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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule Of Income Before Provision For Income Taxes | Income before provision for income taxes for the years ended December 31, 2023, 2022, and 2021, consisted of the following (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. | $ | 1,251.1 |  |  | $ | 956.7 |  |  | $ | 1,298.7 |
Foreign | 707.8 |  |  | 650.1 |  |  | 591.6 |
Total income before provision for income taxes | $ | 1,958.9 |  |  | $ | 1,606.8 |  |  | $ | 1,890.3 |
Schedule Of Provision For Income Taxes | The provision for income taxes for the years ended December 31, 2023, 2022, and 2021, consisted of the following (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 315.2 |  |  | $ | 350.4 |  |  | $ | 158.8 |
State | 32.8 |  |  | 49.2 |  |  | 17.3 |
Foreign | 74.4 |  |  | 48.1 |  |  | 50.1 |
Total current income tax expense | 422.4 |  |  | 447.7 |  |  | 226.2 |
Deferred |  |  |  |  |
Federal | (122.4) |  |  | (188.8) |  |  | (21.4) |
State | (25.1) |  |  | (16.4) |  |  | 0.5 |
Foreign | (133.3) |  |  | 19.9 |  |  | (43.1) |
Total deferred income tax expense | (280.8) |  |  | (185.3) |  |  | (64.0) |
Total income tax expense | $ | 141.6 |  |  | $ | 262.4 |  |  | $ | 162.2 |
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, 2023, 2022, and 2021, as a result of the following (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Federal tax at statutory rate | $ | 411.4 |  |  | $ | 337.4 |  |  | $ | 397.0 |
Increase (reduction) in tax resulting from: |  |  |  |  |
State taxes, net of federal benefits | 35.0 |  |  | 34.9 |  |  | 33.1 |
Foreign rate differential | (64.4) |  |  | (64.2) |  |  | (54.3) |
U.S. tax on foreign earnings | 70.9 |  |  | 75.4 |  |  | 40.1 |
Research and development credit | (48.6) |  |  | (41.7) |  |  | (30.7) |
Excess tax benefits related to share-based compensation | (107.9) |  |  | (98.7) |  |  | (185.8) |
Share-based compensation not benefited | 29.5 |  |  | 24.1 |  |  | 17.8 |
Unrecognized tax benefits related to share-based compensation | 4.4 |  |  | 3.3 |  |  | 13.6 |
Reversal of unrecognized tax benefits | (20.9) |  |  | (11.1) |  |  | (3.0) |
Swiss tax benefits, net of valuation allowance | (92.3) |  |  | — |  |  | — |
Deferred tax re-measurement | (67.1) |  |  | — |  |  | (66.4) |
Other | (8.4) |  |  | 3.0 |  |  | 0.8 |
Total income tax expense | $ | 141.6 |  |  | $ | 262.4 |  |  | $ | 162.2 |
Schedule Of Deferred Tax Assets | Deferred income taxes reflect tax carryforwards 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,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Intangible assets | $ | 420.9 |  |  | $ | 342.8 |
Capitalized research and development expenditures | 306.4 |  |  | 172.5 |
Research and development credits | 193.2 |  |  | 156.7 |
Share-based compensation expense | 135.1 |  |  | 121.3 |
Swiss tax credits | 122.4 |  |  | — |
Expenses deducted in later years for tax purposes | 55.9 |  |  | 57.5 |
Lease liabilities | 16.5 |  |  | 16.6 |
Net operating losses | 2.8 |  |  | 6.4 |
Net unrealized losses on available-for-sale securities and other | 9.2 |  |  | 45.5 |
Gross deferred tax assets | 1,262.4 |  |  | 919.3 |
Valuation allowance | (269.8) |  |  | (168.6) |
Deferred tax assets | 992.6 |  |  | 750.7 |
Deferred tax liabilities: |  |  |
Property, plant, and equipment | (60.3) |  |  | (64.1) |
Right-of-use assets | (11.8) |  |  | (11.8) |
Intangible assets | (9.8) |  |  | (9.3) |
Other | (0.2) |  |  | (1.0) |
Deferred tax liabilities | (82.1) |  |  | (86.2) |
Net deferred tax assets | $ | 910.5 |  |  | $ | 664.5 |
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, 2023, 2022, and 2021, are as follows (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Beginning balance | $ | 252.6 |  |  | $ | 222.5 |  |  | $ | 176.3 |
Increases related to tax positions taken during the current year | 48.5 |  |  | 49.5 |  |  | 40.6 |
Increases related to tax positions taken during a prior year | — |  |  | 4.9 |  |  | 11.2 |
Decreases related to tax positions taken during a prior year | (18.9) |  |  | (16.5) |  |  | (1.3) |
Decreases related to settlements with tax authorities | (1.0) |  |  | (1.2) |  |  | (0.2) |
Decreases related to expiration of statute of limitations | (20.8) |  |  | (6.6) |  |  | (4.1) |
Ending balance | $ | 260.4 |  |  | $ | 252.6 |  |  | $ | 222.5 |

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