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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Schedule Of The Provision For Income Taxes

		Year-Ended December 31,
		2024			2023			2022
		(in millions)
Current
Federal		$	133		$	104		$	59
State and local			22			14			8
Foreign			135			109			69
Total current			290			227			136
Deferred
Federal			8			27			21
State and local			(9)			4			4
Foreign			(1)			(1)			(5)
Total deferred			(2)			30			20
		$	288		$	257		$	156

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

		Year-Ended December 31,
		2024			2023			2022
U.S. Statutory Tax Rate			21.0%			21.0%			21.0%
State, local and foreign taxes, net of federal benefit			1.8%			2.5%			2.1%
Subtotal			22.8%			23.5%			23.1%
Less: rate attributable to noncontrolling interests			(15.0%)			(15.1%)			(15.3%)
Total			7.8%			8.4%			7.8%

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

		December 31,
		2024			2023			2022
		(in millions)
Deferred tax assets
Arising from the acquisition of interests in IBG LLC		$	196		$	197		$	193
Deferred compensation			19			17			14
Other			35			31			34
Total deferred tax assets			250			245			241
Deferred tax liabilities
Foreign			3			4			2
Other			10			10			7
Total deferred tax liabilities			13			14			9
Net deferred tax assets		$	237		$	231		$	232

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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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