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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2022

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,
			2022						2021						2020
Domestic operations			$	3,426					$	2,874					$	2,226
Foreign operations			1,276						1,290						1,002
Total income before taxes			$	4,702					$	4,164					$	3,228

Schedule of Provision for Taxes on Income

The provision for taxes on income consists of the following:

(in millions)			Year Ended December 31,
			2022						2021						2020
Federal:
Current			$	928					$	438					$	349
Deferred			(185)						(9)						1
Total federal			743						429						350
Foreign:
Current			322						295						246
Deferred			(98)						23						(9)
Total foreign			224						318						237
State and local:
Current			265						153						111
Deferred			(52)						1						(4)
Total state and local			213						154						107
Total provision for taxes			$	1,180					$	901					$	694

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,
			2022						2021						2020
U.S. federal statutory income tax rate			21.0		%				21.0		%				21.0		%
State and local income taxes			3.9						3.3						3.0
Divestitures			2.9						—						—
Foreign operations			(2.8)						(0.2)						(0.3)
Stock-based compensation			—						(0.8)						(0.7)
S&P Dow Jones Indices LLC joint venture			(1.1)						(1.1)						(1.2)
Tax credits and incentives			(1.3)						(2.3)						(2.2)
Other, net			2.5						1.7						1.9
Effective income tax rate			25.1		%				21.6		%				21.5		%

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,
			2022						2021
Deferred tax assets:
Employee compensation			$	100					$	57
Accrued expenses			179						54
Postretirement benefits			27						28
Unearned revenue			67						74
Forward exchange contracts			—						71
Fixed Assets			49						—
Loss carryforwards			537						204
Lease liabilities			170						142
Other			126						32
Total deferred tax assets			1,255						662
Deferred tax liabilities:
Goodwill and intangible assets			(4,791)						(394)
Right of use asset			(100)						(101)
Postretirement benefits			(33)						(46)
Forward exchange contracts			(41)						—
Fixed assets			—						(6)
Total deferred tax liabilities			(4,965)						(547)
Net deferred income tax asset before valuation allowance			(3,710)						115
Valuation allowance			(274)						(206)
Net deferred income tax liability			$	(3,984)					$	(91)
Reported as:
Non-current deferred tax assets			$	81					$	56
Non-current deferred tax liabilities			(4,065)						(147)
Net deferred income tax liability			$	(3,984)					$	(91)

Reconciliation 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,
			2022						2021						2020
Balance at beginning of year			$	147					$	121					$	124
Additions based on tax positions related to the current year			28						35						24
Additions for tax positions of prior years			62						9						1
Reduction for tax positions of prior years			—						—						(13)
Reduction for settlements			—						(8)						(4)
Expiration of applicable statutes of limitations			(14)						(10)						(11)
Balance at end of year			$	223					$	147					$	121

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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