Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income before income taxes

	Year Ended December 31,
	2024		2023		2022
Income before income taxes:
United States	$	462.0	$	521.9	$	442.3
Foreign		2,549.9		1,932.9		2,025.1
	$	3,011.9	$	2,454.8	$	2,467.4
Current tax provision (benefit):
United States	$	19.0	$	55.1	$	97.7
Foreign		634.1		513.0		457.6
		653.1		568.1		555.3
Deferred tax provision (benefit):
United States		(56.2)		(10.0)		(31.5)
Foreign		(26.6)		(48.8)		26.8
		(82.8)		(58.8)		(4.7)
Total provision for income taxes	$	570.3	$	509.3	$	550.6

Schedule of provision for income taxes

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

	Year Ended December 31,
	2024		2023		2022
Income before income taxes:
United States	$	462.0	$	521.9	$	442.3
Foreign		2,549.9		1,932.9		2,025.1
	$	3,011.9	$	2,454.8	$	2,467.4
Current tax provision (benefit):
United States	$	19.0	$	55.1	$	97.7
Foreign		634.1		513.0		457.6
		653.1		568.1		555.3
Deferred tax provision (benefit):
United States		(56.2)		(10.0)		(31.5)
Foreign		(26.6)		(48.8)		26.8
		(82.8)		(58.8)		(4.7)
Total provision for income taxes	$	570.3	$	509.3	$	550.6

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

	Year Ended December 31,
	2024		2023		2022
U.S. statutory federal tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net	0.6		0.6		0.6
Foreign earnings and dividends taxed at different rates	1.9		2.2		2.3
U.S. tax on foreign income	(0.1)		—		0.5
Excess tax benefits related to stock-based compensation	(4.7)		(3.4)		(2.3)
Other, net	0.2		0.3		0.2
Effective tax rate	18.9	%	20.7	%	22.3	%

Schedule of deferred tax assets and liabilities

	December 31,
	2024		2023
Deferred tax assets relating to:
Accrued liabilities and reserves	$	115.7	$	78.0
Operating lease liabilities		86.2		70.7
Operating loss, interest, and tax credit carryforwards		114.8		76.9
Pensions		10.2		16.7
Inventories		112.0		86.0
Employee benefits		49.5		45.1
Total deferred tax assets		488.4		373.4
Valuation allowance		(73.6)		(46.6)
Total deferred tax assets, net of valuation allowances		414.8		326.8
Deferred tax liabilities relating to:
Goodwill		307.2		270.5
Depreciation and amortization		144.1		130.9
Operating lease right-of-use assets		86.2		70.7
Unremitted foreign earnings		125.3		123.2
Total deferred tax liabilities		662.8		595.3
Net deferred tax liability	$	248.0	$	268.5
Classification of deferred tax assets and liabilities, as reflected on the Consolidated Balance Sheets:
Other long-term assets	$	128.7	$	98.5
Deferred income taxes		376.7		367.0
Net deferred tax liability, long-term	$	248.0	$	268.5

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

	2024		2023		2022
Unrecognized tax benefits as of January 1	$	174.2	$	164.1	$	147.7
Gross increases for tax positions in prior periods		15.2		3.8		12.8
Gross increases for tax positions in current period		21.1		8.4		4.9
Settlements		(6.1)		(1.0)		(0.4)
Lapse of statutes of limitations		(27.6)		(1.1)		(0.9)
Unrecognized tax benefits as of December 31	$	176.8	$	174.2	$	164.1