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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
United States | $ | 634.4 |  |  | $ | 610.9 |  |  | $ | 151.3 |
Outside of the United States, including Puerto Rico | 1,133.0 |  |  | 1,091.1 |  |  | 765.4 |
| $ | 1,767.4 |  |  | $ | 1,702.0 |  |  | $ | 916.7 |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following (in millions):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Current |  |  |  |  |
United States: |  |  |  |  |
Federal | $ | 369.1 |  |  | $ | 125.2 |  |  | $ | 23.4 |
State and local | 60.6 |  |  | 25.1 |  |  | 48.2 |
Outside of the United States, including Puerto Rico | 66.7 |  |  | 92.6 |  |  | 73.9 |
Current income tax expense | $ | 496.4 |  |  | $ | 242.9 |  |  | $ | 145.5 |
Deferred |  |  |  |  |
United States: |  |  |  |  |
Federal | $ | (187.7) |  |  | $ | (9.4) |  |  | $ | 11.0 |
State and local | (58.9) |  |  | (25.4) |  |  | (32.9) |
Outside of the United States, including Puerto Rico | (4.3) |  |  | (9.2) |  |  | (30.3) |
Deferred income tax benefit | (250.9) |  |  | (44.0) |  |  | (52.2) |
Total income tax provision | $ | 245.5 |  |  | $ | 198.9 |  |  | $ | 93.3 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows (in millions):
| December 31,
| 2022 |  | 2021
Deferred tax assets |  |  |
Capitalized research and development expenses (a) | $ | 199.7 |  |  | $ | — |
Compensation and benefits | 100.6 |  |  | 109.8 |
Benefits from uncertain tax positions | 42.1 |  |  | 33.9 |
Net tax credit carryforwards | 160.8 |  |  | 142.0 |
Net operating loss carryforwards | 71.7 |  |  | 69.4 |
Accrued liabilities | 93.7 |  |  | 108.0 |
Inventories | 11.9 |  |  | 13.5 |
Cash flow and net investment hedges | 6.6 |  |  | — |
State income taxes | 0.3 |  |  | 0.4 |
Investments | 0.6 |  |  | 0.7 |
Lease liability obligations | 6.7 |  |  | 6.6 |
Other | 1.9 |  |  | 1.3 |
Total deferred tax assets | 696.6 |  |  | 485.6 |
Deferred tax liabilities |  |  |
Property, plant, and equipment | (80.2) |  |  | (64.1) |
Cash flow and net investment hedges | — |  |  | (6.4) |
Deferred tax on foreign earnings | (19.2) |  |  | (26.3) |
Right-of-use assets | (6.0) |  |  | (6.1) |
Other intangible assets | (19.9) |  |  | (75.5) |
Other | (2.9) |  |  | (2.6) |
Total deferred tax liabilities | (128.2) |  |  | (181.0) |
Valuation allowance | (99.1) |  |  | (82.5) |
Net deferred tax assets | $ | 469.3 |  |  | $ | 222.1 |
Schedule of Net Operating Loss Carryforwards | Net operating loss and capital loss carryforwards and the related carryforward periods at December 31, 2022 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 | $ | 8.6 |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 1.8 |  |  | 2033-2037
United States federal net operating losses | 11.3 |  |  | 2.4 |  |  | — |  |  | 2.4 |  |  | Indefinite
United States state net operating losses | 35.7 |  |  | 1.8 |  |  | (1.7) |  |  | 0.1 |  |  | 2026-2041
United States state net operating losses | 2.6 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | Indefinite
Non-United States net operating losses | 390.5 |  |  | 65.5 |  |  | (50.6) |  |  | 14.9 |  |  | Indefinite
United States capital losses | 33.4 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | 2024
Total | $ | 482.1 |  |  | $ | 71.7 |  |  | $ | (52.5) |  |  | $ | 19.2 |  |  |
Schedule of Tax Credit Carryforwards | The gross tax credit carryforwards and the related carryforward periods at December 31, 2022 are summarized as follows (in millions):
| Carryforward Amount |  | Valuation Allowance |  | Net Tax Benefit |  | Carryforward Period Ends
California research expenditure tax credits | $ | 189.8 |  |  | $ | — |  |  | $ | 189.8 |  |  | Indefinite
Federal research expenditure tax credits | 1.3 |  |  | — |  |  | 1.3 |  |  | 2026-2039
Foreign tax and general business credits | 4.3 |  |  | (3.8) |  |  | 0.5 |  |  | 2030-2032
Puerto Rico purchases credits | 26.4 |  |  | (26.4) |  |  | — |  |  | Indefinite
Total | $ | 221.8 |  |  | $ | (30.2) |  |  | $ | 191.6 |  |  |
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,
| 2022 |  | 2021 |  | 2020
Income tax expense at United States federal statutory rate | $ | 371.1 |  |  | $ | 357.4 |  |  | $ | 192.5 |
Foreign income taxed at different rates | (123.9) |  |  | (122.2) |  |  | (80.5) |
State and local taxes, net of federal tax benefit | 21.1 |  |  | 11.9 |  |  | 5.0 |
Tax credits, federal and state | (50.0) |  |  | (48.4) |  |  | (43.1) |
Build of reserve for prior years' uncertain tax positions | 11.6 |  |  | 3.6 |  |  | 4.2 |
Tax on global intangible low-taxed income | 61.4 |  |  | 56.5 |  |  | 49.2 |
Foreign-derived intangible income deduction | (15.0) |  |  | (1.3) |  |  | (2.6) |
Contingent consideration liabilities | (7.5) |  |  | (26.1) |  |  | 2.9 |
United States federal deductible employee share-based compensation | (31.6) |  |  | (47.8) |  |  | (48.3) |
Nondeductible employee share-based compensation | 5.8 |  |  | 5.3 |  |  | 4.2 |
Other | 2.5 |  |  | 10.0 |  |  | 9.8 |
Income tax provision | $ | 245.5 |  |  | $ | 198.9 |  |  | $ | 93.3 |
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,
| 2022 |  | 2021 |  | 2020
Uncertain gross tax positions, January 1 | $ | 358.4 |  |  | $ | 281.8 |  |  | $ | 203.1 |
Current year tax positions | 120.6 |  |  | 82.1 |  |  | 86.4 |
Increase in prior year tax positions | 3.8 |  |  | 2.3 |  |  | 6.0 |
Decrease in prior year tax positions | (0.6) |  |  | (4.8) |  |  | (10.0) |
Settlements | (0.4) |  |  | (0.3) |  |  | (3.7) |
Lapse of statutes of limitations | (6.5) |  |  | (2.7) |  |  | — |
Uncertain gross tax positions, December 31 | $ | 475.3 |  |  | $ | 358.4 |  |  | $ | 281.8 |

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