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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 and 2021:

(in millions)						2023						2022						2021
Income before income taxes:
Domestic						$	3,900.5					$	3,291.7					$	2,728.5
Foreign						253.1						198.6						645.1
Total						$	4,153.6					$	3,490.3					$	3,373.6
Income tax provision:
Current:
Federal						$	751.7					$	620.5					$	509.2
State						205.8						177.1						173.7
Foreign						44.9						24.9						19.0
Total						1,002.4						822.5						701.9
Deferred:
Federal						21.9						(16.3)						(4.6)
State						(33.8)						(7.3)						10.6
Foreign						(63.1)						0.4						28.8
Total						(75.0)						(23.2)						34.8
Total Income Tax Provision						$	927.4					$	799.3					$	736.7

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:

						2023						2022						2021
Statutory tax rate						21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit						3.3						3.9						4.3
Gain on formation of OSTTRA						—						—						(2.5)
Statutory rate change						—						—						1.1
Foreign-derived intangible income deduction						(1.5)						(1.5)						(1.6)
Other, net						(0.5)						(0.5)						(0.5)
Effective Tax Expense Benefit Rate						22.3		%				22.9		%				21.8		%

Deferred tax assets (liabilities)

At December 31, 2023 and 2022, deferred income tax assets (liabilities) consisted of the following: 

(in millions)						2023						2022
Deferred Income Tax Assets:
Net operating losses						$	3.4					$	3.7
Accrued expenses, compensation, leases and other						131.4						135.2
Subtotal						134.8						138.9
Valuation allowance						(0.4)						(0.4)
Total deferred income tax assets						134.4						138.5
Deferred Income Tax Liabilities:
Purchased intangible assets						(5,298.2)						(5,358.8)
Other						(115.4)						(106.3)
Property						(1.3)						(30.4)
Total deferred income tax liabilities						(5,414.9)						(5,495.5)
Net Deferred Income Tax Liabilities						$	(5,280.5)					$	(5,357.0)
Reported as:
Net non-current deferred tax assets						$	47.2					$	4.1
Net non-current deferred tax liabilities						(5,327.7)						(5,361.1)
Net Deferred Income Tax Liabilities						$	(5,280.5)					$	(5,357.0)

Unrecognized tax benefits

The following is a summary of the company’s unrecognized tax benefits at December 31, 2023, 2022 and 2021:

(in millions)						2023						2022						2021
Gross unrecognized tax benefits						$	264.1					$	280.3					$	316.4
Unrecognized tax benefits, net of tax impacts in other jurisdictions						251.9						264.4						293.1
Interest and penalties related to uncertain tax positions						16.6						28.0						42.8
Interest and penalties recognized on the consolidated statements of income						(4.0)						(3.8)						5.3

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:

(in millions)						2023						2022						2021
Balance at January 1						$	280.3					$	316.4					$	328.2
Additions based on tax positions related to the current year						10.0						8.5						10.2
Additions for tax positions of prior years						4.3						2.7						9.6
Reductions for tax positions of prior years						(8.0)						(9.5)						(5.1)
Reductions resulting from the lapse of statutes of limitations						(5.2)						(5.5)						(0.3)
Settlements with taxing authorities						(17.3)						(32.3)						(26.2)
Balance at December 31						$	264.1					$	280.3					$	316.4

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