Analysis of Debt
Total Debt (Carrying Amount)
Roper Technologies Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The carrying amount of total long-term debt exhibited significant volatility between 2018 and 2022, characterized by a sharp increase leading into 2020 followed by a steady deleveraging phase. Total debt obligations rose from 4,941,700 thousand US dollars in 2018 to a peak of 9,566,500 thousand US dollars by December 31, 2020, representing an approximate 93% increase over two years.
- Total Debt Trajectory
- A substantial expansion of the balance sheet occurred between 2019 and 2020, where total debt increased by 4,291,200 thousand US dollars. This peak was followed by a consistent downward trend, with total debt decreasing to 7,921,800 thousand US dollars in 2021 and further declining to 6,661,700 thousand US dollars by the end of 2022.
- Composition of Long-Term Obligations
- The vast majority of the debt profile is comprised of long-term debt net of current portions. This segment saw the most dramatic fluctuation, surging from 4,673,100 thousand US dollars in 2019 to 9,064,500 thousand US dollars in 2020, before contracting to 5,962,500 thousand US dollars by 2022.
- Current Portion Analysis
- The current portion of long-term debt shifted from a negligible 1,500 thousand US dollars in 2018 to a range between 502,000 and 799,200 thousand US dollars from 2019 through 2022. This indicates a permanent shift in the maturity profile of the company's debt, with significantly higher short-term repayment obligations compared to the 2018 baseline.
- Deleveraging Trend
- Following the 2020 peak, a clear trend of debt reduction is observable. Total debt was reduced by approximately 30% between the end of 2020 and the end of 2022, suggesting a strategic shift toward liability reduction or the repayment of matured obligations.
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Total Debt (Fair Value)
| Dec 31, 2022 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Unsecured credit facility | —) |
| 3.000% senior notes due 2020 | —) |
| 2.800% senior notes due 2021 | —) |
| 3.125% senior notes due 2022 | —) |
| 0.450% senior notes due 2022 | —) |
| 3.650% senior notes due 2023 | 692,000) |
| 2.350% senior notes due 2024 | 478,000) |
| 3.850% senior notes due 2025 | 291,000) |
| 1.000% senior notes due 2025 | 629,000) |
| 3.800% senior notes due 2026 | 670,000) |
| 1.400% senior notes due 2027 | 594,000) |
| 4.200% senior notes due 2028 | 772,000) |
| 2.950% senior notes due 2029 | 608,000) |
| 2.000% senior notes due 2030 | 481,000) |
| 1.750% senior notes due 2031 | 770,000) |
| Other | 300) |
| Total long-term debt, including current portion (fair value) | 5,985,300) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.90 |
Based on: 10-K (reporting date: 2022-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 2.63%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.65% | 700,000) | 25,550) | |
| 2.35% | 500,000) | 11,750) | |
| 3.85% | 300,000) | 11,550) | |
| 1.00% | 700,000) | 7,000) | |
| 3.80% | 700,000) | 26,600) | |
| 1.40% | 700,000) | 9,800) | |
| 4.20% | 800,000) | 33,600) | |
| 2.95% | 700,000) | 20,650) | |
| 2.00% | 600,000) | 12,000) | |
| 1.75% | 1,000,000) | 17,500) | |
| Total | 6,700,000) | 176,000) | |
| 2.63% | |||
Based on: 10-K (reporting date: 2022-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 176,000 ÷ 6,700,000 = 2.63%