Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of income (loss) before income taxes

Income before income taxes is as follows:

	2015		2014		2013
U.S.	$	524.8	$	565.0	$	36.8
Non-U.S.	1,498.7		1,762.4		1,628.6
Income before income taxes	$	2,023.5	$	2,327.4	$	1,665.4

Schedule of provision (benefit) for taxes on income

The provision (benefit) for taxes on income is as follows:

	2015			2014			2013
United States:
Taxes currently payable:
Federal	$	320.7		$	489.4		$	352.6
State and local	63.1			56.3			45.4
Deferred income taxes	(28.7		)	(273.8		)	(245.1		)
Total U.S. tax provision	355.1			271.9			152.9
International:
Taxes currently payable	71.1			54.1			64.1
Deferred income taxes	(4.7		)	1.5			(1.5		)
Total international tax provision	66.4			55.6			62.6
Total provision	$	421.5		$	327.5		$	215.5

Schedule of tax effects of temporary differences that give rise to deferred tax assets and liabilities

At December 31, 2015 and 2014 the tax effects of temporary differences that give rise to deferred tax assets and liabilities were as follows:

	2015						2014
	Assets			Liabilities			Assets			Liabilities
NOL carryforwards	$	56.2		$	—		$	4.5		$	—
Deferred revenue	1.8			—			1.7			—
Capitalized research expenses	3.8			—			4.8			—
Tax credit carryforwards	10.7			—			5.0			—
Non-qualified stock options	340.9			—			250.5			—
Plant and equipment, primarily differences in depreciation	2.0			—			—			(7.4		)
Inventory	11.3			—			14.5			—
Other assets	43.0			(3.7		)	41.5			(4.0		)
Intangible assets	661.3			(1,135.4		)	654.7			(1,183.2		)
Accrued and other expenses	233.2			—			191.6			—
Unremitted earnings	—			(316.5		)	—			(316.5		)
Unrealized (gains) losses on securities	—			(129.9		)	—			(236.5		)
Subtotal	1,364.2			(1,585.5		)	1,168.8			(1,747.6		)
Valuation allowance	(90.8		)	—			(39.7		)	—
Total deferred taxes	$	1,273.4		$	(1,585.5	)	$	1,129.1		$	(1,747.6	)
Net deferred tax asset (liability)				$	(312.1	)				$	(618.5	)

Schedule of deferred tax assets and liabilities classified on the company's balance sheet

At December 31, 2015 and 2014, deferred tax assets and liabilities were classified on our Consolidated Balance Sheets as follows:

	2015			2014
Current assets(1)	$	—		$	11.7
Other assets (non-current)	65.6			56.6
Current liabilities(1)	—			(131.2		)
Other non-current liabilities	(377.7		)	(555.6		)
Net deferred tax asset (liability)	$	(312.1	)	$	(618.5	)

Reconciliation of U.S. statutory income tax rate to company's effective tax rate for continuing operations

Reconciliation of the U.S. statutory income tax rate to the Company's effective tax rate is as follows:

Percentages	2015		2014		2013
U.S. statutory rate	35.0	%	35.0	%	35.0	%
Foreign tax rate differences	(21.0	)%	(22.3	)%	(28.8	)%
Unremitted earnings	—	%	—	%	—	%
State taxes, net of federal benefit	1.2	%	1.0	%	0.6	%
Change in valuation allowance	2.0	%	0.2	%	1.2	%
Acquisition related differences	4.5	%	(0.3	)%	3.7	%
Changes in uncertain tax positions	(0.5	)%	(0.4	)%	0.8	%
Other	(0.4	)%	0.9	%	0.4	%
Effective income tax rate	20.8	%	14.1	%	12.9	%

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:

	2015			2014
Balance at beginning of year	$	251.8		$	219.2
Increases related to prior year tax positions	—			2.8
Decreases related to prior year tax positions	—			—
Increases related to current year tax positions	84.8			44.4
Settlements	—			(10.0		)
Lapse of statute	(10.8		)	(4.6		)
Balance at end of year	$	325.8		$	251.8