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v3.22.4

Income Taxes (Schedule of Deferred Tax Asset and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021
--- | --- | ---
Deferred tax assets: |  |
Purchases of intangible assets | $ 2,071.3 | $ 2,347.4
Compensation and benefits | 427.9 | 634.7
Tax credit carryforwards | 477.6 | 463.7
Tax loss and other tax carryforwards and carrybacks | 626.0 | 645.4
Sales rebates and discounts | 1,312.9 | 832.3
Correlative tax adjustments | 752.5 | 560.8
Foreign tax redeterminations | 267.8 | 274.9
Operating lease liabilities | 147.5 | 150.0
Capitalized research and development | 1,615.4 | 275.1
Other | 361.0 | 477.9
Total gross deferred tax assets | 8,059.9 | 6,662.2
Valuation allowances | (775.1) | (875.6)
Total deferred tax assets | 7,284.8 | 5,786.6
Deferred tax liabilities: |  |
Earnings of foreign subsidiaries | (1,226.0) | (1,583.3)
Intangibles | (1,387.9) | (1,516.1)
Inventories | (639.5) | (596.4)
Prepaid employee benefits | (546.5) | (560.6)
Property and equipment | (433.5) | (338.7)
Financial instruments | (215.0) | (303.0)
Operating lease assets | (130.7) | (132.6)
Total deferred tax liabilities | (4,579.1) | (5,030.7)
Deferred tax assets, net | $ 2,705.7 | $ 755.9

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