Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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 89: INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
	2024		2023		2022
Statutory Federal Tax Rate	21.0	%	21.0	%	21.0	%
State Taxes, net	2.5		3.4		3.3
Foreign Tax Rate Differential	0.3		0.6		0.1
Excess Tax Benefit Related to Share-Based Compensation	—		(0.1)		(0.2)
Tax Credits	(0.7)		(2.7)		(2.0)
Tax Exempt Income	(0.8)		(1.4)		(0.9)
Valuation Allowance	1.4		1.8		1.5
Other, net	(0.1)		1.8		1.6
Effective Tax Rate	23.6	%	24.4	%	24.4	%

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 90: UNRECOGNIZED TAX BENEFITS

(In Millions)	2024		2023		2022
Balance at January 1	$	60.7	$	40.7	$	25.3
Additions for Tax Positions Taken in the Current Year	2.0		2.1		1.7
Additions for Tax Positions Taken in Prior Years	10.8		24.0		13.7
Reductions for Tax Positions Taken in Prior Years	(10.9)		(5.1)		—
Reductions Resulting from Settlements with Taxing Authorities	(2.5)		—		—
Reductions Resulting from Expiration of Statutes	(1.6)		(1.0)		—
Balance at December 31	$	58.5	$	60.7	$	40.7

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 91: PROVISION FOR INCOME TAXES

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2024		2023		2022
Current Tax Provision:
Federal	$	400.2	$	250.5	$	357.7
State	66.7		63.2		84.7
Non-U.S.	140.8		92.0		130.6
Total	$	607.7	$	405.7	$	573.0
Deferred Tax Provision:
Federal	$	(1.1)	$	(54.0)	$	(126.0)
State	17.5		(1.4)		(10.7)
Non-U.S.	4.3		7.2		(6.0)
Total	$	20.7	$	(48.2)	$	(142.7)
Provision for Income Taxes	$	628.4	$	357.5	$	430.3

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

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2024		2023		2022
Tax Effect of Other Comprehensive Income	$	156.5	$	120.2	$	(471.3)

Deferred Tax Liabilities and Assets

Deferred tax assets and liabilities have been computed as follows.

TABLE 93: DEFERRED TAX ASSETS AND LIABILITIES

	DECEMBER 31,
(In Millions)	2024		2023
Deferred Tax Liabilities:
Software Development	419.9		394.9
Depreciation and Amortization	—		23.9
Compensation and Benefits	9.5		—
State Taxes, net	46.7		46.8
Other Liabilities	85.2		53.4
Gross Deferred Tax Liabilities	561.3		519.0
Deferred Tax Assets:
Depreciation and Amortization	38.4		—
Allowance for Credit Losses	43.2		46.2
Unrealized Losses on Securities, net	143.3		244.6
Compensation and Benefits	—		70.2
Tax Credit and Loss Carryforwards	157.9		121.2
Other Assets	117.2		116.0
Gross Deferred Tax Assets	500.0		598.2
Valuation Reserve	(157.9)		(121.2)
Deferred Tax Assets, net of Valuation Reserve	342.1		477.0
Net Deferred Tax Assets (Liabilities)	$	(219.2)	$	(42.0)