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Taxes on Income (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
Domestic operations | $ | 3,436 |  |  | $ | 1,899 |  |  | $ | 3,426 |
Foreign operations | 1,872 |  |  | 1,772 |  |  | 1,276 |
Total income before taxes | $ | 5,308 |  |  | $ | 3,671 |  |  | $ | 4,702 |
Schedule of Provision for Taxes on Income | The provision for taxes on income consists of the following:
(in millions) | Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Federal: |  |  |  |  |
Current | $ | 740 |  |  | $ | 559 |  |  | $ | 928 |
Deferred | (131) |  |  | (177) |  |  | (185) |
Total federal | 609 |  |  | 382 |  |  | 743 |
Foreign: |  |  |  |  |
Current | 472 |  |  | 370 |  |  | 322 |
Deferred | (161) |  |  | (150) |  |  | (98) |
Total foreign | 311 |  |  | 220 |  |  | 224 |
State and local: |  |  |  |  |
Current | 252 |  |  | 216 |  |  | 265 |
Deferred | (31) |  |  | (40) |  |  | (52) |
Total state and local | 221 |  |  | 176 |  |  | 213 |
Total provision for taxes | $ | 1,141 |  |  | $ | 778 |  |  | $ | 1,180 |
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,
| 2024 |  | 2023 |  | 2022
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes | 3.5 |  |  | 3.5 |  |  | 3.9 |
Foreign operations | (4.7) |  |  | (5.1) |  |  | (2.8) |
Stock-based compensation | (0.3) |  |  | (0.4) |  |  | — |
S&P Dow Jones Indices LLC joint venture | (1.1) |  |  | (1.5) |  |  | (1.1) |
Tax credits and incentives | (0.8) |  |  | (2.5) |  |  | (1.3) |
Divestitures | 0.1 |  |  | 1.8 |  |  | 2.9 |
Other, net | 3.8 |  |  | 4.4 |  |  | 2.5 |
Effective income tax rate | 21.5 | % |  | 21.2 | % |  | 25.1 | %
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,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Accrued expenses | $ | 114 |  |  | $ | 122 |
Losses and other carryforwards | 695 |  |  | 622 |
Research & Development Expenditures | 350 |  |  | 258 |
Other | 423 |  |  | 473 |
Total deferred tax assets | 1,582 |  |  | 1,475 |
Deferred tax liabilities: |  |  |
Goodwill and intangible assets | (4,348) |  |  | (4,573) |
Other | (245) |  |  | (212) |
Total deferred tax liabilities | (4,593) |  |  | (4,785) |
Net deferred income tax asset before valuation allowance | (3,011) |  |  | (3,310) |
Valuation allowance | (313) |  |  | (316) |
Net deferred income tax liability | $ | (3,324) |  |  | $ | (3,626) |
Reported as: |  |  |
Non-current deferred tax assets | $ | 73 |  |  | $ | 64 |
Non-current deferred tax liabilities | (3,397) |  |  | (3,690) |
Net deferred income tax liability | $ | (3,324) |  |  | $ | (3,626) |
Schedule of 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,
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 230 |  |  | $ | 223 |  |  | $ | 147 |
Additions based on tax positions related to the current year | 76 |  |  | 21 |  |  | 28 |
Additions for tax positions of prior years | 48 |  |  | 10 |  |  | 62 |
Reduction for settlements | (11) |  |  | (11) |  |  | — |
Expiration of applicable statutes of limitations | (18) |  |  | (13) |  |  | (14) |
Balance at end of year | $ | 325 |  |  | $ | 230 |  |  | $ | 223 |

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