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Long-Term Debt | 12 Months Ended
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Dec. 31, 2015
Long-Term Debt [Abstract] |
Long-Term Debt [Text Block] |
(8) | Long-Term Debt
On July 27, 2012, Roper entered into a $1.5 billion unsecured credit facility (the "2012 Facility") with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders. The 2012 Facility included a provision which allowed Roper, subject to compliance with specified conditions, to request term loans or additional revolving credit commitments in an aggregate amount not to exceed $350 million. On October 28, 2015, Roper increased its revolving credit capacity by $350 million, bringing the total revolving credit facility to $1.85 billion. At December 31, 2015, there were $180 million of outstanding borrowings under the 2012 Facility. The 2012 Facility contains affirmative and negative covenants which, among other things, limit Roper's ability to incur new debt, prepay subordinated debt, make certain investments and acquisitions, sell assets and grant liens, make restricted payments (including the payment of dividends on our common stock) and capital expenditures, or change its line of business. Roper is also subject to financial covenants which require the Company to limit its consolidated total leverage ratio and to maintain a consolidated interest coverage ratio. The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.5. The Company was in compliance with its debt covenants throughout the years ended December 31, 2015 and 2014. On December 7, 2015, the Company completed a public offering of $600 million aggregate principal amount of 3.00% senior unsecured notes due December 15, 2020 and $300 million aggregate principal amount of 3.85% senior unsecured notes due December 15, 2025. The notes bear interest at a fixed rate of 3.00% and 3.85% per year, respectively, payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2016. On June 6, 2013, the Company completed a public offering of $800 million aggregate principal amount of 2.05% senior unsecured notes due October 1, 2018. The notes bear interest at a fixed rate of 2.05% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning October 1, 2013. On November 21, 2012, Roper completed a public offering of $400 million aggregate principal amount of 1.85% senior unsecured notes due November 15, 2017 and $500 million aggregate principal amount of 3.125% senior unsecured notes due November 15, 2022. The notes bear interest at a fixed rate of 1.85% and 3.125% per year, respectively, payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2013. In September 2009, the Company completed a public offering of $500 million aggregate principal amount of 6.25% senior unsecured notes due September 1, 2019. The notes bear interest at a fixed rate of 6.25% per year, payable semi-annually in arrears on March 1 and September 1 of each year, beginning March 1, 2010. Roper may redeem some or all of these notes at any time or from time to time, at 100% of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities. The Company's senior notes are unsecured senior obligations of the Company and rank equally in right of payment with all of Roper's existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of its existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The notes are not guaranteed by any of Roper's subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of Roper's subsidiaries. Other debt includes $4 million of senior subordinated convertible notes due December 31, 2034. Total debt at December 31 consisted of the following (in thousands):
|  | 2015 |  |  | 2014 |
$1.85 billion revolving credit facility |  | $ | 180,000 |  |  | $ | - |
2017 Notes |  |  | 400,000 |  |  |  | 400,000 |
2018 Notes |  |  | 800,000 |  |  |  | 800,000 |
2019 Notes |  |  | 500,000 |  |  |  | 500,000 |
2020 Notes |  |  | 600,000 |  |  |  | - |
2022 Notes |  |  | 500,000 |  |  |  | 500,000 |
2025 Notes |  |  | 300,000 |  |  |  | - |
Senior Subordinated Convertible Notes |  |  | 4,179 |  |  |  | 8,003 |
Other |  |  | 4,435 |  |  |  | 6,120 |
Less unamortized debt issuance costs |  |  | (17,392 | ) |  |  | (12,749 | )
Total debt |  |  | 3,271,222 |  |  |  | 2,201,374 |
Less current portion |  |  | 6,805 |  |  |  | 11,092 |
Long-term debt |  | $ | 3,264,417 |  |  | $ | 2,190,282 |
As disclosed in Note 1, the Company early adopted the ASU issued in April 2015 requiring the Company to present debt issuance costs related to the senior notes as a direct deduction from the principal amount on the consolidated balance sheets. The update required retrospective adoption, and the 2014 consolidated balance sheet has been adjusted by reducing both Other assets (long-term) and Long-term debt, net of current portion by $13 million, the amount of unamortized debt issuance costs related to Roper's senior notes at December 31, 2014. The 2012 Facility and Roper's $3.1 billion senior notes provide substantially all of Roper's daily external financing requirements. The interest rate on the borrowings under the 2012 Facility is calculated based upon various recognized indices plus a margin as defined in the credit agreement. At December 31, 2015, Roper's debt consisted of $3.1 billion of senior notes and $4 million of senior subordinated convertible notes. In addition, the Company had $4 million of other debt in the form of capital leases, several smaller facilities that allow for borrowings or the issuance of letters of credit in foreign locations to support Roper's non-U.S. businesses and $43 million of outstanding letters of credit at December 31, 2015. In December 2003, the Company issued through a public offering $230 million of 3.75% subordinated convertible notes due in 2034 at an original issue discount of 60.498% (the "Convertible Notes"). The Convertible Notes are subordinated in right of payment and collateral to all of Roper's existing and future senior debt. Cash interest on the notes was paid semi-annually until January 15, 2009, after which interest is recognized at the effective rate of 3.75% and represents accrual of original issue discount, and only contingent cash interest may be paid. Contingent cash interest may be paid during any six month period if the average trading price of a note for a five trading day measurement period preceding the applicable six month period equals 120% or more of the sum of the issue price, accrued original issue discount and accrued cash interest, if any, for such note. The contingent cash interest payable per note in respect of any six month period will equal the annual rate of 0.25%. In accordance with this criterion, contingent interest has been paid for each six month period since January 15, 2009. Holders receive cash up to the value of the accreted principal amount of the notes converted and, at the Company's option, any remainder of the conversion value may be paid in cash or shares of common stock. Holders may require Roper to purchase all or a portion of their notes on January 15, 2019 at a price of $572.76 per note, on January 15, 2024 at a price of $689.68 per note, and on January 15, 2029 at a price of $830.47 per note, in each case plus accrued cash interest, if any, and accrued contingent cash interest, if any. The Company may only pay the purchase price of such notes in cash and not in common stock. In addition, if Roper experiences a change in control, each holder may require Roper to purchase for cash all or a portion of such holder's notes at a price equal to the sum of the issue price plus accrued original issue discount for non-tax purposes, accrued cash interest, if any, and accrued contingent cash interest, if any, to the date of purchase. The Convertible Notes are classified as short-term debt as the notes became convertible on October 1, 2005 based upon the Company's common stock trading above the trigger price for at least 20 trading days during the 30 consecutive trading-day periods ending on September 30, 2005. At December 31, 2015, the conversion price on the outstanding Convertible Notes was $511.62. If converted at December 31, 2015, the value would have exceeded the $4 million principal amount of the Convertible Notes by $16 million and could have resulted in the issuance of 81,778 shares of the Company's common stock. Future maturities of total debt during each of the next five years ending December 31 and thereafter were as follows (in thousands):
2016 |  | $ | 6,805 |
2017 |  |  | 581,296 |
2018 |  |  | 800,460 |
2019 |  |  | 500,053 |
2020 |  |  | 600,000 |
Thereafter |  |  | 800,000 |
Total |  | $ | 3,288,614 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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