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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Roper Technologies Inc | NYSE:ROP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 476.97 | 0 | 01:00:00 |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
(State or other jurisdiction of incorporation or organization)
|
|
51-0263969
(I.R.S. Employer Identification No.)
|
|
|
|
6901 Professional Pkwy. East, Suite 200
Sarasota, Florida
(Address of principal executive offices)
|
|
34240
(Zip Code)
|
Large accelerated filer
|
Accelerated filer
|
|
|
Non-accelerated filer (Do not check if a smaller reporting company)
|
Smaller reporting company
|
☐
Emerging growth company
|
|
|
Page
|
PART I.
|
FINANCIAL INFORMATION
|
|
|
|
|
Item 1.
|
Financial Statements (unaudited):
|
|
|
|
|
|
Condensed Consolidated Statements of Earnings
|
3
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income
|
4
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
5
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
6
|
|
|
|
|
Condensed Consolidated Statement of Changes in Stockholders' Equity
|
7
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements
|
8
|
|
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
14
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
22
|
|
|
|
Item 4.
|
Controls and Procedures
|
22
|
|
|
|
PART II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
Legal Proceedings
|
23
|
|
|
|
Item 1A.
|
Risk Factors
|
23
|
|
|
|
Item 6.
|
Exhibits
|
23
|
|
|
|
|
Signatures
|
24
|
PART I. |
FINANCIAL INFORMATION
|
ITEM 1. |
FINANCIAL STATEMENTS
|
|
Three months ended
|
Six months ended
|
||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net sales
|
$
|
1,134,671
|
$
|
931,558
|
$
|
2,220,976
|
$
|
1,833,981
|
||||||||
Cost of sales
|
429,021
|
364,038
|
847,712
|
706,942
|
||||||||||||
Gross profit
|
705,650
|
567,520
|
1,373,264
|
1,127,039
|
||||||||||||
|
||||||||||||||||
Selling, general and administrative expenses
|
411,392
|
314,442
|
820,750
|
628,970
|
||||||||||||
Income from operations
|
294,258
|
253,078
|
552,514
|
498,069
|
||||||||||||
|
||||||||||||||||
Interest expense, net
|
45,813
|
26,863
|
91,678
|
54,276
|
||||||||||||
Other income/(expense), net
|
6,969
|
(1,334
|
)
|
5,922
|
(1,463
|
)
|
||||||||||
|
||||||||||||||||
Earnings before income taxes
|
255,414
|
224,881
|
466,758
|
442,330
|
||||||||||||
|
||||||||||||||||
Income taxes
|
75,858
|
66,812
|
129,131
|
132,845
|
||||||||||||
|
||||||||||||||||
Net earnings
|
$
|
179,556
|
$
|
158,069
|
$
|
337,627
|
$
|
309,485
|
||||||||
|
||||||||||||||||
|
||||||||||||||||
Net earnings per share:
|
||||||||||||||||
Basic
|
$
|
1.76
|
$
|
1.56
|
$
|
3.31
|
$
|
3.06
|
||||||||
Diluted
|
1.74
|
1.54
|
3.27
|
3.02
|
||||||||||||
|
||||||||||||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic
|
102,081
|
101,249
|
101,983
|
101,160
|
||||||||||||
Diluted
|
103,409
|
102,466
|
103,247
|
102,376
|
||||||||||||
|
||||||||||||||||
Dividends declared per common share
|
$
|
0.35
|
$
|
0.30
|
$
|
0.70
|
$
|
0.60
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net earnings
|
$
|
179,556
|
$
|
158,069
|
$
