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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Schedule Of The Provision For Income Taxes


		Year-Ended December 31,
		2018			2017			2016

		(in millions)
Current
Federal		$	15		$	76	1	$	1
State and local			3			1			—
Foreign			32			32			34
Total current			50			109			35
Deferred
Federal			22			148	2		30
State and local			—			—			—
Foreign			(1)			(1)			(3)
Total deferred			21			147			27
		$	71		$	256		$	62



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(1) Includes $62 million of Transition Tax under the Tax Act.

(2) Includes the remeasurement of deferred tax assets and liabilities of $115 million due to the Tax Act.

Reconciliation Of The Statutory U.S. Federal Income Tax Rate Of 35% To The Company’s Effective Tax Rate


		Year-Ended December 31,
		2018			2017			2016
U.S. Statutory Tax Rate			21.0%			35.0%			35.0%
Less: rate attributable to noncontrolling interests			(16.8%)			(26.5%)			(28.2%)
State, local and foreign taxes, net of federal benefit			1.7%			2.1%			1.3%
Subtotal			5.9%			10.6%			8.1%
Effects of the Tax Act			0.0%			13.7%			0.0%
			5.9%			24.3%			8.1%



Significant Components Of The Company’s Deferred Tax Assets (Liabilities)


		December 31,
		2018			2017			2016

		(in millions)
Deferred tax assets
Arising from the acquisition of interests in IBG LLC		$	140		$	146		$	273
Deferred compensation			4			4			6
Other			10			7			18
Total deferred tax assets			154			157			297
Deferred tax liabilities
Foreign			—			1			2
Other			1			—			1
Total deferred tax liabilities			1			1			3
Net deferred tax assets		$	153		$	156		$	294



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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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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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