Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of income before income tax

Components of income before income taxes consist of the following:

	Year Ended December 31,
(In millions)	2021		2020		2019
United States	$	5,944.7	$	2,442.3	$	2,011.2
Foreign	3,381.1		1,368.1		417.9
	$	9,325.8	$	3,810.4	$	2,429.1

Schedule of components of income tax expense

Components of income tax expense consist of the following:

	Year Ended December 31,
(In millions)	2021		2020		2019
Current:
Federal	$	1,429.8	$	199.0	$	444.6
State	6.2		1.2		1.9
Foreign	(38.4)		21.4		(2.6)
Total current tax expense	1,397.6		221.6		443.9
Deferred:
Federal	(423.2)		109.0		(132.0)
State	(0.6)		(2.0)		(1.7)
Foreign	276.7		(31.4)		3.1
Total deferred tax (benefit) expense	(147.1)		75.6		(130.6)
	$	1,250.5	$	297.2	$	313.3

Schedule of effective income tax rate reconciliation

A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows:

	Year Ended December 31,
	2021		2020		2019
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Taxation of non-U.S. operations	(2.8)		(1.8)		(1.0)
Stock-based compensation	(2.4)		(7.6)		(2.5)
Foreign-derived intangible income deduction	(1.4)		—		(1.6)
Income tax credits	(1.0)		(2.8)		(4.6)
Sale of non-inventory related assets between foreign subsidiaries	—		(0.8)		—
Other permanent differences	—		(0.2)		1.6
Effective income tax rate	13.4	%	7.8	%	12.9	%

Schedule of deferred tax assets and liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows:

	As of December 31,
(In millions)	2021		2020
Deferred tax assets:
Deferred compensation	$	406.6	$	436.6
Accrued expenses	262.1		139.8
Fixed assets and intangible assets	257.5		140.5
Deferred revenue	57.3		44.6
Other	16.9		14.9
Total deferred tax assets	1,000.4		776.4
Deferred tax liabilities:
Unrealized gains on investments	(123.5)		(57.7)
Net deferred tax assets	$	876.9	$	718.7

Schedule of unrecognized tax benefits

The following table reconciles the beginning and ending amounts of unrecognized tax benefits. The amount of unrecognized tax benefits that, if settled, would impact the effective tax rate is $410.9 million, $267.0 million, and $210.8 million as of December 31, 2021, 2020, and 2019, respectively.

(In millions)	2021		2020		2019
Balance as of January 1	$	267.0	$	210.8	$	189.5
Gross increases related to current year tax positions	182.3		76.6		37.9
Gross increases (decreases) related to prior year tax positions	2.9		7.2		(7.2)
Gross decreases due to settlements and lapse of statutes of limitations	(41.3)		(27.6)		(9.4)
Balance as of December 31	$	410.9	$	267.0	$	210.8