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Taxes on Income (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income before taxes domestic and foreign operations | Income before taxes on income resulted from domestic and foreign operations is as follows:
(in millions) | Year Ended December 31,
| 2014 |  | 2013 |  | 2012
Domestic operations | $ | (423 | ) |  | $ | 821 |  |  | $ | 800 |
Foreign operations | 477 |  |  | 478 |  |  | 289 |
Total continuing income before taxes | $ | 54 |  |  | $ | 1,299 |  |  | $ | 1,089 |
Provision/(benefit) for taxes on income | The provision/(benefit) for taxes on income consists of the following:
(in millions) | Year Ended December 31,
| 2014 |  | 2013 |  | 2012
Federal: |  |  |  |  |
Current | $ | 285 |  |  | $ | 194 |  |  | $ | 181 |
Deferred | (213 | ) |  | 51 |  |  | 73 |
Total federal | 72 |  |  | 245 |  |  | 254 |
Foreign: |  |  |  |  |
Current | 135 |  |  | 152 |  |  | 91 |
Deferred | 1 |  |  | (19 | ) |  | (9 | )
Total foreign | 136 |  |  | 133 |  |  | 82 |
State and local: |  |  |  |  |
Current | 62 |  |  | 37 |  |  | 38 |
Deferred | (25 | ) |  | 10 |  |  | 14 |
Total state and local | 37 |  |  | 47 |  |  | 52 |
Total provision for taxes for continuing operations | 245 |  |  | 425 |  |  | 388 |
Provision for discontinued operations | 140 |  |  | 299 |  |  | 27 |
Total provision for taxes | $ | 385 |  |  | $ | 724 |  |  | $ | 415 |
Reconciliation of federal statutory income tax rate | A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes is as follows:
| Year Ended December 31,
| 2014 |  | 2013 |  | 2012
U.S. federal statutory income tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Legal and regulatory settlements | 524.1 |  |  | — |  |  | — |
State and local income taxes | 64.2 |  |  | 2.8 |  |  | 3.5 |
Foreign operations | (79.6 | ) |  | (3.9 | ) |  | (2.7 | )
S&P Dow Jones Indices LLC joint venture | (60.2 | ) |  | (2.0 | ) |  | (1.1 | )
Tax credits and incentives | (91.5 | ) |  | (2.1 | ) |  | (2.4 | )
Other, net | 61.7 |  |  | 2.9 |  |  | 3.3 |
Effective income tax rate for continuing operations | 453.7 | % |  | 32.7 | % |  | 35.6 | %
Differences between the accounting for income and expenses for financial reporting and income tax | The principal temporary differences between the accounting for income and expenses for financial reporting and income tax purposes are as follows:
(in millions) | December 31,
| 2014 |  | 2013
Deferred tax assets: |  |  |
Legal and regulatory settlements | $ | 305 |  |  | $ | 6 |
Employee compensation | 98 |  |  | 72 |
Accrued expenses | 107 |  |  | 136 |
Postretirement benefits | 140 |  |  | 32 |
Unearned revenue | 24 |  |  | 55 |
Allowance for doubtful accounts | 12 |  |  | 15 |
Loss carryforwards | 29 |  |  | 28 |
Other | 12 |  |  | 10 |
Total deferred tax assets | 727 |  |  | 354 |
Deferred tax liabilities: |  |  |
Goodwill and intangible assets 1 | (377 | ) |  | (379 | )
Fixed assets | (11 | ) |  | (55 | )
Other | — |  |  | — |
Total deferred tax liabilities | (388 | ) |  | (434 | )
Net deferred income tax asset (liability) before valuation allowance | 339 |  |  | (80 | )
Valuation allowance | (12 | ) |  | (5 | )
Net deferred income tax asset (liability) | $ | 327 |  |  | $ | (85 | )
Reported as: |  |  |
Current deferred tax assets | $ | 363 |  |  | $ | 108 |
Current deferred tax liabilities | (2 | ) |  | (10 | )
Non-current deferred tax assets | 22 |  |  | 23 |
Non-current deferred tax liabilities | (56 | ) |  | (206 | )
Net deferred income tax asset (liability) | $ | 327 |  |  | $ | (85 | )
1 | See Note 2 – Acquisitions and Divestitures for further discussion regarding the impact related to the S&P Dow Jones Indices LLC.
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:
(in millions) | Years ended December 31,
| 2014 |  | 2013 |  | 2012
Balance at beginning of year | $ | 82 |  |  | $ | 74 |  |  | $ | 58 |
Additions based on tax positions related to the current year | 30 |  |  | 27 |  |  | 14 |
Additions for tax positions of prior years | 33 |  |  | 10 |  |  | 3 |
Reduction for tax positions of prior years | (11 | ) |  | (9 | ) |  | (1 | )
Reduction for settlements | (16 | ) |  | (20 | ) |  | — |
Balance at end of year | $ | 118 |  |  | $ | 82 |  |  | $ | 74 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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