Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision (Benefit) on Income Before Income Taxes

Income tax expense is based on income before income taxes as follows:

	Year Ended December 31,
	2019		2018			2017
U.S.	$	2.0	$	(451.4	)	$	(43.9	)
Non-U.S.	2,176.8		693.6			591.7
	$	2,178.8	$	242.2		$	547.8

Schedule of Components of Income Tax Provision (Benefit)

The components of income tax expense are as follows:

	Year Ended December 31,
	2019			2018			2017
Domestic
Current	$	71.8		$	57.0		$	42.9
Deferred	1,731.0			49.5			7.2
	1,802.8			106.5			50.1
Foreign
Current	158.2			74.7			107.5
Deferred	(2,186.5		)	(16.6		)	(53.1		)
	(2,028.3		)	58.1			54.4
Total
Current	230.0			131.7			150.4
Deferred	(455.5		)	32.9			(45.9		)
	$	(225.5	)	$	164.6		$	104.5

Reconciliation of the Statutory U.S. Federal Income Tax Rate to Effective Income Tax Rate

The reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows:

	Year Ended December 31,
	2019		2018		2017
U.S. federal statutory tax rate	21.0	%	21.0	%	35.0	%
Benefit of foreign earnings	(12.6	)%	(71.2	)%	60.1	%
Tax credits	(0.7	)%	(17.0	)%	(10.7	)%
Tax reserves	(0.1	)%	12.1	%	(14.0	)%
Re-measurement of deferred taxes as a result of the Tax Act	—	%	—	%	(53.4	)%
Acquired in-process research & development	—	%	102.6	%	—	%
Intra-entity asset transfer of intellectual property	(17.5	)%	—	%	—	%
Foreign-derived intangible income	(1.6	)%	(4.5	)%	—	%
U.S. state taxes	0.7	%	14.2	%	1.5	%
Other permanent differences	0.5	%	10.8	%	0.6	%
Effective Income Tax Rate	(10.3	)%	68.0	%	19.1	%

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities are as follows: 

	December 31,			December 31,
	2019			2018
Deferred tax assets:
Net operating losses	$	102.9		$	41.8
Income tax credits	328.1			371.6
Stock compensation	57.1			47.6
Accruals and allowances	65.2			105.8
Unrealized losses	18.8			—
Research and development expenses	3.5			5.2
Accrued royalties	0.8			89.1
ROU leases	46.2			—
Intangible assets	1,967.3			—
	2,589.9			661.1
Valuation allowance	(72.6		)	(19.6		)
Total deferred tax assets	2,517.3			641.5
Deferred tax liabilities:
Depreciable assets	(5.1		)	(88.7		)
Unrealized gains	—			(6.6		)
Investment in foreign partnership	(2,249.5		)	(566.6		)
ROU leases	(53.9		)	—
Intangible liabilities	—			(268.8		)
Total deferred tax liabilities	(2,308.5		)	(930.7		)
Net deferred tax (liability) asset	$	208.8		$	(289.2	)

Reconciliation of Unrecognized Tax Benefits

The beginning and ending amounts of unrecognized tax benefits reconciles as follows: 

	2019			2018			2017
Beginning of period balance	$	92.7		$	60.9		$	138.9
Increases for tax positions taken during a prior period	3.4			9.1			5.6
Decreases for tax positions taken during a prior period	(4.9		)	(5.8		)	(85.8		)
Increases for tax positions taken during the current period	43.8			28.8			19.3
Decreases for tax positions related to settlements	—			—			(15.8		)
Decreases for tax positions related to lapse of statute	(1.2		)	(0.3		)	(1.3		)
	$	133.8		$	92.7		$	60.9