operating profit by business segment Table

Sales and operating profit by industry segment are set forth in the following table (dollars in thousands):

	Three months ended June 30,							Six months ended June 30,
	2015		2014		Change			2015		2014		Change
Net sales:
Medical & Scientific Imaging	$	302,262	$	268,891		12.4	%	$	593,962	$	525,090		13.1	%
RF Technology		255,558		245,602		4.1	%		498,512		471,283		5.8	%
Industrial Technology		186,467		204,814		(9.0	)%		377,195		401,815		(6.1	)%
Energy Systems & Controls		145,254		165,868		(12.4	)%		285,153		321,039		(11.2	)%
Total	$	889,541	$	885,175		0.5	%	$	1,754,822	$	1,719,227		2.1	%
Gross profit:
Medical & Scientific Imaging	$	222,990	$	194,756		14.5	%	$	438,316	$	379,606		15.5	%
RF Technology		134,136		128,587		4.3	%		264,182		248,238		6.4	%
Industrial Technology		93,565		103,982		(10.0	)%		188,807		202,452		(6.7	)%
Energy Systems & Controls		83,220		95,857		(13.2	)%		160,767		181,822		(11.6	)%
Total	$	533,911	$	523,182		2.1	%	$	1,052,072	$	1,012,118		3.9	%
Operating profit*:
Medical & Scientific Imaging	$	109,261	$	94,381		15.8	%	$	217,040	$	184,152		17.9	%
RF Technology		79,940		71,272		12.2	%		153,917		133,832		15.0	%
Industrial Technology		52,188		60,438		(13.7	)%		110,085		116,494		(5.5	)%
Energy Systems & Controls		37,702		44,786		(15.8	)%		68,124		81,811		(16.7	)%
Total	$	279,091	$	270,877		3.0	%	$	549,166	$	516,289		6.4	%
Long-lived assets:
Medical & Scientific Imaging	$	37,172	$	39,815		(6.6	)%
RF Technology		30,398		29,503		3.0	%
Industrial Technology		44,343		48,848		(9.2	)%
Energy Systems & Controls		15,048		18,027		(16.5	)%
Total	$	126,961	$	136,193		(6.8	)%

*Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $27,117 and $24,211 for the three months ended June 30, 2015 and 2014, respectively, and $50,296 and $46,223 for the six months ended June 30, 2015 and 2014, respectively.

XML

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule Of Weighted Average Number Of Shares Outstanding Basic To Diluted [Abstract]
Basic shares outstanding (in shares)	100,573,000	99,881,000	100,475,000	99,720,000
Effect of potential common stock [Abstract]
Common stock awards (in shares)	909,000	792,000	884,000	826,000
Senior subordinated convertible notes (in shares)	87,000	150,000	109,000	150,000
Diluted shares outstanding (in shares)	101,569,000	100,823,000	101,468,000	100,696,000
Antidilutive stock options (in shares)	457,305	749,666	651,805	770,665

XML

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock Based Compensation [Abstract]
Percentage of eligible earnings to purchase common stock through the employee stock purchase plan (in hundredths)	10.00%		10.00%
Discount on the average closing price for the employee stock purchase plan (in hundredths)			5.00%
Stock Based Compensation Expense [Abstract]
Stock based compensation	$ 15,637	$ 15,442	$ 29,438	$ 30,013
Tax effect recognized in net income	5,473	5,405	10,303	10,505
Windfall tax benefit/(shortfall), net	$ 4,648	$ 4,116	$ 8,755	$ 11,601
Employee stock options granted during the period (in shares)			559,055	568,500
Fair value per share (in dollars per share)			$ 33.88	$ 35.17
Weighted average assumptions used to value option grants [Abstract]
Risk-free interest rate (%) (in hundredths)			1.52%	1.63%
Expected option life (years)			5 years 1 month 5 days	5 years 2 months 26 days
Expected volatility (%) (in hundredths)			22.27%	27.58%
Expected dividend yield (%) (in hundredths)			0.62%	0.59%
Cash received from exercise of options			$ 17,000	$ 23,700
Restricted stock awards granted during period (in shares)			345,975	286,810
Weighted average fair value per share of restricted stock awards granted during the period (in dollars per share)			$ 152.72	$ 139.83
Restricted stock awards vested during period (in shares)			50,891
Weighted average grant date fair value per share (in dollars per share)			$ 128.14
Weighted average vest date fair value per share (in dollars per share)			$ 166.05
Shares of stock purchased during the period by participants in the employee stock purchase plan (in shares)			9,370	11,209
Amount paid for stock purchased during the period by participants in the employee stock purchase plan			$ 1,480	$ 1,460

XML

Basis of Presentation

6 Months Ended

Jun. 30, 2015

Basis of Presentation [Abstract]

Basis of Presentation

1. Basis of Presentation

Effective April 24, 2015, Roper Industries, Inc. changed its name to Roper Technologies, Inc. in order to reflect its continued evolution to a diversified technology company.

