Delaware
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51-0263969
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Title of Each Class
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Trading Symbol
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Name of Each Exchange On Which Registered
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Common Stock, $0.01 Par Value
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ROP
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New York Stock Exchange
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Page
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•
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general economic conditions;
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•
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difficulty making acquisitions and successfully integrating acquired businesses;
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•
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any unforeseen liabilities associated with future acquisitions;
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•
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limitations on our business imposed by our indebtedness;
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•
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unfavorable changes in foreign exchange rates;
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•
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failure to effectively mitigate cybersecurity threats;
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•
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failure to comply with new data privacy laws and regulations;
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•
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difficulties associated with exports/imports and risks of changes to tariff rates;
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•
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risks and costs associated with our international sales and operations;
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•
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rising interest rates;
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•
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product liability and insurance risks;
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•
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increased warranty exposure;
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•
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future competition;
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•
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the cyclical nature of some of our markets;
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•
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reduction of business with large customers;
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•
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risks associated with government contracts;
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•
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changes in the supply of, or price for, raw materials, parts and components;
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•
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environmental compliance costs and liabilities;
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•
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risks and costs associated with asbestos-related litigation;
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•
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potential write-offs of our goodwill and other intangible assets;
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•
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our ability to successfully develop new products;
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•
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failure to protect our intellectual property;
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•
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the effect of, or change in, government regulations (including tax);
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•
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economic disruption caused by terrorist attacks, health crises or other unforeseen events; and
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•
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the factors discussed in Item 1A to this Annual Report under the heading “Risk Factors.”
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ITEM 1.
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BUSINESS
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–
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Application Software - Aderant, CBORD, CliniSys, Data Innovations, Deltek, Horizon, IntelliTrans, PowerPlan, Strata, Sunquest
|
–
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Network Software & Systems - ConstructConnect, DAT, Foundry, Inovonics, iPipeline, iTradeNetwork, Link Logistics, MHA, RF IDeas, SHP, SoftWriters, TransCore
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–
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Measurement & Analytical Solutions (1) - Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon
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–
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Process Technologies - AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran, Zetec
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ITEM 1A.
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RISK FACTORS
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•
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limit our ability to borrow additional funds;
|
•
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limit our ability to complete future acquisitions;
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•
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limit our ability to pay dividends;
|
•
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limit our ability to make capital expenditures;
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•
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place us at a competitive disadvantage relative to our competitors, some of which have lower debt service obligations and greater financial resources; and
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•
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increase our vulnerability to general adverse economic and industry conditions.
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•
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unfavorable changes in or noncompliance with U.S. and other jurisdictions’ export requirements;
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•
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restrictions on the export of technology and related products;
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•
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unfavorable changes in or noncompliance with U.S. and other jurisdictions’ export policies to certain countries;
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•
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unfavorable changes in the import policies of our foreign markets; and
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•
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a general economic downturn in our foreign markets.
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•
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adverse changes in a specific country’s or region’s political or economic conditions, particularly in emerging markets;
|
•
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oil price volatility;
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•
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trade protection measures, tariffs, and import or export requirements;
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•
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subsidies or increased access to capital for firms that are currently, or may emerge as, competitors in countries in which we have operations;
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•
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partial or total expropriation;
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•
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potentially negative consequences from changes in tax laws;
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•
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difficulty in staffing and managing widespread operations;
|
•
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differing labor regulations;
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•
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differing protection of intellectual property;
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•
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differing and unexpected changes in regulatory requirements; and
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•
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potentially negative consequences from the United Kingdom’s exit from the European Union.
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
|
ITEM 2.
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PROPERTIES
|
ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
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MARKET FOR REGISTRANT’S COMMON EQUITY RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
|
12/31/2018
|
|
12/31/2019
|
||||||||||||
Roper Technologies, Inc.
|
$
|
100.00
|
|
|
$
|
122.13
|
|
|
$
|
118.61
|
|
|
$
|
168.88
|
|
|
$
|
174.82
|
|
|
$
|
233.67
|
|
S&P 500
|
100.00
|
|
|
101.38
|
|
|
113.51
|
|
|
138.29
|
|
|
132.23
|
|
|
173.86
|
|
||||||
S&P 500 Industrials
|
100.00
|
|
|
97.47
|
|
|
115.85
|
|
|
140.22
|
|
|
121.58
|
|
|
157.29
|
|
ITEM 6.
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SELECTED FINANCIAL DATA
|
|
As of and for the Years ended December 31,
|
||||||||||||||||||
|
2019 (1) (8)
|
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2018 (2)
|
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2017 (3)
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2016 (4)
|
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2015 (5)
|
||||||||||
Operations data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
5,366.8
|
|
|
$
|
5,191.2
|
|
|
$
|
4,607.5
|
|
|
$
|
3,789.9
|
|
|
$
|
3,582.4
|
|
Gross profit
|
3,427.1
|
|
|
3,279.5
|
|
|
2,864.8
|
|
|
2,332.4
|
|
|
2,164.6
|
|
|||||
Income from operations
|
1,498.4
|
|
|
1,396.4
|
|
|
1,210.2
|
|
|
1,054.6
|
|
|
1,027.9
|
|
|||||
Net earnings (6)
|
1,767.9
|
|
|
944.4
|
|
|
971.8
|
|
|
658.6
|
|
|
696.1
|
|
|||||
|
|
|
|
|
|
|
|
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|
||||||||||
Per share data:
|
|
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|
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|
||||||||
Basic earnings per share
|
$
|
17.02
|
|
|
$
|
9.15
|
|
|
$
|
9.51
|
|
|
$
|
6.50
|
|
|
$
|
6.92
|
|
Diluted earnings per share
|
$
|
16.82
|
|
|
$
|
9.05
|
|
|
$
|
9.39
|
|
|
$
|
6.43
|
|
|
$
|
6.85
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared per share
|
$
|
1.9000
|
|
|
$
|
1.7000
|
|
|
$
|
1.4625
|
|
|
$
|
1.2500
|
|
|
$
|
1.0500
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
709.7
|
|
|
$
|
364.4
|
|
|
$
|
671.3
|
|
|
$
|
757.2
|
|
|
$
|
778.5
|
|
Working capital (7)
|
(505.4
|
)
|
|
(200.4
|
)
|
|
(140.4
|
)
|
|
(25.0
|
)
|
|
126.2
|
|
|||||
Total assets
|
18,108.9
|
|
|
15,249.5
|
|
|
14,316.4
|
|
|
14,324.9
|
|
|
10,168.4
|
|
|||||
Current portion of long-term debt
|
602.2
|
|
|
1.5
|
|
|
800.9
|
|
|
401.0
|
|
|
6.8
|
|
|||||
Long-term debt, net of current portion
|
4,673.1
|
|
|
4,940.2
|
|
|
4,354.6
|
|
|
5,808.6
|
|
|
3,264.4
|
|
|||||
Stockholders’ equity
|
9,491.9
|
|
|
7,738.5
|
|
|
6,863.6
|
|
|
5,788.9
|
|
|
5,298.9
|
|
(1)
|
Includes results from the acquisitions of Foundry from April 18, 2019, ComputerEase from August 19, 2019, iPipeline from August 22, 2019, and Bellefield from December 18, 2019; and the results from the Imaging businesses through disposal on February 5, 2019 and Gatan through disposal on October 29, 2019.
|
(2)
|
Includes results from the acquisitions of Quote Software from January 2, 2018, PlanSwift Software from March 28, 2018, Smartbid from May 8, 2018, PowerPlan, Inc. from June 4, 2018, ConceptShare from June 7, 2018, BillBlast from July 10, 2018 and Avitru from December 31, 2018.
|
(3)
|
Includes results from the acquisitions of Phase Technology from June 21, 2017, Handshake Software, Inc. from August 4, 2017, Workbook Software A/S from September 15, 2017 and Onvia, Inc. from November 17, 2017.
|
(4)
|
Includes results from the acquisitions of CliniSys Group Ltd. from January 7, 2016, PCI Medical Inc. from March 17, 2016, GeneInsight Inc. from April 1, 2016, iSqFt Holdings Inc. (d/b/a ConstructConnect) from October 31, 2016, UNIConnect LC from November 10, 2016 and Deltek, Inc. from December 28, 2016.
|
(5)
|
Includes results from the acquisitions of Strata Decision Technologies LLC from January 21, 2015, SoftWriters Inc. from February 9, 2015, Data Innovations LLC from March 4, 2015, On Center Software LLC from July 20, 2015, RF IDeas Inc. from September 1, 2015, Atlantic Health Partners LLC from September 4, 2015, Aderant Holdings Inc. from October 21, 2015, Atlas Database Software Corp. from October 26, 2015; and the results from the Black Diamond Advanced Technologies through disposal on March 20, 2015 and Abel Pumps through disposal on October 2, 2015.
|
(6)
|
The Company recognized an after tax gain of $687.3 in connection with the dispositions of the Imaging businesses and Gatan during 2019. The Tax Cuts and Jobs Act of 2017 (“the Tax Act”) was signed into U.S. law on December 22, 2017, which was prior to the end of the Company’s 2017 reporting period and resulted in a one-time net income tax benefit of $215.4.
|
(7)
|
Net working capital equals current assets, excluding cash, less total current liabilities, excluding debt.
|
(8)
|
In 2019 working capital includes the impact of the increase in income taxes payable of approximately $200.0 due to the taxes incurred on the gain on sale of Gatan, and the adoption of Accounting Standards Codification ("ASC") Topic 842, Leases (“ASC 842”) which resulted in an increase to current liabilities of $56.8 as of December 31, 2019. The other balance sheet accounts impacted due to the adoption of ASC 842 are set forth in Note 16 of the Notes to Consolidated Financial Statements included in this Annual Report.
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net revenues:
|
|
|
|
|
|
||||||
Application Software (1)
|
$
|
1,588.0
|
|
|
$
|
1,452.7
|
|
|
$
|
1,222.2
|
|
Network Software & Systems (2)
|
1,529.5
|
|
|
1,345.2
|
|
|
1,254.1
|
|
|||
Measurement & Analytical Solutions (3)
|
1,596.4
|
|
|
1,705.6
|
|
|
1,531.3
|
|
|||
Process Technologies (4)
|
652.9
|
|
|
687.7
|
|
|
599.9
|
|
|||
Total
|
$
|
5,366.8
|
|
|
$
|
5,191.2
|
|
|
$
|
4,607.5
|
|
|
|
|
|
|
|
||||||
Gross margin:
|
|
|
|
|
|
|
|
|
|||
Application Software
|
67.0
|
%
|
|
66.9
|
%
|
|
65.3
|
%
|
|||
Network Software & Systems
|
69.2
|
|
|
68.3
|
|
|
66.6
|
|
|||
Measurement & Analytical Solutions
|
58.5
|
|
|
58.7
|
|
|
58.4
|
|
|||
Process Technologies
|
56.9
|
|
|
56.4
|
|
|
56.3
|
|
|||
Total
|
63.9
|
%
|
|
63.2
|
%
|
|
62.2
|
%
|
|||
|
|
|
|
|
|
||||||
Segment operating margin:
|
|
|
|
|
|
|
|
|
|||
Application Software
|
25.5
|
%
|
|
24.6
|
%
|
|
22.8
|
%
|
|||
Network Software & Systems
|
35.2
|
|
|
36.0
|
|
|
35.0
|
|
|||
Measurement & Analytical Solutions
|
31.4
|
|
|
30.7
|
|
|
29.1
|
|
|||
Process Technologies
|
34.6
|
|
|
34.0
|
|
|
31.4
|
|
|||
Total
|
31.1
|
%
|
|
30.8
|
%
|
|
29.3
|
%
|
|||
|
|
|
|
|
|
||||||
Corporate administrative expenses
|
(3.2
|
)%
|
|
(3.9
|
)%
|
|
(3.1
|
)%
|
|||
Income from operations
|
27.9
|
|
|
26.9
|
|
|
26.3
|
|
|||
Interest expense, net
|
(3.5
|
)
|
|
(3.5
|
)
|
|
(3.9
|
)
|
|||
Loss on debt extinguishment
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|||
Other income/(expense)
|
(0.1
|
)
|
|
—
|
|
|
0.1
|
|
|||
Gain on disposal of businesses
|
17.2
|
|
|
—
|
|
|
—
|
|
|||
Earnings before income taxes
|
41.5
|
|
|
23.1
|
|
|
22.5
|
|
|||
Income taxes
|
(8.6
|
)
|
|
(4.9
|
)
|
|
(1.4
|
)
|
|||
|
|
|
|
|
|
||||||
Net earnings
|
32.9
|
%
|
|
18.2
|
%
|
|
21.1
|
%
|
(1)
|
Includes results from the acquisitions of Handshake Software, Inc. from August 4, 2017, Workbook Software A/S from September 15, 2017, Onvia, Inc. from November 17, 2017, PowerPlan, Inc. from June 4, 2018, ConceptShare from June 7, 2018, BillBlast from July 10, 2018 Avitru from December 31, 2018, ComputerEase from August 19, 2019, and Bellefield from December 18, 2019.
