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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Income Before Provisions for Income Taxes

The Company's income before provision for income taxes was generated from United States and international operations as follows (in millions):
 
Years Ended December 31,
 
2019
 
2018
 
2017
United States
$
383.4

 
$
266.1

 
$
491.5

International, including Puerto Rico
783.1

 
495.3

 
543.4

 
$
1,166.5

 
$
761.4

 
$
1,034.9
Schedule of Provision for Income Taxes
The provision for income taxes consists of the following (in millions):
 
Years Ended December 31,
 
2019
 
2018
 
2017
Current
 

 
 

 
 

United States:
 

 
 

 
 

Federal
$
31.3

 
$
10.9

 
$
330.8

State and local
48.7

 
13.6

 
32.8

International, including Puerto Rico
29.1

 
35.9

 
60.6

Current income tax expense
$
109.1

 
$
60.4

 
$
424.2

Deferred
 

 
 

 
 

United States:
 

 
 

 
 

Federal
$
28.3

 
$
(16.1
)
 
$
39.3

State and local
(18.3
)
 
(22.4
)
 
(3.8
)
International, including Puerto Rico
0.5

 
17.3

 
(8.4
)
Deferred income tax expense (benefit)
10.5

 
(21.2
)
 
27.1

Total income tax provision
$
119.6

 
$
39.2

 
$
451.3
Components of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities are as follows (in millions):
 
December 31,
 
2019
 
2018
Deferred tax assets
 

 
 

Compensation and benefits
$
91.6

 
$
71.4

Benefits from uncertain tax positions
22.5

 
22.2

Net tax credit carryforwards
108.4

 
94.4

Net operating loss carryforwards
57.6

 
42.1

Accrued liabilities
6.1

 
57.9

Inventories
12.9

 
7.2

State income taxes
0.5

 
0.6

Investments
1.5

 
1.6

Lease liability obligations
18.4

 
—

Other
1.9

 
4.1

Total deferred tax assets
321.4

 
301.5

Deferred tax liabilities
 

 
 

Property, plant, and equipment
(22.6
)
 
(24.5
)
Cash flow and net investment hedges
(6.8
)
 
(4.5
)
Deferred tax on foreign earnings
(0.1
)
 
(0.6
)
Right-of-use assets
(17.5
)
 
—

Inventories
—

 
(3.9
)
Other intangible assets
(71.0
)
 
(77.1
)
Other
(2.2
)
 
(0.1
)
Total deferred tax liabilities
(120.2
)
 
(110.7
)
Valuation allowance
(65.8
)
 
(46.7
)
Net deferred tax assets
$
135.4

 
$
144.1
Summary of Net Operating Loss Carryforwards
Net operating loss and capital loss carryforwards and the related carryforward periods at December 31, 2019 are summarized as follows (in millions):
 
Carryforward
Amount
 
Tax Benefit
Amount
 
Valuation
Allowance
 
Net Tax
Benefit
 
Carryforward
Period Ends
United States federal net operating losses
$
35.9

 
$
7.5

 
$
—

 
$
7.5

 
2030-2037
United States federal net operating losses
11.3

 
2.4

 
—

 
2.4

 
Indefinite
United States state net operating losses
32.1

 
2.1

 
(2.1
)
 
—

 
2026-2039
United States state net operating losses
1.0

 
—

 
—

 
—

 
Indefinite
Non-United States net operating losses
52.4

 
4.7

 
(4.1
)
 
0.6

 
2020-2027
Non-United States net operating losses
239.1

 
40.7

 
(35.2
)
 
5.5

 
Indefinite
United States capital losses
34.1

 
0.5

 
(0.5
)
 
—

 
2022
Total
$
405.9

 
$
57.9

 
$
(41.9
)
 
$
16.0

 
 
Summary of Tax Credit Carryforwards
The gross tax credit carryforwards and the related carryforward periods at December 31, 2019 are summarized as follows (in millions):
 
Carryforward
Amount
 
Valuation
Allowance
 
Net Tax
Benefit
 
Carryforward
Period Ends
California research expenditure tax credits
$
124.4

 
$
—

 
$
124.4

 
Indefinite
Federal research expenditure tax credits
1.5

 
—

 
1.5

 
2026-2039
Puerto Rico purchases credit
21.8

 
(21.8
)
 
—

 
Indefinite
Total
$
147.7

 
$
(21.8
)
 
$
125.9

 
 
Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate
A reconciliation of the United States federal statutory income tax rate to the Company's effective income tax rate is as follows (in millions):
 
Years Ended December 31,
 
2019
 
2018
 
2017
Income tax expense at U.S. federal statutory rate
$
245.0

 
$
159.9

 
$
362.2

Foreign income taxed at different rates
(75.0
)
 
(16.2
)
 
(106.9
)
State and local taxes, net of federal tax benefit
11.9

 
6.8

 
11.5

Tax credits, federal and state
(42.9
)
 
(36.7
)
 
(25.8
)
Build (release) of reserve for prior years' uncertain tax positions
5.0

 
(35.5
)
 
(7.7
)
U.S. tax on foreign earnings, net of credits
(2.9
)
 
(12.2
)
 
(30.3
)
Tax on global intangible low-taxed income
32.0

 
—

 
—

Foreign-derived intangible income deduction
(7.2
)
 
(6.6
)
 
—

Deductible employee share-based compensation
(57.6
)
 
(41.8
)
 
(48.2
)
Nondeductible employee share-based compensation
3.2

 
2.8

 
3.9

Impact related to 2017 U.S. Tax Reform
2.8

 
15.8

 
294.1

Other
5.3

 
2.9

 
(1.5
)
Income tax provision
$
119.6

 
$
39.2

 
$
451.3
Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions
A reconciliation of the beginning and ending amount of uncertain tax positions, excluding interest, penalties, and foreign exchange, is as follows (in millions):
 
December 31,
 
2019
 
2018
 
2017
Uncertain gross tax positions, January 1
$
150.7

 
$
225.6

 
$
245.5

Current year tax positions
55.4

 
37.8

 
77.7

Increase in prior year tax positions
0.8

 
13.9

 
63.7

Decrease in prior year tax positions
(3.8
)
 
(78.8
)
 
(65.0
)
Settlements
—

 
(46.5
)
 
(95.3
)
Lapse of statutes of limitations
—

 
(1.3
)
 
(1.0
)
Uncertain gross tax positions, December 31
$
203.1

 
$
150.7

 
$
225.6