The accompanying condensed consolidated financial statements for the three and six month periods ended June 30, 2015 and 2014 are unaudited. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position, results of operations, comprehensive income and cash flows of Roper Technologies, Inc. and its subsidiaries ("Roper" or the "Company") for all periods presented. The December 31, 2014 financial position data included herein was derived from the audited consolidated financial statements included in the 2014 Annual Report on Form 10-K ("Annual Report") filed on February 20, 2015 with the Securities and Exchange Commission ("SEC") but does not include all disclosures required by U.S. generally accepted accounting principles ("GAAP").

Roper's management has made estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates.

The results of operations for the three and six month periods ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year. You should read these unaudited condensed consolidated financial statements in conjunction with Roper's consolidated financial statements and the notes thereto included in its Annual Report.

XML

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventories [Abstract]
Raw materials and supplies	$ 127,879	$ 124,103
Work in process	26,676	29,358
Finished products	75,850	79,184
Inventory reserves	(33,379)	(38,879)
Total Inventory	$ 197,026	$ 193,766

XML

Condensed Consolidated Statements of Earnings (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Earnings (unaudited) [Abstract]
Net sales	$ 889,541	$ 885,175	$ 1,754,822	$ 1,719,227
Cost of sales	355,630	361,993	702,750	707,109
Gross profit	533,911	523,182	1,052,072	1,012,118
Selling, general and administrative expenses	281,937	276,516	553,202	542,052
Income from operations	251,974	246,666	498,870	470,066
Interest expense, net	20,177	19,512	40,013	39,339
Other income/(expense), net	(1,520)	(930)	(2,199)	490
Earnings before income taxes	230,277	226,224	456,658	431,217
Income taxes	58,997	68,863	129,605	126,630
Net earnings	$ 171,280	$ 157,361	$ 327,053	$ 304,587
Earnings per share:
Basic (in dollars per share)	$ 1.70	$ 1.58	$ 3.26	$ 3.05
Diluted (in dollars per share)	$ 1.69	$ 1.56	$ 3.22	$ 3.02
Weighted average common shares outstanding:
Basic (in shares)	100,573,000	99,881,000	100,475,000	99,720,000
Diluted (in shares)	101,569,000	100,823,000	101,468,000	100,696,000
Dividends declared per common share (in dollars per share)	$ 0.25	$ 0.20	$ 0.50	$ 0.40

XML

Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive earnings [Member]	Treasury stock [Member]	Total
Beginning Balance at Dec. 31, 2014	$ 1,021	$ 1,325,338	$ 3,520,201	$ (71,927)	$ (19,273)	$ 4,755,360
Net earnings	0	0	327,053	0	0	327,053
Stock option exercises	2	17,010	0	0	0	17,012
Treasury stock sold	0	1,385	0	0	92	1,477
Currency translation adjustments, net of tax	0	0	0	(54,798)	0	(54,798)
Stock based compensation	0	29,438	0	0	0	29,438
Restricted stock activity	3	(1,701)	0	0	0	(1,698)
Stock option tax benefit, net of shortfalls	0	8,755	0	0	0	8,755
Conversion of senior subordinated convertible notes, net of tax	0	(11,890)	0	0	0	(11,890)
Dividends declared	0	0	(50,297)	0	0	(50,297)
Post retirement benefit plan adjustments	0	0	0	(1,063)	0	(1,063)
Ending Balance at Jun. 30, 2015	$ 1,026	$ 1,368,335	$ 3,796,957	$ (127,788)	$ (19,181)	$ 5,019,349

