Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Domestic operations	$	1,899	$	3,426	$	2,874
Foreign operations	1,772		1,276		1,290
Total income before taxes	$	3,671	$	4,702	$	4,164

Schedule of Provision for Taxes on Income

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2023		2022		2021
Federal:
Current	$	559	$	928	$	438
Deferred	(177)		(185)		(9)
Total federal	382		743		429
Foreign:
Current	370		322		295
Deferred	(150)		(98)		23
Total foreign	220		224		318
State and local:
Current	216		265		153
Deferred	(40)		(52)		1
Total state and local	176		213		154
Total provision for taxes	$	778	$	1,180	$	901

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,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes	3.5		3.9		3.3
Foreign operations	(5.1)		(2.8)		(0.2)
Stock-based compensation	(0.4)		—		(0.8)
S&P Dow Jones Indices LLC joint venture	(1.5)		(1.1)		(1.1)
Tax credits and incentives	(2.0)		(1.3)		(2.3)
Divestitures	1.8		2.9		—
Other, net	3.9		2.5		1.7
Effective income tax rate	21.2	%	25.1	%	21.6	%

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,
	2023		2022
Deferred tax assets:
Accrued expenses	$	249	$	179
Loss carryforwards	495		537
Research & Development Expenditures	258		136
Other	473		476
Total deferred tax assets	1,475		1,328
Deferred tax liabilities:
Goodwill and intangible assets	(4,573)		(4,864)
Other	(212)		(174)
Total deferred tax liabilities	(4,785)		(5,038)
Net deferred income tax asset before valuation allowance	(3,310)		(3,710)
Valuation allowance	(316)		(274)
Net deferred income tax liability	$	(3,626)	$	(3,984)
Reported as:
Non-current deferred tax assets	$	64	$	81
Non-current deferred tax liabilities	(3,690)		(4,065)
Net deferred income tax liability	$	(3,626)	$	(3,984)

Schedule of Reconciliation 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,
	2023		2022		2021
Balance at beginning of year	$	223	$	147	$	121
Additions based on tax positions related to the current year	21		28		35
Additions for tax positions of prior years	10		62		9
Reduction for settlements	(11)		—		(8)
Expiration of applicable statutes of limitations	(13)		(14)		(10)
Balance at end of year	$	230	$	223	$	147