Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes

Earnings before income taxes for the years ended December 31, 2024, 2023, and 2022 consisted of the following components:

	2024		2023		2022
United States	$	1,701.7	$	1,480.3	$	1,026.4
Other	265.5		262.8		255.6
Earnings before income taxes	$	1,967.2	$	1,743.1	$	1,282.0

Schedule of Components of Income Tax Expense

Components of income tax expense for the years ended December 31, 2024, 2023, and 2022 were as follows:

	2024		2023		2022
Current:
Federal	$	317.8	$	352.6	$	322.9
State	101.7		80.7		80.8
Foreign	78.0		69.9		65.9
Deferred:
Federal	(42.8)		(94.1)		(136.9)
State	(15.9)		(27.7)		(31.1)
Foreign	(20.9)		(6.7)		(5.2)
Income tax expense	$	417.9	$	374.7	$	296.4

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, 2024, 2023, and 2022 were as follows:

	2024		2023		2022
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
Foreign operations, net	0.6		0.5		0.8
R&D tax credits	(2.0)		(1.9)		(3.0)
State taxes, net of federal benefit	3.6		3.5		3.7
Stock-based compensation	(1.0)		(1.5)		(1.0)
Changes in valuation allowances	(1.4)		(0.4)		—
Legal entity restructuring	—		—		0.8
Other, net	0.4		0.3		0.8
Effective tax rate	21.2	%	21.5	%	23.1	%

Schedule of Deferred Tax Assets and Liabilities

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

	2024		2023
Deferred tax assets:
Reserves and accrued expenses	$	243.6	$	223.2
Net operating loss carryforwards	94.6		80.2
R&D credits	12.6		7.6
Capitalized R&D expenditures	271.1		178.7
Interest expense limitation carryforwards	49.3		31.0
Lease liabilities	50.8		47.1
Valuation allowances	(8.9)		(34.8)
Total deferred tax assets	$	713.1	$	533.0
Deferred tax liabilities:
Reserves and accrued expenses	$	13.1	$	10.8
Amortizable intangible assets	1,985.2		1,752.8
Plant and equipment	11.8		7.5
Accrued tax on unremitted foreign earnings	9.7		8.8
Right-of-use assets	48.7		44.7
Outside basis difference in Indicor	221.1		189.3
Total deferred tax liabilities	$	2,289.6	$	2,013.9

Schedule of Unrecognized Tax Benefits Roll Forward

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

	2024		2023		2022
Beginning balances	$	35.6	$	29.0	$	40.5
Additions for tax positions of prior periods	1.2		4.3		—
Additions for tax positions of the current period	0.9		4.3		2.3
Reductions for tax positions of prior periods	(3.5)		—		(11.2)
Reductions attributable to lapses of applicable statutes of limitations	(5.1)		(2.0)		(2.6)
Reductions attributable to settlements with taxing authorities	(1.2)		—		—
Ending balances	$	27.9	$	35.6	$	29.0