Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule Of Income Before Provision For Income Taxes

Income before provision for income taxes for the years ended December 31, 2020, 2019, and 2018, consisted of the following (in millions):


	Years Ended December 31,
	2020		2019		2018
U.S.	$	926.8	$	1,053.7	$	852.7
Foreign	280.2		448.5		426.8
Total income before provision for income taxes	$	1,207.0	$	1,502.2	$	1,279.5

Schedule Of Provision For Income Taxes

The provision for income taxes for the years ended December 31, 2020, 2019, and 2018, consisted of the following (in millions):


	Years Ended December 31,
	2020		2019		2018
Current
Federal	$	34.2	$	82.0	$	89.5
State	21.5		26.5		21.1
Foreign	26.9		18.0		9.9
	$	82.6	$	126.5	$	120.5
Deferred
Federal	$	23.8	$	8.5	$	(4.1)
State	1.6		3.2		(0.3)
Foreign	32.2		(17.8)		38.4
	$	57.6	$	(6.1)	$	34.0
Total income tax expense	$	140.2	$	120.4	$	154.5

Schedule Of Income Tax Difference From The Statutory Rate

Income tax expense differs from amounts computed by applying the statutory federal income rate of 21% for the years ended December 31, 2020, 2019, and 2018, as a result of the following (in millions):


	Years Ended December 31,
	2020		2019		2018
Federal tax at statutory rate	$	253.5	$	315.5	$	268.7
Increase (reduction) in tax resulting from:
State taxes, net of federal benefits	23.1		29.7		20.8
Foreign rate differential	(19.3)		(56.2)		(44.7)
U.S. tax on foreign earnings	29.3		55.0		43.7
Research and development credit	(37.1)		(32.7)		(25.2)
Share-based compensation not benefited	14.3		13.5		9.9
Unrecognized tax benefit related to share-based compensation	39.3		—		—
Reversal of unrecognized tax benefits	(4.0)		(8.4)		(5.2)

Excess tax benefits related to share-based compensation	(166.2)		(146.5)		(116.2)
Deferred tax remeasurement due to Swiss Tax Reform	—		(51.3)		—
Other	7.3		1.8		2.7
Total income tax expense	$	140.2	$	120.4	$	154.5

Schedule Of Deferred Tax Assets

Deferred income taxes reflect tax carry forwards and the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in millions):


	December 31,
	2020		2019
Deferred tax assets:
Net operating losses	$	27.7	$	5.1
Share-based compensation expense	101.1		95.6
Lease liabilities	$	12.0	$	17.0
Expenses deducted in later years for tax purposes	29.3		25.0
Intangible assets	321.8		362.3
Research and other credits	76.3		56.1
Other	—		5.3
Gross deferred tax assets	$	568.2	$	566.4
Valuation allowance	(81.4)		(57.2)
Deferred tax assets	$	486.8	$	509.2
Deferred tax liabilities:
Fixed assets	$	(91.1)	$	(58.3)
Right-of-use assets	(8.4)		(17.0)
Intangible assets	(10.1)		(8.3)
Other	(13.2)		—
Deferred tax liabilities	$	(122.8)	$	(83.6)
Net deferred tax assets	$	364.0	$	425.6