XML

Fair Value of Financial Instruments (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Convertible Notes [Member]
Short-term Debt [Line Items]
Fair Value of Debt Instrument	$ 4
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Face Value of Debt Instrument	2,200
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2017 [Member]
Debt Instrument [Line Items]
Face Value of Debt Instrument	400
Long-term Debt, Fair Value	$ 402
Notes due	2017
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2018 [Member]
Debt Instrument [Line Items]
Face Value of Debt Instrument	$ 800
Long-term Debt, Fair Value	$ 798
Notes due	2018
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2019 [Member]
Debt Instrument [Line Items]
Face Value of Debt Instrument	$ 500
Long-term Debt, Fair Value	$ 569
Notes due	2019
Fair Value, Inputs, Level 2 [Member] | Senior notes due 2022 [Member]
Debt Instrument [Line Items]
Face Value of Debt Instrument	$ 500
Long-term Debt, Fair Value	$ 485
Notes due	2022

XML

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Schedule Of Weighted Average Number Of Shares Outstanding Basic To Diluted

	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
Basic shares outstanding		100,573		99,881		100,475		99,720
Effect of potential common stock:
Common stock awards		909		792		884		826
Senior subordinated convertible notes		87		150		109		150
Diluted shares outstanding		101,569		100,823		101,468		100,696

For the three and six month periods ended June 30, 2015 there were 457,305 and 651,805 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 749,666 and 770,665 outstanding stock options, respectively, that would have been antidilutive for the three and six month periods ended June 30, 2014.

XML

Contingencies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Warranty Accrual Activity [Roll Forward]
Balance	$ 9,537
Additions charged to costs and expenses	5,927
Deductions	(6,003)
Other	(167)
Balance	$ 9,294

XML

Inventories (Tables)

6 Months Ended

Jun. 30, 2015

Inventories [Abstract]

Inventories

The components of inventory were as follows (in thousands):

	June 30, 2015			December 31, 2014
Raw materials and supplies	$	127,879		$	124,103
Work in process		26,676			29,358
Finished products		75,850			79,184
Inventory reserves		(33,379	)		(38,879	)
	$	197,026		$	193,766

XML

Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) [Abstract]
Currency translation adjustments, tax	$ 2,556
Conversion of senior subordinated convertible notes, tax	$ 831

XML

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Comprehensive Income (unaudited) [Abstract]
Net earnings	$ 171,280	$ 157,361	$ 327,053	$ 304,587
Other comprehensive income/(loss), net of tax:
Foreign currency translation adjustments	37,212	19,803	(54,798)	6,992
Post retirement benefit plan adjustment	0	0	1,063	0
Total other comprehensive income/(loss), net of tax	37,212	19,803	(55,861)	6,992
Comprehensive income	$ 208,492	$ 177,164	$ 271,192	$ 311,579

XML

Contingencies

6 Months Ended

Jun. 30, 2015

Contingencies [Abstract]

Contingencies

10. Contingencies

Roper, in the ordinary course of business, is the subject of, or a party to, various pending or threatened legal actions, including product liability and employment practices. It is vigorously contesting all lawsuits that, in general, are based upon claims of the kind that have been customary over the past several years. After analyzing the Company's contingent liabilities on a gross basis and, based upon past experience with resolution of its product liability and employment practices claims and the limits of the primary, excess, and umbrella liability insurance coverages that are available 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.

Over recent years there has been an increase in certain U.S. states in asbestos-related litigation claims against numerous industrial companies. Roper or its subsidiaries have been named defendants in some such cases. No significant resources have been required by Roper to respond to these cases and the Company believes it has valid defenses to such claims and, if required, intends to defend them vigorously. Given the state of these claims it is not possible to determine the potential liability, if any.

Roper's financial statements include accruals for potential product liability and warranty claims based on its claims experience. Such costs are accrued at the time revenue is recognized. A summary of the warranty accrual activity for the six months ended June 30, 2015 is presented below (in thousands):

Balance at December 31, 2014	$	9,537
Additions charged to costs and expenses		5,927
Deductions		(6,003	)
Other		(167	)
Balances at June 30, 2015	$	9,294

XML

Document and Entity Information - USD ($)	6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Roper Technologies Inc
Entity Central Index Key	0000882835
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 14,653,055,923
Entity Common Stock, Shares Outstanding		100,665,880
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

XML

Business Segments

6 Months Ended

Jun. 30, 2015

Business Segments [Abstract]

Business Segments

11. Business Segments

Sales and operating profit by industry segment are set forth in the following table (dollars in thousands):

