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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022, 2021 and 2020:
(in millions)202220212020
Income before income taxes:
Domestic$3,291.7 $2,728.5 $2,640.7 
Foreign198.6 645.1 81.4 
Total$3,490.3 $3,373.6 $2,722.1 
Income tax provision:
Current:
Federal$620.5 $509.2 $488.4 
State177.1 173.7 140.1 
Foreign24.9 19.0 28.8 
Total822.5 701.9 657.3 
Deferred:
Federal(16.3)(4.6)2.3 
State(7.3)10.6 (36.8)
Foreign0.4 28.8 (7.1)
Total(23.2)34.8 (41.6)
Total Income Tax Provision$799.3 $736.7 $615.7 
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:
202220212020
Statutory tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.9 4.3 3.0 
Gain on formation of OSTTRA— (2.5)— 
Statutory rate change— 1.1 — 
Foreign-derived intangible income deduction
(1.5)(1.6)(2.0)
Other, net(0.5)(0.5)0.6 
Effective Tax Expense Benefit Rate22.9 %21.8 %22.6 %
Deferred tax assets (liabilities)
At December 31, 2022 and 2021, deferred income tax assets (liabilities) consisted of the following: 
(in millions)20222021
Deferred Income Tax Assets:
Net operating losses$3.7 $21.0 
Accrued expenses, compensation, leases and other135.2 163.1 
Subtotal138.9 184.1 
Valuation allowance(0.4)(0.6)
Total deferred income tax assets138.5 183.5 
Deferred Income Tax Liabilities:
Purchased intangible assets(5,358.8)(5,405.8)
Other(106.3)(123.4)
Property(30.4)(40.5)
Total deferred income tax liabilities(5,495.5)(5,569.7)
Net Deferred Income Tax Liabilities$(5,357.0)$(5,386.2)
Reported as:
Net non-current deferred tax assets$4.1 $4.2 
Net non-current deferred tax liabilities(5,361.1)(5,390.4)
Net Deferred Income Tax Liabilities$(5,357.0)$(5,386.2)
Unrecognized tax benefits
The following is a summary of the company’s unrecognized tax benefits at December 31, 2022, 2021 and 2020:
(in millions)202220212020
Gross unrecognized tax benefits$280.3 $316.4 $328.2 
Unrecognized tax benefits, net of tax impacts in other jurisdictions264.4 293.1 302.4 
Interest and penalties related to uncertain tax positions28.0 42.8 43.6 
Interest and penalties recognized on the consolidated statements of income(3.8)5.3 7.7 
Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:
(in millions)202220212020
Balance at January 1$316.4 $328.2 $388.5 
Additions based on tax positions related to the current year8.5 10.2 20.2 
Additions for tax positions of prior years2.7 9.6 3.2 
Reductions for tax positions of prior years(9.5)(5.1)(10.8)
Reductions resulting from the lapse of statutes of limitations(5.5)(0.3)— 
Settlements with taxing authorities(32.3)(26.2)(72.9)
Balance at December 31$280.3 $316.4 $328.2