Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income from continuing operations before income taxes and interest in earnings of associates by location of taxing jurisdiction

An analysis of income from continuing operations before income taxes by taxing jurisdiction is shown below:

	Years ended December 31,
	2023			2022			2021
Ireland	$	14		$	(160	)	$	673
U.S.		348			394			516
U.K.		(93	)		142			552
Rest of World		1,010			882			951
Total	$	1,279		$	1,258		$	2,692

Provision for benefit from income taxes from continuing operations

The components of the provision for income taxes from continuing operations include:

	Years ended December 31,
	2023			2022			2021
Current tax expense:
U.S. federal taxes	$	(106	)	$	(103	)	$	(79	)
U.S. state and local taxes		(41	)		(39	)		(25	)
U.K. corporation tax		(40	)		(13	)		(33	)
Other jurisdictions		(137	)		(93	)		(303	)
Total current tax expense		(324	)		(248	)		(440	)
Deferred tax benefit/(expense):
U.S. federal taxes		20			52			(41	)
U.S. state and local taxes		15			(5	)		3
U.K. corporation tax		63			(7	)		(65	)
Other jurisdictions		11			14			7
Total deferred tax benefit/(expense)		109			54			(96	)
Total provision for income taxes	$	(215	)	$	(194	)	$	(536	)

Reconciliation between US federal income taxes at the statutory rate and the Company's provision for income taxes on continuing operations

The reported provision for income taxes differs from the amounts that would have resulted had the reported income from continuing operations before income taxes been taxed at the U.S. federal statutory rate. The principal reasons for the differences between the amounts provided and those that would have resulted from the application of the U.S. federal statutory tax rate are as follows:

	Years ended December 31,
	2023			2022			2021
INCOME FROM CONTINUING OPERATIONS BEFORE    INCOME TAXES	$	1,279		$	1,258		$	2,692
U.S. federal statutory income tax rate		21	%		21	%		21	%
Income tax expense at U.S. federal tax rate		(269	)		(264	)		(565	)
Adjustments to derive effective tax rate:
Non-deductible expenses and dividends		(24	)		(19	)		(15	)
Net adjustments on acquisition costs		(1	)		(4	)		13
Impact of change in rate on deferred tax balances		10			(1	)		(36	)
Effect of foreign exchange and other differences		1			28			—
Changes in valuation allowances		(2	)		1			2
Net tax effect on intra-group items		94			84			84
Net tax effect on disposal of operations		6			1			62
Tax differentials of non-U.S. jurisdictions		8			20			(24	)
Impact of U.S. state and local taxes		(26	)		(42	)		(23	)
Global Intangible Low-Taxed Income (GILTI)		(9	)		(10	)		(4	)
Subpart F income		(5	)		(6	)		(6	)
Base Erosion Anti-Abuse Tax (BEAT)		13			24			(22	)
Tax on unremitted earnings		(12	)		(14	)		—
Other items, net		1			8			(2	)
Provision for income taxes	$	(215	)	$	(194	)	$	(536	)

Significant components of deferred income tax assets and liabilities and their balance sheet classifications

Deferred income tax assets and liabilities included in the consolidated balance sheets at December 31, 2023 and 2022 are comprised of the following:

	December 31,
	2023			2022
Deferred tax assets:
Accrued expenses not currently deductible	$	76		$	69
Interest carryforwards		276			174
Net operating losses		44			44
Capital loss carryforwards		1			1
Accrued retirement benefits		150			85
Operating lease liabilities		120			125
Deferred compensation		93			97
Share-based compensation		25			18
Financial derivative transactions		2			4
Gross deferred tax assets		787			617
Less: valuation allowance		(35	)		(28	)
Net deferred tax assets	$	752		$	589
Deferred tax liabilities:
Cost of intangible assets, net of related amortization	$	604		$	679
Operating lease right-of-use assets		103			106
Cost of tangible assets, net of related depreciation		24			44
Prepaid retirement benefits		129			142
Accrued revenue not currently taxable		319			262
Unremitted earnings		29			36
Deferred tax liabilities	$	1,208		$	1,269
Net deferred tax liabilities	$	456		$	680

The net deferred income tax assets are included in Other non-current assets and the net deferred tax liabilities are included in Deferred tax liabilities in our consolidated balance sheets.

	December 31,
	2023		2022
Balance sheet classifications:
Other non-current assets	$	86	$	68
Deferred tax liabilities		542		748
Net deferred tax liability	$	456	$	680

Summary of Valuation Allowance

An analysis of our valuation allowance is shown below.

	Years ended December 31,
	2023			2022			2021
Balance at beginning of year	$	28		$	42		$	84
Additions charged to costs and expenses		10			8			3
Deductions		(3	)		(22	)		(45	)
Balance at end of year	$	35		$	28		$	42

The movement in the 2023 valuation allowance differs from the 2023 rate reconciliation primarily due to the increase in state net operating losses and the related valuation allowance. The movement in the prior-year valuation allowance differs from the 2022 rate reconciliation primarily due to the write-down of state net operating losses and the related valuation allowance. In addition, 2022 and 2021 valuation allowances differ from the 2022 and 2021 rate reconciliations, respectively, as part of the tax benefits were allocated to discontinued operations.

Reconciliation of the beginning and ending amounts of unrecognized tax benefits

A reconciliation of the beginning and ending balances of the liability for unrecognized tax benefits is as follows:

	2023			2022			2021
Balance at beginning of year	$	47		$	43		$	50
Increases related to tax positions in prior years		13			16			—
Decreases related to tax positions in prior years		(9	)		(2	)		—
Increases related to tax positions in current year		3			—			—
Decreases related to settlements		—			(1	)		—
Decreases related to lapse in statute of limitations		(4	)		(6	)		(6	)
Cumulative translation adjustment and other adjustments		1			(3	)		(1	)
Balance at end of year	$	51		$	47		$	43

Summary of Income Tax Examinations

	Open Tax Years (fiscal year ending in)
U.S. — federal	2018 and forward
U.S. — various states	2015 and forward
U.K.	2014 and forward
Ireland	2019 and forward
France	2017 and forward
Germany	2008 and forward
Canada - federal	2016 and forward