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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense for 2025, 2024 and 2023, are as follows:
(in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |
Current income tax expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,250 |  |  | $ | 960 |  |  | $ | 641 |
State and local |  |  | 214 |  |  |  | 142 |  |  |  | 176 |
Foreign |  |  | 844 |  |  |  | 787 |  |  |  | 538 |
Total net current income tax expense |  |  | 2,308 |  |  |  | 1,889 |  |  |  | 1,355 |
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |
Federal |  |  | (530 | ) |  |  | (105 | ) |  |  | 101 |
State and local |  |  | (30 | ) |  |  | — |  |  |  | 11 |
Foreign |  |  | (71 | ) |  |  | (1 | ) |  |  | 12 |
Total net deferred income tax expense (benefit) |  |  | (631 | ) |  |  | (106 | ) |  |  | 124 |
Total income tax expense |  | $ | 1,677 |  |  | $ | 1,783 |  |  | $ | 1,479 |
Components of Income before Taxes, Less Net Income (Loss) Attributable to Noncontrolling Interests | Income tax expense has been based on the following components of income before taxes, less net income (loss) attributable to NCI - CIPs:
(in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |
Domestic |  | $ | 3,837 |  |  | $ | 5,139 |  |  | $ | 4,565 |
Foreign |  |  | 3,520 |  |  |  | 3,013 |  |  |  | 2,416 |
Total |  | $ | 7,357 |  |  | $ | 8,152 |  |  | $ | 6,981 |
Schedule of Components of Cash Paid for Income Taxes, Net of Refunds | The components of cash paid for income taxes, net of refunds for 2025 are as follows:
(in millions) |  | 2025 |
Federal |  | $ | 1,089 |
State and local |  |  | 307 |
Foreign |  |  | 902 |
Total |  | $ | 2,298 |
Income taxes paid, net of refunds exceeded five percent of the total in the following jurisdictions:
(in millions) |  | 2025 |
State and local: |  |  |
New York City |  | $ | 163 |
Foreign: |  |  |
United Kingdom |  | $ | 410 |
Reconciliation of Income Tax Expense with Expected Federal Income Tax Expense | A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2025 is as follows:
(in millions) |  | 2025 |
Statutory income tax expense |  | $ | 1,545 |  |  |  | 21 | %
State and local income taxes, net of federal income tax effect(1) |  |  | 137 |  |  |  | 2 |
Foreign tax effects |  |  |  |  |  |
United Kingdom |  |  |  |  |  |
Statutory tax rate difference between United Kingdom and United States |  |  | 79 |  |  |  | 1 |
Nontaxable income from Partnerships |  |  | (169 | ) |  |  | (2 | )
Other |  |  | 21 |  |  |  | — |
Channel Islands |  |  |  |  |  |
Statutory tax rate difference between Channel Islands and United States |  |  | 79 |  |  |  | 1 |
Other |  |  | 1 |  |  |  | — |
Other foreign jurisdictions |  |  | 56 |  |  |  | 1 |
Effect of cross-border tax laws |  |  |  |  |  |
Subpart F Income (net of FTC) |  |  | 112 |  |  |  | 2 |
Global intangible low-taxed income (net of FTC) |  |  | 100 |  |  |  | 1 |
Base erosion and anti-abuse tax |  |  | 106 |  |  |  | 1 |
Tax benefit from changes in organizational structure |  |  | (366 | ) |  |  | (5 | )
Losses from foreign partnerships |  |  | (107 | ) |  |  | (1 | )
Other |  |  | (60 | ) |  |  | (1 | )
Tax credits |  |  | (10 | ) |  |  | — |
Nontaxable & nondeductible items |  |  |  |  |  |
Nontaxable interest income |  |  | (88 | ) |  |  | (1 | )
Nondeductible fair value adjustment on contingent consideration |  |  | 142 |  |  |  | 2 |
Other |  |  | 7 |  |  |  | — |
Changes in unrecognized tax benefits |  |  | (18 | ) |  |  | — |
Changes in Valuation Allowances |  |  |  |  |  |
Valuation allowance from changes in organizational structure |  |  | 92 |  |  |  | 1 |
Other Adjustments |  |  |  |  |  |
Other |  |  | 18 |  |  |  | — |
Income tax expense |  | $ | 1,677 |  |  |  | 23 | %
(1) State taxes in New York State, New York City and California make up the majority (greater than 50 percent) of the tax effect in this category. A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2024 and 2023 is as follows:
(in millions) |  | 2024 |  |  | 2023 |
Statutory income tax expense |  | $ | 1,712 |  |  |  | 21 | % |  | $ | 1,466 |  |  |  | 21 | %
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State and local taxes (net of federal benefit) |  |  | 130 |  |  |  | 2 |  |  |  | 110 |  |  |  | 2 |
Impact of federal, foreign, state, and local tax rate changes on deferred taxes |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation awards |  |  | (37 | ) |  |  | — |  |  |  | (41 | ) |  |  | (1 | )
Resolution of outstanding tax matters |  |  | — |  |  |  | — |  |  |  | (204 | ) |  |  | (3 | )
Intellectual property reorganization |  |  | (137 | ) |  |  | (2 | ) |  |  | — |  |  |  | — |
Effect of foreign tax rates |  |  | 84 |  |  |  | 1 |  |  |  | 112 |  |  |  | 2 |
Other |  |  | 19 |  |  |  | — |  |  |  | 36 |  |  |  | — |
Income tax expense |  | $ | 1,783 |  |  |  | 22 | % |  | $ | 1,479 |  |  |  | 21 | %
Components of Deferred Income Tax Assets and Liabilities | The components of deferred income tax assets and liabilities are shown below:
|  | December 31, |
(in millions) |  | 2025 |  |  | 2024 |
Deferred income tax assets: |  |  |  |  |  |
Compensation and benefits |  | $ | 534 |  |  | $ | 354 |
Realized investment gains |  |  | 24 |  |  |  | — |
Loss carryforwards |  |  | 115 |  |  |  | 103 |
Foreign tax credit carryforward |  |  | 105 |  |  |  | 39 |
Capitalized costs |  |  | 313 |  |  |  | 276 |
Outside basis differences on foreign subsidiaries |  |  | 389 |  |  |  | — |
Other |  |  | 855 |  |  |  | 795 |
Gross deferred tax assets |  |  | 2,335 |  |  |  | 1,567 |
Less: Deferred tax valuation allowances |  |  | (181 | ) |  |  | (69 | )
Deferred tax assets net of valuation allowances |  |  | 2,154 |  |  |  | 1,498 |
Deferred income tax liabilities: |  |  |  |  |  |
Goodwill and acquired indefinite-lived intangibles |  |  | 4,943 |  |  |  | 4,199 |
Acquired finite-lived intangibles |  |  | 1,147 |  |  |  | 53 |
Unrealized investment gains |  |  | — |  |  |  | 58 |
Other |  |  | 493 |  |  |  | 341 |
Gross deferred tax liabilities |  |  | 6,583 |  |  |  | 4,651 |
Net deferred tax (liabilities) |  | $ | (4,429 | ) |  | $ | (3,153 | )
Reconciliation of Gross Unrecognized Tax Benefits | The following tabular reconciliation presents the total amounts of gross unrecognized tax benefits:
(in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |
Balance at January 1 |  | $ | 517 |  |  | $ | 749 |  |  | $ | 912 |
Additions for tax positions of prior years |  |  | 15 |  |  |  | 30 |  |  |  | 25 |
Reductions for tax positions of prior years |  |  | (8 | ) |  |  | (10 | ) |  |  | (22 | )
Additions based on tax positions related to current year |  |  | 79 |  |  |  | 51 |  |  |  | 49 |
Additions related to business combinations |  |  | — |  |  |  | — |  |  |  | 16 |
Lapse of Statute Limitation |  |  | (5 | ) |  |  | — |  |  |  | — |
Settlements |  |  | (87 | ) |  |  | (303 | ) |  |  | (231 | )
Balance at December 31 |  | $ | 511 |  |  | $ | 517 |  |  | $ | 749 |

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