	Three months ended June 30,							Six months ended June 30,
	2015		2014		Change			2015		2014		Change
Net sales:
Medical & Scientific Imaging	$	302,262	$	268,891		12.4	%	$	593,962	$	525,090		13.1	%
RF Technology		255,558		245,602		4.1	%		498,512		471,283		5.8	%
Industrial Technology		186,467		204,814		(9.0	)%		377,195		401,815		(6.1	)%
Energy Systems & Controls		145,254		165,868		(12.4	)%		285,153		321,039		(11.2	)%
Total	$	889,541	$	885,175		0.5	%	$	1,754,822	$	1,719,227		2.1	%
Gross profit:
Medical & Scientific Imaging	$	222,990	$	194,756		14.5	%	$	438,316	$	379,606		15.5	%
RF Technology		134,136		128,587		4.3	%		264,182		248,238		6.4	%
Industrial Technology		93,565		103,982		(10.0	)%		188,807		202,452		(6.7	)%
Energy Systems & Controls		83,220		95,857		(13.2	)%		160,767		181,822		(11.6	)%
Total	$	533,911	$	523,182		2.1	%	$	1,052,072	$	1,012,118		3.9	%
Operating profit*:
Medical & Scientific Imaging	$	109,261	$	94,381		15.8	%	$	217,040	$	184,152		17.9	%
RF Technology		79,940		71,272		12.2	%		153,917		133,832		15.0	%
Industrial Technology		52,188		60,438		(13.7	)%		110,085		116,494		(5.5	)%
Energy Systems & Controls		37,702		44,786		(15.8	)%		68,124		81,811		(16.7	)%
Total	$	279,091	$	270,877		3.0	%	$	549,166	$	516,289		6.4	%
Long-lived assets:
Medical & Scientific Imaging	$	37,172	$	39,815		(6.6	)%
RF Technology		30,398		29,503		3.0	%
Industrial Technology		44,343		48,848		(9.2	)%
Energy Systems & Controls		15,048		18,027		(16.5	)%
Total	$	126,961	$	136,193		(6.8	)%

*Segment operating profit is before unallocated corporate general and administrative expenses. These expenses were $27,117 and $24,211 for the three months ended June 30, 2015 and 2014, respectively, and $50,296 and $46,223 for the six months ended June 30, 2015 and 2014, respectively.

XML

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 678,571	$ 610,430
Accounts receivable, net	481,599	511,538
Inventories, net	197,026	193,766
Deferred taxes	58,194	54,199
Unbilled receivables	107,999	96,409
Other current assets	63,893	45,763
Total current assets	1,587,282	1,512,105
Property, plant and equipment, net	112,374	110,876
Goodwill	5,111,662	4,710,691
Other intangible assets, net	2,108,964	1,978,729
Deferred taxes	34,599	27,496
Other assets	79,215	73,037
Total assets	9,034,096	8,412,934
Liabilities and Stockholders' Equity
Accounts payable	145,584	143,847
Accrued compensation	97,312	117,374
Deferred revenue	234,067	190,953
Other accrued liabilities	166,929	160,738
Deferred taxes	3,841	3,943
Current portion of long-term debt, net	7,208	11,092
Total current liabilities	654,941	627,947
Long-term debt, net of current portion	2,517,499	2,203,031
Deferred taxes	754,297	735,826
Other liabilities	88,010	90,770
Total liabilities	$ 4,014,747	$ 3,657,574
Commitments and contingencies (Note 9)
Common stock	$ 1,026	$ 1,021
Additional paid-in capital	1,368,335	1,325,338
Retained earnings	3,796,957	3,520,201
Accumulated other comprehensive earnings	(127,788)	(71,927)
Treasury stock	(19,181)	(19,273)
Total stockholders' equity	5,019,349	4,755,360
Total liabilities and stockholders' equity	$ 9,034,096	$ 8,412,934

XML

Stock Based Compensation

6 Months Ended

Jun. 30, 2015

Stock Based Compensation [Abstract]

Stock-Based Compensation

5. Stock Based Compensation

The Roper Technologies, Inc. Amended and Restated 2006 Incentive 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 and directors.

Roper's stock purchase plan allows employees in the U.S. and Canada to designate up to 10% of eligible earnings to purchase Roper's common stock at a 5% discount to the average closing price of the stock at the beginning and end of a quarterly offering period. Common stock sold to employees may be either treasury stock, stock purchased on the open market, or newly issued shares.

