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Income Taxes (Tables)

12 Months Ended

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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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 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.

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