Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income before income tax provision and the income tax expense

Income before income tax (benefit) expense and the income tax (benefit) expense consist of the following:

	For the Years Ended December 31,
(In millions)	2024		2023		2022
Income before income tax (benefit) expense:
Domestic	$	853.4	$	192.4	$	1,842.0
Foreign	1,052.6		1,104.4		1,749.8
Total income before income tax (benefit) expense	$	1,906.0	$	1,296.8	$	3,591.8
Income tax (benefit) expense:
Current:
Federal	$	448.9	$	377.6	$	694.5
State	50.5		15.1		39.0
Foreign	(67.5)		48.4		67.9
Total current	431.9		441.1		801.4
Deferred:
Federal	(154.5)		(587.4)		(328.3)
State	(17.3)		(12.7)		2.5
Foreign	13.7		294.3		157.2
Total deferred	(158.1)		(305.8)		(168.6)
Total income tax (benefit) expense	$	273.8	$	135.3	$	632.8

Components of deferred tax assets and liabilities

Significant components of our deferred tax assets and liabilities are summarized as follows:

	As of December 31,
(In millions)	2024		2023
Deferred tax assets:
Tax credits	$	294.0	$	252.8
Inventory, other reserves and accruals	219.2		203.7
Intangibles, net	989.6		1,153.9
IRC Section 174 capitalized research and development	733.9		570.8
Net operating loss	1,357.2		1,700.4
Share-based compensation	34.4		36.1
Other	318.4		293.3
Valuation allowance	(1,013.7)		(1,278.7)
Total deferred tax assets	$	2,933.0	$	2,932.3
Deferred tax liabilities:
Purchased inventory valuation step-up and intangible assets	$	(1,529.6)	$	(1,257.4)
Samsung Bioepis investment installments	—		(35.5)
GILTI	(1,054.8)		(1,136.9)
Depreciation, amortization and other	(214.9)		(215.7)
Total deferred tax liabilities	$	(2,799.3)	$	(2,645.5)

Reconciliation between the U.S. federal statutory tax rate and effective tax rate

A reconciliation between the U.S. federal statutory tax rate and our effective tax rate is summarized as follows:

	For the Years Ended December 31,
	2024		2023		2022
Statutory rate	21.0	%	21.0	%	21.0	%
State taxes	1.8		1.1		1.1
Taxes on foreign earnings, including valuation allowances	(7.6)		(5.9)		(4.9)
Tax credits	(2.2)		(7.3)		(1.7)
Purchased inventory valuation step-up and intangible assets	2.1		0.7		0.3
GILTI	(1.6)		(0.6)		0.7
Sale of Samsung Bioepis	—		—		(1.6)
Litigation settlement agreement	—		—		2.6
Neurimmune tax impacts	—		—		2.3
Internal reorganization	—		(0.1)		(1.4)
Other, including permanent items	0.9		1.5		(0.8)
Effective tax rate	14.4	%	10.4	%	17.6	%

Reconciliation of beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows:

	For the Years Ended December 31,
(In millions)	2024		2023		2022
Beginning balance	$	173.4	$	606.4	$	563.4
Additions based on tax positions related to the current period	1.2		5.2		36.3
Additions for tax positions of prior periods	31.5		60.2		23.4
Reductions for tax positions of prior periods	(3.1)		(485.0)		(14.9)
Statute expirations	(12.7)		(2.1)		(1.6)
Settlement refund (payment)	(4.0)		(11.3)		(0.2)
Ending balance	$	186.3	$	173.4	$	606.4