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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Income Taxes And Minority Interests
The Company's geographic sources of income before income taxes were as follows (in millions):
Year ended December 31,
202420232022
United States$1,584.3 $2,222.2 $1,979.8 
Foreign253.1 313.6 382.4 
Income before income taxes$1,837.4 $2,535.8 $2,362.2 
Schedule of Provision (Benefit) For Income Taxes
The Company's provision for income taxes was as follows (in millions):
Year ended December 31,
202420232022
Current:
Federal$276.6 $372.7 $331.9 
State and local20.4 21.6 31.8 
Foreign52.0 76.9 73.8 
Total349.0 471.2 437.5 
Deferred:
Federal(58.2)(107.9)(36.9)
State and local(18.1)13.2 25.7 
Foreign(9.9)(26.3)32.1 
Total(86.2)(121.0)20.9 
Total provision$262.8 $350.2 $458.4 
Schedule of Reconciliation Of The U.S. Federal Statutory Income Tax Rate
A reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate was as follows:
Year ended December 31,
202420232022
U.S. federal statutory rate21.0 %21.0 %21.0 %
Increase (decrease) resulting from:
  State and local taxes, net of federal tax benefit0.4 0.7 1.7 
Impact of foreign operations1.4 0.3 1.7 
Foreign derived intangible income benefit(6.9)(6.8)(7.4)
Nondeductible goodwill — — 3.1 
  Change in valuation allowance and related effects (1)
0.2 0.5 (0.1)
Share-based compensation costs0.2 (0.2)(0.5)
U.S. federal R&D credit(1.1)(0.4)(0.2)
Non-deductible officer compensation0.4 0.3 0.3 
Impact of audit settlement(0.7)(1.8)— 
  Other(0.6)0.2 (0.2)
Total14.3 %13.8 %19.4 %
(1)For the year ended December 31, 2024, this included a benefit of $7.5 million, or 0.4% related to the decrease in the valuation allowance for the expiration of Japan net operating losses ("NOLs"), partially netted with an offsetting expense of $6.2 million or 0.3% related to the expiration of those same Japan NOLs. For the year ended December 31, 2023, this included a benefit of $13.7 million, or 0.5% related to a decrease in the valuation allowance for the expiration of Japan NOLs, partially netted with an offsetting expense of $15.3 million or 0.6% related to the expiration of those same Japan NOLs. For the year ended December 31, 2022, this included a benefit of $55.6 million, or 2.4% related to a decrease in the valuation allowance for the expiration of Japan NOLs, partially netted with an offsetting expense of $54.3 million, or 2.3% related to the expiration of those same Japan NOLs.
Schedule of Tax Effects Of Temporary Differences
The tax effects of temporary differences in the recognition of income and expense for tax and financial reporting purposes that give rise to significant portions of the net deferred tax asset (liability) were as follows (in millions):
As of December 31,
20242023
NOL and tax credit carryforwards$308.7 $227.6 
163 (j) interest expense carryforward4.4 4.6 
Lease liabilities57.6 59.7 
ROU asset(52.7)(58.9)
Tax-deductible goodwill and amortizable intangibles(31.6)(32.2)
Capitalization of research and development expenses523.7 419.9 
Reserves and accruals61.7 60.2 
Property, plant and equipment(122.1)(165.1)
Inventories116.0 134.2 
Undistributed earnings of foreign subsidiaries(77.8)(67.7)
Share-based compensation10.4 9.7 
Pension0.2 5.8 
Convertible Debt89.0 108.1 
Other21.0 6.5 
Deferred tax assets and liabilities before valuation allowance908.5 712.4 
Valuation allowance(216.2)(150.3)
Net deferred tax asset$692.3 $562.1 
Schedule of Unrecognized Tax Benefits Roll Forward
The activity for unrecognized gross tax benefits was as follows (in millions):
202420232022
Balance at beginning of year$67.7 $136.8 $137.2 
Additions for tax benefits related to the current year5.2 3.4 3.3 
Additions for tax benefits of prior years1.4 0.7 0.5 
Reductions for tax benefits of prior years(22.3)(48.0)(0.3)
Lapse of statute(4.0)(9.9)(3.8)
Settlements(2.3)(15.3)(0.1)
Balance at end of year$45.7 $67.7 $136.8