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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Taxes on income | Income before income taxes and the income tax provision consisted of the following for the years ended December 31, 2021, 2020 and 2019:
(in millions) |  | 2021 |  | 2020 |  | 2019
Income before income taxes: |  |  |  |  |  |
Domestic |  | $ | 2,728.5 |  |  | $ | 2,640.7 |  |  | $ | 2,650.2 |
Foreign |  | 645.1 |  |  | 81.4 |  |  | 39.4 |
Total |  | $ | 3,373.6 |  |  | $ | 2,722.1 |  |  | $ | 2,689.6 |
Income tax provision: |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 509.2 |  |  | $ | 488.4 |  |  | $ | 419.5 |
State |  | 173.7 |  |  | 140.1 |  |  | 139.2 |
Foreign |  | 19.0 |  |  | 28.8 |  |  | 18.8 |
Total |  | 701.9 |  |  | 657.3 |  |  | 577.5 |
Deferred: |  |  |  |  |  |
Federal |  | (4.6) |  |  | 2.3 |  |  | (6.7) |
State |  | 10.6 |  |  | (36.8) |  |  | 28.0 |
Foreign |  | 28.8 |  |  | (7.1) |  |  | (25.0) |
Total |  | 34.8 |  |  | (41.6) |  |  | (3.7) |
Total Income Tax Provision |  | $ | 736.7 |  |  | $ | 615.7 |  |  | $ | 573.8 |
Reconciliation of the statutory U.S. federal income tax rate to the effective tax rate | Reconciliation of the U.S. federal income tax rate (statutory tax rate) to the effective tax rate is as follows:
|  | 2021 |  | 2020 |  | 2019
Statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit |  | 4.0 |  |  | 4.0 |  |  | 4.1 |
Gain on formation of OSTTRA |  | (2.5) |  |  | — |  |  | — |
Statutory rate change |  | 1.1 |  |  | — |  |  | — |
Impact of revised state and local apportionment estimates |  | 0.3 |  |  | (1.0) |  |  | 0.8 |
Foreign-derived intangible income deduction |  | (1.6) |  |  | (2.0) |  |  | (3.8) |
Other, net |  | (0.5) |  |  | 0.6 |  |  | (0.8) |
Effective Tax Expense Benefit Rate |  | 21.8 | % |  | 22.6 | % |  | 21.3 | %
Deferred tax assets (liabilities) | At December 31, 2021 and 2020, deferred income tax assets (liabilities) consisted of the following:
(in millions) |  | 2021 |  | 2020
Deferred Income Tax Assets: |  |  |  |
Net operating losses |  | $ | 21.0 |  |  | $ | 36.8 |
Accrued expenses, compensation, leases and other |  | 163.1 |  |  | 165.2 |
Subtotal |  | 184.1 |  |  | 202.0 |
Valuation allowance |  | (0.6) |  |  | (11.3) |
Total deferred income tax assets |  | 183.5 |  |  | 190.7 |
Deferred Income Tax Liabilities: |  |  |  |
Purchased intangible assets |  | (5,405.8) |  |  | (5,614.9) |
Other |  | (123.4) |  |  | (106.1) |
Property |  | (40.5) |  |  | (45.7) |
Total deferred income tax liabilities |  | (5,569.7) |  |  | (5,766.7) |
Net Deferred Income Tax Liabilities |  | $ | (5,386.2) |  |  | $ | (5,576.0) |
Reported as: |  |  |  |
Net non-current deferred tax assets |  | $ | 4.2 |  |  | $ | 31.0 |
Net non-current deferred tax liabilities |  | (5,390.4) |  |  | (5,607.0) |
Net Deferred Income Tax Liabilities |  | $ | (5,386.2) |  |  | $ | (5,576.0) |
Unrecognized tax benefits | The following is a summary of the company’s unrecognized tax benefits at December 31, 2021, 2020 and 2019:
(in millions) |  | 2021 |  | 2020 |  | 2019
Gross unrecognized tax benefits |  | $ | 316.4 |  |  | $ | 328.2 |  |  | $ | 388.5 |
Unrecognized tax benefits, net of tax impacts in other jurisdictions |  | 293.1 |  |  | 302.4 |  |  | 359.6 |
Interest and penalties related to uncertain tax positions |  | 42.8 |  |  | 43.6 |  |  | 53.3 |
Interest and penalties recognized on the consolidated statements of income |  | 5.3 |  |  | 7.7 |  |  | (1.5) |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:
(in millions) |  | 2021 |  | 2020 |  | 2019
Balance at January 1 |  | $ | 328.2 |  |  | $ | 388.5 |  |  | $ | 396.2 |
Additions based on tax positions related to the current year |  | 10.2 |  |  | 20.2 |  |  | 30.3 |
Additions for tax positions of prior years |  | 9.6 |  |  | 3.2 |  |  | 4.7 |
Reductions for tax positions of prior years |  | (5.1) |  |  | (10.8) |  |  | (8.8) |
Reductions resulting from the lapse of statutes of limitations |  | (0.3) |  |  | — |  |  | (1.7) |
Settlements with taxing authorities |  | (26.2) |  |  | (72.9) |  |  | (32.2) |
Balance at December 31 |  | $ | 316.4 |  |  | $ | 328.2 |  |  | $ | 388.5 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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