The following table provides information regarding the Company's stock-based compensation expense (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Stock based compensation		$	15,637		$	15,442		$	29,438		$	30,013
Tax effect recognized in net income			5,473			5,405			10,303			10,505
Windfall tax benefit/(shortfall), net			4,648			4,116			8,755			11,601

Stock Options - In the six months ended June 30, 2015, 559,055 options were granted with a weighted average fair value of $33.88 per option. During the same period in 2014, 568,500 options were granted with a weighted average fair value of $35.17 per option. All options were issued at grant date fair value, which is defined by the Plan as the closing price of Roper's common stock on the date of grant.

Roper records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. Historical data is used to estimate the expected price volatility, the expected dividend yield, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year quarters using the Black-Scholes option-pricing model:

	Six Months Ended June 30,
	2015		2014
Risk-free interest rate (%)		1.52		1.63
Expected option life (years)		5.10		5.24
Expected volatility (%)		22.27		27.58
Expected dividend yield (%)		0.62		0.59

Cash received from option exercises for the six months ended June 30, 2015 and 2014 was $17.0 million and $23.7 million, respectively.

Restricted Stock Awards - During the six months ended June 30, 2015, 345,975 restricted stock awards were granted with a weighted average grant date fair value of $152.72 per restricted share. During the same period in 2014, 286,810 restricted stock awards were granted with a weighted average grant date fair value of $139.83 per restricted share. All grants were issued at grant date fair value.

During the six months ended June 30, 2015, 50,891 restricted awards vested with a weighted average grant date fair value of $128.14 per restricted share, and a weighted average vest date fair value of $166.05 per restricted share.

Employee Stock Purchase Plan - During the six months ended June 30, 2015 and 2014, participants of the employee stock purchase plan purchased 9,370 and 11,209 shares, respectively, of Roper's common stock for total consideration of $1.48 million and $1.46 million, respectively. All shares were purchased from Roper's treasury shares.

XML

Earnings Per Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

3. Earnings Per Share

Basic earnings per share were calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share were calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper's senior subordinated convertible notes based upon the trading price of Roper's common stock. The effects of potential common stock were determined using the treasury stock method.  Weighted average shares outstanding are shown below (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
Basic shares outstanding		100,573		99,881		100,475		99,720
Effect of potential common stock:
Common stock awards		909		792		884		826
Senior subordinated convertible notes		87		150		109		150
Diluted shares outstanding		101,569		100,823		101,468		100,696

For the three and six month periods ended June 30, 2015 there were 457,305 and 651,805 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive, as compared to 749,666 and 770,665 outstanding stock options, respectively, that would have been antidilutive for the three and six month periods ended June 30, 2014.

XML

Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Stock Based Compensation [Abstract]

Stock Based Compensation Expense

The following table provides information regarding the Company's stock-based compensation expense (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Stock based compensation		$	15,637		$	15,442		$	29,438		$	30,013
Tax effect recognized in net income			5,473			5,405			10,303			10,505
Windfall tax benefit/(shortfall), net			4,648			4,116			8,755			11,601

Weighted average assumptions used to value option grants

	Six Months Ended June 30,
	2015		2014
Risk-free interest rate (%)		1.52		1.63
Expected option life (years)		5.10		5.24
Expected volatility (%)		22.27		27.58
Expected dividend yield (%)		0.62		0.59

XML

Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

12.  Subsequent Event

On July 20, 2015, Roper acquired 100% of the shares of On Center Software, Inc., ("On Center") a leading construction automation technology company for $157 million in cash.  On Center expands Roper's portfolio of software platforms and will be reported in the RF Technology segment.

XML

Debt

6 Months Ended

Jun. 30, 2015

Debt [Abstract]

Debt

8. Debt

Roper's 3.75% senior subordinated convertible notes due 2034 became convertible on January 15, 2009.  During the six months ended June 30, 2015, 7,822 notes were converted by note holders for $16.6 million in cash.  No gain or loss was recorded upon these conversions.  In addition, a related $0.8 million deferred tax liability associated with excess deductions recorded for tax purposes was relieved to additional paid-in capital upon the conversions.

At June 30, 2015, the conversion price on the remaining outstanding notes was $502.13 per note.  If converted at June 30, 2015, the value would have exceeded the $4 million principal amount of the outstanding notes by $14 million and could have resulted in the issuance of 82,565 shares of Roper's common stock.

