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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule Of Income Before Provision For Income Taxes

Income before provision for income taxes for the years ended December 31, 2018, 2017, and 2016, consisted of the following (in millions):

	Years Ended December 31,
	2018				2017				2016
U.S.	$	852.7			$	774.7			$	657.0
Foreign	426.8				330.1				328.3
Total income before provision for income taxes	$	1,279.5			$	1,104.8			$	985.3

Schedule Of Provision For Income Taxes

The provision for income taxes for the years ended December 31, 2018, 2017, and 2016, consisted of the following (in millions):

	Years Ended December 31,
	2018				2017				2016
Current
Federal	$	89.5			$	352.1			$	207.0
State	21.1				13.0				13.4
Foreign	9.9				8.7				5.4
	$	120.5			$	373.8			$	225.8
Deferred
Federal	$	(4.1	)		$	62.8			$	20.5
State	(0.3		)		(0.3		)		0.6
Foreign	38.4				(2.4		)		0.1
	$	34.0			$	60.1			$	21.2
Total income tax expense	$	154.5			$	433.9			$	247.0

Schedule Of Income Tax Difference From The Statutory Rate

Income tax expense differs from amounts computed by applying the statutory federal income rate of 21% for the year ended December 31, 2018 and 35% for the years ended December 31, 2017, and 2016, as a result of the following (in millions):

	Years Ended December 31,
	2018				2017				2016
Federal tax at statutory rate	$	268.7			$	386.7			$	344.9
Increase (reduction) in tax resulting from:
State taxes, net of federal benefits	20.8				16.0				14.0
Foreign rate differential	(44.7		)		(115.7		)		(91.2		)
U.S. tax on foreign earnings	43.7				8.4				5.0
Research and development credit	(25.2		)		(15.3		)		(7.8		)
Share-based compensation not benefited	9.9				10.8				3.6
Domestic production activities deduction	—				(7.9		)		(8.0		)
Reversal of unrecognized tax benefits	(5.2		)		(62.4		)		(15.8		)
Tax Cuts and Jobs Act impact	0.5				317.8				—
Excess tax benefits related to share-based compensation arrangements	(116.2		)		(102.8		)		—
Other	2.2				(1.7		)		2.3
Total income tax expense	$	154.5			$	433.9			$	247.0

Schedule Of Deferred Tax Assets

Deferred income taxes reflect tax carry forwards and the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in millions):

	December 31,
	2018				2017
Deferred tax assets:
Share-based compensation expense	$	87.2			$	79.1
Expenses deducted in later years for tax purposes	29.1				29.7
Intangible assets	351.9				—
Research and other credits	40.1				27.5
Other	9.0				10.5
Gross deferred tax assets	$	517.3			$	146.8
Valuation allowance	(42.3		)		(29.4		)
Deferred tax assets	$	475.0			$	117.4
Deferred tax liabilities:
Fixed assets	$	(42.2	)		$	(26.3	)
Intangible assets	(7.5		)		(3.6		)
Other	(0.1		)		(15.5		)
Deferred tax liabilities	$	(49.8	)		$	(45.4	)
Net deferred tax assets	$	425.2			$	72.0

Schedule Of Gross Unrecognized Income Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized income tax benefits for the years ended December 31, 2018, 2017, and 2016, are as follows (in millions):

	Years Ended December 31,
	2018				2017				2016
Beginning balance	$	65.4			$	106.0			$	92.4
Increases related to tax positions taken during the current year	22.5				21.1				29.9
Decreases related to tax positions taken during a prior year	(0.9		)		(46.5		)		(0.5		)
Decreases related to settlements with tax authorities	—				(0.5		)		—
Decreases related to expiration of statute of limitations	(8.2		)		(14.7		)		(15.8		)
Ending balance	$	78.8			$	65.4			$	106.0

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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