|
337,627
|
$
|
309,485
|
||||||||
|
||||||||||||||||
Other comprehensive income/(loss), net of tax:
|
||||||||||||||||
Foreign currency translation adjustments
|
49,515
|
(46,470
|
)
|
79,927
|
(44,727
|
)
|
||||||||||
Total other comprehensive income/(loss), net of tax
|
49,515
|
(46,470
|
)
|
79,927
|
(44,727
|
)
|
||||||||||
|
||||||||||||||||
Comprehensive income
|
$
|
229,071
|
$
|
111,599
|
$
|
417,554
|
$
|
264,758
|
|
June 30,
|
December 31,
|
||||||
2017
|
2016
|
|||||||
ASSETS:
|
||||||||
|
||||||||
Cash and cash equivalents
|
$
|
663,344
|
$
|
757,200
|
||||
Accounts receivable, net
|
576,362
|
619,854
|
||||||
Inventories, net
|
199,842
|
181,952
|
||||||
Unbilled receivables
|
146,944
|
129,965
|
||||||
Prepaid income taxes
|
43,477
|
31,679
|
||||||
Other current assets
|
71,142
|
55,851
|
||||||
Total current assets
|
1,701,111
|
1,776,501
|
||||||
|
||||||||
Property, plant and equipment, net
|
142,641
|
141,318
|
||||||
Goodwill
|
8,720,225
|
8,647,142
|
||||||
Other intangible assets, net
|
3,538,599
|
3,655,843
|
||||||
Deferred taxes
|
31,539
|
30,620
|
||||||
Other assets
|
79,173
|
73,503
|
||||||
|
||||||||
Total assets
|
$
|
14,213,288
|
$
|
14,324,927
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||
|
||||||||
Accounts payable
|
$
|
155,371
|
$
|
152,067
|
||||
Accrued compensation
|
156,665
|
161,730
|
||||||
Deferred revenue
|
516,362
|
488,399
|
||||||
Other accrued liabilities
|
238,975
|
219,339
|
||||||
Income taxes payable
|
29,826
|
22,762
|
||||||
Current portion of long-term debt, net
|
401,297
|
400,975
|
||||||
Total current liabilities
|
1,498,496
|
1,445,272
|
||||||
|
||||||||
Long-term debt, net of current portion
|
5,241,103
|
5,808,561
|
||||||
Deferred taxes
|
1,158,965
|
1,178,205
|
||||||
Other liabilities
|
114,238
|
104,024
|
||||||
Total liabilities
|
8,012,802
|
8,536,062
|
||||||
|
||||||||
Commitments and contingencies (Note 9)
|
||||||||
|
||||||||
Common stock
|
1,041
|
1,036
|
||||||
Additional paid-in capital
|
1,554,562
|
1,489,067
|
||||||
Retained earnings
|
4,908,492
|
4,642,402
|
||||||
Accumulated other comprehensive earnings
|
(244,812
|
)
|
(324,739
|
)
|
||||
Treasury stock
|
(18,797
|
)
|
(18,901
|
)
|
||||
Total stockholders' equity
|
6,200,486
|
5,788,865
|
||||||
|
||||||||
Total liabilities and stockholders' equity
|
$
|
14,213,288
|
$
|
14,324,927
|
|
Six months ended June 30,
|
|||||||
|
2017
|
2016
|
||||||
Cash flows from operating activities:
|
||||||||
Net earnings
|
$
|
337,627
|
$
|
309,485
|
||||
Adjustments to reconcile net earnings to cash flows from operating activities:
|
||||||||
Depreciation and amortization of property, plant and equipment
|
24,284
|
19,052
|
||||||
Amortization of intangible assets
|
147,186
|
99,719
|
||||||
Amortization of deferred financing costs
|
3,642
|
2,717
|
||||||
Non-cash stock compensation
|
43,864
|
39,092
|
||||||
Gain on sale of assets
|
(9,393
|
)
|
-
|
|||||
Changes in operating assets and liabilities, net of acquired businesses:
|
||||||||
Accounts receivable
|
50,140
|
(13,956
|
)
|
|||||
Unbilled receivables
|
(16,943
|
)
|
3,754
|
|||||
Inventories
|
(13,177
|
)
