Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income before income taxes

	Year Ended December 31,
	2023		2022		2021
Income from continuing operations before income taxes:
United States	$	521.9	$	442.3	$	407.3
Foreign		1,932.9		2,025.1		1,581.9
	$	2,454.8	$	2,467.4	$	1,989.2
Current tax provision (benefit):
United States	$	55.1	$	97.7	$	86.8
Foreign		513.0		457.6		351.9
		568.1		555.3		438.7
Deferred tax provision (benefit):
United States		(10.0)		(31.5)		(35.4)
Foreign		(48.8)		26.8		5.8
		(58.8)		(4.7)		(29.6)
Total provision for income taxes	$	509.3	$	550.6	$	409.1

Schedule of provision for income taxes

The components of income from continuing operations before income taxes and the provision for income taxes are as follows:

	Year Ended December 31,
	2023		2022		2021
Income from continuing operations before income taxes:
United States	$	521.9	$	442.3	$	407.3
Foreign		1,932.9		2,025.1		1,581.9
	$	2,454.8	$	2,467.4	$	1,989.2
Current tax provision (benefit):
United States	$	55.1	$	97.7	$	86.8
Foreign		513.0		457.6		351.9
		568.1		555.3		438.7
Deferred tax provision (benefit):
United States		(10.0)		(31.5)		(35.4)
Foreign		(48.8)		26.8		5.8
		(58.8)		(4.7)		(29.6)
Total provision for income taxes	$	509.3	$	550.6	$	409.1

Schedule of differences between the U.S. statutory federal tax rate and the Company's effective income tax rate

	Year Ended December 31,
	2023		2022		2021
U.S. statutory federal tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net	0.6		0.6		0.8
Foreign earnings and dividends taxed at different rates	2.2		2.3		1.8
U.S. tax on foreign income	—		0.5		0.6
Excess tax benefits related to stock-based compensation	(3.4)		(2.3)		(3.2)
Settlements of uncertain tax positions in foreign jurisdictions including refund claims and related deferred taxes	—		—		(0.7)
Other, net	0.3		0.2		0.3
Effective tax rate	20.7	%	22.3	%	20.6	%

Schedule of deferred tax assets and liabilities

	December 31,
	2023		2022
Deferred tax assets relating to:
Accrued liabilities and reserves	$	78.0	$	72.4
Operating lease liabilities		70.7		66.6
Operating loss, interest, and tax credit carryforwards		76.9		57.4
Pensions		16.7		15.0
Inventories		86.0		77.8
Employee benefits		45.1		42.9
Total deferred tax assets		373.4		332.1
Valuation allowance		(46.6)		(42.2)
Total deferred tax assets, net of valuation allowances		326.8		289.9
Deferred tax liabilities relating to:
Goodwill		270.5		251.7
Depreciation and amortization		130.9		140.3
Operating lease right-of-use assets		70.7		66.6
Unremitted foreign earnings		123.2		154.2
Total deferred tax liabilities		595.3		612.8
Net deferred tax liability	$	268.5	$	322.9
Classification of deferred tax assets and liabilities, as reflected on the Consolidated Balance Sheets:
Other long-term assets	$	98.5	$	86.9
Deferred income taxes		367.0		409.8
Net deferred tax liability, long-term	$	268.5	$	322.9

Schedule of reconciliation of gross amounts of unrecognized tax benefits excluding interest and penalties

	2023		2022		2021
Unrecognized tax benefits as of January 1	$	164.1	$	147.7	$	135.3
Gross increases for tax positions in prior periods		3.8		12.8		6.5
Gross increases for tax positions in current period		8.4		4.9		8.2
Settlements		(1.0)		(0.4)		—
Lapse of statutes of limitations		(1.1)		(0.9)		(2.3)
Unrecognized tax benefits as of December 31	$	174.2	$	164.1	$	147.7