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Fair Value
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Financial assets and liabilities are valued using market prices on active markets (Level 1), less active markets (Level 2), and little or no market activity (Level 3). Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from readily available pricing sources for comparable instruments, identical instruments in less active markets, or models using market observable inputs. Level 3 instrument valuations typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Roper’s debt at September 30, 2024 included $7,500 of fixed-rate senior notes with the following fair values:

Fixed-rate senior notesFair value
Principal amountInterest rateYear of maturityAs of September 30, 2024
$300 3.850%2025$299 
$700 1.000%2025$678 
$700 3.800%2026$696 
$700 1.400%2027$648 
$800 4.200%2028$800 
$500 4.500%2029$504 
$700 2.950%2029$658 
$600 2.000%2030$528 
$1,000 1.750%2031$846 
$500 4.750%2032$502 
$1,000 4.900%2034$1,008 

The fair values of the senior notes are based on the trading prices of each series of notes, which the Company has determined to be Level 2 in the FASB fair value hierarchy.

At September 30, 2024 and December 31, 2023, there were $925.0 and $360.0 of borrowings outstanding under our unsecured credit facility, respectively. The carrying value of these borrowings approximates their estimated fair value.