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v3.20.4

Income Taxes (Schedule of Deferred Tax Asset and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Deferred tax assets: |  |
Purchases of intangible assets | $ 2,560.6 | $ 2,512.4
Compensation and benefits | 1,045.6 | 934.3
Tax credit carryforwards and carrybacks | 523.5 | 455.8
Tax loss carryforwards and carrybacks | 488.3 | 318.8
Sales rebates and discounts | 461.3 | 197.3
Correlative tax adjustments | 404.2 | 219.1
Foreign tax redeterminations | 242.8 | 156.8
Operating lease liabilities | 150.7 | 140.6
Capitalized research and development | 135.2 | 75.7
Other | 605.8 | 595.7
Total gross deferred tax assets | 6,618.0 | 5,606.5
Valuation allowances | (816.3) | (616.5)
Total deferred tax assets | 5,801.7 | 4,990.0
Deferred tax liabilities: |  |
Earnings of foreign subsidiaries | (1,905.3) | (1,776.4)
Intangibles | (1,465.7) | (1,298.0)
Inventories | (623.7) | (686.4)
Prepaid employee benefits | (410.1) | (305.9)
Property and equipment | (315.2) | (274.1)
Financial instruments | (216.9) | (139.4)
Operating lease assets | (134.3) | (124.7)
Total deferred tax liabilities | (5,071.2) | (4,604.9)
Deferred tax assets, net | $ 730.5 | $ 385.1

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