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Income Taxes (Tables)

12 Months Ended

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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