|
(104
|
)
|
||||
Accounts payable and accrued liabilities
|
15,292
|
(7,552
|
)
|
|||||
Deferred revenue
|
33,344
|
9,834
|
||||||
Income taxes
|
(51,019
|
)
|
(77,931
|
)
|
||||
Other, net
|
(14,755
|
)
|
(7,278
|
)
|
||||
Cash provided by operating activities
|
550,092
|
376,832
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Acquisitions of businesses, net of cash acquired
|
(35,515
|
)
|
(274,968
|
)
|
||||
Capital expenditures
|
(24,797
|
)
|
(18,348
|
)
|
||||
Capitalized software expenditures
|
(5,725
|
)
|
(1,249
|
)
|
||||
Proceeds from sale of assets
|
10,506
|
758
|
||||||
Other, net
|
(6,531
|
)
|
570
|
|||||
Cash used in investing activities
|
(62,062
|
)
|
(293,237
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Payments under revolving line of credit, net
|
(570,000
|
)
|
(180,000
|
)
|
||||
Principal payments on convertible notes
|
-
|
(289
|
)
|
|||||
Cash premiums paid on convertible note conversions
|
-
|
(915
|
)
|
|||||
Cash dividends to stockholders
|
(70,937
|
)
|
(60,383
|
)
|
||||
Proceeds from stock based compensation, net
|
20,711
|
8,516
|
||||||
Treasury stock sales
|
2,045
|
1,715
|
||||||
Other
|
(191
|
)
|
(621
|
)
|
||||
Cash used in financing activities
|
(618,372
|
)
|
(231,977
|
)
|
||||
|
||||||||
Effect of foreign currency exchange rate changes on cash
|
36,486
|
(7,835
|
)
|
|||||
|
||||||||
Net decrease in cash and cash equivalents
|
(93,856
|
)
|
(156,217
|
)
|
||||
|
||||||||
Cash and cash equivalents, beginning of period
|
757,200
|
778,511
|
||||||
|
||||||||
Cash and cash equivalents, end of period
|
$
|
663,344
|
$
|
622,294
|
|
Common
stock
|
Additional
paid-in
capital
|
Retained
earnings
|
Accumulated
other comprehensive earnings |
Treasury
stock
|
Total
|
||||||||||||||||||
Balances at December 31, 2016
|
$
|
1,036
|
$
|
1,489,067
|
$
|
4,642,402
|
$
|
(324,739
|
)
|
$
|
(18,901
|
)
|
$
|
5,788,865
|
||||||||||
|
||||||||||||||||||||||||
Net earnings
|
-
|
-
|
337,627
|
-
|
-
|
337,627
|
||||||||||||||||||
Stock option exercises
|
3
|
26,897
|
-
|
-
|
-
|
26,900
|
||||||||||||||||||
Treasury stock sold
|
-
|
1,941
|
-
|
-
|
104
|
2,045
|
||||||||||||||||||
Currency translation adjustments
|
-
|
-
|
-
|
79,927
|
-
|
79,927
|
||||||||||||||||||
Stock based compensation
|
-
|
42,850
|
-
|
-
|
-
|
42,850
|
||||||||||||||||||
Restricted stock activity
|
2
|
(6,193
|
)
|
-
|
-
|
-
|
(6,191
|
)
|
||||||||||||||||
Dividends declared
|
-
|
-
|
(71,537
|
)
|
-
|
-
|
(71,537
|
)
|
||||||||||||||||
Balances at June 30, 2017
|
$
|
1,041
|
$
|
1,554,562
|
$
|
4,908,492
|
$
|
(244,812
|
)
|
$
|
(18,797
|
)
|
$
|
6,200,486
|
1. |
Basis of Presentation
|
2. |
Recent Accounting Pronouncements
|
3. |
Earnings Per Share
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Basic shares outstanding
|
102,081
|
101,249
|
101,983
|
101,160
|
||||||||||||
Effect of potential common stock:
|
||||||||||||||||
Common stock awards
|
1,328
|
1,143
|
1,264
|
1,142
|
||||||||||||
Senior subordinated convertible notes
|
-
|
74
|
-
|
74
|
||||||||||||
Diluted shares outstanding
|
103,409
|
102,466
|
103,247
|
102,376
|
4. |
Business Acquisitions and Divestitures
|
5. |
