Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016		2015		2014
Domestic operations	$	2,585	$	1,266	$	(423	)
Foreign operations	603		549		477
Total continuing income before taxes	$	3,188	$	1,815	$	54

Provision for Taxes on Income

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2016			2015			2014
Federal:
Current	$	641		$	90		$	285
Deferred	79			276			(213		)
Total federal	720			366			72
Foreign:
Current	133			111			135
Deferred	(4		)	(1		)	1
Total foreign	129			110			136
State and local:
Current	99			34			62
Deferred	12			37			(25		)
Total state and local	111			71			37
Total provision for taxes for continuing operations	960			547			245
Provision for discontinued operations	—			—			140
Total provision for taxes	$	960		$	547		$	385

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,
	2016		2015		2014
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
Legal and regulatory settlements	—		—		524.1
State and local income taxes	2.7		2.6		64.2
Divestitures	(4.3	)	—		—
Foreign operations	(2.0	)	(3.2	)	(79.6	)
S&P Dow Jones Indices LLC joint venture	(1.2	)	(2.0	)	(60.2	)
Tax credits and incentives	(1.6	)	(2.9	)	(91.5	)
Other, net	1.5		0.6		61.7
Effective income tax rate for continuing operations	30.1	%	30.1	%	453.7	%

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,
	2016			2015
Deferred tax assets:
Legal and regulatory settlements	$	23		$	45
Employee compensation	78			91
Accrued expenses	87			72
Postretirement benefits	105			126
Unearned revenue	33			39
Allowance for doubtful accounts	11			12
Loss carryforwards	112			114
Other	3			18
Total deferred tax assets	452			517
Deferred tax liabilities:
Goodwill and intangible assets	(320		)	(299		)
Fixed assets	(3		)	(9		)
Other	—			—
Total deferred tax liabilities	(323		)	(308		)
Net deferred income tax asset (liability) before valuation allowance	129			209
Valuation allowance	(116		)	(98		)
Net deferred income tax asset (liability)	$	13		$	111
Reported as:
Current deferred tax assets	$	—		$	109
Current deferred tax liabilities	—			(8		)
Non-current deferred tax assets	61			33
Non-current deferred tax liabilities	(48		)	(23		)
Net deferred income tax asset (liability)	$	13		$	111

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)	Year ended December 31,
	2016			2015			2014
Balance at beginning of year	$	120		$	118		$	82
Additions based on tax positions related to the current year	35			22			30
Additions for tax positions of prior years	14			12			33
Reduction for tax positions of prior years	(3		)	(14		)	(11		)
Reduction for settlements	(5		)	(18		)	(16		)
Balance at end of year	$	161		$	120		$	118