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Taxes on Income (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Income Before Taxes from Domestic and Foreign Operations | Income before taxes on income resulting from domestic and foreign operations is as follows:
(in millions) | Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Domestic operations | $ | 2,068 |  |  | $ | 1,857 |  |  | $ | 1,723 |
Foreign operations | 862 |  |  | 824 |  |  | 738 |
Total income before taxes | $ | 2,930 |  |  | $ | 2,681 |  |  | $ | 2,461 |
Schedule of Provision for Taxes on Income | The provision for taxes on income consists of the following:
(in millions) | Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Federal: |  |  |  |  |
Current | $ | 303 |  |  | $ | 198 |  |  | $ | 489 |
Deferred | 13 |  |  | 53 |  |  | 63 |
Total federal | 316 |  |  | 251 |  |  | 552 |
Foreign: |  |  |  |  |
Current | 201 |  |  | 214 |  |  | 194 |
Deferred | 14 |  |  | (2 | ) |  | (3 | )
Total foreign | 215 |  |  | 212 |  |  | 191 |
State and local: |  |  |  |  |
Current | 93 |  |  | 84 |  |  | 73 |
Deferred | 3 |  |  | 13 |  |  | 7 |
Total state and local | 96 |  |  | 97 |  |  | 80 |
Total provision for taxes | $ | 627 |  |  | $ | 560 |  |  | $ | 823 |
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective 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,
| 2019 |  | 2018 |  | 2017
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
State and local income taxes | 2.6 |  |  | 2.8 |  |  | 2.5 |
Foreign operations | (0.3 | ) |  | 0.2 |  |  | (3.9 | )
TCJA Transition Tax | — |  |  | (0.3 | ) |  | 6.0 |
Stock-based compensation | (1.4 | ) |  | (1.2 | ) |  | (2.7 | )
S&P Dow Jones Indices LLC joint venture | (1.2 | ) |  | (1.2 | ) |  | (1.8 | )
Tax credits and incentives | (1.7 | ) |  | (1.7 | ) |  | (2.1 | )
Other, net | 2.4 |  |  | 1.3 |  |  | 0.4 |
Effective income tax rate | 21.4 | % |  | 20.9 | % |  | 33.4 | %
Schedule of 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,
| 2019 |  | 2018
Deferred tax assets: |  |  |
Legal and regulatory settlements | $ | 2 |  |  | $ | 2 |
Employee compensation | 58 |  |  | 57 |
Accrued expenses | 30 |  |  | 36 |
Postretirement benefits | 27 |  |  | 48 |
Unearned revenue | 28 |  |  | 29 |
Allowance for doubtful accounts | 9 |  |  | 8 |
Loss carryforwards | 155 |  |  | 155 |
Other | 24 |  |  | 24 |
Total deferred tax assets | 333 |  |  | 359 |
Deferred tax liabilities: |  |  |
Goodwill and intangible assets | (318 | ) |  | (295 | )
Total deferred tax liabilities | (318 | ) |  | (295 | )
Net deferred income tax asset before valuation allowance | 15 |  |  | 64 |
Valuation allowance | (163 | ) |  | (156 | )
Net deferred income tax (liability) asset | $ | (148 | ) |  | $ | (92 | )
Reported as: |  |  |
Non-current deferred tax assets | $ | 52 |  |  | $ | 52 |
Non-current deferred tax liabilities | (200 | ) |  | (144 | )
Net deferred income tax (liability) asset | $ | (148 | ) |  | $ | (92 | )
Schedule of 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) | Year ended December 31,
| 2019 |  | 2018 |  | 2017
Balance at beginning of year | $ | 147 |  |  | $ | 212 |  |  | $ | 221 |
Additions based on tax positions related to the current year | 21 |  |  | 19 |  |  | 23 |
Additions for tax positions of prior years | 11 |  |  | 2 |  |  | 17 |
Reduction for tax positions of prior years | (15 | ) |  | (21 | ) |  | (32 | )
Reduction for settlements | (33 | ) |  | (65 | ) |  | (5 | )
Expiration of applicable statutes of limitations | (7 | ) |  | — |  |  | (12 | )
Balance at end of year | $ | 124 |  |  | $ | 147 |  |  | $ | 212 |

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