|
(2)
|
Includes results from the acquisitions of Quote Software from January 2, 2018, PlanSwift Software from March 28, 2018, Smartbid from May 8, 2018, Foundry from April 18, 2019, and iPipeline from August 22, 2019.
|
(3)
|
Includes the results from the Imaging businesses through February 5, 2019 and Gatan through October 29, 2019.
|
(4)
|
Includes results from the acquisition of Phase Technology from June 21, 2017.
|
|
2019
|
|
2018
|
|
change
|
|||||
Application Software
|
$
|
834.6
|
|
|
$
|
756.4
|
|
|
10.3
|
%
|
Network Software & Systems
|
848.5
|
|
|
501.0
|
|
|
69.4
|
|
||
Measurement & Analytical Solutions
|
188.5
|
|
|
305.6
|
|
|
(38.3
|
)
|
||
Process Technologies
|
113.8
|
|
|
129.8
|
|
|
(12.3
|
)
|
||
Total
|
$
|
1,985.4
|
|
|
$
|
1,692.8
|
|
|
17.3
|
%
|
|
2018
|
|
2017
|
|
change
|
|||||
Application Software
|
$
|
756.4
|
|
|
$
|
679.8
|
|
|
11.3
|
%
|
Network Software & Systems
|
501.0
|
|
|
550.6
|
|
|
(9.0
|
)%
|
||
Measurement & Analytical Solutions
|
305.6
|
|
|
313.2
|
|
|
(2.4
|
)%
|
||
Process Technologies
|
129.8
|
|
|
128.8
|
|
|
0.8
|
%
|
||
Total
|
$
|
1,692.8
|
|
|
$
|
1,672.4
|
|
|
1.2
|
%
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash provided by/(used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
1,461.8
|
|
|
$
|
1,430.1
|
|
|
$
|
1,234.5
|
|
Investing activities
|
(1,296.0
|
)
|
|
(1,335.1
|
)
|
|
(209.6
|
)
|
|||
Financing activities
|
177.0
|
|
|
(388.1
|
)
|
|
(1,170.0
|
)
|
|
|
|
Payments Due in Fiscal Year
|
||||||||||||||||||||||||
Contractual
Cash Obligations 1
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
Total debt
|
$
|
5,307.7
|
|
|
$
|
603.1
|
|
|
$
|
502.3
|
|
|
$
|
502.3
|
|
|
$
|
700.0
|
|
|
$
|
500.0
|
|
|
$
|
2,500.0
|
|
Senior note interest
|
986.9
|
|
|
176.6
|
|
|
158.8
|
|
|
143.4
|
|
|
122.3
|
|
|
100.7
|
|
|
285.1
|
|
|||||||
Operating leases
|
305.1
|
|
|
63.7
|
|
|
55.9
|
|
|
42.8
|
|
|
35.3
|
|
|
29.9
|
|
|
77.5
|
|
|||||||
Total
|
$
|
6,599.7
|
|
|
$
|
843.4
|
|
|
$
|
717.0
|
|
|
$
|
688.5
|
|
|
$
|
857.6
|
|
|
$
|
630.6
|
|
|
$
|
2,862.6
|
|
|
|
|
Amounts Expiring in Fiscal Year
|
||||||||||||||||||||||||
Other Commercial
Commitments
|
Total
Amount
Committed
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
Standby letters of credit and bank guarantees
|
$
|
74.0
|
|
|
$
|
24.7
|
|
|
$
|
40.7
|
|
|
$
|
7.5
|
|
|
$
|
0.4
|
|
|
$
|
0.2
|
|
|
$
|
0.5
|
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
Page
|
Consolidated Financial Statements:
|
|
|
|
Supplementary Data:
|
|
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
709.7
|
|
|
$
|
364.4
|
|
Accounts receivable, net
|
791.6
|
|
|
700.8
|
|
||
Inventories, net
|
198.6
|
|
|
190.8
|
|
||
Income taxes receivable
|
18.5
|
|
|
21.7
|
|
||
Unbilled receivables
|
183.5
|
|
|
169.4
|
|
||
Other current assets
|
97.6
|
|
|
80.0
|
|
||
Current assets held for sale
|
—
|
|
|
83.6
|
|
||
Total current assets
|
1,999.5
|
|
|
1,610.7
|
|
||
|
|
|
|
||||
Property, plant and equipment, net
|
139.9
|
|
|
128.7
|
|
||
Goodwill
|
10,815.4
|
|
|
9,346.8
|
|
||
Other intangible assets, net
|
4,667.7
|
|
|
3,842.1
|
|
||
Deferred taxes
|
95.6
|
|
|
52.2
|
|
||
Other assets
|
390.8
|
|
|
101.1
|
|
||
Assets held for sale
|
—
|
|
|
167.9
|
|
||
Total assets
|
$
|
18,108.9
|
|
|
$
|
15,249.5
|
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Accounts payable
|
$
|
162.0
|
|
|
$
|
165.3
|
|
Accrued compensation
|
240.1
|
|
|
248.3
|
|
||
Deferred revenue
|
831.8
|
|
|
677.9
|
|
||
Other accrued liabilities
|
346.2
|
|
|
258.0
|
|
||
Income taxes payable
|
215.1
|
|
|
58.3
|
|
||
Current portion of long-term debt, net
|
602.2
|
|
|
1.5
|
|
||
Current liabilities held for sale
|
—
|
|
|
38.9
|
|
||
Total current liabilities
|
2,397.4
|
|
|
1,448.2
|
|
||
|
|
|
|
||||
Long-term debt, net of current portion
|
4,673.1
|
|
|
4,940.2
|
|
||
Deferred taxes
|
1,108.1
|
|
|
931.1
|
|
||
Other liabilities
|
438.4
|
|
|
191.5
|
|
||
Total liabilities
|
8,617.0
|
|
|
7,511.0
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, $0.01 par value per share; 1.0 shares authorized; none outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value per share; 350.0 shares authorized; 105.9 shares issued and 104.1 outstanding at December 31, 2019 and 105.2 shares issued and 103.4 outstanding at December 31, 2018
|
1.1
|
|
|
1.1
|
|
||
Additional paid-in capital
|
1,903.9
|
|
|
1,751.5
|
|
||
Retained earnings
|
7,818.0
|
|
|
6,247.7
|
|
||
Accumulated other comprehensive loss
|
(212.8
|
)
|
|
(243.3
|
)
|
||
Treasury stock, 1.8 shares at December 31, 2019 and 1.9 shares at December 31, 2018
|
(18.3
|
)
|
|
(18.5
|
)
|
||
Total stockholders’ equity
|
9,491.9
|
|
|
7,738.5
|
|
||
Total liabilities and stockholders’ equity
|
$
|
18,108.9
|
|
|
$
|
15,249.5
|
|
|
Years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net revenues
|
$
|
5,366.8
|
|
|
$
|
5,191.2
|
|
|
$
|
4,607.5
|
|
Cost of sales
|
1,939.7
|
|
|
1,911.7
|
|
|
1,742.7
|
|
|||
Gross profit
|
3,427.1
|
|
|
3,279.5
|
|
|
2,864.8
|
|
|||
Selling, general and administrative expenses
|
1,928.7
|
|
|
1,883.1
|
|
|
1,654.6
|
|
|||
Income from operations
|
1,498.4
|
|
|
1,396.4
|
|
|
1,210.2
|
|
|||
Interest expense, net
|
186.6
|
|
|
182.1
|
|
|
180.6
|
|
|||
Loss on extinguishment of debt
|
—
|
|
|
15.9
|
|
|
—
|
|
|||
Other income/(expense), net
|
(5.1
|
)
|
|
—
|
|
|
5.1
|
|
|||
Gain on disposal of businesses
|
920.7
|
|
|
—
|
|
|
—
|
|
|||
Earnings before income taxes
|
2,227.4
|
|
|
1,198.4
|
|
|
1,034.7
|
|
|||
Income taxes
|
459.5
|
|
|
254.0
|
|
|
62.9
|
|
|||
|
|
|
|
|
|
||||||
Net earnings
|
$
|
1,767.9
|
|
|
$
|
944.4
|
|
|
$
|
971.8
|
|
|
|
|
|
|
|
||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
17.02
|
|
|
$
|
9.15
|
|
|
$
|
9.51
|
|
Diluted
|
$
|
16.82
|
|
|
$
|
9.05
|
|
|
$
|
9.39
|
|
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|||
Basic
|
103.9
|
|
|
103.2
|
|
|
102.2
|
|
|||
Diluted
|
105.1
|
|
|
104.4
|
|
|
103.5
|
|
|
Years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net earnings
|
$
|
1,767.9
|
|
|
$
|
944.4
|
|
|
$
|
971.8
|
|
|
|
|
|
|
|
||||||
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation adjustments
|
30.5
|
|
|
(57.1
|
)
|
|
138.5
|
|
|||
Total other comprehensive income/(loss), net of tax
|
30.5
|
|
|
(57.1
|
)
|
|
138.5
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive income
|
$
|
1,798.4
|
|
|
$
|
887.3
|
|
|
$
|
1,110.3
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
Additional
paid-in
capital
|
|
Retained
earnings
|
|
Accumulated other comprehensive earnings
|
|
Treasury
stock
|
|
Total stockholders’ equity
|
|||||||||||||
Balances at December 31, 2016
|
101.7
|
|
|
$
|
1.0
|
|
|
$
|
1,489.1
|
|
|
$
|
4,642.4
|
|
|
$
|
(324.7
|
)
|
|
$
|
(18.9
|
)
|
|
$
|
5,788.9
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
971.8
|
|
|
—
|
|
|
—
|
|
|
971.8
|
|
||||||
Stock option exercises
|
0.6
|
|
|
—
|
|
|
61.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61.3
|
|
||||||
Treasury stock sold
|
—
|
|
|
—
|
|
|
4.0
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
4.2
|
|
||||||
Currency translation adjustments, including tax provision of $4.9
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
138.5
|
|
|
—
|
|
|
138.5
|
|
||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
81.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81.3
|
|
||||||
Restricted stock activity
|
0.2
|
|
|
—
|
|
|
(32.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32.8
|
)
|
||||||
Dividends declared ($1.4625 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(149.6
|
)
|
|
—
|
|
|
—
|
|
|
(149.6
|
)
|
