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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Following is the composition of income tax expense:

			2021						2020						2019
Current:
Federal(1)			$	938.5					$	567.6					$	280.2
Foreign			466.0						650.4						299.8
State			(28.4)						(47.3)						(14.4)
Total current tax expense			1,376.1						1,170.7						565.6
Deferred:
Federal			(977.5)						(97.4)						141.3
Foreign			174.6						(16.6)						(24.1)
State			0.6						(20.5)						(54.8)
Total deferred tax (benefit) expense			(802.3)						(134.5)						62.4
Income taxes			$	573.8					$	1,036.2					$	628.0

(1) The 2021, 2020, and 2019 current tax expense includes $64.7 million, $144.4 million, and $153.1 million of tax benefit, respectively, from utilization of net operating loss and tax credit carryforwards.

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of December 31 were as follows:

			2021						2020
Deferred tax assets:
Purchases of intangible assets			$	2,347.4					$	2,560.6
Compensation and benefits			634.7						1,045.6
Tax credit carryforwards and carrybacks			463.7						523.5
Tax loss and other tax carryforwards and carrybacks			645.4						488.3
Sales rebates and discounts			832.3						461.3
Correlative tax adjustments			560.8						404.2
Foreign tax redeterminations			274.9						242.8
Operating lease liabilities			150.0						150.7
Capitalized research and development			275.1						135.2
Other			477.9						605.8
Total gross deferred tax assets			6,662.2						6,618.0
Valuation allowances			(875.6)						(816.3)
Total deferred tax assets			5,786.6						5,801.7
Deferred tax liabilities:
Earnings of foreign subsidiaries			(1,583.3)						(1,905.3)
Intangibles			(1,516.1)						(1,465.7)
Inventories			(596.4)						(623.7)
Prepaid employee benefits			(560.6)						(410.1)
Property and equipment			(338.7)						(315.2)
Financial instruments			(303.0)						(216.9)
Operating lease assets			(132.6)						(134.3)
Total deferred tax liabilities			(5,030.7)						(5,071.2)
Deferred tax assets - net			$	755.9					$	730.5

Schedule of Cash Payments Relating to Income Taxes and Tax Act Toll Tax

Cash payments of U.S. federal, state, and foreign income taxes, net of refunds, were as follows:

			2021						2020						2019
Cash payments of income taxes			$	1,598.8					$	954.6					$	1,180.5

Having made this election, our future cash payments relating to the Toll Tax as of December 31, 2021 are as follows:

			Total			Less than 1 Year			1-3 Years			3-5 Years
2017 Tax Act Toll Tax			$	2,149.5		$	253.7		$	1,109.9		$	785.9

Schedule of Effective Income Tax Rate Reconciliation

Following is a reconciliation of the consolidated income tax expense applying the U.S. federal statutory rate to income before income taxes to reported consolidated income tax expense:

			2021						2020						2019
Income tax at the U.S. federal statutory tax rate			$	1,292.6					$	1,518.3					$	1,105.8
Add (deduct):
International operations, including Puerto Rico(1)			(458.2)						(297.2)						(242.0)
General business credits			(100.5)						(97.9)						(108.8)
Foreign-derived intangible income deduction			(86.7)						(71.5)						(15.5)
Other			(73.4)						(15.5)						(111.5)
Income taxes			$	573.8					$	1,036.2					$	628.0

(1) Includes the impact of Puerto Rico Excise Tax, GILTI tax, and other U.S. taxation of foreign income.

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

			2021						2020						2019
Beginning balance at January 1			$	2,551.9					$	2,108.6					$	2,034.6
Additions based on tax positions related to the current year			310.3						225.6						187.2
Additions for tax positions of prior years			98.6						310.8						425.3
Reductions for tax positions of prior years			(8.1)						(52.4)						(100.3)
Settlements			(38.5)						(72.0)						(260.5)
Lapses of statutes of limitation			(49.7)						(41.7)						(161.5)
Changes related to the impact of foreign currency translation			(66.2)						73.0						(16.2)
Ending balance at December 31			$	2,798.3					$	2,551.9					$	2,108.6

We recognize both accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized income tax (benefit) expense related to interest and penalties as follows:

			2021						2020						2019
Income tax (benefit) expense			$	20.5					$	34.0					$	(26.4)

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