Stock-Based Compensation
|
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Stock-based compensation
|
$
|
22,815
|
$
|
20,113
|
$
|
43,864
|
$
|
39,092
|
||||||||
Tax effect recognized in net income
|
7,985
|
7,040
|
15,352
|
13,682
|
|
Six months ended June 30,
|
|||||||
|
2017
|
2016
|
||||||
Risk-free interest rate (%)
|
2.05
|
1.39
|
||||||
Expected option life (years)
|
5.27
|
5.20
|
||||||
Expected volatility (%)
|
18.81
|
21.63
|
||||||
Expected dividend yield (%)
|
0.68
|
0.70
|
6. |
Inventories
|
|
June 30,
|
December 31,
|
||||||
2017
|
2016
|
|||||||
Raw materials and supplies
|
$
|
121,524
|
$
|
113,632
|
||||
Work in process
|
26,990
|
24,290
|
||||||
Finished products
|
89,911
|
81,263
|
||||||
Inventory reserves
|
(38,583
|
)
|
(37,233
|
)
|
||||
|
$
|
199,842
|
$
|
181,952
|
7. |
Goodwill and Other Intangible Assets
|
|
Medical &
Scientific Imaging |
RF Technology
|
Industrial
Technology |
Energy Systems
& Controls |
Total
|
|||||||||||||||
Balances at December 31, 2016
|
$
|
3,185,071
|
$
|
4,687,670
|
$
|
363,978
|
$
|
410,423
|
$
|
8,647,142
|
||||||||||
Additions
|
-
|
-
|
-
|
19,169
|
19,169
|
|||||||||||||||
Other
|
3,264
|
19,313
|
-
|
-
|
22,577
|
|||||||||||||||
Currency translation adjustments
|
8,986
|
9,936
|
8,129
|
4,286
|
31,337
|
|||||||||||||||
Balances at June 30, 2017
|
$
|
3,197,321
|
$
|
4,716,919
|
$
|
372,107
|
$
|
433,878
|
$
|
8,720,225
|
|
Cost
|
Accumulated
amortization
|
Net book
value
|
|||||||||
Assets subject to amortization:
|
||||||||||||
Customer related intangibles
|
$
|
3,272,081
|
$
|
(712,718
|
)
|
$
|
2,559,363
|
|||||
Unpatented technology
|
462,152
|
(144,025
|
)
|
318,127
|
||||||||
Software
|
184,761
|
(56,882
|
)
|
127,879
|
||||||||
Patents and other protective rights
|
24,656
|
(20,399
|
)
|
4,257
|
||||||||
Trade names
|
6,591
|
(653
|
)
|
5,938
|
||||||||
Assets not subject to amortization:
|
||||||||||||
Trade names
|
578,279
|
-
|
578,279
|
|||||||||
In process research and development
|
62,000
|
-
|
62,000
|
|||||||||
Balances at December 31, 2016
|
$
|
4,590,520
|
$
|
(934,677
|
)
|
$
|
3,655,843
|
|||||
Assets subject to amortization:
|
||||||||||||
Customer related intangibles
|
$
|
3,285,128
|
$
|
(810,244
|
)
|
$
|
2,474,884
|
|||||
Unpatented technology
|
531,554
|
(175,549
|
)
|
356,005
|
||||||||
Software
|
185,019
|
(70,847
|
)
|
114,172
|
||||||||
Patents and other protective rights
|
25,279
|
(21,156
|
)
|
4,123
|
||||||||
Trade names
|
6,613
|
(1,192
|
)
|
5,421
|
||||||||
Assets not subject to amortization:
|
||||||||||||
Trade names
|
582,625
|
-
|
582,625
|
|||||||||
In process research and development
|
1,369
|
-
|
1,369
|
|||||||||
Balances at June 30, 2017
|
$
|
4,617,587
|
$
|
(1,078,988
|
)
|
$
|
3,538,599
|
8. |
Fair Value of Financial Instruments
|
$400 million 1.850% senior notes due 2017
|
$
|
400
|
||
$800 million 2.050% senior notes due 2018
|
802
|
|||
$500 million 6.250% senior notes due 2019
|
543
|
|||
$600 million 3.000% senior notes due 2020
|
614
|
|||
$500 million 2.800% senior notes due 2021
|
505
|
|||
$500 million 3.125% senior notes due 2022
|
509
|
|||
$300 million 3.850% senior notes due 2025
