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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Following is the composition of income tax expense:

			2022						2021						2020
Current:
Federal(1)			$	2,153.6					$	938.5					$	567.6
Foreign			547.7						466.0						650.4
State			45.5						(28.4)						(47.3)
Total current tax expense			2,746.8						1,376.1						1,170.7
Deferred:
Federal			(1,992.4)						(977.5)						(97.4)
Foreign			(78.2)						174.6						(16.6)
State			(114.6)						0.6						(20.5)
Total deferred tax benefit			(2,185.2)						(802.3)						(134.5)
Income taxes			$	561.6					$	573.8					$	1,036.2

(1) The 2022, 2021, and 2020 current tax expense includes $189.5 million, $64.7 million, and $144.4 million of tax benefit, respectively, from utilization of net operating loss and other tax carryforwards.

Schedule of Deferred Tax Assets and Liabilities

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

			2022						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

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:

			2022						2021						2020
Cash payments of income taxes			$	2,672.9					$	1,598.8					$	954.6

Having made this election, our future cash payments relating to the Toll Tax as of December 31, 2022 are as follows:

			Total			Less than 1 Year			1-3 Years
2017 Tax Act Toll Tax			$	1,895.8		$	475.7		$	1,420.1

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:

			2022						2021						2020
Income tax at the U.S. federal statutory tax rate			$	1,429.3					$	1,292.6					$	1,518.3
Add (deduct):
International operations, including Puerto Rico(1)			(299.5)						(447.5)						(297.2)
General business credits			(155.0)						(100.5)						(97.9)
Foreign-derived intangible income deduction			(287.5)						(86.7)						(71.5)
Valuation allowance release			(116.4)						(19.0)						(10.0)
Other			(9.3)						(65.1)						(5.5)
Income taxes			$	561.6					$	573.8					$	1,036.2

(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:

			2022						2021						2020
Beginning balance at January 1			$	2,798.3					$	2,551.9					$	2,108.6
Additions based on tax positions related to the current year			274.2						310.3						225.6
Additions for tax positions of prior years			34.6						98.6						310.8
Reductions for tax positions of prior years			(10.9)						(8.1)						(52.4)
Settlements			(44.8)						(38.5)						(72.0)
Lapses of statutes of limitation			(11.8)						(49.7)						(41.7)
Changes related to the impact of foreign currency translation			(52.6)						(66.2)						73.0
Ending balance at December 31			$	2,987.0					$	2,798.3					$	2,551.9

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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