XML

Inventories

6 Months Ended

Jun. 30, 2015

Inventories [Abstract]

Inventories

6. Inventories

The components of inventory were as follows (in thousands):

	June 30, 2015			December 31, 2014
Raw materials and supplies	$	127,879		$	124,103
Work in process		26,676			29,358
Finished products		75,850			79,184
Inventory reserves		(33,379	)		(38,879	)
	$	197,026		$	193,766

XML

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2015

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

7. Goodwill and Other Intangible Assets

The carrying value of goodwill by segment was as follows (in thousands):

	Medical & Scientific Imaging			RF Technology			Industrial Technology			Energy Systems & Controls			Total
Balances at December 31, 2014	$	2,594,356		$	1,280,788		$	408,964		$	426,583		$	4,710,691
Goodwill acquired		424,358			-			-			-			424,358
Other		391			-			-			-			391
Currency translation adjustments		(11,564	)		(140	)		(8,939	)		(3,135	)		(23,778	)
Balances at June 30, 2015	$	3,007,541		$	1,280,648		$	400,025		$	423,448		$	5,111,662

Other relates primarily to a tax purchase accounting adjustment for SHP LLC, acquired in August 2014.

Other intangible assets were comprised of (in thousands):

	Cost		Accumulated amortization			Net book value
Assets subject to amortization:
Customer related intangibles	$	1,975,334	$	(543,594	)	$	1,431,740
Unpatented technology		217,260		(134,702	)		82,558
Software		156,449		(62,882	)		93,567
Patents and other protective rights		26,463		(18,325	)		8,138
Backlog		1,100		(443	)		657
Trade names		622		(72	)		550
Assets not subject to amortization:
Trade names		361,519		-			361,519
Balances at December 31, 2014	$	2,738,747	$	(760,018	)	$	1,978,729
Assets subject to amortization:
Customer related intangibles	$	2,072,301	$	(546,240	)	$	1,526,061
Unpatented technology		174,666		(104,810	)		69,856
Software		161,436		(36,131	)		125,305
Patents and other protective rights		24,901		(17,970	)		6,931
Backlog		1,100		(993	)		107
Trade names		630		(101	)		529
Assets not subject to amortization:
Trade names		380,175		-			380,175
Balances at June 30, 2015	$	2,815,209	$	(706,245	)	$	2,108,964

Amortization expense of other intangible assets was $77,640 and $75,534 during the six months ended June 30, 2015 and 2014, respectively.

An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2015. The Company expects to perform the annual analysis during the fourth quarter.

XML

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2015

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

9. Fair Value of Financial Instruments

Roper's debt at June 30, 2015 included $2.2 billion of fixed-rate senior notes with the following fair values (in millions):

$400 million senior notes due 2017	$	402
$800 million senior notes due 2018		798
$500 million senior notes due 2019		569
$500 million senior notes due 2022		485

The fair values of the senior notes are based on the trading prices of the notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy.  Short-term debt at June 30, 2015 included $4 million of fixed-rate convertible notes which were at fair value due to the ability of note holders to exercise the conversion option of the notes.

XML

Debt (Details) - Jun. 30, 2015 - Senior Subordinated Convertible Notes [Member] $ / shares in Units, $ in Millions	USD ($) shares NotesConverted $ / shares
Debt Instrument [Line Items]
Stated Interest Rate Percentage - Debt Instruments (in hundredths)	3.75%
Maturity year of Senior subordinated convertible notes	2034
First Conversion Date	Jan. 15, 2009
Number of Notes Converted | NotesConverted	7,822
Cash Payments for Debt Conversions (in millions)	$ 16.6
Deferred Tax Liability (in millions)	$ 0.8
Per Note Conversion Price (in dollars per share) | $ / shares	$ 502.13
Principal note amount (in millions)	$ 4.0
Excess above Principal Note Amount (in millions)	$ 14.0
If converted, issuance of common stock shares (in shares) | shares	82,565

XML

Stock Based Compensation (Policies)

6 Months Ended

Jun. 30, 2015

Stock Based Compensation [Abstract]

Stock Based Compensation

Roper records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. Historical data is used to estimate the expected price volatility, the expected dividend yield, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following weighted average assumptions were used to estimate the fair value of options granted during current and prior year quarters using the Black-Scholes option-pricing model:

XML

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value of Financial Instruments [Abstract]

