Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income Before Taxes from Domestic and Foreign Operations

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

(in millions)	Year Ended December 31,
	2017		2016		2015
Domestic operations	$	1,723	$	2,585	$	1,266
Foreign operations	738		603		549
Total income before taxes	$	2,461	$	3,188	$	1,815

Schedule of Provision for Taxes on Income

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2017			2016			2015
Federal:
Current	$	489		$	641		$	90
Deferred	63			79			276
Total federal	552			720			366
Foreign:
Current	194			133			111
Deferred	(3		)	(4		)	(1		)
Total foreign	191			129			110
State and local:
Current	73			99			34
Deferred	7			12			37
Total state and local	80			111			71
Total provision for taxes	$	823		$	960		$	547

Schedule of 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,
	2017		2016		2015
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	2.5		2.7		2.6
Divestitures	—		(4.3	)	—
Foreign operations	(3.9	)	(2.0	)	(3.2	)
Impact of TCJA	6.0		—		—
Stock-based compensation	(2.7	)	—		—
S&P Dow Jones Indices LLC joint venture	(1.8	)	(1.2	)	(2.0	)
Tax credits and incentives	(2.1	)	(1.6	)	(2.9	)
Other, net	0.4		1.5		0.6
Effective income tax rate	33.4	%	30.1	%	30.1	%

Schedule of 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,
	2017			2016
Deferred tax assets:
Legal and regulatory settlements	$	27		$	23
Employee compensation	50			78
Accrued expenses	47			87
Postretirement benefits	34			105
Unearned revenue	26			33
Allowance for doubtful accounts	8			11
Loss carryforwards	135			112
Other	45			3
Total deferred tax assets	372			452
Deferred tax liabilities:
Goodwill and intangible assets	(249		)	(320		)
Fixed assets	(4		)	(3		)
Other	—			—
Total deferred tax liabilities	(253		)	(323		)
Net deferred income tax asset before valuation allowance	119			129
Valuation allowance	(127		)	(116		)
Net deferred income tax (liability) asset	$	(8	)	$	13
Reported as:
Non-current deferred tax assets	$	59		$	61
Non-current deferred tax liabilities	(67		)	(48		)
Net deferred income tax (liability) asset	$	(8	)	$	13

Schedule of 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,
	2017			2016			2015
Balance at beginning of year	$	221		$	162		$	155
Additions based on tax positions related to the current year	23			48			24
Additions for tax positions of prior years	17			20			16
Reduction for tax positions of prior years	(32		)	(3		)	(15		)
Reduction for settlements	(5		)	(6		)	(18		)
Expiration of applicable statutes of limitations	(12		)	—			—
Balance at end of year	$	212		$	221		$	162