Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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 101: INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
	2021		2020		2019
Statutory Federal Tax Rate	21.0	%	21.0	%	21.0	%
Tax Exempt Income	(0.6)		(0.9)		(0.6)
Foreign Tax Rate Differential	0.1		0.7		0.2
Excess Tax Benefit Related to Share-Based Compensation	(0.4)		(0.6)		(0.9)
Tax Credits	(1.6)		(1.7)		(1.0)
Reversal of Tax Benefits Previously Recognized through Earnings	—		1.6		—
State Taxes, net	3.4		3.2		2.8
Valuation Allowance	0.6		1.6		1.5
Other	0.6		0.8		0.2
Effective Tax Rate	23.1	%	25.7	%	23.2	%

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 102: UNRECOGNIZED TAX BENEFITS

(In Millions)	2021		2020		2019
Balance at January 1	$	22.4	$	25.3	$	21.9
Additions for Tax Positions Taken in the Current Year	1.2		0.9		0.9
Additions for Tax Positions Taken in Prior Years	4.2		0.4		4.0
Reductions for Tax Positions Taken in Prior Years	(2.5)		(4.2)		(1.5)
Reductions Resulting from Expiration of Statutes	—		—		—
Balance at December 31	$	25.3	$	22.4	$	25.3

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 103: PROVISION FOR INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2021		2020		2019
Current Tax Provision:
Federal	$	241.5	$	203.0	$	216.4
State	74.0		57.2		50.7
Non-U.S.	147.3		141.7		150.5
Total	$	462.8	$	401.9	$	417.6
Deferred Tax Provision:
Federal	$	(11.7)	$	8.8	$	16.5
State	12.0		5.4		16.5
Non-U.S.	1.7		2.2		1.3
Total	$	2.0	$	16.4	$	34.3
Provision for Income Taxes	$	464.8	$	418.3	$	451.9

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 104: TAX CHARGES AND BENEFITS RECORDED DIRECTLY TO STOCKHOLDERS’ EQUITY

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2021		2020		2019
Tax Effect of Other Comprehensive Income	$	(126.6)	$	168.1	$	88.9

Deferred Tax Liabilities and Assets

Deferred tax assets and liabilities have been computed as follows.

TABLE 105: NET DEFERRED TAX LIABILITIES

	DECEMBER 31,
(In Millions)	2021		2020
Deferred Tax Liabilities:
Lease Financing	$	7.0	$	9.0
Software Development	271.8		268.1
Depreciation and Amortization	181.3		147.0
Unrealized Gains on Securities, net	82.8		247.6
Compensation and Benefits	65.6		43.8
State Taxes, net	76.3		67.4
Other Liabilities	23.3		18.7
Gross Deferred Tax Liabilities	708.1		801.6
Deferred Tax Assets:
Allowance for Credit Losses	38.6		54.5
Tax Credit and Loss Carryforwards	68.2		55.2
Other Assets	85.4		38.4
Gross Deferred Tax Assets	192.2		148.1
Valuation Reserve	(68.2)		(55.2)
Deferred Tax Assets, net of Valuation Reserve	124.0		92.9
Net Deferred Tax Liabilities	$	584.1	$	708.7