||||||
Balances at December 31, 2017
|
102.5
|
|
|
$
|
1.0
|
|
|
$
|
1,602.9
|
|
|
$
|
5,464.6
|
|
|
$
|
(186.2
|
)
|
|
$
|
(18.7
|
)
|
|
$
|
6,863.6
|
|
Adoption of ASC 606
|
—
|
|
|
—
|
|
|
—
|
|
|
14.3
|
|
|
—
|
|
|
—
|
|
|
14.3
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
944.4
|
|
|
—
|
|
|
—
|
|
|
944.4
|
|
||||||
Stock option exercises
|
0.6
|
|
|
0.1
|
|
|
58.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58.8
|
|
||||||
Treasury stock sold
|
—
|
|
|
—
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
5.4
|
|
||||||
Currency translation adjustments, including tax benefit of $7.2
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57.1
|
)
|
|
—
|
|
|
(57.1
|
)
|
||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
132.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132.9
|
|
||||||
Restricted stock activity
|
0.3
|
|
|
—
|
|
|
(48.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48.2
|
)
|
||||||
Dividends declared ($1.70 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(175.6
|
)
|
|
—
|
|
|
—
|
|
|
(175.6
|
)
|
||||||
Balances at December 31, 2018
|
103.4
|
|
|
$
|
1.1
|
|
|
$
|
1,751.5
|
|
|
$
|
6,247.7
|
|
|
$
|
(243.3
|
)
|
|
$
|
(18.5
|
)
|
|
$
|
7,738.5
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
1,767.9
|
|
|
—
|
|
|
—
|
|
|
1,767.9
|
|
||||||
Stock option exercises
|
0.5
|
|
|
—
|
|
|
64.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64.9
|
|
||||||
Treasury stock sold
|
—
|
|
|
—
|
|
|
6.6
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
6.8
|
|
||||||
Currency translation adjustments, including tax benefit of $3.8
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.5
|
|
|
—
|
|
|
30.5
|
|
||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
110.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110.9
|
|
||||||
Restricted stock activity
|
0.2
|
|
|
—
|
|
|
(30.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30.0
|
)
|
||||||
Dividends declared ($1.90 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(197.6
|
)
|
|
—
|
|
|
—
|
|
|
(197.6
|
)
|
||||||
Balances at December 31, 2019
|
104.1
|
|
|
$
|
1.1
|
|
|
$
|
1,903.9
|
|
|
$
|
7,818.0
|
|
|
$
|
(212.8
|
)
|
|
$
|
(18.3
|
)
|
|
$
|
9,491.9
|
|
|
Years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net earnings
|
$
|
1,767.9
|
|
|
$
|
944.4
|
|
|
$
|
971.8
|
|
Adjustments to reconcile net earnings to cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization of property, plant and equipment
|
49.2
|
|
|
49.5
|
|
|
49.5
|
|
|||
Amortization of intangible assets
|
366.8
|
|
|
317.5
|
|
|
295.5
|
|
|||
Amortization of deferred financing costs
|
7.3
|
|
|
6.3
|
|
|
7.2
|
|
|||
Non-cash stock compensation
|
104.5
|
|
|
133.8
|
|
|
83.1
|
|
|||
Loss on debt extinguishment
|
—
|
|
|
15.9
|
|
|
—
|
|
|||
Gain on sale of assets
|
—
|
|
|
—
|
|
|
(9.4
|
)
|
|||
Gain on disposal of businesses, net of associated income tax
|
(687.3
|
)
|
|
—
|
|
|
—
|
|
|||
Changes in operating assets and liabilities, net of acquired businesses:
|
|
|
|
|
|
|
|
|
|||
Accounts receivable
|
(46.7
|
)
|
|
(83.5
|
)
|
|
(6.7
|
)
|
|||
Unbilled receivables
|
(12.0
|
)
|
|
(14.0
|
)
|
|
(13.5
|
)
|
|||
Inventories
|
(17.3
|
)
|
|
(21.8
|
)
|
|
(15.3
|
)
|
|||
Accounts payable and accrued liabilities
|
(12.2
|
)
|
|
68.8
|
|
|
73.3
|
|
|||
Deferred revenue
|
108.8
|
|
|
86.6
|
|
|
74.9
|
|
|||
Income taxes
|
(105.4
|
)
|
|
(67.6
|
)
|
|
(257.0
|
)
|
|||
Cash tax paid for gain on disposal of business
|
(39.4
|
)
|
|
—
|
|
|
—
|
|
|||
Other, net
|
(22.4
|
)
|
|
(5.8
|
)
|
|
(18.9
|
)
|
|||
Cash provided by operating activities
|
1,461.8
|
|
|
1,430.1
|
|
|
1,234.5
|
|
|||
Cash flows used in investing activities:
|
|
|
|
|
|
|
|
|
|||
Acquisitions of businesses, net of cash acquired
|
(2,387.3
|
)
|
|
(1,275.8
|
)
|
|
(153.7
|
)
|
|||
Capital expenditures
|
(52.7
|
)
|
|
(49.1
|
)
|
|
(48.8
|
)
|
|||
Capitalized software expenditures
|
(10.2
|
)
|
|
(9.5
|
)
|
|
(10.8
|
)
|
|||
Proceeds from disposal of businesses
|
1,156.8
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of assets
|
—
|
|
|
—
|
|
|
10.6
|
|
|||
Other, net
|
(2.6
|
)
|
|
(0.7
|
)
|
|
(6.9
|
)
|
|||
Cash used in investing activities
|
(1,296.0
|
)
|
|
(1,335.1
|
)
|
|
(209.6
|
)
|
|||
Cash flows from (used in) financing activities:
|
|
|
|
|
|
|
|
|
|||
Proceeds from senior notes
|
1,200.0
|
|
|
1,500.0
|
|
|
—
|
|
|||
Payment of senior notes
|
—
|
|
|
(1,300.0
|
)
|
|
(400.0
|
)
|
|||
Borrowings/(payments) under revolving line of credit, net
|
(865.0
|
)
|
|
(405.0
|
)
|
|
(660.0
|
)
|
|||
Debt issuance costs
|
(12.1
|
)
|
|
(13.9
|
)
|
|
—
|
|
|||
Redemption premium for debt extinguishment
|
—
|
|
|
(15.5
|
)
|
|
—
|
|
|||
Cash dividends to stockholders
|
(191.7
|
)
|
|
(170.1
|
)
|
|
(142.8
|
)
|
|||
Treasury stock sales
|
6.8
|
|
|
5.4
|
|
|
4.2
|
|
|||
Proceeds from stock based compensation, net
|
34.9
|
|
|
10.6
|
|
|
28.5
|
|
|||
Other, net
|
4.1
|
|
|
0.4
|
|
|
0.1
|
|
|||
Cash provided by (used in) financing activities
|
177.0
|
|
|
(388.1
|
)
|
|
(1,170.0
|
)
|
|||
Effect of exchange rate changes on cash
|
2.5
|
|
|
(13.8
|
)
|
|
59.2
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
345.3
|
|
|
(306.9
|
)
|
|
(85.9
|
)
|
|||
Cash and cash equivalents, beginning of year
|
364.4
|
|
|
671.3
|
|
|
757.2
|
|
|||
Cash and cash equivalents, end of year
|
$
|
709.7
|
|
|
$
|
364.4
|
|
|
$
|
671.3
|
|
Supplemental disclosures:
|
|
|
|
|
|
|
|
|
|||
Cash paid for:
|
|
|
|
|
|
|
|
|
|||
Interest
|
$
|
171.7
|
|
|
$
|
169.0
|
|
|
$
|
175.0
|
|
Income taxes, net of refunds received
|
$
|
370.9
|
|
|
$
|
321.6
|
|
|
$
|
320.2
|
|
Noncash investing activities:
|
|
|
|
|
|
|
|
|
|||
Net assets of businesses acquired:
|
|
|
|
|
|
|
|
|
|||
Fair value of assets, including goodwill
|
$
|
2,472.4
|
|
|
$
|
1,505.1
|
|
|
$
|
177.3
|
|
Liabilities assumed
|
(85.1
|
)
|
|
(229.3
|
)
|
|
(23.6
|
)
|
|||
Cash paid, net of cash acquired
|
$
|
2,387.3
|
|
|
$
|
1,275.8
|
|
|
$
|
153.7
|
|
–
|
Application Software - Aderant, CBORD, CliniSys, Data Innovations, Deltek, Horizon, IntelliTrans, PowerPlan, Strata, Sunquest
|
–
|
Network Software & Systems - ConstructConnect, DAT, Foundry, Inovonics, iPipeline, iTradeNetwork, Link Logistics, MHA, RF IDeas, SHP, SoftWriters, TransCore
|
–
|
Measurement & Analytical Solutions (1) - Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon
|
–
|
Process Technologies - AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran, Zetec
|
|
Years ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Basic weighted-average shares outstanding
|
103.9
|
|
|
103.2
|
|
|
102.2
|
|
Effect of potential common stock:
|
|
|
|
|
|
|
|
|
Common stock awards
|
1.2
|
|
|
1.2
|
|
|
1.3
|
|
Diluted weighted-average shares outstanding
|
105.1
|
|
|
104.4
|
|
|
103.5
|
|
•
|
a significant adverse change in legal factors or in the business climate;
|
•
|
an adverse action or assessment by a regulator;
|
•
|
unanticipated competition;
|
•
|
a loss of key personnel;
|
•
|
a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of;
|
•
|
the testing for recoverability of a significant asset group within a reporting unit; and
|
•
|
recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit.
|
Buildings
|
20-30 years
|
Machinery
|
8-12 years
|
Other equipment
|
3-5 years
|
•
|
identify the contract with the customer;
|
•
|
identify the performance obligations in the contract;
|
•
|
determine the transaction price;
|
•
|
allocate the transaction price to performance obligations in the contract; and
|
•
|
recognize revenue when or as the Company satisfies a performance obligation.
