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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Following is the composition of income tax expense:

			2024						2023						2022
Current:
Federal(1)			$	3,312.0					$	3,017.9					$	2,153.6
Foreign			1,430.3						613.0						547.7
State			31.2						24.3						45.5
Total current tax expense			4,773.5						3,655.2						2,746.8
Deferred:
Federal			(2,178.7)						(2,369.0)						(1,992.4)
Foreign			(473.1)						34.2						(78.2)
State			(31.3)						(6.2)						(114.6)
Total deferred tax benefit			(2,683.1)						(2,341.0)						(2,185.2)
Income taxes			$	2,090.4					$	1,314.2					$	561.6

(1) The 2024, 2023, and 2022 current tax expense includes $129.9 million, $69.3 million, and $189.5 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:

			2024						2023
Deferred tax assets:
Capitalized research and development			$	4,598.7					$	2,997.5
Purchases of intangible assets			1,781.4						1,981.9
Sales rebates and discounts			1,775.7						1,632.5
Correlative tax adjustments			1,604.3						1,031.3
Tax loss and other tax carryforwards			586.9						527.2
Tax credit carryforwards			577.0						577.0
Compensation and benefits			565.2						521.4
Foreign tax redeterminations			334.8						323.7
Operating lease liabilities			240.5						253.3
Other			358.6						463.4
Total gross deferred tax assets			12,423.1						10,309.2
Valuation allowances			(963.7)						(913.5)
Total deferred tax assets			11,459.4						9,395.7
Deferred tax liabilities:
Intangibles			(1,176.4)						(1,338.2)
Earnings of foreign subsidiaries			(773.1)						(796.6)
Prepaid employee benefits			(611.0)						(460.6)
Property and equipment			(557.6)						(495.2)
Operating lease assets			(219.1)						(237.1)
Financial instruments			(137.3)						(75.1)
Inventories			(58.2)						(619.5)
Total deferred tax liabilities			(3,532.7)						(4,022.3)
Deferred tax assets - net			$	7,926.7					$	5,373.4

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:

			2024						2023						2022
Cash payments of income taxes			$	6,562.1					$	5,558.8					$	2,672.9

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:

			2024						2023						2022
Income tax at the U.S. federal statutory tax rate			$	2,662.9					$	1,376.5					$	1,429.3
Add (deduct):
Non-deductible acquired IPR&D(1)			566.0						677.2						68.3
Foreign-derived intangible income deduction			(307.0)						(236.7)						(287.5)
International operations, including Puerto Rico(2)			(302.1)						(187.1)						(299.5)
General business credits			(290.6)						(258.0)						(155.0)
Stock-based compensation(3)			(184.7)						(79.9)						(48.9)
Valuation allowance release			(23.9)						(4.2)						(116.4)
Other			(30.2)						26.4						(28.7)
Income taxes			$	2,090.4					$	1,314.2					$	561.6

(1) Non-deductible acquired IPR&D was primarily related to the acquisitions of Morphic in 2024, and DICE, Versanis, and Emergence in 2023. See Note 3 for additional information related to acquisitions.

(2) Includes the impact of GILTI tax, Puerto Rico Excise Tax (for 2022), and other U.S. taxation of foreign income.

(3) Includes excess tax benefits from stock-based compensation and non-deductible stock-based compensation.

Schedule of Unrecognized Tax Benefits

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

			2024						2023						2022
Beginning balance at January 1			$	3,395.0					$	2,987.0					$	2,798.3
Additions based on tax positions related to the current year			694.2						364.3						274.2
Additions for tax positions of prior years			41.7						78.2						34.6
Reductions for tax positions of prior years			(63.1)						(39.0)						(10.9)
Settlements			(33.4)						(4.7)						(44.8)
Lapses of statutes of limitation			(8.9)						(21.5)						(11.8)
Changes related to the impact of foreign currency translation			(49.7)						30.7						(52.6)
Ending balance at December 31			$	3,975.8					$	3,395.0					$	2,987.0

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