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TAXES ON INCOME (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Deferred Tax Assets and Liabilities

As of December 31, 2022 and 2021, the Company’s deferred taxes were in respect of the following:

		December 31,
		2022				2021
Carry forward tax losses		$	38.7			$	83.7
Employee stock based compensation			34.9				29.2
Deferred revenues			3.5				5.6
Tax credits			29.8				23.9
Unrealized gains on marketable securities, net			29.6				1.2
Accrued employee costs			8.1				10.3
Other			16.3				18.4
Deferred tax assets before valuation allowance			160.9				172.3
Valuation allowance – mainly in respect to carryforward losses			(17.5	)			(56.7	)
Deferred tax asset			143.4				115.6
Intangible assets			(32.8	)			(31.3	)
Undistributed earnings of subsidiary			(9.9	)			(9.9	)
Other			(6.5	)			(8.1	)
Deferred tax liability			(49.2	)			(49.3	)
Deferred tax asset, net		$	94.2			$	66.3

*) As of December 31, 2022 and 2021 unrecognized tax benefit in the amounts of $16.6 and $14.6 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,
		2022				2021				2020
Domestic		$	897.4			$	917.9			$	896.8
Foreign			30.9				31.7				74.0
		$	928.3			$	949.6			$	970.8

Components of Income Tax Expense

e. Taxes on income are comprised of the following:

		Year ended December 31,
		2022				2021				2020
Domestic taxes:
Current		$	117.7			$	130.9			$	112.0
Deferred			(1.3	)			(1.1	)			0.8
			116.4				129.8				112.8
Foreign taxes:
Current			12.7				7.1				1.7
Deferred			2.3				(2.9	)			9.7
			15.0				4.2				11.4
Taxes on income		$	131.4			$	134.0			$	124.2

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,
		2022				2021
Beginning balance		$	469.5			$	442.8
Increases (decreases) related to tax positions taken during prior years			(85.4	)			47.2
Decreases related to statute of limitations			-				(77.2	)
Increases related to tax positions taken during the current year			52.2				56.7
Ending balance		$	*)436.3			$	*)469.5

*) As of December 31, 2022 and 2021 unrecognized tax benefit in the amounts of $16.6 and $14.6 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,
		2022				2021				2020
Income before taxes as reported in the statements of income		$	928.3			$	949.6			$	970.8
Statutory tax rate in Israel			23	%			23	%			23	%
Decrease in taxes resulting from:
Effect of “Preferred Enterprise” status *)			(13	%)			(11	%)			(11	%)
Others, net			4	%			2	%			1	%
Effective tax rate			14	%			14	%			13	%
*)   Basic earnings per share amounts of the benefit resulting from the “Technological preferred or Preferred Enterprise” status		$	0.95			$	0.80			$	0.73
*)   Diluted earnings per share amounts of the benefit resulting from the “Technological preferred or Preferred Enterprise” status		$	0.94			$	0.80			$	0.72

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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 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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