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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule Of Income Before Provision For Income Taxes

Income before provision for income taxes for the years ended December 31, 2021, 2020, and 2019, consisted of the following (in millions):

			Years Ended December 31,
			2021						2020						2019
U.S.			$	1,298.7					$	926.8					$	1,053.7
Foreign			591.6						280.2						448.5
Total income before provision for income taxes			$	1,890.3					$	1,207.0					$	1,502.2

Schedule Of Provision For Income Taxes

The provision for income taxes for the years ended December 31, 2021, 2020, and 2019, consisted of the following (in millions):

			Years Ended December 31,
			2021						2020						2019
Current
Federal			$	158.8					$	34.2					$	82.0
State			17.3						21.5						26.5
Foreign			50.1						26.9						18.0
			226.2						82.6						126.5
Deferred
Federal			(21.4)						23.8						8.5
State			0.5						1.6						3.2
Foreign			(43.1)						32.2						(17.8)
			(64.0)						57.6						(6.1)
Total income tax expense			$	162.2					$	140.2					$	120.4

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 years ended December 31, 2021, 2020, and 2019, as a result of the following (in millions):

			Years Ended December 31,
			2021						2020						2019
Federal tax at statutory rate			$	397.0					$	253.5					$	315.5
Increase (reduction) in tax resulting from:
State taxes, net of federal benefits			33.1						23.1						29.7
Foreign rate differential			(54.3)						(19.3)						(56.2)
U.S. tax on foreign earnings			40.1						29.3						55.0
Research and development credit			(30.7)						(37.1)						(32.7)
Share-based compensation not benefited			17.8						14.3						13.5
Unrecognized tax benefit related to share-based compensation			13.6						39.3						—
Reversal of unrecognized tax benefits			(3.0)						(4.0)						(8.4)
Excess tax benefits related to share-based compensation			(185.8)						(166.2)						(146.5)
Deferred tax re-measurement			(66.4)						—						(51.3)
Other			0.8						7.3						1.8
Total income tax expense			$	162.2					$	140.2					$	120.4

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,
			2021						2020
Deferred tax assets:
Net operating losses			$	9.7					$	27.7
Share-based compensation expense			110.9						101.1
Lease liabilities			15.2						12.0
Expenses deducted in later years for tax purposes			38.4						29.3
Intangible assets			373.9						321.8
Research and other credits			98.5						76.3
Other			5.3						—
Gross deferred tax assets			651.9						568.2
Valuation allowance			(104.6)						(81.4)
Deferred tax assets			547.3						486.8
Deferred tax liabilities:
Property, plant, and equipment			(79.4)						(91.1)
Right-of-use assets			(12.3)						(8.4)
Intangible assets			(9.7)						(10.1)
Other			(5.1)						(13.2)
Deferred tax liabilities			(106.5)						(122.8)
Net deferred tax assets			$	440.8					$	364.0

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, 2021, 2020, and 2019, are as follows (in millions):

			Years Ended December 31,
			2021						2020						2019
Beginning balance			$	176.3					$	96.7					$	78.8
Increases related to tax positions taken during the current year			40.6						40.1						26.5
Increases related to tax positions taken during a prior year			11.2						46.1						1.2
Decreases related to tax positions taken during a prior year			(1.3)						—						—
Decreases related to settlements with tax authorities			(0.2)						(0.5)						(3.8)
Decreases related to expiration of statute of limitations			(4.1)						(6.1)						(6.0)
Ending balance			$	222.5					$	176.3					$	96.7

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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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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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