|
|
|
Year ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Software and related services
|
|
$
|
2,477.7
|
|
|
$
|
2,165.9
|
|
Engineered products and related services
|
|
2,889.1
|
|
|
3,025.3
|
|
||
Net revenues
|
|
$
|
5,366.8
|
|
|
$
|
5,191.2
|
|
–
|
Perpetual or time-based (“term”) software licenses
|
–
|
Post contract support (“PCS”)
|
–
|
Implementation/installation services
|
|
2019
|
|
2018
|
||||
Raw materials and supplies
|
$
|
125.1
|
|
|
$
|
120.3
|
|
Work in process
|
30.9
|
|
|
26.2
|
|
||
Finished products
|
76.0
|
|
|
74.6
|
|
||
Inventory reserves
|
(33.4
|
)
|
|
(30.3
|
)
|
||
|
$
|
198.6
|
|
|
$
|
190.8
|
|
|
2019
|
|
2018
|
||||
Land
|
$
|
2.2
|
|
|
$
|
2.2
|
|
Buildings
|
84.7
|
|
|
76.7
|
|
||
Machinery and other equipment
|
218.1
|
|
|
218.0
|
|
||
Computer equipment
|
96.4
|
|
|
79.4
|
|
||
Software
|
73.3
|
|
|
64.4
|
|
||
|
474.7
|
|
|
440.7
|
|
||
Accumulated depreciation
|
(334.8
|
)
|
|
(312.0
|
)
|
||
|
$
|
139.9
|
|
|
$
|
128.7
|
|
|
Application Software
|
|
Network Software & Systems
|
|
Measurement &Analytical Solutions
|
|
Process Technologies
|
|
Total
|
||||||||||
Balances at December 31, 2017
|
$
|
4,565.4
|
|
|
$
|
2,591.3
|
|
|
$
|
1,345.4
|
|
|
$
|
318.2
|
|
|
$
|
8,820.3
|
|
Goodwill acquired
|
684.4
|
|
|
33.1
|
|
|
—
|
|
|
—
|
|
|
717.5
|
|
|||||
Goodwill related to assets held for sale
|
—
|
|
|
—
|
|
|
(156.2
|
)
|
|
—
|
|
|
(156.2
|
)
|
|||||
Currency translation adjustments
|
(17.0
|
)
|
|
(2.3
|
)
|
|
(14.5
|
)
|
|
(5.9
|
)
|
|
(39.7
|
)
|
|||||
Reclassifications and other
|
3.3
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
4.9
|
|
|||||
Balances at December 31, 2018
|
$
|
5,236.1
|
|
|
$
|
2,623.7
|
|
|
$
|
1,174.7
|
|
|
$
|
312.3
|
|
|
$
|
9,346.8
|
|
Goodwill acquired
|
143.4
|
|
|
1,303.6
|
|
|
—
|
|
|
—
|
|
|
1,447.0
|
|
|||||
Currency translation adjustments
|
8.3
|
|
|
8.8
|
|
|
3.3
|
|
|
2.2
|
|
|
22.6
|
|
|||||
Reclassifications and other
|
1.6
|
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
(1.0
|
)
|
|||||
Balances at December 31, 2019
|
$
|
5,389.4
|
|
|
$
|
3,933.5
|
|
|
$
|
1,178.0
|
|
|
$
|
314.5
|
|
|
$
|
10,815.4
|
|
|
Cost
|
|
Accum. amort.
|
|
Net book value
|
||||||
Assets subject to amortization:
|
|
|
|
|
|
||||||
Customer related intangibles
|
$
|
3,926.8
|
|
|
$
|
(1,083.6
|
)
|
|
$
|
2,843.2
|
|
Unpatented technology
|
504.0
|
|
|
(199.5
|
)
|
|
304.5
|
|
|||
Software
|
172.0
|
|
|
(93.2
|
)
|
|
78.8
|
|
|||
Patents and other protective rights
|
9.7
|
|
|
(7.5
|
)
|
|
2.2
|
|
|||
Trade names
|
7.3
|
|
|
(2.8
|
)
|
|
4.5
|
|
|||
Assets not subject to amortization:
|
|
|
|
|
|
|
|
|
|||
Trade names
|
608.9
|
|
|
—
|
|
|
608.9
|
|
|||
Balances at December 31, 2018
|
$
|
5,228.7
|
|
|
$
|
(1,386.6
|
)
|
|
$
|
3,842.1
|
|
|
|
|
|
|
|
||||||
Assets subject to amortization:
|
|
|
|
|
|
|
|
|
|||
Customer related intangibles
|
$
|
4,955.4
|
|
|
$
|
(1,349.4
|
)
|
|
$
|
3,606.0
|
|
Unpatented technology
|
613.0
|
|
|
(279.6
|
)
|
|
333.4
|
|
|||
Software
|
172.2
|
|
|
(111.5
|
)
|
|
60.7
|
|
|||
Patents and other protective rights
|
12.0
|
|
|
(8.0
|
)
|
|
4.0
|
|
|||
Trade names
|
7.9
|
|
|
(4.1
|
)
|
|
3.8
|
|
|||
Assets not subject to amortization:
|
|
|
|
|
|
|
|
|
|||
Trade names
|
659.8
|
|
|
—
|
|
|
659.8
|
|
|||
Balances at December 31, 2019
|
$
|
6,420.3
|
|
|
$
|
(1,752.6
|
)
|
|
$
|
4,667.7
|
|
|
2019
|
|
2018
|
||||
Interest
|
$
|
34.4
|
|
|
$
|
26.9
|
|
Customer deposits
|
22.4
|
|
|
22.3
|
|
||
Commissions
|
6.6
|
|
|
7.7
|
|
||
Warranty
|
10.0
|
|
|
9.3
|
|
||
Accrued dividend
|
54.3
|
|
|
48.5
|
|
||
Rebates
|
47.1
|
|
|
29.1
|
|
||
Billings in excess of revenues
|
9.0
|
|
|
13.9
|
|
||
Operating lease liability
|
56.8
|
|
|
—
|
|
||
Other
|
105.6
|
|
|
100.3
|
|
||
|
$
|
346.2
|
|
|
$
|
258.0
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
$
|
1,902.2
|
|
|
$
|
924.2
|
|
|
$
|
783.6
|
|
Other
|
325.2
|
|
|
274.2
|
|
|
251.1
|
|
|||
|
$
|
2,227.4
|
|
|
$
|
1,198.4
|
|
|
$
|
1,034.7
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
391.6
|
|
|
$
|
155.4
|
|
|
$
|
316.0
|
|
State
|
78.3
|
|
|
56.2
|
|
|
29.8
|
|
|||
Foreign
|
79.8
|
|
|
105.1
|
|
|
89.9
|
|
|||
Deferred:
|
|
|
|
|
|
|
|
|
|||
Federal
|
(43.1
|
)
|
|
(24.2
|
)
|
|
(358.3
|
)
|
|||
State
|
2.6
|
|
|
(25.8
|
)
|
|
(3.7
|
)
|
|||
Foreign
|
(49.7
|
)
|
|
(12.7
|
)
|
|
(10.8
|
)
|
|||
|
$
|
459.5
|
|
|
$
|
254.0
|
|
|
$
|
62.9
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Federal statutory rate
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
Foreign rate differential
|
(0.1
|
)
|
|
0.3
|
|
|
(2.6
|
)
|
R&D tax credits
|
(0.6
|
)
|
|
(0.9
|
)
|
|
(0.8
|
)
|
State taxes, net of federal benefit
|
1.6
|
|
|
2.4
|
|
|
1.9
|
|
Section 199 deduction
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
Stock-based compensation
|
(1.3
|
)
|
|
(3.1
|
)
|
|
(3.9
|
)
|
Tax Cuts and Jobs Act of 2017 - enactment date and measurement period adjustments
|
—
|
|
|
(1.2
|
)
|
|
(20.8
|
)
|
Global intangible low taxed income (GILTI) inclusion
|
0.2
|
|
|
1.1
|
|
|
—
|
|
Foreign-derived intangible income (FDII) deduction
|
(0.5
|
)
|
|
(1.2
|
)
|
|
—
|
|
Tax on planned remittances of foreign earnings
|
0.3
|
|
|
1.3
|
|
|
—
|
|
Divestitures
|
1.8
|
|
|
—
|
|
|
—
|
|
Foreign entity restructuring
|
(1.8
|
)
|
|
—
|
|
|
—
|
|
Other, net
|
—
|
|
|
1.5
|
|
|
(1.4
|
)
|
|
20.6
|
%
|
|
21.2
|
%
|
|
6.1
|
%
|
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
||||
Reserves and accrued expenses
|
$
|
175.2
|
|
|
$
|
156.5
|
|
Inventories
|
4.3
|
|
|
4.5
|
|
||
Net operating loss carryforwards
|
111.2
|
|
|
67.9
|
|
||
R&D credits
|
4.1
|
|
|
6.1
|
|
||
Valuation allowance
|
(36.3
|
)
|
|
(26.4
|
)
|
||
Outside basis difference on investments held for sale
|
—
|
|
|
2.7
|
|
||
Lease liability 1
|
64.0
|
|
|
—
|
|
||
Total deferred tax assets
|
$
|
322.5
|
|
|
$
|
211.3
|
|
Deferred tax liabilities:
|
|
|
|
|
|
||
Reserves and accrued expenses
|
$
|
15.5
|
|
|
$
|
14.3
|
|
Amortizable intangible assets
|
1,229.9
|
|
|
1,043.0
|
|
||
Plant and equipment
|
10.8
|
|
|
6.6
|
|
||
Accrued tax on unremitted foreign earnings
|
17.1
|
|
|
16.3
|
|
||
Outside basis difference on investments held for sale
|
—
|
|
|
10.0
|
|
||
ROU asset 1
|
61.7
|
|
|
—
|
|
||
Total deferred tax liabilities
|
$
|
1,335.0
|
|
|
$
|
1,090.2
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
63.6
|
|
|
$
|
52.2
|
|
|
$
|
38.7
|
|
Additions for tax positions of prior periods
|
2.9
|
|
|
2.4
|
|
|
24.8
|
|
|||
Additions for tax positions of the current period
|
4.2
|
|
|
6.9
|
|
|
4.2
|
|
|||
Additions due to acquisitions
|
1.9
|
|
|
4.4
|
|
|
—
|
|
|||
Reductions for tax positions of prior periods
|
(0.3
|
)
|
|
(0.4
|
)
|
|
(11.2
|
)
|
|||
Reductions attributable to settlements with taxing authorities
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|||
Reductions attributable to lapses of applicable statute of limitations
|
(2.5
|
)
|
|
(1.9
|
)
|
|
(2.8
|
)
|
|||
Ending balance
|
$
|
69.8
|
|
|
$
|
63.6
|
|
|
$
|
52.2
|
|
|
2019
|
|
2018
|
||||
2016 Facility
|
$
|
—
|
|
|
$
|
865.0
|
|
$600 3.000% senior notes due 2020
|
600.0
|
|
|
600.0
|
|
||
$500 2.800% senior notes due 2021
|
500.0
|
|
|
500.0
|
|
||
$500 3.125% senior notes due 2022
|
500.0
|
|
|
500.0
|
|
||
$700 3.650% senior notes due 2023
|
700.0
|
|
|
700.0
|
|
||
$500 2.350% senior notes due 2024
|
500.0
|
|
|
—
|
|
||
