Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
Domestic operations	$	2,226	$	2,068	$	1,857
Foreign operations	1,002		862		824
Total income before taxes	$	3,228	$	2,930	$	2,681

Schedule of Provision for Taxes on Income

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2020		2019		2018
Federal:
Current	$	349	$	303	$	198
Deferred	1		13		53
Total federal	350		316		251
Foreign:
Current	246		201		214
Deferred	(9)		14		(2)
Total foreign	237		215		212
State and local:
Current	111		93		84
Deferred	(4)		3		13
Total state and local	107		96		97
Total provision for taxes	$	694	$	627	$	560

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,
	2020		2019		2018
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes	3.0		2.6		2.8
Foreign operations	(0.3)		(0.3)		0.2
TCJA Transition Tax	—		—		(0.3)
Stock-based compensation	(0.7)		(1.4)		(1.2)
S&P Dow Jones Indices LLC joint venture	(1.2)		(1.2)		(1.2)
Tax credits and incentives	(2.2)		(1.7)		(1.7)
Other, net	1.9		2.4		1.3
Effective income tax rate	21.5	%	21.4	%	20.9	%

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,
	2020		2019
Deferred tax assets:
Employee compensation	64		58
Accrued expenses	41		35
Postretirement benefits	12		27
Unearned revenue	28		28
Loss carryforwards	217		155
Lease liabilities	186		199
Other	53		25
Total deferred tax assets	601		527
Deferred tax liabilities:
Goodwill and intangible assets	(347)		(318)
Right of use asset	(138)		(194)
Fixed assets	(7)		—
Total deferred tax liabilities	(492)		(512)
Net deferred income tax asset before valuation allowance	109		15
Valuation allowance	(219)		(163)
Net deferred income tax (liability) asset	$	(110)	$	(148)
Reported as:
Non-current deferred tax assets	$	67	$	52
Non-current deferred tax liabilities	(177)		(200)
Net deferred income tax (liability) asset	$	(110)	$	(148)

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,
	2020		2019		2018
Balance at beginning of year	$	124	$	147	$	212
Additions based on tax positions related to the current year	24		21		19
Additions for tax positions of prior years	1		11		2
Reduction for tax positions of prior years	(13)		(15)		(21)
Reduction for settlements	(4)		(33)		(65)
Expiration of applicable statutes of limitations	(11)		(7)		—
Balance at end of year	$	121	$	124	$	147