Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes

Earnings before income taxes for the years ended December 31, 2023, 2022, and 2021 consisted of the following components:

	2023		2022		2021
United States	$	1,480.3	$	1,026.4	$	814.7
Other	262.8		255.6		217.2
Earnings before income taxes	$	1,743.1	$	1,282.0	$	1,031.9

Schedule of Components of Income Tax Expense

Components of income tax expense for the years ended December 31, 2023, 2022, and 2021 were as follows:

	2023		2022		2021
Current:
Federal	$	352.6	$	322.9	$	110.2
State	80.7		80.8		50.8
Foreign	69.9		65.9		59.9
Deferred:
Federal	(94.1)		(136.9)		27.5
State	(27.7)		(31.1)		(27.2)
Foreign	(6.7)		(5.2)		5.4
Income tax expense	$	374.7	$	296.4	$	226.6

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations between the U.S. federal statutory income tax rate and the effective income tax rate for the years ended December 31, 2023, 2022, and 2021 were as follows:

	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
Foreign operations, net	0.5		0.8		2.5
R&D tax credits	(1.9)		(3.0)		(2.1)
State taxes, net of federal benefit	3.5		3.7		2.8
Stock-based compensation	(1.5)		(1.0)		(2.4)
Impact of UK tax rate change	—		—		2.0
Legal entity restructuring	(0.4)		0.8		(1.4)
Other, net	0.3		0.8		(0.4)
Effective tax rate	21.5	%	23.1	%	22.0	%

Schedule of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities at December 31 were as follows:

	2023		2022
Deferred tax assets:
Reserves and accrued expenses	$	223.2	$	192.4
Net operating loss carryforwards	80.2		84.6
R&D credits	7.6		8.9
Capitalized R&D expenditures	178.7		97.8
Interest expense limitation carryforwards	31.0		41.1
Lease liabilities	47.1		50.1
Valuation allowance	(34.8)		(37.1)
Total deferred tax assets	$	533.0	$	437.8
Deferred tax liabilities:
Reserves and accrued expenses	$	18.3	$	12.0
Amortizable intangible assets	1,752.8		1,818.7
Accrued tax on unremitted foreign earnings	8.8		5.8
Right-of-use assets	44.7		48.0
Outside basis difference in Indicor	189.3		174.2
Total deferred tax liabilities	$	2,013.9	$	2,058.7

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of unrecognized tax benefits are as follows:

	2023		2022		2021
Beginning balances	$	29.0	$	40.5	$	63.5
Additions for tax positions of prior periods	4.3		—		2.2
Additions for tax positions of the current period	4.3		2.3		3.3
Additions due to acquisitions	—		—		1.0
Reductions for tax positions of prior periods	—		(11.2)		(0.5)
Reductions attributable to lapses of applicable statutes of limitations	(2.0)		(2.6)		(4.6)
Reductions attributable to settlements with taxing authorities	—		—		(24.4)
Ending balances	$	35.6	$	29.0	$	40.5