Fixed-Rate Senior Notes, Fair Value

Roper's debt at June 30, 2015 included $2.2 billion of fixed-rate senior notes with the following fair values (in millions):

$400 million senior notes due 2017	$	402
$800 million senior notes due 2018		798
$500 million senior notes due 2019		569
$500 million senior notes due 2022		485

XML

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net earnings	$ 327,053	$ 304,587
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property, plant and equipment	19,417	20,089
Amortization of intangible assets	78,758	77,495
Amortization of deferred financing costs	2,002	2,002
Non-cash stock compensation	29,438	30,013
Changes in operating assets and liabilities, net of acquired businesses:
Accounts receivable	40,860	30
Unbilled receivables	(11,172)	(19,705)
Inventories	(7,972)	(6,515)
Accounts payable and accrued liabilities	(3,623)	(6,916)
Income taxes payable	(36,257)	(42,664)
Other, net	(5,556)	(5,286)
Cash provided by operating activities	432,948	353,130
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(589,727)	(2,726)
Capital expenditures	(20,673)	(20,560)
Proceeds from sale of assets	594	764
Other, net	(4,522)	(238)
Cash used in investing activities	(614,328)	(22,760)
Cash flows from financing activities:
Payments under revolving line of credit	315,000	(220,000)
Principal payments on senior notes	0	0
Principal payments on convertible notes	(3,884)	(561)
Cash premiums paid on convertible note conversions	(12,721)	(1,518)
Cash dividends to stockholders	(50,099)	(39,821)
Proceeds from stock based compensation, net	15,315	21,686
Stock award tax excess windfall benefit	8,781	12,058
Treasury stock sales	1,477	1,456
Other	(628)	355
Cash used in financing activities	273,241	(226,345)
Effect of foreign currency exchange rate changes on cash	(23,720)	1,537
Net increase in cash and cash equivalents	68,141	105,562
Cash and cash equivalents, beginning of period	610,430	459,720
Cash and cash equivalents, end of period	$ 678,571	$ 565,282

XML

Business Acquisitions

6 Months Ended

Jun. 30, 2015

Business Acquisitions [Abstract]

Business Acquisitions [Text Block]

4.    Business Acquisitions

In the first quarter of 2015, Roper acquired 100% of the shares of Strata Decision Technology LLC, a provider of planning and budget software for health care providers, SoftWriters Inc., a provider of long-term care pharmacy operating software, and Data Innovations LLC, a provider of clinical and blood laboratory middleware.  These acquisitions, purchased for $590 million of cash, expand Roper's existing medical platforms.  All three companies are reported in the Medical & Scientific Imaging segment.  Supplemental pro forma information has not been provided as the acquisitions were immaterial both individually and in aggregate.

During the six months ended June 30, 2015, the Company expensed transaction costs of $2.1 million related to the acquisitions as corporate general and administrative expenses, as incurred.

The Company recorded $424 million in goodwill and $213 million of other identifiable intangibles in connection with the acquisitions; however, purchase price allocations are preliminary pending final tax-related adjustments.  Of the $213 million intangible assets acquired, $21 million was assigned to trade names that are not subject to amortization.  The remaining $192 million of acquired intangible assets have a weighted average useful life of 17 years.  The intangible assets that make up that amount include customer relationships of $153 million (19 year weighted average useful life) and software of $39 million (6 year weighted average useful life).

XML

Contingencies (Tables)

6 Months Ended

Jun. 30, 2015

Contingencies [Abstract]

Warranty Accrual Activity

Roper's financial statements include accruals for potential product liability and warranty claims based on its claims experience. Such costs are accrued at the time revenue is recognized. A summary of the warranty accrual activity for the six months ended June 30, 2015 is presented below (in thousands):

Balance at December 31, 2014	$	9,537
Additions charged to costs and expenses		5,927
Deductions		(6,003	)
Other		(167	)
Balances at June 30, 2015	$	9,294

XML

Earnings Per Share (Policies)

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share Policy

Basic earnings per share were calculated using net earnings and the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share were calculated using net earnings and the weighted average number of shares of common stock and potential common stock outstanding during the respective period. Potentially dilutive common stock consisted of stock options and the premium over the conversion price on Roper's senior subordinated convertible notes based upon the trading price of Roper's common stock. The effects of potential common stock were determined using the treasury stock method.  Weighted average shares outstanding are shown below (in thousands):