$300 3.850% senior notes due 2025
|
300.0
|
|
|
300.0
|
|
||
$700 3.800% senior notes due 2026
|
700.0
|
|
|
700.0
|
|
||
$800 4.200% senior notes due 2028
|
800.0
|
|
|
800.0
|
|
||
$700 2.950% senior notes due 2029
|
700.0
|
|
|
—
|
|
||
Other
|
7.7
|
|
|
3.0
|
|
||
Less unamortized debt issuance costs
|
(32.4
|
)
|
|
(26.3
|
)
|
||
Total debt
|
5,275.3
|
|
|
4,941.7
|
|
||
Less current portion
|
602.2
|
|
|
1.5
|
|
||
Long-term debt
|
$
|
4,673.1
|
|
|
$
|
4,940.2
|
|
2020
|
$
|
603.1
|
|
2021
|
502.3
|
|
|
2022
|
502.3
|
|
|
2023
|
700.0
|
|
|
2024
|
500.0
|
|
|
Thereafter
|
2,500.0
|
|
|
Total
|
$
|
5,307.7
|
|
$600 3.000% senior notes due 2020
|
605
|
|
$500 2.800% senior notes due 2021
|
507
|
|
$500 3.125% senior notes due 2022
|
514
|
|
$700 3.650% senior notes due 2023
|
735
|
|
$500 2.350% senior notes due 2024
|
502
|
|
$300 3.850% senior notes due 2025
|
324
|
|
$700 3.800% senior notes due 2026
|
754
|
|
$800 4.200% senior notes due 2028
|
880
|
|
$700 2.950% senior notes due 2029
|
710
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Stock based compensation
|
$
|
104.5
|
|
|
$
|
133.8
|
|
|
$
|
83.1
|
|
Tax benefit recognized in net earnings
|
22.0
|
|
|
28.1
|
|
|
29.1
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Weighted-average fair value ($)
|
68.05
|
|
|
57.75
|
|
|
40.87
|
|
Risk-free interest rate (%)
|
2.37
|
|
|
2.65
|
|
|
2.03
|
|
Average expected option life (years)
|
5.42
|
|
|
5.32
|
|
|
5.26
|
|
Expected volatility (%)
|
19.22
|
|
|
18.05
|
|
|
18.74
|
|
Expected dividend yield (%)
|
0.58
|
|
|
0.59
|
|
|
0.67
|
|
|
Number of shares
|
|
Weighted-average
exercise price
per share
|
|
Weighted-average
contractual term
|
|
Aggregate intrinsic
value
|
|||||
Outstanding at December 31, 2017
|
3.196
|
|
|
$
|
140.68
|
|
|
|
|
|
||
Granted
|
0.723
|
|
|
279.10
|
|
|
|
|
|
|||
Exercised
|
(0.650
|
)
|
|
90.43
|
|
|
|
|
|
|||
Canceled
|
(0.064
|
)
|
|
211.57
|
|
|
|
|
|
|||
Outstanding at December 31, 2018
|
3.205
|
|
|
180.69
|
|
|
6.58
|
|
$
|
284.0
|
|
|
Granted
|
0.764
|
|
|
320.65
|
|
|
|
|
|
|
||
Exercised
|
(0.527
|
)
|
|
122.94
|
|
|
|
|
|
|
||
Canceled
|
(0.093
|
)
|
|
273.64
|
|
|
|
|
|
|
||
Outstanding at December 31, 2019
|
3.349
|
|
|
219.14
|
|
|
6.66
|
|
$
|
452.8
|
|
|
Exercisable at December 31, 2019
|
1.611
|
|
|
$
|
150.31
|
|
|
4.74
|
|
$
|
328.6
|
|
|
|
Outstanding options
|
|
Exercisable options
|
||||||||||||
Exercise price
|
|
Number
|
|
Average
exercise
price
|
|
Average remaining
life (years)
|
|
Number
|
|
Average
exercise
price
|
||||||
$51.11 - $125.17
|
|
0.370
|
|
|
$
|
95.34
|
|
|
2.0
|
|
0.370
|
|
|
$
|
95.34
|
|
$125.18 - $154.16
|
|
0.371
|
|
|
137.31
|
|
|
4.1
|
|
0.371
|
|
|
137.31
|
|
||
$154.17 - $170.58
|
|
0.269
|
|
|
164.82
|
|
|
5.2
|
|
0.269
|
|
|
164.82
|
|
||
$170.59 - $183.97
|
|
0.393
|
|
|
173.20
|
|
|
6.4
|
|
0.362
|
|
|
172.75
|
|
||
$183.98 - $212.18
|
|
0.439
|
|
|
202.41
|
|
|
7.1
|
|
0.198
|
|
|
199.20
|
|
||
$212.19 - $279.31
|
|
0.357
|
|
|
261.80
|
|
|
8.3
|
|
0.039
|
|
|
233.39
|
|
||
$279.32 - $279.44
|
|
0.460
|
|
|
279.39
|
|
|
8.2
|
|
0.002
|
|
|
279.39
|
|
||
$279.45 - $327.91
|
|
0.597
|
|
|
321.33
|
|
|
9.1
|
|
—
|
|
|
—
|
|
||
$327.92 - $366.76
|
|
0.093
|
|
|
351.80
|
|
|
9.5
|
|
—
|
|
|
—
|
|
||
$51.11 - $366.76
|
|
3.349
|
|
|
$
|
219.14
|
|
|
6.7
|
|
1.611
|
|
|
$
|
150.31
|
|
|
Number of
shares
|
|
Weighted-average
grant date
fair value
|
|||
Nonvested at December 31, 2017
|
0.859
|
|
|
$
|
187.01
|
|
Granted
|
0.410
|
|
|
278.29
|
|
|
Vested
|
(0.492
|
)
|
|
204.24
|
|
|
Forfeited
|
(0.038
|
)
|
|
191.51
|
|
|
Nonvested at December 31, 2018
|
0.739
|
|
|
$
|
225.93
|
|
Granted
|
0.321
|
|
|
318.75
|
|
|
Vested
|
(0.290
|
)
|
|
209.05
|
|
|
Forfeited
|
(0.061
|
)
|
|
225.23
|
|
|
Nonvested at December 31, 2019
|
0.709
|
|
|
$
|
275.00
|
|
–
|
Application Software - Aderant, CBORD, CliniSys, Data Innovations, Deltek, Horizon, IntelliTrans, PowerPlan, Strata, Sunquest
|
–
|
Network Software & Systems - ConstructConnect, DAT, Foundry, Inovonics, iPipeline, iTradeNetwork, Link Logistics, MHA, RF IDeas, SHP, SoftWriters, TransCore
|
–
|
Measurement & Analytical Solutions (1) - Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon
|
–
|
Process Technologies - AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran, Zetec
|
|
Application Software
|
|
Network Software & Systems
|
|
Measurement &Analytical Solutions
|
|
Process Technologies
|
|
Corporate
|
|
Total
|
||||||||||||
2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
$
|
1,588.0
|
|
|
$
|
1,529.5
|
|
|
$
|
1,596.4
|
|
|
$
|
652.9
|
|
|
$
|
—
|
|
|
$
|
5,366.8
|
|
Operating profit
|
405.4
|
|
|
538.5
|
|
|
501.1
|
|
|
225.8
|
|
|
(172.4
|
)
|
|
1,498.4
|
|
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating assets
|
382.2
|
|
|
472.0
|
|
|
347.0
|
|
|
205.7
|
|
|
4.4
|
|
|
1,411.3
|
|
||||||
Intangible assets, net
|
7,833.6
|
|
|
5,871.8
|
|
|
1,420.0
|
|
|
357.7
|
|
|
—
|
|
|
15,483.1
|
|
||||||
Other
|
168.5
|
|
|
62.5
|
|
|
120.4
|
|
|
69.0
|
|
|
794.1
|
|
|
1,214.5
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,108.9
|
|
||||||
Capital expenditures
|
17.4
|
|
|
15.1
|
|
|
17.3
|
|
|
2.7
|
|
|
0.2
|
|
|
52.7
|
|
||||||
Capitalized software expenditures
|
9.7
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.2
|
|
||||||
Depreciation and other amortization
|
230.2
|
|
|
132.9
|
|
|
40.3
|
|
|
12.0
|
|
|
0.6
|
|
|
416.0
|
|
||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net revenues
|
$
|
1,452.7
|
|
|
$
|
1,345.2
|
|
|
$
|
1,705.6
|
|
|
$
|
687.7
|
|
|
$
|
—
|
|
|
$
|
5,191.2
|
|
Operating profit
|
358.0
|
|
|
484.4
|
|
|
523.9
|
|
|
233.6
|
|
|
(203.5
|
)
|
|
1,396.4
|
|
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating assets
|
392.6
|
|
|
338.3
|
|
|
336.2
|
|
|
196.4
|
|
|
6.1
|
|
|
1,269.6
|
|
||||||
Intangible assets, net
|
7,799.9
|
|
|
3,582.0
|
|
|
1,444.5
|
|
|
362.5
|
|
|
—
|
|
|
13,188.9
|
|
||||||
Other 1
|
163.6
|
|
|
38.4
|
|
|
391.2
|
|
|
94.5
|
|
|
103.3
|
|
|
791.0
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,249.5
|
|
||||||||
Capital expenditures
|
19.0
|
|
|
8.3
|
|
|
15.4
|
|
|
6.3
|
|
|
0.1
|
|
|
49.1
|
|
||||||
Capitalized software expenditures
|
9.1
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.5
|
|
||||||
Depreciation and other amortization
|
212.8
|
|
|
98.1
|
|
|
42.6
|
|
|
12.7
|
|
|
0.8
|
|
|
367.0
|
|
||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net revenues
|
$
|
1,222.2
|
|
|
$
|
1,254.1
|
|
|
$
|
1,531.3
|
|
|
$
|
599.9
|
|
|
$
|
—
|
|
|
$
|
4,607.5
|
|
Operating profit
|
279.0
|
|
|
438.7
|
|
|
446.0
|
|
|
188.3
|
|
|
(141.8
|
)
|
|
1,210.2
|
|
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating assets
|
288.1
|
|
|
318.3
|
|
|
402.7
|
|
|
189.7
|
|
|
7.4
|
|
|
1,206.2
|
|
||||||
Intangible assets, net
|
6,668.1
|
|
|
3,598.7
|
|
|
1,649.7
|
|
|
379.0
|
|
|
—
|
|
|
12,295.5
|
|
||||||
Other
|
180.4
|
|
|
45.6
|
|
|
184.8
|
|
|
185.1
|
|
|
218.8
|
|
|
814.7
|
|
||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,316.4
|
|
||||||
Capital expenditures
|
17.9
|
|
|
13.3
|
|
|
13.5
|
|
|
3.1
|
|
|
1.0
|
|
|
48.8
|
|
||||||
Capitalized software expenditures
|
9.9
|
|
|
0.8
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
10.8
|
|
||||||
Depreciation and other amortization
|
183.5
|
|
|
99.9
|
|
|
47.5
|
|
|
13.5
|
|
|
0.6
|
|
|
345.0
|
|
|
United States
|
|
Non-U.S.
