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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023 and 2022:
(in millions) |  | 2024 |  | 2023 |  | 2022
Income before income taxes: |  |  |  |  |  |
Domestic |  | $ | 4,305.9 |  |  | $ | 3,900.5 |  |  | $ | 3,291.7 |
Foreign |  | 235.5 |  |  | 253.1 |  |  | 198.6 |
Total |  | $ | 4,541.4 |  |  | $ | 4,153.6 |  |  | $ | 3,490.3 |
Income tax provision: |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 776.9 |  |  | $ | 751.7 |  |  | $ | 620.5 |
State |  | 252.8 |  |  | 205.8 |  |  | 177.1 |
Foreign |  | 52.3 |  |  | 44.9 |  |  | 24.9 |
Total |  | 1,082.0 |  |  | 1,002.4 |  |  | 822.5 |
Deferred: |  |  |  |  |  |
Federal |  | (49.6) |  |  | 21.9 |  |  | (16.3) |
State |  | (17.0) |  |  | (33.8) |  |  | (7.3) |
Foreign |  | 0.2 |  |  | (63.1) |  |  | 0.4 |
Total |  | (66.4) |  |  | (75.0) |  |  | (23.2) |
Total Income Tax Provision |  | $ | 1,015.6 |  |  | $ | 927.4 |  |  | $ | 799.3 |
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:
|  | 2024 |  | 2023 |  | 2022
Statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit |  | 4.1 |  |  | 3.3 |  |  | 3.9 |
Foreign-derived intangible income deduction |  | (1.7) |  |  | (1.5) |  |  | (1.5) |
Other, net |  | (1.0) |  |  | (0.5) |  |  | (0.5) |
Effective Tax Expense Benefit Rate |  | 22.4 | % |  | 22.3 | % |  | 22.9 | %
Deferred tax assets (liabilities) | At December 31, 2024 and 2023, deferred income tax assets (liabilities) consisted of the following:
(in millions) |  | 2024 |  | 2023
Deferred Income Tax Assets: |  |  |  |
Net operating losses |  | $ | 5.3 |  |  | $ | 3.4 |
Property |  | 12.8 |  |  | — |
Accrued expenses, compensation, leases and other |  | 123.9 |  |  | 131.4 |
Subtotal |  | 142.0 |  |  | 134.8 |
Valuation allowance |  | — |  |  | (0.4) |
Total deferred income tax assets |  | 142.0 |  |  | 134.4 |
Deferred Income Tax Liabilities: |  |  |  |
Purchased intangible assets |  | (5,240.6) |  |  | (5,298.2) |
Other |  | (114.1) |  |  | (115.4) |
Property |  | — |  |  | (1.3) |
Total deferred income tax liabilities |  | (5,354.7) |  |  | (5,414.9) |
Net Deferred Income Tax Liabilities |  | $ | (5,212.7) |  |  | $ | (5,280.5) |
Reported as: |  |  |  |
Net non-current deferred tax assets |  | $ | 34.1 |  |  | $ | 47.2 |
Net non-current deferred tax liabilities |  | (5,246.8) |  |  | (5,327.7) |
Net Deferred Income Tax Liabilities |  | $ | (5,212.7) |  |  | $ | (5,280.5) |
Unrecognized tax benefits | The following is a summary of the company’s unrecognized tax benefits at December 31, 2024, 2023 and 2022:
(in millions) |  | 2024 |  | 2023 |  | 2022
Gross unrecognized tax benefits |  | $ | 251.6 |  |  | $ | 264.1 |  |  | $ | 280.3 |
Unrecognized tax benefits, net of tax impacts in other jurisdictions |  | 238.1 |  |  | 251.9 |  |  | 264.4 |
Interest and penalties related to uncertain tax positions |  | 18.8 |  |  | 16.6 |  |  | 28.0 |
Interest and penalties recognized on the consolidated statements of income |  | 2.1 |  |  | (4.0) |  |  | (3.8) |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Balance at January 1 |  | $ | 264.1 |  |  | $ | 280.3 |  |  | $ | 316.4 |
Additions based on tax positions related to the current year |  | 12.0 |  |  | 10.0 |  |  | 8.5 |
Additions for tax positions of prior years |  | 3.9 |  |  | 4.3 |  |  | 2.7 |
Reductions for tax positions of prior years |  | (17.7) |  |  | (8.0) |  |  | (9.5) |
Reductions resulting from the lapse of statutes of limitations |  | (5.6) |  |  | (5.2) |  |  | (5.5) |
Settlements with taxing authorities |  | (5.1) |  |  | (17.3) |  |  | (32.3) |
Balance at December 31 |  | $ | 251.6 |  |  | $ | 264.1 |  |  | $ | 280.3 |

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