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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Provision from (benefit for) Income Taxes | The provision for income taxes consisted of the following:
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Current: |  |  |  |  |
Federal | $ | 155.5 |  |  | $ | 73.4 |  |  | $ | 108.1 |
State | 24.2 |  |  | 27.7 |  |  | 39.3 |
Foreign | 56.7 |  |  | 40.3 |  |  | 44.0 |
| 236.4 |  |  | 141.4 |  |  | 191.4 |
Deferred: |  |  |  |  |
Federal | (50.2) |  |  | 68.6 |  |  | 43.3 |
State | 12.4 |  |  | 19.0 |  |  | 4.7 |
Foreign | (32.4) |  |  | 0.5 |  |  | (38.7) |
| (70.2) |  |  | 88.1 |  |  | 9.3 |
Provision for income taxes | $ | 166.2 |  |  | $ | 229.5 |  |  | $ | 200.7 |
Domestic and Foreign Income before Income Taxes | Domestic and foreign income before income taxes was as follows:
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
U.S. | $ | 573.2 |  |  | $ | 794.7 |  |  | $ | 885.6 |
Foreign | 144.7 |  |  | 135.0 |  |  | 63.6 |
| $ | 717.9 |  |  | $ | 929.7 |  |  | $ | 949.2 |
Provision for Income Taxes Reconciles with U.S. Federal Statutory Rate | The provision for income taxes reconciles with the U.S. federal statutory rate, as follows:
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Provision computed at federal statutory rate | $ | 150.8 |  |  | $ | 195.2 |  |  | $ | 199.3 |
State and local taxes, net of federal tax benefit | 30.0 |  |  | 34.7 |  |  | 34.9 |
Foreign differential | 20.5 |  |  | 14.8 |  |  | (10.4) |
Federal research & development credit | (24.2) |  |  | (28.5) |  |  | (16.6) |
Equity compensation | (3.2) |  |  | (6.8) |  |  | (14.0) |
Tax reserves | 5.8 |  |  | 4.9 |  |  | (0.8) |
Reversal of BVS deferred tax liability | (27.3) |  |  | — |  |  | — |
Excess officer’s compensation | 8.4 |  |  | 6.1 |  |  | 5.8 |
Valuation allowance | 1.9 |  |  | 3.8 |  |  | 0.5 |
Other | 3.5 |  |  | 5.3 |  |  | 2.0 |
Provision for income taxes | $ | 166.2 |  |  | $ | 229.5 |  |  | $ | 200.7 |
Effective income tax rate | 23.2 | % |  | 24.7 | % |  | 21.2 | %
Components of Deferred Income Tax Assets and Liabilities | Components of the deferred income tax assets and liabilities at December 31, 2023 and 2022, were as follows:
| December 31,
| 2023 |  | 2022
| (In millions)
Deferred income tax assets: |  |  |
Net operating and capital loss carryforwards | $ | 101.2 |  |  | $ | 110.2 |
Goodwill and intangible assets | 116.0 |  |  | 114.6 |
Employee compensation programs | 59.8 |  |  | 45.3 |
Foreign tax credits | 17.2 |  |  | 17.2 |
Employee pension benefits | 26.6 |  |  | 26.7 |
Reserves and accrued expenses | 6.4 |  |  | 10.1 |
Accrued legal expense | 9.1 |  |  | 7.1 |
Research and development costs | 22.3 |  |  | 32.6 |
Operating lease asset | 25.0 |  |  | 19.3 |
Other | 24.3 |  |  | 18.3 |
Gross deferred income tax assets | 407.9 |  |  | 401.4 |
Valuation allowance | (178.5) |  |  | (185.1) |
Total deferred income tax assets, net | 229.4 |  |  | 216.3 |
Deferred income tax liabilities: |  |  |
Goodwill and intangible assets | (615.9) |  |  | (582.6) |
Undistributed earnings of foreign subsidiaries | (6.2) |  |  | (6.0) |
Depreciation | (29.8) |  |  | (26.6) |
Operating lease liability | (25.0) |  |  | (19.3) |
Prepaid expenses | (15.0) |  |  | (11.3) |
Investment basis difference | (0.1) |  |  | (23.4) |
Other | (2.1) |  |  | (0.8) |
Total deferred income tax liability | (694.1) |  |  | (670.0) |
Net deferred income tax liability | $ | (464.7) |  |  | $ | (453.7) |
Deferred Income Tax Assets, Included in Other Current Assets, and Liabilities | Our deferred income tax assets and deferred income tax liabilities at December 31, 2023 and 2022 are included in the accompanying Consolidated Balance Sheets as follows:
| December 31,
| 2023 |  | 2022
| (In millions)
Long-term deferred income tax assets, included in other assets | $ | 10.2 |  |  | $ | 6.6 |
Long-term deferred income tax liabilities | (474.9) |  |  | (460.3) |
Net deferred income tax liability | $ | (464.7) |  |  | $ | (453.7) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2023 |  | 2022
| (In millions)
Beginning balance (January 1) | $ | 56.2 |  |  | $ | 48.5 |
Increases related to prior year tax positions | 3.1 |  |  | 7.7 |
Decreases related to prior year tax positions | (2.0) |  |  | (1.0) |
Increases related to current year tax positions | 10.6 |  |  | 12.2 |
Decreases related to settlements | (0.3) |  |  | (1.0) |
Expiration of the statute of limitations for the assessment of taxes | (12.0) |  |  | (9.9) |
Currency translation adjustment | (0.1) |  |  | (0.3) |
Ending balance (December 31) | $ | 55.5 |  |  | $ | 56.2 |

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