|
|
Eliminations
|
|
Total
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Sales to unaffiliated customers
|
$
|
4,342.6
|
|
|
$
|
1,024.2
|
|
|
$
|
—
|
|
|
$
|
5,366.8
|
|
Sales between geographic areas
|
124.9
|
|
|
139.3
|
|
|
(264.2
|
)
|
|
—
|
|
||||
Net revenues
|
$
|
4,467.5
|
|
|
$
|
1,163.5
|
|
|
$
|
(264.2
|
)
|
|
$
|
5,366.8
|
|
Long-lived assets
|
$
|
164.6
|
|
|
$
|
33.2
|
|
|
$
|
—
|
|
|
$
|
197.8
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales to unaffiliated customers
|
$
|
4,176.2
|
|
|
$
|
1,015.0
|
|
|
$
|
—
|
|
|
$
|
5,191.2
|
|
Sales between geographic areas
|
143.9
|
|
|
137.0
|
|
|
(280.9
|
)
|
|
—
|
|
||||
Net revenues
|
$
|
4,320.1
|
|
|
$
|
1,152.0
|
|
|
$
|
(280.9
|
)
|
|
$
|
5,191.2
|
|
Long-lived assets 1
|
$
|
145.2
|
|
|
$
|
30.0
|
|
|
$
|
—
|
|
|
$
|
175.2
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales to unaffiliated customers
|
$
|
3,679.1
|
|
|
$
|
928.4
|
|
|
$
|
—
|
|
|
$
|
4,607.5
|
|
Sales between geographic areas
|
133.2
|
|
|
187.7
|
|
|
(320.9
|
)
|
|
—
|
|
||||
Net revenues
|
$
|
3,812.3
|
|
|
$
|
1,116.1
|
|
|
$
|
(320.9
|
)
|
|
$
|
4,607.5
|
|
Long-lived assets
|
$
|
144.0
|
|
|
$
|
31.4
|
|
|
$
|
—
|
|
|
$
|
175.4
|
|
|
Application Software
|
|
Network Software & Systems
|
|
Measurement &Analytical Solutions
|
|
Process Technologies
|
|
Total
|
||||||||||
2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Canada
|
$
|
41.0
|
|
|
$
|
71.1
|
|
|
$
|
81.4
|
|
|
$
|
28.9
|
|
|
$
|
222.4
|
|
Europe
|
188.8
|
|
|
36.7
|
|
|
307.2
|
|
|
113.8
|
|
|
646.5
|
|
|||||
Asia
|
3.5
|
|
|
18.8
|
|
|
185.0
|
|
|
108.0
|
|
|
315.3
|
|
|||||
Middle East
|
8.6
|
|
|
37.5
|
|
|
13.1
|
|
|
44.4
|
|
|
103.6
|
|
|||||
Rest of the world
|
25.8
|
|
|
9.5
|
|
|
45.3
|
|
|
55.2
|
|
|
135.8
|
|
|||||
Total
|
$
|
267.7
|
|
|
$
|
173.6
|
|
|
$
|
632.0
|
|
|
$
|
350.3
|
|
|
$
|
1,423.6
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Canada
|
$
|
38.5
|
|
|
$
|
58.5
|
|
|
$
|
79.3
|
|
|
$
|
35.0
|
|
|
$
|
211.3
|
|
Europe
|
188.6
|
|
|
12.2
|
|
|
361.7
|
|
|
117.5
|
|
|
680.0
|
|
|||||
Asia
|
3.2
|
|
|
11.0
|
|
|
220.3
|
|
|
115.4
|
|
|
349.9
|
|
|||||
Middle East
|
4.7
|
|
|
48.6
|
|
|
14.4
|
|
|
34.4
|
|
|
102.1
|
|
|||||
Rest of the world
|
29.5
|
|
|
7.8
|
|
|
42.5
|
|
|
55.0
|
|
|
134.8
|
|
|||||
Total
|
$
|
264.5
|
|
|
$
|
138.1
|
|
|
$
|
718.2
|
|
|
$
|
357.3
|
|
|
$
|
1,478.1
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Canada
|
$
|
26.6
|
|
|
$
|
52.9
|
|
|
$
|
72.9
|
|
|
$
|
34.7
|
|
|
$
|
187.1
|
|
Europe
|
176.5
|
|
|
11.0
|
|
|
310.6
|
|
|
98.1
|
|
|
596.2
|
|
|||||
Asia
|
2.4
|
|
|
7.3
|
|
|
205.9
|
|
|
109.8
|
|
|
325.4
|
|
|||||
Middle East
|
4.8
|
|
|
58.8
|
|
|
13.4
|
|
|
35.5
|
|
|
112.5
|
|
|||||
Rest of the world
|
23.2
|
|
|
6.1
|
|
|
42.0
|
|
|
48.7
|
|
|
120.0
|
|
|||||
Total
|
$
|
233.5
|
|
|
$
|
136.1
|
|
|
$
|
644.8
|
|
|
$
|
326.8
|
|
|
$
|
1,341.2
|
|
|
|
|
|
|
|
||||||
Balance Sheet Account
|
2019
|
|
2018
|
|
Change
|
||||||
Unbilled receivables
|
$
|
183.5
|
|
|
$
|
169.4
|
|
|
$
|
14.1
|
|
Contract liabilities - current (1)
|
(840.8
|
)
|
|
(714.1
|
)
|
|
(126.7
|
)
|
|||
Deferred revenue - non-current
|
(33.2
|
)
|
|
(29.8
|
)
|
|
(3.4
|
)
|
|||
Net contract assets/(liabilities)
|
$
|
(690.5
|
)
|
|
$
|
(574.5
|
)
|
|
$
|
(116.0
|
)
|
Operating cash flows used for operating leases
|
$
|
66.7
|
|
Right-of-use assets obtained in exchange for operating lease obligations
|
60.4
|
|
Lease Assets and Liabilities
|
|
Balance Sheet Account
|
|
|
||
ASSETS:
|
|
|
|
|
||
Operating lease ROU assets
|
|
Other assets
|
|
$
|
266.9
|
|
|
|
|
|
|
||
LIABILITIES:
|
|
|
|
|
||
Current operating lease liabilities
|
|
Other accrued liabilities
|
|
$
|
56.8
|
|
Operating lease liabilities
|
|
Other liabilities
|
|
220.0
|
|
|
Total operating lease liabilities
|
|
|
|
$
|
276.8
|
|
2020
|
$
|
63.7
|
|
2021
|
55.9
|
|
|
2022
|
42.8
|
|
|
2023
|
35.3
|
|
|
2024
|
29.9
|
|
|
Thereafter
|
77.5
|
|
|
Total operating lease payments
|
305.1
|
|
|
Less: Imputed interest
|
28.3
|
|
|
Total operating lease liabilities
|
$
|
276.8
|
|
Weighted average remaining lease term - operating leases (years)
|
7
|
Weighted average discount rate (%)
|
3.0
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
1,287.2
|
|
|
$
|
1,330.3
|
|
|
$
|
1,354.5
|
|
|
$
|
1,394.8
|
|
Gross profit
|
810.6
|
|
|
850.0
|
|
|
873.6
|
|
|
892.9
|
|
||||
Income from operations
|
346.4
|
|
|
368.4
|
|
|
385.2
|
|
|
398.4
|
|
||||
Net earnings
|
369.6
|
|
|
249.7
|
|
|
277.5
|
|
|
871.1
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
3.57
|
|
|
$
|
2.40
|
|
|
$
|
2.67
|
|
|
$
|
8.37
|
|
Diluted
|
$
|
3.53
|
|
|
$
|
2.38
|
|
|
$
|
2.64
|
|
|
$
|
8.28
|
|
|
|
|
|
|
|
|
|
||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net revenues
|
$
|
1,202.5
|
|
|
$
|
1,293.7
|
|
|
$
|
1,318.7
|
|
|
$
|
1,376.3
|
|
Gross profit
|
750.5
|
|
|
815.9
|
|
|
840.0
|
|
|
873.1
|
|
||||
Income from operations
|
300.2
|
|
|
354.3
|
|
|
377.5
|
|
|
364.4
|
|
||||
Net earnings
|
211.3
|
|
|
228.4
|
|
|
247.6
|
|
|
257.1
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
2.05
|
|
|
$
|
2.21
|
|
|
$
|
2.39
|
|
|
$
|
2.49
|
|
Diluted
|
$
|
2.03
|
|
|
$
|
2.19
|
|
|
$
|
2.37
|
|
|
$
|
2.46
|
|
|
Balance at
beginning
of year
|
|
Additions
charged to
costs and
expenses
|
|
Deductions
|
|
Other
|
|
Balance at
end
of year
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Allowance for doubtful accounts and sales allowances
|
|||||||||||||||||||
2019
|
$
|
23.1
|
|
|
$
|
8.4
|
|
|
$
|
(7.9
|
)
|
|
$
|
(3.3
|
)
|
|
$
|
20.3
|
|
2018
|
12.7
|
|
|
11.9
|
|
|
(7.3
|
)
|
|
5.8
|
|
|
23.1
|
|
|||||
2017
|
14.5
|
|
|
4.3
|
|
|
(5.9
|
)
|
|
(0.2
|
)
|
|
12.7
|
|
|||||
Reserve for inventory obsolescence
|
|||||||||||||||||||
2019
|
$
|
30.3
|
|
|
$
|
6.3
|
|
|
$
|
(3.2
|
)
|
|
$
|
—
|
|
|
$
|
33.4
|
|
2018
|
38.1
|
|
|
6.7
|
|
|
(4.5
|
)
|
|
(10.0
|
)
|
|
30.3
|
|
|||||
2017
|
37.2
|
|
|
5.3
|
|
|
(6.3
|
)
|
|
1.9
|
|
|
38.1
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Plan Category
|
(a)
Number of Securities to
be Issued Upon
Exercise of Outstanding
Options, Warrants and
Rights
|
|
(b)
Weighted-Average
Exercise Price of
Outstanding Options,
Warrants and Rights
|
|
(c)
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation Plans
(Excluding Securities
Reflected in Column (a))
|
||||
Equity Compensation Plans Approved by Shareholders (1)
|
|
|
|
|
|
||||
Stock options
|
3.349
|
|
|
$
|
219.14
|
|
|
|
|
Restricted stock awards (2)
|
0.709
|
|
|
—
|
|
|
|
||
Subtotal
|
4.058
|
|
|
|
|
|
4.544
|
|
|
Equity Compensation Plans Not Approved by Shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
4.058
|
|
|
$
|
—
|
|
|
4.544
|
|
(1)
|
Consists of the Amended and Restated 2006 Incentive Plan (no additional equity awards may be granted under this plan) and the 2016 Incentive Plan.
|
(2)
|
The weighted-average exercise price is not applicable to restricted stock awards.
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
(a)
|
The following documents are filed as a part of this Annual Report.
|
(1)
|
Consolidated Financial Statements: The following Consolidated Financial Statements are included in Part II, Item 8 of this report.
|
(2)
|
Consolidated Valuation and Qualifying Accounts for the Years ended December 31, 2019, 2018 and 2017
|
(b)
|
Exhibits
|
Exhibit No.
|
|
Description of Exhibit
|
|
(a)2.1
|
|
|
|
(b)3.1
|
|
|
|
(c)3.2
|
|
|
|
(d)4.1
|
|
|
|
(e)4.2
|
|
|
|
(f)4.7
|
|
|
|
(g)4.8
|
|
|
|
4.9
|
|
|
|
(h)4.10
|
|
|
|
(i)4.11
|
|
|
|
4.12
|
|
|
|
(j)4.13
|
|
|
|
4.14
|
|
|
|
(k)4.15
|
|
|
|
4.16
|
|
|
|
4.17
|
|
|
|
(l)10.01
|
|
|
|
(m)10.02
|
|
|
|
(n)10.03
|
|
|
|
(o)10.04
|
|
|
|
(p)10.05
|
|
|
|
(q)10.06
|
|
|
|
(r)10.07
|
|
|
|
(s)10.08
|
|
|
|
(s)10.9
|
|
|
|
(s)10.10
|
|
|
|
(t)10.11
|
|
|
|
(u)10.12
|
|
|
|
(v)10.13
|
|
|
|
(w)10.14
|
|
|
|
(x)10.15
|
|
|
|
(y)10.16
|
|
|
|
(z)10.17
|
|
|
|
(aa)10.18
|
|
|
|
(bb)10.19
|
|
|
|
10.20
|
|
|
|
(cc)10.21
|
|
|
|
(dd)10.22
|
|
|
|
(ee)10.23
|
|
|
|
(ee)10.24
|
|
|
|
(ff)10.25
|
|
|
|
(gg)10.26
|
|
|
|
21.1
|
|
|
|
23.1
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
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.
|
104
|
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
|
|
|
|
a)
|
|
|
Incorporated herein by reference to Exhibit 2.1 to the Roper Technologies, Inc. Current Report on Form 8-K filed August 19, 2019 (file no. 1-12273).
