Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019		2018		2017
Domestic operations	$	2,068	$	1,857	$	1,723
Foreign operations	862		824		738
Total income before taxes	$	2,930	$	2,681	$	2,461

Schedule of Provision for Taxes on Income

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2019		2018			2017
Federal:
Current	$	303	$	198		$	489
Deferred	13		53			63
Total federal	316		251			552
Foreign:
Current	201		214			194
Deferred	14		(2		)	(3		)
Total foreign	215		212			191
State and local:
Current	93		84			73
Deferred	3		13			7
Total state and local	96		97			80
Total provision for taxes	$	627	$	560		$	823

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,
	2019		2018		2017
U.S. federal statutory income tax rate	21.0	%	21.0	%	35.0	%
State and local income taxes	2.6		2.8		2.5
Foreign operations	(0.3	)	0.2		(3.9	)
TCJA Transition Tax	—		(0.3	)	6.0
Stock-based compensation	(1.4	)	(1.2	)	(2.7	)
S&P Dow Jones Indices LLC joint venture	(1.2	)	(1.2	)	(1.8	)
Tax credits and incentives	(1.7	)	(1.7	)	(2.1	)
Other, net	2.4		1.3		0.4
Effective income tax rate	21.4	%	20.9	%	33.4	%

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,
	2019			2018
Deferred tax assets:
Legal and regulatory settlements	$	2		$	2
Employee compensation	58			57
Accrued expenses	30			36
Postretirement benefits	27			48
Unearned revenue	28			29
Allowance for doubtful accounts	9			8
Loss carryforwards	155			155
Other	24			24
Total deferred tax assets	333			359
Deferred tax liabilities:
Goodwill and intangible assets	(318		)	(295		)
Total deferred tax liabilities	(318		)	(295		)
Net deferred income tax asset before valuation allowance	15			64
Valuation allowance	(163		)	(156		)
Net deferred income tax (liability) asset	$	(148	)	$	(92	)
Reported as:
Non-current deferred tax assets	$	52		$	52
Non-current deferred tax liabilities	(200		)	(144		)
Net deferred income tax (liability) asset	$	(148	)	$	(92	)

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,
	2019			2018			2017
Balance at beginning of year	$	147		$	212		$	221
Additions based on tax positions related to the current year	21			19			23
Additions for tax positions of prior years	11			2			17
Reduction for tax positions of prior years	(15		)	(21		)	(32		)
Reduction for settlements	(33		)	(65		)	(5		)
Expiration of applicable statutes of limitations	(7		)	—			(12		)
Balance at end of year	$	124		$	147		$	212