XML 50 R36.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Income Taxes | Earnings before income taxes for the years ended December 31, 2022, 2021 and 2020 consisted of the following components:
| 2022 |  | 2021 |  | 2020
United States | $ | 1,026.4 |  |  | $ | 814.7 |  |  | $ | 676.2 |
Other | 255.6 |  |  | 217.2 |  |  | 185.1 |
| $ | 1,282.0 |  |  | $ | 1,031.9 |  |  | $ | 861.3 |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense for the years ended December 31, 2022, 2021 and 2020 were as follows:
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 322.9 |  |  | $ | 110.2 |  |  | $ | 142.9 |
State | 80.8 |  |  | 50.8 |  |  | 48.0 |
Foreign | 65.9 |  |  | 59.9 |  |  | 54.6 |
Deferred: |  |  |  |  |
Federal | (136.9) |  |  | 27.5 |  |  | (32.2) |
State | (31.1) |  |  | (27.2) |  |  | (26.8) |
Foreign | (5.2) |  |  | 5.4 |  |  | 1.0 |
| $ | 296.4 |  |  | $ | 226.6 |  |  | $ | 187.5 |
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, 2022, 2021 and 2020 were as follows:
| 2022 |  | 2021 |  | 2020
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign operations, net | 0.8 |  |  | 2.5 |  |  | 2.1 |
R&D tax credits | (3.0) |  |  | (2.1) |  |  | (1.6) |
State taxes, net of federal benefit | 3.7 |  |  | 2.8 |  |  | 3.3 |
Stock-based compensation | (1.0) |  |  | (2.4) |  |  | (3.3) |
Impact of UK tax rate change | — |  |  | 2.0 |  |  | — |
Legal entity restructuring | 0.8 |  |  | (1.4) |  |  | — |
Other, net | 0.8 |  |  | (0.4) |  |  | 0.3 |
| 23.1 | % |  | 22.0 | % |  | 21.8 | %
Schedule of Deferred Tax Assets and Liabilities | Components of the deferred tax assets and liabilities at December 31 were as follows:
| 2022 |  | 2021
Deferred tax assets: |  |  |
Reserves and accrued expenses | $ | 192.4 |  |  | $ | 179.6 |
Net operating loss carryforwards | 84.6 |  |  | 51.0 |
R&D credits | 8.9 |  |  | 12.5 |
Capitalized R&D expenditures | 97.8 |  |  | — |
Interest expense limitation carryforwards | 41.1 |  |  | 10.9 |
Outside basis differences on assets held for sale | — |  |  | 57.4 |
Lease liability | 50.1 |  |  | 46.2 |
Valuation allowance | (37.1) |  |  | (31.9) |
Total deferred tax assets | $ | 437.8 |  |  | $ | 325.7 |
Deferred tax liabilities: |  |  |
Reserves and accrued expenses | $ | 12.0 |  |  | $ | 17.3 |
Amortizable intangible assets | 1,818.7 |  |  | 1,656.2 |
Accrued tax on unremitted foreign earnings | 5.8 |  |  | 24.7 |
ROU asset | 48.0 |  |  | 43.7 |
Outside basis difference in Indicor | 174.2 |  |  | — |
Total deferred tax liabilities | $ | 2,058.7 |  |  | $ | 1,741.9 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2022 |  | 2021 |  | 2020
Beginning balance | $ | 40.5 |  |  | $ | 63.5 |  |  | $ | 57.6 |
Additions for tax positions of prior periods | — |  |  | 2.2 |  |  | 6.0 |
Additions for tax positions of the current period | 2.3 |  |  | 3.3 |  |  | 3.5 |
Additions due to acquisitions | — |  |  | 1.0 |  |  | 6.2 |
Reductions for tax positions of prior periods | (11.2) |  |  | (0.5) |  |  | (3.6) |
Reductions attributable to lapses of applicable statute of limitations | (2.6) |  |  | (4.6) |  |  | (6.2) |
Reductions attributable to settlements with taxing authorities | — |  |  | (24.4) |  |  | — |
Ending balance | $ | 29.0 |  |  | $ | 40.5 |  |  | $ | 63.5 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration