Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense (benefit) for the periods indicated: 

	Years Ended December 31,
(In millions)	2022		2021		2020
Current:
Federal	$	161	$	172	$	241
State	112		142		122
Non-U.S.	342		326		310
Total current expense	615		640		673
Deferred:
Federal	(16)		(98)		(168)
State	(2)		(61)		5
Non-U.S.	(44)		(3)		(31)
Total deferred expense (benefit)	(62)		(162)		(194)
Total income tax expense (benefit)	$	553	$	478	$	479

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the U.S. statutory income tax rate to our effective tax rate based on income before income tax expense for the periods indicated:

	Years Ended December 31,
	2022		2021		2020
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Changes from statutory rate:
State taxes, net of federal benefit	3.1		2.2		3.8
Tax-exempt income	(1.0)		(1.1)		(1.3)
Business tax credits(1)	(4.0)		(4.1)		(5.1)
Foreign tax differential	—		0.1		(0.8)
Foreign tax credit (benefits)/ limitations(2)	(0.1)		(1.9)		(0.9)
Change in Valuation Allowance	(2.0)		—		—
Other, net	(0.4)		(1.1)		(0.2)
Effective tax rate	16.6	%	15.1	%	16.5	%

(1) Business tax credits include low-income housing, production and investment tax credits.

(2) Foreign tax credit (benefits)/limitations includes the period expense for global intangible low-taxed income (GILTI).

Schedule of Deferred Tax Assets and Liabilities

The following table presents significant components of our gross deferred tax assets and gross deferred tax liabilities as of the dates indicated:

	December 31,
(In millions)	2022		2021
Deferred tax assets:
Other amortizable assets	$	267	$	323
Tax credit carryforwards	530		526
Lease obligations	198		217
Deferred compensation	127		158
Restructuring charges and other reserves	118		88
NOL and other carryforwards	152		118
Pension plan	18		28
Foreign currency translation	74		16
Unrealized losses on investment securities, net	750		17
Total deferred tax assets	2,234		1,491
Valuation allowance for deferred tax assets	(160)		(250)
Deferred tax assets, net of valuation allowance	$	2,074	$	1,241
Deferred tax liabilities:
Fixed and intangible assets	$	597	$	601
Investment basis differences	188		200
Right-of-use Assets	163		172
Other	21		58
Total deferred tax liabilities	$	969	$	1,031

Summary of Valuation Allowance

The table below summarizes the deferred tax assets and related valuation allowances recognized as of December 31, 2022:

(In millions)	Deferred Tax Asset		Valuation Allowance		Expiration
Other amortizable assets	$	267	$	(93)	None
Tax credits	530		—		2033-2042
NOLs - Non-U.S.	127		(48)		2026-2042, None
NOLs - U.S.	22		(16)		2023-2041, None
Other carryforwards	3		(3)		None

Summary of Income Tax Contingencies

The following table presents activity related to unrecognized tax benefits as of the dates indicated:

	December 31,
(In millions)	2022		2021		2020
Beginning balance	$	252	$	308	$	149
Decrease related to agreements with tax authorities	(4)		(130)		—
Increase related to tax positions taken during current year	48		50		47
Increase related to tax positions taken during prior years	8		42		137
Decreases related to a lapse of the applicable statute of limitations	(19)		(18)		(25)
Ending balance	$	285	$	252	$	308