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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Income Taxes | Earnings before income taxes for the years ended December 31, 2024, 2023, and 2022 consisted of the following components:
| 2024 |  | 2023 |  | 2022
United States | $ | 1,701.7 |  |  | $ | 1,480.3 |  |  | $ | 1,026.4 |
Other | 265.5 |  |  | 262.8 |  |  | 255.6 |
Earnings before income taxes | $ | 1,967.2 |  |  | $ | 1,743.1 |  |  | $ | 1,282.0 |
Schedule of Components of Income Tax Expense | Components of income tax expense for the years ended December 31, 2024, 2023, and 2022 were as follows:
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 317.8 |  |  | $ | 352.6 |  |  | $ | 322.9 |
State | 101.7 |  |  | 80.7 |  |  | 80.8 |
Foreign | 78.0 |  |  | 69.9 |  |  | 65.9 |
Deferred: |  |  |  |  |
Federal | (42.8) |  |  | (94.1) |  |  | (136.9) |
State | (15.9) |  |  | (27.7) |  |  | (31.1) |
Foreign | (20.9) |  |  | (6.7) |  |  | (5.2) |
Income tax expense | $ | 417.9 |  |  | $ | 374.7 |  |  | $ | 296.4 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations between the U.S. federal statutory income tax rate and the effective income tax rate for the years ended December 31, 2024, 2023, and 2022 were as follows:
| 2024 |  | 2023 |  | 2022
Federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign operations, net | 0.6 |  |  | 0.5 |  |  | 0.8 |
R&D tax credits | (2.0) |  |  | (1.9) |  |  | (3.0) |
State taxes, net of federal benefit | 3.6 |  |  | 3.5 |  |  | 3.7 |
Stock-based compensation | (1.0) |  |  | (1.5) |  |  | (1.0) |
Changes in valuation allowances | (1.4) |  |  | (0.4) |  |  | — |
Legal entity restructuring | — |  |  | — |  |  | 0.8 |
Other, net | 0.4 |  |  | 0.3 |  |  | 0.8 |
Effective tax rate | 21.2 | % |  | 21.5 | % |  | 23.1 | %
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities at December 31 were as follows:
| 2024 |  | 2023
Deferred tax assets: |  |  |
Reserves and accrued expenses | $ | 243.6 |  |  | $ | 223.2 |
Net operating loss carryforwards | 94.6 |  |  | 80.2 |
R&D credits | 12.6 |  |  | 7.6 |
Capitalized R&D expenditures | 271.1 |  |  | 178.7 |
Interest expense limitation carryforwards | 49.3 |  |  | 31.0 |
Lease liabilities | 50.8 |  |  | 47.1 |
Valuation allowances | (8.9) |  |  | (34.8) |
Total deferred tax assets | $ | 713.1 |  |  | $ | 533.0 |
Deferred tax liabilities: |  |  |
Reserves and accrued expenses | $ | 13.1 |  |  | $ | 10.8 |
Amortizable intangible assets | 1,985.2 |  |  | 1,752.8 |
Plant and equipment | 11.8 |  |  | 7.5 |
Accrued tax on unremitted foreign earnings | 9.7 |  |  | 8.8 |
Right-of-use assets | 48.7 |  |  | 44.7 |
Outside basis difference in Indicor | 221.1 |  |  | 189.3 |
Total deferred tax liabilities | $ | 2,289.6 |  |  | $ | 2,013.9 |
Schedule of Unrecognized Tax Benefits Roll Forward | Reconciliations of the beginning and ending amounts of unrecognized tax benefits are as follows:
| 2024 |  | 2023 |  | 2022
Beginning balances | $ | 35.6 |  |  | $ | 29.0 |  |  | $ | 40.5 |
Additions for tax positions of prior periods | 1.2 |  |  | 4.3 |  |  | — |
Additions for tax positions of the current period | 0.9 |  |  | 4.3 |  |  | 2.3 |
Reductions for tax positions of prior periods | (3.5) |  |  | — |  |  | (11.2) |
Reductions attributable to lapses of applicable statutes of limitations | (5.1) |  |  | (2.0) |  |  | (2.6) |
Reductions attributable to settlements with taxing authorities | (1.2) |  |  | — |  |  | — |
Ending balances | $ | 27.9 |  |  | $ | 35.6 |  |  | $ | 29.0 |

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