|
309
|
|||
$700 million 3.800% senior notes due 2026
|
720
|
9. |
Contingencies
|
Balances at December 31, 2016
|
$
|
10,548
|
||
Additions charged to costs and expenses
|
6,714
|
|||
Deductions
|
(6,867
|
)
|
||
Other
|
153
|
|||
Balances at June 30, 2017
|
$
|
10,548
|
10. |
Business Segments
|
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||||||||||||||||
|
2017
|
2016
|
Change
|
2017
|
2016
|
Change
|
||||||||||||||||||
Net sales:
|
||||||||||||||||||||||||
Medical & Scientific Imaging
|
$
|
350,764
|
$
|
340,585
|
3.0
|
%
|
$
|
698,999
|
$
|
672,799
|
3.9
|
%
|
||||||||||||
RF Technology
|
460,497
|
288,761
|
59.5
|
%
|
890,116
|
568,971
|
56.4
|
%
|
||||||||||||||||
Industrial Technology
|
192,867
|
178,627
|
8.0
|
%
|
376,271
|
349,862
|
7.5
|
%
|
||||||||||||||||
Energy Systems & Controls
|
130,543
|
123,585
|
5.6
|
%
|
255,590
|
242,349
|
5.5
|
%
|
||||||||||||||||
Total
|
$
|
1,134,671
|
$
|
931,558
|
21.8
|
%
|
$
|
2,220,976
|
$
|
1,833,981
|
21.1
|
%
|
||||||||||||
Gross profit:
|
||||||||||||||||||||||||
Medical & Scientific Imaging
|
$
|
254,028
|
$
|
246,396
|
3.1
|
%
|
$
|
505,958
|
$
|
493,293
|
2.6
|
%
|
||||||||||||
RF Technology
|
279,735
|
163,005
|
71.6
|
%
|
531,213
|
323,370
|
64.3
|
%
|
||||||||||||||||
Industrial Technology
|
98,167
|
89,709
|
9.4
|
%
|
191,318
|
175,729
|
8.9
|
%
|
||||||||||||||||
Energy Systems & Controls
|
73,720
|
68,410
|
7.8
|
%
|
144,775
|
134,647
|
7.5
|
%
|
||||||||||||||||
Total
|
$
|
705,650
|
$
|
567,520
|
24.3
|
%
|
$
|
1,373,264
|
$
|
1,127,039
|
21.8
|
%
|
||||||||||||
Operating profit*:
|
||||||||||||||||||||||||
Medical & Scientific Imaging
|
$
|
121,315
|
$
|
114,271
|
6.2
|
%
|
$
|
241,108
|
$
|
228,727
|
5.4
|
%
|
||||||||||||
RF Technology
|
119,558
|
89,354
|
33.8
|
%
|
208,542
|
178,120
|
17.1
|
%
|
||||||||||||||||
Industrial Technology
|
58,249
|
51,291
|
13.6
|
%
|
111,862
|
98,050
|
14.1
|
%
|
||||||||||||||||
Energy Systems & Controls
|
32,867
|
27,769
|
18.4
|
%
|
63,103
|
51,951
|
21.5
|
%
|
||||||||||||||||
Total
|
$
|
331,989
|
$
|
282,685
|
17.4
|
%
|
$
|
624,615
|
$
|
556,848
|
12.2
|
%
|
||||||||||||
Long-lived assets:
|
||||||||||||||||||||||||
Medical & Scientific Imaging
|
$
|
45,255
|
$
|
38,400
|
17.9
|
%
|
||||||||||||||||||
RF Technology
|
80,103
|
30,111
|
166.0
|
%
|
||||||||||||||||||||
Industrial Technology
|
32,960
|
35,865
|
(8.1
|
)%
|
||||||||||||||||||||
Energy Systems & Controls
|
9,376
|
11,187
|
(16.2
|
)%
|
||||||||||||||||||||
Total
|
$
|
167,694
|
$
|
115,563
|
45.1
|
%
|
ITEM 2. |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
● |
general economic conditions;
|
● |
difficulty making acquisitions and successfully integrating acquired businesses;
|
● |
any unforeseen liabilities associated with future acquisitions;
|
● |
limitations on our business imposed by our indebtedness;
|
● |
unfavorable changes in foreign exchange rates;
|
● |
difficulties associated with exports;
|
● |
risks and costs associated with our international sales and operations;
|
● |
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, labor, 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.