|
b)
|
|
|
Incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 24, 2015 (file no. 1-12273).
|
c)
|
|
|
Incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed June 8, 2018 (file no. 1-12273).
|
d)
|
|
|
Incorporated herein by reference to Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q filed on November 7, 2008 (file no. 1-12273).
|
e)
|
|
|
Incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form S-3/ASR filed November 26, 2018 (file no. 333-228532).
|
f)
|
|
|
Incorporated herein by reference to Exhibit 4.2 to the Registration Statement on Form S-3/ASR filed November 25, 2015 (file no. 333-208200).
|
g)
|
|
|
Incorporated herein by reference to Exhibit 4.1 to the Roper Technologies, Inc. Current Report on Form 8-K filed August 28, 2018 (file no. 1-12273).
|
h)
|
|
|
Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed November 21, 2012 (file no. 1-12273).
|
i)
|
|
|
Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed December 7, 2015 (file no. 1-12273).
|
j)
|
|
|
Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed December 19, 2016 (file no. 1-12273).
|
k)
|
|
|
Incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed August 26, 2019 (file no. 1-12273).
|
l)
|
|
|
Incorporated herein by reference to Exhibit 10.04 to the Company’s Quarterly Report on Form 10-Q filed August 31, 1999 (file no. 1-12273).
|
m)
|
|
|
Incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed March 5, 2017. (file no. 1-12273).
|
n)
|
|
|
Incorporated herein by reference to Exhibit 10.06 to the Company’s Annual Report on Form 10-K filed March 2, 2009 (file no. 1-12273).
|
o)
|
|
|
Incorporated herein by reference to Exhibit 10.07 to the Company’s Annual Report on Form 10-K filed March 2, 2009 (file no. 1-12273).
|
p)
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed September 23, 2016 (file no. 1-12273).
|
q)
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed December 7, 2016 (file no. 1-12273).
|
r)
|
|
|
Incorporated herein by reference to Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A filed April 30, 2012 (file no. 1-12273).
|
s)
|
|
|
Incorporated herein by reference to Exhibits 10.2, 10.3 and 10.4 to the Company’s Current Report on Form 8-K filed December 6, 2006 (file no. 1-12273).
|
t)
|
|
|
Incorporated herein by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed on February 27, 2017 (file no. 1-12273).
|
u)
|
|
|
Incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed November 5, 2018 (file no. 1-12273).
|
v)
|
|
|
Incorporated by reference to Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A filed April 26, 2016 (file no. 1-12273).
|
w)
|
|
|
Incorporated herein by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K filed on February 27, 2017 (file no. 1-12273).
|
x)
|
|
|
Incorporated herein by reference to Exhibit 10.21 to the Company’s Annual Report on Form 10-K filed on February 27, 2017 (file no. 1-12273).
|
y)
|
|
|
Incorporated herein by reference to Exhibit 10.16 to the Company’s Annual Report on Form 10-K filed on February 25, 2019 (file no. 1-12273).
|
z)
|
|
|
Incorporated herein by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K filed on February 25, 2019 (file no. 1-12273).
|
aa)
|
|
|
Incorporated herein by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K filed on February 25, 2019 (file no. 1-12273).
|
bb)
|
|
|
Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q filed August 5, 2016 (file no. 1-12273).
|
cc)
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed May 4, 2018 (file no. 1-12273).
|
dd)
|
|
|
Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed August 2, 2019 (file no. 1-12273).
|
ee)
|
|
|
Incorporated herein by reference to Exhibits 10.22 and 10.23 to the Company’s Annual Report on Form 10-K filed on February 23, 2018 (file no. 1-12273).
|
ff)
|
|
|
Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed November 25, 2019 (file no. 1-12273).
|
gg)
|
|
|
Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 1, 2019 (file no. 1-12273).
|
†
|
|
|
Management contract or compensatory plan or arrangement.
|
ITEM 16.
|
FORM 10-K SUMMARY
|
By:
|
|
/S/ L. Neil Hunn
|
February 28, 2020
|
|
|
L. Neil Hunn, President and Chief Executive Officer
|
|
/S/ L. NEIL HUNN
|
|
President and Chief Executive Officer
|
|
L. Neil Hunn
|
|
(Principal Executive Officer)
|
February 28, 2020
|
|
|
|
|
/S/ ROBERT C. CRISCI
|
|
Executive Vice President and Chief Financial Officer
|
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Robert C. Crisci
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(Principal Financial Officer)
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February 28, 2020
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|
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/S/ JASON P. CONLEY
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Vice President and Controller
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Jason P. Conley
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(Principal Accounting Officer)
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February 28, 2020
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|
|
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/S/ WILBUR J. PREZZANO
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|
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Wilbur J. Prezzano
|
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Chairman of the Board of Directors
|
February 28, 2020
|
|
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/S/ SHELLYE L. ARCHAMBEAU
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|
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Shellye L. Archambeau
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Director
|
February 28, 2020
|
|
|
|
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/S/ AMY WOODS BRINKLEY
|
|
|
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Amy Woods Brinkley
|
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Director
|
February 28, 2020
|
|
|
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/S/ JOHN F. FORT, III
|
|
|
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John F. Fort, III
|
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Director
|
February 28, 2020
|
|
|
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/S/ ROBERT D. JOHNSON
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Robert D. Johnson
|
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Director
|
February 28, 2020
|
|
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/S/ ROBERT E. KNOWLING
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|
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Robert E. Knowling
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Director
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February 28, 2020
|
|
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/S/ LAURA G. THATCHER
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Laura G. Thatcher
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Director
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February 28, 2020
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|
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/S/ RICHARD F. WALLMAN
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|
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Richard F. Wallman
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Director
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February 28, 2020
|
|
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/S/ CHRISTOPHER WRIGHT
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|
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Christopher Wright
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Director
|
February 28, 2020
|
•
|
the transaction is approved by the board of directors prior to the date the interested stockholder obtained such status;
|
•
|
upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or
|
•
|
on or subsequent to such date the business combination is approved by the board and authorized at an annual or special meeting of stockholders by the affirmative vote of at least 66 2⁄3% of the outstanding voting stock which is not owned by the interested stockholder.
|
Deltek Norge AS
|
Norway
|
Deltek Systems (Canada), Inc.
|
Canada
|
Deltek Systems (Colorado) Inc.
|
Wyoming
|
Deltek Systems (Philippines) Ltd.
|
Virginia
|
Deltek Sverige AB
|
Sweden
|
Deltek WST LLC
|
Texas
|
DI Acquisition Subsidiary, Inc.
|
Delaware
|
DI Dutch Holdings LLC
|
Delaware
|
DI Hong Kong Limited
|
Hong Kong
|
Dominion I, Inc.
|
Delaware
|
Dynamic Instruments, Inc.
|
California
|
Dynisco Enterprises GmbH
|
Germany
|
Dynisco Enterprises, LLC
|
Delaware
|
Dynisco Europe GmbH
|
Germany
|
Dynisco Holding GmbH
|
Germany
|
Dynisco Hong Kong Holdings, Limited
|
Hong Kong
|
Dynisco Instruments LLC
|
Delaware
|
Dynisco Instruments S.a.r.l.
|
France
|
Dynisco LLC
|
Delaware
|
Dynisco Parent, Inc.
|
Delaware
|
Dynisco S.r.l.
|
Italy
|
Dynisco Shanghai Sensor and Instrument Co., Ltd.
|
China
|
Dynisco –Viatran (M) Sdn Bhd
|
Malaysia
|
Dynisco Viatran LLC
|
Delaware
|
Dynisco-Viatran Instrument Sdn Bhd
|
Malaysia
|
Fluid Metering, Inc.
|
Delaware
|
FMS Purchasing & Services, Inc.
|
Florida
|
Foodlink Holdings, Inc.
|
California
|
Foodlink IT India Private Limited
|
India
|
FSI Holdings, Inc.
|
Virginia
|
FTI Flow Technology, Inc.
|
Delaware
|
GeneInsight, Inc.
|
Delaware
|
Getloaded Corporation
|
Delaware
|
Handshake Software, Inc.
|
Georgia
|
Hansco Automatisering B.V.
|
Netherlands
|
Hansen Technologies Corporation
|
Illinios
|
Hansen Technologies Europe GmbH
|
Germany
|
Harbour Holding Corp.
|
Delaware
|
Hardy Process Solutions
|
California
|
Horizon Software International, LLC
|
Georgia
|
HRsmart Canada Inc.
|
Canada
|
HRsmart Czech Republic
|
Czech Republic
|
HRsmart France SAS
|
France
|
HRsmart Germany GmbH
|
Germany
|
HRsmart, Inc.
|
Delaware
|
HRsmart International
|
Cayman Islands
|
HRsmart International Holdings LLC
|
Texas
|
HRsmart Mexico
|
Mexico
|
HRsmart SA (Pty) Ltd.
|
South Africa
|
HRsmart Talent Management Solutions Europe Limited
|
United Kingdom
|
HRsmart Ventures LLC
|
Texas
|
Innovative Product Achievements, LLC
|
Delaware
|
Inovonics Corporation
|
Colorado
|
INPUT, Inc.
|
Delaware
|
Instill Corporation
|
Delaware
|
Intellitrans Canada Ltd.
|
Canada
|
IntelliTrans Limited
|
United Kingdom
|
Intellitrans Sweden AB
|
Sweden
|
Intellitrans, LLC
|
Delaware
|
IPA Acquisition Subsidiary, Inc.
|
Delaware
|
iPipeline Co., Ltd.
|
Japan
|
iPipeline Canada Inc
|
Quebec
|
iPipeline, Inc
|
Delaware
|
iPipeline Holdings, Inc
|
Delaware
|
iPipeline Limited
|
United Kingdom
|
ISL Finance SAS
|
France
|
ISL Holding, SAS
|
France
|
ISL Scientifique de Laboratorie - ISL, S.A.S.
|
France
|
iSqFt Holdings, Inc.
|
Delaware
|
iSqFt Parent Corporation
|
Delaware
|
iSqFt Sub, Inc.
|
Delaware
|
IT Canada Holdings, LLC
|
Delaware
|
iTradeNetwork, Inc.
|
Delaware
|
Job Access LTDA
|
Brazil
|
K/S Roper Holding
|
Denmark
|
K/S Roper Investments
|
Denmark
|
Laser App, Inc.
|
Delaware
|
Link Logistics Holding LLC
|
Delaware
|
Loadlink Technologies Corporation
|
Canada
|
Logitech Limited
|
United Kingdom
|
Managed Health Care Associates, Inc.
|
Delaware
|
Marumoto Struers K.K.
|
Japan
|
MED Professional Services, LLC
|
Delaware
|
Media Cybernetics, Inc.
|
Delaware
|
Medical Information Professional Systems GmbH
|
Germany
|
Medical Information Professional Systems NV
|
Belgium
|
Medina Acquisition LLC
|
Delaware
|
MEDTEC, Inc.
|
Iowa
|
Metrix Instrument Co., L.P.
|
Delaware
|
MHA Long Term Care Network, Inc.
|
Delaware
|
MIPS Austria GesmbH
|
Austria
|
MIPS CZ s.r.o
|
Czech Republic
|
MIPS Deutschland GmbH & Co. KG
|
Germany
|
MIPS Deutschland Holding GmbH
|
Germany
|
MIPS France Sarl
|
France
|
MIPS Nederland B.V.
