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TAXES ON INCOME (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Deferred Tax Assets and Liabilities

As of December 31, 2020 and 2019, the Company’s deferred taxes were in respect of the following:

		December 31,
		2020				2019
Carry forward tax losses		$	81.5			$	76.2
Employee stock based compensation			27.6				25.9
Deferred revenues			10.5				26.3
Other			39.1				41.2
Deferred tax assets before valuation allowance			158.7				169.6
Valuation allowance – mainly in respect to carryforward losses			(59.2	)			(57.7	)
Deferred tax asset			99.5				111.9
Intangible assets			(21.0	)			(16.9	)
Undistributed earnings of subsidiary			(9.9	)			(9.9	)
Other			(14.2	)			(10.2	)
Deferred tax liability			(45.1	)			(37.0	)
Deferred tax asset, net		$	54.4			$	74.9

*) As of December 31, 2020 and 2019 unrecognized tax benefit in the amounts of $20.0 and $19.6 was presented net from deferred tax asset.

Schedule of Income Before Taxes

d. Income before taxes on income is comprised as follows:

		Year ended December 31,
		2020				2019				2018
Domestic		$	896.8			$	881.1			$	902.3
Foreign			74.0				81.3				76.6
		$	970.8			$	962.4			$	978.9

Components of Income Tax Expense

e. Taxes on income are comprised of the following:

		Year ended December 31,
		2020				2019				2018
Domestic taxes:
Current		$	112.0			$	111.9			$	120.9
Deferred			0.8				2.0				11.1
			112.8				113.9				132.0
Foreign taxes:
Current			1.7				15.3				19.9
Deferred			9.7				7.5				5.7
			11.4				22.8				25.6
Taxes on income		$	124.2			$	136.7			$	157.6

Reconciliation Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits related to uncertain tax positions is as follows:

		December 31,
		2020					2019
Beginning balance		$	412.9			$	375.1
Increases related to tax positions taken during prior years			49.4				43.2
Decreases related to statute of limitations			(72.8	)			(62.7	)
Increases related to tax positions taken during the current year			53.3				57.3
Ending balance		$	*)442.8			$	*)412.9

*) As of December 31, 2020 and 2019 unrecognized tax benefit in the amounts of $20.0 and $19.6 was presented net from deferred tax asset.

Schedule of Effective Income Tax Reconciliation

g. Reconciliation of the theoretical tax expenses:

Reconciliation between the theoretical tax expenses, assuming all income is taxed at the statutory rate in Israel and the actual income tax as reported in the statements of income is as follows:

		Year ended December 31,
		2020				2019				2018
Income before taxes as reported in the statements of income		$	970.8			$	962.4			$	978.9
Statutory tax rate in Israel			23	%			23	%			23	%
Decrease in taxes resulting from:
Effect of “Preferred Enterprise” status *)			(11	%)			(11	%)			(9	%)
Others, net			1	%			2	%			2	%
Effective tax rate			13	%			14	%			16	%
*)   Basic earnings per share amounts of the benefit resulting from the “Technological preferred or Preferred Enterprise” status		$	0.73			$	0.66			$	0.57
*)   Diluted earnings per share amounts of the benefit resulting from the “Technological preferred or Preferred Enterprise” status		$	0.72			$	0.65			$	0.56

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Reconciliation Of Unrecognized Tax Benefits Table

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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