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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Taxes on income Income before income taxes and the income tax provision consisted of the following for the years ended December 31, 2020, 2019 and 2018:
(in millions)202020192018
Income before income taxes:
Domestic$2,640.7 $2,650.2 $2,716.8 
Foreign81.4 39.4 61.0 
Total$2,722.1 $2,689.6 $2,777.8 
Income tax provision:
Current:
Federal$488.4 $419.5 $524.8 
State140.1 139.2 154.2 
Foreign28.8 18.8 20.8 
Total657.3 577.5 699.8 
Deferred:
Federal2.3 (6.7)(9.3)
State(36.8)28.0 127.8 
Foreign(7.1)(25.0)(4.2)
Total(41.6)(3.7)114.3 
Total Income Tax Provision$615.7 $573.8 $814.1 
Reconciliation of the statutory U.S. federal income tax rate to the effective tax rate
Reconciliation of the U.S. federal income tax rate (statutory tax rate) to the effective tax rate is as follows:
202020192018
Statutory tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit4.0 4.1 4.5 
Impact of revised state and local apportionment estimates(1.0)0.8 3.5 
Impact of 2017 Tax Act— — (0.2)
Foreign-derived intangible income deduction
(2.0)(3.8)— 
Other, net0.6 (0.8)0.5 
Effective Tax Expense (Benefit) Rate22.6 %21.3 %29.3 %
Deferred tax assets (liabilities)
At December 31, 2020 and 2019, deferred income tax assets (liabilities) consisted of the following: 
(in millions)20202019
Deferred Income Tax Assets:
Net operating losses$36.8 $35.9 
Accrued expenses, compensation and other59.1 46.2 
Subtotal95.9 82.1 
Valuation allowance(11.3)(10.0)
Total deferred income tax assets84.6 72.1 
Deferred Income Tax Liabilities:
Purchased intangible assets(5,614.9)(5,654.4)
Property(45.7)(23.3)
Total deferred income tax liabilities(5,660.6)(5,677.7)
Net Deferred Income Tax Liabilities$(5,576.0)$(5,605.6)
Reported as:
Net non-current deferred tax assets$31.0 $29.6 
Net non-current deferred tax liabilities(5,607.0)(5,635.2)
Net Deferred Income Tax Liabilities$(5,576.0)$(5,605.6)
Unrecognized tax benefits
The following is a summary of the company’s unrecognized tax benefits at December 31, 2020, 2019 and 2018:
(in millions)202020192018
Gross unrecognized tax benefits$328.2 $388.5 $396.2 
Unrecognized tax benefits, net of tax impacts in other jurisdictions302.4 359.6 367.9 
Unrecognized interest and penalties related to uncertain tax positions43.6 53.3 63.5 
Interest and penalties recognized on the consolidated statements of income7.7 (1.5)29.5 
Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:
(in millions)202020192018
Balance at January 1$388.5 $396.2 $308.8 
Additions based on tax positions related to the current year20.2 30.3 27.2 
Unrecognized tax benefits acquired at date of acquisition— — 58.4 
Additions for tax positions of prior years3.2 4.7 7.7 
Reductions for tax positions of prior years(10.8)(8.8)(0.3)
Reductions resulting from the lapse of statutes of limitations— (1.7)(3.1)
Settlements with taxing authorities(72.9)(32.2)(2.5)
Balance at December 31$328.2 $388.5 $396.2