Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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 98: INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
	2023		2022		2021
Statutory Federal Tax Rate	21.0	%	21.0	%	21.0	%
State Taxes, net	3.4		3.3		3.4
Foreign Tax Rate Differential	0.6		0.1		0.1
Excess Tax Benefit Related to Share-Based Compensation	(0.1)		(0.2)		(0.4)
Tax Credits	(2.7)		(2.0)		(1.6)
Tax Exempt Income	(1.4)		(0.9)		(0.6)
Valuation Allowance	1.8		1.5		0.6
Other, net	1.8		1.6		0.6
Effective Tax Rate	24.4	%	24.4	%	23.1	%

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 99: UNRECOGNIZED TAX BENEFITS

(In Millions)	2023		2022		2021
Balance at January 1	$	40.7	$	25.3	$	22.4
Additions for Tax Positions Taken in the Current Year	2.1		1.7		1.2
Additions for Tax Positions Taken in Prior Years	24.0		13.7		4.2
Reductions for Tax Positions Taken in Prior Years	(5.1)		—		(2.5)
Reductions Resulting from Expiration of Statutes	(1.0)		—		—
Balance at December 31	$	60.7	$	40.7	$	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 100: PROVISION FOR INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2023		2022		2021
Current Tax Provision:
Federal	$	250.5	$	357.7	$	241.5
State	63.2		84.7		74.0
Non-U.S.	92.0		130.6		147.3
Total	$	405.7	$	573.0	$	462.8
Deferred Tax Provision:
Federal	$	(54.0)	$	(126.0)	$	(11.7)
State	(1.4)		(10.7)		12.0
Non-U.S.	7.2		(6.0)		1.7
Total	$	(48.2)	$	(142.7)	$	2.0
Provision for Income Taxes	$	357.5	$	430.3	$	464.8

Tax Charges (Benefits) Recorded Directly to Stockholders' Equity

In addition to the amounts shown above, tax charges (benefits) have been recorded directly to Stockholders’ Equity for the following. For further detail, refer to Note 14, “Accumulated Other Comprehensive Income (Loss).”

TABLE 101: TAX CHARGES (BENEFITS) RECORDED DIRECTLY TO STOCKHOLDERS’ EQUITY

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2023		2022		2021
Tax Effect of Other Comprehensive Income	$	120.2	$	(471.3)	$	(126.6)

Deferred Tax Liabilities and Assets

Deferred tax assets and liabilities have been computed as follows.

TABLE 102: DEFERRED TAX ASSETS AND LIABILITIES

	DECEMBER 31,
(In Millions)	2023		2022
Deferred Tax Liabilities:
Software Development	394.9		354.7
Depreciation and Amortization	23.9		122.6
Compensation and Benefits	—		5.2
State Taxes, net	46.8		58.3
Other Liabilities	53.4		42.1
Gross Deferred Tax Liabilities	519.0		582.9
Deferred Tax Assets:
Allowance for Credit Losses	46.2		41.8
Unrealized Losses on Securities, net	244.6		427.3
Compensation and Benefits	70.2		—
Tax Credit and Loss Carryforwards	121.2		95.3
Other Assets	116.0		143.7
Gross Deferred Tax Assets	598.2		708.1
Valuation Reserve	(121.2)		(95.3)
Deferred Tax Assets, net of Valuation Reserve	477.0		612.8
Net Deferred Tax Assets (Liabilities)	$	(42.0)	$	29.9