Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Before Taxes from Domestic and Foreign Operations

Income before taxes on income resulted from domestic and foreign operations is as follows:

(in millions)	Year Ended December 31,
	2015		2014			2013
Domestic operations	$	1,266	$	(423	)	$	821
Foreign operations	549		477			478
Total continuing income before taxes	$	1,815	$	54		$	1,299

Provision for Taxes on Income

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2015			2014			2013
Federal:
Current	$	90		$	285		$	194
Deferred	276			(213		)	51
Total federal	366			72			245
Foreign:
Current	111			135			152
Deferred	(1		)	1			(19		)
Total foreign	110			136			133
State and local:
Current	34			62			37
Deferred	37			(25		)	10
Total state and local	71			37			47
Total provision for taxes for continuing operations	547			245			425
Provision for discontinued operations	—			140			299
Total provision for taxes	$	547		$	385		$	724

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes is as follows:

	Year Ended December 31,
	2015		2014		2013
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
Legal and regulatory settlements	—		524.1		—
State and local income taxes	2.6		64.2		2.8
Foreign operations	(3.2	)	(79.6	)	(3.9	)
S&P Dow Jones Indices LLC joint venture	(2.0	)	(60.2	)	(2.0	)
Tax credits and incentives	(2.9	)	(91.5	)	(2.1	)
Other, net	0.6		61.7		2.9
Effective income tax rate for continuing operations	30.1	%	453.7	%	32.7	%

Differences Between the Accounting for Income and Expenses for Financial Reporting and Income Tax

The principal temporary differences between the accounting for income and expenses for financial reporting and income tax purposes are as follows:

(in millions)	December 31,
	2015			2014
Deferred tax assets:
Legal and regulatory settlements	$	45		$	305
Employee compensation	91			99
Accrued expenses	72			94
Postretirement benefits	126			146
Unearned revenue	39			27
Allowance for doubtful accounts	12			13
Loss carryforwards	114			37
Other	18			14
Total deferred tax assets	517			735
Deferred tax liabilities:
Goodwill and intangible assets	(299		)	(362		)
Fixed assets	(9		)	(8		)
Other	—			—
Total deferred tax liabilities	(308		)	(370		)
Net deferred income tax asset (liability) before valuation allowance	209			365
Valuation allowance	(98		)	(16		)
Net deferred income tax asset (liability)	$	111		$	349
Reported as:
Current deferred tax assets	$	109		$	360
Current deferred tax liabilities	(8		)	(2		)
Non-current deferred tax assets	33			31
Non-current deferred tax liabilities	(23		)	(40		)
Net deferred income tax asset (liability)	$	111		$	349

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in millions)	Years ended December 31,
	2015			2014			2013
Balance at beginning of year	$	118		$	82		$	74
Additions based on tax positions related to the current year	22			30			27
Additions for tax positions of prior years	12			33			10
Reduction for tax positions of prior years	(14		)	(11		)	(9		)
Reduction for settlements	(18		)	(16		)	(20		)
Balance at end of year	$	120		$	118		$	82