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net sales:
|
||||||||||||||||
Medical & Scientific Imaging
|
$
|
350,764
|
$
|
340,585
|
$
|
698,999
|
$
|
672,799
|
||||||||
RF Technology
|
460,497
|
288,761
|
890,116
|
568,971
|
||||||||||||
Industrial Technology
|
192,867
|
178,627
|
376,271
|
349,862
|
||||||||||||
Energy Systems & Controls
|
130,543
|
123,585
|
255,590
|
242,349
|
||||||||||||
Total
|
$
|
1,134,671
|
$
|
931,558
|
$
|
2,220,976
|
$
|
1,833,981
|
||||||||
Gross margin:
|
||||||||||||||||
Medical & Scientific Imaging
|
72.4
|
%
|
72.3
|
%
|
72.4
|
%
|
73.3
|
%
|
||||||||
RF Technology
|
60.7
|
56.4
|
59.7
|
56.8
|
||||||||||||
Industrial Technology
|
50.9
|
50.2
|
50.8
|
50.2
|
||||||||||||
Energy Systems & Controls
|
56.5
|
55.4
|
56.6
|
55.6
|
||||||||||||
Total
|
62.2
|
60.9
|
61.8
|
61.5
|
||||||||||||
Selling, general & administrative expenses:
|
||||||||||||||||
Medical & Scientific Imaging
|
37.8
|
%
|
38.8
|
%
|
37.9
|
%
|
39.3
|
%
|
||||||||
RF Technology
|
34.8
|
25.5
|
36.3
|
25.5
|
||||||||||||
Industrial Technology
|
20.7
|
21.5
|
21.1
|
22.2
|
||||||||||||
Energy Systems & Controls
|
31.3
|
32.9
|
32.0
|
34.1
|
||||||||||||
Total
|
32.9
|
30.6
|
33.7
|
31.1
|
||||||||||||
Segment operating margin:
|
||||||||||||||||
Medical & Scientific Imaging
|
34.6
|
%
|
33.6
|
%
|
34.5
|
%
|
34.0
|
%
|
||||||||
RF Technology
|
26.0
|
30.9
|
23.4
|
31.3
|
||||||||||||
Industrial Technology
|
30.2
|
28.7
|
29.7
|
28.0
|
||||||||||||
Energy Systems & Controls
|
25.2
|
22.5
|
24.7
|
21.4
|
||||||||||||
Total
|
29.3
|
30.3
|
28.1
|
30.4
|
||||||||||||
Corporate administrative expenses
|
(3.3
|
)
|
(3.2
|
)
|
(3.2
|
)
|
(3.2
|
)
|
||||||||
25.9
|
27.2
|
24.9
|
27.2
|
|||||||||||||
Interest expense, net
|
(4.0
|
)
|
(2.9
|
)
|
(4.1
|
)
|
(3.0
|
)
|
||||||||
Other income/(expense), net
|
0.6
|
(0.1
|
)
|
0.3
|
(0.1
|
)
|
||||||||||
Earnings before income taxes
|
22.5
|
24.1
|
21.0
|
24.1
|
||||||||||||
Income taxes
|
(6.7
|
)
|
(7.2
|
)
|
(5.8
|
)
|
(7.2
|
)
|
||||||||
Net earnings
|
15.8
|
%
|
17.0
|
%
|
15.2
|
%
|
16.9
|
%
|
Order backlog as of
|
||||||||
June 30,
|
||||||||
2017
|
2016
|
|||||||
(in thousands)
|
||||||||
Medical & Scientific Imaging
|
$
|
430,896
|
$
|
402,275
|
||||
RF Technology
|
968,383
|
567,116
|
||||||
Industrial Technology
|
87,054
|
73,508
|
||||||
Energy Systems & Controls
|
96,151
|
93,974
|
||||||
Total
|
$
|
1,582,484
|
$
|
1,136,873
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
Cash provided by/(used in):
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Operating activities
|
$
|
171.9
|
$
|
169.7
|
$
|
550.1
|
$
|
376.8
|
||||||||
Investing activities
|
(40.7
|
)
|
(19.2
|
)
|
(62.1
|
)
|
(293.2
|
)
|
||||||||