|
Netherlands
|
MIPS Schweiz AG
|
Switzerland
|
MIPS Software Iberica SL
|
Spain
|
MPR Readers Inc.
|
Delaware
|
mySBX Corporation
|
Delaware
|
Navigator Group Purchasing, Inc.
|
Tennessee
|
NDI Europe GmbH
|
Germany
|
Neptune Technology Group (Canada) Co.
|
Canada
|
Neptune Technology Group Inc.
|
Delaware
|
Neptune Technology Group Mexico S.de R.L. de C.V.
|
Mexico
|
Neptune Technology Group Mexico Services S. de R.L. de C.V.
|
Mexico
|
Neptune Technology Group Services Inc.
|
Delaware
|
Nippon Roper K.K.
|
Japan
|
Northern Digital Inc.
|
Canada
|
Off-Campus Advantage, LLC
|
Delaware
|
Omega Legal Systems, Inc.
|
Arizona
|
PAC Denmark ApS
|
Netherlands
|
PAC GmbH
|
Germany
|
PAC Instruments Asia PTE. Ltd.
|
Singapore
|
PAC Instruments (Thailand) Company Limited
|
Thailand
|
PAC (Shanghai) Co. Ltd.
|
China
|
PB Bidco Limited
|
United Kingdom
|
PB Holdco Limited
|
United Kingdom
|
PB Midco Limited
|
United Kingdom
|
PB Topco Limited
|
United Kingdom
|
Petroleum Analyzer Company L.P.
|
Delaware
|
PGP UK Limited
|
Scotland
|
Phase Analyzer Company Ltd.
|
Canada
|
PowerPlan Canada ULC
|
Canada
|
PowerPlan Holdings Inc.
|
Delaware
|
PowerPlan Inc.
|
Delaware
|
PowerPlan Intermediate Holdings Inc.
|
Delaware
|
PowerPlan Operations ANZ Pty Ltd
|
Australia
|
PowerPlan Operations Ltd.
|
United Kingdom
|
Project Cobalt Acquisition Corp
|
Canada
|
Project Diamond Intermediate Holdings Corporation
|
Delaware
|
Project Symbol Holding Corporation
|
Delaware
|
Project Torque Intermediate Holdings Inc.
|
Delaware
|
QSC 1208 Limited
|
United Kingdom
|
QSC 1209 Limited
|
United Kingdom
|
Rebate Tracking Group, LLC
|
Florida
|
Resonant Software, Inc.
|
Delaware
|
RF IDeas, Inc.
|
Delaware
|
RI Marketing India Private Limited
|
India
|
RIL Holding Limited
|
United Kingdom
|
RMT, Inc.
|
Arizona
|
Roda Deaco Valve Inc.
|
Canada
|
Roper Brasil Comercio E Promocao De Productos E Servicos LTDA
|
Brazil
|
Roper Canada Holdings, Inc.
|
Canada
|
Roper Canada Holdings LP
|
Canada
|
Roper Canada UK Limited
|
United Kingdom
|
Roper Denmark UK Limited
|
United Kingdom
|
Roper Engineering s.r.o.
|
Czech Republic
|
Roper Europe GmbH
|
Germany
|
Roper Germany GmbH
|
Germany
|
Roper Germany GmbH & Co. KG
|
Germany
|
Roper GM Denmark Holdings ApS
|
Denmark
|
Roper Holdings Limited
|
United Kingdom
|
Roper Holdings, Inc.
|
Delaware
|
Roper IH LLC
|
Delaware
|
Roper Industrial Products Investment Company
|
Iowa
|
Roper Industries, Inc.
|
Delaware
|
Roper Industries Denmark ApS
|
Denmark
|
Roper Industries Deutschland GmbH
|
Germany
|
Roper Industries L.P.
|
Canada
|
Roper Industries Limited
|
United Kingdom
|
Roper Industries Manufacturing (Shanghai) Co., Ltd.
|
China
|
Roper Industries Mauritius Ltd.
|
Mauritius
|
Roper Industries UK Limited
|
United Kingdom
|
Roper International Holding, Inc.
|
Delaware
|
Roper International Holding Limited
|
United Kingdom
|
Roper International Holding SCS
|
Luxembourg
|
Roper LLC
|
Russian Federation
|
Roper Luxembourg Finance S.a.r.l.
|
Luxembourg
|
Roper Luxembourg Holdings S.a.r.l.
|
Luxembourg
|
Roper Luxembourg S.a.r.l.
|
Luxembourg
|
Roper Middle East Ltd.
|
Dubai (FZE)
|
Roper NL1 UK Limited
|
United Kingdom
|
Roper NL2 UK Limited
|
United Kingdom
|
Roper Pte. Ltd.
|
Singapore
|
Roper Pump Company
|
Delaware
|
Roper Scientific B.V.
|
Netherlands
|
Roper Scientific SAS
|
France
|
Roper Scot LP
|
United Kingdom
|
Roper Southeast Asia LLC
|
Delaware
|
Roper Swiss Finance GmbH
|
Switzerland
|
Roper UK Investments Limited
|
United Kingdom
|
Roper UK, Ltd.
|
United Kingdom
|
Roper-Mex, L.P.
|
Delaware
|
Ropintassco 1, LLC
|
Delaware
|
Ropintassco 2, LLC
|
Delaware
|
Ropintassco 3, LLC
|
Delaware
|
Ropintassco 4, LLC
|
Delaware
|
Ropintassco 5, LLC
|
Delaware
|
Ropintassco 6, LLC
|
Delaware
|
Ropintassco 7, LLC
|
Delaware
|
Ropintassco Holdings, L.P.
|
Delaware
|
RT Merger Sub, Inc.
|
Delaware
|
Shanghai Roper Industries Trading Co., Ltd.
|
China
|
SHP Group Holdings, Inc.
|
Delaware
|
Sinmed Holding International B.V.
|
Netherlands
|
SIRA, LLC
|
Delaware
|
Societe de Distribution de Logiciels Medicaux
|
France
|
SoftWriters, Inc.
|
Delaware
|
Softwriters Holdings, Inc.
|
Delaware
|
Sohnar Pty Ltd
|
Australia
|
Star Purchasing Services, LLC
|
Wisconsin
|
Strata Acquisition Subsidiary, Inc.
|
Delaware
|
Strata Decision Technology Holdings LLC
|
Delaware
|
Strata Decision Technology LLC
|
Illinios
|
Strata Parallel II Inc.
|
Delaware
|
Strategic Healthcare Programs Blocker LLC
|
Delaware
|
Strategic Healthcare Programs Blocker 2, Inc.
|
Delaware
|
Strategic Healthcare Programs, L.L.C.
|
Delaware
|
Strategic Healthcare Programs Holdings, LLC
|
Delaware
|
Struers (Shanghai) International Trading Ltd.
|
China
|
Struers A/S
|
Denmark
|
Struers GmbH
|
Germany
|
Struers Inc.
|
Delaware
|
Struers Limited
|
United Kingdom
|
Struers Limited
|
Canada
|
Struers SAS
|
France
|
Student Advantage, LLC
|
Delaware
|
Sunquest Europe Limited
|
United Kingdom
|
Sunquest Holdings, Inc.
|
Delaware
|
Sunquest Information Systems (Europe) Limited
|
United Kingdom
|
Sunquest Information Systems (International) Limited
|
United Kingdom
|
Sunquest Information Systems Canada, Inc.
|
Canada
|
Sunquest Information Systems, Inc.
|
Pennsylvania
|
Sunquest Information Systems Pty Ltd
|
Australia
|
Taupo Holdings, Inc.
|
Delaware
|
Technolog Group Limited
|
United Kingdom
|
Technolog Holdings Ltd.
|
United Kingdom
|
Technolog Limited
|
United Kingdom
|
Technolog SARL
|
France
|
The CBORD Group, Inc.
|
Delaware
|
The Foundry Bidco Limited
|
United Kingdom
|
The Foundry Bidco No.2 Limited
|
United Kingdom
|
The Foundry Holdco Limited
|
United Kingdom
|
The Foundry Holdings Limited
|
United Kingdom
|
The Foundry Intermediate Holdings Limited
|
United Kingdom
|
The Foundry Midco 3 Limited
|
United Kingdom
|
The Foundry Midco No 1 Limited
|
United Kingdom
|
The Foundry Midco No 2 Limited
|
United Kingdom
|
The Foundry Topco Limited
|
United Kingdom
|
The Foundry Topco No.2 Limited
|
United Kingdom
|
The Foundry USCo, Inc.
|
Delaware
|
The Foundry Visionmongers Ltd.
|
United Kingdom
|
The Tidewater Healthcare Shared Services Group, Inc.
|
Pennsylvania
|
The Washington Management Group, Inc.
|
District of Columbia
|
TLP Holdings, LLC
|
Delaware
|
Torque Acquisition Holdco Inc.
|
Delaware
|
Transcore Atlantic, Inc.
|
Delaware
|
Transcore CNUS, Inc.
|
Delaware
|
Transcore Holdings, Inc.
|
Delaware
|
Transcore ITS, LLC
|
Delaware
|
Transcore Nova Scotia Corporation
|
Canada
|
Transcore Partners, LLC
|
Delaware
|
Transcore, LP
|
Delaware
|
Trinity Integrated Systems Limited
|
United Kingdom
|
UHF Purchasing Services, LLC
|
Delaware
|
Union Square Software Limited
|
United Kingdom
|
Union Square Software (International) Limited
|
United Kingdom
|
Union Square Software Pty
|
Australia
|
Union Square Software Inc.
|
Canada
|
Uson L.P.
|
Delaware
|
Uson Limited
|
United Kingdom
|
Utilitec Limited
|
United Kingdom
|
Utilitec Services Limited
|
United Kingdom
|
Utility Data Services Limited
|
United Kingdom
|
Verathon Holdings (Delaware) Inc.
|
Delaware
|
Verathon Inc.
|
Washington
|
Verathon Medical (Australia) Pty Limited
|
Australia
|
Verathon Medical (Canada) ULC
|
Canada
|
Verathon Medical (Europe) B.V.
|
Netherlands
|
Verathon Medical (France) SARL
|
France
|
Verathon Medical (Hong Kong) Limited
|
Hong Kong
|
Verathon Medical (Japan) K.K.
|
Japan
|
Verathon Medical (UK) Ltd.
|
United Kingdom
|
Viastar Services, LP
|
Texas
|
Viatran Corporation
|
New York
|
Walter Herzog GmbH
|
Germany
|
WorkBook APAC Ltd.
|
Vietnam
|
Workbook Software A/S
|
Denmark
|
Zetec (Shanghai) Co., Ltd.
|
China
|
Zetec France
|
France
|
Zetec Korea, Inc.
|
Delaware
|
Zetec Rental LLC
|
Delaware
|
Zetec Services, Inc.
|
Delaware
|
Zetec, Inc.
|
Washington
|
1.
|
I have reviewed this Annual Report on Form 10-K 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: February 28, 2020
|
/S/ L. Neil Hunn
|
|
L. Neil Hunn
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
1.
|
I have reviewed this Annual Report on Form 10-K 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: February 28, 2020
|
/S/ Robert C. Crisci
|
|
Robert C. Crisci
|
|
Executive Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|
|
|
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: February 28, 2020
|
/S/ L. Neil Hunn
|
|
L. Neil Hunn
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
|
/S/ Robert C. Crisci
|
|
Robert C. Crisci
|
|
Executive Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|