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Taxes on Income (Tables)

12 Months Ended

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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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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