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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2012
Notes to Financial Statements [Abstract]  
Fair Value of Financial Instruments
10.
Fair Value of Financial Instruments

Roper's long-term debt at September 30, 2012 included $500 million of fixed-rate senior notes due 2019, with a fair value of approximately $610 million.  Short-term debt included $500 million of fixed-rate senior notes due 2013, with a fair value of approximately $526 million, based on the trading prices of the notes, which is a Level 2 measurement in the FASB fair value hierarchy, and $42 million of fixed-rate convertible notes that were reported at fair value due to the ability of note holders to exercise the conversion option of the notes.

The Company manages interest rate risk by maintaining a combination of fixed- and variable-rate debt, which may include interest rate swaps to convert fixed-rate debt to variable-rate debt, or to convert variable-rate debt to fixed-rate debt.   At September 30, 2012 an aggregate notional amount of $500 million in interest rate swaps designated as fair value hedges effectively changed Roper's $500 million senior notes due 2013 with a fixed interest rate of 6.625% to a variable-rate obligation at a weighted average spread of 4.377% plus the 3 month London Interbank Offered Rate ("LIBOR").

The swaps are recorded at fair value in the balance sheet as an asset or liability, and the changes in fair value of both the interest rate swap and the hedged senior notes due 2013 are recorded as interest expense. At September 30, 2012, the fair value of the swap was an asset balance of $8.0 million and was reported in other current assets, with a corresponding increase of $7.7 million in the notes being hedged, which was reported as current portion of long-term debt.  The impact on earnings for the three and nine month periods ended September 30, 2012 was immaterial. The Company has determined the swaps to be Level 2 in the FASB fair value hierarchy, and uses inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks in order to value the instruments.