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Income Taxes (Tables)

12 Months Ended

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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