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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
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,
| 2023 |  | 2022 |  | 2021
United States | $ | 348.0 |  |  | $ | 634.4 |  |  | $ | 610.9 |
Outside of the United States, including Puerto Rico | 1,250.1 |  |  | 1,133.0 |  |  | 1,091.1 |
| $ | 1,598.1 |  |  | $ | 1,767.4 |  |  | $ | 1,702.0 |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
United States: |  |  |  |  |
Federal | $ | 317.3 |  |  | $ | 369.1 |  |  | $ | 125.2 |
State and local | 58.1 |  |  | 60.6 |  |  | 25.1 |
Outside of the United States, including Puerto Rico | 85.3 |  |  | 66.7 |  |  | 92.6 |
Current income tax expense | $ | 460.7 |  |  | $ | 496.4 |  |  | $ | 242.9 |
Deferred |  |  |  |  |
United States: |  |  |  |  |
Federal | $ | (187.5) |  |  | $ | (187.7) |  |  | $ | (9.4) |
State and local | (54.2) |  |  | (58.9) |  |  | (25.4) |
Outside of the United States, including Puerto Rico | (20.3) |  |  | (4.3) |  |  | (9.2) |
Deferred income tax benefit | (262.0) |  |  | (250.9) |  |  | (44.0) |
Total income tax provision | $ | 198.7 |  |  | $ | 245.5 |  |  | $ | 198.9 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows (in millions):
| December 31,
| 2023 |  | 2022
Deferred tax assets |  |  |
Capitalized research and development expenses (a) | $ | 371.1 |  |  | $ | 199.7 |
Compensation and benefits | 117.9 |  |  | 100.6 |
Benefits from uncertain tax positions | 63.4 |  |  | 42.1 |
Net tax credit carryforwards | 172.9 |  |  | 160.8 |
Net operating loss carryforwards | 75.9 |  |  | 71.7 |
Accrued liabilities | 132.8 |  |  | 93.7 |
Inventories | 15.3 |  |  | 11.9 |
Cash flow and net investment hedges | 1.6 |  |  | 6.6 |
State income taxes | 0.2 |  |  | 0.3 |
Investments | 0.6 |  |  | 0.6 |
Lease liability obligations | 5.8 |  |  | 6.7 |
Other | 0.8 |  |  | 1.9 |
Total deferred tax assets | 958.3 |  |  | 696.6 |
Deferred tax liabilities |  |  |
Property, plant, and equipment | (78.2) |  |  | (80.2) |
Deferred tax on foreign earnings | (3.6) |  |  | (19.2) |
Right-of-use assets | (4.7) |  |  | (6.0) |
Other intangible assets | (53.0) |  |  | (19.9) |
Other | (2.5) |  |  | (2.9) |
Total deferred tax liabilities | (142.0) |  |  | (128.2) |
Valuation allowance | (90.2) |  |  | (99.1) |
Net deferred tax assets | $ | 726.1 |  |  | $ | 469.3 |
______________________________________ (a) As required by the 2017 Tax Cuts and Jobs Act, effective January 1, 2022, the Company's research and development expenditures were capitalized and amortized which resulted in substantially higher cash paid for taxes in 2023 and 2022 with an equal amount of deferred tax benefits.
Schedule of Net Operating Loss Carryforwards | Net operating loss and capital loss carryforwards and the related carryforward periods at December 31, 2023 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 | $ | 9.0 |  |  | $ | 1.9 |  |  | $ | — |  |  | $ | 1.9 |  |  | 2033-2037
United States federal net operating losses | 1.8 |  |  | 0.4 |  |  | — |  |  | 0.4 |  |  | 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 | 416.5 |  |  | 71.6 |  |  | (54.5) |  |  | 17.1 |  |  | Indefinite
United States capital losses | 33.4 |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | 2024
Total | $ | 499.0 |  |  | $ | 75.9 |  |  | $ | (56.4) |  |  | $ | 19.5 |  |  |
Schedule of Tax Credit Carryforwards | The gross tax credit carryforwards and the related carryforward periods at December 31, 2023 are summarized as follows (in millions):
| Carryforward Amount |  | Valuation Allowance |  | Net Tax Benefit |  | Carryforward Period Ends
California research expenditure tax credits | $ | 211.3 |  |  | $ | — |  |  | $ | 211.3 |  |  | Indefinite
Federal research expenditure tax credits | 1.3 |  |  | — |  |  | 1.3 |  |  | 2026-2039
Foreign tax and general business credits | 0.7 |  |  | — |  |  | 0.7 |  |  | 2030-2033
Puerto Rico purchases credits | 26.2 |  |  | (26.2) |  |  | — |  |  | 2025
Puerto Rico purchases credits | 1.2 |  |  | (1.2) |  |  | — |  |  | Indefinite
Total | $ | 240.7 |  |  | $ | (27.4) |  |  | $ | 213.3 |  |  |
Schedule of 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,
| 2023 |  | 2022 |  | 2021
Income tax expense at United States federal statutory rate | $ | 335.6 |  |  | $ | 371.1 |  |  | $ | 357.4 |
Foreign income taxed at different rates | (128.3) |  |  | (123.9) |  |  | (122.2) |
State and local taxes, net of federal tax benefit | 18.7 |  |  | 21.1 |  |  | 11.9 |
Tax credits, federal and state | (62.5) |  |  | (50.0) |  |  | (48.4) |
Build of reserve for prior years' uncertain tax positions | (2.9) |  |  | 11.6 |  |  | 3.6 |
Tax on global intangible low-taxed income | 78.7 |  |  | 61.4 |  |  | 56.5 |
Foreign-derived intangible income deduction | (23.0) |  |  | (15.0) |  |  | (1.3) |
Contingent consideration liabilities | (5.5) |  |  | (7.5) |  |  | (26.1) |
United States federal deductible employee share-based compensation | (13.1) |  |  | (31.6) |  |  | (47.8) |
Nondeductible employee share-based compensation | 6.6 |  |  | 5.8 |  |  | 5.3 |
Other | (5.6) |  |  | 2.5 |  |  | 10.0 |
Income tax provision | $ | 198.7 |  |  | $ | 245.5 |  |  | $ | 198.9 |
Schedule of 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,
| 2023 |  | 2022 |  | 2021
Uncertain gross tax positions, January 1 | $ | 475.3 |  |  | $ | 358.4 |  |  | $ | 281.8 |
Current year tax positions | 127.0 |  |  | 120.6 |  |  | 82.1 |
Increase in prior year tax positions | 0.8 |  |  | 3.8 |  |  | 2.3 |
Decrease in prior year tax positions | (16.2) |  |  | (0.6) |  |  | (4.8) |
Settlements | (3.0) |  |  | (0.4) |  |  | (0.3) |
Lapse of statutes of limitations | — |  |  | (6.5) |  |  | (2.7) |
Uncertain gross tax positions, December 31 | $ | 583.9 |  |  | $ | 475.3 |  |  | $ | 358.4 |

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