Financing activities
|
(221.3
|
)
|
(41.8
|
)
|
(618.4
|
)
|
(232.0
|
)
|
$400 million 1.850% senior notes due 2017
|
$
|
400,000
|
||
$800 million 2.050% senior notes due 2018
|
800,000
|
|||
$500 million 6.250% senior notes due 2019
|
500,000
|
|||
$600 million 3.000% senior notes due 2020
|
600,000
|
|||
$500 million 2.800% senior notes due 2021
|
500,000
|
|||
$500 million 3.125% senior notes due 2022
|
500,000
|
|||
$300 million 3.850% senior notes due 2025
|
300,000
|
|||
$700 million 3.800% senior notes due 2026
|
700,000
|
|||
Unsecured credit facility
|
1,360,000
|
|||
Deferred finance costs
|
(20,508
|
)
|
||
Other
|
2,908
|
|||
Total debt, net of deferred finance costs
|
5,642,400
|
|||
Less current portion
|
401,297
|
|||
Long-term debt, net of deferred finance costs
|
$
|
5,241,103
|
June 30, 2017
|
December 31, 2016
|
|||||||
Total debt
|
$
|
5,642,400
|
$
|
6,209,536
|
||||
Cash
|
(663,344
|
)
|
(757,200
|
)
|
||||
Net debt
|
4,979,056
|
5,452,336
|
||||||
Stockholders' equity
|
6,200,486
|
5,788,865
|
||||||
Total net capital
|
$
|
11,179,542
|
$
|
11,241,201
|
||||
Net debt / total net capital
|
44.5
|
%
|
48.5
|
%
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
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, furnished herewith.
|
|
|
|
101.INS
|
|
XBRL Instance Document, filed herewith.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document, filed herewith.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document, filed herewith.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document, filed herewith.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document, filed herewith.
|
|
||
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document, filed herewith.
|
/s/ Brian D. Jellison
|
|
Chairman of the Board, President,
|
August 7, 2017
|
Brian D. Jellison
|
|
and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
/s/ Robert Crisci
|
|
Vice President and Chief Financial Officer
|
August 7, 2017
|
Robert Crisci
|
|
(Principal Financial Officer)
|
|
|
|
|
/s/ Jason Conley
|
|
Vice President and Controller
|
August 7, 2017
|
Jason Conley
|
|
(Principal Accounting Officer)
|
|
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, furnished herewith.
|
|
|
|
101.INS
|
|
XBRL Instance Document, filed herewith.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document, filed herewith.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document, filed herewith.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document, filed herewith.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document, filed herewith.
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document, filed herewith.
|
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