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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Earnings Before Income Taxes

Earnings before income taxes for the years ended December 31, 2020, 2019 and 2018 consisted of the following components:

			2020						2019						2018
United States			$	902.4					$	1,902.2					$	924.2
Other			306.9						325.2						274.2
			$	1,209.3					$	2,227.4					$	1,198.4

Schedule of Components of Income Tax Expense (Benefit)

Components of income tax expense for the years ended December 31, 2020, 2019 and 2018 were as follows:

			2020						2019						2018
Current:
Federal			$	180.8					$	391.6					$	155.4
State			59.0						78.3						56.2
Foreign			77.4						79.8						105.1
Deferred:
Federal			(54.3)						(43.1)						(24.2)
State			(7.6)						2.6						(25.8)
Foreign			4.3						(49.7)						(12.7)
			$	259.6					$	459.5					$	254.0

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2020, 2019 and 2018 were as follows:

			2020						2019						2018
Federal statutory rate			21.0		%				21.0		%				21.0		%
Foreign operations, net			1.0						0.2						1.6
R&D tax credits			(1.4)						(0.6)						(0.9)
State taxes, net of federal benefit			3.1						1.6						2.4
Stock-based compensation			(3.0)						(1.3)						(3.1)
Tax Cuts and Jobs Act of 2017 - measurement period adjustments			—						—						(1.2)
Divestitures			—						1.8						—
Foreign entity restructuring			—						(1.8)						—
Other, net			0.8						(0.3)						1.4
			21.5		%				20.6		%				21.2		%

Schedule of Deferred Tax Assets and Liabilities

Components of the deferred tax assets and liabilities at December 31 were as follows:

			2020						2019
Deferred tax assets:
Reserves and accrued expenses			$	187.6					$	169.6
Net operating loss carryforwards			154.6						111.2
R&D credits			26.3						4.1
Interest expense limitation carryforwards			63.0						9.9
Valuation allowance			(38.0)						(36.3)
Lease liability			65.0						64.0
Total deferred tax assets			$	458.5					$	322.5
Deferred tax liabilities:
Reserves and accrued expenses			$	23.8					$	15.5
Amortizable intangible assets			1,803.3						1,229.9
Plant and equipment			8.8						10.8
Accrued tax on unremitted foreign earnings			18.6						17.1
ROU asset			62.5						61.7
Total deferred tax liabilities			$	1,917.0					$	1,335.0

Schedule of Unrecognized Tax Benefits Roll Forward

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

			2020						2019						2018
Beginning balance			$	69.8					$	63.6					$	52.2
Additions for tax positions of prior periods			6.0						2.9						2.4
Additions for tax positions of the current period			3.5						4.2						6.9
Additions due to acquisitions			6.2						1.9						4.4
Reductions for tax positions of prior periods			(3.6)						(0.3)						(0.4)
Reductions attributable to lapses of applicable statute of limitations			(6.3)						(2.5)						(1.9)
Ending balance			$	75.6					$	69.8					$	63.6

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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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