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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income from Continuing Operations Before Provision for Income Taxes
The Company's income from continuing operations 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,
 202420232022
United States$265.7 $290.1 $586.0 
Outside of the United States, including Puerto Rico1,282.4 1,082.3 933.5 
$1,548.1 $1,372.4 $1,519.5 
Schedule of Provision for Income Taxes
The provision for income taxes consists of the following (in millions):
 Years Ended December 31,
 202420232022
Current   
United States:   
Federal$248.4 $291.7 $365.8 
State and local40.7 50.1 54.3 
Outside of the United States, including Puerto Rico25.8 53.0 37.1 
Current income tax expense$314.9 $394.8 $457.2 
Deferred   
United States:   
Federal$(117.8)$(165.7)$(197.8)
State and local(31.0)(54.2)(58.9)
Outside of the United States, including Puerto Rico(14.0)(22.5)(5.0)
Deferred income tax benefit(162.8)(242.4)(261.7)
Total income tax provision$152.1 $152.4 $195.5 
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities are as follows (in millions):
 December 31,
 20242023
Deferred tax assets  
   Capitalized research and development expenses (a)
$533.8 $371.1 
Compensation and benefits123.7 117.9 
Benefits from uncertain tax positions89.6 63.4 
Net tax credit carryforwards289.1 144.2 
Net operating loss carryforwards132.1 73.0 
Accrued liabilities145.2 131.7 
Inventories14.9 15.1 
Cash flow and net investment hedges— 1.3 
State income taxes3.2 0.2 
Investments1.2 0.6 
Lease liability obligations6.5 5.8 
Other2.8 0.7 
Total deferred tax assets1,342.1 925.0 
Deferred tax liabilities  
Property, plant, and equipment(76.4)(78.2)
Cash flow and net investment hedges(11.8)— 
Deferred tax on foreign earnings(3.6)(3.6)
Right-of-use assets (4.3)(4.7)
Other intangible assets(230.3)(46.1)
Other(4.8)(2.4)
Total deferred tax liabilities(331.2)(135.0)
Valuation allowance(87.8)(62.1)
Net deferred tax assets$923.1 $727.9 
______________________________________
(a)     As required by Public Law 115-97, commonly referred to as the Tax Cuts and Jobs Act (the "2017 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, 2024 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$9.4 $2.0 $— $2.0 2026-2037
United States federal net operating losses132.9 27.9 — 27.9 Indefinite
United States state net operating losses180.7 12.6 (3.7)8.9 2029-2044
United States state net operating losses0.4 — — — Indefinite
Non-United States net operating losses1.3 0.3 — 0.3 2028
Non-United States net operating losses517.8 89.3 (63.2)26.1 Indefinite
Total$842.5 $132.1 $(66.9)$65.2  
Schedule of Tax Credit Carryforwards
The gross tax credit carryforwards and the related carryforward periods at December 31, 2024 are summarized as follows (in millions):
 Carryforward
Amount
Valuation
Allowance
Net Tax
Benefit
Carryforward
Period Ends
California research expenditure tax credits$232.7 $— $232.7 Indefinite
Federal research expenditure tax credits1.9 — 1.9 2025-2034
United States foreign tax credits121.6 (17.8)103.8 2025-2034
Non-United States tax credits6.0 — 6.0 2025-2028
Total$362.2 $(17.8)$344.4  
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,
 202420232022
Income tax expense at United States federal statutory rate$325.1 $288.1 $323.7 
Foreign income taxed at different rates(190.6)(133.8)(135.4)
State and local taxes, net of federal tax benefit16.0 15.9 11.3 
Tax credits, federal and state(58.9)(55.9)(43.4)
Build of reserve for prior years' uncertain tax positions(31.3)(2.9)11.6 
Tax on global intangible low-taxed income90.2 82.3 68.4 
Foreign-derived intangible income deduction(16.5)(20.9)(14.3)
Contingent consideration liabilities— (5.5)(7.5)
United States federal deductible employee share-based compensation(8.3)(11.9)(28.5)
Nondeductible employee share-based compensation6.2 5.7 4.9 
Other20.2 (8.7)4.7 
Income tax provision$152.1 $152.4 $195.5 
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,
 202420232022
Uncertain gross tax positions, January 1$583.9 $475.3 $358.4 
Current year tax positions
125.8 127.0 120.6 
Increase in prior year tax positions
3.2 0.8 3.8 
Decrease in prior year tax positions
(34.1)(16.2)(0.6)
Settlements
— (3.0)(0.4)
Lapse of statutes of limitations
— — (6.5)
Uncertain gross tax positions, December 31$678.8 $583.9 $475.3