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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Provisions for Income Taxes

The Company's income before provision for income taxes was generated from operations in the United States and outside of the United States as follows (in millions):

			Years Ended December 31,
			2021						2020						2019
United States			$	610.9					$	151.3					$	383.4
Outside of the United States, including Puerto Rico			1,091.1						765.4						783.1
			$	1,702.0					$	916.7					$	1,166.5

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following (in millions):

			Years Ended December 31,
			2021						2020						2019
Current
United States:
Federal			$	125.2					$	23.4					$	31.3
State and local			25.1						48.2						48.7
Outside of the United States, including Puerto Rico			92.6						73.9						29.1
Current income tax expense			$	242.9					$	145.5					$	109.1
Deferred
United States:
Federal			$	(9.4)					$	11.0					$	28.3
State and local			(25.4)						(32.9)						(18.3)
Outside of the United States, including Puerto Rico			(9.2)						(30.3)						0.5
Deferred income tax (benefit) expense			(44.0)						(52.2)						10.5
Total income tax provision			$	198.9					$	93.3					$	119.6

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows (in millions):

			December 31,
			2021						2020
Deferred tax assets
Compensation and benefits			$	109.8					$	88.6
Benefits from uncertain tax positions			33.9						27.0
Net tax credit carryforwards			142.0						125.5
Net operating loss carryforwards			69.4						64.1
Accrued liabilities			108.0						105.0
Inventories			13.5						16.3
Cash flow and net investment hedges			—						3.3
State income taxes			0.4						0.5
Investments			0.7						1.8
Lease liability obligations			6.6						7.7
Other			1.3						3.6
Total deferred tax assets			485.6						443.4
Deferred tax liabilities
Property, plant, and equipment			(64.1)						(53.4)
Cash flow and net investment hedges			(6.4)						—
Deferred tax on foreign earnings			(26.3)						(29.2)
Right-of-use assets			(6.1)						(7.0)
Other intangible assets			(75.5)						(76.3)
Other			(2.6)						(3.1)
Total deferred tax liabilities			(181.0)						(169.0)
Valuation allowance			(82.5)						(71.6)
Net deferred tax assets			$	222.1					$	202.8

Schedule of Net Operating Loss Carryforwards

Net operating loss and capital loss carryforwards and the related carryforward periods at December 31, 2021 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			$	17.6					$	3.7					$	—					$	3.7					2030-2037
United States federal net operating losses			11.3						2.4						—						2.4						Indefinite
United States state net operating losses			33.5						1.6						(1.6)						—						2026-2039
United States state net operating losses			1.0						0.1						(0.1)						—						Indefinite
Non-United States net operating losses			5.8						1.5						(1.2)						0.3						2022-2028
Non-United States net operating losses			353.3						60.1						(50.8)						9.3						Indefinite
United States capital losses			34.1						0.2						(0.2)						—						2024
Total			$	456.6					$	69.6					$	(53.9)					$	15.7

Schedule of Tax Credit Carryforwards

The gross tax credit carryforwards and the related carryforward periods at December 31, 2021 are summarized as follows (in millions):

			Carryforward Amount						Valuation Allowance						Net Tax Benefit						Carryforward Period Ends
California research expenditure tax credits			$	167.0					$	—					$	167.0					Indefinite
Federal research expenditure tax credits			1.5						—						1.5						2026-2039
Foreign tax credits			2.9						(2.9)						—						2030-2031
Puerto Rico purchases credit			23.4						(23.4)						—						Indefinite
Total			$	194.8					$	(26.3)					$	168.5

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,
			2021						2020						2019
Income tax expense at United States federal statutory rate			$	357.4					$	192.5					$	245.0
Foreign income taxed at different rates			(122.2)						(80.5)						(75.0)
State and local taxes, net of federal tax benefit			11.9						5.0						11.9
Tax credits, federal and state			(48.4)						(43.1)						(42.9)
Build of reserve for prior years' uncertain tax positions			3.6						4.2						5.0
Tax on global intangible low-taxed income			56.5						49.2						32.0
Foreign-derived intangible income deduction			(1.3)						(2.6)						(7.2)
Contingent consideration liabilities			(26.1)						2.9						(1.3)
United States federal deductible employee share-based compensation			(47.8)						(48.3)						(57.6)
Nondeductible employee share-based compensation			5.3						4.2						3.2
Other			10.0						9.8						6.5
Income tax provision			$	198.9					$	93.3					$	119.6

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,
			2021						2020						2019
Uncertain gross tax positions, January 1			$	281.8					$	203.1					$	150.7
Current year tax positions			82.1						86.4						55.4
Increase in prior year tax positions			2.3						6.0						0.8
Decrease in prior year tax positions			(4.8)						(10.0)						(3.8)
Settlements			(0.3)						(3.7)						—
Lapse of statutes of limitations			(2.7)						—						—
Uncertain gross tax positions, December 31			$	358.4					$	281.8					$	203.1

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