Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Reconciliation of Total Provision for Income Taxes with Amounts Computed at Federal Tax Rate of 35%

The following table reconciles the statutory federal tax rate with the effective tax rate for the periods presented below.

TABLE 105: INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
	2020		2019		2018
Statutory Federal Tax Rate	21.0	%	21.0	%	21.0	%
Tax Exempt Income	(0.9)		(0.6)		(0.4)
Foreign Tax Rate Differential	0.7		0.2		(0.4)
Excess Tax Benefit Related to Share-Based Compensation	(0.6)		(0.9)		(0.9)
Tax Credits	(1.7)		(1.0)		(1.1)
Reversal of Tax Benefits Previously Recognized through Earnings	1.6		—		—
State Taxes, net	3.2		2.8		3.4
Impact of Tax Cuts and Jobs Act	—		—		(0.2)
Change in Accounting Method	—		—		(1.2)
Valuation Allowance	1.6		1.5		—
Other	0.8		0.2		0.3
Effective Tax Rate	25.7	%	23.2	%	20.5	%

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.

TABLE 106: UNRECOGNIZED TAX BENEFITS

(In Millions)	2020		2019		2018
Balance at January 1	$	25.3	$	21.9	$	27.7
Additions for Tax Positions Taken in the Current Year	0.9		0.9		0.5
Additions for Tax Positions Taken in Prior Years	0.4		4.0		1.7
Reductions for Tax Positions Taken in Prior Years	(4.2)		(1.5)		(7.8)
Reductions Resulting from Expiration of Statutes	—		—		(0.2)
Balance at December 31	$	22.4	$	25.3	$	21.9

Components of Consolidated Provision for Income Taxes

The components of the consolidated Provision for Income Taxes for each of the three years ended December 31 are as follows.

TABLE 107: PROVISION FOR INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2020		2019		2018
Current Tax Provision:
Federal	$	203.0	$	216.4	$	132.8
State	57.2		50.7		95.4
Non-U.S.	141.7		150.5		162.7
Total	$	401.9	$	417.6	$	390.9
Deferred Tax Provision:
Federal	$	8.8	$	16.5	$	33.8
State	5.4		16.5		(13.8)
Non-U.S.	2.2		1.3		(9.5)
Total	$	16.4	$	34.3	$	10.5
Provision for Income Taxes	$	418.3	$	451.9	$	401.4

Tax Charges (Benefits) Recorded Directly to Stockholders' Equity

In addition to the amounts shown above, tax charges and benefits have been recorded directly to Stockholders’ Equity for the following.

TABLE 108: TAX CHARGES AND BENEFITS RECORDED DIRECTLY TO STOCKHOLDERS’ EQUITY

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2020		2019		2018
Tax Effect of Other Comprehensive Income	$	168.1	$	88.9	$	25.7

Deferred Tax Liabilities and Assets

Deferred tax assets and liabilities have been computed as follows.

TABLE 109: NET DEFERRED TAX LIABILITIES

	DECEMBER 31,
(In Millions)	2020		2019
Deferred Tax Liabilities:
Lease Financing	$	9.0	$	36.9
Software Development	268.1		249.4
Accumulated Depreciation	99.7		99.8
Compensation and Benefits	31.0		8.3
State Taxes, net	67.4		66.4
Other Liabilities	372.6		206.7
Gross Deferred Tax Liabilities	847.8		667.5
Deferred Tax Assets:
Allowance for Credit Losses	54.5		26.1
Other Assets	139.8		147.0
Gross Deferred Tax Assets	194.3		173.1
Valuation Reserve	(55.2)		(29.8)
Deferred Tax Assets, net of Valuation Reserve	139.1		143.3
Net Deferred Tax Liabilities	$	708.7	$	524.2